Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

(

49.3%

)

Value

Communications

Services

(3.0%)

7,223

Alphabet,

Inc.,

Class

A

a

$

19,310,835

1,464

Alphabet,

Inc.,

Class

C

a

3,902,014

8,775

AMC

Networks,

Inc.

a

408,827

35,064

AT&T,

Inc.

947,079

4,265

Audacy,

Inc.

a

15,695

2,613

Cars.com,

Inc.

a

33,054

64,317

Comcast

Corporation

3,597,250

33,825

Discovery,

Inc.,

Class

A

a,b

858,478

15,267

DISH

Network

Corporation

a

663,504

700

E.W.

Scripps

Company

12,642

6,021

Electronic

Arts,

Inc.

856,487

33,396

Facebook,

Inc.

a

11,334,268

2,380

Gray

Television,

Inc.

54,312

770

Hemisphere

Media

Group,

Inc.

a

9,379

3,936

Interpublic

Group

of

Companies,

Inc.

144,333

807

Liberty

Global

plc,

Class

A

a

24,049

34,268

Live

Nation

Entertainment,

Inc.

a

3,122,843

21,974

Lumen

Technologies,

Inc.

b

272,258

19,531

Match

Group,

Inc.

a

3,066,172

1,787

Nexstar

Broadcasting

Group,

Inc.

271,553

8,703

Omnicom

Group,

Inc.

630,619

85,522

QuinStreet,

Inc.

a

1,501,766

6,309

RingCentral,

Inc.

a

1,372,207

1,046

Skillz,

Inc.

a,b

10,272

8,035

Telephone

&

Data

Systems,

Inc.

156,683

48,396

Twitter,

Inc.

a

2,922,634

517

United

States

Cellular

Corporation

a

16,487

73,217

Verizon

Communications,

Inc.

3,954,450

1,124

ViacomCBS,

Inc.

44,409

369

Walt

Disney

Company

a

62,424

5,646

Zillow

Group,

Inc.

a

500,123

16,595

ZoomInfo

Technologies,

Inc.

a

1,015,448

Total

61,092,554

Consumer

Discretionary

(6.2%)

761

Adient

plc

a

31,543

5,424

Amazon.com,

Inc.

a

17,818,057

21,509

American

Axle

&

Manufacturing

Holdings,

Inc.

a

189,494

47,940

Aptiv

plc

a

7,141,622

1,153

AutoZone,

Inc.

a

1,957,782

19,008

Bally's

Corporation

a

953,061

1,398

Bed

Bath

&

Beyond,

Inc.

a,b

24,150

2,096

Big

Lots,

Inc.

90,883

1,607

BJ's

Restaurants,

Inc.

a

67,108

1,217

Brunswick

Corporation

115,944

6,670

Burlington

Stores,

Inc.

a

1,891,412

22,610

Caesars

Entertainment,

Inc.

a

2,538,651

6,793

Carvana

Company

a

2,048,361

28,650

Cedar

Fair,

LP

a

1,328,787

12,592

Chegg,

Inc.

a

856,508

17,058

Chewy,

Inc.

a,b

1,161,820

7,570

Chico's

FAS,

Inc.

a

33,989

3,436

Chipotle

Mexican

Grill,

Inc.

a

6,244,999

11,449

Choice

Hotels

International,

Inc.

1,446,810

409

Churchill

Downs,

Inc.

98,193

1,391

Cimpress

plc

a

120,781

28,620

Clarus

Corporation

733,531

91,143

Cooper-Standard

Holdings,

Inc.

a

1,996,943

1,864

Cracker

Barrel

Old

Country

Store,

Inc.

260,662

7,458

Crocs,

Inc.

a

1,070,074

3,948

Culp,

Inc.

50,850

13,541

D.R.

Horton,

Inc.

1,137,038

Shares

Common

Stock

(49.3%)

Value

Consumer

Discretionary

(6.2%)

-

continued

9,324

Dana,

Inc.

$

207,366

2,359

Darden

Restaurants,

Inc.

357,318

422

Deckers

Outdoor

Corporation

a

152,004

1,518

Dick's

Sporting

Goods,

Inc.

181,811

908

Dorman

Products,

Inc.

a

85,960

73,338

Duluth

Holdings,

Inc.

a

999,597

8,455

Emerald

Holding,

Inc.

a

36,695

219,548

Everi

Holdings,

Inc.

a

5,308,671

4,128

Expedia

Group,

Inc.

a

676,579

23,808

Farfetch,

Ltd.

a

892,324

569

Fisker,

Inc.

a

8,336

14,695

Five

Below,

Inc.

a

2,598,223

5,492

Foot

Locker,

Inc.

250,765

648

Fox

Factory

Holding

Corporation

a

93,662

12,531

Gap,

Inc.

284,454

1,458

Garmin,

Ltd.

226,661

21,829

Gentex

Corporation

719,920

3,532

Genuine

Parts

Company

428,184

4,255

G-III

Apparel

Group,

Ltd.

a

120,416

5,608

Goodyear

Tire

&

Rubber

Company

a

99,262

6,180

GoPro,

Inc.

a

57,845

75

Graham

Holdings

Company

44,187

2,200

Grand

Canyon

Education,

Inc.

a

193,512

549

Group

1

Automotive,

Inc.

103,146

850

GrowGeneration

Corporation

a

20,969

3,122

Guess

?,

Inc.

65,593

12,482

Hanesbrands,

Inc.

214,191

18,462

Harley-Davidson,

Inc.

675,894

5,947

Home

Depot,

Inc.

1,952,162

686

Jack

in

the

Box,

Inc.

66,768

2,884

KB

Home

112,245

24,678

Kohl's

Corporation

1,162,087

7,808

Lear

Corporation

1,221,796

43,220

Leggett

&

Platt,

Inc.

1,937,985

7,216

Lithia

Motors,

Inc.

2,287,761

18,888

Lowe's

Companies,

Inc.

3,831,620

3,271

Lululemon

Athletica,

Inc.

a

1,323,774

1,965

M.D.C.

Holdings,

Inc.

91,805

2,020

Macy's,

Inc.

45,652

31,179

Magnite,

Inc.

a

873,012

31

Marriott

Vacations

Worldwide

Corporation

4,877

3,897

McDonald's

Corporation

939,606

27,555

Miller

Industries,

Inc.

937,972

4,283

Mohawk

Industries,

Inc.

a

759,804

5,811

NIKE,

Inc.

843,932

12,027

Nordstrom,

Inc.

a,b

318,114

8,692

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

232,163

721

NVR,

Inc.

a

3,456,532

14,936

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

900,342

9,913

Papa

John's

International,

Inc.

1,258,852

22,505

Penn

National

Gaming,

Inc.

a

1,630,712

24,853

Planet

Fitness,

Inc.

a

1,952,203

294

Pool

Corporation

127,717

494

Poshmark,

Inc.

a

11,737

618

Purple

Innovation,

Inc.

a

12,990

1,082

PVH

Corporation

a

111,219

59,967

Qurate

Retail,

Inc.

611,064

2,126

Revolve

Group,

Inc.

a

131,323

1,033

RH

a

688,918

10,696

Ross

Stores,

Inc.

1,164,260

2,662

Ruth's

Hospitality

Group,

Inc.

a

55,130

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock

(49.3%)

Value

Consumer

Discretionary

(6.2%)

-

continued

28,655

Skyline

Corporation

a

$

1,721,019

16,052

Sleep

Number

Corporation

a

1,500,541

20,394

Sony

Group

Corporation

ADR

2,255,169

37,059

Stoneridge,

Inc.

a

755,633

2,342

Tapestry,

Inc.

86,701

950

Target

Corporation

217,331

28,531

Taylor

Morrison

Home

Corporation

a

735,529

1,970

Tenneco,

Inc.

a

28,112

8,981

Tesla,

Inc.

a

6,964,586

1,475

Thor

Industries,

Inc.

181,071

138,720

ThredUp,

Inc.

a

3,008,837

9,408

Toll

Brothers,

Inc.

520,168

2,271

TopBuild

Corporation

a

465,124

14,939

Tri

Pointe

Homes,

Inc.

a

314,018

12,460

TripAdvisor,

Inc.

a

421,771

1,311

Tupperware

Brands

Corporation

a

27,688

4,151

Ulta

Beauty,

Inc.

a

1,498,179

2,154

Urban

Outfitters,

Inc.

a

63,952

864

Vail

Resorts,

Inc.

a

288,619

797

Wayfair,

Inc.

a,b

203,641

197

Williams-Sonoma,

Inc.

34,934

7,573

Wingstop,

Inc.

1,241,442

2,494

Workhorse

Group,

Inc.

a,b

19,079

23,286

Wyndham

Hotels

&

Resorts,

Inc.

1,797,446

7,243

Yum!

Brands,

Inc.

885,891

26,821

Zumiez,

Inc.

a

1,066,403

Total

123,871,616

Consumer

Staples

(1.5%)

2,363

Altria

Group,

Inc.

107,564

32,002

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,757,550

46

Casey's

General

Stores,

Inc.

8,669

1,278

Church

&

Dwight

Company,

Inc.

105,524

6,926

Colgate-Palmolive

Company

523,467

3,270

Costco

Wholesale

Corporation

1,469,374

10,814

Coty,

Inc.

a

84,998

6,856

Darling

Ingredients,

Inc.

a

492,946

67,322

e.l.f.

Beauty,

Inc.

a

1,955,704

20,265

Hain

Celestial

Group,

Inc.

a

866,937

1,533

Hershey

Company

259,460

1,533

Ingredion,

Inc.

136,452

9,117

John

B.

Sanfilippo

&

Son,

Inc.

745,041

5,758

Kimberly-Clark

Corporation

762,590

55,771

Lamb

Weston

Holdings,

Inc.

3,422,666

315

Medifast,

Inc.

60,682

4,981

Molson

Coors

Beverage

Company

231,019

9,073

Monster

Beverage

Corporation

a

805,955

695

PepsiCo,

Inc.

104,535

49,418

Philip

Morris

International,

Inc.

4,684,332

111,066

Primo

Water

Corporation

1,745,958

6,086

Procter

&

Gamble

Company

850,823

452

Seneca

Foods

Corporation

a

21,795

13,458

Sprouts

Farmers

Markets,

Inc.

a

311,822

12,825

Sysco

Corporation

1,006,762

72,914

Turning

Point

Brands,

Inc.

3,481,644

3,333

US

Foods

Holding

Corporation

a

115,522

26,724

Wal-Mart

Stores,

Inc.

3,724,791

Total

29,844,582

Energy

(1.2%)

23,165

Antero

Midstream

Corporation

241,379

13,110

Antero

Resources

Corporation

a

246,599

56,643

APA

Corporation

1,213,860

14,104

Archrock,

Inc.

116,358

Shares

Common

Stock

(49.3%)

Value

Energy

(1.2%)

-

continued

371

Bonanza

Creek

Energy,

Inc.

$

17,771

45,597

BP

plc

ADR

1,246,166

240

Callon

Petroleum

Company

a

11,779

19,099

Centennial

Resource

Development,

Inc.

a

127,963

4,347

ChampionX

Corporation

a

97,199

2,501

Chevron

Corporation

253,727

4,489

CNX

Resources

Corporation

a

56,651

26,306

ConocoPhillips

1,782,758

7,540

Continental

Resources,

Inc.

b

347,971

3,451

Core

Laboratories

NV

95,765

111,385

Devon

Energy

Corporation

3,955,281

7,691

Diamondback

Energy,

Inc.

728,107

913

DT

Midstream,

Inc.

42,217

11,227

EnLink

Midstream,

LLC

76,568

49,914

Enterprise

Products

Partners,

LP

1,080,139

6,745

EOG

Resources,

Inc.

541,421

2,478

Equitrans

Midstream

Corporation

25,127

3,117

Exterran

Corporation

a

13,840

12,664

Exxon

Mobil

Corporation

744,897

43,547

Halliburton

Company

941,486

6,213

Helix

Energy

Solutions

Group,

Inc.

a

24,106

68,110

Helmerich

&

Payne,

Inc.

1,866,895

9,074

HollyFrontier

Corporation

300,622

19,332

Kinder

Morgan,

Inc.

323,424

5,461

Kosmos

Energy,

Ltd.

a

16,165

1,224

Magnolia

Oil

&

Gas

Corporation

21,775

57,520

Marathon

Oil

Corporation

786,298

16,677

Marathon

Petroleum

Corporation

1,030,805

5,013

Matador

Resources

Company

190,695

41,615

Nine

Energy

Service,

Inc.

a

76,156

907

Northern

Oil

and

Gas,

Inc.

19,410

16,708

NOV,

Inc.

a

219,042

127

Oceaneering

International,

Inc.

a

1,692

6,763

PBF

Energy,

Inc.

a

87,716

4,794

Peabody

Energy

Corporation

a

70,903

423

Penn

Virginia

Corporation

a

11,281

10,847

Pioneer

Natural

Resources

Company

1,806,134

2,614

Plains

GP

Holdings,

LP

28,166

13,778

ProPetro

Holding

Corporation

a

119,180

5,251

RPC,

Inc.

a

25,520

14,053

Schlumberger,

Ltd.

416,531

13,947

SM

Energy

Company

367,922

81,721

Southwestern

Energy

Company

a

452,734

21,385

Talos

Energy,

Inc.

a

294,471

2,216

Targa

Resources

Corporation

109,049

68,046

TechnipFMC

plc

a

512,386

54

Texas

Pacific

Land

Corporation

65,305

30,639

Transocean,

Ltd.

a,b

116,122

6,991

Valero

Energy

Corporation

493,355

2,880

World

Fuel

Services

Corporation

96,826

Total

23,955,715

Financials

(6.9%)

47,771

Air

Lease

Corporation

1,879,311

1,340

Alleghany

Corporation

a

836,709

693

Allegiance

Bancshares,

Inc.

26,438

23,470

Ally

Financial,

Inc.

1,198,144

9,821

American

Equity

Investment

Life

Holding

Company

290,407

17,439

American

Express

Company

2,921,556

5,398

American

Financial

Group,

Inc.

679,230

1,262

Ameriprise

Financial,

Inc.

333,319

16,202

Ameris

Bancorp

840,560

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock

(49.3%)

Value

Financials

(6.9%)

-

continued

6,600

Annaly

Capital

Management,

Inc.

$

55,572

7,709

Apollo

Commercial

Real

Estate

Finance,

Inc.

114,325

45,945

Arch

Capital

Group,

Ltd.

a

1,754,180

291

Argo

Group

International

Holdings,

Ltd.

15,196

8,439

Arthur

J.

Gallagher

&

Company

1,254,457

2,200

Artisan

Partners

Asset

Management,

Inc.

107,624

49,393

Assured

Guaranty,

Ltd.

2,312,086

4,447

BancorpSouth

Bank

132,432

124,410

Bank

of

America

Corporation

5,281,205

365

Bank

of

Marin

Bancorp

13,779

29,980

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,064,590

11,482

Bank

of

New

York

Mellon

Corporation

595,227

3,849

BankFinancial

Corporation

44,187

7,991

Banner

Corporation

441,183

4,268

Berkshire

Hathaway,

Inc.

a

1,164,908

1,961

BlackRock,

Inc.

1,644,612

1,752

Blackstone

Mortgage

Trust,

Inc.

53,121

70,804

Bridgewater

Bancshares,

Inc.

a

1,239,778

7,212

Brighthouse

Financial,

Inc.

a

326,199

1,151

BrightSpire

Capital,

Inc.

10,808

3,031

Brookline

Bancorp,

Inc.

46,253

1,441

Brown

&

Brown,

Inc.

79,903

56,796

Byline

Bancorp,

Inc.

1,394,910

9,193

Capital

One

Financial

Corporation

1,488,990

1,326

Cboe

Global

Markets,

Inc.

164,238

12,949

Central

Pacific

Financial

Corporation

332,530

81,966

Charles

Schwab

Corporation

5,970,403

9,397

Chimera

Investment

Corporation

139,545

11,355

Chubb,

Ltd.

1,969,865

4,540

Cincinnati

Financial

Corporation

518,559

20,039

Citigroup,

Inc.

1,406,337

19,184

Citizens

Financial

Group,

Inc.

901,264

4,489

CME

Group,

Inc.

868,083

6,878

CNO

Financial

Group,

Inc.

161,908

46,153

Columbia

Banking

System,

Inc.

1,753,353

19,426

Comerica,

Inc.

1,563,793

10,955

Community

Trust

Bancorp,

Inc.

461,206

16,544

Customers

Bancorp,

Inc.

a

711,723

185

Diamond

Hill

Investment

Group,

Inc.

32,497

543

Dime

Community

Bancshares,

Inc.

17,734

9,404

Discover

Financial

Services

1,155,281

3,683

East

West

Bancorp,

Inc.

285,580

3,993

Ellington

Residential

Mortgage

REIT

44,562

4,080

Enova

International,

Inc.

a

140,964

31,735

Enterprise

Financial

Services

Corporation

1,436,961

60,744

Equitable

Holdings,

Inc.

1,800,452

8,764

Essent

Group,

Ltd.

385,704

3,275

Evercore,

Inc.

437,769

60,812

F.N.B.

Corporation

706,635

1,012

FactSet

Research

Systems,

Inc.

399,517

277

Federal

Agricultural

Mortgage

Corporation

30,060

1,435

Federated

Hermes,

Inc.

46,638

6,914

Financial

Institutions,

Inc.

211,914

159

First

American

Financial

Corporation

10,661

45,914

First

Bancorp

603,769

11,691

First

Busey

Corporation

287,949

Shares

Common

Stock

(49.3%)

Value

Financials

(6.9%)

-

continued

603

First

Commonwealth

Financial

Corporation

$

8,219

4,833

First

Financial

Corporation

203,228

42,934

First

Horizon

Corporation

699,395

503

First

Mid-Illinois

Bancshares,

Inc.

20,653

486

First

of

Long

Island

Corporation

10,012

11,422

First

Republic

Bank

2,203,075

2,193

Flushing

Financial

Corporation

49,562

8,295

Franklin

Resources,

Inc.

246,527

39,342

Fulton

Financial

Corporation

601,146

17,059

Glacier

Bancorp,

Inc.

944,216

5,723

Granite

Point

Mortgage

Trust,

Inc.

75,372

9,423

Great

Southern

Bancorp,

Inc.

516,475

17,168

Hamilton

Lane,

Inc.

1,456,190

25,553

Hancock

Whitney

Corporation

1,204,057

17,127

Hanmi

Financial

Corporation

343,568

5,464

Hanover

Insurance

Group,

Inc.

708,244

59,505

Heartland

Financial

USA,

Inc.

2,861,000

1,838

Heritage

Commerce

Corporation

21,376

408

Heritage

Financial

Corporation

10,404

6,206

HomeStreet,

Inc.

255,377

6,279

Hometrust

Bancshares,

Inc.

175,686

71,451

Hope

Bancorp,

Inc.

1,031,752

6,702

Horizon

Bancorp,

Inc.

121,775

10,359

Houlihan

Lokey,

Inc.

954,064

13,615

Independent

Bank

Corporation

292,450

29,139

Invesco

Mortgage

Capital,

Inc.

91,788

20,693

Invesco,

Ltd.

498,908

34,620

J.P.

Morgan

Chase

&

Company

5,666,948

760

Jefferies

Financial

Group,

Inc.

28,219

19,302

Kinsale

Capital

Group,

Inc.

3,121,133

1,188

Ladder

Capital

Corporation

13,127

2,943

Lakeland

Bancorp,

Inc.

51,885

7,567

Lincoln

National

Corporation

520,231

3,327

Loews

Corporation

179,425

893

LPL

Financial

Holdings,

Inc.

139,987

8,052

Marsh

&

McLennan

Companies,

Inc.

1,219,314

3,107

Mercantile

Bank

Corporation

99,517

172

Merchants

Bancorp

6,789

23,809

MFA

Financial,

Inc.

108,807

7,478

Midland

States

Bancorp,

Inc.

184,931

11,264

MidWestOne

Financial

Group,

Inc.

339,722

2,660

Moody's

Corporation

944,593

34,943

Morgan

Stanley

3,400,303

4,002

MSCI,

Inc.

2,434,577

4

National

Western

Life

Group,

Inc.

842

11,974

Navient

Corporation

236,247

9,375

NMI

Holdings,

Inc.

a

211,969

5,076

Northern

Trust

Corporation

547,244

2,069

OceanFirst

Financial

Corporation

44,297

2,843

OFG

Bancorp

71,701

345

Old

National

Bancorp

5,848

3,248

Old

Second

Bancorp,

Inc.

42,419

11,660

PacWest

Bancorp

528,431

278

Peapack-Gladstone

Financial

Corporation

9,274

686

Peoples

Bancorp,

Inc.

21,684

20,869

Popular,

Inc.

1,620,895

8,426

Premier

Financial

Corporation

268,284

11,237

Primerica,

Inc.

1,726,340

6,285

QCR

Holdings,

Inc.

323,300

51,607

Radian

Group,

Inc.

1,172,511

31,166

Raymond

James

Financial,

Inc.

2,875,999

140

Ready

Capital

Corporation

2,020

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock

(49.3%)

Value

Financials

(6.9%)

-

continued

7,067

Reinsurance

Group

of

America,

Inc.

$

786,274

2,647

RenaissanceRe

Holdings,

Ltd.

368,992

11,620

S&P

Global,

Inc.

4,937,222

44

Safety

Insurance

Group,

Inc.

3,487

58,310

Seacoast

Banking

Corporation

of

Florida

1,971,461

9,879

SEI

Investments

Company

585,825

7,238

Selective

Insurance

Group,

Inc.

546,686

6,230

Signature

Bank

1,696,304

6,454

Starwood

Property

Trust,

Inc.

157,542

19,401

State

Street

Corporation

1,643,653

5,110

Synchrony

Financial

249,777

44,671

Synovus

Financial

Corporation

1,960,610

3,737

T.

Rowe

Price

Group,

Inc.

735,068

1,384

Territorial

Bancorp,

Inc.

35,126

18,167

Texas

Capital

Bancshares,

Inc.

a

1,090,383

8,521

TMX

Group,

Ltd.

918,904

9,661

Torchmark

Corporation

860,119

2,308

Towne

Bank

71,802

7,258

TPG

RE

Finance

Trust,

Inc.

89,854

2,432

TriCo

Bancshares

105,549

21,855

Triumph

Bancorp,

Inc.

a

2,188,341

37,941

Truist

Financial

Corporation

2,225,240

5,265

TrustCo

Bank

Corporation

NY

168,322

2,951

Trustmark

Corporation

95,081

47,488

Umpqua

Holdings

Corporation

961,632

446

Universal

Insurance

Holdings,

Inc.

5,816

599

Univest

Financial

Corporation

16,407

47,499

Unum

Group

1,190,325

435

Valley

National

Bancorp

5,790

1,167

Washington

Trust

Bancorp,

Inc.

61,828

61,271

Wells

Fargo

&

Company

2,843,587

122

WesBanco,

Inc.

4,158

73,194

Western

Alliance

Bancorp

7,964,971

8,293

Western

Asset

Mortgage

Capital

Corporation

21,645

11,068

Wintrust

Financial

Corporation

889,535

40,655

Zions

Bancorporations

NA

2,516,138

3,697

Zurich

Insurance

Group

AG

1,511,779

Total

139,857,218

Health

Care

(6.9%)

11,626

908

Devices,

Inc.

a

378,077

2,381

Abbott

Laboratories

281,267

14,055

AbbVie,

Inc.

1,516,113

43,975

ACADIA

Pharmaceuticals,

Inc.

a

730,425

42,312

Adaptive

Biotechnologies

Corporation

a

1,438,185

1,078

Align

Technology,

Inc.

a

717,334

204

Allakos,

Inc.

a

21,597

1,920

Allogene

Therapeutics,

Inc.

a

49,344

3,485

Amedisys,

Inc.

a

519,613

3,091

American

Well

Corporation

a

28,159

12,406

Amgen,

Inc.

2,638,136

14,564

AMN

Healthcare

Services,

Inc.

a

1,671,219

10,207

Anthem,

Inc.

3,805,170

529

Arcutis

Biotherapeutics,

Inc.

a

12,638

6,670

Arena

Pharmaceuticals,

Inc.

a

397,198

4,886

Argenx

SE

ADR

a

1,475,572

11,153

Ascendis

Pharma

AS

ADR

a

1,777,677

51

Atrion

Corporation

35,572

46,632

Avantor,

Inc.

a

1,907,249

27,884

Axonics

Modulation

Technologies,

Inc.

a

1,814,970

Shares

Common

Stock

(49.3%)

Value

Health

Care

(6.9%)

-

continued

7,711

Baxter

International,

Inc.

$

620,196

1,402

Becton,

Dickinson

and

Company

344,640

4,079

BioCryst

Pharmaceuticals,

Inc.

a

58,615

5,468

Biogen,

Inc.

a

1,547,389

173

Bio-Rad

Laboratories,

Inc.

a

129,049

8,106

Bio-Techne

Corporation

3,927,924

449

Boston

Scientific

Corporation

a

19,482

657

Bristol-Myers

Squibb

Company

38,875

641

Bruker

Corporation

50,062

35,942

Centene

Corporation

a

2,239,546

842

Cerner

Corporation

59,378

2,775

Charles

River

Laboratories

International,

Inc.

a

1,145,159

551

Chemed

Corporation

256,281

8,748

Cigna

Holding

Company

1,751,000

4,001

Cooper

Companies,

Inc.

1,653,653

2,211

CryoLife,

Inc.

a

49,283

13,440

CVS

Health

Corporation

1,140,518

9,646

Danaher

Corporation

2,936,628

2,511

Dentsply

Sirona,

Inc.

145,764

2,830

DermTech,

Inc.

a,b

90,871

8,958

Dexcom,

Inc.

a

4,898,772

25,797

Edwards

Lifesciences

Corporation

a

2,920,478

316

Generation

Bio

Company

a

7,922

19,737

Gilead

Sciences,

Inc.

1,378,629

22,530

GlaxoSmithKline

plc

ADR

860,871

3,811

Global

Blood

Therapeutics,

Inc.

a

97,104

29,546

GoodRx

Holdings,

Inc.

a,b

1,211,977

20,362

Guardant

Health,

Inc.

a

2,545,454

234

Haemonetics

Corporation

a

16,518

26,142

Halozyme

Therapeutics,

Inc.

a

1,063,457

8,439

HCA

Healthcare,

Inc.

2,048,314

2,543

HealthEquity,

Inc.

a

164,685

874

ICU

Medical,

Inc.

a

203,974

4,079

Illumina,

Inc.

a

1,654,483

25,682

Immunocore

Holdings

plc

ADR

a

952,032

9,219

InMode,

Ltd.

a

1,469,970

9,126

Inspire

Medical

Systems,

Inc.

a

2,125,263

11,454

Insulet

Corporation

a

3,255,570

1,451

Integra

LifeSciences

Holdings

Corporation

a

99,364

3,711

Intuitive

Surgical,

Inc.

a

3,689,291

363

Invitae

Corporation

a

10,320

55,145

Ionis

Pharmaceuticals,

Inc.

a

1,849,563

4,029

IQVIA

Holding,

Inc.

a

965,107

28,682

Johnson

&

Johnson

4,632,143

1,298

Laboratory

Corporation

of

America

Holdings

a

365,309

122,119

Lantheus

Holdings,

Inc.

a

3,136,016

30,808

LHC

Group,

Inc.

a

4,834,083

1,507

Lineage

Cell

Therapeutics,

Inc.

a

3,798

949

Masimo

Corporation

a

256,904

33,849

Medtronic

plc

4,242,972

39,763

Merck

&

Company,

Inc.

2,986,599

350

Mettler-Toledo

International,

Inc.

a

482,076

1,973

Molina

Healthcare,

Inc.

a

535,295

15,361

Natera,

Inc.

a

1,711,830

3,161

National

HealthCare

Corporation

221,207

2,416

Neogen

Corporation

a

104,927

21,500

Nevro

Corporation

a

2,502,170

16,173

Novo

Nordisk

AS

ADR

1,552,770

16,829

NuVasive,

Inc.

a

1,007,216

177

Orthofix

Medical,

Inc.

a

6,747

23,124

Phreesia,

Inc.

a

1,426,751

3,848

Premier,

Inc.

149,148

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock

(49.3%)

Value

Health

Care

(6.9%)

-

continued

37,357

Progyny,

Inc.

a

$

2,091,992

26,075

Pulmonx

Corporation

a

938,178

1,384

Reata

Pharmaceuticals,

Inc.

a

139,244

345

Regeneron

Pharmaceuticals,

Inc.

a

208,787

10,985

Repligen

Corporation

a

3,174,555

1,445

Rubius

Therapeutics,

Inc.

a

25,837

7,870

Sarepta

Therapeutics,

Inc.

a

727,818

30,194

Silk

Road

Medical,

Inc.

a

1,661,576

6,565

Stryker

Corporation

1,731,322

35,836

Syneos

Health,

Inc.

a

3,134,933

21,141

Tactile

Systems

Technology,

Inc.

a

939,717

10,845

Teladoc

Health,

Inc.

a

1,375,254

5,612

Teleflex,

Inc.

2,113,199

2,126

Tenet

Healthcare

Corporation

a

141,251

7,530

Thermo

Fisher

Scientific,

Inc.

4,302,115

8,993

Tilray,

Inc.

a,b

101,531

18,755

Travere

Therapeutics,

Inc.

a

454,809

440

U.S.

Physical

Therapy,

Inc.

48,664

3,611

UnitedHealth

Group,

Inc.

1,410,962

157

Universal

Health

Services,

Inc.

21,724

284

Vaxcyte,

Inc.

a

7,205

10,005

Veeva

Systems,

Inc.

a

2,883,141

1,712

Viatris,

Inc.

23,198

131,338

Viemed

Healthcare,

Inc.

a

728,926

21,638

Vor

BioPharma,

Inc.

a

339,284

2,551

VYNE

Therapeutics,

Inc.

a

3,546

543

Waters

Corporation

a

194,014

10,244

Zimmer

Biomet

Holdings,

Inc.

1,499,312

29,042

Zoetis,

Inc.

5,638,214

26,620

Zymeworks,

Inc.

a

773,045

Total

139,900,260

Industrials

(7.5%)

2,437

A.O.

Smith

Corporation

148,828

8,731

Advanced

Drainage

Systems,

Inc.

944,432

5,994

AECOM

a

378,521

465

Allegion

plc

61,464

30,993

Altra

Industrial

Motion

Corporation

1,715,463

10,638

AMETEK,

Inc.

1,319,218

1,441

Armstrong

World

Industries,

Inc.

137,572

43,614

ASGN,

Inc.

a

4,934,488

711

Avis

Budget

Group,

Inc.

a

82,839

7,170

AZZ,

Inc.

381,444

578

Babcock

&

Wilcox

Enterprises,

Inc.

a

3,705

76,483

Badger

Infrastructure

Solution

2,044,015

3,058

Bloom

Energy

Corporation

a,b

57,246

249

Boeing

Company

a

54,765

16,710

Carlisle

Companies,

Inc.

3,321,781

517

Caterpillar,

Inc.

99,248

9,413

CBIZ,

Inc.

a

304,416

17,856

Chart

Industries,

Inc.

a

3,412,460

164

CRA

International,

Inc.

16,292

42,480

Crane

Company

4,027,529

4,655

CSW

Industrials,

Inc.

594,443

41,671

CSX

Corporation

1,239,296

2,543

Cummins,

Inc.

571,056

22,981

Curtiss-Wright

Corporation

2,899,743

45,903

Delta

Air

Lines,

Inc.

a

1,955,927

12,422

Desktop

Metal,

Inc.

a,b

89,066

672

Douglas

Dynamics,

Inc.

24,394

3,748

Dover

Corporation

582,814

40,839

Driven

Brands

Holdings,

Inc.

a

1,179,839

39,360

Dun

&

Bradstreet

Holdings,

Inc.

a

661,642

4,730

Eaton

Corporation

plc

706,236

Shares

Common

Stock

(49.3%)

Value

Industrials

(7.5%)

-

continued

5,785

EMCOR

Group,

Inc.

$

667,473

7,274

Emerson

Electric

Company

685,211

1,581

Expeditors

International

of

Washington,

Inc.

188,345

14,438

Fastenal

Company

745,145

66,616

First

Advantage

Corporation

a

1,269,035

5,483

Flowserve

Corporation

190,096

7,379

Forrester

Research,

Inc.

a

363,490

29,047

Forward

Air

Corporation

2,411,482

2,101

GATX

Corporation

188,166

6,548

Generac

Holdings,

Inc.

a

2,675,971

13,267

General

Dynamics

Corporation

2,600,730

2,456

Gorman-Rupp

Company

87,949

22,877

GrafTech

International,

Ltd.

236,091

337

GXO

Logistics,

Inc.

a

26,434

293

Harsco

Corporation

a

4,966

21,387

Helios

Technologies,

Inc.

1,756,087

8,665

Honeywell

International,

Inc.

1,839,406

88,185

Howmet

Aerospace,

Inc.

2,751,372

6,583

Hubbell,

Inc.

1,189,351

641

ICF

International,

Inc.

57,235

11,632

IDEX

Corporation

2,407,242

5,405

Illinois

Tool

Works,

Inc.

1,116,835

1,143

ITT

Corporation

98,115

283

JB

Hunt

Transport

Services,

Inc.

47,323

937

JetBlue

Airways

Corporation

a

14,327

260

John

Bean

Technologies

Corporation

36,543

36,145

Johnson

Controls

International

plc

2,460,752

1,818

Kansas

City

Southern

492,024

11,018

L3Harris

Technologies,

Inc.

2,426,604

6,324

Landstar

System,

Inc.

998,054

972

Lennox

International,

Inc.

285,933

31,594

Lincoln

Electric

Holdings,

Inc.

4,068,991

2,111

Linde

plc

619,325

7,861

Lockheed

Martin

Corporation

2,712,831

24,907

Manpower,

Inc.

2,696,930

953

Masonite

International

Corporation

a

101,142

15,719

Mercury

Systems,

Inc.

a

745,395

123,453

Meritor,

Inc.

a

2,630,783

32,360

Middleby

Corporation

a

5,517,704

6,040

MSC

Industrial

Direct

Company,

Inc.

484,348

35,008

NAPCO

Security

Technologies,

Inc.

a

1,508,145

2,948

Nikola

Corporation

a,b

31,455

861

Nordson

Corporation

205,047

11,709

Norfolk

Southern

Corporation

2,801,378

2,316

Northrop

Grumman

Corporation

834,107

1,524

NOW,

Inc.

a

11,659

13,154

Nutrien,

Ltd.

852,774

6,497

nVent

Electric

plc

210,048

7,351

Old

Dominion

Freight

Line,

Inc.

2,102,239

7,981

Parker-Hannifin

Corporation

2,231,647

9,985

Pitney

Bowes,

Inc.

71,992

1,456

Quad/Graphics,

Inc.

a

6,188

9,695

Quanta

Services,

Inc.

1,103,485

56,113

Ranpak

Holdings

Corporation

a

1,504,951

17,196

Raytheon

Technologies

Corporation

1,478,168

6,758

RBC

Bearings,

Inc.

a

1,434,048

42,689

Regal-Beloit

Corporation

6,417,864

147

Robert

Half

International,

Inc.

14,748

34,921

Rush

Enterprises,

Inc.

1,577,032

751

Ryder

System,

Inc.

62,115

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(49.3%)

Value

Industrials

(7.5%)

-

continued

5,188

Saia,

Inc.

a

$

1,234,900

10,151

Simpson

Manufacturing

Company,

Inc.

1,085,852

3,425

SkyWest,

Inc.

a

168,989

6,927

Smith

&

Wesson

Brands,

Inc.

143,805

1,291

Snap-On,

Inc.

269,754

15,986

Southwest

Airlines

Company

a

822,160

10,023

Standex

International

Corporation

991,375

2,808

Stanley

Black

&

Decker,

Inc.

492,270

70,351

Summit

Materials,

Inc.

a

2,249,121

65,957

Sun

Country

Airlines

Holdings,

Inc.

a

2,212,198

421

Sunrun,

Inc.

a

18,524

2,248

Technip

Energies

NV

ADR

a

35,226

695

Teledyne

Technologies,

Inc.

a

298,558

1,306

Tetra

Tech,

Inc.

195,038

1,004

Thermon

Group

Holdings,

Inc.

a

17,379

15,370

Timken

Company

1,005,505

1,390

Toro

Company

135,400

2,667

Trane

Technologies

plc

460,458

24,584

TransUnion

2,761,029

11,727

Trex

Company,

Inc.

a

1,195,333

7,214

TriMas

Corporation

a

233,445

6,289

Tutor

Perini

Corporation

81,631

81,836

Uber

Technologies,

Inc.

a

3,666,253

834

UniFirst

Corporation

177,325

9,068

Union

Pacific

Corporation

1,777,419

1,493

United

Airlines

Holdings,

Inc.

a

71,022

15,163

United

Parcel

Service,

Inc.

2,761,182

17,459

United

Rentals,

Inc.

a

6,126,887

69,348

US

Ecology,

Inc.

a

2,243,408

2,913

Valmont

Industries,

Inc.

684,905

12,425

Vicor

Corporation

a

1,666,938

2,224

Waste

Connections,

Inc.

280,068

719

Waste

Management,

Inc.

107,390

1,507

Watsco,

Inc.

398,782

250

Watts

Water

Technologies,

Inc.

42,022

4,753

Werner

Enterprises,

Inc.

210,415

20,498

WESCO

International,

Inc.

a

2,363,829

18,275

Willdan

Group,

Inc.

a

650,407

88,129

WillScot

Mobile

Mini

Holdings

Corporation

a

2,795,452

1,806

Woodward,

Inc.

204,439

2,228

Xylem,

Inc.

275,559

Total

150,916,160

Information

Technology

(11.4%)

3,924

Accenture

plc

1,255,366

11,384

Adobe,

Inc.

a

6,553,996

9,702

Advanced

Energy

Industries,

Inc.

851,350

2,036

Advanced

Micro

Devices,

Inc.

a

209,504

28,741

Agilysys,

Inc.

a

1,504,879

9,013

Alliance

Data

Systems

Corporation

909,322

808

Alteryx,

Inc.

a

59,065

37,199

Amphenol

Corporation

2,724,083

46,441

Anaplan,

Inc.

a

2,827,792

2,714

ANSYS,

Inc.

a

923,981

145,044

Apple,

Inc.

20,523,726

23,141

AppLovin

Corporation

a,b

1,674,714

1,390

Aspen

Technology,

Inc.

a

170,692

1,085

Automatic

Data

Processing,

Inc.

216,913

12,659

Avalara,

Inc.

a

2,212,413

19,759

Axcelis

Technologies,

Inc.

a

929,266

31,897

Bandwidth,

Inc.

a

2,879,661

1,404

Benchmark

Electronics,

Inc.

37,501

Shares

Common

Stock

(49.3%)

Value

Information

Technology

(11.4%)

-

continued

37,459

BigCommerce

Holdings,

Inc.

a

$

1,896,924

16,334

Bill.com

Holdings,

Inc.

a

4,360,361

623

Broadridge

Financial

Solutions,

Inc.

103,817

50,044

Calix,

Inc.

a

2,473,675

4,521

CDK

Global,

Inc.

192,369

2,863

CDW

Corporation

521,123

30,629

Ciena

Corporation

a

1,572,799

83,737

Cisco

Systems,

Inc.

4,557,805

28,700

Cognex

Corporation

2,302,314

20,445

Computer

Services,

Inc.

1,206,255

453

Concentrix

Corporation

a

80,181

7,736

Coupa

Software,

Inc.

a

1,695,576

654

CTS

Corporation

20,215

15,529

Descartes

Systems

Group,

Inc.

a

1,261,887

3,005

Diebold

Nixdorf,

Inc.

a

30,381

746

Digital

Turbine,

Inc.

a

51,287

7,655

DocuSign,

Inc.

a

1,970,627

34,756

Dolby

Laboratories,

Inc.

3,058,528

27,410

Dropbox,

Inc.

a

800,920

6,373

DXC

Technology

Company

a

214,197

10,692

Elastic

NV

a

1,593,001

7,336

Endava

plc

ADR

a

996,596

4,488

Enphase

Energy,

Inc.

a

673,065

3,090

EPAM

Systems,

Inc.

a

1,762,783

2,607

ePlus,

Inc.

a

267,504

205

ExlService

Holdings,

Inc.

a

25,240

830

eXp

World

Holdings,

Inc.

33,009

1,845

F5

Networks,

Inc.

a

366,749

528

Fair

Isaac

Corporation

a

210,107

10,719

Five9,

Inc.

a

1,712,253

3,830

FleetCor

Technologies,

Inc.

a

1,000,664

97,531

Gilat

Satellite

Networks,

Ltd.

876,804

34,525

Hewlett

Packard

Enterprise

Company

491,981

36,266

HP,

Inc.

992,238

2,867

HubSpot,

Inc.

a

1,938,350

5,361

Intel

Corporation

285,634

2,240

Intuit,

Inc.

1,208,502

8,266

Jack

Henry

&

Associates,

Inc.

1,356,120

2,550

KLA-Tencor

Corporation

853,000

3,566

Lam

Research

Corporation

2,029,589

24,987

Lattice

Semiconductor

Corporation

a

1,615,410

4,472

Littelfuse,

Inc.

1,222,063

28,215

LivePerson,

Inc.

a

1,663,274

28,170

LiveRamp

Holding,

Inc.

a

1,330,469

1,251

Manhattan

Associates,

Inc.

a

191,441

22,463

Mastercard,

Inc.

7,809,936

1,876

MAXIMUS,

Inc.

156,083

274

MaxLinear,

Inc.

a

13,495

2,348

Micron

Technology,

Inc.

166,661

102,754

Microsoft

Corporation

28,968,408

19,911

MKS

Instruments,

Inc.

3,004,769

11,382

Monolithic

Power

Systems,

Inc.

5,516,628

238

Motorola

Solutions,

Inc.

55,292

31,475

National

Instruments

Corporation

1,234,764

4,767

NetApp,

Inc.

427,886

3,368

NICE,

Ltd.

ADR

a

956,647

6,484

Nova

Measuring

Instruments,

Ltd.

a

663,248

38,913

NVIDIA

Corporation

8,061,217

7,845

Okta,

Inc.

a

1,861,932

4,378

Palo

Alto

Networks,

Inc.

a

2,097,062

4,086

Paychex,

Inc.

459,471

5,048

Paycom

Software,

Inc.

a

2,502,546

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(49.3%)

Value

Information

Technology

(11.4%)

-

continued

497

Paylocity

Holding

Corporation

a

$

139,359

37,401

PayPal

Holdings,

Inc.

a

9,732,114

259

Photronics,

Inc.

a

3,530

2,042

Progress

Software

Corporation

100,446

474

PTC,

Inc.

a

56,780

11,683

Q2

Holdings,

Inc.

a

936,276

5,122

Qorvo,

Inc.

a

856,347

40,483

QUALCOMM,

Inc.

5,221,497

4,647

Rogers

Corporation

a

866,573

7,578

SailPoint

Technologies

Holdings,

Inc.

a

324,945

21,347

Salesforce.com,

Inc.

a

5,789,733

37,700

Samsung

Electronics

Company,

Ltd.

2,337,196

1,753

ScanSource,

Inc.

a

60,987

5,803

Semtech

Corporation

a

452,460

6,806

ServiceNow,

Inc.

a

4,235,170

71,991

Sierra

Wireless,

Inc.

a

1,115,861

3,613

SiTime

Corporation

a

737,666

1,289

Solaredge

Technology,

Ltd.

a

341,869

61,338

Sonos,

Inc.

a

1,984,898

33,780

Sprout

Social,

Inc.

a

4,119,471

25,802

Square,

Inc.

a

6,188,352

30,883

STMicroelectronics

NV

ADR

b

1,347,425

639

SunPower

Corporation

a

14,493

5,703

SYNNEX

Corporation

593,682

1,555

TE

Connectivity,

Ltd.

213,377

98,475

Telefonaktiebolaget

LM

Ericsson

ADR

1,102,920

22,242

Texas

Instruments,

Inc.

4,275,135

21,750

Trade

Desk,

Inc.

a

1,529,025

194,461

TTM

Technologies,

Inc.

a

2,444,375

543

Tyler

Technologies,

Inc.

a

249,047

1,335

Unisys

Corporation

a

33,562

5,360

VeriSign,

Inc.

a

1,098,854

428

Vertex,

Inc.

a

8,226

3,859

Visa,

Inc.

859,592

3,828

VMware,

Inc.

a,b

569,224

6,629

Western

Digital

Corporation

a

374,141

1,916

WEX,

Inc.

a

337,484

30,513

Workiva,

Inc.

a

4,301,112

15,040

Xerox

Holdings

Corporation

303,357

2,202

Zoom

Video

Communications,

Inc.

a

575,823

4,214

Zscaler,

Inc.

a

1,104,995

Total

230,424,735

Materials

(1.7%)

791

Allegheny

Technologies,

Inc.

a

13,154

14,162

AptarGroup,

Inc.

1,690,235

26,950

Ashland

Global

Holdings,

Inc.

2,401,784

1,208

Avery

Dennison

Corporation

250,310

46,066

Axalta

Coating

Systems,

Ltd.

a

1,344,667

146

Balchem

Corporation

21,180

9,400

Ball

Corporation

845,718

402

Cabot

Corporation

20,148

43,657

Carpenter

Technology

Corporation

1,429,330

1,648

Celanese

Corporation

248,255

39,453

CF

Industries

Holdings,

Inc.

2,202,266

10,502

Chemours

Company

305,188

5,752

Cleveland-Cliffs,

Inc.

a,b

113,947

12,079

Compass

Minerals

International,

Inc.

777,888

18,924

Eastman

Chemical

Company

1,906,404

59,796

Element

Solutions,

Inc.

1,296,377

Shares

Common

Stock

(49.3%)

Value

Materials

(1.7%)

-

continued

8,150

Ferroglobe

Representation

&

Warranty

Insurance

Trust

a,c

$

1

3,017

FMC

Corporation

276,237

13,894

Graphic

Packaging

Holding

Company

264,542

2,562

Ingevity

Corporation

a

182,850

5,485

Innospec,

Inc.

461,947

171,998

Ivanhoe

Mines,

Ltd.

a

1,099,940

6,966

Kaiser

Aluminum

Corporation

759,015

421

Koppers

Holdings,

Inc.

a

13,160

11,073

LyondellBasell

Industries

NV

1,039,201

7,445

Martin

Marietta

Materials,

Inc.

2,543,808

813

Materion

Corporation

55,804

3,818

Minerals

Technologies,

Inc.

266,649

5,641

Myers

Industries,

Inc.

110,394

3,795

Neenah,

Inc.

176,885

6

NewMarket

Corporation

2,033

14,505

Nucor

Corporation

1,428,597

3,350

O-I

Glass,

Inc.

a

47,805

6,032

Olin

Corporation

291,044

10,027

Quaker

Chemical

Corporation

2,383,618

1,769

Reliance

Steel

&

Aluminum

Company

251,941

549

Royal

Gold,

Inc.

52,424

852

RPM

International,

Inc.

66,158

2,986

Ryerson

Holding

Corporation

66,498

4,914

Sensient

Technologies

Corporation

447,567

7,793

Sherwin-Williams

Company

2,179,936

1,191

Sonoco

Products

Company

70,960

19,992

Steel

Dynamics,

Inc.

1,169,132

1,528

SunCoke

Energy,

Inc.

9,596

2,219

Tronox

Holdings

plc

54,698

23,533

UFP

Technologies,

Inc.

a

1,449,398

11,520

United

States

Lime

&

Minerals,

Inc.

1,391,616

18,454

United

States

Steel

Corporation

b

405,434

Total

33,885,739

Real

Estate

(2.1%)

6,066

AGNC

Investment

Corporation

95,661

34,878

Agree

Realty

Corporation

2,309,970

4,500

Alexandria

Real

Estate

Equities,

Inc.

859,815

55,840

American

Campus

Communities,

Inc.

2,705,448

2,697

American

Finance

Trust,

Inc.

21,684

759

Apartment

Income

REIT

Corporation

37,047

113

Armada

Hoffler

Properties,

Inc.

1,511

4,449

AvalonBay

Communities,

Inc.

986,076

347

Bluegreen

Vacations

Holding

Corporations

a

8,952

20,497

Camden

Property

Trust

3,022,692

6,343

CareTrust

REIT,

Inc.

128,890

27,114

CBRE

Group,

Inc.

a

2,639,819

3,066

Cedar

Realty

Trust,

Inc.

66,501

9,681

Colliers

International

Group,

Inc.

1,236,360

821

Community

Healthcare

Trust,

Inc.

37,101

1,156

Corepoint

Lodging,

Inc.

a

17,918

17,451

CubeSmart

845,501

48,292

Cushman

and

Wakefield

plc

a

898,714

4,571

Digital

Realty

Trust,

Inc.

660,281

14,877

Duke

Realty

Corporation

712,162

2,841

EastGroup

Properties,

Inc.

473,396

17,339

EPR

Properties

856,200

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(49.3%)

Value

Real

Estate

(2.1%)

-

continued

47,904

Essential

Properties

Realty

Trust,

Inc.

$

1,337,480

957

Essex

Property

Trust,

Inc.

305,991

4,218

Extra

Space

Storage,

Inc.

708,582

1,892

Farmland

Partners,

Inc.

22,685

523

Federal

Realty

Investment

Trust

61,709

20,371

First

Industrial

Realty

Trust,

Inc.

1,060,922

5,909

FirstService

Corporation

1,066,456

13,278

Four

Corners

Property

Trust,

Inc.

356,647

2,520

Getty

Realty

Corporation

73,861

5,418

Gladstone

Commercial

Corporation

113,940

7,152

Gladstone

Land

Corporation

162,851

13,658

Healthcare

Realty

Trust,

Inc.

406,735

770

Highwoods

Properties,

Inc.

33,772

75,793

Host

Hotels

&

Resorts,

Inc.

a

1,237,700

58,109

Independence

Realty

Trust,

Inc.

1,182,518

6,565

Industrial

Logistics

Properties

Trust

166,817

2,614

Innovative

Industrial

Properties,

Inc.

604,278

1,552

Jones

Lang

LaSalle,

Inc.

a

385,036

8,013

Kilroy

Realty

Corporation

530,541

4,858

Life

Storage,

Inc.

557,407

18,434

Medical

Properties

Trust,

Inc.

369,970

49,011

MGIC

Investment

Corporation

733,204

13,405

National

Retail

Properties,

Inc.

578,962

62,973

National

Storage

Affiliates

Trust

3,324,345

18,712

New

Residential

Investment

Corporation

205,832

11,420

NexPoint

Residential

Trust,

Inc.

706,670

3,409

Omega

Healthcare

Investors,

Inc.

102,134

2,287

One

Liberty

Properties,

Inc.

69,731

4,315

Opendoor

Technologies,

Inc.

a,b

88,587

1,978

Preferred

Apartment

Communities,

Inc.

24,191

3,959

Public

Storage,

Inc.

1,176,219

16,601

Rayonier,

Inc.

REIT

592,324

3,697

Realty

Income

Corporation

239,787

354

Redfin

Corporation

a

17,735

36,925

Rexford

Industrial

Realty,

Inc.

2,095,494

246

RMR

Group,

Inc.

8,229

8,957

Sabra

Health

Care

REIT,

Inc.

131,847

4,252

SBA

Communications

Corporation

1,405,584

36,870

Service

Properties

Trust

413,313

6,062

Spirit

Realty

Capital,

Inc.

279,094

10,617

STAG

Industrial,

Inc.

416,717

6,040

Store

Capital

Corporation

193,461

14,858

UDR,

Inc.

787,177

2,470

UMH

Properties,

Inc.

56,563

2,142

WP

Carey,

Inc.

156,452

Total

43,171,249

Utilities

(0.9%)

9,229

AES

Corporation

210,698

15,593

Alliant

Energy

Corporation

872,896

1,391

American

States

Water

Company

118,958

2,346

Artesian

Resources

Corporation

89,547

689

Avista

Corporation

26,954

1,783

Black

Hills

Corporation

111,901

31,898

CenterPoint

Energy,

Inc.

784,691

175

Chesapeake

Utilities

Corporation

21,009

3,876

CMS

Energy

Corporation

231,513

1,994

Consolidated

Water

Company,

Ltd.

b

22,732

1,827

DTE

Energy

Company

204,094

Shares

Common

Stock

(49.3%)

Value

Utilities

(0.9%)

-

continued

16,251

Duke

Energy

Corporation

$

1,585,935

17,735

Entergy

Corporation

1,761,263

3,232

Essential

Utilities,

Inc.

148,931

25,116

Exelon

Corporation

1,214,107

14,296

FirstEnergy

Corporation

509,224

711

IDACORP,

Inc.

73,503

9,892

MDU

Resources

Group,

Inc.

293,496

54

MGE

Energy,

Inc.

3,969

74,843

NiSource,

Inc.

1,813,446

12,735

NorthWestern

Corporation

729,715

12,538

OGE

Energy

Corporation

413,252

530

Otter

Tail

Corporation

29,664

7,559

Pinnacle

West

Capital

Corporation

546,969

19,644

Portland

General

Electric

Company

923,072

737

PPL

Corporation

20,548

21,678

Sempra

Energy

2,742,267

18,206

Spire,

Inc.

1,113,843

11,141

UGI

Corporation

474,829

32

Unitil

Corporation

1,369

240

Vistra

Energy

Corporation

4,104

Total

17,098,499

Total

Common

Stock

(cost

$673,322,386)

994,018,327

Shares

Registered

Investment

Companies

(

37.3%

)

Value

Unaffiliated  (0.7%)

1,126

Direxion

Daily

S&P

500

120,459

1,851

ProShares

Ultra

S&P

500

b

221,787

257

ProShares

UltraPro

QQQ

32,015

21,365

SPDR

S&P

500

ETF

Trust

9,168,576

27,266

SPDR

S&P

Biotech

ETF

b

3,427,609

11,688

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

1,130,463

Total

14,100,909

Affiliated  (36.6%)

4,821,872

Thrivent

Core

Emerging

Markets

Equity

Fund

56,512,339

5,201,410

Thrivent

Core

International

Equity

Fund

56,799,398

5,331,545

Thrivent

Core

Low

Volatility

Equity

Fund

75,281,422

4,898,554

Thrivent

Global

Stock

Portfolio

75,547,954

2,284,294

Thrivent

High

Yield

Portfolio

10,674,733

570,281

Thrivent

Income

Portfolio

6,180,874

13,327,994

Thrivent

International

Allocation

Portfolio

146,693,230

850,015

Thrivent

International

Index

Portfolio

11,478,349

4,073,584

Thrivent

Large

Cap

Value

Portfolio

90,799,789

1,041,406

Thrivent

Limited

Maturity

Bond

Portfolio

10,466,544

4,869,417

Thrivent

Mid

Cap

Stock

Portfolio

124,184,264

3,060,382

Thrivent

Small

Cap

Stock

Portfolio

73,431,410

Total

738,050,306

Total

Registered

Investment

Companies

(cost

$572,516,255)

752,151,215

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(

3.0%

)

Value

Asset-Backed

Securities

(<0.1%)

Cent

CLO,

LP

$

25,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

d,e

$

25,005

Total

25,005

Collateralized

Mortgage

Obligations

(<0.1%)

MASTR

Alternative

Loans

Trust

16,704

0.536%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

e

2,248

Sequoia

Mortgage

Trust

37,267

2.883%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

e

29,166

WaMu

Mortgage

Pass

Through

Certificates

28,145

3.050%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

e

28,465

Total

59,879

Mortgage-Backed

Securities

(1.2%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,323,000

1.500%, 

10/15/2036

f

1,336,075

6,342,000

2.000%, 

11/1/2036

f

6,522,846

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,325,000

2.000%, 

11/1/2051

f,g

5,329,784

5,650,000

2.500%, 

11/1/2051

f

5,814,424

2,125,000

3.000%, 

11/1/2047

f

2,220,759

225,000

3.000%, 

10/1/2049

f

235,432

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,175,000

2.500%, 

10/1/2051

f

2,245,263

1,275,000

2.500%, 

11/1/2051

f

1,313,897

Total

25,018,480

U.S.

Government

&

Agencies

(1.8%)

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,688,989

920,000

2.250%, 

11/15/2027

977,967

5,000,000

2.875%, 

5/15/2028

5,514,649

170,000

5.250%, 

11/15/2028

216,099

125,000

0.875%, 

11/15/2030

118,623

90,000

1.125%, 

2/15/2031

87,173

3,030,000

1.375%, 

11/15/2040

2,721,792

120,000

3.000%, 

5/15/2042

140,302

2,413,000

2.500%, 

5/15/2046

2,611,036

U.S.

Treasury

Notes

8,300,000

0.125%, 

12/31/2022

8,297,406

100,000

0.125%, 

10/15/2023

99,641

500,000

2.125%, 

7/31/2024

523,125

2,330,000

2.250%, 

11/15/2024

2,452,416

2,040,000

2.125%, 

11/30/2024

2,139,769

640,000

2.625%, 

1/31/2026

687,850

6,630,000

2.500%, 

2/28/2026

7,095,913

Principal

Amount

Long-Term

Fixed

Income

(3.0%)

Value

U.S.

Government

&

Agencies

(1.8%)

-

continued

$

300,000

0.750%, 

1/31/2028

$

291,316

Total

35,664,066

Total

Long-Term

Fixed

Income

(cost

$59,443,446)

60,767,430

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

12,307,891

Thrivent

Cash

Management

Trust

12,307,891

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,307,891)

12,307,891

Shares

or

Principal

Amount

Short-Term

Investments

(

11.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.040%,

10/20/2021

h,i

199,998

200,000

0.035%,

10/22/2021

h,i

199,998

1,700,000

0.040%,

11/3/2021

h,i

1,699,938

100,000

0.040%,

11/12/2021

h,i

99,995

100,000

0.040%,

11/15/2021

h,i

99,995

800,000

0.040%,

11/18/2021

h,i

799,957

14,400,000

0.025%,

12/15/2021

h,i

14,398,800

3,300,000

0.025%,

12/21/2021

h,i

3,299,703

4,000,000

0.034%,

12/27/2021

h,i

3,999,614

1,500,000

0.020%,

12/28/2021

h,i

1,499,853

Thrivent

Core

Short-Term

Reserve

Fund

21,057,119

0.120%

210,571,190

Total

Short-Term

Investments

(cost

$236,788,118)

236,869,041

Total

Investments

(cost

$1,554,378,096)

101.9%

$2,056,113,904

Other

Assets

and

Liabilities,

Net

(1.9%)

(39,213,418)

Total

Net

Assets

100.0%

$2,016,900,486

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

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,

2021,

the

value

of

these

investments

was

$25,005

or

0.0%

of

total

net

assets.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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.  

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.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

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

Aggressive

Allocation

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

11,948,957

Total

lending

$11,948,957

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,307,891

Net

amounts

due

to

counterparty

$358,934

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

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

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(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,

2021,

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

61,092,554

61,092,554

–

–

Consumer

Discretionary

123,871,616

123,871,616

–

–

Consumer

Staples

29,844,582

29,844,582

–

–

Energy

23,955,715

23,955,715

–

–

Financials

139,857,218

137,426,535

2,430,683

–

Health

Care

139,900,260

139,900,260

–

–

Industrials

150,916,160

148,872,145

2,044,015

–

Information

Technology

230,424,735

228,087,539

2,337,196

–

Materials

33,885,739

32,785,798

1,099,940

1

Real

Estate

43,171,249

43,171,249

–

–

Utilities

17,098,499

17,098,499

–

–

Registered

Investment

Companies

Unaffiliated

14,100,909

14,100,909

–

–

Affiliated

549,457,147

549,457,147

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

25,005

–

25,005

–

Collateralized

Mortgage

Obligations

59,879

–

59,879

–

Mortgage-Backed

Securities

25,018,480

–

25,018,480

–

U.S.

Government

&

Agencies

35,664,066

–

35,664,066

–

Short-Term

Investments

26,297,851

–

26,297,851

–

Subtotal

Investments

in

Securities

$1,644,641,664

$1,549,664,548

$94,977,115

$1

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

188,593,159

Affiliated

Short-Term

Investments

210,571,190

Collateral

Held

for

Securities

Loaned

12,307,891

Subtotal

Other

Investments

$411,472,240

Total

Investments

at

Value

$2,056,113,904

*

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

9,185,776

9,185,776

–

–

Total

Asset

Derivatives

$9,185,776

$9,185,776

$–

$–

Liability

Derivatives

Futures

Contracts

24,563,260

24,563,260

–

–

Call

Options

Written

2,070

–

–

2,070

Total

Liability

Derivatives

$24,565,330

$24,563,260

$–

$2,070

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

Counterparty:

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$26,587,351

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

50

December

2021

$

6,677,870

(

$

97,401)

CBOT

U.S.

Long

Bond

12

December

2021

1,961,852

(

51,227)

CME

E-mini

Russell

2000

Index

7

December

2021

784,346

(

14,066)

CME

E-mini

S&P

500

Index

1,718

December

2021

385,098,579

(

15,921,854)

CME

E-mini

S&P

Mid-Cap

400

Index

7

December

2021

1,891,498

(

48,258)

CME

Euro

Foreign

Exchange

Currency

558

December

2021

82,650,274

(

1,740,274)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

15

December

2021

2,968,833

(

102,895)

Eurex

Euro

STOXX

50

Index

1,668

December

2021

80,324,364

(

2,624,121)

ICE

mini

MSCI

EAFE

Index

599

December

2021

70,977,343

(

3,080,693)

ICE

US

mini

MSCI

Emerging

Markets

Index

269

December

2021

17,635,791

(

882,471)

Total

Futures

Long

Contracts

$

650,970,750

(

$

24,563,260)

CBOT

2-Yr.

U.S.

Treasury

Note

(13)

December

2021

(

$

2,862,442)

$

1,731

CBOT

5-Yr.

U.S.

Treasury

Note

(59)

December

2021

(

7,293,524)

51,734

CME

E-mini

NASDAQ

100

Index

(107)

December

2021

(

33,279,622)

1,859,072

CME

E-mini

Russell

2000

Index

(1,194)

December

2021

(

133,846,017)

2,458,257

CME

E-mini

S&P

Mid-Cap

400

Index

(675)

December

2021

(

182,546,031)

4,805,031

Ultra

10-Yr.

U.S.

Treasury

Note

(3)

December

2021

(

445,701)

9,951

Total

Futures

Short

Contracts

(

$

360,273,337)

$9,185,776

Total

Futures

Contracts

$

290,697,413

($15,377,484)

The

following

table

presents

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(1.00)

$

101.43

October

2021

(

$

1,000,898)

(

$

39)

$

6,524

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(1.00)

100.77

November

2021

(

1,000,898)

(

2,031)

3,633

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($2,070)

$10,157

(*)  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,

2021

(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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$56,850

$–

$–

$56,512

4,822

2.8%

Core

International

Equity

56,481

–

5,600

56,799

5,201

2.8

Core

Low

Volatility

Equity

101,212

66

34,000

75,281

5,332

3.7

Global

Stock

66,525

3,035

–

75,548

4,899

3.7

High

Yield

10,300

360

–

10,675

2,284

0.6

Income

6,210

302

–

6,181

570

0.3

International

Allocation

132,993

2,275

–

146,693

13,328

7.3

International

Index

10,668

97

–

11,478

850

0.6

Large

Cap

Value

74,500

4,168

–

90,800

4,074

4.5

Limited

Maturity

Bond

10,400

123

–

10,467

1,041

0.5

Mid

Cap

Stock

104,051

7,050

–

124,184

4,869

6.2

Small

Cap

Stock

61,665

2,745

–

73,431

3,060

3.6

Total

Affiliated

Registered

Investment

Companies

691,855

738,049

36.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

102,777

365,479

257,685

210,571

21,057

10.4

Total

Affiliated

Short-Term

Investments

102,777

210,571

10.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

18,861

181,363

187,916

12,308

12,308

0.6

Total

Collateral

Held

for

Securities

Loaned

18,861

12,308

0.6

Total

Value

$813,493

$960,928

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$(337)

$

–

$–

Core

International

Equity

11

5,907

–

–

Core

Low

Volatility

Equity

1,208

6,795

66

–

Global

Stock

–

5,988

2,365

670

High

Yield

–

15

–

360

Income

–

(330)

174

128

International

Allocation

–

11,425

–

2,275

International

Index

–

713

74

23

Large

Cap

Value

–

12,132

3,102

1,066

Limited

Maturity

Bond

–

(56)

–

123

Mid

Cap

Stock

–

13,083

6,765

285

Small

Cap

Stock

–

9,021

2,171

574

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

–

–

–

184

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5,688

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

31

Total

Affiliated

Income

from

Securities

Loaned,

Net

$31

Total

Value

$1,219

$64,356

$

14,717

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Shares

Common

Stock

(

97.9%

)

Value

Communications

Services

(4.7%)

35,150

Comcast

Corporation

$

1,965,939

11,700

Facebook,

Inc.

a

3,970,863

30,900

QuinStreet

,

Inc.

a

542,604

23,070

Verizon

Communications,

Inc.

1,246,011

Total

7,725,417

Consumer

Discretionary

(13.7%)

1,505

Amazon.com,

Inc.

a

4,943,985

11,620

Aptiv

plc

a

1,731,031

640

Booking

Holdings,

Inc.

a

1,519,277

4,440

Burlington

Stores,

Inc.

a

1,259,051

13,040

Canada

Goose

Holdings,

Inc.

a

465,137

810

Chipotle

Mexican

Grill,

Inc.

a

1,472,191

12,620

Dollar

Tree,

Inc.

a

1,207,987

1,010

Domino's

Pizza,

Inc.

481,730

35,441

Everi

Holdings,

Inc.

a

856,963

4,890

Home

Depot,

Inc.

1,605,191

3,810

Netflix,

Inc.

a

2,325,395

8,030

NIKE,

Inc.

1,166,197

190

NVR,

Inc.

a

910,875

4,540

Papa

John's

International,

Inc.

576,535

11,170

Sony

Group

Corporation

ADR

1,235,179

1,290

Tesla,

Inc.

a

1,000,369

Total

22,757,093

Consumer

Staples

(4.4%)

4,160

Casey's

General

Stores,

Inc.

783,952

4,260

Costco

Wholesale

Corporation

1,914,231

8,400

Lamb

Weston

Holdings,

Inc.

515,508

18,830

Philip

Morris

International,

Inc.

1,784,896

16,770

Sysco

Corporation

1,316,445

21,640

Turning

Point

Brands,

Inc.

1,033,310

Total

7,348,342

Energy

(2.8%)

22,170

BP

plc

ADR

605,906

41,328

Devon

Energy

Corporation

1,467,557

20,040

Helmerich

&

Payne,

Inc.

549,296

7,560

Pioneer

Natural

Resources

Company

1,258,816

10,710

Valero

Energy

Corporation

755,805

Total

4,637,380

Financials

(14.6%)

20,180

Ally

Financial,

Inc.

1,030,189

6,070

American

Express

Company

1,016,907

4,820

Ameriprise

Financial,

Inc.

1,273,059

26,500

Arch

Capital

Group,

Ltd.

a

1,011,770

56,060

Bank

of

America

Corporation

2,379,747

14,010

Charles

Schwab

Corporation

1,020,488

8,000

Chubb,

Ltd.

1,387,840

34,330

Equitable

Holdings,

Inc.

1,017,541

15,660

Essent

Group,

Ltd.

689,197

4,600

Evercore

,

Inc.

614,882

7,610

First

Republic

Bank

1,467,817

13,920

J.P.

Morgan

Chase

&

Company

2,278,565

4,040

Kinsale

Capital

Group,

Inc.

653,268

19,620

Morgan

Stanley

1,909,222

2,880

S&P

Global,

Inc.

1,223,683

2,010

SVB

Financial

Group

a

1,300,229

9,930

Torchmark

Corporation

884,068

11,260

Western

Alliance

Bancorp

1,225,313

16,830

Zions

Bancorporations

NA

1,041,609

Shares

Common

Stock

(97.9%)

Value

Financials

(14.6%)

-

continued

1,690

Zurich

Insurance

Group

AG

$

691,075

Total

24,116,469

Health

Care

(13.5%)

9,640

AbbVie,

Inc.

1,039,867

10,900

ACADIA

Pharmaceuticals,

Inc.

a

181,049

4,790

Anthem,

Inc.

1,785,712

3,460

Ascendis

Pharma

AS

ADR

a

551,489

6,850

Danaher

Corporation

2,085,414

1,890

Dexcom

,

Inc.

a

1,033,565

20,750

Edwards

Lifesciences

Corporation

a

2,349,107

51,600

Lantheus

Holdings,

Inc.

a

1,325,088

4,650

LHC

Group,

Inc.

a

729,632

20,210

Medtronic

plc

2,533,324

25,730

Merck

&

Company,

Inc.

1,932,580

12,410

Silk

Road

Medical,

Inc.

a

682,922

8,460

Syneos

Health,

Inc.

a

740,081

8,440

Veeva

Systems,

Inc.

a

2,432,155

18,690

Zimmer

Biomet

Holdings,

Inc.

2,735,468

6,770

Zymeworks

,

Inc.

a

196,601

Total

22,334,054

Industrials

(10.5%)

14,480

Altra

Industrial

Motion

Corporation

801,468

3,420

Carlisle

Companies,

Inc.

679,862

11,810

Crane

Company

1,119,706

34,820

Delta

Air

Lines,

Inc.

a

1,483,680

45,490

Dun

&

Bradstreet

Holdings,

Inc.

a

764,687

25,860

Howmet

Aerospace,

Inc.

806,832

8,430

Manpower,

Inc.

912,800

34,270

Meritor,

Inc.

a

730,294

4,220

Middleby

Corporation

a

719,552

7,690

Norfolk

Southern

Corporation

1,839,833

6,040

Parker-Hannifin

Corporation

1,688,905

6,660

Regal-Beloit

Corporation

1,001,264

19,560

Summit

Materials,

Inc.

a

625,333

8,450

Timken

Company

552,799

11,120

United

Parcel

Service,

Inc.

2,024,952

26,870

US

Ecology,

Inc.

a

869,245

26,550

WillScot

Mobile

Mini

Holdings

Corporation

a

842,166

Total

17,463,378

Information

Technology

(23.8%)

4,100

Adobe,

Inc.

a

2,360,452

6,190

Advanced

Energy

Industries,

Inc.

543,173

1,920

ANSYS,

Inc.

a

653,664

33,390

Apple,

Inc.

4,724,685

8,430

AppLovin

Corporation

a,b

610,079

2,400

ASML

Holding

NV

GDR

1,788,264

5,290

Blackline,

Inc.

a

624,537

10,430

Ciena

Corporation

a

535,581

29,160

Cisco

Systems,

Inc.

1,587,179

9,950

Dolby

Laboratories,

Inc.

875,600

4,400

F5

Networks,

Inc.

a

874,632

4,930

Five9,

Inc.

a

787,518

26,280

Juniper

Networks,

Inc.

723,226

16,220

Lattice

Semiconductor

Corporation

a

1,048,623

11,320

LivePerson

,

Inc.

a

667,314

5,730

Mastercard

,

Inc.

1,992,206

5,440

Microsoft

Corporation

1,533,645

16,790

National

Instruments

Corporation

658,672

11,040

NVIDIA

Corporation

2,287,046

6,050

PayPal

Holdings,

Inc.

a

1,574,271

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(97.9%)

Value

Information

Technology

(23.8%)

-

continued

15,750

Samsung

Electronics

Company,

Ltd.

$

976,415

5,760

ServiceNow

,

Inc.

a

3,584,275

1,280

Shopify,

Inc.

a

1,735,398

29,310

Snap,

Inc.

a

2,165,130

8,445

Snowflake,

Inc.

a

2,554,021

4,860

Square,

Inc.

a

1,165,622

10,500

Trade

Desk,

Inc.

a

738,150

Total

39,369,378

Materials

(4.0%)

61,800

Axalta

Coating

Systems,

Ltd.

a

1,803,942

10,740

Ball

Corporation

966,278

15,120

Berry

Plastics

Group,

Inc.

a

920,506

12,710

CF

Industries

Holdings,

Inc.

709,472

15,760

LyondellBasell

Industries

NV

1,479,076

13,650

Steel

Dynamics,

Inc.

798,252

Total

6,677,526

Real

Estate

(3.4%)

9,590

Agree

Realty

Corporation

635,145

4,910

Alexandria

Real

Estate

Equities,

Inc.

938,154

3,430

American

Tower

Corporation

910,356

6,700

Camden

Property

Trust

988,049

18,940

Duke

Realty

Corporation

906,658

740

Equinix

,

Inc.

584,696

5,290

Prologis,

Inc.

663,525

Total

5,626,583

Utilities

(2.5%)

20,620

CenterPoint

Energy,

Inc.

507,252

9,880

Duke

Energy

Corporation

964,189

5,070

Entergy

Corporation

503,502

8,510

Evergy

,

Inc.

529,322

15,004

NextEra

Energy,

Inc.

1,178,114

7,070

NorthWestern

Corporation

405,111

Total

4,087,490

Total

Common

Stock

(cost

$121,902,711)

162,143,110

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

1,174,125

Thrivent

Cash

Management

Trust

1,174,125

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,174,125)

1,174,125

Shares

Registered

Investment

Companies

(

0.4%

)

Value

Unaffiliated  (0.4%)

7,910

SPDR

S&P

Homebuilders

ETF

b

567,621

Total

567,621

Total

Registered

Investment

Companies

(cost

$326,398)

567,621

Shares

Short-Term

Investments

(

2.0%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

337,765

0.120%

$

3,377,652

Total

Short-Term

Investments

(cost

$3,376,920)

3,377,652

Total

Investments

(cost

$126,780,154)

101.0%

$167,262,508

Other

Assets

and

Liabilities,

Net

(1.0%)

(1,574,218)

Total

Net

Assets

100.0%

$165,688,290

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

1,117,160

Total

lending

$1,117,160

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,174,125

Net

amounts

due

to

counterparty

$56,965

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.

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,

2021

(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,

2021,

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

7,725,417

7,725,417

–

–

Consumer

Discretionary

22,757,093

22,757,093

–

–

Consumer

Staples

7,348,342

7,348,342

–

–

Energy

4,637,380

4,637,380

–

–

Financials

24,116,469

23,425,394

691,075

–

Health

Care

22,334,054

22,334,054

–

–

Industrials

17,463,378

17,463,378

–

–

Information

Technology

39,369,378

38,392,963

976,415

–

Materials

6,677,526

6,677,526

–

–

Real

Estate

5,626,583

5,626,583

–

–

Utilities

4,087,490

4,087,490

–

–

Registered

Investment

Companies

Unaffiliated

567,621

567,621

–

–

Subtotal

Investments

in

Securities

$162,710,731

$161,043,241

$1,667,490

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,377,652

Collateral

Held

for

Securities

Loaned

1,174,125

Subtotal

Other

Investments

$4,551,777

Total

Investments

at

Value

$167,262,508

*

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$2,660

$11,046

$10,328

$3,378

338

2.0%

Total

Affiliated

Short-Term

Investments

2,660

3,378

2.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

105

14,427

13,358

1,174

1,174

0.7

Total

Collateral

Held

for

Securities

Loaned

105

1,174

0.7

Total

Value

$2,765

$4,552

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$0

$0

$

–

$5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$0

$0

$

–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Bank

Loans

(

10.2%

)

a

Value

Basic

Materials

(0.8%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

203,175

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

202,753

Flexsys,

Inc./Ohio,

Term

Loan

515,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

512,425

Hexion,

Inc.,

Term

Loan

343,159

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

343,159

INEOS

US

Petrochem,

LLC,

Term

Loan

528,675

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

528,675

Innophos

Holdings,

Inc.,

Term

Loan

344,750

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

345,181

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

329,417

3.340%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

328,696

Nouryon

USA,

LLC,

Term

Loan

717,698

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

712,495

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

607,989

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

606,596

Venator

Finance

SARL,

Term

Loan

411,783

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

405,779

Total

3,985,759

Capital

Goods

(1.5%)

Bingo

Industries,

Ltd.,

Term

Loan

185,000

4.000%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,e

184,538

Flex

Acquisition

Company,

Inc.,

Term

Loan

694,895

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

690,476

Gemini

HDPE,

LLC,

Term

Loan

508,086

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

508,086

GFL

Environmental,

Inc.,

Term

Loan

530,988

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

531,651

Grinding

Media,

Inc.,

Term

Loan

520,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

520,650

Groupe

Solmax,

Inc.,

Term

Loan

220,000

0.000%, 

(LIBOR

1M

+

4.750%),

7/23/2028

b,c,d

219,542

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

312,500

5.000%, 

(LIBOR

1M

+

4.500%),

7/30/2028

b,e

312,891

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

493,581

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

483,013

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Capital

Goods

(1.5%)

-

continued

Natgasoline,

LLC,

Term

Loan

$

423,037

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,e

$

421,980

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

446,625

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

443,275

Quikrete

Holdings

Inc.,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

308,878

RLG

Holdings,

LLC,

Delayed

Draw

56,962

3.131%, 

(LIBOR

3M

+

2.125%),

7/8/2028

b,c,d

56,998

RLG

Holdings,

LLC,

Term

Loan

225,000

5.000%, 

(LIBOR

3M

+

4.250%),

7/8/2028

b

225,142

TransDigm,

Inc.,

Term

Loan

1,208,475

2.334%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,193,369

TricorBraun

Holdings,

Inc.,

Delayed

Draw

113,751

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

113,055

TricorBraun

Holdings,

Inc.,

Term

Loan

504,887

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

501,797

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

37,500

0.000%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,c,d

37,539

Trident

TPI

Holdings,

Inc.,

Term

Loan

272,500

4.500%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,c,d

272,783

Waterlogic

USA

Holdings,

Inc.

Term

Loan

280,000

0.000%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b,c,d

279,826

Total

7,305,489

Communications

Services

(2.0%)

Allen

Media,

LLC,

Delayed

Draw

119,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

118,814

Allen

Media,

LLC,

Term

Loan

131,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

130,796

Altice

France

SA,

Term

Loan

335,125

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

329,401

Cablevision

Lightpath,

LLC,

Term

Loan

516,100

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

516,487

CCI

Buyer,

Inc.,

Term

Loan

134,325

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

134,689

CommScope,

Inc.,

Term

Loan

896,700

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

891,284

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Communications

Services

(2.0%)

-

continued

DIRECTV

Financing,

LLC,

Term

Loan

$

580,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

$

580,180

E.W.

Scripps

Company,

Term

Loan

212,538

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

212,833

Entercom

Media

Corporation,

Term

Loan

467,128

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

459,832

iHeartCommunications,

Inc.,

Term

Loan

360,175

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

357,398

Indy

US

Bidco,

LLC,

Term

Loan

303,475

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

304,018

Meredith

Corporation,

Term

Loan

445,489

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

454,398

Metronet

Systems

Holdings,

LLC,

Term

Loan

349,125

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

349,387

NEP

Group,

Inc.,

Term

Loan

700,200

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

672,773

Nexstar

Media,

Inc.,

Term

Loan

772,374

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

771,215

ORBCOMM,

Inc.,

Term

Loan

275,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

274,541

Radiate

Holdco,

LLC,

Term

Loan

1,225,737

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,223,972

Terrier

Media

Buyer,

Inc.,

Term

Loan

302,713

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

301,956

Voyage

Australia

Property,

Ltd.,

Term

Loan

265,000

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

264,669

WideOpenWest

Finance,

LLC,

Term

Loan

327,788

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

327,651

Xplornet

Communications,

Inc.,

Term

Loan

534,079

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

533,411

275,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

274,313

245,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

242,550

Total

9,726,568

Consumer

Cyclical

(1.5%)

ACProducts

Holdings,

Inc.,

Term

Loan

394,013

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

393,098

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Consumer

Cyclical

(1.5%)

-

continued

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

$

35,000

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

$

35,096

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

280,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

280,770

American

Trailer

World

Corporation,

Term

Loan

309,225

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

307,602

Caesars

Resort

Collection,

LLC,

Term

Loan

230,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b,c,d

230,083

Carnival

Corporation,

Term

Loan

253,715

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

252,051

Cengage

Learning,

Inc.,

Term

Loan

510,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

512,958

CP

Atlas

Buyer,

Inc.,

Term

Loan

407,950

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

406,420

Golden

Entertainment,

Inc.,

Term

Loan

907,184

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

903,782

Golden

Nugget,

LLC,

Term

Loan

511,199

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

508,505

LCPR

Loan

Financing,

LLC,

Term

Loan

315,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

315,000

Michaels

Companies,

Inc.,

Term

Loan

563,587

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

563,841

Raptor

Acquisition

Corporation,

Term

Loan

170,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

170,468

Scientific

Games

International,

Inc.,

Term

Loan

1,787,073

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,778,370

Staples,

Inc.,

Term

Loan

190,119

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

184,622

321,051

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

305,583

Tenneco,

Inc.,

Term

Loan

257,354

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

254,834

Truck

Hero,

Inc.,

Term

Loan

114,425

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

114,115

Total

7,517,198

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Consumer

Non-Cyclical

(1.8%)

Adient

US,

LLC,

Term

Loan

$

149,625

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

$

149,562

Bausch

Health

Americas,

Inc.,

Term

Loan

861,688

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

860,395

Blue

Ribbon,

LLC,

Term

Loan

345,625

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

338,713

Chobani,

LLC,

Term

Loan

267,300

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

267,682

City

Brewing

Company,

LLC,

Term

Loan

225,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

222,655

CNT

Holdings

I

Corporation,

Term

Loan

348,250

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

348,469

95,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

96,425

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

233,825

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

228,239

Gainwell

Acquisition

Corporation,

Term

Loan

507,444

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

508,184

Global

Medical

Response,

Inc.,

Term

Loan

1,355,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

1,359,065

1,741,837

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,747,063

Herens

US

Holdco

Corporation,

Term

Loan

473,813

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

475,082

Mamba

Purchaser,

Inc.,

Term

Loan

50,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

50,000

Ortho-Clinical

Diagnostics

SA,

Term

Loan

765,948

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

764,991

PetSmart,

LLC,

Term

Loan

785,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

786,123

Precision

Medicine

Group,

LLC,

Delayed

Draw

64,038

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

64,012

Precision

Medicine

Group,

LLC,

Term

Loan

487,279

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

487,075

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

Sotera

Health

Holdings,

LLC,

Term

Loan

$

318,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

$

316,941

Total

9,070,676

Energy

(0.1%)

GIP

II

Blue

Holding

LP,

Term

Loan

385,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

384,280

Total

384,280

Financials

(0.5%)

Asurion,

LLC,

Term

Loan

213,387

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

210,110

697,016

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

686,386

440,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

438,442

165,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

164,134

Digicel

International

Finance,

Ltd.,

Term

Loan

383,006

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

369,363

NCR

Corporation,

Term

Loan

601,162

2.630%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b

594,399

Tiger

Acquisition,

LLC,

Term

Loan

170,000

3.750%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

169,310

Total

2,632,144

Technology

(1.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

548,083

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

536,249

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

396,678

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

398,991

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

433,912

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

434,273

Gridiron

Fiber

Corporation,

Term

Loan

185,000

0.000%, 

(LIBOR

1M

+

4.500%),

8/23/2028

b,c,d

179,566

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

322,069

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

321,399

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,467,625

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,465,453

Rackspace

Technology

Global,

Inc.,

Term

Loan

945,250

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

938,057

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Technology

(1.2%)

-

continued

Redstone

Holdco

2

LP,

Term

Loan

$

281,644

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

$

276,715

160,591

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

156,174

SS&C

Technologies,

Inc.,

Term

Loan

45,720

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

45,223

36,955

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

36,554

Zayo

Group

Holdings,

Inc.,

Term

Loan

988,776

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

979,551

Total

5,768,205

Transportation

(0.5%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

840,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

868,115

Air

Canada,

Term

Loan

178,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

178,593

Hertz

Corporation,

Term

Loan

139,650

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

139,672

26,385

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

26,389

SkyMiles

IP,

Ltd.,

Term

Loan

695,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

738,743

United

Airlines,

Inc.,

Term

Loan

293,525

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

295,327

Total

2,246,839

Utilities

(0.3%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

60,940

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

60,940

CQP

Holdco

LP,

Term

Loan

613,462

4.250%, 

(LIBOR

1M

+

3.750%),

6/4/2028

b

611,420

EnergySolutions,

LLC,

Term

Loan

321,800

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

320,996

Exgen

Renewables

IV,

LLC,

Term

Loan

155,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

154,806

Osmose

Utilities

Services,

Inc.,

Term

Loan

110,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

109,519

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Utilities

(0.3%)

-

continued

PG&E

Corporation,

Term

Loan

$

250,121

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

$

245,666

Total

1,503,347

Total

Bank

Loans

(cost

$49,990,184)

50,140,505

Shares

Common

Stock

(

37.6%

)

Value

Communications

Services

(3.2%)

1,757

Alphabet,

Inc.,

Class

A

f

4,697,375

530

Alphabet,

Inc.,

Class

C

f

1,412,614

16,912

AT&T,

Inc.

456,793

34

Cable

One,

Inc.

61,647

907

Charter

Communications,

Inc.

f

659,897

18,819

Comcast

Corporation

1,052,547

9,690

Discovery,

Inc.,

Class

A

f,g

245,932

7,190

DISH

Network

Corporation

f

312,477

2,903

Electronic

Arts,

Inc.

412,952

7,893

Facebook,

Inc.

f

2,678,805

7,187

Live

Nation

Entertainment,

Inc.

f

654,951

1,872

Match

Group,

Inc.

f

293,885

510

Omnicom

Group,

Inc.

36,955

16,766

QuinStreet,

Inc.

f

294,411

13,913

Twitter,

Inc.

f

840,206

23,766

Verizon

Communications,

Inc.

1,283,602

582

ViacomCBS,

Inc.

22,995

178

Walt

Disney

Company

f

30,112

316

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f

4,819

2,671

Zillow

Group,

Inc.

f

236,597

Total

15,689,572

Consumer

Discretionary

(4.3%)

1,338

Amazon.com,

Inc.

f

4,395,384

9,844

Aptiv

plc

f

1,466,461

282

AutoZone,

Inc.

f

478,833

1,008

Big

Lots,

Inc.

43,707

801

Bloomin'

Brands,

Inc.

f

20,025

68

Booking

Holdings,

Inc.

f

161,423

3,383

Caesars

Entertainment,

Inc.

f

379,843

1,414

Carvana

Company

f

426,378

5,615

Cedar

Fair,

LP

f

260,424

655

Chipotle

Mexican

Grill,

Inc.

f

1,190,476

272

Cimpress

plc

f

23,618

5,595

Clarus

Corporation

143,400

10,175

Cooper-Standard

Holdings,

Inc.

f

222,934

1,458

Crocs,

Inc.

f

209,194

3,902

D.R.

Horton,

Inc.

327,651

1,009

Emerald

Holding,

Inc.

f

4,379

17,479

Everi

Holdings,

Inc.

f

422,642

1,984

Expedia

Group,

Inc.

f

325,178

4,145

Ford

Motor

Company

f

58,693

403

Garmin,

Ltd.

62,650

7,844

Harley-Davidson,

Inc.

287,169

2,881

Home

Depot,

Inc.

945,717

330

Jack

in

the

Box,

Inc.

32,119

2,439

Kohl's

Corporation

114,852

7,516

Leggett

&

Platt,

Inc.

337,017

9,232

Libbey,

Inc.

f

34,620

5,638

Lowe's

Companies,

Inc.

1,143,725

1,540

Lululemon

Athletica,

Inc.

f

623,238

1,878

McDonald's

Corporation

452,805

5,389

Miller

Industries,

Inc.

183,442

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(37.6%)

Value

Consumer

Discretionary

(4.3%)

-

continued

1,081

Mohawk

Industries,

Inc.

f

$

191,769

2,807

NIKE,

Inc.

407,661

171

NVR,

Inc.

f

819,788

3,594

Penn

National

Gaming,

Inc.

f

260,421

9,271

Qurate

Retail,

Inc.

94,471

1,026

Revolve

Group,

Inc.

f

63,376

487

RH

f

324,785

3,034

Ross

Stores,

Inc.

330,251

3,163

Sleep

Number

Corporation

f

295,677

5,863

Sony

Group

Corporation

ADR

648,331

7,264

Stoneridge,

Inc.

f

148,113

459

Target

Corporation

105,005

168

Taylor

Morrison

Home

Corporation

f

4,331

2,213

Tesla,

Inc.

f

1,716,137

14,671

ThredUp,

Inc.

f

318,214

4,497

Under

Armour,

Inc.,

Class

C

f

78,787

384

Wayfair,

Inc.

f,g

98,116

1,114

Yum!

Brands,

Inc.

136,253

5,213

Zumiez,

Inc.

f

207,269

Total

21,026,752

Consumer

Staples

(1.5%)

1,139

Altria

Group,

Inc.

51,847

6,695

BJ's

Wholesale

Club

Holdings,

Inc.

f

367,689

1,952

Bunge,

Ltd.

158,737

3,338

Colgate-Palmolive

Company

252,286

1,577

Costco

Wholesale

Corporation

708,625

9,567

Hain

Celestial

Group,

Inc.

f

409,276

1,783

John

B.

Sanfilippo

&

Son,

Inc.

145,707

1,634

Kimberly-Clark

Corporation

216,407

9,820

Lamb

Weston

Holdings,

Inc.

602,653

4,372

Monster

Beverage

Corporation

f

388,365

334

PepsiCo,

Inc.

50,237

16,720

Philip

Morris

International,

Inc.

1,584,889

21,774

Primo

Water

Corporation

342,287

2,940

Procter

&

Gamble

Company

411,012

3,696

Sysco

Corporation

290,136

6,862

Turning

Point

Brands,

Inc.

327,661

7,667

Wal-Mart

Stores,

Inc.

1,068,626

Total

7,376,440

Energy

(1.1%)

17,711

APA

Corporation

379,547

12,919

BP

plc

ADR

353,076

1,737

Cheniere

Energy,

Inc.

f

169,653

1,205

Chevron

Corporation

122,247

7,587

ConocoPhillips

514,171

30,830

Devon

Energy

Corporation

1,094,773

24

Diamondback

Energy,

Inc.

2,272

15,252

Enterprise

Products

Partners,

LP

330,053

3,250

EOG

Resources,

Inc.

260,877

575

EQT

Corporation

f

11,765

4,074

Exxon

Mobil

Corporation

239,633

8,672

Halliburton

Company

187,489

12,028

Helmerich

&

Payne,

Inc.

329,687

900

Kinder

Morgan,

Inc.

15,057

9,613

Marathon

Oil

Corporation

131,410

4,799

Marathon

Petroleum

Corporation

296,626

350

MPLX,

LP

9,965

1,155

Nine

Energy

Service,

Inc.

f

2,114

4,104

Pioneer

Natural

Resources

Company

683,357

21,134

Southwestern

Energy

Company

f

117,082

370

TC

Energy

Corporation

17,793

Shares

Common

Stock

(37.6%)

Value

Energy

(1.1%)

-

continued

3,292

Valero

Energy

Corporation

$

232,316

375

Williams

Companies,

Inc.

9,728

Total

5,510,691

Financials

(5.7%)

6,917

Air

Lease

Corporation

272,115

11,066

Ally

Financial,

Inc.

564,919

3,646

American

Express

Company

610,814

12,154

Arch

Capital

Group,

Ltd.

f

464,040

2,542

Ares

Capital

Corporation

51,679

13,839

Assured

Guaranty,

Ltd.

647,804

40,206

Bank

of

America

Corporation

1,706,745

176

Bank

of

Marin

Bancorp

6,644

5,893

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

209,260

2,061

Berkshire

Hathaway,

Inc.

f

562,529

2,800

BlackRock

TCP

Capital

Corporation

37,996

946

BlackRock,

Inc.

793,372

2,721

Blackstone

Mortgage

Trust,

Inc.

82,501

13,619

Bridgewater

Bancshares,

Inc.

f

238,469

11,063

Byline

Bancorp,

Inc.

271,707

2,626

Capital

One

Financial

Corporation

425,333

640

Cboe

Global

Markets,

Inc.

79,270

541

Central

Pacific

Financial

Corporation

13,893

19,456

Charles

Schwab

Corporation

1,417,175

3,264

Chubb,

Ltd.

566,239

9,670

Citigroup,

Inc.

678,641

4,767

Citizens

Financial

Group,

Inc.

223,954

2,169

CME

Group,

Inc.

419,441

9,050

Columbia

Banking

System,

Inc.

343,810

5,588

Comerica,

Inc.

449,834

1,083

Community

Trust

Bancorp,

Inc.

45,594

1,458

Customers

Bancorp,

Inc.

f

62,723

262

Dime

Community

Bancshares,

Inc.

8,557

2,686

Discover

Financial

Services

329,975

1,928

Ellington

Residential

Mortgage

REIT

21,516

6,048

Enterprise

Financial

Services

Corporation

273,853

22,088

Equitable

Holdings,

Inc.

654,688

790

Essent

Group,

Ltd.

34,768

647

Evercore,

Inc.

86,484

370

Financial

Institutions,

Inc.

11,341

1,186

First

Bancorp

15,596

1,205

First

Busey

Corporation

29,679

239

First

Mid-Illinois

Bancshares,

Inc.

9,813

2,385

First

Republic

Bank

460,019

250

Flushing

Financial

Corporation

5,650

2,169

FS

KKR

Capital

Corporation

47,805

882

Fulton

Financial

Corporation

13,477

3,354

Glacier

Bancorp,

Inc.

185,644

3,284

Golub

Capital

BDC,

Inc.

51,920

1,237

Great

Southern

Bancorp,

Inc.

67,800

1,279

Hancock

Whitney

Corporation

60,266

1,170

Hanmi

Financial

Corporation

23,470

195

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

10,429

10,766

Heartland

Financial

USA,

Inc.

517,629

614

HomeStreet,

Inc.

25,266

896

Hometrust

Bancshares,

Inc.

25,070

10,656

Hope

Bancorp,

Inc.

153,873

2,039

Houlihan

Lokey,

Inc.

187,792

433

Independent

Bank

Corporation

9,301

10,540

J.P.

Morgan

Chase

&

Company

1,725,293

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(37.6%)

Value

Financials

(5.7%)

-

continued

2,365

Kinsale

Capital

Group,

Inc.

$

382,421

5,657

KKR

&

Company,

Inc.

344,398

2,631

Marsh

&

McLennan

Companies,

Inc.

398,412

2,652

MidWestOne

Financial

Group,

Inc.

79,984

1,279

Moody's

Corporation

454,186

9,909

Morgan

Stanley

964,245

452

OceanFirst

Financial

Corporation

9,677

145

Peapack-Gladstone

Financial

Corporation

4,837

2,204

Primerica,

Inc.

338,601

11,228

Radian

Group,

Inc.

255,100

7,154

Raymond

James

Financial,

Inc.

660,171

607

Reinsurance

Group

of

America,

Inc.

67,535

3,254

S&P

Global,

Inc.

1,382,592

7,893

Seacoast

Banking

Corporation

of

Florida

266,862

1,417

Selective

Insurance

Group,

Inc.

107,026

1,449

Sixth

Street

Specialty

Lending,

Inc.

32,182

2,197

Starwood

Property

Trust,

Inc.

53,629

3,996

State

Street

Corporation

338,541

5,830

Synovus

Financial

Corporation

255,879

1,100

T.

Rowe

Price

Group,

Inc.

216,370

4,319

Texas

Capital

Bancshares,

Inc.

f

259,226

2,055

Torchmark

Corporation

182,957

4,292

Triumph

Bancorp,

Inc.

f

429,758

10,843

Truist

Financial

Corporation

635,942

534

TrustCo

Bank

Corporation

NY

17,072

5,091

Unum

Group

127,580

21,819

Wells

Fargo

&

Company

1,012,620

11,934

Western

Alliance

Bancorp

1,298,658

15,043

Zions

Bancorporations

NA

931,011

1,061

Zurich

Insurance

Group

AG

433,865

Total

28,234,812

Health

Care

(5.1%)

1,154

Abbott

Laboratories

136,322

4,060

AbbVie,

Inc.

437,952

507

Align

Technology,

Inc.

f

337,373

968

Amedisys,

Inc.

f

144,329

3,770

Amgen,

Inc.

801,691

2,847

AMN

Healthcare

Services,

Inc.

f

326,693

3,470

Anthem,

Inc.

1,293,616

3,719

Baxter

International,

Inc.

299,119

906

Becton,

Dickinson

and

Company

222,713

1,562

Biogen,

Inc.

f

442,030

685

Bio-Techne

Corporation

331,931

809

Boston

Scientific

Corporation

f

35,103

317

Bristol-Myers

Squibb

Company

18,757

5,213

Centene

Corporation

f

324,822

2,517

Cigna

Holding

Company

503,803

3,883

CVS

Health

Corporation

329,511

4,243

Danaher

Corporation

1,291,739

915

Dexcom,

Inc.

f

500,377

7,187

Edwards

Lifesciences

Corporation

f

813,640

9,518

Gilead

Sciences,

Inc.

664,832

6,443

GlaxoSmithKline

plc

ADR

246,187

5,138

Halozyme

Therapeutics,

Inc.

f

209,014

2,413

HCA

Healthcare,

Inc.

585,683

2,140

Illumina,

Inc.

f

868,005

1,803

InMode,

Ltd.

f

287,488

1,502

Insulet

Corporation

f

426,914

775

Intuitive

Surgical,

Inc.

f

770,466

8,935

Ionis

Pharmaceuticals,

Inc.

f

299,680

Shares

Common

Stock

(37.6%)

Value

Health

Care

(5.1%)

-

continued

1,941

IQVIA

Holding,

Inc.

f

$

464,947

9,889

Johnson

&

Johnson

1,597,074

15,458

Lantheus

Holdings,

Inc.

f

396,961

999

LHC

Group,

Inc.

f

156,753

11,632

Medtronic

plc

1,458,071

11,438

Merck

&

Company,

Inc.

859,108

168

Mettler-Toledo

International,

Inc.

f

231,397

3,390

Novo

Nordisk

AS

ADR

325,474

6,355

NuVasive,

Inc.

f

380,347

2,473

Progyny,

Inc.

f,g

138,488

167

Regeneron

Pharmaceuticals,

Inc.

f

101,065

3,166

Stryker

Corporation

834,938

8,419

Syneos

Health,

Inc.

f

736,494

2,266

Teladoc

Health,

Inc.

f

287,352

2,044

Thermo

Fisher

Scientific,

Inc.

1,167,799

1,742

UnitedHealth

Group,

Inc.

680,669

1,496

Veeva

Systems,

Inc.

f

431,102

25,686

Viemed

Healthcare,

Inc.

f

142,557

2,953

Zimmer

Biomet

Holdings,

Inc.

432,201

5,546

Zoetis,

Inc.

1,076,700

Total

24,849,287

Industrials

(4.6%)

4,112

Advanced

Drainage

Systems,

Inc.

444,795

1,087

Aerojet

Rocketdyne

Holdings,

Inc.

47,339

4,251

AMETEK,

Inc.

527,166

2,908

ASGN,

Inc.

f

329,011

14,949

Badger

Infrastructure

Solution

399,513

120

Boeing

Company

f

26,393

2,444

Carlisle

Companies,

Inc.

485,843

249

Caterpillar,

Inc.

47,801

1,378

Chart

Industries,

Inc.

f

263,350

7,060

Crane

Company

669,359

11,951

CSX

Corporation

355,423

2,973

Curtiss-Wright

Corporation

375,133

13,175

Delta

Air

Lines,

Inc.

f

561,387

18,611

Dun

&

Bradstreet

Holdings,

Inc.

f

312,851

2,279

Eaton

Corporation

plc

340,277

3,513

Emerson

Electric

Company

330,925

1,014

Fortive

Corporation

71,558

3,469

Forward

Air

Corporation

287,996

4,550

General

Dynamics

Corporation

891,936

132

Gorman-Rupp

Company

4,727

1,250

Greenbrier

Companies,

Inc.

g

53,737

4,192

Helios

Technologies,

Inc.

344,205

4,178

Honeywell

International,

Inc.

886,906

11,574

Howmet

Aerospace,

Inc.

361,109

1,579

IDEX

Corporation

326,774

2,610

Illinois

Tool

Works,

Inc.

539,304

1,167

JetBlue

Airways

Corporation

f

17,843

10,389

Johnson

Controls

International

plc

707,283

506

Kansas

City

Southern

136,944

2,421

L3Harris

Technologies,

Inc.

533,201

2,458

Lincoln

Electric

Holdings,

Inc.

316,566

1,017

Linde

plc

298,367

2,079

Lockheed

Martin

Corporation

717,463

4,090

Manpower,

Inc.

442,865

11,507

Meritor,

Inc.

f

245,214

1,629

Middleby

Corporation

f

277,761

6,886

NAPCO

Security

Technologies,

Inc.

f

296,649

2,435

Norfolk

Southern

Corporation

582,574

1,116

Northrop

Grumman

Corporation

401,927

6,195

Nutrien,

Ltd.

401,622

1,823

Old

Dominion

Freight

Line,

Inc.

521,342

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(37.6%)

Value

Industrials

(4.6%)

-

continued

1,951

Parker-Hannifin

Corporation

$

545,539

907

Patrick

Industries,

Inc.

75,553

4,586

Quanta

Services,

Inc.

521,979

4,923

Raytheon

Technologies

Corporation

423,181

3,127

Regal-Beloit

Corporation

470,113

3,339

Smith

&

Wesson

Brands,

Inc.

69,318

7,926

Southwest

Airlines

Company

f

407,634

3,523

Sun

Country

Airlines

Holdings,

Inc.

f

118,161

5,463

Timken

Company

357,389

17,726

Uber

Technologies,

Inc.

f

794,125

4,396

Union

Pacific

Corporation

861,660

4,363

United

Parcel

Service,

Inc.

794,502

3,658

United

Rentals,

Inc.

f

1,283,702

13,557

US

Ecology,

Inc.

f

438,569

347

Waste

Management,

Inc.

51,828

4,027

WESCO

International,

Inc.

f

464,394

Total

22,860,086

Information

Technology

(9.0%)

1,895

Accenture

plc

606,248

2,432

Adobe,

Inc.

f

1,400,151

1,907

Advanced

Energy

Industries,

Inc.

167,339

983

Advanced

Micro

Devices,

Inc.

f

101,151

5,676

Agilysys,

Inc.

f

297,195

214

Akamai

Technologies,

Inc.

f

22,382

3,525

Alliance

Data

Systems

Corporation

355,637

4,822

Amphenol

Corporation

353,115

1,280

ANSYS,

Inc.

f

435,776

41,626

Apple,

Inc.

5,890,079

3,573

AppLovin

Corporation

f,g

258,578

523

Automatic

Data

Processing,

Inc.

104,558

3,885

Axcelis

Technologies,

Inc.

f

182,712

3,575

BigCommerce

Holdings,

Inc.

f

181,038

2,300

Bill.com

Holdings,

Inc.

f

613,985

970

Broadcom,

Ltd.

470,382

300

Broadridge

Financial

Solutions,

Inc.

49,992

7,772

Calix,

Inc.

f

384,170

9,665

Ciena

Corporation

f

496,298

25,050

Cisco

Systems,

Inc.

1,363,472

3,982

Computer

Services,

Inc.

234,938

2,298

Dolby

Laboratories,

Inc.

202,224

13,002

Dropbox,

Inc.

f

379,918

2,125

Enphase

Energy,

Inc.

f

318,686

173

Euronet

Worldwide,

Inc.

f

22,019

977

FleetCor

Technologies,

Inc.

f

255,261

19,066

Gilat

Satellite

Networks,

Ltd.

171,403

8,297

HP,

Inc.

227,006

1,790

II-VI,

Inc.

f,g

106,254

2,585

Intel

Corporation

137,729

1,079

Intuit,

Inc.

582,131

410

j2

Global,

Inc.

f

56,014

330

Jack

Henry

&

Associates,

Inc.

54,140

1,230

KLA-Tencor

Corporation

411,447

932

Lam

Research

Corporation

530,448

876

Littelfuse,

Inc.

239,385

1,190

Lumentum

Holdings,

Inc.

f

99,413

5,633

Mastercard,

Inc.

1,958,481

1,579

Microchip

Technology,

Inc.

242,361

1,133

Micron

Technology,

Inc.

80,420

29,194

Microsoft

Corporation

8,230,372

1,049

Motorola

Solutions,

Inc.

243,704

6,170

National

Instruments

Corporation

242,049

Shares

Common

Stock

(37.6%)

Value

Information

Technology

(9.0%)

-

continued

1,590

NICE,

Ltd.

ADR

f

$

451,624

1,173

NortonLifeLock,

Inc.

29,677

8,787

NVIDIA

Corporation

1,820,315

8,750

ON

Semiconductor

Corporation

f

400,488

8,027

PayPal

Holdings,

Inc.

f

2,088,706

9,664

QUALCOMM,

Inc.

1,246,463

16,440

Sabre

Corporation

f

194,650

4,420

Salesforce.com,

Inc.

f

1,198,792

10,775

Samsung

Electronics

Company,

Ltd.

667,992

1,550

ServiceNow,

Inc.

f

964,519

18,227

Sonos,

Inc.

f

589,826

6,883

Square,

Inc.

f

1,650,819

1,586

SunPower

Corporation

f,g

35,970

750

TE

Connectivity,

Ltd.

102,915

28,385

Telefonaktiebolaget

LM

Ericsson

ADR

317,912

343

Teradyne,

Inc.

37,445

8,704

Texas

Instruments,

Inc.

1,672,996

38,222

TTM

Technologies,

Inc.

f

480,451

135

Tyler

Technologies,

Inc.

f

61,918

1,239

VeriSign,

Inc.

f

254,007

1,859

Visa,

Inc.

414,092

1,093

VMware,

Inc.

f,g

162,529

1,182

Western

Digital

Corporation

f

66,712

2,742

Workiva,

Inc.

f

386,512

1,063

Zoom

Video

Communications,

Inc.

f

277,975

Total

44,335,366

Materials

(1.1%)

7,148

Ashland

Global

Holdings,

Inc.

637,030

11,990

Axalta

Coating

Systems,

Ltd.

f

349,988

4,426

Ball

Corporation

398,207

8,481

Carpenter

Technology

Corporation

277,668

10,936

CF

Industries

Holdings,

Inc.

610,448

2,498

Eastman

Chemical

Company

251,649

11,785

Element

Solutions,

Inc.

255,499

33,610

Ivanhoe

Mines,

Ltd.

f

214,938

1,997

LyondellBasell

Industries

NV

187,418

560

Martin

Marietta

Materials,

Inc.

191,341

4,157

Nucor

Corporation

409,423

1,620

Sherwin-Williams

Company

453,163

7,305

Steel

Dynamics,

Inc.

427,196

4,602

UFP

Technologies,

Inc.

f

283,437

2,236

United

States

Lime

&

Minerals,

Inc.

270,109

3,157

United

States

Steel

Corporation

g

69,359

Total

5,286,873

Real

Estate

(1.2%)

3,454

Agree

Realty

Corporation

228,759

2,128

Alexandria

Real

Estate

Equities,

Inc.

406,597

12,712

American

Campus

Communities,

Inc.

615,896

1,273

AvalonBay

Communities,

Inc.

282,148

3,103

Camden

Property

Trust

457,599

3,298

CBRE

Group,

Inc.

f

321,093

1,893

Colliers

International

Group,

Inc.

241,755

2,162

Digital

Realty

Trust,

Inc.

312,301

7,038

Duke

Realty

Corporation

336,909

11,185

Essential

Properties

Realty

Trust,

Inc.

312,285

2,677

Healthcare

Realty

Trust,

Inc.

79,721

21,696

Host

Hotels

&

Resorts,

Inc.

f

354,296

11,415

Independence

Realty

Trust,

Inc.

232,295

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(37.6%)

Value

Real

Estate

(1.2%)

-

continued

1,540

iStar,

Inc.

$

38,623

6,048

Lexington

Realty

Trust

77,112

833

MGIC

Investment

Corporation

12,462

13,418

National

Storage

Affiliates

Trust

708,336

1,911

Public

Storage,

Inc.

567,758

3,254

Rayonier,

Inc.

REIT

116,103

668

Rexford

Industrial

Realty,

Inc.

37,909

Total

5,739,957

Utilities

(0.8%)

7,346

Alliant

Energy

Corporation

411,229

314

American

Electric

Power

Company,

Inc.

25,490

15,022

CenterPoint

Energy,

Inc.

369,541

1,655

CMS

Energy

Corporation

98,853

4,657

Duke

Energy

Corporation

454,477

6,613

Entergy

Corporation

656,737

7,243

Exelon

Corporation

350,127

503

NextEra

Energy

Partners,

LP

g

37,906

914

NextEra

Energy,

Inc.

71,767

7,651

NiSource,

Inc.

185,384

1,789

NorthWestern

Corporation

102,510

1,220

NRG

Energy,

Inc.

49,813

3,704

Portland

General

Electric

Company

174,051

7,483

Sempra

Energy

946,599

2,466

Spire,

Inc.

150,870

Total

4,085,354

Total

Common

Stock

(cost

$127,397,543)

184,995,190

Principal

Amount

Long-Term

Fixed

Income

(

32.3%

)

Value

Asset-Backed

Securities

(1.9%)

510

Asset

Backed

Trust

$

200,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

h,i

199,893

200,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

h,i

199,728

522

Funding

CLO,

Ltd.

225,000

3.988%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,h

225,122

Anchorage

Capital

CLO

21,

Ltd.

250,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,h

250,000

Arch

Street

CLO,

Ltd.

300,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,h

299,019

Ares

LVII

CLO,

Ltd.

225,000

4.475%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,h

225,176

Babson

CLO,

Ltd.

300,000

3.034%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,h

294,464

Bardot

CLO,

Ltd.

450,000

2.015%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,d,h

450,000

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Asset-Backed

Securities

(1.9%)

-

continued

Cent

CLO,

LP

$

500,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,h

$

500,097

College

Ave

Student

Loans,

LLC

139,986

1.736%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,h

141,475

Colony

American

Finance,

Ltd.

350,000

2.239%, 

3/26/2029,

Ser.

2021-RTL1,

Class

A1

h,i

350,588

Conn's

Receivables

Funding

15,305

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

h

15,315

Foundation

Finance

Trust

53,655

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

h

54,281

Goldentree

Loan

Management

US

CLO

8,

Ltd.

300,000

2.090%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,h

300,056

Harley

Marine

Financing,

LLC

424,875

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

415,270

Longfellow

Place

CLO,

Ltd.

375,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,h

375,011

Madison

Park

Funding

XIV,

Ltd.

500,000

1.538%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

500,020

Mountain

View

CLO,

Ltd.

460,000

2.476%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,h

459,235

Neuberger

Berman

CLO,

Ltd.

350,000

3.126%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,h

350,001

OCP

CLO,

Ltd.

275,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,h

275,000

Octagon

Investment

Partners

50,

Ltd.

275,000

4.426%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,h

275,111

OHA

Credit

Funding

1,

Ltd.

390,000

1.584%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,h

390,038

OZLM

IX,

Ltd.

425,000

1.684%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

425,084

Palmer

Square

Loan

Funding,

Ltd.

300,000

2.384%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,h

300,095

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Asset-Backed

Securities

(1.9%)

-

continued

Sound

Point

CLO

XXI,

Ltd.

$

800,000

1.575%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

$

800,084

TCI-Flatiron

CLO,

Ltd.

785,000

2.334%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,h

786,333

THL

Credit

Wind

River

CLO,

Ltd.

350,000

2.976%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,h

349,997

Wind

River

CLO,

Ltd.

200,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,h

200,073

Total

9,406,566

Basic

Materials

(0.5%)

Alcoa

Nederland

Holding

BV

95,000

5.500%, 

12/15/2027

h

101,897

Anglo

American

Capital

plc

45,000

2.250%, 

3/17/2028

h

44,729

BWAY

Holding

Company

55,000

5.500%, 

4/15/2024

h

55,481

Chemours

Company

75,000

5.750%, 

11/15/2028

h

78,540

Cleveland-Cliffs,

Inc.

60,000

5.875%, 

6/1/2027

62,100

40,000

4.625%, 

3/1/2029

h

40,850

40,000

4.875%, 

3/1/2031

h

41,300

Consolidated

Energy

Finance

SA

70,000

6.875%, 

6/15/2025

h

72,450

DuPont

de

Nemours,

Inc.

45,000

4.725%, 

11/15/2028

52,917

First

Quantum

Minerals,

Ltd.

120,000

7.500%, 

4/1/2025

h

123,100

Freeport-McMoRan,

Inc.

90,000

4.125%, 

3/1/2028

93,262

90,000

4.250%, 

3/1/2030

95,288

Glencore

Funding,

LLC

67,000

4.000%, 

3/27/2027

h

73,682

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

26,929

Hudbay

Minerals,

Inc.

70,000

4.500%, 

4/1/2026

h

69,300

Ingevity

Corporation

100,000

3.875%, 

11/1/2028

h

99,750

Kraton

Polymers,

LLC

90,000

4.250%, 

12/15/2025

h

94,050

LYB

International

Finance

III,

LLC

63,000

1.250%, 

10/1/2025

62,946

Mercer

International,

Inc.

70,000

5.125%, 

2/1/2029

71,488

Mosaic

Company

15,000

3.250%, 

11/15/2022

15,429

67,000

4.050%, 

11/15/2027

75,289

Novelis

Corporation

30,000

3.250%, 

11/15/2026

h

30,425

40,000

4.750%, 

1/30/2030

h

42,108

30,000

3.875%, 

8/15/2031

h

29,672

Nutrien,

Ltd.

45,000

4.000%, 

12/15/2026

50,223

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Basic

Materials

(0.5%)

-

continued

OCI

NV

$

55,000

4.625%, 

10/15/2025

h

$

57,750

Olin

Corporation

115,000

5.125%, 

9/15/2027

119,456

SCIH

Salt

Holdings,

Inc.

65,000

4.875%, 

5/1/2028

h

65,325

Southern

Copper

Corporation

90,000

3.875%, 

4/23/2025

97,380

SPCM

SA

72,000

3.375%, 

3/15/2030

h

71,944

SunCoke

Energy,

Inc.

45,000

4.875%, 

6/30/2029

h

44,831

Syngenta

Finance

NV

89,000

5.182%, 

4/24/2028

h

100,002

Unifrax

Escrow

Issuer

Corporation

64,000

5.250%, 

9/30/2028

h

64,800

United

States

Steel

Corporation

116,000

6.875%, 

3/1/2029

123,681

Venator

Finance

SARL

70,000

5.750%, 

7/15/2025

g,h

66,150

Westlake

Chemical

Corporation

45,000

3.600%, 

8/15/2026

49,408

Xstrata

Finance

Canada,

Ltd.

66,000

4.950%, 

11/15/2021

h

66,216

Total

2,530,148

Capital

Goods

(1.0%)

AECOM

115,000

5.125%, 

3/15/2027

127,362

Amsted

Industries,

Inc.

80,000

5.625%, 

7/1/2027

h

83,482

Ardagh

Packaging

Finance

plc

75,000

5.250%, 

8/15/2027

h

76,350

Boeing

Company

79,000

4.875%, 

5/1/2025

87,920

52,000

2.196%, 

2/4/2026

52,383

67,000

3.250%, 

3/1/2028

70,124

90,000

5.150%, 

5/1/2030

105,632

Bombardier,

Inc.

20,000

7.125%, 

6/15/2026

h

21,000

70,000

7.875%, 

4/15/2027

h

72,571

60,000

6.000%, 

2/15/2028

h

60,675

Brand

Industrial

Services,

Inc.

35,000

8.500%, 

7/15/2025

h

35,131

Builders

FirstSource,

Inc.

45,000

5.000%, 

3/1/2030

h

47,953

BWAY

Holding

Company

70,000

7.250%, 

4/15/2025

h

69,573

Carrier

Global

Corporation

67,000

2.722%, 

2/15/2030

69,316

Caterpillar

Financial

Services

Corporation

35,000

1.450%, 

5/15/2025

35,669

Chart

Industries,

Inc.,

Convertible

117,000

1.000%, 

11/15/2024

h

381,932

CNH

Industrial

Capital,

LLC

20,000

1.950%, 

7/2/2023

20,444

Coinbase

Global,

Inc.

18,000

3.375%, 

10/1/2028

h

17,295

Cornerstone

Building

Brands,

Inc.

90,000

6.125%, 

1/15/2029

h

95,668

Covanta

Holding

Corporation

70,000

6.000%, 

1/1/2027

72,564

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Capital

Goods

(1.0%)

-

continued

$

25,000

5.000%, 

9/1/2030

$

25,250

CP

Atlas

Buyer,

Inc.

60,000

7.000%, 

12/1/2028

h

60,150

Crown

Americas

Capital

Corporation

IV

80,000

4.500%, 

1/15/2023

83,920

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

61,750

General

Electric

Company

51,000

3.446%, 

(LIBOR

3M

+

3.330%),

12/15/2021

b,j

49,916

45,000

3.625%, 

5/1/2030

50,004

GFL

Environmental,

Inc.

53,000

4.000%, 

8/1/2028

h

52,603

65,000

3.500%, 

9/1/2028

h

65,406

H&E

Equipment

Services,

Inc.

120,000

3.875%, 

12/15/2028

h

119,532

Howmet

Aerospace,

Inc.

3,000

6.875%, 

5/1/2025

3,510

69,000

3.000%, 

1/15/2029

69,593

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

75,624

JELD-WEN,

Inc.

80,000

4.625%, 

12/15/2025

h

81,226

John

Deere

Capital

Corporation

48,000

2.050%, 

1/9/2025

49,885

67,000

1.500%, 

3/6/2028

66,560

KBR,

Inc.,

Convertible

205,000

2.500%, 

11/1/2023

328,513

Meritage

Homes

Corporation

67,000

3.875%, 

4/15/2029

h

70,350

Meritor,

Inc.

50,000

4.500%, 

12/15/2028

h

50,125

Nesco

Holdings

II,

Inc.

45,000

5.500%, 

4/15/2029

h

46,674

New

Enterprise

Stone

and

Lime

Company,

Inc.

91,000

5.250%, 

7/15/2028

d,h

92,024

Otis

Worldwide

Corporation

47,000

2.056%, 

4/5/2025

48,565

Owens-Brockway

Glass

Container,

Inc.

60,000

5.875%, 

8/15/2023

h

63,450

Pactiv

Evergreen

Group

55,000

4.375%, 

10/15/2028

h

55,206

Parker-Hannifin

Corporation

70,000

2.700%, 

6/14/2024

73,467

Patrick

Industries,

Inc.,

Convertible

78,000

1.000%, 

2/1/2023

88,238

PGT

Innovations,

Inc.

73,000

4.375%, 

10/1/2029

h

73,548

Raytheon

Technologies

Corporation

45,000

4.125%, 

11/16/2028

51,218

Republic

Services,

Inc.

45,000

3.950%, 

5/15/2028

50,766

Roper

Technologies,

Inc.

33,000

2.350%, 

9/15/2024

34,552

Siemens

Financieringsmaatschappij

NV

67,000

1.700%, 

3/11/2028

h

66,760

SRM

Escrow

Issuer,

LLC

105,000

6.000%, 

11/1/2028

h

111,169

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Capital

Goods

(1.0%)

-

continued

Standard

Industries,

Inc.

$

90,000

4.375%, 

7/15/2030

h

$

91,800

Sunpower

Corporation,

Convertible

64,000

4.000%, 

1/15/2023

78,314

Textron,

Inc.

67,000

3.650%, 

3/15/2027

73,461

Titan

Acquisition,

Ltd.

30,000

7.750%, 

4/15/2026

h

30,652

TransDigm,

Inc.

50,000

6.250%, 

3/15/2026

h

52,125

200,000

5.500%, 

11/15/2027

205,500

20,000

4.625%, 

1/15/2029

19,965

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

74,007

60,000

4.000%, 

7/15/2030

62,250

United

Technologies

Corporation

68,000

3.950%, 

8/16/2025

74,889

Victors

Merger

Corporation

44,000

6.375%, 

5/15/2029

h

42,130

W.W.

Grainger,

Inc.

30,000

1.850%, 

2/15/2025

30,921

Waste

Pro

USA,

Inc.

35,000

5.500%, 

2/15/2026

h

35,350

WESCO

Distribution,

Inc.

100,000

7.250%, 

6/15/2028

h

110,750

Total

4,804,712

Collateralized

Mortgage

Obligations

(2.6%)

Banc

of

America

Alternative

Loan

Trust

178,638

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

178,759

Banc

of

America

Mortgage

Securities

Trust

106,021

2.444%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

107,450

41,393

2.912%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

41,116

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

56,209

1.675%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

53,353

Bellemeade

Re,

Ltd.

298,692

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

298,881

Business

Jet

Securities,

LLC

96,511

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

h

97,762

CHL

Mortgage

Pass-Through

Trust

189,453

2.759%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

175,510

93,196

2.664%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

97,949

306,816

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

229,195

CIM

Trust

164,086

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,h

172,314

Citigroup

Mortgage

Loan

Trust,

Inc.

238,878

2.901%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

240,285

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Collateralized

Mortgage

Obligations

(2.6%)

-

continued

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

$

109,617

2.580%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

$

105,018

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

73,810

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

75,562

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

170,918

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

174,396

114,384

2.005%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

114,077

Eagle

Re,

Ltd.

300,782

1.886%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,h

301,309

Federal

Home

Loan

Mortgage

Corporation

559,950

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

k

64,845

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

479,090

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

k

23,715

467,030

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

k

54,270

627,184

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

k

44,727

Federal

National

Mortgage

Association

-

REMIC

604,013

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

k

30,332

497,015

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

k

22,345

956,691

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

k

41,185

1,178,507

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

k

71,127

723,935

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

k

34,998

360,989

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

k

17,606

954,801

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

k

46,732

417,775

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

k

23,312

1,376,036

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

k

66,356

391,484

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

k

20,494

591,508

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

k

28,461

446,973

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

k

44,286

2,835,157

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

k

181,862

1,546,667

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

k

82,554

Flagstar

Mortgage

Trust

200,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,h

205,750

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Collateralized

Mortgage

Obligations

(2.6%)

-

continued

Genworth

Mortgage

Insurance

Corporation

$

200,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,h

$

201,500

225,000

1.950%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,h

225,556

GMAC

Mortgage

Corporation

Loan

Trust

69,798

3.132%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

68,635

17,024

0.586%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,l

26,540

GMACM

Mortgage

Loan

Trust

30,014

3.725%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

30,599

GSAA

Home

Equity

Trust

76,740

4.536%, 

8/25/2034,

Ser.

2004-10,

Class

M2

i

80,309

Homeward

Opportunities

Fund

I

Trust

300,000

5.684%, 

11/25/2058,

Ser.

2018-2,

Class

B2

b,h

303,776

IndyMac

INDA

Mortgage

Loan

Trust

589,285

2.886%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

556,071

IndyMac

INDX

Mortgage

Loan

Trust

388,691

0.506%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

373,449

J.P.

Morgan

Alternative

Loan

Trust

310,255

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

243,676

Legacy

Mortgage

Asset

Trust

231,347

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

232,777

Master

Asset

Securitization

Trust

393,370

0.586%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

75,782

Merrill

Lynch

Mortgage

Investors

Trust

254,101

2.989%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

162,625

Palmer

Square

Loan

Funding,

Ltd.

350,000

1.921%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,h

350,252

Preston

Ridge

Partners

Mortgage

Trust,

LLC

316,708

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

317,504

186,299

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,h

187,002

Pretium

Mortgage

Credit

Partners,

LLC

250,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

h,i

249,697

275,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

h,i

274,453

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Collateralized

Mortgage

Obligations

(2.6%)

-

continued

Radnor

RE,

Ltd.

$

525,000

2.786%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,h

$

529,294

Residential

Accredit

Loans,

Inc.

Trust

124,593

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

122,528

124,674

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

124,511

108,033

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

105,297

Residential

Asset

Securitization

Trust

134,184

2.029%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

137,958

232,704

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

243,068

Residential

Funding

Mortgage

Security

I

Trust

188,604

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

181,587

Silver

Hill

Trust

154,351

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

157,279

Stanwich

Mortgage

Loan

Trust

14,063

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

h,i

14,083

Starwood

Mortgage

Residential

Trust

250,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,h

256,625

Structured

Adjustable

Rate

Mortgage

Loan

Trust

72,271

2.775%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

67,758

137,685

3.191%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

109,892

Structured

Asset

Mortgage

Investments,

Inc.

254,754

0.706%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

247,982

Toorak

Mortgage

Corporation,

Ltd.

300,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

h,i

301,379

Vericrest

Opportunity

Loan

Transferee

200,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

h,i

200,122

250,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

h,i

250,072

350,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

h,i

349,789

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

h,i

199,833

250,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

h,i

249,974

350,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

h,i

349,763

Wachovia

Asset

Securitization,

Inc.

172,152

0.226%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,h,l

164,960

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Collateralized

Mortgage

Obligations

(2.6%)

-

continued

Wells

Fargo

Home

Equity

Trust

$

160,200

0.836%, 

(LIBOR

1M

+

0.750%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

$

157,986

ZH

Trust

Revolving

Single

Family

Home

Notes

290,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

h

290,093

225,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

d,h

224,999

Total

12,564,928

Commercial

Mortgage-Backed

Securities

(<0.1%)

BFLD

Trust

225,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

226,396

Total

226,396

Communications

Services

(1.4%)

Altice

France

SA

30,000

8.125%, 

2/1/2027

h

32,280

25,000

5.500%, 

1/15/2028

h

25,418

75,000

5.125%, 

7/15/2029

h

73,536

AMC

Networks,

Inc.

85,000

4.250%, 

2/15/2029

84,575

American

Tower

Corporation

50,000

3.375%, 

5/15/2024

53,268

90,000

4.400%, 

2/15/2026

100,538

44,000

1.450%, 

9/15/2026

43,795

67,000

3.800%, 

8/15/2029

74,296

AT&T,

Inc.

92,000

4.450%, 

4/1/2024

99,682

90,000

1.700%, 

3/25/2026

91,114

67,000

4.300%, 

2/15/2030

76,888

Cable

One,

Inc.,

Convertible

219,000

1.125%, 

3/15/2028

h

222,204

CCO

Holdings,

LLC

62,000

5.500%, 

5/1/2026

h

63,939

75,000

5.125%, 

5/1/2027

h

78,098

90,000

4.250%, 

1/15/2034

h

89,156

Cengage

Learning,

Inc.

100,000

9.500%, 

6/15/2024

h

102,334

Charter

Communications

Operating,

LLC

50,000

4.500%, 

2/1/2024

54,095

78,000

4.908%, 

7/23/2025

87,721

67,000

5.050%, 

3/30/2029

78,449

Clear

Channel

Worldwide

Holdings,

Inc.

85,000

7.750%, 

4/15/2028

h

89,462

Comcast

Corporation

39,000

3.700%, 

4/15/2024

41,945

39,000

3.950%, 

10/15/2025

43,263

54,000

2.350%, 

1/15/2027

56,639

112,000

3.400%, 

4/1/2030

123,350

Consolidated

Communications,

Inc.

40,000

5.000%, 

10/1/2028

h

41,300

Crown

Castle

International

Corporation

45,000

3.800%, 

2/15/2028

49,485

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Communications

Services

(1.4%)

-

continued

CSC

Holdings,

LLC

$

130,000

5.375%, 

2/1/2028

h

$

135,850

95,000

4.125%, 

12/1/2030

h

93,219

Cumulus

Media

New

Holdings,

Inc.

60,000

6.750%, 

7/1/2026

h

62,100

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

h

35,182

DIRECTV

Holdings,

LLC

25,000

5.875%, 

8/15/2027

h

26,094

Discovery

Communications,

LLC

45,000

2.950%, 

3/20/2023

46,553

DISH

DBS

Corporation

60,000

7.375%, 

7/1/2028

63,628

Entercom

Media

Corporation

60,000

6.500%, 

5/1/2027

h

61,370

Fox

Corporation

76,000

4.030%, 

1/25/2024

81,543

45,000

4.709%, 

1/25/2029

52,422

Front

Range

BidCo,

Inc.

100,000

4.000%, 

3/1/2027

h

99,523

60,000

6.125%, 

3/1/2028

h

60,827

Frontier

Communications

Corporation

60,000

5.875%, 

10/15/2027

h

63,750

GCI,

LLC

70,000

4.750%, 

10/15/2028

h

73,486

Gray

Television,

Inc.

65,000

4.750%, 

10/15/2030

h

63,863

Hughes

Satellite

Systems

Corporation

40,000

6.625%, 

8/1/2026

45,481

iHeartCommunications,

Inc.

70,000

4.750%, 

1/15/2028

h

72,135

LCPR

Senior

Secured

Financing

DAC

60,000

6.750%, 

10/15/2027

h

63,600

Level

3

Financing,

Inc.

90,000

4.625%, 

9/15/2027

h

92,592

100,000

4.250%, 

7/1/2028

h

100,773

Liberty

Interactive,

LLC,

Convertible

118,000

3.500%, 

1/15/2031

144,828

Ligado

Networks,

LLC

37,833

0.000%,PIK

15.500%,

11/1/2023

h,m

36,698

NBN

Company,

Ltd.

82,000

2.625%, 

5/5/2031

h

83,192

Netflix,

Inc.

34,000

5.875%, 

2/15/2025

38,751

175,000

4.875%, 

4/15/2028

201,688

45,000

5.875%, 

11/15/2028

55,143

Nexstar

Escrow

Corporation

100,000

5.625%, 

7/15/2027

h

105,798

NTT

Finance

Corporation

54,000

1.162%, 

4/3/2026

h

53,691

Omnicom

Group,

Inc.

67,000

4.200%, 

6/1/2030

76,605

Radiate

Holdco,

LLC

40,000

6.500%, 

9/15/2028

h

40,786

Scripps

Escrow

II,

Inc.

35,000

5.375%, 

1/15/2031

h

34,410

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Communications

Services

(1.4%)

-

continued

Scripps

Escrow,

Inc.

$

45,000

5.875%, 

7/15/2027

h

$

46,181

SFR

Group

SA

70,000

7.375%, 

5/1/2026

h

72,632

Sinclair

Television

Group,

Inc.

100,000

5.500%, 

3/1/2030

h

99,190

Sirius

XM

Radio,

Inc.

60,000

5.000%, 

8/1/2027

h

62,700

50,000

4.000%, 

7/15/2028

h

50,844

35,000

4.125%, 

7/1/2030

h

35,162

Sprint

Capital

Corporation

179,000

6.875%, 

11/15/2028

229,120

75,000

8.750%, 

3/15/2032

112,040

Sprint

Corporation

230,000

7.625%, 

2/15/2025

268,865

Telesat

Canada

35,000

4.875%, 

6/1/2027

h

32,200

15,000

6.500%, 

10/15/2027

h

13,001

Terrier

Media

Buyer,

Inc.

50,000

8.875%, 

12/15/2027

h

52,869

T-Mobile

USA,

Inc.

59,000

3.500%, 

4/15/2025

63,561

89,000

3.875%, 

4/15/2030

98,270

30,000

2.875%, 

2/15/2031

30,255

United

States

Cellular

Corporation

60,000

6.700%, 

12/15/2033

74,365

Uniti

Fiber

Holdings,

Inc.,

Convertible

60,000

4.000%, 

6/15/2024

h

74,363

Uniti

Group,

LP

25,000

4.750%, 

4/15/2028

h

25,531

55,000

6.500%, 

2/15/2029

h

56,577

Univision

Communications,

Inc.

55,000

6.625%, 

6/1/2027

h

59,744

VeriSign,

Inc.

60,000

4.750%, 

7/15/2027

63,114

Verizon

Communications,

Inc.

90,000

2.100%, 

3/22/2028

91,358

67,000

3.150%, 

3/22/2030

71,654

44,000

2.550%, 

3/21/2031

44,541

105,000

2.355%, 

3/15/2032

h

103,839

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

44,552

Viasat,

Inc.

100,000

5.625%, 

9/15/2025

h

101,343

Vodafone

Group

plc

62,000

7.000%, 

4/4/2079

b

75,842

VTR

Finance

NV

50,000

6.375%, 

7/15/2028

h

53,875

Walt

Disney

Company

45,000

3.800%, 

3/22/2030

51,145

Ziggo

BV

110,000

5.500%, 

1/15/2027

h

113,713

35,000

4.875%, 

1/15/2030

h

36,094

Total

6,650,951

Consumer

Cyclical

(1.8%)

1011778

B.C.,

ULC

110,000

4.375%, 

1/15/2028

h

111,673

Allen

Media,

LLC

45,000

10.500%, 

2/15/2028

h

46,215

Allied

Universal

Holdco,

LLC

35,000

6.625%, 

7/15/2026

h

37,005

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

$

100,000

4.625%, 

6/1/2028

h

$

99,845

35,000

6.000%, 

6/1/2029

h

34,538

Allison

Transmission,

Inc.

100,000

3.750%, 

1/30/2031

h

97,250

Amazon.com,

Inc.

90,000

1.650%, 

5/12/2028

90,723

45,000

1.500%, 

6/3/2030

43,766

American

Axle

&

Manufacturing,

Inc.

110,000

6.500%, 

4/1/2027

g

114,675

American

Honda

Finance

Corporation

35,000

1.200%, 

7/8/2025

35,191

Ashton

Woods

USA,

LLC

45,000

4.625%, 

8/1/2029

h

45,438

Best

Buy

Company,

Inc.

45,000

1.950%, 

10/1/2030

43,817

Bloomin'

Brands,

Inc.,

Convertible

66,000

5.000%, 

5/1/2025

149,062

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

h

67,031

Boyne

USA,

Inc.

50,000

4.750%, 

5/15/2029

h

51,625

Brookfield

Residential

Properties,

Inc.

75,000

6.250%, 

9/15/2027

h

78,845

75,000

5.000%, 

6/15/2029

h

76,691

Burlington

Stores,

Inc.,

Convertible

201,000

2.250%, 

4/15/2025

291,952

Caesars

Entertainment,

Inc.

35,000

8.125%, 

7/1/2027

h

39,348

73,000

4.625%, 

10/15/2029

h

73,912

Carnival

Corporation

12,000

11.500%, 

4/1/2023

h

13,395

20,000

7.625%, 

3/1/2026

h

21,350

105,000

5.750%, 

3/1/2027

h

108,544

75,000

4.000%, 

8/1/2028

h

75,750

Cedar

Fair,

LP

90,000

5.250%, 

7/15/2029

92,250

Churchill

Downs,

Inc.

45,000

4.750%, 

1/15/2028

h

47,081

Cinemark

USA,

Inc.

35,000

5.875%, 

3/15/2026

h

35,350

Clarios

Global,

LP

35,000

8.500%, 

5/15/2027

h

37,231

Colt

Merger

Sub,

Inc.

105,000

6.250%, 

7/1/2025

h

110,540

D.R.

Horton,

Inc.

16,000

2.600%, 

10/15/2025

16,794

Daimler

Finance

North

America,

LLC

68,000

1.450%, 

3/2/2026

h

68,304

Dana,

Inc.

75,000

5.625%, 

6/15/2028

80,764

Darden

Restaurants,

Inc.

90,000

3.850%, 

5/1/2027

99,836

Dick's

Sporting

Goods

Inc.,

Convertible

86,000

3.250%, 

4/15/2025

315,459

Empire

Communities

Corporation

70,000

7.000%, 

12/15/2025

h

73,150

Expedia

Group,

Inc.

67,000

4.625%, 

8/1/2027

75,957

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

$

67,000

3.250%, 

2/15/2030

$

69,292

Expedia

Group,

Inc.,

Convertible

96,000

Zero

Coupon, 

2/15/2026

h

103,646

Ford

Motor

Company

40,000

9.000%, 

4/22/2025

48,101

20,000

9.625%, 

4/22/2030

28,309

75,000

7.450%, 

7/16/2031

97,864

Ford

Motor

Company,

Convertible

357,000

Zero

Coupon, 

3/15/2026

h

384,891

Ford

Motor

Credit

Company,

LLC

215,000

4.063%, 

11/1/2024

226,070

190,000

4.134%, 

8/4/2025

200,925

Forestar

Group,

Inc.

45,000

3.850%, 

5/15/2026

h

44,944

Gap,

Inc.

22,000

3.625%, 

10/1/2029

h

22,055

General

Motors

Company

46,000

5.400%, 

10/2/2023

50,166

31,000

6.125%, 

10/1/2025

36,322

67,000

6.800%, 

10/1/2027

83,678

General

Motors

Financial

Company,

Inc.

43,000

3.150%, 

6/30/2022

43,773

68,000

3.950%, 

4/13/2024

72,675

48,000

2.900%, 

2/26/2025

50,360

35,000

2.750%, 

6/20/2025

36,593

45,000

2.700%, 

6/10/2031

44,862

Goodyear

Tire

&

Rubber

Company

45,000

5.000%, 

7/15/2029

h

47,756

35,000

5.250%, 

7/15/2031

h

37,275

Guitar

Center

Escrow

Issuer

II,

Inc.

22,000

8.500%, 

1/15/2026

h

23,595

Hanesbrands,

Inc.

64,000

4.875%, 

5/15/2026

h

69,312

Harley-Davidson

Financial

Services,

Inc.

52,000

4.050%, 

2/4/2022

h

52,631

Herc

Holdings,

Inc.

60,000

5.500%, 

7/15/2027

h

62,953

Hilton

Domestic

Operating

Company,

Inc.

120,000

4.875%, 

1/15/2030

128,731

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

90,000

5.000%, 

6/1/2029

h

91,800

Hyundai

Capital

America

35,000

1.800%, 

10/15/2025

h

35,343

67,000

3.000%, 

2/10/2027

h

70,467

45,000

2.100%, 

9/15/2028

h

44,349

International

Game

Technology

plc

85,000

5.250%, 

1/15/2029

h

90,845

KB

Home

60,000

4.800%, 

11/15/2029

65,400

Kohl's

Corporation

67,000

3.375%, 

5/1/2031

68,948

L

Brands,

Inc.

110,000

6.625%, 

10/1/2030

h

124,850

20,000

6.875%, 

11/1/2035

25,100

Landry's,

Inc.

80,000

6.750%, 

10/15/2024

h

80,104

Lennar

Corporation

20,000

4.125%, 

1/15/2022

20,000

48,000

4.875%, 

12/15/2023

51,781

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

$

14,000

5.875%, 

11/15/2024

$

15,747

34,000

4.750%, 

5/30/2025

37,882

Lowe's

Companies,

Inc.

68,000

4.000%, 

4/15/2025

74,515

89,000

4.500%, 

4/15/2030

104,329

Macy's

Retail

Holdings,

LLC

65,000

5.875%, 

4/1/2029

h

70,718

Magic

MergerCo,

Inc.

105,000

5.250%, 

5/1/2028

h

108,308

Marriott

International,

Inc.

69,000

3.750%, 

10/1/2025

74,181

67,000

4.625%, 

6/15/2030

76,545

Mattamy

Group

Corporation

100,000

5.250%, 

12/15/2027

h

104,500

McDonald's

Corporation

134,000

3.800%, 

4/1/2028

149,760

MGM

Resorts

International

122,000

5.750%, 

6/15/2025

132,980

Nissan

Motor

Company,

Ltd.

54,000

3.043%, 

9/15/2023

h

56,174

O'Reilly

Automotive,

Inc.

67,000

3.900%, 

6/1/2029

75,069

Penn

National

Gaming,

Inc.

70,000

4.125%, 

7/1/2029

h

69,188

PetSmart,

Inc.

90,000

4.750%, 

2/15/2028

h

92,475

50,000

7.750%, 

2/15/2029

h

54,563

Prime

Security

Services

Borrower,

LLC

165,000

5.750%, 

4/15/2026

h

178,490

Procter

&

Gamble

Company

45,000

1.200%, 

10/29/2030

42,809

Real

Hero

Merger

Sub

2,

Inc.

50,000

6.250%, 

2/1/2029

h

51,875

Realogy

Group,

LLC

90,000

5.750%, 

1/15/2029

h

93,353

Rite

Aid

Corporation

80,000

7.500%, 

7/1/2025

h

79,982

Ross

Stores,

Inc.

45,000

1.875%, 

4/15/2031

43,423

Royal

Caribbean

Cruises,

Ltd.

100,000

9.125%, 

6/15/2023

h

108,681

90,000

4.250%, 

7/1/2026

h

88,160

35,000

5.500%, 

4/1/2028

h

35,798

Scientific

Games

International,

Inc.

100,000

5.000%, 

10/15/2025

h

102,875

80,000

7.250%, 

11/15/2029

h

89,891

SeaWorld

Parks

and

Entertainment,

Inc.

45,000

5.250%, 

8/15/2029

h

46,041

Six

Flags

Theme

Parks,

Inc.

50,000

7.000%, 

7/1/2025

h

53,250

Staples,

Inc.

105,000

7.500%, 

4/15/2026

h

106,494

Target

Corporation

45,000

2.350%, 

2/15/2030

46,576

Tenneco,

Inc.

85,000

5.000%, 

7/15/2026

g

83,716

Toll

Brothers

Finance

Corporation

68,000

5.875%, 

2/15/2022

68,255

67,000

4.350%, 

2/15/2028

73,365

Toyota

Motor

Credit

Corporation

67,000

1.900%, 

4/6/2028

67,883

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Uber

Technologies,

Inc.

$

50,000

6.250%, 

1/15/2028

h

$

53,625

Vista

Outdoor,

Inc.

80,000

4.500%, 

3/15/2029

h

81,126

Volkswagen

Group

of

America

Finance,

LLC

62,000

4.250%, 

11/13/2023

h

66,499

17,000

3.350%, 

5/13/2025

h

18,175

Wabash

National

Corporation

73,000

4.500%, 

10/15/2028

d,h

72,909

Wyndham

Destinations,

Inc.

60,000

6.625%, 

7/31/2026

h

68,326

Wyndham

Hotels

&

Resorts,

Inc.

35,000

4.375%, 

8/15/2028

h

36,538

Yum!

Brands,

Inc.

90,000

4.750%, 

1/15/2030

h

97,544

ZF

North

America

Capital,

Inc.

50,000

4.750%, 

4/29/2025

h

54,000

Total

9,042,716

Consumer

Non-Cyclical

(1.8%)

Abbott

Laboratories

90,000

3.875%, 

9/15/2025

99,593

AbbVie,

Inc.

44,000

2.900%, 

11/6/2022

45,189

68,000

2.300%, 

11/21/2022

69,402

35,000

2.800%, 

3/15/2023

36,009

141,000

3.600%, 

5/14/2025

152,527

90,000

3.200%, 

11/21/2029

96,976

Agilent

Technologies,

Inc.

45,000

2.300%, 

3/12/2031

45,046

Albertson's

Companies,

Inc.

98,000

3.500%, 

3/15/2029

h

97,802

50,000

4.875%, 

2/15/2030

h

53,875

Altria

Group,

Inc.

60,000

4.400%, 

2/14/2026

67,389

45,000

4.800%, 

2/14/2029

51,713

Amgen,

Inc.

67,000

2.450%, 

2/21/2030

68,426

Anheuser-Busch

Companies,

LLC

35,000

3.650%, 

2/1/2026

38,389

Anheuser-Busch

InBev

Worldwide,

Inc.

90,000

4.750%, 

1/23/2029

105,955

Anthem,

Inc.

79,000

2.375%, 

1/15/2025

82,297

67,000

2.550%, 

3/15/2031

68,861

Astrazeneca

Finance,

LLC

90,000

1.750%, 

5/28/2028

90,523

AstraZeneca

plc

90,000

0.700%, 

4/8/2026

88,111

BAT

Capital

Corporation

56,000

3.222%, 

8/15/2024

59,366

BAT

International

Finance

plc

35,000

1.668%, 

3/25/2026

35,019

Bausch

Health

Companies,

Inc.

110,000

5.000%, 

2/15/2029

h

102,437

Becton,

Dickinson

and

Company

67,000

2.823%, 

5/20/2030

70,204

Boston

Scientific

Corporation

70,000

3.450%, 

3/1/2024

74,312

Bristol-Myers

Squibb

Company

90,000

3.200%, 

6/15/2026

98,123

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

$

68,000

3.900%, 

2/20/2028

$

76,878

Bunge,

Ltd.

Finance

Corporation

89,000

2.750%, 

5/14/2031

90,179

Centene

Corporation

85,000

4.250%, 

12/15/2027

88,965

20,000

4.625%, 

12/15/2029

21,796

249,000

3.000%, 

10/15/2030

255,225

Central

Garden

&

Pet

Company

80,000

4.125%, 

10/15/2030

81,800

Cigna

Corporation

75,000

4.125%, 

11/15/2025

83,346

Community

Health

Systems,

Inc.

35,000

5.625%, 

3/15/2027

h

36,650

50,000

6.000%, 

1/15/2029

h

53,000

90,000

6.875%, 

4/15/2029

h

90,211

Conagra

Brands,

Inc.

37,000

4.300%, 

5/1/2024

40,110

Constellation

Brands,

Inc.

90,000

3.150%, 

8/1/2029

96,242

CVS

Health

Corporation

70,000

4.100%, 

3/25/2025

76,798

35,000

4.300%, 

3/25/2028

39,923

DaVita,

Inc.

105,000

4.625%, 

6/1/2030

h

108,004

Diageo

Capital

plc

42,000

1.375%, 

9/29/2025

42,475

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

h

52,806

Encompass

Health

Corporation

110,000

4.500%, 

2/1/2028

113,575

Endo

Finance,

LLC

35,000

9.500%, 

7/31/2027

g,h

35,078

Energizer

Holdings,

Inc.

85,000

4.375%, 

3/31/2029

h

84,358

Estee

Lauder

Companies,

Inc.

45,000

1.950%, 

3/15/2031

44,887

General

Mills,

Inc.

45,000

4.200%, 

4/17/2028

51,276

Gilead

Sciences,

Inc.

67,000

2.950%, 

3/1/2027

72,009

H.

J.

Heinz

Company

30,000

5.200%, 

7/15/2045

37,576

HCA,

Inc.

245,000

5.375%, 

2/1/2025

273,787

112,000

5.250%, 

6/15/2026

128,522

HLF

Financing

Sarl,

LLC

95,000

4.875%, 

6/1/2029

h

95,000

Humana,

Inc.

45,000

2.150%, 

2/3/2032

43,959

Illumina,

Inc.

40,000

9.000%, 

7/1/2028

h

44,100

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

h

35,774

Ionis

Pharmaceuticals,

Inc.,

Convertible

63,000

0.125%, 

12/15/2024

57,449

Jazz

Investments

I,

Ltd.,

Convertible

232,000

2.000%, 

6/15/2026

267,815

JBS

USA

Food

Company

10,000

5.750%, 

1/15/2028

h

10,500

JBS

USA,

LLC

25,000

6.500%, 

4/15/2029

h

27,938

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

$

110,000

5.500%, 

1/15/2030

h

$

122,344

Keurig

Dr

Pepper,

Inc.

90,000

2.250%, 

3/15/2031

90,141

Kraft

Foods

Group,

Inc.

120,000

5.000%, 

6/4/2042

147,161

Kraft

Heinz

Foods

Company

67,000

3.875%, 

5/15/2027

73,158

75,000

4.625%, 

1/30/2029

85,622

140,000

3.750%, 

4/1/2030

152,545

50,000

4.250%, 

3/1/2031

56,526

Kroger

Company

45,000

4.500%, 

1/15/2029

52,702

Mattel,

Inc.

95,000

3.375%, 

4/1/2026

h

97,955

McKesson

Corporation

35,000

0.900%, 

12/3/2025

34,444

68,000

1.300%, 

8/15/2026

67,438

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

h

93,634

Mozart

Debt

Merger

Sub,

Inc.

123,000

3.875%, 

4/1/2029

d,h

123,000

92,000

5.250%, 

10/1/2029

d,h

93,610

MPH

Acquisition

Holdings,

LLC

67,000

5.750%, 

11/1/2028

h

63,113

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

36,231

Novartis

Capital

Corporation

30,000

1.750%, 

2/14/2025

30,833

117,000

3.000%, 

11/20/2025

126,356

Ortho-Clinical

Diagnostics,

Inc.

50,000

7.250%, 

2/1/2028

h

53,506

Par

Pharmaceutical,

Inc.

75,000

7.500%, 

4/1/2027

h

76,406

PepsiCo,

Inc.

67,000

1.625%, 

5/1/2030

65,641

Philip

Morris

International,

Inc.

97,000

1.500%, 

5/1/2025

98,429

Pilgrim's

Pride

Corporation

65,000

3.500%, 

3/1/2032

h

66,097

QBE

Insurance

Group,

Ltd.

84,000

5.875%, 

5/12/2025

b,h,j

93,660

Royalty

Pharma

plc

105,000

1.200%, 

9/2/2025

104,319

Scotts

Miracle-Gro

Company

100,000

4.500%, 

10/15/2029

104,500

SEG

Holding,

LLC

100,000

5.625%, 

10/15/2028

h

104,250

Simmons

Foods,

Inc.

85,000

4.625%, 

3/1/2029

h

85,638

Spectrum

Brands,

Inc.

50,000

5.000%, 

10/1/2029

h

53,750

40,000

5.500%, 

7/15/2030

h

44,300

Stryker

Corporation

45,000

3.650%, 

3/7/2028

49,939

Syneos

Health,

Inc.

80,000

3.625%, 

1/15/2029

h

79,776

Sysco

Corporation

65,000

5.650%, 

4/1/2025

74,759

45,000

5.950%, 

4/1/2030

57,240

Teleflex,

Inc.

120,000

4.625%, 

11/15/2027

125,100

Tenet

Healthcare

Corporation

25,000

4.625%, 

7/15/2024

25,375

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

$

170,000

5.125%, 

11/1/2027

h

$

177,225

35,000

6.125%, 

10/1/2028

h

36,767

Teva

Pharmaceutical

Finance

Netherlands

III

BV

55,000

2.800%, 

7/21/2023

54,672

55,000

3.150%, 

10/1/2026

52,663

Thermo

Fisher

Scientific,

Inc.

31,000

4.133%, 

3/25/2025

34,106

45,000

1.750%, 

10/15/2028

44,846

45,000

4.497%, 

3/25/2030

53,248

TreeHouse

Foods,

Inc.

35,000

4.000%, 

9/1/2028

34,253

United

Natural

Foods,

Inc.

70,000

6.750%, 

10/15/2028

h

75,775

UnitedHealth

Group,

Inc.

112,000

3.850%, 

6/15/2028

126,715

Universal

Health

Services,

Inc.

68,000

1.650%, 

9/1/2026

h

67,601

22,000

2.650%, 

1/15/2032

h

21,785

Upjohn,

Inc.

35,000

1.650%, 

6/22/2025

h

35,350

VRX

Escrow

Corporation

203,000

6.125%, 

4/15/2025

h

207,192

Winnebago

Industries,

Inc.,

Convertible

173,000

1.500%, 

4/1/2025

229,107

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

53,588

68,000

3.900%, 

8/20/2028

76,413

Total

8,846,359

Energy

(1.5%)

Antero

Resources

Corporation

80,000

5.375%, 

3/1/2030

h

84,252

Apache

Corporation

35,000

4.875%, 

11/15/2027

38,168

70,000

4.375%, 

10/15/2028

75,687

35,000

5.100%, 

9/1/2040

39,199

Archrock

Partners,

LP

80,000

6.250%, 

4/1/2028

h

82,738

BP

Capital

Markets

America,

Inc.

107,000

4.234%, 

11/6/2028

122,719

BP

Capital

Markets

plc

84,000

4.875%, 

3/22/2030

b,j

92,338

Buckeye

Partners,

LP

80,000

4.125%, 

3/1/2025

h

82,901

40,000

3.950%, 

12/1/2026

40,800

Canadian

Natural

Resources,

Ltd.

113,000

2.050%, 

7/15/2025

115,694

Cenovus

Energy,

Inc.

146,000

5.375%, 

7/15/2025

166,302

Cheniere

Corpus

Christi

Holdings,

LLC

92,000

5.875%, 

3/31/2025

103,926

Cheniere

Energy

Partners,

LP

65,000

4.500%, 

10/1/2029

69,103

71,000

3.250%, 

1/31/2032

h

71,234

Cheniere

Energy,

Inc.,

Convertible

34,000

4.250%, 

3/15/2045

29,170

Chevron

Corporation

34,000

1.554%, 

5/11/2025

34,763

Cimarex

Energy

Company

90,000

4.375%, 

6/1/2024

97,049

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Energy

(1.5%)

-

continued

CNX

Resources

Corporation

$

45,000

6.000%, 

1/15/2029

h

$

47,587

CNX

Resources

Corporation,

Convertible

145,000

2.250%, 

5/1/2026

180,525

Comstock

Resources,

Inc.

55,000

5.875%, 

1/15/2030

h

57,200

Continental

Resources,

Inc.

107,000

4.375%, 

1/15/2028

118,369

50,000

5.750%, 

1/15/2031

h

60,437

Devon

Energy

Corporation

60,000

5.250%, 

9/15/2024

h

66,459

89,000

4.500%, 

1/15/2030

h

97,000

Diamondback

Energy,

Inc.

34,000

2.875%, 

12/1/2024

35,700

22,000

3.125%, 

3/24/2031

22,844

DT

Midstream,

Inc.

70,000

4.125%, 

6/15/2029

h

70,984

25,000

4.375%, 

6/15/2031

h

25,750

Enagas

SA

105,000

5.500%, 

1/15/2028

h

107,494

Enbridge,

Inc.

45,000

3.700%, 

7/15/2027

49,460

267,000

6.250%, 

3/1/2078

b

297,570

Encana

Corporation

40,000

6.625%, 

8/15/2037

54,858

Endeavor

Energy

Resources,

LP

60,000

5.750%, 

1/30/2028

h

63,150

Energean

Israel

Finance,

Ltd.

70,000

4.500%, 

3/30/2024

h

71,400

Energy

Transfer

Operating,

LP

41,000

4.200%, 

9/15/2023

43,547

126,000

5.875%, 

1/15/2024

138,477

67,000

3.750%, 

5/15/2030

72,398

Energy

Transfer,

LP

80,000

6.625%, 

2/15/2028

b,j

77,800

EnLink

Midstream

Partners,

LP

70,000

4.850%, 

7/15/2026

73,479

30,000

5.600%, 

4/1/2044

28,650

Enterprise

Products

Operating,

LLC

45,000

4.150%, 

10/16/2028

51,195

EQM

Midstream

Partners,

LP

100,000

6.500%, 

7/1/2027

h

112,475

EQT

Corporation

25,000

3.125%, 

5/15/2026

h

25,628

95,000

3.900%, 

10/1/2027

102,812

EQT

Corporation,

Convertible

179,000

1.750%, 

5/1/2026

282,193

Equinor

ASA

31,000

2.875%, 

4/6/2025

32,914

Exxon

Mobil

Corporation

90,000

2.992%, 

3/19/2025

96,013

Genesis

Energy,

LP

40,000

6.500%, 

10/1/2025

39,800

25,000

8.000%, 

1/15/2027

25,312

Halliburton

Company

45,000

2.920%, 

3/1/2030

46,539

Harvest

Midstream,

LP

85,000

7.500%, 

9/1/2028

h

90,538

Hess

Corporation

38,000

3.500%, 

7/15/2024

40,190

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Energy

(1.5%)

-

continued

Hess

Midstream

Operations,

LP

$

60,000

5.625%, 

2/15/2026

h

$

62,250

Hilcorp

Energy

I,

LP

70,000

5.750%, 

2/1/2029

h

71,925

ITT

Holdings,

LLC

65,000

6.500%, 

8/1/2029

h

65,569

Kinder

Morgan

Energy

Partners,

LP

68,000

3.450%, 

2/15/2023

70,326

Laredo

Petroleum,

Inc.

110,000

7.750%, 

7/31/2029

h

110,275

Marathon

Oil

Corporation

45,000

4.400%, 

7/15/2027

50,548

Marathon

Petroleum

Corporation

125,000

4.700%, 

5/1/2025

139,531

MPLX,

LP

113,000

1.750%, 

3/1/2026

113,696

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

52,038

Nabors

Industries,

Ltd.

85,000

7.250%, 

1/15/2026

h

82,671

National

Fuel

Gas

Company

90,000

5.500%, 

1/15/2026

103,666

Newfield

Exploration

Company

128,000

5.625%, 

7/1/2024

141,932

44,000

5.375%, 

1/1/2026

49,749

NGL

Energy

Operating,

LLC

50,000

7.500%, 

2/1/2026

h

50,938

NGL

Energy

Partners,

LP

50,000

7.500%, 

11/1/2023

48,592

NuStar

Logistics,

LP

90,000

5.750%, 

10/1/2025

96,975

Oasis

Petroleum,

Inc.

55,000

6.375%, 

6/1/2026

h

57,613

Occidental

Petroleum

Corporation

60,000

3.450%, 

7/15/2024

61,350

60,000

3.400%, 

4/15/2026

61,538

25,000

8.500%, 

7/15/2027

31,311

135,000

3.500%, 

8/15/2029

137,311

50,000

6.450%, 

9/15/2036

62,906

120,000

4.400%, 

4/15/2046

119,682

ONEOK,

Inc.

68,000

2.200%, 

9/15/2025

69,472

Ovintiv,

Inc.

30,000

7.375%, 

11/1/2031

40,694

PBF

Holding

Company,

LLC

40,000

9.250%, 

5/15/2025

h

37,900

Pioneer

Natural

Resources

Company

68,000

1.900%, 

8/15/2030

65,062

Pioneer

Natural

Resources

Company,

Convertible

94,000

0.250%, 

5/15/2025

151,716

Plains

All

American

Pipeline,

LP

111,000

4.650%, 

10/15/2025

123,008

Precision

Drilling

Corporation

60,000

6.875%, 

1/15/2029

h

62,667

Sabine

Pass

Liquefaction,

LLC

67,000

4.200%, 

3/15/2028

74,805

Schlumberger

Finance

Canada,

Ltd.

35,000

1.400%, 

9/17/2025

35,372

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Energy

(1.5%)

-

continued

Schlumberger

Holdings

Corporation

$

29,000

4.300%, 

5/1/2029

h

$

32,816

Shell

International

Finance

BV

31,000

2.375%, 

4/6/2025

32,417

SM

Energy

Company

35,000

6.500%, 

7/15/2028

g

36,236

Southwestern

Energy

Company

45,000

5.375%, 

2/1/2029

h

48,141

Suncor

Energy,

Inc.

34,000

3.100%, 

5/15/2025

36,204

Sunoco,

LP

90,000

5.875%, 

3/15/2028

94,950

Targa

Resources

Partners,

LP

40,000

5.375%, 

2/1/2027

41,448

50,000

5.000%, 

1/15/2028

52,500

20,000

4.875%, 

2/1/2031

21,575

Teine

Energy,

Ltd.

50,000

6.875%, 

4/15/2029

h

50,750

Transocean

Proteus,

Ltd.

27,500

6.250%, 

12/1/2024

h

27,500

Transocean,

Inc.

50,000

11.500%, 

1/30/2027

h

51,500

USA

Compression

Partners,

LP

40,000

6.875%, 

4/1/2026

41,648

Venture

Global

Calcasieu

Pass,

LLC

67,000

3.875%, 

8/15/2029

h

69,013

40,000

4.125%, 

8/15/2031

h

41,700

Vine

Energy

Holdings,

LLC

45,000

6.750%, 

4/15/2029

h

48,572

W&T

Offshore,

Inc.

29,000

9.750%, 

11/1/2023

h

27,596

Western

Gas

Partners,

LP

44,000

4.000%, 

7/1/2022

44,670

Western

Midstream

Operating,

LP

70,000

3.950%, 

6/1/2025

73,974

30,000

5.500%, 

8/15/2048

35,100

Williams

Companies,

Inc.

45,000

2.600%, 

3/15/2031

45,607

Total

7,609,795

Financials

(4.7%)

AerCap

Ireland

Capital

DAC

59,000

3.150%, 

2/15/2024

61,522

63,000

6.500%, 

7/15/2025

73,042

Air

Lease

Corporation

64,000

4.650%, 

6/15/2026

b,j

66,960

Aircastle,

Ltd.

65,000

5.250%, 

6/15/2026

b,h,j

66,514

45,000

2.850%, 

1/26/2028

h

45,574

Alliant

Holdings

Intermediate,

LLC

20,000

6.750%, 

10/15/2027

h

20,700

Ally

Financial,

Inc.

142,000

5.750%, 

11/20/2025

162,370

128,000

4.700%, 

5/15/2026

b,j

133,229

45,000

8.000%, 

11/1/2031

64,905

Altice

Financing

SA

30,000

5.750%, 

8/15/2029

h

29,059

American

Express

Company

34,000

3.700%, 

8/3/2023

35,957

35,000

3.400%, 

2/22/2024

37,250

50,000

3.550%, 

9/15/2026

b,j

50,943

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

American

Finance

Trust,

Inc.

$

55,000

4.500%, 

9/30/2028

d,h

$

55,000

American

Homes

4

Rent,

LP

45,000

2.375%, 

7/15/2031

44,576

American

International

Group,

Inc.

90,000

4.200%, 

4/1/2028

102,554

AmWINS

Group,

Inc.

45,000

4.875%, 

6/30/2029

h

45,632

Ares

Capital

Corporation

18,000

4.250%, 

3/1/2025

19,320

113,000

3.875%, 

1/15/2026

120,845

Ares

Capital

Corporation,

Convertible

73,000

4.625%, 

3/1/2024

80,665

Athene

Global

Funding

60,000

4.000%, 

1/25/2022

h

60,704

Australia

and

New

Zealand

Banking

Group,

Ltd.

102,000

2.950%, 

7/22/2030

b,h

106,025

Aviation

Capital

Group,

LLC

46,000

5.500%, 

12/15/2024

h

51,555

48,000

4.875%, 

10/1/2025

h

52,898

Avolon

Holdings

Funding,

Ltd.

89,000

4.250%, 

4/15/2026

h

95,725

BAC

Capital

Trust

XIV

92,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/18/2021

b,j

92,000

Banco

Santander

Mexico

SA

17,000

5.375%, 

4/17/2025

h

19,001

Banco

Santander

SA

51,000

4.750%, 

11/12/2026

b,j

51,947

Bank

of

America

Corporation

55,000

3.004%, 

12/20/2023

b

56,681

115,000

3.550%, 

3/5/2024

b

119,881

143,000

3.864%, 

7/23/2024

b

151,336

70,000

4.200%, 

8/26/2024

76,568

288,000

6.250%, 

9/5/2024

b,j

316,800

35,000

3.458%, 

3/15/2025

b

37,237

83,000

6.100%, 

3/17/2025

b,j

92,556

85,000

1.319%, 

6/19/2026

b

84,979

141,000

1.197%, 

10/24/2026

b

139,940

70,000

1.734%, 

7/22/2027

b

70,288

62,000

5.875%, 

3/15/2028

b,j

70,764

134,000

3.593%, 

7/21/2028

b

146,904

45,000

2.087%, 

6/14/2029

b

44,928

179,000

3.974%, 

2/7/2030

b

200,395

89,000

2.687%, 

4/22/2032

b

90,626

Bank

of

New

York

Mellon

Corporation

42,000

4.700%, 

9/20/2025

b,j

46,095

63,000

3.400%, 

1/29/2028

69,312

Bank

of

Nova

Scotia

126,000

4.900%, 

6/4/2025

b,j

135,450

45,000

1.050%, 

3/2/2026

44,493

Barclays

plc

65,000

4.610%, 

2/15/2023

b

65,993

81,000

4.338%, 

5/16/2024

b

85,740

85,000

8.000%, 

6/15/2024

b,j

95,997

34,000

4.375%, 

9/11/2024

37,043

41,000

2.852%, 

5/7/2026

b

43,064

68,000

4.972%, 

5/16/2029

b

79,058

BNP

Paribas

SA

55,000

6.625%, 

3/25/2024

b,h,j

59,521

67,000

2.819%, 

11/19/2025

b,h

70,174

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

Boston

Properties,

LP

$

45,000

2.550%, 

4/1/2032

$

44,936

BPCE

SA

35,000

3.000%, 

5/22/2022

h

35,599

32,000

2.375%, 

1/14/2025

h

33,041

Brixmor

Operating

Partnership,

LP

91,000

2.250%, 

4/1/2028

91,775

Canadian

Imperial

Bank

of

Commerce

32,000

2.250%, 

1/28/2025

33,240

CANPACK

SA

90,000

3.125%, 

11/1/2025

h

91,463

Capital

One

Bank

USA

NA

52,000

3.375%, 

2/15/2023

54,084

48,000

2.280%, 

1/28/2026

b

49,738

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,j

28,840

Cascades

USA,

Inc.

50,000

5.125%, 

1/15/2026

h

53,153

Charles

Schwab

Corporation

128,000

5.375%, 

6/1/2025

b,j

142,240

128,000

4.000%, 

6/1/2026

b,j

133,440

66,000

2.000%, 

3/20/2028

67,363

Chobani,

LLC

100,000

4.625%, 

11/15/2028

h

103,250

CIT

Group,

Inc.

90,000

5.250%, 

3/7/2025

100,238

89,000

6.125%, 

3/9/2028

107,589

Citigroup,

Inc.

43,000

2.750%, 

4/25/2022

43,517

168,000

5.950%, 

1/30/2023

b,j

175,140

102,000

5.000%, 

9/12/2024

b,j

106,536

105,000

3.352%, 

4/24/2025

b

111,526

32,000

5.950%, 

5/15/2025

b,j

34,920

85,000

5.500%, 

9/13/2025

98,086

84,000

4.000%, 

12/10/2025

b,j

87,041

200,000

3.875%, 

2/18/2026

b,j

204,250

159,000

1.122%, 

1/28/2027

b

156,779

91,000

1.462%, 

6/9/2027

b

90,464

180,000

4.075%, 

4/23/2029

b

201,723

Citizens

Financial

Group,

Inc.

65,000

4.000%, 

10/6/2026

b,j

66,544

CNA

Financial

Corporation

40,000

3.950%, 

5/15/2024

42,988

Coinbase

Global,

Inc.

18,000

3.625%, 

10/1/2031

h

17,111

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,j

46,253

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

h

53,831

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

86,000

3.950%, 

11/9/2022

89,271

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

b,h

34,960

Corporate

Office

Properties,

LP

91,000

2.250%, 

3/15/2026

93,230

Credit

Acceptance

Corporation

70,000

5.125%, 

12/31/2024

h

72,100

Credit

Agricole

SA

54,000

6.875%, 

9/23/2024

b,h,j

60,075

45,000

3.250%, 

1/14/2030

h

47,210

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

Credit

Suisse

Group

AG

$

49,000

6.500%, 

8/8/2023

h

$

53,621

22,000

7.500%, 

12/11/2023

b,h,j

24,035

34,000

2.593%, 

9/11/2025

b,h

35,246

32,000

7.250%, 

9/12/2025

b,h,j

35,470

46,000

3.869%, 

1/12/2029

b,h

50,206

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

132,000

3.800%, 

9/15/2022

136,317

Dai-ichi

Life

Insurance

Company,

Ltd.

238,000

5.100%, 

10/28/2024

b,g,h,j

260,610

Danske

Bank

AS

61,000

5.000%, 

1/12/2023

b,h

61,708

Deutsche

Bank

AG

152,000

2.129%, 

11/24/2026

b

154,397

45,000

3.035%, 

5/28/2032

b

45,657

Discover

Bank

90,000

4.682%, 

8/9/2028

b

95,741

Diversified

Healthcare

Trust

55,000

4.375%, 

3/1/2031

53,198

Drawbridge

Special

Opportunities

Fund,

LP

100,000

3.875%, 

2/15/2026

h

102,749

Fidelity

National

Financial,

Inc.

57,000

5.500%, 

9/1/2022

59,643

Fifth

Third

Bancorp

84,000

4.500%, 

9/30/2025

b,j

91,266

Fifth

Third

Bank

NA

46,000

3.850%, 

3/15/2026

50,685

First

Horizon

Bank

67,000

5.750%, 

5/1/2030

81,849

First

Horizon

National

Corporation

41,000

3.550%, 

5/26/2023

42,781

FNB

Corporation

64,000

2.200%, 

2/24/2023

64,940

Fortress

Transportation

and

Infrastructure

Investors,

LLC

50,000

6.500%, 

10/1/2025

h

51,469

30,000

5.500%, 

5/1/2028

h

30,202

FS

KKR

Capital

Corporation

45,000

3.400%, 

1/15/2026

47,020

45,000

2.625%, 

1/15/2027

45,110

FTI

Consulting,

Inc.,

Convertible

146,000

2.000%, 

8/15/2023

204,254

GE

Capital

Funding,

LLC

72,000

3.450%, 

5/15/2025

77,656

22,000

4.050%, 

5/15/2027

24,700

45,000

4.400%, 

5/15/2030

52,142

Global

Net

Lease,

Inc.

95,000

3.750%, 

12/15/2027

h

94,330

Goldman

Sachs

Group,

Inc.

67,000

0.627%, 

11/17/2023

b

67,027

139,000

3.625%, 

2/20/2024

148,123

206,000

5.500%, 

8/10/2024

b,j

222,480

31,000

3.500%, 

4/1/2025

33,328

52,000

4.250%, 

10/21/2025

57,586

51,000

0.855%, 

2/12/2026

b

50,509

64,000

3.800%, 

5/10/2026

b,j

65,520

90,000

3.650%, 

8/10/2026

b,j

90,113

90,000

3.814%, 

4/23/2029

b

99,600

44,000

3.800%, 

3/15/2030

48,981

44,000

2.615%, 

4/22/2032

b

44,532

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

$

45,000

2.383%, 

7/21/2032

b

$

44,555

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

Convertible

68,000

4.125%, 

9/1/2022

133,433

Hartford

Financial

Services

Group,

Inc.

45,000

2.800%, 

8/19/2029

47,024

66,000

2.250%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,h

63,690

HCRX

Investments

Holdco,

LP

25,000

4.500%, 

8/1/2029

h

25,125

HSBC

Holdings

plc

65,000

3.803%, 

3/11/2025

b

69,331

20,000

6.375%, 

3/30/2025

b,j

21,828

39,000

2.633%, 

11/7/2025

b

40,680

41,000

1.645%, 

4/18/2026

b

41,220

41,000

1.589%, 

5/24/2027

b

40,724

91,000

6.500%, 

3/23/2028

b,j

102,508

126,000

4.583%, 

6/19/2029

b

143,056

112,000

4.600%, 

12/17/2030

b,j

111,966

53,000

2.804%, 

5/24/2032

b

53,714

Huntington

Bancshares,

Inc.

126,000

4.450%, 

10/15/2027

b,j

135,639

Icahn

Enterprises,

LP

70,000

6.375%, 

12/15/2025

71,820

60,000

6.250%, 

5/15/2026

62,700

25,000

5.250%, 

5/15/2027

25,938

ING

Groep

NV

90,000

1.726%, 

4/1/2027

b

90,510

Intercontinental

Exchange,

Inc.

34,000

0.700%, 

6/15/2023

34,135

Invitation

Homes

Operating

Partnership,

LP

68,000

2.000%, 

8/15/2031

65,305

Iron

Mountain,

Inc.

80,000

4.875%, 

9/15/2027

h

83,054

iStar,

Inc.

85,000

4.250%, 

8/1/2025

88,292

iStar,

Inc.,

Convertible

112,000

3.125%, 

9/15/2022

203,560

J.P.

Morgan

Chase

&

Company

84,000

6.000%, 

8/1/2023

b,j

88,620

84,000

6.750%, 

2/1/2024

b,j

92,190

24,000

1.514%, 

6/1/2024

b

24,400

46,000

5.000%, 

8/1/2024

b,j

48,013

70,000

3.875%, 

9/10/2024

76,110

145,000

4.023%, 

12/5/2024

b

155,307

158,000

4.600%, 

2/1/2025

b,j

161,555

31,000

2.083%, 

4/22/2026

b

31,885

115,000

3.650%, 

6/1/2026

b,j

115,575

190,000

1.045%, 

11/19/2026

b

187,118

90,000

1.578%, 

4/22/2027

b

90,183

134,000

4.005%, 

4/23/2029

b

149,736

45,000

2.069%, 

6/1/2029

b

45,101

179,000

4.493%, 

3/24/2031

b

208,871

Jefferies

Finance,

LLC

75,000

5.000%, 

8/15/2028

h

76,031

KeyBank

NA

67,000

3.900%, 

4/13/2029

74,793

Kilroy

Realty,

LP

90,000

4.375%, 

10/1/2025

100,099

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

$

46,000

6.125%, 

5/15/2023

$

48,813

Life

Storage,

LP

44,000

2.400%, 

10/15/2031

d

43,573

Lincoln

National

Corporation

50,000

2.482%, 

(LIBOR

3M

+

2.358%),

11/17/2021

b

45,650

45,000

3.800%, 

3/1/2028

50,098

Lloyds

Banking

Group

plc

51,000

2.858%, 

3/17/2023

b

51,568

65,000

3.900%, 

3/12/2024

69,882

90,000

1.627%, 

5/11/2027

b

89,924

71,000

6.657%, 

5/21/2037

b,h,j

102,950

LPL

Holdings,

Inc.

60,000

4.000%, 

3/15/2029

h

61,629

M&T

Bank

Corporation

58,000

3.500%, 

9/1/2026

b,j

57,565

Macquarie

Group,

Ltd.

89,000

1.629%, 

9/23/2027

b,h

88,566

MetLife,

Inc.

84,000

3.850%, 

9/15/2025

b,j

87,780

164,000

5.875%, 

3/15/2028

b,g,j

192,826

MGM

Growth

Properties

Operating

Partnership,

LP

90,000

4.625%, 

6/15/2025

h

96,975

Mid-America

Apartments,

LP

90,000

4.200%, 

6/15/2028

102,954

Mitsubishi

UFJ

Financial

Group,

Inc.

83,000

3.455%, 

3/2/2023

86,584

35,000

3.407%, 

3/7/2024

37,262

41,000

1.412%, 

7/17/2025

41,237

91,000

1.538%, 

7/20/2027

b

90,911

67,000

3.741%, 

3/7/2029

74,690

Mizuho

Financial

Group,

Inc.

66,000

1.554%, 

7/9/2027

b

65,855

93,000

2.564%, 

9/13/2031

91,689

Morgan

Stanley

10,000

4.875%, 

11/1/2022

10,476

84,000

3.125%, 

1/23/2023

86,938

66,000

4.100%, 

5/22/2023

69,683

34,000

0.560%, 

11/10/2023

b

34,044

34,000

2.720%, 

7/22/2025

b

35,626

24,000

5.000%, 

11/24/2025

27,435

69,000

2.188%, 

4/28/2026

b

71,243

103,000

0.985%, 

12/10/2026

b

101,171

90,000

1.593%, 

5/4/2027

b

90,268

93,000

1.512%, 

7/20/2027

b

92,558

134,000

3.622%, 

4/1/2031

b

147,690

MPT

Operating

Partnership,

LP

50,000

5.250%, 

8/1/2026

51,438

30,000

4.625%, 

8/1/2029

32,190

National

Retail

Properties,

Inc.

45,000

2.500%, 

4/15/2030

45,602

Natwest

Group

plc

35,000

6.125%, 

12/15/2022

37,235

35,000

6.100%, 

6/10/2023

37,991

45,000

4.892%, 

5/18/2029

b

52,398

62,000

4.600%, 

6/28/2031

b,j

62,298

Navient

Corporation

45,000

5.500%, 

1/25/2023

47,025

20,000

5.000%, 

3/15/2027

20,600

20,000

4.875%, 

3/15/2028

20,163

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

NFP

Corporation

$

30,000

6.875%, 

8/15/2028

h

$

30,632

Nippon

Life

Insurance

Company

168,000

5.100%, 

10/16/2044

b,h

184,590

129,000

3.400%, 

1/23/2050

b,h

133,354

Nomura

Holdings,

Inc.

67,000

2.172%, 

7/14/2028

66,386

Omega

Healthcare

Investors,

Inc.

46,000

4.750%, 

1/15/2028

51,711

45,000

3.375%, 

2/1/2031

45,818

OneMain

Finance

Corporation

35,000

3.500%, 

1/15/2027

35,016

Owl

Rock

Capital

Corporation

45,000

4.250%, 

1/15/2026

48,299

Owl

Rock

Technology

Finance

Corporation

22,000

4.750%, 

12/15/2025

h

24,049

67,000

3.750%, 

6/17/2026

h

70,732

Park

Intermediate

Holdings,

LLC

25,000

4.875%, 

5/15/2029

h

25,731

PayPal

Holdings,

Inc.

68,000

1.650%, 

6/1/2025

69,683

45,000

2.850%, 

10/1/2029

48,033

PennyMac

Financial

Services,

Inc.

60,000

4.250%, 

2/15/2029

h

57,125

Pine

Street

Trust

I

45,000

4.572%, 

2/15/2029

h

51,083

Playtika

Holding

Corporation

45,000

4.250%, 

3/15/2029

h

45,144

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

47,188

PNC

Financial

Services

Group,

Inc.

60,000

3.400%, 

9/15/2026

b,j

59,850

Preferred

Term

Securities

XXIII,

Ltd.

39,336

0.316%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,h

35,069

Principal

Life

Global

Funding

II

68,000

1.250%, 

8/16/2026

h

67,578

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

51,789

Prudential

Financial,

Inc.

75,000

5.625%, 

6/15/2043

b

79,825

201,000

5.200%, 

3/15/2044

b

215,042

42,000

3.700%, 

10/1/2050

b

43,772

Quicken

Loans,

LLC

60,000

3.625%, 

3/1/2029

h

60,675

Radian

Group,

Inc.

45,000

4.875%, 

3/15/2027

49,044

Regions

Financial

Corporation

84,000

5.750%, 

6/15/2025

b,j

93,685

Reinsurance

Group

of

America,

Inc.

64,000

4.700%, 

9/15/2023

68,820

Royal

Bank

of

Scotland

Group

plc

65,000

4.269%, 

3/22/2025

b

70,144

67,000

3.754%, 

11/1/2029

b

71,502

Santander

Holdings

USA,

Inc.

90,000

3.450%, 

6/2/2025

96,368

Santander

UK

Group

Holdings

plc

92,000

1.673%, 

6/14/2027

b

91,608

67,000

3.823%, 

11/3/2028

b

73,292

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

Service

Properties

Trust

$

20,000

4.750%, 

10/1/2026

$

19,800

50,000

4.950%, 

2/15/2027

49,875

50,000

5.500%, 

12/15/2027

53,286

Simon

Property

Group,

LP

68,000

2.000%, 

9/13/2024

70,384

90,000

2.650%, 

7/15/2030

92,770

Societe

Generale

SA

39,000

2.625%, 

10/16/2024

h

40,577

84,000

8.000%, 

9/29/2025

b,h,j

98,354

41,000

1.488%, 

12/14/2026

b,h

40,543

Spirit

Realty,

LP

100,000

2.100%, 

3/15/2028

99,480

Springleaf

Finance

Corporation

45,000

6.875%, 

3/15/2025

50,569

100,000

7.125%, 

3/15/2026

115,875

Standard

Chartered

plc

52,000

1.319%, 

10/14/2023

b,h

52,327

41,000

0.991%, 

1/12/2025

b,h

40,857

40,000

6.000%, 

7/26/2025

b,h,j

43,876

Starwood

Property

Trust,

Inc.,

Convertible

90,000

4.375%, 

4/1/2023

94,343

State

Street

Corporation

31,000

2.354%, 

11/1/2025

b

32,398

Sumitomo

Life

Insurance

Company

175,000

3.375%, 

4/15/2081

b,h

181,673

Sumitomo

Mitsui

Financial

Group,

Inc.

43,000

2.784%, 

7/12/2022

43,838

42,000

2.778%, 

10/18/2022

43,098

39,000

2.448%, 

9/27/2024

40,767

67,000

3.544%, 

1/17/2028

73,326

67,000

2.142%, 

9/23/2030

64,762

Sumitomo

Mitsui

Trust

Bank,

Ltd.

35,000

1.050%, 

9/12/2025

h

34,688

Summit

Hotel

Properties,

Inc.,

Convertible

79,000

1.500%, 

2/15/2026

82,972

SVB

Financial

Group

92,000

4.000%, 

5/15/2026

b,j

94,300

Synchrony

Financial

38,000

4.250%, 

8/15/2024

41,063

90,000

3.700%, 

8/4/2026

97,659

Truist

Bank

42,000

2.250%, 

3/11/2030

42,223

Truist

Financial

Corporation

89,000

4.950%, 

9/1/2025

b,j

97,216

45,000

1.887%, 

6/7/2029

b

44,956

UBS

Group

AG

97,000

1.364%, 

1/30/2027

b,h

96,096

UDR,

Inc.

89,000

3.000%, 

8/15/2031

93,135

United

Wholesale

Mortgage,

LLC

70,000

5.500%, 

4/15/2029

h

67,963

USB

Realty

Corporation

184,000

1.273%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,h,j

155,932

Ventas

Realty,

LP

35,000

3.750%, 

5/1/2024

37,237

VEREIT

Operating

Partnership,

LP

45,000

4.875%, 

6/1/2026

51,550

67,000

3.950%, 

8/15/2027

75,103

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Financials

(4.7%)

-

continued

VICI

Properties,

LP

$

50,000

4.250%, 

12/1/2026

h

$

52,217

30,000

3.750%, 

2/15/2027

h

31,050

25,000

4.625%, 

12/1/2029

h

26,875

Wells

Fargo

&

Company

70,000

4.125%, 

8/15/2023

74,549

38,000

3.750%, 

1/24/2024

40,625

26,000

1.654%, 

6/2/2024

b

26,508

106,000

2.406%, 

10/30/2025

b

110,397

116,000

3.900%, 

3/15/2026

b,j

119,625

119,000

2.188%, 

4/30/2026

b

122,824

50,000

0.626%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

48,569

135,000

1.126%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

132,823

89,000

3.584%, 

5/22/2028

b

97,443

90,000

4.478%, 

4/4/2031

b

104,786

Welltower,

Inc.

45,000

2.050%, 

1/15/2029

44,705

67,000

2.800%, 

6/1/2031

69,018

Westpac

Banking

Corporation

67,000

4.110%, 

7/24/2034

b

72,795

Willis

North

America,

Inc.

90,000

4.500%, 

9/15/2028

103,084

Total

23,010,488

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

42,000

2.150%, 

5/13/2025

h

42,971

Total

42,971

Mortgage-Backed

Securities

(10.1%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

13,300,000

2.000%, 

11/1/2036

d

13,679,258

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,775,000

2.000%, 

11/1/2051

d

5,780,188

15,850,000

2.500%, 

11/1/2051

d

16,311,260

325,000

3.000%, 

11/1/2047

d

339,645

125,000

3.000%, 

10/1/2049

d

130,796

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,100,000

2.500%, 

10/1/2051

d

1,135,535

12,175,000

2.500%, 

11/1/2051

d

12,546,433

Total

49,923,115

Technology

(1.2%)

Akamai

Technologies,

Inc.,

Convertible

74,000

0.125%, 

5/1/2025

89,820

233,000

0.375%, 

9/1/2027

254,389

Analog

Devices,

Inc.

22,000

2.100%, 

10/1/2031

d

22,047

Apple,

Inc.

122,000

3.450%, 

5/6/2024

131,074

134,000

2.200%, 

9/11/2029

137,976

Baidu,

Inc.

39,000

3.075%, 

4/7/2025

40,908

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Technology

(1.2%)

-

continued

Black

Knight

InfoServ,

LLC

$

82,000

3.625%, 

9/1/2028

h

$

82,410

Broadcom

Corporation

90,000

3.125%, 

1/15/2025

95,336

67,000

3.875%, 

1/15/2027

73,628

Broadcom,

Inc.

90,000

5.000%, 

4/15/2030

105,099

CommScope

Technologies

Finance,

LLC

70,000

6.000%, 

6/15/2025

h

70,875

CommScope,

Inc.

50,000

7.125%, 

7/1/2028

h

51,023

Dell

International,

LLC

97,000

5.450%, 

6/15/2023

104,035

67,000

5.850%, 

7/15/2025

77,948

67,000

5.300%, 

10/1/2029

80,991

Fiserv,

Inc.

72,000

2.750%, 

7/1/2024

75,822

89,000

4.200%, 

10/1/2028

101,306

Gartner,

Inc.

45,000

3.625%, 

6/15/2029

h

45,342

75,000

3.750%, 

10/1/2030

h

77,190

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

17,769

45,000

3.200%, 

8/15/2029

47,569

Hewlett

Packard

Enterprise

Company

33,000

2.250%, 

4/1/2023

33,812

InterDigital,

Inc.,

Convertible

43,000

2.000%, 

6/1/2024

46,359

Intuit,

Inc.

35,000

0.950%, 

7/15/2025

34,960

Iron

Mountain,

Inc.

120,000

5.000%, 

7/15/2028

h

125,076

66,000

4.500%, 

2/15/2031

h

66,944

j2

Global,

Inc.,

Convertible

243,000

1.750%, 

11/1/2026

h

304,120

Jabil,

Inc.

45,000

1.700%, 

4/15/2026

45,236

Lumentum

Holdings,

Inc.,

Convertible

151,000

0.250%, 

3/15/2024

221,592

Marvell

Technology,

Inc.

41,000

4.200%, 

6/22/2023

h

43,294

44,000

2.950%, 

4/15/2031

h

45,228

Microchip

Technology,

Inc.,

Convertible

73,000

1.625%, 

2/15/2027

166,693

Micron

Technology,

Inc.

86,000

4.975%, 

2/6/2026

98,339

MSCI,

Inc.

65,000

4.000%, 

11/15/2029

h

68,815

NCR

Corporation

140,000

6.125%, 

9/1/2029

h

151,900

NortonLifeLock,

Inc.,

Convertible

176,000

2.000%, 

8/15/2022

h

224,752

Nuance

Communications,

Inc.,

Convertible

96,000

1.250%, 

4/1/2025

269,355

NVIDIA

Corporation

22,000

2.850%, 

4/1/2030

23,575

NXP

Funding,

LLC

48,000

4.875%, 

3/1/2024

h

52,355

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Technology

(1.2%)

-

continued

$

17,000

2.700%, 

5/1/2025

h

$

17,755

45,000

4.300%, 

6/18/2029

h

51,003

Open

Text

Corporation

80,000

4.125%, 

2/15/2030

h

82,200

Oracle

Corporation

112,000

2.500%, 

4/1/2025

117,166

112,000

2.950%, 

4/1/2030

117,324

Panasonic

Corporation

53,000

2.536%, 

7/19/2022

h

53,775

PTC,

Inc.

40,000

3.625%, 

2/15/2025

h

40,600

35,000

4.000%, 

2/15/2028

h

35,919

Qorvo,

Inc.

70,000

3.375%, 

4/1/2031

h

73,808

Rackspace

Technology

Global,

Inc.

75,000

5.375%, 

12/1/2028

g,h

73,687

Salesforce.com,

Inc.

45,000

1.950%, 

7/15/2031

44,787

Seagate

HDD

Cayman

34,000

4.250%, 

3/1/2022

34,298

116,000

3.125%, 

7/15/2029

h

112,184

90,000

3.375%, 

7/15/2031

h

87,750

Sensata

Technologies,

Inc.

110,000

3.750%, 

2/15/2031

h

110,752

Shift4

Payments,

LLC

20,000

4.625%, 

11/1/2026

h

20,875

SS&C

Technologies,

Inc.

150,000

5.500%, 

9/30/2027

h

158,390

Switch,

Ltd.

70,000

3.750%, 

9/15/2028

h

71,050

Tencent

Holdings,

Ltd.

53,000

2.880%, 

4/22/2031

h

54,095

Teradyne,

Inc.,

Convertible

27,000

1.250%, 

12/15/2023

93,285

Texas

Instruments,

Inc.

76,000

1.375%, 

3/12/2025

77,340

Verint

Systems,

Inc.,

Convertible

63,000

0.250%, 

4/15/2026

h

60,859

Viavi

Solutions,

Inc.

55,000

3.750%, 

10/1/2029

h

55,121

Vishay

Intertechnology,

Inc.,

Convertible

130,000

2.250%, 

6/15/2025

133,874

VMware,

Inc.

91,000

1.400%, 

8/15/2026

90,591

31,000

2.200%, 

8/15/2031

30,311

Total

5,703,761

Transportation

(0.5%)

AerCap

Holdings

NV

34,000

5.875%, 

10/10/2079

b

35,479

Air

Canada

15,000

3.875%, 

8/15/2026

h

15,136

Air

Canada

Pass

Through

Trust

13,682

3.875%, 

3/15/2023

h

13,834

Air

Lease

Corporation

32,000

2.300%, 

2/1/2025

32,869

24,000

3.375%, 

7/1/2025

25,487

45,000

3.125%, 

12/1/2030

46,101

Air

Transport

Services

Group,

Inc.,

Convertible

79,000

1.125%, 

10/15/2024

85,050

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Transportation

(0.5%)

-

continued

American

Airlines,

Inc.

$

70,000

11.750%, 

7/15/2025

h

$

86,625

140,000

5.500%, 

4/20/2026

h

147,175

15,000

5.750%, 

4/20/2029

h

16,162

Avis

Budget

Car

Rental,

LLC

60,000

5.375%, 

3/1/2029

h

63,414

Boeing

Company

35,000

1.950%, 

2/1/2024

35,819

CSX

Corporation

45,000

4.250%, 

3/15/2029

51,729

Delta

Air

Lines,

Inc.

41,000

7.000%, 

5/1/2025

h

47,816

95,882

4.500%, 

10/20/2025

h

102,594

89,000

4.750%, 

10/20/2028

h

99,235

Greenbrier

Companies,

Inc.,

Convertible

68,000

2.875%, 

4/15/2028

h

70,958

J.B.

Hunt

Transport

Services,

Inc.

65,000

3.300%, 

8/15/2022

66,268

JetBlue

Airways

Corporation,

Convertible

167,000

0.500%, 

4/1/2026

h

163,634

Meritor,

Inc.,

Convertible

136,000

3.250%, 

10/15/2037

142,598

Mileage

Plus

Holdings,

LLC

107,000

6.500%, 

6/20/2027

h

116,354

Penske

Truck

Leasing

Company,

LP

35,000

1.200%, 

11/15/2025

h

34,594

47,000

1.700%, 

6/15/2026

h

47,257

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

49,118

45,000

2.625%, 

2/10/2030

45,646

Southwest

Airlines

Company,

Convertible

233,000

1.250%, 

5/1/2025

348,044

Union

Pacific

Corporation

62,000

3.750%, 

7/15/2025

67,928

45,000

2.150%, 

2/5/2027

46,614

United

Airlines

Pass

Through

Trust

65,000

3.700%, 

12/1/2022

66,709

United

Airlines,

Inc.

75,000

4.375%, 

4/15/2026

h

76,969

75,000

4.625%, 

4/15/2029

h

77,509

Total

2,324,725

U.S.

Government

&

Agencies

(2.6%)

U.S.

Treasury

Bonds

715,000

1.125%, 

2/15/2031

692,544

U.S.

Treasury

Notes

2,190,000

0.125%, 

2/28/2023

2,188,375

1,510,000

0.125%, 

4/30/2023

1,507,994

2,830,000

0.125%, 

2/15/2024

2,813,750

1,550,000

0.500%, 

3/31/2025

1,541,402

1,590,000

0.500%, 

2/28/2026

1,563,169

870,000

0.500%, 

4/30/2027

841,793

1,550,000

1.125%, 

2/29/2028

1,540,252

Total

12,689,279

Utilities

(0.7%)

AES

Corporation

72,000

3.950%, 

7/15/2030

h

79,173

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Utilities

(0.7%)

-

continued

Ameren

Corporation

$

45,000

1.750%, 

3/15/2028

$

44,102

American

Electric

Power

Company,

Inc.

44,000

2.300%, 

3/1/2030

43,840

Berkshire

Hathaway

Energy

Company

64,000

4.050%, 

4/15/2025

70,375

Calpine

Corporation

105,000

4.500%, 

2/15/2028

h

107,100

CenterPoint

Energy,

Inc.

34,000

2.500%, 

9/1/2024

35,552

67,000

1.450%, 

6/1/2026

67,019

67,000

2.650%, 

6/1/2031

68,416

Dominion

Energy,

Inc.

35,000

3.071%, 

8/15/2024

36,995

135,000

4.650%, 

12/15/2024

b,j

144,625

45,000

3.375%, 

4/1/2030

48,746

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

55,741

22,000

4.875%, 

9/16/2024

b,j

23,512

90,000

3.150%, 

8/15/2027

96,928

44,000

2.450%, 

6/1/2030

44,467

Edison

International

54,000

4.950%, 

4/15/2025

59,457

Enel

Finance

International

NV

93,000

1.375%, 

7/12/2026

h

92,471

Energy

Transfer,

LP

52,000

6.500%, 

11/15/2026

b,j

54,151

Entergy

Corporation

34,000

0.900%, 

9/15/2025

33,432

45,000

1.900%, 

6/15/2028

44,527

Evergy,

Inc.

34,000

2.450%, 

9/15/2024

35,546

Exelon

Corporation

45,000

4.050%, 

4/15/2030

51,000

FirstEnergy

Corporation

66,000

3.350%, 

7/15/2022

66,782

Georgia

Power

Company

32,000

2.100%, 

7/30/2023

32,947

Jersey

Central

Power

&

Light

Company

22,000

2.750%, 

3/1/2032

h

22,537

NextEra

Energy

Capital

Holdings,

Inc.

45,000

2.250%, 

6/1/2030

45,257

NextEra

Energy

Operating

Partners,

LP

100,000

3.875%, 

10/15/2026

h

106,325

NextEra

Energy

Partners,

LP,

Convertible

220,000

Zero

Coupon, 

11/15/2025

h

233,200

NiSource,

Inc.

43,000

5.650%, 

6/15/2023

b,j

45,365

45,000

2.950%, 

9/1/2029

47,026

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

h

34,566

100,000

3.375%, 

2/15/2029

h

98,693

35,000

5.250%, 

6/15/2029

h

37,231

NRG

Energy,

Inc.,

Convertible

118,000

2.750%, 

6/1/2048

138,414

Pacific

Gas

and

Electric

Company

67,000

3.750%, 

2/15/2024

69,890

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Long-Term

Fixed

Income

(32.3%)

Value

Utilities

(0.7%)

-

continued

$

67,000

2.100%, 

8/1/2027

$

65,386

PG&E

Corporation

30,000

5.000%, 

7/1/2028

30,563

Public

Service

Enterprise

Group,

Inc.

45,000

1.600%, 

8/15/2030

42,580

Sempra

Energy

84,000

4.875%, 

10/15/2025

b,j

91,140

67,000

3.400%, 

2/1/2028

72,260

Southern

Company

119,000

4.000%, 

1/15/2051

b

125,791

109,000

3.750%, 

9/15/2051

b

111,049

Suburban

Propane

Partners,

LP

90,000

5.875%, 

3/1/2027

93,825

Talen

Energy

Supply,

LLC

50,000

7.625%, 

6/1/2028

h

46,875

TerraForm

Power

Operating,

LLC

100,000

5.000%, 

1/31/2028

h

107,375

TransCanada

Trust

175,000

5.875%, 

8/15/2076

b,g

196,000

Vistra

Operations

Company,

LLC

90,000

5.000%, 

7/31/2027

h

92,925

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

50,513

Total

3,441,690

Total

Long-Term

Fixed

Income

(cost

$155,986,586)

158,818,600

Shares

Registered

Investment

Companies

(

15.0%

)

Value

Unaffiliated  (0.7%)

17,445

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

72,397

8,527

AllianceBernstein

Global

High

Income

Fund,

Inc.

104,626

6,492

BlackRock

Core

Bond

Trust

107,508

5,699

BlackRock

Corporate

High

Yield

Fund,

Inc.

69,528

7,059

BlackRock

Credit

Allocation

Income

Trust

106,944

118

BlackRock

Enhanced

Equity

Dividend

Trust

1,156

7,636

BlackRock

Enhanced

Global

Dividend

Trust

89,417

5,161

BlackRock

Multi-Sector

Income

Trust

96,562

2,350

Brookfield

Real

Assets

Income

Fund,

Inc.

49,138

7,942

Eaton

Vance

Limited

Duration

Income

Fund

104,676

5,528

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

55,225

9,131

Invesco

Dynamic

Credit

Opportunities

Fund

106,833

28,900

Invesco

Senior

Loan

ETF

638,979

15,850

Nuveen

Credit

Strategies

Income

Fund

103,976

6,813

PGIM

Global

High

Yield

Fund,

Inc.

104,920

6,526

PGIM

High

Yield

Bond

Fund,

Inc.

105,982

1,543

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

32,604

3,750

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

g

410,100

Shares

Registered

Investment

Companies

(15.0%)

Value

Unaffiliated  (0.7%)-

continued

16,775

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

$

459,467

2,197

SPDR

S&P

Biotech

ETF

g

276,185

1,899

Tri-Continental

Corporation

63,389

1,150

Vanguard

Short-Term

Corporate

Bond

ETF

94,771

6,925

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

g

102,698

6,648

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

39,223

12,242

Wells

Fargo

Income

Opportunities

Fund

107,730

16,939

Western

Asset

High

Income

Opportunity

Fund,

Inc.

87,913

Total

3,591,947

Affiliated  (14.3%)

3,115,919

Thrivent

Core

Emerging

Markets

Debt

Fund

30,411,368

3,622,608

Thrivent

Core

International

Equity

Fund

39,558,883

Total

69,970,251

Total

Registered

Investment

Companies

(cost

$68,018,279)

73,562,198

Shares

Preferred

Stock

(

0.9%

)

Value

Communications

Services

(0.1%)

11,000

AT&T,

Inc.,

4.750%

j

290,070

3,500

Telephone

and

Data

Systems,

Inc.

6.000%

j

88,375

1,689

ViacomCBS,

Inc.,

Convertible,

5.750%

g

110,342

Total

488,787

Consumer

Staples

(<0.1%)

1,250

CHS,

Inc.,

7.100%

b,j

35,088

Total

35,088

Energy

(<0.1%)

6,964

Crestwood

Equity

Partners,

LP,

9.250%

j

69,570

1,600

Energy

Transfer,

LP,

7.600%

b,j

40,576

1,536

NuStar

Logistics,

LP,

6.860%

b

38,247

Total

148,393

Financials

(0.4%)

2,750

Aegon

Funding

Corporation

II,

5.100%

72,765

5,700

Allstate

Corporation,

5.100%

j

156,066

2,000

Bank

of

America

Corporation,

5.375%

j

53,860

72

Bank

of

America

Corporation,

Convertible,

7.250%

j

103,854

5,525

Capital

One

Financial

Corporation,

5.000%

j

146,247

2,485

Cobank

ACB,

6.250%

b,j

257,197

5,875

Equitable

Holdings,

Inc.,

5.250%

j

158,801

140

First

Horizon

Bank,

3.750%

b,h,j

119,394

76

GMAC

Capital

Trust

I,

5.910%

b

1,918

4,400

J.P.

Morgan

Chase

&

Company,

4.200%

f,j

111,100

3,650

J.P.

Morgan

Chase

&

Company,

4.750%

j

95,375

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Preferred

Stock

(0.9%)

Value

Financials

(0.4%)

-

continued

3,350

J.P.

Morgan

Chase

&

Company,

5.750%

j

$

91,489

5,880

Morgan

Stanley,

5.850%

b,j

174,224

3,100

Morgan

Stanley,

7.125%

b,j

88,381

775

Synovus

Financial

Corporation,

5.875%

b,j

21,134

5,025

Truist

Financial

Corporation,

4.750%

j

133,414

5,000

Wells

Fargo

&

Company,

4.250%

j

125,200

128

Wells

Fargo

&

Company,

Convertible,

7.50%

j

189,696

Total

2,100,115

Health

Care

(0.1%)

2,416

Becton,

Dickinson

and

Company,

Convertible,

6.000%

g

130,415

1,907

Boston

Scientific

Corporation,

Convertible,

5.500%

221,975

89

Danaher

Corporation,

Convertible,

5.000%

144,391

Total

496,781

Industrials

(0.1%)

154

Fluor

Corporation,

Convertible,

6.500%

h,j

153,707

1,212

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

127,551

Total

281,258

Real

Estate

(<0.1%)

6,150

Public

Storage,

4.125%

j

160,515

1,300

Public

Storage,

4.625%

j

35,464

325

Public

Storage,

4.700%

j

8,814

511

Public

Storage,

4.875%

j

14,012

Total

218,805

Utilities

(0.2%)

1,620

AES

Corporation,

Convertible,

6.875%

g

156,168

1,386

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

66,071

896

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

44,549

5,200

CMS

Energy

Corporation,

4.200%

j

129,792

1,410

Essential

Utilities,

Inc.,

Convertible

6.000%

80,920

3,405

NextEra

Energy,

Inc.,

Convertible,

4.872%

199,567

314

NiSource,

Inc.,

Convertible,

7.750%

32,483

6,725

Southern

Company,

4.950%

177,876

1,444

Southern

Company,

Convertible,

6.750%

73,659

Total

961,085

Total

Preferred

Stock

(cost

$4,562,411)

4,730,312

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

3,033,230

Thrivent

Cash

Management

Trust

$

3,033,230

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,033,230)

3,033,230

Shares

or

Principal

Amount

Short-Term

Investments

(

15.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.030%,

10/8/2021

n,o

99,999

400,000

0.040%,

11/3/2021

n,o

399,985

700,000

0.040%,

11/18/2021

n,o

699,963

300,000

0.020%,

12/28/2021

n,o

299,971

Thrivent

Core

Short-Term

Reserve

Fund

7,284,828

0.120%

72,848,278

Total

Short-Term

Investments

(cost

$74,339,929)

74,348,196

Total

Investments

(cost

$483,328,162)

111.7%

$549,628,231

Other

Assets

and

Liabilities,

Net

(11.7%)

(57,534,489)

Total

Net

Assets

100.0%

$492,093,742

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,

2021.

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

Non-income

producing

security.

g

All

or

a

portion

of

the

security

is

on

loan.

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,

2021,

the

value

of

these

investments

was

$43,465,958

or

8.8%

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,

2021.

j

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.

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

x

m

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,

2021.

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.

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

818,098

Common

Stock

2,125,093

Total

lending

$2,943,191

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,033,230

Net

amounts

due

to

counterparty

$90,039

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

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

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

3,985,759

–

3,128,153

857,606

Capital

Goods

7,305,489

–

5,865,430

1,440,059

Communications

Services

9,726,568

–

9,452,255

274,313

Consumer

Cyclical

7,517,198

–

7,517,198

–

Consumer

Non-Cyclical

9,070,676

–

9,070,676

–

Energy

384,280

–

384,280

–

Financials

2,632,144

–

2,632,144

–

Technology

5,768,205

–

5,768,205

–

Transportation

2,246,839

–

2,246,839

–

Utilities

1,503,347

–

1,182,351

320,996

Common

Stock

Communications

Services

15,689,572

15,684,753

4,819

–

Consumer

Discretionary

21,026,752

20,992,132

34,620

–

Consumer

Staples

7,376,440

7,376,440

–

–

Energy

5,510,691

5,510,691

–

–

Financials

28,234,812

27,800,947

433,865

–

Health

Care

24,849,287

24,849,287

–

–

Industrials

22,860,086

22,460,573

399,513

–

Information

Technology

44,335,366

43,667,374

667,992

–

Materials

5,286,873

5,071,935

214,938

–

Real

Estate

5,739,957

5,739,957

–

–

Utilities

4,085,354

4,085,354

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

9,406,566

–

9,406,566

–

Basic

Materials

2,530,148

–

2,530,148

–

Capital

Goods

4,804,712

–

4,804,712

–

Collateralized

Mortgage

Obligations

12,564,928

–

12,564,928

–

Commercial

Mortgage-Backed

Securities

226,396

–

226,396

–

Communications

Services

6,650,951

–

6,650,951

–

Consumer

Cyclical

9,042,716

–

9,042,716

–

Consumer

Non-Cyclical

8,846,359

–

8,846,359

–

Energy

7,609,795

–

7,609,795

–

Financials

23,010,488

–

23,010,488

–

Foreign

Government

42,971

–

42,971

–

Mortgage-Backed

Securities

49,923,115

–

49,923,115

–

Technology

5,703,761

–

5,703,761

–

Transportation

2,324,725

–

2,324,725

–

U.S.

Government

&

Agencies

12,689,279

–

12,689,279

–

Utilities

3,441,690

–

3,441,690

–

Preferred

Stock

Communications

Services

488,787

488,787

–

–

Consumer

Staples

35,088

35,088

–

–

Energy

148,393

148,393

–

–

Financials

2,100,115

1,980,721

119,394

–

Health

Care

496,781

496,781

–

–

Industrials

281,258

127,551

153,707

–

Real

Estate

218,805

218,805

–

–

Utilities

961,085

961,085

–

–

Registered

Investment

Companies

Unaffiliated

3,591,947

3,591,947

–

–

Short-Term

Investments

1,499,918

–

1,499,918

–

Subtotal

Investments

in

Securities

$403,776,472

$191,288,601

$209,594,897

$2,892,974

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

69,970,251

Affiliated

Short-Term

Investments

72,848,278

Collateral

Held

for

Securities

Loaned

3,033,230

Subtotal

Other

Investments

$145,851,759

Total

Investments

at

Value

$549,628,231

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

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

309,718

309,718

–

–

Total

Asset

Derivatives

$309,718

$309,718

$–

$–

Liability

Derivatives

Futures

Contracts

472,982

472,982

–

–

Total

Liability

Derivatives

$472,982

$472,982

$–

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$1,568,918

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

20

December

2021

$

2,671,148

(

$

38,960)

CBOT

U.S.

Long

Bond

2

December

2021

326,975

(

8,538)

CME

E-mini

S&P

500

Index

6

December

2021

1,343,309

(

53,984)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

27

December

2021

5,347,243

(

188,556)

ICE

mini

MSCI

EAFE

Index

31

December

2021

3,673,285

(

159,435)

Ultra

10-Yr.

U.S.

Treasury

Note

9

December

2021

1,330,759

(

23,509)

Total

Futures

Long

Contracts

$

14,692,719

(

$

472,982)

CBOT

2-Yr.

U.S.

Treasury

Note

(12)

December

2021

(

$

2,642,254)

$

1,598

CBOT

5-Yr.

U.S.

Treasury

Note

(11)

December

2021

(

1,359,159)

8,995

CME

E-mini

Russell

2000

Index

(112)

December

2021

(

12,552,150)

227,670

CME

E-mini

S&P

Mid-Cap

400

Index

(10)

December

2021

(

2,704,654)

71,455

Total

Futures

Short

Contracts

(

$

19,258,217)

$309,718

Total

Futures

Contracts

(

$

4,565,498)

($163,264)

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$31,280

$986

$–

$30,411

3,116

6.2%

Core

International

Equity

48,941

–

13,800

39,559

3,623

8.1

Total

Affiliated

Registered

Investment

Companies

80,221

69,970

14.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

37,558

207,472

172,182

72,848

7,285

14.8

Total

Affiliated

Short-Term

Investments

37,558

72,848

14.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,697

43,297

42,961

3,033

3,033

0.6

Total

Collateral

Held

for

Securities

Loaned

2,697

3,033

0.6

Total

Value

$120,476

$145,851

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(1,855)

$

–

$985

Core

International

Equity

756

3,662

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

14

(14)

–

68

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,053

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

Value

$770

$1,793

$

–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Bank

Loans

(

9.4%

)

a

Value

Basic

Materials

(0.7%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

135,450

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

135,168

Flexsys,

Inc./Ohio,

Term

Loan

945,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

940,275

Hexion,

Inc.,

Term

Loan

490,301

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

490,301

INEOS

US

Petrochem,

LLC,

Term

Loan

758,100

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

758,100

Innophos

Holdings,

Inc.,

Term

Loan

492,500

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

493,116

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

454,538

3.340%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

453,542

Nouryon

USA,

LLC,

Term

Loan

985,581

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

978,436

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

868,743

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

866,753

Sparta

US

HoldCo,

LLC,

Term

Loan

140,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/2/2028

b

140,175

Venator

Finance

SARL,

Term

Loan

565,581

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

557,335

Total

5,813,201

Capital

Goods

(1.3%)

Bingo

Industries,

Ltd.,

Term

Loan

345,000

4.000%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,e

344,137

Flex

Acquisition

Company,

Inc.,

Term

Loan

988,294

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

982,009

194,513

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

194,053

Gemini

HDPE,

LLC,

Term

Loan

698,618

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

698,618

GFL

Environmental,

Inc.,

Term

Loan

764,225

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

765,180

Grinding

Media,

Inc.,

Term

Loan

955,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

956,194

Groupe

Solmax,

Inc.,

Term

Loan

400,000

0.000%, 

(LIBOR

1M

+

4.750%),

7/23/2028

b,c,d

399,168

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Capital

Goods

(1.3%)

-

continued

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

$

575,000

5.000%, 

(LIBOR

1M

+

4.500%),

7/30/2028

b,e

$

575,719

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

698,872

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

683,909

Natgasoline,

LLC,

Term

Loan

583,500

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,e

582,041

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

496,250

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

492,528

Quikrete

Holdings

Inc.,

Term

Loan

565,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

562,955

RLG

Holdings,

LLC,

Delayed

Draw

103,797

3.131%, 

(LIBOR

3M

+

2.125%),

7/8/2028

b,c,d

103,863

RLG

Holdings,

LLC,

Term

Loan

410,000

5.000%, 

(LIBOR

3M

+

4.250%),

7/8/2028

b

410,258

TransDigm,

Inc.,

Term

Loan

1,734,112

2.334%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,712,436

TricorBraun

Holdings,

Inc.,

Delayed

Draw

163,288

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

162,289

TricorBraun

Holdings,

Inc.,

Term

Loan

724,757

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

720,321

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

72,500

0.000%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,c,d

72,575

Trident

TPI

Holdings,

Inc.,

Term

Loan

502,500

4.500%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,c,d

503,023

Waterlogic

USA

Holdings,

Inc.

Term

Loan

515,000

0.000%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b,c,d

514,681

Total

11,435,957

Communications

Services

(1.8%)

Allen

Media,

LLC,

Delayed

Draw

219,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

218,658

Allen

Media,

LLC,

Term

Loan

241,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

240,624

Altice

France

SA,

Term

Loan

430,875

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

423,516

Cablevision

Lightpath,

LLC,

Term

Loan

709,638

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

710,170

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Communications

Services

(1.8%)

-

continued

CCI

Buyer,

Inc.,

Term

Loan

$

184,075

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

$

184,574

CommScope,

Inc.,

Term

Loan

1,244,600

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,237,083

DIRECTV

Financing,

LLC,

Term

Loan

1,070,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

1,070,332

E.W.

Scripps

Company,

Term

Loan

307,963

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

308,391

Entercom

Media

Corporation,

Term

Loan

665,503

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

655,108

iHeartCommunications,

Inc.,

Term

Loan

511,359

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

507,417

Indy

US

Bidco,

LLC,

Term

Loan

437,800

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

438,584

Meredith

Corporation,

Term

Loan

613,784

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

626,060

Metronet

Systems

Holdings,

LLC,

Term

Loan

637,292

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

637,770

NEP

Group,

Inc.,

Term

Loan

977,424

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

939,138

Nexstar

Media,

Inc.,

Term

Loan

1,109,164

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,107,500

ORBCOMM,

Inc.,

Term

Loan

505,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

504,157

Radiate

Holdco,

LLC,

Term

Loan

1,682,287

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,679,865

Terrier

Media

Buyer,

Inc.,

Term

Loan

923,025

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

920,717

Univision

Communications,

Inc.,

Term

Loan

470,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/21/2028

b,c,d

468,910

Voyage

Australia

Property,

Ltd.,

Term

Loan

480,000

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

479,400

WideOpenWest

Finance,

LLC,

Term

Loan

617,634

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

617,374

Xplornet

Communications,

Inc.,

Term

Loan

731,864

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

730,949

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Communications

Services

(1.8%)

-

continued

$

505,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

$

503,737

445,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

440,550

Total

15,650,584

Consumer

Cyclical

(1.5%)

ACProducts

Holdings,

Inc.,

Term

Loan

892,763

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

890,691

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

64,375

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

64,552

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

515,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

516,416

American

Trailer

World

Corporation,

Term

Loan

573,562

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

570,551

Caesars

Resort

Collection,

LLC,

Term

Loan

425,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b,c,d

425,153

Carnival

Corporation,

Term

Loan

467,632

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

464,565

Cengage

Learning,

Inc.,

Term

Loan

940,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

945,452

CP

Atlas

Buyer,

Inc.,

Term

Loan

582,075

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

579,892

Golden

Entertainment,

Inc.,

Term

Loan

1,246,061

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,241,389

Golden

Nugget,

LLC,

Term

Loan

700,658

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

696,965

LCPR

Loan

Financing,

LLC,

Term

Loan

600,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

600,000

Michaels

Companies,

Inc.,

Term

Loan

937,650

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

938,072

Raptor

Acquisition

Corporation,

Term

Loan

320,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

320,880

Scientific

Games

International,

Inc.,

Term

Loan

2,482,748

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

2,470,657

Staples,

Inc.,

Term

Loan

264,221

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

256,582

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Consumer

Cyclical

(1.5%)

-

continued

$

438,332

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

$

417,213

Tenneco,

Inc.,

Term

Loan

704,704

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

697,805

Truck

Hero,

Inc.,

Term

Loan

159,200

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

158,769

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

518,950

1.834%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

515,141

Total

12,770,745

Consumer

Non-Cyclical

(1.6%)

Adient

US,

LLC,

Term

Loan

249,375

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

249,270

Bausch

Health

Americas,

Inc.,

Term

Loan

1,237,134

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,235,278

Blue

Ribbon,

LLC,

Term

Loan

636,938

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

624,199

Chobani,

LLC,

Term

Loan

366,300

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

366,824

City

Brewing

Company,

LLC,

Term

Loan

365,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

361,197

CNT

Holdings

I

Corporation,

Term

Loan

472,625

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

472,923

135,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

137,025

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

447,750

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

437,053

Gainwell

Acquisition

Corporation,

Term

Loan

935,288

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

936,654

Global

Medical

Response,

Inc.,

Term

Loan

235,812

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

236,520

2,255,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

2,261,765

2,153,725

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

2,160,186

Herens

US

Holdco

Corporation,

Term

Loan

872,813

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

875,152

Mamba

Purchaser,

Inc.,

Term

Loan

90,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

90,000

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Ortho-Clinical

Diagnostics

SA,

Term

Loan

$

1,092,385

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

$

1,091,020

PetSmart,

LLC,

Term

Loan

1,125,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,126,609

Precision

Medicine

Group,

LLC,

Delayed

Draw

91,731

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

91,692

Precision

Medicine

Group,

LLC,

Term

Loan

697,995

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

697,701

Sotera

Health

Holdings,

LLC,

Term

Loan

457,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

455,478

Total

13,906,546

Energy

(0.2%)

Calpine

Corporation,

Term

Loan

918,062

2.590%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

915,611

GIP

II

Blue

Holding

LP,

Term

Loan

715,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

713,663

Lealand

Finance

Company

BV,

Term

Loan

213,219

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

95,096

Total

1,724,370

Financials

(0.5%)

Asurion,

LLC,

Term

Loan

307,675

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

302,949

995,737

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

980,552

630,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

627,770

480,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

477,480

Digicel

International

Finance,

Ltd.,

Term

Loan

701,348

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

676,366

NCR

Corporation,

Term

Loan

830,875

2.630%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b

821,528

Tiger

Acquisition,

LLC,

Term

Loan

310,000

3.750%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

308,741

Total

4,195,386

Technology

(1.0%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

756,555

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

740,221

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Technology

(1.0%)

-

continued

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

$

733,253

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

$

737,528

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

802,988

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

803,654

Gridiron

Fiber

Corporation,

Term

Loan

345,000

0.000%, 

(LIBOR

1M

+

4.500%),

8/23/2028

b,c,d

334,867

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

459,422

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

458,466

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,104,425

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

2,101,311

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,353,200

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,342,902

Redstone

Holdco

2

LP,

Term

Loan

461,313

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

453,240

263,037

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

255,803

SS&C

Technologies,

Inc.,

Term

Loan

105,321

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

104,176

76,706

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

75,873

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,416,355

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,403,141

Total

8,811,182

Transportation

(0.5%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,590,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

1,643,217

Air

Canada,

Term

Loan

329,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

330,096

Genesee

&

Wyoming,

Inc.,

Term

Loan

980,075

2.132%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

973,616

Hertz

Corporation,

Term

Loan

249,375

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

249,415

47,115

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

47,123

SkyMiles

IP,

Ltd.,

Term

Loan

950,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

1,009,793

Principal

Amount

Bank

Loans

(9.4%)

a

Value

Transportation

(0.5%)

-

continued

United

Airlines,

Inc.,

Term

Loan

$

477,600

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

$

480,532

Total

4,733,792

Utilities

(0.3%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

84,638

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

84,638

CQP

Holdco

LP,

Term

Loan

1,127,175

4.250%, 

(LIBOR

1M

+

3.750%),

6/4/2028

b

1,123,422

EnergySolutions,

LLC,

Term

Loan

399,952

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

398,952

Exgen

Renewables

IV,

LLC,

Term

Loan

285,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

284,644

Osmose

Utilities

Services,

Inc.,

Term

Loan

200,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

199,126

PG&E

Corporation,

Term

Loan

468,708

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

460,360

Total

2,551,142

Total

Bank

Loans

(cost

$81,444,145)

81,592,905

Principal

Amount

Long-Term

Fixed

Income

(

55.3%

)

Value

Asset-Backed

Securities

(3.2%)

510

Asset

Backed

Trust

600,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

g,h

599,680

550,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

g,h

549,252

522

Funding

CLO,

Ltd.

1,000,000

2.534%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,g

1,000,026

950,000

3.988%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,g

950,517

Anchorage

Capital

CLO

21,

Ltd.

875,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,g

875,000

Arch

Street

CLO,

Ltd.

975,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,g

971,811

Ares

LVII

CLO,

Ltd.

950,000

4.475%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,g

950,745

Babson

CLO,

Ltd.

1,780,000

3.034%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

1,747,154

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Asset-Backed

Securities

(3.2%)

-

continued

Bardot

CLO,

Ltd.

$

1,250,000

2.015%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,d,g

$

1,250,000

Benefit

Street

Partners

CLO

II,

Ltd.

750,000

2.026%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,g

743,014

Benefit

Street

Partners

CLO,

Ltd.

400,000

2.259%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

b,g

400,247

Cent

CLO,

LP

1,700,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

1,700,330

Colony

American

Finance,

Ltd.

950,000

2.239%, 

3/26/2029,

Ser.

2021-RTL1,

Class

A1

g,h

951,597

Conn's

Receivables

Funding

61,221

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

g

61,262

Dryden

36

Senior

Loan

Fund

750,000

2.176%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

750,075

Foundation

Finance

Trust

146,062

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

147,766

Galaxy

XIX

CLO,

Ltd.

350,000

1.975%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,g

350,027

Goldentree

Loan

Management

US

CLO

8,

Ltd.

1,000,000

2.090%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,g

1,000,185

Harley

Marine

Financing,

LLC

1,207,538

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,180,242

Longfellow

Place

CLO,

Ltd.

1,550,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,g

1,550,043

Neuberger

Berman

CLO,

Ltd.

1,225,000

3.126%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,g

1,225,003

OCP

CLO,

Ltd.

925,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,g

924,999

Octagon

Investment

Partners

50,

Ltd.

1,200,000

4.426%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,g

1,200,482

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

2.384%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

1,000,317

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Asset-Backed

Securities

(3.2%)

-

continued

Preston

Ridge

Partners

Mortgage

Trust,

LLC

$

325,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

g,h

$

324,534

Saxon

Asset

Securities

Trust

399,056

3.474%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

394,892

TCI-Flatiron

CLO,

Ltd.

2,435,000

2.334%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,g

2,439,135

THL

Credit

Wind

River

CLO,

Ltd.

1,250,000

2.976%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

1,249,990

VCAT

Asset

Securitization,

LLC

250,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

250,062

Wind

River

CLO,

Ltd.

725,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,g

725,265

Total

27,463,652

Basic

Materials

(1.1%)

Alcoa

Nederland

Holding

BV

420,000

5.500%, 

12/15/2027

g

450,492

Anglo

American

Capital

plc

98,000

2.250%, 

3/17/2028

g

97,411

BWAY

Holding

Company

240,000

5.500%, 

4/15/2024

g

242,100

Chemours

Company

290,000

5.750%, 

11/15/2028

g

303,688

Cleveland-Cliffs,

Inc.

250,000

5.875%, 

6/1/2027

258,750

160,000

4.625%, 

3/1/2029

g

163,400

160,000

4.875%, 

3/1/2031

g

165,200

Consolidated

Energy

Finance

SA

285,000

6.875%, 

6/15/2025

g

294,975

421,000

5.625%, 

10/15/2028

d,g

421,000

DuPont

de

Nemours,

Inc.

97,000

4.725%, 

11/15/2028

114,065

First

Quantum

Minerals,

Ltd.

470,000

7.500%, 

4/1/2025

g

482,140

90,000

6.875%, 

10/15/2027

g

95,175

Freeport-McMoRan,

Inc.

360,000

4.125%, 

3/1/2028

373,050

390,000

4.250%, 

3/1/2030

412,912

Glencore

Funding,

LLC

147,000

4.000%, 

3/27/2027

g

161,661

Hecla

Mining

Company

120,000

7.250%, 

2/15/2028

129,259

Hudbay

Minerals,

Inc.

280,000

4.500%, 

4/1/2026

g

277,200

Ingevity

Corporation

430,000

3.875%, 

11/1/2028

g

428,925

Kraton

Polymers,

LLC

380,000

4.250%, 

12/15/2025

g

397,100

LYB

International

Finance

III,

LLC

137,000

1.250%, 

10/1/2025

136,883

Mercer

International,

Inc.

270,000

5.125%, 

2/1/2029

275,737

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Basic

Materials

(1.1%)

-

continued

Mosaic

Company

$

55,000

3.250%, 

11/15/2022

$

56,573

147,000

4.050%, 

11/15/2027

165,186

Novelis

Corporation

110,000

3.250%, 

11/15/2026

g

111,560

160,000

4.750%, 

1/30/2030

g

168,432

110,000

3.875%, 

8/15/2031

g

108,796

Nutrien,

Ltd.

98,000

4.000%, 

12/15/2026

109,374

OCI

NV

218,000

4.625%, 

10/15/2025

g

228,900

Olin

Corporation

500,000

5.125%, 

9/15/2027

519,375

SCIH

Salt

Holdings,

Inc.

275,000

4.875%, 

5/1/2028

g

276,375

Southern

Copper

Corporation

194,000

3.875%, 

4/23/2025

209,908

SPCM

SA

286,000

3.375%, 

3/15/2030

g

285,778

SunCoke

Energy,

Inc.

180,000

4.875%, 

6/30/2029

g

179,325

Syngenta

Finance

NV

195,000

5.182%, 

4/24/2028

g

219,105

Unifrax

Escrow

Issuer

Corporation

261,000

5.250%, 

9/30/2028

g

264,263

United

States

Steel

Corporation

474,000

6.875%, 

3/1/2029

505,386

Venator

Finance

SARL

290,000

5.750%, 

7/15/2025

g

274,050

Westlake

Chemical

Corporation

98,000

3.600%, 

8/15/2026

107,599

Xstrata

Finance

Canada,

Ltd.

163,000

4.950%, 

11/15/2021

g

163,535

Total

9,634,643

Capital

Goods

(1.9%)

AECOM

450,000

5.125%, 

3/15/2027

498,375

Amsted

Industries,

Inc.

315,000

5.625%, 

7/1/2027

g

328,709

Ardagh

Packaging

Finance

plc

295,000

5.250%, 

8/15/2027

g

300,311

Boeing

Company

255,000

4.875%, 

5/1/2025

283,792

166,000

2.196%, 

2/4/2026

167,224

147,000

3.250%, 

3/1/2028

153,854

196,000

5.150%, 

5/1/2030

230,043

Bombardier,

Inc.

80,000

7.125%, 

6/15/2026

g

84,000

290,000

7.875%, 

4/15/2027

g

300,650

245,000

6.000%, 

2/15/2028

g

247,756

Brand

Industrial

Services,

Inc.

140,000

8.500%, 

7/15/2025

g

140,525

Builders

FirstSource,

Inc.

185,000

5.000%, 

3/1/2030

g

197,142

BWAY

Holding

Company

290,000

7.250%, 

4/15/2025

g

288,232

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

152,080

Caterpillar

Financial

Services

Corporation

111,000

1.450%, 

5/15/2025

113,121

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Capital

Goods

(1.9%)

-

continued

Chart

Industries,

Inc.,

Convertible

$

232,000

1.000%, 

11/15/2024

g

$

757,335

CNH

Industrial

Capital,

LLC

67,000

1.950%, 

7/2/2023

68,486

Coinbase

Global,

Inc.

75,000

3.375%, 

10/1/2028

g

72,062

Cornerstone

Building

Brands,

Inc.

390,000

6.125%, 

1/15/2029

g

414,560

Covanta

Holding

Corporation

280,000

6.000%, 

1/1/2027

290,256

95,000

5.000%, 

9/1/2030

95,950

CP

Atlas

Buyer,

Inc.

250,000

7.000%, 

12/1/2028

g

250,625

Crown

Americas

Capital

Corporation

IV

70,000

4.500%, 

1/15/2023

73,430

Crown

Cork

&

Seal

Company,

Inc.

410,000

7.375%, 

12/15/2026

506,350

General

Electric

Company

495,000

3.446%, 

(LIBOR

3M

+

3.330%),

12/15/2021

b,i

484,481

98,000

3.625%, 

5/1/2030

108,897

GFL

Environmental,

Inc.

233,000

4.000%, 

8/1/2028

g

231,253

280,000

3.500%, 

9/1/2028

g

281,750

H&E

Equipment

Services,

Inc.

486,000

3.875%, 

12/15/2028

g

484,105

Howmet

Aerospace,

Inc.

12,000

6.875%, 

5/1/2025

14,040

281,000

3.000%, 

1/15/2029

283,417

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

165,921

JELD-WEN,

Inc.

340,000

4.625%, 

12/15/2025

g

345,212

John

Deere

Capital

Corporation

147,000

1.500%, 

3/6/2028

146,036

KBR,

Inc.,

Convertible

457,000

2.500%, 

11/1/2023

732,343

Meritage

Homes

Corporation

146,000

3.875%, 

4/15/2029

g

153,300

Meritor,

Inc.

200,000

4.500%, 

12/15/2028

g

200,500

Nesco

Holdings

II,

Inc.

185,000

5.500%, 

4/15/2029

g

191,882

New

Enterprise

Stone

and

Lime

Company,

Inc.

370,000

5.250%, 

7/15/2028

d,g

374,163

Otis

Worldwide

Corporation

172,000

2.056%, 

4/5/2025

177,728

Owens-Brockway

Glass

Container,

Inc.

250,000

5.875%, 

8/15/2023

g

264,375

Pactiv

Evergreen

Group

225,000

4.375%, 

10/15/2028

g

225,844

Parker-Hannifin

Corporation

97,000

2.700%, 

6/14/2024

101,804

Patrick

Industries,

Inc.,

Convertible

149,000

1.000%, 

2/1/2023

168,556

PGT

Innovations,

Inc.

298,000

4.375%, 

10/1/2029

g

300,235

Raytheon

Technologies

Corporation

98,000

4.125%, 

11/16/2028

111,542

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Capital

Goods

(1.9%)

-

continued

Republic

Services,

Inc.

$

98,000

3.950%, 

5/15/2028

$

110,557

Roper

Technologies,

Inc.

117,000

2.350%, 

9/15/2024

122,503

Siemens

Financieringsmaatschappij

NV

147,000

1.700%, 

3/11/2028

g

146,474

SRM

Escrow

Issuer,

LLC

435,000

6.000%, 

11/1/2028

g

460,556

Standard

Industries,

Inc.

380,000

4.375%, 

7/15/2030

g

387,600

Sunpower

Corporation,

Convertible

143,000

4.000%, 

1/15/2023

174,984

Textron,

Inc.

147,000

3.650%, 

3/15/2027

161,175

Titan

Acquisition,

Ltd.

125,000

7.750%, 

4/15/2026

g

127,716

TransDigm,

Inc.

220,000

6.250%, 

3/15/2026

g

229,350

820,000

5.500%, 

11/15/2027

842,550

70,000

4.625%, 

1/15/2029

69,878

United

Rentals

North

America,

Inc.

340,000

4.875%, 

1/15/2028

359,462

240,000

4.000%, 

7/15/2030

249,000

United

Technologies

Corporation

146,000

3.950%, 

8/16/2025

160,791

Victors

Merger

Corporation

178,000

6.375%, 

5/15/2029

g

170,435

W.W.

Grainger,

Inc.

115,000

1.850%, 

2/15/2025

118,530

Waste

Pro

USA,

Inc.

140,000

5.500%, 

2/15/2026

g

141,400

WESCO

Distribution,

Inc.

400,000

7.250%, 

6/15/2028

g

443,000

Total

16,038,213

Collateralized

Mortgage

Obligations

(5.3%)

Alternative

Loan

Trust

441,222

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

345,004

Banc

of

America

Alternative

Loan

Trust

648,551

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

648,992

Banc

of

America

Mortgage

Securities

Trust

424,083

2.444%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

429,801

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

35,928

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

36,897

Bellemeade

Re,

Ltd.

896,075

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

896,642

Business

Jet

Securities,

LLC

386,044

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

g

391,048

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Collateralized

Mortgage

Obligations

(5.3%)

-

continued

CHL

Mortgage

Pass-Through

Trust

$

759,817

2.759%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

$

703,897

304,441

2.664%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

319,968

958,801

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

716,235

CIM

Trust

455,794

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

478,650

Citigroup

Mortgage

Loan

Trust,

Inc.

119,092

2.604%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

117,057

975,420

2.901%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

981,166

Countrywide

Alternative

Loan

Trust

471,967

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

466,567

219,662

2.842%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

212,651

190,994

2.856%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

189,441

259,151

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

248,448

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

321,542

2.580%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

308,052

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

712,157

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

726,649

Eagle

Re,

Ltd.

812,112

1.886%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

813,533

Federal

Home

Loan

Mortgage

Corporation

1,889,831

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

218,853

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

4,839,601

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

413,731

327,924

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

j

3,424

425,821

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

j

16,117

1,509,643

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

74,729

1,220,732

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

68,112

1,882,419

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

j

107,307

553,342

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

j

27,030

1,242,952

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

j

65,229

1,801,252

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

j

92,330

1,712,444

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

198,991

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Collateralized

Mortgage

Obligations

(5.3%)

-

continued

$

1,072,777

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

$

104,621

2,122,686

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

151,378

Federal

National

Mortgage

Association

-

REMIC

2,487,712

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

124,925

1,615,299

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

72,621

2,989,659

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

128,702

1,581,871

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

j

93,285

4,258,724

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

257,029

2,171,805

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

104,994

1,155,165

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

56,340

2,932,602

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

143,533

831,050

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

j

33,870

1,570,577

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

87,639

568,127

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

j

33,487

2,144,439

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

103,182

1,450,131

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

143,678

12,954,127

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

j

830,945

7,096,474

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

j

378,777

First

Horizon

Alternative

Mortgage

Securities

Trust

208,456

2.454%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

198,270

185,213

2.556%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

181,780

Flagstar

Mortgage

Trust

500,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,g

514,375

Genworth

Mortgage

Insurance

Corporation

750,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,g

755,625

725,000

1.950%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,g

726,791

GMAC

Mortgage

Corporation

Loan

Trust

372,255

3.132%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

366,055

Government

National

Mortgage

Association

471,464

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

j

25,283

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Collateralized

Mortgage

Obligations

(5.3%)

-

continued

Homeward

Opportunities

Fund

I

Trust

$

1,000,000

5.684%, 

11/25/2058,

Ser.

2018-2,

Class

B2

b,g

$

1,012,586

IndyMac

IMJA

Mortgage

Loan

Trust

613,101

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

387,010

IndyMac

INDX

Mortgage

Loan

Trust

1,614,561

0.506%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

1,551,249

J.P.

Morgan

Alternative

Loan

Trust

505,025

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

396,650

J.P.

Morgan

Mortgage

Trust

86,895

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

95,054

375,565

2.861%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

326,758

Legacy

Mortgage

Asset

Trust

1,079,622

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

1,086,292

Master

Asset

Securitization

Trust

629,393

0.586%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

121,252

MASTR

Alternative

Loans

Trust

233,857

0.536%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

31,467

Merrill

Lynch

Alternative

Note

Asset

Trust

294,573

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

178,517

Merrill

Lynch

Mortgage

Investors

Trust

716,104

2.989%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

458,306

Palmer

Square

Loan

Funding,

Ltd.

1,250,000

1.921%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,g

1,250,901

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,229,571

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

1,232,663

912,863

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

916,312

609,292

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

613,197

Pretium

Mortgage

Credit

Partners,

LLC

950,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

g,h

948,850

1,000,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

g,h

998,009

Radnor

RE,

Ltd.

1,700,000

2.786%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,g

1,713,904

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Collateralized

Mortgage

Obligations

(5.3%)

-

continued

Renaissance

Home

Equity

Loan

Trust

$

1,155,858

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

$

676,233

Residential

Accredit

Loans,

Inc.

Trust

467,225

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

459,479

215,782

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

215,500

288,087

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

280,792

460,392

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

442,210

282,116

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

277,188

Residential

Asset

Securitization

Trust

402,551

2.029%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

413,874

1,004,857

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,049,613

Residential

Funding

Mortgage

Security

I

Trust

595,046

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

572,906

Sequoia

Mortgage

Trust

521,731

2.883%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

408,330

Silver

Hill

Trust

710,016

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

723,484

Stanwich

Mortgage

Loan

Trust

56,250

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

56,331

Starwood

Mortgage

Residential

Trust

1,175,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

1,206,139

Structured

Adjustable

Rate

Mortgage

Loan

Trust

199,368

2.775%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

186,919

129,940

3.191%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

103,710

Structured

Asset

Mortgage

Investments,

Inc.

430,220

0.706%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

418,785

Toorak

Mortgage

Corporation,

Ltd.

671,605

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

674,000

1,250,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

1,255,746

Vericrest

Opportunity

Loan

Transferee

950,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

g,h

950,578

1,150,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

g,h

1,150,329

790,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

g,h

789,523

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Collateralized

Mortgage

Obligations

(5.3%)

-

continued

$

225,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

g,h

$

224,812

400,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

g,h

399,959

1,250,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

g,h

1,249,152

WaMu

Mortgage

Pass

Through

Certificates

526,910

1.513%, 

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

515,859

Washington

Mutual

Mortgage

Pass

Through

Certificates

663,778

7.000%, 

4/25/2037,

Ser.

2007-2,

Class

1A1

377,899

Washington

Mutual

Mortgage

Pass-Through

Certificates

327,401

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

326,978

ZH

Trust

Revolving

Single

Family

Home

Notes

930,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

g

930,297

675,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

d,g

674,999

Total

46,264,337

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

950,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

955,895

Total

955,895

Communications

Services

(2.6%)

Altice

France

SA

135,000

8.125%, 

2/1/2027

g

145,260

100,000

5.500%, 

1/15/2028

g

101,672

290,000

5.125%, 

7/15/2029

g

284,338

373,000

5.500%, 

10/15/2029

d,g

369,226

AMC

Networks,

Inc.

345,000

4.250%, 

2/15/2029

343,275

American

Tower

Corporation

96,000

3.375%, 

5/15/2024

102,274

195,000

4.400%, 

2/15/2026

217,833

96,000

1.450%, 

9/15/2026

95,554

147,000

3.800%, 

8/15/2029

163,008

AT&T,

Inc.

190,000

4.450%, 

4/1/2024

205,865

195,000

1.700%, 

3/25/2026

197,414

147,000

4.300%, 

2/15/2030

168,694

Cable

One,

Inc.,

Convertible

486,000

1.125%, 

3/15/2028

g,k

493,110

CCO

Holdings,

LLC

285,000

5.500%, 

5/1/2026

g

293,915

460,000

5.125%, 

5/1/2027

g

479,003

460,000

4.750%, 

3/1/2030

g

480,918

360,000

4.250%, 

1/15/2034

g

356,625

Cengage

Learning,

Inc.

410,000

9.500%, 

6/15/2024

g

419,569

Charter

Communications

Operating,

LLC

170,000

4.500%, 

2/1/2024

183,924

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Communications

Services

(2.6%)

-

continued

$

104,000

4.908%, 

7/23/2025

$

116,961

147,000

5.050%, 

3/30/2029

172,120

Clear

Channel

Worldwide

Holdings,

Inc.

350,000

7.750%, 

4/15/2028

g

368,375

Comcast

Corporation

38,000

3.700%, 

4/15/2024

40,869

117,000

3.950%, 

10/15/2025

129,790

117,000

2.350%, 

1/15/2027

122,717

245,000

3.400%, 

4/1/2030

269,828

Consolidated

Communications,

Inc.

160,000

5.000%, 

10/1/2028

g

165,200

Crown

Castle

International

Corporation

98,000

3.800%, 

2/15/2028

107,768

CSC

Holdings,

LLC

540,000

5.375%, 

2/1/2028

g

564,300

395,000

4.125%, 

12/1/2030

g

387,594

Cumulus

Media

New

Holdings,

Inc.

260,000

6.750%, 

7/1/2026

g,k

269,100

Deutsche

Telekom

International

Finance

BV

105,000

2.485%, 

9/19/2023

g

108,649

DIRECTV

Holdings,

LLC

90,000

5.875%, 

8/15/2027

g

93,937

Discovery

Communications,

LLC

114,000

2.950%, 

3/20/2023

117,934

DISH

DBS

Corporation

250,000

7.375%, 

7/1/2028

265,119

Entercom

Media

Corporation

250,000

6.500%, 

5/1/2027

g

255,710

Fox

Corporation

157,000

4.030%, 

1/25/2024

168,451

97,000

4.709%, 

1/25/2029

112,999

Front

Range

BidCo,

Inc.

380,000

4.000%, 

3/1/2027

g

378,187

250,000

6.125%, 

3/1/2028

g

253,445

Frontier

Communications

Corporation

230,000

5.875%, 

10/15/2027

g

244,375

GCI,

LLC

290,000

4.750%, 

10/15/2028

g

304,443

Gray

Television,

Inc.

270,000

4.750%, 

10/15/2030

g

265,275

Hughes

Satellite

Systems

Corporation

150,000

6.625%, 

8/1/2026

170,554

iHeartCommunications,

Inc.

290,000

4.750%, 

1/15/2028

g

298,845

LCPR

Senior

Secured

Financing

DAC

250,000

6.750%, 

10/15/2027

g

265,000

Level

3

Financing,

Inc.

480,000

4.625%, 

9/15/2027

g

493,824

285,000

4.250%, 

7/1/2028

g

287,203

Liberty

Interactive,

LLC,

Convertible

172,000

3.500%, 

1/15/2031

211,105

Ligado

Networks,

LLC

151,332

0.000%,PIK

15.500%,

11/1/2023

f,g

146,792

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Communications

Services

(2.6%)

-

continued

NBN

Company,

Ltd.

$

171,000

2.625%, 

5/5/2031

g

$

173,485

Netflix,

Inc.

111,000

5.875%, 

2/15/2025

126,510

735,000

4.875%, 

4/15/2028

847,087

97,000

5.875%, 

11/15/2028

118,864

Nexstar

Escrow

Corporation

400,000

5.625%, 

7/15/2027

g

423,190

NTT

Finance

Corporation

117,000

1.162%, 

4/3/2026

g

116,330

Omnicom

Group,

Inc.

147,000

4.200%, 

6/1/2030

168,073

Radiate

Holdco,

LLC

155,000

6.500%, 

9/15/2028

g

158,047

Scripps

Escrow

II,

Inc.

150,000

5.375%, 

1/15/2031

g

147,473

Scripps

Escrow,

Inc.

185,000

5.875%, 

7/15/2027

g

189,856

SFR

Group

SA

286,000

7.375%, 

5/1/2026

g

296,754

Sinclair

Television

Group,

Inc.

430,000

5.500%, 

3/1/2030

g

426,517

Sirius

XM

Radio,

Inc.

375,000

5.000%, 

8/1/2027

g

391,875

200,000

4.000%, 

7/15/2028

g

203,375

Sprint

Capital

Corporation

595,000

6.875%, 

11/15/2028

761,600

295,000

8.750%, 

3/15/2032

440,689

Sprint

Corporation

960,000

7.625%, 

2/15/2025

1,122,221

Telesat

Canada

150,000

4.875%, 

6/1/2027

g

138,000

55,000

6.500%, 

10/15/2027

g

47,669

Terrier

Media

Buyer,

Inc.

210,000

8.875%, 

12/15/2027

g

222,050

T-Mobile

USA,

Inc.

113,000

3.500%, 

4/15/2025

121,736

196,000

3.875%, 

4/15/2030

216,416

40,000

2.875%, 

2/15/2031

40,340

United

States

Cellular

Corporation

250,000

6.700%, 

12/15/2033

309,855

Uniti

Fiber

Holdings,

Inc.,

Convertible

133,000

4.000%, 

6/15/2024

g

164,837

Uniti

Group,

LP

90,000

4.750%, 

4/15/2028

g

91,913

230,000

6.500%, 

2/15/2029

g

236,593

Univision

Communications,

Inc.

230,000

6.625%, 

6/1/2027

g

249,838

VeriSign,

Inc.

210,000

4.750%, 

7/15/2027

220,899

Verizon

Communications,

Inc.

195,000

2.100%, 

3/22/2028

197,943

147,000

3.150%, 

3/22/2030

157,210

98,000

2.550%, 

3/21/2031

99,204

220,000

2.355%, 

3/15/2032

g

217,568

Viacom,

Inc.

118,000

5.875%, 

2/28/2057

b

119,481

Viasat,

Inc.

410,000

5.625%, 

9/15/2025

g

415,507

Vodafone

Group

plc

220,000

7.000%, 

4/4/2079

b

269,116

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Communications

Services

(2.6%)

-

continued

VTR

Finance

NV

$

190,000

6.375%, 

7/15/2028

g

$

204,725

Walt

Disney

Company

97,000

3.800%, 

3/22/2030

110,245

Ziggo

BV

474,000

5.500%, 

1/15/2027

g

489,998

135,000

4.875%, 

1/15/2030

g

139,219

Total

22,850,254

Consumer

Cyclical

(3.5%)

1011778

B.C.,

ULC

440,000

4.375%, 

1/15/2028

g

446,692

Allen

Media,

LLC

180,000

10.500%, 

2/15/2028

g

184,860

Allied

Universal

Holdco,

LLC

150,000

6.625%, 

7/15/2026

g

158,592

410,000

4.625%, 

6/1/2028

g

409,364

135,000

6.000%, 

6/1/2029

g

133,217

Allison

Transmission,

Inc.

410,000

3.750%, 

1/30/2031

g

398,725

Amazon.com,

Inc.

195,000

1.650%, 

5/12/2028

196,567

98,000

1.500%, 

6/3/2030

95,313

American

Axle

&

Manufacturing,

Inc.

480,000

6.500%, 

4/1/2027

500,400

American

Honda

Finance

Corporation

49,000

1.200%, 

7/8/2025

49,268

Ashton

Woods

USA,

LLC

180,000

4.625%, 

8/1/2029

g

181,751

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

95,423

Bloomin'

Brands,

Inc.,

Convertible

149,000

5.000%, 

5/1/2025

k

336,518

Boyd

Gaming

Corporation

270,000

4.750%, 

6/15/2031

g

278,437

Boyne

USA,

Inc.

210,000

4.750%, 

5/15/2029

g

216,825

Brookfield

Residential

Properties,

Inc.

290,000

6.250%, 

9/15/2027

g

304,868

310,000

5.000%, 

6/15/2029

g

316,990

Burlington

Stores,

Inc.,

Convertible

443,000

2.250%, 

4/15/2025

643,457

Caesars

Entertainment,

Inc.

145,000

8.125%, 

7/1/2027

g

163,013

298,000

4.625%, 

10/15/2029

g

301,725

Carnival

Corporation

51,000

11.500%, 

4/1/2023

g

56,929

100,000

7.625%, 

3/1/2026

g

106,750

410,000

5.750%, 

3/1/2027

g

423,837

295,000

4.000%, 

8/1/2028

g

297,950

Cedar

Fair,

LP

380,000

5.250%, 

7/15/2029

389,500

Churchill

Downs,

Inc.

185,000

4.750%, 

1/15/2028

g

193,556

Cinemark

USA,

Inc.

135,000

5.875%, 

3/15/2026

g

136,350

Clarios

Global,

LP

140,000

8.500%, 

5/15/2027

g

148,925

Colt

Merger

Sub,

Inc.

426,000

6.250%, 

7/1/2025

g

448,475

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Cyclical

(3.5%)

-

continued

D.R.

Horton,

Inc.

$

56,000

2.600%, 

10/15/2025

$

58,779

Daimler

Finance

North

America,

LLC

150,000

1.450%, 

3/2/2026

g

150,671

Dana,

Inc.

305,000

5.625%, 

6/15/2028

328,439

Darden

Restaurants,

Inc.

195,000

3.850%, 

5/1/2027

216,311

Dick's

Sporting

Goods

Inc.,

Convertible

189,000

3.250%, 

4/15/2025

693,276

Empire

Communities

Corporation

290,000

7.000%, 

12/15/2025

g

303,050

Expedia

Group,

Inc.

147,000

4.625%, 

8/1/2027

166,651

146,000

3.250%, 

2/15/2030

150,994

Expedia

Group,

Inc.,

Convertible

212,000

Zero

Coupon, 

2/15/2026

g,k

228,886

Ford

Motor

Company

170,000

9.000%, 

4/22/2025

204,430

100,000

9.625%, 

4/22/2030

141,547

355,000

7.450%, 

7/16/2031

463,222

Ford

Motor

Company,

Convertible

792,000

Zero

Coupon, 

3/15/2026

g

853,875

Ford

Motor

Credit

Company,

LLC

375,000

4.063%, 

11/1/2024

394,309

720,000

4.134%, 

8/4/2025

761,400

480,000

2.700%, 

8/10/2026

480,960

Forestar

Group,

Inc.

185,000

3.850%, 

5/15/2026

g

184,769

Gap,

Inc.

89,000

3.625%, 

10/1/2029

g

89,222

General

Motors

Company

111,000

6.125%, 

10/1/2025

130,058

147,000

6.800%, 

10/1/2027

183,591

General

Motors

Financial

Company,

Inc.

108,000

3.150%, 

6/30/2022

109,942

233,000

3.950%, 

4/13/2024

249,018

43,000

2.900%, 

2/26/2025

45,114

111,000

2.750%, 

6/20/2025

116,051

196,000

5.700%, 

9/30/2030

b,i

225,645

97,000

2.700%, 

6/10/2031

96,703

Goodyear

Tire

&

Rubber

Company

185,000

5.000%, 

7/15/2029

g

196,331

135,000

5.250%, 

7/15/2031

g

143,775

Guitar

Center

Escrow

Issuer

II,

Inc.

89,000

8.500%, 

1/15/2026

g

95,452

Hanesbrands,

Inc.

257,000

4.875%, 

5/15/2026

g

278,331

Harley-Davidson

Financial

Services,

Inc.

180,000

4.050%, 

2/4/2022

g

182,183

Herc

Holdings,

Inc.

260,000

5.500%, 

7/15/2027

g

272,798

Hilton

Domestic

Operating

Company,

Inc.

495,000

4.875%, 

1/15/2030

531,016

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

365,000

5.000%, 

6/1/2029

g

372,300

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Cyclical

(3.5%)

-

continued

Hyundai

Capital

America

$

78,000

1.800%, 

10/15/2025

g

$

78,765

147,000

3.000%, 

2/10/2027

g

154,606

94,000

2.100%, 

9/15/2028

g

92,641

International

Game

Technology

plc

315,000

5.250%, 

1/15/2029

g

336,663

KB

Home

240,000

4.800%, 

11/15/2029

261,600

Kohl's

Corporation

147,000

3.375%, 

5/1/2031

151,275

L

Brands,

Inc.

420,000

6.625%, 

10/1/2030

g

476,700

100,000

6.875%, 

11/1/2035

125,500

Landry's,

Inc.

320,000

6.750%, 

10/15/2024

g

320,416

Lennar

Corporation

65,000

4.125%, 

1/15/2022

65,000

6,000

4.875%, 

12/15/2023

6,473

58,000

5.875%, 

11/15/2024

65,237

110,000

4.750%, 

5/30/2025

122,561

Lowe's

Companies,

Inc.

144,000

4.000%, 

4/15/2025

157,797

195,000

4.500%, 

4/15/2030

228,587

Macy's

Retail

Holdings,

LLC

270,000

5.875%, 

4/1/2029

g

293,753

Magic

MergerCo,

Inc.

435,000

5.250%, 

5/1/2028

g

448,703

Marriott

International,

Inc.

223,000

3.750%, 

10/1/2025

239,744

146,000

4.625%, 

6/15/2030

166,800

Mattamy

Group

Corporation

430,000

5.250%, 

12/15/2027

g

449,350

McDonald's

Corporation

294,000

3.800%, 

4/1/2028

328,577

MGM

Resorts

International

575,000

5.750%, 

6/15/2025

626,750

Nissan

Motor

Company,

Ltd.

116,000

3.043%, 

9/15/2023

g

120,671

O'Reilly

Automotive,

Inc.

147,000

3.900%, 

6/1/2029

164,704

Penn

National

Gaming,

Inc.

270,000

4.125%, 

7/1/2029

g

266,868

PetSmart,

Inc.

370,000

4.750%, 

2/15/2028

g

380,175

210,000

7.750%, 

2/15/2029

g

229,163

Prime

Security

Services

Borrower,

LLC

650,000

5.750%, 

4/15/2026

g

703,144

Procter

&

Gamble

Company

98,000

1.200%, 

10/29/2030

93,227

Real

Hero

Merger

Sub

2,

Inc.

210,000

6.250%, 

2/1/2029

g

217,875

Realogy

Group,

LLC

350,000

5.750%, 

1/15/2029

g

363,041

Rite

Aid

Corporation

320,000

7.500%, 

7/1/2025

g

319,926

Ross

Stores,

Inc.

98,000

1.875%, 

4/15/2031

94,566

Royal

Caribbean

Cruises,

Ltd.

400,000

9.125%, 

6/15/2023

g

434,722

370,000

4.250%, 

7/1/2026

g

362,434

150,000

5.500%, 

4/1/2028

g

153,421

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Cyclical

(3.5%)

-

continued

Scientific

Games

International,

Inc.

$

355,000

5.000%, 

10/15/2025

g

$

365,206

350,000

7.250%, 

11/15/2029

g

393,273

SeaWorld

Parks

and

Entertainment,

Inc.

190,000

5.250%, 

8/15/2029

g

194,394

Six

Flags

Theme

Parks,

Inc.

190,000

7.000%, 

7/1/2025

g

202,350

Staples,

Inc.

430,000

7.500%, 

4/15/2026

g

436,117

Target

Corporation

98,000

2.350%, 

2/15/2030

101,431

Tenneco,

Inc.

335,000

5.000%, 

7/15/2026

k

329,940

Toll

Brothers

Finance

Corporation

222,000

5.875%, 

2/15/2022

222,833

146,000

4.350%, 

2/15/2028

159,870

Toyota

Motor

Credit

Corporation

147,000

1.900%, 

4/6/2028

148,938

Uber

Technologies,

Inc.

210,000

6.250%, 

1/15/2028

g

225,223

Vista

Outdoor,

Inc.

350,000

4.500%, 

3/15/2029

g

354,925

Volkswagen

Group

of

America

Finance,

LLC

200,000

4.250%, 

11/13/2023

g

214,514

56,000

3.350%, 

5/13/2025

g

59,870

Wabash

National

Corporation

298,000

4.500%, 

10/15/2028

d,g

297,628

Wyndham

Destinations,

Inc.

250,000

6.625%, 

7/31/2026

g

284,693

Wyndham

Hotels

&

Resorts,

Inc.

150,000

4.375%, 

8/15/2028

g

156,590

Yum!

Brands,

Inc.

390,000

4.750%, 

1/15/2030

g

422,690

ZF

North

America

Capital,

Inc.

200,000

4.750%, 

4/29/2025

g

216,000

Total

30,601,296

Consumer

Non-Cyclical

(3.1%)

Abbott

Laboratories

195,000

3.875%, 

9/15/2025

215,785

AbbVie,

Inc.

108,000

2.900%, 

11/6/2022

110,919

107,000

2.800%, 

3/15/2023

110,084

457,000

3.600%, 

5/14/2025

494,359

195,000

3.200%, 

11/21/2029

210,115

Agilent

Technologies,

Inc.

98,000

2.300%, 

3/12/2031

98,100

Albertson's

Companies,

Inc.

397,000

3.500%, 

3/15/2029

g

396,196

190,000

4.875%, 

2/15/2030

g

204,725

Altria

Group,

Inc.

119,000

4.400%, 

2/14/2026

133,654

98,000

4.800%, 

2/14/2029

112,620

Amgen,

Inc.

147,000

2.450%, 

2/21/2030

150,130

Anheuser-Busch

Companies,

LLC

113,000

3.650%, 

2/1/2026

123,941

Anheuser-Busch

InBev

Worldwide,

Inc.

195,000

4.750%, 

1/23/2029

229,569

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

Anthem,

Inc.

$

166,000

2.375%, 

1/15/2025

$

172,928

147,000

2.550%, 

3/15/2031

151,083

Astrazeneca

Finance,

LLC

195,000

1.750%, 

5/28/2028

196,134

AstraZeneca

plc

194,000

0.700%, 

4/8/2026

189,928

BAT

Capital

Corporation

89,000

3.222%, 

8/15/2024

94,349

BAT

International

Finance

plc

111,000

1.668%, 

3/25/2026

111,062

Bausch

Health

Companies,

Inc.

55,000

5.000%, 

1/30/2028

g

52,180

450,000

5.000%, 

2/15/2029

g

419,062

Becton,

Dickinson

and

Company

147,000

2.823%, 

5/20/2030

154,030

Boston

Scientific

Corporation

144,000

3.450%, 

3/1/2024

152,870

Bristol-Myers

Squibb

Company

195,000

3.200%, 

6/15/2026

212,600

146,000

3.900%, 

2/20/2028

165,063

Bunge,

Ltd.

Finance

Corporation

196,000

2.750%, 

5/14/2031

198,597

Centene

Corporation

290,000

4.250%, 

12/15/2027

303,528

165,000

4.625%, 

12/15/2029

179,817

805,000

3.000%, 

10/15/2030

825,125

Central

Garden

&

Pet

Company

350,000

4.125%, 

10/15/2030

357,875

Cigna

Corporation

156,000

4.125%, 

11/15/2025

173,359

Community

Health

Systems,

Inc.

140,000

5.625%, 

3/15/2027

g

146,598

200,000

6.000%, 

1/15/2029

g

212,000

370,000

6.875%, 

4/15/2029

g

370,869

Conagra

Brands,

Inc.

118,000

4.300%, 

5/1/2024

127,920

Constellation

Brands,

Inc.

195,000

3.150%, 

8/1/2029

208,525

CVS

Health

Corporation

149,000

4.100%, 

3/25/2025

163,470

77,000

4.300%, 

3/25/2028

87,830

DaVita,

Inc.

470,000

4.625%, 

6/1/2030

g

483,447

Diageo

Capital

plc

133,000

1.375%, 

9/29/2025

134,504

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

g

211,226

Encompass

Health

Corporation

445,000

4.500%, 

2/1/2028

459,462

Endo

Finance,

LLC

135,000

9.500%, 

7/31/2027

g,k

135,300

Energizer

Holdings,

Inc.

335,000

4.375%, 

3/31/2029

g

332,469

Estee

Lauder

Companies,

Inc.

98,000

1.950%, 

3/15/2031

97,754

General

Mills,

Inc.

97,000

4.200%, 

4/17/2028

110,529

Gilead

Sciences,

Inc.

147,000

2.950%, 

3/1/2027

157,989

H.

J.

Heinz

Company

100,000

5.200%, 

7/15/2045

125,254

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

HCA,

Inc.

$

985,000

5.375%, 

2/1/2025

$

1,100,737

244,000

5.250%, 

6/15/2026

279,995

HLF

Financing

Sarl,

LLC

365,000

4.875%, 

6/1/2029

g

365,000

Humana,

Inc.

97,000

2.150%, 

2/3/2032

94,757

Illumina,

Inc.

165,000

9.000%, 

7/1/2028

g

181,912

Imperial

Brands

Finance

plc

105,000

3.125%, 

7/26/2024

g

110,480

Ionis

Pharmaceuticals,

Inc.,

Convertible

119,000

0.125%, 

12/15/2024

108,515

Jazz

Investments

I,

Ltd.,

Convertible

517,000

2.000%, 

6/15/2026

596,812

JBS

USA

Food

Company

90,000

5.750%, 

1/15/2028

g

94,501

JBS

USA,

LLC

75,000

6.500%, 

4/15/2029

g

83,812

430,000

5.500%, 

1/15/2030

g

478,255

Keurig

Dr

Pepper,

Inc.

195,000

2.250%, 

3/15/2031

k

195,305

Kraft

Foods

Group,

Inc.

500,000

5.000%, 

6/4/2042

613,170

Kraft

Heinz

Foods

Company

147,000

3.875%, 

5/15/2027

160,511

315,000

4.625%, 

1/30/2029

359,611

550,000

3.750%, 

4/1/2030

599,283

230,000

4.250%, 

3/1/2031

260,020

Kroger

Company

98,000

4.500%, 

1/15/2029

114,773

Mattel,

Inc.

375,000

3.375%, 

4/1/2026

g

386,662

McKesson

Corporation

111,000

0.900%, 

12/3/2025

109,238

145,000

1.300%, 

8/15/2026

143,801

Molina

Healthcare,

Inc.

350,000

4.375%, 

6/15/2028

g

364,133

Mozart

Debt

Merger

Sub,

Inc.

502,000

3.875%, 

4/1/2029

d,g

502,000

372,000

5.250%, 

10/1/2029

d,g

378,510

MPH

Acquisition

Holdings,

LLC

273,000

5.750%, 

11/1/2028

g,k

257,161

Mylan,

Inc.

73,000

4.200%, 

11/29/2023

77,790

Novartis

Capital

Corporation

114,000

1.750%, 

2/14/2025

117,165

99,000

3.000%, 

11/20/2025

106,917

Ortho-Clinical

Diagnostics,

Inc.

210,000

7.250%, 

2/1/2028

g

224,726

Par

Pharmaceutical,

Inc.

300,000

7.500%, 

4/1/2027

g

305,625

PepsiCo,

Inc.

147,000

1.625%, 

5/1/2030

144,018

Philip

Morris

International,

Inc.

209,000

1.500%, 

5/1/2025

212,078

Pilgrim's

Pride

Corporation

267,000

3.500%, 

3/1/2032

g

271,506

QBE

Insurance

Group,

Ltd.

240,000

5.875%, 

5/12/2025

b,g,i

267,600

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

Royalty

Pharma

plc

$

222,000

1.200%, 

9/2/2025

$

220,561

Scotts

Miracle-Gro

Company

415,000

4.500%, 

10/15/2029

433,675

SEG

Holding,

LLC

400,000

5.625%, 

10/15/2028

g

417,000

Simmons

Foods,

Inc.

335,000

4.625%, 

3/1/2029

g

337,512

Spectrum

Brands,

Inc.

240,000

5.000%, 

10/1/2029

g

258,000

150,000

5.500%, 

7/15/2030

g

166,125

Stryker

Corporation

97,000

3.650%, 

3/7/2028

107,646

Syneos

Health,

Inc.

310,000

3.625%, 

1/15/2029

g

309,132

Sysco

Corporation

175,000

5.650%, 

4/1/2025

201,273

98,000

5.950%, 

4/1/2030

124,655

Tenet

Healthcare

Corporation

99,000

4.625%, 

7/15/2024

100,485

805,000

5.125%, 

11/1/2027

g

839,212

140,000

6.125%, 

10/1/2028

g

147,066

Teva

Pharmaceutical

Finance

Netherlands

III

BV

225,000

2.800%, 

7/21/2023

223,659

220,000

3.150%, 

10/1/2026

210,650

Thermo

Fisher

Scientific,

Inc.

112,000

4.133%, 

3/25/2025

123,222

97,000

1.750%, 

10/15/2028

96,667

98,000

4.497%, 

3/25/2030

115,963

TreeHouse

Foods,

Inc.

142,000

4.000%, 

9/1/2028

k

138,971

United

Natural

Foods,

Inc.

290,000

6.750%, 

10/15/2028

g

313,925

UnitedHealth

Group,

Inc.

245,000

3.850%, 

6/15/2028

277,190

Universal

Health

Services,

Inc.

145,000

1.650%, 

9/1/2026

g

144,149

49,000

2.650%, 

1/15/2032

g

48,522

Upjohn,

Inc.

111,000

1.650%, 

6/22/2025

g

112,111

VRX

Escrow

Corporation

791,000

6.125%, 

4/15/2025

g

807,334

Winnebago

Industries,

Inc.,

Convertible

377,000

1.500%, 

4/1/2025

499,269

Zoetis,

Inc.

109,000

3.250%, 

2/1/2023

112,330

146,000

3.900%, 

8/20/2028

164,062

Total

26,981,678

Energy

(2.8%)

Antero

Resources

Corporation

325,000

5.375%, 

3/1/2030

g

342,274

Apache

Corporation

125,000

4.875%, 

11/15/2027

136,315

310,000

4.375%, 

10/15/2028

335,187

100,000

5.100%, 

9/1/2040

111,998

Archrock

Partners,

LP

340,000

6.250%, 

4/1/2028

g

351,636

BP

Capital

Markets

America,

Inc.

235,000

4.234%, 

11/6/2028

269,524

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Energy

(2.8%)

-

continued

BP

Capital

Markets

plc

$

240,000

4.875%, 

3/22/2030

b,i

$

263,822

Buckeye

Partners,

LP

210,000

4.125%, 

3/1/2025

g

217,615

280,000

3.950%, 

12/1/2026

285,600

Canadian

Natural

Resources,

Ltd.

244,000

2.050%, 

7/15/2025

249,817

Cenovus

Energy,

Inc.

314,000

5.375%, 

7/15/2025

357,664

Cheniere

Corpus

Christi

Holdings,

LLC

200,000

5.875%, 

3/31/2025

225,926

Cheniere

Energy

Partners,

LP

97,000

4.500%, 

10/1/2029

103,124

207,000

3.250%, 

1/31/2032

g

207,683

Cheniere

Energy,

Inc.,

Convertible

77,000

4.250%, 

3/15/2045

66,062

Chevron

Corporation

111,000

1.554%, 

5/11/2025

113,490

Cimarex

Energy

Company

195,000

4.375%, 

6/1/2024

210,273

CNX

Resources

Corporation

175,000

6.000%, 

1/15/2029

g

185,062

CNX

Resources

Corporation,

Convertible

322,000

2.250%, 

5/1/2026

400,890

Comstock

Resources,

Inc.

230,000

5.875%, 

1/15/2030

g

239,200

Continental

Resources,

Inc.

297,000

4.375%, 

1/15/2028

328,556

200,000

5.750%, 

1/15/2031

g

241,750

Devon

Energy

Corporation

111,000

5.250%, 

9/15/2024

g

122,949

195,000

4.500%, 

1/15/2030

g

212,528

Diamondback

Energy,

Inc.

74,000

2.875%, 

12/1/2024

77,700

49,000

3.125%, 

3/24/2031

50,880

DT

Midstream,

Inc.

275,000

4.125%, 

6/15/2029

g

278,866

90,000

4.375%, 

6/15/2031

g

92,700

Enagas

SA

430,000

5.500%, 

1/15/2028

g

440,213

Enbridge,

Inc.

98,000

3.700%, 

7/15/2027

107,712

887,000

6.250%, 

3/1/2078

b

988,556

Encana

Corporation

150,000

6.625%, 

8/15/2037

205,717

Endeavor

Energy

Resources,

LP

210,000

5.750%, 

1/30/2028

g

221,025

Energean

Israel

Finance,

Ltd.

290,000

4.500%, 

3/30/2024

g

295,800

Energy

Transfer

Operating,

LP

90,000

4.200%, 

9/15/2023

95,592

271,000

5.875%, 

1/15/2024

297,835

147,000

3.750%, 

5/15/2030

158,842

Energy

Transfer,

LP

264,000

6.625%, 

2/15/2028

b,i

256,740

EnLink

Midstream

Partners,

LP

310,000

4.850%, 

7/15/2026

325,407

135,000

5.600%, 

4/1/2044

128,925

Enterprise

Products

Operating,

LLC

97,000

4.150%, 

10/16/2028

110,353

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Energy

(2.8%)

-

continued

$

430,000

4.875%, 

8/16/2077

b

$

423,557

EQM

Midstream

Partners,

LP

445,000

6.500%, 

7/1/2027

g

500,514

EQT

Corporation

90,000

3.125%, 

5/15/2026

g

92,261

445,000

3.900%, 

10/1/2027

481,592

EQT

Corporation,

Convertible

366,000

1.750%, 

5/1/2026

576,999

Equinor

ASA

70,000

2.875%, 

4/6/2025

74,322

Exxon

Mobil

Corporation

195,000

2.992%, 

3/19/2025

208,028

Genesis

Energy,

LP

150,000

6.500%, 

10/1/2025

149,250

90,000

8.000%, 

1/15/2027

91,125

Halliburton

Company

98,000

2.920%, 

3/1/2030

101,353

Harvest

Midstream,

LP

370,000

7.500%, 

9/1/2028

g

394,105

Hess

Corporation

74,000

3.500%, 

7/15/2024

78,265

Hess

Midstream

Operations,

LP

250,000

5.625%, 

2/15/2026

g

259,375

Hilcorp

Energy

I,

LP

300,000

5.750%, 

2/1/2029

g

308,250

ITT

Holdings,

LLC

265,000

6.500%, 

8/1/2029

g

267,319

Kinder

Morgan

Energy

Partners,

LP

145,000

3.450%, 

2/15/2023

149,959

Laredo

Petroleum,

Inc.

450,000

7.750%, 

7/31/2029

g

451,125

Marathon

Oil

Corporation

98,000

4.400%, 

7/15/2027

110,081

Marathon

Petroleum

Corporation

275,000

4.700%, 

5/1/2025

306,968

MPLX,

LP

243,000

1.750%, 

3/1/2026

244,496

Murphy

Oil

Corporation

280,000

5.875%, 

12/1/2027

291,410

Nabors

Industries,

Ltd.

350,000

7.250%, 

1/15/2026

g

340,410

National

Fuel

Gas

Company

195,000

5.500%, 

1/15/2026

224,611

Newfield

Exploration

Company

372,000

5.625%, 

7/1/2024

412,491

97,000

5.375%, 

1/1/2026

109,674

NGL

Energy

Operating,

LLC

200,000

7.500%, 

2/1/2026

g

203,750

NGL

Energy

Partners,

LP

200,000

7.500%, 

11/1/2023

194,366

NuStar

Logistics,

LP

360,000

5.750%, 

10/1/2025

387,900

Oasis

Petroleum,

Inc.

230,000

6.375%, 

6/1/2026

g

240,925

Occidental

Petroleum

Corporation

180,000

3.450%, 

7/15/2024

184,050

210,000

3.400%, 

4/15/2026

215,382

95,000

8.500%, 

7/15/2027

118,981

605,000

3.500%, 

8/15/2029

615,358

200,000

6.450%, 

9/15/2036

251,625

555,000

4.400%, 

4/15/2046

553,529

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Energy

(2.8%)

-

continued

ONEOK,

Inc.

$

146,000

2.200%, 

9/15/2025

$

149,160

Ovintiv,

Inc.

140,000

7.375%, 

11/1/2031

189,904

PBF

Holding

Company,

LLC

145,000

9.250%, 

5/15/2025

g

137,388

Pioneer

Natural

Resources

Company

146,000

1.900%, 

8/15/2030

139,692

Pioneer

Natural

Resources

Company,

Convertible

186,000

0.250%, 

5/15/2025

300,204

Plains

All

American

Pipeline,

LP

110,000

6.125%, 

11/15/2022

b,i

99,550

238,000

4.650%, 

10/15/2025

263,747

Precision

Drilling

Corporation

230,000

6.875%, 

1/15/2029

g

240,222

Sabine

Pass

Liquefaction,

LLC

147,000

4.200%, 

3/15/2028

164,125

Schlumberger

Finance

Canada,

Ltd.

111,000

1.400%, 

9/17/2025

112,181

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

g

69,026

Shell

International

Finance

BV

71,000

2.375%, 

4/6/2025

74,245

SM

Energy

Company

135,000

6.500%, 

7/15/2028

k

139,768

Southwestern

Energy

Company

185,000

5.375%, 

2/1/2029

g

197,915

Suncor

Energy,

Inc.

112,000

3.100%, 

5/15/2025

119,261

Sunoco,

LP

370,000

5.875%, 

3/15/2028

390,350

Targa

Resources

Partners,

LP

160,000

5.375%, 

2/1/2027

165,792

205,000

5.000%, 

1/15/2028

215,250

80,000

4.875%, 

2/1/2031

86,300

Teine

Energy,

Ltd.

190,000

6.875%, 

4/15/2029

g

192,850

Transocean

Proteus,

Ltd.

99,000

6.250%, 

12/1/2024

g

99,000

Transocean,

Inc.

180,000

11.500%, 

1/30/2027

g

185,400

USA

Compression

Partners,

LP

150,000

6.875%, 

4/1/2026

156,180

Venture

Global

Calcasieu

Pass,

LLC

273,000

3.875%, 

8/15/2029

g

281,204

160,000

4.125%, 

8/15/2031

g

166,800

Vine

Energy

Holdings,

LLC

185,000

6.750%, 

4/15/2029

g

199,685

W&T

Offshore,

Inc.

116,000

9.750%, 

11/1/2023

g

110,382

Western

Gas

Partners,

LP

110,000

4.000%, 

7/1/2022

111,675

Western

Midstream

Operating,

LP

300,000

3.950%, 

6/1/2025

317,030

160,000

5.500%, 

8/15/2048

187,200

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Energy

(2.8%)

-

continued

Williams

Companies,

Inc.

$

98,000

2.600%, 

3/15/2031

$

99,323

Total

24,686,023

Financials

(7.1%)

AerCap

Ireland

Capital

DAC

90,000

3.150%, 

2/15/2024

93,848

150,000

6.500%, 

7/15/2025

173,910

Air

Lease

Corporation

220,000

4.650%, 

6/15/2026

b,i

230,175

Aircastle,

Ltd.

205,000

5.250%, 

6/15/2026

b,g,i

209,776

98,000

2.850%, 

1/26/2028

g

99,250

Alliant

Holdings

Intermediate,

LLC

90,000

6.750%, 

10/15/2027

g

93,150

Ally

Financial,

Inc.

575,000

5.750%, 

11/20/2025

657,483

440,000

4.700%, 

5/15/2026

b,i

457,974

98,000

8.000%, 

11/1/2031

141,348

Altice

Financing

SA

130,000

5.750%, 

8/15/2029

g

125,922

American

Express

Company

113,000

3.400%, 

2/22/2024

120,263

190,000

3.550%, 

9/15/2026

b,i

193,581

American

Finance

Trust,

Inc.

223,000

4.500%, 

9/30/2028

d,g

223,000

American

Homes

4

Rent,

LP

97,000

2.375%, 

7/15/2031

96,086

American

International

Group,

Inc.

196,000

4.200%, 

4/1/2028

223,339

AmWINS

Group,

Inc.

180,000

4.875%, 

6/30/2029

g

182,529

Ares

Capital

Corporation

57,000

4.250%, 

3/1/2025

61,179

226,000

3.875%, 

1/15/2026

241,691

Ares

Capital

Corporation,

Convertible

192,000

4.625%, 

3/1/2024

212,160

Australia

and

New

Zealand

Banking

Group,

Ltd.

216,000

2.950%, 

7/22/2030

b,g

224,523

Aviation

Capital

Group,

LLC

150,000

5.500%, 

12/15/2024

g

168,114

96,000

4.875%, 

10/1/2025

g

105,797

Avolon

Holdings

Funding,

Ltd.

195,000

4.250%, 

4/15/2026

g

209,735

BAC

Capital

Trust

XIV

248,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/18/2021

b,i

248,001

Banco

Santander

Mexico

SA

67,000

5.375%, 

4/17/2025

g

74,886

Banco

Santander

SA

165,000

4.750%, 

11/12/2026

b,i

168,064

Bank

of

America

Corporation

200,000

3.004%, 

12/20/2023

b

206,114

328,000

3.550%, 

3/5/2024

b

341,921

244,000

4.200%, 

8/26/2024

266,895

800,000

6.250%, 

9/5/2024

b,i

880,000

113,000

3.458%, 

3/15/2025

b

120,222

240,000

6.100%, 

3/17/2025

b,i

267,631

279,000

1.319%, 

6/19/2026

b

278,932

223,000

1.197%, 

10/24/2026

b

221,324

145,000

1.734%, 

7/22/2027

b

145,597

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

$

480,000

5.875%, 

3/15/2028

b,i

$

547,848

294,000

3.593%, 

7/21/2028

b

322,311

97,000

2.087%, 

6/14/2029

b

96,844

392,000

3.974%, 

2/7/2030

b

438,853

196,000

2.687%, 

4/22/2032

b

199,581

Bank

of

New

York

Mellon

Corporation

120,000

4.700%, 

9/20/2025

b,i

131,700

150,000

3.400%, 

1/29/2028

165,028

Bank

of

Nova

Scotia

360,000

4.900%, 

6/4/2025

b,i

387,000

98,000

1.050%, 

3/2/2026

96,895

Barclays

plc

283,000

4.338%, 

5/16/2024

b

299,560

195,000

8.000%, 

6/15/2024

b,i

220,229

111,000

4.375%, 

9/11/2024

120,935

134,000

2.852%, 

5/7/2026

b

140,746

200,000

4.375%, 

3/15/2028

b,i

199,860

145,000

4.972%, 

5/16/2029

b

168,580

BNP

Paribas

SA

175,000

6.625%, 

3/25/2024

b,g,i

189,385

141,000

2.819%, 

11/19/2025

b,g

147,679

Boston

Properties,

LP

98,000

2.550%, 

4/1/2032

97,861

BPCE

SA

110,000

3.000%, 

5/22/2022

g

111,884

114,000

2.375%, 

1/14/2025

g

117,707

Brixmor

Operating

Partnership,

LP

194,000

2.250%, 

4/1/2028

195,653

Canadian

Imperial

Bank

of

Commerce

114,000

2.250%, 

1/28/2025

118,418

CANPACK

SA

390,000

3.125%, 

11/1/2025

g

396,337

Capital

One

Bank

USA

NA

165,000

3.375%, 

2/15/2023

171,614

171,000

2.280%, 

1/28/2026

b

177,190

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,i

113,300

Cascades

USA,

Inc.

210,000

5.125%, 

1/15/2026

g

223,244

Charles

Schwab

Corporation

440,000

5.375%, 

6/1/2025

b,i

488,950

440,000

4.000%, 

6/1/2026

b,i

458,700

147,000

2.000%, 

3/20/2028

150,035

Chobani,

LLC

400,000

4.625%, 

11/15/2028

g

413,000

CIT

Group,

Inc.

195,000

5.250%, 

3/7/2025

217,181

194,000

6.125%, 

3/9/2028

234,521

Citigroup,

Inc.

480,000

5.950%, 

1/30/2023

b,i

500,400

286,000

5.000%, 

9/12/2024

b,i

298,720

141,000

3.352%, 

4/24/2025

b

149,763

91,000

5.950%, 

5/15/2025

b,i

99,304

274,000

5.500%, 

9/13/2025

316,183

230,000

4.000%, 

12/10/2025

b,i

238,326

575,000

3.875%, 

2/18/2026

b,i

587,219

338,000

1.122%, 

1/28/2027

b

333,279

194,000

1.462%, 

6/9/2027

b

192,857

391,000

4.075%, 

4/23/2029

b

438,187

Citizens

Financial

Group,

Inc.

205,000

4.000%, 

10/6/2026

b,i

209,869

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

CNA

Financial

Corporation

$

126,000

3.950%, 

5/15/2024

$

135,412

Coinbase

Global,

Inc.

75,000

3.625%, 

10/1/2031

g

71,297

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,i

132,150

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

g

116,633

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

216,000

3.950%, 

11/9/2022

224,215

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

b,g

110,874

Corporate

Office

Properties,

LP

192,000

2.250%, 

3/15/2026

196,706

Credit

Acceptance

Corporation

310,000

5.125%, 

12/31/2024

g

319,300

Credit

Agricole

SA

196,000

8.125%, 

12/23/2025

b,g,i

236,670

98,000

3.250%, 

1/14/2030

g

102,813

Credit

Suisse

Group

AG

160,000

6.500%, 

8/8/2023

g

175,088

110,000

7.500%, 

12/11/2023

b,g,i

120,175

117,000

2.593%, 

9/11/2025

b,g

121,288

110,000

7.250%, 

9/12/2025

b,g,i

121,930

115,000

2.193%, 

6/5/2026

b,g

117,158

96,000

3.869%, 

1/12/2029

b,g

104,778

Dai-ichi

Life

Insurance

Company,

Ltd.

693,000

5.100%, 

10/28/2024

b,g,i,k

758,835

Danske

Bank

AS

177,000

5.000%, 

1/12/2023

b,g

179,054

Deutsche

Bank

AG

332,000

2.129%, 

11/24/2026

b

337,235

97,000

3.035%, 

5/28/2032

b

98,417

Discover

Bank

196,000

4.682%, 

8/9/2028

b

208,503

Diversified

Healthcare

Trust

230,000

4.375%, 

3/1/2031

222,465

Drawbridge

Special

Opportunities

Fund,

LP

410,000

3.875%, 

2/15/2026

g

421,272

Fidelity

National

Financial,

Inc.

180,000

5.500%, 

9/1/2022

188,347

Fifth

Third

Bancorp

240,000

4.500%, 

9/30/2025

b,i

260,760

Fifth

Third

Bank

NA

97,000

3.850%, 

3/15/2026

106,879

First

Horizon

Bank

146,000

5.750%, 

5/1/2030

178,358

First

Horizon

National

Corporation

134,000

3.550%, 

5/26/2023

139,822

FNB

Corporation

229,000

2.200%, 

2/24/2023

232,363

Fortress

Transportation

and

Infrastructure

Investors,

LLC

200,000

6.500%, 

10/1/2025

g

205,876

130,000

5.500%, 

5/1/2028

g

130,874

FS

KKR

Capital

Corporation

96,000

3.400%, 

1/15/2026

100,309

97,000

2.625%, 

1/15/2027

97,237

FTI

Consulting,

Inc.,

Convertible

322,000

2.000%, 

8/15/2023

450,478

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

GE

Capital

Funding,

LLC

$

200,000

3.450%, 

5/15/2025

$

215,710

49,000

4.050%, 

5/15/2027

55,014

98,000

4.400%, 

5/15/2030

113,555

Global

Net

Lease,

Inc.

390,000

3.750%, 

12/15/2027

g

387,249

Goldman

Sachs

Group,

Inc.

222,000

0.627%, 

11/17/2023

b

222,091

623,000

5.500%, 

8/10/2024

b,i

672,840

111,000

3.500%, 

4/1/2025

119,336

167,000

4.250%, 

10/21/2025

184,941

166,000

0.855%, 

2/12/2026

b

164,401

110,000

3.800%, 

5/10/2026

b,i

112,613

280,000

3.650%, 

8/10/2026

b,i

280,350

196,000

3.814%, 

4/23/2029

b

216,907

98,000

3.800%, 

3/15/2030

109,094

98,000

2.615%, 

4/22/2032

b

99,185

97,000

2.383%, 

7/21/2032

b

96,042

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

Convertible

151,000

4.125%, 

9/1/2022

296,300

Hartford

Financial

Services

Group,

Inc.

98,000

2.800%, 

8/19/2029

102,408

HCRX

Investments

Holdco,

LP

110,000

4.500%, 

8/1/2029

g

110,550

HSBC

Holdings

plc

109,000

3.803%, 

3/11/2025

b

116,262

110,000

6.375%, 

3/30/2025

b,i

120,056

141,000

2.633%, 

11/7/2025

b

147,072

133,000

1.589%, 

5/24/2027

b

132,104

248,000

6.500%, 

3/23/2028

b,i

279,362

273,000

4.583%, 

6/19/2029

b

309,954

360,000

4.600%, 

12/17/2030

b,i

359,892

117,000

2.804%, 

5/24/2032

b

118,576

Huntington

Bancshares,

Inc.

360,000

4.450%, 

10/15/2027

b,i

387,540

Icahn

Enterprises,

LP

275,000

6.375%, 

12/15/2025

282,150

200,000

6.250%, 

5/15/2026

209,000

160,000

5.250%, 

5/15/2027

166,000

ING

Groep

NV

200,000

1.726%, 

4/1/2027

b

201,134

Intercontinental

Exchange,

Inc.

52,000

0.700%, 

6/15/2023

52,206

Invitation

Homes

Operating

Partnership,

LP

145,000

2.000%, 

8/15/2031

139,254

Iron

Mountain,

Inc.

855,000

4.875%, 

9/15/2027

g

887,644

iStar,

Inc.

355,000

4.250%, 

8/1/2025

368,749

iStar,

Inc.,

Convertible

250,000

3.125%, 

9/15/2022

454,375

J.P.

Morgan

Chase

&

Company

238,000

5.150%, 

5/1/2023

b,i

244,843

240,000

6.000%, 

8/1/2023

b,i

253,200

240,000

6.750%, 

2/1/2024

b,i

263,400

97,000

1.514%, 

6/1/2024

b

98,615

382,000

5.000%, 

8/1/2024

b,i

398,713

245,000

3.875%, 

9/10/2024

266,384

283,000

4.023%, 

12/5/2024

b

303,116

186,000

4.600%, 

2/1/2025

b,i

190,185

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

$

111,000

2.083%, 

4/22/2026

b

$

114,170

415,000

3.650%, 

6/1/2026

b,i

417,075

277,000

1.045%, 

11/19/2026

b

272,799

195,000

1.578%, 

4/22/2027

b

195,395

294,000

4.005%, 

4/23/2029

b

328,526

97,000

2.069%, 

6/1/2029

b

97,218

392,000

4.493%, 

3/24/2031

b

457,416

Jefferies

Finance,

LLC

315,000

5.000%, 

8/15/2028

g

319,331

KeyBank

NA

147,000

3.900%, 

4/13/2029

164,099

Kilroy

Realty,

LP

194,000

4.375%, 

10/1/2025

215,769

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

104,000

6.125%, 

5/15/2023

110,359

Life

Storage,

LP

96,000

2.400%, 

10/15/2031

d

95,069

Lincoln

National

Corporation

235,000

2.482%, 

(LIBOR

3M

+

2.358%),

11/17/2021

b

214,555

98,000

3.800%, 

3/1/2028

109,101

Lloyds

Banking

Group

plc

225,000

3.900%, 

3/12/2024

241,900

100,000

7.500%, 

6/27/2024

b,i

111,875

195,000

1.627%, 

5/11/2027

b

194,836

200,000

6.657%, 

5/21/2037

b,g,i

290,000

LPL

Holdings,

Inc.

240,000

4.000%, 

3/15/2029

g

246,516

M&T

Bank

Corporation

180,000

3.500%, 

9/1/2026

b,i

178,650

Macquarie

Group,

Ltd.

195,000

1.629%, 

9/23/2027

b,g

194,049

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,i

250,800

480,000

5.875%, 

3/15/2028

b,i

564,369

MGM

Growth

Properties

Operating

Partnership,

LP

420,000

4.625%, 

6/15/2025

g

452,550

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

224,210

Mitsubishi

UFJ

Financial

Group,

Inc.

113,000

3.407%, 

3/7/2024

120,305

134,000

1.412%, 

7/17/2025

134,775

200,000

1.538%, 

7/20/2027

b

199,804

147,000

3.741%, 

3/7/2029

163,872

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

b

199,561

200,000

2.564%, 

9/13/2031

197,181

Morgan

Stanley

64,000

4.875%, 

11/1/2022

67,045

234,000

4.100%, 

5/22/2023

247,059

111,000

0.560%, 

11/10/2023

b

111,143

114,000

2.720%, 

7/22/2025

b

119,452

78,000

5.000%, 

11/24/2025

89,165

226,000

2.188%, 

4/28/2026

b

233,346

111,000

0.985%, 

12/10/2026

b

109,029

196,000

1.593%, 

5/4/2027

b

196,583

193,000

1.512%, 

7/20/2027

b

192,082

294,000

3.622%, 

4/1/2031

b

324,037

MPT

Operating

Partnership,

LP

270,000

5.250%, 

8/1/2026

277,763

60,000

4.625%, 

8/1/2029

64,380

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

National

Retail

Properties,

Inc.

$

98,000

2.500%, 

4/15/2030

$

99,312

Natwest

Group

plc

110,000

6.125%, 

12/15/2022

117,023

26,000

6.100%, 

6/10/2023

28,222

98,000

4.892%, 

5/18/2029

b

114,112

180,000

4.600%, 

6/28/2031

b,i

180,864

Navient

Corporation

185,000

5.500%, 

1/25/2023

193,325

90,000

5.000%, 

3/15/2027

92,700

90,000

4.875%, 

3/15/2028

90,732

NFP

Corporation

120,000

6.875%, 

8/15/2028

g

122,526

Nippon

Life

Insurance

Company

480,000

5.100%, 

10/16/2044

b,g

527,400

363,000

3.400%, 

1/23/2050

b,g

375,251

Nomura

Holdings,

Inc.

145,000

2.172%, 

7/14/2028

143,672

Omega

Healthcare

Investors,

Inc.

95,000

4.750%, 

1/15/2028

106,794

98,000

3.375%, 

2/1/2031

99,782

OneMain

Finance

Corporation

135,000

3.500%, 

1/15/2027

135,061

Owl

Rock

Capital

Corporation

97,000

4.250%, 

1/15/2026

104,110

Owl

Rock

Technology

Finance

Corporation

48,000

4.750%, 

12/15/2025

g

52,471

147,000

3.750%, 

6/17/2026

g

155,187

Park

Intermediate

Holdings,

LLC

100,000

4.875%, 

5/15/2029

g

102,923

PayPal

Holdings,

Inc.

144,000

1.650%, 

6/1/2025

147,564

97,000

2.850%, 

10/1/2029

103,538

PennyMac

Financial

Services,

Inc.

250,000

4.250%, 

2/15/2029

g

238,019

Pine

Street

Trust

I

98,000

4.572%, 

2/15/2029

g

111,247

Playtika

Holding

Corporation

180,000

4.250%, 

3/15/2029

g

180,574

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

102,766

PNC

Financial

Services

Group,

Inc.

180,000

3.400%, 

9/15/2026

b,i

179,550

Principal

Life

Global

Funding

II

146,000

1.250%, 

8/16/2026

g

145,094

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

k

138,103

Prudential

Financial,

Inc.

245,000

5.625%, 

6/15/2043

b

260,761

589,000

5.200%, 

3/15/2044

b

630,148

120,000

3.700%, 

10/1/2050

b

125,063

Quicken

Loans,

LLC

240,000

3.625%, 

3/1/2029

g

242,700

Radian

Group,

Inc.

185,000

4.875%, 

3/15/2027

201,626

Regions

Financial

Corporation

240,000

5.750%, 

6/15/2025

b,i,k

267,672

Reinsurance

Group

of

America,

Inc.

162,000

4.700%, 

9/15/2023

174,200

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

Royal

Bank

of

Scotland

Group

plc

$

135,000

4.269%, 

3/22/2025

b

$

145,684

146,000

3.754%, 

11/1/2029

b

155,810

Santander

Holdings

USA,

Inc.

196,000

3.450%, 

6/2/2025

209,867

Santander

UK

Group

Holdings

plc

200,000

1.673%, 

6/14/2027

b

199,148

147,000

3.823%, 

11/3/2028

b

160,805

Service

Properties

Trust

130,000

4.750%, 

10/1/2026

128,700

220,000

4.950%, 

2/15/2027

219,450

200,000

5.500%, 

12/15/2027

213,142

Simon

Property

Group,

LP

155,000

2.000%, 

9/13/2024

160,435

193,000

2.650%, 

7/15/2030

198,940

Societe

Generale

SA

141,000

2.625%, 

10/16/2024

g

146,700

240,000

8.000%, 

9/29/2025

b,g,i

281,011

133,000

1.488%, 

12/14/2026

b,g

131,517

Spirit

Realty,

LP

218,000

2.100%, 

3/15/2028

216,867

Springleaf

Finance

Corporation

605,000

6.875%, 

3/15/2025

679,869

Standard

Chartered

plc

167,000

1.319%, 

10/14/2023

b,g

168,051

133,000

0.991%, 

1/12/2025

b,g

132,537

180,000

6.000%, 

7/26/2025

b,g,i

197,444

Starwood

Property

Trust,

Inc.,

Convertible

203,000

4.375%, 

4/1/2023

212,796

State

Street

Corporation

118,000

2.354%, 

11/1/2025

b

123,322

Sumitomo

Life

Insurance

Company

490,000

3.375%, 

4/15/2081

b,g,k

508,684

Sumitomo

Mitsui

Financial

Group,

Inc.

141,000

2.448%, 

9/27/2024

147,389

147,000

3.544%, 

1/17/2028

160,880

147,000

2.142%, 

9/23/2030

142,090

Sumitomo

Mitsui

Trust

Bank,

Ltd.

111,000

1.050%, 

9/12/2025

g

110,011

Summit

Hotel

Properties,

Inc.,

Convertible

176,000

1.500%, 

2/15/2026

184,849

SVB

Financial

Group

330,000

4.000%, 

5/15/2026

b,i

338,250

Synchrony

Financial

115,000

4.250%, 

8/15/2024

124,270

195,000

3.700%, 

8/4/2026

211,595

Truist

Bank

99,000

2.250%, 

3/11/2030

99,526

Truist

Financial

Corporation

280,000

4.950%, 

9/1/2025

b,i

305,850

97,000

1.887%, 

6/7/2029

b

96,906

UBS

Group

AG

92,000

1.364%, 

1/30/2027

b,g

91,142

UDR,

Inc.

193,000

3.000%, 

8/15/2031

201,967

United

Wholesale

Mortgage,

LLC

285,000

5.500%, 

4/15/2029

g

276,708

USB

Realty

Corporation

496,000

1.273%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

420,339

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Financials

(7.1%)

-

continued

Ventas

Realty,

LP

$

110,000

3.750%, 

5/1/2024

$

117,029

VEREIT

Operating

Partnership,

LP

96,000

4.875%, 

6/1/2026

109,973

147,000

3.950%, 

8/15/2027

164,777

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

g

187,979

110,000

3.750%, 

2/15/2027

g

113,850

180,000

4.625%, 

12/1/2029

g

193,500

Wells

Fargo

&

Company

220,000

4.125%, 

8/15/2023

234,296

233,000

2.406%, 

10/30/2025

b

242,665

335,000

3.900%, 

3/15/2026

b,i

345,469

169,000

2.188%, 

4/30/2026

b

174,431

220,000

0.626%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

213,704

445,000

1.126%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

437,824

196,000

3.584%, 

5/22/2028

b

214,594

196,000

4.478%, 

4/4/2031

b

228,200

Welltower,

Inc.

97,000

2.050%, 

1/15/2029

96,364

147,000

2.800%, 

6/1/2031

151,428

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

159,715

Willis

North

America,

Inc.

196,000

4.500%, 

9/15/2028

224,494

Total

62,029,253

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

133,000

2.150%, 

5/13/2025

g

136,076

Total

136,076

Mortgage-Backed

Securities

(18.8%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

45,500,000

2.000%, 

11/1/2036

d

46,797,461

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

23,450,000

2.000%, 

11/1/2051

d

23,471,068

50,200,000

2.500%, 

11/1/2051

d

51,660,898

1,200,000

3.000%, 

11/1/2047

d

1,254,076

575,000

3.000%, 

10/1/2049

d

601,661

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

8,100,000

2.500%, 

10/1/2051

d

8,361,668

30,075,000

2.500%, 

11/1/2051

d

30,992,522

Total

163,139,354

Technology

(1.7%)

Akamai

Technologies,

Inc.,

Convertible

160,000

0.125%, 

5/1/2025

194,205

533,000

0.375%, 

9/1/2027

581,928

Analog

Devices,

Inc.

48,000

2.100%, 

10/1/2031

d

48,103

Apple,

Inc.

294,000

2.200%, 

9/11/2029

302,724

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Technology

(1.7%)

-

continued

Baidu,

Inc.

$

137,000

3.075%, 

4/7/2025

$

143,704

Black

Knight

InfoServ,

LLC

334,000

3.625%, 

9/1/2028

g

335,670

Broadcom

Corporation

196,000

3.125%, 

1/15/2025

207,620

147,000

3.875%, 

1/15/2027

161,541

Broadcom,

Inc.

195,000

5.000%, 

4/15/2030

227,714

CommScope

Technologies

Finance,

LLC

328,000

6.000%, 

6/15/2025

g

332,100

CommScope,

Inc.

210,000

7.125%, 

7/1/2028

g

214,299

Dell

International,

LLC

210,000

5.450%, 

6/15/2023

225,231

147,000

5.850%, 

7/15/2025

171,021

147,000

5.300%, 

10/1/2029

177,696

Fiserv,

Inc.

156,000

2.750%, 

7/1/2024

164,280

196,000

4.200%, 

10/1/2028

223,101

Gartner,

Inc.

185,000

3.625%, 

6/15/2029

g

186,406

315,000

3.750%, 

10/1/2030

g

324,198

Global

Payments,

Inc.

52,000

2.650%, 

2/15/2025

54,351

98,000

3.200%, 

8/15/2029

103,595

Hewlett

Packard

Enterprise

Company

106,000

2.250%, 

4/1/2023

108,609

InterDigital,

Inc.,

Convertible

94,000

2.000%, 

6/1/2024

101,344

Intuit,

Inc.

111,000

0.950%, 

7/15/2025

110,872

Iron

Mountain,

Inc.

220,000

4.500%, 

2/15/2031

g

223,146

j2

Global,

Inc.,

Convertible

380,000

1.750%, 

11/1/2026

g

475,578

Jabil,

Inc.

98,000

1.700%, 

4/15/2026

98,514

Lumentum

Holdings,

Inc.,

Convertible

336,000

0.250%, 

3/15/2024

493,080

Marvell

Technology,

Inc.

112,000

4.200%, 

6/22/2023

g

118,266

98,000

2.950%, 

4/15/2031

g

100,734

Microchip

Technology,

Inc.,

Convertible

152,000

1.625%, 

2/15/2027

347,088

Micron

Technology,

Inc.

183,000

4.975%, 

2/6/2026

209,257

MSCI,

Inc.

260,000

4.000%, 

11/15/2029

g

275,262

NCR

Corporation

550,000

6.125%, 

9/1/2029

g

596,750

NortonLifeLock,

Inc.,

Convertible

390,000

2.000%, 

8/15/2022

g

498,030

Nuance

Communications,

Inc.,

Convertible

210,000

1.250%, 

4/1/2025

589,214

NVIDIA

Corporation

49,000

2.850%, 

4/1/2030

52,508

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Technology

(1.7%)

-

continued

NXP

Funding,

LLC

$

92,000

4.875%, 

3/1/2024

g

$

100,347

56,000

2.700%, 

5/1/2025

g

58,489

98,000

4.300%, 

6/18/2029

g

111,074

Open

Text

Corporation

320,000

4.125%, 

2/15/2030

g

328,800

Oracle

Corporation

245,000

2.500%, 

4/1/2025

256,300

245,000

2.950%, 

4/1/2030

256,646

Panasonic

Corporation

163,000

2.536%, 

7/19/2022

g

165,383

PTC,

Inc.

160,000

3.625%, 

2/15/2025

g

162,400

145,000

4.000%, 

2/15/2028

g

148,806

Qorvo,

Inc.

250,000

3.375%, 

4/1/2031

g

263,600

Rackspace

Technology

Global,

Inc.

275,000

5.375%, 

12/1/2028

g,k

270,187

Salesforce.com,

Inc.

96,000

1.950%, 

7/15/2031

95,545

Seagate

HDD

Cayman

116,000

4.250%, 

3/1/2022

117,015

460,000

3.125%, 

7/15/2029

g

444,866

380,000

3.375%, 

7/15/2031

g

370,500

Sensata

Technologies,

Inc.

455,000

3.750%, 

2/15/2031

g

458,112

Shift4

Payments,

LLC

100,000

4.625%, 

11/1/2026

g

104,375

SS&C

Technologies,

Inc.

620,000

5.500%, 

9/30/2027

g

654,678

Switch,

Ltd.

310,000

3.750%, 

9/15/2028

g

314,650

Tencent

Holdings,

Ltd.

118,000

2.880%, 

4/22/2031

g

120,439

Teradyne,

Inc.,

Convertible

67,000

1.250%, 

12/15/2023

231,485

Texas

Instruments,

Inc.

68,000

1.375%, 

3/12/2025

69,199

Verint

Systems,

Inc.,

Convertible

140,000

0.250%, 

4/15/2026

g

135,242

Viavi

Solutions,

Inc.

224,000

3.750%, 

10/1/2029

g

224,493

Vishay

Intertechnology,

Inc.,

Convertible

286,000

2.250%, 

6/15/2025

294,524

VMware,

Inc.

194,000

1.400%, 

8/15/2026

193,127

68,000

2.200%, 

8/15/2031

66,488

Total

14,794,509

Transportation

(0.7%)

AerCap

Holdings

NV

220,000

5.875%, 

10/10/2079

b

229,568

Air

Canada

70,000

3.875%, 

8/15/2026

g

70,634

Air

Lease

Corporation

114,000

2.300%, 

2/1/2025

117,095

98,000

3.125%, 

12/1/2030

100,397

Air

Transport

Services

Group,

Inc.,

Convertible

180,000

1.125%, 

10/15/2024

193,786

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Transportation

(0.7%)

-

continued

American

Airlines,

Inc.

$

260,000

11.750%, 

7/15/2025

g

$

321,750

570,000

5.500%, 

4/20/2026

g

599,212

70,000

5.750%, 

4/20/2029

g

75,425

Avis

Budget

Car

Rental,

LLC

250,000

5.375%, 

3/1/2029

g,k

264,225

Boeing

Company

10,000

1.950%, 

2/1/2024

10,234

CSX

Corporation

98,000

4.250%, 

3/15/2029

112,655

Delta

Air

Lines,

Inc.

167,000

7.000%, 

5/1/2025

g

194,764

222,697

4.500%, 

10/20/2025

g

238,286

195,000

4.750%, 

10/20/2028

g

217,425

Greenbrier

Companies,

Inc.,

Convertible

138,000

2.875%, 

4/15/2028

g

144,003

J.B.

Hunt

Transport

Services,

Inc.

70,000

3.300%, 

8/15/2022

71,366

JetBlue

Airways

Corporation,

Convertible

370,000

0.500%, 

4/1/2026

g

362,542

Meritor,

Inc.,

Convertible

299,000

3.250%, 

10/15/2037

313,505

Mileage

Plus

Holdings,

LLC

248,000

6.500%, 

6/20/2027

g

269,680

Penske

Truck

Leasing

Company,

LP

111,000

1.200%, 

11/15/2025

g

109,713

96,000

1.700%, 

6/15/2026

g

96,526

Southwest

Airlines

Company

100,000

5.125%, 

6/15/2027

116,948

98,000

2.625%, 

2/10/2030

99,407

Southwest

Airlines

Company,

Convertible

484,000

1.250%, 

5/1/2025

722,975

Union

Pacific

Corporation

124,000

3.750%, 

7/15/2025

135,857

98,000

2.150%, 

2/5/2027

101,514

United

Airlines

Pass

Through

Trust

70,000

3.700%, 

12/1/2022

71,840

United

Airlines,

Inc.

300,000

4.375%, 

4/15/2026

g

307,875

300,000

4.625%, 

4/15/2029

g

310,035

Total

5,979,242

U.S.

Government

&

Agencies

(2.3%)

U.S.

Treasury

Bonds

795,000

1.125%, 

2/15/2031

770,032

U.S.

Treasury

Notes

2,490,000

0.125%, 

2/28/2023

2,488,152

1,780,000

0.125%, 

4/30/2023

1,777,636

2,070,000

0.125%, 

2/15/2024

2,058,114

9,250,000

0.500%, 

3/31/2025

9,198,691

1,680,000

0.500%, 

2/28/2026

1,651,650

1,010,000

0.500%, 

4/30/2027

977,254

1,360,000

1.125%, 

2/29/2028

1,351,447

Total

20,272,976

Utilities

(1.1%)

AES

Corporation

156,000

3.950%, 

7/15/2030

g

171,541

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Utilities

(1.1%)

-

continued

Ameren

Corporation

$

98,000

1.750%, 

3/15/2028

$

96,044

American

Electric

Power

Company,

Inc.

98,000

2.300%, 

3/1/2030

97,644

Berkshire

Hathaway

Energy

Company

136,000

4.050%, 

4/15/2025

149,547

Calpine

Corporation

450,000

4.500%, 

2/15/2028

g

459,000

CenterPoint

Energy,

Inc.

105,000

2.500%, 

9/1/2024

109,792

146,000

1.450%, 

6/1/2026

146,041

146,000

2.650%, 

6/1/2031

149,085

Dominion

Energy,

Inc.

110,000

3.071%, 

8/15/2024

116,271

375,000

4.650%, 

12/15/2024

b,i

401,737

98,000

3.375%, 

4/1/2030

106,157

Duke

Energy

Corporation

180,000

3.250%, 

1/15/2082

b

179,167

110,000

4.875%, 

9/16/2024

b,i

117,562

195,000

3.150%, 

8/15/2027

210,011

98,000

2.450%, 

6/1/2030

99,041

Edison

International

118,000

4.950%, 

4/15/2025

129,925

Enel

Finance

International

NV

200,000

1.375%, 

7/12/2026

g

198,863

Energy

Transfer,

LP

210,000

6.500%, 

11/15/2026

b,i

218,688

Entergy

Corporation

111,000

0.900%, 

9/15/2025

109,147

97,000

1.900%, 

6/15/2028

95,979

Evergy,

Inc.

106,000

2.450%, 

9/15/2024

110,819

Exelon

Corporation

98,000

4.050%, 

4/15/2030

111,066

FirstEnergy

Corporation

163,000

3.350%, 

7/15/2022

164,932

Georgia

Power

Company

72,000

2.100%, 

7/30/2023

74,131

Jersey

Central

Power

&

Light

Company

49,000

2.750%, 

3/1/2032

g

50,196

NextEra

Energy

Capital

Holdings,

Inc.

98,000

2.250%, 

6/1/2030

98,559

NextEra

Energy

Operating

Partners,

LP

420,000

3.875%, 

10/15/2026

g

446,565

NextEra

Energy

Partners,

LP,

Convertible

485,000

Zero

Coupon, 

11/15/2025

g

514,100

NiSource,

Inc.

220,000

5.650%, 

6/15/2023

b,i

232,100

98,000

2.950%, 

9/1/2029

102,412

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

g

112,848

440,000

3.375%, 

2/15/2029

g

434,249

135,000

5.250%, 

6/15/2029

g

143,606

NRG

Energy,

Inc.,

Convertible

264,000

2.750%, 

6/1/2048

309,672

Pacific

Gas

and

Electric

Company

147,000

3.750%, 

2/15/2024

153,341

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income

(55.3%)

Value

Utilities

(1.1%)

-

continued

$

147,000

2.100%, 

8/1/2027

$

143,459

PG&E

Corporation

100,000

5.000%, 

7/1/2028

101,875

Public

Service

Enterprise

Group,

Inc.

98,000

1.600%, 

8/15/2030

92,729

Sempra

Energy

240,000

4.875%, 

10/15/2025

b,i

260,400

147,000

3.400%, 

2/1/2028

158,540

Southern

Company

351,000

4.000%, 

1/15/2051

b

371,032

317,000

3.750%, 

9/15/2051

b

322,960

Suburban

Propane

Partners,

LP

380,000

5.875%, 

3/1/2027

396,150

Talen

Energy

Supply,

LLC

205,000

7.625%, 

6/1/2028

g

192,188

TerraForm

Power

Operating,

LLC

395,000

5.000%, 

1/31/2028

g

424,131

TransCanada

Trust

468,000

5.875%, 

8/15/2076

b

524,160

Vistra

Operations

Company,

LLC

380,000

5.000%, 

7/31/2027

g

392,350

Xcel

Energy,

Inc.

98,000

4.000%, 

6/15/2028

110,006

Total

9,909,818

Total

Long-Term

Fixed

Income

(cost

$473,514,355)

481,737,219

Shares

Common

Stock

(

17.7%

)

Value

Communications

Services

(1.5%)

1,284

Alphabet,

Inc.,

Class

A

l

3,432,800

395

Alphabet,

Inc.,

Class

C

l

1,052,798

11,934

AT&T,

Inc.

322,337

75

Cable

One,

Inc.

135,985

2,004

Charter

Communications,

Inc.

l

1,458,030

14,685

Comcast

Corporation

821,332

7,591

Discovery,

Inc.,

Class

A

k,l

192,660

6,353

DISH

Network

Corporation

l

276,101

2,048

Electronic

Arts,

Inc.

291,328

5,774

Facebook,

Inc.

l

1,959,638

5,303

Live

Nation

Entertainment,

Inc.

l

483,262

1,321

Match

Group,

Inc.

l

207,384

360

Omnicom

Group,

Inc.

26,086

14,043

QuinStreet,

Inc.

l

246,595

15,824

Twitter,

Inc.

l

955,611

18,093

Verizon

Communications,

Inc.

977,203

1,293

ViacomCBS,

Inc.

51,086

126

Walt

Disney

Company

l

21,315

4,674

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

l

71,279

2,359

Zillow

Group,

Inc.

l

208,960

Total

13,191,790

Consumer

Discretionary

(1.9%)

965

Amazon.com,

Inc.

l

3,170,064

7,783

Aptiv

plc

l

1,159,433

220

AutoZone,

Inc.

l

373,558

712

Big

Lots,

Inc.

30,872

1,568

Bloomin'

Brands,

Inc.

l

39,200

152

Booking

Holdings,

Inc.

l

360,828

2,989

Caesars

Entertainment,

Inc.

l

335,605

1,041

Carvana

Company

l

313,903

Shares

Common

Stock

(17.7%)

Value

Consumer

Discretionary

(1.9%)

-

continued

4,704

Cedar

Fair,

LP

l

$

218,171

531

Chipotle

Mexican

Grill,

Inc.

l

965,103

228

Cimpress

plc

l

19,797

4,695

Clarus

Corporation

120,333

8,539

Cooper-Standard

Holdings,

Inc.

l

187,089

1,224

Crocs,

Inc.

l

175,619

3,053

D.R.

Horton,

Inc.

256,360

737

Emerald

Holding,

Inc.

l

3,199

14,640

Everi

Holdings,

Inc.

l

353,995

1,803

Expedia

Group,

Inc.

l

295,512

9,201

Ford

Motor

Company

l

130,286

284

Garmin,

Ltd.

44,151

6,931

Harley-Davidson,

Inc.

253,744

2,033

Home

Depot,

Inc.

667,353

233

Jack

in

the

Box,

Inc.

22,678

1,721

Kohl's

Corporation

81,042

6,328

Leggett

&

Platt,

Inc.

283,748

8,228

Libbey,

Inc.

l

30,855

4,371

Lowe's

Companies,

Inc.

886,701

1,361

Lululemon

Athletica,

Inc.

l

550,797

1,325

McDonald's

Corporation

319,471

4,522

Miller

Industries,

Inc.

153,929

852

Mohawk

Industries,

Inc.

l

151,145

1,981

NIKE,

Inc.

287,701

143

NVR,

Inc.

l

685,553

2,649

Penn

National

Gaming,

Inc.

l

191,947

6,537

Qurate

Retail,

Inc.

66,612

723

Revolve

Group,

Inc.

l

44,660

430

RH

l

286,771

2,138

Ross

Stores,

Inc.

232,721

2,652

Sleep

Number

Corporation

l

247,909

4,593

Sony

Group

Corporation

ADR

507,894

6,085

Stoneridge,

Inc.

l

124,073

323

Target

Corporation

73,893

118

Taylor

Morrison

Home

Corporation

l

3,042

1,602

Tesla,

Inc.

l

1,242,319

12,312

ThredUp,

Inc.

l

267,047

9,897

Under

Armour,

Inc.,

Class

C

l

173,395

271

Wayfair,

Inc.

k,l

69,243

786

Yum!

Brands,

Inc.

96,136

4,367

Zumiez,

Inc.

l

173,632

Total

16,729,089

Consumer

Staples

(0.7%)

804

Altria

Group,

Inc.

36,598

4,927

BJ's

Wholesale

Club

Holdings,

Inc.

l

270,591

4,303

Bunge,

Ltd.

349,920

2,356

Colgate-Palmolive

Company

178,066

1,113

Costco

Wholesale

Corporation

500,126

8,452

Hain

Celestial

Group,

Inc.

l

361,577

1,496

John

B.

Sanfilippo

&

Son,

Inc.

122,253

1,279

Kimberly-Clark

Corporation

169,391

8,234

Lamb

Weston

Holdings,

Inc.

505,321

3,085

Monster

Beverage

Corporation

l

274,041

236

PepsiCo,

Inc.

35,497

12,613

Philip

Morris

International,

Inc.

1,195,586

18,236

Primo

Water

Corporation

286,670

2,075

Procter

&

Gamble

Company

290,085

2,893

Sysco

Corporation

227,100

5,747

Turning

Point

Brands,

Inc.

274,419

6,001

Wal-Mart

Stores,

Inc.

836,419

Total

5,913,660

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Shares

Common

Stock

(17.7%)

Value

Energy

(0.6%)

12,511

APA

Corporation

$

268,111

10,116

BP

plc

ADR

276,470

3,878

Cheniere

Energy,

Inc.

l

378,764

850

Chevron

Corporation

86,233

5,939

ConocoPhillips

402,486

25,630

Devon

Energy

Corporation

910,121

17

Diamondback

Energy,

Inc.

1,609

12,994

Enterprise

Products

Partners,

LP

281,190

2,293

EOG

Resources,

Inc.

184,059

2,952

EQT

Corporation

l

60,398

3,108

Exxon

Mobil

Corporation

182,813

6,699

Halliburton

Company

144,832

10,074

Helmerich

&

Payne,

Inc.

276,128

4,050

Kinder

Morgan,

Inc.

67,757

6,784

Marathon

Oil

Corporation

92,737

3,761

Marathon

Petroleum

Corporation

232,468

1,000

MPLX,

LP

28,470

968

Nine

Energy

Service,

Inc.

l

1,772

5,230

Pioneer

Natural

Resources

Company

870,847

14,900

Southwestern

Energy

Company

l

82,546

1,100

TC

Energy

Corporation

52,899

2,909

Valero

Energy

Corporation

205,288

1,700

Williams

Companies,

Inc.

44,098

Total

5,132,096

Financials

(2.7%)

5,793

Air

Lease

Corporation

227,897

9,775

Ally

Financial,

Inc.

499,014

2,682

American

Express

Company

449,315

9,980

Arch

Capital

Group,

Ltd.

l

381,036

3,853

Ares

Capital

Corporation

78,331

11,942

Assured

Guaranty,

Ltd.

559,005

37,042

Bank

of

America

Corporation

1,572,433

124

Bank

of

Marin

Bancorp

4,681

4,932

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

175,135

1,455

Berkshire

Hathaway,

Inc.

l

397,128

9,900

BlackRock

TCP

Capital

Corporation

134,343

667

BlackRock,

Inc.

559,386

6,058

Blackstone

Mortgage

Trust,

Inc.

183,679

11,430

Bridgewater

Bancshares,

Inc.

l

200,139

9,284

Byline

Bancorp,

Inc.

228,015

2,073

Capital

One

Financial

Corporation

335,764

452

Cboe

Global

Markets,

Inc.

55,985

381

Central

Pacific

Financial

Corporation

9,784

14,768

Charles

Schwab

Corporation

1,075,701

2,558

Chubb,

Ltd.

443,762

6,818

Citigroup,

Inc.

478,487

3,367

Citizens

Financial

Group,

Inc.

158,182

1,531

CME

Group,

Inc.

296,065

7,580

Columbia

Banking

System,

Inc.

287,964

4,377

Comerica,

Inc.

352,348

764

Community

Trust

Bancorp,

Inc.

32,164

1,029

Customers

Bancorp,

Inc.

l

44,268

185

Dime

Community

Bancshares,

Inc.

6,042

2,121

Discover

Financial

Services

260,565

1,360

Ellington

Residential

Mortgage

REIT

15,178

5,070

Enterprise

Financial

Services

Corporation

229,570

18,487

Equitable

Holdings,

Inc.

547,955

557

Essent

Group,

Ltd.

24,514

543

Evercore,

Inc.

72,583

Shares

Common

Stock

(17.7%)

Value

Financials

(2.7%)

-

continued

276

Financial

Institutions,

Inc.

$

8,459

837

First

Bancorp

11,007

850

First

Busey

Corporation

20,935

175

First

Mid-Illinois

Bancshares,

Inc.

7,185

1,754

First

Republic

Bank

338,311

176

Flushing

Financial

Corporation

3,978

6,663

FS

KKR

Capital

Corporation

146,852

622

Fulton

Financial

Corporation

9,504

2,812

Glacier

Bancorp,

Inc.

155,644

9,976

Golub

Capital

BDC,

Inc.

157,721

873

Great

Southern

Bancorp,

Inc.

47,849

902

Hancock

Whitney

Corporation

42,502

825

Hanmi

Financial

Corporation

16,549

440

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

23,531

8,895

Heartland

Financial

USA,

Inc.

427,672

433

HomeStreet,

Inc.

17,818

632

Hometrust

Bancshares,

Inc.

17,683

7,513

Hope

Bancorp,

Inc.

108,488

1,710

Houlihan

Lokey,

Inc.

157,491

322

Independent

Bank

Corporation

6,917

8,143

J.P.

Morgan

Chase

&

Company

1,332,928

2,089

Kinsale

Capital

Group,

Inc.

337,791

12,565

KKR

&

Company,

Inc.

764,957

2,001

Marsh

&

McLennan

Companies,

Inc.

303,011

1,871

MidWestOne

Financial

Group,

Inc.

56,429

903

Moody's

Corporation

320,664

7,761

Morgan

Stanley

755,223

318

OceanFirst

Financial

Corporation

6,808

103

Peapack-Gladstone

Financial

Corporation

3,436

1,844

Primerica,

Inc.

283,294

9,921

Radian

Group,

Inc.

225,405

5,546

Raymond

James

Financial,

Inc.

511,785

429

Reinsurance

Group

of

America,

Inc.

47,730

2,358

S&P

Global,

Inc.

1,001,891

6,611

Seacoast

Banking

Corporation

of

Florida

223,518

1,188

Selective

Insurance

Group,

Inc.

89,730

4,514

Sixth

Street

Specialty

Lending,

Inc.

100,256

4,986

Starwood

Property

Trust,

Inc.

121,708

3,087

State

Street

Corporation

261,531

4,882

Synovus

Financial

Corporation

214,271

777

T.

Rowe

Price

Group,

Inc.

152,836

3,045

Texas

Capital

Bancshares,

Inc.

l

182,761

1,610

Torchmark

Corporation

143,338

3,598

Triumph

Bancorp,

Inc.

l

360,268

8,554

Truist

Financial

Corporation

501,692

376

TrustCo

Bank

Corporation

NY

12,021

3,593

Unum

Group

90,041

23,007

Wells

Fargo

&

Company

1,067,755

10,329

Western

Alliance

Bancorp

1,124,002

12,646

Zions

Bancorporations

NA

782,661

831

Zurich

Insurance

Group

AG

339,813

Total

23,822,068

Health

Care

(2.4%)

814

Abbott

Laboratories

96,158

3,178

AbbVie,

Inc.

342,811

448

Align

Technology,

Inc.

l

298,113

774

Amedisys,

Inc.

l

115,403

2,707

Amgen,

Inc.

575,643

2,389

AMN

Healthcare

Services,

Inc.

l

274,138

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Shares

Common

Stock

(17.7%)

Value

Health

Care

(2.4%)

-

continued

3,931

Anthem,

Inc.

$

1,465,477

2,624

Baxter

International,

Inc.

211,048

989

Becton,

Dickinson

and

Company

243,116

1,223

Biogen,

Inc.

l

346,097

594

Bio-Techne

Corporation

287,835

1,464

Boston

Scientific

Corporation

l

63,523

224

Bristol-Myers

Squibb

Company

13,254

4,080

Centene

Corporation

l

254,225

1,966

Cigna

Holding

Company

393,514

3,040

CVS

Health

Corporation

257,974

6,267

Danaher

Corporation

1,907,925

674

Dexcom,

Inc.

l

368,584

5,794

Edwards

Lifesciences

Corporation

l

655,939

6,715

Gilead

Sciences,

Inc.

469,043

5,043

GlaxoSmithKline

plc

ADR

192,693

4,304

Halozyme

Therapeutics,

Inc.

l

175,087

1,894

HCA

Healthcare,

Inc.

459,712

1,762

Illumina,

Inc.

l

714,685

1,513

InMode,

Ltd.

l

241,248

1,318

Insulet

Corporation

l

374,615

574

Intuitive

Surgical,

Inc.

l

570,642

7,498

Ionis

Pharmaceuticals,

Inc.

l

251,483

1,370

IQVIA

Holding,

Inc.

l

328,170

7,432

Johnson

&

Johnson

1,200,268

12,959

Lantheus

Holdings,

Inc.

l

332,787

836

LHC

Group,

Inc.

l

131,177

8,748

Medtronic

plc

1,096,562

8,955

Merck

&

Company,

Inc.

672,610

119

Mettler-Toledo

International,

Inc.

l

163,906

2,490

Novo

Nordisk

AS

ADR

239,065

5,605

NuVasive,

Inc.

l

335,459

2,076

Progyny,

Inc.

l

116,256

118

Regeneron

Pharmaceuticals,

Inc.

l

71,411

2,232

Stryker

Corporation

588,623

7,215

Syneos

Health,

Inc.

l

631,168

1,662

Teladoc

Health,

Inc.

l

210,758

1,486

Thermo

Fisher

Scientific,

Inc.

848,996

1,229

UnitedHealth

Group,

Inc.

480,219

1,106

Veeva

Systems,

Inc.

l

318,716

21,556

Viemed

Healthcare,

Inc.

l

119,636

2,311

Zimmer

Biomet

Holdings,

Inc.

338,238

4,040

Zoetis,

Inc.

784,326

Total

20,628,336

Industrials

(2.2%)

3,633

Advanced

Drainage

Systems,

Inc.

392,982

2,411

Aerojet

Rocketdyne

Holdings,

Inc.

104,999

2,999

AMETEK,

Inc.

371,906

2,436

ASGN,

Inc.

l

275,609

12,545

Badger

Infrastructure

Solution

335,266

85

Boeing

Company

l

18,695

1,912

Carlisle

Companies,

Inc.

380,087

176

Caterpillar,

Inc.

33,787

3,642

Chart

Industries,

Inc.

l

696,023

5,790

Crane

Company

548,950

9,358

CSX

Corporation

278,307

2,460

Curtiss-Wright

Corporation

310,403

10,322

Delta

Air

Lines,

Inc.

l

439,820

16,440

Dun

&

Bradstreet

Holdings,

Inc.

l

276,356

1,609

Eaton

Corporation

plc

240,240

2,479

Emerson

Electric

Company

233,522

2,324

Fortive

Corporation

164,005

2,906

Forward

Air

Corporation

241,256

3,423

General

Dynamics

Corporation

671,011

94

Gorman-Rupp

Company

3,366

Shares

Common

Stock

(17.7%)

Value

Industrials

(2.2%)

-

continued

2,764

Greenbrier

Companies,

Inc.

k

$

118,824

3,511

Helios

Technologies,

Inc.

288,288

2,948

Honeywell

International,

Inc.

625,801

10,224

Howmet

Aerospace,

Inc.

318,989

1,114

IDEX

Corporation

230,542

1,842

Illinois

Tool

Works,

Inc.

380,612

2,591

JetBlue

Airways

Corporation

l

39,616

8,140

Johnson

Controls

International

plc

554,171

398

Kansas

City

Southern

107,715

1,895

L3Harris

Technologies,

Inc.

417,355

2,058

Lincoln

Electric

Holdings,

Inc.

265,050

717

Linde

plc

210,353

1,510

Lockheed

Martin

Corporation

521,101

3,426

Manpower,

Inc.

370,967

9,637

Meritor,

Inc.

l

205,365

1,366

Middleby

Corporation

l

232,917

5,780

NAPCO

Security

Technologies,

Inc.

l

249,002

1,800

Norfolk

Southern

Corporation

430,650

786

Northrop

Grumman

Corporation

283,078

5,474

Nutrien,

Ltd.

354,879

1,611

Old

Dominion

Freight

Line,

Inc.

460,714

1,502

Parker-Hannifin

Corporation

419,989

2,215

Patrick

Industries,

Inc.

184,510

4,051

Quanta

Services,

Inc.

461,085

3,852

Raytheon

Technologies

Corporation

331,118

2,763

Regal-Beloit

Corporation

415,389

2,357

Smith

&

Wesson

Brands,

Inc.

48,931

8,248

Southwest

Airlines

Company

l

424,195

2,957

Sun

Country

Airlines

Holdings,

Inc.

l

99,178

4,827

Timken

Company

315,782

12,632

Uber

Technologies,

Inc.

l

565,914

3,099

Union

Pacific

Corporation

607,435

3,416

United

Parcel

Service,

Inc.

622,054

3,113

United

Rentals,

Inc.

l

1,092,445

11,377

US

Ecology,

Inc.

l

368,046

245

Waste

Management,

Inc.

36,593

3,372

WESCO

International,

Inc.

l

388,859

Total

19,064,102

Information

Technology

(4.3%)

1,337

Accenture

plc

427,733

1,788

Adobe,

Inc.

l

1,029,387

1,597

Advanced

Energy

Industries,

Inc.

140,137

693

Advanced

Micro

Devices,

Inc.

l

71,310

4,778

Agilysys,

Inc.

l

250,176

373

Akamai

Technologies,

Inc.

l

39,012

3,114

Alliance

Data

Systems

Corporation

314,171

3,403

Amphenol

Corporation

249,202

1,116

ANSYS,

Inc.

l

379,942

30,128

Apple,

Inc.

4,263,112

3,156

AppLovin

Corporation

k,l

228,400

369

Automatic

Data

Processing,

Inc.

73,770

3,256

Axcelis

Technologies,

Inc.

l

153,130

2,996

BigCommerce

Holdings,

Inc.

l

151,717

2,032

Bill.com

Holdings,

Inc.

l

542,442

2,151

Broadcom,

Ltd.

1,043,084

212

Broadridge

Financial

Solutions,

Inc.

35,328

6,866

Calix,

Inc.

l

339,386

8,381

Ciena

Corporation

l

430,364

19,441

Cisco

Systems,

Inc.

1,058,174

3,342

Computer

Services,

Inc.

197,178

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Shares

Common

Stock

(17.7%)

Value

Information

Technology

(4.3%)

-

continued

1,926

Dolby

Laboratories,

Inc.

$

169,488

11,211

Dropbox,

Inc.

l

327,585

1,810

Enphase

Energy,

Inc.

l

271,446

392

Euronet

Worldwide,

Inc.

l

49,894

690

FleetCor

Technologies,

Inc.

l

180,276

16,001

Gilat

Satellite

Networks,

Ltd.

143,849

5,855

HP,

Inc.

160,193

3,993

II-VI,

Inc.

k,l

237,024

1,824

Intel

Corporation

97,183

762

Intuit,

Inc.

411,107

1,990

j2

Global,

Inc.

l

271,874

233

Jack

Henry

&

Associates,

Inc.

38,226

868

KLA-Tencor

Corporation

290,355

658

Lam

Research

Corporation

374,501

735

Littelfuse,

Inc.

200,853

2,633

Lumentum

Holdings,

Inc.

l

219,961

4,106

Mastercard,

Inc.

1,427,574

3,673

Microchip

Technology,

Inc.

563,769

799

Micron

Technology,

Inc.

56,713

21,345

Microsoft

Corporation

6,017,582

2,791

Motorola

Solutions,

Inc.

648,405

5,167

National

Instruments

Corporation

202,701

1,404

NICE,

Ltd.

ADR

l

398,792

2,604

NortonLifeLock,

Inc.

65,881

6,466

NVIDIA

Corporation

1,339,497

19,671

ON

Semiconductor

Corporation

l

900,342

5,906

PayPal

Holdings,

Inc.

l

1,536,800

7,318

QUALCOMM,

Inc.

943,876

37,317

Sabre

Corporation

l

441,833

3,250

Salesforce.com,

Inc.

l

881,465

8,425

Samsung

Electronics

Company,

Ltd.

522,305

1,337

ServiceNow,

Inc.

l

831,975

15,755

Sonos,

Inc.

l

509,832

7,291

Square,

Inc.

l

1,748,673

3,519

SunPower

Corporation

k,l

79,811

529

TE

Connectivity,

Ltd.

72,589

22,219

Telefonaktiebolaget

LM

Ericsson

ADR

248,853

539

Teradyne,

Inc.

58,843

6,370

Texas

Instruments,

Inc.

1,224,378

32,041

TTM

Technologies,

Inc.

l

402,755

95

Tyler

Technologies,

Inc.

l

43,572

874

VeriSign,

Inc.

l

179,179

1,312

Visa,

Inc.

292,248

855

VMware,

Inc.

k,l

127,138

2,631

Western

Digital

Corporation

l

148,494

2,297

Workiva,

Inc.

l

323,785

749

Zoom

Video

Communications,

Inc.

l

195,864

Total

37,296,494

Materials

(0.5%)

6,131

Ashland

Global

Holdings,

Inc.

546,395

9,391

Axalta

Coating

Systems,

Ltd.

l

274,123

3,911

Ball

Corporation

351,873

7,102

Carpenter

Technology

Corporation

232,519

8,565

CF

Industries

Holdings,

Inc.

478,098

1,956

Eastman

Chemical

Company

197,047

9,879

Element

Solutions,

Inc.

214,177

28,207

Ivanhoe

Mines,

Ltd.

l

180,386

1,563

LyondellBasell

Industries

NV

146,688

437

Martin

Marietta

Materials,

Inc.

149,314

3,257

Nucor

Corporation

320,782

1,193

Sherwin-Williams

Company

333,718

6,455

Steel

Dynamics,

Inc.

377,488

Shares

Common

Stock

(17.7%)

Value

Materials

(0.5%)

-

continued

3,862

UFP

Technologies,

Inc.

l

$

237,861

1,876

United

States

Lime

&

Minerals,

Inc.

226,621

2,227

United

States

Steel

Corporation

k

48,927

Total

4,316,017

Real

Estate

(0.5%)

2,898

Agree

Realty

Corporation

191,935

1,880

Alexandria

Real

Estate

Equities,

Inc.

359,212

10,341

American

Campus

Communities,

Inc.

501,021

999

AvalonBay

Communities,

Inc.

221,418

2,741

Camden

Property

Trust

404,215

2,586

CBRE

Group,

Inc.

l

251,773

1,589

Colliers

International

Group,

Inc.

202,931

1,910

Digital

Realty

Trust,

Inc.

275,899

6,216

Duke

Realty

Corporation

297,560

7,886

Essential

Properties

Realty

Trust,

Inc.

220,177

2,242

Healthcare

Realty

Trust,

Inc.

66,767

17,029

Host

Hotels

&

Resorts,

Inc.

l

278,084

9,559

Independence

Realty

Trust,

Inc.

194,526

3,425

iStar,

Inc.

85,899

13,391

Lexington

Realty

Trust

170,735

1,850

MGIC

Investment

Corporation

27,676

9,897

National

Storage

Affiliates

Trust

522,463

1,347

Public

Storage,

Inc.

400,194

2,725

Rayonier,

Inc.

REIT

97,228

471

Rexford

Industrial

Realty,

Inc.

26,729

Total

4,796,442

Utilities

(0.4%)

6,495

Alliant

Energy

Corporation

363,590

698

American

Electric

Power

Company,

Inc.

56,664

13,273

CenterPoint

Energy,

Inc.

326,516

1,167

CMS

Energy

Corporation

69,705

3,644

Duke

Energy

Corporation

355,618

5,573

Entergy

Corporation

553,455

5,669

Exelon

Corporation

274,039

1,141

NextEra

Energy

Partners,

LP

85,986

2,066

NextEra

Energy,

Inc.

162,222

5,393

NiSource,

Inc.

130,672

1,499

NorthWestern

Corporation

85,893

2,720

NRG

Energy,

Inc.

111,057

3,104

Portland

General

Electric

Company

145,857

5,276

Sempra

Energy

667,414

2,066

Spire,

Inc.

126,398

Total

3,515,086

Total

Common

Stock

(cost

$106,624,245)

154,405,180

Shares

Registered

Investment

Companies

(

13.6%

)

Value

Unaffiliated  (2.0%)

50,518

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

209,650

24,575

AllianceBernstein

Global

High

Income

Fund,

Inc.

301,535

16,339

BlackRock

Core

Bond

Trust

270,574

15,017

BlackRock

Corporate

High

Yield

Fund,

Inc.

183,207

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Shares

Registered

Investment

Companies

(13.6%)

Value

Unaffiliated  (2.0%)-

continued

19,934

BlackRock

Credit

Allocation

Income

Trust

$

302,000

655

BlackRock

Enhanced

Equity

Dividend

Trust

6,419

18,407

BlackRock

Enhanced

Global

Dividend

Trust

215,546

15,443

BlackRock

Multi-Sector

Income

Trust

288,939

11,700

Brookfield

Real

Assets

Income

Fund,

Inc.

244,647

23,016

Eaton

Vance

Limited

Duration

Income

Fund

303,351

16,088

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

160,719

26,120

Invesco

Dynamic

Credit

Opportunities

Fund

305,604

376,928

Invesco

Senior

Loan

ETF

8,333,878

45,650

Nuveen

Credit

Strategies

Income

Fund

299,464

19,746

PGIM

Global

High

Yield

Fund,

Inc.

304,088

18,783

PGIM

High

Yield

Bond

Fund,

Inc.

305,036

4,718

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

99,691

73,000

SPDR

Blackstone

Senior

Loan

ETF

3,359,460

11,013

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

k

1,204,382

1,619

SPDR

S&P

Biotech

ETF

k

203,525

5,974

Tri-Continental

Corporation

199,412

12,510

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

185,523

26,481

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

156,238

35,452

Wells

Fargo

Income

Opportunities

Fund

311,978

33,964

Western

Asset

High

Income

Opportunity

Fund,

Inc.

176,273

Total

17,931,139

Affiliated  (11.6%)

7,516,774

Thrivent

Core

Emerging

Markets

Debt

Fund

73,363,713

2,506,697

Thrivent

Core

International

Equity

Fund

27,373,133

Total

100,736,846

Total

Registered

Investment

Companies

(cost

$113,994,750)

118,667,985

Shares

Preferred

Stock

(

1.5%

)

Value

Communications

Services

(0.1%)

25,875

AT&T,

Inc.,

4.750%

i

682,324

11,250

Telephone

and

Data

Systems,

Inc.

6.000%

i

284,062

3,766

ViacomCBS,

Inc.,

Convertible,

5.750%

k

246,033

Total

1,212,419

Consumer

Staples

(<0.1%)

4,150

CHS,

Inc.,

6.750%

b,i

116,698

Total

116,698

Energy

(0.1%)

28,205

Crestwood

Equity

Partners,

LP,

9.250%

i

281,768

Shares

Preferred

Stock

(1.5%)

Value

Energy

(0.1%)

-

continued

5,300

Energy

Transfer,

LP,

7.600%

b,i

$

134,408

5,109

NuStar

Logistics,

LP,

6.860%

b

127,214

Total

543,390

Financials

(0.7%)

7,525

Aegon

Funding

Corporation

II,

5.100%

199,112

15,500

Allstate

Corporation,

5.100%

i

424,390

5,800

Bank

of

America

Corporation,

5.375%

i

156,194

218

Bank

of

America

Corporation,

Convertible,

7.250%

i

314,448

14,875

Capital

One

Financial

Corporation,

5.000%

i

393,741

8,650

Cobank

ACB,

6.250%

b,i

895,275

16,200

Equitable

Holdings,

Inc.,

5.250%

i

437,886

425

First

Horizon

Bank,

3.750%

b,g,i

362,445

615

GMAC

Capital

Trust

I,

5.910%

b

15,523

17,000

J.P.

Morgan

Chase

&

Company,

4.200%

i,l

429,250

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

i

259,340

9,600

J.P.

Morgan

Chase

&

Company,

5.750%

i

262,176

16,800

Morgan

Stanley,

5.850%

b,i

497,784

11,100

Morgan

Stanley,

7.125%

b,i

316,461

2,675

Synovus

Financial

Corporation,

5.875%

b,i

72,947

14,400

Truist

Financial

Corporation,

4.750%

i

382,320

15,500

Wells

Fargo

&

Company,

4.250%

i

388,120

365

Wells

Fargo

&

Company,

Convertible,

7.50%

i

540,930

Total

6,348,342

Health

Care

(0.1%)

5,348

Becton,

Dickinson

and

Company,

Convertible,

6.000%

k

288,685

4,241

Boston

Scientific

Corporation,

Convertible,

5.500%

493,652

156

Danaher

Corporation,

Convertible,

5.000%

k

253,090

Total

1,035,427

Industrials

(0.1%)

342

Fluor

Corporation,

Convertible,

6.500%

g,i

341,350

2,682

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

k

282,254

Total

623,604

Real

Estate

(0.1%)

17,650

Public

Storage,

4.125%

i

460,665

3,775

Public

Storage,

4.625%

i

102,982

958

Public

Storage,

4.700%

i

25,981

1,475

Public

Storage,

4.875%

i

40,445

Total

630,073

Utilities

(0.3%)

3,602

AES

Corporation,

Convertible,

6.875%

k

347,233

3,056

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

145,679

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Shares

Preferred

Stock

(1.5%)

Value

Utilities

(0.3%)

-

continued

1,986

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

$

98,744

17,250

CMS

Energy

Corporation,

4.200%

i

430,560

3,130

Essential

Utilities,

Inc.,

Convertible

6.000%

179,631

7,503

NextEra

Energy,

Inc.,

Convertible,

4.872%

439,751

697

NiSource,

Inc.,

Convertible,

7.750%

72,104

19,200

Southern

Company,

4.950%

507,840

3,389

Southern

Company,

Convertible,

6.750%

172,873

Total

2,394,415

Total

Preferred

Stock

(cost

$12,432,193)

12,904,368

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

6,867,824

Thrivent

Cash

Management

Trust

6,867,824

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,867,824)

6,867,824

Shares

or

Principal

Amount

Short-Term

Investments

(

22.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.040%,

10/20/2021

m,n

99,999

100,000

0.040%,

10/26/2021

m,n

99,999

100,000

0.040%,

11/3/2021

m,n

99,996

100,000

0.040%,

11/12/2021

m,n

99,995

1,500,000

0.040%,

11/18/2021

m,n

1,499,920

200,000

0.025%,

12/21/2021

m,n

199,982

Thrivent

Core

Short-Term

Reserve

Fund

19,153,820

0.120%

191,538,199

U.S.

Treasury

Bills

1,000,000

0.049%,

11/4/2021

m,o

999,929

Total

Short-Term

Investments

(cost

$194,625,788)

194,638,019

Total

Investments

(cost

$989,503,300)

120.7%

$1,050,813,500

Other

Assets

and

Liabilities,

Net

(20.7%)

(180,334,180)

Total

Net

Assets

100.0%

$870,479,320

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,

2021.

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

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,

2021.

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,

2021,

the

value

of

these

investments

was

$150,298,038

or

17.3%

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,

2021.

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

on

loan.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

At

September

30,

2021,

$299,979

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,121,760

Common

Stock

3,497,918

Total

lending

$6,619,678

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,867,824

Net

amounts

due

to

counterparty

$248,146

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

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:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

COF

11

-

11th

District

Cost

of

Funds

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

5,813,201

–

4,379,810

1,433,391

Capital

Goods

11,435,957

–

8,977,866

2,458,091

Communications

Services

15,650,584

–

15,146,847

503,737

Consumer

Cyclical

12,770,745

–

12,770,745

–

Consumer

Non-Cyclical

13,906,546

–

13,906,546

–

Energy

1,724,370

–

1,724,370

–

Financials

4,195,386

–

4,195,386

–

Technology

8,811,182

–

8,811,182

–

Transportation

4,733,792

–

4,733,792

–

Utilities

2,551,142

–

2,152,190

398,952

Long-Term

Fixed

Income

Asset-Backed

Securities

27,463,652

–

27,463,652

–

Basic

Materials

9,634,643

–

9,634,643

–

Capital

Goods

16,038,213

–

16,038,213

–

Collateralized

Mortgage

Obligations

46,264,337

–

46,264,337

–

Commercial

Mortgage-Backed

Securities

955,895

–

955,895

–

Communications

Services

22,850,254

–

22,850,254

–

Consumer

Cyclical

30,601,296

–

30,601,296

–

Consumer

Non-Cyclical

26,981,678

–

26,981,678

–

Energy

24,686,023

–

24,686,023

–

Financials

62,029,253

–

62,029,253

–

Foreign

Government

136,076

–

136,076

–

Mortgage-Backed

Securities

163,139,354

–

163,139,354

–

Technology

14,794,509

–

14,794,509

–

Transportation

5,979,242

–

5,979,242

–

U.S.

Government

&

Agencies

20,272,976

–

20,272,976

–

Utilities

9,909,818

–

9,909,818

–

Common

Stock

Communications

Services

13,191,790

13,120,511

71,279

–

Consumer

Discretionary

16,729,089

16,698,234

30,855

–

Consumer

Staples

5,913,660

5,913,660

–

–

Energy

5,132,096

5,132,096

–

–

Financials

23,822,068

23,482,255

339,813

–

Health

Care

20,628,336

20,628,336

–

–

Industrials

19,064,102

18,728,836

335,266

–

Information

Technology

37,296,494

36,774,189

522,305

–

Materials

4,316,017

4,135,631

180,386

–

Real

Estate

4,796,442

4,796,442

–

–

Utilities

3,515,086

3,515,086

–

–

Registered

Investment

Companies

Unaffiliated

17,931,139

17,931,139

–

–

Preferred

Stock

Communications

Services

1,212,419

1,212,419

–

–

Consumer

Staples

116,698

116,698

–

–

Energy

543,390

543,390

–

–

Financials

6,348,342

5,985,897

362,445

–

Health

Care

1,035,427

1,035,427

–

–

Industrials

623,604

282,254

341,350

–

Real

Estate

630,073

630,073

–

–

Utilities

2,394,415

2,394,415

–

–

Short-Term

Investments

3,099,820

–

3,099,820

–

Subtotal

Investments

in

Securities

$751,670,631

$183,056,988

$563,819,472

$4,794,171

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

100,736,846

Affiliated

Short-Term

Investments

191,538,199

Collateral

Held

for

Securities

Loaned

6,867,824

Subtotal

Other

Investments

$299,142,869

Total

Investments

at

Value

$1,050,813,500

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

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

682,401

682,401

–

–

Total

Asset

Derivatives

$682,401

$682,401

$–

$–

Liability

Derivatives

Futures

Contracts

905,251

905,251

–

–

Total

Liability

Derivatives

$905,251

$905,251

$–

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$2,145,891

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

123

December

2021

$

27,083,440

(

$

16,713)

CBOT

U.S.

Long

Bond

33

December

2021

5,395,093

(

140,874)

CME

E-mini

S&P

500

Index

4

December

2021

896,619

(

37,069)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

67

December

2021

13,269,085

(

467,898)

ICE

mini

MSCI

EAFE

Index

35

December

2021

4,147,257

(

180,007)

Ultra

10-Yr.

U.S.

Treasury

Note

24

December

2021

3,548,690

(

62,690)

Total

Futures

Long

Contracts

$

54,340,184

(

$

905,251)

CBOT

10-Yr.

U.S.

Treasury

Note

(41)

December

2021

(

$

5,479,795)

$

83,810

CBOT

5-Yr.

U.S.

Treasury

Note

(272)

December

2021

(

33,617,700)

231,824

CME

E-mini

Russell

2000

Index

(180)

December

2021

(

20,173,967)

366,767

Total

Futures

Short

Contracts

(

$

59,271,462)

$682,401

Total

Futures

Contracts

(

$

4,931,278)

($222,850)

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$41,977

$34,250

$–

$73,364

7,517

8.4%

Core

International

Equity

51,404

–

27,400

27,373

2,507

3.2

Total

Affiliated

Registered

Investment

Companies

93,381

100,737

11.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

109,523

426,937

344,922

191,538

19,154

22.0

Total

Affiliated

Short-Term

Investments

109,523

191,538

22.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,933

75,344

73,409

6,868

6,868

0.8

Total

Collateral

Held

for

Securities

Loaned

4,933

6,868

0.8

Total

Value

$207,837

$299,143

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(2,863)

$

–

$2,150

Core

International

Equity

1,994

1,375

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

1

(1)

–

196

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2,346

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

32

Total

Affiliated

Income

from

Securities

Loaned,

Net

$32

Total

Value

$1,995

$(1,489)

$

–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock

(

86.3%

)

Value

Communications

Services

(9.4%)

309

Alphabet,

Inc.,

Class

A

a

$

826,118

300

Alphabet,

Inc.,

Class

C

a

799,593

166

Discovery,

Inc.,

Class

A

a,b

4,213

315

Discovery,

Inc.,

Class

C

a

7,645

296

Electronic

Arts,

Inc.

42,106

45

John

Wiley

and

Sons,

Inc.

2,349

169

Liberty

Global

plc,

Class

A

a

5,036

363

Liberty

Global

plc,

Class

C

a

10,694

961

Lumen

Technologies,

Inc.

11,907

154

New

York

Times

Company

7,588

223

Omnicom

Group,

Inc.

16,159

25

Scholastic

Corporation

891

4,258

Verizon

Communications,

Inc.

229,975

1,868

Walt

Disney

Company

a

316,009

Total

2,280,283

Consumer

Discretionary

(10.1%)

279

Aptiv

plc

a

41,563

236

Aramark

7,755

86

Autoliv

,

Inc.

7,372

55

AutoNation,

Inc.

a

6,697

232

Best

Buy

Company,

Inc.

24,525

42

Booking

Holdings,

Inc.

a

99,703

245

BorgWarner,

Inc.

10,586

33

Buckle,

Inc.

1,306

123

Callaway

Golf

Company

a

3,399

155

Capri

Holdings,

Ltd.

a

7,504

169

CarMax,

Inc.

a

21,625

36

Choice

Hotels

International,

Inc.

4,549

34

Columbia

Sportswear

Company

3,259

134

Darden

Restaurants,

Inc.

20,297

29

Deckers

Outdoor

Corporation

a

10,446

40

Domino's

Pizza,

Inc.

19,078

22

Ethan

Allen

Interiors,

Inc.

521

96

Foot

Locker,

Inc.

4,383

67

GameStop

Corporation

a

11,756

229

Gap,

Inc.

5,198

158

Garmin,

Ltd.

24,563

360

Hanesbrands,

Inc.

6,178

155

Harley-Davidson,

Inc.

5,675

134

Hasbro,

Inc.

11,955

287

Hilton

Worldwide

Holdings,

Inc.

a

37,916

1,094

Home

Depot,

Inc.

359,116

23

Jack

in

the

Box,

Inc.

2,239

163

Kohl's

Corporation

7,676

45

La-Z-Boy,

Inc.

1,450

299

LKQ

Corporation

a

15,046

727

Lowe's

Companies,

Inc.

147,479

285

Marriott

International,

Inc.

a

42,206

358

Mattel,

Inc.

a

6,644

768

McDonald's

Corporation

185,172

40

Meritage

Homes

Corporation

a

3,880

61

Mohawk

Industries,

Inc.

a

10,821

393

Newell

Brands,

Inc.

8,701

1,312

NIKE,

Inc.

190,542

111

Nordstrom,

Inc.

a

2,936

55

Office

Depot,

Inc.

a

2,209

41

Pool

Corporation

17,811

74

PVH

Corporation

a

7,606

235

Royal

Caribbean

Cruises,

Ltd.

a

20,903

54

Signet

Jewelers,

Ltd.

4,264

1,211

Starbucks

Corporation

133,585

509

Target

Corporation

116,444

842

Tesla,

Inc.

a

652,954

120

Tractor

Supply

Company

24,313

Shares

Common

Stock

(86.3%)

Value

Consumer

Discretionary

(10.1%)

-

continued

54

Ulta

Beauty,

Inc.

a

$

19,490

194

Under

Armour

,

Inc.,

Class

A

a

3,915

206

Under

Armour

,

Inc.,

Class

C

a

3,609

41

Vail

Resorts,

Inc.

a

13,696

342

VF

Corporation

22,911

65

Whirlpool

Corporation

13,251

84

Wolverine

World

Wide,

Inc.

2,507

Total

2,441,185

Consumer

Staples

(5.8%)

573

Archer-Daniels-Midland

Company

34,386

144

Bunge,

Ltd.

11,710

203

Campbell

Soup

Company

8,487

129

Clorox

Company

21,364

4,212

Coca-Cola

Company

221,004

829

Colgate-Palmolive

Company

62,656

494

Conagra

Brands,

Inc.

16,732

167

Darling

Ingredients,

Inc.

a

12,007

239

Estee

Lauder

Companies,

Inc.

71,683

631

General

Mills,

Inc.

37,746

84

Hain

Celestial

Group,

Inc.

a

3,594

306

Hormel

Foods

Corporation

12,546

69

Ingredion,

Inc.

6,142

113

J.M.

Smucker

Company

13,563

265

Kellogg

Company

16,939

724

Keurig

Dr

Pepper,

Inc.

24,732

348

Kimberly-Clark

Corporation

46,089

693

Kraft

Heinz

Company

25,516

744

Kroger

Company

30,080

150

Lamb

Weston

Holdings,

Inc.

9,205

255

McCormick

&

Company,

Inc.

20,663

1,445

Mondelez

International,

Inc.

84,070

1,420

PepsiCo,

Inc.

213,582

2,519

Procter

&

Gamble

Company

352,156

525

Sysco

Corporation

41,213

58

United

Natural

Foods,

Inc.

a

2,808

Total

1,400,673

Energy

(1.9%)

386

APA

Corporation

8,272

750

Baker

Hughes

Company

18,548

248

Cheniere

Energy,

Inc.

a

24,222

1,388

ConocoPhillips

94,065

47

Core

Laboratories

NV

1,304

657

Devon

Energy

Corporation

23,330

283

EQT

Corporation

a

5,790

284

Hess

Corporation

22,183

808

Marathon

Oil

Corporation

11,045

670

Marathon

Petroleum

Corporation

41,413

397

NOV,

Inc.

a

5,205

957

Occidental

Petroleum

Corporation

28,308

458

ONEOK,

Inc.

26,559

451

Phillips

66

31,584

238

Pioneer

Natural

Resources

Company

39,629

1,434

Schlumberger,

Ltd.

42,504

695

Southwestern

Energy

Company

a

3,850

443

TechnipFMC

plc

a

3,336

421

Valero

Energy

Corporation

29,710

Total

460,857

Financials

(8.0%)

110

Air

Lease

Corporation

4,327

308

Allstate

Corporation

39,212

384

Ally

Financial,

Inc.

19,603

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock

(86.3%)

Value

Financials

(8.0%)

-

continued

702

American

Express

Company

$

117,606

119

Ameriprise

Financial,

Inc.

31,430

212

Arthur

J.

Gallagher

&

Company

31,514

41

Bank

of

Hawaii

Corporation

3,369

859

Bank

of

New

York

Mellon

Corporation

44,531

157

BlackRock,

Inc.

131,670

78

Cathay

General

Bancorp

3,228

1,484

Charles

Schwab

Corporation

108,095

463

Chubb,

Ltd.

80,321

100

CIT

Group,

Inc.

5,195

440

Citizens

Financial

Group,

Inc.

20,671

369

CME

Group,

Inc.

71,357

144

Comerica,

Inc.

11,592

403

Equitable

Holdings,

Inc.

11,945

39

FactSet

Research

Systems,

Inc.

15,396

181

First

Republic

Bank

34,911

312

Franklin

Resources,

Inc.

9,273

368

Hartford

Financial

Services

Group,

Inc.

25,852

41

Heartland

Financial

USA,

Inc.

1,971

1,518

Huntington

Bancshares,

Inc.

23,468

579

Intercontinental

Exchange,

Inc.

66,481

55

International

Bancshares

Corporation

2,290

356

Invesco,

Ltd.

8,583

1,004

KeyCorp

21,706

188

Lincoln

National

Corporation

12,925

234

Loews

Corporation

12,620

133

M&T

Bank

Corporation

19,862

523

Marsh

&

McLennan

Companies,

Inc.

79,198

173

Moody's

Corporation

61,434

1,436

Morgan

Stanley

139,737

479

New

York

Community

Bancorp,

Inc.

6,165

204

Northern

Trust

Corporation

21,993

170

Old

National

Bancorp

2,882

440

People's

United

Financial,

Inc.

7,687

436

PNC

Financial

Services

Group,

Inc.

85,299

282

Principal

Financial

Group,

Inc.

18,161

603

Progressive

Corporation

54,505

407

Prudential

Financial,

Inc.

42,816

987

Regions

Financial

Corporation

21,033

248

S&P

Global,

Inc.

105,373

358

State

Street

Corporation

30,330

57

SVB

Financial

Group

a

36,872

234

T.

Rowe

Price

Group,

Inc.

46,028

260

Travelers

Companies,

Inc.

39,523

1,387

Truist

Financial

Corporation

81,348

225

Umpqua

Holdings

Corporation

4,556

125

Voya

Financial,

Inc.

7,674

133

Willis

Towers

Watson

plc

30,917

169

Zions

Bancorporations

NA

10,459

Total

1,924,994

Health

Care

(8.5%)

1,818

AbbVie,

Inc.

196,108

47

ABIOMED,

Inc.

a

15,299

314

Agilent

Technologies,

Inc.

49,464

77

Align

Technology,

Inc.

a

51,238

158

AmerisourceBergen

Corporation

18,873

591

Amgen,

Inc.

125,676

299

Becton,

Dickinson

and

Company

73,500

Shares

Common

Stock

(86.3%)

Value

Health

Care

(8.5%)

-

continued

155

Biogen,

Inc.

a

$

43,863

187

BioMarin

Pharmaceutical,

Inc.

a

14,453

40

Bio-

Techne

Corporation

19,383

2,298

Bristol-Myers

Squibb

Company

135,973

298

Cardinal

Health,

Inc.

14,739

597

Centene

Corporation

a

37,199

310

Cerner

Corporation

21,861

353

Cigna

Holding

Company

70,657

51

Cooper

Companies,

Inc.

21,079

71

DaVita,

Inc.

a

8,255

225

Dentsply

Sirona,

Inc.

13,061

99

Dexcom

,

Inc.

a

54,139

641

Edwards

Lifesciences

Corporation

a

72,568

1,291

Gilead

Sciences,

Inc.

90,176

277

HCA

Healthcare,

Inc.

67,233

145

Henry

Schein,

Inc.

a

11,043

266

Hologic

,

Inc.

a

19,633

133

Humana,

Inc.

51,757

88

IDEXX

Laboratories,

Inc.

a

54,727

150

Illumina,

Inc.

a

60,842

68

Insulet

Corporation

a

19,328

197

IQVIA

Holding,

Inc.

a

47,189

63

Jazz

Pharmaceuticals,

Inc.

a

8,203

100

Laboratory

Corporation

of

America

Holdings

a

28,144

79

Mednax

,

Inc.

a

2,246

2,605

Merck

&

Company,

Inc.

195,662

24

Mettler

-Toledo

International,

Inc.

a

33,057

89

Patterson

Companies,

Inc.

2,682

134

Quest

Diagnostics,

Inc.

19,472

150

ResMed

,

Inc.

39,533

110

Select

Medical

Holdings

Corporation

3,979

103

STERIS

plc

21,041

143

Teladoc

Health,

Inc.

a

18,134

266

Vertex

Pharmaceuticals,

Inc.

a

48,250

63

Waters

Corporation

a

22,510

76

West

Pharmaceutical

Services,

Inc.

32,265

488

Zoetis,

Inc.

94,740

Total

2,049,234

Industrials

(7.9%)

596

3M

Company

104,550

139

A.O.

Smith

Corporation

8,489

87

Acco

Brands

Corporation

747

37

Acuity

Brands,

Inc.

6,415

65

AGCO

Corporation

7,964

93

Allegion

plc

12,293

10

AMERCO

6,460

40

Applied

Industrial

Technologies,

Inc.

3,605

27

ArcBest

Corporation

2,208

55

ASGN,

Inc.

a

6,223

56

Avis

Budget

Group,

Inc.

a

6,525

201

Builders

FirstSource

,

Inc.

a

10,400

139

C.H.

Robinson

Worldwide,

Inc.

12,093

564

Caterpillar,

Inc.

108,271

218

Copart

,

Inc.

a

30,241

2,338

CSX

Corporation

69,532

150

Cummins,

Inc.

33,684

306

Deere

&

Company

102,531

164

Delta

Air

Lines,

Inc.

a

6,988

41

Deluxe

Corporation

1,471

149

Dover

Corporation

23,169

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Common

Stock

(86.3%)

Value

Industrials

(7.9%)

-

continued

410

Eaton

Corporation

plc

$

61,217

22

Echo

Global

Logistics,

Inc.

a

1,050

56

EMCOR

Group,

Inc.

6,461

174

Expeditors

International

of

Washington,

Inc.

20,729

54

Exponent,

Inc.

6,110

591

Fastenal

Company

30,502

134

Flowserve

Corporation

4,646

330

Fortive

Corporation

23,288

144

Fortune

Brands

Home

and

Security,

Inc.

12,876

172

Graco

,

Inc.

12,035

49

Granite

Construction,

Inc.

1,938

31

H&E

Equipment

Services,

Inc.

1,076

18

Heidrick

&

Struggles

International,

Inc.

803

44

HNI

Corporation

1,616

20

ICF

International,

Inc.

1,786

78

IDEX

Corporation

16,142

388

IHS

Markit

,

Ltd.

45,249

326

Illinois

Tool

Works,

Inc.

67,361

56

Interface,

Inc.

848

737

Johnson

Controls

International

plc

50,175

94

Kansas

City

Southern

25,440

31

Kelly

Services,

Inc.

585

35

Lennox

International,

Inc.

10,296

58

Lincoln

Electric

Holdings,

Inc.

7,470

535

Linde

plc

156,958

56

Manpower,

Inc.

6,064

264

Masco

Corporation

14,665

73

Meritor,

Inc.

a

1,556

57

Middleby

Corporation

a

9,719

257

Norfolk

Southern

Corporation

61,487

108

Owens

Corning,

Inc.

9,234

357

PACCAR,

Inc.

28,174

133

Parker-Hannifin

Corporation

37,189

144

Quanta

Services,

Inc.

16,390

29

Resources

Connection,

Inc.

458

118

Robert

Half

International,

Inc.

11,839

119

Rockwell

Automation,

Inc.

34,991

108

Roper

Industries,

Inc.

48,182

55

Ryder

System,

Inc.

4,549

56

Snap-On,

Inc.

11,701

153

Southwest

Airlines

Company

a

7,869

109

Spirit

Aerosystems

Holdings,

Inc.

4,817

165

Stanley

Black

&

Decker,

Inc.

28,926

76

Steelcase,

Inc.

964

17

Tennant

Company

1,257

55

Tetra

Tech,

Inc.

8,214

71

Timken

Company

4,645

245

Trane

Technologies

plc

42,299

197

TransUnion

22,125

34

TrueBlue

,

Inc.

a

921

683

Union

Pacific

Corporation

133,875

744

United

Parcel

Service,

Inc.

135,482

74

United

Rentals,

Inc.

a

25,969

46

W.W.

Grainger,

Inc.

18,081

186

Wabtec

Corporation

16,035

185

Xylem,

Inc.

22,881

Total

1,901,074

Information

Technology

(28.7%)

654

Accenture

plc

209,228

492

Adobe,

Inc.

a

283,254

1,250

Advanced

Micro

Devices,

Inc.

a

128,625

Shares

Common

Stock

(86.3%)

Value

Information

Technology

(28.7%)

-

continued

553

Analog

Devices,

Inc.

$

92,616

90

ANSYS,

Inc.

a

30,640

944

Applied

Materials,

Inc.

121,521

226

Autodesk,

Inc.

a

64,448

438

Automatic

Data

Processing,

Inc.

87,565

286

Cadence

Design

Systems,

Inc.

a

43,312

4,335

Cisco

Systems,

Inc.

235,954

126

Citrix

Systems,

Inc.

13,529

180

Cognex

Corporation

14,440

546

Cognizant

Technology

Solutions

Corporation

40,519

206

CommScope

Holding

Company,

Inc.

a

2,800

832

Corning,

Inc.

30,360

286

Dell,

Inc.

a

29,755

61

F5

Networks,

Inc.

a

12,126

516

Flextronics

International,

Ltd.

a

9,123

143

Fortinet,

Inc.

a

41,762

1,329

Hewlett

Packard

Enterprise

Company

18,938

1,282

HP,

Inc.

35,075

4,154

Intel

Corporation

221,325

919

International

Business

Machines

Corporation

127,677

281

Intuit,

Inc.

151,602

46

Itron

,

Inc.

a

3,479

191

Keysight

Technologies,

Inc.

a

31,379

147

Lam

Research

Corporation

83,665

910

Mastercard

,

Inc.

316,389

281

Microchip

Technology,

Inc.

43,131

7,361

Microsoft

Corporation

2,075,213

175

Motorola

Solutions,

Inc.

40,656

598

NortonLifeLock

,

Inc.

15,129

2,564

NVIDIA

Corporation

531,158

129

Okta

,

Inc.

a

30,617

439

ON

Semiconductor

Corporation

a

20,093

1,928

Oracle

Corporation

167,987

53

Paycom

Software,

Inc.

a

26,275

1,148

PayPal

Holdings,

Inc.

a

298,721

37

Plantronics,

Inc.

a

951

999

Salesforce.com,

Inc.

a

270,949

161

Sensata

Technologies

Holding

plc

a

8,810

203

ServiceNow

,

Inc.

a

126,321

170

Skyworks

Solutions,

Inc.

28,013

169

Splunk

,

Inc.

a

24,456

341

TE

Connectivity,

Ltd.

46,792

114

Teradata

Corporation

a

6,538

950

Texas

Instruments,

Inc.

182,599

258

Trimble,

Inc.

a

21,220

1,740

Visa,

Inc.

387,585

86

VMware,

Inc.

a

12,788

422

Western

Union

Company

8,533

194

Workday,

Inc.

a

48,479

173

Xerox

Holdings

Corporation

3,489

55

Zebra

Technologies

Corporation

a

28,348

Total

6,935,957

Materials

(1.9%)

228

Air

Products

and

Chemicals,

Inc.

58,393

120

Albemarle

Corporation

26,276

1,586

Amcor

plc

18,382

85

Avery

Dennison

Corporation

17,613

217

Axalta

Coating

Systems,

Ltd.

a

6,334

336

Ball

Corporation

30,230

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Shares

Common

Stock

(86.3%)

Value

Materials

(1.9%)

-

continued

35

Compass

Minerals

International,

Inc.

$

2,254

52

Domtar

Corporation

a

2,836

264

Ecolab,

Inc.

55,076

54

H.B.

Fuller

Company

3,486

255

International

Flavors

&

Fragrances,

Inc.

34,099

35

Minerals

Technologies,

Inc.

2,444

373

Mosaic

Company

13,324

826

Newmont

Mining

Corporation

44,852

308

Nucor

Corporation

30,335

244

PPG

Industries,

Inc.

34,894

23

Schnitzer

Steel

Industries,

Inc.

1,008

159

Sealed

Air

Corporation

8,712

262

Sherwin-Williams

Company

73,289

104

Sonoco

Products

Company

6,196

Total

470,033

Real

Estate

(2.8%)

468

American

Tower

Corporation

124,212

144

AvalonBay

Communities,

Inc.

31,916

153

Boston

Properties,

Inc.

16,577

346

CBRE

Group,

Inc.

a

33,687

114

Corporate

Office

Properties

Trust

3,076

290

Digital

Realty

Trust,

Inc.

41,890

383

Duke

Realty

Corporation

18,334

92

Equinix

,

Inc.

72,692

364

Equity

Residential

29,455

71

Federal

Realty

Investment

Trust

8,377

556

Healthpeak

Properties,

Inc.

18,615

723

Host

Hotels

&

Resorts,

Inc.

a

11,807

298

Iron

Mountain,

Inc.

12,948

53

Jones

Lang

LaSalle,

Inc.

a

13,149

212

Macerich

Company

3,542

69

PotlatchDeltic

Corporation

3,559

761

Prologis,

Inc.

95,452

119

Realogy

Holdings

Corporation

a

2,087

112

SBA

Communications

Corporation

37,024

338

Simon

Property

Group,

Inc.

43,930

304

UDR,

Inc.

16,106

768

Weyerhaeuser

Company

27,318

Total

665,753

Utilities

(1.3%)

683

AES

Corporation

15,593

256

Alliant

Energy

Corporation

14,331

186

American

Water

Works

Company,

Inc.

31,441

134

Atmos

Energy

Corporation

11,819

71

Avista

Corporation

2,777

597

CenterPoint

Energy,

Inc.

14,686

297

CMS

Energy

Corporation

17,740

352

Consolidated

Edison,

Inc.

25,552

239

Essential

Utilities,

Inc.

11,013

354

Eversource

Energy

28,943

558

FirstEnergy

Corporation

19,876

205

MDU

Resources

Group,

Inc.

6,082

99

New

Jersey

Resources

Corporation

3,446

398

NiSource,

Inc.

9,644

31

Northwest

Natural

Holding

Company

1,426

207

OGE

Energy

Corporation

6,823

45

Ormat

Technologies,

Inc.

2,997

794

PPL

Corporation

22,137

Shares

Common

Stock

(86.3%)

Value

Utilities

(1.3%)

-

continued

326

Sempra

Energy

$

41,239

216

UGI

Corporation

9,206

324

WEC

Energy

Group,

Inc.

28,577

Total

325,348

Total

Common

Stock

(cost

$17,809,894)

20,855,391

Shares

Registered

Investment

Companies

(

13.7%

)

Value

Unaffiliated  (13.7%)

39,656

iShares

MSCI

KLD

400

Social

ETF

3,299,776

Total

3,299,776

Total

Registered

Investment

Companies

(cost

$3,326,449)

3,299,776

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

2,595

Thrivent

Cash

Management

Trust

2,595

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,595)

2,595

Shares

Short-Term

Investments

(

<0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

756

0.120%

7,560

Total

Short-Term

Investments

(cost

$7,560)

7,560

Total

Investments

(cost

$21,146,498)

100.0%

$24,165,322

Other

Assets

and

Liabilities,

Net

(<0.1%)

(3,446)

Total

Net

Assets

100.0%

$24,161,876

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

ESG

Index

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

2,538

Total

lending

$2,538

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,595

Net

amounts

due

to

counterparty

$57

Definitions:

ETF

-

Exchange

Traded

Fund

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

2,280,283

2,280,283

–

–

Consumer

Discretionary

2,441,185

2,441,185

–

–

Consumer

Staples

1,400,673

1,400,673

–

–

Energy

460,857

460,857

–

–

Financials

1,924,994

1,924,994

–

–

Health

Care

2,049,234

2,049,234

–

–

Industrials

1,901,074

1,901,074

–

–

Information

Technology

6,935,957

6,935,957

–

–

Materials

470,033

470,033

–

–

Real

Estate

665,753

665,753

–

–

Utilities

325,348

325,348

–

–

Registered

Investment

Companies

Unaffiliated

3,299,776

3,299,776

–

–

Subtotal

Investments

in

Securities

$24,155,167

$24,155,167

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

7,560

Collateral

Held

for

Securities

Loaned

2,595

Subtotal

Other

Investments

$10,155

Total

Investments

at

Value

$24,165,322

*

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

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$90

$8,446

$8,528

$8

1

<0.1

Total

Affiliated

Short-Term

Investments

90

8

<0.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

28

25

3

3

<0.1

Total

Collateral

Held

for

Securities

Loaned

–

3

<0.1

Total

Value

$90

$11

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

(

84.2%

)

Value

Communications

Services

(6.8%)

9,470

Alphabet,

Inc.,

Class

A

a

$

25,318,234

1,532

Alphabet,

Inc.,

Class

C

a

4,083,255

8,575

AMC

Networks,

Inc.

a

399,509

5,171

Audacy

,

Inc.

a

19,029

410,576

Auto

Trader

Group

plc

b

3,237,887

134,612

BCE,

Inc.

6,743,353

3,160

Cars.com,

Inc.

a

39,974

74,172

Carsales.com,

Ltd.

1,331,354

108,342

Comcast

Corporation

6,059,568

143,798

Deutsche

Telekom

AG

2,883,743

57,641

Discovery,

Inc.,

Class

A

a,c

1,462,929

847

E.W.

Scripps

Company

15,297

45,087

Facebook,

Inc.

a

15,302,077

1,955

Gray

Television,

Inc.

44,613

1,188

Hemisphere

Media

Group,

Inc.

a

14,470

35,000

HKT

Trust

and

HKT,

Ltd.

47,856

4,780

Interpublic

Group

of

Companies,

Inc.

175,283

8,758

Ipsos

SA

397,994

77,000

KDDI

Corporation

2,535,080

659

Liberty

Global

plc,

Class

A

a

19,638

51,716

Live

Nation

Entertainment,

Inc.

a

4,712,879

26,678

Lumen

Technologies,

Inc.

c

330,540

8,900

M3,

Inc.

634,288

10,088

Match

Group,

Inc.

a

1,583,715

113,937

Mediaset

Espana

Comunicacion

SA

a

647,750

1,458

Nexstar

Broadcasting

Group,

Inc.

221,558

1,100

Nintendo

Company,

Ltd.

525,671

97,300

Nippon

Telegraph

and

Telephone

Corporation

2,696,102

6,252

Omnicom

Group,

Inc.

453,020

12,357

REA

Group,

Ltd.

1,391,780

15,279

Rightmove

plc

140,372

4,069

RingCentral,

Inc.

a

885,007

15,184

Rogers

Communications,

Inc.

709,090

2,487

Scout24

AG

b

172,733

1,269

Skillz

,

Inc.

a,c

12,462

107,500

SoftBank

Corporation

1,458,216

6,800

SoftBank

Group

Corporation

392,940

2,393

Spark

New

Zealand,

Ltd.

7,873

1,249

Stroeer

SE

102,861

2,366

Telenet

Group

Holding

NV

90,338

6,578

Telephone

&

Data

Systems,

Inc.

128,271

3,499

TELUS

Corporation

76,908

46,800

TV

Asahi

Holdings

Corporation

730,930

72,994

Twitter,

Inc.

a

4,408,108

425

United

States

Cellular

Corporation

a

13,553

102,366

Verizon

Communications,

Inc.

5,528,788

921

ViacomCBS

,

Inc.

36,389

256,700

Z

Holdings

Corporation

1,642,896

10,709

ZoomInfo

Technologies,

Inc.

a

655,284

Total

100,521,465

Consumer

Discretionary

(9.3%)

15,021

888

Holdings

Public

Company,

Ltd.

87,029

3,400

ABC-MART,

Inc.

190,988

8,109

Adidas

AG

2,548,297

622

Adient

plc

a

25,782

14,000

Aisin

Corporation

507,315

7,020

Amazon.com,

Inc.

a

23,060,981

20,318

American

Axle

&

Manufacturing

Holdings,

Inc.

a

179,002

55,778

Aptiv

plc

a

8,309,249

Shares

Common

Stock

(84.2%)

Value

Consumer

Discretionary

(9.3%)

-

continued

13,590

ARB

Corporation,

Ltd.

$

472,612

104,965

Aristocrat

Leisure,

Ltd.

3,490,776

4,800

ASKUL

Corporation

70,383

1,815

AutoZone,

Inc.

a

3,081,852

206,355

B&M

European

Value

Retail

SA

1,637,100

11,376

Bally's

Corporation

a

570,393

6,300

Bandai

Namco

Holdings,

Inc.

473,620

54,774

Barratt

Developments

plc

484,191

1,687

Bed

Bath

&

Beyond,

Inc.

a,c

29,143

8,001

Bellway

plc

352,898

1,952

BJ's

Restaurants,

Inc.

a

81,516

4,364

Breville

Group,

Ltd.

89,842

958

Brunswick

Corporation

91,269

4,301

Burlington

Stores,

Inc.

a

1,219,635

9,951

Caesars

Entertainment,

Inc.

a

1,117,298

10,262

Carvana

Company

a

3,094,403

8,124

Chegg

,

Inc.

a

552,594

10,995

Chewy,

Inc.

a,c

748,869

9,181

Chico's

FAS,

Inc.

a

41,223

3,165

Chipotle

Mexican

Grill,

Inc.

a

5,752,451

14,500

Chiyoda

Company,

Ltd.

110,509

6,968

Choice

Hotels

International,

Inc.

880,546

332

Churchill

Downs,

Inc.

79,707

1,628

CIE

Automotive

SA

41,072

22,901

Cooper-Standard

Holdings,

Inc.

a

501,761

1,547

Cracker

Barrel

Old

Country

Store,

Inc.

216,332

4,584

Culp,

Inc.

59,042

23,220

D.R.

Horton,

Inc.

1,949,783

8,208

Dana,

Inc.

182,546

2,386

Darden

Restaurants,

Inc.

361,407

486

Deckers

Outdoor

Corporation

a

175,057

3,600

Denso

Corporation

235,070

1,240

Dick's

Sporting

Goods,

Inc.

148,515

16,568

Dollarama

,

Inc.

718,653

11,908

Domino's

Pizza

Enterprises,

Ltd.

1,362,019

1,099

Dorman

Products,

Inc.

a

104,042

43,444

Duluth

Holdings,

Inc.

a

592,142

6,232

Emerald

Holding,

Inc.

a

27,047

75,503

Entain

plc

a

2,156,488

77,336

Everi

Holdings,

Inc.

a

1,869,984

1,677

Evolution

Gaming

Group

AB

b

253,964

15,362

Farfetch

,

Ltd.

a

575,768

2,100

Fast

Retailing

Company,

Ltd.

1,548,783

2,202

Ferrari

NV

459,556

690

Fisker

,

Inc.

a

10,108

9,174

Five

Below,

Inc.

a

1,622,055

4,486

Foot

Locker,

Inc.

204,831

584

Fox

Factory

Holding

Corporation

a

84,411

92,000

Galaxy

Entertainment

Group,

Ltd.

a

472,055

13,023

Gap,

Inc.

295,622

514

Garmin,

Ltd.

79,906

22,139

Gentex

Corporation

730,144

2,919

Genuine

Parts

Company

353,870

3,896

G-III

Apparel

Group,

Ltd.

a

110,257

4,600

Goodyear

Tire

&

Rubber

Company

a

81,420

7,507

GoPro,

Inc.

a

70,266

62

Graham

Holdings

Company

36,528

1,785

Grand

Canyon

Education,

Inc.

a

157,009

449

Group

1

Automotive,

Inc.

84,358

1,032

GrowGeneration

Corporation

a

25,459

3,159

Guess

?,

Inc.

66,371

10,219

Hanesbrands,

Inc.

175,358

1,480

Harley-Davidson,

Inc.

54,183

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

(84.2%)

Value

Consumer

Discretionary

(9.3%)

-

continued

672

Hermes

International

$

927,178

3,400

Hikari

Tsushin,

Inc.

574,665

82,700

Honda

Motor

Company,

Ltd.

2,542,513

58,492

Howden

Joinery

Group

plc

704,171

58,005

Husqvarna

AB

692,930

12,907

InterContinental

Hotels

Group

plc

a

824,132

4,000

Izumi

Company,

Ltd.

133,081

11,339

JD

Sports

Fashion

plc

159,353

2,292

KB

Home

89,205

17,647

Kohl's

Corporation

830,997

5,000

KOMEDA

Holdings

Company,

Ltd.

99,186

2,178

La

Francaise

des

Jeux

SAEM

b

111,986

7,006

Lear

Corporation

1,096,299

4,719

Leggett

&

Platt,

Inc.

211,600

4,465

Lithia

Motors,

Inc.

1,415,584

30,593

Lowe's

Companies,

Inc.

6,206,096

2,594

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,857,983

1,608

M.D.C.

Holdings,

Inc.

75,126

2,453

Macy's,

Inc.

55,438

21,063

Magnite

,

Inc.

a

589,764

38

Marriott

Vacations

Worldwide

Corporation

5,979

1,700

McDonald's

Holdings

Company

(Japan),

Ltd.

80,203

6,814

Mohawk

Industries,

Inc.

a

1,208,804

106,551

Moneysupermarket.com

Group

plc

305,797

884

Next

plc

97,241

42,100

NHK

Spring

Company,

Ltd.

299,616

70,100

Nissan

Motor

Company,

Ltd.

a

350,323

6,800

Nitori

Holdings

Company,

Ltd.

1,340,089

11,484

Nordstrom,

Inc.

a,c

303,752

10,554

Norwegian

Cruise

Line

Holdings,

Ltd.

a,c

281,897

245

NVR,

Inc.

a

1,174,550

8,847

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

533,297

5,871

Papa

John's

International,

Inc.

745,558

30,630

Penn

National

Gaming,

Inc.

a

2,219,450

15,269

Planet

Fitness,

Inc.

a

1,199,380

2,600

Playtech

plc

a

16,437

10,000

PLENUS

Company,

Ltd.

195,307

357

Pool

Corporation

155,084

599

Poshmark

,

Inc.

a

14,232

10,623

Premier

Investments,

Ltd.

228,380

4,630

PUMA

SE

514,693

748

Purple

Innovation,

Inc.

a

15,723

1,089

PVH

Corporation

a

111,938

39,993

Qurate

Retail,

Inc.

407,529

8,600

Rakuten

Group,

Inc.

83,771

1,300

Rinnai

Corporation

142,729

3,594

Ross

Stores,

Inc.

391,207

3,227

Ruth's

Hospitality

Group,

Inc.

a

66,831

21,500

Sangetsu

Company,

Ltd.

291,719

63,700

Sekisui

House,

Ltd.

1,333,939

17,067

Skyline

Corporation

a

1,025,044

13,000

Sony

Group

Corporation

1,443,244

34,878

Sony

Group

Corporation

ADR

3,856,809

54,800

Sumitomo

Electric

Industries,

Ltd.

728,713

389,224

Tabcorp

Holdings,

Ltd.

1,352,395

4,000

Takara

Standard

Company,

Ltd.

58,083

2,483

Tapestry,

Inc.

91,921

25,704

Taylor

Morrison

Home

Corporation

a

662,649

2,390

Tenneco,

Inc.

a

34,105

11,671

Tesla,

Inc.

a

9,050,627

Shares

Common

Stock

(84.2%)

Value

Consumer

Discretionary

(9.3%)

-

continued

1,217

Thor

Industries,

Inc.

$

149,399

37,763

ThredUp

,

Inc.

a

819,079

20,472

Thule

Group

AB

b

1,026,396

9,093

Toll

Brothers,

Inc.

502,752

1,969

TopBuild

Corporation

a

403,271

120,000

Toyota

Motor

Corporation

2,138,086

12,202

Tri

Pointe

Homes,

Inc.

a

256,486

11,317

TripAdvisor,

Inc.

a

383,080

1,590

Tupperware

Brands

Corporation

a

33,581

2,679

Ulta

Beauty,

Inc.

a

966,905

1,761

Urban

Outfitters,

Inc.

a

52,284

980

Vail

Resorts,

Inc.

a

327,369

239

Williams-Sonoma,

Inc.

42,382

4,493

Wingstop

,

Inc.

736,537

3,028

Workhorse

Group,

Inc.

a,c

23,164

15,723

Wyndham

Hotels

&

Resorts,

Inc.

1,213,658

4,031

Yum!

Brands,

Inc.

493,032

1,424

Zalando

SE

a,b

129,871

183

Zumiez

,

Inc.

a

7,276

Total

139,005,655

Consumer

Staples

(3.7%)

11,700

Arcs

Company,

Ltd.

237,637

1,777

Axfood

AB

42,485

12

Barry

Callebaut

AG

27,217

522

Beiersdorf

AG

56,324

48,266

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,650,769

21,234

Carlsberg

AS

3,464,183

38

Casey's

General

Stores,

Inc.

7,161

1

Chocoladefabriken

Lindt

and

Spruengli

AG

117,925

1,044

Church

&

Dwight

Company,

Inc.

86,203

2,406

Coca-Cola

European

Partners

plc

133,028

28,079

Coca-Cola

HBC

AG

904,823

13,079

Coty,

Inc.

a

102,801

5,605

Darling

Ingredients,

Inc.

a

403,000

79,862

Diageo

plc

3,866,520

39,939

e.l.f

.

Beauty,

Inc.

a

1,160,228

547

Endeavour

Group,

Ltd.

2,737

21,277

ForFarmers

BV

106,595

5,160

Glanbia

plc

85,347

6,347

Greggs

plc

250,258

1,253

Hershey

Company

212,070

4,307

Imperial

Brands

plc

90,088

1,254

Ingredion,

Inc.

111,619

49,100

Kao

Corporation

2,922,118

9,662

Kimberly-Clark

Corporation

1,279,635

5,800

Kobe

Bussan

Company,

Ltd.

189,508

45,241

Lamb

Weston

Holdings,

Inc.

2,776,440

155

Lindt

&

Spruengli

AG

1,733,033

11,112

L'Oreal

SA

4,598,174

380

Medifast

,

Inc.

73,203

5,200

Ministop

Company,

Ltd.

67,063

4,064

Molson

Coors

Beverage

Company

188,488

65,451

Nestle

SA

7,886,195

62,494

Philip

Morris

International,

Inc.

5,923,806

68

PriceSmart

,

Inc.

5,273

9,428

Royal

Unibrew

AS

1,134,018

548

Seneca

Foods

Corporation

a

26,425

6,400

Seven

&

I

Holdings

Company,

Ltd.

291,356

11,513

Sprouts

Farmers

Markets,

Inc.

a

266,756

21,971

Sysco

Corporation

1,724,724

22,560

Turning

Point

Brands,

Inc.

1,077,240

30,891

Unilever

NV

1,669,073

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock

(84.2%)

Value

Consumer

Staples

(3.7%)

-

continued

2,726

US

Foods

Holding

Corporation

a

$

94,483

45,672

Wal-Mart

Stores,

Inc.

6,365,763

Total

54,411,792

Energy

(3.4%)

21,237

Antero

Midstream

Corporation

221,290

15,482

Antero

Resources

Corporation

a

291,216

17,699

APA

Corporation

379,290

17,178

Archrock

,

Inc.

141,719

447

Bonanza

Creek

Energy,

Inc.

21,411

493,465

BP

plc

2,247,662

76,540

BP

plc

ADR

2,091,838

291

Callon

Petroleum

Company

a

14,282

23,189

Centennial

Resource

Development,

Inc.

a

155,366

5,286

ChampionX

Corporation

a

118,195

5,459

CNX

Resources

Corporation

a

68,893

45,090

ConocoPhillips

3,055,749

7,773

Continental

Resources,

Inc.

c

358,724

4,190

Core

Laboratories

NV

116,273

87,308

Devon

Energy

Corporation

3,100,307

7,623

Diamondback

Energy,

Inc.

721,669

747

DT

Midstream,

Inc.

34,541

25,014

Enbridge,

Inc.

996,531

77,987

Eni

SPA

1,039,969

13,631

EnLink

Midstream,

LLC

92,963

85,447

Enterprise

Products

Partners,

LP

1,849,073

72,487

Equinor

ASA

1,843,403

3,007

Equitrans

Midstream

Corporation

30,491

1,657

ERG

SPA

49,190

3,779

Exterran

Corporation

a

16,779

17,058

Exxon

Mobil

Corporation

1,003,352

60,395

Galp

Energia

SGPS

SA

685,964

1,523

Gaztransport

Et

Technigaz

SA

113,758

56,787

Halliburton

Company

1,227,735

7,196

Helix

Energy

Solutions

Group,

Inc.

a

27,920

5,805

Helmerich

&

Payne,

Inc.

159,115

7,399

HollyFrontier

Corporation

245,129

37,016

Italgas

SPA

236,688

40,843

John

Wood

Group

plc

a

126,177

15,809

Kinder

Morgan,

Inc.

264,485

6,631

Kosmos

Energy,

Ltd.

a

19,628

6,905

Lundin

Energy

AB

256,322

1,486

Magnolia

Oil

&

Gas

Corporation

26,436

41,089

Marathon

Oil

Corporation

561,687

28,545

Marathon

Petroleum

Corporation

1,764,366

6,097

Matador

Resources

Company

231,930

16,493

Neste

Oil

Oyj

930,406

21,340

Nine

Energy

Service,

Inc.

a

39,052

1,097

Northern

Oil

and

Gas,

Inc.

23,476

20,255

NOV,

Inc.

a

265,543

153

Oceaneering

International,

Inc.

a

2,038

20,402

OMV

AG

1,228,515

8,211

PBF

Energy,

Inc.

a

106,497

5,812

Peabody

Energy

Corporation

a

85,959

514

Penn

Virginia

Corporation

a

13,708

17,571

Pioneer

Natural

Resources

Company

2,925,747

3,662

Plains

GP

Holdings,

LP

39,458

15,660

ProPetro

Holding

Corporation

a

135,459

127,713

Royal

Dutch

Shell

plc,

Class

A

2,840,232

203,429

Royal

Dutch

Shell

plc,

Class

B

4,507,299

6,376

RPC,

Inc.

a

30,987

11,480

Schlumberger,

Ltd.

340,267

14,317

SM

Energy

Company

377,682

Shares

Common

Stock

(84.2%)

Value

Energy

(3.4%)

-

continued

42,208

Southwestern

Energy

Company

a

$

233,832

85,046

Suncor

Energy,

Inc.

1,763,231

13,793

Talos

Energy,

Inc.

a

189,930

2,691

Targa

Resources

Corporation

132,424

46,890

TC

Energy

Corporation

c

2,256,762

3,369

Technip

Energies

NV

a

53,074

65,624

TechnipFMC

plc

a

494,149

77,070

Tenaris

SA

ADR

1,626,948

65

Texas

Pacific

Land

Corporation

78,608

75,280

Total

Energies

SE

3,598,217

37,148

Transocean,

Ltd.

a

140,791

6,801

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

189,007

2,358

World

Fuel

Services

Corporation

79,276

5,274

WorleyParsons

,

Ltd.

37,103

Total

50,773,193

Financials

(13.0%)

1,897

AB

Industrivarden

,

Class

A

60,603

77,857

AB

Industrivarden

,

Class

C

2,405,448

70,184

ABN

AMRO

Group

NV

a,b

1,012,567

7,300

AEON

Financial

Service

Company,

Ltd.

92,435

12,207

Air

Lease

Corporation

480,223

1,200

Alleghany

Corporation

a

749,292

623

Allegiance

Bancshares,

Inc.

23,767

29,616

Allianz

SE

6,635,314

8,828

American

Equity

Investment

Life

Holding

Company

261,044

26,133

American

Express

Company

4,378,061

4,814

American

Financial

Group,

Inc.

605,746

1,020

Ameriprise

Financial,

Inc.

269,402

9,778

Ameris

Bancorp

507,283

793

Amundi

SA

b

66,697

8,001

Annaly

Capital

Management,

Inc.

67,368

9,242

Apollo

Commercial

Real

Estate

Finance,

Inc.

137,059

13,588

Arch

Capital

Group,

Ltd.

a

518,790

353

Argo

Group

International

Holdings,

Ltd.

18,434

5,439

Arthur

J.

Gallagher

&

Company

808,507

2,555

Artisan

Partners

Asset

Management,

Inc.

124,991

1,992

Assured

Guaranty,

Ltd.

93,246

8,921

ASX,

Ltd.

515,061

19,347

Azimut

Holding

SPA

529,981

15,856

Baloise

Holding

AG

2,405,192

113,165

Banco

Bilbao

Vizcaya

Argentaria

SA

746,955

233,833

Banco

Santander

SA

847,026

3,637

BancorpSouth

Bank

108,310

99,145

Bank

Hapoalim

,

Ltd.

870,852

193,913

Bank

Leumi

Le-Israel

BM

1,643,032

209,564

Bank

of

America

Corporation

8,895,992

9,379

Bank

of

New

York

Mellon

Corporation

486,207

39,265

Bank

of

Nova

Scotia

2,416,785

4,632

BankFinancial

Corporation

53,175

7,970

Banner

Corporation

440,024

1,079

Banque

Cantonale

Vaudoise

82,040

284,497

Barclays

plc

722,901

1,962

Blackstone

Mortgage

Trust,

Inc.

59,488

12,199

BNP

Paribas

SA

780,498

6,454

Brighthouse

Financial,

Inc.

a

291,914

1,397

BrightSpire

Capital,

Inc.

13,118

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock

(84.2%)

Value

Financials

(13.0%)

-

continued

3,677

Brookline

Bancorp,

Inc.

$

56,111

1,769

Brown

&

Brown,

Inc.

98,091

274

Byline

Bancorp,

Inc.

6,729

8,695

Canadian

Imperial

Bank

of

Commerce

967,942

9,218

Canadian

Western

Bank

266,875

15,736

Capital

One

Financial

Corporation

2,548,760

11,135

Central

Pacific

Financial

Corporation

285,947

129,589

Charles

Schwab

Corporation

9,439,263

9,269

Chimera

Investment

Corporation

137,645

19,421

Chubb,

Ltd.

3,369,155

106,131

CI

Financial

Corporation

2,154,293

3,711

Cincinnati

Financial

Corporation

423,870

7,581

Citizens

Financial

Group,

Inc.

356,155

5,623

CNO

Financial

Group,

Inc.

132,365

33,234

Comerica,

Inc.

2,675,337

56,205

Commonwealth

Bank

of

Australia

4,170,998

7,909

Community

Trust

Bancorp,

Inc.

332,969

12,996

Customers

Bancorp,

Inc.

a

559,088

182,000

DBS

Group

Holdings,

Ltd.

4,032,869

4,314

Deutsche

Boerse

AG

700,016

20,889

Deutsche

Pfandbriefbank

AG

b

235,154

120

Diamond

Hill

Investment

Group,

Inc.

21,079

16,098

Discover

Financial

Services

1,977,639

179,828

DNB

Bank

ASA

4,088,334

3,008

East

West

Bancorp,

Inc.

233,240

4,147

Enova

International,

Inc.

a

143,279

1,171

Enterprise

Financial

Services

Corporation

53,023

60,908

Equitable

Holdings,

Inc.

1,805,313

7,811

Essent

Group,

Ltd.

343,762

36,151

Euronext

NV

b

4,091,223

52,403

F.N.B.

Corporation

608,923

975

FactSet

Research

Systems,

Inc.

384,910

335

Federal

Agricultural

Mortgage

Corporation

36,354

1,740

Federated

Hermes,

Inc.

56,550

6,120

Financial

Institutions,

Inc.

187,578

5,844

Finecobank

Banca

Fineco

SPA

a

105,553

129

First

American

Financial

Corporation

8,649

43,052

First

Bancorp

566,134

10,087

First

Busey

Corporation

248,443

731

First

Commonwealth

Financial

Corporation

9,964

5,102

First

Financial

Corporation

214,539

42,128

First

Horizon

Corporation

686,265

1,309

First

International

Bank

of

Israel,

Ltd.

47,842

747

First

of

Long

Island

Corporation

15,388

17,248

First

Republic

Bank

3,326,794

1,759

Flushing

Financial

Corporation

39,753

10,055

Franklin

Resources,

Inc.

298,835

36,975

Fulton

Financial

Corporation

564,978

6,938

Granite

Point

Mortgage

Trust,

Inc.

91,373

6,801

Great

Southern

Bancorp,

Inc.

372,763

19,806

Groupe

Bruxelles

Lambert

SA

2,178,567

10,182

Hamilton

Lane,

Inc.

863,637

21,023

Hancock

Whitney

Corporation

990,604

13,143

Hanmi

Financial

Corporation

263,649

6,005

Hanover

Insurance

Group,

Inc.

778,368

7,486

Heartland

Financial

USA,

Inc.

359,927

1,502

Heritage

Commerce

Corporation

17,468

495

Heritage

Financial

Corporation

12,622

Shares

Common

Stock

(84.2%)

Value

Financials

(13.0%)

-

continued

4,837

HomeStreet

,

Inc.

$

199,043

4,863

Hometrust

Bancshares,

Inc.

136,067

47,599

Hope

Bancorp,

Inc.

687,330

8,140

Horizon

Bancorp,

Inc.

147,904

161,282

Humm

Group,

Ltd.

a

97,862

12,827

Independent

Bank

Corporation

275,524

21,400

Intermediate

Capital

Group

plc

585,989

31,622

Invesco

Mortgage

Capital,

Inc.

99,609

19,605

Invesco,

Ltd.

472,677

54,369

J.P.

Morgan

Chase

&

Company

8,899,662

56,600

Japan

Post

Bank

Company,

Ltd.

485,486

623

Jefferies

Financial

Group,

Inc.

23,132

3,070

Jyske

Bank

AS

a

132,364

1,029

KBC

Groep

NV

92,820

8,956

Kinsale

Capital

Group,

Inc.

1,448,185

2,993

L

E

Lundbergforetagen

AB

164,250

1,436

Ladder

Capital

Corporation

15,868

3,572

Lakeland

Bancorp,

Inc.

62,974

55,831

Laurentian

Bank

of

Canada

1,771,993

7,172

Lincoln

National

Corporation

493,075

2,711

Loews

Corporation

146,204

1,084

LPL

Financial

Holdings,

Inc.

169,928

13,712

Magellan

Financial

Group,

Ltd.

344,182

27,563

Man

Group

plc

75,874

10,974

Marsh

&

McLennan

Companies,

Inc.

1,661,793

85,000

Mebuki

Financial

Group,

Inc.

186,226

58,086

Medibank

Private,

Ltd.

148,306

159,630

Mediobanca

SPA

a

1,920,505

2,504

Mercantile

Bank

Corporation

80,203

209

Merchants

Bancorp

8,249

28,922

MFA

Financial,

Inc.

132,174

6,487

Midland

States

Bancorp,

Inc.

160,424

6,571

MidWestOne

Financial

Group,

Inc.

198,181

201,100

Mitsubishi

HC

Capital,

Inc.

1,051,530

36,176

Mizrahi

Tefahot

Bank,

Ltd.

1,218,406

58,904

Morgan

Stanley

5,731,948

2,581

MSCI,

Inc.

1,570,126

4

National

Western

Life

Group,

Inc.

842

10,466

Navient

Corporation

206,494

9,888

NMI

Holdings,

Inc.

a

223,568

4,186

Northern

Trust

Corporation

451,293

1,375

OceanFirst

Financial

Corporation

29,439

3,429

OFG

Bancorp

86,479

282

Old

National

Bancorp

4,780

3,685

Old

Second

Bancorp,

Inc.

48,126

94,900

ORIX

Corporation

1,775,724

11,160

PacWest

Bancorp

505,771

13,422

Paragon

Banking

Group

plc

98,653

1,383

Partners

Group

Holding

AG

2,158,364

832

Peoples

Bancorp,

Inc.

26,300

20,901

Popular,

Inc.

1,623,381

32,230

Poste

Italiane

SPA

b

442,578

7,583

Premier

Financial

Corporation

241,443

32

Primerica,

Inc.

4,916

5,883

QCR

Holdings,

Inc.

302,622

27,767

Radian

Group,

Inc.

630,866

2,893

Raiffeisen

Bank

International

AG

75,665

47,520

Raymond

James

Financial,

Inc.

4,385,146

114

Ready

Capital

Corporation

1,645

5,277

Reinsurance

Group

of

America,

Inc.

587,119

2,816

RenaissanceRe

Holdings,

Ltd.

392,550

41,900

Resona

Holdings,

Inc.

167,601

20,204

Royal

Bank

of

Canada

2,010,351

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

(84.2%)

Value

Financials

(13.0%)

-

continued

12,955

S&P

Global,

Inc.

$

5,504,450

36

Safety

Insurance

Group,

Inc.

2,853

10,838

Seacoast

Banking

Corporation

of

Florida

366,433

10,471

SEI

Investments

Company

620,930

4,114

Signature

Bank

1,120,160

30,023

Skandinaviska

Enskilda

Banken

AB

423,124

36,675

Societe

Generale

SA

1,148,469

37,968

Standard

Chartered

plc

221,953

7,749

Starwood

Property

Trust,

Inc.

189,153

25,742

State

Street

Corporation

2,180,862

64,000

Sumitomo

Mitsui

Financial

Group,

Inc.

2,251,480

6,700

Sumitomo

Mitsui

Trust

Holdings,

Inc.

230,748

43,549

Svenska

Handelsbanken

AB

487,723

14,234

Swedbank

AB

287,024

4,959

Swiss

Life

Holding

AG

2,498,680

4,175

Synchrony

Financial

204,074

14,400

Synovus

Financial

Corporation

632,016

1,189

T.

Rowe

Price

Group,

Inc.

233,876

1,625

Territorial

Bancorp,

Inc.

41,242

9,186

Texas

Capital

Bancshares,

Inc.

a

551,344

7,685

TMX

Group,

Ltd.

828,750

14,300

Tokio

Marine

Holdings,

Inc.

766,552

1,212

Topdanmark

AS

62,532

14,309

Torchmark

Corporation

1,273,930

46,559

Toronto-Dominion

Bank

3,082,245

1,665

Towne

Bank

51,798

8,239

TPG

RE

Finance

Trust,

Inc.

101,999

2,948

TriCo

Bancshares

127,943

64,951

Truist

Financial

Corporation

3,809,376

4,502

TrustCo

Bank

Corporation

NY

143,929

3,292

Trustmark

Corporation

106,068

21,833

Tryg

AS

494,929

45,006

Umpqua

Holdings

Corporation

911,371

542

Universal

Insurance

Holdings,

Inc.

7,068

728

Univest

Financial

Corporation

19,940

34,164

Unum

Group

856,150

527

Valley

National

Bancorp

7,014

549

Vontobel

Holding

AG

46,189

1,415

Washington

Trust

Bancorp,

Inc.

74,967

15,100

WealthNavi

,

Inc.

a

462,675

105,195

Wells

Fargo

&

Company

4,882,100

635

Wendel

SA

87,740

148

WesBanco

,

Inc.

5,044

21,100

Western

Alliance

Bancorp

2,296,102

10,087

Western

Asset

Mortgage

Capital

Corporation

26,327

10,326

Westpac

Banking

Corporation

190,964

10,565

Wintrust

Financial

Corporation

849,109

38,303

Zions

Bancorporations

NA

2,370,573

6,311

Zurich

Insurance

Group

AG

2,580,696

Total

193,566,245

Health

Care

(11.6%)

6,890

908

Devices,

Inc.

a,c

224,063

24,132

AbbVie,

Inc.

2,603,119

31,425

ACADIA

Pharmaceuticals,

Inc.

a

521,969

26,195

Adaptive

Biotechnologies

Corporation

a

890,368

208

Alk-Abello

AS

a

87,271

249

Allakos

,

Inc.

a

26,362

2,331

Allogene

Therapeutics,

Inc.

a

59,907

Shares

Common

Stock

(84.2%)

Value

Health

Care

(11.6%)

-

continued

3,893

Amedisys

,

Inc.

a

$

580,446

3,753

American

Well

Corporation

a

34,190

12,222

Amgen,

Inc.

2,599,008

23,536

Amplifon

SPA

1,118,557

16,639

Anthem,

Inc.

6,203,019

642

Arcutis

Biotherapeutics

,

Inc.

a

15,337

3,952

Arena

Pharmaceuticals,

Inc.

a

235,342

3,047

Argenx

SE

ADR

a

920,194

6,937

Ascendis

Pharma

AS

ADR

a

1,105,688

176,100

Astellas

Pharmaceutical,

Inc.

2,898,440

20,845

AstraZeneca

plc

2,512,193

62

Atrion

Corporation

43,245

29,365

Avacta

Group

plc

a

46,293

30,080

Avantor

,

Inc.

a

1,230,272

16,525

Axonics

Modulation

Technologies,

Inc.

a,c

1,075,612

4,952

BioCryst

Pharmaceuticals,

Inc.

a

71,160

9,298

Biogen,

Inc.

a

2,631,241

210

Bio-Rad

Laboratories,

Inc.

a

156,649

4,369

Bio-

Techne

Corporation

2,117,086

748

Bruker

Corporation

58,419

97

Carl

Zeiss

Meditec

AG

18,580

42,520

Centene

Corporation

a

2,649,421

687

Cerner

Corporation

48,447

2,609

Charles

River

Laboratories

International,

Inc.

a

1,076,656

679

Chemed

Corporation

315,816

37,900

Chugai

Pharmaceutical

Company,

Ltd.

1,386,909

14,934

Cigna

Holding

Company

2,989,189

2,610

Cooper

Companies,

Inc.

1,078,739

2,684

CryoLife

,

Inc.

a

59,826

38,014

CSL,

Ltd.

7,942,322

23,074

CVS

Health

Corporation

1,958,060

13,677

Danaher

Corporation

4,163,826

17,865

Dechra

Pharmaceuticals

plc

1,167,458

3,050

Dentsply

Sirona,

Inc.

177,052

3,437

DermTech

,

Inc.

a,c

110,362

9,567

Dexcom

,

Inc.

a

5,231,810

28,319

Edwards

Lifesciences

Corporation

a

3,205,994

5,900

Eisai

Company,

Ltd.

441,954

9,208

Eurofins

Scientific

SE

1,182,225

6,525

Fresenius

SE

&

Company

KGaA

312,319

868

Galenica

AG

b

61,234

383

Generation

Bio

Company

a

9,602

3,582

Genmab

AS

a

1,565,054

3,974

Genus

plc

290,525

38,463

GlaxoSmithKline

plc

ADR

1,469,671

2,254

Global

Blood

Therapeutics,

Inc.

a

57,432

2,284

GN

Store

Nord

AS

157,969

19,065

GoodRx

Holdings,

Inc.

a,c

782,046

12,716

Guardant

Health,

Inc.

a

1,589,627

287

Haemonetics

Corporation

a

20,259

14,416

HCA

Healthcare,

Inc.

3,499,052

2,082

HealthEquity

,

Inc.

a

134,830

715

ICU

Medical,

Inc.

a

166,867

15,643

Immunocore

Holdings

plc

ADR

a

579,886

5,408

Inspire

Medical

Systems,

Inc.

a

1,259,415

5,351

Insulet

Corporation

a

1,520,915

1,187

Integra

LifeSciences

Holdings

Corporation

a

81,286

5,579

Intuitive

Surgical,

Inc.

a

5,546,363

441

Invitae

Corporation

a

12,538

6,085

Ionis

Pharmaceuticals,

Inc.

a

204,091

34,981

Johnson

&

Johnson

5,649,432

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Shares

Common

Stock

(84.2%)

Value

Health

Care

(11.6%)

-

continued

1,060

Laboratory

Corporation

of

America

Holdings

a

$

298,326

25,787

Lantheus

Holdings,

Inc.

a

662,210

15,765

LHC

Group,

Inc.

a

2,473,686

1,830

Lineage

Cell

Therapeutics,

Inc.

a

4,612

1,077

LNA

Sante

63,375

2,325

Lonza

Group

AG

1,744,005

1,174

Masimo

Corporation

a

317,814

41,634

Medtronic

plc

5,218,822

67,964

Merck

&

Company,

Inc.

5,104,776

9,767

Merck

KGaA

2,113,960

1,611

Molina

Healthcare,

Inc.

a

437,080

9,100

Natera

,

Inc.

a

1,014,104

3,506

National

HealthCare

Corporation

245,350

2,366

Neogen

Corporation

a

102,755

13,275

Nevro

Corporation

a

1,544,945

101,179

Novartis

AG

8,296,598

51,474

Novo

Nordisk

AS

4,961,557

24,395

Novo

Nordisk

AS

ADR

2,342,164

3,140

NuVasive

,

Inc.

a

187,929

5,563

Orion

Oyj

220,243

215

Orthofix

Medical,

Inc.

a

8,196

13,715

Phreesia

,

Inc.

a

846,216

4,089

Premier,

Inc.

158,490

14,643

Progyny

,

Inc.

a,c

820,008

15,453

Pulmonx

Corporation

a,c

555,999

14,242

Qiagen

NV

a

738,908

1,674

Reata

Pharmaceuticals,

Inc.

a

168,421

55,090

Recordati

SPA

3,192,984

6,715

Repligen

Corporation

a

1,940,568

2,224

Roche

Holding

AG

811,693

1,755

Rubius

Therapeutics,

Inc.

a

31,379

4,886

Sarepta

Therapeutics,

Inc.

a

451,857

197

Sartorius

Aktiengesellschaft

125,411

828

Sartorius

Stedim

Biotech

462,689

5,400

Sawai

Group

Holdings

Company,

Ltd.

251,233

28,000

Shionogi

&

Company,

Ltd.

1,916,022

149

Siegfried

Holding

AG

132,753

18,012

Silk

Road

Medical,

Inc.

a

991,200

4,854

Sonic

Healthcare,

Ltd.

140,277

9,802

Sonova

Holding

AG

3,704,257

3,508

Syneos

Health,

Inc.

a

306,880

12,613

Tactile

Systems

Technology,

Inc.

a

560,648

19,800

Takeda

Pharmaceutical

Company,

Ltd.

653,059

5,667

Tecan

Group

AG

3,209,697

16,375

Teladoc

Health,

Inc.

a

2,076,514

3,846

Teleflex,

Inc.

1,448,211

1,738

Tenet

Healthcare

Corporation

a

115,473

11,200

Terumo

Corporation

528,846

8,751

Thermo

Fisher

Scientific,

Inc.

4,999,709

10,918

Tilray

,

Inc.

a,c

123,264

10,998

Travere

Therapeutics,

Inc.

a

266,702

481

U.S.

Physical

Therapy,

Inc.

53,199

191

Universal

Health

Services,

Inc.

26,429

345

Vaxcyte

,

Inc.

a

8,753

12,621

Veeva

Systems,

Inc.

a

3,636,994

1,391

Viatris

,

Inc.

18,848

485

Vifor

Pharma

AG

62,864

12,824

Vor

BioPharma

,

Inc.

a,c

201,080

3,097

VYNE

Therapeutics,

Inc.

a

4,305

446

Waters

Corporation

a

159,356

17,549

Zimmer

Biomet

Holdings,

Inc.

2,568,472

29,939

Zoetis,

Inc.

5,812,357

Shares

Common

Stock

(84.2%)

Value

Health

Care

(11.6%)

-

continued

16,467

Zymeworks

,

Inc.

a

$

478,202

Total

172,363,243

Industrials

(11.9%)

2,958

A.O.

Smith

Corporation

180,645

20

A.P.

Moller

-

Maersk

AS,

Class

B

54,142

28,323

Aalberts

NV

1,634,824

2,745

Addtech

AB

48,915

4,897

AECOM

a

309,246

16,222

Airbus

Group

NV

a

2,150,639

629

Akzo

Nobel

NV

68,727

1,001

Alfa

Laval

AB

37,336

560

Allegion

plc

74,021

18,447

Altra

Industrial

Motion

Corporation

1,021,041

9,500

Amada

Holdings

Company,

Ltd.

97,993

1,493

AMETEK,

Inc.

185,147

1,179

Armstrong

World

Industries,

Inc.

112,559

17,735

ASGN,

Inc.

a

2,006,538

80,978

Assa

Abloy

AB

2,348,897

56,754

Atlas

Copco

AB,

Class

A

3,427,127

14,558

Atlas

Copco

AB,

Class

B

739,934

54,152

Aurizon

Holdings,

Ltd.

146,613

581

Avis

Budget

Group,

Inc.

a

67,692

7,437

AZZ,

Inc.

395,648

702

Babcock

&

Wilcox

Enterprises,

Inc.

a

4,500

3,709

Bloom

Energy

Corporation

a,c

69,432

307

Bucher

Industries

AG

145,767

36,046

Canadian

National

Railway

Company

4,177,192

60,295

Canadian

Pacific

Railway,

Ltd.

3,937,312

20,164

Carlisle

Companies,

Inc.

4,008,402

9,923

CBIZ,

Inc.

a

320,910

10,977

Chart

Industries,

Inc.

a

2,097,814

11,154

CIA

De

Distribucion

Integral

235,277

2,600

COMSYS

Holdings

Corporation

68,585

199

CRA

International,

Inc.

19,769

23,588

Crane

Company

2,236,378

4,373

Credit

Corporation

Group,

Ltd.

94,339

4,948

CSW

Industrials,

Inc.

631,860

71,087

CSX

Corporation

2,114,127

2,080

Cummins,

Inc.

467,085

8,266

Curtiss-Wright

Corporation

1,043,004

21,700

Dai

Nippon

Printing

Company,

Ltd.

522,811

8,200

Daikin

Industries,

Ltd.

1,787,915

78,367

Delta

Air

Lines,

Inc.

a

3,339,218

15,078

Desktop

Metal,

Inc.

a,c

108,109

38,650

Deutsche

Post

AG

2,423,726

815

Douglas

Dynamics,

Inc.

29,585

3,035

Dover

Corporation

471,943

26,434

Driven

Brands

Holdings,

Inc.

a

763,678

16,858

DSV

AS

4,035,197

5,562

EMCOR

Group,

Inc.

641,744

1,293

Expeditors

International

of

Washington,

Inc.

154,035

8,181

Experian

plc

342,703

11,735

Fastenal

Company

605,643

3,562

Ferguson

plc

494,484

39,510

First

Advantage

Corporation

a

752,666

5,183

Flowserve

Corporation

179,695

6,978

Forrester

Research,

Inc.

a

343,736

6,768

Forward

Air

Corporation

561,879

1,994

GATX

Corporation

178,583

2,375

Geberit

AG

1,743,731

4,224

Generac

Holdings,

Inc.

a

1,726,222

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

(84.2%)

Value

Industrials

(11.9%)

-

continued

16,190

General

Dynamics

Corporation

$

3,173,726

1,997

Gorman-Rupp

Company

71,513

22,310

GrafTech

International,

Ltd.

230,239

180,112

GWA

Group,

Ltd.

352,582

276

GXO

Logistics,

Inc.

a

21,649

8,000

Hanwa

Company,

Ltd.

247,257

356

Harsco

Corporation

a

6,034

41,931

Howmet

Aerospace,

Inc.

1,308,247

6,368

Hubbell,

Inc.

1,150,507

778

ICF

International,

Inc.

69,468

5,994

IDEX

Corporation

1,240,458

32,400

Inaba

Denki

Sangyo

Company,

Ltd.

788,705

12,671

Indutrade

AB

352,358

1,389

ITT

Corporation

119,232

100

Jardine

Matheson

Holdings,

Ltd.

5,304

231

JB

Hunt

Transport

Services,

Inc.

38,628

765

JetBlue

Airways

Corporation

a

11,697

315

John

Bean

Technologies

Corporation

44,273

61,792

Johnson

Controls

International

plc

4,206,799

35,500

Kamigumi

Company,

Ltd.

743,994

3,014

Kansas

City

Southern

815,709

39,100

Kinden

Corporation

659,286

2,500

Komatsu,

Ltd.

59,871

8,846

KONE

Oyj

621,415

14,700

Kyushu

Railway

Company

353,685

16,522

L3Harris

Technologies,

Inc.

3,638,805

6,087

Landstar

System,

Inc.

960,650

61,171

Legrand

SA

6,572,712

915

Lennox

International,

Inc.

269,166

15,434

Lincoln

Electric

Holdings,

Inc.

1,987,745

9,452

Lockheed

Martin

Corporation

3,261,885

3,334

Manpower,

Inc.

361,006

204,400

Marubeni

Corporation

1,691,047

782

Masonite

International

Corporation

a

82,994

9,311

Mercury

Systems,

Inc.

a

441,528

38,360

Meritor,

Inc.

a

817,452

14,761

Middleby

Corporation

a

2,516,898

85,600

Mitsubishi

Corporation

2,688,048

120,200

Mitsubishi

Electric

Corporation

1,670,491

14,000

Mitsuboshi

Belting,

Ltd.

259,937

116,100

Mitsui

&

Company,

Ltd.

2,538,758

5,353

MSC

Industrial

Direct

Company,

Inc.

429,257

16,800

Nidec

Corporation

1,852,032

3,573

Nikola

Corporation

a,c

38,124

17,500

Nitto

Kogyo

Corporation

273,943

27,302

Nobina

AB

b

244,761

763

Nordson

Corporation

181,708

17,647

Norfolk

Southern

Corporation

4,222,045

1,849

NOW,

Inc.

a

14,145

5,319

nVent

Electric

plc

171,963

55,400

Obayashi

Corporation

456,649

2,268

Old

Dominion

Freight

Line,

Inc.

648,603

79,546

PageGroup

plc

665,590

11,044

Parker-Hannifin

Corporation

3,088,123

10,674

Pitney

Bowes,

Inc.

76,960

1,766

Quad/Graphics,

Inc.

a

7,506

33,289

Ranpak

Holdings

Corporation

a

892,811

29,257

Raytheon

Technologies

Corporation

2,514,932

4,005

RBC

Bearings,

Inc.

a

849,861

10,800

Recruit

Holdings

Company,

Ltd.

660,159

Shares

Common

Stock

(84.2%)

Value

Industrials

(11.9%)

-

continued

23,378

Redde

Northgate

plc

$

126,628

8,335

Reece,

Ltd.

112,411

24,511

Regal-Beloit

Corporation

3,684,984

116,581

RELX

plc

3,355,931

442

Reply

SPA

81,133

660

RHI

Magnesita

NV

29,151

178

Robert

Half

International,

Inc.

17,859

20,695

Rush

Enterprises,

Inc.

934,586

615

Ryder

System,

Inc.

50,867

3,101

Saia,

Inc.

a

738,131

1,900

Sankyu,

Inc.

87,383

43,508

Schneider

Electric

SE

7,246,407

17,800

Secom

Company,

Ltd.

1,287,439

77,028

SEEK,

Ltd.

1,693,328

6,100

SHO-BOND

Holdings

Company,

Ltd.

270,291

2,696

Siemens

AG

440,932

1,684

Signify

NV

b

84,295

6,083

Simpson

Manufacturing

Company,

Inc.

650,699

10,765

Skanska

AB

270,068

2,798

SkyWest,

Inc.

a

138,053

1,124

Snap-On,

Inc.

234,860

32,160

Sojitz

Corporation

525,249

7,648

Spirax-Sarco

Engineering

plc

1,538,822

9,843

Standex

International

Corporation

973,571

2,294

Stanley

Black

&

Decker,

Inc.

402,161

101,000

Sumitomo

Corporation

1,422,780

5,100

Sumitomo

Heavy

Industries,

Ltd.

132,916

41,726

Summit

Materials,

Inc.

a

1,333,980

28,435

Sun

Country

Airlines

Holdings,

Inc.

a

953,710

511

Sunrun

,

Inc.

a

22,484

2,500

Taikisha,

Ltd.

75,144

14,700

Taisei

Corporation

471,014

2,144

Technip

Energies

NV

ADR

a

33,596

817

Teledyne

Technologies,

Inc.

a

350,967

1,071

Tetra

Tech,

Inc.

159,943

1,110

Thermon

Group

Holdings,

Inc.

a

19,214

3,094

Timken

Company

202,409

14,200

Toppan

Forms

Company,

Ltd.

130,002

1,686

Toro

Company

164,233

2,176

Trane

Technologies

plc

375,686

15,844

TransUnion

1,779,440

16,686

Trelleborg

AB

354,231

7,557

Trex

Company,

Inc.

a

770,285

7,885

TriMas

Corporation

a

255,159

14,800

Tsubakimoto

Chain

Company

457,262

6,284

Tutor

Perini

Corporation

81,566

123,254

Uber

Technologies,

Inc.

a

5,521,779

865

UniFirst

Corporation

183,916

1,668

United

Airlines

Holdings,

Inc.

a

79,347

25,952

United

Parcel

Service,

Inc.

4,725,859

12,345

United

Rentals,

Inc.

a

4,332,231

2,979

Valmont

Industries,

Inc.

700,422

8,013

Vicor

Corporation

a

1,075,024

1,819

Waste

Connections,

Inc.

229,067

1,741

Watsco

,

Inc.

460,703

307

Watts

Water

Technologies,

Inc.

51,604

3,886

Werner

Enterprises,

Inc.

172,033

10,463

Willdan

Group,

Inc.

a

372,378

54,690

WillScot

Mobile

Mini

Holdings

Corporation

a

1,734,767

1,656

Woodward,

Inc.

187,459

1,815

Xylem,

Inc.

224,479

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock

(84.2%)

Value

Industrials

(11.9%)

-

continued

7,900

Yuasa

Trading

Company,

Ltd.

$

213,638

Total

176,513,636

Information

Technology

(16.9%)

16,880

Adobe,

Inc.

a

9,718,154

17,500

Advantest

Corporation

1,559,417

1,277

Alliance

Data

Systems

Corporation

128,837

981

Alteryx

,

Inc.

a

71,711

17,531

Amphenol

Corporation

1,283,795

28,792

Anaplan,

Inc.

a

1,753,145

9,436

Appen

,

Ltd.

59,903

155,247

Apple,

Inc.

21,967,450

10,122

AppLovin

Corporation

a,c

732,529

3,600

ASM

Pacific

Technology,

Ltd.

39,299

12,627

ASML

Holding

NV

9,433,074

1,648

Aspen

Technology,

Inc.

a

202,374

7,503

Avalara,

Inc.

a

1,311,299

19,831

Bandwidth,

Inc.

a

1,790,343

1,000

BayCurrent

Consulting,

Inc.

500,720

1,703

Bechtle

AG

116,476

1,703

Benchmark

Electronics,

Inc.

45,487

11,415

BigCommerce

Holdings,

Inc.

a

578,056

7,638

Bill.com

Holdings,

Inc.

a

2,038,964

19,917

Calix,

Inc.

a

984,497

3,697

CDK

Global,

Inc.

157,307

2,348

CDW

Corporation

427,383

67,169

CGI,

Inc.

a

5,705,600

136,077

Cisco

Systems,

Inc.

7,406,671

17,847

Cognex

Corporation

1,431,686

1,487

CompuGroup

Medical

SE

and

Company

KGaA

122,467

93,056

Computershare,

Ltd.

1,203,313

381

Concentrix

Corporation

a

67,437

4,992

Coupa

Software,

Inc.

a

1,094,147

793

CTS

Corporation

24,512

19,799

Dassault

Systemes

SE

1,041,929

9,372

Descartes

Systems

Group,

Inc.

a

761,569

3,635

Diebold

Nixdorf,

Inc.

a

36,750

904

Digital

Turbine,

Inc.

a

62,150

1,775

Diploma

plc

67,495

3,400

DISCO

Corporation

952,298

4,938

DocuSign,

Inc.

a

1,271,189

18,097

Dolby

Laboratories,

Inc.

1,592,536

5,769

DXC

Technology

Company

a

193,896

6,899

Elastic

NV

a

1,027,882

4,347

Endava

plc

ADR

a

590,540

1,992

EPAM

Systems,

Inc.

a

1,136,396

2,396

ePlus

,

Inc.

a

245,854

249

ExlService

Holdings,

Inc.

a

30,657

1,007

eXp

World

Holdings,

Inc.

40,048

1,864

F5

Networks,

Inc.

a

370,526

641

Fair

Isaac

Corporation

a

255,073

6,640

Five9,

Inc.

a

1,060,674

1,481

FleetCor

Technologies,

Inc.

a

386,941

16,600

Fuji

Soft,

Inc.

869,110

151,724

Halma

plc

5,787,290

28,262

Hewlett

Packard

Enterprise

Company

402,733

7,600

Hoya

Corporation

1,185,743

15,615

HP,

Inc.

427,226

1,849

HubSpot

,

Inc.

a

1,250,090

14,600

ITOCHU

Techno-Solutions

Corporation

474,129

7,571

Jack

Henry

&

Associates,

Inc.

1,242,098

7,700

Keyence

Corporation

4,595,908

Shares

Common

Stock

(84.2%)

Value

Information

Technology

(16.9%)

-

continued

1,052

Lam

Research

Corporation

$

598,746

5,500

Lasertec

Corporation

1,252,117

14,798

Lattice

Semiconductor

Corporation

a

956,691

16,723

LivePerson

,

Inc.

a

985,821

16,708

LiveRamp

Holding,

Inc.

a

789,119

1,519

Manhattan

Associates,

Inc.

a

232,453

28,544

Mastercard

,

Inc.

9,924,178

1,531

MAXIMUS,

Inc.

127,379

333

MaxLinear

,

Inc.

a

16,400

120,142

Microsoft

Corporation

33,870,433

12,413

MKS

Instruments,

Inc.

1,873,246

7,564

Monolithic

Power

Systems,

Inc.

3,666,119

195

Motorola

Solutions,

Inc.

45,302

1,100

Murata

Manufacturing

Company,

Ltd.

97,298

25,400

NEC

Networks

&

System

Integration

Corporation

479,034

791

Nemetschek

SE

82,620

3,895

NetApp,

Inc.

349,615

3,860

Nova

Measuring

Instruments,

Ltd.

a

394,839

55,058

NVIDIA

Corporation

11,405,815

5,058

Okta

,

Inc.

a

1,200,466

8,674

Open

Text

Corporation

423,359

19,800

Oracle

Corporation

Japan

1,739,354

2,823

Palo

Alto

Networks,

Inc.

a

1,352,217

3,337

Paychex,

Inc.

375,246

3,257

Paycom

Software,

Inc.

a

1,614,658

603

Paylocity

Holding

Corporation

a

169,081

54,909

PayPal

Holdings,

Inc.

a

14,287,871

211

Photronics

,

Inc.

a

2,876

1,857

Progress

Software

Corporation

91,346

575

PTC,

Inc.

a

68,879

6,920

Q2

Holdings,

Inc.

a

554,569

3,304

Qorvo

,

Inc.

a

552,396

64,124

QUALCOMM,

Inc.

8,270,713

3,957

Radware

,

Inc.

a

133,430

80,000

Renesas

Electronics

Corporation

a

984,589

2,756

Rogers

Corporation

a

513,939

8,200

Ryoyo

Electro

Corporation

c

171,893

4,488

SailPoint

Technologies

Holdings,

Inc.

a

192,445

32,105

Salesforce.com,

Inc.

a

8,707,518

64,100

Samsung

Electronics

Company,

Ltd.

3,973,854

8,615

SAP

SE

1,164,996

2,125

ScanSource

,

Inc.

a

73,929

5,337

Semtech

Corporation

a

416,126

10,286

ServiceNow

,

Inc.

a

6,400,669

1,370

Shopify,

Inc.

a

1,857,419

42,708

Sierra

Wireless,

Inc.

a,c

661,974

2,141

SiTime

Corporation

a

437,128

1,355

Solaredge

Technology,

Ltd.

a

359,373

20,735

Sprout

Social,

Inc.

a

2,528,633

38,883

Square,

Inc.

a

9,325,699

19,929

STMicroelectronics

NV

ADR

c

869,502

12,600

Sumco

Corporation

251,377

775

SunPower

Corporation

a

17,577

5,054

SYNNEX

Corporation

526,121

168,688

Telefonaktiebolaget

LM

Ericsson

ADR

1,889,306

17,659

Texas

Instruments,

Inc.

3,394,236

20,067

Thomson

Reuters

Corporation

2,218,840

5,400

Tokyo

Electron,

Ltd.

2,385,605

14,020

Trade

Desk,

Inc.

a

985,606

216

Tyler

Technologies,

Inc.

a

99,068

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock

(84.2%)

Value

Information

Technology

(16.9%)

-

continued

1,619

Unisys

Corporation

a

$

40,702

2,293

VeriSign,

Inc.

a

470,088

517

Vertex,

Inc.

a

9,937

6,507

VMware,

Inc.

a,c

967,591

5,421

Western

Digital

Corporation

a

305,961

1,567

WEX,

Inc.

a

276,011

9,782

Workiva

,

Inc.

a

1,378,871

541

Worldline

SA

a,b

41,238

2,177

Xero

,

Ltd.

a

213,626

12,729

Xerox

Holdings

Corporation

256,744

2,717

Zscaler

,

Inc.

a

712,452

Total

252,379,112

Materials

(3.8%)

9,829

Agnico

Eagle

Mines,

Ltd.

509,919

25,946

Air

Liquide

SA

4,155,501

30,300

Air

Water,

Inc.

484,339

959

Allegheny

Technologies,

Inc.

a

15,948

11,142

AptarGroup,

Inc.

1,329,798

1,466

Avery

Dennison

Corporation

303,770

74,727

Axalta

Coating

Systems,

Ltd.

a

2,181,281

166

Balchem

Corporation

24,082

21,434

Barrick

Gold

Corporation

387,017

30,378

BHP

Group,

Ltd.

811,332

11,244

Boliden

AB

360,038

30,321

Breedon

Group

plc

40,323

489

Cabot

Corporation

24,509

611

Carpenter

Technology

Corporation

20,004

1,346

Celanese

Corporation

202,761

65,975

CF

Industries

Holdings,

Inc.

3,682,725

8,684

Chemours

Company

252,357

6,942

Cleveland-Cliffs,

Inc.

a,c

137,521

7,165

Compass

Minerals

International,

Inc.

461,426

10,203

Croda

International

plc

1,169,031

24,711

Eastman

Chemical

Company

2,489,386

56

EMS-CHEMIE

Holding

AG

52,910

2,796

FMC

Corporation

256,002

84,220

Granges

AB

1,014,942

11,350

Graphic

Packaging

Holding

Company

216,104

109,422

Hexpol

AB

1,244,350

10,529

Holcim,

Ltd.

507,340

735

Holmen

AB

32,280

2,419

Ingevity

Corporation

a

172,644

5,430

Innospec

,

Inc.

457,315

6,833

Kaiser

Aluminum

Corporation

744,524

19,335

Koninklijke

DSM

NV

3,866,524

343

Koppers

Holdings,

Inc.

a

10,722

32,600

Kyoei

Steel,

Ltd.

402,649

2,800

Lintec

Corporation

63,952

15,227

LyondellBasell

Industries

NV

1,429,054

6,871

Martin

Marietta

Materials,

Inc.

2,347,683

987

Materion

Corporation

67,748

3,571

Minerals

Technologies,

Inc.

249,399

10,077

Mondi

plc

246,947

6,848

Myers

Industries,

Inc.

134,015

3,769

Neenah,

Inc.

175,673

5

NewMarket

Corporation

1,694

17,800

Nissan

Chemical

Industries,

Ltd.

1,041,056

24,726

Nucor

Corporation

2,435,264

2,737

O-I

Glass,

Inc.

a

39,057

4,928

Olin

Corporation

237,776

6,361

Quaker

Chemical

Corporation

1,512,137

Shares

Common

Stock

(84.2%)

Value

Materials

(3.8%)

-

continued

1,584

Reliance

Steel

&

Aluminum

Company

$

225,593

14,758

Rio

Tinto

plc

967,419

18,746

Rio

Tinto,

Ltd.

1,334,549

666

Royal

Gold,

Inc.

63,596

1,033

RPM

International,

Inc.

80,212

3,624

Ryerson

Holding

Corporation

80,706

190,662

Sandfire

Resources,

Ltd.

743,831

4,275

Sensient

Technologies

Corporation

389,367

11,716

Sherwin-Williams

Company

3,277,317

16,600

Shin-Etsu

Chemical

Company,

Ltd.

2,801,564

11,746

Sika

AG

3,713,771

1,441

Sonoco

Products

Company

85,855

3,619

Steel

Dynamics,

Inc.

211,639

1,247

SunCoke

Energy,

Inc.

7,831

21,683

Symrise

AG

2,842,006

13,800

Taiyo

Holdings

Company,

Ltd.

350,325

31,600

Toagosei

Company,

Ltd.

366,699

1,817

Tronox

Holdings

plc

44,789

10,168

United

States

Steel

Corporation

c

223,391

13,125

UPM-

Kymmene

Oyj

464,547

2,151

Wacker

Chemie

AG

400,119

10,449

Yara

International

ASA

517,605

Total

57,195,560

Real

Estate

(2.7%)

47

Activia

Properties,

Inc.

192,195

318

Aedifica

SA

39,700

4,961

AGNC

Investment

Corporation

78,235

16,796

Agree

Realty

Corporation

1,112,399

15,244

Alstria

Office

REIT

AG

276,512

33,964

American

Campus

Communities,

Inc.

1,645,556

2,203

American

Finance

Trust,

Inc.

17,712

921

Apartment

Income

REIT

Corporation

44,954

137

Armada

Hoffler

Properties,

Inc.

1,832

294,232

Ascendas

REIT

648,538

7,599

AvalonBay

Communities,

Inc.

1,684,242

195

Bachem

Holding

AG

149,019

293

Bluegreen

Vacations

Holding

Corporations

a

7,559

11,164

Camden

Property

Trust

1,646,355

5,530

Canadian

Apartment

Properties

REIT

258,075

6,358

CareTrust

REIT,

Inc.

129,195

4,002

Castellum

AB

97,698

29,731

CBRE

Group,

Inc.

a

2,894,610

2,811

Cedar

Realty

Trust,

Inc.

60,971

81,500

CK

Hutchison

Holdings,

Ltd.

543,697

997

Community

Healthcare

Trust,

Inc.

45,054

1,379

Corepoint

Lodging,

Inc.

a

21,375

18,552

CubeSmart

898,844

28,602

Cushman

and

Wakefield

plc

a

532,283

12

Daiwa

Office

Investment

Corporation

80,982

123

Daiwa

Securities

Living

Investment

Corporation

123,161

12,366

DEXUS

Property

Group

95,176

3,054

EastGroup

Properties,

Inc.

508,888

2,107

Entra

ASA

b

45,193

16,114

EPR

Properties

795,709

23,873

Essential

Properties

Realty

Trust,

Inc.

666,534

774

Essex

Property

Trust,

Inc.

247,479

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Shares

Common

Stock

(84.2%)

Value

Real

Estate

(2.7%)

-

continued

3,461

Extra

Space

Storage,

Inc.

$

581,413

2,296

Farmland

Partners,

Inc.

27,529

635

Federal

Realty

Investment

Trust

74,924

19,920

First

Industrial

Realty

Trust,

Inc.

1,037,434

3,502

FirstService

Corporation

632,041

13,537

Four

Corners

Property

Trust,

Inc.

363,604

2,740

Getty

Realty

Corporation

80,309

5,249

Gladstone

Commercial

Corporation

110,387

6,808

Gladstone

Land

Corporation

155,018

628

Highwoods

Properties,

Inc.

27,544

129,297

Host

Hotels

&

Resorts,

Inc.

a

2,111,420

65

Hulic

REIT,

Inc.

102,177

32,000

Hysan

Development

Company,

Ltd.

104,205

6,717

Industrial

Logistics

Properties

Trust

170,679

19,927

Ingenia

Communities

Group

93,777

2,481

Innovative

Industrial

Properties,

Inc.

573,533

1,271

Jones

Lang

LaSalle,

Inc.

a

315,322

141

Kenedix

Retail

REIT

Corporation

365,642

6,677

Kilroy

Realty

Corporation

442,084

2,674

LEG

Immobilien

AG

377,711

4,236

Life

Storage,

Inc.

486,039

16,700

Link

REIT

143,008

1,576

LondonMetric

Property

plc

5,066

16,242

Medical

Properties

Trust,

Inc.

325,977

47,376

MGIC

Investment

Corporation

708,745

165

Mori

Hills

REIT

Investment

Corporation

223,580

12,813

National

Retail

Properties,

Inc.

553,393

24,653

National

Storage

Affiliates

Trust

1,301,432

22,713

New

Residential

Investment

Corporation

249,843

6,909

NexPoint

Residential

Trust,

Inc.

427,529

40

Nippon

Building

Fund,

Inc.

259,871

6

Nippon

REIT

Investment

Corporation

23,333

2,785

Omega

Healthcare

Investors,

Inc.

83,439

2,375

One

Liberty

Properties,

Inc.

72,414

5,231

Opendoor

Technologies,

Inc.

a,c

107,392

2,400

Preferred

Apartment

Communities,

Inc.

29,352

22,860

PSP

Swiss

Property

AG

2,754,246

2,990

Realty

Income

Corporation

193,931

429

Redfin

Corporation

a

21,493

28,776

Rexford

Industrial

Realty,

Inc.

1,633,038

377

RMR

Group,

Inc.

12,611

115,000

Road

King

Infrastructure,

Ltd.

115,667

9,180

Sabra

Health

Care

REIT,

Inc.

135,130

2,741

SBA

Communications

Corporation

906,092

34,788

Service

Properties

Trust

389,974

6,434

Spirit

Realty

Capital,

Inc.

296,221

10,922

STAG

Industrial,

Inc.

428,689

7,045

Store

Capital

Corporation

225,651

15,500

Sun

Hung

Kai

Properties,

Ltd.

193,538

103,982

TAG

Immobilien

AG

3,040,250

134,931

Tritax

Big

Box

REIT

plc

385,805

14,217

UDR,

Inc.

753,217

2,995

UMH

Properties,

Inc.

68,586

250

Wihlborgs

Fastigheter

AB

4,969

39,870

Wing

Tai

Holdings,

Ltd.

53,148

1,756

WP

Carey,

Inc.

128,258

Total

40,077,412

Shares

Common

Stock

(84.2%)

Value

Utilities

(1.1%)

19,614

A2A

SPA

$

40,192

7,546

AES

Corporation

172,275

1,452

American

States

Water

Company

124,175

2,850

Artesian

Resources

Corporation

108,784

836

Avista

Corporation

32,704

2,164

Black

Hills

Corporation

135,813

210

Chesapeake

Utilities

Corporation

25,210

36,000

CK

Infrastructure

Holdings,

Ltd.

200,795

11,000

CLP

Holdings,

Ltd.

105,913

364

CMS

Energy

Corporation

21,742

2,531

Consolidated

Water

Company,

Ltd.

c

28,853

53,078

Contact

Energy,

Ltd.

308,034

1,495

DTE

Energy

Company

167,006

27,678

Duke

Energy

Corporation

2,701,096

445,367

Enel

SPA

3,418,277

16,122

Entergy

Corporation

1,601,076

3,695

Essential

Utilities,

Inc.

170,266

43,045

Exelon

Corporation

2,080,795

11,687

FirstEnergy

Corporation

416,291

5,264

Fortum

Oyj

159,847

282,000

Hong

Kong

and

China

Gas

Company,

Ltd.

426,072

865

IDACORP,

Inc.

89,424

13,715

Iren

SPA

40,649

8,118

MDU

Resources

Group,

Inc.

240,861

66

MGE

Energy,

Inc.

4,851

55,745

NiSource,

Inc.

1,350,701

3,636

NorthWestern

Corporation

208,343

10,665

OGE

Energy

Corporation

351,518

643

Otter

Tail

Corporation

35,989

7,102

Pinnacle

West

Capital

Corporation

513,901

615

Portland

General

Electric

Company

28,899

67,000

Power

Assets

Holdings,

Ltd.

392,760

602

PPL

Corporation

16,784

5,041

Sempra

Energy

637,687

5,306

Spire,

Inc.

324,621

9,419

UGI

Corporation

401,438

39

Unitil

Corporation

1,668

290

Vistra

Energy

Corporation

4,959

Total

17,090,269

Total

Common

Stock

(cost

$900,742,726)

1,253,897,582

Shares

Registered

Investment

Companies

(

4.0%

)

Value

Unaffiliated  (1.0%)

1,493

Invesco

QQQ

Trust

Series

1

534,435

2,447

iShares

Russell

2000

Index

Fund

535,281

21,094

SPDR

S&P

500

ETF

Trust

9,052,279

26,300

SPDR

S&P

Biotech

ETF

c

3,306,173

7,300

SPDR

S&P

Oil

&

Gas

Exploration

ETF

c

706,056

Total

14,134,224

Affiliated  (3.0%)

3,854,779

Thrivent

Core

Emerging

Markets

Equity

Fund

45,178,010

Total

45,178,010

Total

Registered

Investment

Companies

(cost

$50,571,563)

59,312,234

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Shares

Collateral

Held

for

Securities

Loaned

(

1.0%

)

Value

14,552,167

Thrivent

Cash

Management

Trust

$

14,552,167

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,552,167)

14,552,167

Principal

Amount

Long-Term

Fixed

Income

(

0.4%

)

Value

U.S.

Government

&

Agencies

(0.4%)

U.S.

Treasury

Notes

$

6,150,000

1.250%, 

10/31/2021

6,155,974

Total

6,155,974

Total

Long-Term

Fixed

Income

(cost

$6,155,935)

6,155,974

Shares

Preferred

Stock

(

0.1%

)

Value

Consumer

Discretionary

(0.1%)

5,001

Volkswagen

AG

1,114,732

Total

1,114,732

Total

Preferred

Stock

(cost

$1,281,156)

1,114,732

Shares

or

Principal

Amount

Short-Term

Investments

(

11.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

0.038%,

10/6/2021

d,e

399,999

300,000

0.040%,

10/13/2021

d,e

299,998

2,000,000

0.042%,

10/20/2021

d,e

1,999,979

200,000

0.035%,

10/22/2021

d,e

199,998

100,000

0.040%,

10/26/2021

d,e

99,999

200,000

0.040%,

10/27/2021

d,e

199,997

1,200,000

0.040%,

11/3/2021

d,e

1,199,956

100,000

0.040%,

11/12/2021

d,e

99,995

8,200,000

0.040%,

11/18/2021

d,e

8,199,563

3,000,000

0.025%,

12/15/2021

d,e

2,999,750

2,500,000

0.025%,

12/21/2021

d,e

2,499,775

2,800,000

0.034%,

12/27/2021

d,e

2,799,729

2,400,000

0.020%,

12/28/2021

d,e

2,399,765

100,000

0.020%,

1/5/2022

d,e

99,989

Thrivent

Core

Short-Term

Reserve

Fund

10,586,311

0.120%

105,863,108

U.S.

Treasury

Bills

15,000,000

0.075%,

10/19/2021

d

14,999,466

25,000,000

0.045%,

10/26/2021

d

24,998,973

Total

Short-Term

Investments

(cost

$169,243,982)

169,360,039

Total

Investments

(cost

$1,142,547,529)

101.0%

$1,504,392,728

Other

Assets

and

Liabilities,

Net

(1.0%)

(15,340,787)

Total

Net

Assets

100.0%

$1,489,051,941

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,

2021,

the

value

of

these

investments

was

$11,257,777

or

0.8%

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

14,154,063

Total

lending

$14,154,063

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,552,167

Net

amounts

due

to

counterparty

$398,104

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

100,521,465

71,923,450

28,598,015

–

Consumer

Discretionary

139,005,655

100,458,225

38,547,430

–

Consumer

Staples

54,411,792

24,669,115

29,742,677

–

Energy

50,773,193

25,773,683

24,999,510

–

Financials

193,566,245

117,535,990

76,030,255

–

Health

Care

172,363,243

117,843,509

54,519,734

–

Industrials

176,513,636

101,584,411

74,929,225

–

Information

Technology

252,379,112

203,185,141

49,193,971

–

Materials

57,195,560

26,302,675

30,892,885

–

Real

Estate

40,077,412

29,281,473

10,795,939

–

Utilities

17,090,269

11,997,730

5,092,539

–

Registered

Investment

Companies

Unaffiliated

14,134,224

14,134,224

–

–

Long-Term

Fixed

Income

U.S.

Government

&

Agencies

6,155,974

–

6,155,974

–

Preferred

Stock

Consumer

Discretionary

1,114,732

–

1,114,732

–

Short-Term

Investments

63,496,931

–

63,496,931

–

Subtotal

Investments

in

Securities

$1,338,799,443

$844,689,626

$494,109,817

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

105,863,108

Affiliated

Registered

Investment

Companies

45,178,010

Collateral

Held

for

Securities

Loaned

14,552,167

Subtotal

Other

Investments

$165,593,285

Total

Investments

at

Value

$1,504,392,728

*

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

5,051,847

5,051,847

–

–

Total

Asset

Derivatives

$5,051,847

$5,051,847

$–

$–

Liability

Derivatives

Futures

Contracts

15,410,599

15,410,599

–

–

Total

Liability

Derivatives

$15,410,599

$15,410,599

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$23,631,492

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

8

December

2021

$

896,630

(

$

16,310)

CME

E-mini

S&P

500

Index

947

December

2021

212,282,757

(

8,784,294)

CME

E-mini

S&P

Mid-Cap

400

Index

6

December

2021

1,620,956

(

41,036)

CME

Euro

Foreign

Exchange

Currency

579

December

2021

85,760,768

(

1,805,768)

Eurex

Euro

STOXX

50

Index

1,729

December

2021

83,261,886

(

2,720,087)

ICE

mini

MSCI

EAFE

Index

100

December

2021

11,842,802

(

507,802)

ICE

US

mini

MSCI

Emerging

Markets

Index

468

December

2021

30,682,342

(

1,535,302)

Total

Futures

Long

Contracts

$

426,348,141

(

$

15,410,599)

CME

E-mini

NASDAQ

100

Index

(162)

December

2021

(

$

50,385,969)

$

2,814,669

CME

E-mini

Russell

2000

Index

(789)

December

2021

(

88,431,133)

1,609,573

ICE

mini

MSCI

EAFE

Index

(123)

December

2021

(

14,569,655)

627,605

Total

Futures

Short

Contracts

(

$

153,386,757)

$5,051,847

Total

Futures

Contracts

$

272,961,384

($10,358,752)

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$45,448

$–

$–

$45,178

3,855

3.0%

Total

Affiliated

Registered

Investment

Companies

45,448

45,178

3.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

153,894

246,509

294,540

105,863

10,586

7.1

Total

Affiliated

Short-Term

Investments

153,894

105,863

7.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

14,445

170,660

170,553

14,552

14,552

1.0

Total

Collateral

Held

for

Securities

Loaned

14,445

14,552

1.0

Total

Value

$213,787

$165,593

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$(270)

$

–

$–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

2

(2)

–

185

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$185

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

89

Total

Affiliated

Income

from

Securities

Loaned,

Net

$89

Total

Value

$2

$(272)

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income

(

98.7%

)

Value

Asset-Backed

Securities

(8.9%)

Arkansas

Student

Loan

Authority

$

1,289,566

1.029%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

a

$

1,296,666

Brazos

Higher

Education

Authority,

Inc.

94,192

0.975%, 

(LIBOR

3M

+

0.850%),

7/25/2029,

Ser.

2011-2,

Class

A2

a

94,380

ECMC

Group

Student

Loan

Trust

963,079

1.236%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,b

982,723

648,271

1.086%, 

(LIBOR

1M

+

1.000%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

657,023

Goodgreen

1,313,010

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

b

1,385,081

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

1,704,381

1.650%, 

3/25/2051,

Ser.

2021-1

1,700,826

Missouri

Higher

Education

Loan

Auth.

1,616,115

1.530%, 

1/25/2061,

Ser.

2021-1

1,612,303

1,949,931

0.786%, 

(LIBOR

1M

+

0.700%),

3/25/2061,

Ser.

2021-2

a

1,966,387

Nationstar

HECM

Loan

Trust

849,519

1.269%, 

9/25/2030,

Ser.

2020-1A,

Class

A1

a,b

851,835

Navient

Student

Loan

Trust

1,605,791

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

b

1,583,291

904,257

1.136%, 

(LIBOR

1M

+

1.050%),

6/25/2069,

Ser.

2020-1A,

Class

A1B

a,b

928,309

1,190,707

0.986%, 

(LIBOR

1M

+

0.900%),

8/26/2069,

Ser.

2020-2A,

Class

A1B

a,b

1,212,404

New

Hampshire

Higher

Education

Loan

Corporation

960,141

1.286%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

a

990,664

Seasoned

Loans

Structured

Transaction

Trust

1,437,713

2.000%, 

9/25/2030,

Ser.

2020-2,

Class

A1C

c

1,463,882

1,800,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

b,c

1,842,058

SLM

Student

Loan

Trust

472,414

0.486%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

a

464,834

Total

19,032,666

Collateralized

Mortgage

Obligations

(13.5%)

Cascade

Funding

Mortgage

Trust

773,329

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,b

774,726

Principal

Amount

Long-Term

Fixed

Income

(98.7%)

Value

Collateralized

Mortgage

Obligations

(13.5%)

-

continued

$

1,443,997

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,b

$

1,444,457

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,342,628

3.000%, 

10/15/2034,

Ser.

4369,

Class

GV

1,358,904

331,936

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

338,648

1,300,202

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

1,320,055

644,138

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

650,585

808,899

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

846,788

705,755

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

736,564

1,735,591

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

1,821,123

1,700,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

1,744,998

1,325,576

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

1,351,536

Federal

National

Mortgage

Association

-

REMIC

549,103

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

570,184

771,505

3.000%, 

6/25/2042,

Ser.

2016-24,

Class

LJ

789,590

636,524

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

657,684

754,152

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

805,172

645,092

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

664,131

278,233

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

289,633

Finance

of

America

HECM

Buyout

2021-HB1

1,466,039

0.875%, 

2/25/2031,

Ser.

2021-HB1,

Class

A

a,b

1,466,025

GMAC

Mortgage

Corporation

Loan

Trust

17,024

0.586%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,c

26,540

Mello

Warehouse

Securitization

Trust

1,700,000

0.836%, 

(LIBOR

1M

+

0.750%),

4/25/2055,

Ser.

2021-2,

Class

A

a,b

1,701,748

NewRez

Warehouse

Securitization

Trust

1,750,000

0.836%, 

(LIBOR

1M

+

0.750%),

5/25/2055,

Ser.

2021-1,

Class

A

a,b

1,751,861

Seasoned

Credit

Risk

Transfer

Trust

1,259,386

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

c

1,312,573

1,441,199

2.500%, 

8/25/2059,

Ser.

2020-1,

Class

MT

c

1,493,768

1,587,335

2.500%, 

9/25/2060,

Ser.

2021-1,

Class

MTU

1,642,611

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Principal

Amount

Long-Term

Fixed

Income

(98.7%)

Value

Collateralized

Mortgage

Obligations

(13.5%)

-

continued

$

1,614,796

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

$

1,628,867

1,320,487

2.500%, 

11/25/2060,

Ser.

2021-2,

Class

MTU

c

1,362,894

Wachovia

Asset

Securitization,

Inc.

229,537

0.226%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,b,c

219,946

Total

28,771,611

Commercial

Mortgage-Backed

Securities

(1.3%)

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

2,000,000

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,d

1,990,977

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

645,885

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

663,248

Total

2,654,225

Energy

(0.1%)

Petroleos

Mexicanos

120,000

2.378%, 

4/15/2025

123,527

Total

123,527

Financials

(1.4%)

HSBC

Bank

Canada

750,000

0.950%, 

5/14/2023

b

756,457

Nationwide

Building

Society

750,000

1.700%, 

2/13/2023

b

763,815

Preferred

Term

Securities

XXIII,

Ltd.

39,336

0.316%, 

(LIBOR

3M

+

0.200%),

12/22/2036

a,b

35,069

Santander

UK

plc

700,000

1.625%, 

2/12/2023

b

712,138

Westpac

Banking

Corporation

750,000

2.000%, 

1/16/2025

b

778,691

Total

3,046,170

Foreign

Government

(3.8%)

CPPIB

Capital,

Inc.

2,000,000

3.125%, 

9/25/2023

b

2,109,057

Development

Bank

of

Japan,

Inc.

750,000

2.125%, 

9/1/2022

b

759,727

Export

Development

Canada

2,000,000

2.500%, 

1/24/2023

2,059,080

Province

of

British

Columbia

Canada

1,550,000

1.750%, 

9/27/2024

e

1,601,801

Province

of

Ontario

Canada

1,000,000

3.400%, 

10/17/2023

1,060,606

Province

of

Quebec

400,000

7.500%, 

7/15/2023

e

449,572

Total

8,039,843

Principal

Amount

Long-Term

Fixed

Income

(98.7%)

Value

Mortgage-Backed

Securities

(26.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

2,493,117

3.000%, 

2/1/2050

$

2,652,238

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

350,000

1.500%, 

11/1/2035

d

353,035

3,755,000

1.500%, 

10/15/2036

d

3,792,110

10,650,000

2.000%, 

11/1/2036

d

10,953,691

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

10,995,000

2.000%, 

11/1/2051

d,f

11,004,878

15,500,000

2.500%, 

11/1/2051

d

15,951,074

2,625,000

3.000%, 

11/1/2047

d

2,743,290

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5,050,000

2.500%, 

10/1/2051

d

5,213,139

2,975,000

2.500%, 

11/1/2051

d

3,065,761

Total

55,729,216

U.S.

Government

&

Agencies

(43.6%)

Federal

Farm

Credit

Bank

400,000

2.210%, 

8/1/2024

418,928

Federal

Home

Loan

Bank

2,500,000

2.500%, 

2/13/2024

2,626,678

Federal

Home

Loan

Mortgage

Corporation

1,000,000

0.250%, 

8/24/2023

999,600

Federal

National

Mortgage

Association

1,500,000

0.750%, 

10/8/2027

1,460,140

500,000

5.960%, 

9/11/2028

652,562

875,000

0.875%, 

8/5/2030

823,685

Tennessee

Valley

Authority

1,115,000

5.250%, 

9/15/2039

1,582,204

U.S.

Treasury

Bonds

2,565,000

1.375%, 

8/15/2050

2,164,419

1,375,000

2.250%, 

11/15/2027

1,461,636

1,500,000

5.250%, 

11/15/2028

1,906,758

5,340,000

2.625%, 

2/15/2029

5,822,269

11,860,000

1.500%, 

2/15/2030

11,935,515

2,375,000

1.125%, 

2/15/2031

2,300,410

630,000

1.125%, 

5/15/2040

544,532

1,115,000

3.000%, 

5/15/2042

1,303,635

4,180,000

2.500%, 

5/15/2046

4,523,054

4,150,000

2.875%, 

5/15/2049

4,854,852

U.S.

Treasury

Bonds,

TIPS

829,950

0.500%, 

1/15/2028

929,144

961,154

0.875%, 

2/15/2047

1,230,954

U.S.

Treasury

Notes

5,270,000

0.125%, 

10/31/2022

5,270,618

225,000

2.000%, 

11/30/2022

229,887

3,020,000

1.375%, 

2/15/2023

3,070,019

8,450,000

0.125%, 

4/30/2023

8,438,777

275,000

2.750%, 

7/31/2023

287,536

500,000

0.125%, 

8/31/2023

498,672

1,175,000

0.125%, 

1/15/2024

1,168,712

350,000

2.500%, 

1/31/2024

367,336

250,000

2.125%, 

7/31/2024

261,562

3,500,000

1.250%, 

8/31/2024

3,575,469

6,850,000

2.250%, 

11/15/2024

7,209,893

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Principal

Amount

Long-Term

Fixed

Income

(98.7%)

Value

U.S.

Government

&

Agencies

(43.6%)

-

continued

$

1,450,000

1.375%, 

1/31/2025

$

1,486,533

1,000,000

2.875%, 

7/31/2025

1,080,234

900,000

0.250%, 

8/31/2025

881,613

525,000

2.625%, 

1/31/2026

564,252

1,000,000

0.500%, 

2/28/2026

983,125

750,000

1.750%, 

12/31/2026

777,685

2,000,000

0.625%, 

11/30/2027

1,931,562

2,000,000

1.250%, 

5/31/2028

1,997,109

U.S.

Treasury

Notes,

TIPS

1,292,639

0.125%, 

10/15/2024

1,382,820

3,724,045

0.125%, 

10/15/2025

4,029,484

Total

93,033,873

Total

Long-Term

Fixed

Income

(cost

$207,139,033)

210,431,131

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

981,750

Thrivent

Cash

Management

Trust

981,750

Total

Collateral

Held

for

Securities

Loaned

(cost

$981,750)

981,750

Shares

or

Principal

Amount

Short-Term

Investments

(

27.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.030%,

10/8/2021

g,h

100,000

100,000

0.040%,

11/3/2021

g,h

99,996

100,000

0.034%,

12/27/2021

g,h

99,990

Thrivent

Core

Short-Term

Reserve

Fund

5,767,681

0.120%

57,676,810

Total

Short-Term

Investments

(cost

$57,939,445)

57,976,796

Total

Investments

(cost

$266,060,228)

126.3%

$269,389,677

Other

Assets

and

Liabilities,

Net

(26.3%)

(56,148,299)

Total

Net

Assets

100.0%

$213,241,378

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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,

2021,

the

value

of

these

investments

was

$24,707,418

or

11.6%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

All

or

a

portion

of

the

security

is

on

loan.

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

Government

Bond

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

957,231

Total

lending

$957,231

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$981,750

Net

amounts

due

to

counterparty

$24,519

Definitions:

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

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,

2021,

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

19,032,666

–

19,032,666

–

Collateralized

Mortgage

Obligations

28,771,611

–

28,771,611

–

Commercial

Mortgage-Backed

Securities

2,654,225

–

2,654,225

–

Energy

123,527

–

123,527

–

Financials

3,046,170

–

3,046,170

–

Foreign

Government

8,039,843

–

8,039,843

–

Mortgage-Backed

Securities

55,729,216

–

55,729,216

–

U.S.

Government

&

Agencies

93,033,873

–

93,033,873

–

Short-Term

Investments

299,986

–

299,986

–

Subtotal

Investments

in

Securities

$210,731,117

$–

$210,731,117

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

57,676,810

Collateral

Held

for

Securities

Loaned

981,750

Subtotal

Other

Investments

$58,658,560

Total

Investments

at

Value

$269,389,677

*

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

339,184

339,184

–

–

Total

Asset

Derivatives

$339,184

$339,184

$–

$–

Liability

Derivatives

Futures

Contracts

334,681

334,681

–

–

Call

Options

Written

5,176

–

–

5,176

Total

Liability

Derivatives

$339,857

$334,681

$–

$5,176

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$299,986

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

15

December

2021

$

1,853,016

(

$

11,883)

CBOT

U.S.

Long

Bond

2

December

2021

326,975

(

8,538)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

45

December

2021

8,912,072

(

314,260)

Total

Futures

Long

Contracts

$

11,092,063

(

$

334,681)

CBOT

10-Yr.

U.S.

Treasury

Note

(79)

December

2021

(

$

10,558,629)

$

161,488

CBOT

2-Yr.

U.S.

Treasury

Note

(64)

December

2021

(

14,092,024)

8,524

Ultra

10-Yr.

U.S.

Treasury

Note

(51)

December

2021

(

7,576,921)

169,172

Total

Futures

Short

Contracts

(

$

32,227,574)

$339,184

Total

Futures

Contracts

(

$

21,135,511)

$4,503

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Counterparty:

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Government

Bond

Portfolio's

options

contracts

held

as

of

September

30,

2021.

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(2.50)

$

101.43

October

2021

(

$

2,502,246)

(

$

98)

$

16,309

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(2.50)

100.77

November

2021

(

2,502,246)

(

5,078)

9,082

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($5,176)

$25,391

(*)  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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$49,567

$71,225

$63,115

$57,677

5,768

27.1%

Total

Affiliated

Short-Term

Investments

49,567

57,677

27.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,375

654

1,047

982

982

0.4

Total

Collateral

Held

for

Securities

Loaned

1,375

982

0.4

Total

Value

$50,942

$58,659

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$62

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$62

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Principal

Amount

Bank

Loans

(

5.1%

)

a

Value

Capital

Goods

(0.9%)

Grinding

Media,

Inc.,

Term

Loan

$

3,437,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

$

3,441,296

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,546,490

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

d

1,513,379

Vertiv

Group

Corporation,

Term

Loan

3,667,287

2.833%, 

(LIBOR

1M

+

2.750%),

3/2/2027

d

3,642,827

Total

8,597,502

Communications

Services

(1.0%)

DIRECTV

Financing,

LLC,

Term

Loan

3,585,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

d

3,586,111

NEP

Group,

Inc.,

Term

Loan

2,814,576

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b,c,d

2,704,329

Peraton

Corporation,

Term

Loan

3,353,773

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

d

3,354,310

Total

9,644,750

Consumer

Cyclical

(0.7%)

Cengage

Learning,

Inc.,

Term

Loan

2,935,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

d

2,952,023

Golden

Nugget,

LLC,

Term

Loan

1,250,492

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

d

1,243,902

Staples,

Inc.,

Term

Loan

2,596,988

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

d

2,471,865

Total

6,667,790

Consumer

Non-Cyclical

(0.9%)

Bellring

Brands,

LLC,

Term

Loan

2,327,406

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

d

2,335,552

Endo

Luxembourg

Finance

Company

I

Sarl

,

Term

Loan

1,515,754

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b,c,d

1,479,543

Global

Medical

Response,

Inc.,

Term

Loan

1,606,826

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b,c,d

1,611,647

1,076,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

1,079,228

Herens

US

Holdco

Corporation,

Term

Loan

1,745,625

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

d

1,750,303

Total

8,256,273

Principal

Amount

Bank

Loans

(5.1%)

a

Value

Energy

(0.2%)

GIP

II

Blue

Holding

LP,

Term

Loan

$

2,418,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

$

2,413,478

Total

2,413,478

Financials

(0.3%)

Asurion

,

LLC,

Term

Loan

935,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

d

930,091

CoreLogic

,

Inc.,

Term

Loan

1,590,000

4.000%, 

(LIBOR

1M

+

3.500%),

6/2/2028

d

1,588,013

Total

2,518,104

Technology

(0.8%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

2,859,642

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

d

2,797,902

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,586,025

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

d

1,587,341

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,542,250

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

d

1,530,513

Redstone

Holdco

2

LP,

Term

Loan

1,325,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

d

1,301,813

Total

7,217,569

Transportation

(0.3%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

3,165,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

d

3,270,933

Total

3,270,933

Total

Bank

Loans

(cost

$48,650,301)

48,586,399

Principal

Amount

Long-Term

Fixed

Income

(

90.9%

)

Value

Basic

Materials

(5.9%)

Chemours

Company

2,790,000

5.750%, 

11/15/2028

f

2,921,688

Cleveland-Cliffs,

Inc.

1,800,000

4.625%, 

3/1/2029

f,g

1,838,250

2,954,000

4.875%, 

3/1/2031

f

3,050,005

Consolidated

Energy

Finance

SA

2,790,000

6.875%, 

6/15/2025

f

2,887,650

3,524,000

5.625%, 

10/15/2028

c,f

3,524,000

First

Quantum

Minerals,

Ltd.

2,660,000

7.250%, 

4/1/2023

f

2,706,550

1,065,000

6.875%, 

3/1/2026

f

1,107,600

Freeport-McMoRan,

Inc.

1,585,000

4.125%, 

3/1/2028

1,642,456

2,625,000

4.250%, 

3/1/2030

2,779,219

Grinding

Media,

Inc.

3,250,000

7.375%, 

12/15/2023

f

3,313,375

Hecla

Mining

Company

895,000

7.250%, 

2/15/2028

964,058

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Basic

Materials

(5.9%)

-

continued

Hudbay

Minerals,

Inc.

$

775,000

4.500%, 

4/1/2026

f

$

767,250

Mercer

International,

Inc.

1,565,000

5.500%, 

1/15/2026

1,598,256

520,000

5.125%, 

2/1/2029

531,050

Midwest

Vanadium,

Pty.

Ltd.

3,197,756

11.500%, 

2/15/2018

*,

h,i

3,198

Novelis

Corporation

870,000

3.250%, 

11/15/2026

f

882,337

2,340,000

4.750%, 

1/30/2030

f

2,463,318

670,000

3.875%, 

8/15/2031

f

662,664

OCI

NV

3,297,000

4.625%, 

10/15/2025

f

3,461,850

Olin

Corporation

2,825,000

5.625%, 

8/1/2029

3,105,720

SCIH

Salt

Holdings,

Inc.

1,060,000

4.875%, 

5/1/2028

f

1,065,300

SPCM

SA

1,074,000

3.125%, 

3/15/2027

f

1,075,289

1,343,000

3.375%, 

3/15/2030

f

1,341,959

SunCoke

Energy,

Inc.

1,605,000

4.875%, 

6/30/2029

f

1,598,981

Taseko

Mines,

Ltd.

2,780,000

7.000%, 

2/15/2026

f

2,818,225

Unifrax

Escrow

Issuer

Corporation

2,178,000

5.250%, 

9/30/2028

f

2,205,225

United

States

Steel

Corporation

3,946,000

6.875%, 

3/1/2029

g

4,207,284

Venator

Finance

SARL

2,250,000

5.750%, 

7/15/2025

f

2,126,250

Total

56,649,007

Capital

Goods

(10.0%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

3,963,662

0.000%,PIK

1.500%,

4/26/2024

f,i,j

19,818

Advanced

Drainage

Systems,

Inc.

2,640,000

5.000%, 

9/30/2027

f

2,756,160

AECOM

1,695,000

5.125%, 

3/15/2027

1,877,212

Amsted

Industries,

Inc.

2,125,000

5.625%, 

7/1/2027

f

2,217,480

2,630,000

4.625%, 

5/15/2030

f

2,702,325

ARD

Finance

SA

1,700,000

6.500%, 

6/30/2027

f

1,805,995

Ardagh

Packaging

Finance

plc

4,255,000

5.250%, 

8/15/2027

f

4,331,611

Berry

Global,

Inc.

1,704,000

4.500%, 

2/15/2026

f,g

1,735,694

Bombardier,

Inc.

1,065,000

7.125%, 

6/15/2026

f

1,118,250

2,250,000

7.875%, 

4/15/2027

f

2,332,631

2,025,000

6.000%, 

2/15/2028

f

2,047,781

Brand

Industrial

Services,

Inc.

790,000

8.500%, 

7/15/2025

f

792,962

Builders

FirstSource

,

Inc.

1,070,000

5.000%, 

3/1/2030

f

1,140,224

BWAY

Holding

Company

2,125,000

7.250%, 

4/15/2025

f

2,112,048

Clean

Harbors,

Inc.

3,330,000

5.125%, 

7/15/2029

f

3,646,350

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Capital

Goods

(10.0%)

-

continued

Coinbase

Global,

Inc.

$

623,000

3.375%, 

10/1/2028

f

$

598,597

Cornerstone

Building

Brands,

Inc.

3,170,000

6.125%, 

1/15/2029

f

3,369,631

Covanta

Holding

Corporation

1,060,000

6.000%, 

1/1/2027

1,098,828

1,030,000

5.000%, 

9/1/2030

1,040,300

CP

Atlas

Buyer,

Inc.

2,215,000

7.000%, 

12/1/2028

f

2,220,538

Crown

Cork

&

Seal

Company,

Inc.

3,210,000

7.375%, 

12/15/2026

3,964,350

Flex

Acquisition

Company,

Inc.

3,205,000

6.875%, 

1/15/2025

f

3,245,063

GFL

Environmental,

Inc.

4,490,000

4.000%, 

8/1/2028

f,g

4,456,325

H&E

Equipment

Services,

Inc.

5,500,000

3.875%, 

12/15/2028

f

5,478,550

Howmet

Aerospace,

Inc.

78,000

6.875%, 

5/1/2025

91,262

1,605,000

5.900%, 

2/1/2027

1,885,875

2,339,000

3.000%, 

1/15/2029

2,359,115

IAA

Spinco

,

Inc.

1,250,000

5.500%, 

6/15/2027

f

1,306,250

JELD-WEN,

Inc.

1,150,000

6.250%, 

5/15/2025

f,g

1,213,250

1,475,000

4.875%, 

12/15/2027

f

1,537,009

Mueller

Water

Products,

Inc.

930,000

4.000%, 

6/15/2029

f

962,736

Nesco

Holdings

II,

Inc.

1,600,000

5.500%, 

4/15/2029

f

1,659,520

New

Enterprise

Stone

and

Lime

Company,

Inc.

3,113,000

5.250%, 

7/15/2028

c,f

3,148,021

Owens-Brockway

Glass

Container,

Inc.

3,320,000

5.875%, 

8/15/2023

f

3,510,900

Pactiv

Evergreen

Group

1,870,000

4.375%, 

10/15/2028

f

1,877,013

PGT

Innovations,

Inc.

2,499,000

4.375%, 

10/1/2029

f

2,517,743

SRM

Escrow

Issuer,

LLC

3,695,000

6.000%, 

11/1/2028

f

3,912,081

Stericycle,

Inc.

515,000

3.875%, 

1/15/2029

f

518,147

TransDigm

,

Inc.

4,945,000

6.250%, 

3/15/2026

f

5,155,163

640,000

4.625%, 

1/15/2029

g

638,883

2,115,000

4.875%, 

5/1/2029

2,118,934

United

Rentals

North

America,

Inc.

1,990,000

3.875%, 

2/15/2031

2,039,750

Victors

Merger

Corporation

1,590,000

6.375%, 

5/15/2029

f

1,522,425

WESCO

Distribution,

Inc.

1,280,000

7.250%, 

6/15/2028

f

1,417,600

Total

95,500,400

Communications

Services

(11.6%)

Altice

France

SA

1,590,000

5.125%, 

7/15/2029

f

1,558,955

3,104,000

5.500%, 

10/15/2029

c,f

3,072,595

Brookfield

Residential

Properties,

Inc.

350,000

4.875%, 

2/15/2030

f

357,000

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Communications

Services

(11.6%)

-

continued

C&W

Senior

Financing

DAC

$

525,000

6.875%, 

9/15/2027

f

$

551,906

CCO

Holdings,

LLC

3,940,000

5.375%, 

6/1/2029

f

4,255,200

4,190,000

4.750%, 

3/1/2030

f

4,380,540

2,640,000

4.500%, 

8/15/2030

f

2,723,741

Cengage

Learning,

Inc.

3,180,000

9.500%, 

6/15/2024

f

3,254,221

Clear

Channel

Outdoor

Holdings,

Inc.

1,060,000

7.500%, 

6/1/2029

f

1,102,400

Clear

Channel

Worldwide

Holdings,

Inc.

2,380,000

7.750%, 

4/15/2028

f

2,504,950

CSC

Holdings,

LLC

2,660,000

5.375%, 

2/1/2028

f

2,779,700

2,675,000

4.125%, 

12/1/2030

f

2,624,844

Cumulus

Media

New

Holdings,

Inc.

2,538,000

6.750%, 

7/1/2026

f,g

2,626,830

DIRECTV

Holdings,

LLC

535,000

5.875%, 

8/15/2027

f

558,406

DISH

DBS

Corporation

1,960,000

7.375%, 

7/1/2028

2,078,531

Entercom

Media

Corporation

3,835,000

6.500%, 

5/1/2027

f,g

3,922,591

Front

Range

BidCo

,

Inc.

2,330,000

6.125%, 

3/1/2028

f

2,362,107

Frontier

Communications

Corporation

1,590,000

5.000%, 

5/1/2028

f

1,669,500

GCI,

LLC

3,510,000

4.750%, 

10/15/2028

f

3,684,805

iHeartCommunications

,

Inc.

790,000

8.375%, 

5/1/2027

844,313

LCPR

Senior

Secured

Financing

DAC

4,300,000

6.750%, 

10/15/2027

f

4,558,000

Level

3

Financing,

Inc.

1,860,000

4.625%, 

9/15/2027

f

1,913,568

1,860,000

4.250%, 

7/1/2028

f

1,874,378

Ligado

Networks,

LLC

567,496

0.000%,PIK

15.500%,

11/1/2023

f,j

550,471

Netflix,

Inc.

3,325,000

4.875%, 

4/15/2028

3,832,063

News

Corporation

790,000

3.875%, 

5/15/2029

f

811,725

Outfront

Media

Capital,

LLC

2,650,000

5.000%, 

8/15/2027

f

2,717,973

Radiate

Holdco,

LLC

1,055,000

6.500%, 

9/15/2028

f

1,075,741

Scripps

Escrow,

Inc.

2,560,000

5.875%, 

7/15/2027

f

2,627,200

SFR

Group

SA

1,165,000

7.375%, 

5/1/2026

f

1,208,804

Sirius

XM

Radio,

Inc.

720,000

3.125%, 

9/1/2026

f

729,900

1,860,000

4.000%, 

7/15/2028

f

1,891,388

1,740,000

3.875%, 

9/1/2031

f

1,699,763

Sprint

Capital

Corporation

2,395,000

6.875%, 

11/15/2028

3,065,600

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Communications

Services

(11.6%)

-

continued

Sprint

Corporation

$

2,040,000

7.125%, 

6/15/2024

$

2,321,928

8,990,000

7.625%, 

2/15/2025

10,509,130

TEGNA,

Inc.

3,375,000

4.625%, 

3/15/2028

3,450,431

Telesat

Canada

1,245,000

4.875%, 

6/1/2027

f

1,145,400

465,000

6.500%, 

10/15/2027

f

403,020

Terrier

Media

Buyer,

Inc.

1,740,000

8.875%, 

12/15/2027

f

1,839,841

United

States

Cellular

Corporation

3,046,000

6.700%, 

12/15/2033

3,775,273

Uniti

Group,

LP

1,595,000

4.750%, 

4/15/2028

f

1,628,894

790,000

6.500%, 

2/15/2029

f

812,645

Univision

Communications,

Inc.

1,605,000

6.625%, 

6/1/2027

f

1,743,431

450,000

4.500%, 

5/1/2029

f

457,313

Viasat

,

Inc.

1,055,000

6.500%, 

7/15/2028

f

1,111,147

VTR

Comunicaciones

SPA

814,000

5.125%, 

1/15/2028

f

863,247

Ziggo

BV

3,185,000

5.500%, 

1/15/2027

f

3,292,494

2,325,000

4.875%, 

1/15/2030

f

2,397,656

Total

111,221,559

Consumer

Cyclical

(18.2%)

1011778

B.C.,

ULC

4,190,000

4.375%, 

1/15/2028

f

4,253,730

Allen

Media,

LLC

1,605,000

10.500%, 

2/15/2028

f

1,648,335

Allied

Universal

Finance

Corporation

800,000

4.625%, 

6/1/2028

f

797,504

Allied

Universal

Holdco,

LLC

1,735,000

6.625%, 

7/15/2026

f

1,834,381

1,325,000

4.625%, 

6/1/2028

f

1,322,946

1,060,000

6.000%, 

6/1/2029

f

1,045,997

Allison

Transmission,

Inc.

4,360,000

3.750%, 

1/30/2031

f

4,240,100

American

Axle

&

Manufacturing,

Inc.

2,055,000

6.500%, 

4/1/2027

2,142,337

Ashton

Woods

USA,

LLC

800,000

4.625%, 

8/1/2029

f

807,784

Boyd

Gaming

Corporation

2,120,000

4.750%, 

6/15/2031

f

2,186,250

Boyne

USA,

Inc.

1,455,000

4.750%, 

5/15/2029

f

1,502,287

Brookfield

Residential

Properties,

Inc.

3,440,000

6.250%, 

9/15/2027

f

3,616,369

2,125,000

5.000%, 

6/15/2029

f

2,172,919

Caesars

Entertainment,

Inc.

1,600,000

8.125%, 

7/1/2027

f

1,798,760

2,499,000

4.625%, 

10/15/2029

f

2,530,237

Carnival

Corporation

258,000

11.500%, 

4/1/2023

f

287,992

3,880,000

5.750%, 

3/1/2027

f

4,010,950

1,765,000

4.000%, 

8/1/2028

f

1,782,650

Cedar

Fair,

LP

2,850,000

5.250%, 

7/15/2029

2,921,250

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Consumer

Cyclical

(18.2%)

-

continued

Churchill

Downs,

Inc.

$

1,065,000

4.750%, 

1/15/2028

f

$

1,114,256

Cinemark

USA,

Inc.

1,065,000

5.875%, 

3/15/2026

f

1,075,650

Colt

Merger

Sub,

Inc.

3,594,000

6.250%, 

7/1/2025

f

3,783,610

Empire

Communities

Corporation

2,785,000

7.000%, 

12/15/2025

f

2,910,325

Ford

Motor

Company

1,000,000

9.625%, 

4/22/2030

1,415,475

5,640,000

7.450%, 

7/16/2031

7,359,354

Ford

Motor

Company,

Convertible

1,585,000

Zero

Coupon, 

3/15/2026

f

1,708,828

Ford

Motor

Credit

Company,

LLC

3,600,000

5.125%, 

6/16/2025

3,910,500

2,610,000

4.134%, 

8/4/2025

2,760,075

3,600,000

3.375%, 

11/13/2025

3,699,000

Gap,

Inc.

537,000

3.875%, 

10/1/2031

f

537,000

Goodyear

Tire

&

Rubber

Company

1,595,000

5.000%, 

7/15/2029

f

1,692,694

1,330,000

5.250%, 

7/15/2031

f

1,416,450

Guitar

Center

Escrow

Issuer

II,

Inc.

600,000

8.500%, 

1/15/2026

f

643,500

Hanesbrands,

Inc.

2,180,000

4.875%, 

5/15/2026

f

2,360,940

Herc

Holdings,

Inc.

5,330,000

5.500%, 

7/15/2027

f

5,592,369

Hilton

Domestic

Operating

Company,

Inc.

660,000

3.750%, 

5/1/2029

f

666,600

2,050,000

4.875%, 

1/15/2030

2,199,158

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

3,415,000

5.000%, 

6/1/2029

f

3,483,300

International

Game

Technology

plc

1,800,000

6.250%, 

1/15/2027

f

2,034,000

575,000

5.250%, 

1/15/2029

f

614,543

KAR

Auction

Services,

Inc.

2,670,000

5.125%, 

6/1/2025

f

2,700,038

KB

Home

2,130,000

6.875%, 

6/15/2027

2,545,350

L

Brands,

Inc.

2,045,000

5.250%, 

2/1/2028

2,255,635

2,310,000

6.625%, 

10/1/2030

f

2,621,850

1,030,000

6.875%, 

11/1/2035

1,292,650

Landry's,

Inc.

1,460,000

6.750%, 

10/15/2024

f

1,461,898

Macy's

Retail

Holdings,

LLC

2,125,000

5.875%, 

4/1/2029

f,g

2,311,947

Magic

MergerCo

,

Inc.

1,585,000

5.250%, 

5/1/2028

f

1,634,928

Mattamy

Group

Corporation

3,685,000

5.250%, 

12/15/2027

f

3,850,825

1,800,000

4.625%, 

3/1/2030

f

1,839,339

New

Red

Finance,

Inc.

2,300,000

4.000%, 

10/15/2030

f

2,277,000

Penn

National

Gaming,

Inc.

1,600,000

4.125%, 

7/1/2029

f

1,581,440

PetSmart,

Inc.

3,650,000

7.750%, 

2/15/2029

f

3,983,063

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Consumer

Cyclical

(18.2%)

-

continued

Prime

Security

Services

Borrower,

LLC

$

5,370,000

5.750%, 

4/15/2026

f

$

5,809,053

1,790,000

3.375%, 

8/31/2027

f

1,717,290

Real

Hero

Merger

Sub

2,

Inc.

1,130,000

6.250%, 

2/1/2029

f

1,172,375

Realogy

Group,

LLC

3,345,000

5.750%, 

1/15/2029

f

3,469,635

Rite

Aid

Corporation

2,417,000

7.500%, 

7/1/2025

f

2,416,444

Royal

Caribbean

Cruises,

Ltd.

2,565,000

9.125%, 

6/15/2023

f

2,787,656

3,000,000

4.250%, 

7/1/2026

f

2,938,650

915,000

3.700%, 

3/15/2028

g

876,122

Scientific

Games

International,

Inc.

2,650,000

5.000%, 

10/15/2025

f

2,726,188

3,050,000

7.250%, 

11/15/2029

f

3,427,094

SeaWorld

Parks

and

Entertainment,

Inc.

1,550,000

5.250%, 

8/15/2029

f

1,585,844

Service

Properties

Trust

2,245,000

7.500%, 

9/15/2025

2,520,552

Six

Flags

Theme

Parks,

Inc.

1,150,000

7.000%, 

7/1/2025

f

1,224,750

Staples,

Inc.

2,120,000

7.500%, 

4/15/2026

f

2,150,157

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

f

812,680

Tenneco,

Inc.

2,905,000

5.000%, 

7/15/2026

g

2,861,121

900,000

7.875%, 

1/15/2029

f

1,004,625

Uber

Technologies,

Inc.

1,690,000

6.250%, 

1/15/2028

f,g

1,812,508

Wabash

National

Corporation

2,483,000

4.500%, 

10/15/2028

c,f

2,479,896

WASH

Multifamily

Acquisition,

Inc.

1,055,000

5.750%, 

4/15/2026

f

1,101,657

Wyndham

Destinations,

Inc.

3,080,000

6.625%, 

7/31/2026

f

3,507,412

Wyndham

Hotels

&

Resorts,

Inc.

1,690,000

4.375%, 

8/15/2028

f

1,764,242

Wynn

Las

Vegas,

LLC

1,600,000

5.250%, 

5/15/2027

f,g

1,615,968

Total

174,018,287

Consumer

Non-Cyclical

(14.2%)

Albertson's

Companies,

Inc.

1,930,000

4.625%, 

1/15/2027

f

2,024,636

4,410,000

5.875%, 

2/15/2028

f

4,696,650

2,800,000

3.500%, 

3/15/2029

f

2,794,330

Bausch

Health

Companies,

Inc.

4,165,000

5.000%, 

1/30/2028

f

3,951,419

2,840,000

6.250%, 

2/15/2029

f

2,810,237

2,125,000

7.250%, 

5/30/2029

f

2,177,806

Centene

Corporation

1,750,000

4.250%, 

12/15/2027

1,831,637

2,045,000

4.625%, 

12/15/2029

2,228,641

920,000

3.375%, 

2/15/2030

952,476

800,000

2.625%, 

8/1/2031

794,592

Central

Garden

&

Pet

Company

2,680,000

4.125%, 

10/15/2030

2,740,300

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Consumer

Non-Cyclical

(14.2%)

-

continued

CHS/Community

Health

Systems,

Inc.

$

1,545,000

4.750%, 

2/15/2031

f

$

1,554,656

Community

Health

Systems,

Inc.

1,795,000

5.625%, 

3/15/2027

f

1,879,598

1,640,000

6.875%, 

4/15/2029

f

1,643,854

Coty,

Inc.

1,060,000

5.000%, 

4/15/2026

f

1,082,822

DaVita,

Inc.

4,590,000

4.625%, 

6/1/2030

f

4,721,324

1,055,000

3.750%, 

2/15/2031

f

1,027,306

Edgewell

Personal

Care

Company

1,690,000

5.500%, 

6/1/2028

f

1,784,860

Encompass

Health

Corporation

3,665,000

4.500%, 

2/1/2028

3,784,112

Endo

Finance,

LLC

1,150,000

9.500%, 

7/31/2027

f,g

1,152,553

Energizer

Holdings,

Inc.

2,690,000

4.750%, 

6/15/2028

f

2,736,389

HCA,

Inc.

2,670,000

5.375%, 

2/1/2025

2,983,725

2,380,000

5.875%, 

2/1/2029

2,860,016

Herbalife

Nutrition,

Ltd.

2,550,000

7.875%, 

9/1/2025

f

2,734,875

HLF

Financing

Sarl

,

LLC

2,655,000

4.875%, 

6/1/2029

f

2,655,000

Illumina,

Inc.

2,805,000

9.000%, 

7/1/2028

f

3,092,512

JBS

USA

Food

Company

2,860,000

5.750%, 

1/15/2028

f

3,003,029

JBS

USA

LUX

SA

1,595,000

3.750%, 

12/1/2031

f

1,659,645

JBS

USA,

LLC

1,060,000

5.500%, 

1/15/2030

f

1,178,953

Kraft

Foods

Group,

Inc.

1,320,000

5.000%, 

6/4/2042

1,618,769

Kraft

Heinz

Foods

Company

3,380,000

3.875%, 

5/15/2027

3,690,665

2,610,000

3.750%, 

4/1/2030

2,843,868

1,320,000

4.875%, 

10/1/2049

1,606,565

Mattel,

Inc.

2,640,000

3.375%, 

4/1/2026

f

2,722,104

1,250,000

5.875%, 

12/15/2027

f

1,354,688

Molina

Healthcare,

Inc.

1,580,000

4.375%, 

6/15/2028

f

1,643,800

Mozart

Debt

Merger

Sub,

Inc.

4,199,000

3.875%, 

4/1/2029

c,f

4,199,000

3,110,000

5.250%, 

10/1/2029

c,f

3,164,425

MPH

Acquisition

Holdings,

LLC

2,303,000

5.750%, 

11/1/2028

f,g

2,169,380

Ortho-Clinical

Diagnostics,

Inc.

1,572,000

7.250%, 

2/1/2028

f

1,682,236

Par

Pharmaceutical,

Inc.

2,545,000

7.500%, 

4/1/2027

f

2,592,719

Pilgrim's

Pride

Corporation

3,197,000

3.500%, 

3/1/2032

f

3,250,949

SEG

Holding,

LLC

3,380,000

5.625%, 

10/15/2028

f

3,523,650

Simmons

Foods,

Inc.

2,755,000

4.625%, 

3/1/2029

f

2,775,663

Spectrum

Brands,

Inc.

2,010,000

5.000%, 

10/1/2029

f

2,160,750

770,000

5.500%, 

7/15/2030

f

852,775

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Consumer

Non-Cyclical

(14.2%)

-

continued

Syneos

Health,

Inc.

$

1,845,000

3.625%, 

1/15/2029

f

$

1,839,834

Tenet

Healthcare

Corporation

8,180,000

4.875%, 

1/1/2026

f

8,465,646

4,990,000

5.125%, 

11/1/2027

f

5,202,075

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2,945,000

3.150%, 

10/1/2026

2,819,838

TreeHouse

Foods,

Inc.

1,244,000

4.000%, 

9/1/2028

g

1,217,465

United

Natural

Foods,

Inc.

2,800,000

6.750%, 

10/15/2028

f

3,031,000

VRX

Escrow

Corporation

2,630,000

6.125%, 

4/15/2025

f

2,684,310

Total

135,650,127

Energy

(11.8%)

Antero

Resources

Corporation

692,000

8.375%, 

7/15/2026

f

783,849

1,330,000

5.375%, 

3/1/2030

f

1,400,689

Apache

Corporation

1,685,000

4.375%, 

10/15/2028

1,821,906

3,475,000

5.100%, 

9/1/2040

3,891,930

Archrock

Partners,

LP

1,030,000

6.250%, 

4/1/2028

f

1,065,252

Buckeye

Partners,

LP

2,825,000

4.125%, 

12/1/2027

2,881,500

1,730,000

4.500%, 

3/1/2028

f

1,755,950

Cheniere

Energy

Partners,

LP

2,655,000

4.500%, 

10/1/2029

2,822,610

268,000

3.250%, 

1/31/2032

f

268,884

Chesapeake

Escrow

Issuer,

LLC

1,320,000

5.500%, 

2/1/2026

f

1,379,400

Comstock

Resources,

Inc.

1,330,000

5.875%, 

1/15/2030

f

1,383,200

Continental

Resources,

Inc.

2,800,000

5.750%, 

1/15/2031

f

3,384,500

CQP

Holdco,

LP

2,655,000

5.500%, 

6/15/2031

f

2,823,725

CrownRock

Finance,

Inc.

1,990,000

5.625%, 

10/15/2025

f

2,036,665

DT

Midstream,

Inc.

1,145,000

4.125%, 

6/15/2029

f

1,161,099

610,000

4.375%, 

6/15/2031

f

628,300

Enagas

SA

2,845,000

5.500%, 

1/15/2028

f

2,912,569

Encana

Corporation

1,070,000

6.625%, 

8/15/2037

1,467,446

Endeavor

Energy

Resources,

LP

1,020,000

6.625%, 

7/15/2025

f

1,074,825

1,245,000

5.750%, 

1/30/2028

f

1,310,362

EnLink

Midstream

Partners,

LP

1,210,000

5.600%, 

4/1/2044

1,155,550

EnLink

Midstream,

LLC

3,025,000

5.625%, 

1/15/2028

f

3,220,838

EQM

Midstream

Partners,

LP

1,030,000

4.500%, 

1/15/2029

f

1,068,625

EQT

Corporation

530,000

3.125%, 

5/15/2026

f

543,314

1,200,000

3.900%, 

10/1/2027

1,298,676

640,000

5.000%, 

1/15/2029

720,608

Genesis

Energy,

LP

1,030,000

6.500%, 

10/1/2025

1,024,850

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Energy

(11.8%)

-

continued

$

530,000

6.250%, 

5/15/2026

$

520,391

Harvest

Midstream,

LP

3,660,000

7.500%, 

9/1/2028

f

3,898,449

Hess

Midstream

Operations,

LP

790,000

5.625%, 

2/15/2026

f

819,625

1,605,000

4.250%, 

2/15/2030

f

1,623,056

Hilcorp

Energy

I,

LP

1,065,000

6.000%, 

2/1/2031

f

1,094,288

ITT

Holdings,

LLC

1,905,000

6.500%, 

8/1/2029

f

1,921,669

Laredo

Petroleum,

Inc.

2,675,000

7.750%, 

7/31/2029

f

2,681,688

Murphy

Oil

Corporation

1,685,000

5.875%, 

12/1/2027

1,753,664

Nabors

Industries,

Ltd.

1,595,000

7.250%, 

1/15/2026

f

1,551,297

Newfield

Exploration

Company

2,925,000

5.375%, 

1/1/2026

3,307,186

NGL

Energy

Operating,

LLC

905,000

7.500%, 

2/1/2026

f

921,969

NGL

Energy

Partners,

LP

530,000

7.500%, 

11/1/2023

515,070

1,070,000

7.500%, 

4/15/2026

g

957,650

NuStar

Logistics,

LP

515,000

5.750%, 

10/1/2025

554,913

Oasis

Petroleum,

Inc.

1,070,000

6.375%, 

6/1/2026

f

1,120,825

Occidental

Petroleum

Corporation

1,740,000

3.450%, 

7/15/2024

1,779,150

2,900,000

3.500%, 

6/15/2025

3,014,260

2,045,000

8.000%, 

7/15/2025

2,441,730

1,065,000

3.500%, 

8/15/2029

1,083,233

2,045,000

8.875%, 

7/15/2030

2,777,989

2,555,000

4.300%, 

8/15/2039

2,519,945

2,555,000

4.400%, 

4/15/2046

2,548,229

Patterson-UTI

Energy,

Inc.

1,065,000

3.950%, 

2/1/2028

1,069,918

530,000

5.150%, 

11/15/2029

543,917

PBF

Holding

Company,

LLC

1,215,000

9.250%, 

5/15/2025

f

1,151,213

Precision

Drilling

Corporation

1,605,000

6.875%, 

1/15/2029

f

1,676,334

Range

Resources

Corporation

930,000

4.875%, 

5/15/2025

981,894

Rockcliff

Energy

II,

LLC

672,000

5.500%, 

10/15/2029

c,f

682,080

Sanchez

Energy

Corporation

3,740,000

0.000%, 

2/15/2023

e,h,i

4

SM

Energy

Company

930,000

5.625%, 

6/1/2025

935,329

Southwestern

Energy

Company

1,065,000

8.375%, 

9/15/2028

1,206,357

1,065,000

5.375%, 

2/1/2029

f

1,139,348

Sunoco,

LP

1,090,000

5.500%, 

2/15/2026

1,111,909

1,200,000

4.500%, 

5/15/2029

1,217,123

Targa

Resources

Partners,

LP

1,585,000

6.500%, 

7/15/2027

1,708,995

1,035,000

4.875%, 

2/1/2031

1,116,506

Teine

Energy,

Ltd.

1,070,000

6.875%, 

4/15/2029

f

1,086,050

Transocean,

Inc.

3,037,000

11.500%, 

1/30/2027

f

3,128,110

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Energy

(11.8%)

-

continued

USA

Compression

Partners

LP

$

800,000

6.875%, 

9/1/2027

$

846,880

Venture

Global

Calcasieu

Pass,

LLC

2,270,000

3.875%, 

8/15/2029

f

2,338,214

1,470,000

4.125%, 

8/15/2031

f

1,532,475

Vine

Energy

Holdings,

LLC

1,070,000

6.750%, 

4/15/2029

f

1,154,937

W&T

Offshore,

Inc.

800,000

9.750%, 

11/1/2023

f,g

761,256

Western

Gas

Partners,

LP

2,675,000

4.650%, 

7/1/2026

2,893,307

Total

112,975,554

Financials

(9.0%)

Alliant

Holdings

Intermediate,

LLC

525,000

6.750%, 

10/15/2027

f

543,375

Ally

Financial,

Inc.

4,000,000

5.750%, 

11/20/2025

4,573,793

Altice

Financing

SA

1,125,000

5.750%, 

8/15/2029

f

1,089,709

American

Finance

Trust,

Inc.

1,867,000

4.500%, 

9/30/2028

c,f

1,867,000

Barclays

plc

2,140,000

4.375%, 

3/15/2028

d,k

2,138,502

CANPACK

SA

1,150,000

3.125%, 

11/1/2025

f

1,168,687

Charles

Schwab

Corporation

2,110,000

4.000%, 

6/1/2026

d,k

2,199,675

Chobani

,

LLC

2,255,000

4.625%, 

11/15/2028

f

2,328,287

Coinbase

Global,

Inc.

623,000

3.625%, 

10/1/2031

f

592,239

Credit

Acceptance

Corporation

1,580,000

5.125%, 

12/31/2024

f

1,627,400

Diversified

Healthcare

Trust

4,175,000

4.375%, 

3/1/2031

4,038,216

Drawbridge

Special

Opportunities

Fund,

LP

5,500,000

3.875%, 

2/15/2026

f

5,651,215

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,500,000

6.500%, 

10/1/2025

f

1,544,070

800,000

5.500%, 

5/1/2028

f

805,380

Genworth

Holdings,

Inc.

525,000

4.900%, 

8/15/2023

536,718

Global

Net

Lease,

Inc.

4,500,000

3.750%, 

12/15/2027

f

4,468,260

HCRX

Investments

Holdco,

LP

1,230,000

4.500%, 

8/1/2029

f

1,236,150

Icahn

Enterprises,

LP

2,900,000

4.750%, 

9/15/2024

3,016,000

2,770,000

6.250%, 

5/15/2026

2,894,650

3,405,000

5.250%, 

5/15/2027

3,532,687

iStar

,

Inc.

2,130,000

5.500%, 

2/15/2026

g

2,225,850

Jefferies

Finance,

LLC

2,275,000

5.000%, 

8/15/2028

f

2,306,281

Ladder

Capital

Finance

Holdings,

LLP

2,125,000

4.750%, 

6/15/2029

f

2,110,019

LPL

Holdings,

Inc.

2,655,000

4.375%, 

5/15/2031

f

2,771,156

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Financials

(9.0%)

-

continued

MGM

Growth

Properties

Operating

Partnership,

LP

$

2,600,000

5.750%, 

2/1/2027

$

2,990,000

MPT

Operating

Partnership,

LP

2,825,000

4.625%, 

8/1/2029

3,031,225

Navient

Corporation

1,580,000

6.750%, 

6/25/2025

1,726,150

NFP

Corporation

790,000

6.875%, 

8/15/2028

f

806,630

OneMain

Finance

Corporation

800,000

3.500%, 

1/15/2027

800,360

2,635,000

4.000%, 

9/15/2030

2,621,825

PennyMac

Financial

Services,

Inc.

1,960,000

4.250%, 

2/15/2029

f

1,866,067

Playtika

Holding

Corporation

685,000

4.250%, 

3/15/2029

f

687,185

Service

Properties

Trust

1,055,000

4.750%, 

10/1/2026

1,044,450

Springleaf

Finance

Corporation

780,000

7.125%, 

3/15/2026

903,825

2,440,000

6.625%, 

1/15/2028

2,806,000

Trivium

Packaging

Finance

1,210,000

5.500%, 

8/15/2026

f

1,267,245

530,000

8.500%, 

8/15/2027

f

569,088

United

Wholesale

Mortgage,

LLC

2,265,000

5.500%, 

4/15/2029

f

2,199,097

VICI

Properties,

LP

1,050,000

4.250%, 

12/1/2026

f

1,096,547

2,340,000

3.750%, 

2/15/2027

f

2,421,900

1,300,000

4.625%, 

12/1/2029

f

1,397,500

2,350,000

4.125%, 

8/15/2030

f

2,491,000

Total

85,991,413

Technology

(5.3%)

Black

Knight

InfoServ

,

LLC

2,724,000

3.625%, 

9/1/2028

f

2,737,620

CommScope

Technologies

Finance,

LLC

2,852,000

6.000%, 

6/15/2025

f

2,887,650

CommScope

,

Inc.

2,030,000

7.125%, 

7/1/2028

f

2,071,554

Everi

Holdings,

Inc.

1,065,000

5.000%, 

7/15/2029

f

1,091,284

Iron

Mountain,

Inc.

3,895,000

5.250%, 

3/15/2028

f

4,070,275

890,000

5.000%, 

7/15/2028

f

927,647

1,020,000

5.250%, 

7/15/2030

f

1,082,455

2,130,000

4.500%, 

2/15/2031

f

2,160,459

MSCI,

Inc.

2,775,000

3.250%, 

8/15/2033

f

2,806,801

NCR

Corporation

4,665,000

5.750%, 

9/1/2027

f

4,919,709

PTC,

Inc.

390,000

3.625%, 

2/15/2025

f

395,850

1,245,000

4.000%, 

2/15/2028

f

1,277,681

Rackspace

Technology

Global,

Inc.

1,035,000

3.500%, 

2/15/2028

f

999,003

710,000

5.375%, 

12/1/2028

f,g

697,575

Seagate

HDD

Cayman

4,211,000

4.091%, 

6/1/2029

4,421,550

2,450,000

3.375%, 

7/15/2031

f

2,388,750

Principal

Amount

Long-Term

Fixed

Income

(90.9%)

Value

Technology

(5.3%)

-

continued

Sensata

Technologies,

Inc.

$

2,500,000

3.750%, 

2/15/2031

f

$

2,517,100

Shift4

Payments,

LLC

1,150,000

4.625%, 

11/1/2026

f

1,200,313

SS&C

Technologies,

Inc.

4,460,000

5.500%, 

9/30/2027

f

4,709,459

Switch,

Ltd.

2,950,000

3.750%, 

9/15/2028

f

2,994,250

Unisys

Corporation

1,690,000

6.875%, 

11/1/2027

f

1,846,325

Viavi

Solutions,

Inc.

1,862,000

3.750%, 

10/1/2029

f

1,866,096

Total

50,069,406

Transportation

(2.2%)

AerCap

Holdings

NV

2,840,000

5.875%, 

10/10/2079

d

2,963,512

Air

Canada

670,000

3.875%, 

8/15/2026

f

676,063

American

Airlines,

Inc.

800,000

11.750%, 

7/15/2025

f

990,000

530,000

5.500%, 

4/20/2026

f

557,162

1,065,000

5.750%, 

4/20/2029

f

1,147,537

Avis

Budget

Car

Rental,

LLC

2,750,000

5.375%, 

3/1/2029

f,g

2,906,475

Delta

Air

Lines,

Inc.

1,934,000

7.000%, 

5/1/2025

f

2,255,528

1,540,000

4.750%, 

10/20/2028

f

1,717,100

Spirit

Loyalty

Cayman,

Ltd.

450,000

8.000%, 

9/20/2025

f

504,675

United

Airlines,

Inc.

2,080,000

4.375%, 

4/15/2026

f

2,134,600

2,935,000

4.625%, 

4/15/2029

f

3,033,176

XPO

Logistics,

Inc.

2,300,000

6.250%, 

5/1/2025

f

2,427,593

Total

21,313,421

Utilities

(2.7%)

Calpine

Corporation

4,805,000

4.500%, 

2/15/2028

f

4,901,100

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

f

1,082,498

NextEra

Energy

Operating

Partners,

LP

5,790,000

3.875%, 

10/15/2026

f

6,156,217

NRG

Energy,

Inc.

1,285,000

3.375%, 

2/15/2029

f

1,268,205

1,530,000

5.250%, 

6/15/2029

f

1,627,537

Suburban

Propane

Partners,

LP

3,195,000

5.875%, 

3/1/2027

3,330,788

Sunnova

Energy

Corporation

1,070,000

5.875%, 

9/1/2026

f

1,090,063

Terraform

Global

Operating,

LLC

2,660,000

6.125%, 

3/1/2026

f

2,736,475

TerraForm

Power

Operating,

LLC

3,190,000

5.000%, 

1/31/2028

f

3,425,263

Total

25,618,146

Total

Long-Term

Fixed

Income

(cost

$839,052,879)

869,007,320

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Shares

Collateral

Held

for

Securities

Loaned

(

2.7%

)

Value

26,104,862

Thrivent

Cash

Management

Trust

$

26,104,862

Total

Collateral

Held

for

Securities

Loaned

(cost

$26,104,862)

26,104,862

Shares

Registered

Investment

Companies

(

2.0%

)

Value

Unaffiliated  (2.0%)

680,955

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

18,651,357

Total

18,651,357

Total

Registered

Investment

Companies

(cost

$18,652,849)

18,651,357

Shares

Preferred

Stock

(

0.7%

)

Value

Financials

(0.7%)

92,627

Bank

of

America

Corporation,

5.000%

k

2,477,772

520

Bank

of

America

Corporation,

Convertible,

7.250%

k

750,059

60,760

J.P.

Morgan

Chase

&

Company,

4.750%

k

1,587,659

1,524

Wells

Fargo

&

Company,

Convertible,

7.50%

k

2,258,568

Total

7,074,058

Total

Preferred

Stock

(cost

$6,363,091)

7,074,058

Shares

Common

Stock

(

0.3%

)

Value

Communications

Services

(0.1%)

85,655

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

l

1,306,239

Total

1,306,239

Energy

(0.2%)

12,877

California

Resources

Corporation,

Warrants

(Expires

10/27/2024)

l

154,524

47,269

Noble

Corporation

l

1,279,099

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

l

141,470

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

l

141,470

Total

1,716,563

Total

Common

Stock

(cost

$4,732,325)

3,022,802

Shares

or

Principal

Amount

Short-Term

Investments

(

2.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.040%,

10/20/2021

m,n

199,998

300,000

0.040%,

11/18/2021

m,n

299,984

Thrivent

Core

Short-Term

Reserve

Fund

2,099,174

0.120%

20,991,739

Shares

or

Principal

Amount

Short-Term

Investments

(2.4%)

Value

U.S.

Treasury

Bills

500,000

0.047%,

11/4/2021

m

$

499,964

1,100,000

0.020%,

11/18/2021

m,o

1,099,958

100,000

0.031%,

11/23/2021

m,o

99,995

Total

Short-Term

Investments

(cost

$23,177,183)

23,191,638

Total

Investments

(cost

$966,733,490)

104.1%

$995,638,436

Other

Assets

and

Liabilities,

Net

(4.1%)

(39,512,098)

Total

Net

Assets

100.0%

$956,126,338

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

All

or

a

portion

of

the

loan

is

unfunded.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

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,

2021,

the

value

of

these

investments

was

$630,166,652

or

65.9%

of

total

net

assets.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

In

bankruptcy.  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,

2021.

k

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.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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,

2021

was

$3,198

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2021.

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Security

Acquisition

Date

Cost

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

25,181,110

Total

lending

$25,181,110

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$26,104,862

Net

amounts

due

to

counterparty

$923,752

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

8,597,502

–

5,156,206

3,441,296

Communications

Services

9,644,750

–

9,644,750

–

Consumer

Cyclical

6,667,790

–

6,667,790

–

Consumer

Non-Cyclical

8,256,273

–

8,256,273

–

Energy

2,413,478

–

2,413,478

–

Financials

2,518,104

–

2,518,104

–

Technology

7,217,569

–

7,217,569

–

Transportation

3,270,933

–

3,270,933

–

Long-Term

Fixed

Income

Basic

Materials

56,649,007

–

56,649,007

–

Capital

Goods

95,500,400

–

95,500,400

–

Communications

Services

111,221,559

–

111,221,559

–

Consumer

Cyclical

174,018,287

–

174,018,287

–

Consumer

Non-Cyclical

135,650,127

–

135,650,127

–

Energy

112,975,554

–

112,975,550

4

Financials

85,991,413

–

85,991,413

–

Technology

50,069,406

–

50,069,406

–

Transportation

21,313,421

–

21,313,421

–

Utilities

25,618,146

–

25,618,146

–

Registered

Investment

Companies

Unaffiliated

18,651,357

18,651,357

–

–

Preferred

Stock

Financials

7,074,058

7,074,058

–

–

Common

Stock

Communications

Services

1,306,239

–

1,306,239

–

Energy

1,716,563

1,433,623

282,940

–

Short-Term

Investments

2,199,899

–

2,199,899

–

Subtotal

Investments

in

Securities

$948,541,835

$27,159,038

$917,941,497

$3,441,300

Other

Investments  *

Total

Affiliated

Short-Term

Investments

20,991,739

Collateral

Held

for

Securities

Loaned

26,104,862

Subtotal

Other

Investments

$47,096,601

Total

Investments

at

Value

$995,638,436

*

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

490,337

490,337

–

–

Credit

Default

Swaps

32,055

–

32,055

–

Total

Asset

Derivatives

$522,392

$490,337

$32,055

$–

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

High

Yield

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$499,982

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

(210)

December

2021

(

$

28,049,319)

$

411,349

CBOT

5-Yr.

U.S.

Treasury

Note

(89)

December

2021

(

11,003,042)

78,988

Total

Futures

Short

Contracts

(

$

39,052,361)

$490,337

Total

Futures

Contracts

(

$

39,052,361)

$490,337

The

following

table

presents

High

Yield

Portfolio's

swaps

contracts

held

as

of

September

30,

2021.

Investments

totaling

$1,199,953

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

37,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2026

$

18,800,000

$

–

$

32,055

$

32,055

Total

Credit

Default

Swaps

$–

$32,055

$32,055

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.

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$30,257

$272,742

$282,007

$20,992

2,099

2.2%

Total

Affiliated

Short-Term

Investments

30,257

20,992

2.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

20,946

200,175

195,016

26,105

26,105

2.7

Total

Collateral

Held

for

Securities

Loaned

20,946

26,105

2.7

Total

Value

$51,203

$47,097

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$18

$(18)

$

–

$44

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$44

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

109

Total

Affiliated

Income

from

Securities

Loaned,

Net

$109

Total

Value

$18

$(18)

$

–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Bank

Loans

(

0.3%

)

a

Value

Basic

Materials

(<0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

96,750

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

96,549

Total

96,549

Communications

Services

(0.1%)

Altice

France

SA,

Term

Loan

191,500

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

188,229

Eagle

Broadband

Investments,

LLC,

Term

Loan

744,375

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

744,375

Radiate

Holdco,

LLC,

Term

Loan

615,350

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

614,464

WideOpenWest

Finance,

LLC,

Term

Loan

62,882

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

62,856

Total

1,609,924

Consumer

Cyclical

(0.1%)

Golden

Entertainment,

Inc.,

Term

Loan

518,906

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

516,960

LCPR

Loan

Financing,

LLC,

Term

Loan

375,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

375,000

Scientific

Games

International,

Inc.,

Term

Loan

868,500

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

864,270

Tenneco,

Inc.,

Term

Loan

494,911

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

490,066

Total

2,246,296

Consumer

Non-Cyclical

(0.1%)

Bausch

Health

Americas,

Inc.,

Term

Loan

248,666

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

248,293

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

373,125

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

364,211

Global

Medical

Response,

Inc.,

Term

Loan

187,687

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

188,250

550,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

551,650

550,838

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

552,490

Total

1,904,894

Principal

Amount

Bank

Loans

(0.3%)

a

Value

Technology

(<0.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

$

402,975

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

$

402,379

Total

402,379

Total

Bank

Loans

(cost

$6,229,675)

6,260,042

Principal

Amount

Long-Term

Fixed

Income

(

96.6%

)

Value

Asset-Backed

Securities

(3.8%)

522

Funding

CLO,

Ltd.

3,200,000

3.988%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,e

3,201,741

Aimco

CLO

15,

Ltd.

6,000,000

1.256%, 

(LIBOR

3M

+

1.140%),

10/17/2034,

Ser.

2015-AA,

Class

AR2

b,d,e

6,000,000

Arch

Street

CLO,

Ltd.

5,000,000

1.834%, 

(LIBOR

3M

+

1.700%),

10/20/2028,

Ser.

2016-2A,

Class

BR2

b,e

5,000,200

Atrium

IX

3,600,000

2.121%, 

(LIBOR

3M

+

2.000%),

5/28/2030,

Ser.

9A,

Class

CR2

b,e

3,600,695

Bardot

CLO,

Ltd.

4,800,000

2.015%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,d,e

4,800,000

Benefit

Street

Partners

CLO

II,

Ltd.

3,600,000

2.026%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,e

3,566,466

CarVal

CLO

II,

Ltd.

3,600,000

2.134%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,e

3,600,180

Galaxy

XXIII

CLO,

Ltd.

1,200,000

1.825%, 

(LIBOR

3M

+

1.700%),

4/24/2029,

Ser.

2017-23A,

Class

C1R

b,e

1,200,011

Magnetite

XII,

Ltd.

3,200,000

1.226%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,e

3,200,166

Neuberger

Berman

CLO

XIV,

Ltd.

3,200,000

1.162%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,e

3,196,778

OCP

CLO,

Ltd.

5,125,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,e

5,124,995

Octagon

Investment

Partners

31,

LLC

3,200,000

3.534%, 

(LIBOR

3M

+

3.400%),

7/20/2030,

Ser.

2017-1A,

Class

DR

b,e

3,199,990

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Asset-Backed

Securities

(3.8%)

-

continued

Octagon

Investment

Partners

50,

Ltd.

$

3,500,000

2.626%, 

(LIBOR

3M

+

2.500%),

10/15/2033,

Ser.

2020-4A,

Class

C

b,e

$

3,500,357

Octagon

Investment

Partners

XVI,

Ltd.

2,600,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,e

2,600,226

Palmer

Square

Loan

Funding,

Ltd.

4,700,000

2.429%, 

(LIBOR

3M

+

2.300%),

11/25/2028,

Ser.

2020-4A,

Class

B

b,e

4,704,268

PPM

CLO,

Ltd.

4,750,000

1.315%, 

(LIBOR

3M

+

1.200%),

10/18/2034,

Ser.

2021-5A,

Class

A

b,d,e

4,750,504

Sound

Point

CLO

XV,

Ltd.

6,400,000

1.638%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

b,e

6,400,422

Sound

Point

CLO,

Ltd.

3,200,000

2.363%, 

(LIBOR

3M

+

2.250%),

1/20/2032,

Ser.

2019-1A,

Class

CR

b,e

3,201,667

THL

Credit

Wind

River

CLO,

Ltd.

4,325,000

2.976%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,e

4,324,965

Total

75,173,631

Basic

Materials

(2.5%)

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

e

257,424

Anglo

American

Capital

plc

3,200,000

3.625%, 

9/11/2024

e

3,434,497

2,550,000

4.750%, 

4/10/2027

e

2,902,152

Cleveland-Cliffs,

Inc.

160,000

4.625%, 

3/1/2029

e

163,400

160,000

4.875%, 

3/1/2031

e

165,200

Freeport-McMoRan,

Inc.

320,000

4.125%, 

3/1/2028

331,600

1,850,000

5.250%, 

9/1/2029

2,009,562

1,850,000

4.625%, 

8/1/2030

2,000,313

Glencore

Funding,

LLC

909,000

4.125%, 

5/30/2023

e

960,631

5,059,000

4.000%, 

3/27/2027

e

5,563,557

3,200,000

2.500%, 

9/1/2030

e

3,132,731

Ingevity

Corporation

320,000

3.875%, 

11/1/2028

e

319,200

International

Flavors

and

Fragrances,

Inc.

5,000,000

3.468%, 

12/1/2050

e

5,247,382

Kinross

Gold

Corporation

640,000

5.950%, 

3/15/2024

708,520

OCI

NV

288,000

4.625%, 

10/15/2025

e

302,400

Olin

Corporation

320,000

5.125%, 

9/15/2027

332,400

Syngenta

Finance

NV

3,175,000

4.441%, 

4/24/2023

e

3,318,955

4,910,000

5.182%, 

4/24/2028

e

5,516,951

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Basic

Materials

(2.5%)

-

continued

Teck

Resources,

Ltd.

$

3,270,000

6.125%, 

10/1/2035

$

4,237,736

Vale

Overseas,

Ltd.

3,000,000

3.750%, 

7/8/2030

3,107,850

Westlake

Chemical

Corporation

3,200,000

3.600%, 

8/15/2026

3,513,431

WestRock

Company

1,270,000

3.750%, 

3/15/2025

1,374,382

Total

48,900,274

Capital

Goods

(3.7%)

Amsted

Industries,

Inc.

260,000

5.625%, 

7/1/2027

e

271,315

BAE

Systems

plc

3,050,000

3.400%, 

4/15/2030

e

3,292,186

2,600,000

1.900%, 

2/15/2031

e

2,493,288

Boeing

Company

6,650,000

5.930%, 

5/1/2060

9,084,400

1,600,000

5.150%, 

5/1/2030

1,877,904

5,000,000

5.705%, 

5/1/2040

6,353,778

Carrier

Global

Corporation

1,800,000

3.577%, 

4/5/2050

1,912,400

3,000,000

2.722%, 

2/15/2030

3,103,682

2,550,000

2.700%, 

2/15/2031

2,625,570

3,100,000

3.377%, 

4/5/2040

3,252,704

CNH

Industrial

NV

2,560,000

3.850%, 

11/15/2027

2,854,650

Crown

Cork

&

Seal

Company,

Inc.

640,000

7.375%, 

12/15/2026

790,400

General

Electric

Company

5,200,000

3.446%, 

(LIBOR

3M

+

3.330%),

12/15/2021

b,f

5,089,500

GFL

Environmental,

Inc.

320,000

3.500%, 

9/1/2028

e

322,000

Howmet

Aerospace,

Inc.

9,000

6.875%, 

5/1/2025

10,530

4,750,000

3.000%, 

1/15/2029

4,790,850

Huntington

Ingalls

Industries,

Inc.

1,900,000

3.844%, 

5/1/2025

2,057,827

Meritage

Homes

Corporation

5,820,000

3.875%, 

4/15/2029

e

6,111,000

Northrop

Grumman

Corporation

2,250,000

3.250%, 

1/15/2028

2,434,267

Owens-Brockway

Glass

Container,

Inc.

450,000

5.875%, 

8/15/2023

e

475,875

Raytheon

Technologies

Corporation

4,200,000

4.125%, 

11/16/2028

4,780,380

Roper

Technologies,

Inc.

2,240,000

3.800%, 

12/15/2026

2,488,191

SRM

Escrow

Issuer,

LLC

320,000

6.000%, 

11/1/2028

e

338,800

Textron,

Inc.

1,280,000

4.300%, 

3/1/2024

1,370,279

630,000

3.875%, 

3/1/2025

680,988

2,560,000

3.650%, 

3/15/2027

2,806,863

United

Rentals

North

America,

Inc.

640,000

4.000%, 

7/15/2030

664,000

United

Technologies

Corporation

1,925,000

4.450%, 

11/16/2038

2,330,854

Total

74,664,481

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

GMAC

Mortgage

Corporation

Loan

Trust

$

68,095

0.586%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,g

$

106,157

Wachovia

Mortgage

Loan

Trust,

LLC

258,962

2.448%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

267,330

Total

373,487

Communications

Services

(8.0%)

AMC

Networks,

Inc.

320,000

4.250%, 

2/15/2029

318,400

American

Tower

Corporation

3,125,000

2.750%, 

1/15/2027

3,281,199

2,560,000

3.125%, 

1/15/2027

2,728,237

1,900,000

3.550%, 

7/15/2027

2,070,437

3,100,000

1.875%, 

10/15/2030

2,977,125

AT&T,

Inc.

5,208,000

3.650%, 

9/15/2059

5,191,974

2,481,000

4.300%, 

2/15/2030

2,847,141

3,250,000

2.750%, 

6/1/2031

3,337,099

5,987,000

2.550%, 

12/1/2033

5,890,118

3,190,000

4.300%, 

12/15/2042

3,560,311

4,650,000

3.100%, 

2/1/2043

4,458,171

3,200,000

4.500%, 

3/9/2048

3,686,684

CCO

Holdings,

LLC

190,000

5.500%, 

5/1/2026

e

195,943

320,000

4.750%, 

3/1/2030

e

334,552

260,000

4.500%, 

8/15/2030

e

268,247

Charter

Communications

Operating,

LLC

4,500,000

4.800%, 

3/1/2050

5,049,924

3,300,000

4.908%, 

7/23/2025

3,711,261

2,450,000

6.384%, 

10/23/2035

3,221,498

3,000,000

3.500%, 

6/1/2041

2,945,837

5,075,000

6.484%, 

10/23/2045

6,899,870

Comcast

Corporation

798,000

2.887%, 

11/1/2051

e

765,424

3,150,000

4.600%, 

10/15/2038

3,850,669

3,200,000

4.650%, 

7/15/2042

3,976,142

Cox

Communications,

Inc.

3,200,000

3.350%, 

9/15/2026

e

3,435,822

CSC

Holdings,

LLC

500,000

4.125%, 

12/1/2030

e

490,625

Cumulus

Media

New

Holdings,

Inc.

250,000

6.750%, 

7/1/2026

e,h

258,750

Discovery

Communications,

LLC

1,600,000

4.900%, 

3/11/2026

1,818,343

Front

Range

BidCo,

Inc.

320,000

4.000%, 

3/1/2027

e

318,474

GCI,

LLC

100,000

4.750%, 

10/15/2028

e

104,980

Level

3

Financing,

Inc.

640,000

4.250%, 

7/1/2028

e

644,947

Netflix,

Inc.

1,200,000

4.875%, 

4/15/2028

1,383,000

3,731,000

5.875%, 

11/15/2028

4,571,967

1,800,000

6.375%, 

5/15/2029

2,277,000

3,300,000

4.875%, 

6/15/2030

e

3,885,750

Nexstar

Escrow

Corporation

640,000

5.625%, 

7/15/2027

e

677,104

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Communications

Services

(8.0%)

-

continued

Omnicom

Group,

Inc.

$

940,000

3.650%, 

11/1/2024

$

1,014,635

1,300,000

4.200%, 

6/1/2030

1,486,364

SBA

Communications

Corporation

320,000

3.125%, 

2/1/2029

e

309,200

SFR

Group

SA

200,000

7.375%, 

5/1/2026

e

207,520

Sinclair

Television

Group,

Inc.

640,000

5.875%, 

3/15/2026

e

653,600

Sirius

XM

Radio,

Inc.

640,000

4.125%, 

7/1/2030

e

642,968

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

294,400

4,800,000

8.750%, 

3/15/2032

7,170,528

Sprint

Corporation

5,852,000

7.125%, 

6/15/2024

6,660,746

5,500,000

7.625%, 

2/15/2025

6,429,390

T-Mobile

USA,

Inc.

6,400,000

3.400%, 

10/15/2052

e

6,241,863

2,400,000

3.750%, 

4/15/2027

2,644,058

1,800,000

3.000%, 

2/15/2041

1,741,558

VeriSign,

Inc.

640,000

4.750%, 

7/15/2027

673,216

Verizon

Communications,

Inc.

2,600,000

4.000%, 

3/22/2050

2,954,856

2,400,000

3.700%, 

3/22/2061

2,534,227

4,400,000

1.225%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

4,520,124

2,400,000

2.100%, 

3/22/2028

2,436,216

1,591,000

1.680%, 

10/30/2030

1,512,936

3,850,000

4.272%, 

1/15/2036

4,522,644

4,200,000

3.400%, 

3/22/2041

4,386,237

Viacom,

Inc.

3,200,000

4.375%, 

3/15/2043

3,660,672

Viasat,

Inc.

140,000

5.625%, 

9/15/2025

e

141,881

Vodafone

Group

plc

2,150,000

5.000%, 

5/30/2038

2,692,758

VTR

Finance

NV

70,000

6.375%, 

7/15/2028

e

75,425

Walt

Disney

Company

1,900,000

7.625%, 

11/30/2028

2,600,003

Ziggo

BV

320,000

4.875%, 

1/15/2030

e

330,000

Total

159,971,050

Consumer

Cyclical

(6.7%)

Amazon.com,

Inc.

5,400,000

3.100%, 

5/12/2051

5,645,433

Brookfield

Residential

Properties,

Inc.

400,000

5.000%, 

6/15/2029

e

409,020

Carnival

Corporation

54,000

11.500%, 

4/1/2023

e

60,278

Cedar

Fair,

LP

320,000

5.250%, 

7/15/2029

328,000

Choice

Hotels

International,

Inc.

3,100,000

3.700%, 

1/15/2031

3,342,761

Colt

Merger

Sub,

Inc.

320,000

6.250%, 

7/1/2025

e

336,882

Daimler

Finance

North

America,

LLC

1,900,000

1.750%, 

3/10/2023

e,h

1,934,484

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Consumer

Cyclical

(6.7%)

-

continued

Darden

Restaurants,

Inc.

$

3,600,000

3.850%, 

5/1/2027

$

3,993,438

Expedia

Group,

Inc.

8,800,000

3.250%, 

2/15/2030

9,101,001

Ford

Motor

Company

640,000

7.450%, 

7/16/2031

835,104

Ford

Motor

Credit

Company,

LLC

3,800,000

4.063%, 

11/1/2024

3,995,662

5,150,000

4.125%, 

8/17/2027

5,461,575

1,900,000

4.000%, 

11/13/2030

1,976,000

General

Motors

Company

1,300,000

6.125%, 

10/1/2025

1,523,198

6,425,000

6.800%, 

10/1/2027

8,024,322

1,230,000

5.000%, 

4/1/2035

1,452,307

General

Motors

Financial

Company,

Inc.

2,510,000

4.000%, 

1/15/2025

2,717,284

1,900,000

1.500%, 

6/10/2026

1,888,486

2,800,000

2.700%, 

6/10/2031

2,791,431

Hanesbrands,

Inc.

640,000

4.625%, 

5/15/2024

e

674,739

Home

Depot,

Inc.

3,180,000

4.250%, 

4/1/2046

3,895,971

Hyundai

Capital

America

1,850,000

1.000%, 

9/17/2024

e

1,843,449

2,800,000

2.375%, 

10/15/2027

e

2,837,878

3,500,000

1.800%, 

1/10/2028

e

3,425,700

Kohl's

Corporation

5,100,000

3.375%, 

5/1/2031

5,248,308

3,100,000

5.550%, 

7/17/2045

h

3,712,038

L

Brands,

Inc.

320,000

6.625%, 

10/1/2030

e

363,200

Lennar

Corporation

1,900,000

4.500%, 

4/30/2024

2,054,337

3,700,000

4.750%, 

5/30/2025

4,122,503

Lowe's

Companies,

Inc.

5,750,000

2.625%, 

4/1/2031

5,893,744

1,900,000

5.000%, 

4/15/2040

2,407,960

Marriott

International,

Inc.

285,000

5.750%, 

5/1/2025

325,920

6,900,000

4.625%, 

6/15/2030

7,882,999

Mastercard,

Inc.

1,900,000

3.850%, 

3/26/2050

2,259,357

McDonald's

Corporation

3,175,000

4.450%, 

3/1/2047

3,873,098

MDC

Holdings,

Inc.

4,800,000

2.500%, 

1/15/2031

4,677,936

Nissan

Motor

Company,

Ltd.

1,900,000

3.522%, 

9/17/2025

e

2,020,004

Royal

Caribbean

Cruises,

Ltd.

320,000

9.125%, 

6/15/2023

e

347,778

Six

Flags

Entertainment

Corporation

110,000

5.500%, 

4/15/2027

e

113,575

Six

Flags

Theme

Parks,

Inc.

70,000

7.000%, 

7/1/2025

e

74,550

Toll

Brothers

Finance

Corporation

3,845,000

4.350%, 

2/15/2028

4,210,275

4,300,000

3.800%, 

11/1/2029

h

4,618,200

ViacomCBS,

Inc.

3,200,000

4.200%, 

5/19/2032

3,660,397

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Consumer

Cyclical

(6.7%)

-

continued

Volkswagen

Group

of

America

Finance,

LLC

$

2,800,000

4.250%, 

11/13/2023

e

$

3,003,194

3,000,000

3.350%, 

5/13/2025

e

3,207,329

Wyndham

Destinations,

Inc.

320,000

6.625%, 

7/31/2026

e

364,406

Total

132,935,511

Consumer

Non-Cyclical

(10.7%)

Abbott

Laboratories

1,440,000

4.750%, 

11/30/2036

1,832,201

2,500,000

6.000%, 

4/1/2039

3,646,202

AbbVie,

Inc.

4,460,000

3.200%, 

5/14/2026

4,811,884

2,550,000

2.950%, 

11/21/2026

2,731,422

3,200,000

3.200%, 

11/21/2029

3,448,036

4,900,000

4.550%, 

3/15/2035

5,872,212

3,100,000

4.300%, 

5/14/2036

3,635,134

1,900,000

4.850%, 

6/15/2044

2,390,423

Altria

Group,

Inc.

2,750,000

5.800%, 

2/14/2039

3,381,625

Anheuser-Busch

Companies,

LLC

3,210,000

4.700%, 

2/1/2036

3,879,094

Anheuser-Busch

InBev

Worldwide,

Inc.

3,825,000

4.000%, 

4/13/2028

4,316,773

4,500,000

3.500%, 

6/1/2030

4,928,639

2,550,000

4.600%, 

4/15/2048

3,044,253

3,200,000

4.439%, 

10/6/2048

3,743,687

4,800,000

5.550%, 

1/23/2049

6,500,830

Astrazeneca

Finance,

LLC

3,100,000

1.750%, 

5/28/2028

3,118,030

AstraZeneca

plc

3,500,000

1.375%, 

8/6/2030

3,330,673

BAT

Capital

Corporation

2,550,000

3.222%, 

8/15/2024

2,703,270

3,250,000

4.700%, 

4/2/2027

3,671,432

5,000,000

2.259%, 

3/25/2028

4,962,621

Bausch

Health

Companies,

Inc.

50,000

5.000%, 

1/30/2028

e

47,436

320,000

5.000%, 

2/15/2029

e

298,000

Becton,

Dickinson

and

Company

6,200,000

3.794%, 

5/20/2050

6,927,178

3,850,000

3.700%, 

6/6/2027

4,263,440

Boston

Scientific

Corporation

1,950,000

3.750%, 

3/1/2026

2,145,398

Bunge,

Ltd.

Finance

Corporation

3,150,000

2.750%, 

5/14/2031

3,191,742

Cargill,

Inc.

3,250,000

3.250%, 

5/23/2029

e

3,518,238

Centene

Corporation

160,000

4.250%, 

12/15/2027

167,464

480,000

4.625%, 

12/15/2029

523,104

7,105,000

3.375%, 

2/15/2030

7,355,807

3,000,000

2.500%, 

3/1/2031

2,958,750

2,200,000

2.625%, 

8/1/2031

2,185,128

Cigna

Corporation

3,200,000

4.125%, 

11/15/2025

3,556,087

3,850,000

2.400%, 

3/15/2030

3,913,871

Constellation

Brands,

Inc.

1,700,000

4.400%, 

11/15/2025

1,903,753

640,000

3.500%, 

5/9/2027

702,200

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Consumer

Non-Cyclical

(10.7%)

-

continued

CVS

Health

Corporation

$

1,950,000

4.250%, 

4/1/2050

$

2,296,201

1,600,000

3.875%, 

7/20/2025

1,751,696

1,300,000

3.625%, 

4/1/2027

1,431,694

3,800,000

2.125%, 

9/15/2031

3,733,341

Dentsply

Sirona,

Inc.

2,500,000

3.250%, 

6/1/2030

2,663,808

Encompass

Health

Corporation

350,000

4.500%, 

2/1/2028

361,375

HCA,

Inc.

510,000

5.375%, 

2/1/2025

569,925

6,000,000

5.875%, 

2/15/2026

6,877,500

HLF

Financing

Sarl,

LLC

320,000

4.875%, 

6/1/2029

e

320,000

Imperial

Brands

Finance

plc

3,200,000

3.500%, 

7/26/2026

e

3,424,605

Imperial

Tobacco

Finance

plc

2,190,000

3.750%, 

7/21/2022

e

2,232,982

JBS

USA,

LLC

320,000

6.500%, 

4/15/2029

e

357,600

Keurig

Dr.

Pepper,

Inc.

3,250,000

3.800%, 

5/1/2050

3,641,629

Kraft

Foods

Group,

Inc.

230,000

5.000%, 

6/4/2042

282,058

Kraft

Heinz

Foods

Company

1,900,000

5.500%, 

6/1/2050

2,506,804

1,184,000

3.000%, 

6/1/2026

1,247,156

450,000

3.750%, 

4/1/2030

490,322

4,270,000

4.375%, 

6/1/2046

4,858,491

1,850,000

4.875%, 

10/1/2049

2,251,626

Kroger

Company

3,200,000

2.650%, 

10/15/2026

3,393,845

Mylan,

Inc.

2,500,000

4.550%, 

4/15/2028

2,853,464

Par

Pharmaceutical,

Inc.

640,000

7.500%, 

4/1/2027

e

652,000

Perrigo

Finance

Unlimited

Company

1,900,000

3.150%, 

6/15/2030

1,965,340

QBE

Insurance

Group,

Ltd.

2,575,000

5.875%, 

5/12/2025

b,e,f

2,871,125

Reckitt

Benckiser

Treasury

Services

plc

2,880,000

2.750%, 

6/26/2024

e

3,023,396

Reynolds

American,

Inc.

1,560,000

5.850%, 

8/15/2045

1,871,777

Royalty

Pharma

plc

2,550,000

1.750%, 

9/2/2027

2,538,972

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

3,200,000

2.875%, 

9/23/2023

3,335,993

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

e

1,207,855

Sysco

Corporation

3,700,000

6.600%, 

4/1/2050

5,820,299

2,000,000

6.600%, 

4/1/2040

2,921,818

Teleflex,

Inc.

400,000

4.250%, 

6/1/2028

e

415,636

Tenet

Healthcare

Corporation

640,000

5.125%, 

11/1/2027

e

667,200

Thermo

Fisher

Scientific,

Inc.

1,280,000

2.950%, 

9/19/2026

1,376,124

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Consumer

Non-Cyclical

(10.7%)

-

continued

$

2,500,000

2.800%, 

10/15/2041

$

2,493,632

Tyson

Foods,

Inc.

1,280,000

3.550%, 

6/2/2027

1,412,239

UnitedHealth

Group,

Inc.

1,240,000

4.750%, 

7/15/2045

1,625,185

3,225,000

4.450%, 

12/15/2048

4,089,571

Universal

Health

Services,

Inc.

4,600,000

2.650%, 

1/15/2032

e

4,555,091

VRX

Escrow

Corporation

261,000

6.125%, 

4/15/2025

e

266,390

Zimmer

Biomet

Holdings,

Inc.

3,900,000

3.550%, 

3/20/2030

4,265,613

Total

214,527,415

Energy

(7.8%)

Antero

Resources

Corporation

320,000

5.375%, 

3/1/2030

e

337,008

Apache

Corporation

330,000

4.875%, 

11/15/2027

359,872

BP

Capital

Markets

America,

Inc.

2,560,000

3.017%, 

1/16/2027

2,751,721

1,950,000

3.543%, 

4/6/2027

2,148,161

Buckeye

Partners,

LP

350,000

4.125%, 

3/1/2025

e

362,691

Canadian

Natural

Resources,

Ltd.

3,200,000

2.950%, 

7/15/2030

3,313,100

Cenovus

Energy,

Inc.

2,400,000

5.375%, 

7/15/2025

2,733,736

Cheniere

Corpus

Christi

Holdings,

LLC

3,250,000

3.700%, 

11/15/2029

3,526,899

Cheniere

Energy

Partners,

LP

4,560,000

4.500%, 

10/1/2029

4,847,873

6,300,000

4.000%, 

3/1/2031

e

6,597,360

Cimarex

Energy

Company

3,600,000

4.375%, 

6/1/2024

3,881,966

CNX

Resources

Corporation

320,000

6.000%, 

1/15/2029

e

338,400

Continental

Resources,

Inc.

2,419,000

4.500%, 

4/15/2023

2,506,689

3,100,000

4.375%, 

1/15/2028

3,429,375

Devon

Energy

Corporation

3,062,000

5.250%, 

9/15/2024

e

3,391,609

3,185,000

4.500%, 

1/15/2030

e

3,471,291

2,290,000

7.950%, 

4/15/2032

3,246,119

Devon

Financing

Corporation,

ULC

1,900,000

7.875%, 

9/30/2031

2,688,627

Diamondback

Energy,

Inc.

4,600,000

3.500%, 

12/1/2029

4,919,409

1,050,000

3.125%, 

3/24/2031

1,090,284

DT

Midstream,

Inc.

320,000

4.125%, 

6/15/2029

e

324,499

Enagas

SA

320,000

5.500%, 

1/15/2028

e

327,600

Enbridge,

Inc.

1,850,000

5.750%, 

7/15/2080

b

2,090,408

Energy

Transfer

Operating,

LP

4,150,000

3.750%, 

5/15/2030

4,484,324

4,000,000

6.000%, 

6/15/2048

5,075,793

Energy

Transfer

Partners,

LP

4,480,000

4.200%, 

4/15/2027

4,954,048

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Energy

(7.8%)

-

continued

Enterprise

Products

Operating,

LLC

$

3,700,000

3.200%, 

2/15/2052

$

3,580,406

2,490,000

3.700%, 

2/15/2026

2,733,096

3,200,000

4.875%, 

8/16/2077

b

3,152,054

EQM

Midstream

Partners,

LP

320,000

5.500%, 

7/15/2028

351,558

EQT

Corporation

640,000

3.900%, 

10/1/2027

692,627

Equinor

ASA

2,575,000

3.125%, 

4/6/2030

2,801,590

MPLX,

LP

2,550,000

3.500%, 

12/1/2022

2,630,637

2,550,000

4.875%, 

6/1/2025

2,849,686

3,250,000

4.800%, 

2/15/2029

3,760,995

Murphy

Oil

Corporation

250,000

5.875%, 

12/1/2027

260,188

National

Fuel

Gas

Company

5,186,000

5.500%, 

1/15/2026

5,973,488

Newfield

Exploration

Company

2,320,000

5.625%, 

7/1/2024

2,572,523

4,756,000

5.375%, 

1/1/2026

5,377,429

ONEOK,

Inc.

1,900,000

2.200%, 

9/15/2025

1,941,126

Petroleos

Mexicanos

5,650,000

7.690%, 

1/23/2050

5,349,985

2,550,000

6.500%, 

3/13/2027

2,693,081

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,750,333

Plains

All

American

Pipeline,

LP

3,200,000

3.800%, 

9/15/2030

3,416,302

Sabine

Pass

Liquefaction,

LLC

1,300,000

4.500%, 

5/15/2030

1,498,393

Schlumberger

Holdings

Corporation

3,250,000

3.900%, 

5/17/2028

e

3,582,610

Suncor

Energy,

Inc.

2,900,000

3.100%, 

5/15/2025

3,088,011

Sunoco

Logistics

Partners

Operations,

LP

4,500,000

4.000%, 

10/1/2027

4,964,678

Sunoco,

LP

640,000

6.000%, 

4/15/2027

666,400

Western

Gas

Partners,

LP

6,800,000

4.650%, 

7/1/2026

7,354,948

Williams

Companies,

Inc.

3,200,000

7.500%, 

1/15/2031

4,448,883

Williams

Partners,

LP

1,600,000

3.750%, 

6/15/2027

1,761,850

3,000,000

4.850%, 

3/1/2048

3,667,812

Total

156,119,551

Financials

(31.7%)

AerCap

Ireland

Capital

DAC

2,400,000

6.500%, 

7/15/2025

2,782,564

2,500,000

4.625%, 

10/15/2027

h

2,787,482

3,800,000

3.875%, 

1/23/2028

h

4,079,744

AIA

Group,

Ltd.

3,100,000

3.200%, 

9/16/2040

e

3,130,400

Air

Lease

Corporation

1,260,000

4.250%, 

9/15/2024

1,367,591

4,100,000

4.650%, 

6/15/2026

b,f

4,289,625

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

$

1,850,000

3.625%, 

4/1/2027

$

1,987,873

3,150,000

2.100%, 

9/1/2028

3,058,108

2,500,000

3.000%, 

2/1/2030

2,536,765

Aircastle,

Ltd.

4,450,000

5.250%, 

8/11/2025

e

4,975,250

3,500,000

2.850%, 

1/26/2028

e

3,544,660

Allianz

SE

3,200,000

3.200%, 

10/30/2027

b,e,f

3,104,000

Ally

Financial,

Inc.

4,050,000

5.750%, 

11/20/2025

4,630,965

6,250,000

8.000%, 

11/1/2031

9,014,555

American

Express

Company

3,750,000

3.550%, 

9/15/2026

b,f

3,820,687

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,535,403

American

International

Group,

Inc.

2,700,000

4.200%, 

4/1/2028

3,076,614

Ares

Capital

Corporation

3,600,000

3.875%, 

1/15/2026

3,849,942

2,950,000

2.150%, 

7/15/2026

2,957,846

Associated

Banc-Corporation

3,150,000

4.250%, 

1/15/2025

3,384,008

Australia

and

New

Zealand

Banking

Group,

Ltd.

3,200,000

2.950%, 

7/22/2030

b,e

3,326,272

2,500,000

2.570%, 

11/25/2035

b,e

2,426,936

Aviation

Capital

Group,

LLC

5,950,000

5.500%, 

12/15/2024

e

6,668,529

Avolon

Holdings

Funding,

Ltd.

1,300,000

5.250%, 

5/15/2024

e

1,420,182

1,800,000

5.500%, 

1/15/2026

e

2,017,820

1,500,000

4.250%, 

4/15/2026

e

1,613,347

6,400,000

4.375%, 

5/1/2026

e

6,909,471

Banco

Bilbao

Vizcaya

Argentaria

SA

2,600,000

6.500%, 

3/5/2025

b,f

2,827,500

Banco

del

Estado

de

Chile

3,850,000

2.704%, 

1/9/2025

e

3,984,750

Banco

Santander

SA

3,200,000

2.746%, 

5/28/2025

3,356,696

6,400,000

4.750%, 

11/12/2026

b,f

6,518,848

1,800,000

4.379%, 

4/12/2028

2,044,107

2,000,000

3.490%, 

5/28/2030

2,151,787

Bank

of

America

Corporation

2,830,000

4.200%, 

8/26/2024

3,095,546

2,860,000

6.500%, 

10/23/2024

b,f

3,200,340

3,200,000

4.000%, 

1/22/2025

3,477,330

2,750,000

3.950%, 

4/21/2025

2,996,846

9,400,000

3.705%, 

4/24/2028

b

10,330,304

2,550,000

4.271%, 

7/23/2029

b

2,891,604

1,825,000

3.974%, 

2/7/2030

b

2,043,130

3,970,000

3.194%, 

7/23/2030

b

4,224,270

6,200,000

1.922%, 

10/24/2031

b

5,964,216

1,800,000

4.244%, 

4/24/2038

b

2,106,000

4,900,000

3.311%, 

4/22/2042

b

5,141,451

1,860,000

2.831%, 

10/24/2051

b

1,782,269

Bank

of

New

York

Mellon

Corporation

1,925,000

4.700%, 

9/20/2025

b,f

2,112,687

Bank

of

Nova

Scotia

4,250,000

4.900%, 

6/4/2025

b,f

4,568,750

Barclays

plc

3,200,000

7.875%, 

3/15/2022

b,f

3,273,792

650,000

8.000%, 

6/15/2024

b,f

734,097

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

$

3,100,000

6.125%, 

12/15/2025

b,f

$

3,431,328

1,280,000

4.836%, 

5/9/2028

1,446,745

2,400,000

4.972%, 

5/16/2029

b

2,790,282

3,100,000

2.645%, 

6/24/2031

b

3,122,072

Berkshire

Hathaway

Finance

Corporation

3,100,000

2.850%, 

10/15/2050

3,054,957

1,950,000

4.250%, 

1/15/2049

2,377,256

BNP

Paribas

SA

4,950,000

6.625%, 

3/25/2024

b,e,f

5,356,890

Boston

Properties,

LP

1,900,000

3.250%, 

1/30/2031

2,018,543

BPCE

SA

1,265,000

5.700%, 

10/22/2023

e

1,386,935

2,190,000

5.150%, 

7/21/2024

e

2,419,878

Brandywine

Operating

Partnership,

LP

3,100,000

3.950%, 

11/15/2027

3,372,358

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,512,782

CANPACK

SA

320,000

3.125%, 

11/1/2025

e

325,200

Capital

One

Bank

USA

NA

2,000,000

3.375%, 

2/15/2023

2,080,164

Capital

One

Financial

Corporation

3,190,000

4.200%, 

10/29/2025

3,535,522

Charles

Schwab

Corporation

2,550,000

5.375%, 

6/1/2025

b,f

2,833,688

1,750,000

4.000%, 

6/1/2026

b,f

1,824,375

3,100,000

4.000%, 

12/1/2030

b,f

3,197,650

CIT

Group,

Inc.

1,930,000

5.250%, 

3/7/2025

2,149,537

7,100,000

6.125%, 

3/9/2028

8,582,977

Citigroup,

Inc.

3,200,000

4.700%, 

1/30/2025

b,f

3,272,000

4,370,000

4.400%, 

6/10/2025

4,833,552

3,305,000

5.500%, 

9/13/2025

3,813,815

2,490,000

4.450%, 

9/29/2027

2,831,600

2,500,000

3.668%, 

7/24/2028

b

2,748,009

3,749,000

3.520%, 

10/27/2028

b

4,076,593

3,000,000

4.075%, 

4/23/2029

b

3,362,049

CNA

Financial

Corporation

1,870,000

7.250%, 

11/15/2023

2,124,338

650,000

3.950%, 

5/15/2024

698,556

3,250,000

3.450%, 

8/15/2027

3,569,481

Comerica,

Inc.

2,100,000

5.625%, 

7/1/2025

b,f

2,312,625

Commerzbank

AG

3,200,000

8.125%, 

9/19/2023

e

3,605,500

CoreStates

Capital

III

2,440,000

0.695%, 

(LIBOR

3M

+

0.570%),

2/15/2027

b,e

2,379,294

Corporate

Office

Properties,

LP

2,175,000

2.250%, 

3/15/2026

2,228,304

Credit

Acceptance

Corporation

160,000

5.125%, 

12/31/2024

e

164,800

Credit

Agricole

SA

2,400,000

6.875%, 

9/23/2024

b,e,f

2,670,000

Credit

Suisse

Group

AG

3,950,000

7.500%, 

7/17/2023

b,e,f

4,226,500

4,000,000

7.250%, 

9/12/2025

b,e,f

4,433,800

3,850,000

2.193%, 

6/5/2026

b,e

3,922,260

3,700,000

5.250%, 

2/11/2027

b,e,f

3,871,125

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

$

3,100,000

4.282%, 

1/9/2028

e

$

3,445,594

Danske

Bank

AS

5,600,000

5.000%, 

1/12/2023

b,e

5,664,981

1,950,000

3.244%, 

12/20/2025

b,e

2,071,598

Deutsche

Bank

AG

7,000,000

6.000%, 

10/30/2025

b,f

7,367,500

2,600,000

3.961%, 

11/26/2025

b

2,811,932

Discover

Bank

1,635,000

4.200%, 

8/8/2023

1,744,430

2,600,000

2.450%, 

9/12/2024

2,711,324

4,490,000

4.682%, 

8/9/2028

b

4,776,412

Diversified

Healthcare

Trust

320,000

4.375%, 

3/1/2031

309,516

Drawbridge

Special

Opportunities

Fund,

LP

480,000

3.875%, 

2/15/2026

e

493,197

Duke

Realty,

LP

1,750,000

1.750%, 

2/1/2031

1,667,479

Fidelity

National

Financial,

Inc.

1,250,000

5.500%, 

9/1/2022

1,307,968

First

Horizon

Bank

2,000,000

5.750%, 

5/1/2030

2,443,258

First

Horizon

National

Corporation

3,900,000

4.000%, 

5/26/2025

4,255,366

Five

Corners

Funding

Trust

5,110,000

4.419%, 

11/15/2023

e

5,517,954

FS

KKR

Capital

Corporation

3,100,000

4.250%, 

2/14/2025

e

3,274,385

5,700,000

3.400%, 

1/15/2026

5,955,823

GE

Capital

Funding,

LLC

3,900,000

4.050%, 

5/15/2027

4,378,701

GE

Capital

International

Funding

Company

12,100,000

4.418%, 

11/15/2035

14,520,632

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

i

0

Global

Net

Lease,

Inc.

320,000

3.750%, 

12/15/2027

e

317,743

Goldman

Sachs

Group,

Inc.

3,200,000

4.950%, 

2/10/2025

b,f

3,392,000

2,490,000

4.250%, 

10/21/2025

2,757,501

1,350,000

3.800%, 

5/10/2026

b,f

1,382,062

3,100,000

3.691%, 

6/5/2028

b

3,412,269

4,250,000

3.814%, 

4/23/2029

b

4,703,345

3,100,000

4.223%, 

5/1/2029

b

3,503,376

HSBC

Holdings

plc

3,200,000

1.125%, 

(LIBOR

3M

+

1.000%),

5/18/2024

b

3,238,026

2,560,000

4.300%, 

3/8/2026

2,850,204

1,800,000

4.000%, 

3/9/2026

b,f,h

1,804,500

1,600,000

6.000%, 

5/22/2027

b,f

1,754,000

1,920,000

4.041%, 

3/13/2028

b

2,124,325

2,100,000

4.600%, 

12/17/2030

b,f

2,099,370

Icahn

Enterprises,

LP

640,000

6.250%, 

5/15/2026

668,800

ING

Groep

NV

4,500,000

4.100%, 

10/2/2023

4,816,647

Intesa

Sanpaolo

SPA

3,100,000

4.198%, 

6/1/2032

e

3,177,975

iStar,

Inc.

640,000

4.250%, 

8/1/2025

664,787

J.P.

Morgan

Chase

&

Company

1,850,000

5.150%, 

5/1/2023

b,f

1,903,188

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

$

1,250,000

6.000%, 

8/1/2023

b,f

$

1,318,750

1,270,000

6.750%, 

2/1/2024

b,f

1,393,825

5,000,000

5.000%, 

8/1/2024

b,f

5,218,750

3,200,000

4.600%, 

2/1/2025

b,f

3,272,000

3,200,000

2.950%, 

10/1/2026

3,429,568

3,200,000

2.956%, 

5/13/2031

b

3,329,145

1,200,000

2.580%, 

4/22/2032

b

1,216,642

2,600,000

3.882%, 

7/24/2038

b

2,992,706

3,150,000

5.500%, 

10/15/2040

4,312,880

3,650,000

3.157%, 

4/22/2042

b

3,789,562

Kilroy

Realty,

LP

2,550,000

4.250%, 

8/15/2029

2,878,807

Kimco

Realty

Corporation

5,100,000

3.300%, 

2/1/2025

5,437,202

Lloyds

Bank

plc

1,910,000

4.650%, 

3/24/2026

2,146,632

Lloyds

Banking

Group

plc

1,950,000

7.500%, 

6/27/2024

b,f

2,181,562

1,300,000

7.500%, 

9/27/2025

b,f

1,508,141

1,900,000

2.438%, 

2/5/2026

b

1,971,023

LPL

Holdings,

Inc.

320,000

4.000%, 

3/15/2029

e

328,688

M&T

Bank

Corporation

2,200,000

3.500%, 

9/1/2026

b,f

2,183,500

MetLife,

Inc.

2,550,000

3.850%, 

9/15/2025

b,f

2,664,750

MGM

Growth

Properties

Operating

Partnership,

LP

640,000

4.500%, 

9/1/2026

696,000

Mizuho

Financial

Group,

Inc.

3,100,000

1.979%, 

9/8/2031

b

2,992,446

Morgan

Stanley

2,000,000

2.720%, 

7/22/2025

b

2,095,651

1,870,000

4.000%, 

7/23/2025

2,060,182

1,860,000

5.300%, 

12/15/2025

b,f,h

1,974,948

1,280,000

3.125%, 

7/27/2026

1,377,641

2,510,000

4.350%, 

9/8/2026

2,833,061

4,600,000

3.622%, 

4/1/2031

b

5,069,964

3,100,000

1.794%, 

2/13/2032

b

2,952,408

3,900,000

3.217%, 

4/22/2042

b

4,079,868

1,570,000

4.300%, 

1/27/2045

1,913,707

MPT

Operating

Partnership,

LP

640,000

5.000%, 

10/15/2027

674,400

Nationwide

Building

Society

2,490,000

3.900%, 

7/21/2025

e

2,735,729

1,920,000

4.000%, 

9/14/2026

e

2,110,359

Nationwide

Mutual

Insurance

Company

3,225,000

4.350%, 

4/30/2050

e

3,637,977

Natwest

Group

plc

1,850,000

4.600%, 

6/28/2031

b,f

1,858,880

5,100,000

3.032%, 

11/28/2035

b

5,106,766

Nippon

Life

Insurance

Company

1,750,000

5.100%, 

10/16/2044

b,e

1,922,813

2,550,000

3.400%, 

1/23/2050

b,e

2,636,063

Omega

Healthcare

Investors,

Inc.

1,463,000

3.625%, 

10/1/2029

1,539,285

5,600,000

3.375%, 

2/1/2031

5,701,801

Owl

Rock

Capital

Corporation

2,300,000

4.250%, 

1/15/2026

2,468,596

4,850,000

3.400%, 

7/15/2026

5,050,947

Owl

Rock

Technology

Finance

Corporation

1,500,000

3.750%, 

6/17/2026

e

1,583,542

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

Park

Aerospace

Holdings,

Ltd.

$

1,300,000

4.500%, 

3/15/2023

e

$

1,358,422

Peachtree

Corners

Funding

Trust

2,800,000

3.976%, 

2/15/2025

e

3,039,508

PNC

Financial

Services

Group,

Inc.

3,150,000

3.400%, 

9/15/2026

b,f

3,142,125

Preferred

Term

Securities

XXIII,

Ltd.

183,570

0.316%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,e

163,655

Prudential

Financial,

Inc.

1,725,000

5.200%, 

3/15/2044

b

1,845,511

2,750,000

3.700%, 

10/1/2050

b

2,866,031

Radian

Group,

Inc.

320,000

4.875%, 

3/15/2027

348,758

Realty

Income

Corporation

3,830,000

3.875%, 

7/15/2024

4,153,416

Regency

Centers,

LP

2,560,000

3.600%, 

2/1/2027

2,819,992

Regions

Financial

Corporation

2,600,000

5.750%, 

6/15/2025

b,f

2,899,780

Reinsurance

Group

of

America,

Inc.

3,050,000

4.700%, 

9/15/2023

3,279,701

Royal

Bank

of

Scotland

Group

plc

2,750,000

4.269%, 

3/22/2025

b

2,967,635

1,000,000

3.754%, 

11/1/2029

b

1,067,193

Santander

UK

Group

Holdings

plc

2,500,000

4.750%, 

9/15/2025

e

2,784,728

Service

Properties

Trust

240,000

4.750%, 

10/1/2026

237,600

Simon

Property

Group,

LP

1,800,000

3.800%, 

7/15/2050

1,983,566

3,100,000

3.250%, 

9/13/2049

3,130,470

Societe

Generale

SA

3,100,000

5.375%, 

11/18/2030

b,e,f,h

3,318,953

Spirit

Realty,

LP

1,900,000

2.100%, 

3/15/2028

1,890,124

3,750,000

3.400%, 

1/15/2030

3,984,680

1,850,000

3.200%, 

2/15/2031

1,921,008

Standard

Chartered

plc

3,250,000

1.284%, 

(LIBOR

3M

+

1.150%),

1/20/2023

b,e

3,260,433

SVB

Financial

Group

4,700,000

4.000%, 

5/15/2026

b,f

4,817,500

Synchrony

Financial

1,950,000

4.250%, 

8/15/2024

2,107,181

1,950,000

3.950%, 

12/1/2027

2,151,052

Truist

Financial

Corporation

2,500,000

0.444%, 

(SOFRRATE

+

0.400%),

6/9/2025

b

2,509,874

1,450,000

4.950%, 

9/1/2025

b,f

1,583,864

1,575,000

1.887%, 

6/7/2029

b

1,573,466

UBS

Group

Funding

Jersey,

Ltd.

2,490,000

4.125%, 

9/24/2025

e

2,750,912

UBS

Group

Funding

Switzerland

AG

2,560,000

4.253%, 

3/23/2028

e

2,878,085

Ventas

Realty,

LP

1,280,000

3.500%, 

2/1/2025

1,369,600

VEREIT

Operating

Partnership,

LP

1,250,000

4.625%, 

11/1/2025

1,404,659

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Financials

(31.7%)

-

continued

$

3,100,000

3.400%, 

1/15/2028

$

3,351,558

1,850,000

2.850%, 

12/15/2032

1,921,890

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

e

187,979

180,000

4.625%, 

12/1/2029

e

193,500

Wells

Fargo

&

Company

3,300,000

3.900%, 

3/15/2026

b,f

3,403,125

2,560,000

3.000%, 

4/22/2026

2,746,601

3,200,000

2.393%, 

6/2/2028

b

3,300,608

4,250,000

4.478%, 

4/4/2031

b

4,948,217

Welltower,

Inc.

2,200,000

4.000%, 

6/1/2025

2,406,349

2,500,000

2.050%, 

1/15/2029

2,483,599

Westpac

Banking

Corporation

2,900,000

2.894%, 

2/4/2030

b

3,002,759

3,150,000

2.963%, 

11/16/2040

3,119,339

Total

633,696,640

Foreign

Government

(0.6%)

Dominican

Republic

Government

International

Bond

950,000

6.000%, 

7/19/2028

e

1,073,510

Egypt

Government

International

Bond

4,100,000

5.800%, 

9/30/2027

e

4,025,626

Qatar

Government

International

Bond

1,900,000

4.500%, 

4/23/2028

e

2,214,522

Qatar

Petroleum

5,000,000

2.250%, 

7/12/2031

e

4,952,000

Total

12,265,658

Technology

(6.3%)

Apple,

Inc.

3,150,000

2.700%, 

8/5/2051

3,037,406

1,920,000

3.750%, 

9/12/2047

2,219,864

Baidu,

Inc.

1,900,000

2.375%, 

10/9/2030

1,857,952

Broadcom

Corporation

3,618,000

3.875%, 

1/15/2027

3,975,892

Broadcom,

Inc.

3,200,000

5.000%, 

4/15/2030

3,736,843

7,882,000

3.469%, 

4/15/2034

e

8,116,387

3,200,000

3.187%, 

11/15/2036

e

3,190,707

Dell

International,

LLC

6,725,000

6.020%, 

6/15/2026

7,999,574

1,300,000

6.100%, 

7/15/2027

1,607,099

4,400,000

8.350%, 

7/15/2046

7,136,168

Equinix,

Inc.

3,200,000

2.000%, 

5/15/2028

3,191,661

Fiserv,

Inc.

3,225,000

3.200%, 

7/1/2026

3,481,862

7,000,000

2.650%, 

6/1/2030

7,162,727

Gartner,

Inc.

320,000

3.750%, 

10/1/2030

e

329,344

Hewlett

Packard

Enterprise

Company

2,600,000

4.650%, 

10/1/2024

2,872,216

Iron

Mountain,

Inc.

640,000

4.875%, 

9/15/2029

e

670,400

Marvell

Technology,

Inc.

1,900,000

4.875%, 

6/22/2028

e

2,194,668

2,100,000

2.950%, 

4/15/2031

e

2,158,590

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Technology

(6.3%)

-

continued

Micron

Technology,

Inc.

$

3,250,000

5.327%, 

2/6/2029

$

3,864,738

3,800,000

4.663%, 

2/15/2030

4,386,150

NXP

Funding,

LLC

1,900,000

3.150%, 

5/1/2027

e

2,026,073

1,800,000

5.550%, 

12/1/2028

e

2,183,496

1,900,000

4.300%, 

6/18/2029

e

2,153,477

1,900,000

2.500%, 

5/11/2031

e

1,917,685

3,150,000

3.250%, 

5/11/2041

e

3,253,394

Oracle

Corporation

7,600,000

3.950%, 

3/25/2051

8,015,104

3,200,000

4.300%, 

7/8/2034

3,632,644

3,150,000

4.000%, 

7/15/2046

3,337,037

Panasonic

Corporation

2,900,000

3.113%, 

7/19/2029

e,h

3,086,525

Qorvo,

Inc.

5,000,000

3.375%, 

4/1/2031

e

5,272,000

Salesforce.com,

Inc.

3,100,000

2.900%, 

7/15/2051

3,092,222

Switch,

Ltd.

265,000

3.750%, 

9/15/2028

e

268,975

Teledyne

Technologies,

Inc.

3,000,000

2.250%, 

4/1/2028

3,055,434

Tencent

Holdings,

Ltd.

1,800,000

3.680%, 

4/22/2041

e

1,867,069

Texas

Instruments,

Inc.

3,200,000

4.150%, 

5/15/2048

3,969,051

VMware,

Inc.

6,300,000

2.200%, 

8/15/2031

6,159,942

Total

126,480,376

Transportation

(3.4%)

AerCap

Holdings

NV

3,200,000

5.875%, 

10/10/2079

b

3,339,168

Aircastle,

Ltd.

1,515,000

4.400%, 

9/25/2023

1,613,281

American

Airlines,

Inc.

3,150,000

11.750%, 

7/15/2025

e

3,898,125

2,220,000

5.500%, 

4/20/2026

e

2,333,775

3,100,000

5.750%, 

4/20/2029

e

3,340,250

Boeing

Company

6,200,000

3.250%, 

2/1/2028

6,548,983

Burlington

Northern

Santa

Fe,

LLC

2,500,000

4.700%, 

9/1/2045

3,232,226

3,200,000

4.050%, 

6/15/2048

3,832,046

CSX

Corporation

1,900,000

2.400%, 

2/15/2030

1,951,522

Delta

Air

Lines,

Inc.

1,120,051

4.250%, 

7/30/2023

1,163,461

1,543,000

7.000%, 

5/1/2025

e

1,799,524

3,000,000

7.375%, 

1/15/2026

3,534,423

4,850,000

4.750%, 

10/20/2028

e

5,407,750

ERAC

USA

Finance,

LLC

4,030,000

4.200%, 

11/1/2046

e

4,734,532

FedEx

Corporation

2,500,000

3.250%, 

5/15/2041

2,547,209

Mileage

Plus

Holdings,

LLC

5,500,000

6.500%, 

6/20/2027

e

5,980,810

Southwest

Airlines

Company

2,725,000

5.250%, 

5/4/2025

3,076,784

3,800,000

5.125%, 

6/15/2027

4,444,009

2,400,000

2.625%, 

2/10/2030

2,434,459

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Transportation

(3.4%)

-

continued

United

Airlines

Pass

Through

Trust

$

1,053,961

3.750%, 

9/3/2026

$

1,108,388

United

Airlines,

Inc.

350,000

4.375%, 

4/15/2026

e

359,187

300,000

4.625%, 

4/15/2029

e

310,035

Total

66,989,947

U.S.

Government

&

Agencies

(3.5%)

U.S.

Treasury

Bonds

5,200,000

2.375%, 

5/15/2051

5,549,375

4,800,000

2.000%, 

8/15/2051

4,715,250

8,000,000

1.500%, 

2/15/2030

8,050,938

5,000,000

1.625%, 

5/15/2031

5,058,594

6,500,000

2.250%, 

5/15/2041

6,758,984

U.S.

Treasury

Notes

40,500,000

0.250%, 

6/15/2024

40,275,351

Total

70,408,492

Utilities

(7.9%)

Ameren

Illinois

Company

1,950,000

4.500%, 

3/15/2049

2,479,265

American

Water

Capital

Corporation

3,200,000

3.450%, 

5/1/2050

3,404,160

Arizona

Public

Service

Company

3,200,000

3.500%, 

12/1/2049

3,406,903

Baltimore

Gas

and

Electric

Company

2,560,000

2.400%, 

8/15/2026

2,683,379

Berkshire

Hathaway

Energy

Company

2,575,000

4.450%, 

1/15/2049

3,179,926

CenterPoint

Energy

Resources

Corporation

2,800,000

1.750%, 

10/1/2030

2,689,858

CenterPoint

Energy,

Inc.

3,250,000

2.950%, 

3/1/2030

3,400,349

3,150,000

2.650%, 

6/1/2031

3,216,568

CMS

Energy

Corporation

2,560,000

3.450%, 

8/15/2027

2,802,768

Consolidated

Edison

Company

of

New

York,

Inc.

3,250,000

4.125%, 

5/15/2049

3,769,817

Dominion

Energy,

Inc.

2,900,000

3.071%, 

8/15/2024

3,065,323

2,250,000

4.650%, 

12/15/2024

b,f

2,410,425

Duke

Energy

Corporation

5,300,000

3.250%, 

1/15/2082

b

5,275,484

5,100,000

3.500%, 

6/15/2051

5,251,502

3,840,000

3.150%, 

8/15/2027

4,135,602

3,200,000

3.750%, 

9/1/2046

3,417,039

Edison

International

6,600,000

5.750%, 

6/15/2027

7,599,329

Enel

Finance

International

NV

1,200,000

1.875%, 

7/12/2028

e

1,195,077

3,750,000

2.875%, 

7/12/2041

e

3,653,400

Energy

Transfer,

LP

2,100,000

6.500%, 

11/15/2026

b,f

2,186,877

Entergy

Corporation

3,000,000

2.400%, 

6/15/2031

2,973,583

Exelon

Corporation

1,620,000

3.950%, 

6/15/2025

1,763,742

Principal

Amount

Long-Term

Fixed

Income

(96.6%)

Value

Utilities

(7.9%)

-

continued

FirstEnergy

Corporation

$

4,480,000

4.400%, 

7/15/2027

$

4,915,362

1,300,000

5.350%, 

7/15/2047

1,585,186

FirstEnergy

Transmission,

LLC

4,300,000

2.866%, 

9/15/2028

e

4,488,125

3,150,000

5.450%, 

7/15/2044

e

4,014,819

Georgia

Power

Company

3,000,000

3.250%, 

3/15/2051

3,019,792

3,200,000

2.650%, 

9/15/2029

3,335,376

Indiana

Michigan

Power

Company

1,100,000

3.250%, 

5/1/2051

1,134,617

National

Rural

Utilities

Cooperative

Finance

Corporation

2,600,000

4.400%, 

11/1/2048

3,251,243

NextEra

Energy

Operating

Partners,

LP

640,000

3.875%, 

10/15/2026

e

680,480

NiSource

Finance

Corporation

1,920,000

4.375%, 

5/15/2047

2,280,632

NiSource,

Inc.

3,200,000

3.600%, 

5/1/2030

3,508,078

NRG

Energy,

Inc.

1,200,000

2.450%, 

12/2/2027

e

1,217,724

4,950,000

3.375%, 

2/15/2029

e

4,885,304

Oncor

Electric

Delivery

Company,

LLC

2,490,000

3.750%, 

4/1/2045

2,832,502

Pacific

Gas

and

Electric

Company

1,270,000

2.950%, 

3/1/2026

h

1,303,795

1,900,000

3.300%, 

12/1/2027

1,955,522

7,600,000

4.550%, 

7/1/2030

8,218,108

1,800,000

3.250%, 

6/1/2031

1,793,459

3,000,000

4.200%, 

6/1/2041

2,946,585

PPL

Electric

Utilities

Corporation

3,800,000

3.000%, 

10/1/2049

3,887,679

San

Diego

Gas

and

Electric

Company

3,200,000

4.150%, 

5/15/2048

3,840,550

Sempra

Energy

3,200,000

3.250%, 

6/15/2027

3,466,347

Southern

Company

7,630,000

3.250%, 

7/1/2026

8,210,396

3,100,000

4.000%, 

1/15/2051

b

3,276,917

2,150,000

3.750%, 

9/15/2051

b

2,190,420

TerraForm

Power

Operating,

LLC

640,000

5.000%, 

1/31/2028

e

687,200

Total

156,886,594

Total

Long-Term

Fixed

Income

(cost

$1,835,202,812)

1,929,393,107

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

14,645,795

Thrivent

Cash

Management

Trust

14,645,795

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,645,795)

14,645,795

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

22,500

Cobank

ACB,

6.250%

b,f

$

2,328,750

Total

2,328,750

Total

Preferred

Stock

(cost

$2,250,000)

2,328,750

Shares

Common

Stock

(

<0.1%

)

Value

Communications

Services

(<0.1%)

426

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

j

6,497

Total

6,497

Financials

(<0.1%)

2,247

Glitnir

HoldCo

ehf.

i,j

0

Total

0

Total

Common

Stock

(cost

$192,205)

6,497

Shares

or

Principal

Amount

Short-Term

Investments

(

2.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

0.040%,

11/3/2021

k,l

699,974

100,000

0.020%,

12/28/2021

k,l

99,990

Thrivent

Core

Short-Term

Reserve

Fund

3,962,949

0.120%

39,629,485

U.S.

Treasury

Bills

500,000

0.047%,

11/4/2021

k

499,965

Total

Short-Term

Investments

(cost

$40,833,442)

40,929,414

Total

Investments

(cost

$1,899,353,929)

99.8%

$1,993,563,605

Other

Assets

and

Liabilities,

Net

0.2%

3,597,646

Total

Net

Assets

100.0%

$1,997,161,251

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,

2021.

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

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,

2021,

the

value

of

these

investments

was

$440,031,875

or

22.0%

of

total

net

assets.

f

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.

g

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

14,232,593

Total

lending

$14,232,593

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,645,795

Net

amounts

due

to

counterparty

$413,202

Definitions:

CLO

-

Collateralized

Loan

Obligation

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRRATE

-

Secured

Overnight

Financing

Rate

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

96,549

–

96,549

–

Communications

Services

1,609,924

–

1,609,924

–

Consumer

Cyclical

2,246,296

–

2,246,296

–

Consumer

Non-Cyclical

1,904,894

–

1,904,894

–

Technology

402,379

–

402,379

–

Long-Term

Fixed

Income

Asset-Backed

Securities

75,173,631

–

75,173,631

–

Basic

Materials

48,900,274

–

48,900,274

–

Capital

Goods

74,664,481

–

74,664,481

–

Collateralized

Mortgage

Obligations

373,487

–

373,487

–

Communications

Services

159,971,050

–

159,971,050

–

Consumer

Cyclical

132,935,511

–

132,935,511

–

Consumer

Non-Cyclical

214,527,415

–

214,527,415

–

Energy

156,119,551

–

156,119,551

–

Financials^

633,696,640

–

633,696,640

0

Foreign

Government

12,265,658

–

12,265,658

–

Technology

126,480,376

–

126,480,376

–

Transportation

66,989,947

–

66,989,947

–

U.S.

Government

&

Agencies

70,408,492

–

70,408,492

–

Utilities

156,886,594

–

156,886,594

–

Preferred

Stock

Financials

2,328,750

2,328,750

–

–

Common

Stock

Communications

Services

6,497

–

6,497

–

Financials^

0

–

–

0

Short-Term

Investments

1,299,929

–

1,299,929

–

Subtotal

Investments

in

Securities

$1,939,288,325

$2,328,750

$1,936,959,575

$0

Other

Investments  *

Total

Affiliated

Short-Term

Investments

39,629,485

Collateral

Held

for

Securities

Loaned

14,645,795

Subtotal

Other

Investments

$54,275,280

Total

Investments

at

Value

$1,993,563,605

*

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

879,393

879,393

–

–

Total

Liability

Derivatives

$879,393

$879,393

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$799,964

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

206

December

2021

$

33,678,456

(

$

879,393)

Total

Futures

Long

Contracts

$

33,678,456

(

$

879,393)

Total

Futures

Contracts

$

33,678,456

($879,393)

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$69,786

$416,037

$446,194

$39,629

3,963

2.0%

Total

Affiliated

Short-Term

Investments

69,786

39,629

2.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

16,432

118,208

119,994

14,646

14,646

0.7

Total

Collateral

Held

for

Securities

Loaned

16,432

14,646

0.7

Total

Value

$86,218

$54,275

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$15

$(15)

$

–

$94

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$94

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$15

$(15)

$

–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock

(

93.3%

)

Value

Australia

(6.4%)

42,580

Accent

Group,

Ltd.

$

68,955

111,118

ALS,

Ltd.

1,000,708

1,062,937

AMP,

Ltd.

a

749,516

34,160

Appen,

Ltd.

216,860

49,173

ARB

Corporation,

Ltd.

1,710,063

379,680

Aristocrat

Leisure,

Ltd.

12,626,856

32,279

ASX,

Ltd.

1,863,654

8,080

AUB

Group,

Ltd.

137,099

195,878

Aurizon

Holdings,

Ltd.

530,329

168,598

Bega

Cheese,

Ltd.

647,592

109,805

BHP

Group,

Ltd.

2,932,660

15,790

Breville

Group,

Ltd.

325,070

60,914

BWP

Trust

174,064

268,772

Carsales.com,

Ltd.

4,824,336

162,776

Centuria

Capital

Group

396,071

143,659

Champion

Iron,

Ltd.

a

491,189

194,849

Charter

Hall

Group

2,355,964

78,067

Codan

Limited

708,674

203,305

Commonwealth

Bank

of

Australia

15,087,353

336,602

Computershare,

Ltd.

4,352,623

15,921

Credit

Corporation

Group,

Ltd.

343,465

137,408

CSL,

Ltd.

28,708,860

169,963

CSR,

Ltd.

675,640

117,953

Data#

3,

Ltd.

405,814

44,699

DEXUS

Property

Group

344,030

43,079

Domino's

Pizza

Enterprises,

Ltd.

4,927,310

10,744

Eagers

Automotive,

Ltd.

114,183

1,979

Endeavour

Group,

Ltd.

9,903

654,626

GWA

Group,

Ltd.

1,281,477

603,941

Humm

Group,

Ltd.

a

366,457

81,480

Iluka

Resources,

Ltd.

524,144

78,922

Independence

Group

NL

494,623

180,283

Ingenia

Communities

Group

848,418

24,531

Inghams

Group,

Ltd.

72,242

49,599

Magellan

Financial

Group,

Ltd.

1,244,973

1,269

McMillan

Shakespeare,

Ltd.

13,224

210,189

Medibank

Private,

Ltd.

536,659

222,641

Metcash,

Ltd.

622,727

68,980

Mineral

Resources,

Ltd.

2,189,160

98,093

Nine

Entertainment

Company

Holdings,

Ltd.

183,337

20,770

Orocobre,

Ltd.

a

127,654

55,321

Pendal

Group,

Ltd.

321,884

15,506

Perpetual,

Ltd.

419,181

6,883

Pinnacle

Investment

Management

Group

Limited

77,069

25,776

Platinum

Asset

Management,

Ltd.

64,681

105,219

Premier

Investments,

Ltd.

2,262,068

4,987

Pro

Medicus,

Ltd.

193,467

44,700

REA

Group,

Ltd.

5,034,602

30,148

Reece,

Ltd.

406,595

450,673

Reliance

Worldwide

Corporation,

Ltd.

1,638,766

67,811

Rio

Tinto,

Ltd.

4,827,540

787,333

Sandfire

Resources,

Ltd.

3,071,628

97,433

Sandfire

Resources,

Ltd.,

Rights

a,b

16,662

5,856

SeaLink

Travel

Group,

Ltd.

37,464

278,719

SEEK,

Ltd.

6,127,157

1,988

Sims

Metal

Management,

Ltd.

18,675

18,131

Sonic

Healthcare,

Ltd.

523,972

36,083

Super

Retail

Group,

Ltd.

313,983

1,409,054

Tabcorp

Holdings,

Ltd.

4,895,889

23,058

Uniti

Group,

Ltd.

a

63,555

24,458

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

679,714

Shares

Common

Stock

(93.3%)

Value

Australia

(6.4%)

-

continued

37,326

Westpac

Banking

Corporation

$

690,289

19,117

WorleyParsons,

Ltd.

134,490

Total

127,053,267

Austria

(0.3%)

73,797

OMV

AG

4,443,717

5,675

Osterreichische

Post

AG

240,594

10,464

Raiffeisen

Bank

International

AG

273,680

6,235

Semperit

Aktiengesellschaft

Holding

221,724

10,194

Zumtobel

AG

106,510

Total

5,286,225

Belgium

(0.7%)

400

Ackermans

and

van

Haaren

NV

68,913

1,150

Aedifica

SA

143,569

26,183

bpost

SA

a

230,882

11,185

D'ieteren

Group

1,641,264

71,592

Groupe

Bruxelles

Lambert

SA

7,874,784

3,728

KBC

Groep

NV

336,281

2,960

Melexis

NV

314,204

17,977

NV

Bekaert

SA

747,874

8,560

Telenet

Group

Holding

NV

326,836

3,178

Tessenderlo

Group

a

118,259

49,274

Warehouses

De

Pauw

SCA

1,996,499

Total

13,799,365

Bermuda

(0.3%)

130,500

CK

Infrastructure

Holdings,

Ltd.

727,881

196,295

Golden

Ocean

Group,

Ltd.

2,053,540

500

Jardine

Matheson

Holdings,

Ltd.

26,520

598,000

K

Wah

International

Holdings,

Ltd.

241,383

132,500

Kerry

Logistics

Network,

Ltd.

282,864

3,424,000

Pacific

Basin

Shipping,

Ltd.

1,584,757

374,000

Road

King

Infrastructure,

Ltd.

376,168

182,400

Shanghai

Industrial

Urban

Development

Group,

Ltd.

15,881

91,500

Yue

Yuen

Industrial

Holdings,

Ltd.

a

185,398

364,000

Yuexiu

Transport

Infrastructure,

Ltd.

242,210

Total

5,736,602

Brazil

(0.3%)

18,000

Alpargatas

SA

a

174,621

29,500

Ambev

SA

83,044

55,300

B3

SA

-

Brasil

Bolsa

Balcao

129,777

45,408

Banco

Bradesco

SA

ADR

173,913

30,700

Banco

do

Brasil

SA

163,485

3,600

Banco

Inter

SA

30,839

9,293

Banco

Santander

Brasil

SA

ADR

60,776

29,600

BB

Seguridade

Participacoes

SA

108,274

14,000

Braskem

SA

a

152,552

36,200

BRF

SA

a

180,476

26,636

Centrais

Eletricas

Brasileiras

SA

ADR

189,116

29,000

Cia

Brasileira

de

Distribuicao

136,380

28,724

Companhia

Siderurgica

Nacional

SA

ADR

151,088

6,356

Embraer

SA

ADR

a

108,052

22,300

ENGIE

Brasil

Energia

SA

153,642

6,500

Grendene

SA

11,053

51,855

Itau

Unibanco

Holding

SA

ADR

273,276

7,400

Itausa

SA

15,205

40,700

JBS

SA

276,378

5,100

Magazine

Luiza

SA

13,448

40,000

Metalurgica

Gerdau

SA

91,521

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock

(93.3%)

Value

Brazil

(0.3%)

-

continued

46,200

Petrobras

Distribuidora

SA

$

198,348

92,078

Petroleo

Brasileiro

SA

459,904

45,857

Petroleo

Brasileiro

SA

ADR

474,161

20,000

Sendas

Distribuidora

SA

70,404

18,235

Telefonica

Brasil

SA

ADR

141,503

75,700

TIM

SA

162,917

21,400

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

63,386

74,993

Vale

SA

ADR

1,046,152

8,700

WEG

SA

63,104

Total

5,356,795

Canada

(8.3%)

35,564

Agnico

Eagle

Mines,

Ltd.

1,845,026

142,079

Bank

of

Nova

Scotia

8,745,049

77,557

Barrick

Gold

Corporation

1,400,386

486,922

BCE,

Inc.

24,392,232

20,002

Canadian

Apartment

Properties

REIT

933,458

31,452

Canadian

Imperial

Bank

of

Commerce

3,501,288

130,387

Canadian

National

Railway

Company

15,109,904

218,101

Canadian

Pacific

Railway,

Ltd.

14,242,171

33,345

Canadian

Western

Bank

965,388

242,967

CGI,

Inc.

a

20,638,575

383,899

CI

Financial

Corporation

7,792,550

59,930

Dollarama,

Inc.

2,599,522

90,419

Enbridge,

Inc.

3,602,197

202,309

Laurentian

Bank

of

Canada

6,420,987

31,377

Open

Text

Corporation

1,531,443

54,884

Rogers

Communications,

Inc.

2,563,073

73,105

Royal

Bank

of

Canada

7,274,138

4,960

Shopify,

Inc.

a

6,724,669

307,412

Suncor

Energy,

Inc.

6,373,472

169,612

TC

Energy

Corporation

c

8,163,230

12,661

TELUS

Corporation

278,290

72,535

Thomson

Reuters

Corporation

8,020,312

9,800

TMX

Group,

Ltd.

1,056,831

168,414

Toronto-Dominion

Bank

11,149,150

Total

165,323,341

Cayman

Islands

(1.0%)

211,000

3SBio,

Inc.

a,d

206,705

31,000

ANTA

Sports

Products,

Ltd.

585,388

177,000

ASM

Pacific

Technology,

Ltd.

1,932,184

3,375

Baidu.com,

Inc.

ADR

a

518,906

359

Bilibili,

Inc.

ADR

a

23,755

14,000

China

Education

Group

Holdings,

Ltd.

24,149

125,000

China

Medical

System

Holdings,

Ltd.

227,811

62,000

China

Meidong

Auto

Holdings,

Ltd.

311,963

40,000

China

Overseas

Property

Holdings,

Ltd.

33,123

141,000

Consun

Pharmaceutical

Group,

Ltd.

64,584

3,000

Country

Garden

Services

Holdings

Company,

Ltd.

23,706

29,700

ENN

Energy

Holdings,

Ltd.

489,856

44,000

Geely

Automobile

Holdings,

Ltd.

126,307

3,000

Ginko

International

Company,

Ltd.

19,744

10,323

Hello

Group,

Inc.

ADR

109,218

352,000

IGG,

Inc.

328,689

1,350

JD

Health

International,

Inc.

a,d

13,010

Shares

Common

Stock

(93.3%)

Value

Cayman

Islands

(1.0%)

-

continued

2,862

Li

Auto,

Inc.

ADR

a

$

75,242

58,000

Li

Ning

Company,

Ltd.

668,493

59,000

Logan

Group

Company,

Ltd.

61,570

94,000

Longfor

Group

Holdings,

Ltd.

d

429,494

62,800

Meituan

Dianping

a,d

2,004,667

59,000

NetDragon

Websoft

Holdings,

Ltd.

132,698

8,861

NetEase,

Inc.

ADR

756,730

25,189

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

51,637

19,117

NIO,

Inc.

ADR

a

681,139

1,667

Noah

Holdings,

Ltd.

ADR

a

61,896

1,000

Parade

Technologies,

Ltd.

58,536

5,562

Pinduoduo,

Inc.

ADR

a

504,306

1,196,500

Shui

On

Land,

Ltd.

179,287

4,500

Sunny

Optical

Technology

(Group)

Company,

Ltd.

117,832

101,124

Tencent

Holdings,

Ltd.

6,036,977

57,000

Topsports

International

Holdings,

Ltd.

d

64,735

1,714

Trip.com

Group,

Ltd.

ADR

a

52,705

24,000

VSTECS

Holdings,

Ltd.

21,487

312,000

Want

Want

China

Holdings,

Ltd.

235,586

6,532

Weibo

Corporation

ADR

a

310,205

46,000

WuXi

Biologics

(Cayman),

Inc.

a,d

746,133

171,000

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

d

167,872

318,400

Xiaomi

Corporation

a,d

874,478

2,492

Xpeng,

Inc.

ADR

a

88,566

138,000

Yadea

Group

Holdings,

Ltd.

d

225,406

44,500

Zhongsheng

Group

Holdings,

Ltd.

356,721

Total

20,003,496

Chile

(<0.1%)

2,643

Banco

de

Credito

e

Inversiones

SA

96,488

2,465

Banco

Santander

Chile

SA

ADR

48,733

2,897

CAP

SA

30,799

49,141

Cencosud

SA

95,033

6,579

Cia

Cervecerias

Unidas

SA

ADR

113,751

671,728

Colbun

SA

108,862

934,571

Compania

Sud

Americana

de

Vapores

SA

65,728

28,404

Embotelladora

Andina

SA

61,310

2,606

Enel

Chile

SA

ADR

6,280

Total

626,984

China

(1.2%)

26,845

Aier

Eye

Hospital

Group

Company,

Ltd.

221,259

32,229

Alibaba

Group

Holding,

Ltd.

ADR

a

4,771,504

27,300

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

172,213

45,000

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

243,065

5,400

Asymchem

Laboratories

(Tianjin)

Company,

Ltd.

371,781

6,420

Autohome,

Inc.

ADR

301,291

760,000

Bank

of

China,

Ltd.

268,535

192,400

Bank

of

Jiangsu

Company,

Ltd.

172,484

247,900

Bank

of

Shanghai

Company,

Ltd.

279,819

30,000

Beijing

North

Star

Company,

Ltd.

5,085

4,895

BYD

Company,

Ltd.,

Class

A

188,452

16,500

BYD

Company,

Ltd.,

Class

H

512,860

5,600

Changzhou

Xingyu

Automotive

Lighting

Systems

156,593

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock

(93.3%)

Value

China

(1.2%)

-

continued

237,000

China

Cinda

Asset

Management

Company,

Ltd.

$

40,024

469,000

China

CITIC

Bank

Corporation,

Ltd.

211,391

1,363,000

China

Construction

Bank

Corporation

972,750

9,500

China

International

Travel

Service

Corporation,

Ltd.

380,614

4,366

China

Life

Insurance

Company,

Ltd.

ADR

35,627

17,200

China

Merchants

Bank

Company,

Ltd.,

Class

A

133,690

83,500

China

Merchants

Bank

Company,

Ltd.,

Class

H

664,505

67,800

China

Pacific

Insurance

(Group)

Company,

Ltd.

201,325

5,261

China

Petroleum

&

Chemical

Corporation

ADR

258,683

64,386

China

Shenhua

Energy

Company,

Ltd.,

Class

A

224,907

139,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

324,958

9,500

China

TransInfo

Technology

Company,

Ltd.

21,692

74,200

China

Vanke

Company,

Ltd.,

Class

H

202,886

88,000

CITIC

Securities

Company,

Ltd.

223,092

29,292

Foshan

Haitian

Flavouring

and

Food

Company,

Ltd.

496,692

3,700

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

24,123

23,600

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

d

125,527

93,800

GF

Securities

Company,

Ltd.

163,573

30,500

Great

Wall

Motor

Company,

Ltd.

112,226

302,400

Guangzhou

R&F

Properties

Company,

Ltd.

232,690

10,800

Haier

Smart

Home

Company,

Ltd.

37,755

53,900

Haitong

Securities

Company,

Ltd.,

Class

A

100,959

194,800

Haitong

Securities

Company,

Ltd.,

Class

H

177,586

85,088

Henan

Shuanghui

Investment

&

Development

Company,

Ltd.

356,764

60,486

Huadong

Medicine

Company,

Ltd.

277,419

19,900

Iflytek

Company,

Ltd.

161,788

603,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

334,257

132,394

Industrial

Bank

Company,

Ltd.

372,511

12,300

JD.com,

Inc.

ADR

a

888,552

9,000

Jiangsu

Yangnong

Chemical

Company,

Ltd.

145,504

63,000

Jiangxi

Copper

Company,

Ltd.

112,084

2,692

Kweichow

Moutai

Company,

Ltd.

759,840

16,000

Lenovo

Group,

Ltd.

20,883

16,100

Midea

Group

Company,

Ltd.

173,118

70,340

NARI

Technology

Company,

Ltd.

388,490

617,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

191,455

6,997

PetroChina

Company,

Ltd.

ADR

327,320

324,000

PICC

Property

and

Casualty

Company,

Ltd.

314,302

21,600

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

161,071

126,778

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

867,083

37,877

S.

F.

Holding

Company,

Ltd.

381,928

Shares

Common

Stock

(93.3%)

Value

China

(1.2%)

-

continued

1,100

Sangfor

Technologies,

Inc.

$

39,955

45,300

Shandong

Linglong

Tyre

Company,

Ltd.

245,903

27,300

Shandong

Sun

Paper

Industry

Joint

Stock

Company,

Ltd.

50,219

29,000

Shanghai

Fosun

Pharmaceutical

(Group)

Company,

Ltd.

148,461

106,600

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Company,

Ltd.

187,890

187,000

Shanghai

Pudong

Development

Bank

Company,

Ltd.

259,739

29,900

Shenzhen

Inovance

Technology

Company,

Ltd.

290,596

81,900

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

94,451

13,600

Shenzhou

International

Group

Holdings,

Ltd.

288,639

465,500

Sinotrans,

Ltd.

392,132

6,200

SKSHU

Paint

Company,

Ltd.

95,610

212,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

158,313

2,000

Tsingtao

Brewery

Company,

Ltd.

15,733

23,247

Vipshop

Holdings,

Ltd.

ADR

a

258,972

20,600

Wanhua

Chemical

Group

Company,

Ltd.

336,782

7,300

Wuliangye

Yibin

Company,

Ltd.

247,071

9,165

WuXi

AppTec

Company,

Ltd.,

Class

A

216,095

10,900

WuXi

AppTec

Company,

Ltd.,

Class

H

d

253,750

11,100

Yunnan

Baiyao

Group

Company,

Ltd.

167,676

6,700

Zhangzhou

Pientzehuang

Pharmaceutical

Company,

Ltd.

391,292

108,000

Zijin

Mining

Group

Company,

Ltd.

131,162

97,700

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

124,407

104,400

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

H

93,031

Total

23,754,464

Colombia

(<0.1%)

5,375

Bancolombia

SA

ADR

186,083

3,156

Interconexion

Electrica

SA

18,814

Total

204,897

Cyprus

(<0.1%)

7,679

Ros

Agro

plc

GDR

113,811

Total

113,811

Czech

Republic

(0.1%)

12,245

CEZ

AS

398,812

6,889

Komercni

Banka

AS

a

278,964

44,830

Moneta

Money

Bank

AS

a,d

180,845

63

Philip

Morris

CR

45,789

Total

904,410

Denmark

(3.1%)

73

A.P.

Moller

-

Maersk

AS,

Class

B

197,618

752

Alk-Abello

AS

a

315,519

77,184

Carlsberg

AS

12,592,044

7,829

ChemoMetec

AS

1,199,023

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock

(93.3%)

Value

Denmark

(3.1%)

-

continued

30,156

Dampskibsselskabet

Norden

AS

$

768,461

14,940

DFDS

AS

a

794,008

61,028

DSV

AS

14,607,901

12,963

Genmab

AS

a

5,663,819

8,277

GN

Store

Nord

AS

572,463

11,168

Jyske

Bank

AS

a

481,513

186,193

Novo

Nordisk

AS

17,947,064

3,853

Per

Aarsleff

Holding

AS

157,541

38,780

Royal

Unibrew

AS

4,664,534

18,991

Scandinavian

Tobacco

Group

AS

d

374,807

4,383

Topdanmark

AS

226,136

78,975

Tryg

AS

1,790,272

Total

62,352,723

Egypt

(<0.1%)

72,908

Commercial

International

Bank

Egypt

SAE

GDR

a

194,664

234,762

EFG

Hermes

Holding

Company

a

180,724

Total

375,388

Finland

(0.6%)

19,043

Fortum

Oyj

578,259

31,974

KONE

Oyj

2,246,114

59,617

Neste

Oil

Oyj

3,363,123

20,127

Orion

Oyj

796,841

24,795

Tieto

Oyj

746,751

42,619

Tokmanni

Group

Corporation

1,039,680

47,559

UPM-Kymmene

Oyj

1,683,308

26,721

Uponor

Oyj

662,232

Total

11,116,308

France

(6.4%)

93,867

Air

Liquide

SA

15,033,700

6,167

Alten

SA

902,406

2,865

Amundi

SA

d

240,966

44,143

BNP

Paribas

SA

2,824,290

26,558

Coface

SA

332,652

71,641

Dassault

Systemes

SE

3,770,132

18,957

Derichebourg

a

218,792

5,107

Eramet

SA

a

383,791

17,172

Eutelsat

Communications

236,133

5,486

Gaztransport

Et

Technigaz

SA

409,767

2,432

Hermes

International

3,355,502

41,250

Ipsos

SA

1,874,545

7,879

La

Francaise

des

Jeux

SAEM

d

405,115

221,110

Legrand

SA

23,757,864

6,103

LNA

Sante

359,125

40,195

L'Oreal

SA

16,632,794

9,394

LVMH

Moet

Hennessy

Louis

Vuitton

SE

6,728,562

6,914

Mercialys

SA

73,451

3,408

Mersen

SA

125,564

1,884

Metropole

Television

SA

39,194

10,229

Nexans

SA

953,789

6,407

Nexity

SA

304,665

6,862

Quadient

SAS

164,860

93,629

Rexel

SA

1,804,049

2,999

Sartorius

Stedim

Biotech

1,675,850

157,386

Schneider

Electric

SE

26,213,180

132,771

Societe

Generale

SA

4,157,692

274,246

Total

Energies

SE

13,108,352

2,432

Trigano

455,974

244

Virbac

SA

104,633

2,296

Wendel

SA

317,247

Shares

Common

Stock

(93.3%)

Value

France

(6.4%)

-

continued

1,958

Worldline

SA

a,d

$

149,250

Total

127,113,886

Germany

(5.5%)

29,333

Adidas

AG

9,218,055

107,052

Allianz

SE

23,984,457

75,885

Alstria

Office

REIT

AG

1,376,482

7,777

AURELIUS

Equity

Opportunities

SE

&

Company

KGaA

237,917

6,162

Bechtle

AG

421,449

1,887

Beiersdorf

AG

203,607

2,215

CANCOM

SE

130,834

351

Carl

Zeiss

Meditec

AG

67,235

742

Cewe

Stiftung

&

Company

KGaA

99,529

5,562

CompuGroup

Medical

SE

and

Company

KGaA

458,077

15,612

Deutsche

Boerse

AG

2,533,298

75,584

Deutsche

Pfandbriefbank

AG

d

850,872

139,807

Deutsche

Post

AG

8,767,240

520,322

Deutsche

Telekom

AG

10,434,603

8,505

ElringKlinger

AG

a

113,576

19,660

Freenet

AG

514,400

23,622

Fresenius

SE

&

Company

KGaA

1,130,667

17,651

Gerresheimer

AG

1,727,087

9,549

Hugo

Boss

AG

571,986

10,575

Jungheinrich

AG

490,410

116,389

Klockner

&

Company

SE

a

1,448,530

9,678

LEG

Immobilien

AG

1,367,050

35,328

Merck

KGaA

7,646,357

31,327

METRO

AG

406,446

2,863

Nemetschek

SE

299,039

11,978

ProSiebenSat.1

Media

AG

218,841

16,747

PUMA

SE

1,861,676

8,788

Rheinmetall

AG

858,394

31,167

SAP

SE

4,214,674

712

Sartorius

Aktiengesellschaft

453,264

8,996

Scout24

AG

d

624,812

9,764

Siemens

AG

1,596,907

4,668

Stroeer

SE

384,431

78,599

Symrise

AG

10,302,026

379,644

TAG

Immobilien

AG

11,100,119

10,423

TUI

AG

a

45,040

12,237

Wacker

Chemie

AG

2,276,272

5,164

Zalando

SE

a,d

470,963

Total

108,906,622

Greece

(<0.1%)

187,540

Eurobank

Ergasias

Services

and

Holdings

SA

a

174,582

11,273

Hellenic

Telecommnications

Organization

SA

211,607

8,048

JUMBO

SA

131,042

1,310

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

a

19,912

16,781

Mytilineos

SA

272,627

838

Sarantis

SA

8,620

Total

818,390

Hong

Kong

(0.5%)

295,000

CK

Hutchison

Holdings,

Ltd.

1,967,983

40,000

CLP

Holdings,

Ltd.

385,137

401,440

CSPC

Pharmaceutical

Group,

Ltd.

479,061

198,000

Far

East

Horizon,

Ltd.

200,934

332,000

Galaxy

Entertainment

Group,

Ltd.

a

1,703,502

176,778

Hang

Lung

Group,

Ltd.

412,077

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

(93.3%)

Value

Hong

Kong

(0.5%)

-

continued

126,000

HKT

Trust

and

HKT,

Ltd.

$

172,281

1,018,000

Hong

Kong

and

China

Gas

Company,

Ltd.

1,538,091

82,000

Hysan

Development

Company,

Ltd.

267,026

60,400

Link

REIT

517,226

108,000

Luk

Fook

Holdings

International,

Ltd.

276,642

241,500

Power

Assets

Holdings,

Ltd.

1,415,696

66,000

Shanghai

Industrial

Holdings,

Ltd.

98,876

57,000

Sun

Hung

Kai

Properties,

Ltd.

711,722

308,000

United

Laboratories

International

Holdings

204,947

81,000

Weichai

Power

Company,

Ltd.

167,647

233,000

Yuexiu

Property

Company,

Ltd.

218,314

Total

10,737,162

Hungary

(<0.1%)

7,265

OTP

Bank

Nyrt

a

425,098

3,955

Richter

Gedeon

Nyrt

108,158

Total

533,256

India

(1.0%)

8,290

ACC,

Ltd.

250,838

20,116

Adani

Ports

and

Special

Economic

Zone,

Ltd.

199,186

24,562

Aditya

Birla

Capital,

Ltd.

a

37,040

50,928

Amara

Raja

Batteries,

Ltd.

512,612

116,155

Ambuja

Cements,

Ltd.

624,235

17,115

Bajaj

Auto,

Ltd.

881,806

3,298

Bajaj

Finserv,

Ltd.

788,394

252

Blue

Dart

Express,

Ltd.

22,052

5,806

Britannia

Industries,

Ltd.

308,292

72,946

Cipla,

Ltd.

964,438

10,324

Cummins

India,

Ltd.

137,548

2,736

Cyient,

Ltd.

38,901

2,149

Divi's

Laboratories,

Ltd.

138,751

1,210

Dixon

Technologies,

Ltd.

74,680

2,374

Dr.

Lal

PathLabs,

Ltd.

d

117,197

1,417

Endurance

Technologies,

Ltd.

d

30,127

4,541

Gujarat

Gas,

Ltd.

38,846

76,949

HCL

Technologies,

Ltd.

1,319,787

2,785

Heidelberg

Cement

India,

Ltd.

9,595

3,596

Hero

Motocorp,

Ltd.

137,131

5,200

Housing

Development

Finance

Corporation

192,181

21,539

Indian

Energy

Exchange,

Ltd.

d

186,559

100,089

Infosys,

Ltd.

ADR

2,226,980

731

JK

Cement,

Ltd.

30,563

19,912

Jubilant

FoodWorks,

Ltd.

1,081,236

2,359

Kotak

Mahindra

Bank,

Ltd.

63,487

1,162

L&T

Technology

Services,

Ltd.

d

73,203

4,563

Mahanagar

Gas,

Ltd.

66,216

7,101

Marico,

Ltd.

52,397

35,727

Motherson

Sumi

Systems,

Ltd.

108,154

543,255

Oil

and

Natural

Gas

Corporation,

Ltd.

1,050,272

414

Page

Industries,

Ltd.

176,338

5,338

Persistent

Systems,

Ltd.

266,699

716

PI

Industries,

Ltd.

30,575

5,741

Pidilite

Industries,

Ltd.

183,838

11,514

PNB

Housing

Finance,

Ltd.

a,d

96,224

11,339

Polycab

India,

Ltd.

363,700

565,942

Power

Grid

Corporation

of

India,

Ltd.

1,443,024

18,205

Reliance

Industries,

Ltd.

616,145

Shares

Common

Stock

(93.3%)

Value

India

(1.0%)

-

continued

966

Schaeffler

India,

Ltd.

$

97,833

1,998

Sundram

Fasteners,

Ltd.

24,572

2,170

Supreme

Industries,

Ltd.

68,103

34,835

Tata

Consultancy

Services,

Ltd.

1,765,377

8,952

Tata

Elxsi,

Ltd.

670,543

9,855

Tech

Mahindra,

Ltd.

182,456

126,514

Wipro,

Ltd.

ADR

1,117,119

Total

18,865,250

Indonesia

(<0.1%)

961,400

Mitra

Adiperkasa

Tbk

PT

a

52,099

132,000

PT

Kalbe

Farma

Tbk

13,154

16,281

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

413,537

Total

478,790

Ireland

(<0.1%)

21,183

Glanbia

plc

350,371

Total

350,371

Isle

of

Man

(0.4%)

273,111

Entain

plc

a

7,800,492

Total

7,800,492

Israel

(0.8%)

358,628

Bank

Hapoalim,

Ltd.

3,150,052

700,929

Bank

Leumi

Le-Israel

BM

5,938,997

4,742

First

International

Bank

of

Israel,

Ltd.

173,313

130,765

Mizrahi

Tefahot

Bank,

Ltd.

4,404,159

84,965

Plus500,

Ltd.

1,591,298

14,326

Radware,

Inc.

a

483,073

Total

15,740,892

Italy

(2.7%)

203,518

A2A

SPA

417,035

948

Acea

SPA

20,249

85,146

Amplifon

SPA

4,046,595

18,353

Anima

Holding

SPA

d

87,452

142,624

Azimut

Holding

SPA

3,906,961

41,402

Banca

Farmafactoring

SPA

d

401,300

36,436

Banca

Generali

SPA

1,592,446

14,022

Banca

IFIS

SPA

270,128

54,372

Banca

Mediolanum

SPA

585,481

391,634

Banco

BPM

SPA

1,225,321

14,395

Biesse

SPA

a

448,278

3,308

El.

En.

SPA

54,128

1,611,529

Enel

SPA

12,368,792

281,900

Eni

SPA

3,759,181

5,997

ERG

SPA

178,028

7,971

Esprinet

SPA

104,083

21,126

Finecobank

Banca

Fineco

SPA

a

381,574

98,557

Iren

SPA

292,109

133,938

Italgas

SPA

856,427

577,611

Mediobanca

SPA

a

6,949,224

67,948

Piaggio

&

C.

SPA

235,020

116,622

Poste

Italiane

SPA

d

1,601,436

199,301

Recordati

SPA

11,551,370

7,977

Reply

SPA

1,464,253

Total

52,796,871

Japan

(19.8%)

12,500

ABC-MART,

Inc.

702,162

171

Activia

Properties,

Inc.

699,261

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock

(93.3%)

Value

Japan

(19.8%)

-

continued

63,600

Advantest

Corporation

$

5,667,366

26,400

AEON

Financial

Service

Company,

Ltd.

334,287

2,900

Aica

Kogyo

Company,

Ltd.

99,206

5,200

Aichi

Steel

Corporation

123,687

137,800

Air

Water,

Inc.

2,202,704

50,900

Aisin

Corporation

1,844,453

235,800

Amada

Holdings

Company,

Ltd.

2,432,295

3,800

AOKI

Holdings,

Inc.

24,651

3,700

Aozora

Bank,

Ltd.

90,478

43,400

Arcs

Company,

Ltd.

881,489

17,500

ASKUL

Corporation

256,606

640,700

Astellas

Pharmaceutical,

Inc.

10,545,318

53,300

Autobacs

Seven

Company,

Ltd.

707,966

22,800

Bandai

Namco

Holdings,

Inc.

1,714,052

3,700

BayCurrent

Consulting,

Inc.

1,852,663

5,400

Central

Glass

Company,

Ltd.

100,344

55,600

Chiyoda

Company,

Ltd.

423,744

137,300

Chugai

Pharmaceutical

Company,

Ltd.

5,024,342

255,700

Citizen

Watch

Company,

Ltd.

1,171,550

10,400

COMSYS

Holdings

Corporation

274,340

5,500

Cosmo

Energy

Holdings

Company,

Ltd.

124,517

5,000

Create

Restaurants

Holdings,

Inc.

a

44,421

29,900

Credit

Saison

Company,

Ltd.

392,075

78,800

Dai

Nippon

Printing

Company,

Ltd.

1,898,504

22,900

Daicel

Corporation

178,304

11,000

Daido

Steel

Company,

Ltd.

466,542

29,700

Daikin

Industries,

Ltd.

6,475,742

55

Daiwa

Office

Investment

Corporation

371,168

442

Daiwa

Securities

Living

Investment

Corporation

442,580

2,200

Dena

Company,

Ltd.

40,807

13,000

Denso

Corporation

848,866

43,500

Dexerials

Corporation

853,324

32,900

DIC

Corporation

927,981

12,200

DISCO

Corporation

3,417,070

16,500

Doshisha

Company,

Ltd.

258,955

4,600

DOWA

Holdings

Company,

Ltd.

180,684

6,300

DTS

Corporation

144,791

8,300

Eagle

Industry

Company,

Ltd.

91,744

9,600

Ebara

Corporation

472,158

1,100

Eiken

Chemical

Company,

Ltd.

20,646

21,500

Eisai

Company,

Ltd.

1,610,511

1,500

EIZO

Corporation

57,300

7,600

Fast

Retailing

Company,

Ltd.

5,605,120

18,100

Ferrotec

Holdings

Corporation

511,589

121,700

Financial

Products

Group

Company,

Ltd.

775,012

10,700

Fuji

Corporation

271,704

60,000

Fuji

Soft,

Inc.

3,141,362

5,200

Fujibo

Holdings,

Inc.

196,403

10,300

Furukawa

Electric

Company,

Ltd.

225,551

8,200

Future

Corporation

203,953

369

Global

One

Real

Estate

Investment

Corporation

383,426

3,800

Gunze,

Ltd.

147,956

40,700

H.U.

Group

Holdings,

Inc.

1,105,553

29,100

Hanwa

Company,

Ltd.

899,396

392

Heiwa

Real

Estate

REIT,

Inc.

577,722

12,000

Hikari

Tsushin,

Inc.

2,028,228

8,300

Hogy

Medical

Company,

Ltd.

236,979

299,100

Honda

Motor

Company,

Ltd.

9,195,474

27,400

Hoya

Corporation

4,274,915

Shares

Common

Stock

(93.3%)

Value

Japan

(19.8%)

-

continued

406

Hulic

REIT,

Inc.

$

638,211

1,300

IDEC

Corporation

25,618

11,200

IDOM,

Inc.

100,924

117,400

Inaba

Denki

Sangyo

Company,

Ltd.

2,857,839

11,000

Inabata

&

Company,

Ltd.

170,228

52,700

ITOCHU

Techno-Solutions

Corporation

1,711,412

14,400

Izumi

Company,

Ltd.

479,090

4,700

JAC

Recruitment

Company,

Ltd.

92,111

25,200

JAFCO

Company,

Ltd.

1,608,529

11,700

Japan

Aviation

Electronics

Industry,

Ltd.

170,112

115

Japan

Logistics

Fund,

Inc.

342,019

204,600

Japan

Post

Bank

Company,

Ltd.

1,754,954

3

Japan

Prime

Realty

Investment

Corporation

10,868

33,100

JGC

Corporation

307,895

800

Kaga

Electronics

Company,

Ltd.

21,565

128,500

Kamigumi

Company,

Ltd.

2,693,049

8,200

Kaneka

Corporation

342,499

48,700

Kanematsu

Corporation

602,311

3,400

Kanematsu

Electronics,

Ltd.

118,392

177,829

Kao

Corporation

10,583,245

279,500

KDDI

Corporation

9,202,011

73

501,775

509

Kenedix

Retail

REIT

Corporation

1,319,941

27,700

Keyence

Corporation

16,533,330

141,600

Kinden

Corporation

2,387,593

21,200

Kobe

Bussan

Company,

Ltd.

692,686

130,200

Kobe

Steel,

Ltd.

788,789

30,600

Kokuyo

Company,

Ltd.

518,656

9,100

Komatsu,

Ltd.

217,931

17,700

KOMEDA

Holdings

Company,

Ltd.

351,118

117,400

Kyoei

Steel,

Ltd.

1,450,031

8,900

Kyokuto

Kaihatsu

Kogyo

Company,

Ltd.

130,007

3,300

Kyowa

Exeo

Corporation

80,894

53,200

Kyushu

Railway

Company

1,280,003

19,800

Lasertec

Corporation

4,507,619

13,200

Lintec

Corporation

301,486

32,100

M3,

Inc.

2,287,713

2,200

Mabuchi

Motor

Company,

Ltd.

76,297

36,400

Macnica

Fuji

Electronics

Holdings,

Inc.

847,112

15,800

Makino

Milling

Machine

Company,

Ltd.

607,446

739,100

Marubeni

Corporation

6,114,740

42,300

Marui

Group

Company,

Ltd.

816,539

700

Matsuda

Sangyo

Company,

Ltd.

18,163

27,000

Maxell

Holdings,

Ltd.

322,709

6,100

McDonald's

Holdings

Company

(Japan),

Ltd.

287,788

308,100

Mebuki

Financial

Group,

Inc.

675,014

4,600

Milbon

Company,

Ltd.

281,860

21,500

Ministop

Company,

Ltd.

277,280

305,100

Mitsubishi

Corporation

9,580,883

435,200

Mitsubishi

Electric

Corporation

6,048,233

728,300

Mitsubishi

HC

Capital,

Inc.

3,808,201

18,000

Mitsubishi

Logistics

Corporation

534,161

9,400

Mitsubishi

Research

Institute,

Inc.

368,494

50,600

Mitsuboshi

Belting,

Ltd.

939,486

421,400

Mitsui

&

Company,

Ltd.

9,214,750

35,200

Mitsui

O.S.K.

Lines,

Ltd.

2,362,182

4,200

Mizuno

Corporation

99,906

599

Mori

Hills

REIT

Investment

Corporation

811,663

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Shares

Common

Stock

(93.3%)

Value

Japan

(19.8%)

-

continued

4,000

Murata

Manufacturing

Company,

Ltd.

$

353,810

11,600

Nachi-Fujikoshi

Corporation

473,840

1,500

Nagase

&

Company,

Ltd.

25,237

5,000

Nakanishi,

Inc.

113,857

187,200

NEC

Networks

&

System

Integration

Corporation

3,530,518

35,800

NGK

Spark

Plug

Company,

Ltd.

557,004

162,800

NHK

Spring

Company,

Ltd.

1,158,610

60,800

Nidec

Corporation

6,702,592

4,000

Nihon

Unisys,

Ltd.

103,591

31,000

Nikkon

Holdings

Company,

Ltd.

637,900

22,400

Nikon

Corporation

248,715

4,200

Nintendo

Company,

Ltd.

2,007,108

146

Nippon

Building

Fund,

Inc.

948,530

8,100

Nippon

Electric

Glass

Company,

Ltd.

191,595

46,730

Nippon

Light

Metal

Holdings

Company,

Ltd.

813,606

325

Nippon

REIT

Investment

Corporation

1,263,876

9,400

Nippon

Shokubai

Company,

Ltd.

483,446

4,200

Nippon

Steel

Trading

Corporation

189,850

352,000

Nippon

Telegraph

and

Telephone

Corporation

9,753,627

64,300

Nissan

Chemical

Industries,

Ltd.

3,760,667

254,005

Nissan

Motor

Company,

Ltd.

a

1,269,382

21,800

Nisshin

Oillio

Group,

Ltd.

594,190

24,600

Nitori

Holdings

Company,

Ltd.

4,847,969

63,300

Nitto

Kogyo

Corporation

990,889

44,000

NOK

Corporation

515,427

800

NS

Solutions

Corporation

27,143

22,500

NS

United

Kaiun

Kaisha,

Ltd.

822,291

14,800

NTN

Corporation

a

33,137

198,800

Obayashi

Corporation

1,638,663

50,300

Okamura

Corporation

731,959

20,200

Okuma

Corporation

973,144

71,900

Oracle

Corporation

Japan

6,316,139

350,700

ORIX

Corporation

6,562,133

13,600

Paramount

Bed

Holdings

Company,

Ltd.

271,175

18,200

Pasona

Group,

Inc.

514,781

37,300

PLENUS

Company,

Ltd.

728,495

57

Premier

Investment

Corporation

78,334

1,500

Raito

Kogyo

Company,

Ltd.

26,443

31,200

Rakuten

Group,

Inc.

303,912

39,284

Recruit

Holdings

Company,

Ltd.

2,401,268

2,100

Relo

Group,

Inc.

43,342

289,700

Renesas

Electronics

Corporation

a

3,565,443

152,000

Resona

Holdings,

Inc.

608,002

4,700

Rinnai

Corporation

516,019

16,900

ROHTO

Pharmaceutical

Company,

Ltd.

518,321

47,000

Round

One

Corporation

656,186

30,300

Ryoyo

Electro

Corporation

c

635,165

900

S

Foods,

Inc.

24,741

77,600

Sangetsu

Company,

Ltd.

1,052,903

6,700

Sankyu,

Inc.

308,141

6,400

Sanyo

Special

Steel

Company,

Ltd.

102,802

16,500

Sato

Holdings

Corporation

400,888

45,900

Sawai

Group

Holdings

Company,

Ltd.

2,135,483

20,300

SCREEN

Holdings

Company,

Ltd.

1,738,868

64,400

Secom

Company,

Ltd.

4,657,925

3,400

Seiko

Holdings

Corporation

68,512

89,000

Seino

Holdings

Company,

Ltd.

1,078,201

Shares

Common

Stock

(93.3%)

Value

Japan

(19.8%)

-

continued

230,800

Sekisui

House,

Ltd.

$

4,833,173

38,100

Senko

Group

Holdings

Company,

Ltd.

348,689

23,100

Seven

&

I

Holdings

Company,

Ltd.

1,051,615

52,500

Shikoku

Electric

Power

Company

363,868

2,100

SHIMAMURA

Company,

Ltd.

196,288

60,100

Shin-Etsu

Chemical

Company,

Ltd.

10,143,013

13,500

Shin-Etsu

Polymer

Company,

Ltd.

126,128

101,300

Shionogi

&

Company,

Ltd.

6,931,895

22,200

SHO-BOND

Holdings

Company,

Ltd.

983,683

11,200

Showa

Denko

KK

272,531

273,500

SKY

Perfect

JSAT

Holdings,

Inc.

1,048,098

2,800

Skylark

Company,

Ltd.

a

41,114

21,600

Sodick

Company,

Ltd.

175,815

389,600

SoftBank

Corporation

5,284,845

24,600

SoftBank

Group

Corporation

1,421,518

116,780

Sojitz

Corporation

1,907,295

46,800

Sony

Group

Corporation

5,195,678

842

Star

Asia

Investment

Corporation

REIT

432,710

15,500

Star

Micronics

Company,

Ltd.

214,715

45,700

Sumco

Corporation

911,741

373,200

Sumitomo

Corporation

5,257,243

198,700

Sumitomo

Electric

Industries,

Ltd.

2,642,248

81,400

Sumitomo

Forestry

Company,

Ltd.

1,546,069

33,200

Sumitomo

Heavy

Industries,

Ltd.

865,257

228,400

Sumitomo

Mitsui

Financial

Group,

Inc.

8,034,968

24,200

Sumitomo

Mitsui

Trust

Holdings,

Inc.

833,449

3,600

Sumitomo

Seika

Chemicals

Company,

Ltd.

116,922

14,100

Sumitomo

Warehouse

Company,

Ltd.

230,268

10,200

Taikisha,

Ltd.

306,586

53,200

Taisei

Corporation

1,704,623

50,200

Taiyo

Holdings

Company,

Ltd.

1,274,372

7,200

Takara

Bio,

Inc.

202,872

23,700

Takara

Holdings,

Inc.

341,604

107

Takara

Leben

Real

Estate

Investment

Corporation

104,606

12,100

Takara

Standard

Company,

Ltd.

175,703

72,900

Takashimaya

Company,

Ltd.

811,570

71,800

Takeda

Pharmaceutical

Company,

Ltd.

2,368,163

40,600

Terumo

Corporation

1,917,066

123,100

Toagosei

Company,

Ltd.

1,428,503

11,100

TOCALO

Company,

Ltd.

134,583

13,200

Tokai

Rika

Company,

Ltd.

188,862

51,600

Tokio

Marine

Holdings,

Inc.

2,766,018

19,500

Tokyo

Electron,

Ltd.

8,614,686

43,700

Tokyo

Seimitsu

Company,

Ltd.

1,793,529

22,700

Tokyo

Tatemono

Company,

Ltd.

359,504

29,100

Tokyotokeiba

Company,

Ltd.

1,140,182

28,000

Tokyu

Fudosan

Holdings

Corporation

172,326

54,900

Toppan

Forms

Company,

Ltd.

502,613

7,100

Toshiba

Machine

Company,

Ltd.

174,377

23,900

Toyo

Seikan

Group

Holdings,

Ltd.

279,525

21,100

Toyo

Tanso

Company,

Ltd.

557,554

29,600

Toyoda

Gosei

Company,

Ltd.

592,035

435,000

Toyota

Motor

Corporation

7,750,563

18,400

Transcosmos,

Inc.

600,844

47,200

TS

Tech

Company,

Ltd.

606,477

62,500

Tsubakimoto

Chain

Company

1,931,006

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Shares

Common

Stock

(93.3%)

Value

Japan

(19.8%)

-

continued

29,300

Tsugami

Corporation

$

441,790

169,300

TV

Asahi

Holdings

Corporation

2,644,156

1,700

UACJ

Corporation

a

44,518

25,400

ULVAC,

Inc.

1,446,344

105,100

Ushio,

Inc.

1,969,607

3,200

Wacoal

Holdings

Corporation

67,821

54,700

WealthNavi,

Inc.

a

1,676,049

10,600

Yellow

Hat,

Ltd.

184,904

28,700

Yuasa

Trading

Company,

Ltd.

776,128

928,200

Z

Holdings

Corporation

5,940,537

2,600

ZEON

Corporation

36,601

31,400

ZIGExN

Company,

Ltd.

115,014

Total

394,177,810

Jersey

(0.2%)

109,693

Breedon

Group

plc

145,879

29,572

Experian

plc

1,238,775

855,263

Man

Group

plc

2,354,316

Total

3,738,970

Kuwait

(<0.1%)

5,432

HumanSoft

Holding

Company

KSCP

59,542

194,415

Kuwait

Finance

House

K.S.C.P.

529,959

12,334

Mobile

Telecommunications

Company

KSCP

24,455

79,394

National

Industries

Group

Holding

a

63,147

Total

677,103

Luxembourg

(0.9%)

10,093

Allegro.eu

SA

a,d

146,805

747,750

B&M

European

Value

Retail

SA

5,932,212

5,419

Befesa

SA

d

412,134

33,311

Eurofins

Scientific

SE

4,276,834

19,961

Solutions

30

SE

a

196,535

278,887

Tenaris

SA

ADR

5,887,305

Total

16,851,825

Malaysia

(0.1%)

6,600

AEON

Credit

Service

(M)

Berhad

19,485

82,727

Berjaya

Sports

Toto

Berhad

40,509

18,700

Bursa

Malaysia

Berhad

33,000

113,200

Hong

Leong

Bank

Berhad

511,043

124,100

Mah

Sing

Group

Berhad

20,898

2,600

Press

Metal

Aluminium

Holdings

Berhad

3,565

348,300

Public

Bank

Berhad

338,608

74,900

TIME

dotCom

Berhad

81,403

Total

1,048,511

Mexico

(0.1%)

19,182

America

Movil

SAB

de

CV

ADR

338,946

24,500

Arca

Continental

SAB

de

CV

149,173

81,300

Banco

del

Bajio

SA

d

154,120

643

Coca-Cola

FEMSA

SAB

de

CV

ADR

36,182

4,755

Fomento

Economico

Mexicano

SAB

de

CV

ADR

412,354

34,500

Gentera,

SAB

de

CV

a

20,007

63,233

Grupo

Financiero

Banorte

SAB

de

CV

ADR

405,256

80,000

Grupo

Mexico,

SAB

de

CV

318,116

43,000

Megacable

Holdings

SAB

de

CV

131,011

4,500

Regional

SA

25,751

Shares

Common

Stock

(93.3%)

Value

Mexico

(0.1%)

-

continued

74,100

Wal-Mart

de

Mexico,

SAB

de

CV

$

251,110

Total

2,242,026

Netherlands

(5.0%)

114,758

Aalberts

NV

6,623,916

253,886

ABN

AMRO

Group

NV

a,d

3,662,896

58,678

Airbus

Group

NV

a

7,779,263

2,279

Akzo

Nobel

NV

249,013

45,674

ASML

Holding

NV

34,121,027

5,434

BE

Semiconductor

Industries

NV

432,303

9,541

Brunel

International

NV

112,014

130,815

Euronext

NV

d

14,804,385

7,963

Ferrari

NV

1,661,872

34,420

Flow

Traders

d

1,328,477

80,507

ForFarmers

BV

403,328

69,940

Koninklijke

DSM

NV

13,986,277

7,136

OCI

NV

a

210,822

370,437

PostNL

NV

1,787,370

51,517

Qiagen

NV

a

2,672,821

14,168

RHI

Magnesita

NV

625,769

45,382

Signify

NV

d

2,271,663

12,189

Technip

Energies

NV

a

192,019

3,052

TKH

Group

NV

170,893

111,934

Unilever

NV

6,047,911

5,118

Van

Lanschot

Kempen

NV

157,992

1,505

Yandex

NV

a

119,713

Total

99,421,744

New

Zealand

(0.1%)

191,994

Contact

Energy,

Ltd.

1,114,223

171,618

Fletcher

Building,

Ltd.

850,216

8,676

Spark

New

Zealand,

Ltd.

28,543

7,875

Xero,

Ltd.

a

772,763

Total

2,765,745

Norway

(1.3%)

893

Atea

ASA

15,446

653,582

DNB

Bank

ASA

14,858,985

7,630

Entra

ASA

d

163,654

262,090

Equinor

ASA

6,665,162

132,955

Europris

ASA

d

880,391

4,429

Kongsberg

Gruppen

ASA

123,521

27,669

Nordic

Semiconductor

ASA

a

823,090

4,976

Scatec

ASA

d

92,494

5,463

Selvaag

Bolig

ASA

34,059

22,988

SpareBank

1

SMN

341,332

24,819

Veidekke

ASA

303,397

55,414

Wallenius

Wilhelmsen

ASA

a

207,539

37,795

Yara

International

ASA

1,872,223

Total

26,381,293

Philippines

(<0.1%)

1,995

Globe

Telecom,

Inc.

116,704

9,000

Security

Bank

Corporation

18,637

Total

135,341

Poland

(0.1%)

23,203

Asseco

Poland

SA

511,052

282

Bank

Handlowy

w

Warszawie

SA

3,199

70,295

Bank

Millennium

SA

a

119,125

10,305

Bank

Pekao

SA

266,385

2,329

CCC

Spolka

Akcyjna

a

70,839

3,351

Jastrzebska

Spolka

Weglowa

SA

a

46,737

1,826

mBank

SA

a

188,790

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Shares

Common

Stock

(93.3%)

Value

Poland

(0.1%)

-

continued

33,289

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

$

352,448

20,704

Powszechny

Zaklad

Ubezpieczen

Spolka

Akcyjna

189,401

Total

1,747,976

Portugal

(0.2%)

48,529

CTT-Correios

de

Portugal

SA

261,524

218,306

Galp

Energia

SGPS

SA

2,479,509

438,783

Sonae

SGPS

SA

462,519

Total

3,203,552

Russian

Federation

(0.3%)

14,500

Alrosa

PJSC

26,424

11,170,000

Federal

Grid

Company

Unified

Energy

System

PJSC

28,316

121,530

Gazprom

PJSC

ADR

1,201,146

8,446

Lukoil

ADR

802,154

4,726

Mechel

PJSC

ADR

a

19,188

15,017

MMC

Norilsk

Nickel

PJSC

ADR

446,078

759

Novatek

PJSC

GDR

198,725

4,759

Novolipetsk

Steel

OJSC

GDR

140,316

161

PAO

Transneft

353,205

2,987

Rosneft

Oil

Company

PJSC

GDR

25,017

334,390

Sberbank

of

Russia

PJSC

1,562,182

13,796

Severstal

PJSC

287,001

15,060

Sovcomflot

OAO

17,437

553,400

Surgutneftegas

PJSC

306,383

46,071

Surgutneftegas

PJSC

ADR

230,777

Total

5,644,349

Saudi

Arabia

(0.2%)

5,676

Al

Jouf

Agricultural

Development

Company

115,618

32,396

Al

Rajhi

Bank

1,055,483

10,514

Arabian

Cement

Company

115,633

24,793

Arriyadh

Development

Company

181,781

61,795

Bank

AlJazira

302,267

1,754

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

81,263

8,821

Eastern

Province

Cement

Company

117,474

17,040

National

Commercial

Bank

278,949

61,487

Riyad

Bank

442,624

25,958

Saudi

Basic

Industries

Corporation

877,199

10,110

Saudi

British

Bank

89,356

4,356

Saudi

Industrial

Services

Company

49,765

15,901

Saudi

Real

Estate

Company

a

99,628

2,354

Saudi

Research

and

Marketing

Group

a

101,475

15,406

Saudi

Telecom

Company

521,652

Total

4,430,167

Singapore

(1.0%)

1,064,300

Ascendas

REIT

2,345,901

2,286

China

Yuchai

International,

Ltd.

31,067

663,700

DBS

Group

Holdings,

Ltd.

14,706,677

181,000

Fortune

Real

Estate

Investment

Trust

179,962

267,200

Keppel

DC

REIT

487,723

261,800

Singapore

Press

Holdings,

Ltd.

375,336

143,600

Wing

Tai

Holdings,

Ltd.

191,424

629,300

Yanlord

Land

Group,

Ltd.

511,294

Total

18,829,384

Shares

Common

Stock

(93.3%)

Value

South

Africa

(0.2%)

42,278

AECI,

Ltd.

$

300,150

1,777

Anglo

American

Platinum,

Ltd.

153,926

6,490

Aspen

Pharmacare

Holdings,

Ltd.

116,765

25,466

Barloworld,

Ltd.

207,972

44,724

DataTec,

Ltd.

114,047

1,856

Exxaro

Resources,

Ltd.

19,847

49,741

FirstRand,

Ltd.

213,085

5,279

Impala

Platinum

Holdings,

Ltd.

59,494

31,470

Investec,

Ltd.

136,778

4,416

Kumba

Iron

Ore,

Ltd.

145,087

20,571

Massmart

Holdings,

Ltd.

a

84,928

109,278

Momentum

Metropolitan

Holdings

151,594

21,067

Motus

Holdings,

Ltd.

142,375

14,509

Mr

Price

Group,

Ltd.

193,874

44,504

MTN

Group,

Ltd.

a

418,011

2,248

Naspers,

Ltd.

371,549

42,528

Ninety

One,

Ltd.

142,365

47,167

Old

Mutual,

Ltd.

51,901

27,651

Resilient

REIT,

Ltd.

104,278

65,164

Sanlam,

Ltd.

276,602

14,181

Sasol,

Ltd.

a

268,789

17,868

Shoprite

Holdings,

Ltd.

212,096

14,155

Sibanye

Stillwater,

Ltd.

42,991

6,654

Standard

Bank

Group

63,010

7,064

Telkom

SA

SOC,

Ltd.

a

20,701

Total

4,012,215

South

Korea

(0.8%)

6,614

Amicogen,

Inc.

a

194,780

10,957

Cheil

Worldwide,

Inc.

209,276

5,875

Chong

Kun

Dang

Pharmaceutical

Corporation

591,837

409

Chongkundang

Holdings

Corporation

29,246

2,079

CJ

ENM

Company,

Ltd.

263,443

4,094

Daewoong

Company,

Ltd.

114,091

874

Dentium

Company,

Ltd.

55,933

5,593

DIO

Corporation

a

196,678

8,521

DongKook

Pharmaceutical

Company,

Ltd.

165,088

7,057

Green

Cross

Holdings

Corporation

186,476

162

Hugel,

Inc.

a

23,429

1,888

Huons

Global

Company,

Ltd.

96,706

758

Hyundai

Glovis

Company,

Ltd.

104,982

1,571

Hyundai

Green

Food

Company,

Ltd.

12,276

258

Hyundai

Home

Shopping

Network

Corporation

15,419

550

Hyundai

Motor

Company

91,556

15,074

Hyundai

Steel

Company

591,928

40,493

Industrial

Bank

of

Korea

356,776

21,466

JB

Financial

Group

Corporation,

Ltd.

161,036

3,521

JYP

Entertainment

Corporation

125,192

3,673

Kangwon

Land,

Inc.

a

88,251

12,646

Kia

Corporation

854,067

10,172

Korea

Electric

Power

Corporation

201,353

445

Korea

Electric

Terminal

Company,

Ltd.

28,054

201

Korea

Zinc

Company,

Ltd.

84,798

518

Kumho

Petrochemical

Company,

Ltd.

81,367

365

LG

Chem,

Ltd.

236,728

944

Lotte

Shopping

Company,

Ltd.

80,746

5,168

LS

Electric

Company,

Ltd.

287,339

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Shares

Common

Stock

(93.3%)

Value

South

Korea

(0.8%)

-

continued

6,529

LX

International

Corporation

$

189,010

4,359

LX

Semicon

Company,

Ltd.

367,038

6,062

Meritz

Fire

&

Marine

Insurance

Company,

Ltd.

155,120

64,246

Meritz

Securities

Company,

Ltd.

266,255

94

NAVER

Corporation

30,500

1,237

Osstem

Implant

Company,

Ltd.

138,425

3,346

PharmaResearch

Company,

Ltd.

237,090

4,897

PI

Advanced

Materials

Company,

Ltd.

227,740

4,064

POSCO

1,119,058

614

Samsung

Biologics

Company,

Ltd.

a,d

450,549

73,337

Samsung

Electronics

Company,

Ltd.

4,546,498

13,185

Samsung

Securities

Corporation,

Ltd.

526,689

706

Sebang

Global

Battery

Company,

Ltd.

50,217

5,146

Shinhan

Financial

Group

Company,

Ltd.

173,830

1,464

SK

Hynix,

Inc.

125,328

1,891

SK,

Inc.

422,520

3,666

S-Oil

Corporation

336,706

77

Taekwang

Industrial

Corporation,

Ltd.

71,929

Total

14,963,353

Spain

(0.9%)

153,047

Acerinox

SA

1,961,610

56,432

Applus

Services

SA

537,977

409,676

Banco

Bilbao

Vizcaya

Argentaria

SA

2,704,102

2,599,349

Banco

de

Sabadell

SA

a

2,172,987

849,302

Banco

Santander

SA

3,076,472

359,768

Bankinter

SA

2,105,046

109,150

CIA

De

Distribucion

Integral

2,302,353

5,892

CIE

Automotive

SA

148,648

608

Fluidra

SA

24,103

16,771

Indra

Sistemas

SA

a

179,645

3,031

Laboratorios

Farmaceuticos

ROVI,

SA

198,368

8,997

Let's

GOWEX

SA

a,b,e

1

149,961

Linea

Directa

Aseguradora

SA

295,755

468,145

Mediaset

Espana

Comunicacion

SA

a

2,661,480

8,650

Merlin

Properties

Socimi

SA

88,895

Total

18,457,442

Sweden

(3.9%)

6,864

AB

Industrivarden,

Class

A

219,282

282,785

AB

Industrivarden,

Class

C

8,736,846

9,948

Addtech

AB

177,269

3,621

Alfa

Laval

AB

135,058

159,307

Arjo

AB

1,961,899

292,914

Assa

Abloy

AB

8,496,442

205,359

Atlas

Copco

AB,

Class

A

12,400,737

52,623

Atlas

Copco

AB,

Class

B

2,674,649

19,545

Axfood

AB

467,286

106,632

Betsson

AB

886,732

9,396

Bilia

AB

169,567

44,316

Biotage

AB

1,211,876

40,707

Boliden

AB

1,303,456

28,550

Bonava

AB

259,593

14,476

Castellum

AB

c

353,392

Shares

Common

Stock

(93.3%)

Value

Sweden

(3.9%)

-

continued

37,101

Dios

Fastigheter

AB

$

361,924

6,065

Evolution

Gaming

Group

AB

d

918,480

52,249

Getinge

AB

2,083,061

305,029

Granges

AB

3,675,930

533,800

Hexpol

AB

6,070,390

2,660

Holmen

AB

116,824

209,669

Husqvarna

AB

2,504,716

45,850

Indutrade

AB

1,275,009

54,530

Inwido

AB

911,906

10,818

L

E

Lundbergforetagen

AB

593,672

3,491

Lifco

AB

93,766

45,736

Lindab

International

AB

1,165,029

24,987

Lundin

Energy

AB

927,547

23,707

Mekonomen

Aktiebolag

a

422,449

23,924

New

Wave

Group

AB

a

356,466

50,321

Nobia

AB

331,624

186,139

Nobina

AB

d

1,668,726

15,661

Ratos

AB

91,675

107,486

Resurs

Holding

AB

d

497,814

108,637

Skandinaviska

Enskilda

Banken

AB

1,531,058

39,009

Skanska

AB

978,642

8,168

SSAB

AB,

Class

A

a

40,070

418,829

SSAB

AB,

Class

B

a

1,785,271

157,525

Svenska

Handelsbanken

AB

1,764,186

51,505

Swedbank

AB

1,038,583

74,001

Thule

Group

AB

d

3,710,157

108,304

Trelleborg

AB

2,299,212

47,114

Wihlborgs

Fastigheter

AB

936,474

Total

77,604,745

Switzerland

(8.9%)

3,419

ALSO

Holding

AG

986,161

12,696

Ascom

Holding

AG

a

200,175

3,742

Bachem

Holding

AG

2,859,640

57,375

Baloise

Holding

AG

8,703,199

3,902

Banque

Cantonale

Vaudoise

296,680

43

Barry

Callebaut

AG

97,527

2,790

Bucher

Industries

AG

1,324,720

5

Chocoladefabriken

Lindt

and

Spruengli

AG

589,624

101,649

Coca-Cola

HBC

AG

3,275,556

987

Comet

Holding

AG

341,311

693

DKSH

Holding

AG

54,206

203

EMS-CHEMIE

Holding

AG

191,799

12,906

Ferguson

plc

1,791,636

282,641

Ferrexpo

plc

1,246,078

3,139

Galenica

AG

d

221,444

8,592

Geberit

AG

6,308,267

167

Gurit

Holding

AG

312,873

38,090

Holcim,

Ltd.

1,835,367

7,602

Huber

&

Suhner

AG

589,758

562

Lindt

&

Spruengli

AG

6,283,642

8,411

Lonza

Group

AG

6,309,174

236,764

Nestle

SA

28,527,710

366,011

Novartis

AG

30,012,614

12,606

OC

Oerlikon

Corporation

AG

137,362

5,004

Partners

Group

Holding

AG

7,809,440

91,777

PSP

Swiss

Property

AG

11,057,588

8,098

Roche

Holding

AG

2,955,527

1,854

Siegfried

Holding

AG

1,651,836

42,813

Sika

AG

13,536,324

35,456

Sonova

Holding

AG

13,399,115

17,938

Swiss

Life

Holding

AG

9,038,378

388

Swissquote

Group

Holding

SA

71,477

24,482

Tecan

Group

AG

13,866,208

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Shares

Common

Stock

(93.3%)

Value

Switzerland

(8.9%)

-

continued

659

U-Blox

AG

a

$

43,735

1,754

Vifor

Pharma

AG

227,348

1,985

Vontobel

Holding

AG

167,005

6,874

Zehnder

Group

AG

727,305

Total

177,047,809

Taiwan

(1.1%)

620,000

Asia

Cement

Corporation

1,008,889

506,000

Capital

Securities

Corporation

273,900

512,000

China

Steel

Corporation

662,541

44,000

Chipbond

Technology

Corporation

105,627

149,000

Delta

Electronics,

Inc.

1,335,066

21,000

Far

Eastern

New

Century

Corporation

22,362

90,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

252,257

57,000

Formosa

Plastics

Corporation

230,449

367,000

Fubon

Financial

Holding

Company,

Ltd.

1,002,950

37,300

Fubon

Financial

Holding

Company,

Ltd.,

Bonus

Rights

a,b

96,838

8,649

Fubon

Financial

Holding

Company,

Ltd.,

Preferred

Rights

a,b

0

14,219

Fubon

Financial

Holding

Company,

Ltd.,

Rights

a,b

8,367

31,000

Holtek

Semiconductor,

Inc.

124,683

18,000

Huaku

Development

Company,

Ltd.

57,584

290,566

IBF

Financial

Holdings

Company,

Ltd.

167,632

15,000

International

Games

System

Company,

Ltd.

349,485

392,000

King

Yuan

Electronics

Company,

Ltd.

570,063

70,354

Makalot

Industrial

Company,

Ltd.

619,557

2,000

MediaTek,

Inc.

64,375

3,000

Momo.com,

Inc.

173,870

25,000

Nan

Ya

Plastics

Corporation

81,722

55,000

Novatek

Microelectronics

Corporation

799,086

15,000

Phison

Electronics

Corporation

200,640

42,000

Realtek

Semiconductor

Corporation

739,952

224,645

Sigurd

Microelectronics

Corporation

473,533

39,000

Sinbon

Electronics

Company,

Ltd.

327,949

44,000

Systex

Corporation

137,726

31,075

Taichung

Commercial

Bank

Company,

Ltd.

12,913

19,000

Taiwan

Cogeneration

Corporation

26,361

22,000

Taiwan

Paiho,

Ltd.

63,747

503,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

10,413,741

123,000

Topco

Scientific

Company,

Ltd.

603,406

348,000

Tung

Ho

Steel

Enterprise

Corporation

508,763

44,000

Vanguard

International

Semiconductor

Corporation

236,172

14,000

Wan

Hai

Lines,

Ltd.

101,196

1,400

Wan

Hai

Lines,

Ltd.,

Bonus

Shares

a,b

9,614

Total

21,863,016

Thailand

(0.1%)

5,800

AEON

Thana

Sinsap

(Thailand)

Public

Company,

Ltd.

NVDR

30,996

Shares

Common

Stock

(93.3%)

Value

Thailand

(0.1%)

-

continued

631,800

AP

(Thailand)

Public

Company,

Ltd.

NVDR

$

151,759

84,100

Com7

Public

Company,

Ltd.

NVDR

165,903

24,100

Kasikornbank

pcl

NVDR

93,893

1,321,000

Land

and

Houses

Public

Company,

Ltd.

NVDR

308,736

10,100

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

34,794

48,200

Siam

Commercial

Bank

Public

Company,

Ltd.

NVDR

172,568

48,200

Srisawad

Corporation

Public

Company,

Ltd.

NVDR

89,083

196,000

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

180,339

255,900

TISCO

Financial

Group

Public

Company,

Ltd.

690,423

Total

1,918,494

Turkey

(<0.1%)

17,746

Aksa

Akrilik

Kimya

Sanayii

AS

40,501

1,411

Ford

Otomotiv

Sanayi

AS

26,513

34,105

Is

Yatirim

Menkul

Degerler

AS

50,716

14,786

Koza

Altin

Isletmeleri

AS

a

158,338

4,561

Nuh

Cimento

Sanayi

AS

17,335

779

Otokar

Otomotiv

ve

Savunma

Sanayi

AS

28,189

36,400

TAV

Havalimanlari

Holding

AS

a

106,490

15,303

Turkiye

Garanti

Bankasi

AS

15,864

57,513

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

170,088

Total

614,034

United

Kingdom

(8.5%)

54,355

888

Holdings

Public

Company,

Ltd.

314,923

75,461

AstraZeneca

plc

9,094,390

1,492,428

Auto

Trader

Group

plc

d

11,769,594

106,742

Avacta

Group

plc

a

168,274

4,984

Bank

of

Georgia

Group

plc

a

104,358

1,029,243

Barclays

plc

2,615,286

198,128

Barratt

Developments

plc

1,751,410

64,663

Bellway

plc

2,852,071

1,786,037

BP

plc

8,135,140

6,917

Brewin

Dolphin

Holdings

plc

35,695

74,676

Cairn

Energy

plc

188,428

64,505

Central

Asia

Metals

plc

192,515

8,489

Chemring

Group

plc

36,488

36,342

CMC

Markets

plc

d

139,067

8,704

Coca-Cola

European

Partners

plc

481,244

29,483

Computacenter

plc

1,072,458

78,718

Crest

Nicholson

Holdings

plc

406,228

36,919

Croda

International

plc

4,230,075

131,069

Currys

plc

235,764

5,610

CVS

Group

plc

a

182,201

64,632

Dechra

Pharmaceuticals

plc

4,223,631

290,937

Diageo

plc

14,085,719

16,676

Diploma

plc

634,109

4,800

Dunelm

Group

plc

91,968

1,445

Euromoney

Institutional

Investor

plc

19,679

14,375

Genus

plc

1,050,906

3,232

Go-Ahead

Group

plc

a

35,143

22,959

Greggs

plc

905,259

153,635

Halfords

Group

plc

629,304

549,293

Halma

plc

20,951,978

6,395

Hill

&

Smith

Holdings

plc

156,478

211,592

Howden

Joinery

Group

plc

2,547,304

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Common

Stock

(93.3%)

Value

United

Kingdom

(8.5%)

-

continued

130,993

IG

Group

Holdings

plc

$

1,415,540

15,578

Imperial

Brands

plc

325,839

177,343

Inchcape

plc

1,937,901

46,654

InterContinental

Hotels

Group

plc

a

2,978,930

84,595

Intermediate

Capital

Group

plc

2,316,436

1,115,234

ITV

plc

a

1,594,977

40,986

JD

Sports

Fashion

plc

575,996

147,787

John

Wood

Group

plc

a

456,562

141,166

Just

Group

plc

a

172,042

21,697

Kainos

Group

plc

548,732

126,831

LondonMetric

Property

plc

407,727

36,453

Mondi

plc

893,317

448,874

Moneysupermarket.com

Group

plc

1,288,251

4,320

Morgan

Advanced

Materials

plc

20,984

16,748

Morgan

Sindall

Group

plc

538,205

3,217

Next

plc

353,873

287,832

PageGroup

plc

2,408,393

171,791

Paragon

Banking

Group

plc

1,262,676

42,393

Pennon

Group

plc

646,191

14,742

Playtech

plc

a

93,199

157,496

Reach

plc

741,674

123,265

Redde

Northgate

plc

667,671

18,776

Redrow

plc

168,615

421,839

RELX

plc

12,143,166

6,775

Renishaw

plc

430,113

55,285

Rightmove

plc

507,916

53,360

Rio

Tinto

plc

3,497,862

459,655

Royal

Dutch

Shell

plc,

Class

A

10,222,349

741,403

Royal

Dutch

Shell

plc,

Class

B

16,426,986

143,708

Royal

Mail

plc

812,714

7,731

S4

Capital

plc

a

88,022

48,466

Safestore

Holdings

plc

685,030

5,343

Savills

plc

97,261

13,739

Spectris

plc

713,049

27,724

Spirax-Sarco

Engineering

plc

5,578,231

141,288

Spirent

Communications

plc

532,279

152,420

Stagecoach

Group

plc

a

173,333

137,383

Standard

Chartered

plc

803,111

11,412

SThree

plc

89,184

156,438

Tate

&

Lyle

plc

1,458,208

11,809

Travis

Perkins

plc

242,800

1,160,064

Tritax

Big

Box

REIT

plc

3,316,942

1,874

UNITE

Group

plc

27,472

25,887

Vesuvius

plc

168,849

20,343

Vistry

Group

plc

334,952

Total

169,500,647

United

States

(<0.1%)

13,174

Yum

China

Holding,

Inc.

765,541

Total

765,541

Total

Common

Stock

(cost

$1,612,774,108)

1,854,193,150

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

7,631,517

Thrivent

Cash

Management

Trust

7,631,517

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,631,517)

7,631,517

Shares

Preferred

Stock

(

0.2%

)

Brazil

(<0.1%)

73,000

Companhia

de

Saneamento

do

Parana

51,743

Shares

Preferred

Stock

(0.2%)

Value

Brazil

(<0.1%)

-

continued

8,700

Companhia

de

Saneamento

do

Parana,

Units

$

30,833

Total

82,576

Germany

(0.2%)

1,745

Sixt

SE

154,931

18,075

Volkswagen

AG

4,028,950

Total

4,183,881

South

Korea

(<0.1%)

410

LG

Chem,

Ltd.

128,866

6,415

Samsung

Electronics

Company,

Ltd.

374,243

Total

503,109

Total

Preferred

Stock

(cost

$5,046,941)

4,769,566

Principal

Amount

Long-Term

Fixed

Income

(

<0.1%

)

Venezuela

(0.1%)

Petroleos

de

Venezuela

SA

$

11,370,000

6.000%, 

10/28/2022

f

312,675

7,010,000

6.000%, 

5/16/2024

f

403,075

1,326,000

6.000%, 

11/15/2026

f

76,245

1,410,000

5.375%, 

4/12/2027

f

81,075

210,000

5.500%, 

4/12/2037

f

11,760

Total

884,830

Total

Long-Term

Fixed

Income

(cost

$7,583,707)

884,830

Shares

or

Principal

Amount

Short-Term

Investments

(

5.9%

)

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

0.040%,

 10/6/2021

g,h

999,997

1,200,000

0.040%,

 11/18/2021

g,h

1,199,936

100,000

0.035%,

 12/3/2021

g,h

99,993

100,000

0.025%,

 12/21/2021

g,h

99,991

6,100,000

0.020%,

 12/28/2021

g,h

6,099,404

600,000

0.020%,

 1/5/2022

g,h

599,936

Thrivent

Core

Short-Term

Reserve

Fund

10,897,033

0.120%

108,970,333

Total

Short-Term

Investments

(cost

$117,943,836)

118,069,590

Total

Investments

(cost

$1,750,980,109)

99.9%

$1,985,548,653

Other

Assets

and

Liabilities,

Net

0.1%

1,805,784

Total

Net

Assets

100.0%

$1,987,354,437

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

All

or

a

portion

of

the

security

is

on

loan.

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

d

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,

2021,

the

value

of

these

investments

was

$54,295,755

or

2.7%

of

total

net

assets.

e

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

7,261,226

Total

lending

$7,261,226

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,631,517

Net

amounts

due

to

counterparty

$370,291

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

121,460,325

1,743,824

119,716,500

1

Consumer

Discretionary

189,361,980

8,138,164

181,223,816

–

Consumer

Staples

121,669,103

1,194,619

120,474,484

–

Energy

103,912,787

6,947,469

96,965,318

–

Financials^

312,915,285

840,304

311,969,776

105,205

Health

Care

219,052,370

–

219,052,370

–

Industrials

334,275,045

139,119

334,126,312

9,614

Information

Technology

222,368,928

11,314,851

211,054,077

–

Materials

144,322,003

1,065,340

143,240,001

16,662

Real

Estate

61,183,393

–

61,183,393

–

Utilities

23,671,931

189,116

23,482,815

–

Preferred

Stock

Consumer

Discretionary

4,028,950

–

4,028,950

–

Industrials

154,931

–

154,931

–

Information

Technology

374,243

–

374,243

–

Materials

128,866

–

128,866

–

Utilities

82,576

–

82,576

–

Long-Term

Fixed

Income

Energy

884,830

–

884,830

–

Short-Term

Investments

9,099,257

–

9,099,257

–

Subtotal

Investments

in

Securities

$1,868,946,803

$31,572,806

$1,837,242,515

$131,482

Other

Investments  *

Total

Affiliated

Short-Term

Investments

108,970,333

Collateral

Held

for

Securities

Loaned

7,631,517

Subtotal

Other

Investments

$116,601,850

Total

Investments

at

Value

$1,985,548,653

*

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.

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

7,033,674

7,033,674

–

–

Total

Liability

Derivatives

$7,033,674

$7,033,674

$–

$–

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$9,310,899

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Eurex

Euro

STOXX

50

Index

1

December

2021

$

48,418

(

$

1,835)

ICE

mini

MSCI

EAFE

Index

1,352

December

2021

160,159,875

(

6,910,675)

ICE

US

mini

MSCI

Emerging

Markets

Index

53

December

2021

3,422,004

(

121,164)

Total

Futures

Long

Contracts

$

163,630,297

(

$

7,033,674)

Total

Futures

Contracts

$

163,630,297

($7,033,674)

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

International

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$114,217

$207,934

$213,181

$108,970

10,897

5.5%

Total

Affiliated

Short-Term

Investments

114,217

108,970

5.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

6,000

251,197

249,565

7,632

7,632

0.4

Total

Collateral

Held

for

Securities

Loaned

6,000

7,632

0.4

Total

Value

$120,217

$116,602

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$0

$0

$

–

$136

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$136

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

158

Total

Affiliated

Income

from

Securities

Loaned,

Net

$158

Total

Value

$0

$0

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

(

97.5%

)

Value

Australia

(6.5%)

2,052

Afterpay,

Ltd.

a

$

178,268

5,768

AGL

Energy,

Ltd.

23,820

2,252

Ampol,

Ltd.

44,944

11,152

APA

Group

69,463

5,432

Aristocrat

Leisure,

Ltd.

180,650

1,830

ASX,

Ltd.

105,657

17,171

Aurizon

Holdings,

Ltd.

46,490

17,597

AusNet

Services,

Ltd.

31,852

26,896

Australia

and

New

Zealand

Banking

Group,

Ltd.

540,141

27,844

BHP

Group,

Ltd.

743,655

4,762

BlueScope

Steel,

Ltd.

68,999

13,612

Brambles,

Ltd.

104,669

621

Cochlear,

Ltd.

97,163

12,608

Coles

Group,

Ltd.

153,150

16,769

Commonwealth

Bank

of

Australia

1,244,435

5,136

Computershare,

Ltd.

66,414

3,448

Crown

Resorts,

Ltd.

a

23,603

4,302

CSL,

Ltd.

898,823

10,166

DEXUS

Property

Group

78,244

572

Domino's

Pizza

Enterprises,

Ltd.

65,424

12,678

Endeavour

Group,

Ltd.

63,442

17,132

Evolution

Mining,

Ltd.

43,319

16,006

Fortescue

Metals

Group,

Ltd.

170,496

15,716

Goodman

Group

241,824

18,035

GPT

Group

64,960

23,300

Insurance

Australia

Group,

Ltd.

81,370

6,508

Lendlease

Corporation,

Ltd.

50,037

3,249

Macquarie

Group,

Ltd.

419,759

1,303

Magellan

Financial

Group,

Ltd.

32,706

26,031

Medibank

Private,

Ltd.

66,463

37,218

Mirvac

Group

78,949

31,179

National

Australia

Bank,

Ltd.

614,883

7,725

Newcrest

Mining,

Ltd.

128,063

10,447

Northern

Star

Resources,

Ltd.

63,984

3,767

Orica,

Ltd.

36,794

16,647

Origin

Energy,

Ltd.

55,851

8,556

Qantas

Airways,

Ltd.

a

34,506

13,943

QBE

Insurance

Group,

Ltd.

114,865

1,731

Ramsay

Health

Care,

Ltd.

85,783

500

REA

Group,

Ltd.

56,315

2,748

Reece,

Ltd.

37,061

3,509

Rio

Tinto,

Ltd.

249,810

17,720

Santos,

Ltd.

90,762

49,059

Scentre

Group

104,416

3,175

SEEK,

Ltd.

69,797

4,291

Sonic

Healthcare,

Ltd.

124,007

44,263

South32,

Ltd.

109,840

22,564

Stockland

71,554

12,127

Suncorp

Group,

Ltd.

107,833

12,499

Sydney

Airport,

Ltd.

a

73,405

20,999

Tabcorp

Holdings,

Ltd.

72,963

39,345

Telstra

Corporation,

Ltd.

110,249

25,881

Transurban

Group

260,841

6,823

Treasury

Wine

Estates,

Ltd.

60,165

36,574

Vicinity

Centres

43,239

2,046

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

56,861

10,717

Wesfarmers,

Ltd.

426,252

34,675

Westpac

Banking

Corporation

641,263

1,382

Wisetech

Global,

Ltd.

52,410

9,108

Woodside

Petroleum,

Ltd.

155,741

11,982

Woolworths,

Ltd.

336,554

Total

10,525,256

Shares

Common

Stock

(97.5%)

Value

Austria

(0.2%)

2,641

Erste

Group

Bank

AG

$

115,964

1,392

OMV

AG

83,820

1,370

Raiffeisen

Bank

International

AG

35,831

644

Verbund

AG

65,131

1,097

Voestalpine

AG

40,521

Total

341,267

Belgium

(0.8%)

1,655

Ageas

SA

NV

81,956

7,202

Anheuser-Busch

InBev

NV

408,477

286

Elia

System

Operator

SA

34,177

504

Etablissements

Franz

Colruyt

NV

25,710

1,068

Groupe

Bruxelles

Lambert

SA

117,475

2,363

KBC

Groep

NV

213,152

1,408

Proximus

SA

27,941

146

Sofina

SA

58,012

701

Solvay

SA

86,957

1,195

UCB

SA

133,813

1,863

Umicore

SA

110,214

Total

1,297,884

Bermuda

(0.1%)

6,500

CK

Infrastructure

Holdings,

Ltd.

36,255

11,000

Hongkong

Land

Holdings,

Ltd.

52,543

2,000

Jardine

Matheson

Holdings,

Ltd.

106,080

Total

194,878

Cayman

Islands

(0.4%)

16,300

Budweiser

Brewing

Company

APAC,

Ltd.

b

41,403

18,600

Chow

Tai

Fook

Jewellery

Group,

Ltd.

35,373

18,800

ESR

Cayman,

Ltd.

a,b

56,740

500

Futu

Holdings,

Ltd.

ADR

a

45,510

1,987

Melco

Resorts

&

Entertainment.

Ltd.

ADR

a

20,347

22,800

Sands

China,

Ltd.

a

46,660

651

Sea,

Ltd.

ADR

a

207,493

13,000

SITC

International

Holdings

Company,

Ltd.

46,259

70,033

WH

Group,

Ltd.

b

49,867

16,000

Wharf

Real

Estate

Investment

Company,

Ltd.

82,206

14,400

Wynn

Macau,

Ltd.

a

12,118

Total

643,976

Denmark

(2.6%)

30

A.P.

Moller

-

Maersk

AS,

Class

A

77,311

55

A.P.

Moller

-

Maersk

AS,

Class

B

148,890

1,583

Ambu

AS

46,812

949

Carlsberg

AS

154,823

997

Christian

Hansen

Holding

AS

81,437

1,123

Coloplast

AS

175,595

6,519

Danske

Bank

AS

109,820

1,021

Demant

AS

a

51,449

1,906

DSV

AS

456,228

620

Genmab

AS

a

270,892

1,185

GN

Store

Nord

AS

81,958

15,917

Novo

Nordisk

AS

1,534,233

1,942

Novozymes

AS

133,127

1,788

Orsted

AS

b

235,684

945

Pandora

AS

114,723

80

Rockwool

International

AS

34,167

3,403

Tryg

AS

77,142

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock

(97.5%)

Value

Denmark

(2.6%)

-

continued

9,545

Vestas

Wind

Systems

AS

$

382,841

Total

4,167,132

Finland

(1.3%)

1,344

Elisa

Oyj

83,508

4,198

Fortum

Oyj

127,476

2,582

Kesko

Oyj

89,062

3,213

KONE

Oyj

225,707

3,999

Neste

Oil

Oyj

225,592

50,962

Nokia

Oyj

a

281,070

30,624

Nordea

Bank

Abp

394,630

1,003

Orion

Oyj

39,709

4,714

Sampo

Oyj

233,063

5,499

Stora

Enso

Oyj

91,594

5,045

UPM-Kymmene

Oyj

178,563

4,474

Wartsila

Corporation

53,282

Total

2,023,256

France

(10.1%)

1,589

Accor

SA

a

56,659

275

Aeroports

de

Paris

SA

a

35,024

4,478

Air

Liquide

SA

717,195

2,988

Alstom

SA

113,343

574

Amundi

SA

b

48,277

580

Arkema

SA

76,482

936

AtoS

49,722

18,292

AXA

SA

506,929

392

bioMerieux

44,604

10,632

BNP

Paribas

SA

680,240

8,354

Bollore

SA

48,242

2,160

Bouygues

SA

89,353

2,779

Bureau

Veritas

SA

85,763

1,516

Capgemini

SA

314,382

5,960

Carrefour

SA

106,811

1,601

Cie

Generale

des

Etablissements

Michelin

245,497

1,589

CNP

Assurances

25,079

4,783

Compagnie

de

Saint-Gobain

321,881

492

Covivio

41,346

11,027

Credit

Agricole

SA

151,571

6,175

Danone

SA

420,997

240

Dassault

Aviation

SA

26,978

6,272

Dassault

Systemes

SE

330,066

2,331

Edenred

125,483

806

Eiffage

SA

81,460

4,395

Electricite

de

France

55,228

17,264

Engie

SA

225,867

2,697

EssilorLuxottica

SA

515,377

366

Eurazeo

SE

34,295

1,109

Faurecia

SE

52,176

434

Gecina

SA

58,389

4,159

Groupe

Eurotunnel

SA

64,970

299

Hermes

International

412,539

349

Ipsen

SA

33,256

709

Kering

SA

503,573

1,951

Klepierre

SA

43,631

903

La

Francaise

des

Jeux

SAEM

b

46,430

2,528

Legrand

SA

271,629

2,385

L'Oreal

SA

986,919

2,624

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,879,471

18,857

Orange

SA

203,935

489

Orpea

SA

56,856

1,980

Pernod-Ricard

SA

436,516

2,110

Publicis

Groupe

SA

141,744

Shares

Common

Stock

(97.5%)

Value

France

(10.1%)

-

continued

215

Remy

Cointreau

SA

$

41,715

1,817

Renault

SA

a

64,461

3,231

Safran

SA

408,658

10,725

Sanofi

1,032,428

261

Sartorius

Stedim

Biotech

145,848

5,092

Schneider

Electric

SE

848,090

1,500

SCOR

SE

43,194

262

SEB

SA

36,859

7,663

Societe

Generale

SA

239,965

836

Sodexo

SA

a

73,063

3,324

Suez

SA

75,794

555

Teleperformance

SA

218,300

1,008

Thales

SA

97,731

23,614

Total

Energies

SE

1,128,697

875

UbiSoft

Entertainment

SA

a

52,397

2,170

Valeo

SA

60,560

5,204

Veolia

Environnement

SA

159,012

5,204

Veolia

Environnement

SA,

Rights

a,c

4,182

5,032

Vinci

SA

523,371

6,726

Vivendi

SE

84,680

254

Wendel

SA

35,096

2,246

Worldline

SA

a,b

171,203

Total

16,311,489

Germany

(8.4%)

1,800

Adidas

AG

565,660

3,897

Allianz

SE

873,103

8,681

BASF

SE

658,107

9,286

Bayer

AG

504,001

3,130

Bayerische

Motoren

Werke

AG

297,283

774

Bechtle

AG

52,938

953

Beiersdorf

AG

102,829

1,460

Brenntag

AG

135,626

380

Carl

Zeiss

Meditec

AG

72,790

9,470

Commerzbank

AG

a

62,726

1,040

Continental

AG

a

112,901

1,826

Covestro

AG

b

124,443

8,090

Daimler

AG

713,792

1,531

Delivery

Hero

AG

a,b

195,286

19,535

Deutsche

Bank

AG

a

248,245

1,796

Deutsche

Boerse

AG

291,430

2,767

Deutsche

Lufthansa

AG

a

18,879

2,767

Deutsche

Lufthansa,

Rights

a

6,571

9,369

Deutsche

Post

AG

587,526

31,504

Deutsche

Telekom

AG

631,785

3,231

Deutsche

Wohnen

AG

197,557

21,221

E.ON

SE

259,016

1,982

Evonik

Industries

AG

62,150

1,938

Fresenius

Medical

Care

AG

&

Company

KGaA

135,939

3,953

Fresenius

SE

&

Company

KGaA

189,210

643

Fuchs

Petrolub

SE

30,105

1,450

GEA

Group

AG

66,220

570

Hannover

Rueckversicherung

SE

99,260

1,407

HeidelbergCement

AG

104,967

1,561

HelloFresh

SE

a

143,872

982

Henkel

AG

&

Company

KGaA

84,476

12,344

Infineon

Technologies

AG

504,846

682

KION

Group

AG

63,410

686

Knorr-Bremse

AG

73,396

785

Lanxess

AG

53,053

681

LEG

Immobilien

AG

96,194

1,222

Merck

KGaA

264,489

505

MTU

Aero

Engines

AG

113,535

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock

(97.5%)

Value

Germany

(8.4%)

-

continued

1,324

Muenchener

Rueckversicherungs-

Gesellschaft

AG

$

361,278

546

Nemetschek

SE

57,029

1,447

Porsche

Automobil

Holding

SE

143,094

998

PUMA

SE

110,942

48

RATIONAL

AG

45,090

6,072

RWE

AG

214,149

9,870

SAP

SE

1,334,708

248

Sartorius

Aktiengesellschaft

157,878

829

Scout24

AG

b

57,578

7,231

Siemens

AG

1,182,633

3,778

Siemens

Energy

AG

a

101,059

2,665

Siemens

Healthineers

AG

b

172,839

1,216

Symrise

AG

159,382

1,520

TeamViewer

AG

a,b

44,468

9,639

Telefonica

Deutschland

Holding

AG

27,444

847

Uniper

SE

35,260

898

United

Internet

AG

34,738

307

Volkswagen

AG

94,680

5,165

Vonovia

SE

310,510

2,096

Zalando

SE

a,b

191,158

Total

13,633,533

Hong

Kong

(2.5%)

114,400

AIA

Group,

Ltd.

1,316,104

35,000

BOC

Hong

Kong

(Holdings),

Ltd.

105,470

19,000

CK

Asset

Holdings,

Ltd.

109,626

25,500

CK

Hutchison

Holdings,

Ltd.

170,114

15,500

CLP

Holdings,

Ltd.

149,241

21,000

Galaxy

Entertainment

Group,

Ltd.

a

107,752

19,000

Hang

Lung

Properties,

Ltd.

43,302

7,200

Hang

Seng

Bank,

Ltd.

123,327

14,000

Henderson

Land

Development

Company,

Ltd.

53,458

24,500

HK

Electric

Investments,

Ltd.

24,328

36,000

HKT

Trust

and

HKT,

Ltd.

49,223

106,162

Hong

Kong

and

China

Gas

Company,

Ltd.

160,399

11,400

Hong

Kong

Exchanges

&

Clearing,

Ltd.

700,536

19,700

Link

REIT

168,698

14,500

MTR

Corporation,

Ltd.

78,038

14,000

New

World

Development

Company,

Ltd.

56,941

13,000

Power

Assets

Holdings,

Ltd.

76,207

32,000

Sino

Land

Company,

Ltd.

43,050

19,000

SJM

Holdings,

Ltd.

a

12,914

12,500

Sun

Hung

Kai

Properties,

Ltd.

156,079

4,500

Swire

Pacific,

Ltd.

26,627

10,800

Swire

Properties,

Ltd.

27,081

13,000

Techtronic

Industries

Company,

Ltd.

256,900

17,000

Xinyi

Glass

Holdings

Company,

Ltd.

50,712

Total

4,066,127

Ireland

(0.8%)

7,408

CRH

plc

349,618

932

DCC

plc

77,697

1,574

Flutter

Entertainment

plc

a

312,173

4,199

James

Hardie

Industries

plc

148,944

1,504

Kerry

Group

plc

202,090

1,458

Kingspan

Group

plc

145,434

Shares

Common

Stock

(97.5%)

Value

Ireland

(0.8%)

-

continued

2,326

Smurfit

Kappa

Group

plc

$

122,460

Total

1,358,416

Isle

of

Man

(0.1%)

5,533

Entain

plc

a

158,031

Total

158,031

Israel

(0.6%)

393

Azrieli

Group,

Ltd.

35,377

10,737

Bank

Hapoalim,

Ltd.

94,310

13,733

Bank

Leumi

Le-Israel

BM

116,360

1,038

Check

Point

Software

Technologies,

Ltd.

a

117,336

376

CyberArk

Software,

Ltd.

a

59,340

246

Elbit

Systems,

Ltd.

35,620

6,676

ICL

Group,

Ltd.

48,651

11,002

Israel

Discount

Bank,

Ltd.

a

58,078

1,327

Mizrahi

Tefahot

Bank,

Ltd.

44,693

597

NICE,

Ltd.

a

169,048

10,419

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

101,481

530

Wix.com,

Ltd.

a

103,864

Total

984,158

Italy

(1.8%)

1,177

Amplifon

SPA

55,937

10,461

Assicurazioni

Generali

SPA

221,555

4,683

Atlantia

SPA

a

88,376

4,941

Davide

Campari-Milano

NV

69,407

238

DiaSorin

SPA

49,840

76,876

Enel

SPA

590,038

23,856

Eni

SPA

318,124

5,765

Finecobank

Banca

Fineco

SPA

a

104,126

3,112

Infrastrutture

Wireless

Italiane

SPA

b

34,662

156,108

Intesa

Sanpaolo

SPA

441,938

5,871

Mediobanca

SPA

a

70,634

1,940

Moncler

SPA

118,321

4,154

Nexi

Spa

a,b

77,462

4,938

Poste

Italiane

SPA

b

67,808

2,408

Prysmian

SPA

84,108

988

Recordati

SPA

57,264

19,060

Snam

SPA

105,437

94,181

Telecom

Italia

SPA

36,826

55,808

Telecom

Italia

SPA

Savings

Shares

22,520

13,299

Terna

Rete

Elettrica

Nazionale

SPA

94,380

20,146

UniCredit

SPA

266,605

Total

2,975,368

Japan

(23.7%)

300

ABC-MART,

Inc.

16,852

3,700

ACOM

Company,

Ltd.

13,520

1,900

Advantest

Corporation

169,308

6,200

Aeon

Company,

Ltd.

162,998

1,800

AGC,

Inc.

92,758

1,400

Aisin

Corporation

50,731

4,400

Ajinomoto

Company,

Inc.

130,019

1,500

All

Nippon

Airways

Company,

Ltd.

a

38,996

4,307

Asahi

Group

Holdings,

Ltd.

207,836

2,000

Asahi

Intecc

Company,

Ltd.

54,777

11,900

Asahi

Kasei

Corporation

127,521

17,600

Astellas

Pharmaceutical,

Inc.

289,679

1,200

Azbil

Corporation

51,667

1,900

Bandai

Namco

Holdings,

Inc.

142,838

5,400

Bridgestone

Corporation

255,480

2,200

Brother

Industries,

Ltd.

48,412

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock

(97.5%)

Value

Japan

(23.7%)

-

continued

9,500

Canon,

Inc.

$

232,447

1,700

Capcom

Company,

Ltd.

47,236

1,800

Casio

Computer

Company,

Ltd.

29,801

1,400

Central

Japan

Railway

Company

223,474

4,900

Chiba

Bank,

Ltd.

31,753

6,100

Chubu

Electric

Power

Company,

Inc.

72,094

6,300

Chugai

Pharmaceutical

Company,

Ltd.

230,542

10,100

Concordia

Financial

Group,

Ltd.

39,759

200

COSMOS

Pharmaceutical

Corporation

33,966

3,800

CyberAgent,

Inc.

73,311

2,100

Dai

Nippon

Printing

Company,

Ltd.

50,595

1,000

Daifuku

Company,

Ltd.

93,786

9,600

Dai-Ichi

Mutual

Life

Insurance

Company,

Ltd.

209,962

16,600

Daiichi

Sankyo

Company,

Ltd.

441,247

2,400

Daikin

Industries,

Ltd.

523,292

600

Daito

Trust

Construction

Company,

Ltd.

70,385

5,400

Daiwa

House

Industry

Company,

Ltd.

180,009

21

Daiwa

House

REIT

Investment

Corporation

61,670

13,700

Daiwa

Securities

Group,

Inc.

79,854

4,100

Denso

Corporation

267,719

2,000

Dentsu

Group,

Inc.

76,950

300

DISCO

Corporation

84,026

2,900

East

Japan

Railway

Company

204,952

2,200

Eisai

Company,

Ltd.

164,796

29,000

Eneos

Holdings,

Inc.

117,808

1,800

FANUC

Corporation

394,671

600

Fast

Retailing

Company,

Ltd.

442,509

1,200

Fuji

Electric

Company,

Ltd.

54,607

3,400

FUJIFILM

Holdings

NPV

293,589

1,900

Fujitsu,

Ltd.

343,350

39

GLP

J-Reit

64,197

400

GMO

Payment

Gateway,

Inc.

50,505

2,200

Hakuhodo

Dy

Holdings,

Inc.

37,860

1,300

Hamamatsu

Photonics

KK

80,416

2,200

Hankyu

Hanshin

Holdings,

Inc.

69,242

400

Harmonic

Drive

Systems,

Inc.

19,183

200

Hikari

Tsushin,

Inc.

33,804

2,700

Hino

Motors,

Ltd.

25,072

300

Hirose

Electric

Company,

Ltd.

49,856

500

Hisamitsu

Pharmaceutical

Company,

Inc.

18,911

1,000

Hitachi

Construction

Machinery

Company,

Ltd.

28,095

2,000

Hitachi

Metals,

Ltd.

a

38,623

9,100

Hitachi,

Ltd.

538,362

15,400

Honda

Motor

Company,

Ltd.

473,455

500

Hoshizaki

Corporation

45,477

3,500

Hoya

Corporation

546,066

2,500

Hulic

Company,

Ltd.

27,841

1,000

IBIDEN

Company,

Ltd.

55,005

2,000

Idemitsu

Kosan

Company,

Ltd.

52,613

1,400

Iida

Group

Holdings

Company,

Ltd.

36,010

9,700

Inpex

Corporation

75,528

5,500

Isuzu

Motors,

Ltd.

71,556

500

ITO

EN,

Ltd.

33,167

11,200

ITOCHU

Corporation

326,211

900

ITOCHU

Techno-Solutions

Corporation

29,227

1,400

Japan

Airlines

Company,

Ltd.

a

33,329

Shares

Common

Stock

(97.5%)

Value

Japan

(23.7%)

-

continued

4,800

Japan

Exchange

Group,

Inc.

$

119,040

3,800

Japan

Post

Bank

Company,

Ltd.

32,595

14,900

Japan

Post

Holdings

Company,

Ltd.

125,245

2,100

Japan

Post

Insurance

Company,

Ltd.

38,090

12

Japan

Real

Estate

Investment

Corporation

71,979

66

Japan

Retail

Fund

Investment

Corporation

63,374

11,300

Japan

Tobacco,

Inc.

221,415

4,600

JFE

Holdings,

Inc.

68,983

1,900

JSR

Corporation

68,297

4,200

Kajima

Corporation

53,821

1,300

Kakaku.com,

Inc.

41,981

6,700

Kansai

Electric

Power

Company,

Inc.

64,924

1,700

Kansai

Paint

Company,

Ltd.

42,171

4,600

Kao

Corporation

273,763

15,200

KDDI

Corporation

500,431

1,000

Keio

Corporation

53,487

1,200

Keisei

Electric

Railway

Company,

Ltd.

39,750

1,800

Keyence

Corporation

1,074,368

1,400

Kikkoman

Corporation

113,922

1,600

Kintetsu

Group

Holdings

Company,

Ltd.

a

53,807

7,800

Kirin

Holdings

Company,

Ltd.

144,767

500

Kobayashi

Pharmaceutical

Company,

Ltd.

39,641

1,300

Kobe

Bussan

Company,

Ltd.

42,476

520

Koei

Tecmo

Holdings

Company,

Ltd.

24,683

1,000

Koito

Manufacturing

Company,

Ltd.

60,133

8,300

Komatsu,

Ltd.

198,772

900

Konami

Holdings

Corporation

56,411

300

KOSE

Corporation

35,879

9,700

Kubota

Corporation

206,442

900

Kurita

Water

Industries,

Ltd.

43,307

3,000

Kyocera

Corporation

187,534

2,600

Kyowa

Hakko

Kirin

Company,

Ltd.

93,731

700

Lasertec

Corporation

159,360

500

Lawson,

Inc.

24,561

2,100

Lion

Corporation

33,966

2,500

LIXIL

Group

Corporation

72,458

4,200

M3,

Inc.

299,327

2,100

Makita

Corporation

115,464

14,800

Marubeni

Corporation

122,444

5,400

Mazda

Motor

Corporation

a

46,731

800

McDonald's

Holdings

Company

(Japan),

Ltd.

37,743

1,700

Medipal

Holdings

Corporation

31,994

1,200

MEIJI

Holdings

Company,

Ltd.

77,583

1,000

Mercari,

Inc.

a

55,258

3,400

Minebea

Mitsumu,

Inc.

86,591

2,700

MISUMI

Group,

Inc.

114,883

12,100

Mitsubishi

Chemical

Holdings

Corporation

110,155

11,900

Mitsubishi

Corporation

373,689

17,300

Mitsubishi

Electric

Corporation

240,428

11,200

Mitsubishi

Estate

Company,

Ltd.

178,335

1,500

Mitsubishi

Gas

Chemical

Company,

Inc.

29,579

6,100

Mitsubishi

HC

Capital,

Inc.

31,896

3,000

Mitsubishi

Heavy

Industries,

Ltd.

80,382

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock

(97.5%)

Value

Japan

(23.7%)

-

continued

115,500

Mitsubishi

UFJ

Financial

Group,

Inc.

$

682,759

14,400

Mitsui

&

Company,

Ltd.

314,885

1,700

Mitsui

Chemicals,

Inc.

56,795

8,700

Mitsui

Fudosan

Company,

Ltd.

206,668

800

Miura

Company,

Ltd.

31,980

22,830

Mizuho

Financial

Group,

Inc.

322,980

2,400

MonotaRO

Company,

Ltd.

53,784

4,200

MS

and

AD

Insurance

Group

Holdings,

Inc.

140,476

5,400

Murata

Manufacturing

Company,

Ltd.

477,643

1,100

Nabtesco

Corporation

41,591

2,300

NEC

Corporation

124,639

4,600

NEXON

Company,

Ltd.

73,833

2,400

NGK

Insulators,

Ltd.

40,683

800

NH

Foods,

Ltd.

30,211

4,200

Nidec

Corporation

463,008

2,900

Nihon

M&A

Center,

Inc.

85,157

1,100

Nintendo

Company,

Ltd.

525,671

14

Nippon

Building

Fund,

Inc.

90,955

700

Nippon

Express

Company,

Ltd.

48,209

6,700

Nippon

Paint

Holdings

Company,

Ltd.

72,964

20

Nippon

Prologis

REIT,

Inc.

66,841

1,400

Nippon

Sanso

Holdings

Corporation

35,086

500

Nippon

Shinyaku

Company,

Ltd.

41,562

8,100

Nippon

Steel

Corporation

145,687

12,200

Nippon

Telegraph

and

Telephone

Corporation

338,052

1,500

Nippon

Yusen

Kabushiki

Kaisha

112,393

1,200

Nissan

Chemical

Industries,

Ltd.

70,184

21,900

Nissan

Motor

Company,

Ltd.

a

109,445

1,900

Nisshin

Seifun

Group,

Inc.

31,484

600

Nissin

Foods

Holdings

Company,

Ltd.

48,147

800

Nitori

Holdings

Company,

Ltd.

157,658

1,300

Nitto

Denko

Corporation

92,543

29,000

Nomura

Holdings,

Inc.

142,967

1,100

Nomura

Real

Estate

Holdings,

Inc.

28,598

40

Nomura

Real

Estate

Master

Fund,

Inc.

57,571

3,200

Nomura

Research

Institute,

Ltd.

117,622

3,600

NSK,

Ltd.

24,395

6,000

NTT

Data

Corporation

116,005

6,100

Obayashi

Corporation

50,281

700

OBIC

Company,

Ltd.

133,111

2,800

Odakyu

Electric

Railway

Company,

Ltd.

64,806

7,700

Oji

Holdings

Corporation

38,798

11,000

Olympus

Corporation

240,768

1,800

OMRON

Corporation

178,115

3,500

Ono

Pharmaceutical

Company,

Ltd.

79,813

400

Oracle

Corporation

Japan

35,138

1,900

Oriental

Land

Company,

Ltd.

307,374

11,500

ORIX

Corporation

215,183

25

ORIX

JREIT,

Inc.

43,509

3,500

Osaka

Gas

Company,

Ltd.

63,956

1,100

Otsuka

Corporation

56,565

3,700

Otsuka

Holdings

Company,

Ltd.

158,222

3,900

Pan

Pacific

International

Holdings

Company

80,470

20,900

Panasonic

Corporation

259,064

900

PeptiDream,

Inc.

a

29,380

1,700

Persol

Holdings

Company,

Ltd.

42,379

Shares

Common

Stock

(97.5%)

Value

Japan

(23.7%)

-

continued

1,100

Pigeon

Corporation

$

25,573

900

Pola

Orbis

Holdings,

Inc.

20,716

8,200

Rakuten

Group,

Inc.

79,874

12,800

Recruit

Holdings

Company,

Ltd.

782,411

11,800

Renesas

Electronics

Corporation

a

145,227

20,200

Resona

Holdings,

Inc.

80,800

6,300

Ricoh

Company,

Ltd.

64,463

300

Rinnai

Corporation

32,937

800

Rohm

Company,

Ltd.

75,442

2,400

Ryohin

Keikaku

Company,

Ltd.

53,383

3,400

Santen

Pharmaceutical

Company,

Ltd.

47,818

2,300

SBI

Holdings,

Inc.

56,333

1,500

SCSK

Corporation

31,726

2,000

Secom

Company,

Ltd.

144,656

2,600

Seiko

Epson

Corporation

52,494

3,600

Sekisui

Chemical

Company,

Ltd.

61,856

5,800

Sekisui

House,

Ltd.

121,458

7,100

Seven

&

I

Holdings

Company,

Ltd.

323,224

3,000

SG

Holdings

Company,

Ltd.

84,873

2,000

Sharp

Corporation

25,212

2,200

Shimadzu

Corporation

96,616

700

Shimano,

Inc.

204,531

5,100

Shimizu

Corporation

38,175

3,300

Shin-Etsu

Chemical

Company,

Ltd.

556,938

2,500

Shionogi

&

Company,

Ltd.

171,073

3,800

Shiseido

Company,

Ltd.

255,396

4,100

Shizuoka

Bank,

Ltd.

33,686

500

SMC

Corporation

311,955

27,100

SoftBank

Corporation

367,606

11,400

SoftBank

Group

Corporation

658,752

700

Sohgo

Security

Services

Company,

Ltd.

31,470

3,000

Sompo

Holdings,

Inc.

130,155

11,900

Sony

Group

Corporation

1,321,123

800

Square

Enix

Holdings

Company,

Ltd.

42,757

1,200

Stanley

Electric

Company,

Ltd.

30,310

5,800

Subaru

Corporation

107,182

2,600

Sumco

Corporation

51,871

14,100

Sumitomo

Chemical

Company,

Ltd.

73,183

10,600

Sumitomo

Corporation

149,321

1,700

Sumitomo

Dainippon

Pharma

Company,

Ltd.

30,386

7,100

Sumitomo

Electric

Industries,

Ltd.

94,413

2,300

Sumitomo

Metal

Mining

Company,

Ltd.

83,169

12,300

Sumitomo

Mitsui

Financial

Group,

Inc.

432,706

3,200

Sumitomo

Mitsui

Trust

Holdings,

Inc.

110,208

2,900

Sumitomo

Realty

&

Development

Company,

Ltd.

105,998

1,300

Suntory

Beverage

and

Food,

Ltd.

53,892

3,500

Suzuki

Motor

Corporation

156,377

1,600

Sysmex

Corporation

198,734

5,100

T&D

Holdings,

Inc.

69,961

1,800

Taisei

Corporation

57,675

400

Taisho

Pharmaceutical

Holdings

Company,

Ltd.

23,316

14,900

Takeda

Pharmaceutical

Company,

Ltd.

491,443

3,600

TDK

Corporation

129,826

6,100

Terumo

Corporation

288,032

1,100

THK

Company,

Ltd.

24,138

2,100

TIS,

Inc.

57,318

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock

(97.5%)

Value

Japan

(23.7%)

-

continued

1,800

Tobu

Railway

Company,

Ltd.

$

48,466

1,100

Toho

Company,

Ltd.

51,822

700

Toho

Gas

Company,

Ltd.

30,446

4,000

Tohoku

Electric

Power

Company,

Inc.

29,405

5,900

Tokio

Marine

Holdings,

Inc.

316,270

300

Tokyo

Century

Corporation

16,890

14,100

Tokyo

Electric

Power

Company,

Inc.

a

40,147

1,400

Tokyo

Electron,

Ltd.

618,490

3,600

Tokyo

Gas

Company,

Ltd.

66,986

4,700

Tokyu

Corporation

69,764

2,500

Toppan,

Inc.

42,388

13,100

Toray

Industries,

Inc.

83,240

3,900

Toshiba

Corporation

164,155

2,500

Tosoh

Corporation

45,304

1,300

TOTO,

Ltd.

61,902

800

Toyo

Suisan

Kaisha,

Ltd.

35,424

1,400

Toyota

Industries

Corporation

115,192

100,000

Toyota

Motor

Corporation

1,781,739

2,000

Toyota

Tsusho

Corporation

83,987

1,300

Trend

Micro,

Inc.

72,395

400

TSURUHA

Holdings,

Inc.

49,329

3,800

Unicharm

Corporation

168,386

28

United

Urban

Investment

Corporation

37,844

2,100

USS

Company,

Ltd.

35,747

900

Welcia

Holdings

Company,

Ltd.

32,438

2,000

West

Japan

Railway

Company

100,534

1,175

Yakult

Honsha

Company,

Ltd.

59,480

6,300

Yamada

Holdings

Company,

Ltd.

26,457

1,300

Yamaha

Corporation

81,773

2,800

Yamaha

Motor

Company,

Ltd.

77,952

2,800

Yamato

Holdings

Company,

Ltd.

70,869

2,300

Yaskawa

Electric

Corporation

110,443

2,200

Yokogawa

Electric

Corporation

38,371

25,300

Z

Holdings

Corporation

161,922

1,200

ZOZO,

Inc.

44,958

Total

38,380,355

Jersey

(0.3%)

8,726

Experian

plc

365,533

11,345

WPP

plc

151,996

Total

517,529

Luxembourg

(0.3%)

6,775

Arcelor

Mittal

207,400

9,443

Aroundtown

SA

65,052

1,262

Eurofins

Scientific

SE

162,030

1,852

InPost

SA

a

30,731

4,463

Tenaris

SA

46,946

Total

512,159

Netherlands

(6.0%)

3,998

ABN

AMRO

Group

NV

a,b

57,680

187

Adyen

NV

a,b

522,731

16,913

Aegon

NV

87,302

5,572

Airbus

Group

NV

a

738,710

1,801

Akzo

Nobel

NV

196,785

433

Argenx

SE

a

130,845

447

ASM

International

NV

175,053

3,965

ASML

Holding

NV

2,962,076

9,672

CNH

Industrial

NV

162,577

1,025

EXOR

NV

86,015

1,191

Ferrari

NV

248,561

Shares

Common

Stock

(97.5%)

Value

Netherlands

(6.0%)

-

continued

1,089

Heineken

Holding

NV

$

94,825

2,450

Heineken

NV

255,718

36,901

ING

Groep

NV

536,484

694

JDE

Peet's

BV

20,740

1,696

Just

Eat

Takeaway.com

NV

a,b

123,916

31,780

Koninklijke

(Royal)

KPN

NV

100,004

9,884

Koninklijke

Ahold

Delhaize

NV

329,118

1,652

Koninklijke

DSM

NV

330,359

8,611

Koninklijke

Philips

NV

382,559

665

Koninklijke

Vopak

NV

26,202

2,554

NN

Group

NV

133,784

8,820

Prosus

NV

705,960

2,159

Qiagen

NV

a

112,014

1,130

Randstad

Holding

NV

76,079

19,195

Stellantis

NV

365,301

6,455

STMicroelectronics

NV

281,836

6,726

Universal

Music

Group

N.V.

a

180,090

2,529

Wolters

Kluwer

NV

268,064

Total

9,691,388

New

Zealand

(0.3%)

6,875

a2

Milk

Company,

Ltd.

a

30,442

11,832

Auckland

International

Airport,

Ltd.

a

63,601

5,449

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

119,855

6,306

Mercury

NZ,

Ltd.

28,203

12,109

Meridian

Energy,

Ltd.

40,950

4,017

Ryman

Healthcare,

Ltd.

41,799

17,648

Spark

New

Zealand,

Ltd.

58,060

1,258

Xero,

Ltd.

a

123,446

Total

506,356

Norway

(0.7%)

2,590

Adevinta

ASA

a

44,383

8,792

DNB

Bank

ASA

199,884

9,237

Equinor

ASA

234,905

1,890

Gjensidige

Forsikring

ASA

41,860

4,155

Mowi

ASA

105,565

12,711

Norsk

Hydro

ASA

94,875

7,099

Orkla

ASA

65,156

691

Schibsted

ASA,

Class

A

32,800

920

Schibsted

ASA,

Class

B

39,129

6,614

Telenor

ASA

111,327

1,647

Yara

International

ASA

81,586

Total

1,051,470

Papua

New

Guinea

(<0.1%)

18,658

Oil

Search,

Ltd.

58,063

Total

58,063

Portugal

(0.1%)

26,238

EDP

-

Energias

de

Portugal

SA

137,831

4,738

Galp

Energia

SGPS

SA

53,814

2,379

Jeronimo

Martins

SGPS

SA

47,426

Total

239,071

Singapore

(1.0%)

31,454

Ascendas

REIT

69,330

46,729

CapitaLand

Integrated

Commercial

Trust

69,583

24,900

Capitaland

Investment,

Ltd.

a

62,351

3,800

City

Developments,

Ltd.

19,232

17,100

DBS

Group

Holdings,

Ltd.

378,912

56,000

Genting

Singapore,

Ltd.

29,526

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Shares

Common

Stock

(97.5%)

Value

Singapore

(1.0%)

-

continued

13,800

Keppel

Corporation,

Ltd.

$

52,699

20,000

Mapletree

Commercial

Trust

30,309

28,323

Mapletree

Logistics

Trust

42,341

31,763

Oversea-Chinese

Banking

Corporation,

Ltd.

267,468

12,700

Singapore

Airlines,

Ltd.

a

46,769

7,600

Singapore

Exchange,

Ltd.

55,639

14,800

Singapore

Technologies

Engineering,

Ltd.

41,313

78,000

Singapore

Telecommunications,

Ltd.

140,421

11,100

United

Overseas

Bank,

Ltd.

209,985

4,300

United

Overseas

Land,

Ltd.

21,623

2,600

Venture

Corporation,

Ltd.

34,174

18,200

Wilmar

International,

Ltd.

56,227

Total

1,627,902

Spain

(2.4%)

2,318

ACS

Actividades

de

Construccion

y

Servicios

SA

62,791

709

Aena

SA

a,b

122,615

4,258

Amadeus

IT

Holding

SA

a

280,055

63,025

Banco

Bilbao

Vizcaya

Argentaria

SA

416,002

163,903

Banco

Santander

SA

593,715

41,904

CaixaBank

SA

129,945

4,816

Cellnex

Telecom

SA

b

297,339

2,724

EDP

Renovaveis

SA

67,587

2,353

Enagas

SA

52,293

3,002

Endesa

SA

60,543

4,503

Ferrovial

SA

131,436

2,819

Grifols

SA

68,834

55,963

Iberdrola

SA

563,010

10,310

Industria

de

Diseno

Textil

SA

379,363

2,749

Naturgy

Energy

Group

SA

69,195

4,091

Red

Electrica

Corporacion

SA

82,074

13,715

Repsol

SA

179,029

2,253

Siemens

Gamesa

Renewable

Energy

SA

a

57,265

48,622

Telefonica

SA

228,162

Total

3,841,253

Supranational

(0.1%)

1,178

Unibail-Rodamco-Westfield

a

86,701

Total

86,701

Sweden

(3.4%)

989

AB

Industrivarden,

Class

A

31,595

1,509

AB

Industrivarden,

Class

C

46,622

2,974

Alfa

Laval

AB

110,926

9,474

Assa

Abloy

AB

274,809

6,347

Atlas

Copco

AB,

Class

A

383,268

3,688

Atlas

Copco

AB,

Class

B

187,448

2,585

Boliden

AB

82,773

2,132

Electrolux

AB

49,257

4,414

Embracer

Group

AB

a

42,504

6,229

Epiroc

AB,

Class

A

129,498

3,686

Epiroc

AB,

Class

B

65,285

2,797

EQT

AB

116,142

5,752

Essity

Aktiebolag

178,392

1,606

Evolution

Gaming

Group

AB

b

243,211

994

Fastighets

AB

Balder

a

59,736

6,903

Hennes

&

Mauritz

AB

a

139,728

18,621

Hexagon

AB

288,030

3,955

Husqvarna

AB

47,247

Shares

Common

Stock

(97.5%)

Value

Sweden

(3.4%)

-

continued

951

ICA

Gruppen

AB

$

43,632

1,399

Investment

AB

Latour

43,291

17,221

Investor

AB

370,327

2,287

Kinnevik

AB

a

80,398

718

L

E

Lundbergforetagen

AB

39,402

1,892

Lundin

Energy

AB

70,233

13,482

NIBE

Industrier

AB

169,425

10,671

Sandvik

AB

243,793

2,960

Securitas

AB

46,850

4,781

Sinch

AB

a,b

92,713

15,383

Skandinaviska

Enskilda

Banken

AB

216,798

3,215

Skanska

AB

80,657

3,607

SKF

AB

85,057

5,727

Svenska

Cellulosa

AB

SCA

88,757

13,787

Svenska

Handelsbanken

AB

154,406

8,560

Swedbank

AB

172,610

15,017

Swedish

Match

AB

131,500

4,734

Tele2

AB

70,095

27,588

Telefonaktiebolaget

LM

Ericsson

311,384

25,126

Telia

Company

AB

103,362

1,893

Volvo

AB,

Class

A

42,772

13,513

Volvo

AB,

Class

B

301,698

Total

5,435,631

Switzerland

(9.8%)

16,395

ABB,

Ltd.

548,442

1,465

Adecco

SA

73,405

4,723

Alcon,

Inc.

382,425

438

Baloise

Holding

AG

66,440

279

Banque

Cantonale

Vaudoise

21,213

34

Barry

Callebaut

AG

77,114

1

Chocoladefabriken

Lindt

and

Spruengli

AG

117,925

2,039

Clariant

AG

38,273

1,896

Coca-Cola

HBC

AG

61,097

4,934

Compagnie

Financiere

Richemont

SA

511,567

24,110

Credit

Suisse

Group

AG

238,117

66

EMS-CHEMIE

Holding

AG

62,358

2,111

Ferguson

plc

293,053

350

Geberit

AG

256,971

87

Givaudan

SA

396,641

94,456

Glencore

Xstrata

plc

444,331

4,948

Holcim,

Ltd.

238,420

2,115

Julius

Baer

Group,

Ltd.

140,520

514

Kuehne

&

Nagel

International

AG

175,480

10

Lindt

&

Spruengli

AG

111,809

1,636

Logitech

International

SA

145,550

704

Lonza

Group

AG

528,077

27,231

Nestle

SA

3,281,065

20,987

Novartis

AG

1,720,918

215

Partners

Group

Holding

AG

335,537

6,641

Roche

Holding

AG

2,423,766

302

Roche

Holding

AG-BR

123,948

190

Schindler

Holding

AG

48,949

385

Schindler

Holding

AG,

Participation

Certificate

103,361

57

SGS

SA

165,918

1,340

Sika

AG

423,672

517

Sonova

Holding

AG

195,379

98

Straumann

Holding

AG

175,759

274

Swatch

Group

AG,

Bearer

Shares

72,179

487

Swatch

Group

AG,

Registered

Shares

25,058

303

Swiss

Life

Holding

AG

152,672

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock

(97.5%)

Value

Switzerland

(9.8%)

-

continued

718

Swiss

Prime

Site

AG

$

70,135

2,851

Swiss

Re

AG

243,333

245

Swisscom

AG

140,993

631

Temenos

AG

85,618

34,652

UBS

Group

AG

553,102

461

Vifor

Pharma

AG

59,753

1,422

Zurich

Insurance

Group

AG

581,485

Total

15,911,828

United

Kingdom

(13.2%)

9,198

3i

Group

plc

157,992

20,612

ABRDN

plc

70,492

1,825

Admiral

Group

plc

76,255

12,240

Anglo

American

plc

428,996

3,727

Antofagasta

plc

67,730

4,242

Ashtead

Group

plc

320,667

3,367

Associated

British

Foods

plc

83,814

14,642

AstraZeneca

plc

1,764,621

9,137

Auto

Trader

Group

plc

b

72,056

1,139

Aveva

Group

plc

55,049

37,140

Aviva

plc

196,837

30,509

BAE

Systems

plc

231,077

160,735

Barclays

plc

408,424

9,625

Barratt

Developments

plc

85,083

1,062

Berkeley

Group

Holdings

plc

62,016

19,963

BHP

Group

plc

502,955

191,335

BP

plc

871,503

20,604

British

American

Tobacco

plc

720,203

8,321

British

Land

Company

plc

55,215

84,369

BT

Group

plc

a

180,871

3,186

Bunzl

plc

105,121

3,827

Burberry

Group

plc

93,136

1,934

Coca-Cola

European

Partners

plc

106,931

16,862

Compass

Group

plc

a

344,848

1,319

Croda

International

plc

151,127

22,105

Diageo

plc

1,070,214

12,634

Direct

Line

Insurance

Group

plc

49,299

4,826

Evraz

plc

38,289

47,557

GlaxoSmithKline

plc

897,551

3,588

Halma

plc

136,859

3,362

Hargreaves

Lansdown

plc

64,553

1,636

Hikma

Pharmaceuticals

plc

53,818

193,067

HSBC

Holdings

plc

1,009,485

8,945

Imperial

Brands

plc

187,099

14,207

Informa

plc

a

104,478

1,732

InterContinental

Hotels

Group

plc

a

110,591

1,525

Intertek

Group

plc

101,973

15,854

J

Sainsbury

plc

60,765

4,875

JD

Sports

Fashion

plc

68,511

1,829

Johnson

Matthey

plc

65,619

19,956

Kingfisher

plc

90,079

6,658

Land

Securities

Group

plc

62,055

56,406

Legal

&

General

Group

plc

211,922

670,735

Lloyds

TSB

Group

plc

417,480

3,109

London

Stock

Exchange

Group

plc

311,548

24,574

M&G

plc

67,141

36,830

Melrose

Industries

plc

85,508

4,589

Mondi

plc

112,458

33,604

National

Grid

plc

400,416

54,711

Natwest

Group

plc

164,946

1,257

Next

plc

138,271

4,606

Ocado

Group

plc

a

102,934

7,148

Pearson

plc

68,551

3,016

Persimmon

plc

107,867

6,139

Phoenix

Group

Holdings

plc

53,073

Shares

Common

Stock

(97.5%)

Value

United

Kingdom

(13.2%)

-

continued

24,723

Prudential

plc

$

479,760

6,743

Reckitt

Benckiser

Group

plc

529,732

18,272

RELX

plc

525,983

17,574

Rentokil

Initial

plc

138,005

10,614

Rio

Tinto

plc

695,770

79,090

Rolls-Royce

Holdings

plc

a

147,718

38,765

Royal

Dutch

Shell

plc,

Class

A

862,102

35,031

Royal

Dutch

Shell

plc,

Class

B

776,169

10,149

Sage

Group

plc

96,635

1,175

Schroders

plc

56,588

11,344

SEGRO

plc

182,228

2,361

Severn

Trent

plc

82,656

8,309

Smith

&

Nephew

plc

143,146

3,747

Smiths

Group

plc

72,253

697

Spirax-Sarco

Engineering

plc

140,240

9,859

SSE

plc

207,583

5,097

St.

James's

Place

plc

102,818

25,059

Standard

Chartered

plc

146,490

34,462

Taylor

Wimpey

plc

71,877

73,080

Tesco

plc

248,884

24,764

Unilever

plc

1,340,683

6,445

United

Utilities

Group

plc

83,884

264,293

Vodafone

Group

plc

402,173

1,909

Whitbread

plc

a

84,880

22,777

William

Morrison

Supermarkets

plc

90,381

Total

21,335,010

Total

Common

Stock

(cost

$118,860,508)

157,875,487

Shares

Preferred

Stock

(

0.4%

)

Germany

(0.4%)

545

Bayerische

Motoren

Werke

AG

41,341

1,684

Henkel

AG

&

Company

KGaA

155,784

1,754

Volkswagen

AG

390,970

Total

588,095

Total

Preferred

Stock

(cost

$434,896)

588,095

Shares

or

Principal

Amount

Short-Term

Investments

(

1.7%

)

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.040%,

 11/17/2021

d,e

99,995

100,000

0.040%,

 11/18/2021

d,e

99,995

Thrivent

Core

Short-Term

Reserve

Fund

261,131

0.120%

2,611,308

Total

Short-Term

Investments

(cost

$2,811,298)

2,811,298

Total

Investments

(cost

$122,106,702)

99.6%

$161,274,880

Other

Assets

and

Liabilities,

Net

0.4%

620,876

Total

Net

Assets

100.0%

$161,895,756

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,

2021,

the

value

of

these

investments

was

$3,147,569

or

1.9%

of

total

net

assets.

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

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.

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,

2021,

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

7,631,720

–

7,631,720

–

Consumer

Discretionary

18,820,598

20,347

18,800,251

–

Consumer

Staples

16,505,538

106,931

16,398,607

–

Energy

5,726,121

–

5,726,121

–

Financials

28,214,525

45,510

28,169,015

–

Health

Care

19,361,036

101,481

19,259,555

–

Industrials

23,824,085

–

23,824,085

–

Information

Technology

16,789,232

488,033

16,301,199

–

Materials

11,276,008

–

11,276,008

–

Real

Estate

4,634,423

–

4,634,423

–

Utilities

5,092,201

–

5,088,019

4,182

Preferred

Stock

Consumer

Discretionary

432,311

–

432,311

–

Consumer

Staples

155,784

–

155,784

–

Short-Term

Investments

199,990

–

199,990

–

Subtotal

Investments

in

Securities

$158,663,572

$762,302

$157,897,088

$4,182

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,611,308

Subtotal

Other

Investments

$2,611,308

Total

Investments

at

Value

$161,274,880

*

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

118,596

118,596

–

–

Total

Liability

Derivatives

$118,596

$118,596

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$199,990

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

28

December

2021

$

3,292,396

(

$

118,596)

Total

Futures

Long

Contracts

$

3,292,396

(

$

118,596)

Total

Futures

Contracts

$

3,292,396

($118,596)

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$1,935

$14,531

$13,855

$2,611

261

1.6%

Total

Affiliated

Short-Term

Investments

1,935

2,611

1.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

5,546

5,546

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$1,935

$2,611

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Shares

Common

Stock

(

97.9%

)

Value

Communications

Services

(16.3%)

81,998

Alphabet,

Inc.,

Class

A

a

$

219,223,293

388,325

Facebook,

Inc.

a

131,793,622

452,987

Live

Nation

Entertainment,

Inc.

a

41,280,705

630,660

Twitter,

Inc.

a

38,085,557

Total

430,383,177

Consumer

Discretionary

(15.0%)

60,668

Amazon.com,

Inc.

a

199,296,807

240,038

Aptiv

plc

a

35,758,461

89,348

Carvana

Company

a

26,941,996

21,026

Chipotle

Mexican

Grill,

Inc.

a

38,215,175

226,932

Penn

National

Gaming,

Inc.

a

16,443,493

100,789

Tesla,

Inc.

a

78,159,854

Total

394,815,786

Consumer

Staples

(0.9%)

421,336

BJ's

Wholesale

Club

Holdings,

Inc.

a

23,139,773

Total

23,139,773

Financials

(6.5%)

229,179

American

Express

Company

38,394,358

683,926

Charles

Schwab

Corporation

49,817,170

149,369

First

Republic

Bank

28,810,293

70,752

Raymond

James

Financial,

Inc.

6,528,994

112,316

S&P

Global,

Inc.

47,721,945

Total

171,272,760

Health

Care

(12.9%)

33,983

Amedisys

,

Inc.

a

5,066,865

106,361

Amgen,

Inc.

22,617,667

54,133

Anthem,

Inc.

20,180,782

119,185

Danaher

Corporation

36,284,681

56,709

Dexcom

,

Inc.

a

31,011,884

244,717

Edwards

Lifesciences

Corporation

a

27,704,411

48,494

Intuitive

Surgical,

Inc.

a

48,210,310

212,495

Novo

Nordisk

AS

ADR

20,401,645

142,038

Teladoc

Health,

Inc.

a

18,011,839

75,987

Thermo

Fisher

Scientific,

Inc.

43,413,653

93,127

Veeva

Systems,

Inc.

a

26,836,408

213,662

Zoetis,

Inc.

41,480,341

Total

341,220,486

Industrials

(4.3%)

81,764

Lockheed

Martin

Corporation

28,216,756

153,154

Norfolk

Southern

Corporation

36,642,095

1,079,081

Uber

Technologies,

Inc.

a

48,342,829

Total

113,201,680

Information

Technology

(40.9%)

146,293

Adobe,

Inc.

a

84,223,806

1,344,414

Apple,

Inc.

190,234,581

246,537

Mastercard

,

Inc.

85,715,984

851,106

Microsoft

Corporation

239,943,804

481,061

NVIDIA

Corporation

99,656,597

472,372

PayPal

Holdings,

Inc.

a

122,915,918

327,984

QUALCOMM,

Inc.

42,303,376

274,403

Salesforce.com,

Inc.

a

74,423,582

89,390

ServiceNow

,

Inc.

a

55,624,715

338,024

Square,

Inc.

a

81,071,676

Total

1,076,114,039

Shares

Common

Stock

(97.9%)

Value

Materials

(1.1%)

102,117

Sherwin-Williams

Company

$

28,565,188

Total

28,565,188

Total

Common

Stock

(cost

$1,231,429,744)

2,578,712,889

Shares

Registered

Investment

Companies

(

0.7%

)

Value

Unaffiliated  (0.7%)

137,924

SPDR

S&P

Biotech

ETF

b

17,338,426

Total

17,338,426

Total

Registered

Investment

Companies

(cost

$18,022,113)

17,338,426

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

16,801,410

Thrivent

Cash

Management

Trust

16,801,410

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,801,410)

16,801,410

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

4,721,359

0.120%

47,213,593

Total

Short-Term

Investments

(cost

$47,191,121)

47,213,593

Total

Investments

(cost

$1,313,444,388)

101.0%

$2,660,066,318

Other

Assets

and

Liabilities,

Net

(1.0%)

(26,476,244)

Total

Net

Assets

100.0%

$2,633,590,074

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

Growth

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

16,468,010

Total

lending

$16,468,010

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,801,410

Net

amounts

due

to

counterparty

$333,400

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.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

430,383,177

430,383,177

–

–

Consumer

Discretionary

394,815,786

394,815,786

–

–

Consumer

Staples

23,139,773

23,139,773

–

–

Financials

171,272,760

171,272,760

–

–

Health

Care

341,220,486

341,220,486

–

–

Industrials

113,201,680

113,201,680

–

–

Information

Technology

1,076,114,039

1,076,114,039

–

–

Materials

28,565,188

28,565,188

–

–

Registered

Investment

Companies

Unaffiliated

17,338,426

17,338,426

–

–

Subtotal

Investments

in

Securities

$2,596,051,315

$2,596,051,315

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

47,213,593

Collateral

Held

for

Securities

Loaned

16,801,410

Subtotal

Other

Investments

$64,015,003

Total

Investments

at

Value

$2,660,066,318

*

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$37,066

$406,129

$395,981

$47,214

4,721

1.8%

Total

Affiliated

Short-Term

Investments

37,066

47,214

1.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

8,370

188,685

180,254

16,801

16,801

0.6

Total

Collateral

Held

for

Securities

Loaned

8,370

16,801

0.6

Total

Value

$45,436

$64,015

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$8

$(8)

$

–

$44

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$44

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

Value

$8

$(8)

$

–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(10.5%)

33,360

Activision

Blizzard,

Inc.

$

2,581,730

12,915

Alphabet,

Inc.,

Class

A

a

34,528,511

12,086

Alphabet,

Inc.,

Class

C

a

32,212,937

306,268

AT&T,

Inc.

8,272,299

5,441

Charter

Communications,

Inc.

a

3,958,654

196,470

Comcast

Corporation

10,988,567

7,253

Discovery,

Inc.,

Class

A

a,b

184,081

13,029

Discovery,

Inc.,

Class

C

a

316,214

10,678

DISH

Network

Corporation

a

464,066

12,207

Electronic

Arts,

Inc.

1,736,446

102,253

Facebook,

Inc.

a

34,703,646

13,872

Fox

Corporation,

Class

A

556,406

6,362

Fox

Corporation,

Class

B

236,157

16,884

Interpublic

Group

of

Companies,

Inc.

619,136

5,652

Live

Nation

Entertainment,

Inc.

a

515,067

42,668

Lumen

Technologies,

Inc.

b

528,656

11,874

Match

Group,

Inc.

a

1,864,099

16,781

News

Corporation,

Class

A

394,857

5,223

News

Corporation,

Class

B

121,330

9,197

Omnicom

Group,

Inc.

666,415

4,998

Take-Two

Interactive

Software,

Inc.

a

770,042

25,160

T-Mobile

US,

Inc.

a

3,214,441

34,229

Twitter,

Inc.

a

2,067,089

177,589

Verizon

Communications,

Inc.

9,591,582

25,986

ViacomCBS,

Inc.

1,026,707

77,945

Walt

Disney

Company

a

13,185,956

Total

165,305,091

Consumer

Discretionary

(13.1%)

2,807

Advance

Auto

Parts,

Inc.

586,354

18,682

Amazon.com,

Inc.

a

61,371,117

11,603

Aptiv

plc

a

1,728,499

924

AutoZone,

Inc.

a

1,568,943

11,356

Bath

&

Body

Works,

Inc.

715,769

9,670

Best

Buy

Company,

Inc.

1,022,216

1,761

Booking

Holdings,

Inc.

a

4,180,385

10,286

BorgWarner,

Inc.

444,458

9,155

Caesars

Entertainment,

Inc.

a

1,027,923

6,989

CarMax,

Inc.

a

894,313

34,253

Carnival

Corporation

a

856,668

1,205

Chipotle

Mexican

Grill,

Inc.

a

2,190,112

13,981

D.R.

Horton,

Inc.

1,173,985

5,590

Darden

Restaurants,

Inc.

846,717

10,132

Dollar

General

Corporation

2,149,403

9,950

Dollar

Tree,

Inc.

a

952,414

1,581

Domino's

Pizza,

Inc.

754,074

27,884

eBay,

Inc.

1,942,678

5,429

Etsy,

Inc.

a

1,129,015

6,232

Expedia

Group,

Inc.

a

1,021,425

168,315

Ford

Motor

Company

a

2,383,340

9,232

Gap,

Inc.

209,566

6,517

Garmin,

Ltd.

1,013,133

62,271

General

Motors

Company

a

3,282,304

6,143

Genuine

Parts

Company

744,716

14,977

Hanesbrands,

Inc.

257,005

5,552

Hasbro,

Inc.

495,350

11,954

Hilton

Worldwide

Holdings,

Inc.

a

1,579,243

45,608

Home

Depot,

Inc.

14,971,282

14,747

Las

Vegas

Sands

Corporation

a

539,740

5,718

Leggett

&

Platt,

Inc.

256,395

11,783

Lennar

Corporation

1,103,832

11,597

LKQ

Corporation

a

583,561

30,322

Lowe's

Companies,

Inc.

6,151,121

Shares

Common

Stock

(99.8%)

Value

Consumer

Discretionary

(13.1%)

-

continued

11,734

Marriott

International,

Inc.

a

$

1,737,688

32,034

McDonald's

Corporation

7,723,718

17,156

MGM

Resorts

International

740,281

2,398

Mohawk

Industries,

Inc.

a

425,405

18,985

Netflix,

Inc.

a

11,587,305

16,240

Newell

Brands,

Inc.

359,554

54,823

NIKE,

Inc.

7,961,944

15,872

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

423,941

144

NVR,

Inc.

a

690,348

2,958

O'Reilly

Automotive,

Inc.

a

1,807,516

6,725

Penn

National

Gaming,

Inc.

a

487,294

1,720

Pool

Corporation

747,185

11,132

PulteGroup,

Inc.

511,181

3,061

PVH

Corporation

a

314,640

2,086

Ralph

Lauren

Corporation

231,629

15,319

Ross

Stores,

Inc.

1,667,473

9,614

Royal

Caribbean

Cruises,

Ltd.

a

855,165

50,577

Starbucks

Corporation

5,579,149

11,962

Tapestry,

Inc.

442,833

21,221

Target

Corporation

4,854,728

34,806

Tesla,

Inc.

a

26,991,357

51,752

TJX

Companies,

Inc.

3,414,597

4,904

Tractor

Supply

Company

993,599

2,349

Ulta

Beauty,

Inc.

a

847,801

8,092

Under

Armour,

Inc.,

Class

A

a

163,297

8,940

Under

Armour,

Inc.,

Class

C

a

156,629

13,979

VF

Corporation

936,453

2,690

Whirlpool

Corporation

548,383

4,515

Wynn

Resorts,

Ltd.

a

382,646

12,682

Yum!

Brands,

Inc.

1,551,135

Total

205,261,930

Consumer

Staples

(5.8%)

79,101

Altria

Group,

Inc.

3,600,677

23,994

Archer-Daniels-Midland

Company

1,439,880

7,838

Brown-Forman

Corporation

525,224

8,710

Campbell

Soup

Company

364,165

10,533

Church

&

Dwight

Company,

Inc.

869,710

5,268

Clorox

Company

872,433

166,644

Coca-Cola

Company

8,743,811

36,182

Colgate-Palmolive

Company

2,734,636

20,604

Conagra

Brands,

Inc.

697,857

7,217

Constellation

Brands,

Inc.

1,520,550

18,962

Costco

Wholesale

Corporation

8,520,575

9,947

Estee

Lauder

Companies,

Inc.

2,983,404

26,006

General

Mills,

Inc.

1,555,679

6,238

Hershey

Company

1,055,781

12,091

Hormel

Foods

Corporation

495,731

4,647

J.M.

Smucker

Company

557,779

10,966

Kellogg

Company

700,947

14,445

Kimberly-Clark

Corporation

1,913,096

28,862

Kraft

Heinz

Company

1,062,699

29,168

Kroger

Company

1,179,262

6,225

Lamb

Weston

Holdings,

Inc.

382,028

10,689

McCormick

&

Company,

Inc.

866,130

8,081

Molson

Coors

Beverage

Company

374,797

59,959

Mondelez

International,

Inc.

3,488,415

16,107

Monster

Beverage

Corporation

a

1,430,785

59,285

PepsiCo,

Inc.

8,917,057

66,853

Philip

Morris

International,

Inc.

6,336,996

104,124

Procter

&

Gamble

Company

14,556,535

21,944

Sysco

Corporation

1,722,604

12,646

Tyson

Foods,

Inc.

998,275

30,796

Walgreens

Boots

Alliance,

Inc.

1,448,952

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock

(99.8%)

Value

Consumer

Staples

(5.8%)

-

continued

61,301

Wal-Mart

Stores,

Inc.

$

8,544,133

Total

90,460,603

Energy

(2.7%)

16,215

APA

Corporation

347,487

35,538

Baker

Hughes

Company

878,855

17,143

Cabot

Oil

&

Gas

Corporation

373,032

82,955

Chevron

Corporation

8,415,785

57,440

ConocoPhillips

3,892,709

27,007

Devon

Energy

Corporation

959,019

7,300

Diamondback

Energy,

Inc.

691,091

25,044

EOG

Resources,

Inc.

2,010,282

181,598

Exxon

Mobil

Corporation

10,681,594

38,198

Halliburton

Company

825,841

11,822

Hess

Corporation

923,416

83,611

Kinder

Morgan,

Inc.

1,398,812

33,818

Marathon

Oil

Corporation

462,292

27,376

Marathon

Petroleum

Corporation

1,692,111

38,050

Occidental

Petroleum

Corporation

1,125,519

19,117

ONEOK,

Inc.

1,108,595

18,787

Phillips

66

1,315,654

9,732

Pioneer

Natural

Resources

Company

1,620,475

59,985

Schlumberger,

Ltd.

1,777,955

17,536

Valero

Energy

Corporation

1,237,515

52,115

Williams

Companies,

Inc.

1,351,863

Total

43,089,902

Financials

(11.4%)

26,470

Aflac,

Inc.

1,379,881

12,683

Allstate

Corporation

1,614,673

27,602

American

Express

Company

4,624,163

36,684

American

International

Group,

Inc.

2,013,585

4,879

Ameriprise

Financial,

Inc.

1,288,641

9,683

Aon

plc

2,767,111

8,868

Arthur

J.

Gallagher

&

Company

1,318,228

2,523

Assurant,

Inc.

398,003

317,640

Bank

of

America

Corporation

13,483,818

34,064

Bank

of

New

York

Mellon

Corporation

1,765,878

79,513

Berkshire

Hathaway,

Inc.

a

21,702,278

6,137

BlackRock,

Inc.

5,146,856

10,026

Brown

&

Brown,

Inc.

555,942

19,136

Capital

One

Financial

Corporation

3,099,458

4,574

Cboe

Global

Markets,

Inc.

566,536

64,395

Charles

Schwab

Corporation

4,690,532

18,820

Chubb,

Ltd.

3,264,894

6,430

Cincinnati

Financial

Corporation

734,435

86,938

Citigroup,

Inc.

6,101,309

18,277

Citizens

Financial

Group,

Inc.

858,653

15,405

CME

Group,

Inc.

2,979,019

5,745

Comerica,

Inc.

462,473

12,846

Discover

Financial

Services

1,578,131

1,710

Everest

Re

Group,

Ltd.

428,834

29,628

Fifth

Third

Bancorp

1,257,412

7,563

First

Republic

Bank

1,458,751

12,079

Franklin

Resources,

Inc.

358,988

14,460

Goldman

Sachs

Group,

Inc.

5,466,314

14,892

Hartford

Financial

Services

Group,

Inc.

1,046,163

63,337

Huntington

Bancshares,

Inc.

979,190

24,156

Intercontinental

Exchange,

Inc.

2,773,592

14,646

Invesco,

Ltd.

353,115

128,176

J.P.

Morgan

Chase

&

Company

20,981,129

41,023

KeyCorp

886,917

Shares

Common

Stock

(99.8%)

Value

Financials

(11.4%)

-

continued

7,577

Lincoln

National

Corporation

$

520,919

8,718

Loews

Corporation

470,162

5,520

M&T

Bank

Corporation

824,357

1,630

MarketAxess

Holdings,

Inc.

685,725

21,732

Marsh

&

McLennan

Companies,

Inc.

3,290,877

31,243

MetLife,

Inc.

1,928,630

6,949

Moody's

Corporation

2,467,659

62,611

Morgan

Stanley

6,092,676

3,536

MSCI,

Inc.

2,151,090

5,021

Nasdaq,

Inc.

969,153

8,939

Northern

Trust

Corporation

963,714

18,357

People's

United

Financial,

Inc.

320,697

18,230

PNC

Financial

Services

Group,

Inc.

3,566,517

10,707

Principal

Financial

Group,

Inc.

689,531

25,100

Progressive

Corporation

2,268,789

16,592

Prudential

Financial,

Inc.

1,745,478

7,944

Raymond

James

Financial,

Inc.

733,072

40,945

Regions

Financial

Corporation

872,538

10,338

S&P

Global,

Inc.

4,392,513

15,683

State

Street

Corporation

1,328,664

2,516

SVB

Financial

Group

a

1,627,550

24,437

Synchrony

Financial

1,194,481

9,734

T.

Rowe

Price

Group,

Inc.

1,914,678

4,014

Torchmark

Corporation

357,366

10,702

Travelers

Companies,

Inc.

1,626,811

57,257

Truist

Financial

Corporation

3,358,123

57,873

U.S.

Bancorp

3,439,971

6,016

W.R.

Berkley

Corporation

440,251

176,143

Wells

Fargo

&

Company

8,174,797

5,535

Willis

Towers

Watson

plc

1,286,666

6,952

Zions

Bancorporations

NA

430,259

Total

178,518,616

Health

Care

(13.2%)

76,045

Abbott

Laboratories

8,983,196

75,803

AbbVie,

Inc.

8,176,870

1,947

ABIOMED,

Inc.

a

633,787

13,016

Agilent

Technologies,

Inc.

2,050,410

3,152

Align

Technology,

Inc.

a

2,097,435

6,417

AmerisourceBergen

Corporation

766,511

24,358

Amgen,

Inc.

5,179,729

10,458

Anthem,

Inc.

3,898,742

21,444

Baxter

International,

Inc.

1,724,741

12,319

Becton,

Dickinson

and

Company

3,028,257

6,393

Biogen,

Inc.

a

1,809,155

922

Bio-Rad

Laboratories,

Inc.

a

687,766

1,668

Bio-Techne

Corporation

808,263

61,076

Boston

Scientific

Corporation

a

2,650,088

95,317

Bristol-Myers

Squibb

Company

5,639,907

12,446

Cardinal

Health,

Inc.

615,579

7,307

Catalent,

Inc.

a

972,342

25,010

Centene

Corporation

a

1,558,373

12,679

Cerner

Corporation

894,123

2,162

Charles

River

Laboratories

International,

Inc.

a

892,192

14,589

Cigna

Holding

Company

2,920,134

2,112

Cooper

Companies,

Inc.

872,911

56,603

CVS

Health

Corporation

4,803,331

27,254

Danaher

Corporation

8,297,208

2,877

DaVita,

Inc.

a

334,480

9,375

Dentsply

Sirona,

Inc.

544,219

4,150

Dexcom,

Inc.

a

2,269,469

26,737

Edwards

Lifesciences

Corporation

a

3,026,896

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock

(99.8%)

Value

Health

Care

(13.2%)

-

continued

34,057

Eli

Lilly

and

Company

$

7,868,870

53,782

Gilead

Sciences,

Inc.

3,756,673

10,574

HCA

Healthcare,

Inc.

2,566,521

5,992

Henry

Schein,

Inc.

a

456,351

10,873

Hologic,

Inc.

a

802,536

5,512

Humana,

Inc.

2,144,995

3,649

IDEXX

Laboratories,

Inc.

a

2,269,313

6,293

Illumina,

Inc.

a

2,552,504

8,052

Incyte

Corporation

a

553,817

5,100

Intuitive

Surgical,

Inc.

a

5,070,165

8,219

IQVIA

Holding,

Inc.

a

1,968,779

112,920

Johnson

&

Johnson

18,236,580

4,148

Laboratory

Corporation

of

America

Holdings

a

1,167,413

6,635

McKesson

Corporation

1,322,886

57,646

Medtronic

plc

7,225,926

108,583

Merck

&

Company,

Inc.

8,155,669

992

Mettler-Toledo

International,

Inc.

a

1,366,341

15,063

Moderna,

Inc.

a

5,797,146

10,875

Organon

and

Company

356,591

4,809

PerkinElmer,

Inc.

833,352

240,497

Pfizer,

Inc.

10,343,776

5,241

Quest

Diagnostics,

Inc.

761,570

4,508

Regeneron

Pharmaceuticals,

Inc.

a

2,728,151

6,242

ResMed,

Inc.

1,645,079

4,279

STERIS

plc

874,114

14,396

Stryker

Corporation

3,796,513

2,008

Teleflex,

Inc.

756,112

16,876

Thermo

Fisher

Scientific,

Inc.

9,641,765

40,446

UnitedHealth

Group,

Inc.

15,803,870

3,255

Universal

Health

Services,

Inc.

450,394

11,128

Vertex

Pharmaceuticals,

Inc.

a

2,018,508

51,872

Viatris,

Inc.

702,866

2,632

Waters

Corporation

a

940,414

3,173

West

Pharmaceutical

Services,

Inc.

1,347,065

8,958

Zimmer

Biomet

Holdings,

Inc.

1,311,093

20,330

Zoetis,

Inc.

3,946,866

Total

207,676,698

Industrials

(8.5%)

24,821

3M

Company

4,354,100

5,713

A.O.

Smith

Corporation

348,893

5,372

Alaska

Air

Group,

Inc.

a

314,799

3,847

Allegion

plc

508,496

27,773

American

Airlines

Group,

Inc.

a

569,902

9,918

AMETEK,

Inc.

1,229,931

23,634

Boeing

Company

a

5,198,062

5,650

C.H.

Robinson

Worldwide,

Inc.

491,550

37,220

Carrier

Global

Corporation

1,926,507

23,484

Caterpillar,

Inc.

4,508,223

3,754

Cintas

Corporation

1,428,998

9,133

Copart,

Inc.

a

1,266,930

31,493

Corteva,

Inc.

1,325,225

96,706

CSX

Corporation

2,876,036

6,160

Cummins,

Inc.

1,383,290

12,176

Deere

&

Company

4,079,812

27,449

Delta

Air

Lines,

Inc.

a

1,169,602

6,175

Dover

Corporation

960,212

17,098

Eaton

Corporation

plc

2,552,902

25,642

Emerson

Electric

Company

2,415,476

5,226

Equifax,

Inc.

1,324,373

7,287

Expeditors

International

of

Washington,

Inc.

868,100

24,653

Fastenal

Company

1,272,341

Shares

Common

Stock

(99.8%)

Value

Industrials

(8.5%)

-

continued

10,550

FedEx

Corporation

$

2,313,510

15,373

Fortive

Corporation

1,084,873

5,914

Fortune

Brands

Home

and

Security,

Inc.

528,830

2,708

Generac

Holdings,

Inc.

a

1,106,678

9,952

General

Dynamics

Corporation

1,950,891

47,084

General

Electric

Company

4,851,065

29,614

Honeywell

International,

Inc.

6,286,460

16,558

Howmet

Aerospace,

Inc.

516,610

1,722

Huntington

Ingalls

Industries,

Inc.

332,449

3,260

IDEX

Corporation

674,657

17,098

IHS

Markit,

Ltd.

1,993,969

12,295

Illinois

Tool

Works,

Inc.

2,540,516

17,380

Ingersoll

-

Rand,

Inc.

a

876,126

5,590

Jacobs

Engineering

Group,

Inc.

740,843

3,610

JB

Hunt

Transport

Services,

Inc.

603,664

30,551

Johnson

Controls

International

plc

2,079,912

3,902

Kansas

City

Southern

1,056,037

8,619

L3Harris

Technologies,

Inc.

1,898,249

22,151

Linde

plc

6,498,660

10,572

Lockheed

Martin

Corporation

3,648,397

10,602

Masco

Corporation

588,941

15,391

Nielsen

Holdings

plc

295,353

10,594

Norfolk

Southern

Corporation

2,534,615

6,456

Northrop

Grumman

Corporation

2,325,128

4,024

Old

Dominion

Freight

Line,

Inc.

1,150,784

18,307

Otis

Worldwide

Corporation

1,506,300

14,892

PACCAR,

Inc.

1,175,277

5,536

Parker-Hannifin

Corporation

1,547,976

7,115

Pentair,

Ltd.

516,762

5,969

Quanta

Services,

Inc.

679,392

64,680

Raytheon

Technologies

Corporation

5,559,893

9,013

Republic

Services,

Inc.

1,082,101

4,803

Robert

Half

International,

Inc.

481,885

4,977

Rockwell

Automation,

Inc.

1,463,437

9,709

Rollins,

Inc.

343,019

4,522

Roper

Industries,

Inc.

2,017,400

2,315

Snap-On,

Inc.

483,719

25,378

Southwest

Airlines

Company

a

1,305,191

6,990

Stanley

Black

&

Decker,

Inc.

1,225,417

1,999

Teledyne

Technologies,

Inc.

a

858,730

9,614

Textron,

Inc.

671,153

10,192

Trane

Technologies

plc

1,759,649

2,246

TransDigm

Group,

Inc.

a

1,402,784

27,973

Union

Pacific

Corporation

5,482,988

13,881

United

Airlines

Holdings,

Inc.

a

660,319

31,240

United

Parcel

Service,

Inc.

5,688,804

3,105

United

Rentals,

Inc.

a

1,089,638

6,921

Verisk

Analytics,

Inc.

1,386,069

1,876

W.W.

Grainger,

Inc.

737,381

8,109

Wabtec

Corporation

699,077

16,618

Waste

Management,

Inc.

2,482,064

7,728

Xylem,

Inc.

955,799

Total

134,113,201

Information

Technology

(27.6%)

27,201

Accenture

plc

8,702,144

20,435

Adobe,

Inc.

a

11,764,838

52,030

Advanced

Micro

Devices,

Inc.

a

5,353,887

6,985

Akamai

Technologies,

Inc.

a

730,561

25,659

Amphenol

Corporation

1,879,009

23,073

Analog

Devices,

Inc.

3,864,266

3,743

ANSYS,

Inc.

a

1,274,304

673,604

Apple,

Inc.

95,314,966

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(27.6%)

-

continued

39,205

Applied

Materials,

Inc.

$

5,046,860

2,402

Arista

Networks,

Inc.

a

825,423

9,437

Autodesk,

Inc.

a

2,691,149

18,148

Automatic

Data

Processing,

Inc.

3,628,148

17,598

Broadcom,

Ltd.

8,533,798

4,983

Broadridge

Financial

Solutions,

Inc.

830,367

11,872

Cadence

Design

Systems,

Inc.

a

1,797,896

5,898

CDW

Corporation

1,073,554

5,785

Ceridian

HCM

Holding,

Inc.

a

651,507

180,767

Cisco

Systems,

Inc.

9,839,148

5,329

Citrix

Systems,

Inc.

572,175

22,545

Cognizant

Technology

Solutions

Corporation

1,673,064

32,970

Corning,

Inc.

1,203,075

10,805

DXC

Technology

Company

a

363,156

5,775

Enphase

Energy,

Inc.

a

866,077

2,587

F5

Networks,

Inc.

a

514,244

26,496

Fidelity

National

Information

Services,

Inc.

3,224,033

25,565

Fiserv,

Inc.

a

2,773,802

3,543

FleetCor

Technologies,

Inc.

a

925,680

5,815

Fortinet,

Inc.

a

1,698,213

3,588

Gartner,

Inc.

a

1,090,321

12,600

Global

Payments,

Inc.

1,985,508

56,017

Hewlett

Packard

Enterprise

Company

798,242

51,528

HP,

Inc.

1,409,806

174,024

Intel

Corporation

9,271,999

38,447

International

Business

Machines

Corporation

5,341,442

11,721

Intuit,

Inc.

6,323,597

1,537

IPG

Photonics

Corporation

a

243,461

3,186

Jack

Henry

&

Associates,

Inc.

522,695

13,947

Juniper

Networks,

Inc.

383,821

7,902

Keysight

Technologies,

Inc.

a

1,298,220

6,552

KLA-Tencor

Corporation

2,191,710

6,113

Lam

Research

Corporation

3,479,214

6,072

Leidos

Holdings,

Inc.

583,701

37,368

Mastercard,

Inc.

12,992,106

11,755

Microchip

Technology,

Inc.

1,804,275

48,289

Micron

Technology,

Inc.

3,427,553

322,349

Microsoft

Corporation

90,876,630

1,852

Monolithic

Power

Systems,

Inc.

897,627

7,263

Motorola

Solutions,

Inc.

1,687,340

9,609

NetApp,

Inc.

862,504

24,934

NortonLifeLock,

Inc.

630,830

106,894

NVIDIA

Corporation

22,144,161

11,373

NXP

Semiconductors

NV

2,227,630

70,660

Oracle

Corporation

6,156,606

13,737

Paychex,

Inc.

1,544,726

2,062

Paycom

Software,

Inc.

a

1,022,236

50,403

PayPal

Holdings,

Inc.

a

13,115,365

4,532

PTC,

Inc.

a

542,888

4,767

Qorvo,

Inc.

a

796,995

48,385

QUALCOMM,

Inc.

6,240,697

41,673

Salesforce.com,

Inc.

a

11,302,551

8,982

Seagate

Technology

Holdings

741,195

8,497

ServiceNow,

Inc.

a

5,287,428

7,084

Skyworks

Solutions,

Inc.

1,167,302

6,545

Synopsys,

Inc.

a

1,959,638

14,069

TE

Connectivity,

Ltd.

1,930,548

7,076

Teradyne,

Inc.

772,487

39,601

Texas

Instruments,

Inc.

7,611,708

10,793

Trimble,

Inc.

a

887,724

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(27.6%)

-

continued

1,752

Tyler

Technologies,

Inc.

a

$

803,555

4,175

VeriSign,

Inc.

a

855,917

72,391

Visa,

Inc.

16,125,095

13,145

Western

Digital

Corporation

a

741,904

17,430

Western

Union

Company

352,435

10,615

Xilinx,

Inc.

1,602,759

2,291

Zebra

Technologies

Corporation

a

1,180,827

Total

432,832,323

Materials

(2.0%)

9,495

Air

Products

and

Chemicals,

Inc.

2,431,764

5,017

Albemarle

Corporation

1,098,572

66,135

Amcor

plc

766,505

3,555

Avery

Dennison

Corporation

736,631

14,010

Ball

Corporation

1,260,480

4,766

Celanese

Corporation

717,950

9,227

CF

Industries

Holdings,

Inc.

515,051

31,990

Dow,

Inc.

1,841,344

22,436

DuPont

de

Nemours,

Inc.

1,525,424

5,824

Eastman

Chemical

Company

586,710

10,676

Ecolab,

Inc.

2,227,227

5,521

FMC

Corporation

505,503

62,972

Freeport-McMoRan,

Inc.

2,048,479

10,684

International

Flavors

&

Fragrances,

Inc.

1,428,664

16,765

International

Paper

Company

937,499

11,336

LyondellBasell

Industries

NV

1,063,884

2,676

Martin

Marietta

Materials,

Inc.

914,336

14,829

Mosaic

Company

529,692

34,278

Newmont

Mining

Corporation

1,861,295

12,598

Nucor

Corporation

1,240,777

4,075

Packaging

Corporation

of

America

560,068

10,181

PPG

Industries,

Inc.

1,455,985

6,430

Sealed

Air

Corporation

352,300

10,391

Sherwin-Williams

Company

2,906,674

5,691

Vulcan

Materials

Company

962,690

11,453

WestRock

Company

570,703

Total

31,046,207

Real

Estate

(2.6%)

5,947

Alexandria

Real

Estate

Equities,

Inc.

1,136,293

19,523

American

Tower

Corporation

5,181,599

5,989

AvalonBay

Communities,

Inc.

1,327,402

6,096

Boston

Properties,

Inc.

660,502

14,401

CBRE

Group,

Inc.

a

1,402,081

18,539

Crown

Castle

International

Corporation

3,213,179

12,122

Digital

Realty

Trust,

Inc.

1,751,023

16,229

Duke

Realty

Corporation

776,882

3,850

Equinix,

Inc.

3,042,001

14,617

Equity

Residential

1,182,808

2,790

Essex

Property

Trust,

Inc.

892,075

5,740

Extra

Space

Storage,

Inc.

964,263

3,002

Federal

Realty

Investment

Trust

354,206

23,119

Healthpeak

Properties,

Inc.

774,024

30,626

Host

Hotels

&

Resorts,

Inc.

a

500,123

12,416

Iron

Mountain,

Inc.

539,475

26,317

Kimco

Realty

Corporation

546,078

4,977

Mid-America

Apartment

Communities,

Inc.

929,455

31,710

Prologis,

Inc.

3,977,385

6,539

Public

Storage,

Inc.

1,942,737

16,703

Realty

Income

Corporation

1,083,357

6,558

Regency

Centers

Corporation

441,550

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

Common

Stock

(99.8%)

Value

Real

Estate

(2.6%)

-

continued

4,699

SBA

Communications

Corporation

$

1,553,348

14,096

Simon

Property

Group,

Inc.

1,832,057

11,969

UDR,

Inc.

634,118

16,878

Ventas,

Inc.

931,834

6,820

Vornado

Realty

Trust

286,508

18,126

Welltower,

Inc.

1,493,582

32,162

Weyerhaeuser

Company

1,144,002

Total

40,493,947

Utilities

(2.4%)

28,583

AES

Corporation

652,550

10,735

Alliant

Energy

Corporation

600,945

11,030

Ameren

Corporation

893,430

21,458

American

Electric

Power

Company,

Inc.

1,741,960

7,785

American

Water

Works

Company,

Inc.

1,315,976

5,610

Atmos

Energy

Corporation

494,802

25,432

CenterPoint

Energy,

Inc.

625,627

12,425

CMS

Energy

Corporation

742,145

15,158

Consolidated

Edison,

Inc.

1,100,319

34,680

Dominion

Energy,

Inc.

2,532,334

8,311

DTE

Energy

Company

928,422

33,001

Duke

Energy

Corporation

3,220,568

16,287

Edison

International,

Inc.

903,440

8,620

Entergy

Corporation

856,052

9,836

Evergy,

Inc.

611,799

14,740

Eversource

Energy

1,205,142

41,944

Exelon

Corporation

2,027,573

23,343

FirstEnergy

Corporation

831,478

84,149

NextEra

Energy,

Inc.

6,607,380

16,832

NiSource,

Inc.

407,839

10,500

NRG

Energy,

Inc.

428,715

4,838

Pinnacle

West

Capital

Corporation

350,078

33,012

PPL

Corporation

920,375

21,687

Public

Service

Enterprise

Group,

Inc.

1,320,738

13,697

Sempra

Energy

1,732,671

45,418

Southern

Company

2,814,554

13,531

WEC

Energy

Group,

Inc.

1,193,434

23,096

Xcel

Energy,

Inc.

1,443,500

Total

38,503,846

Total

Common

Stock

(cost

$615,843,050)

1,567,302,364

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

1,144,218

Thrivent

Cash

Management

Trust

1,144,218

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,144,218)

1,144,218

Shares

or

Principal

Amount

Short-Term

Investments

(

0.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.040%,

11/17/2021

c,d

299,984

100,000

0.040%,

11/18/2021

c,d

99,995

Shares

or

Principal

Amount

Short-Term

Investments

(0.2%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

268,964

0.120%

$

2,689,641

Total

Short-Term

Investments

(cost

$3,089,620)

3,089,620

Total

Investments

(cost

$620,076,888)

100.1%

$1,571,536,202

Other

Assets

and

Liabilities,

Net

(0.1%)

(887,586)

Total

Net

Assets

100.0%

$1,570,648,616

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

1,075,991

Total

lending

$1,075,991

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,144,218

Net

amounts

due

to

counterparty

$68,227

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

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,

2021,

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

165,305,091

165,305,091

–

–

Consumer

Discretionary

205,261,930

205,261,930

–

–

Consumer

Staples

90,460,603

90,460,603

–

–

Energy

43,089,902

43,089,902

–

–

Financials

178,518,616

178,518,616

–

–

Health

Care

207,676,698

207,676,698

–

–

Industrials

134,113,201

134,113,201

–

–

Information

Technology

432,832,323

432,832,323

–

–

Materials

31,046,207

31,046,207

–

–

Real

Estate

40,493,947

40,493,947

–

–

Utilities

38,503,846

38,503,846

–

–

Short-Term

Investments

399,979

–

399,979

–

Subtotal

Investments

in

Securities

$1,567,702,343

$1,567,302,364

$399,979

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,689,641

Collateral

Held

for

Securities

Loaned

1,144,218

Subtotal

Other

Investments

$3,833,859

Total

Investments

at

Value

$1,571,536,202

*

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

127,013

127,013

–

–

Total

Liability

Derivatives

$127,013

$127,013

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$399,979

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

18

December

2021

$

3,994,988

(

$

127,013)

Total

Futures

Long

Contracts

$

3,994,988

(

$

127,013)

Total

Futures

Contracts

$

3,994,988

($127,013)

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$7,873

$39,667

$44,850

$2,690

269

0.2%

Total

Affiliated

Short-Term

Investments

7,873

2,690

0.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,529

13,569

14,954

1,144

1,144

0.1

Total

Collateral

Held

for

Securities

Loaned

2,529

1,144

0.1

Total

Value

$10,402

$3,834

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Shares

Common

Stock

(

98.5%

)

Value

Communications

Services

(6.6%)

13,719

Alphabet,

Inc.,

Class

C

a

$

36,565,388

968,368

Comcast

Corporation

54,160,822

512,923

Discovery,

Inc.,

Class

A

a,b

13,017,986

915,325

Verizon

Communications,

Inc.

49,436,703

Total

153,180,899

Consumer

Discretionary

(7.3%)

180,151

Aptiv

plc

a

26,837,095

14,795

AutoZone,

Inc.

a

25,121,762

203,021

D.R.

Horton,

Inc.

17,047,673

267,900

Lowe's

Companies,

Inc.

54,346,194

56,782

Mohawk

Industries,

Inc.

a

10,073,127

312,198

Sony

Group

Corporation

ADR

34,522,855

Total

167,948,706

Consumer

Staples

(6.5%)

84,819

Kimberly-Clark

Corporation

11,233,428

232,628

Lamb

Weston

Holdings,

Inc.

14,276,380

559,805

Philip

Morris

International,

Inc.

53,063,916

196,913

Sysco

Corporation

15,457,671

401,356

Wal-Mart

Stores,

Inc.

55,940,999

Total

149,972,394

Energy

(6.2%)

671,627

BP

plc

ADR

18,355,566

403,845

ConocoPhillips

27,368,576

683,162

Devon

Energy

Corporation

24,259,082

758,001

Enterprise

Products

Partners,

LP

16,403,142

149,729

Exxon

Mobil

Corporation

8,807,060

387,739

Halliburton

Company

8,382,917

253,011

Marathon

Petroleum

Corporation

15,638,610

149,492

Pioneer

Natural

Resources

Company

24,891,913

Total

144,106,866

Financials

(23.5%)

1,878,279

Bank

of

America

Corporation

79,732,944

140,793

Capital

One

Financial

Corporation

22,804,242

450,228

Charles

Schwab

Corporation

32,794,607

173,918

Chubb,

Ltd.

30,171,295

297,548

Comerica,

Inc.

23,952,614

144,029

Discover

Financial

Services

17,693,963

544,009

Equitable

Holdings,

Inc.

16,124,427

487,305

J.P.

Morgan

Chase

&

Company

79,766,955

96,940

Marsh

&

McLennan

Companies,

Inc.

14,679,624

517,087

Morgan

Stanley

50,317,736

313,380

Raymond

James

Financial,

Inc.

28,918,706

184,741

State

Street

Corporation

15,651,257

109,433

Torchmark

Corporation

9,742,820

581,188

Truist

Financial

Corporation

34,086,676

938,033

Wells

Fargo

&

Company

43,534,112

342,922

Zions

Bancorporations

NA

21,223,443

55,409

Zurich

Insurance

Group

AG

22,657,868

Total

543,853,289

Health

Care

(15.2%)

216,284

AbbVie,

Inc.

23,330,555

91,195

Anthem,

Inc.

33,997,496

83,254

Biogen,

Inc.

a

23,560,049

277,665

Centene

Corporation

a

17,301,306

131,192

Cigna

Holding

Company

26,259,391

206,787

CVS

Health

Corporation

17,547,945

338,270

GlaxoSmithKline

plc

ADR

12,925,297

Shares

Common

Stock

(98.5%)

Value

Health

Care

(15.2%)

-

continued

126,711

HCA

Healthcare,

Inc.

$

30,755,294

313,593

Johnson

&

Johnson

50,645,270

373,868

Medtronic

plc

46,864,354

609,073

Merck

&

Company,

Inc.

45,747,473

157,237

Zimmer

Biomet

Holdings,

Inc.

23,013,207

Total

351,947,637

Industrials

(12.9%)

128,499

Carlisle

Companies,

Inc.

25,544,316

127,374

Crane

Company

12,076,329

634,805

CSX

Corporation

18,879,101

701,056

Delta

Air

Lines,

Inc.

a

29,871,996

143,012

General

Dynamics

Corporation

28,034,642

553,010

Johnson

Controls

International

plc

37,648,921

26,028

Kansas

City

Southern

7,044,218

126,690

L3Harris

Technologies,

Inc.

27,902,206

85,359

Parker-Hannifin

Corporation

23,868,083

258,719

Raytheon

Technologies

Corporation

22,239,485

232,346

United

Parcel

Service,

Inc.

42,310,207

62,928

United

Rentals,

Inc.

a

22,083,323

Total

297,502,827

Information

Technology

(10.5%)

1,212,876

Cisco

Systems,

Inc.

66,016,841

198,004

Microsoft

Corporation

55,821,288

235,431

QUALCOMM,

Inc.

30,365,890

563,700

Samsung

Electronics

Company,

Ltd.

34,946,357

1,511,415

Telefonaktiebolaget

LM

Ericsson

ADR

16,927,848

155,796

Texas

Instruments,

Inc.

29,945,549

57,395

VMware,

Inc.

a,b

8,534,636

Total

242,558,409

Materials

(4.5%)

634,874

Axalta

Coating

Systems,

Ltd.

a

18,531,972

571,028

CF

Industries

Holdings,

Inc.

31,874,783

130,246

Eastman

Chemical

Company

13,120,982

104,146

LyondellBasell

Industries

NV

9,774,102

29,451

Martin

Marietta

Materials,

Inc.

10,062,818

220,689

Nucor

Corporation

21,735,659

Total

105,100,316

Real

Estate

(2.8%)

298,380

American

Campus

Communities,

Inc.

14,456,511

66,982

AvalonBay

Communities,

Inc.

14,845,890

172,389

CBRE

Group,

Inc.

a

16,783,793

1,152,699

Host

Hotels

&

Resorts,

Inc.

a

18,823,575

Total

64,909,769

Utilities

(2.5%)

244,498

Duke

Energy

Corporation

23,860,560

141,956

Entergy

Corporation

14,097,651

385,848

Exelon

Corporation

18,651,892

Total

56,610,103

Total

Common

Stock

(cost

$1,529,915,682)

2,277,691,215

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

Value

20,998,385

Thrivent

Cash

Management

Trust

$

20,998,385

Total

Collateral

Held

for

Securities

Loaned

(cost

$20,998,385)

20,998,385

Shares

Short-Term

Investments

(

1.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,766,601

0.120%

37,666,015

Total

Short-Term

Investments

(cost

$37,655,910)

37,666,015

Total

Investments

(cost

$1,588,569,977)

101.0%

$2,336,355,615

Other

Assets

and

Liabilities,

Net

(1.0%)

(22,812,833)

Total

Net

Assets

100.0%

$2,313,542,782

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

20,441,726

Total

lending

$20,441,726

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$20,998,385

Net

amounts

due

to

counterparty

$556,659

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,

2021,

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

153,180,899

153,180,899

–

–

Consumer

Discretionary

167,948,706

167,948,706

–

–

Consumer

Staples

149,972,394

149,972,394

–

–

Energy

144,106,866

144,106,866

–

–

Financials

543,853,289

521,195,421

22,657,868

–

Health

Care

351,947,637

351,947,637

–

–

Industrials

297,502,827

297,502,827

–

–

Information

Technology

242,558,409

207,612,052

34,946,357

–

Materials

105,100,316

105,100,316

–

–

Real

Estate

64,909,769

64,909,769

–

–

Utilities

56,610,103

56,610,103

–

–

Subtotal

Investments

in

Securities

$2,277,691,215

$2,220,086,990

$57,604,225

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

37,666,015

Collateral

Held

for

Securities

Loaned

20,998,385

Subtotal

Other

Investments

$58,664,400

Total

Investments

at

Value

$2,336,355,615

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$36,041

$213,980

$212,355

$37,666

3,767

1.6%

Total

Affiliated

Short-Term

Investments

36,041

37,666

1.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

24,924

226,403

230,329

20,998

20,998

0.9

Total

Collateral

Held

for

Securities

Loaned

24,924

20,998

0.9

Total

Value

$60,965

$58,664

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$54

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$54

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

112

Total

Affiliated

Income

from

Securities

Loaned,

Net

$112

Total

Value

$–

$–

$

–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Principal

Amount

Long-Term

Fixed

Income

(

98.1%

)

Value

Asset-Backed

Securities

(20.0%)

510

Asset

Backed

2021-NPL1

Trust

$

3,643,620

2.240%, 

11/25/2069,

Ser.

2021-NPL1,

Class

A1

a,b

$

3,643,047

510

Assets

Backed

Trust

2,698,519

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

a,b

2,697,682

522

Funding

CLO,

Ltd.

4,500,000

1.174%, 

(LIBOR

3M

+

1.040%),

10/20/2031,

Ser.

2018-3A,

Class

AR

a,c

4,501,449

Affirm

Asset

Securitization

Trust

3,000,000

0.880%, 

8/15/2025,

Ser.

2021-A,

Class

A

*

3,006,515

Aimco

CLO

11,

Ltd.

5,000,000

1.506%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

a,c

5,001,305

Arch

Street

CLO,

Ltd.

3,500,000

1.834%, 

(LIBOR

3M

+

1.700%),

10/20/2028,

Ser.

2016-2A,

Class

BR2

a,c

3,500,140

Ares

XXXVII

CLO,

Ltd.

3,400,000

1.296%, 

(LIBOR

3M

+

1.170%),

10/15/2030,

Ser.

2015-4A,

Class

A1R

a,c

3,400,037

Arkansas

Student

Loan

Authority

3,171,917

1.029%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

c

3,189,380

Atrium

IX

2,000,000

1.111%, 

(LIBOR

3M

+

0.990%),

5/28/2030,

Ser.

9A,

Class

AR2

a,c

2,001,028

Avant

Credit

Card

Master

Trust

4,500,000

1.370%, 

4/15/2027,

Ser.

2021-1A,

Class

A

a

4,484,704

Benefit

Street

Partners

CLO

II,

Ltd.

3,000,000

1.576%, 

(LIBOR

3M

+

1.450%),

7/15/2029,

Ser.

2013-IIA,

Class

A2R2

a,c

2,998,983

Benefit

Street

Partners

CLO

IV,

Ltd.

4,500,000

1.314%, 

(LIBOR

3M

+

1.180%),

1/20/2032,

Ser.

2014-IVA,

Class

ARRR

a,c

4,503,200

BHG

Securitization

Trust

4,750,000

0.900%, 

10/17/2034,

Ser.

2021-B,

Class

A

a

4,747,469

BlueMountain

CLO,

Ltd.

2,441,248

1.364%, 

(LIBOR

3M

+

1.230%),

1/20/2029,

Ser.

2013-1A,

Class

A1R2

a,c

2,441,336

1,350,000

1.134%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-3A,

Class

A1R

a,c

1,345,884

CarVal

CLO

II,

Ltd.

4,500,000

1.244%, 

(LIBOR

3M

+

1.110%),

4/20/2032,

Ser.

2019-1A,

Class

ANR

a,c

4,505,022

CBAM,

Ltd.

5,000,000

1.406%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

a,c

5,000,200

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Asset-Backed

Securities

(20.0%)

-

continued

Colony

American

Finance,

Ltd.

$

3,000,000

2.239%, 

3/26/2029,

Ser.

2021-RTL1,

Class

A1

a,b

$

3,005,044

Commonbond

Student

Loan

Trust

455,912

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

464,149

1,160,398

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,c

1,152,834

Conn's

Receivables

Funding

346,919

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

a

347,152

CoreVest

American

Finance

Trust

1,001,445

3.804%, 

6/15/2051,

Ser.

2018-1,

Class

A

a

1,023,298

Earnest

Student

Loan

Program,

LLC

356,379

2.650%, 

1/25/2041,

Ser.

2017-A,

Class

A2

a

357,132

ECMC

Group

Student

Loan

Trust

4,377,631

1.236%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,c

4,466,921

Education

Funding

Trust

2,272,013

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

2,325,218

Flatiron

CLO,

Ltd.

3,500,000

1.575%, 

(LIBOR

3M

+

1.450%),

5/15/2030,

Ser.

2017-1A,

Class

BR

a,c

3,478,468

Freedom

ABS

Trust

220,939

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

a

221,472

Galaxy

XX

CLO,

Ltd.

3,750,000

1.134%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

a,c

3,750,075

Galaxy

XXIII

CLO,

Ltd.

3,800,000

1.475%, 

(LIBOR

3M

+

1.350%),

4/24/2029,

Ser.

2017-23A,

Class

B1R

a,c

3,798,560

Garrison

BSL

CLO,

Ltd.

2,896,859

1.104%, 

(LIBOR

3M

+

0.970%),

7/17/2028,

Ser.

2018-3A,

Class

A1

a,c

2,896,926

Genesis

Sales

Finance

Master

Trust

3,500,000

1.650%, 

9/22/2025,

Ser.

2020-AA,

Class

A

a

3,520,750

5,000,000

1.200%, 

12/21/2026,

Ser.

2021-AA,

Class

A

a

4,986,308

GoldenTree

Loan

Opportunities,

Ltd.

3,000,000

1.430%, 

(LIBOR

3M

+

1.300%),

10/29/2029,

Ser.

2014-9A,

Class

AJR2

a,c

3,000,789

Goldman

Home

Improvement

Trust

3,209,322

1.150%, 

6/25/2051,

Ser.

2021-GRN2,

Class

A

a

3,193,135

Golub

Capital

Partners,

Ltd.

5,028,926

1.284%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

a,c

5,029,057

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Asset-Backed

Securities

(20.0%)

-

continued

Gracie

Point

International

Funding

$

3,999,987

0.836%, 

(LIBOR

1M

+

0.750%),

11/1/2023,

Ser.

2021-1A,

Class

A

a,c

$

3,999,987

Invitation

Homes

Trust

5,895,145

1.184%, 

(LIBOR

1M

+

1.100%),

1/17/2038,

Ser.

2018-SFR4,

Class

A

a,c

5,904,208

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

1,558,291

0.866%, 

(LIBOR

1M

+

0.780%),

3/25/2051,

Ser.

2021-1

c

1,566,880

Lendingpoint

Asset

Securitization

Trust

3,607,051

1.000%, 

12/15/2028,

Ser.

2021-A,

Class

A

a

3,607,994

Longfellow

Place

CLO,

Ltd.

6,700,000

1.876%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

a,c

6,700,060

Madison

Park

Funding

XI,

Ltd.

2,000,000

1.588%, 

(LIBOR

3M

+

1.450%),

7/23/2029,

Ser.

2013-11A,

Class

BR2

a,c

2,000,048

Madison

Park

Funding

XXV,

Ltd.

5,000,000

1.775%, 

(LIBOR

3M

+

1.650%),

4/25/2029,

Ser.

2017-25A,

Class

A2R

a,c

5,000,325

Madison

Park

Funding,

Ltd.

3,500,000

1.734%, 

(LIBOR

3M

+

1.600%),

1/20/2029,

Ser.

2012-10A,

Class

BR3

a,c

3,500,105

Mercury

Financial

Credit

Card

Master

Trust

2,500,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

a

2,507,006

Mountain

View

CLO,

Ltd.

1,000,000

1.246%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

a,c

1,000,002

MRA

Issuance

Trust

3,000,000

1.836%, 

(LIBOR

1M

+

1.750%),

2/16/2022,

Ser.

2021-EBO4,

Class

A1X

a,c

3,000,731

National

Collegiate

Trust

976,262

0.381%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,c

959,795

Navient

Private

Education

Refi

Loan

Trust

2,282,374

1.060%, 

10/15/2069,

Ser.

2021-CA,

Class

A

a

2,286,208

Navient

Student

Loan

Trust

1,426,239

0.686%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

a,c

1,429,769

268,449

0.836%, 

(LIBOR

1M

+

0.750%),

7/26/2066,

Ser.

2017-1A,

Class

A2

a,c

268,545

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Asset-Backed

Securities

(20.0%)

-

continued

Neuberger

Berman

CLO

XIV,

Ltd.

$

2,500,000

1.162%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

a,c

$

2,497,483

Neuberger

Berman

CLO,

Ltd.

3,000,000

1.168%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

a,c

3,000,711

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

4,500,000

1.104%, 

(LIBOR

3M

+

0.970%),

7/20/2031,

Ser.

2020-37A,

Class

AR

a,c

4,500,270

New

Hampshire

Higher

Education

Loan

Corporation

3,447,780

1.286%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

c

3,557,385

Northstar

Education

Finance,

Inc.

568,479

0.786%, 

(LIBOR

1M

+

0.700%),

12/26/2031,

Ser.

2012-1,

Class

A

a,c

571,061

OCP

CLO

2,500,000

1.666%, 

(LIBOR

3M

+

1.550%),

7/15/2030,

Ser.

2017-13A,

Class

A2R

a,c

2,499,998

Octagon

Investment

Partners

XVII,

Ltd.

2,500,000

1.125%, 

(LIBOR

3M

+

1.000%),

1/25/2031,

Ser.

2013-1A,

Class

A1R2

a,c

2,500,743

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,546,031

OZLM

VIII,

Ltd.

4,067,983

1.304%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

a,c

4,068,280

OZLM

XI,

Ltd.

2,967,561

1.379%, 

(LIBOR

3M

+

1.250%),

10/30/2030,

Ser.

2015-11A,

Class

A1R

a,c

2,968,264

Progress

Residential

Trust

2,997,040

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

a

3,028,477

2,000,000

2.078%, 

6/18/2037,

Ser.

2020-SFR2,

Class

A

a

2,031,240

SLM

Student

Loan

Trust

2,335,692

0.486%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

c

2,298,215

Small

Business

Lending

Trust

243,912

2.620%, 

12/15/2026,

Ser.

2020-A,

Class

A

a

244,465

SoFi

Consumer

Loan

Program

Trust

199,025

2.020%, 

1/25/2029,

Ser.

2020-1,

Class

A

a

200,267

SoFi

Professional

Loan

Program,

LLC

80,591

0.936%, 

(LIBOR

1M

+

0.850%),

7/25/2039,

Ser.

2016-E,

Class

A1

a,c

80,707

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Asset-Backed

Securities

(20.0%)

-

continued

Sound

Point

CLO

XIV,

Ltd.

$

4,500,000

1.638%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2016-3A,

Class

B1R

a,c

$

4,498,659

Sound

Point

CLO

XV,

Ltd.

6,000,000

1.638%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

a,c

6,000,396

Sound

Point

CLO

XX,

Ltd.

4,000,000

1.225%, 

(LIBOR

3M

+

1.100%),

7/26/2031,

Ser.

2018-2A,

Class

A

a,c

4,001,060

THL

Credit

Wind

River

CLO,

Ltd.

1,500,000

1.564%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

a,c

1,503,972

Toorak

Mortgage

Corporation,

Ltd.

3,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

a,b

3,001,538

Upstart

Securitization

Trust

261,956

2.684%, 

1/21/2030,

Ser.

2019-3,

Class

A

*

262,581

880,563

2.322%, 

4/22/2030,

Ser.

2020-1,

Class

A

*

884,826

1,248,214

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

*

1,254,378

1,988,232

0.870%, 

3/20/2031,

Ser.

2021-1,

Class

A

*

1,991,811

3,341,245

0.910%, 

6/20/2031,

Ser.

2021-2,

Class

A

*

3,345,079

5,695,082

0.830%, 

7/20/2031,

Ser.

2021-3,

Class

A

*

5,695,874

VCAT

Asset

Securitization,

LLC

2,536,082

2.289%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A1

a,b

2,542,955

Voya

CLO,

Ltd.

1,250,000

1.092%, 

(LIBOR

3M

+

1.000%),

10/15/2030,

Ser.

2012-4A,

Class

A1R3

a,c

1,250,085

Whitebox

Clo

II,

Ltd.

2,250,000

2.075%, 

(LIBOR

3M

+

1.950%),

10/24/2031,

Ser.

2020-2A,

Class

A2

a,c

2,251,287

Wind

River

CLO,

Ltd.

3,000,000

1.734%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,c

3,000,918

Total

230,795,348

Basic

Materials

(1.6%)

Air

Products

and

Chemicals,

Inc.

525,000

1.500%, 

10/15/2025

534,538

Anglo

American

Capital

plc

1,250,000

4.875%, 

5/14/2025

a

1,397,062

DowDuPont

,

Inc.

2,000,000

4.205%, 

11/15/2023

2,147,721

EI

du

Pont

de

Nemours

&

Company

700,000

1.700%, 

7/15/2025

714,570

Freeport-McMoRan,

Inc.

1,090,000

4.550%, 

11/14/2024

1,178,563

Glencore

Funding,

LLC

1,500,000

3.000%, 

10/27/2022

a

1,535,250

1,000,000

4.625%, 

4/29/2024

a

1,089,661

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Basic

Materials

(1.6%)

-

continued

Kinross

Gold

Corporation

$

1,000,000

5.950%, 

3/15/2024

$

1,107,062

LYB

International

Finance

III,

LLC

1,100,000

1.250%, 

10/1/2025

1,099,059

Mosaic

Company

650,000

3.250%, 

11/15/2022

668,592

Nucor

Corporation

800,000

2.000%, 

6/1/2025

823,538

Southern

Copper

Corporation

2,350,000

3.875%, 

4/23/2025

2,542,700

Steel

Dynamics,

Inc.

775,000

2.400%, 

6/15/2025

806,594

Syngenta

Finance

NV

2,800,000

4.892%, 

4/24/2025

a

3,064,377

Total

18,709,287

Capital

Goods

(1.6%)

Boeing

Company

2,350,000

4.875%, 

5/1/2025

2,615,341

1,750,000

2.196%, 

2/4/2026

1,762,901

CNH

Industrial

Capital,

LLC

1,020,000

1.950%, 

7/2/2023

1,042,622

General

Electric

Company

795,000

3.450%, 

5/15/2024

845,526

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

758,147

Meritage

Homes

Corporation

2,000,000

6.000%, 

6/1/2025

2,260,000

Otis

Worldwide

Corporation

1,875,000

2.056%, 

4/5/2025

1,937,437

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,308,969

1,250,000

0.875%, 

11/15/2025

1,231,499

Roper

Technologies,

Inc.

750,000

2.350%, 

9/15/2024

785,273

675,000

1.000%, 

9/15/2025

671,394

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

2,161,868

W.W.

Grainger,

Inc.

875,000

1.850%, 

2/15/2025

901,857

Total

18,282,834

Collateralized

Mortgage

Obligations

(17.1%)

Affirm

Asset

Securitization

Trust

4,071,704

1.900%, 

1/15/2025,

Ser.

2020-Z2,

Class

A

*

4,101,524

6,000,000

1.030%, 

8/15/2026,

Ser.

2021-B,

Class

A

*

6,006,973

Banc

of

America

Funding

Trust

366,775

2.365%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

c

382,264

999,194

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

1,014,874

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

150,753

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

c

154,819

389,832

3.068%, 

10/25/2036,

Ser.

2006-4,

Class

1A1

c

384,324

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Collateralized

Mortgage

Obligations

(17.1%)

-

continued

Bellemeade

Re,

Ltd.

$

2,205,523

2.086%, 

(LIBOR

1M

+

2.000%),

10/25/2030,

Ser.

2020-3A,

Class

M1A

a,c

$

2,210,497

2,900,000

1.800%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

a,c

2,910,817

4,000,000

1.250%, 

(SOFR30A

+

1.200%),

6/25/2031,

Ser.

2021-2A,

Class

M1A

a,c

4,008,803

BRAVO

Residential

Funding

Trust

716,758

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

a

731,213

5,212,941

0.800%, 

(SOFR30A

+

0.750%),

10/25/2021,

Ser.

2021-HE2,

Class

A1

a,c

5,212,940

Business

Jet

Securities,

LLC

2,084,638

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

a

2,111,657

Cascade

Funding

Mortgage

Trust

2,822,650

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,c

2,827,751

2,062,853

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,c

2,063,510

2,583,723

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

2,578,182

1,746,455

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,c

1,812,028

CIM

Trust

2,184,204

2.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,b

2,192,366

Citigroup

Mortgage

Loan

Trust,

Inc.

874,915

2.500%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

c

877,270

Countrywide

Alternative

Loan

Trust

186,970

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

166,949

221,339

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

212,197

Credit

Suisse

Mortgage

Trust

67,854

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

a

67,771

3,334,951

2.688%, 

3/25/2059,

Ser.

2020-RPL6,

Class

A1

a,c

3,373,183

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

486,513

3.000%, 

8/15/2040,

Ser.

4364,

Class

A

492,277

Federal

National

Mortgage

Association

-

REMIC

160,165

4.000%, 

3/25/2029,

Ser.

2012-74,

Class

V

160,271

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

41

2.250%, 

6/25/2025,

Ser.

2010-58,

Class

PT

41

Finance

of

America

HECM

Buyout

2021-HB1

1,293,564

0.875%, 

2/25/2031,

Ser.

2021-HB1,

Class

A

a,c

1,293,551

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Collateralized

Mortgage

Obligations

(17.1%)

-

continued

Flagstar

Mortgage

Trust

$

1,750,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,c

$

1,800,312

Foundation

Finance

Trust

2,531,722

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

2,521,510

FWD

Securitization

Trust

1,785,224

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

a,c

1,816,595

GCT

Commercial

Mortgage

Trust

2,000,000

1.334%, 

(LIBOR

1M

+

1.250%),

2/15/2038,

Ser.

2021-GCT,

Class

B

a,c

2,001,383

Genworth

Mortgage

Insurance

Corporation

1,900,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

a,c

1,914,250

5,000,000

1.950%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

a,c

5,012,349

GMAC

Mortgage

Corporation

Loan

Trust

20,429

0.586%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

c,d

31,847

152,603

5.750%, 

10/25/2036,

Ser.

2006-HE3,

Class

A2

c

163,749

GS

Mortgage-Backed

Securities

Trust

1,988,923

3.750%, 

10/25/2057,

Ser.

2018-RPL1,

Class

A1A

a

2,067,747

444,134

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

a,c

449,316

884,144

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,c

886,786

GSAA

Home

Equity

Trust

844,141

4.536%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

883,400

Homeward

Opportunities

Fund

Trust

4,480,612

3.228%, 

8/25/2025,

Ser.

2020-BPL1,

Class

A1

a,b

4,566,529

J.P.

Morgan

Alternative

Loan

Trust

792,731

3.158%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

c

803,345

Legacy

Mortgage

Asset

Trust

1,156,737

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

a,b

1,163,885

LHOME

Mortgage

Trust

981,749

3.844%, 

3/25/2024,

Ser.

2019-RTL2,

Class

A1

a

986,279

2,800,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

a,b

2,804,206

3,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

2,993,973

Long

Beach

Mortgage

Loan

Trust

44,206

0.956%, 

(LIBOR

1M

+

0.870%),

2/25/2035,

Ser.

2005-1,

Class

M3

c

44,211

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Collateralized

Mortgage

Obligations

(17.1%)

-

continued

Master

Asset

Securitization

Trust

$

708,067

0.586%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

c

$

136,408

Mello

Warehouse

Securitization

Trust

4,500,000

0.986%, 

(LIBOR

1M

+

0.900%),

10/25/2053,

Ser.

2020-1,

Class

A

a,c

4,511,181

4,000,000

0.984%, 

(LIBOR

1M

+

0.900%),

2/25/2055,

Ser.

2021-1,

Class

B

a,c

3,992,798

Merrill

Lynch

Mortgage

Investors

Trust

89,890

1.271%, 

(LIBOR

1M

+

1.185%),

7/25/2035,

Ser.

2004-WMC5,

Class

M3

c

89,918

Mortgage

Equity

Conversion

Asset

Trust

2,085,767

0.570%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,c

2,012,765

2,090,682

0.560%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,c

2,018,423

MRA

Issuance

Trust

4,390,000

1.834%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

a,c

4,388,326

6,000,000

1.236%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

a,c

6,000,091

3,400,000

1.336%, 

(LIBOR

1M

+

1.250%),

2/15/2022,

Ser.

2021-14,

Class

A1X

a,c

3,400,584

4,000,000

1.586%, 

(LIBOR

1M

+

1.500%),

3/8/2022,

Ser.

2021-

NA1,

Class

A1X

a,c

4,003,733

New

Residential

Mortgage,

LLC

1,184,744

3.790%, 

7/25/2054,

Ser.

2018-FNT2,

Class

A

a

1,185,400

New

York

Mortgage

Trust

3,000,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

a,b

3,006,118

2,241,236

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

a,c

2,260,280

Oak

Street

Investment

2,168,029

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

2,185,947

Oaktown

Re,

Ltd.

3,300,000

1.700%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

a,c

3,318,071

Palmer

Square

Loan

Funding,

Ltd.

5,000,000

1.381%, 

(LIBOR

3M

+

1.250%),

5/20/2029,

Ser.

2021-2A,

Class

A2

a,c

5,002,225

4,000,000

1.571%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

a,c

4,002,068

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,980,777

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

a,c

2,988,273

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Collateralized

Mortgage

Obligations

(17.1%)

-

continued

$

3,169,848

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

a,b

$

3,176,191

2,715,907

2.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a,b

2,731,450

2,610,464

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

a,c

2,615,242

Pretium

Mortgage

Credit

Partners,

LLC

2,955,632

1.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,b

2,954,164

1,726,192

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

a,b

1,726,544

Radnor

RE,

Ltd.

4,350,000

1.700%, 

(SOFR30A

+

1.650%),

12/27/2033,

Ser.

2021-1,

Class

M1A

a,c

4,369,139

Residential

Funding

Mortgage

Security

I

Trust

63,705

5.500%, 

10/25/2021,

Ser.

2006-S10,

Class

2A1

62,736

Revolving

Single

Family

Home

Notes

2,710,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

a

2,713,856

Silver

Hill

Trust

2,778,324

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

a,c

2,831,024

Stanwich

Mortgage

Loan

Trust

281,250

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

a,b

281,656

Starwood

Mortgage

Residential

Trust

920,887

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

a,c

929,707

Terwin

Mortgage

Trust

1,402,919

1.586%, 

(LIBOR

1M

+

1.500%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,c

1,408,697

Toorak

Mortgage

Corporation,

Ltd.

2,074,075

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

a,b

2,081,472

1,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

1,507,839

5,100,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

a,b

5,123,444

Towd

Point

Asset

Trust

2021-SL1

3,053,844

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

3,047,842

TVC

Mortgage

Trust

4,550,000

3.474%, 

9/25/2024,

Ser.

2020-RTL1,

Class

A1

a

4,579,846

Vericrest

Opportunity

Loan

Transferee

2,910,592

1.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a,b

2,910,653

3,929,342

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,b

3,941,649

2,722,341

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

a,b

2,724,842

2,341,339

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,b

2,342,736

1,183,620

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,b

1,185,988

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Collateralized

Mortgage

Obligations

(17.1%)

-

continued

$

3,832,053

1.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,b

$

3,829,638

Wachovia

Asset

Securitization,

Inc.

286,921

0.226%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,c,d

274,933

Wachovia

Mortgage

Loan

Trust,

LLC

156,946

2.448%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

c

162,018

ZH

Trust

2,300,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

a,e

2,299,997

Total

196,575,636

Commercial

Mortgage-Backed

Securities

(0.9%)

BFLD

Trust

3,000,000

1.234%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

a,c

3,015,006

Cascade

Funding

Mortgage

Trust

3,816,481

0.898%, 

6/25/2036,

Ser.

2021-HB6,

Class

A

a,c

3,817,628

GS

Mortgage

Securities

Trust

3,000,000

1.684%, 

(LIBOR

1M

+

1.600%),

5/15/2026,

Ser.

2021-ROSS,

Class

B

a,c

3,001,432

GSAA

Home

Equity

Trust

848,058

2.036%, 

(LIBOR

1M

+

1.950%),

5/25/2034,

Ser.

2004-4,

Class

M2

c

926,345

Total

10,760,411

Communications

Services

(2.6%)

American

Tower

Corporation

1,500,000

3.375%, 

5/15/2024

1,598,038

1,000,000

4.400%, 

2/15/2026

1,117,093

500,000

1.450%, 

9/15/2026

497,675

AT&T,

Inc.

1,200,000

4.125%, 

2/17/2026

1,339,212

Bell

Canada

2,250,000

0.750%, 

3/17/2024

2,250,715

British

Sky

Broadcasting

Group

plc

1,503,000

3.750%, 

9/16/2024

a

1,633,436

Charter

Communications

Operating,

LLC

1,875,000

4.500%, 

2/1/2024

2,028,577

2,100,000

4.908%, 

7/23/2025

2,361,711

Cox

Communications,

Inc.

517,000

3.150%, 

8/15/2024

a

547,336

Crown

Castle

International

Corporation

1,000,000

3.200%, 

9/1/2024

1,064,195

Discovery

Communications,

LLC

1,050,000

2.950%, 

3/20/2023

1,086,238

Fox

Corporation

940,000

3.050%, 

4/7/2025

1,000,458

NBN

Company,

Ltd.

1,000,000

1.450%, 

5/5/2026

a

996,070

Netflix,

Inc.

1,800,000

5.875%, 

2/15/2025

2,051,514

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Communications

Services

(2.6%)

-

continued

NTT

Finance

Corporation

$

775,000

0.583%, 

3/1/2024

a

$

773,995

Sprint

Corporation

2,450,000

7.125%, 

6/15/2024

2,788,590

1,000,000

7.625%, 

2/15/2025

1,168,980

T-Mobile

USA,

Inc.

1,900,000

3.500%, 

4/15/2025

2,046,884

VeriSign,

Inc.

1,546,000

5.250%, 

4/1/2025

1,757,230

ViacomCBS

,

Inc.

1,250,000

3.700%, 

8/15/2024

1,341,358

Total

29,449,305

Consumer

Cyclical

(5.4%)

7-Eleven,

Inc.

1,950,000

0.950%, 

2/10/2026

a

1,915,126

Alibaba

Group

Holding,

Ltd.

500,000

2.800%, 

6/6/2023

517,196

American

Honda

Finance

Corporation

1,000,000

0.550%, 

7/12/2024

994,287

930,000

1.200%, 

7/8/2025

935,087

BMW

U.S.

Capital,

LLC

2,000,000

3.150%, 

4/18/2024

a

2,120,939

D.R.

Horton,

Inc.

800,000

2.600%, 

10/15/2025

839,705

Daimler

Finance

North

America,

LLC

875,000

1.750%, 

3/10/2023

a,f

890,881

1,000,000

0.964%, 

(LIBOR

3M

+

0.840%),

5/4/2023

a,c

1,010,091

1,000,000

0.750%, 

3/1/2024

a

1,001,882

Expedia

Group,

Inc.

3,150,000

6.250%, 

5/1/2025

a

3,631,737

Ford

Motor

Credit

Company,

LLC

1,000,000

1.360%, 

(LIBOR

3M

+

1.235%),

2/15/2023

c

996,025

1,840,000

3.370%, 

11/17/2023

1,885,816

1,250,000

3.810%, 

1/9/2024

1,290,625

1,100,000

3.375%, 

11/13/2025

1,130,250

General

Motors

Company

1,000,000

6.125%, 

10/1/2025

1,171,691

General

Motors

Financial

Company,

Inc.

1,250,000

1.050%, 

3/8/2024

1,255,414

1,900,000

3.950%, 

4/13/2024

2,030,616

1,420,000

2.900%, 

2/26/2025

1,489,818

925,000

2.750%, 

6/20/2025

967,088

Harley-Davidson

Financial

Services,

Inc.

511,000

4.050%, 

2/4/2022

a

517,197

Hyundai

Capital

America

900,000

0.800%, 

1/8/2024

a

896,111

1,140,000

1.800%, 

10/15/2025

a

1,151,187

750,000

1.650%, 

9/17/2026

a

743,328

Hyundai

Capital

Services,

Inc.

1,000,000

3.000%, 

3/6/2022

a

1,010,224

1,500,000

3.000%, 

8/29/2022

a

1,533,047

750,000

1.250%, 

2/8/2026

a

738,454

Kohl's

Corporation

2,286,000

9.500%, 

5/15/2025

2,883,710

Lennar

Corporation

990,000

4.875%, 

12/15/2023

1,067,992

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Consumer

Cyclical

(5.4%)

-

continued

$

550,000

5.875%, 

11/15/2024

$

618,629

1,100,000

4.750%, 

5/30/2025

1,225,609

Lowe's

Companies,

Inc.

2,000,000

4.000%, 

4/15/2025

2,191,623

Marriott

International,

Inc.

1,150,000

3.600%, 

4/15/2024

1,225,295

1,000,000

5.750%, 

5/1/2025

1,143,580

686,000

3.750%, 

10/1/2025

737,509

MDC

Holdings,

Inc.

1,575,000

5.500%, 

1/15/2024

f

1,704,937

Nissan

Motor

Company,

Ltd.

2,075,000

3.043%, 

9/15/2023

a

2,158,553

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

2,028,355

Target

Corporation

940,000

2.250%, 

4/15/2025

980,546

Toll

Brothers

Finance

Corporation

1,250,000

5.875%, 

2/15/2022

1,254,688

1,700,000

4.375%, 

4/15/2023

1,758,225

Toyota

Motor

Credit

Corporation

1,000,000

0.450%, 

1/11/2024

997,659

925,000

1.800%, 

2/13/2025

950,101

875,000

0.800%, 

10/16/2025

863,713

ViacomCBS

,

Inc.

900,000

4.750%, 

5/15/2025

1,010,038

Volkswagen

Group

of

America

Finance,

LLC

1,000,000

0.750%, 

11/23/2022

a

1,002,925

2,000,000

4.250%, 

11/13/2023

a

2,145,138

1,500,000

2.850%, 

9/26/2024

a

1,576,718

Total

62,189,365

Consumer

Non-Cyclical

(5.0%)

AbbVie,

Inc.

1,900,000

2.300%, 

11/21/2022

1,939,167

2,000,000

3.850%, 

6/15/2024

2,150,962

1,920,000

3.600%, 

5/14/2025

2,076,958

Altria

Group,

Inc.

1,000,000

4.400%, 

2/14/2026

1,123,147

Amgen,

Inc.

1,320,000

1.900%, 

2/21/2025

1,358,041

Anthem,

Inc.

1,025,000

2.375%, 

1/15/2025

1,067,778

AstraZeneca

plc

1,550,000

0.700%, 

4/8/2026

1,517,463

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,501,393

Boston

Scientific

Corporation

1,840,000

3.450%, 

3/1/2024

1,953,339

Bunge,

Ltd.

Finance

Corporation

2,250,000

1.630%, 

8/17/2025

2,273,420

Centene

Corporation

2,000,000

4.250%, 

12/15/2027

2,093,300

1,200,000

4.625%, 

12/15/2029

1,307,760

CK

Hutchison

International,

Ltd.

2,000,000

2.750%, 

3/29/2023

a

2,062,882

Coca-Cola

European

Partners

plc

1,250,000

0.800%, 

5/3/2024

a

1,246,104

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,897,117

Constellation

Brands,

Inc.

500,000

3.200%, 

2/15/2023

517,185

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Consumer

Non-Cyclical

(5.0%)

-

continued

CVS

Health

Corporation

$

755,000

3.700%, 

3/9/2023

$

788,400

241,000

4.100%, 

3/25/2025

264,404

Diageo

Capital

plc

600,000

1.375%, 

9/29/2025

606,785

Gilead

Sciences,

Inc.

1,375,000

0.750%, 

9/29/2023

1,375,067

HCA,

Inc.

2,000,000

5.875%, 

5/1/2023

2,150,040

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

a

1,841,327

Imperial

Tobacco

Finance

plc

1,500,000

3.750%, 

7/21/2022

a

1,529,440

Kraft

Heinz

Foods

Company

2,500,000

3.000%, 

6/1/2026

2,633,354

Mattel,

Inc.

2,000,000

3.375%, 

4/1/2026

a

2,062,200

McKesson

Corporation

1,500,000

0.900%, 

12/3/2025

1,476,184

Newell

Brands,

Inc.

2,000,000

4.875%, 

6/1/2025

2,207,400

Novartis

Capital

Corporation

2,100,000

1.750%, 

2/14/2025

2,158,310

Philip

Morris

International,

Inc.

1,350,000

0.875%, 

5/1/2026

1,324,999

Royalty

Pharma

plc

2,675,000

1.200%, 

9/2/2025

2,657,658

Stryker

Corporation

2,500,000

3.500%, 

3/15/2026

2,726,639

Thermo

Fisher

Scientific,

Inc.

700,000

4.133%, 

3/25/2025

770,138

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

a

1,640,318

Upjohn,

Inc.

700,000

1.650%, 

6/22/2025

a

707,005

Zoetis,

Inc.

1,450,000

3.250%, 

2/1/2023

1,494,292

Total

57,499,976

Energy

(4.7%)

BP

Capital

Markets

America,

Inc.

1,000,000

3.790%, 

2/6/2024

1,070,676

Canadian

Natural

Resources,

Ltd.

1,400,000

2.050%, 

7/15/2025

1,433,376

Cenovus

Energy,

Inc.

2,850,000

5.375%, 

7/15/2025

3,246,312

Cheniere

Corpus

Christi

Holdings,

LLC

1,766,000

5.875%, 

3/31/2025

1,994,928

Cheniere

Energy

Partners,

LP

2,500,000

4.500%, 

10/1/2029

2,657,825

Cimarex

Energy

Company

2,500,000

4.375%, 

6/1/2024

2,695,810

Continental

Resources,

Inc.

1,900,000

4.500%, 

4/15/2023

1,968,875

1,000,000

3.800%, 

6/1/2024

1,050,800

Devon

Energy

Corporation

1,800,000

5.250%, 

9/15/2024

a

1,993,761

1,150,000

5.850%, 

12/15/2025

1,330,612

Diamondback

Energy,

Inc.

1,100,000

0.900%, 

3/24/2023

1,099,666

950,000

2.875%, 

12/1/2024

997,501

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Energy

(4.7%)

-

continued

Energy

Transfer

Operating,

LP

$

2,273,000

4.200%, 

9/15/2023

$

2,414,222

750,000

5.875%, 

1/15/2024

824,268

950,000

2.900%, 

5/15/2025

995,782

Equinor

ASA

925,000

2.875%, 

4/6/2025

982,107

Exxon

Mobil

Corporation

1,100,000

2.992%, 

3/19/2025

1,173,491

Hess

Corporation

2,238,000

3.500%, 

7/15/2024

2,366,976

Marathon

Petroleum

Corporation

2,100,000

4.700%, 

5/1/2025

2,344,117

MPLX,

LP

500,000

3.500%, 

12/1/2022

515,811

1,500,000

4.875%, 

6/1/2025

1,676,286

1,100,000

1.750%, 

3/1/2026

1,106,774

National

Fuel

Gas

Company

750,000

5.200%, 

7/15/2025

835,694

1,370,000

5.500%, 

1/15/2026

1,578,033

Newfield

Exploration

Company

2,925,000

5.625%, 

7/1/2024

3,243,375

ONEOK,

Inc.

1,000,000

2.750%, 

9/1/2024

1,048,150

Petroleos

Mexicanos

874,000

2.378%, 

4/15/2025

899,689

Pioneer

Natural

Resources

Company

1,700,000

1.125%, 

1/15/2026

1,678,204

Plains

All

American

Pipeline,

LP

2,000,000

3.850%, 

10/15/2023

2,102,755

750,000

4.650%, 

10/15/2025

831,135

Schlumberger

Finance

Canada,

Ltd.

225,000

1.400%, 

9/17/2025

227,394

Schlumberger

Holdings

Corporation

1,500,000

3.750%, 

5/1/2024

a

1,602,522

Suncor

Energy,

Inc.

930,000

2.800%, 

5/15/2023

962,478

Transcontinental

Gas

Pipe

Line

Company,

LLC

600,000

7.850%, 

2/1/2026

748,080

Western

Midstream

Operating,

LP

1,500,000

4.350%, 

2/1/2025

1,582,815

Williams

Partners,

LP

1,325,000

3.600%, 

3/15/2022

1,336,988

Total

54,617,288

Financials

(20.6%)

AerCap

Ireland

Capital

DAC

1,000,000

3.300%, 

1/23/2023

1,030,397

1,375,000

3.150%, 

2/15/2024

1,433,786

1,300,000

6.500%, 

7/15/2025

1,507,222

1,200,000

1.750%, 

1/30/2026

1,187,741

Aircastle

,

Ltd.

2,100,000

5.250%, 

8/11/2025

a

2,347,871

Ally

Financial,

Inc.

3,000,000

5.750%, 

11/20/2025

3,430,345

American

International

Group,

Inc.

1,050,000

2.500%, 

6/30/2025

1,099,447

Ares

Capital

Corporation

924,000

4.250%, 

3/1/2025

991,738

1,350,000

3.875%, 

1/15/2026

1,443,728

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Financials

(20.6%)

-

continued

$

800,000

2.150%, 

7/15/2026

$

802,128

Athene

Global

Funding

1,100,000

1.200%, 

10/13/2023

a

1,114,017

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,c

1,964,579

Aviation

Capital

Group,

LLC

1,200,000

5.500%, 

12/15/2024

a

1,344,913

1,500,000

4.875%, 

10/1/2025

a

1,653,074

Avolon

Holdings

Funding,

Ltd.

1,644,000

5.500%, 

1/15/2026

a

1,842,942

1,000,000

2.125%, 

2/21/2026

a

989,766

450,000

4.250%, 

4/15/2026

a

484,004

Banco

Bilbao

Vizcaya

Argentaria

SA

1,400,000

0.875%, 

9/18/2023

1,408,484

Banco

Santander

Mexico

SA

320,000

5.375%, 

4/17/2025

a

357,664

Banco

Santander

SA

800,000

1.239%, 

(LIBOR

3M

+

1.120%),

4/12/2023

c

810,878

1,000,000

0.701%, 

6/30/2024

c

1,001,829

1,000,000

1.849%, 

3/25/2026

1,012,864

Bank

of

America

Corporation

500,000

2.816%, 

7/21/2023

c

509,505

1,775,000

4.200%, 

8/26/2024

1,941,552

1,800,000

0.810%, 

10/24/2024

c

1,806,235

1,000,000

3.458%, 

3/15/2025

c

1,063,912

1,250,000

0.976%, 

4/22/2025

c

1,256,648

1,125,000

0.981%, 

9/25/2025

c

1,126,553

1,900,000

2.456%, 

10/22/2025

c

1,984,607

1,275,000

1.319%, 

6/19/2026

c

1,274,689

1,500,000

1.734%, 

7/22/2027

c

1,506,172

Bank

of

New

York

Mellon

Corporation

900,000

1.600%, 

4/24/2025

919,974

700,000

4.700%, 

9/20/2025

c,g

768,250

Bank

of

New

Zealand

875,000

2.000%, 

2/21/2025

a

900,307

Bank

of

Nova

Scotia

935,000

4.900%, 

6/4/2025

c,g

1,005,125

Barclays

plc

1,000,000

3.684%, 

1/10/2023

1,008,896

2,000,000

1.505%, 

(LIBOR

3M

+

1.380%),

5/16/2024

c

2,034,458

1,500,000

4.375%, 

9/11/2024

1,634,258

1,600,000

1.007%, 

12/10/2024

c

1,607,358

BNP

Paribas

SA

1,900,000

6.625%, 

3/25/2024

a,c,g

2,056,180

960,000

2.819%, 

11/19/2025

a,c

1,005,471

1,300,000

1.323%, 

1/13/2027

a,c

1,278,173

BPCE

SA

950,000

2.375%, 

1/14/2025

a

980,894

Canadian

Imperial

Bank

of

Commerce

1,875,000

2.250%, 

1/28/2025

1,947,665

Capital

One

Financial

Corporation

1,500,000

3.900%, 

1/29/2024

1,605,603

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

c,g

444,500

1,250,000

4.000%, 

6/1/2026

c,g

1,303,125

CIT

Group,

Inc.

2,650,000

5.250%, 

3/7/2025

2,951,438

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Financials

(20.6%)

-

continued

Citigroup,

Inc.

$

1,800,000

4.000%, 

8/5/2024

$

1,952,391

2,500,000

0.776%, 

10/30/2024

c

2,509,586

925,000

3.106%, 

4/8/2026

c

982,119

1,150,000

1.122%, 

1/28/2027

c

1,133,939

Comerica,

Inc.

585,000

5.625%, 

7/1/2025

c,f,g

644,231

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,c

1,623,161

Corporate

Office

Properties,

LP

450,000

2.250%, 

3/15/2026

461,029

Credit

Agricole

SA

1,000,000

6.875%, 

9/23/2024

a,c,g

1,112,500

935,000

1.907%, 

6/16/2026

a,c

952,786

750,000

1.247%, 

1/26/2027

a,c

739,401

Credit

Suisse

Group

AG

1,500,000

6.500%, 

8/8/2023

a

1,641,450

990,000

7.500%, 

12/11/2023

a,c,g

1,081,575

1,050,000

2.193%, 

6/5/2026

a,c

1,069,707

1,600,000

1.305%, 

2/2/2027

a,c

1,563,610

Danske

Bank

AS

915,000

1.171%, 

12/8/2023

a,c

919,354

1,500,000

5.375%, 

1/12/2024

a

1,646,254

1,000,000

0.976%, 

9/10/2025

a,c

998,322

Deutsche

Bank

AG

1,200,000

3.700%, 

5/30/2024

1,277,623

910,000

2.222%, 

9/18/2024

c

932,742

2,700,000

4.500%, 

4/1/2025

2,902,628

2,000,000

6.000%, 

10/30/2025

c,g

2,105,000

1,100,000

2.129%, 

11/24/2026

c

1,117,345

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,303,521

Equitable

Financial

Life

Global

Funding

1,500,000

0.800%, 

8/12/2024

a

1,498,248

Fifth

Third

Bancorp

1,900,000

2.375%, 

1/28/2025

1,975,317

First

Horizon

National

Corporation

1,325,000

3.550%, 

5/26/2023

1,382,571

First

Republic

Bank

940,000

1.912%, 

2/12/2024

c

958,985

FNB

Corporation

1,315,000

2.200%, 

2/24/2023

1,334,312

FS

KKR

Capital

Corporation

1,100,000

4.250%, 

2/14/2025

a

1,161,879

2,000,000

3.400%, 

1/15/2026

2,089,762

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,210,540

GE

Capital

Funding,

LLC

875,000

3.450%, 

5/15/2025

943,731

Goldman

Sachs

Group,

Inc.

2,100,000

0.481%, 

1/27/2023

2,100,341

1,700,000

0.627%, 

11/17/2023

c

1,700,697

1,500,000

0.673%, 

3/8/2024

c

1,501,785

940,000

3.500%, 

4/1/2025

1,010,597

1,915,000

3.272%, 

9/29/2025

c

2,044,898

272,000

4.250%, 

10/21/2025

301,221

1,700,000

0.855%, 

2/12/2026

c

1,683,627

HSBC

Holdings

plc

2,000,000

3.262%, 

3/13/2023

c

2,025,179

1,500,000

6.250%, 

3/23/2023

c,g

1,563,750

500,000

4.250%, 

3/14/2024

537,166

1,325,000

1.645%, 

4/18/2026

c

1,332,107

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Financials

(20.6%)

-

continued

$

1,000,000

1.589%, 

5/24/2027

c

$

993,263

ING

Groep

NV

500,000

4.625%, 

1/6/2026

a

567,442

1,250,000

1.726%, 

4/1/2027

c

1,257,086

J.P.

Morgan

Chase

&

Company

1,250,000

3.926%, 

(LIBOR

3M

+

3.800%),

11/1/2021

c,g

1,251,425

925,000

1.514%, 

6/1/2024

c

940,401

1,750,000

3.875%, 

9/10/2024

1,902,740

1,500,000

0.969%, 

(LIBOR

3M

+

0.850%),

1/10/2025

c

1,518,190

700,000

0.563%, 

2/16/2025

c

697,093

1,500,000

0.969%, 

6/23/2025

c

1,501,839

800,000

2.005%, 

3/13/2026

c

819,428

900,000

2.083%, 

4/22/2026

c

925,705

1,000,000

3.650%, 

6/1/2026

c,g

1,005,000

2,500,000

1.045%, 

11/19/2026

c

2,462,082

725,000

1.040%, 

2/4/2027

c

711,269

KeyBank

NA

1,250,000

0.423%, 

1/3/2024

c

1,249,903

Kilroy

Realty,

LP

750,000

3.800%, 

1/15/2023

776,106

1,800,000

4.375%, 

10/1/2025

2,001,984

Lincoln

National

Corporation

1,000,000

4.000%, 

9/1/2023

1,066,084

Lloyds

Banking

Group

plc

1,500,000

2.858%, 

3/17/2023

c

1,516,692

2,000,000

2.907%, 

11/7/2023

c

2,051,980

925,000

7.500%, 

6/27/2024

c,g

1,034,844

350,000

4.582%, 

12/10/2025

390,665

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

c,g

744,375

Macquarie

Group,

Ltd.

1,500,000

1.141%, 

(LIBOR

3M

+

1.020%),

11/28/2023

a,c

1,511,700

Mitsubishi

UFJ

Financial

Group,

Inc.

875,000

2.193%, 

2/25/2025

905,077

2,000,000

0.953%, 

7/19/2025

c

2,002,272

Mizuho

Financial

Group

Cayman

3,

Ltd.

825,000

4.600%, 

3/27/2024

a

892,064

Mizuho

Financial

Group,

Inc.

1,500,000

2.555%, 

9/13/2025

c

1,569,888

Morgan

Stanley

1,000,000

3.736%, 

(LIBOR

3M

+

3.610%),

1/15/2022

c,g

1,009,000

1,800,000

4.100%, 

5/22/2023

1,900,454

600,000

0.560%, 

11/10/2023

c

600,775

2,000,000

0.529%, 

1/25/2024

c

2,001,440

500,000

0.731%, 

4/5/2024

c

501,660

750,000

2.720%, 

7/22/2025

c

785,869

1,300,000

0.864%, 

10/21/2025

c

1,297,361

1,750,000

5.000%, 

11/24/2025

2,000,493

1,000,000

0.985%, 

12/10/2026

c

982,240

National

Bank

of

Canada

950,000

2.100%, 

2/1/2023

970,913

1,500,000

0.750%, 

8/6/2024

1,496,004

Nationwide

Building

Society

2,000,000

3.766%, 

3/8/2024

a,c

2,085,082

New

York

Life

Global

Funding

950,000

2.000%, 

1/22/2025

a

980,699

Nomura

Holdings,

Inc.

1,890,000

2.648%, 

1/16/2025

1,968,749

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Financials

(20.6%)

-

continued

Nordea

Bank

ABP

$

1,700,000

1.500%, 

9/30/2026

a

$

1,694,951

Omega

Healthcare

Investors,

Inc.

380,000

4.950%, 

4/1/2024

413,356

800,000

4.500%, 

1/15/2025

872,124

1,000,000

5.250%, 

1/15/2026

1,135,354

Owl

Rock

Capital

Corporation

750,000

4.250%, 

1/15/2026

804,977

1,000,000

3.400%, 

7/15/2026

1,041,432

Owl

Rock

Technology

Finance

Corporation

750,000

4.750%, 

12/15/2025

a

819,861

750,000

3.750%, 

6/17/2026

a

791,771

Peachtree

Corners

Funding

Trust

1,375,000

3.976%, 

2/15/2025

a

1,492,616

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

c,g

1,496,250

Principal

Life

Global

Funding

II

900,000

0.875%, 

1/12/2026

a

882,373

Regency

Centers,

LP

1,500,000

3.750%, 

6/15/2024

1,598,662

Regions

Financial

Corporation

925,000

2.250%, 

5/18/2025

961,308

Reinsurance

Group

of

America,

Inc.

2,000,000

4.700%, 

9/15/2023

2,150,623

Royal

Bank

of

Scotland

Group

plc

1,000,000

3.498%, 

5/15/2023

c

1,018,199

1,500,000

4.269%, 

3/22/2025

c

1,618,710

Santander

Holdings

USA,

Inc.

1,000,000

3.400%, 

1/18/2023

1,034,141

350,000

3.450%, 

6/2/2025

374,763

Santander

UK

Group

Holdings

plc

925,000

1.532%, 

8/21/2026

c

923,142

Simon

Property

Group,

LP

1,250,000

3.300%, 

1/15/2026

1,353,114

Societe

Generale

SA

1,800,000

2.625%, 

10/16/2024

a

1,872,761

1,400,000

1.488%, 

12/14/2026

a,c

1,384,384

Standard

Chartered

plc

1,175,000

3.950%, 

1/11/2023

a

1,217,684

1,000,000

1.319%, 

10/14/2023

a,c

1,006,294

900,000

0.991%, 

1/12/2025

a,c

896,866

500,000

1.214%, 

3/23/2025

a,c

500,339

State

Street

Corporation

1,415,000

2.354%, 

11/1/2025

c

1,478,821

Sumitomo

Mitsui

Financial

Group,

Inc.

1,700,000

2.448%, 

9/27/2024

1,777,027

750,000

0.948%, 

1/12/2026

736,876

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,000,000

0.850%, 

3/25/2024

a

1,002,427

Svenska

Handelsbanken

AB

1,500,000

0.550%, 

6/11/2024

a

1,496,304

Synchrony

Financial

250,000

2.850%, 

7/25/2022

254,543

1,485,000

4.250%, 

8/15/2024

1,604,699

1,920,000

4.500%, 

7/23/2025

2,120,153

Synovus

Bank

940,000

2.289%, 

2/10/2023

c

944,119

Toronto-Dominion

Bank

1,375,000

0.750%, 

9/11/2025

1,357,356

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Financials

(20.6%)

-

continued

Truist

Financial

Corporation

$

675,000

4.950%, 

9/1/2025

c,g

$

737,316

UBS

AG

2,756,000

5.125%, 

5/15/2024

3,011,316

UBS

Group

AG

1,375,000

1.008%, 

7/30/2024

a,c

1,383,902

USB

Realty

Corporation

95,000

1.273%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,c,g

80,508

VEREIT

Operating

Partnership,

LP

200,000

4.600%, 

2/6/2024

215,836

2,950,000

4.625%, 

11/1/2025

3,314,996

Voya

Financial,

Inc.

500,000

5.650%, 

5/15/2053

c

527,500

Wells

Fargo

&

Company

750,000

3.450%, 

2/13/2023

780,557

1,500,000

3.750%, 

1/24/2024

1,603,614

3,200,000

2.406%, 

10/30/2025

c

3,332,733

Welltower

,

Inc.

2,000,000

3.625%, 

3/15/2024

2,132,442

Westpac

Banking

Corporation

940,000

2.894%, 

2/4/2030

c

973,308

Total

237,277,696

Foreign

Government

(0.3%)

NBN

Company,

Ltd.

1,000,000

0.875%, 

10/8/2024

a,e

996,553

Sinopec

Group

Overseas

Development

2018,

Ltd.

2,050,000

2.150%, 

5/13/2025

a

2,097,413

Total

3,093,966

Mortgage-Backed

Securities

(1.1%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

12,000,000

2.000%, 

11/1/2036

e

12,342,187

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

202,869

1.924%, 

(LIBOR

12M

+

1.483%),

1/1/2043

c

211,694

Total

12,553,881

Technology

(3.1%)

Baidu,

Inc.

880,000

3.075%, 

4/7/2025

923,061

Broadcom

Corporation

2,000,000

3.125%, 

1/15/2025

2,118,575

Broadcom,

Inc.

1,750,000

4.250%, 

4/15/2026

1,944,945

Dell

International,

LLC

1,500,000

4.000%, 

7/15/2024

1,622,697

1,750,000

5.850%, 

7/15/2025

2,035,965

Fidelity

National

Information

Services,

Inc.

1,200,000

0.600%, 

3/1/2024

1,198,199

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

2,106,160

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

914,558

Intuit,

Inc.

1,625,000

0.950%, 

7/15/2025

1,623,121

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Technology

(3.1%)

-

continued

Marvell

Technology,

Inc.

$

1,000,000

4.200%, 

6/22/2023

a

$

1,055,944

Microchip

Technology,

Inc.

1,000,000

0.983%, 

9/1/2024

a

998,790

Micron

Technology,

Inc.

1,050,000

2.497%, 

4/24/2023

1,080,744

NXP

Funding,

LLC

1,342,000

2.700%, 

5/1/2025

a

1,401,640

Oracle

Corporation

1,055,000

2.500%, 

4/1/2025

1,103,660

1,750,000

2.950%, 

5/15/2025

1,856,845

Panasonic

Corporation

1,000,000

2.536%, 

7/19/2022

a

1,014,618

1,000,000

2.679%, 

7/19/2024

a

1,046,857

Qorvo

,

Inc.

2,300,000

4.375%, 

10/15/2029

2,507,000

Seagate

HDD

Cayman

1,232,000

4.750%, 

1/1/2025

1,349,040

SK

Hynix,

Inc.

500,000

1.000%, 

1/19/2024

a

497,380

Tencent

Holdings,

Ltd.

1,150,000

3.800%, 

2/11/2025

a

1,234,824

875,000

1.810%, 

1/26/2026

a

882,529

Total

System

Services,

Inc.

925,000

3.750%, 

6/1/2023

966,336

VMware,

Inc.

1,000,000

2.950%, 

8/21/2022

1,020,673

1,000,000

0.600%, 

8/15/2023

1,001,262

350,000

1.400%, 

8/15/2026

348,425

Western

Digital

Corporation

2,000,000

4.750%, 

2/15/2026

2,215,040

Total

36,068,888

Transportation

(2.5%)

Air

Canada

Pass

Through

Trust

815,455

3.875%, 

3/15/2023

a

824,518

Air

Lease

Corporation

1,750,000

3.500%, 

1/15/2022

1,765,099

1,500,000

4.250%, 

2/1/2024

1,609,906

1,500,000

0.800%, 

8/18/2024

1,490,956

Aircastle

,

Ltd.

1,500,000

4.400%, 

9/25/2023

1,597,309

Avolon

Holdings

Funding,

Ltd.

2,000,000

3.950%, 

7/1/2024

a

2,123,459

Boeing

Company

1,575,000

1.950%, 

2/1/2024

1,611,864

British

Airways

plc

798,806

4.625%, 

6/20/2024

a

842,932

Continental

Airlines,

Inc.

1,970,313

4.150%, 

4/11/2024

2,080,481

Delta

Air

Lines,

Inc.

1,000,000

7.000%, 

5/1/2025

a

1,166,250

2,150,000

4.500%, 

10/20/2025

a

2,300,500

ERAC

USA

Finance,

LLC

1,600,000

2.600%, 

12/1/2021

a

1,602,819

J.B.

Hunt

Transport

Services,

Inc.

1,175,000

3.300%, 

8/15/2022

1,197,927

Mileage

Plus

Holdings,

LLC

1,000,000

6.500%, 

6/20/2027

a

1,087,420

Penske

Truck

Leasing

Company,

LP

1,000,000

2.700%, 

11/1/2024

a

1,049,792

1,000,000

3.950%, 

3/10/2025

a

1,083,576

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Transportation

(2.5%)

-

continued

$

800,000

1.200%, 

11/15/2025

a

$

790,723

Ryder

System,

Inc.

1,000,000

3.400%, 

3/1/2023

1,038,700

Southwest

Airlines

Company

1,975,000

4.750%, 

5/4/2023

2,102,506

350,000

5.250%, 

5/4/2025

395,183

TTX

Company

800,000

4.125%, 

10/1/2023

a

854,853

Total

28,616,773

U.S.

Government

&

Agencies

(8.4%)

U.S.

Treasury

Notes

11,000,000

0.125%, 

4/30/2023

10,985,391

7,350,000

2.750%, 

7/31/2023

7,685,057

9,000,000

0.125%, 

8/31/2023

8,976,094

13,950,000

0.125%, 

1/15/2024

13,875,346

9,970,000

2.500%, 

1/31/2024

10,463,826

45,000,000

0.250%, 

6/15/2024

44,750,390

Total

96,736,104

Utilities

(3.2%)

AES

Corporation

1,700,000

3.300%, 

7/15/2025

a

1,805,774

Alexander

Funding

Trust

2,500,000

1.841%, 

11/15/2023

a

2,548,066

Ameren

Corporation

750,000

2.500%, 

9/15/2024

783,868

American

Electric

Power

Company,

Inc.

1,075,000

1.000%, 

11/1/2025

1,062,831

Berkshire

Hathaway

Energy

Company

1,575,000

4.050%, 

4/15/2025

1,731,891

CenterPoint

Energy

Resources

Corporation

1,000,000

0.700%, 

3/2/2023

1,000,054

CenterPoint

Energy,

Inc.

1,175,000

3.850%, 

2/1/2024

1,250,628

Dominion

Energy,

Inc.

1,650,000

1.450%, 

4/15/2026

1,655,356

DTE

Energy

Company

1,500,000

2.529%, 

10/1/2024

1,565,143

Duke

Energy

Corporation

500,000

3.250%, 

1/15/2082

c

497,687

915,000

0.900%, 

9/15/2025

907,096

Edison

International

1,420,000

2.950%, 

3/15/2023

1,461,019

Entergy

Corporation

870,000

0.900%, 

9/15/2025

855,474

Exelon

Corporation

1,250,000

3.497%, 

6/1/2022

1,271,821

Florida

Power

&

Light

Company

1,150,000

2.850%, 

4/1/2025

1,220,679

ITC

Holdings

Corporation

1,500,000

2.700%, 

11/15/2022

1,534,677

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,651,901

National

Rural

Utilities

Cooperative

Finance

Corporation

1,150,000

4.750%, 

4/30/2043

c

1,199,102

NiSource,

Inc.

1,250,000

5.650%, 

6/15/2023

c,g

1,318,750

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Principal

Amount

Long-Term

Fixed

Income

(98.1%)

Value

Utilities

(3.2%)

-

continued

$

920,000

0.950%, 

8/15/2025

$

909,010

OGE

Energy

Corporation

1,000,000

0.703%, 

5/26/2023

1,000,084

Public

Service

Enterprise

Group,

Inc.

2,000,000

2.875%, 

6/15/2024

2,106,421

Sempra

Energy

1,875,000

3.550%, 

6/15/2024

1,997,818

Southern

California

Edison

Company

1,000,000

1.100%, 

4/1/2024

1,004,831

Southern

Company

1,500,000

2.950%, 

7/1/2023

1,557,187

900,000

4.000%, 

1/15/2051

c

951,363

750,000

3.750%, 

9/15/2051

c

764,100

WEC

Energy

Group,

Inc.

1,140,000

0.550%, 

9/15/2023

1,139,908

Total

36,752,539

Total

Long-Term

Fixed

Income

(cost

$1,115,125,998)

1,129,979,297

Shares

Preferred

Stock

(

0.2%

)

Value

Financials

(0.2%)

66,000

Citigroup

Capital

XIII,

6.499%

c

1,831,500

Total

1,831,500

Total

Preferred

Stock

(cost

$1,821,600)

1,831,500

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

1,084,330

Thrivent

Cash

Management

Trust

1,084,330

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,084,330)

1,084,330

Shares

or

Principal

Amount

Short-Term

Investments

(

3.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

0.020%,

12/28/2021

h,i

699,931

Thrivent

Core

Short-Term

Reserve

Fund

2,968,578

0.120%

29,685,780

U.S.

Treasury

Bills

5,000,000

0.075%,

10/19/2021

h

4,999,822

500,000

0.047%,

11/4/2021

h,j

499,965

Total

Short-Term

Investments

(cost

$35,859,033)

35,885,498

Total

Investments

(cost

$1,153,890,961)

101.5%

$1,168,780,625

Other

Assets

and

Liabilities,

Net

(1.5%)

(17,113,060)

Total

Net

Assets

100.0%

$1,151,667,565

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,

2021,

the

value

of

these

investments

was

$531,136,957

or

46.1%

of

total

net

assets.

b

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,

2021.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

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

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.

j

At

September

30,

2021,

$9,999

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

Limited

Maturity

Bond

Portfolio

as

of

September

30,

2021

was

$26,549,561

or

2.31%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2021.

Security

Acquisition

Date

Cost

Affirm

Asset

Securitization

Trust,

8/15/2026

7/27/2021

$

5,999,750

Affirm

Asset

Securitization

Trust,

1/15/2025

6/7/2021

4,101,719

Affirm

Asset

Securitization

Trust,

8/15/2025

2/9/2021

2,999,557

Upstart

Securitization

Trust,

11/20/2030

10/1/2020

1,248,214

Upstart

Securitization

Trust,

6/20/2031

5/4/2021

3,341,152

Upstart

Securitization

Trust,

3/20/2031

1/28/2021

1,988,129

Upstart

Securitization

Trust,

4/22/2030

2/11/2020

880,562

Upstart

Securitization

Trust,

1/21/2030

11/22/2019

261,937

Upstart

Securitization

Trust,

7/20/2031

7/22/2021

5,694,691

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,053,303

Total

lending

$1,053,303

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,084,330

Net

amounts

due

to

counterparty

$31,027

Definitions:

CLO

-

Collateralized

Loan

Obligation

HECM

-

Home

Equity

Conversion

Mortgage

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

Reference

Rate

Index:

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

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

230,795,348

–

230,795,348

–

Basic

Materials

18,709,287

–

18,709,287

–

Capital

Goods

18,282,834

–

18,282,834

–

Collateralized

Mortgage

Obligations

196,575,636

–

196,575,636

–

Commercial

Mortgage-Backed

Securities

10,760,411

–

10,760,411

–

Communications

Services

29,449,305

–

29,449,305

–

Consumer

Cyclical

62,189,365

–

62,189,365

–

Consumer

Non-Cyclical

57,499,976

–

57,499,976

–

Energy

54,617,288

–

54,617,288

–

Financials

237,277,696

–

237,277,696

–

Foreign

Government

3,093,966

–

3,093,966

–

Mortgage-Backed

Securities

12,553,881

–

12,553,881

–

Technology

36,068,888

–

36,068,888

–

Transportation

28,616,773

–

28,616,773

–

U.S.

Government

&

Agencies

96,736,104

–

96,736,104

–

Utilities

36,752,539

–

36,752,539

–

Preferred

Stock

Financials

1,831,500

1,831,500

–

–

Short-Term

Investments

6,199,718

–

6,199,718

–

Subtotal

Investments

in

Securities

$1,138,010,515

$1,831,500

$1,136,179,015

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

29,685,780

Collateral

Held

for

Securities

Loaned

1,084,330

Subtotal

Other

Investments

$30,770,110

Total

Investments

at

Value

$1,168,780,625

*

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

712,707

712,707

–

–

Total

Asset

Derivatives

$712,707

$712,707

$–

$–

Liability

Derivatives

Futures

Contracts

28,626

28,626

–

–

Total

Liability

Derivatives

$28,626

$28,626

$–

$–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Limited

Maturity

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$699,931

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

Ultra

10-Yr.

U.S.

Treasury

Note

10

December

2021

$

1,481,126

(

$

28,626)

Total

Futures

Long

Contracts

$

1,481,126

(

$

28,626)

CBOT

5-Yr.

U.S.

Treasury

Note

(829)

December

2021

(

$

102,465,982)

$

712,707

Total

Futures

Short

Contracts

(

$

102,465,982)

$712,707

Total

Futures

Contracts

(

$

100,984,856)

$684,081

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$158,253

$290,989

$419,556

$29,686

2,969

2.6%

Total

Affiliated

Short-Term

Investments

158,253

29,686

2.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,840

10,024

10,780

1,084

1,084

0.1

Total

Collateral

Held

for

Securities

Loaned

1,840

1,084

0.1

Total

Value

$160,093

$30,770

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$48

$(48)

$

–

$142

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$142

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$48

$(48)

$

–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Shares

Common

Stock

(

97.9%

)

Value

Communications

Services

(11.7%)

6,556

AT&T,

Inc.

$

177,077

13,003

BCE,

Inc.

a

651,382

2,728

Comcast

Corporation

152,577

15,428

Deutsche

Telekom

AG

309,395

3,115

Electronic

Arts,

Inc.

443,109

2,603

Elisa

Oyj

161,734

23,000

HKT

Trust

and

HKT,

Ltd.

31,448

6,300

KDDI

Corporation

207,416

8,158

Koninklijke

(Royal)

KPN

NV

25,671

200

Nintendo

Company,

Ltd.

95,577

25,000

Nippon

Telegraph

and

Telephone

Corporation

692,729

8,229

Rogers

Communications,

Inc.

384,293

19,500

SKY

Perfect

JSAT

Holdings,

Inc.

74,727

68,500

SoftBank

Corporation

929,188

390

Swisscom

AG

224,438

169

Take-Two

Interactive

Software,

Inc.

b

26,038

14,444

TELUS

Corporation

317,481

228

T-Mobile

US,

Inc.

b

29,129

19,206

Verizon

Communications,

Inc.

1,037,316

Total

5,970,725

Consumer

Discretionary

(5.0%)

20,000

Cafe

de

Coral

Holdings,

Ltd.

36,606

1,357

Domino's

Pizza

Enterprises,

Ltd.

155,212

6,919

Domino's

Pizza

Group

plc

36,936

220

Domino's

Pizza,

Inc.

104,931

8,168

Europris

ASA

c

54,086

348

Evolution

Gaming

Group

AB

c

52,701

2,097

HelloFresh

SE

b

193,274

92

Hermes

International

126,935

1,544

Home

Depot,

Inc.

506,834

2,800

KOMEDA

Holdings

Company,

Ltd.

55,544

638

La

Francaise

des

Jeux

SAEM

c

32,804

14,000

Luk

Fook

Holdings

International,

Ltd.

35,861

3,183

McDonald's

Corporation

767,453

1,900

McDonald's

Holdings

Company

(Japan),

Ltd.

89,639

11,600

Nippon

Parking

Development

Company,

Ltd.

16,533

1,000

Ohsho

Food

Service

Corporation

54,677

200

Pan

Pacific

International

Holdings

Company

4,127

3,100

T-Gaia

Corporation

55,028

3,600

USS

Company,

Ltd.

61,280

1,132

Yum!

Brands,

Inc.

138,455

Total

2,578,916

Consumer

Staples

(14.0%)

8,899

Axfood

AB

212,759

1,277

Church

&

Dwight

Company,

Inc.

105,442

8,045

Coca-Cola

Company

422,121

11,736

Colgate-Palmolive

Company

887,007

893

Costco

Wholesale

Corporation

401,270

5,581

General

Mills,

Inc.

333,855

801

Greggs

plc

31,583

762

Hershey

Company

128,968

4,345

Hormel

Foods

Corporation

178,145

600

Interparfums

SA

37,766

24,100

Japan

Tobacco,

Inc.

472,222

2,600

Kao

Corporation

154,735

7,620

Koninklijke

Ahold

Delhaize

NV

253,731

929

Kroger

Company

37,559

Shares

Common

Stock

(97.9%)

Value

Consumer

Staples

(14.0%)

-

continued

30

Lindt

&

Spruengli

AG

$

335,426

88

L'Oreal

SA

36,415

2,885

McCormick

&

Company,

Inc.

233,772

854

Monster

Beverage

Corporation

b

75,861

1,758

Nestle

SA

211,821

1,500

Noevir

Holdings

Company,

Ltd.

71,539

4,728

PepsiCo,

Inc.

711,138

2,366

Philip

Morris

International,

Inc.

224,273

5,569

Procter

&

Gamble

Company

778,546

645

Royal

Unibrew

AS

77,582

400

San-A

Company,

Ltd.

14,268

5,262

Scandinavian

Tobacco

Group

AS

c

103,851

4,362

Wal-Mart

Stores,

Inc.

607,976

Total

7,139,631

Energy

(1.0%)

30,900

Nippon

Gas

Company,

Ltd.

424,428

3,208

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

89,154

Total

513,582

Financials

(7.1%)

587

Aon

plc

167,747

234

Arthur

J.

Gallagher

&

Company

34,784

1,791

Berkshire

Hathaway,

Inc.

b

488,835

3,022

CME

Group,

Inc.

584,394

1,736

Flow

Traders

c

67,003

282

Intact

Financial

Corporation

37,288

2,357

Intercontinental

Exchange,

Inc.

270,631

27,000

Japan

Post

Bank

Company,

Ltd.

231,592

5,872

Laurentian

Bank

of

Canada

186,369

59

MarketAxess

Holdings,

Inc.

24,821

2,506

Marsh

&

McLennan

Companies,

Inc.

379,484

9,100

Mitsubishi

HC

Capital,

Inc.

47,583

1,758

Mizrahi

Tefahot

Bank,

Ltd.

59,209

571

Moody's

Corporation

202,768

684

S&P

Global,

Inc.

290,625

353

T.

Rowe

Price

Group,

Inc.

69,435

1,208

Topdanmark

AS

62,325

17,835

Tryg

AS

404,299

Total

3,609,192

Health

Care

(19.7%)

3,720

Abbott

Laboratories

439,444

6,117

Almirall

SA

97,026

1,203

Amgen,

Inc.

255,818

575

Amplifon

SPA

27,327

4,600

Astellas

Pharmaceutical,

Inc.

75,712

4,899

Baxter

International,

Inc.

394,027

1,259

Becton,

Dickinson

and

Company

309,487

5,100

Chugai

Pharmaceutical

Company,

Ltd.

186,629

527

Coloplast

AS

82,403

1,831

Danaher

Corporation

557,430

2,333

Dechra

Pharmaceuticals

plc

152,459

859

DiaSorin

SPA

179,884

2,213

Eli

Lilly

and

Company

511,314

1,164

Eurofins

Scientific

SE

149,447

156

Genmab

AS

b

68,160

10,936

Gilead

Sciences,

Inc.

763,880

667

Incyte

Corporation

b

45,876

6,183

Johnson

&

Johnson

998,554

102

Masimo

Corporation

b

27,612

4,064

Medtronic

plc

509,422

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock

(97.9%)

Value

Health

Care

(19.7%)

-

continued

6,064

Merck

&

Company,

Inc.

$

455,467

1,589

Novartis

AG

130,297

4,762

Novo

Nordisk

AS

459,007

4,897

Qiagen

NV

b

254,068

1,421

Regeneron

Pharmaceuticals,

Inc.

b

859,961

1,230

Roche

Holding

AG

448,913

185

Siegfried

Holding

AG

164,827

425

Sonova

Holding

AG

160,611

1,011

Tecan

Group

AG

572,614

800

UnitedHealth

Group,

Inc.

312,592

1,421

Vertex

Pharmaceuticals,

Inc.

b

257,755

911

Vitrolife

AB

48,056

604

Zoetis,

Inc.

117,260

Total

10,073,339

Industrials

(9.7%)

757

3M

Company

132,793

2,696

Canadian

Pacific

Railway,

Ltd.

176,051

937

DSV

AS

224,284

711

Geberit

AG

522,018

365

IDEX

Corporation

75,537

1,100

Illinois

Tool

Works,

Inc.

227,293

13,300

Kamigumi

Company,

Ltd.

278,736

41,400

Kandenko

Company,

Ltd.

342,278

546

Kuehne

&

Nagel

International

AG

186,405

458

Linde

plc

134,368

359

Lockheed

Martin

Corporation

123,891

1,900

Max

Company,

Ltd.

33,038

15,400

Nikkon

Holdings

Company,

Ltd.

316,892

5,574

Republic

Services,

Inc.

669,214

4,200

SHO-BOND

Holdings

Company,

Ltd.

186,102

1,300

Sumitomo

Corporation

18,313

8,900

Takasago

Thermal

Engineering

Company,

Ltd.

168,408

584

Union

Pacific

Corporation

114,470

2,014

Verisk

Analytics,

Inc.

403,344

4,360

Waste

Management,

Inc.

651,210

Total

4,984,645

Information

Technology

(19.3%)

2,076

Accenture

plc

664,154

1,308

Adobe,

Inc.

b

753,042

1,219

Apple,

Inc.

172,488

299

Arista

Networks,

Inc.

b

102,748

1,870

Automatic

Data

Processing,

Inc.

373,850

636

Broadridge

Financial

Solutions,

Inc.

105,983

1,700

Canon

Electronics,

Inc.

25,452

2,556

CGI,

Inc.

b

217,117

4,860

Cisco

Systems,

Inc.

264,530

164

Constellation

Software,

Inc.

268,675

11,900

Elecom

Company,

Ltd.

191,209

680

Intuit,

Inc.

366,867

300

ITOCHU

Techno-Solutions

Corporation

9,742

4,029

Jack

Henry

&

Associates,

Inc.

660,998

1,573

Keysight

Technologies,

Inc.

b

258,428

1,617

Logitech

International

SA

143,860

844

Mastercard

,

Inc.

293,442

1,695

Microsoft

Corporation

477,854

640

Motorola

Solutions,

Inc.

148,685

10,300

Oracle

Corporation

Japan

904,815

4,435

Paychex,

Inc.

498,716

531

Synopsys,

Inc.

b

158,987

Shares

Common

Stock

(97.9%)

Value

Information

Technology

(19.3%)

-

continued

3,047

Texas

Instruments,

Inc.

$

585,664

1,628

Thomson

Reuters

Corporation

180,011

1,520

Tyler

Technologies,

Inc.

b

697,148

2,668

VeriSign,

Inc.

b

546,967

3,671

Visa,

Inc.

817,715

Total

9,889,147

Materials

(3.2%)

2,632

Agnico

Eagle

Mines,

Ltd.

136,545

3,701

Franco-Nevada

Corporation

480,797

23

Givaudan

SA

104,859

442

IMCD

NV

84,590

10,363

Newmont

Mining

Corporation

562,711

3,500

Nippon

Steel

Trading

Corporation

158,209

737

Royal

Gold,

Inc.

70,376

484

Symrise

AG

63,438

Total

1,661,525

Real

Estate

(2.6%)

144

Bachem

Holding

AG

110,045

994

Extra

Space

Storage,

Inc.

166,982

28,200

Link

REIT

241,487

3,224

National

Storage

Affiliates

Trust

170,195

336

PSP

Swiss

Property

AG

40,482

2,104

Public

Storage,

Inc.

625,098

Total

1,354,289

Utilities

(4.6%)

6,683

Consolidated

Edison,

Inc.

485,119

7,472

Enel

SPA

57,349

119,500

HK

Electric

Investments,

Ltd.

118,661

61,050

Hong

Kong

and

China

Gas

Company,

Ltd.

92,240

4,078

Iberdrola

SA

41,027

4,564

NextEra

Energy,

Inc.

358,365

22,162

NiSource,

Inc.

536,985

3,547

Sempra

Energy

448,696

2,193

Southern

Company

135,900

3,700

Tokyo

Gas

Company,

Ltd.

68,847

Total

2,343,189

Total

Common

Stock

(cost

$43,358,551)

50,118,180

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

372,873

Thrivent

Cash

Management

Trust

372,873

Total

Collateral

Held

for

Securities

Loaned

(cost

$372,873)

372,873

Shares

Short-Term

Investments

(

1.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

85,949

0.120%

859,489

Total

Short-Term

Investments

(cost

$859,489)

859,489

Total

Investments

(cost

$44,590,913)

100.3%

$51,350,542

Other

Assets

and

Liabilities,

Net

(0.3%)

(167,042)

Total

Net

Assets

100.0%

$51,183,500

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

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,

2021,

the

value

of

these

investments

was

$310,445

or

0.6%

of

total

net

assets.

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

Low

Volatility

Equity

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

358,177

Total

lending

$358,177

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$372,873

Net

amounts

due

to

counterparty

$14,696

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,

2021,

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

5,970,725

1,865,246

4,105,479

–

Consumer

Discretionary

2,578,916

1,517,673

1,061,243

–

Consumer

Staples

7,139,631

5,125,933

2,013,698

–

Energy

513,582

–

513,582

–

Financials

3,609,192

2,513,524

1,095,668

–

Health

Care

10,073,339

6,815,899

3,257,440

–

Industrials

4,984,645

2,532,120

2,452,525

–

Information

Technology

9,889,147

7,948,266

1,940,881

–

Materials

1,661,525

1,113,884

547,641

–

Real

Estate

1,354,289

962,275

392,014

–

Utilities

2,343,189

1,965,065

378,124

–

Subtotal

Investments

in

Securities

$50,118,180

$32,359,885

$17,758,295

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

859,489

Collateral

Held

for

Securities

Loaned

372,873

Subtotal

Other

Investments

$1,232,362

Total

Investments

at

Value

$51,350,542

*

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

14,074

14,074

–

–

Total

Liability

Derivatives

$14,074

$14,074

$–

$–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

Low

Volatility

Equity

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$47,501

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Eurex

MSCI

World

Index

8

December

2021

$

744,714

(

$

14,074)

Total

Futures

Long

Contracts

$

744,714

(

$

14,074)

Total

Futures

Contracts

$

744,714

($14,074)

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

Low

Volatility

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$8,913

$8,054

$859

86

1.7%

Total

Affiliated

Short-Term

Investments

–

859

1.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

159

2,452

2,238

373

373

0.7

Total

Collateral

Held

for

Securities

Loaned

159

373

0.7

Total

Value

$159

$1,232

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Common

Stock

(

98.3%

)

Value

Communications

Services

(3.6%)

5,950

Match

Group,

Inc.

a

$

934,091

2,396

RingCentral,

Inc.

a

521,130

6,297

ZoomInfo

Technologies,

Inc.

a

385,313

Total

1,840,534

Consumer

Discretionary

(13.7%)

4,602

Aptiv

plc

a

685,560

2,507

Burlington

Stores,

Inc.

a

710,910

5,910

Caesars

Entertainment,

Inc.

a

663,575

4,787

Chegg,

Inc.

a

325,612

6,411

Chewy,

Inc.

a

436,653

441

Chipotle

Mexican

Grill,

Inc.

a

801,526

9,046

Farfetch,

Ltd.

a

339,044

3,362

Five

Below,

Inc.

a

594,435

1,382

Lithia

Motors,

Inc.

438,149

114

NVR,

Inc.

a

546,525

3,441

Planet

Fitness,

Inc.

a

270,291

1,577

Ulta

Beauty,

Inc.

a

569,171

8,019

Wyndham

Hotels

&

Resorts,

Inc.

618,987

Total

7,000,438

Consumer

Staples

(1.2%)

9,917

Lamb

Weston

Holdings,

Inc.

608,606

Total

608,606

Financials

(6.4%)

6,612

Arch

Capital

Group,

Ltd.

a

252,446

3,169

Arthur

J.

Gallagher

&

Company

471,072

2,185

Kinsale

Capital

Group,

Inc.

353,314

1,528

MSCI,

Inc.

929,544

2,126

Signature

Bank

578,867

6,141

Western

Alliance

Bancorp

668,264

Total

3,253,507

Health

Care

(19.7%)

6,890

ACADIA

Pharmaceuticals,

Inc.

a

114,443

8,261

Adaptive

Biotechnologies

Corporation

a

280,791

1,084

Argenx

SE

ADR

a

327,368

2,344

Ascendis

Pharma

AS

ADR

a

373,610

17,783

Avantor,

Inc.

a

727,325

1,603

Bio-Techne

Corporation

776,766

6,794

Centene

Corporation

a

423,334

1,445

Cooper

Companies,

Inc.

597,233

1,746

Dexcom,

Inc.

a

954,818

11,219

GoodRx

Holdings,

Inc.

a,b

460,203

4,659

Guardant

Health,

Inc.

a

582,422

3,095

Immunocore

Holdings

plc

ADR

a

114,732

3,165

Insulet

Corporation

a

899,588

3,544

Ionis

Pharmaceuticals,

Inc.

a

118,866

3,805

LHC

Group,

Inc.

a

597,042

3,876

Nevro

Corporation

a

451,089

1,456

Repligen

Corporation

a

420,769

1,611

Sarepta

Therapeutics,

Inc.

a

148,985

1,643

Teleflex,

Inc.

618,672

1,090

Veeva

Systems,

Inc.

a

314,105

3,107

Zoetis,

Inc.

603,193

4,756

Zymeworks,

Inc.

a

138,114

Total

10,043,468

Industrials

(19.2%)

4,851

ASGN,

Inc.

a

548,842

2,882

Carlisle

Companies,

Inc.

572,913

2,797

Chart

Industries,

Inc.

a

534,535

Shares

Common

Stock

(98.3%)

Value

Industrials

(19.2%)

-

continued

15,599

Driven

Brands

Holdings,

Inc.

a

$

450,655

2,483

Generac

Holdings,

Inc.

a

1,014,727

23,569

Howmet

Aerospace,

Inc.

735,353

1,818

IDEX

Corporation

376,235

3,627

Middleby

Corporation

a

618,440

1,262

Old

Dominion

Freight

Line,

Inc.

360,907

5,490

Regal-Beloit

Corporation

825,366

9,240

TransUnion

1,037,744

4,405

Trex

Company,

Inc.

a

449,002

3,053

United

Rentals,

Inc.

a

1,071,389

4,743

Vicor

Corporation

a

636,321

17,661

WillScot

Mobile

Mini

Holdings

Corporation

a

560,207

Total

9,792,636

Information

Technology

(28.7%)

10,343

Amphenol

Corporation

757,418

9,193

Anaplan,

Inc.

a

559,762

6,000

AppLovin

Corporation

a,b

434,220

6,206

Bandwidth,

Inc.

a

560,278

4,208

Bill.com

Holdings,

Inc.

a

1,123,325

6,055

Cognex

Corporation

485,732

2,935

Coupa

Software,

Inc.

a

643,293

2,898

DocuSign,

Inc.

a

746,032

4,070

Elastic

NV

a

606,389

1,156

EPAM

Systems,

Inc.

a

659,475

2,059

Five9,

Inc.

a

328,905

1,078

HubSpot,

Inc.

a

728,825

606

Lam

Research

Corporation

344,905

3,721

MKS

Instruments,

Inc.

561,536

2,363

Monolithic

Power

Systems,

Inc.

1,145,299

2,968

Okta,

Inc.

a

704,425

1,661

Palo

Alto

Networks,

Inc.

a

795,619

1,917

Paycom

Software,

Inc.

a

950,353

1,979

Qorvo,

Inc.

a

330,869

5,208

Sprout

Social,

Inc.

a

635,116

11,719

STMicroelectronics

NV

ADR

b

511,300

8,277

Trade

Desk,

Inc.

a

581,873

1,629

Zscaler,

Inc.

a

427,156

Total

14,622,105

Materials

(3.0%)

3,754

AptarGroup,

Inc.

448,040

2,056

Martin

Marietta

Materials,

Inc.

702,494

1,700

Quaker

Chemical

Corporation

404,124

Total

1,554,658

Real

Estate

(2.8%)

2,140

Camden

Property

Trust

315,586

5,989

CBRE

Group,

Inc.

a

583,089

1,591

SBA

Communications

Corporation

525,937

Total

1,424,612

Total

Common

Stock

(cost

$42,331,867)

50,140,564

Shares

Collateral

Held

for

Securities

Loaned

(

3.5%

)

Value

1,798,735

Thrivent

Cash

Management

Trust

1,798,735

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,798,735)

1,798,735

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Shares

Registered

Investment

Companies

(

1.4%

)

Value

Unaffiliated  (1.4%)

3,664

SPDR

S&P

Biotech

ETF

b

$

460,601

2,716

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

262,692

Total

723,293

Total

Registered

Investment

Companies

(cost

$655,299)

723,293

Shares

Short-Term

Investments

(

0.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

9,776

0.120%

97,765

Total

Short-Term

Investments

(cost

$97,765)

97,765

Total

Investments

(cost

$44,883,666)

103.4%

$52,760,357

Other

Assets

and

Liabilities,

Net

(3.4%)

(1,717,755)

Total

Net

Assets

100.0%

$51,042,602

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

Growth

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

1,762,007

Total

lending

$1,762,007

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,798,735

Net

amounts

due

to

counterparty

$36,728

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

1,840,534

1,840,534

–

–

Consumer

Discretionary

7,000,438

7,000,438

–

–

Consumer

Staples

608,606

608,606

–

–

Financials

3,253,507

3,253,507

–

–

Health

Care

10,043,468

10,043,468

–

–

Industrials

9,792,636

9,792,636

–

–

Information

Technology

14,622,105

14,622,105

–

–

Materials

1,554,658

1,554,658

–

–

Real

Estate

1,424,612

1,424,612

–

–

Registered

Investment

Companies

Unaffiliated

723,293

723,293

–

–

Subtotal

Investments

in

Securities

$50,863,857

$50,863,857

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

97,765

Collateral

Held

for

Securities

Loaned

1,798,735

Subtotal

Other

Investments

$1,896,500

Total

Investments

at

Value

$52,760,357

*

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.  

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

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

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$887

$19,947

$20,736

$98

10

0.2%

Total

Affiliated

Short-Term

Investments

887

98

0.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

949

11,762

10,912

1,799

1,799

3.5

Total

Collateral

Held

for

Securities

Loaned

949

1,799

3.5

Total

Value

$1,836

$1,897

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

Common

Stock

(

99.1%

)

Value

Communications

Services

(1.7%)

1,294

Cable

One,

Inc.

$

2,346,190

9,934

Cerence,

Inc.

a

954,757

34,486

Iridium

Communications,

Inc.

a

1,374,267

11,377

John

Wiley

and

Sons,

Inc.

593,993

43,676

New

York

Times

Company

2,151,917

57,789

Tegna,

Inc.

1,139,599

25,837

Telephone

&

Data

Systems,

Inc.

503,821

11,800

World

Wrestling

Entertainment,

Inc.

663,868

18,075

Yelp,

Inc.

a

673,113

Total

10,401,525

Consumer

Discretionary

(15.7%)

24,627

Adient

plc

a

1,020,789

39,894

American

Eagle

Outfitters,

Inc.

1,029,265

11,416

AutoNation,

Inc.

a

1,390,012

21,414

Boyd

Gaming

Corporation

a

1,354,650

20,257

Brunswick

Corporation

1,929,884

30,619

Callaway

Golf

Company

a

846,003

39,735

Capri

Holdings,

Ltd.

a

1,923,571

11,504

Carter's,

Inc.

1,118,649

8,579

Choice

Hotels

International,

Inc.

1,084,128

9,062

Churchill

Downs,

Inc.

2,175,605

9,139

Columbia

Sportswear

Company

875,882

6,202

Cracker

Barrel

Old

Country

Store,

Inc.

867,288

16,307

Crocs,

Inc.

a

2,339,728

37,961

Dana,

Inc.

844,253

7,231

Deckers

Outdoor

Corporation

a

2,604,606

17,130

Dick's

Sporting

Goods,

Inc.

b

2,051,660

14,636

Five

Below,

Inc.

a

2,587,791

23,547

Foot

Locker,

Inc.

1,075,156

11,005

Fox

Factory

Holding

Corporation

a

1,590,663

16,264

GameStop

Corporation

a,b

2,853,844

62,460

Gentex

Corporation

2,059,931

73,445

Goodyear

Tire

&

Rubber

Company

a

1,299,977

1,055

Graham

Holdings

Company

621,564

11,811

Grand

Canyon

Education,

Inc.

a

1,038,896

46,541

H&R

Block,

Inc.

1,163,525

40,213

Harley-Davidson,

Inc.

1,472,198

6,299

Helen

of

Troy,

Ltd.

a

1,415,259

35,234

IAA,

Inc.

a

1,922,719

5,665

Jack

in

the

Box,

Inc.

551,375

23,512

KB

Home

915,087

40,837

Kohl's

Corporation

1,923,014

15,616

Lear

Corporation

2,443,592

7,907

Lithia

Motors,

Inc.

2,506,835

11,163

Marriott

Vacations

Worldwide

Corporation

1,756,275

91,216

Mattel,

Inc.

a

1,692,969

6,215

Murphy

USA,

Inc.

1,039,521

29,074

Nordstrom,

Inc.

a,b

769,007

15,870

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

956,644

8,506

Papa

John's

International,

Inc.

1,080,177

61,816

Park

Hotels

&

Resorts,

Inc.

a

1,183,158

14,887

Polaris,

Inc.

1,781,378

4,453

RH

a

2,969,750

25,190

Scientific

Games

Corporation

a

2,092,533

43,803

Service

Corporation

International

2,639,569

20,202

Six

Flags

Entertainment

Corporation

a

858,585

35,260

Skechers

USA,

Inc.

a

1,485,151

32,749

Taylor

Morrison

Home

Corporation

a

844,269

Shares

Common

Stock

(99.1%)

Value

Consumer

Discretionary

(15.7%)

-

continued

51,362

Tempur

Sealy

International,

Inc.

$

2,383,710

18,253

Texas

Roadhouse,

Inc.

1,667,047

14,472

Thor

Industries,

Inc.

1,776,583

30,314

Toll

Brothers,

Inc.

1,676,061

8,609

TopBuild

Corporation

a

1,763,209

22,557

Travel

+

Leisure

Company

1,230,033

29,743

Tri

Pointe

Homes,

Inc.

a

625,198

25,731

TripAdvisor,

Inc.

a

870,994

17,223

Urban

Outfitters,

Inc.

a

511,351

19,630

Victoria's

Secret

&

Company

a

1,084,754

7,315

Visteon

Corporation

a

690,463

46,587

Wendy's

Company

1,010,006

19,635

Williams-Sonoma,

Inc.

3,481,875

7,775

Wingstop,

Inc.

1,274,556

24,446

Wyndham

Hotels

&

Resorts,

Inc.

1,886,987

22,856

YETI

Holdings,

Inc.

a

1,958,531

Total

95,937,743

Consumer

Staples

(3.4%)

35,845

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,968,608

2,454

Boston

Beer

Company,

Inc.

a

1,250,927

9,678

Casey's

General

Stores,

Inc.

1,823,819

87,461

Coty,

Inc.

a

687,444

42,363

Darling

Ingredients,

Inc.

a

3,045,900

16,442

Energizer

Holdings,

Inc.

642,060

52,029

Flowers

Foods,

Inc.

1,229,445

22,816

Grocery

Outlet

Holding

Corporation

a

492,141

21,895

Hain

Celestial

Group,

Inc.

a

936,668

17,514

Ingredion,

Inc.

1,558,921

5,184

Lancaster

Colony

Corporation

875,111

13,105

Nu

Skin

Enterprises,

Inc.

530,359

40,170

Performance

Food

Group

Company

a

1,866,298

12,739

Pilgrim's

Pride

Corporation

a

370,450

15,320

Post

Holdings,

Inc.

a

1,687,651

5,545

Sanderson

Farms,

Inc.

1,043,569

29,848

Sprouts

Farmers

Markets,

Inc.

a

691,578

4,566

Tootsie

Roll

Industries,

Inc.

b

138,943

Total

20,839,892

Energy

(2.6%)

84,865

Antero

Midstream

Corporation

884,293

52,749

ChampionX

Corporation

a

1,179,468

26,874

Cimarex

Energy

Company

2,343,413

56,962

CNX

Resources

Corporation

a

718,860

25,319

DT

Midstream,

Inc.

1,170,750

79,047

EQT

Corporation

a

1,617,302

106,273

Equitrans

Midstream

Corporation

1,077,608

39,075

HollyFrontier

Corporation

1,294,555

37,945

Murphy

Oil

Corporation

947,487

102,125

NOV,

Inc.

a

1,338,859

59,768

Targa

Resources

Corporation

2,941,183

Total

15,513,778

Financials

(14.7%)

10,771

Affiliated

Managers

Group,

Inc.

1,627,390

3,625

Alleghany

Corporation

a

2,263,486

17,279

American

Financial

Group,

Inc.

2,174,217

39,984

Associated

Banc-Corp

856,457

28,387

BancorpSouth

Bank

845,365

10,580

Bank

of

Hawaii

Corporation

869,359

31,846

Bank

OZK

1,368,741

21,724

Brighthouse

Financial,

Inc.

a

982,577

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Shares

Common

Stock

(99.1%)

Value

Financials

(14.7%)

-

continued

20,430

Cathay

General

Bancorp

$

845,598

25,915

CIT

Group,

Inc.

1,346,284

33,402

CNO

Financial

Group,

Inc.

786,283

27,783

Commerce

Bancshares,

Inc.

1,935,919

14,807

Cullen/Frost

Bankers,

Inc.

1,756,406

37,085

East

West

Bancorp,

Inc.

2,875,571

29,242

Essent

Group,

Ltd.

1,286,940

10,366

Evercore,

Inc.

1,385,623

83,518

F.N.B.

Corporation

970,479

9,875

FactSet

Research

Systems,

Inc.

3,898,452

25,500

Federated

Hermes,

Inc.

828,750

28,732

First

American

Financial

Corporation

1,926,481

33,490

First

Financial

Bankshares,

Inc.

1,538,865

143,589

First

Horizon

Corporation

2,339,065

10,574

FirstCash,

Inc.

925,225

42,626

Fulton

Financial

Corporation

651,325

28,322

Glacier

Bancorp,

Inc.

1,567,623

22,702

Hancock

Whitney

Corporation

1,069,718

9,333

Hanover

Insurance

Group,

Inc.

1,209,743

39,459

Home

BancShares,

Inc.

928,470

22,831

Interactive

Brokers

Group,

Inc.

1,423,285

13,914

International

Bancshares

Corporation

579,379

45,050

Janus

Henderson

Group

plc

1,861,917

51,658

Jefferies

Financial

Group,

Inc.

1,918,062

15,633

Kemper

Corporation

1,044,128

5,604

Kinsale

Capital

Group,

Inc.

906,167

2,993

LendingTree,

Inc.

a

418,511

6,947

Mercury

General

Corporation

386,739

43,871

Navient

Corporation

865,575

121,554

New

York

Community

Bancorp,

Inc.

1,564,400

74,322

Old

Republic

International

Corporation

1,719,068

30,638

PacWest

Bancorp

1,388,514

19,894

Pinnacle

Financial

Partners,

Inc.

1,871,628

10,317

Primerica,

Inc.

1,585,001

17,382

PROG

Holdings,

Inc.

730,218

24,291

Prosperity

Bancshares,

Inc.

1,727,819

17,774

Reinsurance

Group

of

America,

Inc.

1,977,535

12,313

RenaissanceRe

Holdings,

Ltd.

1,716,432

10,403

RLI

Corporation

1,043,109

28,026

SEI

Investments

Company

1,661,942

15,711

Selective

Insurance

Group,

Inc.

1,186,652

15,850

Signature

Bank

4,315,638

79,934

SLM

Corporation

1,406,838

50,368

Sterling

Bancorp

1,257,185

27,390

Stifel

Financial

Corporation

1,861,424

38,279

Synovus

Financial

Corporation

1,680,065

13,226

Texas

Capital

Bancshares,

Inc.

a

793,825

11,247

UMB

Financial

Corporation

1,087,697

57,540

Umpqua

Holdings

Corporation

1,165,185

33,772

United

Bankshares,

Inc.

1,228,625

53,426

Unum

Group

1,338,856

106,283

Valley

National

Bancorp

1,414,627

17,760

Washington

Federal,

Inc.

609,346

23,680

Webster

Financial

Corporation

1,289,613

14,910

Wintrust

Financial

Corporation

1,198,317

Total

89,283,734

Health

Care

(10.6%)

23,489

Acadia

Healthcare

Company,

Inc.

a

1,498,128

8,530

Amedisys,

Inc.

a

1,271,823

Shares

Common

Stock

(99.1%)

Value

Health

Care

(10.6%)

-

continued

27,252

Arrowhead

Research

Corporation

a

$

1,701,342

4,112

Chemed

Corporation

1,912,573

12,493

Emergent

Biosolutions,

Inc.

a

625,525

26,009

Encompass

Health

Corporation

1,951,715

42,151

Envista

Holdings

Corporation

a

1,762,333

82,350

Exelixis,

Inc.

a

1,740,879

20,467

Globus

Medical,

Inc.

a

1,568,182

13,321

Haemonetics

Corporation

a

940,329

37,205

Halozyme

Therapeutics,

Inc.

a

1,513,499

21,797

HealthEquity,

Inc.

a

1,411,574

17,204

Hill-Rom

Holdings,

Inc.

2,580,600

5,211

ICU

Medical,

Inc.

a

1,216,143

19,013

Integra

LifeSciences

Holdings

Corporation

a

1,302,010

15,984

Jazz

Pharmaceuticals,

Inc.

a

2,081,277

8,278

LHC

Group,

Inc.

a

1,298,901

13,907

LivaNova

plc

a

1,101,295

13,240

Masimo

Corporation

a

3,584,200

7,490

Medpace

Holdings,

Inc.

a

1,417,707

15,265

Molina

Healthcare,

Inc.

a

4,141,547

48,043

Nektar

Therapeutics

a

862,852

28,093

Neogen

Corporation

a

1,220,079

24,739

Neurocrine

Biosciences,

Inc.

a

2,372,718

13,505

NuVasive,

Inc.

a

808,274

36,202

Option

Care

Health,

Inc.

a

878,261

22,538

Patterson

Companies,

Inc.

679,295

8,988

Penumbra,

Inc.

a

2,395,302

34,951

Perrigo

Company

plc

1,654,231

17,992

Progyny,

Inc.

a

1,007,552

9,903

Quidel

Corporation

a

1,397,809

34,989

R1

RCM,

Inc.

a

770,108

13,364

Repligen

Corporation

a

3,862,062

12,389

STAAR

Surgical

Company

a

1,592,358

27,049

Syneos

Health,

Inc.

a

2,366,247

16,475

Tandem

Diabetes

Care,

Inc.

a

1,966,786

27,983

Tenet

Healthcare

Corporation

a

1,859,191

11,734

United

Therapeutics

Corporation

a

2,165,862

Total

64,480,569

Industrials

(17.5%)

9,334

Acuity

Brands,

Inc.

1,618,236

37,656

AECOM

a

2,377,976

16,158

AGCO

Corporation

1,979,840

13,827

ASGN,

Inc.

a

1,564,387

12,349

Avis

Budget

Group,

Inc.

a

1,438,782

17,167

Axon

Enterprise,

Inc.

a

3,004,568

13,015

Brink's

Company

823,849

54,162

Builders

FirstSource,

Inc.

a

2,802,342

13,625

Carlisle

Companies,

Inc.

2,708,514

13,083

Clean

Harbors,

Inc.

a

1,358,931

33,858

Colfax

Corporation

a

1,554,082

13,027

Crane

Company

1,235,090

10,687

Curtiss-Wright

Corporation

1,348,486

32,826

Donaldson

Company,

Inc.

1,884,541

8,045

Dycom

Industries,

Inc.

a

573,126

14,051

EMCOR

Group,

Inc.

1,621,204

11,112

EnerSys

827,177

34,049

Flowserve

Corporation

1,180,479

36,964

Fluor

Corporation

a

590,315

8,960

FTI

Consulting,

Inc.

a

1,206,912

9,279

GATX

Corporation

831,027

44,368

Graco,

Inc.

3,104,429

25,767

GXO

Logistics,

Inc.

a

2,021,163

19,686

Herman

Miller,

Inc.

741,375

21,917

Hexcel

Corporation

a

1,301,651

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Shares

Common

Stock

(99.1%)

Value

Industrials

(17.5%)

-

continued

14,214

Hubbell,

Inc.

$

2,568,043

9,384

Insperity,

Inc.

1,039,184

22,505

ITT

Corporation

1,931,829

83,127

JetBlue

Airways

Corporation

a

1,271,012

31,153

KAR

Auction

Services,

Inc.

a

510,598

36,799

KBR,

Inc.

1,449,881

21,856

Kennametal,

Inc.

748,131

15,712

Kirby

Corporation

a

753,548

43,384

Knight-Swift

Transportation

Holdings,

Inc.

2,219,092

10,005

Landstar

System,

Inc.

1,578,989

8,938

Lennox

International,

Inc.

2,629,291

15,523

Lincoln

Electric

Holdings,

Inc.

1,999,207

14,176

Manpower,

Inc.

1,534,977

14,957

MasTec,

Inc.

a

1,290,490

14,680

Mercury

Systems,

Inc.

a

696,126

14,540

Middleby

Corporation

a

2,479,215

9,527

MSA

Safety,

Inc.

1,388,084

12,283

MSC

Industrial

Direct

Company,

Inc.

984,974

14,131

Nordson

Corporation

3,365,298

43,941

nVent

Electric

plc

1,420,613

17,941

Oshkosh

Corporation

1,836,620

26,957

Owens

Corning,

Inc.

2,304,823

10,638

Regal-Beloit

Corporation

1,599,317

14,056

Ryder

System,

Inc.

1,162,572

6,884

Saia,

Inc.

a

1,638,599

11,355

Simpson

Manufacturing

Company,

Inc.

1,214,644

24,009

Stericycle,

Inc.

a

1,631,892

53,828

Sunrun,

Inc.

a

2,368,432

18,245

Terex

Corporation

768,114

14,133

Tetra

Tech,

Inc.

2,110,622

18,139

Timken

Company

1,186,653

27,985

Toro

Company

2,726,019

30,150

Trex

Company,

Inc.

a

3,073,189

21,804

Trinity

Industries,

Inc.

592,415

44,673

Univar,

Inc.

a

1,064,111

5,545

Valmont

Industries,

Inc.

1,303,740

44,155

Vontier

Corporation

1,483,608

8,618

Watsco,

Inc.

2,280,495

16,158

Werner

Enterprises,

Inc.

715,315

16,626

Woodward,

Inc.

1,882,063

25,767

XPO

Logistics,

Inc.

a

2,050,538

Total

106,550,845

Information

Technology

(14.2%)

30,709

ACI

Worldwide,

Inc.

a

943,687

13,006

Alliance

Data

Systems

Corporation

1,312,175

26,186

Amkor

Technology,

Inc.

653,341

18,773

Arrow

Electronics,

Inc.

a

2,108,020

17,751

Aspen

Technology,

Inc.

a

2,179,823

26,009

Avnet,

Inc.

961,553

11,724

Belden,

Inc.

683,040

10,989

Blackbaud,

Inc.

a

773,076

19,420

Brooks

Automation,

Inc.

1,987,637

6,156

CACI

International,

Inc.

a

1,613,488

31,830

CDK

Global,

Inc.

1,354,366

40,454

Ciena

Corporation

a

2,077,313

15,055

Cirrus

Logic,

Inc.

a

1,239,779

7,638

CMC

Materials,

Inc.

941,231

46,189

Cognex

Corporation

3,705,281

6,413

Coherent,

Inc.

a

1,603,827

11,990

CommVault

Systems,

Inc.

a

902,967

11,192

Concentrix

Corporation

a

1,980,984

Shares

Common

Stock

(99.1%)

Value

Information

Technology

(14.2%)

-

continued

30,183

Cree,

Inc.

a

$

2,436,674

22,858

Digital

Turbine,

Inc.

a

1,571,487

14,250

Envestnet,

Inc.

a

1,143,420

7,420

Fair

Isaac

Corporation

a

2,952,641

25,845

First

Solar,

Inc.

a

2,467,164

45,146

Genpact,

Ltd.

2,144,886

27,415

II-VI,

Inc.

a,b

1,627,354

12,600

j2

Global,

Inc.

a

1,721,412

38,118

Jabil,

Inc.

2,224,948

35,649

Lattice

Semiconductor

Corporation

a

2,304,708

6,435

Littelfuse,

Inc.

1,758,492

17,754

LiveRamp

Holding,

Inc.

a

838,521

19,839

Lumentum

Holdings,

Inc.

a

1,657,350

16,572

Manhattan

Associates,

Inc.

a

2,536,013

16,068

MAXIMUS,

Inc.

1,336,858

15,981

Mimecast,

Ltd.

a

1,016,392

14,494

MKS

Instruments,

Inc.

2,187,289

34,760

National

Instruments

Corporation

1,363,635

34,346

NCR

Corporation

a

1,331,251

19,365

NetScout

Systems,

Inc.

a

521,887

10,276

Paylocity

Holding

Corporation

a

2,881,390

8,755

Qualys,

Inc.

a

974,344

84,339

Sabre

Corporation

a

998,574

24,294

SailPoint

Technologies

Holdings,

Inc.

a

1,041,727

15,150

Science

Applications

International

Corporation

1,296,234

16,971

Semtech

Corporation

a

1,323,229

10,617

Silicon

Laboratories,

Inc.

a

1,488,079

13,663

Solaredge

Technology,

Ltd.

a

3,623,701

9,201

Synaptics,

Inc.

a

1,653,696

10,860

SYNNEX

Corporation

1,130,526

28,517

Teradata

Corporation

a

1,635,450

11,331

Universal

Display

Corporation

1,937,148

19,167

ViaSat,

Inc.

a

1,055,527

34,689

Vishay

Intertechnology,

Inc.

696,902

11,710

WEX,

Inc.

a

2,062,599

35,924

Xerox

Holdings

Corporation

724,587

Total

86,687,683

Materials

(5.8%)

17,241

AptarGroup,

Inc.

2,057,713

14,764

Ashland

Global

Holdings,

Inc.

1,315,768

23,864

Avient

Corporation

1,106,096

14,827

Cabot

Corporation

743,129

43,172

Chemours

Company

1,254,578

118,868

Cleveland-Cliffs,

Inc.

a,b

2,354,775

31,520

Commercial

Metals

Company

960,099

8,897

Compass

Minerals

International,

Inc.

572,967

10,947

Eagle

Materials,

Inc.

1,435,809

6,940

Greif,

Inc.

448,324

10,330

Ingevity

Corporation

a

737,252

24,891

Louisiana-Pacific

Corporation

1,527,561

8,781

Minerals

Technologies,

Inc.

613,265

1,885

NewMarket

Corporation

638,581

37,748

Olin

Corporation

1,821,341

16,594

Reliance

Steel

&

Aluminum

Company

2,363,317

17,149

Royal

Gold,

Inc.

1,637,558

33,921

RPM

International,

Inc.

2,633,966

10,648

Scotts

Miracle-Gro

Company

1,558,441

11,019

Sensient

Technologies

Corporation

1,003,611

21,933

Silgan

Holdings,

Inc.

841,350

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Shares

Common

Stock

(99.1%)

Value

Materials

(5.8%)

-

continued

25,701

Sonoco

Products

Company

$

1,531,266

50,685

Steel

Dynamics,

Inc.

2,964,059

70,608

United

States

Steel

Corporation

1,551,258

47,249

Valvoline,

Inc.

1,473,224

8,656

Worthington

Industries,

Inc.

456,171

Total

35,601,479

Real

Estate

(9.7%)

36,361

American

Campus

Communities,

Inc.

1,761,691

41,028

Apartment

Income

REIT

Corporation

2,002,577

77,626

Brixmor

Property

Group,

Inc.

1,716,311

26,289

Camden

Property

Trust

3,876,839

11,555

CoreSite

Realty

Corporation

1,600,830

29,363

Corporate

Office

Properties

Trust

792,214

38,865

Cousins

Properties,

Inc.

1,449,276

32,417

CyrusOne,

Inc.

2,509,400

45,866

Douglas

Emmett,

Inc.

1,449,824

10,561

EastGroup

Properties,

Inc.

1,759,779

19,553

EPR

Properties

965,527

33,753

First

Industrial

Realty

Trust,

Inc.

1,757,856

38,040

Healthcare

Realty

Trust,

Inc.

1,132,831

27,239

Highwoods

Properties,

Inc.

1,194,703

39,856

Hudson

Pacific

Properties,

Inc.

1,047,017

30,349

JBG

SMITH

Properties

898,634

13,253

Jones

Lang

LaSalle,

Inc.

a

3,287,937

27,396

Kilroy

Realty

Corporation

1,813,889

22,679

Lamar

Advertising

Company

2,572,933

20,471

Life

Storage,

Inc.

2,348,843

55,678

Macerich

Company

930,379

155,709

Medical

Properties

Trust,

Inc.

3,125,080

88,695

MGIC

Investment

Corporation

1,326,877

45,899

National

Retail

Properties,

Inc.

1,982,378

21,318

National

Storage

Affiliates

Trust

1,125,377

62,439

Omega

Healthcare

Investors,

Inc.

1,870,672

34,342

Pebblebrook

Hotel

Trust

769,604

56,827

Physicians

Realty

Trust

1,001,292

17,525

PotlatchDeltic

Corporation

903,940

5,256

PS

Business

Parks,

Inc.

823,825

36,941

Rayonier,

Inc.

REIT

1,318,055

36,004

Rexford

Industrial

Realty,

Inc.

2,043,227

57,721

Sabra

Health

Care

REIT,

Inc.

849,653

17,555

SL

Green

Realty

Corporation

1,243,596

31,132

Spirit

Realty

Capital,

Inc.

1,433,317

63,914

Store

Capital

Corporation

2,047,165

28,781

Urban

Edge

Properties

526,980

Total

59,260,328

Utilities

(3.2%)

13,662

ALLETE,

Inc.

813,162

16,593

Black

Hills

Corporation

1,041,377

58,456

Essential

Utilities,

Inc.

2,693,652

28,573

Hawaiian

Electric

Industries,

Inc.

1,166,636

13,204

IDACORP,

Inc.

1,365,030

52,913

MDU

Resources

Group,

Inc.

1,569,929

23,834

National

Fuel

Gas

Company

1,251,762

25,207

New

Jersey

Resources

Corporation

877,456

13,477

NorthWestern

Corporation

772,232

52,323

OGE

Energy

Corporation

1,724,566

13,984

ONE

Gas,

Inc.

886,166

22,436

PNM

Resources,

Inc.

1,110,133

15,446

Southwest

Gas

Holdings,

Inc.

1,033,028

13,510

Spire,

Inc.

826,542

Shares

Common

Stock

(99.1%)

Value

Utilities

(3.2%)

-

continued

54,655

UGI

Corporation

$

2,329,396

Total

19,461,067

Total

Common

Stock

(cost

$415,864,466)

604,018,643

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

3,527,086

Thrivent

Cash

Management

Trust

3,527,086

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,527,086)

3,527,086

Shares

or

Principal

Amount

Short-Term

Investments

(

0.9%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.040%,

10/26/2021

c,d

99,999

200,000

0.040%,

11/18/2021

c,d

199,989

100,000

0.025%,

12/28/2021

c,d

99,990

Thrivent

Core

Short-Term

Reserve

Fund

528,341

0.120%

5,283,408

Total

Short-Term

Investments

(cost

$5,683,388)

5,683,386

Total

Investments

(cost

$425,074,940)

100.6%

$613,229,115

Other

Assets

and

Liabilities,

Net

(0.6%)

(3,534,225)

Total

Net

Assets

100.0%

$609,694,890

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

3,430,913

Total

lending

$3,430,913

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,527,086

Net

amounts

due

to

counterparty

$96,173

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

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

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,

2021,

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

10,401,525

10,401,525

–

–

Consumer

Discretionary

95,937,743

95,937,743

–

–

Consumer

Staples

20,839,892

20,839,892

–

–

Energy

15,513,778

15,513,778

–

–

Financials

89,283,734

89,283,734

–

–

Health

Care

64,480,569

64,480,569

–

–

Industrials

106,550,845

106,550,845

–

–

Information

Technology

86,687,683

86,687,683

–

–

Materials

35,601,479

35,601,479

–

–

Real

Estate

59,260,328

59,260,328

–

–

Utilities

19,461,067

19,461,067

–

–

Short-Term

Investments

399,978

–

399,978

–

Subtotal

Investments

in

Securities

$604,418,621

$604,018,643

$399,978

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

5,283,408

Collateral

Held

for

Securities

Loaned

3,527,086

Subtotal

Other

Investments

$8,810,494

Total

Investments

at

Value

$613,229,115

*

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

146,074

146,074

–

–

Total

Liability

Derivatives

$146,074

$146,074

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$399,978

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

Mid-Cap

400

Index

22

December

2021

$

5,939,114

(

$

146,074)

Total

Futures

Long

Contracts

$

5,939,114

(

$

146,074)

Total

Futures

Contracts

$

5,939,114

($146,074)

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

20,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$6,420

$39,477

$40,614

$5,283

528

0.9%

Total

Affiliated

Short-Term

Investments

6,420

5,283

0.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,987

55,816

58,276

3,527

3,527

0.6

Total

Collateral

Held

for

Securities

Loaned

5,987

3,527

0.6

Total

Value

$12,407

$8,810

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Shares

Common

Stock

(

97.0%

)

Value

Communications

Services

(2.3%)

802,842

DISH

Network

Corporation

a

$

34,891,513

296,314

Zillow

Group,

Inc.

a

26,247,494

Total

61,139,007

Consumer

Discretionary

(14.6%)

286,386

Aptiv

plc

a

42,662,922

376,665

Caesars

Entertainment,

Inc.

a

42,291,946

35,542

Chipotle

Mexican

Grill,

Inc.

a

64,598,296

215,583

Expedia

Group,

Inc.

a

35,334,054

875,906

Harley-Davidson,

Inc.

32,066,919

171,984

Lululemon

Athletica

,

Inc.

a

69,601,925

14,222

NVR,

Inc.

a

68,181,406

54,143

RH

a

36,108,508

Total

390,845,976

Consumer

Staples

(3.1%)

1,062,420

Hain

Celestial

Group,

Inc.

a

45,450,327

604,280

Lamb

Weston

Holdings,

Inc.

37,084,664

Total

82,534,991

Energy

(2.6%)

1,282,623

Devon

Energy

Corporation

45,545,943

367,613

Valero

Energy

Corporation

25,942,449

Total

71,488,392

Financials

(14.7%)

1,231,124

Ally

Financial,

Inc.

62,848,880

867,446

Arch

Capital

Group,

Ltd.

a

33,119,088

852,722

Assured

Guaranty,

Ltd.

39,915,917

1,314,107

Equitable

Holdings,

Inc.

38,950,132

262,343

Kinsale

Capital

Group,

Inc.

42,420,863

1,253,743

Radian

Group,

Inc.

28,485,041

819,255

Western

Alliance

Bancorp

89,151,329

960,559

Zions

Bancorporations

NA

59,448,997

Total

394,340,247

Health

Care

(9.2%)

55,947

Align

Technology,

Inc.

a

37,228,812

47,742

Amedisys

,

Inc.

a

7,118,332

76,676

Bio-

Techne

Corporation

37,154,889

365,340

Edwards

Lifesciences

Corporation

a

41,360,142

166,258

Insulet

Corporation

a

47,255,511

705,577

NuVasive

,

Inc.

a

42,228,784

394,236

Syneos

Health,

Inc.

a

34,487,765

Total

246,834,235

Industrials

(19.3%)

455,661

Advanced

Drainage

Systems,

Inc.

49,288,850

2,065,513

Dun

&

Bradstreet

Holdings,

Inc.

a

34,721,274

1,287,715

Howmet

Aerospace,

Inc.

40,176,708

691,714

Nutrien

,

Ltd.

44,843,819

203,596

Old

Dominion

Freight

Line,

Inc.

58,224,384

508,806

Quanta

Services,

Inc.

57,912,299

346,998

Regal-Beloit

Corporation

52,167,679

838,479

Southwest

Airlines

Company

a

43,122,975

609,981

Timken

Company

39,904,957

274,024

United

Rentals,

Inc.

a

96,163,242

Total

516,526,187

Information

Technology

(15.5%)

391,125

Alliance

Data

Systems

Corporation

39,460,601

133,325

ANSYS,

Inc.

a

45,390,496

396,428

AppLovin

Corporation

a,b

28,689,494

255,328

Bill.com

Holdings,

Inc.

a

68,159,810

Shares

Common

Stock

(97.0%)

Value

Information

Technology

(15.5%)

-

continued

863,885

Calix,

Inc.

a

$

42,701,836

693,609

Ciena

Corporation

a

35,616,822

1,271,093

Dropbox,

Inc.

a

37,141,338

194,342

Enphase

Energy,

Inc.

a

29,145,470

176,679

NICE,

Ltd.

ADR

a

50,183,903

1,170,104

Sonos

,

Inc.

a

37,864,565

Total

414,354,335

Materials

(4.6%)

353,050

Ashland

Global

Holdings,

Inc.

31,463,816

494,304

Ball

Corporation

44,472,531

815,685

Steel

Dynamics,

Inc.

47,701,259

Total

123,637,606

Real

Estate

(6.3%)

236,154

Alexandria

Real

Estate

Equities,

Inc.

45,121,945

344,259

Camden

Property

Trust

50,767,875

239,912

Digital

Realty

Trust,

Inc.

34,655,288

780,721

Duke

Realty

Corporation

37,373,114

Total

167,918,222

Utilities

(4.8%)

817,528

Alliant

Energy

Corporation

45,765,218

1,656,372

CenterPoint

Energy,

Inc.

40,746,751

431,284

Entergy

Corporation

42,830,814

Total

129,342,783

Total

Common

Stock

(cost

$1,717,499,328)

2,598,961,981

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

Value

23,656,725

Thrivent

Cash

Management

Trust

23,656,725

Total

Collateral

Held

for

Securities

Loaned

(cost

$23,656,725)

23,656,725

Shares

Short-Term

Investments

(

2.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

7,782,887

0.120%

77,828,867

Total

Short-Term

Investments

(cost

$77,799,881)

77,828,867

Total

Investments

(cost

$1,818,955,934)

100.8%

$2,700,447,573

Other

Assets

and

Liabilities,

Net

(0.8%)

(22,207,604)

Total

Net

Assets

100.0%

$2,678,239,969

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

22,601,151

Total

lending

$22,601,151

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$23,656,725

Net

amounts

due

to

counterparty

$1,055,574

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,

2021,

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

61,139,007

61,139,007

–

–

Consumer

Discretionary

390,845,976

390,845,976

–

–

Consumer

Staples

82,534,991

82,534,991

–

–

Energy

71,488,392

71,488,392

–

–

Financials

394,340,247

394,340,247

–

–

Health

Care

246,834,235

246,834,235

–

–

Industrials

516,526,187

516,526,187

–

–

Information

Technology

414,354,335

414,354,335

–

–

Materials

123,637,606

123,637,606

–

–

Real

Estate

167,918,222

167,918,222

–

–

Utilities

129,342,783

129,342,783

–

–

Subtotal

Investments

in

Securities

$2,598,961,981

$2,598,961,981

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

77,828,867

Collateral

Held

for

Securities

Loaned

23,656,725

Subtotal

Other

Investments

$101,485,592

Total

Investments

at

Value

$2,700,447,573

*

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.  

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$54,297

$223,444

$199,912

$77,829

7,783

2.9%

Total

Affiliated

Short-Term

Investments

54,297

77,829

2.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

61,951

139,710

178,004

23,657

23,657

0.9

Total

Collateral

Held

for

Securities

Loaned

61,951

23,657

0.9

Total

Value

$116,248

$101,486

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$91

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$91

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

78

Total

Affiliated

Income

from

Securities

Loaned,

Net

$78

Total

Value

$–

$–

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Shares

Common

Stock

(

95.5%

)

Value

Communications

Services

(5.3%)

9,296

Discovery,

Inc.,

Class

A

a,b

$

235,933

25,241

Imax

Corporation

479,074

10,642

Interpublic

Group

of

Companies,

Inc.

390,242

10,773

Playtika

Holding

Corporation

b

297,658

Total

1,402,907

Consumer

Discretionary

(10.9%)

1,797

Aptiv

plc

b

267,699

2,585

Cedar

Fair,

LP

b

119,892

5,820

Dollar

Tree,

Inc.

b

557,091

4,577

eBay,

Inc.

318,880

2,296

Lear

Corporation

359,278

1,986

Mohawk

Industries,

Inc.

b

352,316

1,844

Polaris,

Inc.

220,653

10,773

Tapestry,

Inc.

398,817

3,386

Wyndham

Hotels

&

Resorts,

Inc.

261,365

Total

2,855,991

Consumer

Staples

(5.2%)

9,253

Albertsons

Companies,

Inc.

a

288,046

3,737

Church

&

Dwight

Company,

Inc.

308,564

10,696

Hain

Celestial

Group,

Inc.

b

457,575

4,142

Sysco

Corporation

325,147

Total

1,379,332

Energy

(4.7%)

9,809

Enterprise

Products

Partners,

LP

212,267

12,152

Helmerich

&

Payne,

Inc.

333,086

4,781

Marathon

Petroleum

Corporation

295,514

2,393

Pioneer

Natural

Resources

Company

398,458

Total

1,239,325

Financials

(20.4%)

2,439

Capital

One

Financial

Corporation

395,045

4,100

Cboe

Global

Markets,

Inc.

507,826

6,716

Comerica,

Inc.

540,638

7,340

Enterprise

Financial

Services

Corporation

332,355

12,603

Equitable

Holdings,

Inc.

373,553

8,048

Hartford

Financial

Services

Group,

Inc.

565,372

4,723

Raymond

James

Financial,

Inc.

435,838

6,470

Selective

Insurance

Group,

Inc.

488,679

7,045

Trustmark

Corporation

226,990

7,940

Voya

Financial,

Inc.

487,437

8,172

Wintrust

Financial

Corporation

656,784

5,709

Zions

Bancorporations

NA

353,330

Total

5,363,847

Health

Care

(7.2%)

3,854

Acadia

Healthcare

Company,

Inc.

b

245,808

7,544

Centene

Corporation

b

470,067

2,904

Ionis

Pharmaceuticals,

Inc.

b

97,400

5,749

NuVasive,

Inc.

b

344,078

4,285

Syneos

Health,

Inc.

b

374,852

2,467

Zimmer

Biomet

Holdings,

Inc.

361,070

Total

1,893,275

Industrials

(15.2%)

3,582

AGCO

Corporation

438,903

9,025

Barnes

Group,

Inc.

376,613

3,050

Carlisle

Companies,

Inc.

606,310

Shares

Common

Stock

(95.5%)

Value

Industrials

(15.2%)

-

continued

7,924

Crane

Company

$

751,274

2,224

JB

Hunt

Transport

Services,

Inc.

371,897

1,519

Lincoln

Electric

Holdings,

Inc.

195,632

14,043

Meritor,

Inc.

b

299,256

4,660

Robert

Half

International,

Inc.

467,538

9,496

Southwest

Airlines

Company

b

488,379

Total

3,995,802

Information

Technology

(8.6%)

6,960

Jabil,

Inc.

406,255

12,634

Juniper

Networks,

Inc.

347,688

9,729

NCR

Corporation

b

377,096

11,817

ON

Semiconductor

Corporation

b

540,864

2,523

PTC,

Inc.

b

302,230

5,042

Western

Digital

Corporation

b

284,571

Total

2,258,704

Materials

(6.8%)

18,339

Axalta

Coating

Systems,

Ltd.

b

535,316

10,955

Berry

Plastics

Group,

Inc.

b

666,940

4,963

CF

Industries

Holdings,

Inc.

277,035

3,258

LyondellBasell

Industries

NV

305,763

Total

1,785,054

Real

Estate

(7.1%)

2,132

Camden

Property

Trust

314,406

4,803

CBRE

Group,

Inc.

b

467,620

7,485

Highwoods

Properties,

Inc.

328,292

22,212

Host

Hotels

&

Resorts,

Inc.

b

362,722

18,971

Kimco

Realty

Corporation

393,648

Total

1,866,688

Utilities

(4.1%)

4,420

Alliant

Energy

Corporation

247,432

15,584

CenterPoint

Energy,

Inc.

383,366

7,122

Evergy,

Inc.

442,988

Total

1,073,786

Total

Common

Stock

(cost

$22,855,878)

25,114,711

Shares

Collateral

Held

for

Securities

Loaned

(

2.1%

)

Value

565,735

Thrivent

Cash

Management

Trust

565,735

Total

Collateral

Held

for

Securities

Loaned

(cost

$565,735)

565,735

Shares

Registered

Investment

Companies

(

1.0%

)

Value

Unaffiliated  (1.0%)

6,232

Fidelity

US

Utilities

ETF

256,509

Total

256,509

Total

Registered

Investment

Companies

(cost

$253,139)

256,509

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Shares

Short-Term

Investments

(

3.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

102,395

0.120%

$

1,023,954

Total

Short-Term

Investments

(cost

$1,023,954)

1,023,954

Total

Investments

(cost

$24,698,706)

102.5%

$26,960,909

Other

Assets

and

Liabilities,

Net

(2.5%)

(665,675)

Total

Net

Assets

100.0%

$26,295,234

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

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

Value

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

543,983

Total

lending

$543,983

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$565,735

Net

amounts

due

to

counterparty

$21,752

Definitions:

ETF

-

Exchange

Traded

Fund

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

1,402,907

1,402,907

–

–

Consumer

Discretionary

2,855,991

2,855,991

–

–

Consumer

Staples

1,379,332

1,379,332

–

–

Energy

1,239,325

1,239,325

–

–

Financials

5,363,847

5,363,847

–

–

Health

Care

1,893,275

1,893,275

–

–

Industrials

3,995,802

3,995,802

–

–

Information

Technology

2,258,704

2,258,704

–

–

Materials

1,785,054

1,785,054

–

–

Real

Estate

1,866,688

1,866,688

–

–

Utilities

1,073,786

1,073,786

–

–

Registered

Investment

Companies

Unaffiliated

256,509

256,509

–

–

Subtotal

Investments

in

Securities

$25,371,220

$25,371,220

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,023,954

Collateral

Held

for

Securities

Loaned

565,735

Subtotal

Other

Investments

$1,589,689

Total

Investments

at

Value

$26,960,909

*

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.  

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

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

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$91

$16,720

$15,787

$1,024

102

3.9%

Total

Affiliated

Short-Term

Investments

91

1,024

3.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

199

3,614

3,247

566

566

2.1

Total

Collateral

Held

for

Securities

Loaned

199

566

2.1

Total

Value

$290

$1,590

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Bank

Loans

(

1.4%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

691,762

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

690,324

Flexsys,

Inc./Ohio,

Term

Loan

1,745,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

1,736,275

Hexion,

Inc.,

Term

Loan

817,456

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

817,456

INEOS

US

Petrochem,

LLC,

Term

Loan

1,326,675

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

1,326,675

Innophos

Holdings,

Inc.,

Term

Loan

817,550

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

818,572

Nouryon

USA,

LLC,

Term

Loan

1,619,960

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

1,608,215

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

964,064

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

961,856

Sparta

US

HoldCo,

LLC,

Term

Loan

260,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/2/2028

b

260,325

Venator

Finance

SARL,

Term

Loan

932,713

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

919,114

Total

9,138,812

Capital

Goods

(0.2%)

Bingo

Industries,

Ltd.,

Term

Loan

635,000

4.000%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,e

633,413

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,788,401

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

1,777,027

748,125

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

746,359

Gemini

HDPE,

LLC,

Term

Loan

1,148,079

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

1,148,079

GFL

Environmental,

Inc.,

Term

Loan

1,215,813

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,217,332

Graham

Packaging

Company,

Inc.,

Term

Loan

1,233,800

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

1,232,431

Grinding

Media,

Inc.,

Term

Loan

1,765,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

1,767,206

Groupe

Solmax,

Inc.,

Term

Loan

740,000

0.000%, 

(LIBOR

1M

+

4.750%),

7/23/2028

b,c,d

738,461

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Capital

Goods

(0.2%)

-

continued

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

$

1,050,000

5.000%, 

(LIBOR

1M

+

4.500%),

7/30/2028

b,e

$

1,051,313

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,259,927

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

1,232,952

MI

Windows

and

Doors,

Inc.,

Term

Loan

1,096,712

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

1,098,083

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

992,500

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

985,056

Quikrete

Holdings

Inc.,

Term

Loan

1,045,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

1,041,217

RLG

Holdings,

LLC,

Delayed

Draw

192,405

3.131%, 

(LIBOR

3M

+

2.125%),

7/8/2028

b,c,d

192,526

RLG

Holdings,

LLC,

Term

Loan

760,000

5.000%, 

(LIBOR

3M

+

4.250%),

7/8/2028

b

760,479

TransDigm,

Inc.,

Term

Loan

2,866,481

2.334%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,830,650

TricorBraun

Holdings,

Inc.,

Delayed

Draw

284,378

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

282,638

TricorBraun

Holdings,

Inc.,

Term

Loan

1,262,216

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

1,254,491

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

130,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,c,d

130,135

Trident

TPI

Holdings,

Inc.,

Term

Loan

920,000

4.500%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,c,d

920,957

Vertiv

Group

Corporation,

Term

Loan

4,262,788

2.833%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

4,234,355

Waterlogic

USA

Holdings,

Inc.

Term

Loan

955,000

0.000%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b,c,d

954,408

Total

26,229,568

Communications

Services

(0.2%)

Allen

Media,

LLC,

Delayed

Draw

400,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

399,376

Allen

Media,

LLC,

Term

Loan

440,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

439,314

Altice

France

SA,

Term

Loan

847,387

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

832,914

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Communications

Services

(0.2%)

-

continued

Cablevision

Lightpath,

LLC,

Term

Loan

$

1,166,188

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

$

1,167,062

CCI

Buyer,

Inc.,

Term

Loan

298,500

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

299,309

CommScope,

Inc.,

Term

Loan

1,555,164

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,545,771

DIRECTV

Financing,

LLC,

Term

Loan

1,975,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

1,975,612

E.W.

Scripps

Company,

Term

Loan

997,625

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

999,012

Entercom

Media

Corporation,

Term

Loan

1,111,790

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

1,094,424

iHeartCommunications,

Inc.,

Term

Loan

858,194

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

851,578

Indy

US

Bidco,

LLC,

Term

Loan

1,089,525

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

1,091,475

Meredith

Corporation,

Term

Loan

1,004,825

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

1,024,921

Metronet

Systems

Holdings,

LLC,

Term

Loan

1,169,291

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

1,170,168

NEP

Group,

Inc.,

Term

Loan

1,317,737

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,266,122

195,000

7.084%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

186,225

Nexstar

Media,

Inc.,

Term

Loan

1,863,576

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,860,780

ORBCOMM,

Inc.,

Term

Loan

935,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

933,438

Peraton

Corporation,

Term

Loan

1,592,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

1,592,255

Radiate

Holdco,

LLC,

Term

Loan

2,764,113

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

2,760,132

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,617,775

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,613,731

Univision

Communications,

Inc.,

Term

Loan

870,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/21/2028

b,c,d

867,982

Voyage

Australia

Property,

Ltd.,

Term

Loan

885,000

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

883,894

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Communications

Services

(0.2%)

-

continued

WideOpenWest

Finance,

LLC,

Term

Loan

$

758,139

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

$

757,821

Xplornet

Communications,

Inc.,

Term

Loan

1,200,184

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

1,198,683

935,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

932,662

825,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

816,750

Total

28,561,411

Consumer

Cyclical

(0.2%)

ACProducts

Holdings,

Inc.,

Term

Loan

563,588

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

562,280

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

117,500

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

117,823

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

940,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

942,585

American

Trailer

World

Corporation,

Term

Loan

1,052,362

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

1,046,838

Caesars

Resort

Collection,

LLC,

Term

Loan

785,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b,c,d

785,283

Carnival

Corporation,

Term

Loan

865,617

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

859,939

Cengage

Learning,

Inc.,

Term

Loan

1,740,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,750,092

CP

Atlas

Buyer,

Inc.,

Term

Loan

1,059,675

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

1,055,701

Golden

Entertainment,

Inc.,

Term

Loan

2,354,062

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

2,345,235

Golden

Nugget,

LLC,

Term

Loan

808,889

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

804,626

LCPR

Loan

Financing,

LLC,

Term

Loan

1,070,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

1,070,000

Michaels

Companies,

Inc.,

Term

Loan

1,665,825

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

1,666,575

Penn

National

Gaming,

Inc.,

Term

Loan

1,658,526

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,655,309

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Consumer

Cyclical

(0.2%)

-

continued

Raptor

Acquisition

Corporation,

Term

Loan

$

575,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

$

576,581

Scientific

Games

International,

Inc.,

Term

Loan

5,209,141

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

5,183,772

Staples,

Inc.,

Term

Loan

272,021

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

264,157

882,140

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

839,638

Tenneco,

Inc.,

Term

Loan

1,161,122

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,149,754

Truck

Hero,

Inc.,

Term

Loan

283,575

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

282,806

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

897,250

1.834%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

890,664

Total

23,849,658

Consumer

Non-Cyclical

(0.3%)

Adient

US,

LLC,

Term

Loan

443,888

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

443,701

Bausch

Health

Americas,

Inc.,

Term

Loan

2,072,135

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

2,069,027

Bellring

Brands,

LLC,

Term

Loan

1,116,048

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

1,119,954

Blue

Ribbon,

LLC,

Term

Loan

1,175,125

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

1,151,623

Chobani,

LLC,

Term

Loan

598,950

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

599,806

City

Brewing

Company,

LLC,

Term

Loan

665,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

658,071

CNT

Holdings

I

Corporation,

Term

Loan

781,075

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

781,567

220,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

223,300

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

1,870,600

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

1,825,911

Gainwell

Acquisition

Corporation,

Term

Loan

2,159,123

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

2,162,275

Global

Medical

Response,

Inc.,

Term

Loan

4,615,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

4,628,845

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Consumer

Non-Cyclical

(0.3%)

-

continued

$

3,930,300

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

$

3,942,091

Herens

US

Holdco

Corporation,

Term

Loan

1,615,950

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

1,620,281

Mamba

Purchaser,

Inc.,

Term

Loan

160,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

160,000

Ortho-Clinical

Diagnostics

SA,

Term

Loan

2,469,474

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

2,466,387

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,383,050

4.000%, 

(LIBOR

2M

+

3.250%),

3/4/2028

b

1,382,552

PetSmart,

LLC,

Term

Loan

1,970,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,972,817

Precision

Medicine

Group,

LLC,

Delayed

Draw

161,538

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

161,471

Precision

Medicine

Group,

LLC,

Term

Loan

1,229,173

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

1,228,657

Sotera

Health

Holdings,

LLC,

Term

Loan

802,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

799,329

Total

29,397,665

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

1,508,600

2.590%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,504,572

Energizer

Holdings,

Inc.,

Term

Loan

313,425

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

313,033

GIP

II

Blue

Holding

LP,

Term

Loan

1,315,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

1,312,541

Lealand

Finance

Company

BV,

Term

Loan

368,175

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

164,206

Total

3,294,352

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

1,687,250

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,661,334

597,442

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

588,331

1,095,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

1,091,124

955,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

949,986

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Financials

(0.1%)

-

continued

Digicel

International

Finance,

Ltd.,

Term

Loan

$

1,300,593

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

$

1,254,265

Tiger

Acquisition,

LLC,

Term

Loan

570,000

3.750%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

567,686

Tronox

Finance,

LLC,

Term

Loan

866,215

2.366%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

862,274

Total

6,975,000

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,309,333

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

1,281,065

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

1,358,322

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

1,366,241

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,481,287

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

1,482,517

Gridiron

Fiber

Corporation,

Term

Loan

635,000

0.000%, 

(LIBOR

1M

+

4.500%),

8/23/2028

b,c,d

616,350

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,818,103

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,812,242

Prime

Security

Services

Borrower,

LLC,

Term

Loan

3,686,475

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

3,681,019

Rackspace

Technology

Global,

Inc.,

Term

Loan

2,373,075

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

2,355,016

Redstone

Holdco

2

LP,

Term

Loan

844,931

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

830,145

481,772

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

468,523

SS&C

Technologies,

Inc.,

Term

Loan

83,017

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

82,114

66,306

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

65,585

Verscend

Holding

Corporation,

Term

Loan

540,000

4.084%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

540,448

Zayo

Group

Holdings,

Inc.,

Term

Loan

2,550,046

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

2,526,254

Total

18,107,519

Principal

Amount

Bank

Loans

(1.4%)

a

Value

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

$

2,850,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

$

2,945,389

Air

Canada,

Term

Loan

609,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

611,028

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,635,100

2.132%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,624,325

Hertz

Corporation,

Term

Loan

463,837

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

463,912

87,635

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

87,649

Mileage

Plus

Holdings,

LLC,

Term

Loan

900,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

955,692

SkyMiles

IP,

Ltd.,

Term

Loan

965,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

1,025,737

United

Airlines,

Inc.,

Term

Loan

875,600

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

880,976

Total

8,594,708

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

281,000

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

280,999

CQP

Holdco

LP,

Term

Loan

2,084,775

4.250%, 

(LIBOR

1M

+

3.750%),

6/4/2028

b

2,077,833

EnergySolutions,

LLC,

Term

Loan

956,206

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

953,816

Exgen

Renewables

IV,

LLC,

Term

Loan

525,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

524,344

Osmose

Utilities

Services,

Inc.,

Term

Loan

370,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

368,383

PG&E

Corporation,

Term

Loan

863,111

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

847,739

Total

5,053,114

Total

Bank

Loans

(cost

$158,669,789)

159,201,807

Shares

Registered

Investment

Companies

(

41.7%

)

Value

Unaffiliated  (0.8%)

6,393

Direxion

Daily

S&P

500

683,924

815,400

Invesco

Senior

Loan

ETF

18,028,494

10,744

ProShares

Ultra

S&P

500

g

1,287,346

1,458

ProShares

UltraPro

QQQ

181,623

120,936

SPDR

S&P

500

ETF

Trust

51,898,475

99,755

SPDR

S&P

Biotech

ETF

g

12,540,201

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Shares

Registered

Investment

Companies

(41.7%)

Value

Unaffiliated  (0.8%)-

continued

30,889

SPDR

S&P

Oil

&

Gas

Exploration

ETF

g

$

2,987,584

35,000

Vanguard

Short-Term

Corporate

Bond

ETF

2,884,350

Total

90,491,997

Affiliated  (40.9%)

26,076,041

Thrivent

Core

Emerging

Markets

Debt

Fund

254,502,165

6,661,625

Thrivent

Core

Emerging

Markets

Equity

Fund

78,074,242

2,288,539

Thrivent

Core

International

Equity

Fund

24,990,841

21,308,219

Thrivent

Core

Low

Volatility

Equity

Fund

300,872,049

32,141,192

Thrivent

Global

Stock

Portfolio

495,697,539

45,109,907

Thrivent

High

Yield

Portfolio

210,803,108

62,496,646

Thrivent

Income

Portfolio

677,357,393

53,769,140

Thrivent

International

Allocation

Portfolio

591,804,664

4,781,335

Thrivent

International

Index

Portfolio

64,565,710

38,932,987

Thrivent

Large

Cap

Value

Portfolio

867,812,378

34,927,220

Thrivent

Limited

Maturity

Bond

Portfolio

351,032,531

22,677,943

Thrivent

Mid

Cap

Stock

Portfolio

578,353,305

6,674,851

Thrivent

Small

Cap

Stock

Portfolio

160,157,709

Total

4,656,023,634

Total

Registered

Investment

Companies

(cost

$3,634,185,271)

4,746,515,631

Shares

Common

Stock

(

29.7%

)

Value

Communications

Services

(2.3%)

37,998

Alphabet,

Inc.,

Class

A

h

101,588,413

4,688

Alphabet,

Inc.,

Class

C

h

12,494,973

46,192

AMC

Networks,

Inc.

h

2,152,085

179,854

AT&T,

Inc.

4,857,857

36,772

Audacy,

Inc.

h

135,321

22,662

Cars.com,

Inc.

h

286,674

131,338

Comcast

Corporation

7,345,734

67,077

Discovery,

Inc.,

Class

A

g,h

1,702,414

33,550

DISH

Network

Corporation

h

1,458,083

6,072

E.W.

Scripps

Company

109,660

30,940

Electronic

Arts,

Inc.

4,401,215

175,827

Facebook,

Inc.

h

59,673,926

7,121

Gray

Television,

Inc.

162,501

7,769

Hemisphere

Media

Group,

Inc.

h

94,626

34,040

Interpublic

Group

of

Companies,

Inc.

1,248,247

2,408

Liberty

Global

plc,

Class

A

h

71,758

181,118

Live

Nation

Entertainment,

Inc.

h

16,505,283

189,729

Lumen

Technologies,

Inc.

g

2,350,742

62,053

Match

Group,

Inc.

h

9,741,700

5,329

Nexstar

Broadcasting

Group,

Inc.

809,795

28,200

Omnicom

Group,

Inc.

2,043,372

100,717

QuinStreet,

Inc.

h

1,768,591

16,987

RingCentral,

Inc.

h

3,694,673

9,062

Skillz,

Inc.

g,h

88,989

23,949

Telephone

&

Data

Systems,

Inc.

467,006

255,700

Twitter,

Inc.

h

15,441,723

1,547

United

States

Cellular

Corporation

h

49,334

187,848

Verizon

Communications,

Inc.

10,145,671

3,351

ViacomCBS,

Inc.

132,398

Shares

Common

Stock

(29.7%)

Value

Communications

Services

(2.3%)

-

continued

1,897

Walt

Disney

Company

h

$

320,916

11,378

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

h

173,515

12,406

Zillow

Group,

Inc.

h

1,098,923

44,680

ZoomInfo

Technologies,

Inc.

h

2,733,969

Total

265,350,087

Consumer

Discretionary

(3.8%)

2,267

Adient

plc

h

93,967

28,544

Amazon.com,

Inc.

h

93,768,182

104,182

American

Axle

&

Manufacturing

Holdings,

Inc.

h

917,843

164,998

Aptiv

plc

h

24,579,752

2,454

AutoZone,

Inc.

h

4,166,867

49,735

Bally's

Corporation

h

2,493,713

12,155

Bed

Bath

&

Beyond,

Inc.

g,h

209,978

10,758

Big

Lots,

Inc.

466,467

13,893

BJ's

Restaurants,

Inc.

h

580,172

3,500

Brunswick

Corporation

333,445

17,958

Burlington

Stores,

Inc.

h

5,092,350

57,318

Caesars

Entertainment,

Inc.

h

6,435,665

35,927

Carvana

Company

h

10,833,428

33,742

Cedar

Fair,

LP

h

1,564,954

33,900

Chegg,

Inc.

h

2,305,878

45,928

Chewy,

Inc.

g,h

3,128,156

65,382

Chico's

FAS,

Inc.

h

293,565

13,048

Chipotle

Mexican

Grill,

Inc.

h

23,715,001

30,689

Choice

Hotels

International,

Inc.

3,878,169

1,223

Churchill

Downs,

Inc.

293,618

1,639

Cimpress

plc

h

142,314

33,724

Clarus

Corporation

864,346

165,902

Cooper-Standard

Holdings,

Inc.

h

3,634,913

5,590

Cracker

Barrel

Old

Country

Store,

Inc.

781,706

8,787

Crocs,

Inc.

h

1,260,759

33,393

Culp,

Inc.

430,102

26,842

D.R.

Horton,

Inc.

2,253,923

36,000

Dana,

Inc.

800,640

13,765

Darden

Restaurants,

Inc.

2,084,985

3,275

Deckers

Outdoor

Corporation

h

1,179,655

4,529

Dick's

Sporting

Goods,

Inc.

542,438

7,796

Dorman

Products,

Inc.

h

738,047

187,868

Duluth

Holdings,

Inc.

h

2,560,641

48,719

Emerald

Holding,

Inc.

h

211,440

439,358

Everi

Holdings,

Inc.

h

10,623,676

9,072

Expedia

Group,

Inc.

h

1,486,901

64,099

Farfetch,

Ltd.

h

2,402,431

4,928

Fisker,

Inc.

g,h

72,195

38,807

Five

Below,

Inc.

h

6,861,466

16,373

Foot

Locker,

Inc.

747,591

2,682

Fox

Factory

Holding

Corporation

h

387,656

78,788

Gap,

Inc.

1,788,488

6,143

Garmin,

Ltd.

954,991

125,960

Gentex

Corporation

4,154,161

10,510

Genuine

Parts

Company

1,274,127

18,716

G-III

Apparel

Group,

Ltd.

h

529,663

16,782

Goodyear

Tire

&

Rubber

Company

h

297,041

53,422

GoPro,

Inc.

h

500,030

224

Graham

Holdings

Company

131,972

6,576

Grand

Canyon

Education,

Inc.

h

578,425

1,629

Group

1

Automotive,

Inc.

306,057

7,350

GrowGeneration

Corporation

h

181,324

18,018

Guess

?,

Inc.

378,558

37,206

Hanesbrands,

Inc.

638,455

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Shares

Common

Stock

(29.7%)

Value

Consumer

Discretionary

(3.8%)

-

continued

41,993

Harley-Davidson,

Inc.

$

1,537,364

30,486

Home

Depot,

Inc.

10,007,334

3,520

Jack

in

the

Box,

Inc.

342,602

8,307

KB

Home

323,308

107,051

Kohl's

Corporation

5,041,032

32,025

Lear

Corporation

5,011,272

67,509

Leggett

&

Platt,

Inc.

3,027,104

18,966

Lithia

Motors,

Inc.

6,012,981

40,615

Lowe's

Companies,

Inc.

8,239,159

7,187

Lululemon

Athletica,

Inc.

h

2,908,579

5,884

M.D.C.

Holdings,

Inc.

274,900

17,444

Macy's,

Inc.

394,234

105,109

Magnite,

Inc.

h

2,943,052

269

Marriott

Vacations

Worldwide

Corporation

42,322

19,989

McDonald's

Corporation

4,819,548

32,472

Miller

Industries,

Inc.

1,105,347

8,903

Mohawk

Industries,

Inc.

h

1,579,392

29,886

NIKE,

Inc.

4,340,344

59,473

Nordstrom,

Inc.

h

1,573,061

75,257

Norwegian

Cruise

Line

Holdings,

Ltd.

g,h

2,010,114

2,040

NVR,

Inc.

h

9,779,923

38,262

Ollie's

Bargain

Outlet

Holdings,

Inc.

h

2,306,433

25,393

Papa

John's

International,

Inc.

3,224,657

110,734

Penn

National

Gaming,

Inc.

h

8,023,786

64,847

Planet

Fitness,

Inc.

h

5,093,732

2,549

Pool

Corporation

1,107,311

4,278

Poshmark,

Inc.

h

101,645

5,362

Purple

Innovation,

Inc.

h

112,709

6,551

PVH

Corporation

h

673,377

315,326

Qurate

Retail,

Inc.

3,213,172

10,888

Revolve

Group,

Inc.

h

672,552

2,268

RH

h

1,512,552

45,410

Ross

Stores,

Inc.

4,942,879

22,953

Ruth's

Hospitality

Group,

Inc.

h

475,357

73,855

Skyline

Corporation

h

4,435,731

18,931

Sleep

Number

Corporation

h

1,769,670

40,435

Sony

Group

Corporation

ADR

4,471,302

43,643

Stoneridge,

Inc.

h

889,881

15,114

Tapestry,

Inc.

559,520

4,868

Target

Corporation

1,113,652

124,301

Taylor

Morrison

Home

Corporation

h

3,204,480

17,012

Tenneco,

Inc.

h

242,761

47,321

Tesla,

Inc.

h

36,696,489

4,390

Thor

Industries,

Inc.

538,916

251,694

ThredUp,

Inc.

h

5,459,243

48,201

Toll

Brothers,

Inc.

2,665,033

8,335

TopBuild

Corporation

h

1,707,091

44,709

Tri

Pointe

Homes,

Inc.

h

939,783

53,490

TripAdvisor,

Inc.

h

1,810,637

11,324

Tupperware

Brands

Corporation

h

239,163

11,176

Ulta

Beauty,

Inc.

h

4,033,642

6,416

Urban

Outfitters,

Inc.

h

190,491

6,386

Vail

Resorts,

Inc.

h

2,133,243

4,098

Wayfair,

Inc.

g,h

1,047,080

1,694

Williams-Sonoma,

Inc.

300,397

19,419

Wingstop,

Inc.

3,183,357

21,614

Workhorse

Group,

Inc.

g,h

165,347

67,181

Wyndham

Hotels

&

Resorts,

Inc.

5,185,701

26,555

Yum!

Brands,

Inc.

3,247,942

31,991

Zumiez,

Inc.

h

1,271,962

Total

427,207,935

Shares

Common

Stock

(29.7%)

Value

Consumer

Staples

(0.8%)

12,122

Altria

Group,

Inc.

$

551,793

169,094

BJ's

Wholesale

Club

Holdings,

Inc.

h

9,286,642

138

Casey's

General

Stores,

Inc.

26,006

3,813

Church

&

Dwight

Company,

Inc.

314,839

35,528

Colgate-Palmolive

Company

2,685,206

16,772

Costco

Wholesale

Corporation

7,536,498

93,785

Coty,

Inc.

h

737,150

20,503

Darling

Ingredients,

Inc.

h

1,474,166

172,640

e.l.f.

Beauty,

Inc.

h

5,015,192

44,525

Hain

Celestial

Group,

Inc.

h

1,904,780

4,582

Hershey

Company

775,504

4,554

Ingredion,

Inc.

405,352

10,744

John

B.

Sanfilippo

&

Son,

Inc.

878,000

11,408

Kimberly-Clark

Corporation

1,510,876

134,549

Lamb

Weston

Holdings,

Inc.

8,257,272

2,728

Medifast,

Inc.

525,522

14,856

Molson

Coors

Beverage

Company

689,021

46,544

Monster

Beverage

Corporation

h

4,134,504

3,564

PepsiCo,

Inc.

536,061

138,470

Philip

Morris

International,

Inc.

13,125,571

249

PriceSmart,

Inc.

19,310

130,799

Primo

Water

Corporation

2,056,160

31,301

Procter

&

Gamble

Company

4,375,880

3,896

Seneca

Foods

Corporation

h

187,865

47,342

Sprouts

Farmers

Markets,

Inc.

h

1,096,914

25,430

Sysco

Corporation

1,996,255

138,924

Turning

Point

Brands,

Inc.

6,633,621

9,903

US

Foods

Holding

Corporation

h

343,238

52,977

Wal-Mart

Stores,

Inc.

7,383,934

Total

84,463,132

Energy

(0.7%)

107,660

Antero

Midstream

Corporation

1,121,817

106,957

Antero

Resources

Corporation

h

2,011,861

267,599

APA

Corporation

5,734,647

121,840

Archrock,

Inc.

1,005,180

3,208

Bonanza

Creek

Energy,

Inc.

153,663

90,321

BP

plc

ADR

2,468,473

2,070

Callon

Petroleum

Company

h

101,596

165,357

Centennial

Resource

Development,

Inc.

h

1,107,892

37,727

ChampionX

Corporation

h

843,576

12,828

Chevron

Corporation

1,301,401

38,503

CNX

Resources

Corporation

h

485,908

52,157

ConocoPhillips

3,534,680

45,423

Continental

Resources,

Inc.

g

2,096,271

29,880

Core

Laboratories

NV

829,170

239,705

Devon

Energy

Corporation

8,511,925

42,685

Diamondback

Energy,

Inc.

4,040,989

2,714

DT

Midstream,

Inc.

125,495

97,203

EnLink

Midstream,

LLC

662,924

99,095

Enterprise

Products

Partners,

LP

2,144,416

34,601

EOG

Resources,

Inc.

2,777,422

21,469

Equitrans

Midstream

Corporation

217,696

26,875

Exterran

Corporation

h

119,325

32,965

Exxon

Mobil

Corporation

1,939,001

109,505

Halliburton

Company

2,367,498

43,426

Helix

Energy

Solutions

Group,

Inc.

h

168,493

97,142

Helmerich

&

Payne,

Inc.

2,662,662

27,021

HollyFrontier

Corporation

895,206

57,788

Kinder

Morgan,

Inc.

966,793

47,285

Kosmos

Energy,

Ltd.

h

139,964

10,605

Magnolia

Oil

&

Gas

Corporation

188,663

363,456

Marathon

Oil

Corporation

4,968,444

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Shares

Common

Stock

(29.7%)

Value

Energy

(0.7%)

-

continued

33,108

Marathon

Petroleum

Corporation

$

2,046,406

43,524

Matador

Resources

Company

1,655,653

98,934

Nine

Energy

Service,

Inc.

h

181,049

7,865

Northern

Oil

and

Gas,

Inc.

168,311

144,047

NOV,

Inc.

h

1,888,456

1,096

Oceaneering

International,

Inc.

h

14,599

58,551

PBF

Energy,

Inc.

h

759,406

41,329

Peabody

Energy

Corporation

h

611,256

3,669

Penn

Virginia

Corporation

h

97,852

22,565

Pioneer

Natural

Resources

Company

3,757,298

22,534

Plains

GP

Holdings,

LP

242,804

103,902

ProPetro

Holding

Corporation

h

898,752

45,467

RPC,

Inc.

h

220,970

41,671

Schlumberger,

Ltd.

1,235,128

83,722

SM

Energy

Company

2,208,586

497,534

Southwestern

Energy

Company

h

2,756,338

65,783

Talos

Energy,

Inc.

h

905,832

18,888

Targa

Resources

Corporation

929,479

345,123

TechnipFMC

plc

h

2,598,776

464

Texas

Pacific

Land

Corporation

561,143

264,148

Transocean,

Ltd.

g,h

1,001,121

15,362

Valero

Energy

Corporation

1,084,096

8,570

World

Fuel

Services

Corporation

288,123

Total

81,804,485

Financials

(3.9%)

107,473

Air

Lease

Corporation

4,227,988

5,481

Alleghany

Corporation

h

3,422,391

2,864

Allegiance

Bancshares,

Inc.

109,262

51,567

Ally

Financial,

Inc.

2,632,495

40,341

American

Equity

Investment

Life

Holding

Company

1,192,883

92,138

American

Express

Company

15,435,879

22,286

American

Financial

Group,

Inc.

2,804,247

3,754

Ameriprise

Financial,

Inc.

991,506

41,874

Ameris

Bancorp

2,172,423

56,901

Annaly

Capital

Management,

Inc.

479,106

67,027

Apollo

Commercial

Real

Estate

Finance,

Inc.

994,010

137,744

Arch

Capital

Group,

Ltd.

h

5,259,066

2,517

Argo

Group

International

Holdings,

Ltd.

131,438

22,720

Arthur

J.

Gallagher

&

Company

3,377,328

17,552

Artisan

Partners

Asset

Management,

Inc.

858,644

86,568

Assured

Guaranty,

Ltd.

4,052,248

13,254

BancorpSouth

Bank

394,704

253,233

Bank

of

America

Corporation

10,749,741

1,873

Bank

of

Marin

Bancorp

70,706

35,263

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,252,189

34,046

Bank

of

New

York

Mellon

Corporation

1,764,945

33,146

BankFinancial

Corporation

380,516

44,490

Banner

Corporation

2,456,293

21,929

Berkshire

Hathaway,

Inc.

h

5,985,301

10,007

BlackRock,

Inc.

8,392,471

14,573

Blackstone

Mortgage

Trust,

Inc.

441,853

83,527

Bridgewater

Bancshares,

Inc.

h

1,462,558

29,421

Brighthouse

Financial,

Inc.

h

1,330,712

9,918

BrightSpire

Capital,

Inc.

93,130

26,171

Brookline

Bancorp,

Inc.

399,369

12,623

Brown

&

Brown,

Inc.

699,945

68,617

Byline

Bancorp,

Inc.

1,685,234

18,226

Capital

One

Financial

Corporation

2,952,065

Shares

Common

Stock

(29.7%)

Value

Financials

(3.9%)

-

continued

6,817

Cboe

Global

Markets,

Inc.

$

844,354

62,009

Central

Pacific

Financial

Corporation

1,592,391

335,354

Charles

Schwab

Corporation

24,427,185

50,632

Chimera

Investment

Corporation

751,885

22,513

Chubb,

Ltd.

3,905,555

13,523

Cincinnati

Financial

Corporation

1,544,597

102,640

Citigroup,

Inc.

7,203,275

78,522

Citizens

Financial

Group,

Inc.

3,688,964

23,090

CME

Group,

Inc.

4,465,144

20,569

CNO

Financial

Group,

Inc.

484,194

54,354

Columbia

Banking

System,

Inc.

2,064,908

38,517

Comerica,

Inc.

3,100,619

48,769

Community

Trust

Bancorp,

Inc.

2,053,175

83,513

Customers

Bancorp,

Inc.

h

3,592,729

552

Diamond

Hill

Investment

Group,

Inc.

96,964

2,779

Dime

Community

Bancshares,

Inc.

90,762

18,645

Discover

Financial

Services

2,290,538

10,920

East

West

Bancorp,

Inc.

846,737

20,483

Ellington

Residential

Mortgage

REIT

228,590

23,838

Enova

International,

Inc.

h

823,603

44,604

Enterprise

Financial

Services

Corporation

2,019,669

125,812

Equitable

Holdings,

Inc.

3,729,068

57,833

Essent

Group,

Ltd.

2,545,230

3,863

Evercore,

Inc.

516,367

220,410

F.N.B.

Corporation

2,561,164

5,104

FactSet

Research

Systems,

Inc.

2,014,957

2,385

Federal

Agricultural

Mortgage

Corporation

258,820

12,393

Federated

Hermes,

Inc.

402,773

39,781

Financial

Institutions,

Inc.

1,219,288

474

First

American

Financial

Corporation

31,782

253,218

First

Bancorp

3,329,817

76,921

First

Busey

Corporation

1,894,564

5,208

First

Commonwealth

Financial

Corporation

70,985

30,966

First

Financial

Corporation

1,302,120

224,839

First

Horizon

Corporation

3,662,627

2,581

First

Mid-Illinois

Bancshares,

Inc.

105,976

4,884

First

of

Long

Island

Corporation

100,610

60,378

First

Republic

Bank

11,645,709

13,220

Flushing

Financial

Corporation

298,772

71,510

Franklin

Resources,

Inc.

2,125,277

208,465

Fulton

Financial

Corporation

3,185,345

20,063

Glacier

Bancorp,

Inc.

1,110,487

49,344

Granite

Point

Mortgage

Trust,

Inc.

649,860

50,537

Great

Southern

Bancorp,

Inc.

2,769,933

44,024

Hamilton

Lane,

Inc.

3,734,116

117,836

Hancock

Whitney

Corporation

5,552,432

72,228

Hanmi

Financial

Corporation

1,448,894

38,314

Hanover

Insurance

Group,

Inc.

4,966,261

110,196

Heartland

Financial

USA,

Inc.

5,298,224

5,451

Heritage

Commerce

Corporation

63,395

3,526

Heritage

Financial

Corporation

89,913

32,739

HomeStreet,

Inc.

1,347,210

39,775

Hometrust

Bancshares,

Inc.

1,112,905

364,142

Hope

Bancorp,

Inc.

5,258,210

57,969

Horizon

Bancorp,

Inc.

1,053,297

12,216

Houlihan

Lokey,

Inc.

1,125,094

80,651

Independent

Bank

Corporation

1,732,383

198,972

Invesco

Mortgage

Capital,

Inc.

626,762

100,192

Invesco,

Ltd.

2,415,629

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Shares

Common

Stock

(29.7%)

Value

Financials

(3.9%)

-

continued

77,706

J.P.

Morgan

Chase

&

Company

$

12,719,695

2,263

Jefferies

Financial

Group,

Inc.

84,025

49,938

Kinsale

Capital

Group,

Inc.

8,074,975

10,300

Ladder

Capital

Corporation

113,815

25,500

Lakeland

Bancorp,

Inc.

449,565

36,644

Lincoln

National

Corporation

2,519,275

9,885

Loews

Corporation

533,098

7,711

LPL

Financial

Holdings,

Inc.

1,208,776

21,120

Marsh

&

McLennan

Companies,

Inc.

3,198,202

11,142

Mercantile

Bank

Corporation

356,878

1,488

Merchants

Bancorp

58,731

205,827

MFA

Financial,

Inc.

940,629

27,576

Midland

States

Bancorp,

Inc.

681,954

72,179

MidWestOne

Financial

Group,

Inc.

2,176,919

13,654

Moody's

Corporation

4,848,672

69,252

Morgan

Stanley

6,738,912

10,776

MSCI,

Inc.

6,555,472

31

National

Western

Life

Group,

Inc.

6,528

45,590

Navient

Corporation

899,491

59,688

NMI

Holdings,

Inc.

h

1,349,546

15,129

Northern

Trust

Corporation

1,631,058

14,574

OceanFirst

Financial

Corporation

312,029

24,285

OFG

Bancorp

612,468

1,023

Old

National

Bancorp

17,340

26,206

Old

Second

Bancorp,

Inc.

342,250

58,004

PacWest

Bancorp

2,628,741

1,424

Peapack-Gladstone

Financial

Corporation

47,505

5,916

Peoples

Bancorp,

Inc.

187,005

116,133

Popular,

Inc.

9,020,050

34,996

Premier

Financial

Corporation

1,114,273

13,235

Primerica,

Inc.

2,033,293

29,348

QCR

Holdings,

Inc.

1,509,661

207,535

Radian

Group,

Inc.

4,715,195

84,046

Raymond

James

Financial,

Inc.

7,755,765

417

Ready

Capital

Corporation

6,017

31,464

Reinsurance

Group

of

America,

Inc.

3,500,685

17,059

RenaissanceRe

Holdings,

Ltd.

2,378,025

60,921

S&P

Global,

Inc.

25,884,724

131

Safety

Insurance

Group,

Inc.

10,382

93,658

Seacoast

Banking

Corporation

of

Florida

3,166,577

62,877

SEI

Investments

Company

3,728,606

8,522

Selective

Insurance

Group,

Inc.

643,667

16,943

Signature

Bank

4,613,240

54,404

Starwood

Property

Trust,

Inc.

1,328,002

48,081

State

Street

Corporation

4,073,422

15,236

Synchrony

Financial

744,736

111,212

Synovus

Financial

Corporation

4,881,095

16,066

T.

Rowe

Price

Group,

Inc.

3,160,182

12,288

Territorial

Bancorp,

Inc.

311,869

96,986

Texas

Capital

Bancshares,

Inc.

h

5,821,100

21,890

TMX

Group,

Ltd.

2,360,615

22,053

Torchmark

Corporation

1,963,379

6,869

Towne

Bank

213,695

54,574

TPG

RE

Finance

Trust,

Inc.

675,626

20,966

TriCo

Bancshares

909,924

25,774

Triumph

Bancorp,

Inc.

h

2,580,751

75,226

Truist

Financial

Corporation

4,412,005

33,809

TrustCo

Bank

Corporation

NY

1,080,874

21,204

Trustmark

Corporation

683,193

226,020

Umpqua

Holdings

Corporation

4,576,905

3,861

Universal

Insurance

Holdings,

Inc.

50,347

Shares

Common

Stock

(29.7%)

Value

Financials

(3.9%)

-

continued

5,190

Univest

Financial

Corporation

$

142,154

220,508

Unum

Group

5,525,930

3,749

Valley

National

Bancorp

49,899

10,063

Washington

Trust

Bancorp,

Inc.

533,138

121,480

Wells

Fargo

&

Company

5,637,887

1,059

WesBanco,

Inc.

36,091

151,191

Western

Alliance

Bancorp

16,452,605

72,001

Western

Asset

Mortgage

Capital

Corporation

187,923

54,479

Wintrust

Financial

Corporation

4,378,477

84,531

Zions

Bancorporations

NA

5,231,624

7,339

Zurich

Insurance

Group

AG

3,001,067

Total

446,502,969

Health

Care

(4.0%)

29,785

908

Devices,

Inc.

h

968,608

12,287

Abbott

Laboratories

1,451,463

27,868

AbbVie,

Inc.

3,006,121

158,106

ACADIA

Pharmaceuticals,

Inc.

h

2,626,141

111,212

Adaptive

Biotechnologies

Corporation

h

3,780,096

2,368

Align

Technology,

Inc.

h

1,575,738

1,787

Allakos,

Inc.

h

189,190

16,623

Allogene

Therapeutics,

Inc.

h

427,211

15,622

Amedisys,

Inc.

h

2,329,240

26,762

American

Well

Corporation

h

243,802

64,899

Amgen,

Inc.

13,800,772

17,161

AMN

Healthcare

Services,

Inc.

h

1,969,225

33,953

Anthem,

Inc.

12,657,678

4,580

Arcutis

Biotherapeutics,

Inc.

h

109,416

17,088

Arena

Pharmaceuticals,

Inc.

h

1,017,590

12,893

Argenx

SE

ADR

h

3,893,686

29,391

Ascendis

Pharma

AS

ADR

h

4,684,632

445

Atrion

Corporation

310,388

125,548

Avantor,

Inc.

h

5,134,913

71,437

Axonics

Modulation

Technologies,

Inc.

h

4,649,834

39,556

Baxter

International,

Inc.

3,181,489

7,192

Becton,

Dickinson

and

Company

1,767,937

35,314

BioCryst

Pharmaceuticals,

Inc.

h

507,462

10,856

Biogen,

Inc.

h

3,072,139

1,506

Bio-Rad

Laboratories,

Inc.

h

1,123,401

21,208

Bio-Techne

Corporation

10,276,761

2,301

Boston

Scientific

Corporation

h

99,840

3,369

Bristol-Myers

Squibb

Company

199,344

5,228

Bruker

Corporation

408,307

83,965

Centene

Corporation

h

5,231,859

2,505

Cerner

Corporation

176,653

13,055

Charles

River

Laboratories

International,

Inc.

h

5,387,407

4,832

Chemed

Corporation

2,247,460

17,318

Cigna

Holding

Company

3,466,371

10,828

Cooper

Companies,

Inc.

4,475,321

19,141

CryoLife,

Inc.

h

426,653

26,647

CVS

Health

Corporation

2,261,264

50,880

Danaher

Corporation

15,489,907

21,709

Dentsply

Sirona,

Inc.

1,260,207

24,474

DermTech,

Inc.

g,h

785,860

35,483

Dexcom,

Inc.

h

19,404,233

114,792

Edwards

Lifesciences

Corporation

h

12,995,602

2,725

Generation

Bio

Company

h

68,316

101,159

Gilead

Sciences,

Inc.

7,065,956

44,692

GlaxoSmithKline

plc

ADR

1,707,681

9,776

Global

Blood

Therapeutics,

Inc.

h

249,092

79,546

GoodRx

Holdings,

Inc.

g,h

3,262,977

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Shares

Common

Stock

(29.7%)

Value

Health

Care

(4.0%)

-

continued

53,783

Guardant

Health,

Inc.

h

$

6,723,413

2,047

Haemonetics

Corporation

h

144,498

30,789

Halozyme

Therapeutics,

Inc.

h

1,252,497

16,721

HCA

Healthcare,

Inc.

4,058,521

7,504

HealthEquity,

Inc.

h

485,959

2,600

ICU

Medical,

Inc.

h

606,788

20,892

Illumina,

Inc.

h

8,474,004

66,869

Immunocore

Holdings

plc

ADR

h

2,478,834

10,864

InMode,

Ltd.

h

1,732,265

23,378

Inspire

Medical

Systems,

Inc.

h

5,444,269

29,292

Insulet

Corporation

h

8,325,665

4,280

Integra

LifeSciences

Holdings

Corporation

h

293,094

19,594

Intuitive

Surgical,

Inc.

h

19,479,375

3,146

Invitae

Corporation

g,h

89,441

79,273

Ionis

Pharmaceuticals,

Inc.

h

2,658,816

20,667

IQVIA

Holding,

Inc.

h

4,950,573

83,068

Johnson

&

Johnson

13,415,482

3,892

Laboratory

Corporation

of

America

Holdings

h

1,095,364

204,223

Lantheus

Holdings,

Inc.

h

5,244,447

73,193

LHC

Group,

Inc.

h

11,484,714

13,050

Lineage

Cell

Therapeutics,

Inc.

h

32,886

8,351

Masimo

Corporation

h

2,260,699

97,390

Medtronic

plc

12,207,837

78,927

Merck

&

Company,

Inc.

5,928,207

1,793

Mettler-Toledo

International,

Inc.

h

2,469,606

5,849

Molina

Healthcare,

Inc.

h

1,586,892

39,350

Natera,

Inc.

h

4,385,164

22,468

National

HealthCare

Corporation

1,572,311

12,676

Neogen

Corporation

h

550,519

56,408

Nevro

Corporation

h

6,564,763

85,472

Novo

Nordisk

AS

ADR

8,206,167

44,659

NuVasive,

Inc.

h

2,672,841

1,534

Orthofix

Medical,

Inc.

h

58,476

59,298

Phreesia,

Inc.

h

3,658,687

24,875

Premier,

Inc.

964,155

78,203

Progyny,

Inc.

h

4,379,368

66,801

Pulmonx

Corporation

h

2,403,500

12,003

Reata

Pharmaceuticals,

Inc.

h

1,207,622

1,779

Regeneron

Pharmaceuticals,

Inc.

h

1,076,615

28,747

Repligen

Corporation

h

8,307,596

12,512

Rubius

Therapeutics,

Inc.

h

223,715

20,725

Sarepta

Therapeutics,

Inc.

h

1,916,648

77,345

Silk

Road

Medical,

Inc.

h

4,256,295

33,650

Stryker

Corporation

8,874,178

65,142

Syneos

Health,

Inc.

h

5,698,622

54,151

Tactile

Systems

Technology,

Inc.

h

2,407,012

57,349

Teladoc

Health,

Inc.

h

7,272,427

15,484

Teleflex,

Inc.

5,830,500

6,354

Tenet

Healthcare

Corporation

h

422,160

39,489

Thermo

Fisher

Scientific,

Inc.

22,561,250

77,648

Tilray,

Inc.

g,h

876,646

48,061

Travere

Therapeutics,

Inc.

h

1,165,479

3,061

U.S.

Physical

Therapy,

Inc.

338,547

18,525

UnitedHealth

Group,

Inc.

7,238,459

1,357

Universal

Health

Services,

Inc.

187,768

2,454

Vaxcyte,

Inc.

h

62,258

45,411

Veeva

Systems,

Inc.

h

13,086,088

5,109

Viatris,

Inc.

69,227

154,771

Viemed

Healthcare,

Inc.

h

858,979

55,433

Vor

BioPharma,

Inc.

g,h

869,189

22,087

VYNE

Therapeutics,

Inc.

h

30,701

1,625

Waters

Corporation

h

580,613

20,312

Zimmer

Biomet

Holdings,

Inc.

2,972,864

Shares

Common

Stock

(29.7%)

Value

Health

Care

(4.0%)

-

continued

131,408

Zoetis,

Inc.

$

25,511,549

70,038

Zymeworks,

Inc.

h

2,033,904

Total

455,702,251

Industrials

(3.9%)

21,114

A.O.

Smith

Corporation

1,289,432

19,186

Advanced

Drainage

Systems,

Inc.

2,075,350

17,882

AECOM

h

1,129,248

4,021

Allegion

plc

531,496

79,868

Altra

Industrial

Motion

Corporation

4,420,694

50,650

AMETEK,

Inc.

6,281,107

4,302

Armstrong

World

Industries,

Inc.

410,712

93,088

ASGN,

Inc.

h

10,531,976

2,107

Avis

Budget

Group,

Inc.

h

245,487

43,936

AZZ,

Inc.

2,337,395

5,013

Babcock

&

Wilcox

Enterprises,

Inc.

h

32,133

90,123

Badger

Infrastructure

Solution

2,408,545

26,414

Bloom

Energy

Corporation

h

494,470

1,278

Boeing

Company

h

281,083

42,728

Carlisle

Companies,

Inc.

8,493,899

2,648

Caterpillar,

Inc.

508,337

60,103

CBIZ,

Inc.

h

1,943,731

46,732

Chart

Industries,

Inc.

h

8,930,953

1,413

CRA

International,

Inc.

140,367

88,156

Crane

Company

8,358,070

30,146

CSW

Industrials,

Inc.

3,849,644

82,631

CSX

Corporation

2,457,446

7,580

Cummins,

Inc.

1,702,165

62,542

Curtiss-Wright

Corporation

7,891,550

91,014

Delta

Air

Lines,

Inc.

h

3,878,107

107,637

Desktop

Metal,

Inc.

g,h

771,757

5,794

Douglas

Dynamics,

Inc.

210,322

11,161

Dover

Corporation

1,735,536

109,881

Driven

Brands

Holdings,

Inc.

h

3,174,462

86,483

Dun

&

Bradstreet

Holdings,

Inc.

h

1,453,779

24,263

Eaton

Corporation

plc

3,622,709

29,718

EMCOR

Group,

Inc.

3,428,863

37,374

Emerson

Electric

Company

3,520,631

4,698

Expeditors

International

of

Washington,

Inc.

559,673

43,092

Fastenal

Company

2,223,978

170,825

First

Advantage

Corporation

h

3,254,216

26,329

Flowserve

Corporation

912,826

35,477

Forrester

Research,

Inc.

h

1,747,597

49,911

Forward

Air

Corporation

4,143,611

10,527

GATX

Corporation

942,798

17,630

Generac

Holdings,

Inc.

h

7,204,852

38,269

General

Dynamics

Corporation

7,501,872

10,745

Gorman-Rupp

Company

384,778

119,934

GrafTech

International,

Ltd.

1,237,719

1,004

GXO

Logistics,

Inc.

h

78,754

2,529

Harsco

Corporation

h

42,867

25,187

Helios

Technologies,

Inc.

2,068,105

44,411

Honeywell

International,

Inc.

9,427,567

234,348

Howmet

Aerospace,

Inc.

7,311,658

33,903

Hubbell,

Inc.

6,125,255

5,554

ICF

International,

Inc.

495,917

40,333

IDEX

Corporation

8,346,914

27,769

Illinois

Tool

Works,

Inc.

5,737,908

9,917

ITT

Corporation

851,275

841

JB

Hunt

Transport

Services,

Inc.

140,632

2,804

JetBlue

Airways

Corporation

h

42,873

2,180

John

Bean

Technologies

Corporation

306,399

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Shares

Common

Stock

(29.7%)

Value

Industrials

(3.9%)

-

continued

71,663

Johnson

Controls

International

plc

$

4,878,817

3,610

Kansas

City

Southern

977,010

24,481

L3Harris

Technologies,

Inc.

5,391,695

31,990

Landstar

System,

Inc.

5,048,662

4,570

Lennox

International,

Inc.

1,344,357

96,988

Lincoln

Electric

Holdings,

Inc.

12,491,085

10,823

Linde

plc

3,175,252

41,304

Lockheed

Martin

Corporation

14,254,010

36,683

Manpower,

Inc.

3,972,035

2,846

Masonite

International

Corporation

h

302,046

40,355

Mercury

Systems,

Inc.

h

1,913,634

235,011

Meritor,

Inc.

h

5,008,084

72,678

Middleby

Corporation

h

12,392,326

23,974

MSC

Industrial

Direct

Company,

Inc.

1,922,475

41,409

NAPCO

Security

Technologies,

Inc.

h

1,783,900

25,412

Nikola

Corporation

g,h

271,146

3,494

Nordson

Corporation

832,096

61,872

Norfolk

Southern

Corporation

14,802,876

11,874

Northrop

Grumman

Corporation

4,276,421

13,202

NOW,

Inc.

h

100,995

28,906

Nutrien,

Ltd.

1,873,976

19,333

nVent

Electric

plc

625,036

17,913

Old

Dominion

Freight

Line,

Inc.

5,122,760

19,553

Parker-Hannifin

Corporation

5,467,410

65,800

Pitney

Bowes,

Inc.

474,418

12,578

Quad/Graphics,

Inc.

h

53,457

21,303

Quanta

Services,

Inc.

2,424,707

143,897

Ranpak

Holdings

Corporation

h

3,859,318

34,034

Raytheon

Technologies

Corporation

2,925,563

17,317

RBC

Bearings,

Inc.

h

3,674,667

126,147

Regal-Beloit

Corporation

18,964,940

1,272

Robert

Half

International,

Inc.

127,620

89,459

Rush

Enterprises,

Inc.

4,039,968

2,238

Ryder

System,

Inc.

185,105

13,318

Saia,

Inc.

h

3,170,084

26,056

Simpson

Manufacturing

Company,

Inc.

2,787,210

10,217

SkyWest,

Inc.

h

504,107

35,595

Smith

&

Wesson

Brands,

Inc.

738,952

4,892

Snap-On,

Inc.

1,022,183

35,123

Southwest

Airlines

Company

h

1,806,376

53,528

Standex

International

Corporation

5,294,454

8,378

Stanley

Black

&

Decker,

Inc.

1,468,747

180,404

Summit

Materials,

Inc.

h

5,767,516

144,160

Sun

Country

Airlines

Holdings,

Inc.

h

4,835,126

3,637

Sunrun,

Inc.

h

160,028

11,879

Technip

Energies

NV

ADR

g,h

186,144

5,607

Teledyne

Technologies,

Inc.

h

2,408,655

3,955

Tetra

Tech,

Inc.

590,640

8,367

Thermon

Group

Holdings,

Inc.

h

144,833

36,738

Timken

Company

2,403,400

12,005

Toro

Company

1,169,407

7,954

Trane

Technologies

plc

1,373,258

66,188

TransUnion

7,433,574

31,572

Trex

Company,

Inc.

h

3,218,134

49,999

TriMas

Corporation

h

1,617,968

35,128

Tutor

Perini

Corporation

455,961

432,421

Uber

Technologies,

Inc.

h

19,372,461

5,143

UniFirst

Corporation

1,093,505

46,477

Union

Pacific

Corporation

9,109,957

10,832

United

Airlines

Holdings,

Inc.

h

515,278

Shares

Common

Stock

(29.7%)

Value

Industrials

(3.9%)

-

continued

30,067

United

Parcel

Service,

Inc.

$

5,475,201

41,450

United

Rentals,

Inc.

h

14,546,049

81,715

US

Ecology,

Inc.

h

2,643,480

17,592

Valmont

Industries,

Inc.

4,136,231

33,452

Vicor

Corporation

h

4,487,920

6,607

Waste

Connections,

Inc.

832,020

3,683

Waste

Management,

Inc.

550,093

11,941

Watsco,

Inc.

3,159,827

2,187

Watts

Water

Technologies,

Inc.

367,613

14,216

Werner

Enterprises,

Inc.

629,342

24,127

WESCO

International,

Inc.

h

2,782,326

46,663

Willdan

Group,

Inc.

h

1,660,736

231,929

WillScot

Mobile

Mini

Holdings

Corporation

h

7,356,788

7,761

Woodward,

Inc.

878,545

6,621

Xylem,

Inc.

818,885

Total

443,562,381

Information

Technology

(7.7%)

20,159

Accenture

plc

6,449,267

60,145

Adobe,

Inc.

h

34,626,679

11,423

Advanced

Energy

Industries,

Inc.

1,002,368

10,430

Advanced

Micro

Devices,

Inc.

h

1,073,247

34,015

Agilysys,

Inc.

h

1,781,025

21,026

Alliance

Data

Systems

Corporation

2,121,313

7,001

Alteryx,

Inc.

h

511,773

124,540

Amphenol

Corporation

9,120,064

122,129

Anaplan,

Inc.

h

7,436,435

6,488

ANSYS,

Inc.

h

2,208,840

759,619

Apple,

Inc.

107,486,089

58,506

AppLovin

Corporation

g,h

4,234,079

11,785

Aspen

Technology,

Inc.

h

1,447,198

5,566

Automatic

Data

Processing,

Inc.

1,112,755

32,432

Avalara,

Inc.

h

5,668,141

23,239

Axcelis

Technologies,

Inc.

h

1,092,930

83,726

Bandwidth,

Inc.

h

7,558,783

12,108

Benchmark

Electronics,

Inc.

323,405

70,791

BigCommerce

Holdings,

Inc.

h

3,584,856

44,114

Bill.com

Holdings,

Inc.

h

11,776,232

3,196

Broadridge

Financial

Solutions,

Inc.

532,581

122,287

Calix,

Inc.

h

6,044,646

12,861

CDK

Global,

Inc.

547,236

8,584

CDW

Corporation

1,562,460

49,548

Ciena

Corporation

h

2,544,290

180,019

Cisco

Systems,

Inc.

9,798,434

75,607

Cognex

Corporation

6,065,194

24,119

Computer

Services,

Inc.

1,423,021

1,502

Concentrix

Corporation

h

265,854

20,829

Coupa

Software,

Inc.

h

4,565,300

5,664

CTS

Corporation

175,074

40,110

Descartes

Systems

Group,

Inc.

h

3,259,339

26,036

Diebold

Nixdorf,

Inc.

h

263,224

6,428

Digital

Turbine,

Inc.

h

441,925

20,610

DocuSign,

Inc.

h

5,305,632

106,615

Dolby

Laboratories,

Inc.

9,382,120

69,673

Dropbox,

Inc.

h

2,035,845

27,144

DXC

Technology

Company

h

912,310

28,786

Elastic

NV

h

4,288,826

18,792

Endava

plc

ADR

h

2,552,893

12,166

Enphase

Energy,

Inc.

h

1,824,535

8,320

EPAM

Systems,

Inc.

h

4,746,394

11,617

ePlus,

Inc.

h

1,192,020

1,777

ExlService

Holdings,

Inc.

h

218,784

7,189

eXp

World

Holdings,

Inc.

285,907

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Shares

Common

Stock

(29.7%)

Value

Information

Technology

(7.7%)

-

continued

10,417

F5

Networks,

Inc.

h

$

2,070,691

4,556

Fair

Isaac

Corporation

h

1,812,969

28,180

Five9,

Inc.

h

4,501,473

15,771

FleetCor

Technologies,

Inc.

h

4,120,489

114,924

Gilat

Satellite

Networks,

Ltd.

1,033,167

102,724

Hewlett

Packard

Enterprise

Company

1,463,817

145,220

HP,

Inc.

3,973,219

7,718

HubSpot,

Inc.

h

5,218,063

27,550

Intel

Corporation

1,467,864

11,490

Intuit,

Inc.

6,198,970

45,739

Jack

Henry

&

Associates,

Inc.

7,503,940

13,069

KLA-Tencor

Corporation

4,371,711

14,308

Lam

Research

Corporation

8,143,398

64,004

Lattice

Semiconductor

Corporation

h

4,137,859

5,266

Littelfuse,

Inc.

1,439,040

72,284

LivePerson,

Inc.

h

4,261,142

72,239

LiveRamp

Holding,

Inc.

h

3,411,848

10,610

Manhattan

Associates,

Inc.

h

1,623,648

118,099

Mastercard,

Inc.

41,060,660

5,580

MAXIMUS,

Inc.

464,256

2,389

MaxLinear,

Inc.

h

117,658

12,026

Micron

Technology,

Inc.

853,606

496,475

Microsoft

Corporation

139,966,232

52,587

MKS

Instruments,

Inc.

7,935,904

33,460

Monolithic

Power

Systems,

Inc.

16,217,393

711

Motorola

Solutions,

Inc.

165,180

37,068

National

Instruments

Corporation

1,454,178

14,223

NetApp,

Inc.

1,276,656

7,400

NICE,

Ltd.

ADR

h

2,101,896

16,704

Nova

Measuring

Instruments,

Ltd.

h

1,708,652

205,138

NVIDIA

Corporation

42,496,388

21,122

Okta,

Inc.

h

5,013,095

11,787

Palo

Alto

Networks,

Inc.

h

5,645,973

12,119

Paychex,

Inc.

1,362,782

13,591

Paycom

Software,

Inc.

h

6,737,738

4,292

Paylocity

Holding

Corporation

h

1,203,477

197,363

PayPal

Holdings,

Inc.

h

51,355,826

773

Photronics,

Inc.

h

10,536

8,752

Progress

Software

Corporation

430,511

4,089

PTC,

Inc.

h

489,821

29,932

Q2

Holdings,

Inc.

h

2,398,750

13,788

Qorvo,

Inc.

h

2,305,216

162,854

QUALCOMM,

Inc.

21,004,909

11,916

Rogers

Corporation

h

2,222,096

19,410

SailPoint

Technologies

Holdings,

Inc.

h

832,301

112,730

Salesforce.com,

Inc.

h

30,574,631

74,825

Samsung

Electronics

Company,

Ltd.

4,638,746

15,115

ScanSource,

Inc.

h

525,851

25,752

Semtech

Corporation

h

2,007,883

36,004

ServiceNow,

Inc.

h

22,404,209

184,613

Sierra

Wireless,

Inc.

h

2,861,502

9,256

SiTime

Corporation

h

1,889,798

8,145

Solaredge

Technology,

Ltd.

h

2,160,217

95,033

Sonos,

Inc.

h

3,075,268

88,322

Sprout

Social,

Inc.

h

10,770,868

136,365

Square,

Inc.

h

32,705,782

83,146

STMicroelectronics

NV

ADR

g

3,627,660

5,358

SunPower

Corporation

g,h

121,519

22,479

SYNNEX

Corporation

2,340,064

7,990

TE

Connectivity,

Ltd.

1,096,388

Shares

Common

Stock

(29.7%)

Value

Information

Technology

(7.7%)

-

continued

195,247

Telefonaktiebolaget

LM

Ericsson

ADR

$

2,186,766

81,424

Texas

Instruments,

Inc.

15,650,507

58,570

Trade

Desk,

Inc.

h

4,117,471

229,329

TTM

Technologies,

Inc.

h

2,882,666

2,226

Tyler

Technologies,

Inc.

h

1,020,955

11,511

Unisys

Corporation

h

289,387

21,548

VeriSign,

Inc.

h

4,417,555

3,709

Vertex,

Inc.

h

71,287

19,795

Visa,

Inc.

4,409,336

7,554

VMware,

Inc.

g,h

1,123,280

19,755

Western

Digital

Corporation

h

1,114,972

5,709

WEX,

Inc.

h

1,005,583

58,791

Workiva,

Inc.

h

8,287,179

51,171

Xerox

Holdings

Corporation

1,032,119

11,281

Zoom

Video

Communications,

Inc.

h

2,949,982

11,345

Zscaler,

Inc.

h

2,974,886

Total

878,768,638

Materials

(0.8%)

6,819

Allegheny

Technologies,

Inc.

h

113,400

57,692

AptarGroup,

Inc.

6,885,540

38,626

Ashland

Global

Holdings,

Inc.

3,442,349

10,587

Avery

Dennison

Corporation

2,193,732

95,557

Axalta

Coating

Systems,

Ltd.

h

2,789,309

1,221

Balchem

Corporation

177,130

20,656

Ball

Corporation

1,858,420

3,479

Cabot

Corporation

174,367

55,164

Carpenter

Technology

Corporation

1,806,069

4,943

Celanese

Corporation

744,613

81,266

CF

Industries

Holdings,

Inc.

4,536,268

31,492

Chemours

Company

915,157

50,027

Cleveland-Cliffs,

Inc.

g,h

991,035

30,974

Compass

Minerals

International,

Inc.

1,994,726

69,435

Eastman

Chemical

Company

6,994,882

70,519

Element

Solutions,

Inc.

1,528,852

90,800

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,h

9

13,761

FMC

Corporation

1,259,957

41,198

Graphic

Packaging

Holding

Company

784,410

12,621

Ingevity

Corporation

h

900,761

30,089

Innospec,

Inc.

2,534,096

202,671

Ivanhoe

Mines,

Ltd.

h

1,296,096

37,511

Kaiser

Aluminum

Corporation

4,087,199

1,254

Koppers

Holdings,

Inc.

h

39,200

26,075

LyondellBasell

Industries

NV

2,447,139

18,654

Martin

Marietta

Materials,

Inc.

6,373,699

7,043

Materion

Corporation

483,432

18,756

Minerals

Technologies,

Inc.

1,309,919

48,884

Myers

Industries,

Inc.

956,660

20,924

Neenah,

Inc.

975,268

18

NewMarket

Corporation

6,098

28,759

Nucor

Corporation

2,832,474

9,994

O-I

Glass,

Inc.

h

142,614

17,995

Olin

Corporation

868,259

27,496

Quaker

Chemical

Corporation

6,536,349

7,258

Reliance

Steel

&

Aluminum

Company

1,033,684

4,742

Royal

Gold,

Inc.

452,814

7,444

RPM

International,

Inc.

578,027

25,874

Ryerson

Holding

Corporation

576,214

18,320

Sensient

Technologies

Corporation

1,668,586

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Shares

Common

Stock

(29.7%)

Value

Materials

(0.8%)

-

continued

41,187

Sherwin-Williams

Company

$

11,521,239

10,320

Sonoco

Products

Company

614,866

47,426

Steel

Dynamics,

Inc.

2,773,472

4,558

SunCoke

Energy,

Inc.

28,624

6,614

Tronox

Holdings

plc

163,035

27,732

UFP

Technologies,

Inc.

h

1,708,014

13,590

United

States

Lime

&

Minerals,

Inc.

1,641,672

75,365

United

States

Steel

Corporation

1,655,769

Total

95,395,504

Real

Estate

(1.3%)

18,076

AGNC

Investment

Corporation

285,059

110,944

Agree

Realty

Corporation

7,347,821

9,887

Alexandria

Real

Estate

Equities,

Inc.

1,889,109

81,977

American

Campus

Communities,

Inc.

3,971,786

7,996

American

Finance

Trust,

Inc.

64,288

6,367

Apartment

Income

REIT

Corporation

310,773

978

Armada

Hoffler

Properties,

Inc.

13,076

8,847

AvalonBay

Communities,

Inc.

1,960,849

79

Bluegreen

Vacations

Holding

Corporations

h

2,038

65,539

Camden

Property

Trust

9,665,036

35,706

CareTrust

REIT,

Inc.

725,546

64,846

CBRE

Group,

Inc.

h

6,313,407

15,676

Cedar

Realty

Trust,

Inc.

340,012

11,408

Colliers

International

Group,

Inc.

1,456,916

7,096

Community

Healthcare

Trust,

Inc.

320,668

9,831

Corepoint

Lodging,

Inc.

h

152,381

113,058

CubeSmart

5,477,660

123,707

Cushman

and

Wakefield

plc

h

2,302,187

10,045

Digital

Realty

Trust,

Inc.

1,451,000

32,689

Duke

Realty

Corporation

1,564,822

18,699

EastGroup

Properties,

Inc.

3,115,814

79,456

EPR

Properties

3,923,537

244,597

Essential

Properties

Realty

Trust,

Inc.

6,829,148

2,849

Essex

Property

Trust,

Inc.

910,939

12,624

Extra

Space

Storage,

Inc.

2,120,706

16,394

Farmland

Partners,

Inc.

196,564

4,519

Federal

Realty

Investment

Trust

533,197

107,314

First

Industrial

Realty

Trust,

Inc.

5,588,913

15,139

FirstService

Corporation

2,732,287

75,608

Four

Corners

Property

Trust,

Inc.

2,030,831

17,484

Getty

Realty

Corporation

512,456

27,832

Gladstone

Commercial

Corporation

585,307

35,391

Gladstone

Land

Corporation

805,853

16,085

Healthcare

Realty

Trust,

Inc.

479,011

2,293

Highwoods

Properties,

Inc.

100,571

150,278

Host

Hotels

&

Resorts,

Inc.

h

2,454,040

68,395

Independence

Realty

Trust,

Inc.

1,391,838

38,658

Industrial

Logistics

Properties

Trust

982,300

12,541

Innovative

Industrial

Properties,

Inc.

2,899,103

4,627

Jones

Lang

LaSalle,

Inc.

h

1,147,912

26,468

Kilroy

Realty

Corporation

1,752,446

18,342

Life

Storage,

Inc.

2,104,561

72,040

Medical

Properties

Trust,

Inc.

1,445,843

247,702

MGIC

Investment

Corporation

3,705,622

67,943

National

Retail

Properties,

Inc.

2,934,458

259,364

National

Storage

Affiliates

Trust

13,691,826

Shares

Common

Stock

(29.7%)

Value

Real

Estate

(1.3%)

-

continued

162,144

New

Residential

Investment

Corporation

$

1,783,584

30,640

NexPoint

Residential

Trust,

Inc.

1,896,003

10,170

Omega

Healthcare

Investors,

Inc.

304,693

12,755

One

Liberty

Properties,

Inc.

388,900

37,199

Opendoor

Technologies,

Inc.

g,h

763,696

17,089

Preferred

Apartment

Communities,

Inc.

208,999

20,280

Public

Storage,

Inc.

6,025,188

19,551

Rayonier,

Inc.

REIT

697,580

10,951

Realty

Income

Corporation

710,282

3,052

Redfin

Corporation

h

152,905

151,795

Rexford

Industrial

Realty,

Inc.

8,614,366

2,467

RMR

Group,

Inc.

82,521

51,748

Sabra

Health

Care

REIT,

Inc.

761,731

11,448

SBA

Communications

Corporation

3,784,365

178,250

Service

Properties

Trust

1,998,183

38,002

Spirit

Realty

Capital,

Inc.

1,749,612

62,708

STAG

Industrial,

Inc.

2,461,289

49,083

Store

Capital

Corporation

1,572,129

73,782

UDR,

Inc.

3,908,970

21,299

UMH

Properties,

Inc.

487,747

6,422

WP

Carey,

Inc.

469,063

Total

149,411,323

Utilities

(0.5%)

27,505

AES

Corporation

627,939

34,250

Alliant

Energy

Corporation

1,917,315

8,621

American

States

Water

Company

737,268

20,474

Artesian

Resources

Corporation

781,493

5,949

Avista

Corporation

232,725

15,451

Black

Hills

Corporation

969,705

70,096

CenterPoint

Energy,

Inc.

1,724,362

1,520

Chesapeake

Utilities

Corporation

182,476

18,891

CMS

Energy

Corporation

1,128,359

18,105

Consolidated

Water

Company,

Ltd.

g

206,397

5,429

DTE

Energy

Company

606,474

32,166

Duke

Energy

Corporation

3,139,080

36,951

Entergy

Corporation

3,669,604

24,636

Essential

Utilities,

Inc.

1,135,227

49,872

Exelon

Corporation

2,410,812

42,582

FirstEnergy

Corporation

1,516,771

6,100

IDACORP,

Inc.

630,618

29,513

MDU

Resources

Group,

Inc.

875,651

467

MGE

Energy,

Inc.

34,324

364,686

NiSource,

Inc.

8,836,342

31,280

NorthWestern

Corporation

1,792,344

43,120

OGE

Energy

Corporation

1,421,235

4,590

Otter

Tail

Corporation

256,902

35,810

Pinnacle

West

Capital

Corporation

2,591,212

24,492

Portland

General

Electric

Company

1,150,879

2,187

PPL

Corporation

60,973

97,729

Sempra

Energy

12,362,718

41,677

Spire,

Inc.

2,549,799

37,914

UGI

Corporation

1,615,895

276

Unitil

Corporation

11,807

2,083

Vistra

Energy

Corporation

35,619

Total

55,212,325

Total

Common

Stock

(cost

$2,207,080,232)

3,383,381,030

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income

(

22.7%

)

Value

Asset-Backed

Securities

(1.6%)

510

Asset

Backed

Trust

$

2,500,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

i,j

$

2,498,665

522

Funding

CLO,

Ltd.

3,000,000

1.734%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,i

3,000,006

Access

Group,

Inc.

283,346

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,i

280,686

Aimco

CLO

11,

Ltd.

4,600,000

1.506%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,i

4,601,201

Arch

Street

CLO,

Ltd.

1,650,000

2.434%, 

(LIBOR

3M

+

2.300%),

10/20/2028,

Ser.

2016-2A,

Class

CR2

b,i

1,650,081

1,650,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,i

1,644,603

Ares

CLO,

Ltd.

4,250,000

1.534%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,i

4,250,412

Ares

XXXIIR

CLO,

Ltd.

2,750,000

1.065%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,i

2,750,135

3,450,000

2.125%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,i

3,450,900

Buttermilk

Park

CLO,

Ltd.

7,100,000

1.526%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,i

7,100,575

Carlyle

Global

Market

Strategies

CLO,

Ltd.

4,650,000

1.576%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,i

4,650,260

CarVal

CLO

II,

Ltd.

2,775,000

1.634%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,i

2,775,300

1,600,000

2.134%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,i

1,600,080

CBAM,

Ltd.

4,500,000

1.406%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,i

4,500,180

Cent

CLO,

LP

1,025,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,i

1,025,199

Cheniere

Corpus

Christi

Holdings,

LLC

375,000

2.742%, 

12/31/2039

i

371,458

CIFC

Funding,

Ltd.

1,625,000

1.734%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,i

1,625,419

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

CMFT

Net

Lease

Master

Issuer,

LLC

$

1,768,744

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

i

$

1,755,304

Colony

American

Finance

Trust

4,062,274

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

i

4,253,540

Commonbond

Student

Loan

Trust

459,780

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,i

456,783

CoreVest

American

Finance

Trust

4,454,042

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

i

4,638,225

Credit

Suisse

Mortgage

Trust

3,300,000

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,i

3,301,350

Dryden

36

Senior

Loan

Fund

2,325,000

2.176%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,i

2,325,232

Dryden

Senior

Loan

Fund

3,950,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,i

3,950,423

ECMC

Group

Student

Loan

Trust

2,626,579

1.236%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,i

2,680,152

Flatiron

CLO,

Ltd.

1,625,000

1.881%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,i

1,627,221

FRTKL

2021-SFR1

Trust

3,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

i

3,024,049

Galaxy

XIX

CLO,

Ltd.

2,175,000

1.975%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,i

2,175,170

Galaxy

XX

CLO,

Ltd.

4,500,000

1.134%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,i

4,500,090

Golub

Capital

Partners,

Ltd.

2,500,000

1.314%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,i

2,495,782

3,683,000

1.334%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,i

3,677,755

Goodgreen

3,052,748

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

i

3,220,314

Home

Partners

of

America

Trust

5,084,519

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

i

5,180,709

4,978,312

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

i

5,055,987

2,341,156

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

i

2,324,117

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

Laurel

Road

Prime

Student

Loan

Trust

$

527,313

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

i

$

533,997

1,977,166

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,i

2,054,057

Longfellow

Place

CLO,

Ltd.

5,200,000

1.876%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,i

5,200,047

1,300,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,i

1,300,036

Madison

Park

Funding

XIV,

Ltd.

3,125,000

1.538%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

3,125,125

Madison

Park

Funding,

Ltd.

2,700,000

2.234%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,i

2,702,076

Magnetite

XII,

Ltd.

4,425,000

1.226%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,i

4,425,230

Mello

Mortgage

Capital

Acceptance

3,321,000

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,i

3,371,074

Mercury

Financial

Credit

Card

Master

Trust

2,300,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

i

2,306,445

Mountain

View

CLO,

Ltd.

3,175,000

1.246%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,i

3,175,006

MRA

Issuance

Trust

2,700,000

1.836%, 

(LIBOR

1M

+

1.750%),

2/16/2022,

Ser.

2021-EBO4,

Class

A1X

b,i

2,700,658

National

Collegiate

Trust

1,230,090

0.381%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,i

1,209,342

Neuberger

Berman

CLO,

Ltd.

1,350,000

1.168%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,i

1,350,320

OCP

CLO,

Ltd.

2,300,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,i

2,299,998

Octagon

Investment

Partners

32,

Ltd.

3,700,000

2.176%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,i

3,700,166

Octagon

Investment

Partners

XVI,

Ltd.

750,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,i

750,065

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

OZLM

IX,

Ltd.

$

1,650,000

1.684%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,i

$

1,650,325

OZLM

VIII,

Ltd.

1,289,848

1.304%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,i

1,289,943

Palmer

Square

Loan

Funding,

Ltd.

2,200,000

1.784%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,i

2,200,348

Progress

Residential

Trust

1,600,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

i

1,601,602

4,750,000

1.855%, 

7/17/2038,

Ser.

2021-SFR6,

Class

C

i

4,719,924

Saxon

Asset

Securities

Trust

1,204,048

3.474%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

1,191,486

Shackleton

2015-VII-R

CLO,

Ltd.

3,500,000

1.276%, 

(LIBOR

3M

+

1.150%),

7/15/2031,

Ser.

2015-7RA,

Class

AR

b,i

3,500,242

SLM

Student

Loan

Trust

1,119,620

0.486%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

1,101,656

Sound

Point

CLO

XIV,

Ltd.

3,400,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,i

3,397,715

Sound

Point

CLO

XV,

Ltd.

3,400,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,i

3,400,262

Sound

Point

CLO

XXI,

Ltd.

2,000,000

1.575%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,i

2,000,210

THL

Credit

Wind

River

CLO,

Ltd.

1,225,000

1.564%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,i

1,228,244

Toorak

Mortgage

Corporation,

Ltd.

2,500,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

i,j

2,501,282

U.S.

Small

Business

Administration

86,985

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

89,264

Upstart

Securitization

Trust

1,198,285

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

*

1,204,203

VCAT

Asset

Securitization,

LLC

1,450,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

i,j

1,450,362

Voya

CLO,

Ltd.

2,100,000

1.092%, 

(LIBOR

3M

+

1.000%),

10/15/2030,

Ser.

2012-4A,

Class

A1R3

b,i

2,100,143

Whitebox

CLO

II,

Ltd.

1,900,000

2.375%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,i

1,900,475

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

Wind

River

CLO,

Ltd.

$

2,000,000

1.734%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,i

$

2,000,612

1,650,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,i

1,650,604

Total

184,799,907

Basic

Materials

(0.2%)

Air

Products

and

Chemicals,

Inc.

1,500,000

2.700%, 

5/15/2040

1,511,736

Alcoa

Nederland

Holding

BV

755,000

5.500%, 

12/15/2027

i

809,813

Anglo

American

Capital

plc

273,000

4.875%, 

5/14/2025

i

305,118

BWAY

Holding

Company

410,000

5.500%, 

4/15/2024

i

413,587

Chemours

Company

510,000

5.750%, 

11/15/2028

i

534,072

Cleveland-Cliffs,

Inc.

450,000

5.875%, 

6/1/2027

465,750

290,000

4.625%, 

3/1/2029

i

296,162

290,000

4.875%, 

3/1/2031

i

299,425

Consolidated

Energy

Finance

SA

510,000

6.875%, 

6/15/2025

i

527,850

745,000

5.625%, 

10/15/2028

d,i

745,000

Dow

Chemical

Company

650,000

4.800%, 

11/30/2028

767,768

DowDuPont,

Inc.

575,000

4.493%, 

11/15/2025

646,539

First

Quantum

Minerals,

Ltd.

950,000

7.500%, 

4/1/2025

i

974,539

Freeport-McMoRan,

Inc.

660,000

4.125%, 

3/1/2028

683,925

710,000

4.250%, 

3/1/2030

751,713

Glencore

Funding,

LLC

217,000

4.125%, 

5/30/2023

i

229,326

1,343,000

4.000%, 

3/27/2027

i

1,476,944

Hecla

Mining

Company

220,000

7.250%, 

2/15/2028

236,975

Hudbay

Minerals,

Inc.

510,000

4.500%, 

4/1/2026

i

504,900

Ingevity

Corporation

770,000

3.875%, 

11/1/2028

i

768,075

International

Flavors

and

Fragrances,

Inc.

740,000

3.468%, 

12/1/2050

i

776,612

International

Paper

Company

1,005,000

4.350%, 

8/15/2048

1,230,176

Kinross

Gold

Corporation

770,000

5.950%, 

3/15/2024

852,438

360,000

4.500%, 

7/15/2027

413,788

Kraton

Polymers,

LLC

680,000

4.250%, 

12/15/2025

i

710,600

Mercer

International,

Inc.

500,000

5.125%, 

2/1/2029

510,625

Novelis

Corporation

200,000

3.250%, 

11/15/2026

i

202,836

290,000

4.750%, 

1/30/2030

i

305,283

200,000

3.875%, 

8/15/2031

i

197,810

OCI

NV

393,000

4.625%, 

10/15/2025

i

412,650

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Basic

Materials

(0.2%)

-

continued

Olin

Corporation

$

765,000

5.125%, 

9/15/2027

$

794,644

SCIH

Salt

Holdings,

Inc.

485,000

4.875%, 

5/1/2028

g,i

487,425

Southern

Copper

Corporation

750,000

3.875%, 

4/23/2025

811,500

SPCM

SA

508,000

3.375%, 

3/15/2030

i

507,606

SunCoke

Energy,

Inc.

320,000

4.875%, 

6/30/2029

i

318,800

Syngenta

Finance

NV

459,000

5.182%, 

4/24/2028

i

515,739

Teck

Resources,

Ltd.

1,267,000

6.125%, 

10/1/2035

1,641,961

Unifrax

Escrow

Issuer

Corporation

463,000

5.250%, 

9/30/2028

i

468,788

United

States

Steel

Corporation

839,000

6.875%, 

3/1/2029

g

894,554

Vale

Overseas,

Ltd.

514,000

6.875%, 

11/21/2036

684,905

Venator

Finance

SARL

520,000

5.750%, 

7/15/2025

i

491,400

Total

26,179,357

Capital

Goods

(0.4%)

AECOM

860,000

5.125%, 

3/15/2027

952,450

Amsted

Industries,

Inc.

570,000

5.625%, 

7/1/2027

i

594,806

Ardagh

Packaging

Finance

plc

500,000

5.250%, 

8/15/2027

i

509,002

Boeing

Company

1,280,000

5.930%, 

5/1/2060

1,748,576

895,000

5.040%, 

5/1/2027

1,029,541

712,000

5.150%, 

5/1/2030

835,667

1,475,000

5.705%, 

5/1/2040

1,874,364

Bombardier,

Inc.

150,000

7.125%, 

6/15/2026

i

157,500

495,000

7.875%, 

4/15/2027

i

513,179

435,000

6.000%, 

2/15/2028

i

439,894

Brand

Industrial

Services,

Inc.

255,000

8.500%, 

7/15/2025

i

255,956

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

i

351,658

BWAY

Holding

Company

515,000

7.250%, 

4/15/2025

i

511,861

Carrier

Global

Corporation

720,000

3.577%, 

4/5/2050

764,960

1,050,000

2.700%, 

2/15/2031

1,081,117

Cintas

Corporation

No.

2

1,125,000

3.700%, 

4/1/2027

1,255,622

CNH

Industrial

NV

915,000

3.850%, 

11/15/2027

1,020,314

Coinbase

Global,

Inc.

133,000

3.375%, 

10/1/2028

i

127,790

Cornerstone

Building

Brands,

Inc.

695,000

6.125%, 

1/15/2029

i

738,768

Covanta

Holding

Corporation

510,000

6.000%, 

1/1/2027

528,681

130,000

5.000%, 

9/1/2030

131,300

CP

Atlas

Buyer,

Inc.

465,000

7.000%, 

12/1/2028

i

466,162

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Capital

Goods

(0.4%)

-

continued

Crown

Cork

&

Seal

Company,

Inc.

$

780,000

7.375%, 

12/15/2026

$

963,300

GFL

Environmental,

Inc.

415,000

4.000%, 

8/1/2028

i

411,887

515,000

3.500%, 

9/1/2028

i

518,219

H&E

Equipment

Services,

Inc.

865,000

3.875%, 

12/15/2028

i

861,626

Howmet

Aerospace,

Inc.

21,000

6.875%, 

5/1/2025

24,570

500,000

3.000%, 

1/15/2029

504,300

Ingersoll-Rand

Luxembourg

Finance

SA

775,000

3.500%, 

3/21/2026

843,099

JELD-WEN,

Inc.

650,000

4.625%, 

12/15/2025

i

659,965

L3Harris

Technologies,

Inc.

2,150,000

3.950%, 

5/28/2024

2,305,484

Lockheed

Martin

Corporation

544,000

4.500%, 

5/15/2036

673,961

374,000

6.150%, 

9/1/2036

527,751

Meritor,

Inc.

360,000

4.500%, 

12/15/2028

i

360,900

Nesco

Holdings

II,

Inc.

325,000

5.500%, 

4/15/2029

i

337,090

New

Enterprise

Stone

and

Lime

Company,

Inc.

659,000

5.250%, 

7/15/2028

d,i

666,414

Northrop

Grumman

Corporation

2,575,000

3.850%, 

4/15/2045

2,927,455

Owens-Brockway

Glass

Container,

Inc.

460,000

5.875%, 

8/15/2023

i

486,450

Pactiv

Evergreen

Group

395,000

4.375%, 

10/15/2028

i

396,481

PGT

Innovations,

Inc.

529,000

4.375%, 

10/1/2029

i

532,968

Raytheon

Technologies

Corporation

720,000

4.125%, 

11/16/2028

819,494

Republic

Services,

Inc.

1,100,000

2.900%, 

7/1/2026

1,170,708

Roper

Technologies,

Inc.

668,000

4.200%, 

9/15/2028

759,276

945,000

1.750%, 

2/15/2031

901,136

SRM

Escrow

Issuer,

LLC

785,000

6.000%, 

11/1/2028

i

831,119

Standard

Industries,

Inc.

720,000

4.375%, 

7/15/2030

i

734,400

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

1,083,336

Titan

Acquisition,

Ltd.

220,000

7.750%, 

4/15/2026

i

224,780

TransDigm,

Inc.

500,000

6.250%, 

3/15/2026

i

521,250

1,410,000

5.500%, 

11/15/2027

1,448,775

140,000

4.625%, 

1/15/2029

139,756

United

Rentals

North

America,

Inc.

525,000

4.875%, 

1/15/2028

555,051

430,000

4.000%, 

7/15/2030

446,125

United

Technologies

Corporation

900,000

4.450%, 

11/16/2038

1,089,750

1,200,000

3.750%, 

11/1/2046

1,332,304

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Capital

Goods

(0.4%)

-

continued

Victors

Merger

Corporation

$

315,000

6.375%, 

5/15/2029

i

$

301,613

Waste

Pro

USA,

Inc.

255,000

5.500%, 

2/15/2026

i

257,550

WESCO

Distribution,

Inc.

720,000

7.250%, 

6/15/2028

i

797,400

Total

43,304,911

Collateralized

Mortgage

Obligations

(1.2%)

Alternative

Loan

Trust

628,741

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

491,631

AMSR

Trust

4,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

i

4,480,839

Bellemeade

Re,

Ltd.

634,720

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

635,122

1,152,833

1.186%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,i

1,153,275

2,750,000

1.800%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,i

2,760,257

BRAVO

Residential

Funding

Trust

200,692

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

i

204,740

Business

Jet

Securities,

LLC

2,239,055

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

i

2,268,076

Citicorp

Mortgage

Securities,

Inc.

2,077,456

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

2,092,013

Countrywide

Alternative

Loan

Trust

728,023

2.842%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

704,787

1,846,659

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

935,120

Countrywide

Home

Loans,

Inc.

409,567

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

286,338

Credit

Suisse

Mortgage

Trust

65,140

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

i

65,060

2,726,082

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,i

2,828,093

7,185,449

3.430%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,i

7,253,335

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

157,142

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

140,655

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

31,992,579

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

k

3,871,006

1,109,216

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

k

45,458

1,716,443

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

167,393

3,001,111

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

k

331,158

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Collateralized

Mortgage

Obligations

(1.2%)

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

4,817,132

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

k

$

259,556

41,584,517

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

k

2,260,364

Flagstar

Mortgage

Trust

1,950,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,i

2,006,062

Foundation

Finance

Trust

2,447,331

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

i

2,437,460

FWD

Securitization

Trust

1,915,850

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,i

1,949,517

Genworth

Mortgage

Insurance

Corporation

3,250,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,i

3,274,375

GS

Mortgage-Backed

Securities

Trust

451,537

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,i

456,805

J.P.

Morgan

Alternative

Loan

Trust

915,630

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

719,141

J.P.

Morgan

Mortgage

Trust

3,325,583

2.500%, 

1/25/2052,

Ser.

2021-INV4,

Class

A2A

b,i

3,365,584

Legacy

Mortgage

Asset

Trust

593,021

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

i,j

596,685

LHOME

Mortgage

Trust

2,900,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

i,j

2,904,357

2,900,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,i

2,894,174

MASTR

Alternative

Loans

Trust

1,219,397

0.536%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

164,078

Merrill

Lynch

Alternative

Note

Asset

Trust

368,217

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

223,147

MRA

Issuance

Trust

2,100,000

1.834%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,i

2,099,199

5,750,000

1.236%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,i

5,750,087

New

York

Mortgage

Trust

3,000,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

i,j

3,006,118

2,490,262

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,i

2,511,422

Oak

Street

Investment

2,266,575

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

i

2,285,308

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Collateralized

Mortgage

Obligations

(1.2%)

-

continued

Oaktown

Re,

Ltd.

$

3,100,000

1.700%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,i

$

3,116,976

Palmer

Square

Loan

Funding,

Ltd.

3,500,000

1.571%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,i

3,501,810

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,384,622

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,i

2,390,618

3,347,044

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

i,j

3,353,743

2,657,079

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,i

2,661,943

Pretium

Mortgage

Credit

Partners,

LLC

1,639,883

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

i,j

1,640,216

Renaissance

Home

Equity

Loan

Trust

3,462,753

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

j

1,755,650

Residential

Accredit

Loans,

Inc.

Trust

1,038,277

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

1,021,063

Revolving

Single

Family

Home

Notes

2,475,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

i

2,478,522

Sequoia

Mortgage

Trust

894,396

2.883%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

699,994

Silver

Hill

Trust

1,111,330

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,i

1,132,409

Starwood

Mortgage

Residential

Trust

452,770

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,i

457,106

Toorak

Mortgage

Corporation,

Ltd.

1,086,420

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,j

1,090,295

8,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

8,544,418

1,750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

i,j

1,758,045

Vericrest

Opportunity

Loan

Transferee

1,964,671

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

i,j

1,970,824

1,283,389

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

i,j

1,284,568

1,925,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

i,j

1,926,172

2,400,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

i,j

2,400,687

2,179,867

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

i,j

2,181,168

1,800,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

i,j

1,799,613

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Collateralized

Mortgage

Obligations

(1.2%)

-

continued

$

1,800,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

i,j

$

1,810,470

1,420,344

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

i,j

1,423,186

1,100,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

i,j

1,099,080

1,900,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

i,j

1,899,805

Verus

Securitization

Trust

2,085,722

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,i

2,114,236

3,372,301

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,i

3,391,122

WaMu

Mortgage

Pass

Through

Certificates

384,275

3.050%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

388,642

ZH

Trust

4,600,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

d,i

4,599,994

Total

133,770,170

Commercial

Mortgage-Backed

Securities

(0.2%)

AMSR

Trust

3,400,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,i

3,391,025

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,i

1,396,273

BBCMS

Mortgage

Trust

18,935,878

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,k

2,482,270

BFLD

Trust

3,000,000

1.234%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,i

3,015,006

1,100,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,i

1,106,826

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

786,294

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

807,433

GS

Mortgage

Securities

Trust

6,557,841

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

6,921,380

Morgan

Stanley

Capital

I

Trust

19,942,645

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,k

2,708,305

Total

21,828,518

Communications

Services

(0.6%)

Altice

France

SA

265,000

8.125%, 

2/1/2027

i

285,140

175,000

5.500%, 

1/15/2028

i

177,927

525,000

5.125%, 

7/15/2029

i

514,749

731,000

5.500%, 

10/15/2029

d,i

723,604

AMC

Networks,

Inc.

640,000

4.250%, 

2/15/2029

636,800

American

Tower

Corporation

500,000

3.375%, 

10/15/2026

541,052

900,000

2.900%, 

1/15/2030

936,962

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Communications

Services

(0.6%)

-

continued

$

1,500,000

2.100%, 

6/15/2030

$

1,467,862

AT&T,

Inc.

1,532,000

3.500%, 

9/15/2053

1,516,251

1,500,000

2.300%, 

6/1/2027

1,552,464

825,000

4.350%, 

3/1/2029

945,961

1,475,000

5.250%, 

3/1/2037

1,829,893

1,460,000

4.900%, 

8/15/2037

1,771,820

575,000

5.550%, 

8/15/2041

748,177

CCO

Holdings,

LLC

900,000

5.125%, 

5/1/2027

i

937,179

750,000

4.750%, 

3/1/2030

i

784,106

640,000

4.250%, 

1/15/2034

i

634,000

Cengage

Learning,

Inc.

745,000

9.500%, 

6/15/2024

i

762,388

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

757,335

1,000,000

4.200%, 

3/15/2028

1,116,890

1,400,000

3.500%, 

6/1/2041

1,374,724

1,425,000

6.484%, 

10/23/2045

1,937,402

Clear

Channel

Worldwide

Holdings,

Inc.

640,000

7.750%, 

4/15/2028

i

673,600

Comcast

Corporation

900,000

3.950%, 

10/15/2025

998,383

1,500,000

4.250%, 

10/15/2030

1,747,236

640,000

4.400%, 

8/15/2035

758,463

1,305,000

4.750%, 

3/1/2044

1,640,081

550,000

4.600%, 

8/15/2045

g

688,833

Consolidated

Communications,

Inc.

290,000

5.000%, 

10/1/2028

i

299,425

Cox

Communications,

Inc.

1,065,000

3.350%, 

9/15/2026

i

1,143,485

CSC

Holdings,

LLC

1,280,000

5.375%, 

2/1/2028

i

1,337,600

300,000

4.125%, 

12/1/2030

i

294,375

Cumulus

Media

New

Holdings,

Inc.

480,000

6.750%, 

7/1/2026

g,i

496,800

DIRECTV

Holdings,

LLC

160,000

5.875%, 

8/15/2027

i

167,000

Discovery

Communications,

LLC

1,850,000

4.900%, 

3/11/2026

2,102,460

DISH

DBS

Corporation

450,000

7.375%, 

7/1/2028

477,214

Entercom

Media

Corporation

470,000

6.500%, 

5/1/2027

i

480,735

Front

Range

BidCo,

Inc.

660,000

4.000%, 

3/1/2027

i

656,852

465,000

6.125%, 

3/1/2028

i

471,408

Frontier

Communications

Corporation

410,000

5.875%, 

10/15/2027

i

435,625

GCI,

LLC

520,000

4.750%, 

10/15/2028

i

545,897

Gray

Television,

Inc.

490,000

4.750%, 

10/15/2030

i

481,425

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

306,997

iHeartCommunications,

Inc.

520,000

4.750%, 

1/15/2028

i

535,860

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Communications

Services

(0.6%)

-

continued

LCPR

Senior

Secured

Financing

DAC

$

450,000

6.750%, 

10/15/2027

i

$

477,000

Level

3

Financing,

Inc.

910,000

4.625%, 

9/15/2027

i

936,208

430,000

4.250%, 

7/1/2028

i

433,324

Ligado

Networks,

LLC

275,641

0.000%,PIK

15.500%,

11/1/2023

f,i

267,372

NBN

Company,

Ltd.

1,050,000

2.625%, 

5/5/2031

i

1,065,262

Netflix,

Inc.

1,340,000

4.875%, 

4/15/2028

1,544,350

500,000

5.875%, 

11/15/2028

612,700

500,000

4.875%, 

6/15/2030

i

588,750

Nexstar

Escrow

Corporation

750,000

5.625%, 

7/15/2027

i

793,481

Omnicom

Group,

Inc.

750,000

3.600%, 

4/15/2026

820,570

435,000

4.200%, 

6/1/2030

497,360

Radiate

Holdco,

LLC

285,000

6.500%, 

9/15/2028

i

290,603

Scripps

Escrow

II,

Inc.

260,000

5.375%, 

1/15/2031

i

255,619

Scripps

Escrow,

Inc.

340,000

5.875%, 

7/15/2027

i

348,925

SFR

Group

SA

465,000

7.375%, 

5/1/2026

i

482,484

Sinclair

Television

Group,

Inc.

780,000

5.500%, 

3/1/2030

g,i

773,682

Sirius

XM

Radio,

Inc.

685,000

5.000%, 

8/1/2027

i

715,825

365,000

4.000%, 

7/15/2028

i

371,159

Sprint

Capital

Corporation

760,000

6.875%, 

11/15/2028

972,800

555,000

8.750%, 

3/15/2032

829,092

Sprint

Corporation

2,430,000

7.625%, 

2/15/2025

2,840,621

Telesat

Canada

270,000

4.875%, 

6/1/2027

i

248,400

100,000

6.500%, 

10/15/2027

i

86,671

Terrier

Media

Buyer,

Inc.

385,000

8.875%, 

12/15/2027

i

407,091

T-Mobile

USA,

Inc.

1,375,000

2.550%, 

2/15/2031

1,379,900

1,100,000

4.375%, 

4/15/2040

1,267,384

United

States

Cellular

Corporation

460,000

6.700%, 

12/15/2033

570,133

Uniti

Group,

LP

165,000

4.750%, 

4/15/2028

i

168,506

400,000

6.500%, 

2/15/2029

i

411,466

Univision

Communications,

Inc.

420,000

6.625%, 

6/1/2027

i

456,225

VeriSign,

Inc.

400,000

4.750%, 

7/15/2027

420,760

Verizon

Communications,

Inc.

720,000

3.700%, 

3/22/2061

760,268

480,000

2.100%, 

3/22/2028

487,243

3,065,000

4.272%, 

1/15/2036

3,600,495

1,750,000

2.650%, 

11/20/2040

1,644,249

Viacom,

Inc.

1,140,000

5.850%, 

9/1/2043

1,553,566

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Communications

Services

(0.6%)

-

continued

Viasat,

Inc.

$

740,000

5.625%, 

9/15/2025

i

$

749,940

Vodafone

Group

plc

700,000

4.875%, 

6/19/2049

872,791

VTR

Finance

NV

350,000

6.375%, 

7/15/2028

i

377,125

Walt

Disney

Company

1,400,000

2.200%, 

1/13/2028

1,446,855

750,000

2.650%, 

1/13/2031

782,885

Ziggo

BV

732,000

5.500%, 

1/15/2027

i

756,705

250,000

4.875%, 

1/15/2030

i

257,813

Total

73,316,098

Consumer

Cyclical

(0.7%)

1011778

B.C.,

ULC

780,000

4.375%, 

1/15/2028

i

791,864

Allen

Media,

LLC

320,000

10.500%, 

2/15/2028

i

328,640

Allied

Universal

Finance

Corporation

355,000

4.625%, 

6/1/2028

i

353,892

Allied

Universal

Holdco,

LLC

285,000

6.625%, 

7/15/2026

i

301,325

405,000

4.625%, 

6/1/2028

i

404,372

295,000

6.000%, 

6/1/2029

i

291,103

Allison

Transmission,

Inc.

740,000

3.750%, 

1/30/2031

i

719,650

Amazon.com,

Inc.

1,525,000

3.100%, 

5/12/2051

1,594,312

521,000

3.875%, 

8/22/2037

615,176

1,122,000

4.050%, 

8/22/2047

1,361,258

American

Axle

&

Manufacturing,

Inc.

820,000

6.500%, 

4/1/2027

g

854,850

Ashton

Woods

USA,

LLC

320,000

4.625%, 

8/1/2029

i

323,114

Boyd

Gaming

Corporation

490,000

4.750%, 

6/15/2031

i

505,312

Boyne

USA,

Inc.

380,000

4.750%, 

5/15/2029

i

392,350

Brookfield

Residential

Properties,

Inc.

435,000

6.250%, 

9/15/2027

i

457,302

560,000

5.000%, 

6/15/2029

i

572,628

Caesars

Entertainment,

Inc.

170,000

8.125%, 

7/1/2027

i

191,118

529,000

4.625%, 

10/15/2029

i

535,612

Carnival

Corporation

92,000

11.500%, 

4/1/2023

i

102,695

180,000

7.625%, 

3/1/2026

i

192,150

745,000

5.750%, 

3/1/2027

i

770,144

530,000

4.000%, 

8/1/2028

i

535,300

Cedar

Fair,

LP

720,000

5.250%, 

7/15/2029

738,000

Churchill

Downs,

Inc.

325,000

4.750%, 

1/15/2028

i

340,031

Cinemark

USA,

Inc.

240,000

5.875%, 

3/15/2026

i

242,400

Clarios

Global,

LP

255,000

8.500%, 

5/15/2027

i

271,256

Colt

Merger

Sub,

Inc.

755,000

6.250%, 

7/1/2025

i

794,832

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Cyclical

(0.7%)

-

continued

D.R.

Horton,

Inc.

$

700,000

2.600%, 

10/15/2025

$

734,742

Dana,

Inc.

590,000

5.625%, 

6/15/2028

635,341

Empire

Communities

Corporation

540,000

7.000%, 

12/15/2025

i

564,300

Expedia

Group,

Inc.

1,500,000

3.250%, 

2/15/2030

1,551,307

Ford

Motor

Company

305,000

9.000%, 

4/22/2025

366,772

190,000

9.625%, 

4/22/2030

268,940

700,000

7.450%, 

7/16/2031

913,395

Ford

Motor

Credit

Company,

LLC

800,000

4.063%, 

11/1/2024

841,192

1,060,000

4.134%, 

8/4/2025

1,120,950

845,000

2.700%, 

8/10/2026

846,690

Forestar

Group,

Inc.

340,000

3.850%, 

5/15/2026

i

339,575

Gap,

Inc.

158,000

3.625%, 

10/1/2029

i

158,395

General

Motors

Company

1,425,000

6.125%, 

10/1/2025

1,669,660

1,500,000

6.800%, 

10/1/2027

1,873,383

General

Motors

Financial

Company,

Inc.

760,000

3.950%, 

4/13/2024

812,246

500,000

1.500%, 

6/10/2026

496,970

Goodyear

Tire

&

Rubber

Company

330,000

5.000%, 

7/15/2029

i

350,212

250,000

5.250%, 

7/15/2031

i

266,250

Guitar

Center

Escrow

Issuer

II,

Inc.

158,000

8.500%, 

1/15/2026

i

169,455

Hanesbrands,

Inc.

455,000

4.875%, 

5/15/2026

i

492,765

Herc

Holdings,

Inc.

480,000

5.500%, 

7/15/2027

i

503,628

Hilton

Domestic

Operating

Company,

Inc.

910,000

4.875%, 

1/15/2030

976,212

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

665,000

5.000%, 

6/1/2029

i

678,300

Home

Depot,

Inc.

505,000

5.400%, 

9/15/2040

691,365

1,140,000

4.250%, 

4/1/2046

1,396,669

970,000

3.900%, 

6/15/2047

1,141,379

Hyundai

Capital

America

750,000

1.000%, 

9/17/2024

i

747,344

1,150,000

1.800%, 

1/10/2028

i

1,125,587

International

Game

Technology

plc

600,000

5.250%, 

1/15/2029

i

641,262

KB

Home

450,000

4.800%, 

11/15/2029

490,500

Kohl's

Corporation

1,200,000

3.375%, 

5/1/2031

1,234,896

825,000

5.550%, 

7/17/2045

g

987,881

L

Brands,

Inc.

780,000

6.625%, 

10/1/2030

i

885,300

180,000

6.875%, 

11/1/2035

225,900

Landry's,

Inc.

580,000

6.750%, 

10/15/2024

i

580,754

Lennar

Corporation

1,450,000

4.750%, 

5/30/2025

1,615,575

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Lowe's

Companies,

Inc.

$

1,500,000

2.625%, 

4/1/2031

$

1,537,499

Macy's

Retail

Holdings,

LLC

480,000

5.875%, 

4/1/2029

g,i

522,228

Magic

MergerCo,

Inc.

760,000

5.250%, 

5/1/2028

i

783,940

Marriott

International,

Inc.

82,000

5.750%, 

5/1/2025

93,774

1,025,000

4.625%, 

6/15/2030

1,171,025

Mastercard,

Inc.

1,070,000

3.950%, 

2/26/2048

1,273,268

Mattamy

Group

Corporation

780,000

5.250%, 

12/15/2027

i

815,100

McDonald's

Corporation

1,500,000

2.125%, 

3/1/2030

1,513,983

755,000

4.450%, 

3/1/2047

921,004

MDC

Holdings,

Inc.

1,250,000

2.500%, 

1/15/2031

1,218,213

MGM

Resorts

International

940,000

6.000%, 

3/15/2023

993,994

Nissan

Motor

Acceptance

Company,

LLC

1,000,000

1.125%, 

9/16/2024

i

998,120

Penn

National

Gaming,

Inc.

495,000

4.125%, 

7/1/2029

i

489,258

PetSmart,

Inc.

650,000

4.750%, 

2/15/2028

i

667,875

440,000

7.750%, 

2/15/2029

i

480,150

Prime

Security

Services

Borrower,

LLC

1,260,000

5.750%, 

4/15/2026

i

1,363,018

Real

Hero

Merger

Sub

2,

Inc.

385,000

6.250%, 

2/1/2029

i

399,438

Realogy

Group,

LLC

630,000

5.750%, 

1/15/2029

i

653,474

Rite

Aid

Corporation

585,000

7.500%, 

7/1/2025

i

584,865

Royal

Caribbean

Cruises,

Ltd.

740,000

9.125%, 

6/15/2023

i

804,236

655,000

4.250%, 

7/1/2026

i

641,605

270,000

5.500%, 

4/1/2028

i

276,158

Scientific

Games

International,

Inc.

490,000

5.000%, 

10/15/2025

i

504,088

610,000

7.250%, 

11/15/2029

i

685,419

SeaWorld

Parks

and

Entertainment,

Inc.

335,000

5.250%, 

8/15/2029

i

342,747

Six

Flags

Theme

Parks,

Inc.

360,000

7.000%, 

7/1/2025

i

383,400

Staples,

Inc.

795,000

7.500%, 

4/15/2026

i

806,309

Target

Corporation

1,300,000

2.250%, 

4/15/2025

1,356,074

Tenneco,

Inc.

610,000

5.000%, 

7/15/2026

g

600,786

Toll

Brothers

Finance

Corporation

1,000,000

3.800%, 

11/1/2029

1,074,000

Uber

Technologies,

Inc.

385,000

6.250%, 

1/15/2028

g,i

412,909

ViacomCBS,

Inc.

1,400,000

4.200%, 

5/19/2032

1,601,424

Visa,

Inc.

1,500,000

2.700%, 

4/15/2040

1,534,730

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Vista

Outdoor,

Inc.

$

630,000

4.500%, 

3/15/2029

i

$

638,864

Wabash

National

Corporation

528,000

4.500%, 

10/15/2028

d,i

527,340

Walmart,

Inc.

1,300,000

3.250%, 

7/8/2029

1,444,424

Wyndham

Destinations,

Inc.

470,000

6.625%, 

7/31/2026

i

535,222

Wyndham

Hotels

&

Resorts,

Inc.

280,000

4.375%, 

8/15/2028

i

292,300

Yum!

Brands,

Inc.

630,000

4.750%, 

1/15/2030

i

682,807

ZF

North

America

Capital,

Inc.

370,000

4.750%, 

4/29/2025

i

399,600

Total

75,000,446

Consumer

Non-Cyclical

(0.8%)

Abbott

Laboratories

1,445,000

4.750%, 

11/30/2036

1,838,563

AbbVie,

Inc.

625,000

2.950%, 

11/21/2026

669,466

1,475,000

4.300%, 

5/14/2036

1,729,620

550,000

4.850%, 

6/15/2044

691,965

775,000

4.875%, 

11/14/2048

994,172

Albertson's

Companies,

Inc.

702,000

3.500%, 

3/15/2029

i

700,578

Altria

Group,

Inc.

960,000

5.800%, 

2/14/2039

1,180,495

Amgen,

Inc.

1,500,000

3.375%, 

2/21/2050

1,540,334

Anheuser-Busch

Companies,

LLC

750,000

4.700%, 

2/1/2036

906,330

Anheuser-Busch

InBev

Worldwide,

Inc.

2,125,000

4.750%, 

4/15/2058

2,605,644

1,740,000

4.375%, 

4/15/2038

2,031,049

Anthem,

Inc.

1,185,000

3.125%, 

5/15/2050

1,198,523

820,000

4.625%, 

5/15/2042

1,005,124

Archer-Daniels-Midland

Company

875,000

2.700%, 

9/15/2051

855,650

AstraZeneca

plc

1,000,000

3.000%, 

5/28/2051

1,031,474

1,050,000

1.375%, 

8/6/2030

999,202

Bausch

Health

Companies,

Inc.

820,000

5.000%, 

2/15/2029

i

763,625

Becton,

Dickinson

and

Company

725,000

3.794%, 

5/20/2050

810,033

900,000

3.700%, 

6/6/2027

996,648

Bunge,

Ltd.

Finance

Corporation

950,000

2.750%, 

5/14/2031

962,589

Campbell

Soup

Company

450,000

2.375%, 

4/24/2030

453,000

Cargill,

Inc.

650,000

3.250%, 

5/23/2029

i

703,648

Centene

Corporation

370,000

4.250%, 

12/15/2027

387,260

530,000

4.625%, 

12/15/2029

577,594

730,000

3.000%, 

10/15/2030

748,250

300,000

2.500%, 

3/1/2031

295,875

1,000,000

2.625%, 

8/1/2031

993,240

Central

Garden

&

Pet

Company

650,000

4.125%, 

10/15/2030

664,625

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Cigna

Corporation

$

1,500,000

4.800%, 

8/15/2038

$

1,835,779

Comcast

Corporation

690,000

2.987%, 

11/1/2063

i

646,595

Community

Health

Systems,

Inc.

255,000

5.625%, 

3/15/2027

i

267,018

360,000

6.000%, 

1/15/2029

i

381,600

680,000

6.875%, 

4/15/2029

i

681,598

Conagra

Brands,

Inc.

1,210,000

4.300%, 

5/1/2024

1,311,721

Constellation

Brands,

Inc.

1,450,000

3.600%, 

2/15/2028

1,593,190

600,000

2.875%, 

5/1/2030

624,146

CVS

Health

Corporation

1,500,000

3.625%, 

4/1/2027

1,651,954

2,560,000

4.875%, 

7/20/2035

3,109,915

DaVita,

Inc.

775,000

4.625%, 

6/1/2030

i

797,173

Dentsply

Sirona,

Inc.

210,000

3.250%, 

6/1/2030

223,760

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

i

401,329

Eli

Lilly

and

Company

828,000

2.500%, 

9/15/2060

756,956

Encompass

Health

Corporation

750,000

4.500%, 

2/1/2028

774,375

Endo

Finance,

LLC

245,000

9.500%, 

7/31/2027

g,i

245,544

Energizer

Holdings,

Inc.

590,000

4.750%, 

6/15/2028

i

600,175

General

Mills,

Inc.

715,000

2.875%, 

4/15/2030

751,495

H.

J.

Heinz

Company

180,000

5.200%, 

7/15/2045

225,458

HCA,

Inc.

1,755,000

5.375%, 

2/1/2025

1,961,212

HLF

Financing

Sarl,

LLC

670,000

4.875%, 

6/1/2029

i

670,000

Humana,

Inc.

375,000

2.150%, 

2/3/2032

366,327

Illumina,

Inc.

290,000

9.000%, 

7/1/2028

i

319,725

Imperial

Brands

Finance

plc

1,600,000

3.875%, 

7/26/2029

i

1,722,165

JBS

USA

Food

Company

190,000

5.750%, 

1/15/2028

i

199,502

JBS

USA,

LLC

245,000

6.500%, 

4/15/2029

i

273,787

640,000

5.500%, 

1/15/2030

i

711,821

Keurig

Dr.

Pepper,

Inc.

775,000

3.350%, 

3/15/2051

804,493

1,125,000

3.200%, 

5/1/2030

1,211,582

Kimberly-Clark

Corporation

845,000

3.100%, 

3/26/2030

925,335

900,000

3.900%, 

5/4/2047

1,078,313

Kraft

Foods

Group,

Inc.

910,000

5.000%, 

6/4/2042

1,115,969

Kraft

Heinz

Foods

Company

805,000

4.625%, 

1/30/2029

919,005

1,010,000

3.750%, 

4/1/2030

1,100,501

90,000

4.250%, 

3/1/2031

101,747

1,000,000

4.375%, 

6/1/2046

1,137,820

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Mattel,

Inc.

$

605,000

3.375%, 

4/1/2026

i

$

623,816

Molina

Healthcare,

Inc.

670,000

4.375%, 

6/15/2028

i

697,055

Mondelez

International,

Inc.

425,000

2.750%, 

4/13/2030

444,691

Mozart

Debt

Merger

Sub,

Inc.

888,000

3.875%, 

4/1/2029

d,i

888,000

657,000

5.250%, 

10/1/2029

d,i

668,498

MPH

Acquisition

Holdings,

LLC

487,000

5.750%, 

11/1/2028

g,i

458,744

Mylan,

Inc.

1,570,000

4.550%, 

4/15/2028

1,791,976

Ortho-Clinical

Diagnostics,

Inc.

385,000

7.250%, 

2/1/2028

i

411,998

Par

Pharmaceutical,

Inc.

535,000

7.500%, 

4/1/2027

i

545,031

Pilgrim's

Pride

Corporation

477,000

3.500%, 

3/1/2032

i

485,049

Reynolds

American,

Inc.

759,000

5.700%, 

8/15/2035

908,424

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

i

1,407,327

Royalty

Pharma

plc

1,050,000

3.550%, 

9/2/2050

1,031,446

Scotts

Miracle-Gro

Company

620,000

4.500%, 

10/15/2029

647,900

SEG

Holding,

LLC

740,000

5.625%, 

10/15/2028

i

771,450

Simmons

Foods,

Inc.

610,000

4.625%, 

3/1/2029

i

614,575

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

i

333,250

280,000

5.500%, 

7/15/2030

i

310,100

Syneos

Health,

Inc.

560,000

3.625%, 

1/15/2029

i

558,432

Sysco

Corporation

1,300,000

6.600%, 

4/1/2040

1,899,182

Teleflex,

Inc.

385,000

4.250%, 

6/1/2028

i

400,050

Tenet

Healthcare

Corporation

210,000

4.625%, 

7/15/2024

213,150

1,340,000

5.125%, 

11/1/2027

i

1,396,950

255,000

6.125%, 

10/1/2028

i

267,871

Teva

Pharmaceutical

Finance

Netherlands

III

BV

410,000

2.800%, 

7/21/2023

407,556

385,000

3.150%, 

10/1/2026

368,638

Thermo

Fisher

Scientific,

Inc.

900,000

4.133%, 

3/25/2025

990,178

625,000

2.000%, 

10/15/2031

611,469

TreeHouse

Foods,

Inc.

266,000

4.000%, 

9/1/2028

g

260,326

Tyson

Foods,

Inc.

748,000

3.550%, 

6/2/2027

825,277

United

Natural

Foods,

Inc.

515,000

6.750%, 

10/15/2028

i

557,488

UnitedHealth

Group,

Inc.

1,450,000

4.625%, 

7/15/2035

1,801,428

VRX

Escrow

Corporation

1,427,000

6.125%, 

4/15/2025

i

1,456,468

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Zoetis,

Inc.

$

740,000

4.700%, 

2/1/2043

$

941,508

Total

85,828,962

Energy

(0.5%)

Antero

Resources

Corporation

585,000

5.375%, 

3/1/2030

i

616,093

Apache

Corporation

170,000

4.875%, 

11/15/2027

185,388

620,000

4.375%, 

10/15/2028

670,375

205,000

5.100%, 

9/1/2040

229,596

Archrock

Partners,

LP

570,000

6.250%, 

4/1/2028

i

589,508

BP

Capital

Markets

America,

Inc.

750,000

2.939%, 

6/4/2051

709,121

700,000

3.543%, 

4/6/2027

771,135

Buckeye

Partners,

LP

380,000

4.125%, 

3/1/2025

i

393,779

470,000

3.950%, 

12/1/2026

479,400

Canadian

Natural

Resources,

Ltd.

440,000

2.050%, 

7/15/2025

450,490

525,000

2.950%, 

7/15/2030

543,556

Cenovus

Energy,

Inc.

240,000

5.375%, 

7/15/2025

273,374

Cheniere

Energy

Partners,

LP

197,000

3.250%, 

1/31/2032

i

197,650

Chevron

USA,

Inc.

750,000

5.050%, 

11/15/2044

997,989

CNX

Resources

Corporation

330,000

6.000%, 

1/15/2029

i

348,975

Comstock

Resources,

Inc.

410,000

5.875%, 

1/15/2030

i

426,400

ConocoPhillips

1,870,000

6.500%, 

2/1/2039

2,726,817

Continental

Resources,

Inc.

270,000

4.375%, 

1/15/2028

298,687

360,000

5.750%, 

1/15/2031

i

435,150

Devon

Energy

Corporation

1,756,000

4.500%, 

1/15/2030

i

1,913,842

Diamondback

Energy,

Inc.

1,250,000

3.500%, 

12/1/2029

1,336,796

DT

Midstream,

Inc.

495,000

4.125%, 

6/15/2029

i

501,960

165,000

4.375%, 

6/15/2031

i

169,950

Enagas

SA

790,000

5.500%, 

1/15/2028

i

808,763

Encana

Corporation

270,000

6.625%, 

8/15/2037

370,290

Endeavor

Energy

Resources,

LP

380,000

5.750%, 

1/30/2028

i

399,950

Energean

Israel

Finance,

Ltd.

515,000

4.500%, 

3/30/2024

i

525,300

Energy

Transfer

Operating,

LP

1,100,000

6.000%, 

6/15/2048

1,395,843

Energy

Transfer

Partners,

LP

970,000

4.900%, 

3/15/2035

1,111,947

800,000

5.150%, 

2/1/2043

894,527

EnLink

Midstream

Partners,

LP

580,000

4.850%, 

7/15/2026

608,826

250,000

5.600%, 

4/1/2044

238,750

Enterprise

Products

Operating,

LLC

1,250,000

3.300%, 

2/15/2053

1,219,053

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Energy

(0.5%)

-

continued

EQM

Midstream

Partners,

LP

$

680,000

6.500%, 

7/1/2027

i

$

764,830

EQT

Corporation

165,000

3.125%, 

5/15/2026

i

169,145

675,000

3.900%, 

10/1/2027

730,505

Equinor

ASA

750,000

3.000%, 

4/6/2027

807,784

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,541,970

Genesis

Energy,

LP

270,000

6.500%, 

10/1/2025

268,650

165,000

8.000%, 

1/15/2027

167,062

Halliburton

Company

960,000

2.920%, 

3/1/2030

g

992,841

Harvest

Midstream,

LP

670,000

7.500%, 

9/1/2028

i

713,650

Hess

Midstream

Operations,

LP

450,000

5.625%, 

2/15/2026

i

466,875

Hilcorp

Energy

I,

LP

540,000

5.750%, 

2/1/2029

i

554,850

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

i

474,112

Laredo

Petroleum,

Inc.

810,000

7.750%, 

7/31/2029

i

812,025

Magellan

Midstream

Partners,

LP

1,070,000

5.000%, 

3/1/2026

1,220,680

Marathon

Petroleum

Corporation

396,000

6.500%, 

3/1/2041

547,965

MPLX,

LP

575,000

4.875%, 

12/1/2024

636,898

944,000

4.875%, 

6/1/2025

1,054,943

Murphy

Oil

Corporation

350,000

5.875%, 

12/1/2027

364,263

Nabors

Industries,

Ltd.

630,000

7.250%, 

1/15/2026

i

612,738

National

Fuel

Gas

Company

1,000,000

5.500%, 

1/15/2026

1,151,849

Newfield

Exploration

Company

1,185,000

5.625%, 

7/1/2024

1,313,983

700,000

5.375%, 

1/1/2026

791,463

NGL

Energy

Operating,

LLC

360,000

7.500%, 

2/1/2026

i

366,750

NGL

Energy

Partners,

LP

360,000

7.500%, 

11/1/2023

349,859

NuStar

Logistics,

LP

560,000

5.750%, 

10/1/2025

603,400

Oasis

Petroleum,

Inc.

415,000

6.375%, 

6/1/2026

i

434,713

Occidental

Petroleum

Corporation

600,000

3.400%, 

4/15/2026

615,378

185,000

8.500%, 

7/15/2027

231,700

1,150,000

3.500%, 

8/15/2029

1,169,688

380,000

6.450%, 

9/15/2036

478,088

960,000

4.400%, 

4/15/2046

957,456

ONEOK,

Inc.

1,070,000

2.200%, 

9/15/2025

1,093,161

Ovintiv,

Inc.

180,000

7.375%, 

11/1/2031

244,162

PBF

Holding

Company,

LLC

260,000

9.250%, 

5/15/2025

i

246,350

Pioneer

Natural

Resources

Company

750,000

4.450%, 

1/15/2026

836,792

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Energy

(0.5%)

-

continued

Precision

Drilling

Corporation

$

410,000

6.875%, 

1/15/2029

i

$

428,222

Qatar

Petroleum

1,020,000

3.125%, 

7/12/2041

i

1,019,510

Sabine

Pass

Liquefaction,

LLC

1,250,000

4.500%, 

5/15/2030

1,440,763

Schlumberger

Holdings

Corporation

995,000

4.000%, 

12/21/2025

i

1,096,496

SM

Energy

Company

245,000

6.500%, 

7/15/2028

g

253,653

Southwestern

Energy

Company

330,000

5.375%, 

2/1/2029

i

353,037

Sunoco

Logistics

Partners

Operations,

LP

950,000

4.000%, 

10/1/2027

1,048,099

Sunoco,

LP

545,000

5.875%, 

3/15/2028

574,975

Targa

Resources

Partners,

LP

430,000

5.375%, 

2/1/2027

445,566

225,000

5.000%, 

1/15/2028

236,250

145,000

4.875%, 

2/1/2031

156,419

Teine

Energy,

Ltd.

345,000

6.875%, 

4/15/2029

i

350,175

Transocean

Proteus,

Ltd.

176,000

6.250%, 

12/1/2024

i

176,000

Transocean,

Inc.

330,000

11.500%, 

1/30/2027

i

339,900

USA

Compression

Partners,

LP

270,000

6.875%, 

4/1/2026

281,124

Venture

Global

Calcasieu

Pass,

LLC

483,000

3.875%, 

8/15/2029

i

497,514

290,000

4.125%, 

8/15/2031

i

302,325

Vine

Energy

Holdings,

LLC

340,000

6.750%, 

4/15/2029

i

366,989

W&T

Offshore,

Inc.

206,000

9.750%, 

11/1/2023

i

196,023

Western

Gas

Partners,

LP

1,496,000

4.000%, 

7/1/2022

1,518,784

Western

Midstream

Operating,

LP

570,000

3.950%, 

6/1/2025

602,356

320,000

5.500%, 

8/15/2048

374,400

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,411,130

Total

60,095,568

Financials

(1.4%)

ACE

INA

Holdings,

Inc.

1,115,000

4.350%, 

11/3/2045

1,402,301

AerCap

Ireland

Capital

DAC

1,240,000

3.500%, 

1/15/2025

1,304,741

1,250,000

3.875%, 

1/23/2028

g

1,342,021

Air

Lease

Corporation

1,500,000

3.000%, 

2/1/2030

1,522,059

Aircastle,

Ltd.

650,000

5.250%, 

8/11/2025

i

726,722

1,050,000

2.850%, 

1/26/2028

i

1,063,398

Alliant

Holdings

Intermediate,

LLC

165,000

6.750%, 

10/15/2027

i

170,775

Ally

Financial,

Inc.

1,615,000

5.750%, 

11/20/2025

1,846,669

1,000,000

8.000%, 

11/1/2031

1,442,329

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Financials

(1.4%)

-

continued

Altice

Financing

SA

$

235,000

5.750%, 

8/15/2029

i

$

227,628

American

Finance

Trust,

Inc.

395,000

4.500%, 

9/30/2028

d,i

395,000

American

Homes

4

Rent,

LP

1,000,000

2.375%, 

7/15/2031

990,582

American

International

Group,

Inc.

60,000

4.125%, 

2/15/2024

64,770

845,000

3.750%, 

7/10/2025

919,800

835,000

3.900%, 

4/1/2026

926,302

AmWINS

Group,

Inc.

315,000

4.875%, 

6/30/2029

i

319,426

Ares

Capital

Corporation

1,100,000

3.875%, 

1/15/2026

1,176,371

550,000

2.150%, 

7/15/2026

551,463

Australia

and

New

Zealand

Banking

Group,

Ltd.

700,000

2.950%, 

7/22/2030

b,i

727,622

Aviation

Capital

Group,

LLC

1,000,000

5.500%, 

12/15/2024

i

1,120,761

Avolon

Holdings

Funding,

Ltd.

800,000

5.250%, 

5/15/2024

i

873,958

275,000

4.250%, 

4/15/2026

i

295,780

Banco

Santander

Mexico

SA

875,000

5.375%, 

4/17/2025

i

977,987

Banco

Santander

SA

400,000

1.239%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

405,439

1,000,000

1.722%, 

9/14/2027

b

995,353

Bank

of

America

Corporation

1,050,000

4.200%, 

8/26/2024

1,148,524

970,000

4.000%, 

1/22/2025

1,054,066

1,800,000

3.458%, 

3/15/2025

b

1,915,042

575,000

1.734%, 

7/22/2027

b

577,366

800,000

3.824%, 

1/20/2028

b

882,840

500,000

2.087%, 

6/14/2029

b

499,198

1,500,000

2.496%, 

2/13/2031

b

1,517,985

900,000

2.592%, 

4/29/2031

b

918,565

1,475,000

1.922%, 

10/24/2031

b

1,418,906

1,375,000

4.244%, 

4/24/2038

b

1,608,750

Barclays

plc

1,290,000

4.972%, 

5/16/2029

b

1,499,777

1,475,000

3.564%, 

9/23/2035

b

1,530,274

BPCE

SA

1,091,000

3.500%, 

10/23/2027

i

1,177,182

Camden

Property

Trust

1,975,000

3.150%, 

7/1/2029

2,133,337

CANPACK

SA

700,000

3.125%, 

11/1/2025

i

711,375

Capital

One

Financial

Corporation

1,100,000

4.200%, 

10/29/2025

1,219,146

Cascades

USA,

Inc.

370,000

5.125%, 

1/15/2026

i

393,334

Chobani,

LLC

720,000

4.625%, 

11/15/2028

i

743,400

CIT

Group,

Inc.

1,060,000

5.250%, 

3/7/2025

1,180,575

750,000

6.125%, 

3/9/2028

906,652

Citigroup,

Inc.

1,515,000

4.400%, 

6/10/2025

1,675,705

745,000

3.200%, 

10/21/2026

803,241

750,000

1.462%, 

6/9/2027

b

745,580

1,094,000

3.668%, 

7/24/2028

b

1,202,529

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Financials

(1.4%)

-

continued

$

490,000

4.125%, 

7/25/2028

$

546,959

915,000

3.520%, 

10/27/2028

b

994,954

978,000

4.650%, 

7/23/2048

1,261,572

CNA

Financial

Corporation

650,000

3.900%, 

5/1/2029

724,706

Coinbase

Global,

Inc.

133,000

3.625%, 

10/1/2031

i

126,433

Commerzbank

AG

750,000

8.125%, 

9/19/2023

i

845,039

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

988,000

4.625%, 

12/1/2023

1,070,591

Credit

Acceptance

Corporation

620,000

5.125%, 

12/31/2024

i

638,600

Credit

Agricole

SA

625,000

6.875%, 

9/23/2024

b,i,l

695,312

Credit

Suisse

Group

AG

900,000

7.250%, 

9/12/2025

b,i,l

997,605

1,800,000

2.193%, 

6/5/2026

b,i

1,833,784

Danske

Bank

AS

450,000

0.976%, 

9/10/2025

b,i

449,245

1,225,000

3.244%, 

12/20/2025

b,i

1,301,389

Deutsche

Bank

AG

1,175,000

3.729%, 

1/14/2032

b

1,213,169

Discover

Bank

900,000

2.450%, 

9/12/2024

938,535

1,670,000

4.682%, 

8/9/2028

b

1,776,527

Diversified

Healthcare

Trust

410,000

4.375%, 

3/1/2031

396,567

Drawbridge

Special

Opportunities

Fund,

LP

750,000

3.875%, 

2/15/2026

i

770,620

Duke

Realty,

LP

925,000

2.875%, 

11/15/2029

974,555

ERP

Operating,

LP

337,000

3.375%, 

6/1/2025

362,064

First

Horizon

Bank

250,000

5.750%, 

5/1/2030

305,407

First

Horizon

National

Corporation

1,000,000

4.000%, 

5/26/2025

1,091,120

Fortress

Transportation

and

Infrastructure

Investors,

LLC

360,000

6.500%, 

10/1/2025

i

370,577

235,000

5.500%, 

5/1/2028

i

236,580

FS

KKR

Capital

Corporation

500,000

4.250%, 

2/14/2025

i

528,127

1,300,000

3.400%, 

1/15/2026

1,358,346

GE

Capital

Funding,

LLC

925,000

4.400%, 

5/15/2030

1,071,816

GE

Capital

International

Funding

Company

2,730,000

4.418%, 

11/15/2035

3,276,143

Global

Net

Lease,

Inc.

695,000

3.750%, 

12/15/2027

i

690,098

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,065,635

275,000

1.992%, 

1/27/2032

b

265,191

1,130,000

4.750%, 

10/21/2045

1,459,079

HCP,

Inc.

41,000

3.400%, 

2/1/2025

43,723

HCRX

Investments

Holdco,

LP

195,000

4.500%, 

8/1/2029

i

195,975

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Financials

(1.4%)

-

continued

HSBC

Holdings

plc

$

1,850,000

3.803%, 

3/11/2025

b

$

1,973,253

710,000

3.900%, 

5/25/2026

782,032

Icahn

Enterprises,

LP

485,000

6.375%, 

12/15/2025

497,610

635,000

5.250%, 

5/15/2027

658,812

iStar,

Inc.

625,000

4.250%, 

8/1/2025

649,206

J.P.

Morgan

Chase

&

Company

1,550,000

3.875%, 

9/10/2024

1,685,284

445,000

3.125%, 

1/23/2025

472,981

500,000

0.824%, 

6/1/2025

b

499,911

850,000

1.040%, 

2/4/2027

b

833,901

720,000

1.578%, 

4/22/2027

b

721,460

1,475,000

4.203%, 

7/23/2029

b

1,677,889

900,000

2.522%, 

4/22/2031

b

918,183

1,100,000

1.953%, 

2/4/2032

b

1,061,194

1,740,000

3.882%, 

7/24/2038

b

2,002,811

960,000

3.157%, 

4/22/2042

b

996,707

Jefferies

Finance,

LLC

570,000

5.000%, 

8/15/2028

i

577,837

Kimco

Realty

Corporation

1,142,000

3.300%, 

2/1/2025

1,217,507

Lloyds

Banking

Group

plc

1,950,000

3.870%, 

7/9/2025

b

2,102,468

LPL

Holdings,

Inc.

410,000

4.000%, 

3/15/2029

i

421,131

MGM

Growth

Properties

Operating

Partnership,

LP

410,000

4.625%, 

6/15/2025

i

441,775

340,000

5.750%, 

2/1/2027

391,000

Mitsubishi

UFJ

Financial

Group,

Inc.

1,870,000

3.287%, 

7/25/2027

2,040,984

1,750,000

2.048%, 

7/17/2030

1,720,741

Mizuho

Financial

Group,

Inc.

1,500,000

1.979%, 

9/8/2031

b

1,447,958

Morgan

Stanley

600,000

2.188%, 

4/28/2026

b

619,502

1,925,000

4.350%, 

9/8/2026

2,172,766

1,244,000

3.591%, 

7/22/2028

b

1,364,217

190,000

3.772%, 

1/24/2029

b

210,238

1,600,000

3.622%, 

4/1/2031

b

1,763,466

825,000

2.802%, 

1/25/2052

b

792,980

MPT

Operating

Partnership,

LP

630,000

4.625%, 

8/1/2029

675,990

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

755,707

55,000

3.850%, 

6/30/2026

60,998

Nationwide

Building

Society

950,000

3.622%, 

4/26/2023

b,i

966,519

Natwest

Group

plc

850,000

3.032%, 

11/28/2035

b

851,128

Navient

Corporation

340,000

5.500%, 

1/25/2023

355,300

160,000

5.000%, 

3/15/2027

164,800

160,000

4.875%, 

3/15/2028

161,301

NFP

Corporation

225,000

6.875%, 

8/15/2028

i

229,736

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

820,672

875,000

3.375%, 

2/1/2031

890,906

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Financials

(1.4%)

-

continued

OneMain

Finance

Corporation

$

245,000

3.500%, 

1/15/2027

$

245,110

Owl

Rock

Capital

Corporation

250,000

4.250%, 

1/15/2026

268,326

1,425,000

3.400%, 

7/15/2026

1,484,041

Owl

Rock

Technology

Finance

Corporation

250,000

4.750%, 

12/15/2025

i

273,287

Park

Aerospace

Holdings,

Ltd.

800,000

4.500%, 

3/15/2023

i

835,952

Park

Intermediate

Holdings,

LLC

175,000

4.875%, 

5/15/2029

i

180,114

PennyMac

Financial

Services,

Inc.

450,000

4.250%, 

2/15/2029

i

428,434

Playtika

Holding

Corporation

335,000

4.250%, 

3/15/2029

i

336,069

Principal

Life

Global

Funding

II

825,000

1.250%, 

8/16/2026

i

819,882

Prudential

Financial,

Inc.

1,250,000

3.700%, 

3/13/2051

1,424,571

Quicken

Loans,

LLC

440,000

3.625%, 

3/1/2029

i

444,950

Radian

Group,

Inc.

340,000

4.875%, 

3/15/2027

370,556

Realty

Income

Corporation

1,475,000

4.125%, 

10/15/2026

1,655,048

575,000

1.800%, 

3/15/2033

544,188

Regency

Centers,

LP

1,100,000

4.125%, 

3/15/2028

1,231,977

Reinsurance

Group

of

America,

Inc.

1,100,000

4.700%, 

9/15/2023

1,182,843

Royal

Bank

of

Scotland

Group

plc

1,050,000

6.000%, 

12/29/2025

b,l

1,175,086

1,375,000

4.445%, 

5/8/2030

b

1,572,875

Santander

UK

Group

Holdings

plc

1,000,000

1.673%, 

6/14/2027

b

995,741

Service

Properties

Trust

260,000

4.750%, 

10/1/2026

257,400

395,000

4.950%, 

2/15/2027

394,012

260,000

5.500%, 

12/15/2027

277,085

Simon

Property

Group,

LP

1,250,000

3.800%, 

7/15/2050

1,377,476

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

i

1,245,142

Spirit

Realty,

LP

1,250,000

2.100%, 

3/15/2028

1,243,502

Springleaf

Finance

Corporation

705,000

6.875%, 

3/15/2025

792,244

365,000

6.625%, 

1/15/2028

419,750

Sumitomo

Mitsui

Financial

Group,

Inc.

1,140,000

3.010%, 

10/19/2026

1,222,462

850,000

1.710%, 

1/12/2031

810,732

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,000,000

0.800%, 

9/16/2024

i

997,870

Synchrony

Financial

590,000

4.250%, 

8/15/2024

637,557

925,000

3.950%, 

12/1/2027

1,020,371

Truist

Financial

Corporation

500,000

1.887%, 

6/7/2029

b

499,513

UBS

Group

Funding

Jersey,

Ltd.

1,158,000

4.125%, 

9/24/2025

i

1,279,340

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Financials

(1.4%)

-

continued

UDR,

Inc.

$

875,000

2.100%, 

8/1/2032

$

839,309

United

Wholesale

Mortgage,

LLC

500,000

5.500%, 

4/15/2029

i

485,452

VEREIT

Operating

Partnership,

LP

1,100,000

2.850%, 

12/15/2032

1,142,745

VICI

Properties,

LP

340,000

4.250%, 

12/1/2026

i

355,072

200,000

3.750%, 

2/15/2027

i

207,000

290,000

4.625%, 

12/1/2029

i

311,750

Voya

Financial,

Inc.

1,018,000

3.125%, 

7/15/2024

1,078,785

Wells

Fargo

&

Company

1,320,000

3.000%, 

2/19/2025

1,401,017

125,000

3.000%, 

4/22/2026

134,111

1,475,000

3.000%, 

10/23/2026

1,580,859

1,400,000

2.393%, 

6/2/2028

b

1,444,016

1,180,000

4.900%, 

11/17/2045

1,494,141

Welltower,

Inc.

750,000

2.050%, 

1/15/2029

745,080

Total

156,940,353

Mortgage-Backed

Securities

(6.2%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

9,150,000

1.500%, 

11/1/2035

d

9,229,348

36,625,000

1.500%, 

10/15/2036

d

36,986,958

130,750,000

2.000%, 

11/1/2036

d

134,478,417

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

176,625,000

2.000%, 

11/1/2051

d,m

176,783,687

174,628,000

2.500%, 

11/1/2051

d

179,709,947

34,300,000

3.000%, 

11/1/2047

d

35,845,657

6,425,000

3.000%, 

10/1/2049

d

6,722,909

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

89,000,000

2.500%, 

10/1/2051

d

91,875,118

32,950,000

2.500%, 

11/1/2051

d

33,955,232

Total

705,587,273

Technology

(0.4%)

Analog

Devices,

Inc.

1,150,000

2.950%, 

10/1/2051

d

1,149,602

Apple,

Inc.

2,570,000

3.750%, 

9/12/2047

2,971,380

Applied

Materials,

Inc.

736,000

3.300%, 

4/1/2027

808,936

Baidu,

Inc.

1,200,000

3.425%, 

4/7/2030

1,270,355

Black

Knight

InfoServ,

LLC

593,000

3.625%, 

9/1/2028

i

595,965

Broadcom

Corporation

542,000

3.875%, 

1/15/2027

595,615

Broadcom,

Inc.

600,000

5.000%, 

4/15/2030

700,658

604,000

3.469%, 

4/15/2034

i

621,961

1,350,000

3.187%, 

11/15/2036

i

1,346,080

CommScope

Technologies

Finance,

LLC

425,000

6.000%, 

6/15/2025

i

430,312

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Technology

(0.4%)

-

continued

CommScope,

Inc.

$

385,000

7.125%, 

7/1/2028

i

$

392,881

Dell

International,

LLC

1,760,000

6.020%, 

6/15/2026

2,093,569

500,000

8.350%, 

7/15/2046

810,928

Fiserv,

Inc.

1,000,000

2.250%, 

6/1/2027

1,031,449

1,150,000

2.650%, 

6/1/2030

1,176,734

Gartner,

Inc.

325,000

3.625%, 

6/15/2029

i

327,470

605,000

3.750%, 

10/1/2030

i

622,666

Hewlett

Packard

Enterprise

Company

850,000

4.650%, 

10/1/2024

938,994

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

i

597,075

750,000

5.250%, 

7/15/2030

i

795,922

585,000

4.500%, 

2/15/2031

i

593,365

Lam

Research

Corporation

1,500,000

2.875%, 

6/15/2050

1,504,168

Microchip

Technology,

Inc.

500,000

0.983%, 

9/1/2024

i

499,395

Micron

Technology,

Inc.

600,000

2.497%, 

4/24/2023

617,568

1,000,000

4.663%, 

2/15/2030

1,154,250

Microsoft

Corporation

1,500,000

3.041%, 

3/17/2062

1,584,493

2,250,000

3.700%, 

8/8/2046

2,658,763

MSCI,

Inc.

465,000

4.000%, 

11/15/2029

i

492,295

NCR

Corporation

1,020,000

6.125%, 

9/1/2029

i

1,106,700

NVIDIA

Corporation

1,500,000

3.500%, 

4/1/2040

1,663,438

NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

i

582,266

480,000

4.300%, 

6/18/2029

i

544,036

480,000

2.500%, 

5/11/2031

i

484,468

480,000

3.250%, 

5/11/2041

i

495,755

Open

Text

Corporation

675,000

4.125%, 

2/15/2030

i

693,562

Oracle

Corporation

500,000

3.950%, 

3/25/2051

527,309

1,815,000

3.850%, 

7/15/2036

1,971,878

1,500,000

3.600%, 

4/1/2040

1,555,517

1,250,000

4.000%, 

7/15/2046

1,324,221

PTC,

Inc.

300,000

3.625%, 

2/15/2025

i

304,500

270,000

4.000%, 

2/15/2028

i

277,087

Qorvo,

Inc.

960,000

3.375%, 

4/1/2031

i

1,012,224

Rackspace

Technology

Global,

Inc.

540,000

5.375%, 

12/1/2028

g,i

530,550

Seagate

HDD

Cayman

810,000

3.125%, 

7/15/2029

i

783,351

670,000

3.375%, 

7/15/2031

i

653,250

Sensata

Technologies,

Inc.

790,000

3.750%, 

2/15/2031

i

795,404

Shift4

Payments,

LLC

190,000

4.625%, 

11/1/2026

i

198,313

SS&C

Technologies,

Inc.

1,120,000

5.500%, 

9/30/2027

i

1,182,644

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Technology

(0.4%)

-

continued

Switch,

Ltd.

$

570,000

3.750%, 

9/15/2028

i

$

578,550

Teledyne

Technologies,

Inc.

720,000

2.250%, 

4/1/2028

733,304

Texas

Instruments,

Inc.

1,630,000

4.150%, 

5/15/2048

2,021,736

Tyco

Electronics

Group

SA

374,000

3.450%, 

8/1/2024

397,952

Viavi

Solutions,

Inc.

396,000

3.750%, 

10/1/2029

i

396,871

VMware,

Inc.

825,000

4.650%, 

5/15/2027

947,323

750,000

1.800%, 

8/15/2028

738,873

Total

50,883,931

Transportation

(0.1%)

Air

Canada

120,000

3.875%, 

8/15/2026

i

121,086

Air

Canada

Pass

Through

Trust

290,061

3.875%, 

3/15/2023

i

293,285

American

Airlines,

Inc.

420,000

11.750%, 

7/15/2025

i

519,750

1,020,000

5.500%, 

4/20/2026

i

1,072,275

125,000

5.750%, 

4/20/2029

i

134,687

Avis

Budget

Car

Rental,

LLC

450,000

5.375%, 

3/1/2029

g,i

475,605

Burlington

Northern

Santa

Fe,

LLC

1,120,000

5.750%, 

5/1/2040

1,569,856

575,000

4.450%, 

3/15/2043

717,622

CSX

Corporation

900,000

3.800%, 

4/15/2050

1,021,127

Delta

Air

Lines,

Inc.

551,000

7.000%, 

5/1/2025

i

642,604

1,580,000

4.750%, 

10/20/2028

i

1,761,700

Southwest

Airlines

Company

1,050,000

5.125%, 

6/15/2027

1,227,950

960,000

2.625%, 

2/10/2030

973,784

United

Airlines,

Inc.

540,000

4.375%, 

4/15/2026

i

554,175

540,000

4.625%, 

4/15/2029

i

558,063

United

Parcel

Service,

Inc.

1,200,000

4.450%, 

4/1/2030

1,428,276

Total

13,071,845

U.S.

Government

&

Agencies

(8.0%)

U.S.

Treasury

Bonds

9,660,000

1.625%, 

11/15/2050

8,678,529

7,285,000

2.250%, 

11/15/2027

7,744,012

72,550,000

2.875%, 

5/15/2028

80,017,549

19,150,000

5.250%, 

11/15/2028

24,342,942

13,650,000

1.625%, 

8/15/2029

13,902,738

3,250,000

1.500%, 

2/15/2030

3,270,693

3,750,000

0.875%, 

11/15/2030

3,558,691

270,000

1.125%, 

2/15/2031

261,520

2,975,000

4.375%, 

5/15/2040

4,139,898

44,475,000

1.375%, 

11/15/2040

39,951,059

1,340,000

3.000%, 

5/15/2042

1,566,701

68,726,000

2.500%, 

5/15/2046

74,366,364

46,100,000

2.875%, 

5/15/2049

53,929,797

U.S.

Treasury

Notes

14,960,000

0.125%, 

10/31/2022

14,961,753

16,300,000

2.000%, 

11/30/2022

16,654,016

106,955,000

0.125%, 

1/31/2023

106,900,687

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

U.S.

Government

&

Agencies

(8.0%)

-

continued

$

4,910,000

2.500%, 

3/31/2023

$

5,079,740

9,380,000

0.125%, 

4/30/2023

9,367,542

78,270,000

0.125%, 

7/31/2023

78,101,842

22,660,000

0.125%, 

8/31/2023

22,599,809

22,900,000

0.125%, 

10/15/2023

22,817,703

82,550,000

2.500%, 

1/31/2024

86,638,805

25,885,000

2.125%, 

7/31/2024

27,082,181

28,665,000

2.250%, 

11/15/2024

30,171,032

19,170,000

2.125%, 

11/30/2024

20,107,533

52,575,000

2.625%, 

1/31/2026

56,505,803

90,300,000

2.500%, 

2/28/2026

96,645,692

1,500,000

0.750%, 

1/31/2028

1,456,582

Total

910,821,213

Utilities

(0.4%)

Ameren

Illinois

Company

830,000

4.500%, 

3/15/2049

1,055,277

American

Water

Capital

Corporation

1,500,000

2.800%, 

5/1/2030

1,573,355

Appalachian

Power

Company

750,000

3.300%, 

6/1/2027

810,126

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,413,952

Calpine

Corporation

770,000

4.500%, 

2/15/2028

i

785,400

CenterPoint

Energy

Resources

Corporation

750,000

1.750%, 

10/1/2030

720,498

CenterPoint

Energy,

Inc.

600,000

2.500%, 

9/1/2024

627,382

900,000

4.250%, 

11/1/2028

1,025,391

CMS

Energy

Corporation

490,000

2.950%, 

2/15/2027

517,643

Commonwealth

Edison

Company

1,300,000

3.700%, 

3/1/2045

1,465,018

Consolidated

Edison

Company

of

New

York,

Inc.

1,250,000

4.125%, 

5/15/2049

1,449,930

Consolidated

Edison,

Inc.

579,000

4.500%, 

12/1/2045

700,623

Consumers

Energy

Company

1,200,000

4.350%, 

4/15/2049

1,492,903

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

1,091,584

475,000

3.700%, 

6/1/2046

532,631

Duke

Energy

Carolinas,

LLC

1,190,000

3.700%, 

12/1/2047

1,321,608

Duke

Energy

Corporation

770,000

3.750%, 

9/1/2046

822,225

Duke

Energy

Florida,

LLC

1,030,000

3.200%, 

1/15/2027

1,116,578

Duke

Energy

Indiana,

LLC

1,550,000

3.750%, 

5/15/2046

1,719,031

Edison

International

725,000

5.750%, 

6/15/2027

834,775

Enel

Finance

International

NV

750,000

1.875%, 

7/12/2028

i

746,923

Exelon

Corporation

585,000

4.700%, 

4/15/2050

739,227

1,158,000

4.450%, 

4/15/2046

1,398,582

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Utilities

(0.4%)

-

continued

FirstEnergy

Corporation

$

460,000

3.350%, 

7/15/2022

$

465,451

ITC

Holdings

Corporation

294,000

4.050%, 

7/1/2023

308,571

760,000

5.300%, 

7/1/2043

991,654

Jersey

Central

Power

&

Light

Company

450,000

2.750%, 

3/1/2032

i

460,981

Mississippi

Power

Company

1,040,000

3.950%, 

3/30/2028

1,158,651

National

Rural

Utilities

Cooperative

Finance

Corporation

550,000

3.900%, 

11/1/2028

619,452

1,050,000

3.700%, 

3/15/2029

1,170,263

NextEra

Energy

Operating

Partners,

LP

740,000

3.875%, 

10/15/2026

i

786,805

NiSource

Finance

Corporation

900,000

5.650%, 

2/1/2045

1,234,588

NiSource,

Inc.

1,125,000

3.600%, 

5/1/2030

1,233,309

NRG

Energy,

Inc.

790,000

3.375%, 

2/15/2029

i

779,675

240,000

5.250%, 

6/15/2029

i

255,300

Pacific

Gas

and

Electric

Company

900,000

3.300%, 

12/1/2027

926,300

750,000

4.550%, 

7/1/2030

810,997

480,000

3.250%, 

6/1/2031

478,256

PG&E

Corporation

225,000

5.000%, 

7/1/2028

g

229,219

PPL

Electric

Utilities

Corporation

1,122,000

3.950%, 

6/1/2047

1,330,005

Public

Service

Electric

&

Gas

Company

400,000

3.000%, 

5/15/2027

434,275

San

Diego

Gas

and

Electric

Company

940,000

4.150%, 

5/15/2048

1,128,161

South

Carolina

Electric

&

Gas

Company

650,000

5.100%, 

6/1/2065

933,038

Southern

California

Edison

Company

1,500,000

4.000%, 

4/1/2047

1,608,519

Southern

Company

843,000

3.250%, 

7/1/2026

907,125

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

728,840

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

678,143

Suburban

Propane

Partners,

LP

740,000

5.875%, 

3/1/2027

771,450

Talen

Energy

Supply,

LLC

380,000

7.625%, 

6/1/2028

i

356,250

TerraForm

Power

Operating,

LLC

750,000

5.000%, 

1/31/2028

i

805,313

Virginia

Electric

and

Power

Company

850,000

4.600%, 

12/1/2048

1,088,439

Principal

Amount

Long-Term

Fixed

Income

(22.7%)

Value

Utilities

(0.4%)

-

continued

Vistra

Operations

Company,

LLC

$

550,000

5.000%, 

7/31/2027

i

$

567,875

Total

47,207,567

Total

Long-Term

Fixed

Income

(cost

$2,513,001,018)

2,588,636,119

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

51,963,870

Thrivent

Cash

Management

Trust

51,963,870

Total

Collateral

Held

for

Securities

Loaned

(cost

$51,963,870)

51,963,870

Shares

or

Principal

Amount

Short-Term

Investments

(

10.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

3,900,000

0.036%,

10/6/2021

n,o

3,899,989

1,600,000

0.040%,

10/20/2021

n,o

1,599,983

300,000

0.030%,

10/21/2021

n,o

299,997

200,000

0.035%,

10/22/2021

n,o

199,998

400,000

0.040%,

10/26/2021

n,o

399,995

200,000

0.040%,

10/27/2021

n,o

199,997

800,000

0.041%,

11/3/2021

n,o

799,971

400,000

0.040%,

11/12/2021

n,o

399,981

300,000

0.040%,

11/15/2021

n,o

299,985

9,300,000

0.040%,

11/17/2021

n,o

9,299,514

26,400,000

0.040%,

11/18/2021

n,o

26,398,592

39,100,000

0.025%,

12/9/2021

n,o

39,097,003

21,200,000

0.025%,

12/21/2021

n,o

21,198,092

3,100,000

0.034%,

12/27/2021

n,o

3,099,700

1,100,000

0.020%,

12/28/2021

n,o

1,099,893

600,000

0.020%,

1/5/2022

n,o

599,936

Federal

National

Mortgage

Association

Discount

Notes

100,000

0.035%,

11/10/2021

n,o

99,996

Thrivent

Core

Short-Term

Reserve

Fund

109,826,850

0.120%

1,098,268,495

U.S.

Treasury

Bills

3,000,000

0.050%,

11/2/2021

n,p

2,999,844

1,000,000

0.047%,

11/4/2021

n,p

999,929

2,000,000

0.046%,

11/12/2021

n,p

1,999,883

12,400,000

0.045%,

11/18/2021

n,q

12,399,525

700,000

0.022%,

12/16/2021

n,q

699,947

Total

Short-Term

Investments

(cost

$1,226,238,698)

1,226,360,245

Total

Investments

(cost

$9,791,138,878)

106.8%

$12,156,058,702

Other

Assets

and

Liabilities,

Net

(6.8%)

(778,749,235)

Total

Net

Assets

100.0%

$11,377,309,467

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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

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,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

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,

2021,

the

value

of

these

investments

was

$483,868,835

or

4.3%

of

total

net

assets.

j

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

September

30,

2021.

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

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

At

September

30,

2021,

$4,112,768

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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

Moderate

Allocation

Portfolio

as

of

September

30,

2021

was

$1,204,203

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2021.

Security

Acquisition

Date

Cost

Upstart

Securitization

Trust,

11/20/2030

10/1/2020

$

1,198,285

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,548,903

Common

Stock

41,729,245

Total

lending

$50,278,148

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$51,963,870

Net

amounts

due

to

counterparty

$1,685,722

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

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

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

9,138,812

–

6,583,965

2,554,847

Capital

Goods

26,229,568

–

22,777,636

3,451,932

Communications

Services

28,561,411

–

27,628,749

932,662

Consumer

Cyclical

23,849,658

–

23,849,658

–

Consumer

Non-Cyclical

29,397,665

–

29,397,665

–

Energy

3,294,352

–

3,294,352

–

Financials

6,975,000

–

6,975,000

–

Technology

18,107,519

–

18,107,519

–

Transportation

8,594,708

–

8,594,708

–

Utilities

5,053,114

–

4,099,298

953,816

Registered

Investment

Companies

Unaffiliated

90,491,997

90,491,997

–

–

Affiliated

3,997,584,337

3,997,584,337

–

–

Common

Stock

Communications

Services

265,350,087

265,176,572

173,515

–

Consumer

Discretionary

427,207,935

427,207,935

–

–

Consumer

Staples

84,463,132

84,463,132

–

–

Energy

81,804,485

81,804,485

–

–

Financials

446,502,969

441,141,287

5,361,682

–

Health

Care

455,702,251

455,702,251

–

–

Industrials

443,562,381

441,153,836

2,408,545

–

Information

Technology

878,768,638

874,129,892

4,638,746

–

Materials

95,395,504

94,099,399

1,296,096

9

Real

Estate

149,411,323

149,411,323

–

–

Utilities

55,212,325

55,212,325

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

184,799,907

–

184,799,907

–

Basic

Materials

26,179,357

–

26,179,357

–

Capital

Goods

43,304,911

–

43,304,911

–

Collateralized

Mortgage

Obligations

133,770,170

–

133,770,170

–

Commercial

Mortgage-Backed

Securities

21,828,518

–

21,828,518

–

Communications

Services

73,316,098

–

73,316,098

–

Consumer

Cyclical

75,000,446

–

75,000,446

–

Consumer

Non-Cyclical

85,828,962

–

85,828,962

–

Energy

60,095,568

–

60,095,568

–

Financials

156,940,353

–

156,940,353

–

Mortgage-Backed

Securities

705,587,273

–

705,587,273

–

Technology

50,883,931

–

50,883,931

–

Transportation

13,071,845

–

13,071,845

–

U.S.

Government

&

Agencies

910,821,213

–

910,821,213

–

Utilities

47,207,567

–

47,207,567

–

Short-Term

Investments

128,091,750

–

128,091,750

–

Subtotal

Investments

in

Securities

$10,347,387,040

$7,457,578,771

$2,881,915,003

$7,893,266

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

658,439,297

Affiliated

Short-Term

Investments

1,098,268,495

Collateral

Held

for

Securities

Loaned

51,963,870

Subtotal

Other

Investments

$1,808,671,662

Total

Investments

at

Value

$12,156,058,702

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

40,742,389

40,742,389

–

–

Total

Asset

Derivatives

$40,742,389

$40,742,389

$–

$–

Liability

Derivatives

Futures

Contracts

71,819,044

71,819,044

–

–

Call

Options

Written

65,215

–

–

65,215

Credit

Default

Swaps

649,558

–

649,558

–

Total

Liability

Derivatives

$72,533,817

$71,819,044

$649,558

$65,215

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$110,418,622

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

600

December

2021

$

80,134,446

(

$

1,168,818)

CBOT

2-Yr.

U.S.

Treasury

Note

774

December

2021

170,427,501

(

105,171)

CBOT

5-Yr.

U.S.

Treasury

Note

541

December

2021

66,832,094

(

428,569)

CBOT

U.S.

Long

Bond

525

December

2021

85,710,625

(

2,120,781)

CME

E-mini

Russell

2000

Index

59

December

2021

6,606,691

(

114,331)

CME

E-mini

S&P

500

Index

4,814

December

2021

1,079,068,861

(

44,600,436)

CME

E-mini

S&P

Mid-Cap

400

Index

21

December

2021

5,676,058

(

146,338)

CME

Euro

Foreign

Exchange

Currency

2,117

December

2021

313,567,436

(

6,602,436)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

872

December

2021

172,606,977

(

6,000,477)

Eurex

Euro

STOXX

50

Index

6,325

December

2021

304,587,293

(

9,950,579)

Ultra

10-Yr.

U.S.

Treasury

Note

203

December

2021

30,066,858

(

581,108)

Total

Futures

Long

Contracts

$

2,315,284,840

(

$

71,819,044)

CBOT

5-Yr.

U.S.

Treasury

Note

(1,003)

December

2021

(

$

123,950,757)

$

840,340

CME

E-mini

NASDAQ

100

Index

(626)

December

2021

(

194,701,337)

10,876,437

CME

E-mini

Russell

2000

Index

(4,692)

December

2021

(

525,696,848)

9,389,168

CME

E-mini

S&P

Mid-Cap

400

Index

(2,337)

December

2021

(

632,184,845)

16,806,005

ICE

mini

MSCI

EAFE

Index

(199)

December

2021

(

23,184,266)

627,616

ICE

US

mini

MSCI

Emerging

Markets

Index

(697)

December

2021

(

45,446,129)

2,036,969

Ultra

10-Yr.

U.S.

Treasury

Note

(50)

December

2021

(

7,428,354)

165,854

Total

Futures

Short

Contracts

(

$

1,552,592,536)

$40,742,389

Total

Futures

Contracts

$

762,692,304

($31,076,655)

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Counterparty:

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderate

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(31.50)

$

101.43

October

2021

(

$

31,528,301)

(

$

1,231)

$

205,488

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(31.50)

100.77

November

2021

(

31,528,301)

(

63,984)

114,434

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($65,215)

$319,922

(*)  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.

The

following

table

presents

Moderate

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2021.

Investments

totaling

$13,099,472

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

37,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2026

(

$

139,050,000)

$

–

(

$

649,558)

(

$

649,558)

Total

Credit

Default

Swaps

$–

($649,558)

($649,558)

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$261,775

$8,248

$–

$254,502

26,076

2.2%

Core

Emerging

Markets

Equity

78,541

–

–

78,074

6,662

0.7

Core

International

Equity

57,326

–

35,799

24,991

2,289

0.2

Core

Low

Volatility

Equity

448,746

264

180,000

300,872

21,308

2.6

Global

Stock

436,493

19,914

–

495,698

32,141

4.4

High

Yield

203,397

7,108

–

210,803

45,110

1.8

Income

680,517

33,065

–

677,357

62,497

6.0

International

Allocation

536,533

9,179

–

591,805

53,769

5.2

International

Index

60,008

548

–

64,566

4,781

0.6

Large

Cap

Value

712,027

39,838

–

867,812

38,933

7.6

Limited

Maturity

Bond

348,789

4,121

–

351,033

34,927

3.1

Mid

Cap

Stock

484,590

32,832

–

578,353

22,678

5.1

Small

Cap

Stock

134,494

5,988

–

160,158

6,675

1.4

Total

Affiliated

Registered

Investment

Companies

4,443,236

4,656,024

40.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

934,266

1,563,661

1,399,659

1,098,268

109,827

9.7

Total

Affiliated

Short-Term

Investments

934,266

1,098,268

9.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

69,785

1,040,136

1,057,957

51,964

51,964

0.5

Total

Collateral

Held

for

Securities

Loaned

69,785

51,964

0.5

Total

Value

$5,447,287

$5,806,256

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(15,521)

$

–

$8,248

Core

Emerging

Markets

Equity

–

(466)

–

–

Core

International

Equity

898

2,566

–

–

Core

Low

Volatility

Equity

17,856

14,006

264

–

Global

Stock

–

39,291

15,516

4,399

High

Yield

–

298

–

7,103

Income

–

(36,225)

19,007

14,058

International

Allocation

–

46,093

–

9,179

International

Index

–

4,010

418

129

Large

Cap

Value

–

115,947

29,650

10,188

Limited

Maturity

Bond

–

(1,877)

–

4,120

Mid

Cap

Stock

–

60,931

31,505

1,328

Small

Cap

Stock

–

19,676

4,735

1,253

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

(74)

74

–

1,277

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$61,282

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

131

Total

Affiliated

Income

from

Securities

Loaned,

Net

$131

Total

Value

$18,680

$248,803

$

101,095

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Principal

Amount

Bank

Loans

(

0.7%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

217,687

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

217,235

Flexsys,

Inc./Ohio,

Term

Loan

615,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

611,925

Hexion,

Inc.,

Term

Loan

300,390

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

300,390

INEOS

US

Petrochem,

LLC,

Term

Loan

483,788

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

483,788

Innophos

Holdings,

Inc.,

Term

Loan

300,425

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

300,801

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

330,395

3.340%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

329,671

Nouryon

USA,

LLC,

Term

Loan

593,548

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

589,245

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

537,483

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

536,252

Venator

Finance

SARL,

Term

Loan

342,326

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

337,334

Total

3,706,641

Capital

Goods

(0.1%)

Bingo

Industries,

Ltd.,

Term

Loan

225,000

4.000%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,e

224,437

Flex

Acquisition

Company,

Inc.,

Term

Loan

652,153

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

648,005

274,313

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

273,665

Gemini

HDPE,

LLC,

Term

Loan

420,148

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

420,148

GFL

Environmental,

Inc.,

Term

Loan

441,663

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

442,215

Graham

Packaging

Company,

Inc.,

Term

Loan

452,725

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

452,222

Grinding

Media,

Inc.,

Term

Loan

625,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

625,781

Groupe

Solmax,

Inc.,

Term

Loan

260,000

0.000%, 

(LIBOR

1M

+

4.750%),

7/23/2028

b,c,d

259,459

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Capital

Goods

(0.1%)

-

continued

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

$

375,000

5.000%, 

(LIBOR

1M

+

4.500%),

7/30/2028

b,e

$

375,469

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

465,281

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

455,320

MI

Windows

and

Doors,

Inc.,

Term

Loan

401,963

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

402,465

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

362,262

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

359,546

Quikrete

Holdings

Inc.,

Term

Loan

370,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

368,661

RLG

Holdings,

LLC,

Delayed

Draw

68,354

3.131%, 

(LIBOR

3M

+

2.125%),

7/8/2028

b,c,d

68,397

RLG

Holdings,

LLC,

Term

Loan

270,000

5.000%, 

(LIBOR

3M

+

4.250%),

7/8/2028

b

270,170

TransDigm,

Inc.,

Term

Loan

1,053,990

2.334%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,040,816

TricorBraun

Holdings,

Inc.,

Delayed

Draw

104,578

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

103,938

TricorBraun

Holdings,

Inc.,

Term

Loan

464,169

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

461,328

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

47,500

0.000%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,c,d

47,549

Trident

TPI

Holdings,

Inc.,

Term

Loan

327,500

4.500%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,c,d

327,841

Vertiv

Group

Corporation,

Term

Loan

1,548,300

2.833%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

1,537,973

Waterlogic

USA

Holdings,

Inc.

Term

Loan

335,000

0.000%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b,c,d

334,792

Total

9,500,197

Communications

Services

(0.2%)

Allen

Media,

LLC,

Delayed

Draw

143,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

142,777

Allen

Media,

LLC,

Term

Loan

157,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

156,755

Altice

France

SA,

Term

Loan

296,825

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

291,755

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Communications

Services

(0.2%)

-

continued

Cablevision

Lightpath,

LLC,

Term

Loan

$

426,775

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

$

427,095

CCI

Buyer,

Inc.,

Term

Loan

114,425

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

114,735

CommScope,

Inc.,

Term

Loan

572,695

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

569,236

DIRECTV

Financing,

LLC,

Term

Loan

695,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

695,216

E.W.

Scripps

Company,

Term

Loan

364,350

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

364,857

Entercom

Media

Corporation,

Term

Loan

409,508

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

403,112

iHeartCommunications,

Inc.,

Term

Loan

315,709

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

313,275

Indy

US

Bidco,

LLC,

Term

Loan

398,000

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

398,712

Meredith

Corporation,

Term

Loan

371,241

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

378,665

Metronet

Systems

Holdings,

LLC,

Term

Loan

415,624

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

415,936

NEP

Group,

Inc.,

Term

Loan

700,200

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

672,773

70,000

7.084%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

66,850

Nexstar

Media,

Inc.,

Term

Loan

687,053

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

686,023

ORBCOMM,

Inc.,

Term

Loan

330,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

329,449

Peraton

Corporation,

Term

Loan

587,050

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

587,144

Radiate

Holdco,

LLC,

Term

Loan

1,012,350

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,010,892

Terrier

Media

Buyer,

Inc.,

Term

Loan

590,538

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

589,061

Univision

Communications,

Inc.,

Term

Loan

305,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/21/2028

b,c,d

304,292

Voyage

Australia

Property,

Ltd.,

Term

Loan

310,000

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

309,613

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Communications

Services

(0.2%)

-

continued

WideOpenWest

Finance,

LLC,

Term

Loan

$

381,410

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

$

381,250

Xplornet

Communications,

Inc.,

Term

Loan

439,561

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

439,012

330,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

329,175

290,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

287,100

Total

10,664,760

Consumer

Cyclical

(0.1%)

ACProducts

Holdings,

Inc.,

Term

Loan

179,550

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

179,133

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

41,875

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

41,990

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

335,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

335,921

American

Trailer

World

Corporation,

Term

Loan

374,063

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

372,099

Caesars

Resort

Collection,

LLC,

Term

Loan

275,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b,c,d

275,099

Carnival

Corporation,

Term

Loan

303,463

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

301,473

Cengage

Learning,

Inc.,

Term

Loan

610,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

613,538

CP

Atlas

Buyer,

Inc.,

Term

Loan

373,125

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

371,726

Golden

Entertainment,

Inc.,

Term

Loan

818,437

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

815,368

Golden

Nugget,

LLC,

Term

Loan

299,044

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

297,468

LCPR

Loan

Financing,

LLC,

Term

Loan

390,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

390,000

Michaels

Companies,

Inc.,

Term

Loan

598,500

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

598,769

Penn

National

Gaming,

Inc.,

Term

Loan

326,482

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

325,848

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Raptor

Acquisition

Corporation,

Term

Loan

$

205,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

$

205,564

Scientific

Games

International,

Inc.,

Term

Loan

1,788,167

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,779,459

Staples,

Inc.,

Term

Loan

97,503

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

94,684

325,452

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

309,772

Tenneco,

Inc.,

Term

Loan

425,412

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

421,248

Truck

Hero,

Inc.,

Term

Loan

104,475

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

104,192

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

300,700

1.834%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

298,493

Total

8,131,844

Consumer

Non-Cyclical

(0.1%)

Adient

US,

LLC,

Term

Loan

159,600

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

159,533

Bausch

Health

Americas,

Inc.,

Term

Loan

611,946

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

611,028

Bellring

Brands,

LLC,

Term

Loan

407,464

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

408,890

Blue

Ribbon,

LLC,

Term

Loan

414,750

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

406,455

Chobani,

LLC,

Term

Loan

222,750

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

223,069

City

Brewing

Company,

LLC,

Term

Loan

240,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

237,499

CNT

Holdings

I

Corporation,

Term

Loan

288,550

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

288,732

80,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

81,200

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

691,525

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

675,004

Gainwell

Acquisition

Corporation,

Term

Loan

786,040

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

787,188

Global

Medical

Response,

Inc.,

Term

Loan

52,938

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

53,096

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Consumer

Non-Cyclical

(0.1%)

-

continued

$

1,565,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

$

1,569,695

1,384,538

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,388,691

Herens

US

Holdco

Corporation,

Term

Loan

568,575

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

570,099

Mamba

Purchaser,

Inc.,

Term

Loan

60,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

60,000

Ortho-Clinical

Diagnostics

SA,

Term

Loan

772,166

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

771,201

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

507,450

4.000%, 

(LIBOR

2M

+

3.250%),

3/4/2028

b

507,267

PetSmart,

LLC,

Term

Loan

720,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

721,030

Precision

Medicine

Group,

LLC,

Delayed

Draw

59,423

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

59,398

Precision

Medicine

Group,

LLC,

Term

Loan

452,160

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

451,970

Sotera

Health

Holdings,

LLC,

Term

Loan

291,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

290,031

Total

10,321,076

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

550,837

2.590%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

549,367

Energizer

Holdings,

Inc.,

Term

Loan

134,325

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

134,157

GIP

II

Blue

Holding

LP,

Term

Loan

470,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

469,121

Lealand

Finance

Company

BV,

Term

Loan

122,725

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

54,735

Total

1,207,380

Financials

(<0.1%)

Asurion,

LLC,

Term

Loan

610,387

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

601,012

224,041

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

220,624

400,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

398,584

320,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

318,320

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Financials

(<0.1%)

-

continued

Digicel

International

Finance,

Ltd.,

Term

Loan

$

456,653

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

$

440,387

Tiger

Acquisition,

LLC,

Term

Loan

200,000

3.750%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

199,188

Tronox

Finance,

LLC,

Term

Loan

318,462

2.366%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

317,013

Total

2,495,128

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

470,825

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

460,659

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

472,808

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

475,565

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

518,700

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

519,130

Gridiron

Fiber

Corporation,

Term

Loan

225,000

0.000%, 

(LIBOR

1M

+

4.500%),

8/23/2028

b,c,d

218,392

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

1,027,779

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

1,025,641

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,343,250

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,341,262

Rackspace

Technology

Global,

Inc.,

Term

Loan

865,650

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

859,062

Redstone

Holdco

2

LP,

Term

Loan

301,067

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

295,799

171,666

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

166,945

SS&C

Technologies,

Inc.,

Term

Loan

49,979

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

49,436

40,220

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

39,783

Verscend

Holding

Corporation,

Term

Loan

200,000

4.084%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

200,166

Zayo

Group

Holdings,

Inc.,

Term

Loan

932,974

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

924,269

Total

6,576,109

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Transportation

(<0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

$

1,040,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

$

1,074,809

Air

Canada,

Term

Loan

213,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

213,709

Genesee

&

Wyoming,

Inc.,

Term

Loan

600,850

2.132%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

596,890

Hertz

Corporation,

Term

Loan

164,588

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

164,614

31,096

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

31,101

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

355,730

SkyMiles

IP,

Ltd.,

Term

Loan

130,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

138,182

United

Airlines,

Inc.,

Term

Loan

308,450

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

310,344

Total

2,885,379

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

104,952

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

104,952

CQP

Holdco

LP,

Term

Loan

733,163

4.250%, 

(LIBOR

1M

+

3.750%),

6/4/2028

b

730,721

EnergySolutions,

LLC,

Term

Loan

298,814

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

298,067

Exgen

Renewables

IV,

LLC,

Term

Loan

185,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

184,769

Osmose

Utilities

Services,

Inc.,

Term

Loan

130,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

129,432

PG&E

Corporation,

Term

Loan

300,345

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

294,996

Total

1,742,937

Total

Bank

Loans

(cost

$57,088,577)

57,231,451

Shares

Registered

Investment

Companies

(

47.9%

)

Value

Unaffiliated  (0.9%)

5,281

Direxion

Daily

S&P

500

564,961

219,450

Invesco

Senior

Loan

ETF

4,852,039

8,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

1,064,240

8,705

ProShares

Ultra

S&P

500

g

1,043,033

1,201

ProShares

UltraPro

QQQ

149,609

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Registered

Investment

Companies

(47.9%)

Value

Unaffiliated  (0.9%)-

continued

99,784

SPDR

S&P

500

ETF

Trust

$

42,821,306

84,593

SPDR

S&P

Biotech

ETF

g

10,634,186

30,580

SPDR

S&P

Oil

&

Gas

Exploration

ETF

g

2,957,698

19,500

Vanguard

Short-Term

Corporate

Bond

ETF

1,606,995

Total

65,694,067

Affiliated  (47.0%)

9,349,928

Thrivent

Core

Emerging

Markets

Debt

Fund

91,255,298

6,068,384

Thrivent

Core

Emerging

Markets

Equity

Fund

71,121,455

10,919,938

Thrivent

Core

International

Equity

Fund

119,245,728

18,215,096

Thrivent

Core

Low

Volatility

Equity

Fund

257,197,155

34,685,954

Thrivent

Global

Stock

Portfolio

534,944,123

14,044,545

Thrivent

High

Yield

Portfolio

65,631,564

18,540,237

Thrivent

Income

Portfolio

200,944,653

55,574,435

Thrivent

International

Allocation

Portfolio

611,674,460

3,400,060

Thrivent

International

Index

Portfolio

45,913,394

27,982,848

Thrivent

Large

Cap

Value

Portfolio

623,734,878

10,526,994

Thrivent

Limited

Maturity

Bond

Portfolio

105,800,497

27,453,263

Thrivent

Mid

Cap

Stock

Portfolio

700,137,813

6,854,734

Thrivent

Small

Cap

Stock

Portfolio

164,473,870

Total

3,592,074,888

Total

Registered

Investment

Companies

(cost

$2,687,625,714)

3,657,768,955

Shares

Common

Stock

(

32.6%

)

Value

Communications

Services

(2.3%)

26,963

Alphabet,

Inc.,

Class

A

h

72,086,120

2,050

Alphabet,

Inc.,

Class

C

h

5,463,885

32,411

AMC

Networks,

Inc.

h

1,510,028

106,263

AT&T,

Inc.

2,870,164

24,319

Audacy,

Inc.

h

89,494

14,978

Cars.com,

Inc.

h

189,472

26,916

Comcast

Corporation

1,505,412

12,449

Discovery,

Inc.,

Class

A

g,h

315,956

5,012

DISH

Network

Corporation

h

217,821

4,013

E.W.

Scripps

Company

72,475

18,258

Electronic

Arts,

Inc.

2,597,200

125,423

Facebook,

Inc.

h

42,567,312

5,583

Gray

Television,

Inc.

127,404

5,135

Hemisphere

Media

Group,

Inc.

h

62,544

22,498

Interpublic

Group

of

Companies,

Inc.

825,002

1,879

Liberty

Global

plc,

Class

A

h

55,994

131,623

Live

Nation

Entertainment,

Inc.

h

11,994,804

125,382

Lumen

Technologies,

Inc.

g

1,553,483

49,413

Match

Group,

Inc.

h

7,757,347

4,159

Nexstar

Broadcasting

Group,

Inc.

632,002

21,023

Omnicom

Group,

Inc.

1,523,327

175,804

QuinStreet,

Inc.

h

3,087,118

15,179

RingCentral,

Inc.

h

3,301,432

5,989

Skillz,

Inc.

g,h

58,812

18,726

Telephone

&

Data

Systems,

Inc.

365,157

185,743

Twitter,

Inc.

h

11,217,020

1,213

United

States

Cellular

Corporation

h

38,683

Shares

Common

Stock

(32.6%)

Value

Communications

Services

(2.3%)

-

continued

63,029

Verizon

Communications,

Inc.

$

3,404,196

2,621

ViacomCBS,

Inc.

103,556

1,119

Walt

Disney

Company

h

189,301

5,129

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

h

78,217

1,854

Zillow

Group,

Inc.

h

164,227

39,924

ZoomInfo

Technologies,

Inc.

h

2,442,950

Total

178,467,915

Consumer

Discretionary

(4.3%)

1,771

Adient

plc

h

73,408

20,215

Amazon.com,

Inc.

h

66,407,084

74,018

American

Axle

&

Manufacturing

Holdings,

Inc.

h

652,099

105,299

Aptiv

plc

h

15,686,392

750

AutoZone,

Inc.

h

1,273,492

56,713

Bally's

Corporation

h

2,843,590

8,035

Bed

Bath

&

Beyond,

Inc.

g,h

138,805

6,355

Big

Lots,

Inc.

275,553

9,184

BJ's

Restaurants,

Inc.

h

383,524

2,758

Brunswick

Corporation

262,755

16,054

Burlington

Stores,

Inc.

h

4,552,433

39,477

Caesars

Entertainment,

Inc.

h

4,432,478

26,115

Carvana

Company

h

7,874,717

58,897

Cedar

Fair,

LP

h

2,731,643

30,291

Chegg,

Inc.

h

2,060,394

41,039

Chewy,

Inc.

g,h

2,795,166

43,212

Chico's

FAS,

Inc.

h

194,022

9,149

Chipotle

Mexican

Grill,

Inc.

h

16,628,490

34,468

Choice

Hotels

International,

Inc.

4,355,721

954

Churchill

Downs,

Inc.

229,036

2,859

Cimpress

plc

h

248,247

58,833

Clarus

Corporation

1,507,890

224,902

Cooper-Standard

Holdings,

Inc.

h

4,927,603

4,365

Cracker

Barrel

Old

Country

Store,

Inc.

610,402

15,329

Crocs,

Inc.

h

2,199,405

22,073

Culp,

Inc.

284,300

4,989

D.R.

Horton,

Inc.

418,926

26,680

Dana,

Inc.

593,363

9,518

Darden

Restaurants,

Inc.

1,441,691

2,191

Deckers

Outdoor

Corporation

h

789,198

3,540

Dick's

Sporting

Goods,

Inc.

423,986

5,153

Dorman

Products,

Inc.

h

487,834

216,832

Duluth

Holdings,

Inc.

h

2,955,420

32,059

Emerald

Holding,

Inc.

h

139,136

569,223

Everi

Holdings,

Inc.

h

13,763,812

1,352

Expedia

Group,

Inc.

h

221,593

57,276

Farfetch,

Ltd.

h

2,146,704

3,257

Fisker,

Inc.

g,h

47,715

38,618

Five

Below,

Inc.

h

6,828,049

12,820

Foot

Locker,

Inc.

585,361

1,962

Fox

Factory

Holding

Corporation

h

283,587

53,866

Gap,

Inc.

1,222,758

3,983

Garmin,

Ltd.

619,197

87,352

Gentex

Corporation

2,880,869

8,239

Genuine

Parts

Company

998,814

13,506

G-III

Apparel

Group,

Ltd.

h

382,220

13,092

Goodyear

Tire

&

Rubber

Company

h

231,728

35,313

GoPro,

Inc.

h

330,530

176

Graham

Holdings

Company

103,692

5,132

Grand

Canyon

Education,

Inc.

h

451,411

1,272

Group

1

Automotive,

Inc.

238,983

4,858

GrowGeneration

Corporation

h

119,847

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock

(32.6%)

Value

Consumer

Discretionary

(4.3%)

-

continued

12,472

Guess

?,

Inc.

$

262,037

29,093

Hanesbrands,

Inc.

499,236

9,683

Harley-Davidson,

Inc.

354,495

17,999

Home

Depot,

Inc.

5,908,352

2,079

Jack

in

the

Box,

Inc.

202,349

6,509

KB

Home

253,330

75,018

Kohl's

Corporation

3,532,598

23,454

Lear

Corporation

3,670,082

94,835

Leggett

&

Platt,

Inc.

4,252,401

2,007

Libbey,

Inc.

h

7,526

19,317

Lithia

Motors,

Inc.

6,124,262

9,678

Lowe's

Companies,

Inc.

1,963,279

1,072

Lululemon

Athletica,

Inc.

h

433,838

4,591

M.D.C.

Holdings,

Inc.

214,492

11,528

Macy's,

Inc.

260,533

103,676

Magnite,

Inc.

h

2,902,928

177

Marriott

Vacations

Worldwide

Corporation

27,847

11,807

McDonald's

Corporation

2,846,786

56,633

Miller

Industries,

Inc.

1,927,787

2,425

Mohawk

Industries,

Inc.

h

430,195

17,625

NIKE,

Inc.

2,559,679

42,160

Nordstrom,

Inc.

h

1,115,132

49,782

Norwegian

Cruise

Line

Holdings,

Ltd.

g,h

1,329,677

1,225

NVR,

Inc.

h

5,872,748

44,161

Ollie's

Bargain

Outlet

Holdings,

Inc.

h

2,662,025

29,309

Papa

John's

International,

Inc.

3,721,950

80,857

Penn

National

Gaming,

Inc.

h

5,858,898

68,479

Planet

Fitness,

Inc.

h

5,379,025

1,685

Pool

Corporation

731,981

2,827

Poshmark,

Inc.

h

67,170

3,544

Purple

Innovation,

Inc.

h

74,495

4,451

PVH

Corporation

h

457,518

210,126

Qurate

Retail,

Inc.

2,141,184

6,433

Revolve

Group,

Inc.

h

397,366

340

RH

h

226,749

29,308

Ross

Stores,

Inc.

3,190,176

15,180

Ruth's

Hospitality

Group,

Inc.

h

314,378

85,144

Skyline

Corporation

h

5,113,749

33,040

Sleep

Number

Corporation

h

3,088,579

7,510

Sony

Group

Corporation

ADR

830,456

76,182

Stoneridge,

Inc.

h

1,553,351

10,319

Tapestry,

Inc.

382,009

2,876

Target

Corporation

657,943

89,703

Taylor

Morrison

Home

Corporation

h

2,312,543

11,229

Tenneco,

Inc.

h

160,238

33,506

Tesla,

Inc.

h

25,983,233

3,433

Thor

Industries,

Inc.

421,435

342,728

ThredUp,

Inc.

h

7,433,770

33,935

Toll

Brothers,

Inc.

1,876,266

6,243

TopBuild

Corporation

h

1,278,629

34,899

Tri

Pointe

Homes,

Inc.

h

733,577

38,830

TripAdvisor,

Inc.

h

1,314,395

7,484

Tupperware

Brands

Corporation

h

158,062

9,986

Ulta

Beauty,

Inc.

h

3,604,147

5,013

Urban

Outfitters,

Inc.

h

148,836

4,282

Vail

Resorts,

Inc.

h

1,430,402

2,418

Wayfair,

Inc.

g,h

617,823

1,120

Williams-Sonoma,

Inc.

198,610

22,415

Wingstop,

Inc.

3,674,491

14,286

Workhorse

Group,

Inc.

g,h

109,288

58,015

Wyndham

Hotels

&

Resorts,

Inc.

4,478,178

18,506

Yum!

Brands,

Inc.

2,263,469

Shares

Common

Stock

(32.6%)

Value

Consumer

Discretionary

(4.3%)

-

continued

55,197

Zumiez,

Inc.

h

$

2,194,633

Total

326,527,689

Consumer

Staples

(0.7%)

7,160

Altria

Group,

Inc.

325,923

122,847

BJ's

Wholesale

Club

Holdings,

Inc.

h

6,746,757

107

Casey's

General

Stores,

Inc.

20,164

2,980

Church

&

Dwight

Company,

Inc.

246,059

20,985

Colgate-Palmolive

Company

1,586,046

9,907

Costco

Wholesale

Corporation

4,451,710

61,986

Coty,

Inc.

h

487,210

15,992

Darling

Ingredients,

Inc.

h

1,149,825

199,273

e.l.f.

Beauty,

Inc.

h

5,788,881

6,656

Hain

Celestial

Group,

Inc.

h

284,744

3,550

Hershey

Company

600,837

3,563

Ingredion,

Inc.

317,143

18,739

John

B.

Sanfilippo

&

Son,

Inc.

1,531,351

2,122

Kimberly-Clark

Corporation

281,038

79,119

Lamb

Weston

Holdings,

Inc.

4,855,533

1,803

Medifast,

Inc.

347,330

11,595

Molson

Coors

Beverage

Company

537,776

27,491

Monster

Beverage

Corporation

h

2,442,026

2,105

PepsiCo,

Inc.

316,613

52,519

Philip

Morris

International,

Inc.

4,978,276

228,313

Primo

Water

Corporation

3,589,080

18,459

Procter

&

Gamble

Company

2,580,568

2,576

Seneca

Foods

Corporation

h

124,215

35,617

Sprouts

Farmers

Markets,

Inc.

h

825,246

4,722

Sysco

Corporation

370,677

184,911

Turning

Point

Brands,

Inc.

8,829,500

7,747

US

Foods

Holding

Corporation

h

268,511

9,857

Wal-Mart

Stores,

Inc.

1,373,869

Total

55,256,908

Energy

(0.6%)

76,778

Antero

Midstream

Corporation

800,027

71,089

Antero

Resources

Corporation

h

1,337,184

169,371

APA

Corporation

3,629,621

80,537

Archrock,

Inc.

664,430

2,121

Bonanza

Creek

Energy,

Inc.

101,596

16,834

BP

plc

ADR

460,073

1,369

Callon

Petroleum

Company

h

67,191

109,383

Centennial

Resource

Development,

Inc.

h

732,866

24,918

ChampionX

Corporation

h

557,167

7,577

Chevron

Corporation

768,687

25,444

CNX

Resources

Corporation

h

321,103

9,688

ConocoPhillips

656,556

31,283

Continental

Resources,

Inc.

g

1,443,710

19,765

Core

Laboratories

NV

548,479

130,440

Devon

Energy

Corporation

4,631,924

29,705

Diamondback

Energy,

Inc.

2,812,172

2,124

DT

Midstream,

Inc.

98,214

64,300

EnLink

Midstream,

LLC

438,526

18,307

Enterprise

Products

Partners,

LP

396,163

20,437

EOG

Resources,

Inc.

1,640,478

14,190

Equitrans

Midstream

Corporation

143,887

17,774

Exterran

Corporation

h

78,917

11,331

Exxon

Mobil

Corporation

666,489

52,583

Halliburton

Company

1,136,844

29,727

Helix

Energy

Solutions

Group,

Inc.

h

115,341

144,691

Helmerich

&

Payne,

Inc.

3,965,980

21,084

HollyFrontier

Corporation

698,513

44,780

Kinder

Morgan,

Inc.

749,169

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock

(32.6%)

Value

Energy

(0.6%)

-

continued

31,279

Kosmos

Energy,

Ltd.

h

$

92,586

7,010

Magnolia

Oil

&

Gas

Corporation

124,708

236,924

Marathon

Oil

Corporation

3,238,751

6,118

Marathon

Petroleum

Corporation

378,154

28,772

Matador

Resources

Company

1,094,487

118,347

Nine

Energy

Service,

Inc.

h

216,575

5,198

Northern

Oil

and

Gas,

Inc.

111,237

95,266

NOV,

Inc.

h

1,248,937

724

Oceaneering

International,

Inc.

h

9,644

38,731

PBF

Energy,

Inc.

h

502,341

27,333

Peabody

Energy

Corporation

h

404,255

2,425

Penn

Virginia

Corporation

h

64,675

6,076

Pioneer

Natural

Resources

Company

1,011,715

14,903

Plains

GP

Holdings,

LP

160,580

69,632

ProPetro

Holding

Corporation

h

602,317

30,076

RPC,

Inc.

h

146,169

32,547

Schlumberger,

Ltd.

964,693

57,658

SM

Energy

Company

1,521,018

316,756

Southwestern

Energy

Company

h

1,754,828

68,429

Talos

Energy,

Inc.

h

942,267

12,481

Targa

Resources

Corporation

614,190

243,570

TechnipFMC

plc

h

1,834,082

306

Texas

Pacific

Land

Corporation

370,064

174,601

Transocean,

Ltd.

h

661,738

2,295

Valero

Energy

Corporation

161,958

6,718

World

Fuel

Services

Corporation

225,859

Total

48,119,135

Financials

(4.0%)

118,801

Air

Lease

Corporation

4,673,631

3,993

Alleghany

Corporation

h

2,493,269

2,092

Allegiance

Bancshares,

Inc.

79,810

7,709

Ally

Financial,

Inc.

393,544

29,562

American

Equity

Investment

Life

Holding

Company

874,148

66,470

American

Express

Company

11,135,719

16,254

American

Financial

Group,

Inc.

2,045,241

2,932

Ameriprise

Financial,

Inc.

774,400

48,547

Ameris

Bancorp

2,518,618

37,631

Annaly

Capital

Management,

Inc.

316,853

44,305

Apollo

Commercial

Real

Estate

Finance,

Inc.

657,043

81,022

Arch

Capital

Group,

Ltd.

h

3,093,420

1,664

Argo

Group

International

Holdings,

Ltd.

86,894

20,301

Arthur

J.

Gallagher

&

Company

3,017,744

11,696

Artisan

Partners

Asset

Management,

Inc.

572,168

79,203

Assured

Guaranty,

Ltd.

3,707,492

10,368

BancorpSouth

Bank

308,759

51,383

Bank

of

America

Corporation

2,181,208

1,105

Bank

of

Marin

Bancorp

41,714

61,622

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

2,188,197

26,591

Bank

of

New

York

Mellon

Corporation

1,378,477

21,910

BankFinancial

Corporation

251,527

30,972

Banner

Corporation

1,709,964

12,939

Berkshire

Hathaway,

Inc.

h

3,531,571

5,911

BlackRock,

Inc.

4,957,319

9,633

Blackstone

Mortgage

Trust,

Inc.

292,073

144,884

Bridgewater

Bancshares,

Inc.

h

2,536,919

21,591

Brighthouse

Financial,

Inc.

h

976,561

6,555

BrightSpire

Capital,

Inc.

61,551

17,275

Brookline

Bancorp,

Inc.

263,617

Shares

Common

Stock

(32.6%)

Value

Financials

(4.0%)

-

continued

8,344

Brown

&

Brown,

Inc.

$

462,675

117,558

Byline

Bancorp,

Inc.

2,887,224

3,386

Capital

One

Financial

Corporation

548,430

4,021

Cboe

Global

Markets,

Inc.

498,041

43,511

Central

Pacific

Financial

Corporation

1,117,362

211,784

Charles

Schwab

Corporation

15,426,347

35,392

Chimera

Investment

Corporation

525,571

4,180

Chubb,

Ltd.

725,146

10,564

Cincinnati

Financial

Corporation

1,206,620

60,644

Citigroup,

Inc.

4,255,996

51,677

Citizens

Financial

Group,

Inc.

2,427,785

13,617

CME

Group,

Inc.

2,633,255

16,044

CNO

Financial

Group,

Inc.

377,676

94,924

Columbia

Banking

System,

Inc.

3,606,163

7,154

Comerica,

Inc.

575,897

33,825

Community

Trust

Bancorp,

Inc.

1,424,033

57,241

Customers

Bancorp,

Inc.

h

2,462,508

431

Diamond

Hill

Investment

Group,

Inc.

75,709

1,642

Dime

Community

Bancshares,

Inc.

53,628

3,464

Discover

Financial

Services

425,552

8,529

East

West

Bancorp,

Inc.

661,339

12,098

Ellington

Residential

Mortgage

REIT

135,014

16,486

Enova

International,

Inc.

h

569,591

68,831

Enterprise

Financial

Services

Corporation

3,116,668

21,372

Equitable

Holdings,

Inc.

633,466

38,420

Essent

Group,

Ltd.

1,690,864

6,741

Evercore,

Inc.

901,069

165,081

F.N.B.

Corporation

1,918,241

3,606

FactSet

Research

Systems,

Inc.

1,423,577

1,577

Federal

Agricultural

Mortgage

Corporation

171,136

8,191

Federated

Hermes,

Inc.

266,208

25,182

Financial

Institutions,

Inc.

771,828

370

First

American

Financial

Corporation

24,809

175,207

First

Bancorp

2,303,972

50,915

First

Busey

Corporation

1,254,036

3,442

First

Commonwealth

Financial

Corporation

46,914

21,151

First

Financial

Corporation

889,400

158,080

First

Horizon

Corporation

2,575,123

1,557

First

Mid-Illinois

Bancshares,

Inc.

63,930

3,228

First

of

Long

Island

Corporation

66,497

43,888

First

Republic

Bank

8,465,117

8,800

Flushing

Financial

Corporation

198,880

47,293

Franklin

Resources,

Inc.

1,405,548

145,183

Fulton

Financial

Corporation

2,218,396

35,064

Glacier

Bancorp,

Inc.

1,940,792

32,633

Granite

Point

Mortgage

Trust,

Inc.

429,777

33,883

Great

Southern

Bancorp,

Inc.

1,857,127

50,816

Hamilton

Lane,

Inc.

4,310,213

82,608

Hancock

Whitney

Corporation

3,892,489

51,093

Hanmi

Financial

Corporation

1,024,926

25,858

Hanover

Insurance

Group,

Inc.

3,351,714

137,102

Heartland

Financial

USA,

Inc.

6,591,864

4,258

Heritage

Commerce

Corporation

49,521

2,330

Heritage

Financial

Corporation

59,415

22,228

HomeStreet,

Inc.

914,682

26,753

Hometrust

Bancshares,

Inc.

748,549

243,854

Hope

Bancorp,

Inc.

3,521,252

38,313

Horizon

Bancorp,

Inc.

696,147

21,321

Houlihan

Lokey,

Inc.

1,963,664

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock

(32.6%)

Value

Financials

(4.0%)

-

continued

55,973

Independent

Bank

Corporation

$

1,202,300

134,867

Invesco

Mortgage

Capital,

Inc.

424,831

71,171

Invesco,

Ltd.

1,715,933

20,435

J.P.

Morgan

Chase

&

Company

3,345,005

1,774

Jefferies

Financial

Group,

Inc.

65,869

41,463

Kinsale

Capital

Group,

Inc.

6,704,567

6,808

Ladder

Capital

Corporation

75,228

16,854

Lakeland

Bancorp,

Inc.

297,136

26,070

Lincoln

National

Corporation

1,792,313

7,735

Loews

Corporation

417,149

5,096

LPL

Financial

Holdings,

Inc.

798,849

7,299

Marsh

&

McLennan

Companies,

Inc.

1,105,288

8,356

Mercantile

Bank

Corporation

267,643

984

Merchants

Bancorp

38,838

136,055

MFA

Financial,

Inc.

621,771

20,553

Midland

States

Bancorp,

Inc.

508,276

45,973

MidWestOne

Financial

Group,

Inc.

1,386,546

8,066

Moody's

Corporation

2,864,317

12,892

Morgan

Stanley

1,254,521

9,629

MSCI,

Inc.

5,857,706

21

National

Western

Life

Group,

Inc.

4,422

33,801

Navient

Corporation

666,894

40,798

NMI

Holdings,

Inc.

h

922,443

11,852

Northern

Trust

Corporation

1,277,764

9,296

OceanFirst

Financial

Corporation

199,027

16,085

OFG

Bancorp

405,664

799

Old

National

Bancorp

13,543

17,331

Old

Second

Bancorp,

Inc.

226,343

41,018

PacWest

Bancorp

1,858,936

842

Peapack-Gladstone

Financial

Corporation

28,089

3,913

Peoples

Bancorp,

Inc.

123,690

80,869

Popular,

Inc.

6,281,095

25,506

Premier

Financial

Corporation

812,111

23,275

Primerica,

Inc.

3,575,738

20,968

QCR

Holdings,

Inc.

1,078,594

115,801

Radian

Group,

Inc.

2,630,999

39,045

Raymond

James

Financial,

Inc.

3,603,073

325

Ready

Capital

Corporation

4,690

21,929

Reinsurance

Group

of

America,

Inc.

2,439,821

11,642

RenaissanceRe

Holdings,

Ltd.

1,622,895

42,139

S&P

Global,

Inc.

17,904,440

102

Safety

Insurance

Group,

Inc.

8,084

136,574

Seacoast

Banking

Corporation

of

Florida

4,617,567

43,028

SEI

Investments

Company

2,551,560

14,876

Selective

Insurance

Group,

Inc.

1,123,584

14,951

Signature

Bank

4,070,858

35,962

Starwood

Property

Trust,

Inc.

877,832

22,285

State

Street

Corporation

1,887,985

11,929

Synchrony

Financial

583,090

114,869

Synovus

Financial

Corporation

5,041,600

10,328

T.

Rowe

Price

Group,

Inc.

2,031,518

8,123

Territorial

Bancorp,

Inc.

206,162

62,679

Texas

Capital

Bancshares,

Inc.

h

3,761,994

25,318

TMX

Group,

Ltd.

2,730,290

8,706

Torchmark

Corporation

775,095

4,739

Towne

Bank

147,430

36,586

TPG

RE

Finance

Trust,

Inc.

452,935

13,866

TriCo

Bancshares

601,784

44,983

Triumph

Bancorp,

Inc.

h

4,504,148

13,972

Truist

Financial

Corporation

819,458

22,443

TrustCo

Bank

Corporation

NY

717,503

Shares

Common

Stock

(32.6%)

Value

Financials

(4.0%)

-

continued

14,288

Trustmark

Corporation

$

460,359

161,505

Umpqua

Holdings

Corporation

3,270,476

2,552

Universal

Insurance

Holdings,

Inc.

33,278

3,433

Univest

Financial

Corporation

94,030

151,491

Unum

Group

3,796,364

2,479

Valley

National

Bancorp

32,996

6,655

Washington

Trust

Bancorp,

Inc.

352,582

22,565

Wells

Fargo

&

Company

1,047,242

700

WesBanco,

Inc.

23,856

145,505

Western

Alliance

Bancorp

15,833,854

47,597

Western

Asset

Mortgage

Capital

Corporation

124,228

38,626

Wintrust

Financial

Corporation

3,104,372

14,240

Zions

Bancorporations

NA

881,314

1,361

Zurich

Insurance

Group

AG

556,541

Total

305,505,150

Health

Care

(4.5%)

34,378

908

Devices,

Inc.

h

1,117,973

7,248

Abbott

Laboratories

856,206

5,176

AbbVie,

Inc.

558,335

139,458

ACADIA

Pharmaceuticals,

Inc.

h

2,316,397

113,229

Adaptive

Biotechnologies

Corporation

h

3,848,654

352

Align

Technology,

Inc.

h

234,231

1,182

Allakos,

Inc.

h

125,138

10,996

Allogene

Therapeutics,

Inc.

h

282,597

10,198

Amedisys,

Inc.

h

1,520,522

17,703

American

Well

Corporation

h

161,274

44,154

Amgen,

Inc.

9,389,348

29,937

AMN

Healthcare

Services,

Inc.

h

3,435,271

18,142

Anthem,

Inc.

6,763,338

3,030

Arcutis

Biotherapeutics,

Inc.

h

72,387

19,723

Arena

Pharmaceuticals,

Inc.

h

1,174,505

12,864

Argenx

SE

ADR

h

3,884,928

29,602

Ascendis

Pharma

AS

ADR

h

4,718,263

294

Atrion

Corporation

205,065

112,184

Avantor,

Inc.

h

4,588,326

82,450

Axonics

Modulation

Technologies,

Inc.

h

5,366,670

23,306

Baxter

International,

Inc.

1,874,502

4,248

Becton,

Dickinson

and

Company

1,044,243

23,360

BioCryst

Pharmaceuticals,

Inc.

h

335,683

2,016

Biogen,

Inc.

h

570,508

995

Bio-Rad

Laboratories,

Inc.

h

742,220

17,287

Bio-Techne

Corporation

8,376,762

1,361

Boston

Scientific

Corporation

h

59,054

1,990

Bristol-Myers

Squibb

Company

117,748

3,456

Bruker

Corporation

269,914

49,701

Centene

Corporation

h

3,096,869

1,957

Cerner

Corporation

138,008

9,323

Charles

River

Laboratories

International,

Inc.

h

3,847,322

3,193

Chemed

Corporation

1,485,128

3,221

Cigna

Holding

Company

644,715

9,617

Cooper

Companies,

Inc.

3,974,802

12,662

CryoLife,

Inc.

h

282,236

4,950

CVS

Health

Corporation

420,057

36,582

Danaher

Corporation

11,137,024

14,350

Dentsply

Sirona,

Inc.

833,017

16,176

DermTech,

Inc.

g,h

519,411

27,832

Dexcom,

Inc.

h

15,220,208

74,599

Edwards

Lifesciences

Corporation

h

8,445,353

1,801

Generation

Bio

Company

h

45,151

59,849

Gilead

Sciences,

Inc.

4,180,453

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock

(32.6%)

Value

Health

Care

(4.5%)

-

continued

8,304

GlaxoSmithKline

plc

ADR

$

317,296

11,268

Global

Blood

Therapeutics,

Inc.

h

287,109

71,080

GoodRx

Holdings,

Inc.

g,h

2,915,702

53,478

Guardant

Health,

Inc.

h

6,685,285

1,353

Haemonetics

Corporation

h

95,508

53,776

Halozyme

Therapeutics,

Inc.

h

2,187,608

3,112

HCA

Healthcare,

Inc.

755,345

5,880

HealthEquity,

Inc.

h

380,789

2,038

ICU

Medical,

Inc.

h

475,628

12,344

Illumina,

Inc.

h

5,006,850

71,384

Immunocore

Holdings

plc

ADR

h

2,646,205

18,947

InMode,

Ltd.

h

3,021,099

26,981

Inspire

Medical

Systems,

Inc.

h

6,283,335

20,993

Insulet

Corporation

h

5,966,840

3,354

Integra

LifeSciences

Holdings

Corporation

h

229,682

14,240

Intuitive

Surgical,

Inc.

h

14,156,696

2,080

Invitae

Corporation

g,h

59,134

116,663

Ionis

Pharmaceuticals,

Inc.

h

3,912,877

12,207

IQVIA

Holding,

Inc.

h

2,924,065

32,681

Johnson

&

Johnson

5,277,981

3,036

Laboratory

Corporation

of

America

Holdings

h

854,452

290,548

Lantheus

Holdings,

Inc.

h

7,461,273

80,923

LHC

Group,

Inc.

h

12,697,628

8,632

Lineage

Cell

Therapeutics,

Inc.

h

21,753

5,519

Masimo

Corporation

h

1,494,048

38,024

Medtronic

plc

4,766,308

14,630

Merck

&

Company,

Inc.

1,098,859

1,058

Mettler-Toledo

International,

Inc.

h

1,457,247

4,568

Molina

Healthcare,

Inc.

h

1,239,344

45,417

Natera,

Inc.

h

5,061,270

15,125

National

HealthCare

Corporation

1,058,447

8,910

Neogen

Corporation

h

386,961

57,973

Nevro

Corporation

h

6,746,898

62,106

Novo

Nordisk

AS

ADR

5,962,797

15,303

NuVasive,

Inc.

h

915,885

1,014

Orthofix

Medical,

Inc.

h

38,654

68,446

Phreesia,

Inc.

h

4,223,118

16,963

Premier,

Inc.

657,486

99,055

Progyny,

Inc.

h

5,547,080

77,099

Pulmonx

Corporation

h

2,774,022

7,933

Reata

Pharmaceuticals,

Inc.

h

798,139

1,050

Regeneron

Pharmaceuticals,

Inc.

h

635,439

30,471

Repligen

Corporation

h

8,805,814

8,277

Rubius

Therapeutics,

Inc.

h

147,993

20,906

Sarepta

Therapeutics,

Inc.

h

1,933,387

89,271

Silk

Road

Medical,

Inc.

h

4,912,583

19,858

Stryker

Corporation

5,236,952

66,793

Syneos

Health,

Inc.

h

5,843,052

62,501

Tactile

Systems

Technology,

Inc.

h

2,778,169

41,662

Teladoc

Health,

Inc.

h

5,283,158

13,403

Teleflex,

Inc.

5,046,900

4,924

Tenet

Healthcare

Corporation

h

327,151

27,502

Thermo

Fisher

Scientific,

Inc.

15,712,718

51,313

Tilray,

Inc.

g,h

579,324

55,473

Travere

Therapeutics,

Inc.

h

1,345,220

2,072

U.S.

Physical

Therapy,

Inc.

229,163

10,942

UnitedHealth

Group,

Inc.

4,275,477

897

Universal

Health

Services,

Inc.

124,118

1,621

Vaxcyte,

Inc.

h

41,125

34,306

Veeva

Systems,

Inc.

h

9,885,960

3,981

Viatris,

Inc.

53,943

269,936

Viemed

Healthcare,

Inc.

h

1,498,145

63,980

Vor

BioPharma,

Inc.

g,h

1,003,206

Shares

Common

Stock

(32.6%)

Value

Health

Care

(4.5%)

-

continued

14,611

VYNE

Therapeutics,

Inc.

h

$

20,309

1,274

Waters

Corporation

h

455,200

3,772

Zimmer

Biomet

Holdings,

Inc.

552,070

96,080

Zoetis,

Inc.

18,652,971

71,924

Zymeworks,

Inc.

h

2,088,673

Total

344,594,739

Industrials

(4.6%)

13,955

A.O.

Smith

Corporation

852,232

2,860

Advanced

Drainage

Systems,

Inc.

309,366

13,975

AECOM

h

882,521

2,658

Allegion

plc

351,334

92,172

Altra

Industrial

Motion

Corporation

5,101,720

30,957

AMETEK,

Inc.

3,838,978

3,359

Armstrong

World

Industries,

Inc.

320,684

108,898

ASGN,

Inc.

h

12,320,720

1,646

Avis

Budget

Group,

Inc.

h

191,775

30,176

AZZ,

Inc.

1,605,363

3,313

Babcock

&

Wilcox

Enterprises,

Inc.

h

21,236

157,221

Badger

Infrastructure

Solution

4,201,745

17,458

Bloom

Energy

Corporation

h

326,814

756

Boeing

Company

h

166,275

24,940

Carlisle

Companies,

Inc.

4,957,823

1,566

Caterpillar,

Inc.

300,625

41,071

CBIZ,

Inc.

h

1,328,236

48,765

Chart

Industries,

Inc.

h

9,319,479

934

CRA

International,

Inc.

92,784

83,890

Crane

Company

7,953,611

20,554

CSW

Industrials,

Inc.

2,624,746

15,346

CSX

Corporation

456,390

5,930

Cummins,

Inc.

1,331,641

61,052

Curtiss-Wright

Corporation

7,703,541

16,903

Delta

Air

Lines,

Inc.

h

720,237

71,142

Desktop

Metal,

Inc.

g,h

510,088

3,832

Douglas

Dynamics,

Inc.

139,102

8,705

Dover

Corporation

1,353,627

98,486

Driven

Brands

Holdings,

Inc.

h

2,845,261

12,926

Dun

&

Bradstreet

Holdings,

Inc.

h

217,286

14,331

Eaton

Corporation

plc

2,139,762

20,926

EMCOR

Group,

Inc.

2,414,442

22,053

Emerson

Electric

Company

2,077,393

3,675

Expeditors

International

of

Washington,

Inc.

437,803

33,578

Fastenal

Company

1,732,961

197,179

First

Advantage

Corporation

h

3,756,260

18,726

Flowserve

Corporation

649,230

25,228

Forrester

Research,

Inc.

h

1,242,731

69,951

Forward

Air

Corporation

5,807,332

7,489

GATX

Corporation

670,715

15,754

Generac

Holdings,

Inc.

h

6,438,187

14,969

General

Dynamics

Corporation

2,934,373

7,920

Gorman-Rupp

Company

283,615

84,206

GrafTech

International,

Ltd.

869,006

787

GXO

Logistics,

Inc.

h

61,732

1,673

Harsco

Corporation

h

28,357

43,964

Helios

Technologies,

Inc.

3,609,884

26,275

Honeywell

International,

Inc.

5,577,657

166,210

Howmet

Aerospace,

Inc.

5,185,752

23,798

Hubbell,

Inc.

4,299,585

3,671

ICF

International,

Inc.

327,784

29,766

IDEX

Corporation

6,160,074

16,385

Illinois

Tool

Works,

Inc.

3,385,633

6,550

ITT

Corporation

562,252

658

JB

Hunt

Transport

Services,

Inc.

110,031

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock

(32.6%)

Value

Industrials

(4.6%)

-

continued

2,189

JetBlue

Airways

Corporation

h

$

33,470

1,441

John

Bean

Technologies

Corporation

202,533

13,312

Johnson

Controls

International

plc

906,281

673

Kansas

City

Southern

182,141

9,179

L3Harris

Technologies,

Inc.

2,021,583

22,575

Landstar

System,

Inc.

3,562,786

3,258

Lennox

International,

Inc.

958,406

93,927

Lincoln

Electric

Holdings,

Inc.

12,096,858

6,387

Linde

plc

1,873,818

28,905

Lockheed

Martin

Corporation

9,975,115

52,365

Manpower,

Inc.

5,670,082

2,226

Masonite

International

Corporation

h

236,245

46,518

Mercury

Systems,

Inc.

h

2,205,884

312,120

Meritor,

Inc.

h

6,651,277

82,995

Middleby

Corporation

h

14,151,477

17,632

MSC

Industrial

Direct

Company,

Inc.

1,413,910

72,202

NAPCO

Security

Technologies,

Inc.

h

3,110,462

16,806

Nikola

Corporation

g,h

179,320

2,558

Nordson

Corporation

609,188

44,959

Norfolk

Southern

Corporation

10,756,441

7,007

Northrop

Grumman

Corporation

2,523,571

8,726

NOW,

Inc.

h

66,754

4,318

Nutrien,

Ltd.

279,936

15,155

nVent

Electric

plc

489,961

9,628

Old

Dominion

Freight

Line,

Inc.

2,753,415

7,927

Parker-Hannifin

Corporation

2,216,548

44,817

Pitney

Bowes,

Inc.

323,131

8,313

Quad/Graphics,

Inc.

h

35,330

3,184

Quanta

Services,

Inc.

362,403

166,096

Ranpak

Holdings

Corporation

h

4,454,695

6,341

Raytheon

Technologies

Corporation

545,072

19,987

RBC

Bearings,

Inc.

h

4,241,241

105,980

Regal-Beloit

Corporation

15,933,033

841

Robert

Half

International,

Inc.

84,377

103,250

Rush

Enterprises,

Inc.

4,662,770

1,750

Ryder

System,

Inc.

144,742

15,401

Saia,

Inc.

h

3,665,900

30,130

Simpson

Manufacturing

Company,

Inc.

3,223,006

7,984

SkyWest,

Inc.

h

393,931

21,005

Smith

&

Wesson

Brands,

Inc.

436,064

3,634

Snap-On,

Inc.

759,324

5,251

Southwest

Airlines

Company

h

270,059

37,458

Standex

International

Corporation

3,704,971

6,547

Stanley

Black

&

Decker,

Inc.

1,147,755

208,235

Summit

Materials,

Inc.

h

6,657,273

178,935

Sun

Country

Airlines

Holdings,

Inc.

h

6,001,480

2,404

Sunrun,

Inc.

h

105,776

9,032

Technip

Energies

NV

ADR

h

141,531

3,731

Teledyne

Technologies,

Inc.

h

1,602,763

3,078

Tetra

Tech,

Inc.

459,668

5,531

Thermon

Group

Holdings,

Inc.

h

95,742

12,628

Timken

Company

826,124

7,924

Toro

Company

771,877

6,208

Trane

Technologies

plc

1,071,811

59,143

TransUnion

6,642,350

28,212

Trex

Company,

Inc.

h

2,875,649

33,821

TriMas

Corporation

h

1,094,448

24,430

Tutor

Perini

Corporation

317,101

313,569

Uber

Technologies,

Inc.

h

14,047,891

Shares

Common

Stock

(32.6%)

Value

Industrials

(4.6%)

-

continued

3,530

UniFirst

Corporation

$

750,549

27,457

Union

Pacific

Corporation

5,381,847

7,288

United

Airlines

Holdings,

Inc.

h

346,690

5,584

United

Parcel

Service,

Inc.

1,016,846

22,628

United

Rentals,

Inc.

h

7,940,844

142,553

US

Ecology,

Inc.

h

4,611,590

12,108

Valmont

Industries,

Inc.

2,846,833

29,891

Vicor

Corporation

h

4,010,177

5,169

Waste

Connections,

Inc.

650,932

2,179

Waste

Management,

Inc.

325,455

7,967

Watsco,

Inc.

2,108,228

1,446

Watts

Water

Technologies,

Inc.

243,058

11,088

Werner

Enterprises,

Inc.

490,866

42,148

WESCO

International,

Inc.

h

4,860,507

53,919

Willdan

Group,

Inc.

h

1,918,977

235,169

WillScot

Mobile

Mini

Holdings

Corporation

h

7,459,561

5,629

Woodward,

Inc.

637,203

5,180

Xylem,

Inc.

640,662

Total

351,575,366

Information

Technology

(8.7%)

11,895

Accenture

plc

3,805,448

43,493

Adobe,

Inc.

h

25,039,790

19,954

Advanced

Energy

Industries,

Inc.

1,750,963

6,162

Advanced

Micro

Devices,

Inc.

h

634,070

59,312

Agilysys,

Inc.

h

3,105,576

6,083

Alliance

Data

Systems

Corporation

613,714

4,627

Alteryx,

Inc.

h

338,234

95,738

Amphenol

Corporation

7,010,894

123,991

Anaplan,

Inc.

h

7,549,812

1,372

ANSYS,

Inc.

h

467,097

522,335

Apple,

Inc.

73,910,402

40,169

AppLovin

Corporation

g,h

2,907,031

7,790

Aspen

Technology,

Inc.

h

956,612

3,286

Automatic

Data

Processing,

Inc.

656,937

37,431

Avalara,

Inc.

h

6,541,816

40,612

Axcelis

Technologies,

Inc.

h

1,909,982

85,876

Bandwidth,

Inc.

h

7,752,885

8,007

Benchmark

Electronics,

Inc.

213,867

94,392

BigCommerce

Holdings,

Inc.

h

4,780,011

30,599

Bill.com

Holdings,

Inc.

h

8,168,403

1,888

Broadridge

Financial

Solutions,

Inc.

314,616

104,804

Calix,

Inc.

h

5,180,462

10,472

CDK

Global,

Inc.

445,584

6,699

CDW

Corporation

1,219,352

40,135

Ciena

Corporation

h

2,060,932

42,690

Cisco

Systems,

Inc.

2,323,617

76,076

Cognex

Corporation

6,102,817

41,883

Computer

Services,

Inc.

2,471,097

1,145

Concentrix

Corporation

h

202,665

18,611

Coupa

Software,

Inc.

h

4,079,159

3,744

CTS

Corporation

115,727

46,533

Descartes

Systems

Group,

Inc.

h

3,781,272

17,200

Diebold

Nixdorf,

Inc.

h

173,892

4,251

Digital

Turbine,

Inc.

h

292,256

18,416

DocuSign,

Inc.

h

4,740,831

102,763

Dolby

Laboratories,

Inc.

9,043,144

17,659

Dropbox,

Inc.

h

515,996

19,702

DXC

Technology

Company

h

662,184

25,722

Elastic

NV

h

3,832,321

21,689

Endava

plc

ADR

h

2,946,451

3,595

Enphase

Energy,

Inc.

h

539,142

7,435

EPAM

Systems,

Inc.

h

4,241,519

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Shares

Common

Stock

(32.6%)

Value

Information

Technology

(8.7%)

-

continued

8,367

ePlus,

Inc.

h

$

858,538

1,174

ExlService

Holdings,

Inc.

h

144,543

4,752

eXp

World

Holdings,

Inc.

188,987

7,224

F5

Networks,

Inc.

h

1,435,987

3,011

Fair

Isaac

Corporation

h

1,198,167

28,722

Five9,

Inc.

h

4,588,052

10,356

FleetCor

Technologies,

Inc.

h

2,705,712

200,486

Gilat

Satellite

Networks,

Ltd.

1,802,369

80,525

Hewlett

Packard

Enterprise

Company

1,147,481

96,599

HP,

Inc.

2,642,949

6,897

HubSpot,

Inc.

h

4,662,993

16,257

Intel

Corporation

866,173

6,786

Intuit,

Inc.

3,661,115

31,465

Jack

Henry

&

Associates,

Inc.

5,162,148

7,732

KLA-Tencor

Corporation

2,586,431

9,787

Lam

Research

Corporation

5,570,271

73,872

Lattice

Semiconductor

Corporation

h

4,775,825

9,197

Littelfuse,

Inc.

2,513,264

83,429

LivePerson,

Inc.

h

4,918,140

83,384

LiveRamp

Holding,

Inc.

h

3,938,226

7,013

Manhattan

Associates,

Inc.

h

1,073,199

83,376

Mastercard,

Inc.

28,988,168

4,361

MAXIMUS,

Inc.

362,835

1,579

MaxLinear,

Inc.

h

77,766

7,106

Micron

Technology,

Inc.

504,384

329,460

Microsoft

Corporation

92,881,363

53,337

MKS

Instruments,

Inc.

8,049,087

31,240

Monolithic

Power

Systems,

Inc.

15,141,403

556

Motorola

Solutions,

Inc.

129,170

64,703

National

Instruments

Corporation

2,538,299

11,115

NetApp,

Inc.

997,682

1,106

NICE,

Ltd.

ADR

h

314,148

19,259

Nova

Measuring

Instruments,

Ltd.

h

1,970,003

147,374

NVIDIA

Corporation

30,529,998

18,873

Okta,

Inc.

h

4,479,318

10,532

Palo

Alto

Networks,

Inc.

h

5,044,828

9,401

Paychex,

Inc.

1,057,142

12,144

Paycom

Software,

Inc.

h

6,020,388

2,836

Paylocity

Holding

Corporation

h

795,214

142,703

PayPal

Holdings,

Inc.

h

37,132,748

603

Photronics,

Inc.

h

8,219

6,362

Progress

Software

Corporation

312,947

2,704

PTC,

Inc.

h

323,912

34,547

Q2

Holdings,

Inc.

h

2,768,597

12,321

Qorvo,

Inc.

h

2,059,948

101,776

QUALCOMM,

Inc.

13,127,068

13,754

Rogers

Corporation

h

2,564,846

22,404

SailPoint

Technologies

Holdings,

Inc.

h

960,684

81,864

Salesforce.com,

Inc.

h

22,203,154

13,850

Samsung

Electronics

Company,

Ltd.

858,625

9,997

ScanSource,

Inc.

h

347,796

18,564

Semtech

Corporation

h

1,447,435

26,181

ServiceNow,

Inc.

h

16,291,651

213,094

Sierra

Wireless,

Inc.

h

3,302,957

10,683

SiTime

Corporation

h

2,181,148

5,573

Solaredge

Technology,

Ltd.

h

1,478,071

87,677

Sonos,

Inc.

h

2,837,228

92,355

Sprout

Social,

Inc.

h

11,262,692

98,992

Square,

Inc.

h

23,742,241

74,295

STMicroelectronics

NV

ADR

g

3,241,491

3,541

SunPower

Corporation

g,h

80,310

Shares

Common

Stock

(32.6%)

Value

Information

Technology

(8.7%)

-

continued

16,589

SYNNEX

Corporation

$

1,726,915

4,715

TE

Connectivity,

Ltd.

646,992

36,265

Telefonaktiebolaget

LM

Ericsson

ADR

406,168

39,708

Texas

Instruments,

Inc.

7,632,275

52,340

Trade

Desk,

Inc.

h

3,679,502

400,243

TTM

Technologies,

Inc.

h

5,031,055

1,467

Tyler

Technologies,

Inc.

h

672,840

7,609

Unisys

Corporation

h

191,290

14,318

VeriSign,

Inc.

h

2,935,333

2,451

Vertex,

Inc.

h

47,108

11,692

Visa,

Inc.

2,604,393

1,413

VMware,

Inc.

g,h

210,113

15,454

Western

Digital

Corporation

h

872,224

4,466

WEX,

Inc.

h

786,641

77,600

Workiva,

Inc.

h

10,938,496

38,887

Xerox

Holdings

Corporation

784,351

6,665

Zoom

Video

Communications,

Inc.

h

1,742,897

10,138

Zscaler,

Inc.

h

2,658,386

Total

661,821,093

Materials

(1.0%)

4,510

Allegheny

Technologies,

Inc.

h

75,001

44,645

AptarGroup,

Inc.

5,328,381

43,827

Ashland

Global

Holdings,

Inc.

3,905,862

6,996

Avery

Dennison

Corporation

1,449,641

25,184

Axalta

Coating

Systems,

Ltd.

h

735,121

807

Balchem

Corporation

117,071

3,085

Ball

Corporation

277,557

2,299

Cabot

Corporation

115,226

91,628

Carpenter

Technology

Corporation

2,999,901

3,856

Celanese

Corporation

580,868

17,817

CF

Industries

Holdings,

Inc.

994,545

24,601

Chemours

Company

714,905

33,068

Cleveland-Cliffs,

Inc.

g,h

655,077

35,753

Compass

Minerals

International,

Inc.

2,302,493

39,960

Eastman

Chemical

Company

4,025,570

123,074

Element

Solutions,

Inc.

2,668,244

57,670

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,h

6

9,871

FMC

Corporation

903,789

32,177

Graphic

Packaging

Holding

Company

612,650

8,944

Ingevity

Corporation

h

638,333

20,961

Innospec,

Inc.

1,765,335

353,559

Ivanhoe

Mines,

Ltd.

h

2,261,036

26,241

Kaiser

Aluminum

Corporation

2,859,219

979

Koppers

Holdings,

Inc.

h

30,604

12,149

LyondellBasell

Industries

NV

1,140,184

13,921

Martin

Marietta

Materials,

Inc.

4,756,527

4,655

Materion

Corporation

319,519

13,268

Minerals

Technologies,

Inc.

926,637

32,309

Myers

Industries,

Inc.

632,287

14,587

Neenah,

Inc.

679,900

14

NewMarket

Corporation

4,743

5,342

Nucor

Corporation

526,134

7,810

O-I

Glass,

Inc.

h

111,449

14,063

Olin

Corporation

678,540

27,562

Quaker

Chemical

Corporation

6,552,039

5,307

Reliance

Steel

&

Aluminum

Company

755,823

3,134

Royal

Gold,

Inc.

299,266

4,920

RPM

International,

Inc.

382,038

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Shares

Common

Stock

(32.6%)

Value

Materials

(1.0%)

-

continued

17,101

Ryerson

Holding

Corporation

$

380,839

13,636

Sensient

Technologies

Corporation

1,241,967

29,922

Sherwin-Williams

Company

8,370,081

6,818

Sonoco

Products

Company

406,216

15,512

Steel

Dynamics,

Inc.

907,142

3,557

SunCoke

Energy,

Inc.

22,338

5,172

Tronox

Holdings

plc

127,490

48,367

UFP

Technologies,

Inc.

h

2,978,924

23,574

United

States

Lime

&

Minerals,

Inc.

2,847,739

51,373

United

States

Steel

Corporation

1,128,665

Total

72,192,922

Real

Estate

(1.5%)

14,141

AGNC

Investment

Corporation

223,004

99,584

Agree

Realty

Corporation

6,595,448

1,477

Alexandria

Real

Estate

Equities,

Inc.

282,210

80,774

American

Campus

Communities,

Inc.

3,913,500

6,245

American

Finance

Trust,

Inc.

50,210

4,208

Apartment

Income

REIT

Corporation

205,392

647

Armada

Hoffler

Properties,

Inc.

8,650

1,646

AvalonBay

Communities,

Inc.

364,819

62

Bluegreen

Vacations

Holding

Corporations

h

1,600

41,747

Camden

Property

Trust

6,156,430

24,806

CareTrust

REIT,

Inc.

504,058

41,862

CBRE

Group,

Inc.

h

4,075,684

10,761

Cedar

Realty

Trust,

Inc.

233,406

19,901

Colliers

International

Group,

Inc.

2,541,557

4,691

Community

Healthcare

Trust,

Inc.

211,986

6,503

Corepoint

Lodging,

Inc.

h

100,797

77,079

CubeSmart

3,734,478

142,781

Cushman

and

Wakefield

plc

h

2,657,154

1,501

Digital

Realty

Trust,

Inc.

216,819

4,885

Duke

Realty

Corporation

233,845

12,741

EastGroup

Properties,

Inc.

2,123,033

56,983

EPR

Properties

2,813,821

158,870

Essential

Properties

Realty

Trust,

Inc.

4,435,650

2,225

Essex

Property

Trust,

Inc.

711,422

9,848

Extra

Space

Storage,

Inc.

1,654,366

10,836

Farmland

Partners,

Inc.

129,924

2,987

Federal

Realty

Investment

Trust

352,436

75,256

First

Industrial

Realty

Trust,

Inc.

3,919,332

17,472

FirstService

Corporation

3,153,347

52,463

Four

Corners

Property

Trust,

Inc.

1,409,156

11,834

Getty

Realty

Corporation

346,855

19,591

Gladstone

Commercial

Corporation

411,999

25,060

Gladstone

Land

Corporation

570,616

28,076

Healthcare

Realty

Trust,

Inc.

836,103

1,789

Highwoods

Properties,

Inc.

78,466

27,911

Host

Hotels

&

Resorts,

Inc.

h

455,787

119,478

Independence

Realty

Trust,

Inc.

2,431,377

26,713

Industrial

Logistics

Properties

Trust

678,777

8,921

Innovative

Industrial

Properties,

Inc.

2,062,268

3,618

Jones

Lang

LaSalle,

Inc.

h

897,590

20,172

Kilroy

Realty

Corporation

1,335,588

13,617

Life

Storage,

Inc.

1,562,415

53,107

Medical

Properties

Trust,

Inc.

1,065,857

175,179

MGIC

Investment

Corporation

2,620,678

47,906

National

Retail

Properties,

Inc.

2,069,060

Shares

Common

Stock

(32.6%)

Value

Real

Estate

(1.5%)

-

continued

190,756

National

Storage

Affiliates

Trust

$

10,070,009

107,168

New

Residential

Investment

Corporation

1,178,848

34,502

NexPoint

Residential

Trust,

Inc.

2,134,984

7,948

Omega

Healthcare

Investors,

Inc.

238,122

8,774

One

Liberty

Properties,

Inc.

267,519

24,601

Opendoor

Technologies,

Inc.

h

505,059

11,294

Preferred

Apartment

Communities,

Inc.

138,126

11,982

Public

Storage,

Inc.

3,559,852

34,128

Rayonier,

Inc.

REIT

1,217,687

8,597

Realty

Income

Corporation

557,601

2,019

Redfin

Corporation

h

101,152

123,908

Rexford

Industrial

Realty,

Inc.

7,031,779

1,631

RMR

Group,

Inc.

54,557

35,704

Sabra

Health

Care

REIT,

Inc.

525,563

10,230

SBA

Communications

Corporation

3,381,731

126,632

Service

Properties

Trust

1,419,545

26,076

Spirit

Realty

Capital,

Inc.

1,200,539

43,330

STAG

Industrial,

Inc.

1,700,703

32,583

Store

Capital

Corporation

1,043,633

52,214

UDR,

Inc.

2,766,298

14,086

UMH

Properties,

Inc.

322,569

5,011

WP

Carey,

Inc.

366,003

Total

110,218,849

Utilities

(0.4%)

21,574

AES

Corporation

492,534

5,124

Alliant

Energy

Corporation

286,842

5,922

American

States

Water

Company

506,449

13,533

Artesian

Resources

Corporation

516,555

3,931

Avista

Corporation

153,781

10,212

Black

Hills

Corporation

640,905

10,454

CenterPoint

Energy,

Inc.

257,168

1,004

Chesapeake

Utilities

Corporation

120,530

11,413

CMS

Energy

Corporation

681,698

11,968

Consolidated

Water

Company,

Ltd.

g

136,435

4,249

DTE

Energy

Company

474,656

5,991

Duke

Energy

Corporation

584,662

6,195

Entergy

Corporation

615,225

16,486

Essential

Utilities,

Inc.

759,675

9,250

Exelon

Corporation

447,145

33,265

FirstEnergy

Corporation

1,184,899

4,031

IDACORP,

Inc.

416,725

23,146

MDU

Resources

Group,

Inc.

686,742

308

MGE

Energy,

Inc.

22,638

249,505

NiSource,

Inc.

6,045,506

33,015

NorthWestern

Corporation

1,891,759

32,648

OGE

Energy

Corporation

1,076,078

3,034

Otter

Tail

Corporation

169,813

25,525

Pinnacle

West

Capital

Corporation

1,846,989

40,618

Portland

General

Electric

Company

1,908,640

1,696

PPL

Corporation

47,284

61,223

Sempra

Energy

7,744,710

44,998

Spire,

Inc.

2,752,978

28,735

UGI

Corporation

1,224,686

182

Unitil

Corporation

7,786

1,377

Vistra

Energy

Corporation

23,547

Total

33,725,040

Total

Common

Stock

(cost

$1,617,105,646)

2,488,004,806

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income

(

13.3%

)

Value

Asset-Backed

Securities

(0.9%)

510

Asset

Backed

Trust

$

950,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

i,j

$

949,493

522

Funding

CLO,

Ltd.

1,100,000

1.734%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,i

1,100,002

Access

Group,

Inc.

131,553

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,i

130,318

Aimco

CLO

11,

Ltd.

1,625,000

1.506%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,i

1,625,424

Arch

Street

CLO,

Ltd.

650,000

2.434%, 

(LIBOR

3M

+

2.300%),

10/20/2028,

Ser.

2016-2A,

Class

CR2

b,i

650,032

650,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,i

647,874

Ares

CLO,

Ltd.

1,500,000

1.534%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,i

1,500,145

Ares

XXXIIR

CLO,

Ltd.

750,000

1.065%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,i

750,037

1,250,000

2.125%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,i

1,250,326

Buttermilk

Park

CLO,

Ltd.

2,575,000

1.526%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,i

2,575,209

Carlyle

Global

Market

Strategies

CLO,

Ltd.

1,675,000

1.576%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,i

1,675,094

CarVal

CLO

II,

Ltd.

1,000,000

1.634%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,i

1,000,108

600,000

2.134%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,i

600,030

CBAM,

Ltd.

1,600,000

1.406%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,i

1,600,064

Cent

CLO,

LP

350,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,i

350,068

Cheniere

Corpus

Christi

Holdings,

LLC

180,000

2.742%, 

12/31/2039

i

178,300

CIFC

Funding,

Ltd.

600,000

1.734%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,i

600,155

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Asset-Backed

Securities

(0.9%)

-

continued

CMFT

Net

Lease

Master

Issuer,

LLC

$

647,709

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

i

$

642,787

Colony

American

Finance

Trust

1,421,796

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

i

1,488,739

Commonbond

Student

Loan

Trust

197,049

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,i

195,764

CoreVest

American

Finance

Trust

1,549,232

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

i

1,613,295

Credit

Suisse

Mortgage

Trust

1,225,000

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,i

1,225,501

Dryden

36

Senior

Loan

Fund

850,000

2.176%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,i

850,085

Dryden

Senior

Loan

Fund

1,450,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,i

1,450,155

ECMC

Group

Student

Loan

Trust

1,050,632

1.236%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,i

1,072,061

Flatiron

CLO,

Ltd.

600,000

1.881%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,i

600,820

FRTKL

2021-SFR1

Trust

1,150,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

i

1,140,215

Galaxy

XIX

CLO,

Ltd.

800,000

1.975%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,i

800,062

Galaxy

XX

CLO,

Ltd.

1,200,000

1.134%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,i

1,200,024

Golub

Capital

Partners,

Ltd.

750,000

1.314%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,i

748,735

1,095,000

1.334%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,i

1,093,441

Goodgreen

984,757

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

i

1,038,811

Home

Partners

of

America

Trust

1,768,528

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

i

1,801,986

1,731,587

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

i

1,758,604

896,613

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

i

890,087

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Asset-Backed

Securities

(0.9%)

-

continued

Laurel

Road

Prime

Student

Loan

Trust

$

172,391

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

i

$

174,576

428,386

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,i

445,046

Longfellow

Place

CLO,

Ltd.

1,900,000

1.876%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,i

1,900,017

525,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,i

525,015

Madison

Park

Funding

XIV,

Ltd.

1,200,000

1.538%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

1,200,048

Madison

Park

Funding,

Ltd.

1,000,000

2.234%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,i

1,000,769

Magnetite

XII,

Ltd.

1,200,000

1.226%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,i

1,200,062

Mello

Mortgage

Capital

Acceptance

1,239,179

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,i

1,257,864

Mercury

Financial

Credit

Card

Master

Trust

850,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

i

852,382

Mountain

View

CLO,

Ltd.

850,000

1.246%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,i

850,002

MRA

Issuance

Trust

1,100,000

1.836%, 

(LIBOR

1M

+

1.750%),

2/16/2022,

Ser.

2021-EBO4,

Class

A1X

b,i

1,100,268

National

Collegiate

Trust

433,894

0.381%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,i

426,576

Neuberger

Berman

CLO,

Ltd.

500,000

1.168%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,i

500,118

OCP

CLO,

Ltd.

850,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,i

849,999

Octagon

Investment

Partners

32,

Ltd.

1,400,000

2.176%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,i

1,400,063

Octagon

Investment

Partners

XVI,

Ltd.

250,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,i

250,022

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Asset-Backed

Securities

(0.9%)

-

continued

OZLM

IX,

Ltd.

$

600,000

1.684%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,i

$

600,118

OZLM

VIII,

Ltd.

381,994

1.304%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,i

382,021

Palmer

Square

Loan

Funding,

Ltd.

850,000

1.784%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,i

850,134

Progress

Residential

Trust

600,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

i

600,601

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

i

2,018,985

Saxon

Asset

Securities

Trust

430,017

3.474%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

425,531

Shackleton

2015-VII-R

CLO,

Ltd.

1,300,000

1.276%, 

(LIBOR

3M

+

1.150%),

7/15/2031,

Ser.

2015-7RA,

Class

AR

b,i

1,300,090

Sound

Point

CLO

XIV,

Ltd.

1,250,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,i

1,249,160

Sound

Point

CLO

XV,

Ltd.

1,225,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,i

1,225,094

Sound

Point

CLO

XXI,

Ltd.

725,000

1.575%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,i

725,076

THL

Credit

Wind

River

CLO,

Ltd.

500,000

1.564%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,i

501,324

Toorak

Mortgage

Corporation,

Ltd.

1,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

i,j

1,000,513

U.S.

Small

Business

Administration

49,581

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

50,881

Upstart

Securitization

Trust

424,393

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

*

426,489

VCAT

Asset

Securitization,

LLC

500,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

i,j

500,125

Voya

CLO,

Ltd.

750,000

1.092%, 

(LIBOR

3M

+

1.000%),

10/15/2030,

Ser.

2012-4A,

Class

A1R3

b,i

750,051

Whitebox

CLO

II,

Ltd.

650,000

2.375%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,i

650,162

Wind

River

CLO,

Ltd.

750,000

1.734%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,i

750,229

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Asset-Backed

Securities

(0.9%)

-

continued

$

625,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,i

$

625,229

Total

65,358,491

Basic

Materials

(0.2%)

Air

Products

and

Chemicals,

Inc.

650,000

2.700%, 

5/15/2040

655,086

Alcoa

Nederland

Holding

BV

320,000

5.500%, 

12/15/2027

i

343,232

BWAY

Holding

Company

170,000

5.500%, 

4/15/2024

i

171,487

Chemours

Company

220,000

5.750%, 

11/15/2028

i

230,384

Cleveland-Cliffs,

Inc.

190,000

5.875%, 

6/1/2027

196,650

120,000

4.625%, 

3/1/2029

i

122,550

120,000

4.875%, 

3/1/2031

i

123,900

Consolidated

Energy

Finance

SA

220,000

6.875%, 

6/15/2025

i

227,700

317,000

5.625%, 

10/15/2028

d,i

317,000

DowDuPont,

Inc.

340,000

4.493%, 

11/15/2025

382,301

First

Quantum

Minerals,

Ltd.

410,000

7.500%, 

4/1/2025

i

420,590

Freeport-McMoRan,

Inc.

280,000

4.125%, 

3/1/2028

290,150

310,000

4.250%, 

3/1/2030

328,212

Glencore

Funding,

LLC

64,000

4.125%, 

5/30/2023

i

67,635

479,000

4.000%, 

3/27/2027

i

526,773

Hecla

Mining

Company

90,000

7.250%, 

2/15/2028

96,944

Hudbay

Minerals,

Inc.

220,000

4.500%, 

4/1/2026

i

217,800

Ingevity

Corporation

330,000

3.875%, 

11/1/2028

i

329,175

International

Flavors

and

Fragrances,

Inc.

350,000

3.468%, 

12/1/2050

i

367,317

International

Paper

Company

320,000

4.350%, 

8/15/2048

391,698

Kinross

Gold

Corporation

218,000

5.950%, 

3/15/2024

241,340

345,000

4.500%, 

7/15/2027

396,547

Kraton

Polymers,

LLC

290,000

4.250%, 

12/15/2025

i

303,050

Mercer

International,

Inc.

210,000

5.125%, 

2/1/2029

214,462

Novelis

Corporation

85,000

3.250%, 

11/15/2026

i

86,205

130,000

4.750%, 

1/30/2030

i

136,851

85,000

3.875%, 

8/15/2031

i

84,069

OCI

NV

168,000

4.625%, 

10/15/2025

i

176,400

Olin

Corporation

325,000

5.125%, 

9/15/2027

337,594

SCIH

Salt

Holdings,

Inc.

210,000

4.875%, 

5/1/2028

g,i

211,050

Sherwin-Williams

Company

540,000

3.125%, 

6/1/2024

572,191

Southern

Copper

Corporation

345,000

3.875%, 

4/23/2025

373,290

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Basic

Materials

(0.2%)

-

continued

SPCM

SA

$

216,000

3.375%, 

3/15/2030

i

$

215,833

SunCoke

Energy,

Inc.

135,000

4.875%, 

6/30/2029

i

134,494

Syngenta

Finance

NV

200,000

5.182%, 

4/24/2028

i

224,723

Teck

Resources,

Ltd.

839,000

6.125%, 

10/1/2035

1,087,297

Unifrax

Escrow

Issuer

Corporation

197,000

5.250%, 

9/30/2028

i

199,462

United

States

Steel

Corporation

356,000

6.875%, 

3/1/2029

g

379,573

Vale

Overseas,

Ltd.

168,000

6.875%, 

11/21/2036

223,860

Venator

Finance

SARL

220,000

5.750%, 

7/15/2025

g,i

207,900

WestRock

Company

470,000

3.750%, 

3/15/2025

508,630

Xstrata

Finance

Canada,

Ltd.

10,000

4.950%, 

11/15/2021

i

10,033

Total

12,131,438

Capital

Goods

(0.2%)

AECOM

370,000

5.125%, 

3/15/2027

409,775

Amsted

Industries,

Inc.

245,000

5.625%, 

7/1/2027

i

255,662

Ardagh

Packaging

Finance

plc

200,000

5.250%, 

8/15/2027

i

203,601

Boeing

Company

605,000

5.930%, 

5/1/2060

826,475

395,000

5.040%, 

5/1/2027

454,379

313,000

5.150%, 

5/1/2030

367,365

650,000

5.705%, 

5/1/2040

825,991

Bombardier,

Inc.

65,000

7.125%, 

6/15/2026

i

68,250

220,000

7.875%, 

4/15/2027

i

228,080

185,000

6.000%, 

2/15/2028

i

187,081

Brand

Industrial

Services,

Inc.

105,000

8.500%, 

7/15/2025

i

105,394

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

i

149,188

BWAY

Holding

Company

230,000

7.250%, 

4/15/2025

i

228,598

Carrier

Global

Corporation

384,000

3.577%, 

4/5/2050

407,979

500,000

2.700%, 

2/15/2031

514,818

Cintas

Corporation

No.

2

345,000

3.700%, 

4/1/2027

385,057

CNH

Industrial

NV

300,000

3.850%, 

11/15/2027

334,529

Coinbase

Global,

Inc.

56,000

3.375%, 

10/1/2028

i

53,807

Cornerstone

Building

Brands,

Inc.

310,000

6.125%, 

1/15/2029

i

329,522

Covanta

Holding

Corporation

210,000

6.000%, 

1/1/2027

217,692

80,000

5.000%, 

9/1/2030

80,800

CP

Atlas

Buyer,

Inc.

200,000

7.000%, 

12/1/2028

i

200,500

Crown

Americas

Capital

Corporation

IV

380,000

4.500%, 

1/15/2023

398,620

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Capital

Goods

(0.2%)

-

continued

GFL

Environmental,

Inc.

$

180,000

4.000%, 

8/1/2028

i

$

178,650

220,000

3.500%, 

9/1/2028

i

221,375

H&E

Equipment

Services,

Inc.

368,000

3.875%, 

12/15/2028

i

366,565

Howmet

Aerospace,

Inc.

9,000

6.875%, 

5/1/2025

10,530

212,000

3.000%, 

1/15/2029

213,823

Ingersoll-Rand

Luxembourg

Finance

SA

300,000

3.500%, 

3/21/2026

326,361

JELD-WEN,

Inc.

280,000

4.625%, 

12/15/2025

i

284,292

L3Harris

Technologies,

Inc.

705,000

3.950%, 

5/28/2024

755,984

Lockheed

Martin

Corporation

448,000

4.500%, 

5/15/2036

555,027

120,000

6.150%, 

9/1/2036

169,332

Meritor,

Inc.

150,000

4.500%, 

12/15/2028

i

150,375

Nesco

Holdings

II,

Inc.

140,000

5.500%, 

4/15/2029

i

145,208

New

Enterprise

Stone

and

Lime

Company,

Inc.

280,000

5.250%, 

7/15/2028

d,i

283,150

Northrop

Grumman

Corporation

820,000

3.850%, 

4/15/2045

932,238

Owens-Brockway

Glass

Container,

Inc.

200,000

5.875%, 

8/15/2023

i

211,500

Pactiv

Evergreen

Group

170,000

4.375%, 

10/15/2028

i

170,638

PGT

Innovations,

Inc.

225,000

4.375%, 

10/1/2029

i

226,688

Raytheon

Technologies

Corporation

384,000

4.125%, 

11/16/2028

437,063

Republic

Services,

Inc.

335,000

2.900%, 

7/1/2026

356,534

Roper

Technologies,

Inc.

240,000

4.200%, 

9/15/2028

272,794

400,000

1.750%, 

2/15/2031

381,433

SRM

Escrow

Issuer,

LLC

335,000

6.000%, 

11/1/2028

i

354,681

Standard

Industries,

Inc.

300,000

4.375%, 

7/15/2030

i

306,000

Textron,

Inc.

720,000

3.375%, 

3/1/2028

772,279

Titan

Acquisition,

Ltd.

95,000

7.750%, 

4/15/2026

i

97,064

TransDigm,

Inc.

210,000

6.250%, 

3/15/2026

i

218,925

600,000

5.500%, 

11/15/2027

616,500

60,000

4.625%, 

1/15/2029

59,895

United

Rentals

North

America,

Inc.

225,000

4.875%, 

1/15/2028

237,879

185,000

4.000%, 

7/15/2030

191,938

United

Technologies

Corporation

375,000

4.450%, 

11/16/2038

454,062

600,000

3.750%, 

11/1/2046

666,152

Victors

Merger

Corporation

134,000

6.375%, 

5/15/2029

i

128,305

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Capital

Goods

(0.2%)

-

continued

Waste

Pro

USA,

Inc.

$

110,000

5.500%, 

2/15/2026

i

$

111,100

WESCO

Distribution,

Inc.

300,000

7.250%, 

6/15/2028

i

332,250

Total

18,429,753

Collateralized

Mortgage

Obligations

(0.6%)

Banc

of

America

Alternative

Loan

Trust

19,075

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

19,088

Bellemeade

Re,

Ltd.

224,019

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

224,161

314,001

1.186%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,i

314,122

1,000,000

1.800%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,i

1,003,730

BRAVO

Residential

Funding

Trust

114,681

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

i

116,994

Business

Jet

Securities,

LLC

887,901

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

i

899,409

Citicorp

Mortgage

Securities,

Inc.

740,040

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

745,225

Citigroup

Mortgage

Loan

Trust,

Inc.

4,331

2.604%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

4,257

Countrywide

Alternative

Loan

Trust

192,466

2.842%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

186,323

637,425

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

322,783

Countrywide

Home

Loans,

Inc.

182,030

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

127,261

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

12,302

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

12,594

Credit

Suisse

Mortgage

Trust

24,428

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

i

24,397

962,146

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,i

998,150

2,585,009

3.430%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,i

2,609,431

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

68,341

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

61,171

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

11,676,124

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

k

1,412,776

332,820

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

k

13,640

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

$

509,569

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

$

49,695

1,000,370

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

k

110,386

Federal

National

Mortgage

Association

-

REMIC

1,513,956

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

k

81,575

15,368,191

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

k

835,352

Flagstar

Mortgage

Trust

725,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,i

745,844

Foundation

Finance

Trust

886,103

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

i

882,529

FWD

Securitization

Trust

653,131

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,i

664,608

Genworth

Mortgage

Insurance

Corporation

1,250,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,i

1,259,375

GS

Mortgage-Backed

Securities

Trust

577,375

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,i

584,111

J.P.

Morgan

Alternative

Loan

Trust

68,284

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

53,630

J.P.

Morgan

Mortgage

Trust

1,240,889

2.500%, 

1/25/2052,

Ser.

2021-INV4,

Class

A2A

b,i

1,255,815

LHOME

Mortgage

Trust

1,000,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

i,j

1,001,502

1,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,i

997,991

MASTR

Alternative

Loans

Trust

409,250

0.536%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

55,067

Merrill

Lynch

Alternative

Note

Asset

Trust

157,807

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

95,634

MRA

Issuance

Trust

750,000

1.834%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,i

749,714

2,100,000

1.236%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,i

2,100,032

New

York

Mortgage

Trust

1,100,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

i,j

1,102,243

913,096

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,i

920,855

Oaktown

Re,

Ltd.

1,200,000

1.700%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,i

1,206,571

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

1,300,000

1.571%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,i

$

1,300,672

Preston

Ridge

Partners

Mortgage

Trust,

LLC

894,233

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,i

896,482

630,032

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

i,j

631,293

1,025,539

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,i

1,027,416

Pretium

Mortgage

Credit

Partners,

LLC

604,167

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

i,j

604,290

Renaissance

Home

Equity

Loan

Trust

1,097,893

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

j

556,642

Residential

Accredit

Loans,

Inc.

Trust

332,249

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

326,740

23,305

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

23,274

Residential

Funding

Mortgage

Security

I

Trust

72,298

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

69,608

Revolving

Single

Family

Home

Notes

930,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

i

931,323

Sequoia

Mortgage

Trust

223,599

2.883%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

174,999

Silver

Hill

Trust

401,313

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,i

408,926

Starwood

Mortgage

Residential

Trust

153,481

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,i

154,951

Structured

Adjustable

Rate

Mortgage

Loan

Trust

31,409

3.191%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

25,069

Structured

Asset

Mortgage

Investments,

Inc.

39,194

0.706%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

38,152

Toorak

Mortgage

Corporation,

Ltd.

414,815

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,j

416,294

4,000,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

4,020,903

750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

i,j

753,448

Vericrest

Opportunity

Loan

Transferee

707,281

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

i,j

709,497

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

$

466,687

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

i,j

$

467,116

850,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

i,j

850,517

900,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

i,j

900,258

807,358

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

i,j

807,840

650,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

i,j

649,860

650,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

i,j

653,781

493,175

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

i,j

494,162

450,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

i,j

449,624

675,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

i,j

674,931

Verus

Securitization

Trust

758,444

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,i

768,813

1,209,377

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,i

1,216,127

WaMu

Mortgage

Pass

Through

Certificates

160,427

3.050%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

162,250

ZH

Trust

1,750,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

d,i

1,749,998

Total

46,763,297

Commercial

Mortgage-Backed

Securities

(0.1%)

AMSR

Trust

1,300,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,i

1,296,568

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,i

498,669

BBCMS

Mortgage

Trust

6,976,376

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,k

914,521

BFLD

Trust

1,100,000

1.234%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,i

1,105,502

400,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,i

402,482

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

374,426

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

384,492

GS

Mortgage

Securities

Trust

2,434,350

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

2,569,300

Morgan

Stanley

Capital

I

Trust

7,179,352

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,k

974,990

Total

8,146,524

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Communications

Services

(0.4%)

Altice

France

SA

$

110,000

8.125%, 

2/1/2027

i

$

118,360

75,000

5.500%, 

1/15/2028

i

76,254

225,000

5.125%, 

7/15/2029

i

220,607

281,000

5.500%, 

10/15/2029

d,i

278,157

AMC

Networks,

Inc.

265,000

4.250%, 

2/15/2029

263,675

American

Tower

Corporation

230,000

3.375%, 

10/15/2026

248,884

525,000

2.900%, 

1/15/2030

546,561

625,000

2.100%, 

6/15/2030

611,609

AT&T,

Inc.

451,000

3.500%, 

9/15/2053

446,364

600,000

2.300%, 

6/1/2027

620,986

750,000

4.350%, 

3/1/2029

859,965

480,000

5.250%, 

3/1/2037

595,491

700,000

4.900%, 

8/15/2037

849,503

355,000

5.550%, 

8/15/2041

461,918

CCO

Holdings,

LLC

220,000

5.500%, 

5/1/2026

i

226,882

380,000

5.125%, 

5/1/2027

i

395,698

275,000

4.250%, 

1/15/2034

i

272,422

Cengage

Learning,

Inc.

310,000

9.500%, 

6/15/2024

i

317,235

Charter

Communications

Operating,

LLC

217,000

6.834%, 

10/23/2055

320,717

300,000

4.500%, 

2/1/2024

324,572

495,000

4.200%, 

3/15/2028

552,860

650,000

3.500%, 

6/1/2041

638,265

610,000

6.484%, 

10/23/2045

829,344

Clear

Channel

Worldwide

Holdings,

Inc.

270,000

7.750%, 

4/15/2028

i

284,175

Comcast

Corporation

420,000

3.950%, 

10/15/2025

465,912

725,000

4.250%, 

10/15/2030

844,497

485,000

4.400%, 

8/15/2035

574,773

490,000

4.750%, 

3/1/2044

615,816

250,000

4.600%, 

8/15/2045

g

313,106

Consolidated

Communications,

Inc.

130,000

5.000%, 

10/1/2028

i

134,225

Cox

Communications,

Inc.

475,000

3.350%, 

9/15/2026

i

510,005

Crown

Castle

International

Corporation

437,000

3.200%, 

9/1/2024

465,053

CSC

Holdings,

LLC

190,000

5.375%, 

2/1/2028

i

198,550

515,000

4.125%, 

12/1/2030

i

505,344

Cumulus

Media

New

Holdings,

Inc.

200,000

6.750%, 

7/1/2026

g,i

207,000

DIRECTV

Holdings,

LLC

70,000

5.875%, 

8/15/2027

i

73,062

Discovery

Communications,

LLC

600,000

4.900%, 

3/11/2026

681,879

DISH

DBS

Corporation

190,000

7.375%, 

7/1/2028

201,490

Entercom

Media

Corporation

200,000

6.500%, 

5/1/2027

i

204,568

Front

Range

BidCo,

Inc.

270,000

4.000%, 

3/1/2027

i

268,712

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Communications

Services

(0.4%)

-

continued

$

200,000

6.125%, 

3/1/2028

i

$

202,756

Frontier

Communications

Corporation

180,000

5.875%, 

10/15/2027

i

191,250

GCI,

LLC

220,000

4.750%, 

10/15/2028

i

230,956

Gray

Television,

Inc.

210,000

4.750%, 

10/15/2030

i

206,325

Hughes

Satellite

Systems

Corporation

120,000

6.625%, 

8/1/2026

136,443

iHeartCommunications,

Inc.

220,000

4.750%, 

1/15/2028

i

226,710

LCPR

Senior

Secured

Financing

DAC

190,000

6.750%, 

10/15/2027

i

201,400

Level

3

Financing,

Inc.

390,000

4.625%, 

9/15/2027

i

401,232

180,000

4.250%, 

7/1/2028

i

181,391

Ligado

Networks,

LLC

118,904

0.000%,PIK

15.500%,

11/1/2023

f,i

115,337

NBN

Company,

Ltd.

575,000

2.625%, 

5/5/2031

i

583,358

Netflix,

Inc.

560,000

4.875%, 

4/15/2028

645,400

230,000

5.875%, 

11/15/2028

281,842

230,000

4.875%, 

6/15/2030

i

270,825

Nexstar

Escrow

Corporation

320,000

5.625%, 

7/15/2027

i

338,552

Omnicom

Group,

Inc.

224,000

3.600%, 

4/15/2026

245,077

200,000

4.200%, 

6/1/2030

228,671

Radiate

Holdco,

LLC

120,000

6.500%, 

9/15/2028

i

122,359

Scripps

Escrow

II,

Inc.

120,000

5.375%, 

1/15/2031

i

117,978

Scripps

Escrow,

Inc.

145,000

5.875%, 

7/15/2027

i

148,806

SFR

Group

SA

202,000

7.375%, 

5/1/2026

i

209,595

Sinclair

Television

Group,

Inc.

320,000

5.500%, 

3/1/2030

g,i

317,408

Sirius

XM

Radio,

Inc.

285,000

5.000%, 

8/1/2027

i

297,825

155,000

4.000%, 

7/15/2028

i

157,616

Sprint

Capital

Corporation

320,000

6.875%, 

11/15/2028

409,600

235,000

8.750%, 

3/15/2032

351,057

Sprint

Corporation

1,040,000

7.625%, 

2/15/2025

1,215,739

Telesat

Canada

115,000

4.875%, 

6/1/2027

i

105,800

45,000

6.500%, 

10/15/2027

i

39,002

Terrier

Media

Buyer,

Inc.

160,000

8.875%, 

12/15/2027

i

169,181

T-Mobile

USA,

Inc.

630,000

2.550%, 

2/15/2031

632,245

525,000

4.375%, 

4/15/2040

604,888

United

States

Cellular

Corporation

190,000

6.700%, 

12/15/2033

235,490

Uniti

Group,

LP

70,000

4.750%, 

4/15/2028

i

71,488

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Communications

Services

(0.4%)

-

continued

$

170,000

6.500%, 

2/15/2029

i

$

174,873

Univision

Communications,

Inc.

200,000

6.625%, 

6/1/2027

i

217,250

Verizon

Communications,

Inc.

384,000

3.700%, 

3/22/2061

405,476

256,000

2.100%, 

3/22/2028

259,863

1,594,000

4.272%, 

1/15/2036

1,872,492

725,000

2.650%, 

11/20/2040

681,189

Viacom,

Inc.

336,000

5.850%, 

9/1/2043

457,893

Viasat,

Inc.

310,000

5.625%, 

9/15/2025

i

314,164

Vodafone

Group

plc

300,000

4.875%, 

6/19/2049

374,053

VTR

Finance

NV

150,000

6.375%, 

7/15/2028

i

161,625

Walt

Disney

Company

550,000

2.200%, 

1/13/2028

568,407

360,000

2.650%, 

1/13/2031

375,785

Ziggo

BV

302,000

5.500%, 

1/15/2027

i

312,193

105,000

4.875%, 

1/15/2030

i

108,281

Total

32,801,642

Consumer

Cyclical

(0.4%)

1011778

B.C.,

ULC

330,000

4.375%, 

1/15/2028

i

335,019

Allen

Media,

LLC

135,000

10.500%, 

2/15/2028

i

138,645

Allied

Universal

Holdco,

LLC

115,000

6.625%, 

7/15/2026

i

121,587

315,000

4.625%, 

6/1/2028

i

314,512

105,000

6.000%, 

6/1/2029

i

103,613

Allison

Transmission,

Inc.

315,000

3.750%, 

1/30/2031

i

306,337

Amazon.com,

Inc.

675,000

3.100%, 

5/12/2051

705,679

375,000

3.875%, 

8/22/2037

442,785

360,000

4.050%, 

8/22/2047

436,767

American

Axle

&

Manufacturing,

Inc.

360,000

6.500%, 

4/1/2027

g

375,300

Ashton

Woods

USA,

LLC

140,000

4.625%, 

8/1/2029

i

141,362

Boyd

Gaming

Corporation

205,000

4.750%, 

6/15/2031

i

211,406

Boyne

USA,

Inc.

160,000

4.750%, 

5/15/2029

i

165,200

Brookfield

Residential

Properties,

Inc.

210,000

6.250%, 

9/15/2027

i

220,767

240,000

5.000%, 

6/15/2029

i

245,412

Caesars

Entertainment,

Inc.

70,000

8.125%, 

7/1/2027

i

78,696

225,000

4.625%, 

10/15/2029

i

227,812

Carnival

Corporation

41,000

11.500%, 

4/1/2023

i

45,766

80,000

7.625%, 

3/1/2026

i

85,400

320,000

5.750%, 

3/1/2027

i

330,800

225,000

4.000%, 

8/1/2028

i

227,250

Cedar

Fair,

LP

290,000

5.250%, 

7/15/2029

297,250

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Cyclical

(0.4%)

-

continued

Churchill

Downs,

Inc.

$

140,000

4.750%, 

1/15/2028

i

$

146,475

Cinemark

USA,

Inc.

105,000

5.875%, 

3/15/2026

g,i

106,050

Clarios

Global,

LP

110,000

8.500%, 

5/15/2027

i

117,013

Colt

Merger

Sub,

Inc.

321,000

6.250%, 

7/1/2025

i

337,935

D.R.

Horton,

Inc.

300,000

2.600%, 

10/15/2025

314,890

Dana,

Inc.

250,000

5.625%, 

6/15/2028

269,212

Empire

Communities

Corporation

230,000

7.000%, 

12/15/2025

i

240,350

Expedia

Group,

Inc.

690,000

3.250%, 

2/15/2030

713,601

Ford

Motor

Company

140,000

9.000%, 

4/22/2025

168,354

80,000

9.625%, 

4/22/2030

113,238

220,000

7.450%, 

7/16/2031

287,067

Ford

Motor

Credit

Company,

LLC

320,000

4.063%, 

11/1/2024

336,477

550,000

4.134%, 

8/4/2025

581,625

365,000

2.700%, 

8/10/2026

365,730

Forestar

Group,

Inc.

145,000

3.850%, 

5/15/2026

i

144,819

Gap,

Inc.

67,000

3.625%, 

10/1/2029

i

67,167

General

Motors

Company

650,000

6.125%, 

10/1/2025

761,599

600,000

6.800%, 

10/1/2027

749,353

General

Motors

Financial

Company,

Inc.

224,000

3.950%, 

4/13/2024

239,399

230,000

1.500%, 

6/10/2026

228,606

Goodyear

Tire

&

Rubber

Company

140,000

5.000%, 

7/15/2029

i

148,575

105,000

5.250%, 

7/15/2031

i

111,825

Guitar

Center

Escrow

Issuer

II,

Inc.

67,000

8.500%, 

1/15/2026

i

71,858

Hanesbrands,

Inc.

194,000

4.875%, 

5/15/2026

i

210,102

Herc

Holdings,

Inc.

210,000

5.500%, 

7/15/2027

i

220,337

Hilton

Domestic

Operating

Company,

Inc.

390,000

4.875%, 

1/15/2030

418,376

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

285,000

5.000%, 

6/1/2029

i

290,700

Home

Depot,

Inc.

275,000

5.400%, 

9/15/2040

376,486

336,000

4.250%, 

4/1/2046

411,650

440,000

3.900%, 

6/15/2047

517,739

Hyundai

Capital

America

360,000

1.000%, 

9/17/2024

i

358,725

475,000

1.800%, 

1/10/2028

i

464,916

International

Game

Technology

plc

260,000

5.250%, 

1/15/2029

i

277,880

KB

Home

195,000

4.800%, 

11/15/2029

212,550

Kohl's

Corporation

640,000

3.375%, 

5/1/2031

658,611

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Cyclical

(0.4%)

-

continued

$

360,000

5.550%, 

7/17/2045

g

$

431,075

L

Brands,

Inc.

340,000

6.625%, 

10/1/2030

i

385,900

80,000

6.875%, 

11/1/2035

100,400

Landry's,

Inc.

275,000

6.750%, 

10/15/2024

i

275,358

Lennar

Corporation

190,000

4.875%, 

12/15/2023

204,968

625,000

4.750%, 

5/30/2025

696,369

Lowe's

Companies,

Inc.

690,000

2.625%, 

4/1/2031

707,249

Macy's

Retail

Holdings,

LLC

205,000

5.875%, 

4/1/2029

i

223,035

Magic

MergerCo,

Inc.

330,000

5.250%, 

5/1/2028

i

340,395

Marriott

International,

Inc.

40,000

5.750%, 

5/1/2025

45,743

460,000

4.625%, 

6/15/2030

525,533

Mastercard,

Inc.

700,000

3.950%, 

2/26/2048

832,979

Mattamy

Group

Corporation

320,000

5.250%, 

12/15/2027

i

334,400

McDonald's

Corporation

600,000

2.125%, 

3/1/2030

605,593

575,000

4.450%, 

3/1/2047

701,427

MDC

Holdings,

Inc.

600,000

2.500%, 

1/15/2031

584,742

MGM

Resorts

International

395,000

6.000%, 

3/15/2023

417,689

20,000

5.750%, 

6/15/2025

21,800

Nissan

Motor

Acceptance

Company,

LLC

480,000

1.125%, 

9/16/2024

i

479,098

Penn

National

Gaming,

Inc.

210,000

4.125%, 

7/1/2029

i

207,564

PetSmart,

Inc.

280,000

4.750%, 

2/15/2028

i

287,700

170,000

7.750%, 

2/15/2029

i

185,513

Prime

Security

Services

Borrower,

LLC

580,000

5.750%, 

4/15/2026

i

627,421

Real

Hero

Merger

Sub

2,

Inc.

160,000

6.250%, 

2/1/2029

i

166,000

Realogy

Group,

LLC

270,000

5.750%, 

1/15/2029

i

280,060

Rite

Aid

Corporation

250,000

7.500%, 

7/1/2025

i

249,943

Royal

Caribbean

Cruises,

Ltd.

320,000

9.125%, 

6/15/2023

i

347,778

270,000

4.250%, 

7/1/2026

i

264,479

115,000

5.500%, 

4/1/2028

i

117,623

Scientific

Games

International,

Inc.

285,000

5.000%, 

10/15/2025

i

293,194

260,000

7.250%, 

11/15/2029

i

292,146

SeaWorld

Parks

and

Entertainment,

Inc.

140,000

5.250%, 

8/15/2029

i

143,238

Six

Flags

Theme

Parks,

Inc.

150,000

7.000%, 

7/1/2025

i

159,750

Staples,

Inc.

340,000

7.500%, 

4/15/2026

i

344,837

Target

Corporation

575,000

2.250%, 

4/15/2025

599,802

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Cyclical

(0.4%)

-

continued

Tenneco,

Inc.

$

255,000

5.000%, 

7/15/2026

g

$

251,148

Toll

Brothers

Finance

Corporation

460,000

3.800%, 

11/1/2029

494,040

Uber

Technologies,

Inc.

160,000

6.250%, 

1/15/2028

i

171,598

ViacomCBS,

Inc.

550,000

4.200%, 

5/19/2032

629,131

Visa,

Inc.

650,000

2.700%, 

4/15/2040

665,050

Vista

Outdoor,

Inc.

270,000

4.500%, 

3/15/2029

i

273,799

Wabash

National

Corporation

225,000

4.500%, 

10/15/2028

d,i

224,719

Walmart,

Inc.

600,000

3.250%, 

7/8/2029

666,657

Wyndham

Destinations,

Inc.

200,000

6.625%, 

7/31/2026

i

227,754

Wyndham

Hotels

&

Resorts,

Inc.

120,000

4.375%, 

8/15/2028

i

125,272

Yum!

Brands,

Inc.

270,000

4.750%, 

1/15/2030

i

292,631

ZF

North

America

Capital,

Inc.

150,000

4.750%, 

4/29/2025

i

162,000

Total

33,261,255

Consumer

Non-Cyclical

(0.5%)

Abbott

Laboratories

941,000

4.750%, 

11/30/2036

1,197,293

AbbVie,

Inc.

7,000

2.900%, 

11/6/2022

7,189

350,000

2.950%, 

11/21/2026

374,901

650,000

4.300%, 

5/14/2036

762,206

225,000

4.850%, 

6/15/2044

283,076

400,000

4.875%, 

11/14/2048

513,121

Albertson's

Companies,

Inc.

299,000

3.500%, 

3/15/2029

i

298,395

Altria

Group,

Inc.

512,000

5.800%, 

2/14/2039

629,597

Amgen,

Inc.

600,000

3.375%, 

2/21/2050

616,134

Anheuser-Busch

Companies,

LLC

360,000

4.700%, 

2/1/2036

435,039

Anheuser-Busch

InBev

Worldwide,

Inc.

900,000

4.750%, 

4/15/2058

1,103,567

575,000

4.375%, 

4/15/2038

671,180

50,000

4.600%, 

4/15/2048

59,691

Anthem,

Inc.

525,000

3.125%, 

5/15/2050

530,991

415,000

4.625%, 

5/15/2042

508,691

Archer-Daniels-Midland

Company

415,000

2.700%, 

9/15/2051

405,823

AstraZeneca

plc

460,000

3.000%, 

5/28/2051

474,478

480,000

1.375%, 

8/6/2030

456,778

Bausch

Health

Companies,

Inc.

350,000

5.000%, 

2/15/2029

i

325,937

Becton,

Dickinson

and

Company

350,000

3.794%, 

5/20/2050

391,050

375,000

3.700%, 

6/6/2027

415,270

Bunge,

Ltd.

Finance

Corporation

500,000

2.750%, 

5/14/2031

506,626

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Campbell

Soup

Company

$

200,000

2.375%, 

4/24/2030

$

201,333

Cargill,

Inc.

300,000

3.250%, 

5/23/2029

i

324,760

Centene

Corporation

155,000

4.250%, 

12/15/2027

162,231

165,000

4.625%, 

12/15/2029

179,817

390,000

3.000%, 

10/15/2030

399,750

100,000

2.500%, 

3/1/2031

98,625

460,000

2.625%, 

8/1/2031

456,890

Central

Garden

&

Pet

Company

280,000

4.125%, 

10/15/2030

286,300

Cigna

Corporation

590,000

4.800%, 

8/15/2038

722,073

Comcast

Corporation

317,000

2.987%, 

11/1/2063

i

297,059

Community

Health

Systems,

Inc.

110,000

5.625%, 

3/15/2027

i

115,184

150,000

6.000%, 

1/15/2029

i

159,000

280,000

6.875%, 

4/15/2029

i

280,658

Conagra

Brands,

Inc.

455,000

4.300%, 

5/1/2024

493,251

Constellation

Brands,

Inc.

470,000

3.600%, 

2/15/2028

516,413

250,000

2.875%, 

5/1/2030

260,061

CVS

Health

Corporation

600,000

3.625%, 

4/1/2027

660,782

1,440,000

4.875%, 

7/20/2035

1,749,327

DaVita,

Inc.

340,000

4.625%, 

6/1/2030

i

349,728

Edgewell

Personal

Care

Company

160,000

5.500%, 

6/1/2028

i

168,981

Eli

Lilly

and

Company

380,000

2.500%, 

9/15/2060

347,395

Encompass

Health

Corporation

320,000

4.500%, 

2/1/2028

330,400

Endo

Finance,

LLC

105,000

9.500%, 

7/31/2027

g,i

105,233

Energizer

Holdings,

Inc.

250,000

4.750%, 

6/15/2028

i

254,311

General

Mills,

Inc.

320,000

2.875%, 

4/15/2030

336,333

H.

J.

Heinz

Company

80,000

5.200%, 

7/15/2045

100,204

HCA,

Inc.

745,000

5.375%, 

2/1/2025

832,537

HLF

Financing

Sarl,

LLC

280,000

4.875%, 

6/1/2029

i

280,000

Humana,

Inc.

170,000

2.150%, 

2/3/2032

166,068

Illumina,

Inc.

125,000

9.000%, 

7/1/2028

i

137,812

Imperial

Brands

Finance

plc

825,000

3.875%, 

7/26/2029

i

887,991

JBS

USA

Food

Company

90,000

5.750%, 

1/15/2028

i

94,501

JBS

USA,

LLC

105,000

6.500%, 

4/15/2029

i

117,337

280,000

5.500%, 

1/15/2030

i

311,422

Keurig

Dr.

Pepper,

Inc.

375,000

3.350%, 

3/15/2051

389,271

550,000

3.200%, 

5/1/2030

592,329

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Kimberly-Clark

Corporation

$

450,000

3.100%, 

3/26/2030

$

492,782

300,000

3.900%, 

5/4/2047

359,438

Kraft

Foods

Group,

Inc.

390,000

5.000%, 

6/4/2042

478,273

Kraft

Heinz

Foods

Company

415,000

4.625%, 

1/30/2029

473,773

380,000

3.750%, 

4/1/2030

414,050

10,000

4.250%, 

3/1/2031

11,305

460,000

4.375%, 

6/1/2046

523,397

Mattel,

Inc.

255,000

3.375%, 

4/1/2026

i

262,930

Molina

Healthcare,

Inc.

280,000

4.375%, 

6/15/2028

i

291,306

Mondelez

International,

Inc.

180,000

2.750%, 

4/13/2030

188,340

Mozart

Debt

Merger

Sub,

Inc.

378,000

3.875%, 

4/1/2029

d,i

378,000

280,000

5.250%, 

10/1/2029

d,i

284,900

MPH

Acquisition

Holdings,

LLC

207,000

5.750%, 

11/1/2028

g,i

194,990

Mylan,

Inc.

675,000

4.550%, 

4/15/2028

770,435

Ortho-Clinical

Diagnostics,

Inc.

160,000

7.250%, 

2/1/2028

i

171,220

Par

Pharmaceutical,

Inc.

230,000

7.500%, 

4/1/2027

i

234,313

Pilgrim's

Pride

Corporation

202,000

3.500%, 

3/1/2032

i

205,409

Reynolds

American,

Inc.

512,000

5.700%, 

8/15/2035

612,797

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

i

408,344

Royalty

Pharma

plc

500,000

3.550%, 

9/2/2050

491,165

Scotts

Miracle-Gro

Company

270,000

4.500%, 

10/15/2029

282,150

SEG

Holding,

LLC

320,000

5.625%, 

10/15/2028

i

333,600

Simmons

Foods,

Inc.

255,000

4.625%, 

3/1/2029

i

256,913

Spectrum

Brands,

Inc.

130,000

5.000%, 

10/1/2029

i

139,750

120,000

5.500%, 

7/15/2030

i

132,900

Syneos

Health,

Inc.

240,000

3.625%, 

1/15/2029

i

239,328

Sysco

Corporation

600,000

6.600%, 

4/1/2040

876,545

Teleflex,

Inc.

155,000

4.250%, 

6/1/2028

i

161,059

Tenet

Healthcare

Corporation

86,000

4.625%, 

7/15/2024

87,290

570,000

5.125%, 

11/1/2027

i

594,225

110,000

6.125%, 

10/1/2028

i

115,552

Teva

Pharmaceutical

Finance

Netherlands

III

BV

175,000

2.800%, 

7/21/2023

173,957

165,000

3.150%, 

10/1/2026

157,988

Thermo

Fisher

Scientific,

Inc.

360,000

4.133%, 

3/25/2025

396,071

285,000

2.000%, 

10/15/2031

278,830

TreeHouse

Foods,

Inc.

118,000

4.000%, 

9/1/2028

g

115,483

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Tyson

Foods,

Inc.

$

236,000

3.550%, 

6/2/2027

$

260,382

United

Natural

Foods,

Inc.

230,000

6.750%, 

10/15/2028

i

248,975

UnitedHealth

Group,

Inc.

460,000

4.625%, 

7/15/2035

571,488

VRX

Escrow

Corporation

616,000

6.125%, 

4/15/2025

i

628,720

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

595,440

Total

38,026,213

Energy

(0.3%)

Antero

Resources

Corporation

250,000

5.375%, 

3/1/2030

i

263,287

Apache

Corporation

75,000

4.875%, 

11/15/2027

81,789

260,000

4.375%, 

10/15/2028

281,125

85,000

5.100%, 

9/1/2040

95,198

Archrock

Partners,

LP

250,000

6.250%, 

4/1/2028

i

258,556

BP

Capital

Markets

America,

Inc.

345,000

2.939%, 

6/4/2051

326,196

400,000

3.543%, 

4/6/2027

440,648

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

i

207,252

150,000

3.950%, 

12/1/2026

153,000

Canadian

Natural

Resources,

Ltd.

195,000

2.050%, 

7/15/2025

199,649

265,000

2.950%, 

7/15/2030

274,366

Cenovus

Energy,

Inc.

100,000

5.375%, 

7/15/2025

113,906

Cheniere

Energy

Partners,

LP

84,000

3.250%, 

1/31/2032

i

84,277

Chevron

USA,

Inc.

345,000

5.050%, 

11/15/2044

459,075

CNX

Resources

Corporation

140,000

6.000%, 

1/15/2029

i

148,050

Comstock

Resources,

Inc.

175,000

5.875%, 

1/15/2030

i

182,000

ConocoPhillips

590,000

6.500%, 

2/1/2039

860,333

Continental

Resources,

Inc.

120,000

4.375%, 

1/15/2028

132,750

150,000

5.750%, 

1/15/2031

i

181,312

Devon

Energy

Corporation

834,000

4.500%, 

1/15/2030

i

908,966

Diamondback

Energy,

Inc.

550,000

3.500%, 

12/1/2029

588,190

DT

Midstream,

Inc.

210,000

4.125%, 

6/15/2029

i

212,953

70,000

4.375%, 

6/15/2031

i

72,100

Enagas

SA

330,000

5.500%, 

1/15/2028

i

337,838

Encana

Corporation

120,000

6.625%, 

8/15/2037

164,573

Endeavor

Energy

Resources,

LP

170,000

5.750%, 

1/30/2028

i

178,925

Energean

Israel

Finance,

Ltd.

220,000

4.500%, 

3/30/2024

i

224,400

Energy

Transfer

Operating,

LP

600,000

6.000%, 

6/15/2048

761,369

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Energy

(0.3%)

-

continued

Energy

Transfer

Partners,

LP

$

265,000

4.900%, 

3/15/2035

$

303,779

250,000

5.150%, 

2/1/2043

279,540

EnLink

Midstream

Partners,

LP

250,000

4.850%, 

7/15/2026

262,425

105,000

5.600%, 

4/1/2044

100,275

Enterprise

Products

Operating,

LLC

600,000

3.300%, 

2/15/2053

585,145

172,000

5.100%, 

2/15/2045

214,012

EQM

Midstream

Partners,

LP

285,000

6.500%, 

7/1/2027

i

320,554

EQT

Corporation

70,000

3.125%, 

5/15/2026

i

71,758

310,000

3.900%, 

10/1/2027

335,491

Equinor

ASA

315,000

3.000%, 

4/6/2027

339,269

Exxon

Mobil

Corporation

700,000

3.452%, 

4/15/2051

744,400

Genesis

Energy,

LP

120,000

6.500%, 

10/1/2025

119,400

70,000

8.000%, 

1/15/2027

70,875

Halliburton

Company

500,000

2.920%, 

3/1/2030

517,105

Harvest

Midstream,

LP

290,000

7.500%, 

9/1/2028

i

308,893

Hess

Midstream

Operations,

LP

190,000

5.625%, 

2/15/2026

i

197,125

Hilcorp

Energy

I,

LP

230,000

5.750%, 

2/1/2029

i

236,325

ITT

Holdings,

LLC

200,000

6.500%, 

8/1/2029

i

201,750

Laredo

Petroleum,

Inc.

345,000

7.750%, 

7/31/2029

i

345,862

Magellan

Midstream

Partners,

LP

315,000

5.000%, 

3/1/2026

359,359

Marathon

Petroleum

Corporation

230,000

6.500%, 

3/1/2041

318,262

MPLX,

LP

325,000

4.875%, 

12/1/2024

359,986

458,000

4.875%, 

6/1/2025

511,826

Murphy

Oil

Corporation

150,000

5.875%, 

12/1/2027

156,113

Nabors

Industries,

Ltd.

265,000

7.250%, 

1/15/2026

i

257,739

National

Fuel

Gas

Company

525,000

5.500%, 

1/15/2026

604,721

Newfield

Exploration

Company

590,000

5.625%, 

7/1/2024

654,219

280,000

5.375%, 

1/1/2026

316,585

NGL

Energy

Operating,

LLC

150,000

7.500%, 

2/1/2026

i

152,813

NGL

Energy

Partners,

LP

150,000

7.500%, 

11/1/2023

145,775

NuStar

Logistics,

LP

240,000

5.750%, 

10/1/2025

258,600

Oasis

Petroleum,

Inc.

175,000

6.375%, 

6/1/2026

i

183,313

Occidental

Petroleum

Corporation

250,000

3.400%, 

4/15/2026

256,408

75,000

8.500%, 

7/15/2027

93,932

500,000

3.500%, 

8/15/2029

508,560

160,000

6.450%, 

9/15/2036

201,300

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Energy

(0.3%)

-

continued

$

410,000

4.400%, 

4/15/2046

$

408,914

ONEOK,

Inc.

480,000

2.200%, 

9/15/2025

490,390

Ovintiv,

Inc.

80,000

7.375%, 

11/1/2031

108,516

PBF

Holding

Company,

LLC

110,000

9.250%, 

5/15/2025

i

104,225

Pioneer

Natural

Resources

Company

225,000

4.450%, 

1/15/2026

251,037

Precision

Drilling

Corporation

175,000

6.875%, 

1/15/2029

i

182,778

Qatar

Petroleum

460,000

3.125%, 

7/12/2041

i

459,779

Sabine

Pass

Liquefaction,

LLC

26,000

5.625%, 

4/15/2023

27,631

575,000

4.500%, 

5/15/2030

662,751

Schlumberger

Holdings

Corporation

280,000

4.000%, 

12/21/2025

i

308,562

SM

Energy

Company

105,000

6.500%, 

7/15/2028

g

108,709

Southwestern

Energy

Company

140,000

5.375%, 

2/1/2029

i

149,773

Sunoco

Logistics

Partners

Operations,

LP

475,000

4.000%, 

10/1/2027

524,049

Sunoco,

LP

285,000

5.875%, 

3/15/2028

300,675

Targa

Resources

Partners,

LP

180,000

5.375%, 

2/1/2027

186,516

105,000

5.000%, 

1/15/2028

110,250

55,000

4.875%, 

2/1/2031

59,331

Teine

Energy,

Ltd.

150,000

6.875%, 

4/15/2029

i

152,250

Transocean

Proteus,

Ltd.

82,500

6.250%, 

12/1/2024

i

82,500

Transocean,

Inc.

140,000

11.500%, 

1/30/2027

i

144,200

USA

Compression

Partners,

LP

120,000

6.875%, 

4/1/2026

124,944

Venture

Global

Calcasieu

Pass,

LLC

205,000

3.875%, 

8/15/2029

i

211,160

125,000

4.125%, 

8/15/2031

i

130,313

Vine

Energy

Holdings,

LLC

145,000

6.750%, 

4/15/2029

i

156,510

W&T

Offshore,

Inc.

88,000

9.750%, 

11/1/2023

i

83,738

Western

Gas

Partners,

LP

472,000

4.000%, 

7/1/2022

479,189

Western

Midstream

Operating,

LP

240,000

3.950%, 

6/1/2025

253,624

130,000

5.500%, 

8/15/2048

152,100

Williams

Companies,

Inc.

500,000

7.500%, 

1/15/2031

695,138

Total

26,195,129

Financials

(1.0%)

ABN

AMRO

Bank

NV

450,000

4.750%, 

7/28/2025

i

498,874

ACE

INA

Holdings,

Inc.

335,000

4.350%, 

11/3/2045

421,319

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Financials

(1.0%)

-

continued

AerCap

Ireland

Capital

DAC

$

420,000

3.500%, 

1/15/2025

$

441,928

575,000

3.875%, 

1/23/2028

617,330

Air

Lease

Corporation

690,000

3.000%, 

2/1/2030

700,147

Aircastle,

Ltd.

300,000

5.250%, 

8/11/2025

i

335,410

480,000

2.850%, 

1/26/2028

i

486,125

Alliant

Holdings

Intermediate,

LLC

70,000

6.750%, 

10/15/2027

i

72,450

Ally

Financial,

Inc.

680,000

5.750%, 

11/20/2025

777,545

460,000

8.000%, 

11/1/2031

663,471

Altice

Financing

SA

95,000

5.750%, 

8/15/2029

i

92,020

American

Finance

Trust,

Inc.

168,000

4.500%, 

9/30/2028

d,i

168,000

American

Homes

4

Rent,

LP

480,000

2.375%, 

7/15/2031

475,480

American

International

Group,

Inc.

336,000

4.125%, 

2/15/2024

362,713

220,000

3.750%, 

7/10/2025

239,475

650,000

3.900%, 

4/1/2026

721,073

AmWINS

Group,

Inc.

140,000

4.875%, 

6/30/2029

i

141,967

Ares

Capital

Corporation

425,000

3.875%, 

1/15/2026

454,507

250,000

2.150%, 

7/15/2026

250,665

Australia

and

New

Zealand

Banking

Group,

Ltd.

450,000

2.950%, 

7/22/2030

b,i

467,757

Aviation

Capital

Group,

LLC

480,000

5.500%, 

12/15/2024

i

537,965

Avolon

Holdings

Funding,

Ltd.

350,000

5.250%, 

5/15/2024

i

382,357

125,000

4.250%, 

4/15/2026

i

134,446

Banco

Santander

Mexico

SA

400,000

5.375%, 

4/17/2025

i

447,080

Banco

Santander

SA

600,000

1.239%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

608,158

600,000

1.722%, 

9/14/2027

b

597,212

Bank

of

America

Corporation

10,000

3.550%, 

3/5/2024

b

10,424

350,000

4.200%, 

8/26/2024

382,841

470,000

4.000%, 

1/22/2025

510,733

650,000

3.458%, 

3/15/2025

b

691,543

275,000

1.734%, 

7/22/2027

b

276,132

500,000

3.824%, 

1/20/2028

b

551,775

230,000

2.087%, 

6/14/2029

b

229,631

600,000

2.496%, 

2/13/2031

b

607,194

400,000

2.592%, 

4/29/2031

b

408,251

650,000

1.922%, 

10/24/2031

b

625,281

600,000

4.244%, 

4/24/2038

b

702,000

Barclays

plc

625,000

4.972%, 

5/16/2029

b

726,636

665,000

3.564%, 

9/23/2035

b

689,920

BPCE

SA

440,000

3.500%, 

10/23/2027

i

474,757

Camden

Property

Trust

900,000

3.150%, 

7/1/2029

972,154

CANPACK

SA

290,000

3.125%, 

11/1/2025

i

294,712

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Financials

(1.0%)

-

continued

Capital

One

Financial

Corporation

$

500,000

4.200%, 

10/29/2025

$

554,157

Cascades

USA,

Inc.

165,000

5.125%, 

1/15/2026

i

175,406

Chobani,

LLC

310,000

4.625%, 

11/15/2028

i

320,075

CIT

Group,

Inc.

505,000

5.250%, 

3/7/2025

562,444

360,000

6.125%, 

3/9/2028

435,193

Citigroup,

Inc.

735,000

4.400%, 

6/10/2025

812,966

348,000

3.200%, 

10/21/2026

375,205

345,000

1.462%, 

6/9/2027

b

342,967

720,000

3.668%, 

7/24/2028

b

791,427

236,000

4.125%, 

7/25/2028

263,433

500,000

3.520%, 

10/27/2028

b

543,691

348,000

4.650%, 

7/23/2048

448,903

CNA

Financial

Corporation

250,000

3.900%, 

5/1/2029

278,733

Coinbase

Global,

Inc.

56,000

3.625%, 

10/1/2031

i

53,235

Commerzbank

AG

400,000

8.125%, 

9/19/2023

i

450,687

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

416,000

4.625%, 

12/1/2023

450,775

Credit

Acceptance

Corporation

250,000

5.125%, 

12/31/2024

i

257,500

Credit

Agricole

SA

300,000

6.875%, 

9/23/2024

b,i,l

333,750

Credit

Suisse

Group

AG

350,000

7.250%, 

9/12/2025

b,i,l

387,957

750,000

2.193%, 

6/5/2026

b,i

764,077

Danske

Bank

AS

200,000

0.976%, 

9/10/2025

b,i

199,664

675,000

3.244%, 

12/20/2025

b,i

717,092

Deutsche

Bank

AG

500,000

3.729%, 

1/14/2032

b

516,242

Discover

Bank

400,000

2.450%, 

9/12/2024

417,127

600,000

4.682%, 

8/9/2028

b

638,273

Diversified

Healthcare

Trust

175,000

4.375%, 

3/1/2031

169,267

Drawbridge

Special

Opportunities

Fund,

LP

320,000

3.875%, 

2/15/2026

i

328,798

Duke

Realty,

LP

450,000

2.875%, 

11/15/2029

474,108

ERP

Operating,

LP

90,000

3.375%, 

6/1/2025

96,694

First

Horizon

Bank

115,000

5.750%, 

5/1/2030

140,487

First

Horizon

National

Corporation

460,000

4.000%, 

5/26/2025

501,915

Fortress

Transportation

and

Infrastructure

Investors,

LLC

150,000

6.500%, 

10/1/2025

i

154,407

100,000

5.500%, 

5/1/2028

i

100,672

FS

KKR

Capital

Corporation

230,000

4.250%, 

2/14/2025

i

242,938

600,000

3.400%, 

1/15/2026

626,929

GE

Capital

Funding,

LLC

450,000

4.400%, 

5/15/2030

521,424

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Financials

(1.0%)

-

continued

GE

Capital

International

Funding

Company

$

1,240,000

4.418%, 

11/15/2035

$

1,488,065

Global

Net

Lease,

Inc.

300,000

3.750%, 

12/15/2027

i

297,884

Goldman

Sachs

Group,

Inc.

700,000

3.625%, 

2/20/2024

745,944

120,000

1.992%, 

1/27/2032

b

115,720

790,000

4.750%, 

10/21/2045

1,020,064

HCP,

Inc.

11,000

3.400%, 

2/1/2025

11,731

HCRX

Investments

Holdco,

LP

85,000

4.500%, 

8/1/2029

i

85,425

HSBC

Holdings

plc

750,000

3.803%, 

3/11/2025

b

799,967

425,000

3.900%, 

5/25/2026

468,118

Icahn

Enterprises,

LP

205,000

6.375%, 

12/15/2025

210,330

285,000

5.250%, 

5/15/2027

295,687

iStar,

Inc.

265,000

4.250%, 

8/1/2025

275,263

J.P.

Morgan

Chase

&

Company

750,000

3.875%, 

9/10/2024

815,460

265,000

3.125%, 

1/23/2025

281,663

230,000

0.824%, 

6/1/2025

b

229,959

375,000

1.040%, 

2/4/2027

b

367,897

384,000

1.578%, 

4/22/2027

b

384,779

675,000

4.203%, 

7/23/2029

b

767,847

400,000

2.522%, 

4/22/2031

b

408,081

500,000

1.953%, 

2/4/2032

b

482,361

770,000

3.882%, 

7/24/2038

b

886,301

512,000

3.157%, 

4/22/2042

b

531,577

Jefferies

Finance,

LLC

240,000

5.000%, 

8/15/2028

i

243,300

Kimco

Realty

Corporation

510,000

3.300%, 

2/1/2025

543,720

Lloyds

Banking

Group

plc

70,000

2.907%, 

11/7/2023

b

71,819

925,000

3.870%, 

7/9/2025

b

997,325

LPL

Holdings,

Inc.

180,000

4.000%, 

3/15/2029

i

184,887

MGM

Growth

Properties

Operating

Partnership,

LP

170,000

4.625%, 

6/15/2025

i

183,175

140,000

5.750%, 

2/1/2027

161,000

Mitsubishi

UFJ

Financial

Group,

Inc.

600,000

3.287%, 

7/25/2027

654,861

800,000

2.048%, 

7/17/2030

786,624

Mizuho

Financial

Group,

Inc.

660,000

1.979%, 

9/8/2031

b

637,101

Morgan

Stanley

250,000

2.188%, 

4/28/2026

b

258,126

540,000

4.350%, 

9/8/2026

609,503

720,000

3.591%, 

7/22/2028

b

789,579

100,000

3.772%, 

1/24/2029

b

110,652

720,000

3.622%, 

4/1/2031

b

793,560

360,000

2.802%, 

1/25/2052

b

346,028

MPT

Operating

Partnership,

LP

255,000

4.625%, 

8/1/2029

273,615

Nasdaq,

Inc.

335,000

3.250%, 

4/28/2050

337,549

295,000

3.850%, 

6/30/2026

327,172

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Financials

(1.0%)

-

continued

Nationwide

Building

Society

$

400,000

3.622%, 

4/26/2023

b,i

$

406,955

Natwest

Group

plc

445,000

3.032%, 

11/28/2035

b

445,590

Navient

Corporation

145,000

5.500%, 

1/25/2023

151,525

70,000

5.000%, 

3/15/2027

72,100

70,000

4.875%, 

3/15/2028

70,569

NFP

Corporation

95,000

6.875%, 

8/15/2028

i

97,000

Omega

Healthcare

Investors,

Inc.

416,000

3.625%, 

10/1/2029

437,691

375,000

3.375%, 

2/1/2031

381,817

OneMain

Finance

Corporation

105,000

3.500%, 

1/15/2027

105,047

Owl

Rock

Capital

Corporation

115,000

4.250%, 

1/15/2026

123,430

625,000

3.400%, 

7/15/2026

650,895

Owl

Rock

Technology

Finance

Corporation

115,000

4.750%, 

12/15/2025

i

125,712

Park

Aerospace

Holdings,

Ltd.

350,000

4.500%, 

3/15/2023

i

365,729

Park

Intermediate

Holdings,

LLC

75,000

4.875%, 

5/15/2029

i

77,192

PennyMac

Financial

Services,

Inc.

190,000

4.250%, 

2/15/2029

i

180,894

Playtika

Holding

Corporation

140,000

4.250%, 

3/15/2029

i

140,447

Principal

Life

Global

Funding

II

375,000

1.250%, 

8/16/2026

i

372,674

Prudential

Financial,

Inc.

675,000

3.700%, 

3/13/2051

769,268

Quicken

Loans,

LLC

190,000

3.625%, 

3/1/2029

i

192,137

Radian

Group,

Inc.

145,000

4.875%, 

3/15/2027

158,031

Realty

Income

Corporation

475,000

4.125%, 

10/15/2026

532,981

250,000

1.800%, 

3/15/2033

236,604

Regency

Centers,

LP

720,000

4.125%, 

3/15/2028

806,385

Reinsurance

Group

of

America,

Inc.

510,000

4.700%, 

9/15/2023

548,409

Royal

Bank

of

Scotland

Group

plc

500,000

6.000%, 

12/29/2025

b,l

559,565

475,000

4.445%, 

5/8/2030

b

543,357

Santander

UK

Group

Holdings

plc

460,000

1.673%, 

6/14/2027

b

458,041

Service

Properties

Trust

110,000

4.750%, 

10/1/2026

108,900

165,000

4.950%, 

2/15/2027

164,587

150,000

5.500%, 

12/15/2027

159,857

Simon

Property

Group,

LP

600,000

3.800%, 

7/15/2050

661,189

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

i

392,852

Spirit

Realty,

LP

600,000

2.100%, 

3/15/2028

596,881

Springleaf

Finance

Corporation

220,000

6.875%, 

3/15/2025

247,225

230,000

6.625%, 

1/15/2028

264,500

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Financials

(1.0%)

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

336,000

3.010%, 

10/19/2026

$

360,305

375,000

1.710%, 

1/12/2031

357,676

Sumitomo

Mitsui

Trust

Bank,

Ltd.

480,000

0.800%, 

9/16/2024

i

478,977

Synchrony

Financial

155,000

4.250%, 

8/15/2024

167,494

350,000

3.950%, 

12/1/2027

386,086

Truist

Financial

Corporation

230,000

1.887%, 

6/7/2029

b

229,776

UBS

Group

Funding

Jersey,

Ltd.

336,000

4.125%, 

9/24/2025

i

371,207

UDR,

Inc.

400,000

2.100%, 

8/1/2032

383,684

United

Wholesale

Mortgage,

LLC

210,000

5.500%, 

4/15/2029

i

203,890

VEREIT

Operating

Partnership,

LP

500,000

2.850%, 

12/15/2032

519,430

VICI

Properties,

LP

150,000

4.250%, 

12/1/2026

i

156,650

80,000

3.750%, 

2/15/2027

i

82,800

105,000

4.625%, 

12/1/2029

i

112,875

Voya

Financial,

Inc.

425,000

3.125%, 

7/15/2024

450,377

Wells

Fargo

&

Company

550,000

4.125%, 

8/15/2023

585,741

350,000

3.000%, 

2/19/2025

371,482

450,000

3.000%, 

4/22/2026

482,801

450,000

3.000%, 

10/23/2026

482,296

550,000

2.393%, 

6/2/2028

b

567,292

310,000

4.900%, 

11/17/2045

392,529

Welltower,

Inc.

345,000

2.050%, 

1/15/2029

342,737

Total

72,069,936

Mortgage-Backed

Securities

(3.6%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

750,000

1.500%, 

11/1/2035

d

756,504

18,150,000

1.500%, 

10/15/2036

d

18,329,373

55,000,000

2.000%, 

11/1/2036

d

56,568,359

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

66,150,000

2.000%, 

11/1/2051

d,m

66,209,432

66,269,000

2.500%, 

11/1/2051

d

68,197,531

14,900,000

3.000%, 

11/1/2047

d

15,571,437

2,425,000

3.000%, 

10/1/2049

d

2,537,440

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

29,800,000

2.500%, 

10/1/2051

d

30,762,680

13,075,000

2.500%, 

11/1/2051

d

13,473,890

Total

272,406,646

Technology

(0.3%)

Analog

Devices,

Inc.

525,000

2.950%, 

10/1/2051

d

524,818

Apple,

Inc.

300,000

3.000%, 

2/9/2024

316,409

640,000

3.000%, 

6/20/2027

700,636

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Technology

(0.3%)

-

continued

$

835,000

3.750%, 

9/12/2047

$

965,410

Applied

Materials,

Inc.

240,000

3.300%, 

4/1/2027

263,783

Baidu,

Inc.

500,000

3.425%, 

4/7/2030

529,314

Black

Knight

InfoServ,

LLC

252,000

3.625%, 

9/1/2028

i

253,260

Broadcom

Corporation

185,000

3.875%, 

1/15/2027

203,300

Broadcom,

Inc.

250,000

5.000%, 

4/15/2030

291,941

206,000

3.469%, 

4/15/2034

i

212,126

500,000

3.187%, 

11/15/2036

i

498,548

CommScope

Technologies

Finance,

LLC

177,000

6.000%, 

6/15/2025

i

179,212

CommScope,

Inc.

160,000

7.125%, 

7/1/2028

i

163,275

Dell

International,

LLC

950,000

6.020%, 

6/15/2026

1,130,051

230,000

8.350%, 

7/15/2046

373,027

Fiserv,

Inc.

775,000

2.250%, 

6/1/2027

799,373

480,000

2.650%, 

6/1/2030

491,158

Gartner,

Inc.

140,000

3.625%, 

6/15/2029

i

141,064

235,000

3.750%, 

10/1/2030

i

241,862

Hewlett

Packard

Enterprise

Company

475,000

4.650%, 

10/1/2024

524,732

Iron

Mountain,

Inc.

320,000

4.875%, 

9/15/2029

i

335,200

250,000

5.250%, 

7/15/2030

i

265,307

232,000

4.500%, 

2/15/2031

i

235,318

Lam

Research

Corporation

600,000

2.875%, 

6/15/2050

601,667

Microchip

Technology,

Inc.

230,000

0.983%, 

9/1/2024

i

229,722

Micron

Technology,

Inc.

275,000

2.497%, 

4/24/2023

283,052

460,000

4.663%, 

2/15/2030

530,955

Microsoft

Corporation

720,000

3.041%, 

3/17/2062

760,557

890,000

3.700%, 

8/8/2046

1,051,689

MSCI,

Inc.

200,000

4.000%, 

11/15/2029

i

211,740

NCR

Corporation

450,000

6.125%, 

9/1/2029

i

488,250

NVIDIA

Corporation

675,000

3.500%, 

4/1/2040

748,547

NXP

Funding,

LLC

250,000

5.550%, 

12/1/2028

i

303,263

256,000

4.300%, 

6/18/2029

i

290,153

250,000

2.500%, 

5/11/2031

i

252,327

250,000

3.250%, 

5/11/2041

i

258,206

Open

Text

Corporation

290,000

4.125%, 

2/15/2030

i

297,975

Oracle

Corporation

230,000

3.950%, 

3/25/2051

242,562

600,000

3.850%, 

7/15/2036

651,860

625,000

3.600%, 

4/1/2040

648,132

600,000

4.000%, 

7/15/2046

635,626

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Technology

(0.3%)

-

continued

PTC,

Inc.

$

130,000

3.625%, 

2/15/2025

i

$

131,950

110,000

4.000%, 

2/15/2028

i

112,887

Qorvo,

Inc.

440,000

3.375%, 

4/1/2031

i

463,936

Rackspace

Technology

Global,

Inc.

230,000

5.375%, 

12/1/2028

g,i

225,975

Seagate

HDD

Cayman

347,000

3.125%, 

7/15/2029

i

335,584

290,000

3.375%, 

7/15/2031

i

282,750

Sensata

Technologies,

Inc.

340,000

3.750%, 

2/15/2031

i

342,326

Shift4

Payments,

LLC

80,000

4.625%, 

11/1/2026

i

83,500

SS&C

Technologies,

Inc.

490,000

5.500%, 

9/30/2027

i

517,407

Switch,

Ltd.

240,000

3.750%, 

9/15/2028

i

243,600

Teledyne

Technologies,

Inc.

384,000

2.250%, 

4/1/2028

391,096

Texas

Instruments,

Inc.

580,000

4.150%, 

5/15/2048

719,391

Tyco

Electronics

Group

SA

120,000

3.450%, 

8/1/2024

127,685

Viavi

Solutions,

Inc.

168,000

3.750%, 

10/1/2029

i

168,370

VMware,

Inc.

400,000

4.650%, 

5/15/2027

459,308

345,000

1.800%, 

8/15/2028

339,882

Total

23,071,054

Transportation

(0.1%)

Air

Canada

50,000

3.875%, 

8/15/2026

i

50,453

Air

Canada

Pass

Through

Trust

79,356

3.875%, 

3/15/2023

i

80,238

American

Airlines,

Inc.

170,000

11.750%, 

7/15/2025

i

210,375

445,000

5.500%, 

4/20/2026

i

467,806

50,000

5.750%, 

4/20/2029

i

53,875

Avis

Budget

Car

Rental,

LLC

190,000

5.375%, 

3/1/2029

g,i

200,811

Burlington

Northern

Santa

Fe,

LLC

355,000

5.750%, 

5/1/2040

497,588

285,000

4.450%, 

3/15/2043

355,691

CSX

Corporation

360,000

3.800%, 

4/15/2050

408,451

Delta

Air

Lines,

Inc.

244,000

7.000%, 

5/1/2025

i

284,565

756,000

4.750%, 

10/20/2028

i

842,940

Southwest

Airlines

Company

500,000

5.125%, 

6/15/2027

584,738

512,000

2.625%, 

2/10/2030

519,351

United

Airlines

Pass

Through

Trust

10,000

3.700%, 

12/1/2022

10,263

United

Airlines,

Inc.

230,000

4.375%, 

4/15/2026

i

236,038

230,000

4.625%, 

4/15/2029

i

237,694

United

Parcel

Service,

Inc.

480,000

4.450%, 

4/1/2030

571,310

Total

5,612,187

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

U.S.

Government

&

Agencies

(4.4%)

U.S.

Treasury

Bonds

$

880,000

1.625%, 

11/15/2050

$

790,591

20,205,000

2.250%, 

11/15/2027

21,478,073

18,050,000

2.875%, 

5/15/2028

19,907,881

5,830,000

5.250%, 

11/15/2028

7,410,932

7,700,000

1.625%, 

8/15/2029

7,842,570

900,000

1.500%, 

2/15/2030

905,731

500,000

0.875%, 

11/15/2030

474,492

160,000

1.125%, 

2/15/2031

154,975

2,050,000

4.375%, 

5/15/2040

2,852,703

7,430,000

1.375%, 

11/15/2040

6,674,230

11,465,000

3.000%, 

5/15/2042

13,404,645

25,124,000

2.500%, 

5/15/2046

27,185,935

16,725,000

2.875%, 

5/15/2049

19,565,637

U.S.

Treasury

Notes

15,930,000

0.125%, 

10/31/2022

15,931,867

8,115,000

2.000%, 

11/30/2022

8,291,248

38,300,000

0.125%, 

12/31/2022

38,288,031

1,845,000

0.125%, 

1/31/2023

1,844,063

11,580,000

2.500%, 

3/31/2023

11,980,324

3,600,000

0.125%, 

4/30/2023

3,595,219

275,000

0.125%, 

7/31/2023

274,409

8,320,000

0.125%, 

8/31/2023

8,297,900

350,000

0.125%, 

10/15/2023

348,742

16,710,000

2.500%, 

1/31/2024

17,537,667

1,460,000

2.125%, 

7/31/2024

1,527,525

95,000

2.250%, 

11/15/2024

99,991

13,150,000

2.125%, 

11/30/2024

13,793,117

43,700,000

2.875%, 

5/31/2025

47,126,012

12,650,000

2.625%, 

1/31/2026

13,595,785

25,060,000

2.500%, 

2/28/2026

26,821,052

300,000

0.750%, 

1/31/2028

291,316

Total

338,292,663

Utilities

(0.3%)

Ameren

Illinois

Company

450,000

4.500%, 

3/15/2049

572,138

American

Water

Capital

Corporation

650,000

2.800%, 

5/1/2030

681,787

Appalachian

Power

Company

238,000

3.300%, 

6/1/2027

257,080

Arizona

Public

Service

Company

50,000

3.500%, 

12/1/2049

53,233

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

455,135

Calpine

Corporation

345,000

4.500%, 

2/15/2028

i

351,900

CenterPoint

Energy

Resources

Corporation

350,000

1.750%, 

10/1/2030

336,232

CenterPoint

Energy,

Inc.

300,000

2.500%, 

9/1/2024

313,691

420,000

4.250%, 

11/1/2028

478,516

CMS

Energy

Corporation

236,000

2.950%, 

2/15/2027

249,314

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

400,063

180,000

4.350%, 

11/15/2045

220,004

Consolidated

Edison

Company

of

New

York,

Inc.

550,000

4.125%, 

5/15/2049

637,969

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Utilities

(0.3%)

-

continued

Consolidated

Edison,

Inc.

$

168,000

4.500%, 

12/1/2045

$

203,290

Consumers

Energy

Company

550,000

4.350%, 

4/15/2049

684,247

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

299,761

360,000

3.700%, 

6/1/2046

403,678

Duke

Energy

Carolinas,

LLC

440,000

3.700%, 

12/1/2047

488,662

Duke

Energy

Corporation

448,000

3.750%, 

9/1/2046

478,385

Duke

Energy

Florida,

LLC

320,000

3.200%, 

1/15/2027

346,898

Duke

Energy

Indiana,

LLC

450,000

3.750%, 

5/15/2046

499,074

Edison

International

675,000

5.750%, 

6/15/2027

777,204

Enel

Finance

International

NV

345,000

1.875%, 

7/12/2028

i

343,585

Exelon

Corporation

375,000

4.700%, 

4/15/2050

473,863

240,000

5.100%, 

6/15/2045

314,857

336,000

4.450%, 

4/15/2046

405,806

FirstEnergy

Corporation

150,000

3.350%, 

7/15/2022

151,777

ITC

Holdings

Corporation

67,000

4.050%, 

7/1/2023

70,321

224,000

5.300%, 

7/1/2043

292,277

Jersey

Central

Power

&

Light

Company

200,000

2.750%, 

3/1/2032

i

204,880

Mississippi

Power

Company

340,000

3.950%, 

3/30/2028

378,790

National

Rural

Utilities

Cooperative

Finance

Corporation

295,000

3.900%, 

11/1/2028

332,252

575,000

3.700%, 

3/15/2029

640,859

NextEra

Energy

Operating

Partners,

LP

320,000

3.875%, 

10/15/2026

i

340,240

NiSource

Finance

Corporation

415,000

5.650%, 

2/1/2045

569,282

NiSource,

Inc.

550,000

3.600%, 

5/1/2030

602,951

NRG

Energy,

Inc.

340,000

3.375%, 

2/15/2029

i

335,556

100,000

5.250%, 

6/15/2029

i

106,375

Pacific

Gas

and

Electric

Company

350,000

3.300%, 

12/1/2027

360,228

360,000

4.550%, 

7/1/2030

389,279

256,000

3.250%, 

6/1/2031

255,070

PG&E

Corporation

160,000

5.000%, 

7/1/2028

g

163,000

PPL

Electric

Utilities

Corporation

354,000

3.950%, 

6/1/2047

419,627

Public

Service

Electric

&

Gas

Company

350,000

3.000%, 

5/15/2027

379,991

San

Diego

Gas

and

Electric

Company

500,000

4.150%, 

5/15/2048

600,086

Principal

Amount

Long-Term

Fixed

Income

(13.3%)

Value

Utilities

(0.3%)

-

continued

South

Carolina

Electric

&

Gas

Company

$

350,000

5.100%, 

6/1/2065

$

502,405

Southern

California

Edison

Company

485,000

4.000%, 

4/1/2047

520,088

Southern

Company

325,000

3.250%, 

7/1/2026

349,722

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

164,577

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

196,880

Suburban

Propane

Partners,

LP

310,000

5.875%, 

3/1/2027

323,175

Talen

Energy

Supply,

LLC

160,000

7.625%, 

6/1/2028

i

150,000

TerraForm

Power

Operating,

LLC

305,000

5.000%, 

1/31/2028

i

327,494

Virginia

Electric

and

Power

Company

425,000

4.600%, 

12/1/2048

544,219

Vistra

Operations

Company,

LLC

300,000

5.000%, 

7/31/2027

i

309,750

Total

20,707,523

Total

Long-Term

Fixed

Income

(cost

$975,969,615)

1,013,273,751

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

33,232,445

Thrivent

Cash

Management

Trust

33,232,445

Total

Collateral

Held

for

Securities

Loaned

(cost

$33,232,445)

33,232,445

Shares

or

Principal

Amount

Short-Term

Investments

(

9.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

4,200,000

0.036%,

10/6/2021

n,o

4,199,988

100,000

0.042%,

10/13/2021

n,o

99,999

600,000

0.040%,

10/20/2021

n,o

599,994

300,000

0.030%,

10/21/2021

n,o

299,997

600,000

0.035%,

10/22/2021

n,o

599,993

400,000

0.040%,

10/26/2021

n,o

399,994

1,900,000

0.040%,

10/27/2021

n,o

1,899,973

900,000

0.040%,

11/3/2021

n,o

899,967

200,000

0.040%,

11/12/2021

n,o

199,991

200,000

0.040%,

11/15/2021

n,o

199,990

7,000,000

0.040%,

11/17/2021

n,o

6,999,634

21,600,000

0.040%,

11/18/2021

n,o

21,598,848

11,400,000

0.025%,

12/21/2021

n,o

11,398,974

2,100,000

0.034%,

12/27/2021

n,o

2,099,797

38,100,000

0.025%,

12/28/2021

n,o

38,096,276

300,000

0.020%,

1/5/2022

n,o

299,968

Thrivent

Core

Short-Term

Reserve

Fund

60,054,578

0.120%

600,545,783

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Shares

or

Principal

Amount

Short-Term

Investments

(9.2%)

Value

U.S.

Treasury

Bills

1,000,000

0.050%,

11/2/2021

n,p

$

999,948

500,000

0.047%,

11/4/2021

n,p

499,965

13,800,000

0.045%,

11/18/2021

n,q

13,799,471

500,000

0.022%,

12/16/2021

n,q

499,962

Total

Short-Term

Investments

(cost

$706,171,032)

706,238,512

Total

Investments

(cost

$6,077,193,029)

104.1%

$7,955,749,920

Other

Assets

and

Liabilities,

Net

(4.1%)

(314,619,059)

Total

Net

Assets

100.0%

$7,641,130,861

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,

2021.

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

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,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

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,

2021,

the

value

of

these

investments

was

$184,939,471

or

2.4%

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,

2021.

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

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

At

September

30,

2021,

$859,950

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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

Moderately

Aggressive

Allocation

Portfolio

as

of

September

30,

2021

was

$426,489

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2021.

Security

Acquisition

Date

Cost

Upstart

Securitization

Trust,

11/20/2030

10/1/2020

$

424,393

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,978,515

Common

Stock

29,254,107

Total

lending

$32,232,622

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$33,232,445

Net

amounts

due

to

counterparty

$999,823

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

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

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

3,706,641

–

2,793,915

912,726

Capital

Goods

9,500,197

–

8,274,510

1,225,687

Communications

Services

10,664,760

–

10,335,585

329,175

Consumer

Cyclical

8,131,844

–

8,131,844

–

Consumer

Non-Cyclical

10,321,076

–

10,321,076

–

Energy

1,207,380

–

1,207,380

–

Financials

2,495,128

–

2,495,128

–

Technology

6,576,109

–

6,576,109

–

Transportation

2,885,379

–

2,885,379

–

Utilities

1,742,937

–

1,444,870

298,067

Registered

Investment

Companies

Unaffiliated

65,694,067

65,694,067

–

–

Affiliated

3,053,255,252

3,053,255,252

–

–

Common

Stock

Communications

Services

178,467,915

178,389,698

78,217

–

Consumer

Discretionary

326,527,689

326,520,163

7,526

–

Consumer

Staples

55,256,908

55,256,908

–

–

Energy

48,119,135

48,119,135

–

–

Financials

305,505,150

302,218,319

3,286,831

–

Health

Care

344,594,739

344,594,739

–

–

Industrials

351,575,366

347,373,621

4,201,745

–

Information

Technology

661,821,093

660,962,468

858,625

–

Materials

72,192,922

69,931,880

2,261,036

6

Real

Estate

110,218,849

110,218,849

–

–

Utilities

33,725,040

33,725,040

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

65,358,491

–

65,358,491

–

Basic

Materials

12,131,438

–

12,131,438

–

Capital

Goods

18,429,753

–

18,429,753

–

Collateralized

Mortgage

Obligations

46,763,297

–

46,763,297

–

Commercial

Mortgage-Backed

Securities

8,146,524

–

8,146,524

–

Communications

Services

32,801,642

–

32,801,642

–

Consumer

Cyclical

33,261,255

–

33,261,255

–

Consumer

Non-Cyclical

38,026,213

–

38,026,213

–

Energy

26,195,129

–

26,195,129

–

Financials

72,069,936

–

72,069,936

–

Mortgage-Backed

Securities

272,406,646

–

272,406,646

–

Technology

23,071,054

–

23,071,054

–

Transportation

5,612,187

–

5,612,187

–

U.S.

Government

&

Agencies

338,292,663

–

338,292,663

–

Utilities

20,707,523

–

20,707,523

–

Short-Term

Investments

105,692,729

–

105,692,729

–

Subtotal

Investments

in

Securities

$6,783,152,056

$5,596,260,139

$1,184,126,256

$2,765,661

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

538,819,636

Affiliated

Short-Term

Investments

600,545,783

Collateral

Held

for

Securities

Loaned

33,232,445

Subtotal

Other

Investments

$1,172,597,864

Total

Investments

at

Value

$7,955,749,920

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

39,600,989

39,600,989

–

–

Total

Asset

Derivatives

$39,600,989

$39,600,989

$–

$–

Liability

Derivatives

Futures

Contracts

65,875,103

65,875,103

–

–

Call

Options

Written

24,326

–

–

24,326

Credit

Default

Swaps

708,805

–

708,805

–

Total

Liability

Derivatives

$66,608,234

$65,875,103

$708,805

$24,326

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$90,811,383

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

428

December

2021

$

57,162,572

(

$

833,757)

CBOT

2-Yr.

U.S.

Treasury

Note

686

December

2021

151,050,731

(

93,214)

CBOT

5-Yr.

U.S.

Treasury

Note

590

December

2021

72,885,278

(

467,386)

CBOT

U.S.

Long

Bond

318

December

2021

51,989,073

(

1,357,510)

CME

E-mini

Russell

2000

Index

39

December

2021

4,367,580

(

76,020)

CME

E-mini

S&P

500

Index

5,086

December

2021

1,140,063,445

(

47,145,620)

CME

E-mini

S&P

Mid-Cap

400

Index

16

December

2021

4,322,932

(

109,812)

CME

Euro

Foreign

Exchange

Currency

1,400

December

2021

207,366,278

(

4,366,278)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

473

December

2021

93,601,766

(

3,229,204)

Eurex

Euro

STOXX

50

Index

4,183

December

2021

201,436,940

(

6,580,754)

ICE

US

mini

MSCI

Emerging

Markets

Index

297

December

2021

19,471,486

(

974,326)

Ultra

10-Yr.

U.S.

Treasury

Note

224

December

2021

33,177,222

(

641,222)

Total

Futures

Long

Contracts

$

2,036,895,303

(

$

65,875,103)

CBOT

10-Yr.

U.S.

Treasury

Note

(109)

December

2021

(

$

14,568,235)

$

222,812

CBOT

5-Yr.

U.S.

Treasury

Note

(290)

December

2021

(

35,835,921)

240,686

CME

E-mini

NASDAQ

100

Index

(417)

December

2021

(

129,697,216)

7,245,166

CME

E-mini

Russell

2000

Index

(6,126)

December

2021

(

686,645,377)

12,540,337

CME

E-mini

S&P

Mid-Cap

400

Index

(1,968)

December

2021

(

532,364,507)

14,150,747

ICE

mini

MSCI

EAFE

Index

(981)

December

2021

(

116,201,883)

5,005,533

Ultra

10-Yr.

U.S.

Treasury

Note

(59)

December

2021

(

8,765,458)

195,708

Total

Futures

Short

Contracts

(

$

1,524,078,597)

$39,600,989

Total

Futures

Contracts

$

512,816,706

($26,274,114)

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Counterparty:

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(11.75)

$

101.43

October

2021

(

$

11,760,557)

(

$

459)

$

76,650

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(11.75)

100.77

November

2021

(

11,760,557)

(

23,867)

42,686

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($24,326)

$119,336

(*)  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.

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2021.

Investments

totaling

$14,299,433

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

37,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2026

(

$

151,730,000)

$

–

(

$

708,805)

(

$

708,805)

Total

Credit

Default

Swaps

$–

($708,805)

($708,805)

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$93,863

$2,957

$–

$91,255

9,350

1.2%

Core

Emerging

Markets

Equity

71,546

–

–

71,121

6,068

0.9

Core

International

Equity

141,026

–

34,800

119,246

10,920

1.5

Core

Low

Volatility

Equity

361,674

225

132,000

257,197

18,215

3.4

Global

Stock

471,052

21,491

–

534,944

34,686

7.0

High

Yield

63,326

2,213

–

65,632

14,045

0.9

Income

201,882

9,809

–

200,945

18,540

2.6

International

Allocation

554,547

9,486

–

611,674

55,574

8.0

International

Index

42,672

389

–

45,913

3,400

0.6

Large

Cap

Value

511,765

28,634

–

623,735

27,983

8.2

Limited

Maturity

Bond

105,124

1,242

–

105,800

10,527

1.4

Mid

Cap

Stock

586,630

39,747

–

700,138

27,453

9.2

Small

Cap

Stock

138,119

6,149

–

164,474

6,855

2.1

Total

Affiliated

Registered

Investment

Companies

3,343,226

3,592,074

47.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

417,729

1,207,862

1,025,045

600,546

60,055

7.8

Total

Affiliated

Short-Term

Investments

417,729

600,546

7.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

59,725

665,052

691,545

33,232

33,232

0.4

Total

Collateral

Held

for

Securities

Loaned

59,725

33,232

0.4

Total

Value

$3,820,680

$4,225,852

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(5,565)

$

–

$2,958

Core

Emerging

Markets

Equity

–

(425)

–

–

Core

International

Equity

185

12,835

–

–

Core

Low

Volatility

Equity

7,103

20,195

225

–

Global

Stock

–

42,401

16,744

4,747

High

Yield

–

93

–

2,212

Income

–

(10,746)

5,639

4,170

International

Allocation

–

47,641

–

9,487

International

Index

–

2,852

297

92

Large

Cap

Value

–

83,336

21,311

7,323

Limited

Maturity

Bond

–

(566)

–

1,242

Mid

Cap

Stock

–

73,761

38,139

1,607

Small

Cap

Stock

–

20,206

4,863

1,286

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

(30)

30

–

640

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$35,764

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

87

Total

Affiliated

Income

from

Securities

Loaned,

Net

$87

Total

Value

$7,258

$286,048

$

87,218

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Bank

Loans

(

2.1%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco

,

LLC,

Term

Loan

$

498,263

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

497,226

Flexsys

,

Inc./Ohio,

Term

Loan

1,325,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

1,318,375

Hexion

,

Inc.,

Term

Loan

592,606

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

592,606

INEOS

US

Petrochem,

LLC,

Term

Loan

992,513

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

992,512

Innophos

Holdings,

Inc.,

Term

Loan

591,000

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

591,739

Nouryon

USA,

LLC,

Term

Loan

1,220,408

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

1,211,560

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,078,860

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,076,390

Sparta

US

HoldCo

,

LLC,

Term

Loan

195,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/2/2028

b

195,244

Venator

Finance

SARL,

Term

Loan

704,496

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

694,225

Total

7,169,877

Capital

Goods

(0.4%)

Bingo

Industries,

Ltd.,

Term

Loan

480,000

4.000%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,e

478,800

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,301,498

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

1,293,221

593,513

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

592,112

Gemini

HDPE,

LLC,

Term

Loan

864,724

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

864,724

GFL

Environmental,

Inc.,

Term

Loan

908,138

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

909,273

Graham

Packaging

Company,

Inc.,

Term

Loan

924,170

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

923,144

Grinding

Media,

Inc.,

Term

Loan

1,345,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

1,346,681

Groupe

Solmax

,

Inc.,

Term

Loan

565,000

0.000%, 

(LIBOR

1M

+

4.750%),

7/23/2028

b,c,d

563,825

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Capital

Goods

(0.4%)

-

continued

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

$

800,000

5.000%, 

(LIBOR

1M

+

4.500%),

7/30/2028

b,e

$

801,000

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

917,325

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

897,685

MI

Windows

and

Doors,

Inc.,

Term

Loan

818,812

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

819,836

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

620,312

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

615,660

Quikrete

Holdings

Inc.,

Term

Loan

795,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

792,122

RLG

Holdings,

LLC,

Delayed

Draw

145,570

3.131%, 

(LIBOR

3M

+

2.125%),

7/8/2028

b,c,d

145,661

RLG

Holdings,

LLC,

Term

Loan

575,000

5.000%, 

(LIBOR

3M

+

4.250%),

7/8/2028

b

575,362

TransDigm

,

Inc.,

Term

Loan

2,073,519

2.334%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,047,600

TricorBraun

Holdings,

Inc.,

Delayed

Draw

212,825

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

211,523

TricorBraun

Holdings,

Inc.,

Term

Loan

944,626

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

938,845

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

100,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,c,d

100,104

Trident

TPI

Holdings,

Inc.,

Term

Loan

700,000

4.500%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,c,d

700,728

Vertiv

Group

Corporation,

Term

Loan

3,185,925

2.833%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

3,164,675

Waterlogic

USA

Holdings,

Inc.

Term

Loan

725,000

0.000%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b,c,d

724,550

Total

19,507,131

Communications

Services

(0.4%)

Allen

Media,

LLC,

Delayed

Draw

305,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

304,524

Allen

Media,

LLC,

Term

Loan

335,000

0.000%, 

(LIBOR

1M

+

5.500%),

2/10/2027

b,c,d

334,477

Altice

France

SA,

Term

Loan

617,588

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

607,039

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Communications

Services

(0.4%)

-

continued

Cablevision

Lightpath

,

LLC,

Term

Loan

$

878,363

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

$

879,021

CCI

Buyer,

Inc.,

Term

Loan

223,875

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

224,482

CommScope

,

Inc.,

Term

Loan

1,125,642

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,118,843

DIRECTV

Financing,

LLC,

Term

Loan

1,500,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

1,500,465

E.W.

Scripps

Company,

Term

Loan

763,400

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

764,461

Entercom

Media

Corporation,

Term

Loan

803,703

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

791,150

iHeartCommunications

,

Inc.,

Term

Loan

622,524

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

617,725

Indy

US

Bidco

,

LLC,

Term

Loan

810,925

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

812,377

Meredith

Corporation,

Term

Loan

757,331

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

772,477

Metronet

Systems

Holdings,

LLC,

Term

Loan

886,667

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

887,332

NEP

Group,

Inc.,

Term

Loan

1,468,475

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,410,955

140,000

7.084%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

133,700

Nexstar

Media,

Inc.,

Term

Loan

1,347,163

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,345,142

ORBCOMM,

Inc.,

Term

Loan

710,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

708,814

Peraton

Corporation,

Term

Loan

1,184,050

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

1,184,239

Radiate

Holdco,

LLC,

Term

Loan

2,084,250

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

2,081,249

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,205,888

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,202,873

Univision

Communications,

Inc.,

Term

Loan

660,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/21/2028

b,c,d

658,469

Voyage

Australia

Property,

Ltd.,

Term

Loan

675,000

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

674,156

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Communications

Services

(0.4%)

-

continued

WideOpenWest

Finance,

LLC,

Term

Loan

$

559,281

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

$

559,047

Xplornet

Communications,

Inc.,

Term

Loan

903,921

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

902,792

710,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

708,225

625,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

618,750

Total

21,802,784

Consumer

Cyclical

(0.3%)

ACProducts

Holdings,

Inc.,

Term

Loan

488,775

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

487,641

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

89,375

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

89,621

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

715,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

716,966

American

Trailer

World

Corporation,

Term

Loan

802,987

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

798,772

Caesars

Resort

Collection,

LLC,

Term

Loan

595,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b,c,d

595,214

Carnival

Corporation,

Term

Loan

656,675

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

652,367

Cengage

Learning,

Inc.,

Term

Loan

1,320,000

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,327,656

CP

Atlas

Buyer,

Inc.,

Term

Loan

756,200

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

753,364

Golden

Entertainment,

Inc.,

Term

Loan

1,742,344

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,735,810

Golden

Nugget,

LLC,

Term

Loan

583,380

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

580,306

LCPR

Loan

Financing,

LLC,

Term

Loan

800,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

800,000

Michaels

Companies,

Inc.,

Term

Loan

1,291,763

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

1,292,344

Penn

National

Gaming,

Inc.,

Term

Loan

1,018,622

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,016,646

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Consumer

Cyclical

(0.3%)

-

continued

Raptor

Acquisition

Corporation,

Term

Loan

$

440,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

$

441,210

Scientific

Games

International,

Inc.,

Term

Loan

3,743,957

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

3,725,724

Staples,

Inc.,

Term

Loan

197,919

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

192,197

671,582

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

639,225

Tenneco,

Inc.,

Term

Loan

873,072

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

864,525

Truck

Hero,

Inc.,

Term

Loan

208,950

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

208,384

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

625,650

1.834%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

621,058

Total

17,539,030

Consumer

Non-Cyclical

(0.4%)

Adient

US,

LLC,

Term

Loan

344,137

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

343,993

Bausch

Health

Americas,

Inc.,

Term

Loan

1,441,548

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,439,385

Bellring

Brands,

LLC,

Term

Loan

838,897

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

841,833

Blue

Ribbon,

LLC,

Term

Loan

893,688

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

875,814

Chobani

,

LLC,

Term

Loan

450,450

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

451,094

City

Brewing

Company,

LLC,

Term

Loan

535,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

529,425

CNT

Holdings

I

Corporation,

Term

Loan

587,050

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

587,420

165,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

167,475

Endo

Luxembourg

Finance

Company

I

Sarl

,

Term

Loan

1,402,950

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

1,369,434

Gainwell

Acquisition

Corporation,

Term

Loan

1,611,880

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

1,614,233

Global

Medical

Response,

Inc.,

Term

Loan

3,500,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

3,510,500

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

$

2,957,650

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

$

2,966,523

Herens

US

Holdco

Corporation,

Term

Loan

1,226,925

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

1,230,213

Mamba

Purchaser,

Inc.,

Term

Loan

125,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

125,000

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,769,454

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

1,767,243

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,034,800

4.000%, 

(LIBOR

2M

+

3.250%),

3/4/2028

b

1,034,427

PetSmart,

LLC,

Term

Loan

1,465,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,467,095

Precision

Medicine

Group,

LLC,

Delayed

Draw

120,000

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

119,950

Precision

Medicine

Group,

LLC,

Term

Loan

913,100

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

912,716

Sotera

Health

Holdings,

LLC,

Term

Loan

607,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

604,979

Total

21,958,752

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

1,136,413

2.590%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,133,378

Energizer

Holdings,

Inc.,

Term

Loan

255,383

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

255,064

GIP

II

Blue

Holding

LP,

Term

Loan

1,000,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

998,130

Lealand

Finance

Company

BV,

Term

Loan

255,367

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

113,894

Total

2,500,466

Financials

(0.1%)

Asurion

,

LLC,

Term

Loan

1,260,475

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,241,114

443,103

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

436,345

820,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

817,097

735,000

5.331%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

731,141

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Financials

(0.1%)

-

continued

Digicel

International

Finance,

Ltd.,

Term

Loan

$

987,893

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

$

952,704

Tiger

Acquisition,

LLC,

Term

Loan

435,000

3.750%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

433,234

Tronox

Finance,

LLC,

Term

Loan

649,661

2.366%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

646,706

Total

5,258,341

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,006,067

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

984,346

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

1,033,767

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

1,039,794

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,122,187

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

1,123,119

Gridiron

Fiber

Corporation,

Term

Loan

480,000

0.000%, 

(LIBOR

1M

+

4.500%),

8/23/2028

b,c,d

465,902

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,102,921

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,098,547

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,751,175

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

2,747,103

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,771,100

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,757,622

Redstone

Holdco

2

LP,

Term

Loan

650,694

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

639,307

371,020

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

360,817

SS&C

Technologies,

Inc.,

Term

Loan

59,701

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

59,052

47,503

1.834%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

46,986

Verscend

Holding

Corporation,

Term

Loan

405,000

4.084%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

405,336

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,905,316

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,887,539

Total

13,615,470

Principal

Amount

Bank

Loans

(2.1%)

a

Value

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

$

2,130,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

$

2,201,291

Air

Canada,

Term

Loan

462,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

463,539

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,182,000

2.132%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,174,211

Hertz

Corporation,

Term

Loan

354,112

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

354,169

66,904

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

66,915

Mileage

Plus

Holdings,

LLC,

Term

Loan

655,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

695,531

SkyMiles

IP,

Ltd.,

Term

Loan

745,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

791,890

United

Airlines,

Inc.,

Term

Loan

676,600

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

680,754

Total

6,428,300

Utilities

(0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

203,132

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

203,132

CQP

Holdco

LP,

Term

Loan

1,581,037

4.250%, 

(LIBOR

1M

+

3.750%),

6/4/2028

b

1,575,773

EnergySolutions

,

LLC,

Term

Loan

684,975

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

683,262

Exgen

Renewables

IV,

LLC,

Term

Loan

400,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

399,500

Osmose

Utilities

Services,

Inc.,

Term

Loan

280,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

278,777

PG&E

Corporation,

Term

Loan

657,371

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

645,663

Total

3,786,107

Total

Bank

Loans

(cost

$119,191,217)

119,566,258

Shares

Registered

Investment

Companies

(

36.7%

)

Value

Unaffiliated  (0.7%)

2,253

Direxion

Daily

S&P

500

241,026

630,650

Invesco

Senior

Loan

ETF

13,943,671

15,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

1,995,450

3,716

ProShares

Ultra

S&P

500

g

445,251

514

ProShares

UltraPro

QQQ

64,029

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Shares

Registered

Investment

Companies

(36.7%)

Value

Unaffiliated  (0.7%)-

continued

42,713

SPDR

S&P

500

ETF

Trust

$

18,329,857

29,939

SPDR

S&P

Biotech

ETF

g

3,763,632

9,391

SPDR

S&P

Oil

&

Gas

Exploration

ETF

g

908,297

37,000

Vanguard

Short-Term

Corporate

Bond

ETF

3,049,170

Total

42,740,383

Affiliated  (36.0%)

19,878,293

Thrivent

Core

Emerging

Markets

Debt

Fund

194,012,139

3,610,831

Thrivent

Core

Emerging

Markets

Equity

Fund

42,318,944

5,618,928

Thrivent

Core

International

Equity

Fund

61,358,699

7,982,383

Thrivent

Core

Low

Volatility

Equity

Fund

112,711,242

3,624,533

Thrivent

Global

Stock

Portfolio

55,899,358

31,748,395

Thrivent

High

Yield

Portfolio

148,363,426

43,121,004

Thrivent

Income

Portfolio

467,358,373

18,258,642

Thrivent

International

Allocation

Portfolio

200,961,912

1,593,778

Thrivent

International

Index

Portfolio

21,521,904

11,329,957

Thrivent

Large

Cap

Value

Portfolio

252,543,607

25,675,857

Thrivent

Limited

Maturity

Bond

Portfolio

258,052,632

5,711,078

Thrivent

Mid

Cap

Stock

Portfolio

145,649,039

3,119,242

Thrivent

Small

Cap

Stock

Portfolio

74,843,707

Total

2,035,594,982

Total

Registered

Investment

Companies

(cost

$1,734,169,632)

2,078,335,365

Principal

Amount

Long-Term

Fixed

Income

(

36.4%

)

Value

Asset-Backed

Securities

(2.4%)

510

Asset

Backed

Trust

$

1,900,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

h,i

1,898,985

522

Funding

CLO,

Ltd.

2,300,000

1.734%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,h

2,300,005

Access

Group,

Inc.

394,660

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

390,955

Aimco

CLO

11,

Ltd.

3,475,000

1.506%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,h

3,475,907

Arch

Street

CLO,

Ltd.

1,250,000

2.434%, 

(LIBOR

3M

+

2.300%),

10/20/2028,

Ser.

2016-2A,

Class

CR2

b,h

1,250,061

1,250,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,h

1,245,911

Ares

CLO,

Ltd.

3,000,000

1.534%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,h

3,000,291

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Asset-Backed

Securities

(2.4%)

-

continued

Ares

XXXIIR

CLO,

Ltd.

$

1,500,000

1.065%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,h

$

1,500,073

2,600,000

2.125%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,h

2,600,679

Buttermilk

Park

CLO,

Ltd.

5,250,000

1.526%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,h

5,250,425

Carlyle

Global

Market

Strategies

CLO,

Ltd.

3,425,000

1.576%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,h

3,425,192

CarVal

CLO

II,

Ltd.

2,125,000

1.634%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,h

2,125,229

1,225,000

2.134%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,h

1,225,061

CBAM,

Ltd.

3,500,000

1.406%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,h

3,500,140

Cent

CLO,

LP

775,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,h

775,150

Cheniere

Corpus

Christi

Holdings,

LLC

330,000

2.742%, 

12/31/2039

h

326,883

CIFC

Funding,

Ltd.

1,225,000

1.734%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,h

1,225,316

CMFT

Net

Lease

Master

Issuer,

LLC

1,370,154

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

h

1,359,743

Colony

American

Finance

Trust

2,802,969

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

h

2,934,942

Commonbond

Student

Loan

Trust

481,675

0.586%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

478,535

CoreVest

American

Finance

Trust

3,098,464

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

h

3,226,591

Credit

Suisse

Mortgage

Trust

2,600,000

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

2,601,063

Dryden

36

Senior

Loan

Fund

1,800,000

2.176%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,h

1,800,180

Dryden

Senior

Loan

Fund

3,000,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,h

3,000,321

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Asset-Backed

Securities

(2.4%)

-

continued

ECMC

Group

Student

Loan

Trust

$

1,444,618

1.236%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,h

$

1,474,084

Flatiron

CLO,

Ltd.

1,225,000

1.881%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,h

1,226,675

FRTKL

2021-SFR1

Trust

2,350,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

h

2,330,005

Galaxy

XIX

CLO,

Ltd.

1,650,000

1.975%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,h

1,650,129

Galaxy

XX

CLO,

Ltd.

2,650,000

1.134%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,h

2,650,053

Golub

Capital

Partners,

Ltd.

1,750,000

1.314%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,h

1,747,048

2,569,000

1.334%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,h

2,565,342

Goodgreen

2,199,292

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

h

2,320,011

Home

Partners

of

America

Trust

3,537,056

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

h

3,603,971

3,463,173

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

h

3,517,208

1,793,225

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

h

1,780,175

Laurel

Road

Prime

Student

Loan

Trust

395,485

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

h

400,498

1,318,111

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,h

1,369,371

Longfellow

Place

CLO,

Ltd.

3,900,000

1.876%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,h

3,900,035

950,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,h

950,027

Madison

Park

Funding

XIV,

Ltd.

2,375,000

1.538%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

2,375,095

Madison

Park

Funding,

Ltd.

2,100,000

2.234%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,h

2,101,615

Magnetite

XII,

Ltd.

2,600,000

1.226%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,h

2,600,135

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Asset-Backed

Securities

(2.4%)

-

continued

Mello

Mortgage

Capital

Acceptance

$

2,627,060

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,h

$

2,666,671

Mercury

Financial

Credit

Card

Master

Trust

1,800,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

h

1,805,044

Mountain

View

CLO,

Ltd.

1,825,000

1.246%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,h

1,825,004

MRA

Issuance

Trust

2,200,000

1.836%, 

(LIBOR

1M

+

1.750%),

2/16/2022,

Ser.

2021-EBO4,

Class

A1X

b,h

2,200,536

National

Collegiate

Trust

922,025

0.381%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

906,473

Neuberger

Berman

CLO,

Ltd.

1,000,000

1.168%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,h

1,000,237

OCP

CLO,

Ltd.

1,800,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,h

1,799,998

Octagon

Investment

Partners

32,

Ltd.

2,850,000

2.176%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,h

2,850,128

Octagon

Investment

Partners

XVI,

Ltd.

600,000

1.534%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,h

600,052

OZLM

IX,

Ltd.

1,250,000

1.684%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

1,250,246

OZLM

VIII,

Ltd.

818,558

1.304%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,h

818,617

Palmer

Square

Loan

Funding,

Ltd.

1,700,000

1.784%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,h

1,700,269

Progress

Residential

Trust

1,200,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

h

1,201,202

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

h

2,018,985

Saxon

Asset

Securities

Trust

860,034

3.474%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

851,061

Shackleton

2015-VII-R

CLO,

Ltd.

2,700,000

1.276%, 

(LIBOR

3M

+

1.150%),

7/15/2031,

Ser.

2015-7RA,

Class

AR

b,h

2,700,186

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Asset-Backed

Securities

(2.4%)

-

continued

SLM

Student

Loan

Trust

$

944,827

0.486%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

$

929,667

Sound

Point

CLO

XIV,

Ltd.

2,600,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,h

2,598,253

Sound

Point

CLO

XV,

Ltd.

2,600,000

2.188%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,h

2,600,200

Sound

Point

CLO

XXI,

Ltd.

1,525,000

1.575%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

1,525,160

THL

Credit

Wind

River

CLO,

Ltd.

950,000

1.564%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,h

952,516

Toorak

Mortgage

Corporation,

Ltd.

2,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

h,i

2,001,026

U.S.

Small

Business

Administration

37,404

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

38,384

Upstart

Securitization

Trust

973,607

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

*

978,415

VCAT

Asset

Securitization,

LLC

1,150,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

h,i

1,150,287

Voya

CLO,

Ltd.

1,500,000

1.092%, 

(LIBOR

3M

+

1.000%),

10/15/2030,

Ser.

2012-4A,

Class

A1R3

b,h

1,500,102

Whitebox

CLO

II,

Ltd.

1,350,000

2.375%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,h

1,350,337

Wind

River

CLO,

Ltd.

1,525,000

1.734%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,h

1,525,467

1,275,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,h

1,275,467

Total

134,099,105

Basic

Materials

(0.4%)

Air

Products

and

Chemicals,

Inc.

1,150,000

2.700%, 

5/15/2040

1,158,998

Alcoa

Nederland

Holding

BV

595,000

5.500%, 

12/15/2027

h

638,197

BWAY

Holding

Company

335,000

5.500%, 

4/15/2024

h

337,931

Chemours

Company

420,000

5.750%, 

11/15/2028

h

439,824

Cleveland-Cliffs,

Inc.

360,000

5.875%, 

6/1/2027

372,600

230,000

4.625%, 

3/1/2029

h

234,887

230,000

4.875%, 

3/1/2031

h

237,475

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Basic

Materials

(0.4%)

-

continued

Consolidated

Energy

Finance

SA

$

410,000

6.875%, 

6/15/2025

h

$

424,350

600,000

5.625%, 

10/15/2028

d,h

600,000

Dow

Chemical

Company

600,000

4.800%, 

11/30/2028

708,709

DowDuPont

,

Inc.

620,000

4.493%, 

11/15/2025

697,138

First

Quantum

Minerals,

Ltd.

770,000

7.500%, 

4/1/2025

h

789,889

Freeport-McMoRan,

Inc.

490,000

4.125%, 

3/1/2028

507,762

595,000

4.250%, 

3/1/2030

629,956

Glencore

Funding,

LLC

160,000

4.125%, 

5/30/2023

h

169,088

1,064,000

4.000%, 

3/27/2027

h

1,170,118

Hecla

Mining

Company

175,000

7.250%, 

2/15/2028

188,503

Hudbay

Minerals,

Inc.

410,000

4.500%, 

4/1/2026

h

405,900

Ingevity

Corporation

610,000

3.875%, 

11/1/2028

h

608,475

International

Flavors

and

Fragrances,

Inc.

660,000

3.468%, 

12/1/2050

h

692,654

International

Paper

Company

755,000

4.350%, 

8/15/2048

924,162

Kinross

Gold

Corporation

470,000

5.950%, 

3/15/2024

520,319

900,000

4.500%, 

7/15/2027

1,034,470

Kraton

Polymers,

LLC

540,000

4.250%, 

12/15/2025

h

564,300

Mercer

International,

Inc.

400,000

5.125%, 

2/1/2029

408,500

Novelis

Corporation

160,000

3.250%, 

11/15/2026

h

162,269

210,000

4.750%, 

1/30/2030

h

221,067

160,000

3.875%, 

8/15/2031

h

158,248

OCI

NV

310,000

4.625%, 

10/15/2025

h

325,500

Olin

Corporation

580,000

5.125%, 

9/15/2027

602,475

SCIH

Salt

Holdings,

Inc.

400,000

4.875%, 

5/1/2028

g,h

402,000

Southern

Copper

Corporation

675,000

3.875%, 

4/23/2025

730,350

SPCM

SA

409,000

3.375%, 

3/15/2030

h

408,683

SunCoke

Energy,

Inc.

260,000

4.875%, 

6/30/2029

h

259,025

Syngenta

Finance

NV

422,000

5.182%, 

4/24/2028

h

474,166

Teck

Resources,

Ltd.

964,000

6.125%, 

10/1/2035

1,249,290

Unifrax

Escrow

Issuer

Corporation

373,000

5.250%, 

9/30/2028

h

377,662

United

States

Steel

Corporation

676,000

6.875%, 

3/1/2029

g

720,761

Vale

Overseas,

Ltd.

401,000

6.875%, 

11/21/2036

534,333

Venator

Finance

SARL

420,000

5.750%, 

7/15/2025

g,h

396,900

Total

21,486,934

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Capital

Goods

(0.6%)

AECOM

$

645,000

5.125%, 

3/15/2027

$

714,337

Amsted

Industries,

Inc.

465,000

5.625%, 

7/1/2027

h

485,237

Ardagh

Packaging

Finance

plc

280,000

5.250%, 

8/15/2027

h

285,041

Boeing

Company

1,225,000

5.930%, 

5/1/2060

1,673,442

750,000

5.040%, 

5/1/2027

862,744

600,000

5.150%, 

5/1/2030

704,214

1,250,000

5.705%, 

5/1/2040

1,588,444

Bombardier,

Inc.

120,000

7.125%, 

6/15/2026

h

126,000

410,000

7.875%, 

4/15/2027

h

425,057

350,000

6.000%, 

2/15/2028

h

353,937

Brand

Industrial

Services,

Inc.

205,000

8.500%, 

7/15/2025

h

205,769

Builders

FirstSource

,

Inc.

265,000

5.000%, 

3/1/2030

h

282,392

BWAY

Holding

Company

420,000

7.250%, 

4/15/2025

h

417,440

Carrier

Global

Corporation

714,000

3.577%, 

4/5/2050

758,585

875,000

2.700%, 

2/15/2031

900,931

Cintas

Corporation

No.

2

840,000

3.700%, 

4/1/2027

937,531

CNH

Industrial

NV

700,000

3.850%, 

11/15/2027

780,568

Coinbase

Global,

Inc.

107,000

3.375%, 

10/1/2028

h

102,809

Cornerstone

Building

Brands,

Inc.

560,000

6.125%, 

1/15/2029

h

595,266

Covanta

Holding

Corporation

430,000

6.000%, 

1/1/2027

445,751

135,000

5.000%, 

9/1/2030

136,350

CP

Atlas

Buyer,

Inc.

380,000

7.000%, 

12/1/2028

h

380,950

Crown

Cork

&

Seal

Company,

Inc.

630,000

7.375%, 

12/15/2026

778,050

GFL

Environmental,

Inc.

339,000

4.000%, 

8/1/2028

h

336,458

405,000

3.500%, 

9/1/2028

h

407,531

H&E

Equipment

Services,

Inc.

697,000

3.875%, 

12/15/2028

h

694,282

Howmet

Aerospace,

Inc.

17,000

6.875%, 

5/1/2025

19,890

403,000

3.000%, 

1/15/2029

406,466

Ingersoll-Rand

Luxembourg

Finance

SA

625,000

3.500%, 

3/21/2026

679,919

JELD-WEN,

Inc.

500,000

4.625%, 

12/15/2025

h

507,665

L3Harris

Technologies,

Inc.

1,656,000

3.950%, 

5/28/2024

1,775,759

Lockheed

Martin

Corporation

1,024,000

4.500%, 

5/15/2036

1,268,632

284,000

6.150%, 

9/1/2036

400,752

Meritor,

Inc.

290,000

4.500%, 

12/15/2028

h

290,725

Nesco

Holdings

II,

Inc.

265,000

5.500%, 

4/15/2029

h

274,858

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Capital

Goods

(0.6%)

-

continued

New

Enterprise

Stone

and

Lime

Company,

Inc.

$

531,000

5.250%, 

7/15/2028

d,h

$

536,974

Northrop

Grumman

Corporation

1,960,000

3.850%, 

4/15/2045

2,228,276

Owens-Brockway

Glass

Container,

Inc.

370,000

5.875%, 

8/15/2023

h

391,275

Pactiv

Evergreen

Group

320,000

4.375%, 

10/15/2028

h

321,200

PGT

Innovations,

Inc.

426,000

4.375%, 

10/1/2029

h

429,195

Raytheon

Technologies

Corporation

714,000

4.125%, 

11/16/2028

812,665

Republic

Services,

Inc.

850,000

2.900%, 

7/1/2026

904,638

Roper

Technologies,

Inc.

564,000

4.200%, 

9/15/2028

641,065

750,000

1.750%, 

2/15/2031

715,187

SRM

Escrow

Issuer,

LLC

615,000

6.000%, 

11/1/2028

h

651,131

Standard

Industries,

Inc.

560,000

4.375%, 

7/15/2030

h

571,200

Textron,

Inc.

710,000

3.375%, 

3/1/2028

761,553

Titan

Acquisition,

Ltd.

180,000

7.750%, 

4/15/2026

h

183,911

TransDigm

,

Inc.

370,000

6.250%, 

3/15/2026

h

385,725

1,130,000

5.500%, 

11/15/2027

1,161,075

110,000

4.625%, 

1/15/2029

109,808

United

Rentals

North

America,

Inc.

405,000

4.875%, 

1/15/2028

428,182

360,000

4.000%, 

7/15/2030

373,500

United

Technologies

Corporation

775,000

4.450%, 

11/16/2038

938,396

1,000,000

3.750%, 

11/1/2046

1,110,254

Victors

Merger

Corporation

254,000

6.375%, 

5/15/2029

h

243,205

Waste

Pro

USA,

Inc.

205,000

5.500%, 

2/15/2026

h

207,050

WESCO

Distribution,

Inc.

560,000

7.250%, 

6/15/2028

h

620,200

Total

35,729,447

Collateralized

Mortgage

Obligations

(1.5%)

Alternative

Loan

Trust

750,077

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

586,507

Bellemeade

Re,

Ltd.

448,038

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

448,321

605,574

1.186%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,h

605,806

2,000,000

1.800%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,h

2,007,460

BRAVO

Residential

Funding

Trust

172,022

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

h

175,491

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

Citicorp

Mortgage

Securities,

Inc.

$

1,481,822

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

$

1,492,206

Countrywide

Alternative

Loan

Trust

765,679

2.842%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

741,242

1,199,860

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

607,591

Countrywide

Home

Loans,

Inc.

227,537

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

159,077

Credit

Suisse

Mortgage

Trust

2,015,926

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,h

2,091,363

5,432,901

3.430%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,h

5,484,229

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

86,274

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

77,222

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

24,426,451

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

j

2,955,527

781,107

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

j

32,012

1,933,822

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

188,593

2,000,741

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

j

220,772

Federal

National

Mortgage

Association

-

REMIC

3,523,388

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

j

189,847

32,544,404

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

j

1,768,980

Flagstar

Mortgage

Trust

1,500,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,h

1,543,125

Foundation

Finance

Trust

1,898,791

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

h

1,891,132

FWD

Securitization

Trust

1,306,261

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,h

1,329,216

Genworth

Mortgage

Insurance

Corporation

2,500,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,h

2,518,750

GS

Mortgage-Backed

Securities

Trust

347,905

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,h

351,964

J.P.

Morgan

Mortgage

Trust

2,581,050

2.500%, 

1/25/2052,

Ser.

2021-INV4,

Class

A2A

b,h

2,612,095

Legacy

Mortgage

Asset

Trust

462,695

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

465,554

LHOME

Mortgage

Trust

2,150,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

h,i

2,153,230

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

$

2,200,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

$

2,195,580

MASTR

Alternative

Loans

Trust

1,002,244

0.536%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

134,859

Merrill

Lynch

Alternative

Note

Asset

Trust

199,889

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

121,137

MRA

Issuance

Trust

1,700,000

1.834%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,h

1,699,352

4,300,000

1.236%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,h

4,300,065

New

York

Mortgage

Trust

2,300,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

h,i

2,304,691

1,867,697

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,h

1,883,566

Oak

Street

Investment

1,773,841

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

h

1,788,502

Oaktown

Re,

Ltd.

2,400,000

1.700%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,h

2,413,143

Palmer

Square

Loan

Funding,

Ltd.

2,700,000

1.571%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,h

2,701,396

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,639,427

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

1,643,550

2,051,079

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,h

2,054,833

Pretium

Mortgage

Credit

Partners,

LLC

1,208,335

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

h,i

1,208,580

Renaissance

Home

Equity

Loan

Trust

2,195,785

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

i

1,113,285

Residential

Accredit

Loans,

Inc.

Trust

726,794

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

714,744

239,758

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

239,445

Residential

Asset

Securitization

Trust

1,964,720

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

1,648,773

Revolving

Single

Family

Home

Notes

1,910,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

h

1,912,718

Sequoia

Mortgage

Trust

782,597

2.883%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

612,495

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

Silver

Hill

Trust

$

833,497

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

$

849,307

Starwood

Mortgage

Residential

Trust

337,659

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,h

340,893

Toorak

Mortgage

Corporation,

Ltd.

967,902

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

h,i

971,353

Vericrest

Opportunity

Loan

Transferee

1,493,150

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

h,i

1,497,827

991,710

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

h,i

992,621

1,800,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

h,i

1,800,515

1,695,452

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

h,i

1,696,464

1,375,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

h,i

1,374,704

1,400,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

h,i

1,408,143

1,104,712

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

h,i

1,106,922

900,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

h,i

899,247

1,400,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

h,i

1,399,856

Verus

Securitization

Trust

1,516,889

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,h

1,537,626

2,535,040

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,h

2,549,188

WaMu

Mortgage

Pass

Through

Certificates

127,591

3.050%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

129,041

ZH

Trust

3,600,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

d,h

3,599,995

Total

85,541,728

Commercial

Mortgage-Backed

Securities

(0.3%)

AMSR

Trust

2,700,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,h

2,692,873

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,h

1,097,071

BBCMS

Mortgage

Trust

14,550,727

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,j

1,907,428

BFLD

Trust

2,250,000

1.234%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,h

2,261,255

825,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

830,120

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Commercial

Mortgage-Backed

Securities

(0.3%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

649,629

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

$

667,094

GS

Mortgage

Securities

Trust

3,974,449

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

4,194,776

Morgan

Stanley

Capital

I

Trust

14,857,270

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,j

2,017,687

Total

15,668,304

Communications

Services

(1.1%)

Altice

France

SA

200,000

8.125%, 

2/1/2027

h

215,200

75,000

5.500%, 

1/15/2028

h

76,254

500,000

5.125%, 

7/15/2029

h

490,238

532,000

5.500%, 

10/15/2029

d,h

526,618

AMC

Networks,

Inc.

500,000

4.250%, 

2/15/2029

497,500

American

Tower

Corporation

450,000

3.375%, 

10/15/2026

486,947

700,000

2.900%, 

1/15/2030

728,748

1,150,000

2.100%, 

6/15/2030

1,125,360

AT&T,

Inc.

1,129,000

3.500%, 

9/15/2053

1,117,394

1,200,000

2.300%, 

6/1/2027

1,241,971

1,550,000

4.350%, 

3/1/2029

1,777,260

1,100,000

5.250%, 

3/1/2037

1,364,666

1,090,000

4.900%, 

8/15/2037

1,322,797

450,000

5.550%, 

8/15/2041

585,530

CCO

Holdings,

LLC

130,000

5.500%, 

5/1/2026

h

134,066

640,000

5.125%, 

5/1/2027

h

666,438

770,000

4.750%, 

3/1/2030

h

805,016

510,000

4.500%, 

8/15/2030

h

526,177

515,000

4.250%, 

1/15/2034

h

510,172

Cengage

Learning,

Inc.

600,000

9.500%, 

6/15/2024

h

614,004

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

757,335

900,000

4.200%, 

3/15/2028

1,005,201

1,225,000

3.500%, 

6/1/2041

1,202,883

1,320,000

6.484%, 

10/23/2045

1,794,646

Clear

Channel

Worldwide

Holdings,

Inc.

515,000

7.750%, 

4/15/2028

h

542,038

Comcast

Corporation

750,000

3.950%, 

10/15/2025

831,986

1,250,000

4.250%, 

10/15/2030

1,456,030

690,000

4.400%, 

8/15/2035

817,718

1,115,000

4.750%, 

3/1/2044

1,401,295

550,000

4.600%, 

8/15/2045

g

688,833

Consolidated

Communications,

Inc.

250,000

5.000%, 

10/1/2028

h

258,125

Cox

Communications,

Inc.

875,000

3.350%, 

9/15/2026

h

939,483

CSC

Holdings,

LLC

960,000

5.375%, 

2/1/2028

h

1,003,200

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Communications

Services

(1.1%)

-

continued

$

330,000

4.125%, 

12/1/2030

h

$

323,813

Cumulus

Media

New

Holdings,

Inc.

380,000

6.750%, 

7/1/2026

g,h

393,300

DIRECTV

Holdings,

LLC

130,000

5.875%, 

8/15/2027

h

135,688

Discovery

Communications,

LLC

1,420,000

4.900%, 

3/11/2026

1,613,780

DISH

DBS

Corporation

360,000

7.375%, 

7/1/2028

381,771

Entercom

Media

Corporation

360,000

6.500%, 

5/1/2027

h

368,222

Front

Range

BidCo

,

Inc.

500,000

4.000%, 

3/1/2027

h

497,615

380,000

6.125%, 

3/1/2028

h

385,236

Frontier

Communications

Corporation

320,000

5.875%, 

10/15/2027

h

340,000

GCI,

LLC

405,000

4.750%, 

10/15/2028

h

425,170

Gray

Television,

Inc.

395,000

4.750%, 

10/15/2030

h

388,088

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

306,997

iHeartCommunications

,

Inc.

390,000

4.750%, 

1/15/2028

h

401,895

LCPR

Senior

Secured

Financing

DAC

360,000

6.750%, 

10/15/2027

h

381,600

Level

3

Financing,

Inc.

765,000

4.625%, 

9/15/2027

h

787,032

320,000

4.250%, 

7/1/2028

h

322,474

Ligado

Networks,

LLC

221,594

0.000%,PIK

15.500%,

11/1/2023

f,h

214,946

NBN

Company,

Ltd.

1,025,000

2.625%, 

5/5/2031

h

1,039,898

Netflix,

Inc.

1,115,000

4.875%, 

4/15/2028

1,285,038

450,000

5.875%, 

11/15/2028

551,430

450,000

4.875%, 

6/15/2030

h

529,875

Nexstar

Escrow

Corporation

550,000

5.625%, 

7/15/2027

h

581,886

Omnicom

Group,

Inc.

530,000

3.600%, 

4/15/2026

579,869

330,000

4.200%, 

6/1/2030

377,308

Radiate

Holdco,

LLC

235,000

6.500%, 

9/15/2028

h

239,620

Scripps

Escrow

II,

Inc.

215,000

5.375%, 

1/15/2031

h

211,377

Scripps

Escrow,

Inc.

270,000

5.875%, 

7/15/2027

h

277,088

SFR

Group

SA

384,000

7.375%, 

5/1/2026

h

398,438

Sinclair

Television

Group,

Inc.

610,000

5.500%, 

3/1/2030

g,h

605,059

Sirius

XM

Radio,

Inc.

535,000

5.000%, 

8/1/2027

h

559,075

295,000

4.000%, 

7/15/2028

h

299,978

Sprint

Capital

Corporation

460,000

6.875%, 

11/15/2028

588,800

430,000

8.750%, 

3/15/2032

642,360

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Communications

Services

(1.1%)

-

continued

Sprint

Corporation

$

1,930,000

7.625%, 

2/15/2025

$

2,256,131

Telesat

Canada

215,000

4.875%, 

6/1/2027

h

197,800

80,000

6.500%, 

10/15/2027

h

69,337

Terrier

Media

Buyer,

Inc.

310,000

8.875%, 

12/15/2027

h

327,788

T-Mobile

USA,

Inc.

1,175,000

2.550%, 

2/15/2031

1,179,187

280,000

2.875%, 

2/15/2031

282,380

900,000

4.375%, 

4/15/2040

1,036,950

United

States

Cellular

Corporation

360,000

6.700%, 

12/15/2033

446,191

Uniti

Group,

LP

130,000

4.750%, 

4/15/2028

h

132,763

320,000

6.500%, 

2/15/2029

h

329,173

Univision

Communications,

Inc.

345,000

6.625%, 

6/1/2027

h

374,756

VeriSign,

Inc.

310,000

4.750%, 

7/15/2027

326,089

Verizon

Communications,

Inc.

714,000

3.700%, 

3/22/2061

753,932

476,000

2.100%, 

3/22/2028

483,183

3,054,000

4.272%, 

1/15/2036

3,587,573

1,450,000

2.650%, 

11/20/2040

1,362,378

Viacom,

Inc.

840,000

5.850%, 

9/1/2043

1,144,733

Viasat

,

Inc.

590,000

5.625%, 

9/15/2025

h

597,925

Vodafone

Group

plc

625,000

4.875%, 

6/19/2049

779,278

VTR

Finance

NV

270,000

6.375%, 

7/15/2028

h

290,925

Walt

Disney

Company

1,200,000

2.200%, 

1/13/2028

1,240,161

660,000

2.650%, 

1/13/2031

688,939

Ziggo

BV

712,000

5.500%, 

1/15/2027

h

736,030

200,000

4.875%, 

1/15/2030

h

206,250

Total

62,775,707

Consumer

Cyclical

(1.1%)

1011778

B.C.,

ULC

640,000

4.375%, 

1/15/2028

h

649,734

Allen

Media,

LLC

260,000

10.500%, 

2/15/2028

h

267,020

Allied

Universal

Finance

Corporation

285,000

4.625%, 

6/1/2028

h

284,111

Allied

Universal

Holdco,

LLC

230,000

6.625%, 

7/15/2026

h

243,174

330,000

4.625%, 

6/1/2028

h

329,488

235,000

6.000%, 

6/1/2029

h

231,896

Allison

Transmission,

Inc.

590,000

3.750%, 

1/30/2031

h

573,775

Amazon.com,

Inc.

1,350,000

3.100%, 

5/12/2051

1,411,358

670,000

3.875%, 

8/22/2037

791,109

852,000

4.050%, 

8/22/2047

1,033,682

American

Axle

&

Manufacturing,

Inc.

660,000

6.500%, 

4/1/2027

g

688,050

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Ashton

Woods

USA,

LLC

$

260,000

4.625%, 

8/1/2029

h

$

262,530

Boyd

Gaming

Corporation

395,000

4.750%, 

6/15/2031

h

407,344

Boyne

USA,

Inc.

305,000

4.750%, 

5/15/2029

h

314,912

Brookfield

Residential

Properties,

Inc.

370,000

6.250%, 

9/15/2027

h

388,970

455,000

5.000%, 

6/15/2029

h

465,260

Caesars

Entertainment,

Inc.

135,000

8.125%, 

7/1/2027

h

151,770

426,000

4.625%, 

10/15/2029

h

431,325

Carnival

Corporation

72,000

11.500%, 

4/1/2023

h

80,370

150,000

7.625%, 

3/1/2026

h

160,125

605,000

5.750%, 

3/1/2027

h

625,419

430,000

4.000%, 

8/1/2028

h

434,300

Cedar

Fair,

LP

565,000

5.250%, 

7/15/2029

579,125

Churchill

Downs,

Inc.

265,000

4.750%, 

1/15/2028

h

277,256

Cinemark

USA,

Inc.

195,000

5.875%, 

3/15/2026

g,h

196,950

Clarios

Global,

LP

205,000

8.500%, 

5/15/2027

h

218,069

Colt

Merger

Sub,

Inc.

608,000

6.250%, 

7/1/2025

h

640,077

D.R.

Horton,

Inc.

550,000

2.600%, 

10/15/2025

577,297

Dana,

Inc.

425,000

5.625%, 

6/15/2028

457,661

Empire

Communities

Corporation

430,000

7.000%, 

12/15/2025

h

449,350

Expedia

Group,

Inc.

1,350,000

3.250%, 

2/15/2030

1,396,176

Ford

Motor

Company

250,000

9.000%, 

4/22/2025

300,632

140,000

9.625%, 

4/22/2030

198,166

495,000

7.450%, 

7/16/2031

645,901

Ford

Motor

Credit

Company,

LLC

475,000

4.063%, 

11/1/2024

499,458

1,100,000

4.134%, 

8/4/2025

1,163,250

690,000

2.700%, 

8/10/2026

691,380

Forestar

Group,

Inc.

275,000

3.850%, 

5/15/2026

h

274,656

Gap,

Inc.

127,000

3.625%, 

10/1/2029

h

127,317

General

Motors

Company

1,200,000

6.125%, 

10/1/2025

1,406,029

1,150,000

6.800%, 

10/1/2027

1,436,260

General

Motors

Financial

Company,

Inc.

560,000

3.950%, 

4/13/2024

598,497

450,000

1.500%, 

6/10/2026

447,273

Goodyear

Tire

&

Rubber

Company

270,000

5.000%, 

7/15/2029

h

286,537

200,000

5.250%, 

7/15/2031

h

213,000

Guitar

Center

Escrow

Issuer

II,

Inc.

127,000

8.500%, 

1/15/2026

h

136,208

Hanesbrands,

Inc.

367,000

4.875%, 

5/15/2026

h

397,461

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Herc

Holdings,

Inc.

$

350,000

5.500%, 

7/15/2027

h

$

367,229

Hilton

Domestic

Operating

Company,

Inc.

725,000

4.875%, 

1/15/2030

777,751

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

535,000

5.000%, 

6/1/2029

h

545,700

Home

Depot,

Inc.

555,000

5.400%, 

9/15/2040

759,817

840,000

4.250%, 

4/1/2046

1,029,124

700,000

3.900%, 

6/15/2047

823,676

Hyundai

Capital

America

660,000

1.000%, 

9/17/2024

h

657,663

1,000,000

1.800%, 

1/10/2028

h

978,771

International

Game

Technology

plc

445,000

5.250%, 

1/15/2029

h

475,603

KB

Home

360,000

4.800%, 

11/15/2029

392,400

Kohl's

Corporation

1,190,000

3.375%, 

5/1/2031

1,224,605

715,000

5.550%, 

7/17/2045

g

856,164

L

Brands,

Inc.

600,000

6.625%, 

10/1/2030

h

681,000

140,000

6.875%, 

11/1/2035

175,700

Landry's,

Inc.

460,000

6.750%, 

10/15/2024

h

460,598

Lennar

Corporation

1,225,000

4.750%, 

5/30/2025

1,364,883

Lowe's

Companies,

Inc.

1,350,000

2.625%, 

4/1/2031

1,383,749

Macy's

Retail

Holdings,

LLC

390,000

5.875%, 

4/1/2029

g,h

424,310

Magic

MergerCo

,

Inc.

615,000

5.250%, 

5/1/2028

h

634,373

Marriott

International,

Inc.

75,000

5.750%, 

5/1/2025

85,769

885,000

4.625%, 

6/15/2030

1,011,080

Mastercard

,

Inc.

830,000

3.950%, 

2/26/2048

987,675

Mattamy

Group

Corporation

620,000

5.250%, 

12/15/2027

h

647,900

McDonald's

Corporation

1,200,000

2.125%, 

3/1/2030

1,211,186

1,115,000

4.450%, 

3/1/2047

1,360,159

MDC

Holdings,

Inc.

1,100,000

2.500%, 

1/15/2031

1,072,027

MGM

Resorts

International

760,000

6.000%, 

3/15/2023

803,654

Nissan

Motor

Acceptance

Company,

LLC

880,000

1.125%, 

9/16/2024

h

878,346

Penn

National

Gaming,

Inc.

395,000

4.125%, 

7/1/2029

h

390,418

PetSmart,

Inc.

520,000

4.750%, 

2/15/2028

h

534,300

350,000

7.750%, 

2/15/2029

h

381,938

Prime

Security

Services

Borrower,

LLC

1,010,000

5.750%, 

4/15/2026

h

1,092,578

Real

Hero

Merger

Sub

2,

Inc.

310,000

6.250%, 

2/1/2029

h

321,625

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Realogy

Group,

LLC

$

500,000

5.750%, 

1/15/2029

h

$

518,630

Rite

Aid

Corporation

470,000

7.500%, 

7/1/2025

h

469,892

Royal

Caribbean

Cruises,

Ltd.

590,000

9.125%, 

6/15/2023

h

641,215

525,000

4.250%, 

7/1/2026

h

514,264

220,000

5.500%, 

4/1/2028

h

225,018

Scientific

Games

International,

Inc.

545,000

5.000%, 

10/15/2025

h

560,669

490,000

7.250%, 

11/15/2029

h

550,582

SeaWorld

Parks

and

Entertainment,

Inc.

270,000

5.250%, 

8/15/2029

h

276,244

Six

Flags

Theme

Parks,

Inc.

270,000

7.000%, 

7/1/2025

h

287,550

Staples,

Inc.

590,000

7.500%, 

4/15/2026

h

598,393

Target

Corporation

1,000,000

2.250%, 

4/15/2025

1,043,134

Tenneco,

Inc.

490,000

5.000%, 

7/15/2026

g

482,599

Toll

Brothers

Finance

Corporation

900,000

3.800%, 

11/1/2029

966,600

Uber

Technologies,

Inc.

310,000

6.250%, 

1/15/2028

h

332,472

ViacomCBS

,

Inc.

1,200,000

4.200%, 

5/19/2032

1,372,649

Visa,

Inc.

1,150,000

2.700%, 

4/15/2040

1,176,626

Vista

Outdoor,

Inc.

500,000

4.500%, 

3/15/2029

h

507,035

Wabash

National

Corporation

426,000

4.500%, 

10/15/2028

d,h

425,468

Walmart,

Inc.

825,000

3.250%, 

7/8/2029

916,654

Wyndham

Destinations,

Inc.

350,000

6.625%, 

7/31/2026

h

398,570

Wyndham

Hotels

&

Resorts,

Inc.

215,000

4.375%, 

8/15/2028

h

224,445

Yum!

Brands,

Inc.

500,000

4.750%, 

1/15/2030

h

541,910

ZF

North

America

Capital,

Inc.

290,000

4.750%, 

4/29/2025

h

313,200

Total

61,975,298

Consumer

Non-Cyclical

(1.3%)

Abbott

Laboratories

1,000,000

4.750%, 

11/30/2036

1,272,362

AbbVie,

Inc.

575,000

2.950%, 

11/21/2026

615,909

1,250,000

4.300%, 

5/14/2036

1,465,780

450,000

4.850%, 

6/15/2044

566,153

675,000

4.875%, 

11/14/2048

865,892

Albertson's

Companies,

Inc.

566,000

3.500%, 

3/15/2029

h

564,854

Altria

Group,

Inc.

952,000

5.800%, 

2/14/2039

1,170,657

Amgen,

Inc.

1,200,000

3.375%, 

2/21/2050

1,232,267

Anheuser-Busch

Companies,

LLC

660,000

4.700%, 

2/1/2036

797,571

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Anheuser-Busch

InBev

Worldwide,

Inc.

$

1,875,000

4.750%, 

4/15/2058

$

2,299,097

1,350,000

4.375%, 

4/15/2038

1,575,814

150,000

4.600%, 

4/15/2048

179,074

Anthem,

Inc.

900,000

3.125%, 

5/15/2050

910,271

725,000

4.625%, 

5/15/2042

888,676

Archer-Daniels-Midland

Company

770,000

2.700%, 

9/15/2051

752,972

AstraZeneca

plc

900,000

3.000%, 

5/28/2051

928,327

1,000,000

1.375%, 

8/6/2030

951,621

Bausch

Health

Companies,

Inc.

650,000

5.000%, 

2/15/2029

h

605,312

Becton,

Dickinson

and

Company

650,000

3.794%, 

5/20/2050

726,236

865,000

3.700%, 

6/6/2027

957,890

Bunge,

Ltd.

Finance

Corporation

940,000

2.750%, 

5/14/2031

952,456

Campbell

Soup

Company

345,000

2.375%, 

4/24/2030

347,300

Cargill,

Inc.

525,000

3.250%, 

5/23/2029

h

568,331

Centene

Corporation

505,000

4.250%, 

12/15/2027

528,558

420,000

4.625%, 

12/15/2029

457,716

580,000

3.000%, 

10/15/2030

594,500

900,000

2.625%, 

8/1/2031

893,916

Central

Garden

&

Pet

Company

500,000

4.125%, 

10/15/2030

511,250

Cigna

Corporation

1,325,000

4.800%, 

8/15/2038

1,621,605

Clorox

Company

1,180,000

3.100%, 

10/1/2027

1,273,509

Comcast

Corporation

600,000

2.987%, 

11/1/2063

h

562,256

Community

Health

Systems,

Inc.

205,000

5.625%, 

3/15/2027

h

214,662

290,000

6.000%, 

1/15/2029

h

307,400

540,000

6.875%, 

4/15/2029

h

541,269

Conagra

Brands,

Inc.

935,000

4.300%, 

5/1/2024

1,013,603

Constellation

Brands,

Inc.

1,120,000

3.600%, 

2/15/2028

1,230,602

475,000

2.875%, 

5/1/2030

494,116

CVS

Health

Corporation

1,200,000

3.625%, 

4/1/2027

1,321,563

2,545,000

4.875%, 

7/20/2035

3,091,692

DaVita,

Inc.

620,000

4.625%, 

6/1/2030

h

637,739

Dentsply

Sirona,

Inc.

375,000

3.250%, 

6/1/2030

399,571

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

h

306,278

Eli

Lilly

and

Company

721,000

2.500%, 

9/15/2060

659,137

Encompass

Health

Corporation

615,000

4.500%, 

2/1/2028

634,987

Endo

Finance,

LLC

195,000

9.500%, 

7/31/2027

g,h

195,433

Energizer

Holdings,

Inc.

455,000

4.750%, 

6/15/2028

h

462,846

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

General

Mills,

Inc.

$

550,000

2.875%, 

4/15/2030

$

578,073

H.

J.

Heinz

Company

140,000

5.200%, 

7/15/2045

175,356

HCA,

Inc.

1,430,000

5.375%, 

2/1/2025

1,598,025

HLF

Financing

Sarl

,

LLC

540,000

4.875%, 

6/1/2029

h

540,000

Humana,

Inc.

335,000

2.150%, 

2/3/2032

327,252

Illumina,

Inc.

230,000

9.000%, 

7/1/2028

h

253,575

Imperial

Brands

Finance

plc

1,200,000

3.875%, 

7/26/2029

h

1,291,624

JBS

USA

Food

Company

130,000

5.750%, 

1/15/2028

h

136,501

JBS

USA,

LLC

110,000

6.500%, 

4/15/2029

h

122,925

630,000

5.500%, 

1/15/2030

h

700,699

Keurig

Dr.

Pepper,

Inc.

710,000

3.350%, 

3/15/2051

737,019

875,000

3.200%, 

5/1/2030

942,342

Kimberly-Clark

Corporation

650,000

3.100%, 

3/26/2030

711,797

710,000

3.900%, 

5/4/2047

850,669

Kraft

Foods

Group,

Inc.

670,000

5.000%, 

6/4/2042

821,648

Kraft

Heinz

Foods

Company

820,000

4.625%, 

1/30/2029

936,129

740,000

3.750%, 

4/1/2030

806,307

40,000

4.250%, 

3/1/2031

45,221

900,000

4.375%, 

6/1/2046

1,024,038

Mattel,

Inc.

475,000

3.375%, 

4/1/2026

h

489,772

Molina

Healthcare,

Inc.

560,000

4.375%, 

6/15/2028

h

582,613

Mondelez

International,

Inc.

350,000

2.750%, 

4/13/2030

366,216

Mozart

Debt

Merger

Sub,

Inc.

716,000

3.875%, 

4/1/2029

d,h

716,000

529,000

5.250%, 

10/1/2029

d,h

538,258

MPH

Acquisition

Holdings,

LLC

392,000

5.750%, 

11/1/2028

g,h

369,256

Mylan,

Inc.

1,250,000

4.550%, 

4/15/2028

1,426,732

Ortho-Clinical

Diagnostics,

Inc.

310,000

7.250%, 

2/1/2028

h

331,739

Par

Pharmaceutical,

Inc.

435,000

7.500%, 

4/1/2027

h

443,156

Pilgrim's

Pride

Corporation

384,000

3.500%, 

3/1/2032

h

390,480

Reynolds

American,

Inc.

952,000

5.700%, 

8/15/2035

1,139,420

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

h

933,357

Royalty

Pharma

plc

1,025,000

3.550%, 

9/2/2050

1,006,888

Scotts

Miracle-

Gro

Company

495,000

4.500%, 

10/15/2029

517,275

SEG

Holding,

LLC

560,000

5.625%, 

10/15/2028

h

583,800

Simmons

Foods,

Inc.

490,000

4.625%, 

3/1/2029

h

493,675

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Spectrum

Brands,

Inc.

$

250,000

5.000%, 

10/1/2029

h

$

268,750

210,000

5.500%, 

7/15/2030

h

232,575

Syneos

Health,

Inc.

450,000

3.625%, 

1/15/2029

h

448,740

Sysco

Corporation

1,200,000

6.600%, 

4/1/2040

1,753,091

Teleflex,

Inc.

630,000

4.250%, 

6/1/2028

h

654,627

Tenet

Healthcare

Corporation

144,000

4.625%, 

7/15/2024

146,160

1,120,000

5.125%, 

11/1/2027

h

1,167,600

205,000

6.125%, 

10/1/2028

h

215,347

Teva

Pharmaceutical

Finance

Netherlands

III

BV

330,000

2.800%, 

7/21/2023

328,033

310,000

3.150%, 

10/1/2026

296,825

Thermo

Fisher

Scientific,

Inc.

720,000

4.133%, 

3/25/2025

792,142

560,000

2.000%, 

10/15/2031

547,876

TreeHouse

Foods,

Inc.

209,000

4.000%, 

9/1/2028

g

204,542

Tyson

Foods,

Inc.

560,000

3.550%, 

6/2/2027

617,855

United

Natural

Foods,

Inc.

420,000

6.750%, 

10/15/2028

h

454,650

UnitedHealth

Group,

Inc.

970,000

4.625%, 

7/15/2035

1,205,093

VRX

Escrow

Corporation

1,166,000

6.125%, 

4/15/2025

h

1,190,078

Zoetis,

Inc.

670,000

4.700%, 

2/1/2043

852,447

Total

73,453,298

Energy

(0.9%)

Antero

Resources

Corporation

470,000

5.375%, 

3/1/2030

h

494,980

Apache

Corporation

150,000

4.875%, 

11/15/2027

163,578

460,000

4.375%, 

10/15/2028

497,375

165,000

5.100%, 

9/1/2040

184,797

Archrock

Partners,

LP

480,000

6.250%, 

4/1/2028

h

496,428

BP

Capital

Markets

America,

Inc.

675,000

2.939%, 

6/4/2051

638,209

500,000

3.543%, 

4/6/2027

550,811

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

h

207,252

480,000

3.950%, 

12/1/2026

489,600

Canadian

Natural

Resources,

Ltd.

340,000

2.050%, 

7/15/2025

348,106

430,000

2.950%, 

7/15/2030

445,198

Cenovus

Energy,

Inc.

180,000

5.375%, 

7/15/2025

205,030

Cheniere

Energy

Partners,

LP

159,000

3.250%, 

1/31/2032

h

159,525

Chevron

USA,

Inc.

675,000

5.050%, 

11/15/2044

898,190

CNX

Resources

Corporation

265,000

6.000%, 

1/15/2029

h

280,237

Comstock

Resources,

Inc.

330,000

5.875%, 

1/15/2030

h

343,200

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Energy

(0.9%)

-

continued

ConocoPhillips

$

1,400,000

6.500%, 

2/1/2039

$

2,041,467

Continental

Resources,

Inc.

220,000

4.375%, 

1/15/2028

243,375

290,000

5.750%, 

1/15/2031

h

350,537

Devon

Energy

Corporation

1,644,000

4.500%, 

1/15/2030

h

1,791,775

Diamondback

Energy,

Inc.

975,000

3.500%, 

12/1/2029

1,042,701

DT

Midstream,

Inc.

405,000

4.125%, 

6/15/2029

h

410,694

135,000

4.375%, 

6/15/2031

h

139,050

Enagas

SA

640,000

5.500%, 

1/15/2028

h

655,200

Encana

Corporation

220,000

6.625%, 

8/15/2037

301,718

Endeavor

Energy

Resources,

LP

310,000

5.750%, 

1/30/2028

h

326,275

Energean

Israel

Finance,

Ltd.

415,000

4.500%, 

3/30/2024

h

423,300

Energy

Transfer

Operating,

LP

1,340,000

6.000%, 

6/15/2048

1,700,391

Energy

Transfer

Partners,

LP

765,000

4.900%, 

3/15/2035

876,948

600,000

5.150%, 

2/1/2043

670,895

EnLink

Midstream

Partners,

LP

440,000

4.850%, 

7/15/2026

461,868

185,000

5.600%, 

4/1/2044

176,675

Enterprise

Products

Operating,

LLC

1,100,000

3.300%, 

2/15/2053

1,072,767

EQM

Midstream

Partners,

LP

570,000

6.500%, 

7/1/2027

h

641,107

EQT

Corporation

135,000

3.125%, 

5/15/2026

h

138,391

545,000

3.900%, 

10/1/2027

589,815

Equinor

ASA

625,000

3.000%, 

4/6/2027

673,153

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

1,276,114

Genesis

Energy,

LP

220,000

6.500%, 

10/1/2025

218,900

135,000

8.000%, 

1/15/2027

136,687

Halliburton

Company

925,000

2.920%, 

3/1/2030

g

956,644

Harvest

Midstream,

LP

530,000

7.500%, 

9/1/2028

h

564,529

Hess

Midstream

Operations,

LP

350,000

5.625%, 

2/15/2026

h

363,125

Hilcorp

Energy

I,

LP

430,000

5.750%, 

2/1/2029

h

441,825

ITT

Holdings,

LLC

380,000

6.500%, 

8/1/2029

h

383,325

Laredo

Petroleum,

Inc.

655,000

7.750%, 

7/31/2029

h

656,637

Magellan

Midstream

Partners,

LP

750,000

5.000%, 

3/1/2026

855,617

Marathon

Petroleum

Corporation

336,000

6.500%, 

3/1/2041

464,940

MPLX,

LP

600,000

4.875%, 

12/1/2024

664,589

830,000

4.875%, 

6/1/2025

927,545

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Energy

(0.9%)

-

continued

Murphy

Oil

Corporation

$

240,000

5.875%, 

12/1/2027

$

249,780

Nabors

Industries,

Ltd.

505,000

7.250%, 

1/15/2026

h

491,163

National

Fuel

Gas

Company

975,000

5.500%, 

1/15/2026

1,123,053

Newfield

Exploration

Company

570,000

5.625%, 

7/1/2024

632,042

560,000

5.375%, 

1/1/2026

633,171

NGL

Energy

Operating,

LLC

290,000

7.500%, 

2/1/2026

h

295,437

NGL

Energy

Partners,

LP

290,000

7.500%, 

11/1/2023

281,831

NuStar

Logistics,

LP

500,000

5.750%, 

10/1/2025

538,750

Oasis

Petroleum,

Inc.

335,000

6.375%, 

6/1/2026

h

350,912

Occidental

Petroleum

Corporation

710,000

3.400%, 

4/15/2026

728,197

130,000

8.500%, 

7/15/2027

162,816

815,000

3.500%, 

8/15/2029

828,953

280,000

6.450%, 

9/15/2036

352,275

710,000

4.400%, 

4/15/2046

708,119

ONEOK,

Inc.

860,000

2.200%, 

9/15/2025

878,615

Ovintiv

,

Inc.

140,000

7.375%, 

11/1/2031

189,904

PBF

Holding

Company,

LLC

210,000

9.250%, 

5/15/2025

h

198,975

Pioneer

Natural

Resources

Company

500,000

4.450%, 

1/15/2026

557,861

Precision

Drilling

Corporation

335,000

6.875%, 

1/15/2029

h

349,889

Qatar

Petroleum

900,000

3.125%, 

7/12/2041

h

899,568

Sabine

Pass

Liquefaction,

LLC

1,100,000

4.500%, 

5/15/2030

1,267,871

Schlumberger

Holdings

Corporation

880,000

4.000%, 

12/21/2025

h

969,765

SM

Energy

Company

200,000

6.500%, 

7/15/2028

g

207,064

Southwestern

Energy

Company

265,000

5.375%, 

2/1/2029

h

283,500

Sunoco

Logistics

Partners

Operations,

LP

700,000

4.000%, 

10/1/2027

772,283

Sunoco,

LP

385,000

5.875%, 

3/15/2028

406,175

Targa

Resources

Partners,

LP

210,000

5.375%, 

2/1/2027

217,602

300,000

5.000%, 

1/15/2028

315,000

130,000

4.875%, 

2/1/2031

140,238

Teine

Energy,

Ltd.

280,000

6.875%, 

4/15/2029

h

284,200

Transocean

Proteus,

Ltd.

151,250

6.250%, 

12/1/2024

h

151,250

Transocean,

Inc.

265,000

11.500%, 

1/30/2027

h

272,950

USA

Compression

Partners,

LP

210,000

6.875%, 

4/1/2026

218,652

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Energy

(0.9%)

-

continued

Venture

Global

Calcasieu

Pass,

LLC

$

389,000

3.875%, 

8/15/2029

h

$

400,689

235,000

4.125%, 

8/15/2031

h

244,988

Vine

Energy

Holdings,

LLC

275,000

6.750%, 

4/15/2029

h

296,830

W&T

Offshore,

Inc.

166,000

9.750%, 

11/1/2023

g,h

157,961

Western

Gas

Partners,

LP

1,120,000

4.000%, 

7/1/2022

1,137,058

Western

Midstream

Operating,

LP

440,000

3.950%, 

6/1/2025

464,977

230,000

5.500%, 

8/15/2048

269,100

Williams

Companies,

Inc.

900,000

7.500%, 

1/15/2031

1,251,248

Total

49,221,807

Financials

(2.4%)

ACE

INA

Holdings,

Inc.

737,000

4.350%, 

11/3/2045

926,902

AerCap

Ireland

Capital

DAC

980,000

3.500%, 

1/15/2025

1,031,166

950,000

3.875%, 

1/23/2028

g

1,019,936

Air

Lease

Corporation

1,350,000

3.000%, 

2/1/2030

1,369,853

Aircastle

,

Ltd.

565,000

5.250%, 

8/11/2025

h

631,689

1,000,000

2.850%, 

1/26/2028

h

1,012,760

Alliant

Holdings

Intermediate,

LLC

130,000

6.750%, 

10/15/2027

h

134,550

Ally

Financial,

Inc.

1,430,000

5.750%, 

11/20/2025

1,635,131

900,000

8.000%, 

11/1/2031

1,298,096

Altice

Financing

SA

190,000

5.750%, 

8/15/2029

h

184,040

American

Finance

Trust,

Inc.

318,000

4.500%, 

9/30/2028

d,h

318,000

American

Homes

4

Rent,

LP

880,000

2.375%, 

7/15/2031

871,713

American

International

Group,

Inc.

705,000

3.750%, 

7/10/2025

767,407

810,000

3.900%, 

4/1/2026

898,568

AmWINS

Group,

Inc.

255,000

4.875%, 

6/30/2029

h

258,583

Ares

Capital

Corporation

975,000

3.875%, 

1/15/2026

1,042,693

450,000

2.150%, 

7/15/2026

451,197

Australia

and

New

Zealand

Banking

Group,

Ltd.

500,000

2.950%, 

7/22/2030

b,h

519,730

Aviation

Capital

Group,

LLC

880,000

5.500%, 

12/15/2024

h

986,270

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

h

764,714

250,000

4.250%, 

4/15/2026

h

268,891

Banco

Santander

Mexico

SA

675,000

5.375%, 

4/17/2025

h

754,447

Banco

Santander

SA

1,200,000

1.239%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

1,216,316

1,200,000

1.722%, 

9/14/2027

b

1,194,423

Bank

of

America

Corporation

1,000,000

4.200%, 

8/26/2024

1,093,832

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Financials

(2.4%)

-

continued

$

830,000

4.000%, 

1/22/2025

$

901,932

1,450,000

3.458%, 

3/15/2025

b

1,542,673

500,000

1.734%, 

7/22/2027

b

502,057

1,210,000

3.824%, 

1/20/2028

b

1,335,296

450,000

2.087%, 

6/14/2029

b

449,278

1,200,000

2.496%, 

2/13/2031

b

1,214,388

700,000

2.592%, 

4/29/2031

b

714,440

1,250,000

1.922%, 

10/24/2031

b

1,202,463

1,200,000

4.244%, 

4/24/2038

b

1,404,000

Barclays

plc

1,185,000

4.972%, 

5/16/2029

b

1,377,702

1,250,000

3.564%, 

9/23/2035

b

1,296,842

BPCE

SA

860,000

3.500%, 

10/23/2027

h

927,935

Camden

Property

Trust

1,500,000

3.150%, 

7/1/2029

1,620,256

CANPACK

SA

540,000

3.125%, 

11/1/2025

h

548,775

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

1,108,314

Cascades

USA,

Inc.

290,000

5.125%, 

1/15/2026

h

308,289

Chobani

,

LLC

580,000

4.625%, 

11/15/2028

h

598,850

CIT

Group,

Inc.

880,000

5.250%, 

3/7/2025

980,100

660,000

6.125%, 

3/9/2028

797,854

Citigroup,

Inc.

1,240,000

4.400%, 

6/10/2025

1,371,534

620,000

3.200%, 

10/21/2026

668,469

675,000

1.462%, 

6/9/2027

b

671,022

1,404,000

3.668%, 

7/24/2028

b

1,543,282

415,000

4.125%, 

7/25/2028

463,241

700,000

3.520%, 

10/27/2028

b

761,167

828,000

4.650%, 

7/23/2048

1,068,079

CNA

Financial

Corporation

450,000

3.900%, 

5/1/2029

501,720

Coinbase

Global,

Inc.

107,000

3.625%, 

10/1/2031

h

101,717

Commerzbank

AG

700,000

8.125%, 

9/19/2023

h

788,703

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

810,000

3.950%, 

11/9/2022

840,807

830,000

4.625%, 

12/1/2023

899,383

Credit

Acceptance

Corporation

450,000

5.125%, 

12/31/2024

h

463,500

Credit

Agricole

SA

550,000

6.875%, 

9/23/2024

b,h,k

611,875

Credit

Suisse

Group

AG

775,000

7.250%, 

9/12/2025

b,h,k

859,049

1,375,000

2.193%, 

6/5/2026

b,h

1,400,807

Danske

Bank

AS

400,000

0.976%, 

9/10/2025

b,h

399,329

900,000

3.244%, 

12/20/2025

b,h

956,122

Deutsche

Bank

AG

950,000

3.729%, 

1/14/2032

b

980,860

Discover

Bank

600,000

2.450%, 

9/12/2024

625,690

1,410,000

4.682%, 

8/9/2028

b

1,499,942

Diversified

Healthcare

Trust

330,000

4.375%, 

3/1/2031

319,188

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Financials

(2.4%)

-

continued

Drawbridge

Special

Opportunities

Fund,

LP

$

600,000

3.875%, 

2/15/2026

h

$

616,496

Duke

Realty,

LP

700,000

2.875%, 

11/15/2029

737,501

ERP

Operating,

LP

267,000

3.375%, 

6/1/2025

286,858

Fidelity

National

Financial,

Inc.

1,125,000

5.500%, 

9/1/2022

1,177,171

First

Horizon

Bank

225,000

5.750%, 

5/1/2030

274,866

First

Horizon

National

Corporation

900,000

4.000%, 

5/26/2025

982,008

Fortress

Transportation

and

Infrastructure

Investors,

LLC

290,000

6.500%, 

10/1/2025

h

298,520

190,000

5.500%, 

5/1/2028

h

191,278

FS

KKR

Capital

Corporation

450,000

4.250%, 

2/14/2025

h

475,314

1,137,000

3.400%, 

1/15/2026

1,188,030

GE

Capital

Funding,

LLC

975,000

4.400%, 

5/15/2030

1,129,752

GE

Capital

International

Funding

Company

2,265,000

4.418%, 

11/15/2035

2,718,118

Global

Net

Lease,

Inc.

575,000

3.750%, 

12/15/2027

h

570,944

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,065,635

230,000

1.992%, 

1/27/2032

b

221,796

460,000

4.750%, 

10/21/2045

593,962

HCP,

Inc.

32,000

3.400%, 

2/1/2025

34,126

HCRX

Investments

Holdco,

LP

155,000

4.500%, 

8/1/2029

h

155,775

HSBC

Holdings

plc

1,525,000

3.803%, 

3/11/2025

b

1,626,600

1,040,000

3.900%, 

5/25/2026

1,145,512

Icahn

Enterprises,

LP

390,000

6.375%, 

12/15/2025

400,140

465,000

5.250%, 

5/15/2027

482,437

iStar

,

Inc.

505,000

4.250%, 

8/1/2025

524,559

J.P.

Morgan

Chase

&

Company

1,200,000

3.875%, 

9/10/2024

1,304,736

565,000

3.125%, 

1/23/2025

600,527

450,000

0.824%, 

6/1/2025

b

449,920

725,000

1.040%, 

2/4/2027

b

711,268

714,000

1.578%, 

4/22/2027

b

715,448

1,350,000

4.203%, 

7/23/2029

b

1,535,695

700,000

2.522%, 

4/22/2031

b

714,142

975,000

1.953%, 

2/4/2032

b

940,603

1,475,000

3.882%, 

7/24/2038

b

1,697,785

952,000

3.157%, 

4/22/2042

b

988,401

Jefferies

Finance,

LLC

455,000

5.000%, 

8/15/2028

h

461,256

Kimco

Realty

Corporation

1,072,000

3.300%, 

2/1/2025

1,142,879

Lloyds

Banking

Group

plc

1,500,000

3.870%, 

7/9/2025

b

1,617,283

LPL

Holdings,

Inc.

340,000

4.000%, 

3/15/2029

h

349,231

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Financials

(2.4%)

-

continued

MGM

Growth

Properties

Operating

Partnership,

LP

$

300,000

4.625%, 

6/15/2025

h

$

323,250

260,000

5.750%, 

2/1/2027

299,000

Mitsubishi

UFJ

Financial

Group,

Inc.

1,420,000

3.287%, 

7/25/2027

1,549,838

1,350,000

2.048%, 

7/17/2030

1,327,429

Mizuho

Financial

Group,

Inc.

1,250,000

1.979%, 

9/8/2031

b

1,206,632

Morgan

Stanley

475,000

2.188%, 

4/28/2026

b

490,439

1,350,000

4.350%, 

9/8/2026

1,523,758

1,704,000

3.591%, 

7/22/2028

b

1,868,670

1,250,000

3.622%, 

4/1/2031

b

1,377,708

700,000

2.802%, 

1/25/2052

b

672,831

MPT

Operating

Partnership,

LP

385,000

4.625%, 

8/1/2029

413,105

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

579,375

Nationwide

Building

Society

650,000

3.622%, 

4/26/2023

b,h

661,302

Natwest

Group

plc

750,000

3.032%, 

11/28/2035

b

750,995

Navient

Corporation

270,000

5.500%, 

1/25/2023

282,150

130,000

5.000%, 

3/15/2027

133,900

130,000

4.875%, 

3/15/2028

131,057

NFP

Corporation

180,000

6.875%, 

8/15/2028

h

183,789

Omega

Healthcare

Investors,

Inc.

774,000

3.625%, 

10/1/2029

814,359

725,000

3.375%, 

2/1/2031

738,180

OneMain

Finance

Corporation

200,000

3.500%, 

1/15/2027

200,090

Owl

Rock

Capital

Corporation

225,000

4.250%, 

1/15/2026

241,493

1,250,000

3.400%, 

7/15/2026

1,301,790

Owl

Rock

Technology

Finance

Corporation

225,000

4.750%, 

12/15/2025

h

245,958

Park

Aerospace

Holdings,

Ltd.

700,000

4.500%, 

3/15/2023

h

731,458

Park

Intermediate

Holdings,

LLC

145,000

4.875%, 

5/15/2029

h

149,238

PennyMac

Financial

Services,

Inc.

360,000

4.250%, 

2/15/2029

h

342,747

Playtika

Holding

Corporation

275,000

4.250%, 

3/15/2029

h

275,877

Principal

Life

Global

Funding

II

720,000

1.250%, 

8/16/2026

h

715,534

Prudential

Financial,

Inc.

900,000

3.700%, 

3/13/2051

1,025,691

Quicken

Loans,

LLC

340,000

3.625%, 

3/1/2029

h

343,825

Radian

Group,

Inc.

270,000

4.875%, 

3/15/2027

294,265

Realty

Income

Corporation

1,120,000

4.125%, 

10/15/2026

1,256,714

450,000

1.800%, 

3/15/2033

425,887

Regency

Centers,

LP

1,180,000

4.125%, 

3/15/2028

1,321,575

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Financials

(2.4%)

-

continued

Reinsurance

Group

of

America,

Inc.

$

965,000

4.700%, 

9/15/2023

$

1,037,676

Royal

Bank

of

Scotland

Group

plc

875,000

6.000%, 

12/29/2025

b,k

979,239

850,000

4.445%, 

5/8/2030

b

972,323

Santander

UK

Group

Holdings

plc

900,000

1.673%, 

6/14/2027

b

896,166

Service

Properties

Trust

170,000

4.750%, 

10/1/2026

168,300

320,000

4.950%, 

2/15/2027

319,200

290,000

5.500%, 

12/15/2027

309,056

Simon

Property

Group,

LP

1,100,000

3.800%, 

7/15/2050

1,212,179

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

h

932,192

Spirit

Realty,

LP

1,100,000

2.100%, 

3/15/2028

1,094,282

Springleaf

Finance

Corporation

470,000

6.875%, 

3/15/2025

528,162

410,000

6.625%, 

1/15/2028

471,500

Sumitomo

Mitsui

Financial

Group,

Inc.

840,000

3.010%, 

10/19/2026

900,762

700,000

1.710%, 

1/12/2031

667,661

Sumitomo

Mitsui

Trust

Bank,

Ltd.

880,000

0.800%, 

9/16/2024

h

878,125

Synchrony

Financial

330,000

4.250%, 

8/15/2024

356,600

825,000

3.950%, 

12/1/2027

910,060

Truist

Financial

Corporation

450,000

1.887%, 

6/7/2029

b

449,562

UBS

Group

Funding

Jersey,

Ltd.

768,000

4.125%, 

9/24/2025

h

848,474

UDR,

Inc.

675,000

2.100%, 

8/1/2032

647,467

United

Wholesale

Mortgage,

LLC

405,000

5.500%, 

4/15/2029

h

393,216

VEREIT

Operating

Partnership,

LP

1,000,000

2.850%, 

12/15/2032

1,038,859

VICI

Properties,

LP

250,000

4.250%, 

12/1/2026

h

261,083

140,000

3.750%, 

2/15/2027

h

144,900

250,000

4.625%, 

12/1/2029

h

268,750

Voya

Financial,

Inc.

979,000

3.125%, 

7/15/2024

1,037,456

Wells

Fargo

&

Company

900,000

4.125%, 

8/15/2023

958,485

1,040,000

3.000%, 

2/19/2025

1,103,831

600,000

3.000%, 

4/22/2026

643,735

1,140,000

3.000%, 

10/23/2026

1,221,816

1,200,000

2.393%, 

6/2/2028

b

1,237,728

930,000

4.900%, 

11/17/2045

1,177,586

Welltower

,

Inc.

675,000

2.050%, 

1/15/2029

670,572

Total

136,341,321

Mortgage-Backed

Securities

(10.3%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

14,700,000

1.500%, 

11/1/2035

d

14,827,476

20,250,000

1.500%, 

10/15/2036

d

20,450,127

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Mortgage-Backed

Securities

(10.3%)

-

continued

$

112,000,000

2.000%, 

11/1/2036

d

$

115,193,749

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

144,280,000

2.000%, 

11/1/2051

d,l

144,409,627

150,625,000

2.500%, 

11/1/2051

d

155,008,422

22,050,000

3.000%, 

11/1/2047

d

23,043,637

4,750,000

3.000%, 

10/1/2049

d

4,970,244

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

71,000,000

2.500%, 

10/1/2051

d

73,293,633

28,500,000

2.500%, 

11/1/2051

d

29,369,473

Total

580,566,388

Technology

(0.7%)

Analog

Devices,

Inc.

1,000,000

2.950%, 

10/1/2051

d

999,654

Apple,

Inc.

1,975,000

3.750%, 

9/12/2047

2,283,454

Applied

Materials,

Inc.

560,000

3.300%, 

4/1/2027

615,495

Baidu,

Inc.

940,000

3.425%, 

4/7/2030

995,111

Black

Knight

InfoServ

,

LLC

478,000

3.625%, 

9/1/2028

h

480,390

Broadcom

Corporation

403,000

3.875%, 

1/15/2027

442,865

Broadcom,

Inc.

460,000

5.000%, 

4/15/2030

537,171

448,000

3.469%, 

4/15/2034

h

461,322

1,100,000

3.187%, 

11/15/2036

h

1,096,806

CommScope

Technologies

Finance,

LLC

380,000

6.000%, 

6/15/2025

h

384,750

CommScope

,

Inc.

310,000

7.125%, 

7/1/2028

h

316,346

Dell

International,

LLC

1,770,000

6.020%, 

6/15/2026

2,105,464

450,000

8.350%, 

7/15/2046

729,835

Fiserv,

Inc.

1,650,000

2.250%, 

6/1/2027

1,701,890

960,000

2.650%, 

6/1/2030

982,317

Gartner,

Inc.

200,000

3.625%, 

6/15/2029

h

201,520

480,000

3.750%, 

10/1/2030

h

494,016

Hewlett

Packard

Enterprise

Company

650,000

4.650%, 

10/1/2024

718,054

Iron

Mountain,

Inc.

250,000

5.000%, 

7/15/2028

h

260,575

540,000

4.875%, 

9/15/2029

h

565,650

300,000

5.250%, 

7/15/2030

h

318,369

440,000

4.500%, 

2/15/2031

h

446,292

Lam

Research

Corporation

1,200,000

2.875%, 

6/15/2050

1,203,335

Microchip

Technology,

Inc.

450,000

0.983%, 

9/1/2024

h

449,455

Micron

Technology,

Inc.

450,000

2.497%, 

4/24/2023

463,176

900,000

4.663%, 

2/15/2030

1,038,825

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Technology

(0.7%)

-

continued

Microsoft

Corporation

$

1,320,000

3.041%, 

3/17/2062

$

1,394,354

1,700,000

3.700%, 

8/8/2046

2,008,843

MSCI,

Inc.

375,000

4.000%, 

11/15/2029

h

397,012

NCR

Corporation

820,000

6.125%, 

9/1/2029

h

889,700

NVIDIA

Corporation

1,100,000

3.500%, 

4/1/2040

1,219,855

NXP

Funding,

LLC

475,000

5.550%, 

12/1/2028

h

576,200

476,000

4.300%, 

6/18/2029

h

539,503

475,000

2.500%, 

5/11/2031

h

479,421

475,000

3.250%, 

5/11/2041

h

490,591

Open

Text

Corporation

545,000

4.125%, 

2/15/2030

h

559,987

Oracle

Corporation

450,000

3.950%, 

3/25/2051

474,579

1,400,000

3.850%, 

7/15/2036

1,521,008

1,200,000

3.600%, 

4/1/2040

1,244,413

1,100,000

4.000%, 

7/15/2046

1,165,315

PTC,

Inc.

220,000

3.625%, 

2/15/2025

h

223,300

210,000

4.000%, 

2/15/2028

h

215,512

Qorvo

,

Inc.

790,000

3.375%, 

4/1/2031

h

832,976

Rackspace

Technology

Global,

Inc.

430,000

5.375%, 

12/1/2028

g,h

422,475

Seagate

HDD

Cayman

656,000

3.125%, 

7/15/2029

h

634,417

540,000

3.375%, 

7/15/2031

h

526,500

Sensata

Technologies,

Inc.

640,000

3.750%, 

2/15/2031

h

644,378

Shift4

Payments,

LLC

150,000

4.625%, 

11/1/2026

h

156,562

SS&C

Technologies,

Inc.

880,000

5.500%, 

9/30/2027

h

929,221

Switch,

Ltd.

440,000

3.750%, 

9/15/2028

h

446,600

Teledyne

Technologies,

Inc.

714,000

2.250%, 

4/1/2028

727,193

Texas

Instruments,

Inc.

1,380,000

4.150%, 

5/15/2048

1,711,653

Tyco

Electronics

Group

SA

284,000

3.450%, 

8/1/2024

302,188

Viavi

Solutions,

Inc.

319,000

3.750%, 

10/1/2029

h

319,702

VMware,

Inc.

550,000

4.650%, 

5/15/2027

631,549

675,000

1.800%, 

8/15/2028

664,986

Total

42,642,130

Transportation

(0.2%)

Air

Canada

95,000

3.875%, 

8/15/2026

h

95,860

Air

Canada

Pass

Through

Trust

169,658

3.875%, 

3/15/2023

h

171,544

American

Airlines,

Inc.

390,000

11.750%, 

7/15/2025

h

482,625

825,000

5.500%, 

4/20/2026

h

867,281

100,000

5.750%, 

4/20/2029

h

107,750

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Transportation

(0.2%)

-

continued

Avis

Budget

Car

Rental,

LLC

$

360,000

5.375%, 

3/1/2029

g,h

$

380,484

Burlington

Northern

Santa

Fe,

LLC

850,000

5.750%, 

5/1/2040

1,191,409

900,000

4.450%, 

3/15/2043

1,123,234

CSX

Corporation

720,000

3.800%, 

4/15/2050

816,902

Delta

Air

Lines,

Inc.

468,000

7.000%, 

5/1/2025

h

545,805

1,451,000

4.750%, 

10/20/2028

h

1,617,865

Southwest

Airlines

Company

875,000

5.125%, 

6/15/2027

1,023,291

952,000

2.625%, 

2/10/2030

965,668

United

Airlines,

Inc.

435,000

4.375%, 

4/15/2026

h

446,419

435,000

4.625%, 

4/15/2029

h

449,551

United

Parcel

Service,

Inc.

960,000

4.450%, 

4/1/2030

1,142,621

Total

11,428,309

U.S.

Government

&

Agencies

(12.5%)

U.S.

Treasury

Bonds

20,680,000

1.625%, 

11/15/2050

18,578,880

16,975,000

2.250%, 

11/15/2027

18,044,558

31,750,000

2.875%, 

5/15/2028

35,018,018

14,120,000

5.250%, 

11/15/2028

17,948,947

38,050,000

1.625%, 

8/15/2029

38,754,519

11,850,000

1.500%, 

2/15/2030

11,925,451

6,250,000

0.875%, 

11/15/2030

5,931,152

850,000

1.125%, 

2/15/2031

823,305

1,075,000

4.375%, 

5/15/2040

1,495,930

41,740,000

1.375%, 

11/15/2040

37,494,259

600,000

3.000%, 

5/15/2042

701,508

27,658,000

2.500%, 

5/15/2046

29,927,901

35,275,000

2.875%, 

5/15/2049

41,266,238

U.S.

Treasury

Notes

60,650,000

0.125%, 

10/31/2022

60,657,108

53,005,000

2.000%, 

11/30/2022

54,156,202

6,540,000

2.500%, 

3/31/2023

6,766,090

5,990,000

0.125%, 

4/30/2023

5,982,044

91,985,000

0.125%, 

7/31/2023

91,787,376

22,230,000

0.125%, 

8/31/2023

22,170,951

23,100,000

0.125%, 

10/15/2023

23,016,984

65,780,000

2.500%, 

1/31/2024

69,038,166

12,780,000

2.125%, 

7/31/2024

13,371,075

15,100,000

2.250%, 

11/15/2024

15,893,340

8,000,000

2.125%, 

11/30/2024

8,391,250

3,700,000

1.375%, 

1/31/2025

3,793,223

6,000,000

0.250%, 

8/31/2025

5,877,422

33,790,000

2.625%, 

1/31/2026

36,316,330

22,580,000

2.500%, 

2/28/2026

24,166,774

2,350,000

0.500%, 

4/30/2027

2,273,809

4,300,000

0.750%, 

1/31/2028

4,175,535

Total

705,744,345

Utilities

(0.7%)

Ameren

Illinois

Company

720,000

4.500%, 

3/15/2049

915,421

American

Water

Capital

Corporation

1,150,000

2.800%, 

5/1/2030

1,206,239

Appalachian

Power

Company

560,000

3.300%, 

6/1/2027

604,894

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Utilities

(0.7%)

-

continued

Berkshire

Hathaway

Energy

Company

$

900,000

4.500%, 

2/1/2045

$

1,092,324

Calpine

Corporation

635,000

4.500%, 

2/15/2028

h

647,700

CenterPoint

Energy

Resources

Corporation

750,000

1.750%, 

10/1/2030

720,498

CenterPoint

Energy,

Inc.

500,000

2.500%, 

9/1/2024

522,818

750,000

4.250%, 

11/1/2028

854,492

CMS

Energy

Corporation

440,000

2.950%, 

2/15/2027

464,823

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

1,155,110

Consolidated

Edison

Company

of

New

York,

Inc.

900,000

4.125%, 

5/15/2049

1,043,949

Consolidated

Edison,

Inc.

384,000

4.500%, 

12/1/2045

464,662

Consumers

Energy

Company

1,025,000

4.350%, 

4/15/2049

1,275,188

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

859,693

640,000

3.700%, 

6/1/2046

717,651

Duke

Energy

Carolinas,

LLC

960,000

3.700%, 

12/1/2047

1,066,171

Duke

Energy

Corporation

520,000

3.750%, 

9/1/2046

555,269

Duke

Energy

Florida,

LLC

775,000

3.200%, 

1/15/2027

840,144

Duke

Energy

Indiana,

LLC

1,085,000

3.750%, 

5/15/2046

1,203,322

Edison

International

950,000

5.750%, 

6/15/2027

1,093,843

Enel

Finance

International

NV

675,000

1.875%, 

7/12/2028

h

672,231

Exelon

Corporation

575,000

4.700%, 

4/15/2050

726,590

792,000

4.450%, 

4/15/2046

956,543

FirstEnergy

Corporation

350,000

3.350%, 

7/15/2022

354,147

ITC

Holdings

Corporation

284,000

4.050%, 

7/1/2023

298,075

560,000

5.300%, 

7/1/2043

730,692

Jersey

Central

Power

&

Light

Company

375,000

2.750%, 

3/1/2032

h

384,151

Mississippi

Power

Company

800,000

3.950%, 

3/30/2028

891,270

National

Rural

Utilities

Cooperative

Finance

Corporation

500,000

3.900%, 

11/1/2028

563,138

1,000,000

3.700%, 

3/15/2029

1,114,537

NextEra

Energy

Operating

Partners,

LP

600,000

3.875%, 

10/15/2026

h

637,950

NiSource

Finance

Corporation

675,000

5.650%, 

2/1/2045

925,941

NiSource,

Inc.

875,000

3.600%, 

5/1/2030

959,240

NRG

Energy,

Inc.

635,000

3.375%, 

2/15/2029

h

626,701

Principal

Amount

Long-Term

Fixed

Income

(36.4%)

Value

Utilities

(0.7%)

-

continued

$

195,000

5.250%, 

6/15/2029

h

$

207,431

Pacific

Gas

and

Electric

Company

800,000

3.300%, 

12/1/2027

823,378

660,000

4.550%, 

7/1/2030

713,678

476,000

3.250%, 

6/1/2031

474,270

PG&E

Corporation

210,000

5.000%, 

7/1/2028

g

213,937

PPL

Electric

Utilities

Corporation

840,000

3.950%, 

6/1/2047

995,726

Public

Service

Electric

&

Gas

Company

410,000

3.000%, 

5/15/2027

445,132

San

Diego

Gas

and

Electric

Company

900,000

4.150%, 

5/15/2048

1,080,155

South

Carolina

Electric

&

Gas

Company

760,000

5.100%, 

6/1/2065

1,090,937

Southern

California

Edison

Company

1,135,000

4.000%, 

4/1/2047

1,217,113

Southern

Company

665,000

3.250%, 

7/1/2026

715,585

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

705,329

Southwestern

Electric

Power

Company

460,000

3.900%, 

4/1/2045

503,138

Suburban

Propane

Partners,

LP

560,000

5.875%, 

3/1/2027

583,800

Talen

Energy

Supply,

LLC

300,000

7.625%, 

6/1/2028

h

281,250

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

h

558,350

Virginia

Electric

and

Power

Company

750,000

4.600%, 

12/1/2048

960,387

Vistra

Operations

Company,

LLC

560,000

5.000%, 

7/31/2027

h

578,200

Total

39,293,213

Total

Long-Term

Fixed

Income

(cost

$2,007,383,623)

2,055,967,334

Shares

Common

Stock

(

20.7%

)

Value

Communications

Services

(1.7%)

12,042

Alphabet,

Inc.,

Class

A

m

32,194,528

2,430

Alphabet,

Inc.,

Class

C

m

6,476,703

13,943

AMC

Networks,

Inc.

m

649,604

70,753

AT&T,

Inc.

1,911,039

8,863

Audacy

,

Inc.

m

32,616

5,444

Cars.com,

Inc.

m

68,867

92,900

Comcast

Corporation

5,195,897

48,500

Discovery,

Inc.,

Class

A

g,m

1,230,930

8,292

DISH

Network

Corporation

m

360,370

1,459

E.W.

Scripps

Company

26,350

12,174

Electronic

Arts,

Inc.

1,731,752

55,355

Facebook,

Inc.

m

18,786,933

3,003

Gray

Television,

Inc.

68,529

1,866

Hemisphere

Media

Group,

Inc.

m

22,728

8,175

Interpublic

Group

of

Companies,

Inc.

299,777

1,014

Liberty

Global

plc,

Class

A

m

30,217

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Shares

Common

Stock

(20.7%)

Value

Communications

Services

(1.7%)

-

continued

55,401

Live

Nation

Entertainment,

Inc.

m

$

5,048,693

45,620

Lumen

Technologies,

Inc.

g

565,232

24,774

Match

Group,

Inc.

m

3,889,270

2,245

Nexstar

Broadcasting

Group,

Inc.

341,150

11,722

Omnicom

Group,

Inc.

849,376

21,100

QuinStreet

,

Inc.

m

370,516

6,827

RingCentral,

Inc.

m

1,484,873

2,172

Skillz

,

Inc.

g,m

21,329

10,100

Telephone

&

Data

Systems,

Inc.

196,950

78,247

Twitter,

Inc.

m

4,725,336

652

United

States

Cellular

Corporation

m

20,792

112,879

Verizon

Communications,

Inc.

6,096,595

1,413

ViacomCBS

,

Inc.

55,828

746

Walt

Disney

Company

m

126,201

6,476

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

m

98,759

3,068

Zillow

Group,

Inc.

m

271,763

17,958

ZoomInfo

Technologies,

Inc.

m

1,098,850

Total

94,348,353

Consumer

Discretionary

(2.5%)

960

Adient

plc

m

39,792

9,071

Amazon.com,

Inc.

m

29,798,598

32,843

American

Axle

&

Manufacturing

Holdings,

Inc.

m

289,347

62,984

Aptiv

plc

m

9,382,726

1,625

AutoZone,

Inc.

m

2,759,234

6,981

Bally's

Corporation

m

350,027

2,920

Bed

Bath

&

Beyond,

Inc.

g,m

50,443

4,234

Big

Lots,

Inc.

183,586

3,341

BJ's

Restaurants,

Inc.

m

139,520

1,578

Brunswick

Corporation

150,336

7,220

Burlington

Stores,

Inc.

m

2,047,375

20,599

Caesars

Entertainment,

Inc.

m

2,312,856

10,988

Carvana

Company

m

3,313,322

7,067

Cedar

Fair,

LP

m

327,767

13,626

Chegg

,

Inc.

m

926,841

18,459

Chewy,

Inc.

g,m

1,257,243

15,715

Chico's

FAS,

Inc.

m

70,560

4,204

Chipotle

Mexican

Grill,

Inc.

m

7,640,854

4,448

Choice

Hotels

International,

Inc.

562,094

515

Churchill

Downs,

Inc.

123,641

344

Cimpress

plc

m

29,870

7,095

Clarus

Corporation

181,845

28,004

Cooper-Standard

Holdings,

Inc.

m

613,568

2,345

Cracker

Barrel

Old

Country

Store,

Inc.

327,925

1,849

Crocs,

Inc.

m

265,295

8,021

Culp,

Inc.

103,310

19,411

D.R.

Horton,

Inc.

1,629,942

12,939

Dana,

Inc.

287,763

3,941

Darden

Restaurants,

Inc.

596,943

823

Deckers

Outdoor

Corporation

m

296,445

1,909

Dick's

Sporting

Goods,

Inc.

228,641

1,873

Dorman

Products,

Inc.

m

177,317

25,859

Duluth

Holdings,

Inc.

m

352,458

14,589

Emerald

Holding,

Inc.

m

63,316

67,950

Everi

Holdings,

Inc.

m

1,643,031

2,237

Expedia

Group,

Inc.

m

366,644

25,763

Farfetch

,

Ltd.

m

965,597

1,181

Fisker

,

Inc.

m

17,302

11,600

Five

Below,

Inc.

m

2,050,996

6,920

Foot

Locker,

Inc.

315,967

922

Fox

Factory

Holding

Corporation

m

133,266

21,590

Gap,

Inc.

490,093

Shares

Common

Stock

(20.7%)

Value

Consumer

Discretionary

(2.5%)

-

continued

2,476

Garmin,

Ltd.

$

384,919

36,269

Gentex

Corporation

1,196,152

4,423

Genuine

Parts

Company

536,200

6,220

G-III

Apparel

Group,

Ltd.

m

176,026

7,074

Goodyear

Tire

&

Rubber

Company

m

125,210

12,847

GoPro,

Inc.

m

120,248

95

Graham

Holdings

Company

55,970

2,767

Grand

Canyon

Education,

Inc.

m

243,385

690

Group

1

Automotive,

Inc.

129,637

1,765

GrowGeneration

Corporation

m

43,543

5,183

Guess

?,

Inc.

108,895

15,691

Hanesbrands,

Inc.

269,258

11,324

Harley-Davidson,

Inc.

414,572

11,992

Home

Depot,

Inc.

3,936,494

1,385

Jack

in

the

Box,

Inc.

134,802

3,485

KB

Home

135,636

38,106

Kohl's

Corporation

1,794,412

11,107

Lear

Corporation

1,738,023

17,249

Leggett

&

Platt,

Inc.

773,445

5,218

Lithia

Motors,

Inc.

1,654,315

27,660

Lowe's

Companies,

Inc.

5,611,108

1,776

Lululemon

Athletica

,

Inc.

m

718,747

2,490

M.D.C.

Holdings,

Inc.

116,333

4,194

Macy's,

Inc.

94,784

18,155

Magnite

,

Inc.

m

508,340

65

Marriott

Vacations

Worldwide

Corporation

10,226

7,867

McDonald's

Corporation

1,896,812

6,830

Miller

Industries,

Inc.

232,493

6,066

Mohawk

Industries,

Inc.

m

1,076,108

11,760

NIKE,

Inc.

1,707,905

18,564

Nordstrom,

Inc.

g,m

491,018

18,074

Norwegian

Cruise

Line

Holdings,

Ltd.

g,m

482,757

728

NVR,

Inc.

m

3,490,090

5,266

Ollie's

Bargain

Outlet

Holdings,

Inc.

m

317,434

3,495

Papa

John's

International,

Inc.

443,830

35,066

Penn

National

Gaming,

Inc.

m

2,540,882

15,417

Planet

Fitness,

Inc.

m

1,211,005

618

Pool

Corporation

268,465

1,025

Poshmark

,

Inc.

m

24,354

1,288

Purple

Innovation,

Inc.

m

27,074

1,831

PVH

Corporation

m

188,208

103,848

Qurate

Retail,

Inc.

1,058,211

4,289

Revolve

Group,

Inc.

m

264,932

562

RH

m

374,803

18,238

Ross

Stores,

Inc.

1,985,206

5,532

Ruth's

Hospitality

Group,

Inc.

m

114,568

9,974

Skyline

Corporation

m

599,038

3,982

Sleep

Number

Corporation

m

372,237

29,231

Sony

Group

Corporation

ADR

3,232,364

9,143

Stoneridge,

Inc.

m

186,426

4,128

Tapestry,

Inc.

152,819

1,917

Target

Corporation

438,552

41,668

Taylor

Morrison

Home

Corporation

m

1,074,201

4,085

Tenneco,

Inc.

m

58,293

15,034

Tesla,

Inc.

m

11,658,566

1,864

Thor

Industries,

Inc.

228,825

41,041

ThredUp

,

Inc.

m

890,179

14,675

Toll

Brothers,

Inc.

811,381

3,075

TopBuild

Corporation

m

629,791

18,781

Tri

Pointe

Homes,

Inc.

m

394,777

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Shares

Common

Stock

(20.7%)

Value

Consumer

Discretionary

(2.5%)

-

continued

18,021

TripAdvisor,

Inc.

m

$

610,011

2,722

Tupperware

Brands

Corporation

m

57,489

4,492

Ulta

Beauty,

Inc.

m

1,621,253

2,716

Urban

Outfitters,

Inc.

m

80,638

1,627

Vail

Resorts,

Inc.

m

543,499

1,612

Wayfair,

Inc.

g,m

411,882

407

Williams-Sonoma,

Inc.

72,173

2,669

Wingstop

,

Inc.

437,529

5,181

Workhorse

Group,

Inc.

g,m

39,635

26,211

Wyndham

Hotels

&

Resorts,

Inc.

2,023,227

10,861

Yum!

Brands,

Inc.

1,328,409

6,843

Zumiez

,

Inc.

m

272,078

Total

140,315,803

Consumer

Staples

(0.6%)

4,771

Altria

Group,

Inc.

217,176

51,732

BJ's

Wholesale

Club

Holdings,

Inc.

m

2,841,121

58

Casey's

General

Stores,

Inc.

10,930

1,607

Church

&

Dwight

Company,

Inc.

132,690

13,983

Colgate-Palmolive

Company

1,056,835

6,601

Costco

Wholesale

Corporation

2,966,159

22,530

Coty,

Inc.

m

177,086

8,614

Darling

Ingredients,

Inc.

m

619,347

23,729

e.l.f

.

Beauty,

Inc.

m

689,327

11,014

Hain

Celestial

Group,

Inc.

m

471,179

1,948

Hershey

Company

329,699

1,923

Ingredion,

Inc.

171,166

2,260

John

B.

Sanfilippo

&

Son,

Inc.

184,687

8,252

Kimberly-Clark

Corporation

1,092,895

59,988

Lamb

Weston

Holdings,

Inc.

3,681,464

655

Medifast

,

Inc.

126,179

6,258

Molson

Coors

Beverage

Company

290,246

18,319

Monster

Beverage

Corporation

m

1,627,277

1,403

PepsiCo,

Inc.

211,025

78,342

Philip

Morris

International,

Inc.

7,426,038

27,403

Primo

Water

Corporation

430,775

12,316

Procter

&

Gamble

Company

1,721,777

939

Seneca

Foods

Corporation

m

45,279

17,987

Sprouts

Farmers

Markets,

Inc.

m

416,759

18,384

Sysco

Corporation

1,443,144

21,852

Turning

Point

Brands,

Inc.

1,043,433

4,181

US

Foods

Holding

Corporation

m

144,914

38,314

Wal-Mart

Stores,

Inc.

5,340,205

Total

34,908,812

Energy

(0.6%)

34,110

Antero

Midstream

Corporation

355,426

26,317

Antero

Resources

Corporation

m

495,023

102,422

APA

Corporation

2,194,903

29,268

Archrock

,

Inc.

241,461

771

Bonanza

Creek

Energy,

Inc.

36,931

65,345

BP

plc

ADR

1,785,879

499

Callon

Petroleum

Company

m

24,491

39,713

Centennial

Resource

Development,

Inc.

m

266,077

9,027

ChampionX

Corporation

m

201,844

5,049

Chevron

Corporation

512,221

8,810

CNX

Resources

Corporation

m

111,182

37,707

ConocoPhillips

2,555,403

12,815

Continental

Resources,

Inc.

g

591,412

7,176

Core

Laboratories

NV

199,134

102,645

Devon

Energy

Corporation

3,644,924

12,551

Diamondback

Energy,

Inc.

1,188,203

1,146

DT

Midstream,

Inc.

52,991

Shares

Common

Stock

(20.7%)

Value

Energy

(0.6%)

-

continued

23,345

EnLink

Midstream,

LLC

$

159,213

71,727

Enterprise

Products

Partners,

LP

1,552,172

13,618

EOG

Resources,

Inc.

1,093,117

5,146

Equitrans

Midstream

Corporation

52,180

6,478

Exterran

Corporation

m

28,762

19,616

Exxon

Mobil

Corporation

1,153,813

61,264

Halliburton

Company

1,324,528

10,552

Helix

Energy

Solutions

Group,

Inc.

m

40,942

24,312

Helmerich

&

Payne,

Inc.

666,392

11,333

HollyFrontier

Corporation

375,462

24,566

Kinder

Morgan,

Inc.

410,989

11,356

Kosmos

Energy,

Ltd.

m

33,614

2,542

Magnolia

Oil

&

Gas

Corporation

45,222

109,013

Marathon

Oil

Corporation

1,490,208

23,965

Marathon

Petroleum

Corporation

1,481,277

10,468

Matador

Resources

Company

398,203

13,898

Nine

Energy

Service,

Inc.

m

25,433

1,889

Northern

Oil

and

Gas,

Inc.

40,425

34,719

NOV,

Inc.

m

455,166

264

Oceaneering

International,

Inc.

m

3,517

14,062

PBF

Energy,

Inc.

m

182,384

9,961

Peabody

Energy

Corporation

m

147,323

879

Penn

Virginia

Corporation

m

23,443

15,364

Pioneer

Natural

Resources

Company

2,558,260

5,431

Plains

GP

Holdings,

LP

58,519

26,408

ProPetro

Holding

Corporation

m

228,429

10,920

RPC,

Inc.

m

53,071

17,662

Schlumberger,

Ltd.

523,502

23,577

SM

Energy

Company

621,961

159,233

Southwestern

Energy

Company

m

882,151

10,490

Talos

Energy,

Inc.

m

144,447

4,569

Targa

Resources

Corporation

224,841

106,138

TechnipFMC

plc

m

799,219

111

Texas

Pacific

Land

Corporation

134,239

63,493

Transocean,

Ltd.

m

240,638

3,796

Valero

Energy

Corporation

267,884

3,629

World

Fuel

Services

Corporation

122,007

Total

32,500,458

Financials

(2.9%)

28,559

Air

Lease

Corporation

1,123,511

1,887

Alleghany

Corporation

m

1,178,262

985

Allegiance

Bancshares,

Inc.

37,578

12,757

Ally

Financial,

Inc.

651,245

13,961

American

Equity

Investment

Life

Holding

Company

412,827

28,186

American

Express

Company

4,722,001

7,632

American

Financial

Group,

Inc.

960,335

1,587

Ameriprise

Financial,

Inc.

419,158

5,647

Ameris

Bancorp

292,966

13,715

Annaly

Capital

Management,

Inc.

115,480

16,101

Apollo

Commercial

Real

Estate

Finance,

Inc.

238,778

49,415

Arch

Capital

Group,

Ltd.

m

1,886,665

603

Argo

Group

International

Holdings,

Ltd.

31,489

9,132

Arthur

J.

Gallagher

&

Company

1,357,472

4,361

Artisan

Partners

Asset

Management,

Inc.

213,340

19,940

Assured

Guaranty,

Ltd.

933,391

5,578

BancorpSouth

Bank

166,113

179,542

Bank

of

America

Corporation

7,621,558

737

Bank

of

Marin

Bancorp

27,822

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Shares

Common

Stock

(20.7%)

Value

Financials

(2.9%)

-

continued

7,411

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

$

263,165

14,430

Bank

of

New

York

Mellon

Corporation

748,051

7,962

BankFinancial

Corporation

91,404

13,027

Banner

Corporation

719,221

8,630

Berkshire

Hathaway,

Inc.

m

2,355,472

3,936

BlackRock,

Inc.

3,300,966

3,501

Blackstone

Mortgage

Trust,

Inc.

106,150

17,607

Bridgewater

Bancshares,

Inc.

m

308,299

10,229

Brighthouse

Financial,

Inc.

m

462,658

2,386

BrightSpire

Capital,

Inc.

22,405

6,284

Brookline

Bancorp,

Inc.

95,894

3,032

Brown

&

Brown,

Inc.

168,124

14,492

Byline

Bancorp,

Inc.

355,923

13,176

Capital

One

Financial

Corporation

2,134,117

2,683

Cboe

Global

Markets,

Inc.

332,316

20,191

Central

Pacific

Financial

Corporation

518,505

127,190

Charles

Schwab

Corporation

9,264,520

15,116

Chimera

Investment

Corporation

224,473

16,276

Chubb,

Ltd.

2,823,560

5,723

Cincinnati

Financial

Corporation

653,681

40,430

Citigroup,

Inc.

2,837,377

31,659

Citizens

Financial

Group,

Inc.

1,487,340

9,086

CME

Group,

Inc.

1,757,051

8,642

CNO

Financial

Group,

Inc.

203,433

11,423

Columbia

Banking

System,

Inc.

433,960

27,845

Comerica,

Inc.

2,241,522

17,107

Community

Trust

Bancorp,

Inc.

720,205

27,346

Customers

Bancorp,

Inc.

m

1,176,425

232

Diamond

Hill

Investment

Group,

Inc.

40,753

1,095

Dime

Community

Bancshares,

Inc.

35,763

13,479

Discover

Financial

Services

1,655,895

4,629

East

West

Bancorp,

Inc.

358,933

8,061

Ellington

Residential

Mortgage

REIT

89,961

6,818

Enova

International,

Inc.

m

235,562

9,634

Enterprise

Financial

Services

Corporation

436,227

64,785

Equitable

Holdings,

Inc.

1,920,227

16,343

Essent

Group,

Ltd.

719,255

813

Evercore

,

Inc.

108,674

82,106

F.N.B.

Corporation

954,072

1,573

FactSet

Research

Systems,

Inc.

620,989

575

Federal

Agricultural

Mortgage

Corporation

62,399

2,979

Federated

Hermes,

Inc.

96,817

11,315

Financial

Institutions,

Inc.

346,805

198

First

American

Financial

Corporation

13,276

75,186

First

Bancorp

988,696

21,909

First

Busey

Corporation

539,619

1,252

First

Commonwealth

Financial

Corporation

17,065

8,462

First

Financial

Corporation

355,827

68,278

First

Horizon

Corporation

1,112,249

1,016

First

Mid-Illinois

Bancshares,

Inc.

41,717

1,173

First

of

Long

Island

Corporation

24,164

18,471

First

Republic

Bank

3,562,686

3,960

Flushing

Financial

Corporation

89,496

17,236

Franklin

Resources,

Inc.

512,254

63,203

Fulton

Financial

Corporation

965,742

4,217

Glacier

Bancorp,

Inc.

233,411

11,893

Granite

Point

Mortgage

Trust,

Inc.

156,631

16,266

Great

Southern

Bancorp,

Inc.

891,539

Shares

Common

Stock

(20.7%)

Value

Financials

(2.9%)

-

continued

6,050

Hamilton

Lane,

Inc.

$

513,161

39,152

Hancock

Whitney

Corporation

1,844,842

25,724

Hanmi

Financial

Corporation

516,023

9,980

Hanover

Insurance

Group,

Inc.

1,293,608

28,876

Heartland

Financial

USA,

Inc.

1,388,358

2,311

Heritage

Commerce

Corporation

26,877

847

Heritage

Financial

Corporation

21,598

10,445

HomeStreet

,

Inc.

429,812

12,117

Hometrust

Bancshares,

Inc.

339,034

121,612

Hope

Bancorp,

Inc.

1,756,077

13,922

Horizon

Bancorp,

Inc.

252,963

2,570

Houlihan

Lokey

,

Inc.

236,697

23,035

Independent

Bank

Corporation

494,792

52,791

Invesco

Mortgage

Capital,

Inc.

166,292

31,551

Invesco,

Ltd.

760,695

51,303

J.P.

Morgan

Chase

&

Company

8,397,788

958

Jefferies

Financial

Group,

Inc.

35,571

12,419

Kinsale

Capital

Group,

Inc.

2,008,152

2,475

Ladder

Capital

Corporation

27,349

6,112

Lakeland

Bancorp,

Inc.

107,755

11,538

Lincoln

National

Corporation

793,237

4,189

Loews

Corporation

225,913

1,854

LPL

Financial

Holdings,

Inc.

290,633

12,522

Marsh

&

McLennan

Companies,

Inc.

1,896,206

4,176

Mercantile

Bank

Corporation

133,757

358

Merchants

Bancorp

14,130

49,497

MFA

Financial,

Inc.

226,201

10,183

Midland

States

Bancorp,

Inc.

251,826

22,284

MidWestOne

Financial

Group,

Inc.

672,085

5,374

Moody's

Corporation

1,908,361

50,100

Morgan

Stanley

4,875,231

4,331

MSCI,

Inc.

2,634,721

8

National

Western

Life

Group,

Inc.

1,685

16,468

Navient

Corporation

324,914

16,385

NMI

Holdings,

Inc.

m

370,465

6,377

Northern

Trust

Corporation

687,504

4,240

OceanFirst

Financial

Corporation

90,778

5,863

OFG

Bancorp

147,865

434

Old

National

Bancorp

7,356

6,316

Old

Second

Bancorp,

Inc.

82,487

18,038

PacWest

Bancorp

817,482

561

Peapack

-Gladstone

Financial

Corporation

18,715

1,426

Peoples

Bancorp,

Inc.

45,076

33,993

Popular,

Inc.

2,640,236

12,044

Premier

Financial

Corporation

383,481

2,770

Primerica,

Inc.

425,555

9,454

QCR

Holdings,

Inc.

486,314

58,383

Radian

Group,

Inc.

1,326,462

44,841

Raymond

James

Financial,

Inc.

4,137,927

176

Ready

Capital

Corporation

2,540

10,971

Reinsurance

Group

of

America,

Inc.

1,220,633

4,602

RenaissanceRe

Holdings,

Ltd.

641,519

19,991

S&P

Global,

Inc.

8,493,976

55

Safety

Insurance

Group,

Inc.

4,359

16,176

Seacoast

Banking

Corporation

of

Florida

546,911

17,335

SEI

Investments

Company

1,027,965

1,786

Selective

Insurance

Group,

Inc.

134,897

6,841

Signature

Bank

1,862,667

13,083

Starwood

Property

Trust,

Inc.

319,356

27,341

State

Street

Corporation

2,316,329

6,439

Synchrony

Financial

314,738

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Shares

Common

Stock

(20.7%)

Value

Financials

(2.9%)

-

continued

30,718

Synovus

Financial

Corporation

$

1,348,213

6,439

T.

Rowe

Price

Group,

Inc.

1,266,551

2,952

Territorial

Bancorp,

Inc.

74,922

33,070

Texas

Capital

Bancshares,

Inc.

m

1,984,861

3,153

TMX

Group,

Ltd.

340,019

13,455

Torchmark

Corporation

1,197,899

2,556

Towne

Bank

79,517

13,888

TPG

RE

Finance

Trust,

Inc.

171,933

5,053

TriCo

Bancshares

219,300

5,540

Triumph

Bancorp,

Inc.

m

554,720

54,384

Truist

Financial

Corporation

3,189,622

9,754

TrustCo

Bank

Corporation

NY

311,835

5,504

Trustmark

Corporation

177,339

72,053

Umpqua

Holdings

Corporation

1,459,073

927

Universal

Insurance

Holdings,

Inc.

12,088

1,247

Univest

Financial

Corporation

34,155

75,950

Unum

Group

1,903,307

904

Valley

National

Bancorp

12,032

2,425

Washington

Trust

Bancorp,

Inc.

128,476

87,824

Wells

Fargo

&

Company

4,075,912

254

WesBanco

,

Inc.

8,656

38,326

Western

Alliance

Bancorp

4,170,635

17,317

Western

Asset

Mortgage

Capital

Corporation

45,197

17,026

Wintrust

Financial

Corporation

1,368,380

42,012

Zions

Bancorporations

NA

2,600,123

5,292

Zurich

Insurance

Group

AG

2,164,006

Total

167,701,620

Health

Care

(2.8%)

4,097

908

Devices,

Inc.

m

133,234

4,835

Abbott

Laboratories

571,159

20,147

AbbVie,

Inc.

2,173,257

41,051

ACADIA

Pharmaceuticals,

Inc.

m

681,857

30,645

Adaptive

Biotechnologies

Corporation

m

1,041,624

583

Align

Technology,

Inc.

m

387,946

429

Allakos

,

Inc.

m

45,418

3,992

Allogene

Therapeutics,

Inc.

m

102,594

4,658

Amedisys

,

Inc.

m

694,508

6,427

American

Well

Corporation

m

58,550

21,788

Amgen,

Inc.

4,633,218

3,611

AMN

Healthcare

Services,

Inc.

m

414,362

15,403

Anthem,

Inc.

5,742,238

1,100

Arcutis

Biotherapeutics

,

Inc.

m

26,279

2,351

Arena

Pharmaceuticals,

Inc.

m

140,002

3,818

Argenx

SE

ADR

m

1,153,036

8,425

Ascendis

Pharma

AS

ADR

m

1,342,861

107

Atrion

Corporation

74,632

50,461

Avantor

,

Inc.

m

2,063,855

9,829

Axonics

Modulation

Technologies,

Inc.

m

639,770

15,558

Baxter

International,

Inc.

1,251,330

2,830

Becton,

Dickinson

and

Company

695,671

8,481

BioCryst

Pharmaceuticals,

Inc.

m

121,872

7,843

Biogen,

Inc.

m

2,219,491

362

Bio-Rad

Laboratories,

Inc.

m

270,034

7,027

Bio-

Techne

Corporation

3,405,073

905

Boston

Scientific

Corporation

m

39,268

1,325

Bristol-Myers

Squibb

Company

78,400

1,256

Bruker

Corporation

98,094

45,232

Centene

Corporation

m

2,818,406

1,057

Cerner

Corporation

74,540

4,173

Charles

River

Laboratories

International,

Inc.

m

1,722,072

Shares

Common

Stock

(20.7%)

Value

Health

Care

(2.8%)

-

continued

1,162

Chemed

Corporation

$

540,469

12,525

Cigna

Holding

Company

2,507,004

4,362

Cooper

Companies,

Inc.

1,802,858

4,597

CryoLife

,

Inc.

m

102,467

19,264

CVS

Health

Corporation

1,634,743

15,812

Danaher

Corporation

4,813,805

5,220

Dentsply

Sirona,

Inc.

303,021

5,878

DermTech

,

Inc.

g,m

188,743

12,039

Dexcom

,

Inc.

m

6,583,648

34,220

Edwards

Lifesciences

Corporation

m

3,874,046

655

Generation

Bio

Company

m

16,421

39,793

Gilead

Sciences,

Inc.

2,779,541

32,328

GlaxoSmithKline

plc

ADR

1,235,253

1,321

Global

Blood

Therapeutics,

Inc.

m

33,659

31,972

GoodRx

Holdings,

Inc.

g,m

1,311,491

16,118

Guardant

Health,

Inc.

m

2,014,911

492

Haemonetics

Corporation

m

34,730

6,480

Halozyme

Therapeutics,

Inc.

m

263,606

12,098

HCA

Healthcare,

Inc.

2,936,427

3,205

HealthEquity

,

Inc.

m

207,556

1,101

ICU

Medical,

Inc.

m

256,951

8,229

Illumina,

Inc.

m

3,337,765

16,202

Immunocore

Holdings

plc

ADR

m

600,608

2,286

InMode

,

Ltd.

m

364,503

3,217

Inspire

Medical

Systems,

Inc.

m

749,175

10,694

Insulet

Corporation

m

3,039,556

1,828

Integra

LifeSciences

Holdings

Corporation

m

125,181

5,992

Intuitive

Surgical,

Inc.

m

5,956,947

754

Invitae

Corporation

g,m

21,436

21,546

Ionis

Pharmaceuticals,

Inc.

m

722,653

8,134

IQVIA

Holding,

Inc.

m

1,948,418

45,999

Johnson

&

Johnson

7,428,838

1,633

Laboratory

Corporation

of

America

Holdings

m

459,592

34,834

Lantheus

Holdings,

Inc.

m

894,537

17,714

LHC

Group,

Inc.

m

2,779,504

3,134

Lineage

Cell

Therapeutics,

Inc.

m

7,898

2,008

Masimo

Corporation

m

543,586

54,166

Medtronic

plc

6,789,708

56,898

Merck

&

Company,

Inc.

4,273,609

706

Mettler

-Toledo

International,

Inc.

m

972,416

2,479

Molina

Healthcare,

Inc.

m

672,577

5,416

Natera

,

Inc.

m

603,559

5,820

National

HealthCare

Corporation

407,284

3,844

Neogen

Corporation

m

166,945

14,993

Nevro

Corporation

m

1,744,885

26,150

Novo

Nordisk

AS

ADR

2,510,662

12,309

NuVasive

,

Inc.

m

736,694

368

Orthofix

Medical,

Inc.

m

14,028

8,149

Phreesia

,

Inc.

m

502,793

6,780

Premier,

Inc.

262,793

11,846

Progyny

,

Inc.

m

663,376

9,191

Pulmonx

Corporation

g,m

330,692

2,884

Reata

Pharmaceuticals,

Inc.

m

290,159

700

Regeneron

Pharmaceuticals,

Inc.

m

423,626

6,640

Repligen

Corporation

m

1,918,894

3,005

Rubius

Therapeutics,

Inc.

m

53,729

5,908

Sarepta

Therapeutics,

Inc.

m

546,372

10,712

Silk

Road

Medical,

Inc.

m

589,481

13,237

Stryker

Corporation

3,490,862

15,924

Syneos

Health,

Inc.

m

1,393,032

7,506

Tactile

Systems

Technology,

Inc.

m

333,642

17,541

Teladoc

Health,

Inc.

m

2,224,374

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Shares

Common

Stock

(20.7%)

Value

Health

Care

(2.8%)

-

continued

6,301

Teleflex,

Inc.

$

2,372,642

2,701

Tenet

Healthcare

Corporation

m

179,454

12,858

Thermo

Fisher

Scientific,

Inc.

7,346,161

18,670

Tilray

,

Inc.

g,m

210,784

6,609

Travere

Therapeutics,

Inc.

m

160,268

808

U.S.

Physical

Therapy,

Inc.

89,365

7,291

UnitedHealth

Group,

Inc.

2,848,885

327

Universal

Health

Services,

Inc.

45,247

590

Vaxcyte

,

Inc.

m

14,968

14,638

Veeva

Systems,

Inc.

m

4,218,232

2,127

Viatris

,

Inc.

28,821

32,557

Viemed

Healthcare,

Inc.

m

180,691

7,628

Vor

BioPharma

,

Inc.

g,m

119,607

5,305

VYNE

Therapeutics,

Inc.

m

7,374

685

Waters

Corporation

m

244,751

14,684

Zimmer

Biomet

Holdings,

Inc.

2,149,150

44,328

Zoetis,

Inc.

8,605,838

18,553

Zymeworks

,

Inc.

m

538,779

Total

158,613,407

Industrials

(2.6%)

5,061

A.O.

Smith

Corporation

309,075

4,733

Advanced

Drainage

Systems,

Inc.

511,969

7,539

AECOM

m

476,088

966

Allegion

plc

127,686

10,804

Altra

Industrial

Motion

Corporation

598,001

20,087

AMETEK,

Inc.

2,490,989

1,819

Armstrong

World

Industries,

Inc.

173,660

22,945

ASGN,

Inc.

m

2,595,997

893

Avis

Budget

Group,

Inc.

m

104,043

12,275

AZZ,

Inc.

653,030

1,201

Babcock

&

Wilcox

Enterprises,

Inc.

m

7,698

18,959

Badger

Infrastructure

Solution

506,681

6,349

Bloom

Energy

Corporation

g,m

118,853

503

Boeing

Company

m

110,630

21,713

Carlisle

Companies,

Inc.

4,316,327

1,042

Caterpillar,

Inc.

200,033

16,451

CBIZ,

Inc.

m

532,025

11,674

Chart

Industries,

Inc.

m

2,231,018

340

CRA

International,

Inc.

33,776

32,612

Crane

Company

3,091,944

8,212

CSW

Industrials,

Inc.

1,048,672

59,733

CSX

Corporation

1,776,459

3,190

Cummins,

Inc.

716,346

17,735

Curtiss-Wright

Corporation

2,237,802

65,796

Delta

Air

Lines,

Inc.

m

2,803,568

25,799

Desktop

Metal,

Inc.

g,m

184,979

1,396

Douglas

Dynamics,

Inc.

50,675

4,666

Dover

Corporation

725,563

44,265

Driven

Brands

Holdings,

Inc.

m

1,278,816

21,391

Dun

&

Bradstreet

Holdings,

Inc.

m

359,583

9,549

Eaton

Corporation

plc

1,425,761

9,077

EMCOR

Group,

Inc.

1,047,304

14,708

Emerson

Electric

Company

1,385,494

1,984

Expeditors

International

of

Washington,

Inc.

236,354

18,267

Fastenal

Company

942,760

23,478

First

Advantage

Corporation

m

447,256

8,353

Flowserve

Corporation

289,599

11,248

Forrester

Research,

Inc.

m

554,076

8,408

Forward

Air

Corporation

698,032

3,331

GATX

Corporation

298,324

7,086

Generac

Holdings,

Inc.

m

2,895,836

21,273

General

Dynamics

Corporation

4,170,146

Shares

Common

Stock

(20.7%)

Value

Industrials

(2.6%)

-

continued

3,708

Gorman-Rupp

Company

$

132,783

36,244

GrafTech

International,

Ltd.

374,038

425

GXO

Logistics,

Inc.

m

33,337

610

Harsco

Corporation

m

10,339

5,276

Helios

Technologies,

Inc.

433,212

17,470

Honeywell

International,

Inc.

3,708,532

83,723

Howmet

Aerospace,

Inc.

2,612,158

10,297

Hubbell,

Inc.

1,860,359

1,331

ICF

International,

Inc.

118,845

16,277

IDEX

Corporation

3,368,525

10,928

Illinois

Tool

Works,

Inc.

2,258,053

2,373

ITT

Corporation

203,698

355

JB

Hunt

Transport

Services,

Inc.

59,363

1,178

JetBlue

Airways

Corporation

m

18,012

525

John

Bean

Technologies

Corporation

73,789

51,807

Johnson

Controls

International

plc

3,527,021

2,613

Kansas

City

Southern

707,182

15,346

L3Harris

Technologies,

Inc.

3,379,803

9,851

Landstar

System,

Inc.

1,554,685

1,462

Lennox

International,

Inc.

430,077

22,392

Lincoln

Electric

Holdings,

Inc.

2,883,866

4,259

Linde

plc

1,249,505

13,353

Lockheed

Martin

Corporation

4,608,120

10,226

Manpower,

Inc.

1,107,271

1,202

Masonite

International

Corporation

m

127,568

5,452

Mercury

Systems,

Inc.

m

258,534

37,314

Meritor,

Inc.

m

795,161

17,518

Middleby

Corporation

m

2,986,994

8,458

MSC

Industrial

Direct

Company,

Inc.

678,247

8,914

NAPCO

Security

Technologies,

Inc.

m

384,015

6,125

Nikola

Corporation

g,m

65,354

1,218

Nordson

Corporation

290,067

18,930

Norfolk

Southern

Corporation

4,529,003

4,673

Northrop

Grumman

Corporation

1,682,981

3,164

NOW,

Inc.

m

24,205

7,144

Nutrien

,

Ltd.

463,146

8,187

nVent

Electric

plc

264,686

5,890

Old

Dominion

Freight

Line,

Inc.

1,684,422

11,521

Parker-Hannifin

Corporation

3,221,502

17,768

Pitney

Bowes,

Inc.

128,107

3,023

Quad/Graphics,

Inc.

m

12,848

5,269

Quanta

Services,

Inc.

599,718

19,777

Ranpak

Holdings

Corporation

m

530,419

24,620

Raytheon

Technologies

Corporation

2,116,335

2,380

RBC

Bearings,

Inc.

m

505,036

34,409

Regal-Beloit

Corporation

5,173,049

305

Robert

Half

International,

Inc.

30,601

12,308

Rush

Enterprises,

Inc.

555,829

944

Ryder

System,

Inc.

78,078

1,813

Saia,

Inc.

m

431,548

3,609

Simpson

Manufacturing

Company,

Inc.

386,055

4,307

SkyWest,

Inc.

m

212,507

14,006

Smith

&

Wesson

Brands,

Inc.

290,765

1,779

Snap-On,

Inc.

371,722

8,689

Southwest

Airlines

Company

m

446,875

16,021

Standex

International

Corporation

1,584,637

3,532

Stanley

Black

&

Decker,

Inc.

619,195

24,794

Summit

Materials,

Inc.

m

792,664

21,360

Sun

Country

Airlines

Holdings,

Inc.

m

716,414

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Common

Stock

(20.7%)

Value

Industrials

(2.6%)

-

continued

875

Sunrun

,

Inc.

m

$

38,500

3,645

Technip

Energies

NV

ADR

m

57,117

1,386

Teledyne

Technologies,

Inc.

m

595,398

1,650

Tetra

Tech,

Inc.

246,411

2,010

Thermon

Group

Holdings,

Inc.

m

34,793

11,028

Timken

Company

721,452

2,882

Toro

Company

280,736

3,351

Trane

Technologies

plc

578,550

26,602

TransUnion

2,987,671

12,689

Trex

Company,

Inc.

m

1,293,390

13,192

TriMas

Corporation

m

426,893

10,279

Tutor

Perini

Corporation

133,421

132,287

Uber

Technologies,

Inc.

m

5,926,458

1,434

UniFirst

Corporation

304,897

18,305

Union

Pacific

Corporation

3,587,963

2,802

United

Airlines

Holdings,

Inc.

m

133,291

21,736

United

Parcel

Service,

Inc.

3,958,126

17,555

United

Rentals,

Inc.

m

6,160,576

17,190

US

Ecology,

Inc.

m

556,097

4,952

Valmont

Industries,

Inc.

1,164,314

13,505

Vicor

Corporation

m

1,811,831

2,789

Waste

Connections,

Inc.

351,219

1,449

Waste

Management,

Inc.

216,423

2,988

Watsco

,

Inc.

790,685

525

Watts

Water

Technologies,

Inc.

88,247

5,972

Werner

Enterprises,

Inc.

264,380

5,065

WESCO

International,

Inc.

m

584,096

6,484

Willdan

Group,

Inc.

m

230,766

64,884

WillScot

Mobile

Mini

Holdings

Corporation

m

2,058,120

2,625

Woodward,

Inc.

297,150

2,805

Xylem,

Inc.

346,922

Total

148,739,681

Information

Technology

(5.1%)

7,933

Accenture

plc

2,537,925

18,483

Adobe,

Inc.

m

10,641,033

2,400

Advanced

Energy

Industries,

Inc.

210,600

4,108

Advanced

Micro

Devices,

Inc.

m

422,713

7,367

Agilysys

,

Inc.

m

385,736

6,011

Alliance

Data

Systems

Corporation

606,450

1,678

Alteryx

,

Inc.

m

122,662

49,629

Amphenol

Corporation

3,634,332

34,011

Anaplan,

Inc.

m

2,070,930

1,736

ANSYS,

Inc.

m

591,021

251,143

Apple,

Inc.

35,536,735

21,030

AppLovin

Corporation

g,m

1,521,941

2,831

Aspen

Technology,

Inc.

m

347,647

2,190

Automatic

Data

Processing,

Inc.

437,825

4,462

Avalara,

Inc.

m

779,824

4,886

Axcelis

Technologies,

Inc.

m

229,789

23,060

Bandwidth,

Inc.

m

2,081,857

2,918

Benchmark

Electronics,

Inc.

77,940

11,304

BigCommerce

Holdings,

Inc.

m

572,435

15,479

Bill.com

Holdings,

Inc.

m

4,132,119

1,258

Broadridge

Financial

Solutions,

Inc.

209,633

20,782

Calix,

Inc.

m

1,027,254

5,422

CDK

Global,

Inc.

230,706

3,601

CDW

Corporation

655,454

11,479

Ciena

Corporation

m

589,447

122,626

Cisco

Systems,

Inc.

6,674,533

21,748

Cognex

Corporation

1,744,625

5,085

Computer

Services,

Inc.

300,015

590

Concentrix

Corporation

m

104,430

Shares

Common

Stock

(20.7%)

Value

Information

Technology

(5.1%)

-

continued

8,371

Coupa

Software,

Inc.

m

$

1,834,756

1,358

CTS

Corporation

41,976

5,415

Descartes

Systems

Group,

Inc.

m

440,023

6,261

Diebold

Nixdorf,

Inc.

m

63,299

1,549

Digital

Turbine,

Inc.

m

106,494

8,284

DocuSign,

Inc.

m

2,132,550

25,026

Dolby

Laboratories,

Inc.

2,202,288

19,638

Dropbox,

Inc.

m

573,822

9,182

DXC

Technology

Company

m

308,607

11,570

Elastic

NV

m

1,723,814

2,585

Endava

plc

ADR

m

351,172

3,598

Enphase

Energy,

Inc.

m

539,592

3,345

EPAM

Systems,

Inc.

m

1,908,256

3,830

ePlus

,

Inc.

m

392,996

426

ExlService

Holdings,

Inc.

m

52,449

1,723

eXp

World

Holdings,

Inc.

68,524

3,019

F5

Networks,

Inc.

m

600,117

1,095

Fair

Isaac

Corporation

m

435,733

7,734

Five9,

Inc.

m

1,235,429

6,365

FleetCor

Technologies,

Inc.

m

1,662,984

24,176

Gilat

Satellite

Networks,

Ltd.

217,342

43,501

Hewlett

Packard

Enterprise

Company

619,889

58,700

HP,

Inc.

1,606,032

3,102

HubSpot

,

Inc.

m

2,097,231

10,841

Intel

Corporation

577,608

4,522

Intuit,

Inc.

2,439,664

13,787

Jack

Henry

&

Associates,

Inc.

2,261,895

5,141

KLA-Tencor

Corporation

1,719,716

5,667

Lam

Research

Corporation

3,225,373

8,812

Lattice

Semiconductor

Corporation

m

569,696

1,103

Littelfuse

,

Inc.

301,417

9,946

LivePerson

,

Inc.

m

586,317

9,928

LiveRamp

Holding,

Inc.

m

468,899

2,549

Manhattan

Associates,

Inc.

m

390,073

37,700

Mastercard

,

Inc.

13,107,536

2,356

MAXIMUS,

Inc.

196,019

574

MaxLinear

,

Inc.

m

28,270

4,737

Micron

Technology,

Inc.

336,232

173,669

Microsoft

Corporation

48,960,764

14,560

MKS

Instruments,

Inc.

2,197,250

10,092

Monolithic

Power

Systems,

Inc.

4,891,391

300

Motorola

Solutions,

Inc.

69,696

7,764

National

Instruments

Corporation

304,582

5,996

NetApp,

Inc.

538,201

1,830

NICE,

Ltd.

ADR

m

519,793

2,255

Nova

Measuring

Instruments,

Ltd.

m

230,664

63,814

NVIDIA

Corporation

13,219,708

8,489

Okta

,

Inc.

m

2,014,779

4,738

Palo

Alto

Networks,

Inc.

m

2,269,502

5,034

Paychex,

Inc.

566,073

5,462

Paycom

Software,

Inc.

m

2,707,787

1,032

Paylocity

Holding

Corporation

m

289,373

60,810

PayPal

Holdings,

Inc.

m

15,823,370

326

Photronics

,

Inc.

m

4,443

2,962

Progress

Software

Corporation

145,701

985

PTC,

Inc.

m

117,993

4,120

Q2

Holdings,

Inc.

m

330,177

5,542

Qorvo

,

Inc.

m

926,567

62,618

QUALCOMM,

Inc.

8,076,470

1,638

Rogers

Corporation

m

305,454

2,673

SailPoint

Technologies

Holdings,

Inc.

m

114,618

34,496

Salesforce.com,

Inc.

m

9,356,005

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Shares

Common

Stock

(20.7%)

Value

Information

Technology

(5.1%)

-

continued

53,975

Samsung

Electronics

Company,

Ltd.

$

3,346,159

3,643

ScanSource

,

Inc.

m

126,740

8,372

Semtech

Corporation

m

652,765

11,012

ServiceNow

,

Inc.

m

6,852,437

25,374

Sierra

Wireless,

Inc.

m

393,297

1,273

SiTime

Corporation

m

259,908

2,247

Solaredge

Technology,

Ltd.

m

595,949

21,804

Sonos

,

Inc.

m

705,577

21,872

Sprout

Social,

Inc.

m

2,667,290

41,714

Square,

Inc.

m

10,004,686

33,419

STMicroelectronics

NV

ADR

g

1,458,071

1,290

SunPower

Corporation

g,m

29,257

7,982

SYNNEX

Corporation

830,926

3,144

TE

Connectivity,

Ltd.

431,420

141,151

Telefonaktiebolaget

LM

Ericsson

ADR

1,580,891

38,793

Texas

Instruments,

Inc.

7,456,403

23,540

Trade

Desk,

Inc.

m

1,654,862

48,249

TTM

Technologies,

Inc.

m

606,490

898

Tyler

Technologies,

Inc.

m

411,868

2,767

Unisys

Corporation

m

69,562

8,707

VeriSign,

Inc.

m

1,785,022

891

Vertex,

Inc.

m

17,125

7,791

Visa,

Inc.

1,735,445

5,464

VMware,

Inc.

g,m

812,497

8,314

Western

Digital

Corporation

m

469,242

2,403

WEX,

Inc.

m

423,264

9,276

Workiva

,

Inc.

m

1,307,545

19,863

Xerox

Holdings

Corporation

400,637

4,444

Zoom

Video

Communications,

Inc.

m

1,162,106

4,560

Zscaler

,

Inc.

m

1,195,723

Total

289,325,226

Materials

(0.6%)

1,644

Allegheny

Technologies,

Inc.

m

27,340

18,717

AptarGroup,

Inc.

2,233,874

8,666

Ashland

Global

Holdings,

Inc.

772,314

2,546

Avery

Dennison

Corporation

527,557

65,294

Axalta

Coating

Systems,

Ltd.

m

1,905,932

293

Balchem

Corporation

42,506

5,105

Ball

Corporation

459,297

836

Cabot

Corporation

41,900

11,720

Carpenter

Technology

Corporation

383,713

2,073

Celanese

Corporation

312,277

56,679

CF

Industries

Holdings,

Inc.

3,163,822

13,210

Chemours

Company

383,883

12,017

Cleveland-Cliffs,

Inc.

g,m

238,057

4,256

Compass

Minerals

International,

Inc.

274,086

28,442

Eastman

Chemical

Company

2,865,247

14,834

Element

Solutions,

Inc.

321,601

19,660

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,m

2

4,476

FMC

Corporation

409,823

17,462

Graphic

Packaging

Holding

Company

332,476

3,955

Ingevity

Corporation

m

282,268

8,843

Innospec

,

Inc.

744,757

42,636

Ivanhoe

Mines,

Ltd.

m

272,660

11,214

Kaiser

Aluminum

Corporation

1,221,877

528

Koppers

Holdings,

Inc.

m

16,505

15,118

LyondellBasell

Industries

NV

1,418,824

8,742

Martin

Marietta

Materials,

Inc.

2,986,967

Shares

Common

Stock

(20.7%)

Value

Materials

(0.6%)

-

continued

1,688

Materion

Corporation

$

115,864

5,788

Minerals

Technologies,

Inc.

404,234

11,717

Myers

Industries,

Inc.

229,302

6,173

Neenah,

Inc.

287,724

8

NewMarket

Corporation

2,710

20,790

Nucor

Corporation

2,047,607

4,213

O-I

Glass,

Inc.

m

60,120

7,586

Olin

Corporation

366,024

7,327

Quaker

Chemical

Corporation

1,741,774

2,512

Reliance

Steel

&

Aluminum

Company

357,759

1,140

Royal

Gold,

Inc.

108,859

1,788

RPM

International,

Inc.

138,838

6,202

Ryerson

Holding

Corporation

138,119

6,727

Sensient

Technologies

Corporation

612,695

12,599

Sherwin-Williams

Company

3,524,318

2,482

Sonoco

Products

Company

147,878

14,069

Steel

Dynamics,

Inc.

822,755

1,920

SunCoke

Energy,

Inc.

12,058

2,789

Tronox

Holdings

plc

68,749

5,833

UFP

Technologies,

Inc.

m

359,254

2,865

United

States

Lime

&

Minerals,

Inc.

346,092

29,090

United

States

Steel

Corporation

g

639,107

Total

34,171,405

Real

Estate

(0.9%)

7,608

AGNC

Investment

Corporation

119,978

31,682

Agree

Realty

Corporation

2,098,299

2,445

Alexandria

Real

Estate

Equities,

Inc.

467,166

37,697

American

Campus

Communities,

Inc.

1,826,420

3,389

American

Finance

Trust,

Inc.

27,248

1,533

Apartment

Income

REIT

Corporation

74,826

236

Armada

Hoffler

Properties,

Inc.

3,155

6,400

AvalonBay

Communities,

Inc.

1,418,496

33

Bluegreen

Vacations

Holding

Corporations

m

851

21,706

Camden

Property

Trust

3,200,984

10,408

CareTrust

REIT,

Inc.

211,491

33,377

CBRE

Group,

Inc.

m

3,249,585

4,652

Cedar

Realty

Trust,

Inc.

100,902

2,400

Colliers

International

Group,

Inc.

306,504

1,706

Community

Healthcare

Trust,

Inc.

77,094

2,361

Corepoint

Lodging,

Inc.

m

36,595

30,794

CubeSmart

1,491,969

17,027

Cushman

and

Wakefield

plc

m

316,872

2,484

Digital

Realty

Trust,

Inc.

358,814

8,085

Duke

Realty

Corporation

387,029

5,075

EastGroup

Properties,

Inc.

845,647

25,824

EPR

Properties

1,275,189

85,470

Essential

Properties

Realty

Trust,

Inc.

2,386,322

1,205

Essex

Property

Trust,

Inc.

385,287

5,322

Extra

Space

Storage,

Inc.

894,043

3,929

Farmland

Partners,

Inc.

47,109

1,086

Federal

Realty

Investment

Trust

128,137

32,338

First

Industrial

Realty

Trust,

Inc.

1,684,163

2,083

FirstService

Corporation

375,940

21,929

Four

Corners

Property

Trust,

Inc.

589,013

4,620

Getty

Realty

Corporation

135,412

8,518

Gladstone

Commercial

Corporation

179,134

11,030

Gladstone

Land

Corporation

251,153

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Shares

Common

Stock

(20.7%)

Value

Real

Estate

(0.9%)

-

continued

3,369

Healthcare

Realty

Trust,

Inc.

$

100,329

962

Highwoods

Properties,

Inc.

42,193

108,640

Host

Hotels

&

Resorts,

Inc.

m

1,774,091

14,361

Independence

Realty

Trust,

Inc.

292,246

11,045

Industrial

Logistics

Properties

Trust

280,653

3,955

Innovative

Industrial

Properties,

Inc.

914,277

1,951

Jones

Lang

LaSalle,

Inc.

m

484,024

10,360

Kilroy

Realty

Corporation

685,936

6,699

Life

Storage,

Inc.

768,643

25,635

Medical

Properties

Trust,

Inc.

514,494

76,698

MGIC

Investment

Corporation

1,147,402

20,841

National

Retail

Properties,

Inc.

900,123

86,580

National

Storage

Affiliates

Trust

4,570,558

38,863

New

Residential

Investment

Corporation

427,493

4,328

NexPoint

Residential

Trust,

Inc.

267,817

4,287

Omega

Healthcare

Investors,

Inc.

128,438

3,585

One

Liberty

Properties,

Inc.

109,307

8,966

Opendoor

Technologies,

Inc.

g,m

184,072

4,107

Preferred

Apartment

Communities,

Inc.

50,229

7,988

Public

Storage,

Inc.

2,373,235

4,096

Rayonier,

Inc.

REIT

146,145

4,663

Realty

Income

Corporation

302,442

736

Redfin

Corporation

m

36,874

39,969

Rexford

Industrial

Realty,

Inc.

2,268,241

593

RMR

Group,

Inc.

19,836

14,680

Sabra

Health

Care

REIT,

Inc.

216,090

4,602

SBA

Communications

Corporation

1,521,283

56,292

Service

Properties

Trust

631,033

10,537

Spirit

Realty

Capital,

Inc.

485,123

17,703

STAG

Industrial,

Inc.

694,843

11,999

Store

Capital

Corporation

384,328

22,988

UDR,

Inc.

1,217,904

5,134

UMH

Properties,

Inc.

117,569

2,694

WP

Carey,

Inc.

196,770

Total

49,204,868

Utilities

(0.4%)

11,640

AES

Corporation

265,741

8,473

Alliant

Energy

Corporation

474,319

2,405

American

States

Water

Company

205,676

4,918

Artesian

Resources

Corporation

187,720

1,430

Avista

Corporation

55,942

3,703

Black

Hills

Corporation

232,400

17,301

CenterPoint

Energy,

Inc.

425,605

365

Chesapeake

Utilities

Corporation

43,818

7,480

CMS

Energy

Corporation

446,780

4,349

Consolidated

Water

Company,

Ltd.

g

49,579

2,292

DTE

Energy

Company

256,039

23,268

Duke

Energy

Corporation

2,270,724

18,038

Entergy

Corporation

1,791,354

6,238

Essential

Utilities,

Inc.

287,447

36,016

Exelon

Corporation

1,741,013

18,023

FirstEnergy

Corporation

641,979

1,476

IDACORP,

Inc.

152,589

12,409

MDU

Resources

Group,

Inc.

368,175

112

MGE

Energy,

Inc.

8,232

121,888

NiSource,

Inc.

2,953,346

8,223

NorthWestern

Corporation

471,178

16,591

OGE

Energy

Corporation

546,839

1,100

Otter

Tail

Corporation

61,567

11,421

Pinnacle

West

Capital

Corporation

826,424

Shares

Common

Stock

(20.7%)

Value

Utilities

(0.4%)

-

continued

5,620

Portland

General

Electric

Company

$

264,084

932

PPL

Corporation

25,984

39,043

Sempra

Energy

4,938,940

11,664

Spire,

Inc.

713,604

14,676

UGI

Corporation

625,491

66

Unitil

Corporation

2,823

500

Vistra

Energy

Corporation

8,550

Total

21,343,962

Total

Common

Stock

(cost

$764,902,544)

1,171,173,595

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

25,112,815

Thrivent

Cash

Management

Trust

25,112,815

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,112,815)

25,112,815

Shares

or

Principal

Amount

Short-Term

Investments

(

14.6%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

3,500,000

0.036%,

10/6/2021

n,o

3,499,990

900,000

0.039%,

10/20/2021

n,o

899,990

100,000

0.030%,

10/21/2021

n,o

99,999

700,000

0.035%,

10/22/2021

n,o

699,992

300,000

0.037%,

10/26/2021

n,o

299,996

1,100,000

0.040%,

10/27/2021

n,o

1,099,984

1,500,000

0.040%,

11/3/2021

n,o

1,499,945

100,000

0.040%,

11/12/2021

n,o

99,995

900,000

0.040%,

11/15/2021

n,o

899,955

5,400,000

0.040%,

11/17/2021

n,o

5,399,718

7,800,000

0.040%,

11/18/2021

n,o

7,799,584

7,700,000

0.025%,

12/21/2021

n,o

7,699,307

3,000,000

0.034%,

12/27/2021

n,o

2,999,710

17,700,000

0.024%,

12/28/2021

n,o

17,698,270

200,000

0.020%,

1/5/2022

n,o

199,979

Federal

National

Mortgage

Association

Discount

Notes

100,000

0.035%,

11/10/2021

n,o

99,996

Thrivent

Core

Short-Term

Reserve

Fund

75,856,792

0.120%

758,567,919

U.S.

Treasury

Bills

3,000,000

0.050%,

11/2/2021

n,p

2,999,844

500,000

0.047%,

11/4/2021

n,p

499,965

1,000,000

0.046%,

11/12/2021

n

999,942

12,300,000

0.045%,

11/18/2021

n,q

12,299,528

200,000

0.022%,

12/16/2021

n,q

199,985

Total

Short-Term

Investments

(cost

$826,385,011)

826,563,593

Total

Investments

(cost

$5,477,144,842)

111.0%

$6,276,718,960

Other

Assets

and

Liabilities,

Net

(11.0%)

(619,883,364)

Total

Net

Assets

100.0%

$5,656,835,596

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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

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,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

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,

2021,

the

value

of

these

investments

was

$360,823,322

or

6.4%

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,

2021.

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

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.

l

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

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

At

September

30,

2021,

$2,874,847

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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

Moderately

Conservative

Allocation

Portfolio

as

of

September

30,

2021

was

$978,415

or

0.02%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2021.

Security

Acquisition

Date

Cost

Upstart

Securitization

Trust,

11/20/2030

10/1/2020

$

973,607

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

7,586,364

Common

Stock

16,739,380

Total

lending

$24,325,744

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,112,815

Net

amounts

due

to

counterparty

$787,071

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

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

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

7,169,877

–

5,259,763

1,910,114

Capital

Goods

19,507,131

–

16,880,650

2,626,481

Communications

Services

21,802,784

–

21,094,559

708,225

Consumer

Cyclical

17,539,030

–

17,539,030

–

Consumer

Non-Cyclical

21,958,752

–

21,958,752

–

Energy

2,500,466

–

2,500,466

–

Financials

5,258,341

–

5,258,341

–

Technology

13,615,470

–

13,615,470

–

Transportation

6,428,300

–

6,428,300

–

Utilities

3,786,107

–

3,102,845

683,262

Long-Term

Fixed

Income

Asset-Backed

Securities

134,099,105

–

134,099,105

–

Basic

Materials

21,486,934

–

21,486,934

–

Capital

Goods

35,729,447

–

35,729,447

–

Collateralized

Mortgage

Obligations

85,541,728

–

85,541,728

–

Commercial

Mortgage-Backed

Securities

15,668,304

–

15,668,304

–

Communications

Services

62,775,707

–

62,775,707

–

Consumer

Cyclical

61,975,298

–

61,975,298

–

Consumer

Non-Cyclical

73,453,298

–

73,453,298

–

Energy

49,221,807

–

49,221,807

–

Financials

136,341,321

–

136,341,321

–

Mortgage-Backed

Securities

580,566,388

–

580,566,388

–

Technology

42,642,130

–

42,642,130

–

Transportation

11,428,309

–

11,428,309

–

U.S.

Government

&

Agencies

705,744,345

–

705,744,345

–

Utilities

39,293,213

–

39,293,213

–

Registered

Investment

Companies

Unaffiliated

42,740,383

42,740,383

–

–

Affiliated

1,625,193,958

1,625,193,958

–

–

Common

Stock

Communications

Services

94,348,353

94,249,594

98,759

–

Consumer

Discretionary

140,315,803

140,315,803

–

–

Consumer

Staples

34,908,812

34,908,812

–

–

Energy

32,500,458

32,500,458

–

–

Financials

167,701,620

165,197,595

2,504,025

–

Health

Care

158,613,407

158,613,407

–

–

Industrials

148,739,681

148,233,000

506,681

–

Information

Technology

289,325,226

285,979,067

3,346,159

–

Materials

34,171,405

33,898,743

272,660

2

Real

Estate

49,204,868

49,204,868

–

–

Utilities

21,343,962

21,343,962

–

–

Short-Term

Investments

67,995,674

–

67,995,674

–

Subtotal

Investments

in

Securities

$5,082,637,202

$2,832,379,650

$2,244,329,468

$5,928,084

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

410,401,024

Affiliated

Short-Term

Investments

758,567,919

Collateral

Held

for

Securities

Loaned

25,112,815

Subtotal

Other

Investments

$1,194,081,758

Total

Investments

at

Value

$6,276,718,960

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

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

NASDAQ

-

National

Association

of

Securities

Dealers

Automated

Quotations

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

17,871,866

17,871,866

–

–

Total

Asset

Derivatives

$17,871,866

$17,871,866

$–

$–

Liability

Derivatives

Futures

Contracts

24,294,498

24,294,498

–

–

Call

Options

Written

51,758

–

–

51,758

Credit

Default

Swaps

621,073

–

621,073

–

Total

Liability

Derivatives

$24,967,329

$24,294,498

$621,073

$51,758

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$51,507,910

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

389

December

2021

$

51,953,833

(

$

757,784)

CBOT

2-Yr.

U.S.

Treasury

Note

346

December

2021

76,185,937

(

47,015)

CBOT

5-Yr.

U.S.

Treasury

Note

515

December

2021

63,620,201

(

407,973)

CBOT

U.S.

Long

Bond

780

December

2021

127,520,367

(

3,329,742)

CME

E-mini

Russell

2000

Index

14

December

2021

1,568,691

(

28,131)

CME

E-mini

S&P

500

Index

764

December

2021

171,238,726

(

7,064,676)

CME

E-mini

S&P

Mid-Cap

400

Index

9

December

2021

2,431,434

(

61,554)

CME

Euro

Foreign

Exchange

Currency

937

December

2021

138,787,288

(

2,922,288)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

598

December

2021

118,257,153

(

4,001,778)

Eurex

Euro

STOXX

50

Index

2,800

December

2021

134,837,062

(

4,404,999)

ICE

US

mini

MSCI

Emerging

Markets

Index

138

December

2021

9,047,357

(

452,717)

Ultra

10-Yr.

U.S.

Treasury

Note

285

December

2021

42,212,091

(

815,841)

Total

Futures

Long

Contracts

$

937,660,140

(

$

24,294,498)

CBOT

10-Yr.

U.S.

Treasury

Note

(432)

December

2021

(

$

57,738,325)

$

883,073

CBOT

2-Yr.

U.S.

Treasury

Note

(56)

December

2021

(

12,330,521)

7,458

CBOT

5-Yr.

U.S.

Treasury

Note

(270)

December

2021

(

33,367,178)

226,787

CME

E-mini

NASDAQ

100

Index

(206)

December

2021

(

64,071,047)

3,579,147

CME

E-mini

Russell

2000

Index

(1,378)

December

2021

(

154,347,505)

2,712,385

CME

E-mini

S&P

Mid-Cap

400

Index

(507)

December

2021

(

137,149,343)

3,646,103

ICE

mini

MSCI

EAFE

Index

(1,336)

December

2021

(

158,252,513)

6,816,913

Total

Futures

Short

Contracts

(

$

617,256,432)

$17,871,866

Total

Futures

Contracts

$

320,403,708

($6,422,632)

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Counterparty:

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2021.

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(25.00)

$

101.43

October

2021

(

$

25,022,461)

(

$

977)

$

163,086

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(25.00)

100.77

November

2021

(

25,022,461)

(

50,781)

90,820

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($51,758)

$253,906

(*)  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.

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2021.

Investments

totaling

$12,499,513

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

37,

5

Year,

at

5.00%,

Quarterly

Sell

12/20/2026

(

$

132,950,000)

$

–

(

$

621,073)

(

$

621,073)

Total

Credit

Default

Swaps

$–

($621,073)

($621,073)

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$198,466

$7,351

$–

$194,012

19,878

3.4%

Core

Emerging

Markets

Equity

42,572

–

–

42,319

3,611

0.8

Core

International

Equity

55,122

–

–

61,359

5,619

1.1

Core

Low

Volatility

Equity

171,686

99

71,000

112,711

7,982

2.0

Global

Stock

49,223

2,245

–

55,899

3,625

1.0

High

Yield

143,151

5,002

–

148,363

31,748

2.6

Income

469,539

22,813

–

467,358

43,121

8.3

International

Allocation

182,193

3,117

–

200,962

18,259

3.5

International

Index

20,003

182

–

21,522

1,594

0.4

Large

Cap

Value

207,208

11,594

–

252,544

11,330

4.5

Limited

Maturity

Bond

256,404

3,029

–

258,053

25,676

4.6

Mid

Cap

Stock

122,036

8,269

–

145,649

5,711

2.6

Small

Cap

Stock

62,851

2,798

–

74,844

3,119

1.3

Total

Affiliated

Registered

Investment

Companies

1,980,454

2,035,595

36.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

721,840

732,368

695,640

758,568

75,857

13.4

Total

Affiliated

Short-Term

Investments

721,840

758,568

13.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

26,089

403,525

404,501

25,113

25,113

0.5

Total

Collateral

Held

for

Securities

Loaned

26,089

25,113

0.5

Total

Value

$2,728,383

$2,819,276

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(11,805)

$

–

$6,283

Core

Emerging

Markets

Equity

–

(253)

–

–

Core

International

Equity

–

6,237

–

–

Core

Low

Volatility

Equity

5,392

6,534

99

–

Global

Stock

–

4,431

1,750

496

High

Yield

–

210

–

4,999

Income

–

(24,994)

13,115

9,700

International

Allocation

–

15,652

–

3,117

International

Index

–

1,337

139

43

Large

Cap

Value

–

33,742

8,628

2,965

Limited

Maturity

Bond

–

(1,380)

–

3,029

Mid

Cap

Stock

–

15,344

7,934

334

Small

Cap

Stock

–

9,195

2,213

585

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

(75)

75

–

886

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$32,437

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

64

Total

Affiliated

Income

from

Securities

Loaned,

Net

$64

Total

Value

$5,317

$54,325

$

33,878

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Principal

Amount

Long-Term

Fixed

Income

(

58.6%

)

Value

Basic

Materials

(2.1%)

Alcoa

Nederland

Holding

BV

$

55,000

5.500%, 

12/15/2027

a

$

58,993

BWAY

Holding

Company

30,000

5.500%, 

4/15/2024

a

30,262

Chemours

Company

35,000

5.750%, 

11/15/2028

a

36,652

Cleveland-Cliffs,

Inc.

20,000

5.875%, 

6/1/2027

20,700

40,000

4.625%, 

3/1/2029

a

40,850

15,000

4.875%, 

3/1/2031

a

15,487

Consolidated

Energy

Finance

SA

40,000

6.875%, 

6/15/2025

a

41,400

First

Quantum

Minerals,

Ltd.

35,000

7.250%, 

4/1/2023

a

35,612

10,000

7.500%, 

4/1/2025

a

10,258

15,000

6.875%, 

10/15/2027

a

15,862

Freeport-McMoRan,

Inc.

30,000

4.125%, 

3/1/2028

31,088

40,000

4.250%, 

3/1/2030

42,350

30,000

4.625%, 

8/1/2030

32,438

Hecla

Mining

Company

20,000

7.250%, 

2/15/2028

21,543

Hudbay

Minerals,

Inc.

40,000

4.500%, 

4/1/2026

a

39,600

Ingevity

Corporation

60,000

3.875%, 

11/1/2028

a

59,850

Kraton

Polymers,

LLC

55,000

4.250%, 

12/15/2025

a

57,475

Mercer

International,

Inc.

40,000

5.125%, 

2/1/2029

40,850

Novelis

Corporation

25,000

3.250%, 

11/15/2026

a

25,355

50,000

4.750%, 

1/30/2030

a

52,635

15,000

3.875%, 

8/15/2031

a

14,836

OCI

NV

30,000

4.625%, 

10/15/2025

a

31,500

Olin

Corporation

45,000

5.125%, 

9/15/2027

46,744

10,000

5.625%, 

8/1/2029

10,994

SCIH

Salt

Holdings,

Inc.

35,000

4.875%, 

5/1/2028

a

35,175

SPCM

SA

40,000

3.375%, 

3/15/2030

a

39,969

SunCoke

Energy,

Inc.

20,000

4.875%, 

6/30/2029

a

19,925

Unifrax

Escrow

Issuer

Corporation

36,000

5.250%, 

9/30/2028

a

36,450

United

States

Steel

Corporation

67,000

6.875%, 

3/1/2029

71,436

Venator

Finance

SARL

40,000

5.750%, 

7/15/2025

a

37,800

Total

1,054,089

Capital

Goods

(3.6%)

AECOM

65,000

5.125%, 

3/15/2027

71,987

Amsted

Industries,

Inc.

30,000

5.625%, 

7/1/2027

a

31,306

10,000

4.625%, 

5/15/2030

a

10,275

Ardagh

Packaging

Finance

plc

40,000

5.250%, 

8/15/2027

a

40,720

Bombardier,

Inc.

10,000

7.125%, 

6/15/2026

a

10,500

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Capital

Goods

(3.6%)

-

continued

$

40,000

7.875%, 

4/15/2027

a

$

41,469

30,000

6.000%, 

2/15/2028

a

30,337

Brand

Industrial

Services,

Inc.

15,000

8.500%, 

7/15/2025

a

15,056

Builders

FirstSource

,

Inc.

20,000

5.000%, 

3/1/2030

a

21,313

BWAY

Holding

Company

40,000

7.250%, 

4/15/2025

a

39,756

Chart

Industries,

Inc.,

Convertible

8,000

1.000%, 

11/15/2024

a

26,115

Coinbase

Global,

Inc.

10,000

3.375%, 

10/1/2028

a

9,608

Cornerstone

Building

Brands,

Inc.

55,000

6.125%, 

1/15/2029

a

58,464

Covanta

Holding

Corporation

30,000

6.000%, 

1/1/2027

31,099

65,000

5.000%, 

9/1/2030

65,650

CP

Atlas

Buyer,

Inc.

35,000

7.000%, 

12/1/2028

a

35,087

Crown

Americas

Capital

Corporation

IV

20,000

4.500%, 

1/15/2023

20,980

Crown

Cork

&

Seal

Company,

Inc.

40,000

7.375%, 

12/15/2026

49,400

Fortive

Corporation,

Convertible

10,000

0.875%, 

2/15/2022

10,025

General

Electric

Company

180,000

3.446%, 

(LIBOR

3M

+

3.330%),

12/15/2021

b,c

176,175

GFL

Environmental,

Inc.

28,000

4.000%, 

8/1/2028

a

27,790

45,000

3.500%, 

9/1/2028

a

45,281

H&E

Equipment

Services,

Inc.

69,000

3.875%, 

12/15/2028

a

68,731

Howmet

Aerospace,

Inc.

2,000

6.875%, 

5/1/2025

2,340

37,000

3.000%, 

1/15/2029

37,318

JELD-WEN,

Inc.

30,000

4.625%, 

12/15/2025

a

30,460

20,000

4.875%, 

12/15/2027

a

20,841

KBR,

Inc.,

Convertible

26,000

2.500%, 

11/1/2023

41,665

Meritor,

Inc.

30,000

4.500%, 

12/15/2028

a

30,075

Nesco

Holdings

II,

Inc.

25,000

5.500%, 

4/15/2029

a

25,930

New

Enterprise

Stone

and

Lime

Company,

Inc.

53,000

5.250%, 

7/15/2028

a,d

53,596

Owens-Brockway

Glass

Container,

Inc.

35,000

5.875%, 

8/15/2023

a

37,012

Pactiv

Evergreen

Group

35,000

4.375%, 

10/15/2028

a

35,131

Patrick

Industries,

Inc.,

Convertible

9,000

1.000%, 

2/1/2023

10,181

PGT

Innovations,

Inc.

41,000

4.375%, 

10/1/2029

a

41,307

SRM

Escrow

Issuer,

LLC

60,000

6.000%, 

11/1/2028

a

63,525

Standard

Industries,

Inc.

55,000

4.375%, 

7/15/2030

a

56,100

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Capital

Goods

(3.6%)

-

continued

Sunpower

Corporation,

Convertible

$

7,000

4.000%, 

1/15/2023

$

8,566

Titan

Acquisition,

Ltd.

20,000

7.750%, 

4/15/2026

a

20,435

TransDigm

,

Inc.

30,000

6.250%, 

3/15/2026

a

31,275

115,000

5.500%, 

11/15/2027

118,163

10,000

4.625%, 

1/15/2029

9,983

United

Rentals

North

America,

Inc.

15,000

5.500%, 

5/15/2027

15,744

40,000

4.875%, 

1/15/2028

42,290

20,000

4.000%, 

7/15/2030

20,750

Victors

Merger

Corporation

25,000

6.375%, 

5/15/2029

a

23,938

Waste

Pro

USA,

Inc.

15,000

5.500%, 

2/15/2026

a

15,150

WESCO

Distribution,

Inc.

55,000

7.250%, 

6/15/2028

a

60,913

Total

1,789,812

Collateralized

Mortgage

Obligations

(0.2%)

GMACM

Mortgage

Loan

Trust

18,470

3.725%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

18,830

Residential

Accredit

Loans,

Inc.

Trust

55,817

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

54,404

Total

73,234

Communications

Services

(4.7%)

Altice

France

SA

20,000

5.500%, 

1/15/2028

a

20,334

30,000

5.125%, 

7/15/2029

a

29,414

AMC

Networks,

Inc.

45,000

4.250%, 

2/15/2029

44,775

Cable

One,

Inc.,

Convertible

34,000

1.125%, 

3/15/2028

a

34,497

CCO

Holdings,

LLC

27,000

5.500%, 

5/1/2026

a

27,845

10,000

5.125%, 

5/1/2027

a

10,413

25,000

4.750%, 

3/1/2030

a

26,137

85,000

4.500%, 

8/15/2030

a

87,696

45,000

4.250%, 

1/15/2034

a

44,578

Cengage

Learning,

Inc.

55,000

9.500%, 

6/15/2024

a

56,284

Clear

Channel

Worldwide

Holdings,

Inc.

50,000

7.750%, 

4/15/2028

a

52,625

Consolidated

Communications,

Inc.

20,000

5.000%, 

10/1/2028

a

20,650

CSC

Holdings,

LLC

40,000

5.375%, 

2/1/2028

a

41,800

80,000

4.125%, 

12/1/2030

a

78,500

Cumulus

Media

New

Holdings,

Inc.

40,000

6.750%, 

7/1/2026

a

41,400

DIRECTV

Holdings,

LLC

10,000

5.875%, 

8/15/2027

a

10,437

DISH

DBS

Corporation

40,000

7.375%, 

7/1/2028

42,419

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Communications

Services

(4.7%)

-

continued

Entercom

Media

Corporation

$

35,000

6.500%, 

5/1/2027

a

$

35,799

Front

Range

BidCo

,

Inc.

60,000

4.000%, 

3/1/2027

a

59,714

25,000

6.125%, 

3/1/2028

a

25,345

Frontier

Communications

Corporation

30,000

5.875%, 

10/15/2027

a

31,875

GCI,

LLC

35,000

4.750%, 

10/15/2028

a

36,743

Gray

Television,

Inc.

40,000

4.750%, 

10/15/2030

a

39,300

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

22,741

iHeartCommunications

,

Inc.

40,000

4.750%, 

1/15/2028

a

41,220

LCPR

Senior

Secured

Financing

DAC

40,000

6.750%, 

10/15/2027

a

42,400

Level

3

Financing,

Inc.

65,000

4.625%, 

9/15/2027

a

66,872

35,000

4.250%, 

7/1/2028

a

35,271

Ligado

Networks,

LLC

16,214

0.000%,PIK

15.500%,

11/1/2023

a,e

15,728

Netflix,

Inc.

100,000

4.875%, 

4/15/2028

115,250

Nexstar

Escrow

Corporation

55,000

5.625%, 

7/15/2027

a

58,189

Radiate

Holdco,

LLC

25,000

6.500%, 

9/15/2028

a

25,491

Scripps

Escrow

II,

Inc.

15,000

5.375%, 

1/15/2031

a

14,747

Scripps

Escrow,

Inc.

30,000

5.875%, 

7/15/2027

a

30,787

SFR

Group

SA

50,000

7.375%, 

5/1/2026

a

51,880

Sinclair

Television

Group,

Inc.

60,000

5.500%, 

3/1/2030

a

59,514

Sirius

XM

Radio,

Inc.

35,000

5.000%, 

8/1/2027

a

36,575

20,000

4.000%, 

7/15/2028

a

20,337

30,000

4.125%, 

7/1/2030

a

30,139

Sprint

Capital

Corporation

90,000

6.875%, 

11/15/2028

115,200

10,000

8.750%, 

3/15/2032

14,939

Sprint

Corporation

75,000

7.625%, 

2/15/2025

87,674

Telesat

Canada

20,000

4.875%, 

6/1/2027

a

18,400

10,000

6.500%, 

10/15/2027

a

8,667

Terrier

Media

Buyer,

Inc.

30,000

8.875%, 

12/15/2027

a

31,721

T-Mobile

USA,

Inc.

75,000

2.875%, 

2/15/2031

75,637

United

States

Cellular

Corporation

35,000

6.700%, 

12/15/2033

43,380

Uniti

Fiber

Holdings,

Inc.,

Convertible

8,000

4.000%, 

6/15/2024

a

9,915

Uniti

Group,

LP

10,000

4.750%, 

4/15/2028

a

10,213

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Communications

Services

(4.7%)

-

continued

$

30,000

6.500%, 

2/15/2029

a

$

30,860

Univision

Communications,

Inc.

35,000

6.625%, 

6/1/2027

a

38,019

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

44,552

Viasat

,

Inc.

30,000

5.625%, 

9/15/2025

a

30,403

25,000

6.500%, 

7/15/2028

a

26,331

Vodafone

Group

plc

64,000

7.000%, 

4/4/2079

b

78,288

VTR

Finance

NV

30,000

6.375%, 

7/15/2028

a

32,325

Ziggo

BV

60,000

5.500%, 

1/15/2027

a

62,025

15,000

4.875%, 

1/15/2030

a

15,469

Total

2,339,739

Consumer

Cyclical

(6.6%)

1011778

B.C.,

ULC

60,000

4.375%, 

1/15/2028

a

60,913

Allen

Media,

LLC

20,000

10.500%, 

2/15/2028

a

20,540

Allied

Universal

Holdco,

LLC

20,000

6.625%, 

7/15/2026

a

21,146

70,000

4.625%, 

6/1/2028

a

69,891

15,000

6.000%, 

6/1/2029

a

14,802

Allison

Transmission,

Inc.

35,000

4.750%, 

10/1/2027

a

36,400

20,000

3.750%, 

1/30/2031

a

19,450

American

Axle

&

Manufacturing,

Inc.

60,000

6.500%, 

4/1/2027

62,550

Ashton

Woods

USA,

LLC

25,000

4.625%, 

8/1/2029

a

25,243

Bloomin

'

Brands,

Inc.,

Convertible

7,000

5.000%, 

5/1/2025

15,810

Boyd

Gaming

Corporation

40,000

4.750%, 

6/15/2031

a

41,250

Boyne

USA,

Inc.

30,000

4.750%, 

5/15/2029

a

30,975

Brookfield

Residential

Properties,

Inc.

30,000

6.250%, 

9/15/2027

a

31,538

50,000

5.000%, 

6/15/2029

a

51,127

Burlington

Stores,

Inc.,

Convertible

25,000

2.250%, 

4/15/2025

36,312

Caesars

Entertainment,

Inc.

40,000

8.125%, 

7/1/2027

a

44,969

41,000

4.625%, 

10/15/2029

a

41,512

Carnival

Corporation

6,000

11.500%, 

4/1/2023

a

6,697

25,000

7.625%, 

3/1/2026

a

26,687

40,000

5.750%, 

3/1/2027

a

41,350

35,000

4.000%, 

8/1/2028

a

35,350

Cedar

Fair,

LP

55,000

5.250%, 

7/15/2029

56,375

Churchill

Downs,

Inc.

20,000

4.750%, 

1/15/2028

a

20,925

Cinemark

USA,

Inc.

20,000

5.875%, 

3/15/2026

a

20,200

Clarios

Global,

LP

15,000

8.500%, 

5/15/2027

a

15,956

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Consumer

Cyclical

(6.6%)

-

continued

Colt

Merger

Sub,

Inc.

$

60,000

6.250%, 

7/1/2025

a

$

63,165

Dana,

Inc.

45,000

5.625%, 

6/15/2028

48,458

Dick's

Sporting

Goods

Inc.,

Convertible

7,000

3.250%, 

4/15/2025

25,677

Empire

Communities

Corporation

40,000

7.000%, 

12/15/2025

a

41,800

Expedia

Group,

Inc.,

Convertible

12,000

Zero

Coupon, 

2/15/2026

a

12,956

Ford

Motor

Company

25,000

9.000%, 

4/22/2025

30,063

10,000

9.625%, 

4/22/2030

14,155

70,000

7.450%, 

7/16/2031

91,339

Ford

Motor

Company,

Convertible

53,000

Zero

Coupon, 

3/15/2026

a

57,141

Ford

Motor

Credit

Company,

LLC

105,000

4.063%, 

11/1/2024

110,406

60,000

4.134%, 

8/4/2025

63,450

20,000

2.700%, 

8/10/2026

20,040

Forestar

Group,

Inc.

20,000

3.850%, 

5/15/2026

a

19,975

Gap,

Inc.

12,000

3.625%, 

10/1/2029

a

12,030

General

Motors

Financial

Company,

Inc.

40,000

5.700%, 

9/30/2030

b,c

46,050

Goodyear

Tire

&

Rubber

Company

30,000

5.000%, 

7/15/2029

a

31,838

15,000

5.250%, 

7/15/2031

a

15,975

Guitar

Center

Escrow

Issuer

II,

Inc.

12,000

8.500%, 

1/15/2026

a

12,870

Hanesbrands,

Inc.

36,000

4.875%, 

5/15/2026

a

38,988

Herc

Holdings,

Inc.

40,000

5.500%, 

7/15/2027

a

41,969

Hilton

Domestic

Operating

Company,

Inc.

20,000

4.875%, 

1/15/2030

21,455

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

50,000

5.000%, 

6/1/2029

a

51,000

Hilton

Worldwide

Finance,

LLC

50,000

4.875%, 

4/1/2027

51,689

International

Game

Technology

plc

45,000

5.250%, 

1/15/2029

a

48,095

KB

Home

35,000

4.800%, 

11/15/2029

38,150

L

Brands,

Inc.

65,000

6.625%, 

10/1/2030

a

73,775

10,000

6.875%, 

11/1/2035

12,550

Landry's,

Inc.

30,000

6.750%, 

10/15/2024

a

30,039

Macy's

Retail

Holdings,

LLC

35,000

5.875%, 

4/1/2029

a

38,079

Magic

MergerCo

,

Inc.

60,000

5.250%, 

5/1/2028

a

61,890

Mattamy

Group

Corporation

60,000

5.250%, 

12/15/2027

a

62,700

MGM

Resorts

International

15,000

6.000%, 

3/15/2023

15,862

55,000

5.500%, 

4/15/2027

59,675

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Consumer

Cyclical

(6.6%)

-

continued

Penn

National

Gaming,

Inc.

$

35,000

4.125%, 

7/1/2029

a

$

34,594

PetSmart,

Inc.

60,000

4.750%, 

2/15/2028

a

61,650

20,000

7.750%, 

2/15/2029

a

21,825

Prime

Security

Services

Borrower,

LLC

105,000

5.750%, 

4/15/2026

a

113,585

Real

Hero

Merger

Sub

2,

Inc.

30,000

6.250%, 

2/1/2029

a

31,125

Realogy

Group,

LLC

50,000

5.750%, 

1/15/2029

a

51,863

Rite

Aid

Corporation

45,000

7.500%, 

7/1/2025

a

44,990

Royal

Caribbean

Cruises,

Ltd.

55,000

9.125%, 

6/15/2023

a

59,774

40,000

4.250%, 

7/1/2026

a

39,182

30,000

5.500%, 

4/1/2028

a

30,684

Scientific

Games

International,

Inc.

40,000

5.000%, 

10/15/2025

a

41,150

45,000

7.250%, 

11/15/2029

a

50,564

SeaWorld

Parks

and

Entertainment,

Inc.

25,000

5.250%, 

8/15/2029

a

25,578

Six

Flags

Theme

Parks,

Inc.

30,000

7.000%, 

7/1/2025

a

31,950

Staples,

Inc.

60,000

7.500%, 

4/15/2026

a

60,854

Tenneco,

Inc.

45,000

5.000%, 

7/15/2026

44,320

Uber

Technologies,

Inc.

30,000

6.250%, 

1/15/2028

a

32,175

Vista

Outdoor,

Inc.

50,000

4.500%, 

3/15/2029

a

50,704

Wabash

National

Corporation

42,000

4.500%, 

10/15/2028

a,d

41,948

Wyndham

Destinations,

Inc.

35,000

6.625%, 

7/31/2026

a

39,857

Wyndham

Hotels

&

Resorts,

Inc.

20,000

4.375%, 

8/15/2028

a

20,879

Yum!

Brands,

Inc.

50,000

4.750%, 

1/15/2030

a

54,191

ZF

North

America

Capital,

Inc.

30,000

4.750%, 

4/29/2025

a

32,400

Total

3,227,114

Consumer

Non-Cyclical

(5.0%)

Albertson's

Companies,

Inc.

57,000

3.500%, 

3/15/2029

a

56,885

20,000

4.875%, 

2/15/2030

a

21,550

Bausch

Health

Companies,

Inc.

50,000

5.000%, 

1/30/2028

a

47,436

60,000

5.000%, 

2/15/2029

a

55,875

Centene

Corporation

55,000

4.250%, 

12/15/2027

57,566

75,000

4.625%, 

12/15/2029

81,735

25,000

3.000%, 

10/15/2030

25,625

Central

Garden

&

Pet

Company

50,000

4.125%, 

10/15/2030

51,125

Community

Health

Systems,

Inc.

25,000

5.625%, 

3/15/2027

a

26,178

20,000

6.000%, 

1/15/2029

a

21,200

50,000

6.875%, 

4/15/2029

a

50,117

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Consumer

Non-Cyclical

(5.0%)

-

continued

DaVita,

Inc.

$

60,000

4.625%, 

6/1/2030

a

$

61,717

Edgewell

Personal

Care

Company

30,000

5.500%, 

6/1/2028

a

31,684

Encompass

Health

Corporation

60,000

4.500%, 

2/1/2028

61,950

Endo

Finance,

LLC

20,000

9.500%, 

7/31/2027

a,f

20,044

Energizer

Holdings,

Inc.

10,000

4.750%, 

6/15/2028

a

10,172

35,000

4.375%, 

3/31/2029

a

34,736

H.

J.

Heinz

Company

10,000

5.200%, 

7/15/2045

12,525

HCA,

Inc.

130,000

5.375%, 

2/1/2025

145,275

HLF

Financing

Sarl

,

LLC

55,000

4.875%, 

6/1/2029

a

55,000

Illumina,

Inc.

20,000

9.000%, 

7/1/2028

a

22,050

Ionis

Pharmaceuticals,

Inc.,

Convertible

4,000

0.125%, 

12/15/2024

3,648

Jazz

Investments

I,

Ltd.,

Convertible

28,000

2.000%, 

6/15/2026

32,322

JBS

USA,

LLC

95,000

6.500%, 

4/15/2029

a

106,162

Kraft

Foods

Group,

Inc.

40,000

5.000%, 

6/4/2042

49,054

Kraft

Heinz

Foods

Company

65,000

4.625%, 

1/30/2029

74,205

75,000

3.750%, 

4/1/2030

81,720

50,000

4.250%, 

3/1/2031

56,526

Mattel,

Inc.

45,000

3.375%, 

4/1/2026

a

46,399

Molina

Healthcare,

Inc.

50,000

4.375%, 

6/15/2028

a

52,019

Mozart

Debt

Merger

Sub,

Inc.

72,000

3.875%, 

4/1/2029

a,d

72,000

53,000

5.250%, 

10/1/2029

a,d

53,928

MPH

Acquisition

Holdings,

LLC

37,000

5.750%, 

11/1/2028

a

34,853

Ortho-Clinical

Diagnostics,

Inc.

30,000

7.250%, 

2/1/2028

a

32,104

Par

Pharmaceutical,

Inc.

40,000

7.500%, 

4/1/2027

a

40,750

Pilgrim's

Pride

Corporation

35,000

3.500%, 

3/1/2032

a

35,591

QBE

Insurance

Group,

Ltd.

40,000

5.875%, 

5/12/2025

a,b,c

44,600

Scotts

Miracle-

Gro

Company

50,000

4.500%, 

10/15/2029

52,250

SEG

Holding,

LLC

55,000

5.625%, 

10/15/2028

a

57,337

Simmons

Foods,

Inc.

45,000

4.625%, 

3/1/2029

a

45,338

Spectrum

Brands,

Inc.

35,000

5.000%, 

10/1/2029

a

37,625

10,000

5.500%, 

7/15/2030

a

11,075

Syneos

Health,

Inc.

85,000

3.625%, 

1/15/2029

a

84,762

Teleflex,

Inc.

40,000

4.250%, 

6/1/2028

a

41,564

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Consumer

Non-Cyclical

(5.0%)

-

continued

Tenet

Healthcare

Corporation

$

10,000

4.625%, 

7/15/2024

$

10,150

125,000

5.125%, 

11/1/2027

a

130,313

15,000

6.125%, 

10/1/2028

a

15,757

Teva

Pharmaceutical

Finance

Netherlands

III

BV

25,000

2.800%, 

7/21/2023

24,851

30,000

3.150%, 

10/1/2026

28,725

TreeHouse

Foods,

Inc.

21,000

4.000%, 

9/1/2028

20,552

United

Natural

Foods,

Inc.

40,000

6.750%, 

10/15/2028

a

43,300

VRX

Escrow

Corporation

69,000

6.125%, 

4/15/2025

a

70,425

Winnebago

Industries,

Inc.,

Convertible

21,000

1.500%, 

4/1/2025

27,811

Total

2,468,161

Energy

(5.5%)

Antero

Resources

Corporation

40,000

5.375%, 

3/1/2030

a

42,126

Apache

Corporation

20,000

4.875%, 

11/15/2027

21,810

40,000

4.375%, 

10/15/2028

43,250

15,000

5.100%, 

9/1/2040

16,800

Archrock

Partners,

LP

40,000

6.250%, 

4/1/2028

a

41,369

BP

Capital

Markets

plc

80,000

4.875%, 

3/22/2030

b,c

87,941

Buckeye

Partners,

LP

30,000

4.125%, 

3/1/2025

a

31,088

40,000

3.950%, 

12/1/2026

40,800

Cheniere

Energy

Partners,

LP

35,000

4.500%, 

10/1/2029

37,210

15,000

3.250%, 

1/31/2032

a

15,049

Cheniere

Energy,

Inc.,

Convertible

3,000

4.250%, 

3/15/2045

2,574

CNX

Resources

Corporation

20,000

6.000%, 

1/15/2029

a

21,150

CNX

Resources

Corporation,

Convertible

19,000

2.250%, 

5/1/2026

23,655

Comstock

Resources,

Inc.

25,000

5.875%, 

1/15/2030

a

26,000

Continental

Resources,

Inc.

25,000

4.375%, 

1/15/2028

27,656

25,000

5.750%, 

1/15/2031

a

30,219

DT

Midstream,

Inc.

40,000

4.125%, 

6/15/2029

a

40,562

10,000

4.375%, 

6/15/2031

a

10,300

Enagas

SA

55,000

5.500%, 

1/15/2028

a

56,306

Enbridge,

Inc.

137,000

6.250%, 

3/1/2078

b

152,686

48,000

5.750%, 

7/15/2080

b

54,238

Encana

Corporation

10,000

6.625%, 

8/15/2037

13,714

Endeavor

Energy

Resources,

LP

30,000

5.750%, 

1/30/2028

a

31,575

Energean

Israel

Finance,

Ltd.

40,000

4.500%, 

3/30/2024

a

40,800

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Energy

(5.5%)

-

continued

Energy

Transfer,

LP

$

65,000

6.625%, 

2/15/2028

b,c

$

63,212

EnLink

Midstream

Partners,

LP

50,000

4.850%, 

7/15/2026

52,485

25,000

5.600%, 

4/1/2044

23,875

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

b

73,876

EQM

Midstream

Partners,

LP

50,000

6.500%, 

7/1/2027

a

56,237

EQT

Corporation

10,000

3.125%, 

5/15/2026

a

10,251

50,000

3.900%, 

10/1/2027

54,111

EQT

Corporation,

Convertible

23,000

1.750%, 

5/1/2026

36,259

Genesis

Energy,

LP

10,000

6.500%, 

10/1/2025

9,950

20,000

8.000%, 

1/15/2027

20,250

Harvest

Midstream,

LP

50,000

7.500%, 

9/1/2028

a

53,257

Hess

Midstream

Operations,

LP

35,000

5.625%, 

2/15/2026

a

36,312

Hilcorp

Energy

I,

LP

40,000

5.750%, 

2/1/2029

a

41,100

ITT

Holdings,

LLC

30,000

6.500%, 

8/1/2029

a

30,262

Laredo

Petroleum,

Inc.

55,000

7.750%, 

7/31/2029

a

55,138

Murphy

Oil

Corporation

25,000

5.875%, 

12/1/2027

26,019

Nabors

Industries,

Ltd.

45,000

7.250%, 

1/15/2026

a

43,767

Newfield

Exploration

Company

20,000

5.625%, 

7/1/2024

22,177

NGL

Energy

Operating,

LLC

35,000

7.500%, 

2/1/2026

a

35,656

NGL

Energy

Partners,

LP

20,000

7.500%, 

11/1/2023

19,437

NuStar

Logistics,

LP

45,000

5.750%, 

10/1/2025

48,488

Oasis

Petroleum,

Inc.

35,000

6.375%, 

6/1/2026

a

36,663

Occidental

Petroleum

Corporation

10,000

3.450%, 

7/15/2024

10,225

60,000

3.400%, 

4/15/2026

61,538

20,000

8.500%, 

7/15/2027

25,049

90,000

3.500%, 

8/15/2029

91,541

20,000

6.450%, 

9/15/2036

25,163

55,000

4.400%, 

4/15/2046

54,854

Ovintiv

,

Inc.

35,000

7.375%, 

11/1/2031

47,476

PBF

Holding

Company,

LLC

20,000

9.250%, 

5/15/2025

a

18,950

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

11,298

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

b,c

54,300

Precision

Drilling

Corporation

25,000

6.875%, 

1/15/2029

a

26,111

SM

Energy

Company

15,000

6.500%, 

7/15/2028

15,530

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Energy

(5.5%)

-

continued

Southwestern

Energy

Company

$

20,000

5.375%, 

2/1/2029

a

$

21,396

Sunoco,

LP

40,000

6.000%, 

4/15/2027

41,650

5,000

5.875%, 

3/15/2028

5,275

Targa

Resources

Partners,

LP

20,000

5.375%, 

2/1/2027

20,724

35,000

5.000%, 

1/15/2028

36,750

Teine

Energy,

Ltd.

25,000

6.875%, 

4/15/2029

a

25,375

TransCanada

Trust

160,000

5.300%, 

3/15/2077

b

171,800

Transocean

Proteus,

Ltd.

11,000

6.250%, 

12/1/2024

a

11,000

Transocean,

Inc.

20,000

11.500%, 

1/30/2027

a

20,600

USA

Compression

Partners,

LP

15,000

6.875%, 

4/1/2026

15,618

Venture

Global

Calcasieu

Pass,

LLC

38,000

3.875%, 

8/15/2029

a

39,142

20,000

4.125%, 

8/15/2031

a

20,850

Vine

Energy

Holdings,

LLC

20,000

6.750%, 

4/15/2029

a

21,588

W&T

Offshore,

Inc.

16,000

9.750%, 

11/1/2023

a

15,225

Western

Midstream

Operating,

LP

35,000

3.950%, 

6/1/2025

36,987

10,000

5.500%, 

8/15/2048

11,700

Total

2,715,375

Financials

(18.4%)

Air

Lease

Corporation

64,000

4.650%, 

6/15/2026

b,c

66,960

Aircastle

,

Ltd.

115,000

5.250%, 

6/15/2026

a,b,c

117,679

Alliant

Holdings

Intermediate,

LLC

10,000

6.750%, 

10/15/2027

a

10,350

Ally

Financial,

Inc.

50,000

5.750%, 

11/20/2025

57,172

128,000

4.700%, 

5/15/2026

b,c

133,229

20,000

4.700%, 

5/15/2028

b,c

20,900

Altice

Financing

SA

15,000

5.750%, 

8/15/2029

a

14,529

American

Express

Company

85,000

3.550%, 

9/15/2026

b,c

86,602

American

Finance

Trust,

Inc.

32,000

4.500%, 

9/30/2028

a,d

32,000

AmWINS

Group,

Inc.

25,000

4.875%, 

6/30/2029

a

25,351

Ares

Capital

Corporation,

Convertible

12,000

4.625%, 

3/1/2024

13,260

BAC

Capital

Trust

XIV

74,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/18/2021

b,c

74,000

Banco

Santander

SA

115,000

4.750%, 

11/12/2026

b,c

117,136

Bank

of

America

Corporation

284,000

6.250%, 

9/5/2024

b,c

312,400

82,000

6.100%, 

3/17/2025

b,c

91,441

40,000

6.300%, 

3/10/2026

b,c

46,400

184,000

5.875%, 

3/15/2028

b,c

210,008

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Financials

(18.4%)

-

continued

Bank

of

New

York

Mellon

Corporation

$

20,000

4.700%, 

9/20/2025

b,c

$

21,950

Bank

of

Nova

Scotia

135,000

4.900%, 

6/4/2025

b,c

145,125

Barclays

plc

100,000

8.000%, 

6/15/2024

b,c

112,938

75,000

4.375%, 

3/15/2028

b,c

74,947

BNP

Paribas

SA

105,000

6.625%, 

3/25/2024

a,b,c

113,631

CANPACK

SA

50,000

3.125%, 

11/1/2025

a

50,812

Capital

One

Financial

Corporation

36,000

3.950%, 

9/1/2026

b,c

37,080

Cascades

USA,

Inc.

30,000

5.125%, 

1/15/2026

a

31,892

Charles

Schwab

Corporation

176,000

5.375%, 

6/1/2025

b,c

195,580

128,000

4.000%, 

6/1/2026

b,c

133,440

Chobani

,

LLC

55,000

4.625%, 

11/15/2028

a

56,787

Citigroup,

Inc.

82,000

5.950%, 

1/30/2023

b,c

85,485

68,000

5.000%, 

9/12/2024

b,c

71,024

144,000

5.950%, 

5/15/2025

b,c

157,140

45,000

4.000%, 

12/10/2025

b,c

46,629

225,000

3.875%, 

2/18/2026

b,c

229,781

Citizens

Financial

Group,

Inc.

80,000

4.000%, 

10/6/2026

b,c

81,900

Coinbase

Global,

Inc.

10,000

3.625%, 

10/1/2031

a

9,506

Comerica,

Inc.

20,000

5.625%, 

7/1/2025

b,c

22,025

Credit

Acceptance

Corporation

35,000

5.125%, 

12/31/2024

a

36,050

Credit

Agricole

SA

48,000

6.875%, 

9/23/2024

a,b,c

53,400

40,000

8.125%, 

12/23/2025

a,b,c

48,300

Credit

Suisse

Group

AG

56,000

7.500%, 

12/11/2023

a,b,c

61,180

40,000

7.250%, 

9/12/2025

a,b,c

44,338

Dai-ichi

Life

Insurance

Company,

Ltd.

230,000

5.100%, 

10/28/2024

a,b,c,f

251,850

Diversified

Healthcare

Trust

25,000

4.375%, 

3/1/2031

24,181

Drawbridge

Special

Opportunities

Fund,

LP

60,000

3.875%, 

2/15/2026

a

61,650

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

8,793

Fifth

Third

Bancorp

46,000

4.500%, 

9/30/2025

b,c

49,979

Fortress

Transportation

and

Infrastructure

Investors,

LLC

20,000

6.500%, 

10/1/2025

a

20,588

20,000

5.500%, 

5/1/2028

a

20,134

FTI

Consulting,

Inc.,

Convertible

18,000

2.000%, 

8/15/2023

25,182

Global

Net

Lease,

Inc.

50,000

3.750%, 

12/15/2027

a

49,647

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Financials

(18.4%)

-

continued

Goldman

Sachs

Group,

Inc.

$

175,000

5.500%, 

8/10/2024

b,c

$

189,000

67,000

3.800%, 

5/10/2026

b,c

68,591

130,000

3.650%, 

8/10/2026

b,c

130,162

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

Convertible

8,000

4.125%, 

9/1/2022

15,698

Hartford

Financial

Services

Group,

Inc.

100,000

2.250%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,b

96,500

HCRX

Investments

Holdco,

LP

15,000

4.500%, 

8/1/2029

a

15,075

HSBC

Holdings

plc

55,000

6.375%, 

3/30/2025

b,c

60,028

66,000

6.500%, 

3/23/2028

b,c

74,346

85,000

4.600%, 

12/17/2030

b,c

84,975

Huntington

Bancshares,

Inc.

104,000

4.450%, 

10/15/2027

b,c

111,956

Icahn

Enterprises,

LP

30,000

6.375%, 

12/15/2025

30,780

55,000

5.250%, 

5/15/2027

57,063

Iron

Mountain,

Inc.

65,000

4.875%, 

9/15/2027

a

67,482

iStar

,

Inc.

45,000

4.250%, 

8/1/2025

46,743

iStar

,

Inc.,

Convertible

14,000

3.125%, 

9/15/2022

25,445

J.P.

Morgan

Chase

&

Company

140,000

3.465%, 

(LIBOR

3M

+

3.320%),

1/1/2022

b,c

140,525

105,000

5.150%, 

5/1/2023

b,c

108,019

40,000

6.000%, 

8/1/2023

b,c

42,200

40,000

6.750%, 

2/1/2024

b,c

43,900

168,000

5.000%, 

8/1/2024

b,c

175,350

150,000

3.650%, 

6/1/2026

b,c

150,750

J.P.

Morgan

Chase

Capital

XXIII

100,000

1.125%, 

(LIBOR

3M

+

1.000%),

5/15/2047

b

88,982

Jefferies

Finance,

LLC

40,000

5.000%, 

8/15/2028

a

40,550

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

5,000

6.125%, 

5/15/2023

5,306

Lincoln

National

Corporation

100,000

2.482%, 

(LIBOR

3M

+

2.358%),

11/17/2021

b

91,300

Lloyds

Banking

Group

plc

40,000

7.500%, 

6/27/2024

b,c

44,750

100,000

6.657%, 

5/21/2037

a,b,c

145,000

LPL

Holdings,

Inc.

30,000

4.000%, 

3/15/2029

a

30,815

M&T

Bank

Corporation

100,000

3.500%, 

9/1/2026

b,c

99,250

MetLife,

Inc.

140,000

3.850%, 

9/15/2025

b,c

146,300

152,000

5.875%, 

3/15/2028

b,c

178,717

MGM

Growth

Properties

Operating

Partnership,

LP

55,000

4.500%, 

9/1/2026

59,813

MPT

Operating

Partnership,

LP

50,000

4.625%, 

8/1/2029

53,650

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Financials

(18.4%)

-

continued

Natwest

Group

plc

$

95,000

4.600%, 

6/28/2031

b,c

$

95,456

Navient

Corporation

20,000

5.500%, 

1/25/2023

20,900

10,000

5.000%, 

3/15/2027

10,300

20,000

4.875%, 

3/15/2028

20,163

NFP

Corporation

20,000

6.875%, 

8/15/2028

a

20,421

Nippon

Life

Insurance

Company

172,000

5.100%, 

10/16/2044

a,b

188,985

172,000

3.400%, 

1/23/2050

a,b

177,805

OneMain

Finance

Corporation

15,000

3.500%, 

1/15/2027

15,007

Park

Intermediate

Holdings,

LLC

15,000

4.875%, 

5/15/2029

a

15,438

PennyMac

Financial

Services,

Inc.

35,000

4.250%, 

2/15/2029

a

33,323

Playtika

Holding

Corporation

20,000

4.250%, 

3/15/2029

a

20,064

PNC

Financial

Services

Group,

Inc.

95,000

3.400%, 

9/15/2026

b,c

94,763

Provident

Financing

Trust

I

25,000

7.405%, 

3/15/2038

30,827

Prudential

Financial,

Inc.

138,000

5.625%, 

6/15/2043

b

146,877

126,000

5.200%, 

3/15/2044

b

134,803

20,000

3.700%, 

10/1/2050

b

20,844

Quicken

Loans,

LLC

30,000

3.625%, 

3/1/2029

a

30,338

Radian

Group,

Inc.

20,000

4.875%, 

3/15/2027

21,797

Regions

Financial

Corporation

80,000

5.750%, 

6/15/2025

b,c

89,224

Service

Properties

Trust

30,000

4.750%, 

10/1/2026

29,700

30,000

4.950%, 

2/15/2027

29,925

20,000

5.500%, 

12/15/2027

21,314

Societe

Generale

SA

40,000

8.000%, 

9/29/2025

a,b,c

46,835

Springleaf

Finance

Corporation

25,000

6.875%, 

3/15/2025

28,094

35,000

7.125%, 

3/15/2026

40,556

20,000

6.625%, 

1/15/2028

23,000

Standard

Chartered

plc

105,000

6.000%, 

7/26/2025

a,b,c

115,176

Starwood

Property

Trust,

Inc.,

Convertible

11,000

4.375%, 

4/1/2023

11,531

Sumitomo

Life

Insurance

Company

175,000

3.375%, 

4/15/2081

a,b

181,673

Summit

Hotel

Properties,

Inc.,

Convertible

8,000

1.500%, 

2/15/2026

8,402

SVB

Financial

Group

100,000

4.000%, 

5/15/2026

b,c

102,500

Truist

Financial

Corporation

160,000

4.950%, 

9/1/2025

b,c

174,771

United

Wholesale

Mortgage,

LLC

40,000

5.500%, 

4/15/2029

a

38,836

USB

Realty

Corporation

133,000

1.273%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,c

112,712

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Financials

(18.4%)

-

continued

VICI

Properties,

LP

$

20,000

4.250%, 

12/1/2026

a

$

20,887

10,000

3.750%, 

2/15/2027

a

10,350

35,000

4.625%, 

12/1/2029

a

37,625

Wells

Fargo

&

Company

212,000

3.900%, 

3/15/2026

b,c

218,625

30,000

0.626%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

29,141

Total

9,050,370

Technology

(2.3%)

Akamai

Technologies,

Inc.,

Convertible

21,000

0.125%, 

5/1/2025

25,489

14,000

0.375%, 

9/1/2027

15,285

Black

Knight

InfoServ

,

LLC

46,000

3.625%, 

9/1/2028

a

46,230

CommScope

Technologies

Finance,

LLC

30,000

6.000%, 

6/15/2025

a

30,375

CommScope

,

Inc.

30,000

7.125%, 

7/1/2028

a

30,614

Gartner,

Inc.

30,000

3.625%, 

6/15/2029

a

30,228

40,000

3.750%, 

10/1/2030

a

41,168

InterDigital

,

Inc.,

Convertible

5,000

2.000%, 

6/1/2024

5,391

Iron

Mountain,

Inc.

15,000

5.000%, 

7/15/2028

a

15,635

20,000

4.875%, 

9/15/2029

a

20,950

48,000

4.500%, 

2/15/2031

a

48,686

j2

Global,

Inc.,

Convertible

30,000

1.750%, 

11/1/2026

a

37,546

Lumentum

Holdings,

Inc.,

Convertible

15,000

0.250%, 

3/15/2024

22,013

Microchip

Technology,

Inc.,

Convertible

13,000

1.625%, 

2/15/2027

29,685

MSCI,

Inc.

40,000

4.000%, 

11/15/2029

a

42,348

NCR

Corporation

75,000

6.125%, 

9/1/2029

a

81,375

NortonLifeLock

,

Inc.,

Convertible

22,000

2.000%, 

8/15/2022

a

28,094

Nuance

Communications,

Inc.,

Convertible

13,000

1.250%, 

4/1/2025

36,475

Open

Text

Corporation

50,000

4.125%, 

2/15/2030

a

51,375

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

10,150

35,000

4.000%, 

2/15/2028

a

35,919

Qorvo

,

Inc.

35,000

3.375%, 

4/1/2031

a

36,904

Rackspace

Technology

Global,

Inc.

35,000

5.375%, 

12/1/2028

a,f

34,388

Seagate

HDD

Cayman

69,000

3.125%, 

7/15/2029

a

66,730

45,000

3.375%, 

7/15/2031

a

43,875

Sensata

Technologies,

Inc.

60,000

3.750%, 

2/15/2031

a

60,410

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Technology

(2.3%)

-

continued

Shift4

Payments,

LLC

$

10,000

4.625%, 

11/1/2026

a

$

10,438

SS&C

Technologies,

Inc.

85,000

5.500%, 

9/30/2027

a

89,754

Switch,

Ltd.

45,000

3.750%, 

9/15/2028

a

45,675

Teradyne,

Inc.,

Convertible

3,000

1.250%, 

12/15/2023

10,365

Verint

Systems,

Inc.,

Convertible

7,000

0.250%, 

4/15/2026

a

6,762

Viavi

Solutions,

Inc.

32,000

3.750%, 

10/1/2029

a

32,070

Vishay

Intertechnology

,

Inc.,

Convertible

14,000

2.250%, 

6/15/2025

14,417

Total

1,136,819

Transportation

(0.9%)

AerCap

Holdings

NV

60,000

5.875%, 

10/10/2079

b

62,609

Air

Canada

10,000

3.875%, 

8/15/2026

a

10,090

Air

Transport

Services

Group,

Inc.,

Convertible

10,000

1.125%, 

10/15/2024

10,766

American

Airlines,

Inc.

40,000

11.750%, 

7/15/2025

a

49,500

70,000

5.500%, 

4/20/2026

a

73,587

5,000

5.750%, 

4/20/2029

a

5,387

Avis

Budget

Car

Rental,

LLC

40,000

5.375%, 

3/1/2029

a

42,276

Delta

Air

Lines,

Inc.

18,000

7.000%, 

5/1/2025

a

20,993

Greenbrier

Companies,

Inc.,

Convertible

9,000

2.875%, 

4/15/2028

a

9,392

JetBlue

Airways

Corporation,

Convertible

20,000

0.500%, 

4/1/2026

a

19,597

Meritor,

Inc.,

Convertible

17,000

3.250%, 

10/15/2037

17,825

Southwest

Airlines

Company,

Convertible

24,000

1.250%, 

5/1/2025

35,850

United

Airlines,

Inc.

35,000

4.375%, 

4/15/2026

a

35,919

45,000

4.625%, 

4/15/2029

a

46,505

XPO

Logistics,

Inc.

10,000

6.250%, 

5/1/2025

a

10,555

Total

450,851

U.S.

Government

&

Agencies

(7.0%)

U.S.

Treasury

Bonds

1,100,000

1.125%, 

2/15/2031

1,065,453

U.S.

Treasury

Notes

2,435,000

0.375%, 

1/31/2026

2,382,686

Total

3,448,139

Utilities

(2.3%)

Calpine

Corporation

60,000

4.500%, 

2/15/2028

a

61,200

Dominion

Energy,

Inc.

111,000

4.650%, 

12/15/2024

b,c

118,915

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income

(58.6%)

Value

Utilities

(2.3%)

-

continued

Duke

Energy

Corporation

$

102,000

3.250%, 

1/15/2082

b

$

101,528

51,000

4.875%, 

9/16/2024

b,c

54,506

Energy

Transfer,

LP

84,000

6.500%, 

11/15/2026

b,c

87,475

NextEra

Energy

Operating

Partners,

LP

60,000

3.875%, 

10/15/2026

a

63,795

NextEra

Energy

Partners,

LP,

Convertible

29,000

Zero

Coupon, 

11/15/2025

a

30,740

NiSource,

Inc.

77,000

5.650%, 

6/15/2023

b,c

81,235

NRG

Energy,

Inc.

60,000

3.375%, 

2/15/2029

a

59,216

15,000

5.250%, 

6/15/2029

a

15,956

NRG

Energy,

Inc.,

Convertible

16,000

2.750%, 

6/1/2048

18,768

Sempra

Energy

40,000

4.875%, 

10/15/2025

b,c

43,400

Southern

Company

120,000

4.000%, 

1/15/2051

b

126,849

64,000

3.750%, 

9/15/2051

b

65,203

Suburban

Propane

Partners,

LP

40,000

5.875%, 

3/1/2027

41,700

20,000

5.000%, 

6/1/2031

a

20,750

Talen

Energy

Supply,

LLC

20,000

7.625%, 

6/1/2028

a

18,750

TerraForm

Power

Operating,

LLC

55,000

5.000%, 

1/31/2028

a

59,056

Vistra

Operations

Company,

LLC

40,000

5.000%, 

7/31/2027

a

41,300

Total

1,110,342

Total

Long-Term

Fixed

Income

(cost

$28,159,247)

28,864,045

Shares

Registered

Investment

Companies

(

29.4%

)

Value

Unaffiliated  (19.5%)

46,200

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

191,730

20,056

AllianceBernstein

Global

High

Income

Fund,

Inc.

246,087

15,891

Barings

Global

Short

Duration

High

Yield

Fund

271,736

16,172

BlackRock

Core

Bond

Trust

267,808

9,409

BlackRock

Corporate

High

Yield

Fund,

Inc.

114,790

19,851

BlackRock

Credit

Allocation

Income

Trust

300,743

161

BlackRock

Enhanced

Equity

Dividend

Trust

1,578

16,457

BlackRock

Enhanced

Global

Dividend

Trust

192,711

13,213

BlackRock

Multi-Sector

Income

Trust

247,215

58,708

BNY

Mellon

High

Yield

Strategies

Fund

189,627

3,018

Brookfield

Real

Assets

Income

Fund,

Inc.

63,106

15,232

Delaware

Ivy

High

Income

Opportunities

Fund

f

208,221

Shares

Registered

Investment

Companies

(29.4%)

Value

Unaffiliated  (19.5%)-

continued

20,810

Eaton

Vance

Limited

Duration

Income

Fund

$

274,276

5,296

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

52,907

17,166

First

Trust

High

Income

Long/Short

Fund

272,768

19,943

First

Trust

Senior

Floating

Rate

Income

Fund

II

244,102

23,465

Invesco

Dynamic

Credit

Opportunities

Fund

274,540

25,400

Invesco

Senior

Loan

ETF

561,594

3,500

Invesco

Variable

Rate

Preferred

ETF

f

91,770

18,080

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

f

701,685

156

Madison

Covered

Call

&

Equity

Strategy

Fund

1,225

27,036

New

America

High

Income

Fund,

Inc.

258,194

35,362

Nuveen

Credit

Strategies

Income

Fund

231,975

14,492

Nuveen

Global

High

Income

Fund

232,741

17,608

Nuveen

Senior

Income

Fund

103,007

15,237

Nuveen

Short

Duration

Credit

Opportunities

Fund

230,079

18,911

PGIM

Global

High

Yield

Fund,

Inc.

291,229

17,482

PGIM

High

Yield

Bond

Fund,

Inc.

283,908

5,590

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

118,117

9,162

Pioneer

High

Income

Fund,

Inc.

89,421

14,253

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

f

1,558,708

19,499

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

534,078

20,304

Templeton

Emerging

Markets

Income

Fund

157,153

3,102

Tri-Continental

Corporation

103,545

6,652

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

98,649

5,363

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

46,122

14,269

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

84,187

4,814

Wells

Fargo

Global

Dividend

Opportunity

Fund

26,573

27,776

Wells

Fargo

Income

Opportunities

Fund

244,429

27,087

Western

Asset

High

Income

Opportunity

Fund,

Inc.

140,582

Total

9,602,916

Affiliated  (9.9%)

501,996

Thrivent

Core

Emerging

Markets

Debt

Fund

4,899,483

Total

4,899,483

Total

Registered

Investment

Companies

(cost

$14,264,581)

14,502,399

Shares

Preferred

Stock

(

6.7%

)

Value

Communications

Services

(0.9%)

10,950

AT&T,

Inc.,

4.750%

c

288,751

5,000

Telephone

and

Data

Systems,

Inc.

6.000%

c

126,250

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Shares

Preferred

Stock

(6.7%)

Value

Communications

Services

(0.9%)

-

continued

212

ViacomCBS

,

Inc.,

Convertible,

5.750%

$

13,850

Total

428,851

Consumer

Staples

(0.1%)

2,000

CHS,

Inc.,

6.750%

b,c

56,240

Total

56,240

Energy

(0.3%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

c

105,245

525

Energy

Transfer,

LP,

7.600%

b,c

13,314

1,415

NuStar

Logistics,

LP,

6.860%

b

35,233

Total

153,792

Financials

(4.1%)

3,750

Aegon

Funding

Corporation

II,

5.100%

99,225

7,000

Allstate

Corporation,

5.100%

c

191,660

4,200

American

International

Group,

Inc.

5.850%

c

114,156

1,000

Bank

of

America

Corporation,

5.000%

c

26,750

1,089

Bank

of

America

Corporation,

5.375%

c

29,327

11

Bank

of

America

Corporation,

Convertible,

7.250%

c

15,867

4,250

Capital

One

Financial

Corporation,

5.000%

c

112,497

2,000

Citigroup

Capital

XIII,

6.499%

b

55,500

4,900

Equitable

Holdings,

Inc.,

5.250%

c

132,447

65

First

Horizon

Bank,

3.750%

a,b,c

55,433

2,000

First

Horizon

Corporation,

6.500%

c

54,780

313

GMAC

Capital

Trust

I,

5.910%

b

7,900

5,700

J.P.

Morgan

Chase

&

Company,

4.200%

c,g

143,925

1,450

J.P.

Morgan

Chase

&

Company,

4.750%

c

37,888

1,700

J.P.

Morgan

Chase

&

Company,

5.750%

c

46,427

4,800

Morgan

Stanley,

5.850%

b,c

142,224

4,200

Morgan

Stanley,

7.125%

b,c

119,742

250

Synovus

Financial

Corporation,

5.875%

b,c

6,818

4,100

Truist

Financial

Corporation,

4.750%

c

108,855

7,000

Wells

Fargo

&

Company,

4.250%

c

175,280

5,000

Wells

Fargo

&

Company,

4.750%

c

130,950

146

Wells

Fargo

&

Company,

Convertible,

7.50%

c

216,372

Total

2,024,023

Health

Care

(0.1%)

302

Becton,

Dickinson

and

Company,

Convertible,

6.000%

16,302

237

Boston

Scientific

Corporation,

Convertible,

5.500%

27,587

5

Danaher

Corporation,

Convertible,

5.000%

8,112

Total

52,001

Industrials

(0.1%)

18

Fluor

Corporation,

Convertible,

6.500%

a,c

17,966

Shares

Preferred

Stock

(6.7%)

Value

Industrials

(0.1%)

-

continued

180

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

$

18,943

Total

36,909

Real

Estate

(0.3%)

4,775

Public

Storage,

4.125%

c

124,627

800

Public

Storage,

4.625%

c

21,824

200

Public

Storage,

4.700%

c

5,424

325

Public

Storage,

4.875%

c

8,912

Total

160,787

Utilities

(0.8%)

195

AES

Corporation,

Convertible,

6.875%

f

18,798

166

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

7,913

106

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

5,270

6,575

CMS

Energy

Corporation,

4.200%

c

164,112

182

Essential

Utilities,

Inc.,

Convertible

6.000%

10,445

473

NextEra

Energy,

Inc.,

Convertible,

4.872%

27,722

37

NiSource,

Inc.,

Convertible,

7.750%

3,828

4,700

Southern

Company,

4.950%

124,315

187

Southern

Company,

Convertible,

6.750%

9,539

Total

371,942

Total

Preferred

Stock

(cost

$3,222,921)

3,284,545

Shares

Collateral

Held

for

Securities

Loaned

(

4.6%

)

Value

2,256,086

Thrivent

Cash

Management

Trust

2,256,086

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,256,086)

2,256,086

Shares

Common

Stock

(

3.0%

)

Value

Communications

Services

(0.3%)

4

Cable

One,

Inc.

7,252

118

Charter

Communications,

Inc.

g

85,852

478

Twitter,

Inc.

g

28,866

70

ViacomCBS

,

Inc.

2,766

31

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

g

473

Total

125,209

Consumer

Discretionary

(0.1%)

206

Bloomin

'

Brands,

Inc.

g

5,150

9

Booking

Holdings,

Inc.

g

21,365

93

Dick's

Sporting

Goods,

Inc.

11,138

248

Ford

Motor

Company

g

3,512

588

Under

Armour

,

Inc.,

Class

C

g

10,302

Total

51,467

Consumer

Staples

(<0.1%)

247

Bunge,

Ltd.

20,086

Total

20,086

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Shares

Common

Stock

(3.0%)

Value

Energy

(0.3%)

221

Cheniere

Energy,

Inc.

g

$

21,585

400

Enterprise

Products

Partners,

LP

8,656

1,000

Kinder

Morgan,

Inc.

16,730

500

MPLX,

LP

14,235

191

Pioneer

Natural

Resources

Company

31,803

300

TC

Energy

Corporation

14,427

675

Williams

Companies,

Inc.

17,510

Total

124,946

Financials

(0.9%)

1,878

AG

Mortgage

Investment

Trust,

Inc.

21,466

6,458

Annaly

Capital

Management,

Inc.

54,376

1,700

Apollo

Commercial

Real

Estate

Finance,

Inc.

25,211

140

Ares

Capital

Corporation

2,846

511

Bank

of

America

Corporation

21,692

3,200

BlackRock

TCP

Capital

Corporation

43,424

266

Blackstone

Mortgage

Trust,

Inc.

8,065

1,900

Chimera

Investment

Corporation

28,215

1,784

FS

KKR

Capital

Corporation

39,319

2,829

Golub

Capital

BDC,

Inc.

44,726

2,611

Granite

Point

Mortgage

Trust,

Inc.

34,387

50

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

2,674

729

KKR

&

Company,

Inc.

44,382

1,637

Sixth

Street

Specialty

Lending,

Inc.

36,358

299

Starwood

Property

Trust,

Inc.

7,299

4,747

Two

Harbors

Investment

Corporation

30,096

493

Wells

Fargo

&

Company

22,880

Total

467,416

Health

Care

(0.3%)

114

Anthem,

Inc.

42,499

30

Becton,

Dickinson

and

Company

7,375

97

Boston

Scientific

Corporation

g

4,209

292

Danaher

Corporation

88,897

22

Illumina,

Inc.

g

8,923

Total

151,903

Industrials

(0.2%)

137

Aerojet

Rocketdyne

Holdings,

Inc.

5,966

295

Chart

Industries,

Inc.

g

56,378

120

Fortive

Corporation

8,468

159

Greenbrier

Companies,

Inc.

6,835

137

JetBlue

Airways

Corporation

g

2,095

130

Patrick

Industries,

Inc.

10,829

157

Southwest

Airlines

Company

g

8,075

Total

98,646

Information

Technology

(0.7%)

31

Akamai

Technologies,

Inc.

g

3,242

123

Broadcom,

Ltd.

59,646

241

II-VI,

Inc.

g

14,306

73

j2

Global,

Inc.

g

9,973

216

Lumentum

Holdings,

Inc.

g

18,045

140

Microchip

Technology,

Inc.

21,489

214

Motorola

Solutions,

Inc.

49,717

149

NortonLifeLock

,

Inc.

3,770

1,146

ON

Semiconductor

Corporation

g

52,452

1,840

Sabre

Corporation

g

21,786

15

ServiceNow

,

Inc.

g

9,334

Shares

Common

Stock

(3.0%)

Value

Information

Technology

(0.7%)

-

continued

192

Square,

Inc.

g

$

46,049

188

SunPower

Corporation

g

4,264

65

Teradyne,

Inc.

7,096

153

Western

Digital

Corporation

g

8,635

Total

329,804

Real

Estate

(0.2%)

2,344

AGNC

Investment

Corporation

36,965

185

iStar

,

Inc.

4,639

728

Lexington

Realty

Trust

9,282

105

MGIC

Investment

Corporation

1,571

4,394

New

Residential

Investment

Corporation

48,334

Total

100,791

Utilities

(<0.1%)

39

American

Electric

Power

Company,

Inc.

3,166

51

NextEra

Energy

Partners,

LP

3,843

99

NextEra

Energy,

Inc.

7,774

141

NRG

Energy,

Inc.

5,757

Total

20,540

Total

Common

Stock

(cost

$1,381,827)

1,490,808

Shares

Short-Term

Investments

(

2.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

104,312

0.120%

1,043,116

Total

Short-Term

Investments

(cost

$1,043,061)

1,043,116

Total

Investments

(cost

$50,327,723)

104.4%

$51,440,999

Other

Assets

and

Liabilities,

Net

(4.4%)

(2,164,959)

Total

Net

Assets

100.0%

$49,276,040

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,

2021,

the

value

of

these

investments

was

$12,688,250

or

25.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2021.

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

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,

2021.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Non-income

producing

security.

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

146,208

Common

Stock

2,038,853

Total

lending

$2,185,061

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,256,086

Net

amounts

due

to

counterparty

$71,025

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

1,054,089

–

1,054,089

–

Capital

Goods

1,789,812

–

1,789,812

–

Collateralized

Mortgage

Obligations

73,234

–

73,234

–

Communications

Services

2,339,739

–

2,339,739

–

Consumer

Cyclical

3,227,114

–

3,227,114

–

Consumer

Non-Cyclical

2,468,161

–

2,468,161

–

Energy

2,715,375

–

2,715,375

–

Financials

9,050,370

–

9,050,370

–

Technology

1,136,819

–

1,136,819

–

Transportation

450,851

–

450,851

–

U.S.

Government

&

Agencies

3,448,139

–

3,448,139

–

Utilities

1,110,342

–

1,110,342

–

Registered

Investment

Companies

Unaffiliated

9,602,916

9,602,916

–

–

Preferred

Stock

Communications

Services

428,851

428,851

–

–

Consumer

Staples

56,240

56,240

–

–

Energy

153,792

153,792

–

–

Financials

2,024,023

1,968,590

55,433

–

Health

Care

52,001

52,001

–

–

Industrials

36,909

18,943

17,966

–

Real

Estate

160,787

160,787

–

–

Utilities

371,942

371,942

–

–

Common

Stock

Communications

Services

125,209

124,736

473

–

Consumer

Discretionary

51,467

51,467

–

–

Consumer

Staples

20,086

20,086

–

–

Energy

124,946

124,946

–

–

Financials

467,416

467,416

–

–

Health

Care

151,903

151,903

–

–

Industrials

98,646

98,646

–

–

Information

Technology

329,804

329,804

–

–

Real

Estate

100,791

100,791

–

–

Utilities

20,540

20,540

–

–

Subtotal

Investments

in

Securities

$43,242,314

$14,304,397

$28,937,917

$–

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

4,899,483

Affiliated

Short-Term

Investments

1,043,116

Collateral

Held

for

Securities

Loaned

2,256,086

Subtotal

Other

Investments

$8,198,685

Total

Investments

at

Value

$51,440,999

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$2,796

$2,312

$–

$4,899

502

9.9%

Total

Affiliated

Registered

Investment

Companies

2,796

4,899

9.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

678

33,930

33,565

1,043

104

2.1

Total

Affiliated

Short-Term

Investments

678

1,043

2.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

173

28,793

26,710

2,256

2,256

4.6

Total

Collateral

Held

for

Securities

Loaned

173

2,256

4.6

Total

Value

$3,647

$8,198

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(209)

$

–

$122

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

0

0

–

2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$124

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$0

$(209)

$

–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Bank

Loans

(

16.5%

)

a

Value

Basic

Materials

(1.3%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

82,237

4.621%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

82,066

Flexsys,

Inc./Ohio,

Term

Loan

535,000

0.000%, 

(LIBOR

1M

+

5.250%),

8/12/2028

b,c,d,e

532,325

Hexion,

Inc.,

Term

Loan

305,315

3.650%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

305,315

Innophos

Holdings,

Inc.,

Term

Loan

305,350

3.834%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,e

305,732

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

286,408

3.340%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

285,780

Nouryon

USA,

LLC,

Term

Loan

659,860

2.832%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

655,076

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

539,408

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

538,173

Venator

Finance

SARL,

Term

Loan

382,016

3.084%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

376,446

Total

3,080,913

Capital

Goods

(1.5%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

606,586

3.145%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

602,728

39,900

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

39,806

Gemini

HDPE,

LLC,

Term

Loan

469,003

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

469,002

Grinding

Media,

Inc.,

Term

Loan

535,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/22/2028

b,c,d,e

535,669

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

430,060

3.334%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

420,853

MI

Windows

and

Doors,

Inc.,

Term

Loan

292,788

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

293,153

Natgasoline,

LLC,

Term

Loan

364,687

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,e

363,776

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

208,425

3.334%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

206,862

Quikrete

Holdings

Inc.,

Term

Loan

160,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,c,d

159,421

Principal

Amount

Bank

Loans

(16.5%)

a

Value

Capital

Goods

(1.5%)

-

continued

TricorBraun

Holdings,

Inc.,

Delayed

Draw

$

110,082

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

$

109,408

TricorBraun

Holdings,

Inc.,

Term

Loan

488,599

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

485,609

Total

3,686,287

Communications

Services

(3.6%)

Altice

France

SA,

Term

Loan

253,737

2.879%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

249,404

Cablevision

Lightpath,

LLC,

Term

Loan

476,400

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

476,757

CCI

Buyer,

Inc.,

Term

Loan

124,375

4.500%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

124,712

CommScope,

Inc.,

Term

Loan

774,200

3.334%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

769,524

DIRECTV

Financing,

LLC,

Term

Loan

600,000

5.750%, 

(LIBOR

3M

+

5.000%),

8/2/2027

b

600,186

E.W.

Scripps

Company,

Term

Loan

208,200

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

208,489

Entercom

Media

Corporation,

Term

Loan

414,327

2.585%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

407,855

iHeartCommunications,

Inc.,

Term

Loan

320,155

3.084%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

317,687

Indy

US

Bidco,

LLC,

Term

Loan

298,500

4.084%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b

299,034

Meredith

Corporation,

Term

Loan

410,840

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

419,056

Metronet

Systems

Holdings,

LLC,

Term

Loan

260,458

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

260,654

NEP

Group,

Inc.,

Term

Loan

607,874

3.334%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

584,064

Nexstar

Media,

Inc.,

Term

Loan

691,544

2.586%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

690,506

ORBCOMM,

Inc.,

Term

Loan

135,000

5.000%, 

(LIBOR

3M

+

4.250%),

9/1/2028

b

134,775

Radiate

Holdco,

LLC,

Term

Loan

1,131,450

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,129,821

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Bank

Loans

(16.5%)

a

Value

Communications

Services

(3.6%)

-

continued

Terrier

Media

Buyer,

Inc.,

Term

Loan

$

630,238

3.584%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

$

628,662

WideOpenWest

Finance,

LLC,

Term

Loan

295,516

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

295,392

Xplornet

Communications,

Inc.,

Term

Loan

489,060

4.837%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

488,449

285,000

0.000%, 

(LIBOR

1M

+

4.000%),

9/30/2028

b,c,d,e

284,287

245,000

0.000%, 

(LIBOR

1M

+

7.000%),

9/30/2029

b,c,d

242,550

Total

8,611,864

Consumer

Cyclical

(2.3%)

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

11,875

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,c,d

11,908

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

95,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

95,261

CP

Atlas

Buyer,

Inc.,

Term

Loan

393,025

4.250%, 

(LIBOR

3M

+

3.750%),

11/23/2027

b

391,551

Golden

Entertainment,

Inc.,

Term

Loan

835,072

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

831,941

Golden

Nugget,

LLC,

Term

Loan

467,545

3.250%, 

(LIBOR

3M

+

2.500%),

10/4/2023

b

465,081

LCPR

Loan

Financing,

LLC,

Term

Loan

330,000

3.834%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

330,000

Michaels

Companies,

Inc.,

Term

Loan

543,638

5.000%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

543,882

Raptor

Acquisition

Corporation,

Term

Loan

90,000

4.750%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

90,248

Scientific

Games

International,

Inc.,

Term

Loan

1,540,305

2.834%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,532,804

Staples,

Inc.,

Term

Loan

167,706

4.626%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

162,857

300,511

5.126%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

286,033

Tenneco,

Inc.,

Term

Loan

573,936

3.084%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

568,317

Principal

Amount

Bank

Loans

(16.5%)

a

Value

Consumer

Cyclical

(2.3%)

-

continued

Truck

Hero,

Inc.,

Term

Loan

$

109,450

4.000%, 

(LIBOR

1M

+

3.250%),

2/24/2028

b

$

109,153

Total

5,419,036

Consumer

Non-Cyclical

(3.4%)

Adient

US,

LLC,

Term

Loan

144,637

3.584%, 

(LIBOR

1M

+

3.500%),

4/8/2028

b

144,577

Bausch

Health

Americas,

Inc.,

Term

Loan

768,493

3.084%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

767,340

Blue

Ribbon,

LLC,

Term

Loan

148,125

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

145,162

Chobani,

LLC,

Term

Loan

247,500

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

247,854

City

Brewing

Company,

LLC,

Term

Loan

220,000

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

217,708

CNT

Holdings

I

Corporation,

Term

Loan

318,400

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

318,601

90,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

91,350

Endo

Luxembourg

Finance

Company

I

Sarl,

Term

Loan

243,775

5.750%, 

(LIBOR

3M

+

5.000%),

3/25/2028

b

237,951

Gainwell

Acquisition

Corporation,

Term

Loan

527,343

4.750%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

528,113

Global

Medical

Response,

Inc.,

Term

Loan

163,625

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

164,116

1,245,000

0.000%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b,c,d

1,248,735

1,439,125

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,443,442

Herens

US

Holdco

Corporation,

Term

Loan

239,400

4.123%, 

(LIBOR

2M

+

4.000%),

7/2/2028

b

240,042

Mamba

Purchaser,

Inc.,

Term

Loan

50,000

0.000%, 

(LIBOR

1M

+

6.500%),

9/29/2029

b,c,d

50,000

Ortho-Clinical

Diagnostics

SA,

Term

Loan

671,906

3.083%, 

(LIBOR

1M

+

3.000%),

6/30/2025

b

671,066

PetSmart,

LLC,

Term

Loan

760,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

761,087

Precision

Medicine

Group,

LLC,

Delayed

Draw

61,731

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

61,705

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Bank

Loans

(16.5%)

a

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Precision

Medicine

Group,

LLC,

Term

Loan

$

469,720

3.750%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

$

469,522

Sotera

Health

Holdings,

LLC,

Term

Loan

309,000

3.250%, 

(LIBOR

1M

+

2.750%),

12/13/2026

b

307,971

Total

8,116,342

Energy

(0.2%)

GIP

II

Blue

Holding

LP,

Term

Loan

395,000

0.000%, 

(LIBOR

3M

+

4.500%),

9/22/2028

b,c,d

394,261

Lealand

Finance

Company

BV,

Term

Loan

133,882

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

59,711

Total

453,972

Financials

(0.9%)

Asurion,

LLC,

Term

Loan

208,425

3.334%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

205,223

677,101

3.334%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

666,775

415,000

5.334%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

413,531

Digicel

International

Finance,

Ltd.,

Term

Loan

397,928

3.430%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

383,754

NCR

Corporation,

Term

Loan

518,075

2.630%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b

512,247

Total

2,181,530

Technology

(2.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

464,456

3.629%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

454,429

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

420,719

5.750%, 

(LIBOR

1M

+

5.000%),

4/27/2027

b

423,172

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

453,862

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

454,239

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

312,596

3.584%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

311,946

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,427,825

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,425,712

Rackspace

Technology

Global,

Inc.,

Term

Loan

920,375

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

913,371

Principal

Amount

Bank

Loans

(16.5%)

a

Value

Technology

(2.2%)

-

continued

Redstone

Holdco

2

LP,

Term

Loan

$

271,932

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

$

267,173

155,053

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

150,789

Zayo

Group

Holdings,

Inc.,

Term

Loan

877,428

3.084%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

869,241

Total

5,270,072

Transportation

(0.9%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

870,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

899,119

Hertz

Corporation,

Term

Loan

74,812

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

74,824

14,135

4.000%, 

(LIBOR

1M

+

3.500%),

6/30/2028

b

14,137

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

355,730

SkyMiles

IP,

Ltd.,

Term

Loan

420,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

446,435

United

Airlines,

Inc.,

Term

Loan

283,575

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

285,316

Total

2,075,561

Utilities

(0.2%)

EnergySolutions,

LLC,

Term

Loan

271,232

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b,e

270,554

Osmose

Utilities

Services,

Inc.,

Term

Loan

60,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/17/2028

b

59,738

PG&E

Corporation,

Term

Loan

260,195

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

255,561

Total

585,853

Total

Bank

Loans

(cost

$39,331,491)

39,481,430

Principal

Amount

Long-Term

Fixed

Income

(

61.0%

)

Value

Asset-Backed

Securities

(5.5%)

510

Asset

Backed

Trust

200,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

g,h

199,893

275,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

g,h

274,626

522

Funding

CLO,

Ltd.

375,000

2.534%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,g

375,010

450,000

1.174%, 

(LIBOR

3M

+

1.040%),

10/20/2031,

Ser.

2018-3A,

Class

AR

b,g

450,145

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Asset-Backed

Securities

(5.5%)

-

continued

$

350,000

3.988%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,g

$

350,190

Anchorage

Capital

CLO

21,

Ltd.

400,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,g

400,000

Arch

Street

CLO,

Ltd.

275,000

3.584%, 

(LIBOR

3M

+

3.450%),

10/20/2028,

Ser.

2016-2A,

Class

DR2

b,g

274,100

Ares

LVII

CLO,

Ltd.

300,000

4.475%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,g

300,235

Babson

CLO,

Ltd.

500,000

3.034%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

490,773

Bardot

CLO,

Ltd.

475,000

2.015%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,d,g

475,000

Benefit

Street

Partners

CLO

II,

Ltd.

300,000

2.026%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,g

297,205

Benefit

Street

Partners

CLO,

Ltd.

400,000

2.259%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

b,g

400,247

Cent

CLO,

LP

425,000

2.425%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

425,082

College

Ave

Student

Loans,

LLC

118,449

1.736%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,g

119,709

Colony

American

Finance,

Ltd.

300,000

2.239%, 

3/26/2029,

Ser.

2021-RTL1,

Class

A1

g,h

300,504

Conn's

Receivables

Funding

22,958

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

g

22,973

Dryden

36

Senior

Loan

Fund

275,000

2.176%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

275,028

Education

Funding

Trust

393,815

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

g

403,038

Foundation

Finance

Trust

44,713

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

45,235

Freedom

ABS

Trust

40,171

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

g

40,268

Galaxy

XIX

CLO,

Ltd.

125,000

1.975%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,g

125,010

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Asset-Backed

Securities

(5.5%)

-

continued

Goldentree

Loan

Management

US

CLO

8,

Ltd.

$

450,000

2.090%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,g

$

450,083

Harley

Marine

Financing,

LLC

245,980

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

240,420

Longfellow

Place

CLO,

Ltd.

400,000

2.426%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,g

400,011

Mountain

View

CLO,

Ltd.

425,000

2.476%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,g

424,293

Neuberger

Berman

CLO,

Ltd.

425,000

3.126%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,g

425,001

OCP

CLO,

Ltd.

450,000

2.116%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,g

450,000

Octagon

Investment

Partners

50,

Ltd.

400,000

4.426%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,g

400,161

OHA

Credit

Funding

1,

Ltd.

360,000

1.584%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

360,035

OZLM

IX,

Ltd.

550,000

1.684%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

550,108

Palmer

Square

Loan

Funding,

Ltd.

250,000

2.384%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

250,079

Preston

Ridge

Partners

Mortgage

Trust,

LLC

350,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

g,h

349,498

Saxon

Asset

Securities

Trust

120,405

3.474%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

119,149

Shackleton

CLO,

Ltd.

250,000

2.315%, 

(LIBOR

3M

+

2.200%),

10/20/2034,

Ser.

2021-16A,

Class

C

b,d,g

250,026

Sound

Point

CLO

XXI,

Ltd.

700,000

1.575%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

700,074

Sound

Point

CLO,

Ltd.

450,000

2.363%, 

(LIBOR

3M

+

2.250%),

1/20/2032,

Ser.

2019-1A,

Class

CR

b,g

450,234

TCI-Flatiron

CLO,

Ltd.

710,000

2.334%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,g

711,206

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Asset-Backed

Securities

(5.5%)

-

continued

THL

Credit

Wind

River

CLO,

Ltd.

$

325,000

2.976%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

$

324,997

VCAT

Asset

Securitization,

LLC

100,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

100,025

Wind

River

CLO,

Ltd.

200,000

2.134%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,g

200,073

Total

13,199,744

Basic

Materials

(1.8%)

Alcoa

Nederland

Holding

BV

200,000

5.500%, 

12/15/2027

g

214,520

Anglo

American

Capital

plc

42,000

2.250%, 

3/17/2028

g

41,747

BWAY

Holding

Company

95,000

5.500%, 

4/15/2024

g

95,831

Chemours

Company

115,000

5.750%, 

11/15/2028

g

120,428

Cleveland-Cliffs,

Inc.

95,000

5.875%, 

6/1/2027

98,325

110,000

4.625%, 

3/1/2029

g

112,337

60,000

4.875%, 

3/1/2031

g

61,950

Consolidated

Energy

Finance

SA

135,000

6.875%, 

6/15/2025

g

139,725

200,000

5.625%, 

10/15/2028

d,g

200,000

DuPont

de

Nemours,

Inc.

42,000

4.725%, 

11/15/2028

49,389

First

Quantum

Minerals,

Ltd.

130,000

7.500%, 

4/1/2025

g

133,358

90,000

6.875%, 

10/15/2027

g

95,175

Freeport-McMoRan,

Inc.

140,000

4.125%, 

3/1/2028

145,075

215,000

4.250%, 

3/1/2030

227,631

Glencore

Funding,

LLC

63,000

4.000%, 

3/27/2027

g

69,283

Hecla

Mining

Company

45,000

7.250%, 

2/15/2028

48,472

Hudbay

Minerals,

Inc.

135,000

4.500%, 

4/1/2026

g

133,650

Ingevity

Corporation

200,000

3.875%, 

11/1/2028

g

199,500

Kraton

Polymers,

LLC

165,000

4.250%, 

12/15/2025

g

172,425

LYB

International

Finance

III,

LLC

59,000

1.250%, 

10/1/2025

58,950

Mercer

International,

Inc.

135,000

5.125%, 

2/1/2029

137,869

Mosaic

Company

19,000

3.250%, 

11/15/2022

19,543

63,000

4.050%, 

11/15/2027

70,794

Novelis

Corporation

75,000

3.250%, 

11/15/2026

g

76,064

40,000

4.750%, 

1/30/2030

g

42,108

50,000

3.875%, 

8/15/2031

g

49,453

Nutrien,

Ltd.

42,000

4.000%, 

12/15/2026

46,875

OCI

NV

98,000

4.625%, 

10/15/2025

g

102,900

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Basic

Materials

(1.8%)

-

continued

Olin

Corporation

$

195,000

5.125%, 

9/15/2027

$

202,556

SCIH

Salt

Holdings,

Inc.

110,000

4.875%, 

5/1/2028

g

110,550

Southern

Copper

Corporation

83,000

3.875%, 

4/23/2025

89,806

SPCM

SA

134,000

3.375%, 

3/15/2030

g

133,896

SunCoke

Energy,

Inc.

80,000

4.875%, 

6/30/2029

g

79,700

Syngenta

Finance

NV

83,000

5.182%, 

4/24/2028

g

93,260

Unifrax

Escrow

Issuer

Corporation

119,000

5.250%, 

9/30/2028

g

120,488

United

States

Steel

Corporation

224,000

6.875%, 

3/1/2029

238,832

Venator

Finance

SARL

120,000

5.750%, 

7/15/2025

g

113,400

Westlake

Chemical

Corporation

42,000

3.600%, 

8/15/2026

46,114

Xstrata

Finance

Canada,

Ltd.

57,000

4.950%, 

11/15/2021

g

57,187

Total

4,249,166

Capital

Goods

(2.6%)

AECOM

200,000

5.125%, 

3/15/2027

221,500

Amsted

Industries,

Inc.

120,000

5.625%, 

7/1/2027

g

125,222

Ardagh

Packaging

Finance

plc

200,000

5.250%, 

8/15/2027

g

203,601

Boeing

Company

94,000

4.875%, 

5/1/2025

104,614

61,000

2.196%, 

2/4/2026

61,450

63,000

3.250%, 

3/1/2028

65,937

84,000

5.150%, 

5/1/2030

98,590

Bombardier,

Inc.

35,000

7.125%, 

6/15/2026

g

36,750

135,000

7.875%, 

4/15/2027

g

139,958

110,000

6.000%, 

2/15/2028

g

111,237

Brand

Industrial

Services,

Inc.

55,000

8.500%, 

7/15/2025

g

55,206

Builders

FirstSource,

Inc.

80,000

5.000%, 

3/1/2030

g

85,250

BWAY

Holding

Company

145,000

7.250%, 

4/15/2025

g

144,116

Carrier

Global

Corporation

63,000

2.722%, 

2/15/2030

65,177

Caterpillar

Financial

Services

Corporation

41,000

1.450%, 

5/15/2025

41,783

CNH

Industrial

Capital,

LLC

25,000

1.950%, 

7/2/2023

25,554

Coinbase

Global,

Inc.

34,000

3.375%, 

10/1/2028

g

32,668

Cornerstone

Building

Brands,

Inc.

185,000

6.125%, 

1/15/2029

g

196,650

Covanta

Holding

Corporation

120,000

6.000%, 

1/1/2027

124,396

50,000

5.000%, 

9/1/2030

50,500

CP

Atlas

Buyer,

Inc.

125,000

7.000%, 

12/1/2028

g

125,312

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Capital

Goods

(2.6%)

-

continued

Crown

Cork

&

Seal

Company,

Inc.

$

170,000

7.375%, 

12/15/2026

$

209,950

General

Electric

Company

133,000

3.446%, 

(LIBOR

3M

+

3.330%),

12/15/2021

b,i

130,174

42,000

3.625%, 

5/1/2030

46,670

GFL

Environmental,

Inc.

103,000

4.000%, 

8/1/2028

g

102,227

105,000

3.500%, 

9/1/2028

g

105,656

H&E

Equipment

Services,

Inc.

230,000

3.875%, 

12/15/2028

g

229,103

Howmet

Aerospace,

Inc.

6,000

6.875%, 

5/1/2025

7,020

126,000

3.000%, 

1/15/2029

127,084

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

71,109

JELD-WEN,

Inc.

90,000

4.625%, 

12/15/2025

g

91,380

70,000

4.875%, 

12/15/2027

g

72,943

John

Deere

Capital

Corporation

63,000

1.500%, 

3/6/2028

62,587

KBR,

Inc.,

Convertible

71,000

2.500%, 

11/1/2023

113,778

Meritage

Homes

Corporation

63,000

3.875%, 

4/15/2029

g

66,150

Meritor,

Inc.

75,000

4.500%, 

12/15/2028

g

75,188

Nesco

Holdings

II,

Inc.

75,000

5.500%, 

4/15/2029

g

77,790

New

Enterprise

Stone

and

Lime

Company,

Inc.

176,000

5.250%, 

7/15/2028

d,g

177,980

Otis

Worldwide

Corporation

61,000

2.056%, 

4/5/2025

63,031

Owens-Brockway

Glass

Container,

Inc.

125,000

5.875%, 

8/15/2023

g

132,188

Pactiv

Evergreen

Group

100,000

4.375%, 

10/15/2028

g

100,375

Parker-Hannifin

Corporation

42,000

2.700%, 

6/14/2024

44,080

Patrick

Industries,

Inc.,

Convertible

53,000

1.000%, 

2/1/2023

59,956

PGT

Innovations,

Inc.

136,000

4.375%, 

10/1/2029

g

137,020

Raytheon

Technologies

Corporation

42,000

4.125%, 

11/16/2028

47,804

Republic

Services,

Inc.

42,000

3.950%, 

5/15/2028

47,382

Roper

Technologies,

Inc.

39,000

2.350%, 

9/15/2024

40,834

Siemens

Financieringsmaatschappij

NV

63,000

1.700%, 

3/11/2028

g

62,774

SRM

Escrow

Issuer,

LLC

185,000

6.000%, 

11/1/2028

g

195,869

Standard

Industries,

Inc.

175,000

4.375%, 

7/15/2030

g

178,500

Sunpower

Corporation,

Convertible

18,000

4.000%, 

1/15/2023

22,026

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Capital

Goods

(2.6%)

-

continued

Textron,

Inc.

$

63,000

3.650%, 

3/15/2027

$

69,075

Titan

Acquisition,

Ltd.

45,000

7.750%, 

4/15/2026

g

45,978

TransDigm,

Inc.

145,000

6.250%, 

3/15/2026

g

151,163

325,000

5.500%, 

11/15/2027

333,938

20,000

4.625%, 

1/15/2029

19,965

United

Rentals

North

America,

Inc.

150,000

4.875%, 

1/15/2028

158,586

100,000

4.000%, 

7/15/2030

103,750

United

Technologies

Corporation

63,000

3.950%, 

8/16/2025

69,383

Victors

Merger

Corporation

81,000

6.375%, 

5/15/2029

g

77,558

W.W.

Grainger,

Inc.

41,000

1.850%, 

2/15/2025

42,258

Waste

Pro

USA,

Inc.

55,000

5.500%, 

2/15/2026

g

55,550

WESCO

Distribution,

Inc.

190,000

7.250%, 

6/15/2028

g

210,425

Total

6,351,728

Collateralized

Mortgage

Obligations

(6.7%)

Banc

of

America

Alternative

Loan

Trust

143,063

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

143,160

Banc

of

America

Funding

Trust

131,239

5.500%, 

1/25/2036,

Ser.

2005-8,

Class

1A1

128,657

Banc

of

America

Mortgage

Securities

Trust

133,935

2.444%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

135,740

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

99,529

1.675%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

94,471

35,030

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

35,974

Bellemeade

Re,

Ltd.

317,360

1.686%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

317,561

Business

Jet

Securities,

LLC

135,115

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

g

136,867

ChaseFlex

Trust

183,226

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

171,480

CHL

Mortgage

Pass-Through

Trust

166,993

2.759%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

154,703

103,552

2.664%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

108,833

83,011

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

59,587

CIM

Trust

122,153

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

128,278

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Collateralized

Mortgage

Obligations

(6.7%)

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

392,158

2.901%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

$

394,469

Countrywide

Alternative

Loan

Trust

104,882

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

103,682

154,603

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

140,571

59,754

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

54,735

22,134

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

21,220

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

91,347

2.580%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

87,515

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

142,431

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

145,330

Eagle

Re,

Ltd.

451,174

1.886%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

451,963

Federal

Home

Loan

Mortgage

Corporation

503,955

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

58,361

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,871,681

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

330,985

431,327

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

21,351

366,220

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

20,434

467,030

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

54,270

594,352

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

42,386

Federal

National

Mortgage

Association

-

REMIC

313,765

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

15,756

497,015

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

22,345

717,518

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

30,888

1,109,183

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

66,943

651,541

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

31,498

288,791

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

14,085

852,500

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

41,725

1,244,985

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

60,036

533,842

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

27,947

625,461

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

30,095

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Collateralized

Mortgage

Obligations

(6.7%)

-

continued

$

402,814

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

$

39,911

4,626,474

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

j

296,766

2,456,472

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

j

131,115

First

Horizon

Alternative

Mortgage

Securities

Trust

48,740

2.556%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

47,837

Flagstar

Mortgage

Trust

300,000

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,g

308,625

FWD

Securitization

Trust

217,710

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,g

221,536

Genworth

Mortgage

Insurance

Corporation

200,000

2.136%, 

(LIBOR

1M

+

2.050%),

10/25/2033,

Ser.

2021-2,

Class

M1A

b,g

201,500

350,000

1.950%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,g

350,864

GMAC

Mortgage

Corporation

Loan

Trust

54,303

3.132%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

53,398

13,619

0.586%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

21,232

6,162

3.141%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

5,778

GSAA

Home

Equity

Trust

76,740

4.536%, 

8/25/2034,

Ser.

2004-10,

Class

M2

h

80,309

Home

Equity

Asset

Trust

301,220

1.406%, 

(LIBOR

1M

+

1.320%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

303,939

Homeward

Opportunities

Fund

I

Trust

400,000

5.684%, 

11/25/2058,

Ser.

2018-2,

Class

B2

b,g

405,035

IndyMac

IMJA

Mortgage

Loan

Trust

88,746

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

56,020

IndyMac

INDA

Mortgage

Loan

Trust

631,480

2.886%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

595,888

IndyMac

INDX

Mortgage

Loan

Trust

568,086

0.506%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

545,810

J.P.

Morgan

Alternative

Loan

Trust

69,603

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

54,666

J.P.

Morgan

Mortgage

Trust

49,241

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

53,864

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Collateralized

Mortgage

Obligations

(6.7%)

-

continued

$

52,162

2.659%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

$

52,838

Legacy

Mortgage

Asset

Trust

385,579

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

387,962

Long

Beach

Mortgage

Loan

Trust

303,964

1.586%, 

(LIBOR

1M

+

1.500%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

314,127

Master

Asset

Securitization

Trust

337,175

0.586%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

64,956

MASTR

Alternative

Loans

Trust

60,191

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

61,190

Merrill

Lynch

Alternative

Note

Asset

Trust

84,164

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

51,005

Merrill

Lynch

Mortgage

Investors

Trust

184,801

2.989%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

118,273

New

York

Mortgage

Trust

124,513

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,g

125,571

Oaktown

Re

III,

Ltd.

35,286

1.486%, 

(LIBOR

1M

+

1.400%),

7/25/2029,

Ser.

2019-1A,

Class

M1A

b,g

35,295

Palmer

Square

Loan

Funding,

Ltd.

300,000

1.921%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,g

300,216

Preston

Ridge

Partners

Mortgage

Trust,

LLC

447,117

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

448,241

316,708

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

317,904

203,097

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

204,399

Pretium

Mortgage

Credit

Partners,

LLC

225,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

g,h

224,728

250,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

g,h

249,502

Renaissance

Home

Equity

Loan

Trust

221,429

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

129,547

Residential

Accredit

Loans,

Inc.

Trust

181,699

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

178,686

72,022

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

70,198

132,806

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

127,561

80,105

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

78,706

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Collateralized

Mortgage

Obligations

(6.7%)

-

continued

Residential

Asset

Securitization

Trust

$

359,633

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

$

375,651

Silver

Hill

Trust

246,962

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

251,647

Stanwich

Mortgage

Loan

Trust

20,089

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

20,118

Starwood

Mortgage

Residential

Trust

400,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

410,600

Structured

Asset

Mortgage

Investments,

Inc.

112,092

0.706%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

109,112

Toorak

Mortgage

Corporation,

Ltd.

450,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

452,069

Vericrest

Opportunity

Loan

Transferee

350,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

g,h

350,213

400,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

g,h

400,114

450,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

g,h

449,728

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

g,h

199,833

250,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

g,h

249,974

325,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

g,h

324,780

Wachovia

Asset

Securitization,

Inc.

114,768

0.226%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,g,k

109,973

WaMu

Mortgage

Pass

Through

Certificates

96,819

3.050%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

97,920

Washington

Mutual

Mortgage

Pass-Through

Certificates

116,929

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

116,778

Wells

Fargo

Home

Equity

Trust

89,874

0.836%, 

(LIBOR

1M

+

0.750%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

88,632

ZH

Trust

Revolving

Single

Family

Home

Notes

385,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

g

385,123

425,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

d,g

424,999

Total

16,016,163

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

$

325,000

1.784%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

$

327,017

Total

327,017

Communications

Services

(4.0%)

Altice

France

SA

45,000

8.125%, 

2/1/2027

g

48,420

110,000

5.125%, 

7/15/2029

g

107,852

200,000

5.500%, 

10/15/2029

d,g

197,976

AMC

Networks,

Inc.

155,000

4.250%, 

2/15/2029

154,225

American

Tower

Corporation

49,000

3.375%, 

5/15/2024

52,203

84,000

4.400%, 

2/15/2026

93,836

41,000

1.450%, 

9/15/2026

40,809

63,000

3.800%, 

8/15/2029

69,861

AT&T,

Inc.

86,000

4.450%, 

4/1/2024

93,181

84,000

1.700%, 

3/25/2026

85,040

63,000

4.300%, 

2/15/2030

72,297

Cable

One,

Inc.,

Convertible

74,000

1.125%, 

3/15/2028

g

75,083

CCO

Holdings,

LLC

77,000

5.500%, 

5/1/2026

g

79,409

190,000

5.125%, 

5/1/2027

g

197,849

155,000

4.750%, 

3/1/2030

g

162,049

160,000

4.250%, 

1/15/2034

g

158,500

Cengage

Learning,

Inc.

195,000

9.500%, 

6/15/2024

g

199,551

Charter

Communications

Operating,

LLC

60,000

4.500%, 

2/1/2024

64,914

59,000

4.908%, 

7/23/2025

66,353

63,000

5.050%, 

3/30/2029

73,766

Clear

Channel

Worldwide

Holdings,

Inc.

160,000

7.750%, 

4/15/2028

g

168,400

Comcast

Corporation

39,000

3.700%, 

4/15/2024

41,945

39,000

3.950%, 

10/15/2025

43,263

50,000

2.350%, 

1/15/2027

52,443

105,000

3.400%, 

4/1/2030

115,640

Consolidated

Communications,

Inc.

60,000

5.000%, 

10/1/2028

g

61,950

Crown

Castle

International

Corporation

42,000

3.800%, 

2/15/2028

46,186

CSC

Holdings,

LLC

95,000

5.375%, 

2/1/2028

g

99,275

310,000

4.125%, 

12/1/2030

g

304,187

Cumulus

Media

New

Holdings,

Inc.

130,000

6.750%, 

7/1/2026

g,l

134,550

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

g

35,182

DIRECTV

Holdings,

LLC

40,000

5.875%, 

8/15/2027

g

41,750

Discovery

Communications,

LLC

40,000

2.950%, 

3/20/2023

41,381

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Communications

Services

(4.0%)

-

continued

DISH

DBS

Corporation

$

95,000

7.375%, 

7/1/2028

$

100,745

Entercom

Media

Corporation

125,000

6.500%, 

5/1/2027

g

127,855

Fox

Corporation

73,000

4.030%, 

1/25/2024

78,324

42,000

4.709%, 

1/25/2029

48,927

Front

Range

BidCo,

Inc.

170,000

4.000%, 

3/1/2027

g

169,189

100,000

6.125%, 

3/1/2028

g

101,378

Frontier

Communications

Corporation

110,000

5.875%, 

10/15/2027

g

116,875

GCI,

LLC

125,000

4.750%, 

10/15/2028

g

131,225

Gray

Television,

Inc.

115,000

4.750%, 

10/15/2030

g

112,987

Hughes

Satellite

Systems

Corporation

60,000

6.625%, 

8/1/2026

68,222

iHeartCommunications,

Inc.

140,000

4.750%, 

1/15/2028

g

144,270

LCPR

Senior

Secured

Financing

DAC

115,000

6.750%, 

10/15/2027

g

121,900

Level

3

Financing,

Inc.

115,000

4.625%, 

9/15/2027

g

118,312

230,000

4.250%, 

7/1/2028

g

231,778

Ligado

Networks,

LLC

59,452

0.000%,PIK

15.500%,

11/1/2023

f,g

57,668

NBN

Company,

Ltd.

74,000

2.625%, 

5/5/2031

g

75,076

Netflix,

Inc.

41,000

5.875%, 

2/15/2025

46,729

325,000

4.875%, 

4/15/2028

374,562

42,000

5.875%, 

11/15/2028

51,467

Nexstar

Escrow

Corporation

195,000

5.625%, 

7/15/2027

g

206,305

NTT

Finance

Corporation

51,000

1.162%, 

4/3/2026

g

50,708

Omnicom

Group,

Inc.

63,000

4.200%, 

6/1/2030

72,031

Radiate

Holdco,

LLC

65,000

6.500%, 

9/15/2028

g

66,278

Scripps

Escrow

II,

Inc.

55,000

5.375%, 

1/15/2031

g

54,073

Scripps

Escrow,

Inc.

100,000

5.875%, 

7/15/2027

g

102,625

SFR

Group

SA

200,000

7.375%, 

5/1/2026

g

207,520

Sinclair

Television

Group,

Inc.

200,000

5.500%, 

3/1/2030

g,l

198,380

Sirius

XM

Radio,

Inc.

145,000

5.000%, 

8/1/2027

g

151,525

80,000

4.000%, 

7/15/2028

g

81,350

30,000

4.125%, 

7/1/2030

g

30,139

Sprint

Capital

Corporation

313,000

6.875%, 

11/15/2028

400,640

115,000

8.750%, 

3/15/2032

171,794

Sprint

Corporation

390,000

7.625%, 

2/15/2025

455,902

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Communications

Services

(4.0%)

-

continued

Telesat

Canada

$

70,000

4.875%, 

6/1/2027

g

$

64,400

25,000

6.500%, 

10/15/2027

g

21,668

Terrier

Media

Buyer,

Inc.

105,000

8.875%, 

12/15/2027

g

111,025

T-Mobile

USA,

Inc.

50,000

3.500%, 

4/15/2025

53,865

84,000

3.875%, 

4/15/2030

92,750

20,000

2.875%, 

2/15/2031

20,170

United

States

Cellular

Corporation

125,000

6.700%, 

12/15/2033

154,927

Uniti

Fiber

Holdings,

Inc.,

Convertible

21,000

4.000%, 

6/15/2024

g

26,027

Uniti

Group,

LP

35,000

4.750%, 

4/15/2028

g

35,744

100,000

6.500%, 

2/15/2029

g

102,867

Univision

Communications,

Inc.

100,000

6.625%, 

6/1/2027

g

108,625

VeriSign,

Inc.

85,000

4.750%, 

7/15/2027

89,412

Verizon

Communications,

Inc.

84,000

2.100%, 

3/22/2028

85,268

63,000

3.150%, 

3/22/2030

67,376

42,000

2.550%, 

3/21/2031

42,516

94,000

2.355%, 

3/15/2032

g

92,961

Viacom,

Inc.

38,000

5.875%, 

2/28/2057

b

38,477

Viasat,

Inc.

160,000

5.625%, 

9/15/2025

g

162,149

35,000

6.500%, 

7/15/2028

g

36,863

Vodafone

Group

plc

48,000

7.000%, 

4/4/2079

b

58,716

VTR

Finance

NV

80,000

6.375%, 

7/15/2028

g

86,200

Walt

Disney

Company

42,000

3.800%, 

3/22/2030

47,735

Ziggo

BV

190,000

5.500%, 

1/15/2027

g

196,413

55,000

4.875%, 

1/15/2030

g

56,719

Total

9,658,958

Consumer

Cyclical

(5.3%)

1011778

B.C.,

ULC

205,000

4.375%, 

1/15/2028

g

208,118

Allen

Media,

LLC

80,000

10.500%, 

2/15/2028

g

82,160

Allied

Universal

Holdco,

LLC

60,000

6.625%, 

7/15/2026

g

63,437

190,000

4.625%, 

6/1/2028

g

189,705

55,000

6.000%, 

6/1/2029

g

54,273

Allison

Transmission,

Inc.

190,000

3.750%, 

1/30/2031

g

184,775

Amazon.com,

Inc.

84,000

1.650%, 

5/12/2028

84,675

42,000

1.500%, 

6/3/2030

40,848

American

Axle

&

Manufacturing,

Inc.

215,000

6.500%, 

4/1/2027

l

224,137

American

Honda

Finance

Corporation

41,000

1.200%, 

7/8/2025

41,224

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Cyclical

(5.3%)

-

continued

Ashton

Woods

USA,

LLC

$

80,000

4.625%, 

8/1/2029

g

$

80,778

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

40,896

Bloomin'

Brands,

Inc.,

Convertible

17,000

5.000%, 

5/1/2025

38,395

Boyd

Gaming

Corporation

105,000

4.750%, 

6/15/2031

g

108,281

Boyne

USA,

Inc.

80,000

4.750%, 

5/15/2029

g

82,600

Brookfield

Residential

Properties,

Inc.

110,000

6.250%, 

9/15/2027

g

115,640

125,000

5.000%, 

6/15/2029

g

127,819

Burlington

Stores,

Inc.,

Convertible

72,000

2.250%, 

4/15/2025

104,580

Caesars

Entertainment,

Inc.

55,000

8.125%, 

7/1/2027

g

61,832

136,000

4.625%, 

10/15/2029

g

137,700

Carnival

Corporation

20,000

11.500%, 

4/1/2023

g

22,325

60,000

7.625%, 

3/1/2026

g

64,050

195,000

5.750%, 

3/1/2027

g

201,581

130,000

4.000%, 

8/1/2028

g

131,300

Cedar

Fair,

LP

170,000

5.250%, 

7/15/2029

174,250

Churchill

Downs,

Inc.

75,000

4.750%, 

1/15/2028

g

78,469

Cinemark

USA,

Inc.

60,000

5.875%, 

3/15/2026

g,l

60,600

Clarios

Global,

LP

55,000

8.500%, 

5/15/2027

g

58,506

Colt

Merger

Sub,

Inc.

195,000

6.250%, 

7/1/2025

g

205,288

D.R.

Horton,

Inc.

21,000

2.600%, 

10/15/2025

22,042

Daimler

Finance

North

America,

LLC

63,000

1.450%, 

3/2/2026

g

63,282

Dana,

Inc.

155,000

5.625%, 

6/15/2028

166,912

Darden

Restaurants,

Inc.

84,000

3.850%, 

5/1/2027

93,180

Dick's

Sporting

Goods

Inc.,

Convertible

16,000

3.250%, 

4/15/2025

58,690

Empire

Communities

Corporation

145,000

7.000%, 

12/15/2025

g

151,525

Expedia

Group,

Inc.

63,000

4.625%, 

8/1/2027

71,422

62,000

3.250%, 

2/15/2030

64,121

Ford

Motor

Company

90,000

9.000%, 

4/22/2025

108,228

40,000

9.625%, 

4/22/2030

56,619

180,000

7.450%, 

7/16/2031

234,873

Ford

Motor

Company,

Convertible

108,000

Zero

Coupon, 

3/15/2026

g

116,437

Ford

Motor

Credit

Company,

LLC

240,000

4.063%, 

11/1/2024

252,358

220,000

4.134%, 

8/4/2025

232,650

215,000

2.700%, 

8/10/2026

215,430

Forestar

Group,

Inc.

70,000

3.850%, 

5/15/2026

g

69,912

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Cyclical

(5.3%)

-

continued

Gap,

Inc.

$

41,000

3.625%, 

10/1/2029

g

$

41,102

General

Motors

Company

31,000

5.400%, 

10/2/2023

33,807

41,000

6.125%, 

10/1/2025

48,039

63,000

6.800%, 

10/1/2027

78,682

General

Motors

Financial

Company,

Inc.

38,000

3.150%, 

6/30/2022

38,683

80,000

3.950%, 

4/13/2024

85,500

60,000

2.900%, 

2/26/2025

62,950

41,000

2.750%, 

6/20/2025

42,866

44,000

5.700%, 

9/30/2030

b,i

50,655

41,000

2.700%, 

6/10/2031

40,875

Goodyear

Tire

&

Rubber

Company

70,000

5.000%, 

7/15/2029

g

74,287

55,000

5.250%, 

7/15/2031

g

58,575

Guitar

Center

Escrow

Issuer

II,

Inc.

41,000

8.500%, 

1/15/2026

g

43,972

Hanesbrands,

Inc.

118,000

4.875%, 

5/15/2026

g

127,794

Harley-Davidson

Financial

Services,

Inc.

64,000

4.050%, 

2/4/2022

g

64,776

Herc

Holdings,

Inc.

130,000

5.500%, 

7/15/2027

g

136,399

Hilton

Domestic

Operating

Company,

Inc.

235,000

4.875%, 

1/15/2030

252,099

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

175,000

5.000%, 

6/1/2029

g

178,500

Hyundai

Capital

America

34,000

1.800%, 

10/15/2025

g

34,334

63,000

3.000%, 

2/10/2027

g

66,260

40,000

2.100%, 

9/15/2028

g

39,422

International

Game

Technology

plc

160,000

5.250%, 

1/15/2029

g

171,003

KB

Home

100,000

4.800%, 

11/15/2029

109,000

Kohl's

Corporation

63,000

3.375%, 

5/1/2031

64,832

L

Brands,

Inc.

225,000

6.625%, 

10/1/2030

g

255,375

30,000

6.875%, 

11/1/2035

37,650

Landry's,

Inc.

125,000

6.750%, 

10/15/2024

g

125,162

Lennar

Corporation

22,000

4.125%, 

1/15/2022

22,000

39,000

4.875%, 

12/15/2023

42,072

20,000

5.875%, 

11/15/2024

22,496

41,000

4.750%, 

5/30/2025

45,682

Lowe's

Companies,

Inc.

62,000

4.000%, 

4/15/2025

67,940

83,000

4.500%, 

4/15/2030

97,296

Macy's

Retail

Holdings,

LLC

120,000

5.875%, 

4/1/2029

g

130,557

Magic

MergerCo,

Inc.

190,000

5.250%, 

5/1/2028

g

195,985

Marriott

International,

Inc.

81,000

3.750%, 

10/1/2025

87,082

62,000

4.625%, 

6/15/2030

70,833

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Cyclical

(5.3%)

-

continued

Mattamy

Group

Corporation

$

205,000

5.250%, 

12/15/2027

g

$

214,225

McDonald's

Corporation

126,000

3.800%, 

4/1/2028

140,819

MGM

Resorts

International

95,000

6.000%, 

3/15/2023

100,457

145,000

5.750%, 

6/15/2025

158,050

Nissan

Motor

Company,

Ltd.

51,000

3.043%, 

9/15/2023

g

53,054

O'Reilly

Automotive,

Inc.

63,000

3.900%, 

6/1/2029

70,587

Penn

National

Gaming,

Inc.

110,000

4.125%, 

7/1/2029

g

108,724

PetSmart,

Inc.

195,000

4.750%, 

2/15/2028

g

200,362

90,000

7.750%, 

2/15/2029

g

98,213

Prime

Security

Services

Borrower,

LLC

305,000

5.750%, 

4/15/2026

g

329,937

Procter

&

Gamble

Company

42,000

1.200%, 

10/29/2030

39,955

Real

Hero

Merger

Sub

2,

Inc.

105,000

6.250%, 

2/1/2029

g

108,938

Realogy

Group,

LLC

165,000

5.750%, 

1/15/2029

g

171,148

Rite

Aid

Corporation

155,000

7.500%, 

7/1/2025

g

154,964

Ross

Stores,

Inc.

42,000

1.875%, 

4/15/2031

40,528

Royal

Caribbean

Cruises,

Ltd.

180,000

9.125%, 

6/15/2023

g

195,625

145,000

4.250%, 

7/1/2026

g

142,035

75,000

5.500%, 

4/1/2028

g

76,711

Scientific

Games

International,

Inc.

100,000

5.000%, 

10/15/2025

g

102,875

190,000

7.250%, 

11/15/2029

g

213,491

SeaWorld

Parks

and

Entertainment,

Inc.

85,000

5.250%, 

8/15/2029

g

86,966

Six

Flags

Theme

Parks,

Inc.

75,000

7.000%, 

7/1/2025

g

79,875

Staples,

Inc.

185,000

7.500%, 

4/15/2026

g

187,632

Target

Corporation

42,000

2.350%, 

2/15/2030

43,471

Tenneco,

Inc.

160,000

5.000%, 

7/15/2026

l

157,583

Toll

Brothers

Finance

Corporation

82,000

5.875%, 

2/15/2022

82,308

62,000

4.350%, 

2/15/2028

67,890

Toyota

Motor

Credit

Corporation

63,000

1.900%, 

4/6/2028

63,831

Uber

Technologies,

Inc.

105,000

6.250%, 

1/15/2028

g

112,611

Vista

Outdoor,

Inc.

135,000

4.500%, 

3/15/2029

g

136,899

Volkswagen

Group

of

America

Finance,

LLC

63,000

4.250%, 

11/13/2023

g

67,572

21,000

3.350%, 

5/13/2025

g

22,451

Wabash

National

Corporation

141,000

4.500%, 

10/15/2028

d,g

140,824

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Cyclical

(5.3%)

-

continued

Wyndham

Destinations,

Inc.

$

125,000

6.625%, 

7/31/2026

g

$

142,346

Wyndham

Hotels

&

Resorts,

Inc.

60,000

4.375%, 

8/15/2028

g

62,636

Yum!

Brands,

Inc.

165,000

4.750%, 

1/15/2030

g

178,830

ZF

North

America

Capital,

Inc.

95,000

4.750%, 

4/29/2025

g

102,600

Total

12,647,488

Consumer

Non-Cyclical

(4.8%)

Abbott

Laboratories

84,000

3.875%, 

9/15/2025

92,954

AbbVie,

Inc.

38,000

2.900%, 

11/6/2022

39,027

53,000

2.300%, 

11/21/2022

54,093

34,000

2.800%, 

3/15/2023

34,980

168,000

3.600%, 

5/14/2025

181,734

84,000

3.200%, 

11/21/2029

90,511

Agilent

Technologies,

Inc.

42,000

2.300%, 

3/12/2031

42,043

Albertson's

Companies,

Inc.

188,000

3.500%, 

3/15/2029

g

187,619

90,000

4.875%, 

2/15/2030

g

96,975

Altria

Group,

Inc.

52,000

4.400%, 

2/14/2026

58,404

42,000

4.800%, 

2/14/2029

48,266

Amgen,

Inc.

63,000

2.450%, 

2/21/2030

64,341

Anheuser-Busch

Companies,

LLC

36,000

3.650%, 

2/1/2026

39,486

Anheuser-Busch

InBev

Worldwide,

Inc.

84,000

4.750%, 

1/23/2029

98,891

Anthem,

Inc.

74,000

2.375%, 

1/15/2025

77,088

63,000

2.550%, 

3/15/2031

64,750

Astrazeneca

Finance,

LLC

83,000

1.750%, 

5/28/2028

83,483

AstraZeneca

plc

85,000

0.700%, 

4/8/2026

83,216

BAT

Capital

Corporation

59,000

3.222%, 

8/15/2024

62,546

BAT

International

Finance

plc

41,000

1.668%, 

3/25/2026

41,023

Bausch

Health

Companies,

Inc.

180,000

5.000%, 

1/30/2028

g

170,770

130,000

5.000%, 

2/15/2029

g

121,062

Becton,

Dickinson

and

Company

63,000

2.823%, 

5/20/2030

66,013

Boston

Scientific

Corporation

75,000

3.450%, 

3/1/2024

79,620

Bristol-Myers

Squibb

Company

84,000

3.200%, 

6/15/2026

91,581

63,000

3.900%, 

2/20/2028

71,226

Bunge,

Ltd.

Finance

Corporation

83,000

2.750%, 

5/14/2031

84,100

Centene

Corporation

200,000

4.250%, 

12/15/2027

209,330

105,000

4.625%, 

12/15/2029

114,429

273,000

3.000%, 

10/15/2030

279,825

Central

Garden

&

Pet

Company

145,000

4.125%, 

10/15/2030

148,262

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Non-Cyclical

(4.8%)

-

continued

Cigna

Corporation

$

76,000

4.125%, 

11/15/2025

$

84,457

Community

Health

Systems,

Inc.

75,000

5.625%, 

3/15/2027

g

78,535

75,000

6.000%, 

1/15/2029

g

79,500

165,000

6.875%, 

4/15/2029

g

165,388

Conagra

Brands,

Inc.

38,000

4.300%, 

5/1/2024

41,195

Constellation

Brands,

Inc.

84,000

3.150%, 

8/1/2029

89,826

CVS

Health

Corporation

69,000

4.100%, 

3/25/2025

75,701

33,000

4.300%, 

3/25/2028

37,642

DaVita,

Inc.

195,000

4.625%, 

6/1/2030

g

200,579

Diageo

Capital

plc

50,000

1.375%, 

9/29/2025

50,565

Edgewell

Personal

Care

Company

80,000

5.500%, 

6/1/2028

g

84,490

Encompass

Health

Corporation

175,000

4.500%, 

2/1/2028

180,687

Endo

Finance,

LLC

65,000

9.500%, 

7/31/2027

g,l

65,144

Energizer

Holdings,

Inc.

25,000

4.750%, 

6/15/2028

g

25,431

130,000

4.375%, 

3/31/2029

g

129,018

Estee

Lauder

Companies,

Inc.

42,000

1.950%, 

3/15/2031

41,894

General

Mills,

Inc.

42,000

4.200%, 

4/17/2028

47,858

Gilead

Sciences,

Inc.

63,000

2.950%, 

3/1/2027

67,709

H.

J.

Heinz

Company

40,000

5.200%, 

7/15/2045

50,102

HCA,

Inc.

455,000

5.375%, 

2/1/2025

508,462

105,000

5.250%, 

6/15/2026

120,490

HLF

Financing

Sarl,

LLC

145,000

4.875%, 

6/1/2029

g

145,000

Humana,

Inc.

42,000

2.150%, 

2/3/2032

41,029

Illumina,

Inc.

70,000

9.000%, 

7/1/2028

g

77,175

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

g

35,774

Jazz

Investments

I,

Ltd.,

Convertible

66,000

2.000%, 

6/15/2026

76,189

JBS

USA

Food

Company

130,000

5.750%, 

1/15/2028

g

136,501

JBS

USA,

LLC

120,000

6.500%, 

4/15/2029

g

134,100

80,000

5.500%, 

1/15/2030

g

88,978

Keurig

Dr

Pepper,

Inc.

84,000

2.250%, 

3/15/2031

84,131

Kraft

Foods

Group,

Inc.

190,000

5.000%, 

6/4/2042

233,005

Kraft

Heinz

Foods

Company

63,000

3.875%, 

5/15/2027

68,791

245,000

4.625%, 

1/30/2029

279,697

270,000

3.750%, 

4/1/2030

294,193

20,000

4.250%, 

3/1/2031

22,610

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Non-Cyclical

(4.8%)

-

continued

Kroger

Company

$

42,000

4.500%, 

1/15/2029

$

49,188

Mattel,

Inc.

160,000

3.375%, 

4/1/2026

g

164,976

McKesson

Corporation

41,000

0.900%, 

12/3/2025

40,349

62,000

1.300%, 

8/15/2026

61,487

Molina

Healthcare,

Inc.

160,000

4.375%, 

6/15/2028

g

166,461

Mozart

Debt

Merger

Sub,

Inc.

238,000

3.875%, 

4/1/2029

d,g

238,000

176,000

5.250%, 

10/1/2029

d,g

179,080

MPH

Acquisition

Holdings,

LLC

123,000

5.750%, 

11/1/2028

g

115,864

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

36,231

Novartis

Capital

Corporation

40,000

1.750%, 

2/14/2025

41,111

21,000

3.000%, 

11/20/2025

22,679

Ortho-Clinical

Diagnostics,

Inc.

105,000

7.250%, 

2/1/2028

g

112,363

Par

Pharmaceutical,

Inc.

140,000

7.500%, 

4/1/2027

g

142,625

PepsiCo,

Inc.

63,000

1.625%, 

5/1/2030

61,722

Philip

Morris

International,

Inc.

90,000

1.500%, 

5/1/2025

91,325

Pilgrim's

Pride

Corporation

120,000

3.500%, 

3/1/2032

g

122,025

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

b,g,i

49,060

Royalty

Pharma

plc

97,000

1.200%, 

9/2/2025

96,371

Scotts

Miracle-Gro

Company

150,000

4.500%, 

10/15/2029

156,750

SEG

Holding,

LLC

195,000

5.625%, 

10/15/2028

g

203,288

Simmons

Foods,

Inc.

160,000

4.625%, 

3/1/2029

g

161,200

Spectrum

Brands,

Inc.

95,000

5.000%, 

10/1/2029

g

102,125

60,000

5.500%, 

7/15/2030

g

66,450

Stryker

Corporation

42,000

3.650%, 

3/7/2028

46,610

Syneos

Health,

Inc.

145,000

3.625%, 

1/15/2029

g

144,594

Sysco

Corporation

78,000

5.650%, 

4/1/2025

89,710

42,000

5.950%, 

4/1/2030

53,424

Tenet

Healthcare

Corporation

45,000

4.625%, 

7/15/2024

45,675

350,000

5.125%, 

11/1/2027

g

364,875

55,000

6.125%, 

10/1/2028

g

57,776

Teva

Pharmaceutical

Finance

Netherlands

III

BV

90,000

2.800%, 

7/21/2023

89,464

115,000

3.150%, 

10/1/2026

110,113

Thermo

Fisher

Scientific,

Inc.

43,000

4.133%, 

3/25/2025

47,308

41,000

1.750%, 

10/15/2028

40,859

42,000

4.497%, 

3/25/2030

49,698

TreeHouse

Foods,

Inc.

61,000

4.000%, 

9/1/2028

59,699

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Consumer

Non-Cyclical

(4.8%)

-

continued

United

Natural

Foods,

Inc.

$

140,000

6.750%, 

10/15/2028

g

$

151,550

UnitedHealth

Group,

Inc.

105,000

3.850%, 

6/15/2028

118,796

Universal

Health

Services,

Inc.

62,000

1.650%, 

9/1/2026

g

61,636

21,000

2.650%, 

1/15/2032

g

20,795

Upjohn,

Inc.

41,000

1.650%, 

6/22/2025

g

41,410

VRX

Escrow

Corporation

256,000

6.125%, 

4/15/2025

g

261,286

Winnebago

Industries,

Inc.,

Convertible

57,000

1.500%, 

4/1/2025

75,486

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

53,588

63,000

3.900%, 

8/20/2028

70,794

Total

11,455,370

Energy

(4.1%)

Antero

Resources

Corporation

130,000

5.375%, 

3/1/2030

g

136,909

Apache

Corporation

50,000

4.875%, 

11/15/2027

54,526

130,000

4.375%, 

10/15/2028

140,562

60,000

5.100%, 

9/1/2040

67,199

Archrock

Partners,

LP

140,000

6.250%, 

4/1/2028

g

144,791

BP

Capital

Markets

America,

Inc.

101,000

4.234%, 

11/6/2028

115,838

BP

Capital

Markets

plc

44,000

4.875%, 

3/22/2030

b,i

48,367

Buckeye

Partners,

LP

80,000

4.125%, 

3/1/2025

g

82,901

125,000

3.950%, 

12/1/2026

127,500

Canadian

Natural

Resources,

Ltd.

105,000

2.050%, 

7/15/2025

107,503

Cenovus

Energy,

Inc.

134,000

5.375%, 

7/15/2025

152,634

Cheniere

Corpus

Christi

Holdings,

LLC

86,000

5.875%, 

3/31/2025

97,148

Cheniere

Energy

Partners,

LP

102,000

4.500%, 

10/1/2029

108,439

91,000

3.250%, 

1/31/2032

g

91,300

Cheniere

Energy,

Inc.,

Convertible

12,000

4.250%, 

3/15/2045

10,295

Chevron

Corporation

41,000

1.554%, 

5/11/2025

41,920

Cimarex

Energy

Company

84,000

4.375%, 

6/1/2024

90,579

CNX

Resources

Corporation

70,000

6.000%, 

1/15/2029

g

74,025

CNX

Resources

Corporation,

Convertible

51,000

2.250%, 

5/1/2026

63,495

Comstock

Resources,

Inc.

35,000

6.750%, 

3/1/2029

g

37,800

95,000

5.875%, 

1/15/2030

g

98,800

Continental

Resources,

Inc.

158,000

4.375%, 

1/15/2028

174,787

75,000

5.750%, 

1/15/2031

g

90,656

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Energy

(4.1%)

-

continued

Devon

Energy

Corporation

$

41,000

5.250%, 

9/15/2024

g

$

45,413

83,000

4.500%, 

1/15/2030

g

90,461

Diamondback

Energy,

Inc.

40,000

2.875%, 

12/1/2024

42,000

21,000

3.125%, 

3/24/2031

21,806

DT

Midstream,

Inc.

105,000

4.125%, 

6/15/2029

g

106,476

35,000

4.375%, 

6/15/2031

g

36,050

Enagas

SA

205,000

5.500%, 

1/15/2028

g

209,869

Enbridge,

Inc.

42,000

3.700%, 

7/15/2027

46,162

139,000

6.250%, 

3/1/2078

b

154,915

Encana

Corporation

55,000

6.625%, 

8/15/2037

75,429

Endeavor

Energy

Resources,

LP

90,000

5.750%, 

1/30/2028

g

94,725

Energean

Israel

Finance,

Ltd.

135,000

4.500%, 

3/30/2024

g

137,700

Energy

Transfer

Operating,

LP

42,000

4.200%, 

9/15/2023

44,609

116,000

5.875%, 

1/15/2024

127,487

63,000

3.750%, 

5/15/2030

68,075

Energy

Transfer,

LP

43,000

6.625%, 

2/15/2028

b,i

41,817

EnLink

Midstream

Partners,

LP

120,000

4.850%, 

7/15/2026

125,964

65,000

5.600%, 

4/1/2044

62,075

Enterprise

Products

Operating,

LLC

42,000

4.150%, 

10/16/2028

47,782

105,000

4.875%, 

8/16/2077

b

103,427

EQM

Midstream

Partners,

LP

170,000

6.500%, 

7/1/2027

g

191,207

EQT

Corporation

35,000

3.125%, 

5/15/2026

g

35,879

180,000

3.900%, 

10/1/2027

194,801

EQT

Corporation,

Convertible

66,000

1.750%, 

5/1/2026

104,049

Equinor

ASA

43,000

2.875%, 

4/6/2025

45,655

Exxon

Mobil

Corporation

85,000

2.992%, 

3/19/2025

90,679

Genesis

Energy,

LP

55,000

6.500%, 

10/1/2025

54,725

35,000

8.000%, 

1/15/2027

35,438

Halliburton

Company

42,000

2.920%, 

3/1/2030

43,437

Harvest

Midstream,

LP

160,000

7.500%, 

9/1/2028

g

170,424

Hess

Corporation

27,000

3.500%, 

7/15/2024

28,556

Hess

Midstream

Operations,

LP

120,000

5.625%, 

2/15/2026

g

124,500

Hilcorp

Energy

I,

LP

115,000

5.750%, 

2/1/2029

g

118,163

ITT

Holdings,

LLC

105,000

6.500%, 

8/1/2029

g

105,919

Kinder

Morgan

Energy

Partners,

LP

64,000

3.450%, 

2/15/2023

66,189

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Energy

(4.1%)

-

continued

Laredo

Petroleum,

Inc.

$

195,000

7.750%, 

7/31/2029

g

$

195,488

Marathon

Oil

Corporation

42,000

4.400%, 

7/15/2027

47,178

Marathon

Petroleum

Corporation

117,000

4.700%, 

5/1/2025

130,601

MPLX,

LP

105,000

1.750%, 

3/1/2026

105,647

Murphy

Oil

Corporation

80,000

5.875%, 

12/1/2027

83,260

Nabors

Industries,

Ltd.

160,000

7.250%, 

1/15/2026

g

155,616

National

Fuel

Gas

Company

84,000

5.500%, 

1/15/2026

96,755

Newfield

Exploration

Company

148,000

5.625%, 

7/1/2024

164,109

42,000

5.375%, 

1/1/2026

47,488

NGL

Energy

Operating,

LLC

110,000

7.500%, 

2/1/2026

g

112,063

NGL

Energy

Partners,

LP

75,000

7.500%, 

11/1/2023

72,887

NuStar

Logistics,

LP

150,000

5.750%, 

10/1/2025

161,625

Oasis

Petroleum,

Inc.

90,000

6.375%, 

6/1/2026

g

94,275

Occidental

Petroleum

Corporation

50,000

3.450%, 

7/15/2024

51,125

145,000

3.400%, 

4/15/2026

148,716

40,000

8.500%, 

7/15/2027

50,097

265,000

3.500%, 

8/15/2029

269,537

80,000

6.450%, 

9/15/2036

100,650

250,000

4.400%, 

4/15/2046

249,338

ONEOK,

Inc.

63,000

2.200%, 

9/15/2025

64,364

Ovintiv,

Inc.

70,000

7.375%, 

11/1/2031

94,952

PBF

Holding

Company,

LLC

65,000

9.250%, 

5/15/2025

g

61,588

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

60,278

Pioneer

Natural

Resources

Company,

Convertible

39,000

0.250%, 

5/15/2025

62,946

Plains

All

American

Pipeline,

LP

2,000

6.125%, 

11/15/2022

b,i

1,810

103,000

4.650%, 

10/15/2025

114,143

Precision

Drilling

Corporation

90,000

6.875%, 

1/15/2029

g

94,000

Sabine

Pass

Liquefaction,

LLC

63,000

4.200%, 

3/15/2028

70,339

Schlumberger

Finance

Canada,

Ltd.

41,000

1.400%, 

9/17/2025

41,436

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

g

30,552

Shell

International

Finance

BV

39,000

2.375%, 

4/6/2025

40,782

SM

Energy

Company

55,000

6.500%, 

7/15/2028

56,943

Southwestern

Energy

Company

70,000

5.375%, 

2/1/2029

g

74,887

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Energy

(4.1%)

-

continued

Suncor

Energy,

Inc.

$

41,000

3.100%, 

5/15/2025

$

43,658

Sunoco,

LP

145,000

5.875%, 

3/15/2028

152,975

Targa

Resources

Partners,

LP

90,000

5.375%, 

2/1/2027

93,258

90,000

5.000%, 

1/15/2028

94,500

20,000

4.875%, 

2/1/2031

21,575

Teine

Energy,

Ltd.

95,000

6.875%, 

4/15/2029

g

96,425

Transocean

Proteus,

Ltd.

41,250

6.250%, 

12/1/2024

g

41,250

Transocean,

Inc.

70,000

11.500%, 

1/30/2027

g

72,100

USA

Compression

Partners,

LP

60,000

6.875%, 

4/1/2026

62,472

Venture

Global

Calcasieu

Pass,

LLC

124,000

3.875%, 

8/15/2029

g

127,726

70,000

4.125%, 

8/15/2031

g

72,975

Vine

Energy

Holdings,

LLC

70,000

6.750%, 

4/15/2029

g

75,557

W&T

Offshore,

Inc.

52,000

9.750%, 

11/1/2023

g

49,482

Western

Gas

Partners,

LP

39,000

4.000%, 

7/1/2022

39,594

Western

Midstream

Operating,

LP

150,000

3.950%, 

6/1/2025

158,515

65,000

5.500%, 

8/15/2048

76,050

Williams

Companies,

Inc.

42,000

2.600%, 

3/15/2031

42,567

Total

9,775,991

Financials

(9.2%)

AerCap

Ireland

Capital

DAC

70,000

3.150%, 

2/15/2024

72,993

63,000

6.500%, 

7/15/2025

73,042

Air

Lease

Corporation

48,000

4.650%, 

6/15/2026

b,i

50,220

Aircastle,

Ltd.

81,000

5.250%, 

6/15/2026

b,g,i

82,887

42,000

2.850%, 

1/26/2028

g

42,536

Alliant

Holdings

Intermediate,

LLC

40,000

6.750%, 

10/15/2027

g

41,400

Ally

Financial,

Inc.

227,000

5.750%, 

11/20/2025

259,563

96,000

4.700%, 

5/15/2026

b,i

99,922

13,000

4.700%, 

5/15/2028

b,i

13,585

42,000

8.000%, 

11/1/2031

60,578

Altice

Financing

SA

60,000

5.750%, 

8/15/2029

g

58,118

American

Express

Company

36,000

3.400%, 

2/22/2024

38,314

50,000

3.550%, 

9/15/2026

b,i

50,942

American

Finance

Trust,

Inc.

106,000

4.500%, 

9/30/2028

d,g

106,000

American

Homes

4

Rent,

LP

41,000

2.375%, 

7/15/2031

40,614

American

International

Group,

Inc.

84,000

4.200%, 

4/1/2028

95,717

AmWINS

Group,

Inc.

80,000

4.875%, 

6/30/2029

g

81,124

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

Ares

Capital

Corporation

$

21,000

4.250%, 

3/1/2025

$

22,539

100,000

3.875%, 

1/15/2026

106,943

Ares

Capital

Corporation,

Convertible

41,000

4.625%, 

3/1/2024

45,305

Australia

and

New

Zealand

Banking

Group,

Ltd.

96,000

2.950%, 

7/22/2030

b,g

99,788

Aviation

Capital

Group,

LLC

56,000

5.500%, 

12/15/2024

g

62,763

41,000

4.875%, 

10/1/2025

g

45,184

Avolon

Holdings

Funding,

Ltd.

83,000

4.250%, 

4/15/2026

g

89,272

BAC

Capital

Trust

XIV

42,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/18/2021

b,i

42,000

Banco

Santander

Mexico

SA

26,000

5.375%, 

4/17/2025

g

29,060

Banco

Santander

SA

55,000

4.750%, 

11/12/2026

b,i

56,021

Bank

of

America

Corporation

73,000

3.004%, 

12/20/2023

b

75,232

117,000

3.550%, 

3/5/2024

b

121,966

78,000

3.864%, 

7/23/2024

b

82,547

87,000

4.200%, 

8/26/2024

95,163

213,000

6.250%, 

9/5/2024

b,i

234,300

36,000

3.458%, 

3/15/2025

b

38,301

44,000

6.100%, 

3/17/2025

b,i

49,066

102,000

1.319%, 

6/19/2026

b

101,975

111,000

1.197%, 

10/24/2026

b

110,166

61,000

1.734%, 

7/22/2027

b

61,251

86,000

5.875%, 

3/15/2028

b,i

98,156

126,000

3.593%, 

7/21/2028

b

138,133

42,000

2.087%, 

6/14/2029

b

41,933

168,000

3.974%, 

2/7/2030

b

188,080

84,000

2.687%, 

4/22/2032

b

85,535

Bank

of

New

York

Mellon

Corporation

22,000

4.700%, 

9/20/2025

b,i

24,145

63,000

3.400%, 

1/29/2028

69,312

Bank

of

Nova

Scotia

81,000

4.900%, 

6/4/2025

b,i

87,075

41,000

1.050%, 

3/2/2026

40,538

Barclays

plc

76,000

4.610%, 

2/15/2023

b

77,161

99,000

4.338%, 

5/16/2024

b

104,793

46,000

8.000%, 

6/15/2024

b,i

51,951

41,000

4.375%, 

9/11/2024

44,670

49,000

2.852%, 

5/7/2026

b

51,467

64,000

4.972%, 

5/16/2029

b

74,408

BNP

Paribas

SA

55,000

6.625%, 

3/25/2024

b,g,i

59,521

58,000

2.819%, 

11/19/2025

b,g

60,747

Boston

Properties,

LP

42,000

2.550%, 

4/1/2032

41,940

BPCE

SA

34,000

3.000%, 

5/22/2022

g

34,582

40,000

2.375%, 

1/14/2025

g

41,301

Brixmor

Operating

Partnership,

LP

83,000

2.250%, 

4/1/2028

83,707

Canadian

Imperial

Bank

of

Commerce

40,000

2.250%, 

1/28/2025

41,550

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

CANPACK

SA

$

170,000

3.125%, 

11/1/2025

g

$

172,762

Capital

One

Bank

USA

NA

51,000

3.375%, 

2/15/2023

53,044

60,000

2.280%, 

1/28/2026

b

62,172

Capital

One

Financial

Corporation

24,000

3.950%, 

9/1/2026

b,i

24,720

Cascades

USA,

Inc.

85,000

5.125%, 

1/15/2026

g

90,361

Charles

Schwab

Corporation

96,000

5.375%, 

6/1/2025

b,i

106,680

96,000

4.000%, 

6/1/2026

b,i

100,080

63,000

2.000%, 

3/20/2028

64,301

Chobani,

LLC

170,000

4.625%, 

11/15/2028

g

175,525

CIT

Group,

Inc.

84,000

5.250%, 

3/7/2025

93,555

82,000

6.125%, 

3/9/2028

99,127

Citigroup,

Inc.

88,000

5.950%, 

1/30/2023

b,i

91,740

84,000

5.000%, 

9/12/2024

b,i

87,736

105,000

3.352%, 

4/24/2025

b

111,526

42,000

5.950%, 

5/15/2025

b,i

45,832

100,000

5.500%, 

9/13/2025

115,395

44,000

4.000%, 

12/10/2025

b,i

45,593

140,000

3.875%, 

2/18/2026

b,i

142,975

148,000

1.122%, 

1/28/2027

b

145,933

83,000

1.462%, 

6/9/2027

b

82,511

168,000

4.075%, 

4/23/2029

b

188,275

Citizens

Financial

Group,

Inc.

48,000

4.000%, 

10/6/2026

b,i

49,140

CNA

Financial

Corporation

36,000

3.950%, 

5/15/2024

38,689

Coinbase

Global,

Inc.

34,000

3.625%, 

10/1/2031

g

32,321

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,i

24,227

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

g

50,840

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

74,000

3.950%, 

11/9/2022

76,814

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

b,g

40,954

Corporate

Office

Properties,

LP

82,000

2.250%, 

3/15/2026

84,010

Credit

Acceptance

Corporation

130,000

5.125%, 

12/31/2024

g

133,900

Credit

Agricole

SA

44,000

8.125%, 

12/23/2025

b,g,i

53,130

42,000

3.250%, 

1/14/2030

g

44,063

Credit

Suisse

Group

AG

59,000

6.500%, 

8/8/2023

g

64,564

54,000

7.500%, 

12/11/2023

b,g,i

58,995

39,000

2.593%, 

9/11/2025

b,g

40,429

24,000

7.250%, 

9/12/2025

b,g,i

26,603

43,000

3.869%, 

1/12/2029

b,g

46,932

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

54,000

3.800%, 

9/15/2022

55,766

Dai-ichi

Life

Insurance

Company,

Ltd.

175,000

5.100%, 

10/28/2024

b,g,i,l

191,625

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

Danske

Bank

AS

$

56,000

5.000%, 

1/12/2023

b,g

$

56,650

Deutsche

Bank

AG

143,000

2.129%, 

11/24/2026

b

145,255

41,000

3.035%, 

5/28/2032

b

41,599

Discover

Bank

84,000

4.682%, 

8/9/2028

b

89,358

Diversified

Healthcare

Trust

95,000

4.375%, 

3/1/2031

91,888

Drawbridge

Special

Opportunities

Fund,

LP

170,000

3.875%, 

2/15/2026

g

174,674

Fidelity

National

Financial,

Inc.

62,000

5.500%, 

9/1/2022

64,875

Fifth

Third

Bancorp

40,000

4.500%, 

9/30/2025

b,i

43,460

Fifth

Third

Bank

NA

42,000

3.850%, 

3/15/2026

46,278

First

Horizon

Bank

62,000

5.750%, 

5/1/2030

75,741

First

Horizon

National

Corporation

49,000

3.550%, 

5/26/2023

51,129

Five

Corners

Funding

Trust

100,000

4.419%, 

11/15/2023

g

107,983

FNB

Corporation

81,000

2.200%, 

2/24/2023

82,190

Fortress

Transportation

and

Infrastructure

Investors,

LLC

75,000

6.500%, 

10/1/2025

g

77,203

70,000

5.500%, 

5/1/2028

g

70,471

FS

KKR

Capital

Corporation

41,000

3.400%, 

1/15/2026

42,840

42,000

2.625%, 

1/15/2027

42,103

FTI

Consulting,

Inc.,

Convertible

27,000

2.000%, 

8/15/2023

37,773

GE

Capital

Funding,

LLC

67,000

3.450%, 

5/15/2025

72,263

21,000

4.050%, 

5/15/2027

23,578

42,000

4.400%, 

5/15/2030

48,666

Global

Net

Lease,

Inc.

180,000

3.750%, 

12/15/2027

g

178,730

Goldman

Sachs

Group,

Inc.

82,000

0.627%, 

11/17/2023

b

82,034

68,000

3.625%, 

2/20/2024

72,463

111,000

5.500%, 

8/10/2024

b,i

119,880

44,000

3.500%, 

4/1/2025

47,305

61,000

4.250%, 

10/21/2025

67,553

62,000

0.855%, 

2/12/2026

b

61,403

48,000

3.800%, 

5/10/2026

b,i

49,140

75,000

3.650%, 

8/10/2026

b,i

75,094

84,000

3.814%, 

4/23/2029

b

92,960

42,000

3.800%, 

3/15/2030

46,755

42,000

2.615%, 

4/22/2032

b

42,508

42,000

2.383%, 

7/21/2032

b

41,585

Hartford

Financial

Services

Group,

Inc.

42,000

2.800%, 

8/19/2029

43,889

34,000

2.250%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,g

32,810

HCRX

Investments

Holdco,

LP

45,000

4.500%, 

8/1/2029

g

45,225

HSBC

Holdings

plc

49,000

3.803%, 

3/11/2025

b

52,265

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

$

24,000

6.375%, 

3/30/2025

b,i

$

26,194

49,000

2.633%, 

11/7/2025

b

51,110

37,000

1.645%, 

4/18/2026

b

37,198

49,000

1.589%, 

5/24/2027

b

48,670

42,000

6.500%, 

3/23/2028

b,i

47,311

118,000

4.583%, 

6/19/2029

b

133,973

111,000

4.600%, 

12/17/2030

b,i

110,967

50,000

2.804%, 

5/24/2032

b

50,673

Huntington

Bancshares,

Inc.

66,000

4.450%, 

10/15/2027

b,i

71,049

Icahn

Enterprises,

LP

115,000

6.375%, 

12/15/2025

117,990

175,000

5.250%, 

5/15/2027

181,562

ING

Groep

NV

84,000

1.726%, 

4/1/2027

b

84,476

Invitation

Homes

Operating

Partnership,

LP

62,000

2.000%, 

8/15/2031

59,543

Iron

Mountain,

Inc.

165,000

4.875%, 

9/15/2027

g

171,300

iStar,

Inc.

140,000

4.250%, 

8/1/2025

145,422

iStar,

Inc.,

Convertible

42,000

3.125%, 

9/15/2022

76,335

J.P.

Morgan

Chase

&

Company

48,000

5.150%, 

5/1/2023

b,i

49,380

44,000

6.000%, 

8/1/2023

b,i

46,420

44,000

6.750%, 

2/1/2024

b,i

48,290

49,000

1.514%, 

6/1/2024

b

49,816

144,000

5.000%, 

8/1/2024

b,i

150,300

87,000

3.875%, 

9/10/2024

94,593

176,000

4.023%, 

12/5/2024

b

188,510

66,000

4.600%, 

2/1/2025

b,i

67,485

44,000

2.083%, 

4/22/2026

b

45,257

100,000

3.650%, 

6/1/2026

b,i

100,500

129,000

1.045%, 

11/19/2026

b

127,043

84,000

1.578%, 

4/22/2027

b

84,170

126,000

4.005%, 

4/23/2029

b

140,797

41,000

2.069%, 

6/1/2029

b

41,092

168,000

4.493%, 

3/24/2031

b

196,035

Jefferies

Finance,

LLC

135,000

5.000%, 

8/15/2028

g

136,856

KeyBank

NA

63,000

3.900%, 

4/13/2029

70,328

Kilroy

Realty,

LP

83,000

4.375%, 

10/1/2025

92,314

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

14,000

6.125%, 

5/15/2023

14,856

Life

Storage,

LP

41,000

2.400%, 

10/15/2031

d

40,602

Lincoln

National

Corporation

40,000

2.482%, 

(LIBOR

3M

+

2.358%),

11/17/2021

b

36,520

42,000

3.800%, 

3/1/2028

46,758

Lloyds

Banking

Group

plc

59,000

2.858%, 

3/17/2023

b

59,657

75,000

3.900%, 

3/12/2024

80,633

46,000

7.500%, 

6/27/2024

b,i

51,463

84,000

1.627%, 

5/11/2027

b

83,929

50,000

6.657%, 

5/21/2037

b,g,i

72,500

LPL

Holdings,

Inc.

90,000

4.000%, 

3/15/2029

g

92,444

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

M&T

Bank

Corporation

$

55,000

3.500%, 

9/1/2026

b,i

$

54,588

Macquarie

Group,

Ltd.

83,000

1.629%, 

9/23/2027

b,g

82,595

MetLife,

Inc.

54,000

3.850%, 

9/15/2025

b,i

56,430

99,000

5.875%, 

3/15/2028

b,i

116,401

MGM

Growth

Properties

Operating

Partnership,

LP

110,000

4.625%, 

6/15/2025

g

118,525

45,000

4.500%, 

9/1/2026

48,938

50,000

5.750%, 

2/1/2027

57,500

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

96,090

Mitsubishi

UFJ

Financial

Group,

Inc.

63,000

3.455%, 

3/2/2023

65,720

36,000

3.407%, 

3/7/2024

38,327

49,000

1.412%, 

7/17/2025

49,284

81,000

1.538%, 

7/20/2027

b

80,921

63,000

3.741%, 

3/7/2029

70,231

Mizuho

Financial

Group,

Inc.

61,000

1.554%, 

7/9/2027

b

60,866

84,000

2.564%, 

9/13/2031

82,816

Morgan

Stanley

26,000

4.875%, 

11/1/2022

27,237

81,000

4.100%, 

5/22/2023

85,520

41,000

0.560%, 

11/10/2023

b

41,053

36,000

2.720%, 

7/22/2025

b

37,722

29,000

5.000%, 

11/24/2025

33,151

89,000

2.188%, 

4/28/2026

b

91,893

61,000

0.985%, 

12/10/2026

b

59,917

84,000

1.593%, 

5/4/2027

b

84,250

82,000

1.512%, 

7/20/2027

b

81,610

126,000

3.622%, 

4/1/2031

b

138,873

MPT

Operating

Partnership,

LP

70,000

5.250%, 

8/1/2026

72,013

80,000

4.625%, 

8/1/2029

85,840

National

Retail

Properties,

Inc.

42,000

2.500%, 

4/15/2030

42,562

Natwest

Group

plc

34,000

6.125%, 

12/15/2022

36,171

30,000

6.100%, 

6/10/2023

32,564

42,000

4.892%, 

5/18/2029

b

48,905

50,000

4.600%, 

6/28/2031

b,i

50,240

Navient

Corporation

70,000

5.500%, 

1/25/2023

73,150

40,000

5.000%, 

3/15/2027

41,200

40,000

4.875%, 

3/15/2028

40,325

NFP

Corporation

45,000

6.875%, 

8/15/2028

g

45,947

Nippon

Life

Insurance

Company

123,000

5.100%, 

10/16/2044

b,g

135,146

73,000

3.400%, 

1/23/2050

b,g

75,464

Nomura

Holdings,

Inc.

62,000

2.172%, 

7/14/2028

61,432

Omega

Healthcare

Investors,

Inc.

43,000

4.750%, 

1/15/2028

48,338

42,000

3.375%, 

2/1/2031

42,764

OneMain

Finance

Corporation

55,000

3.500%, 

1/15/2027

55,025

Owl

Rock

Capital

Corporation

41,000

4.250%, 

1/15/2026

44,005

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

Owl

Rock

Technology

Finance

Corporation

$

20,000

4.750%, 

12/15/2025

g

$

21,863

63,000

3.750%, 

6/17/2026

g

66,509

Park

Intermediate

Holdings,

LLC

45,000

4.875%, 

5/15/2029

g

46,315

PayPal

Holdings,

Inc.

64,000

1.650%, 

6/1/2025

65,584

42,000

2.850%, 

10/1/2029

44,831

PennyMac

Financial

Services,

Inc.

110,000

4.250%, 

2/15/2029

g

104,728

Pine

Street

Trust

I

42,000

4.572%, 

2/15/2029

g

47,677

Playtika

Holding

Corporation

75,000

4.250%, 

3/15/2029

g

75,239

PNC

Bank

NA

42,000

2.700%, 

10/22/2029

44,043

PNC

Financial

Services

Group,

Inc.

50,000

3.400%, 

9/15/2026

b,i

49,875

Principal

Life

Global

Funding

II

62,000

1.250%, 

8/16/2026

g

61,615

Provident

Financing

Trust

I

22,000

7.405%, 

3/15/2038

27,127

Prudential

Financial,

Inc.

95,000

5.625%, 

6/15/2043

b

101,111

129,000

5.200%, 

3/15/2044

b

138,012

22,000

3.700%, 

10/1/2050

b

22,928

Quicken

Loans,

LLC

95,000

3.625%, 

3/1/2029

g

96,069

Radian

Group,

Inc.

70,000

4.875%, 

3/15/2027

76,291

Regions

Financial

Corporation

44,000

5.750%, 

6/15/2025

b,i

49,073

Reinsurance

Group

of

America,

Inc.

57,000

4.700%, 

9/15/2023

61,293

Royal

Bank

of

Scotland

Group

plc

58,000

4.269%, 

3/22/2025

b

62,590

63,000

3.754%, 

11/1/2029

b

67,233

Santander

Holdings

USA,

Inc.

84,000

3.450%, 

6/2/2025

89,943

Santander

UK

Group

Holdings

plc

81,000

1.673%, 

6/14/2027

b

80,655

63,000

3.823%, 

11/3/2028

b

68,916

Service

Properties

Trust

50,000

4.750%, 

10/1/2026

49,500

110,000

4.950%, 

2/15/2027

109,725

80,000

5.500%, 

12/15/2027

85,257

Simon

Property

Group,

LP

67,000

2.000%, 

9/13/2024

69,349

82,000

2.650%, 

7/15/2030

84,524

Societe

Generale

SA

48,000

2.625%, 

10/16/2024

g

49,940

44,000

8.000%, 

9/29/2025

b,g,i

51,519

49,000

1.488%, 

12/14/2026

b,g

48,453

Spirit

Realty,

LP

93,000

2.100%, 

3/15/2028

92,517

Springleaf

Finance

Corporation

40,000

6.875%, 

3/15/2025

44,950

110,000

7.125%, 

3/15/2026

127,463

130,000

6.625%, 

1/15/2028

149,500

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

Standard

Chartered

plc

$

62,000

1.319%, 

10/14/2023

b,g

$

62,390

49,000

0.991%, 

1/12/2025

b,g

48,829

60,000

6.000%, 

7/26/2025

b,g,i

65,815

Starwood

Property

Trust,

Inc.,

Convertible

23,000

4.375%, 

4/1/2023

24,110

State

Street

Corporation

41,000

2.354%, 

11/1/2025

b

42,849

Sumitomo

Life

Insurance

Company

125,000

3.375%, 

4/15/2081

b,g

129,766

Sumitomo

Mitsui

Financial

Group,

Inc.

48,000

2.448%, 

9/27/2024

50,175

63,000

3.544%, 

1/17/2028

68,949

63,000

2.142%, 

9/23/2030

60,896

Sumitomo

Mitsui

Trust

Bank,

Ltd.

41,000

1.050%, 

9/12/2025

g

40,635

SVB

Financial

Group

80,000

4.000%, 

5/15/2026

b,i

82,000

Synchrony

Financial

42,000

4.250%, 

8/15/2024

45,385

84,000

3.700%, 

8/4/2026

91,149

Truist

Bank

42,000

2.250%, 

3/11/2030

42,223

Truist

Financial

Corporation

109,000

4.950%, 

9/1/2025

b,i

119,063

42,000

1.887%, 

6/7/2029

b

41,959

UBS

Group

AG

49,000

1.364%, 

1/30/2027

b,g

48,543

UDR,

Inc.

82,000

3.000%, 

8/15/2031

85,810

United

Wholesale

Mortgage,

LLC

130,000

5.500%, 

4/15/2029

g

126,217

USB

Realty

Corporation

109,000

1.273%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

92,373

Ventas

Realty,

LP

34,000

3.750%, 

5/1/2024

36,173

VEREIT

Operating

Partnership,

LP

41,000

4.875%, 

6/1/2026

46,968

63,000

3.950%, 

8/15/2027

70,619

VICI

Properties,

LP

70,000

4.250%, 

12/1/2026

g

73,103

30,000

3.750%, 

2/15/2027

g

31,050

115,000

4.625%, 

12/1/2029

g

123,625

Wells

Fargo

&

Company

69,000

4.125%, 

8/15/2023

73,484

80,000

2.406%, 

10/30/2025

b

83,318

65,000

3.900%, 

3/15/2026

b,i

67,031

106,000

2.188%, 

4/30/2026

b

109,406

50,000

0.626%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

48,569

175,000

1.126%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

172,178

84,000

3.584%, 

5/22/2028

b

91,969

84,000

4.478%, 

4/4/2031

b

97,800

Welltower,

Inc.

41,000

2.050%, 

1/15/2029

40,731

63,000

2.800%, 

6/1/2031

64,898

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

68,449

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Financials

(9.2%)

-

continued

Willis

North

America,

Inc.

$

84,000

4.500%, 

9/15/2028

$

96,212

Total

22,038,329

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

49,000

2.150%, 

5/13/2025

g

50,133

Total

50,133

Mortgage-Backed

Securities

(12.2%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

8,000,000

2.000%, 

11/1/2036

d

8,228,125

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,325,000

2.000%, 

11/1/2051

d

4,328,886

8,800,000

2.500%, 

11/1/2051

d

9,056,094

575,000

3.000%, 

11/1/2047

d

600,911

225,000

3.000%, 

10/1/2049

d

235,432

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,375,000

2.500%, 

10/1/2051

d

3,484,028

3,300,000

2.500%, 

11/1/2051

d

3,400,676

Total

29,334,152

Technology

(2.3%)

Akamai

Technologies,

Inc.,

Convertible

39,000

0.125%, 

5/1/2025

47,337

49,000

0.375%, 

9/1/2027

53,498

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

d

20,043

Apple,

Inc.

125,000

2.200%, 

9/11/2029

128,709

Baidu,

Inc.

52,000

3.075%, 

4/7/2025

54,544

Black

Knight

InfoServ,

LLC

152,000

3.625%, 

9/1/2028

g

152,760

Broadcom

Corporation

84,000

3.125%, 

1/15/2025

88,980

63,000

3.875%, 

1/15/2027

69,232

Broadcom,

Inc.

84,000

5.000%, 

4/15/2030

98,092

CommScope

Technologies

Finance,

LLC

123,000

6.000%, 

6/15/2025

g

124,537

CommScope,

Inc.

80,000

7.125%, 

7/1/2028

g

81,638

Dell

International,

LLC

90,000

5.450%, 

6/15/2023

96,528

63,000

5.850%, 

7/15/2025

73,295

63,000

5.300%, 

10/1/2029

76,155

Fiserv,

Inc.

68,000

2.750%, 

7/1/2024

71,609

84,000

4.200%, 

10/1/2028

95,615

Gartner,

Inc.

105,000

3.625%, 

6/15/2029

g

105,798

115,000

3.750%, 

10/1/2030

g

118,358

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Technology

(2.3%)

-

continued

Global

Payments,

Inc.

$

17,000

2.650%, 

2/15/2025

$

17,769

42,000

3.200%, 

8/15/2029

44,398

Hewlett

Packard

Enterprise

Company

35,000

2.250%, 

4/1/2023

35,862

InterDigital,

Inc.,

Convertible

13,000

2.000%, 

6/1/2024

14,016

Intuit,

Inc.

41,000

0.950%, 

7/15/2025

40,953

Iron

Mountain,

Inc.

90,000

5.000%, 

7/15/2028

g

93,807

65,000

4.875%, 

9/15/2029

g

68,088

170,000

4.500%, 

2/15/2031

g

172,431

j2

Global,

Inc.,

Convertible

115,000

1.750%, 

11/1/2026

g

143,925

Jabil,

Inc.

42,000

1.700%, 

4/15/2026

42,220

Lumentum

Holdings,

Inc.,

Convertible

69,000

0.250%, 

3/15/2024

101,258

Marvell

Technology,

Inc.

42,000

4.200%, 

6/22/2023

g

44,350

42,000

2.950%, 

4/15/2031

g

43,172

Micron

Technology,

Inc.

78,000

4.975%, 

2/6/2026

89,191

MSCI,

Inc.

120,000

4.000%, 

11/15/2029

g

127,044

NCR

Corporation

265,000

6.125%, 

9/1/2029

g

287,525

NortonLifeLock,

Inc.,

Convertible

62,000

2.000%, 

8/15/2022

g

79,174

NVIDIA

Corporation

21,000

2.850%, 

4/1/2030

22,504

NXP

Funding,

LLC

44,000

4.875%, 

3/1/2024

g

47,992

21,000

2.700%, 

5/1/2025

g

21,933

42,000

4.300%, 

6/18/2029

g

47,603

Open

Text

Corporation

175,000

4.125%, 

2/15/2030

g

179,813

Oracle

Corporation

105,000

2.500%, 

4/1/2025

109,843

105,000

2.950%, 

4/1/2030

109,991

Panasonic

Corporation

52,000

2.536%, 

7/19/2022

g

52,760

PTC,

Inc.

65,000

3.625%, 

2/15/2025

g

65,975

85,000

4.000%, 

2/15/2028

g

87,231

Qorvo,

Inc.

125,000

3.375%, 

4/1/2031

g

131,800

Rackspace

Technology

Global,

Inc.

125,000

5.375%, 

12/1/2028

g,l

122,813

Salesforce.com,

Inc.

41,000

1.950%, 

7/15/2031

40,806

Seagate

HDD

Cayman

41,000

4.250%, 

3/1/2022

41,359

220,000

3.125%, 

7/15/2029

g

212,762

160,000

3.375%, 

7/15/2031

g

156,000

Sensata

Technologies,

Inc.

185,000

3.750%, 

2/15/2031

g

186,265

Shift4

Payments,

LLC

40,000

4.625%, 

11/1/2026

g

41,750

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Technology

(2.3%)

-

continued

SS&C

Technologies,

Inc.

$

290,000

5.500%, 

9/30/2027

g

$

306,220

Switch,

Ltd.

150,000

3.750%, 

9/15/2028

g

152,250

Tencent

Holdings,

Ltd.

50,000

2.880%, 

4/22/2031

g

51,033

Texas

Instruments,

Inc.

29,000

1.375%, 

3/12/2025

29,511

Verint

Systems,

Inc.,

Convertible

18,000

0.250%, 

4/15/2026

g

17,388

Viavi

Solutions,

Inc.

106,000

3.750%, 

10/1/2029

g

106,233

Vishay

Intertechnology,

Inc.,

Convertible

37,000

2.250%, 

6/15/2025

38,103

VMware,

Inc.

82,000

1.400%, 

8/15/2026

81,631

29,000

2.200%, 

8/15/2031

28,355

Total

5,491,835

Transportation

(0.9%)

AerCap

Holdings

NV

50,000

5.875%, 

10/10/2079

b

52,174

Air

Canada

30,000

3.875%, 

8/15/2026

g

30,271

Air

Canada

Pass

Through

Trust

8,209

3.875%, 

3/15/2023

g

8,301

Air

Lease

Corporation

40,000

2.300%, 

2/1/2025

41,086

11,000

3.375%, 

7/1/2025

11,681

42,000

3.125%, 

12/1/2030

43,027

Air

Transport

Services

Group,

Inc.,

Convertible

20,000

1.125%, 

10/15/2024

21,532

American

Airlines,

Inc.

115,000

11.750%, 

7/15/2025

g

142,312

265,000

5.500%, 

4/20/2026

g

278,581

20,000

5.750%, 

4/20/2029

g

21,550

Avis

Budget

Car

Rental,

LLC

95,000

5.375%, 

3/1/2029

g

100,406

Boeing

Company

41,000

1.950%, 

2/1/2024

41,960

CSX

Corporation

42,000

4.250%, 

3/15/2029

48,281

Delta

Air

Lines,

Inc.

65,000

7.000%, 

5/1/2025

g

75,806

95,073

4.500%, 

10/20/2025

g

101,728

83,000

4.750%, 

10/20/2028

g

92,545

Greenbrier

Companies,

Inc.,

Convertible

67,000

2.875%, 

4/15/2028

g

69,915

J.B.

Hunt

Transport

Services,

Inc.

35,000

3.300%, 

8/15/2022

35,683

JetBlue

Airways

Corporation,

Convertible

45,000

0.500%, 

4/1/2026

g

44,093

Meritor,

Inc.,

Convertible

48,000

3.250%, 

10/15/2037

50,329

Mileage

Plus

Holdings,

LLC

105,000

6.500%, 

6/20/2027

g

114,179

Penske

Truck

Leasing

Company,

LP

41,000

1.200%, 

11/15/2025

g

40,525

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Transportation

(0.9%)

-

continued

$

42,000

1.700%, 

6/15/2026

g

$

42,230

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

49,118

42,000

2.625%, 

2/10/2030

42,603

Southwest

Airlines

Company,

Convertible

63,000

1.250%, 

5/1/2025

94,106

Union

Pacific

Corporation

55,000

3.750%, 

7/15/2025

60,259

42,000

2.150%, 

2/5/2027

43,506

United

Airlines

Pass

Through

Trust

35,000

3.700%, 

12/1/2022

35,920

United

Airlines,

Inc.

125,000

4.375%, 

4/15/2026

g

128,281

155,000

4.625%, 

4/15/2029

g

160,185

XPO

Logistics,

Inc.

80,000

6.250%, 

5/1/2025

g

84,438

Total

2,206,611

Utilities

(1.5%)

AES

Corporation

66,000

3.950%, 

7/15/2030

g

72,575

Ameren

Corporation

41,000

1.750%, 

3/15/2028

40,182

American

Electric

Power

Company,

Inc.

42,000

2.300%, 

3/1/2030

41,848

Berkshire

Hathaway

Energy

Company

59,000

4.050%, 

4/15/2025

64,877

Calpine

Corporation

200,000

4.500%, 

2/15/2028

g

204,000

CenterPoint

Energy,

Inc.

34,000

2.500%, 

9/1/2024

35,552

62,000

1.450%, 

6/1/2026

62,017

63,000

2.650%, 

6/1/2031

64,331

Dominion

Energy,

Inc.

34,000

3.071%, 

8/15/2024

35,938

89,000

4.650%, 

12/15/2024

b,i

95,346

42,000

3.375%, 

4/1/2030

45,496

Duke

Energy

Corporation

50,000

3.250%, 

1/15/2082

b

49,769

24,000

4.875%, 

9/16/2024

b,i

25,650

84,000

3.150%, 

8/15/2027

90,466

42,000

2.450%, 

6/1/2030

42,446

Edison

International

50,000

4.950%, 

4/15/2025

55,053

Enel

Finance

International

NV

81,000

1.375%, 

7/12/2026

g

80,539

Energy

Transfer,

LP

48,000

6.500%, 

11/15/2026

b,i

49,986

Entergy

Corporation

41,000

0.900%, 

9/15/2025

40,315

42,000

1.900%, 

6/15/2028

41,558

Evergy,

Inc.

35,000

2.450%, 

9/15/2024

36,591

Exelon

Corporation

42,000

4.050%, 

4/15/2030

47,600

FirstEnergy

Corporation

59,000

3.350%, 

7/15/2022

59,699

Jersey

Central

Power

&

Light

Company

21,000

2.750%, 

3/1/2032

g

21,512

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Principal

Amount

Long-Term

Fixed

Income

(61.0%)

Value

Utilities

(1.5%)

-

continued

NextEra

Energy

Capital

Holdings,

Inc.

$

42,000

2.250%, 

6/1/2030

$

42,240

NextEra

Energy

Operating

Partners,

LP

195,000

3.875%, 

10/15/2026

g

207,334

NextEra

Energy

Partners,

LP,

Convertible

92,000

Zero

Coupon, 

11/15/2025

g

97,520

NiSource,

Inc.

48,000

5.650%, 

6/15/2023

b,i

50,640

42,000

2.950%, 

9/1/2029

43,891

NRG

Energy,

Inc.

41,000

2.000%, 

12/2/2025

g

41,683

185,000

3.375%, 

2/15/2029

g

182,582

60,000

5.250%, 

6/15/2029

g

63,825

NRG

Energy,

Inc.,

Convertible

45,000

2.750%, 

6/1/2048

52,785

Pacific

Gas

and

Electric

Company

63,000

3.750%, 

2/15/2024

65,717

63,000

2.100%, 

8/1/2027

61,482

PG&E

Corporation

80,000

5.000%, 

7/1/2028

81,500

Public

Service

Enterprise

Group,

Inc.

42,000

1.600%, 

8/15/2030

39,741

Sempra

Energy

44,000

4.875%, 

10/15/2025

b,i

47,740

63,000

3.400%, 

2/1/2028

67,945

Southern

Company

125,000

4.000%, 

1/15/2051

b

132,134

92,000

3.750%, 

9/15/2051

b

93,730

Suburban

Propane

Partners,

LP

155,000

5.875%, 

3/1/2027

161,588

Talen

Energy

Supply,

LLC

80,000

7.625%, 

6/1/2028

g

75,000

TerraForm

Power

Operating,

LLC

175,000

5.000%, 

1/31/2028

g

187,906

TransCanada

Trust

90,000

5.875%, 

8/15/2076

b

100,800

Vistra

Operations

Company,

LLC

160,000

5.000%, 

7/31/2027

g

165,200

Xcel

Energy,

Inc.

42,000

4.000%, 

6/15/2028

47,146

Total

3,513,475

Total

Long-Term

Fixed

Income

(cost

$144,454,542)

146,316,160

Shares

Registered

Investment

Companies

(

17.6%

)

Value

Unaffiliated  (2.8%)

17,984

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

74,634

6,175

AllianceBernstein

Global

High

Income

Fund,

Inc.

75,767

4,114

BlackRock

Core

Bond

Trust

68,128

2,928

BlackRock

Corporate

High

Yield

Fund,

Inc.

35,722

7,098

BlackRock

Credit

Allocation

Income

Trust

107,535

76

BlackRock

Enhanced

Equity

Dividend

Trust

745

Shares

Registered

Investment

Companies

(17.6%)

Value

Unaffiliated  (2.8%)-

continued

5,827

BlackRock

Enhanced

Global

Dividend

Trust

$

68,234

4,420

BlackRock

Multi-Sector

Income

Trust

82,698

1,050

Brookfield

Real

Assets

Income

Fund,

Inc.

21,955

5,814

Eaton

Vance

Limited

Duration

Income

Fund

76,628

1,816

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

18,142

8,599

Invesco

Dynamic

Credit

Opportunities

Fund

100,608

7,861

Invesco

Senior

Loan

ETF

173,807

3,325

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

l

129,043

13,725

Nuveen

Credit

Strategies

Income

Fund

90,036

6,538

PGIM

Global

High

Yield

Fund,

Inc.

100,685

5,745

PGIM

High

Yield

Bond

Fund,

Inc.

93,299

1,147

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

24,236

26,405

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

l

2,887,651

81,623

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

2,235,654

663

Tri-Continental

Corporation

22,131

3,115

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

46,196

3,728

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

21,995

9,731

Wells

Fargo

Income

Opportunities

Fund

85,633

11,306

Western

Asset

High

Income

Opportunity

Fund,

Inc.

58,678

Total

6,699,840

Affiliated  (14.8%)

3,623,361

Thrivent

Core

Emerging

Markets

Debt

Fund

35,364,000

Total

35,364,000

Total

Registered

Investment

Companies

(cost

$41,769,080)

42,063,840

Shares

Common

Stock

(

1.3%

)

Value

Communications

Services

(0.2%)

13

Cable

One,

Inc.

23,571

324

Charter

Communications,

Inc.

m

235,729

1,347

Twitter,

Inc.

m

81,345

166

ViacomCBS,

Inc.

6,559

306

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

m

4,667

Total

351,871

Consumer

Discretionary

(0.1%)

854

Bloomin'

Brands,

Inc.

m

21,350

24

Booking

Holdings,

Inc.

m

56,973

409

Dick's

Sporting

Goods,

Inc.

l

48,986

96

Expedia

Group,

Inc.

m

15,734

1,744

Ford

Motor

Company

m

24,695

1,611

Under

Armour,

Inc.,

Class

C

m

28,225

Total

195,963

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

Shares

Common

Stock

(1.3%)

Value

Consumer

Staples

(<0.1%)

553

Bunge,

Ltd.

$

44,970

Total

44,970

Energy

(0.1%)

741

Cheniere

Energy,

Inc.

m

72,373

750

Kinder

Morgan,

Inc.

12,548

250

MPLX,

LP

7,118

391

Pioneer

Natural

Resources

Company

65,105

270

TC

Energy

Corporation

12,984

300

Williams

Companies,

Inc.

7,782

Total

177,910

Financials

(0.2%)

1,506

Bank

of

America

Corporation

63,930

2,000

BlackRock

TCP

Capital

Corporation

27,140

716

Blackstone

Mortgage

Trust,

Inc.

21,709

1,509

FS

KKR

Capital

Corporation

33,258

2,352

Golub

Capital

BDC,

Inc.

37,185

950

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

50,806

2,013

KKR

&

Company,

Inc.

122,551

803

Sixth

Street

Specialty

Lending,

Inc.

17,835

931

Starwood

Property

Trust,

Inc.

22,726

1,535

Wells

Fargo

&

Company

71,239

Total

468,379

Health

Care

(0.2%)

311

Anthem,

Inc.

115,941

80

Becton,

Dickinson

and

Company

19,666

520

Boston

Scientific

Corporation

m

22,563

867

Danaher

Corporation

263,949

61

Illumina,

Inc.

m

24,742

Total

446,861

Industrials

(0.1%)

385

Aerojet

Rocketdyne

Holdings,

Inc.

16,767

1,178

Chart

Industries,

Inc.

m

225,128

365

Fortive

Corporation

25,758

186

FTI

Consulting,

Inc.

m

25,054

898

JetBlue

Airways

Corporation

m

13,730

555

Southwest

Airlines

Company

m

28,544

Total

334,981

Information

Technology

(0.4%)

119

Akamai

Technologies,

Inc.

m

12,446

341

Broadcom,

Ltd.

165,361

638

II-VI,

Inc.

l,m

37,872

194

InterDigital,

Inc.

13,157

201

Lumentum

Holdings,

Inc.

m

16,792

1,022

Microchip

Technology,

Inc.

156,867

591

Motorola

Solutions,

Inc.

137,301

414

NortonLifeLock,

Inc.

10,474

1,515

Nuance

Communications,

Inc.

m

83,386

3,163

ON

Semiconductor

Corporation

m

144,770

4,434

Sabre

Corporation

m

52,499

35

ServiceNow,

Inc.

m

21,779

526

Square,

Inc.

m

126,156

450

SunPower

Corporation

m

10,206

425

Teradyne,

Inc.

46,397

419

Western

Digital

Corporation

m

23,648

Total

1,059,111

Shares

Common

Stock

(1.3%)

Value

Real

Estate

(<0.1%)

422

iStar,

Inc.

$

10,584

1,756

Lexington

Realty

Trust

22,389

296

MGIC

Investment

Corporation

4,428

Total

37,401

Utilities

(<0.1%)

112

American

Electric

Power

Company,

Inc.

9,092

300

Essential

Utilities,

Inc.

13,824

382

NRG

Energy,

Inc.

15,597

Total

38,513

Total

Common

Stock

(cost

$3,145,341)

3,155,960

Shares

Preferred

Stock

(

1.1%

)

Value

Communications

Services

(0.1%)

6,550

AT&T,

Inc.,

4.750%

i

172,724

3,500

Telephone

and

Data

Systems,

Inc.

6.000%

i

88,375

607

ViacomCBS,

Inc.,

Convertible,

5.750%

l

39,655

Total

300,754

Consumer

Staples

(<0.1%)

850

CHS,

Inc.,

7.100%

b,i

23,859

Total

23,859

Energy

(0.1%)

6,153

Crestwood

Equity

Partners,

LP,

9.250%

i

61,469

825

Energy

Transfer,

LP,

7.600%

b,i

20,922

1,736

NuStar

Logistics,

LP,

6.860%

b

43,226

Total

125,617

Financials

(0.6%)

1,750

Aegon

Funding

Corporation

II,

5.100%

46,305

3,700

Allstate

Corporation,

5.100%

i

101,306

1,000

American

International

Group,

Inc.

5.850%

i

27,180

2,200

Bank

of

America

Corporation,

5.000%

i

58,850

1,000

Bank

of

America

Corporation,

5.375%

i

26,930

3,050

Capital

One

Financial

Corporation,

5.000%

i

80,733

1,445

Cobank

ACB,

6.250%

b,i

149,557

2,775

Equitable

Holdings,

Inc.,

5.250%

i

75,008

70

First

Horizon

Bank,

3.750%

b,g,i

59,697

1,150

First

Horizon

Corporation,

6.500%

i

31,498

134

GMAC

Capital

Trust

I,

5.910%

b

3,382

3,700

J.P.

Morgan

Chase

&

Company,

4.200%

i,m

93,425

1,750

J.P.

Morgan

Chase

&

Company,

4.750%

i

45,728

1,750

J.P.

Morgan

Chase

&

Company,

5.750%

i

47,793

3,080

Morgan

Stanley,

5.850%

b,i

91,260

3,700

Morgan

Stanley,

7.125%

b,i

105,487

425

Synovus

Financial

Corporation,

5.875%

b,i

11,590

2,650

Truist

Financial

Corporation,

4.750%

i

70,358

3,500

Wells

Fargo

&

Company,

4.250%

i

87,640

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

Shares

Preferred

Stock

(1.1%)

Value

Financials

(0.6%)

-

continued

148

Wells

Fargo

&

Company,

Convertible,

7.50%

i

$

219,336

Total

1,433,063

Health

Care

(<0.1%)

848

Becton,

Dickinson

and

Company,

Convertible,

6.000%

45,775

545

Boston

Scientific

Corporation,

Convertible,

5.500%

63,438

Total

109,213

Industrials

(<0.1%)

59

Fluor

Corporation,

Convertible,

6.500%

g,i

58,888

432

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

l

45,464

Total

104,352

Real

Estate

(0.1%)

3,200

Public

Storage,

4.125%

i

83,520

668

Public

Storage,

4.625%

i

18,223

175

Public

Storage,

4.700%

i

4,746

275

Public

Storage,

4.875%

i

7,541

Total

114,030

Utilities

(0.2%)

879

AES

Corporation,

Convertible,

6.875%

l

84,736

256

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

12,203

455

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

22,623

5,025

CMS

Energy

Corporation,

4.200%

i

125,424

221

Essential

Utilities,

Inc.,

Convertible

6.000%

12,683

1,596

NextEra

Energy,

Inc.,

Convertible,

4.872%

93,542

89

NiSource,

Inc.,

Convertible,

7.750%

9,207

3,525

Southern

Company,

4.950%

93,236

403

Southern

Company,

Convertible,

6.750%

20,557

Total

474,211

Total

Preferred

Stock

(cost

$2,608,147)

2,685,099

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

2,618,060

Thrivent

Cash

Management

Trust

2,618,060

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,618,060)

2,618,060

Shares

or

Principal

Amount

Short-Term

Investments

(

15.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.030%,

10/6/2021

n,o

100,000

100,000

0.040%,

10/20/2021

n,o

99,999

Shares

or

Principal

Amount

Short-Term

Investments

(15.2%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,629,478

0.120%

$

36,294,784

Total

Short-Term

Investments

(cost

$36,490,529)

36,494,783

Total

Investments

(cost

$270,417,190)

113.8%

$272,815,332

Other

Assets

and

Liabilities,

Net

(13.8%)

(32,990,062)

Total

Net

Assets

100.0%

$239,825,270

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,

2021.

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

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,

2021.

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,

2021,

the

value

of

these

investments

was

$63,015,733

or

26.3%

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,

2021.

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.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

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,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

734,810

Common

Stock

1,753,987

Total

lending

$2,488,797

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,618,060

Net

amounts

due

to

counterparty

$129,263

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

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:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

3,080,913

–

2,242,856

838,057

Capital

Goods

3,686,287

–

2,786,842

899,445

Communications

Services

8,611,864

–

8,327,577

284,287

Consumer

Cyclical

5,419,036

–

5,419,036

–

Consumer

Non-Cyclical

8,116,342

–

8,116,342

–

Energy

453,972

–

453,972

–

Financials

2,181,530

–

2,181,530

–

Technology

5,270,072

–

5,270,072

–

Transportation

2,075,561

–

2,075,561

–

Utilities

585,853

–

315,299

270,554

Long-Term

Fixed

Income

Asset-Backed

Securities

13,199,744

–

13,199,744

–

Basic

Materials

4,249,166

–

4,249,166

–

Capital

Goods

6,351,728

–

6,351,728

–

Collateralized

Mortgage

Obligations

16,016,163

–

16,016,163

–

Commercial

Mortgage-Backed

Securities

327,017

–

327,017

–

Communications

Services

9,658,958

–

9,658,958

–

Consumer

Cyclical

12,647,488

–

12,647,488

–

Consumer

Non-Cyclical

11,455,370

–

11,455,370

–

Energy

9,775,991

–

9,775,991

–

Financials

22,038,329

–

22,038,329

–

Foreign

Government

50,133

–

50,133

–

Mortgage-Backed

Securities

29,334,152

–

29,334,152

–

Technology

5,491,835

–

5,491,835

–

Transportation

2,206,611

–

2,206,611

–

Utilities

3,513,475

–

3,513,475

–

Registered

Investment

Companies

Unaffiliated

6,699,840

6,699,840

–

–

Common

Stock

Communications

Services

351,871

347,204

4,667

–

Consumer

Discretionary

195,963

195,963

–

–

Consumer

Staples

44,970

44,970

–

–

Energy

177,910

177,910

–

–

Financials

468,379

468,379

–

–

Health

Care

446,861

446,861

–

–

Industrials

334,981

334,981

–

–

Information

Technology

1,059,111

1,059,111

–

–

Real

Estate

37,401

37,401

–

–

Utilities

38,513

38,513

–

–

Preferred

Stock

Communications

Services

300,754

300,754

–

–

Consumer

Staples

23,859

23,859

–

–

Energy

125,617

125,617

–

–

Financials

1,433,063

1,373,366

59,697

–

Health

Care

109,213

109,213

–

–

Industrials

104,352

45,464

58,888

–

Real

Estate

114,030

114,030

–

–

Utilities

474,211

474,211

–

–

Short-Term

Investments

199,999

–

199,999

–

Subtotal

Investments

in

Securities

$198,538,488

$12,417,647

$183,828,498

$2,292,343

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

35,364,000

Affiliated

Short-Term

Investments

36,294,784

Collateral

Held

for

Securities

Loaned

2,618,060

Subtotal

Other

Investments

$74,276,844

Total

Investments

at

Value

$272,815,332

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

*

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

133,296

133,296

–

–

Total

Asset

Derivatives

$133,296

$133,296

$–

$–

Liability

Derivatives

Futures

Contracts

226,523

226,523

–

–

Total

Liability

Derivatives

$226,523

$226,523

$–

$–

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$199,999

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

11

December

2021

$

2,422,096

(

$

1,495)

CBOT

U.S.

Long

Bond

2

December

2021

326,975

(

8,538)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

31

December

2021

6,139,428

(

216,490)

Total

Futures

Long

Contracts

$

8,888,499

(

$

226,523)

CBOT

10-Yr.

U.S.

Treasury

Note

(33)

December

2021

(

$

4,410,566)

$

67,457

CBOT

5-Yr.

U.S.

Treasury

Note

(55)

December

2021

(

6,796,757)

45,936

Ultra

10-Yr.

U.S.

Treasury

Note

(6)

December

2021

(

891,403)

19,903

Total

Futures

Short

Contracts

(

$

12,098,726)

$133,296

Total

Futures

Contracts

(

$

3,210,227)

($93,227)

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$37,714

$1,152

$1,300

$35,364

3,623

14.8%

Total

Affiliated

Registered

Investment

Companies

37,714

35,364

14.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

37,613

129,605

130,923

36,295

3,629

15.1

Total

Affiliated

Short-Term

Investments

37,613

36,295

15.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

452

41,084

38,918

2,618

2,618

1.1

Total

Collateral

Held

for

Securities

Loaned

452

2,618

1.1

Total

Value

$75,779

$74,277

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(23)

$(2,179)

$

–

$1,152

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

(3)

3

–

40

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,192

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$(26)

$(2,176)

$

–

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Shares

Common

Stock

(

91.1%

)

Value

Bermuda

(1.1%)

218,000

China

Resources

Gas

Group,

Ltd.

$

1,145,357

Total

1,145,357

Brazil

(4.5%)

176,200

B3

SA

-

Brasil

Bolsa

Balcao

413,503

400,877

Banco

Bradesco

SA

ADR

1,535,359

201,785

Rumo

SA

a

623,613

101,590

Vale

SA

ADR

1,417,180

89,020

WEG

SA

645,695

Total

4,635,350

Cayman

Islands

(16.7%)

213,300

Alibaba

Group

Holding,

Ltd.

a

3,949,023

313,200

Budweiser

Brewing

Company

APAC,

Ltd.

b

795,541

135,500

China

Conch

Venture

Holdings,

Ltd.

629,178

382,000

China

Resources

Land,

Ltd.

1,607,705

82,700

GDS

Holdings,

Ltd.

a

586,402

74,000

Li

Ning

Company,

Ltd.

852,905

34,400

Meituan

Dianping

a,b

1,098,098

255,600

Sands

China,

Ltd.

a

523,086

3,973

Sea,

Ltd.

ADR

a

1,266,314

61,100

Tencent

Holdings,

Ltd.

3,647,594

143,500

WuXi

Biologics

(Cayman),

Inc.

a,b

2,327,613

Total

17,283,459

China

(13.8%)

32,800

China

International

Travel

Service

Corporation,

Ltd.

1,314,121

247,500

China

Merchants

Bank

Company,

Ltd.,

Class

H

1,969,641

19,800

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

A

532,498

9,900

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

H

b

209,345

2,495

Kweichow

Moutai

Company,

Ltd.

704,235

177,680

LONGi

Green

Energy

Technology

Company,

Ltd.

2,258,563

104,925

Midea

Group

Company,

Ltd.

1,128,221

363,840

NARI

Technology

Company,

Ltd.

2,009,498

76,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

519,793

71,600

Shenzhou

International

Group

Holdings,

Ltd.

1,519,600

56,220

Sungrow

Power

Supply

Company,

Ltd.

1,277,732

18,999

Yunnan

Energy

New

Material

Company,

Ltd.

821,909

Total

14,265,156

Cyprus

(0.8%)

9,003

TCS

Group

Holding

plc

GDR

826,475

Total

826,475

Hong

Kong

(3.3%)

160,800

AIA

Group,

Ltd.

1,849,909

25,530

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,568,831

Total

3,418,740

India

(13.2%)

30,407

Hindustan

Unilever,

Ltd.

1,105,665

87,152

Housing

Development

Finance

Corporation

3,220,955

Shares

Common

Stock

(91.1%)

Value

India

(13.2%)

-

continued

352,672

ITC,

Ltd.

$

1,118,164

69,587

Kotak

Mahindra

Bank,

Ltd.

1,872,756

115,171

SBI

Life

Insurance

Company,

Ltd.

b

1,884,225

56,320

Tata

Consultancy

Services,

Ltd.

2,854,200

15,447

Ultra

Tech

Cement,

Ltd.

1,532,744

Total

13,588,709

Indonesia

(2.5%)

566,100

Bank

Central

Asia

Tbk

PT

1,378,860

4,451,496

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,186,532

Total

2,565,392

Luxembourg

(0.8%)

52,856

Allegro.eu

SA

a,b

768,803

Total

768,803

Mexico

(4.7%)

15,880

Fomento

Economico

Mexicano

SAB

de

CV

ADR

1,377,114

32,560

Grupo

Aeroportuario

del

Sureste

,

SAB

de

CV

607,380

281,773

Grupo

Financiero

Banorte

SAB

de

CV

ADR

1,805,864

267,858

Grupo

Mexico,

SAB

de

CV

1,065,125

Total

4,855,483

Netherlands

(5.6%)

1,780

ASM

International

NV

697,078

2,326

ASML

Holding

NV

1,737,652

30,908

Prosus

NV

2,473,901

11,183

Yandex

NV

a

891,173

Total

5,799,804

Philippines

(0.4%)

260,636

Bank

of

the

Philippine

Islands

416,169

Total

416,169

Russian

Federation

(5.1%)

18,564

Lukoil

ADR

1,763,104

83,499

NovaTek

PJSC

2,194,943

270,193

Sberbank

of

Russia

PJSC

1,262,270

Total

5,220,317

South

Africa

(1.0%)

11,781

Anglo

American

Platinum,

Ltd.

1,020,487

Total

1,020,487

South

Korea

(3.9%)

4,245

Kakao

Corporation

417,488

3,144

LG

Chem

,

Ltd.

2,039,105

2,630

Samsung

SDI

Company,

Ltd.

1,569,374

Total

4,025,967

Taiwan

(11.0%)

113,000

Delta

Electronics,

Inc.

1,012,500

290,000

Hon

Hai

Precision

Industry

Company,

Ltd.

1,082,458

449,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

9,296,577

Total

11,391,535

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Shares

Common

Stock

(91.1%)

Value

United

Kingdom

(1.4%)

56,841

Mondi

plc

$

1,399,719

Total

1,399,719

United

States

(1.3%)

818

Mercadolibre

,

Inc.

a

1,373,749

Total

1,373,749

Total

Common

Stock

(cost

$62,570,739)

94,000,671

Shares

Preferred

Stock

(

8.5%

)

South

Korea

(8.5%)

150,645

Samsung

Electronics

Company,

Ltd.

8,788,435

Total

8,788,435

Total

Preferred

Stock

(cost

$2,720,189)

8,788,435

Shares

Short-Term

Investments

(

0.8%

)

Thrivent

Core

Short-Term

Reserve

Fund

83,693

0.120%

836,927

Total

Short-Term

Investments

(cost

$836,927)

836,927

Total

Investments

(cost

$66,127,855)

100.4%

$103,626,033

Other

Assets

and

Liabilities,

Net

(0.4%)

(405,962)

Total

Net

Assets

100.0%

$103,220,071

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,

2021,

the

value

of

these

investments

was

$7,083,625

or

6.9%

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.

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

5,542,657

891,173

4,651,484

–

Consumer

Discretionary

12,527,606

1,373,749

11,153,857

–

Consumer

Staples

5,100,719

1,377,114

3,723,605

–

Energy

5,103,404

–

5,103,404

–

Financials

24,814,221

1,535,359

23,278,862

–

Health

Care

3,069,456

–

3,069,456

–

Industrials

5,774,625

–

5,774,625

–

Information

Technology

18,503,653

1,266,314

17,237,339

–

Materials

9,296,269

1,417,180

7,879,089

–

Utilities

4,268,061

–

4,268,061

–

Preferred

Stock

Information

Technology

8,788,435

–

8,788,435

–

Subtotal

Investments

in

Securities

$102,789,106

$7,860,889

$94,928,217

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

836,927

Subtotal

Other

Investments

$836,927

Total

Investments

at

Value

$103,626,033

*

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$1,093

$19,719

$19,975

$837

84

0.8%

Total

Affiliated

Short-Term

Investments

1,093

837

0.8

Total

Value

$1,093

$837

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Total

Value

$–

$–

$

–

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock

(

97.3%

)

Value

Biotechnology

(19.4%)

29,290

AbbVie,

Inc.

$

3,159,512

14,767

Acceleron

Pharma,

Inc.

a

2,541,401

21,110

Acumen

Pharmaceuticals,

Inc.

a

313,695

11,582

Agios

Pharmaceuticals,

Inc.

a

534,509

15,696

Allogene

Therapeutics,

Inc.

a

403,387

17,690

Alnylam

Pharmaceuticals,

Inc.

a

3,340,049

13,777

Ambrx

Biopharma,

Inc.

ADR

a

185,989

33,190

Amgen,

Inc.

7,057,854

22,375

Arcutis

Biotherapeutics

,

Inc.

a

534,539

8,035

Arena

Pharmaceuticals,

Inc.

a

478,484

3,639

Argenx

SE

ADR

a

1,098,978

18,521

Biogen,

Inc.

a

5,241,258

1,140

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

158,357

10,083

BioMarin

Pharmaceutical,

Inc.

a

779,315

5,812

Blueprint

Medicines

Corporation

a

597,532

9,941

BridgeBio

Pharma,

Inc.

a

465,935

8,933

Cerevel

Therapeutics

Holdings

a

263,524

6,232

Connect

Biopharma

Holdings,

Ltd.

ADR

a

148,945

8,595

Cytokinetics,

Inc.

a

307,185

13,043

Decibel

Therapeutics,

Inc.

a

100,562

7,165

Design

Therapeutics,

Inc.

a

105,254

8,054

Dicerna

Pharmaceuticals,

Inc.

a

162,369

2,820

Enanta

Pharmaceuticals,

Inc.

a

160,204

7,473

EXACT

Sciences

Corporation

a

713,298

3,999

Genmab

AS

a

1,747,251

14,449

Genmab

AS

ADR

a

631,421

67,898

Gilead

Sciences,

Inc.

4,742,675

12,988

Global

Blood

Therapeutics,

Inc.

a

330,934

3,933

Guardant

Health,

Inc.

a

491,664

8,134

IDEAYA

Biosciences,

Inc.

a

207,336

12,538

Imago

BioSciences

,

Inc.

a

251,136

7,361

Immuneering

Corporation

a

195,435

5,022

Immunocore

Holdings

plc

ADR

a

186,166

13,307

Incyte

Corporation

a

915,255

1,933

Krystal

Biotech,

Inc.

a

100,922

31,362

Mersana

Therapeutics,

Inc.

a

295,744

4,429

Mirati

Therapeutics,

Inc.

a

783,534

6,490

Moderna

,

Inc.

a

2,497,741

14,609

Monte

Rosa

Therapeutics,

Inc.

a

325,489

8,560

Nautilus

Biotechnology,

Inc.

a

52,558

9,981

Neurocrine

Biosciences,

Inc.

a

957,278

4,765

Novavax

,

Inc.

a

987,832

2,146

Nuvation

Bio,

Inc.,

Warrants

(Expires

07/07/2027)

a

5,429

12,136

Omega

Therapeutics,

Inc.

a

228,764

14,300

POINT

Biopharma

Global,

Inc.

a

109,967

11,575

Prothena

Corporation

plc

a

824,487

2,440

PTC

Therapeutics,

Inc.

a

90,792

4,421

RAPT

Therapeutics,

Inc.

a

137,272

6,142

Regeneron

Pharmaceuticals,

Inc.

a

3,717,016

6,030

Relay

Therapeutics,

Inc.

a

190,126

4,783

Sarepta

Therapeutics,

Inc.

a

442,332

32,186

Seagen

,

Inc.

a

5,465,183

12,324

Talaris

Therapeutics,

Inc.

a

167,113

5,120

Tango

Therapeutics,

Inc.

a

66,202

7,235

Taysha

Gene

Therapies,

Inc.

a

134,716

5,383

TCR2

Therapeutics,

Inc.

a

45,809

15,562

Tenaya

Therapeutics,

Inc.

a

321,355

15,222

TScan

Therapeutics,

Inc.

a

126,951

11,301

Vertex

Pharmaceuticals,

Inc.

a

2,049,888

Total

58,675,908

Shares

Common

Stock

(97.3%)

Value

Financials

(0.3%)

47,585

Health

Assurance

Acquisition

Corporation

a

$

465,381

11,896

Health

Assurance

Acquisition

Corporation,

Warrants

(Expires

11/12/2025)

a

12,253

7,296

Health

Sciences

Acquisitions

Corporation

2

a

72,157

6,199

Helix

Acquisition

Corporation

a

61,184

22,420

MedTech

Acquisition

Corporation

a

222,631

7,473

MedTech

Acquisition

Corporation,

Warrants

(Expires

12/18/2025)

a

6,128

Total

839,734

Health

Care

Distributors

(1.7%)

12,720

AmerisourceBergen

Corporation

1,519,404

29,610

Cardinal

Health,

Inc.

1,464,511

21,286

Henry

Schein,

Inc.

a

1,621,142

3,332

McKesson

Corporation

664,334

Total

5,269,391

Health

Care

Equipment

(27.6%)

140,484

Abbott

Laboratories

16,595,375

7,146

ABIOMED,

Inc.

a

2,326,166

72,968

Avantor

,

Inc.

a

2,984,391

48,255

Baxter

International,

Inc.

3,881,150

175,028

Boston

Scientific

Corporation

a

7,594,465

9,615

Danaher

Corporation

2,927,191

50,652

Edwards

Lifesciences

Corporation

a

5,734,313

8,887

Intuitive

Surgical,

Inc.

a

8,835,011

11,761

Masimo

Corporation

a

3,183,820

72,301

Medtronic

plc

9,062,930

15,000

Natera

,

Inc.

a

1,671,600

10,014

Nevro

Corporation

a

1,165,429

4,665

Novocure

,

Ltd.

a

541,933

10,426

Rapid

Micro

Biosystems

,

Inc.

a

192,568

9,482

ResMed

,

Inc.

2,498,981

21,395

Stryker

Corporation

5,642,290

10,242

Teleflex,

Inc.

3,856,625

32,185

Zimmer

Biomet

Holdings,

Inc.

4,710,597

Total

83,404,835

Health

Care

Facilities

(0.7%)

21,028

Agilon

Health,

Inc.

a

551,144

21,355

Encompass

Health

Corporation

1,602,479

6,930

Innovage

Holding

Corporation

a

45,807

Total

2,199,430

Health

Care

Services

(5.9%)

38,829

Agiliti

,

Inc.

a

739,304

10,333

Amedisys

,

Inc.

a

1,540,650

11,207

CareMax

,

Inc.

a

108,260

2,241

CareMax

,

Inc.,

Warrants

(Expires

07/16/2025)

a

5,939

36,657

Cigna

Holding

Company

7,337,265

7,435

ICON

plc

a

1,948,119

10,781

LHC

Group,

Inc.

a

1,691,647

37,437

Lifestance

Health

Group,

Inc.

a

542,836

15,460

Quest

Diagnostics,

Inc.

2,246,492

11,984

Teladoc

Health,

Inc.

a

1,519,691

Total

17,680,203

Health

Care

Supplies

(1.6%)

29,611

Alcon,

Inc.

2,382,797

1,795

Cooper

Companies,

Inc.

741,892

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

a

Shares

Common

Stock

(97.3%)

Value

Health

Care

Supplies

(1.6%)

-

continued

26,840

Dentsply

Sirona,

Inc.

$

1,558,062

Total

4,682,751

Health

Care

Technology

(0.2%)

25,996

Alignment

Healthcare,

Inc.

a

415,416

8,371

Privia

Health

Group,

Inc.

a

197,221

Total

612,637

Life

Sciences

Tools

&

Services

(8.8%)

7,595

Agilent

Technologies,

Inc.

1,196,440

7,899

Illumina,

Inc.

a

3,203,913

16,103

IQVIA

Holding,

Inc.

a

3,857,313

6,760

Qiagen

NV

a

349,357

31,519

Thermo

Fisher

Scientific,

Inc.

18,007,750

Total

26,614,773

Managed

Health

Care

(9.8%)

12,364

Anthem,

Inc.

4,609,299

34,031

Centene

Corporation

a

2,120,472

9,687

Humana,

Inc.

3,769,696

49,153

UnitedHealth

Group,

Inc.

19,206,043

Total

29,705,510

Pharmaceuticals

(21.3%)

8,166

Apellis

Pharmaceuticals,

Inc.

a

269,151

12,990

AstraZeneca

plc

1,565,526

80,339

Bristol-Myers

Squibb

Company

4,753,659

34,600

Daiichi

Sankyo

Company,

Ltd.

919,708

39,095

Eli

Lilly

and

Company

9,032,900

6,233

Forma

Therapeutics

Holdings,

Inc.

a

144,543

494,505

Hansoh

Pharmaceutical

Group

Company,

Ltd.

b

1,251,779

10,299

Horizon

Therapeutics

plc

a

1,128,152

182,000

Hua

Medicine

a,b

109,649

80,175

Johnson

&

Johnson

12,948,263

38,368

Merck

&

Company,

Inc.

2,881,820

13,374

Nektar

Therapeutics

a

240,197

366,573

Pfizer,

Inc.

15,766,305

5,873

Roche

Holding

AG

2,143,469

29,414

Sanofi

2,831,501

29,577

Sanofi

ADR

1,425,907

75,500

WuXi

Biologics

(Cayman),

Inc.

a,b

1,224,632

28,821

Zoetis,

Inc.

5,595,309

Total

64,232,470

Total

Common

Stock

(cost

$208,167,450)

293,917,642

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

807,338

0.120%

8,073,382

Total

Short-Term

Investments

(cost

$8,070,877)

8,073,382

Total

Investments

(cost

$216,238,327)

100.0%

$301,991,024

Other

Assets

and

Liabilities,

Net

(<0.1%)

(85,923)

Total

Net

Assets

100.0%

$301,905,101

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,

2021,

the

value

of

these

investments

was

$2,586,060

or

0.9%

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

in

valuing

Partner

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

58,675,908

56,928,657

1,747,251

–

Financials

839,734

839,734

–

–

Health

Care

Distributors

5,269,391

5,269,391

–

–

Health

Care

Equipment

83,404,835

83,404,835

–

–

Health

Care

Facilities

2,199,430

2,199,430

–

–

Health

Care

Services

17,680,203

17,680,203

–

–

Health

Care

Supplies

4,682,751

4,682,751

–

–

Health

Care

Technology

612,637

612,637

–

–

Life

Sciences

Tools

&

Services

26,614,773

26,614,773

–

–

Managed

Health

Care

29,705,510

29,705,510

–

–

Pharmaceuticals

64,232,470

54,186,206

10,046,264

–

Subtotal

Investments

in

Securities

$293,917,642

$282,124,127

$11,793,515

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

8,073,382

Subtotal

Other

Investments

$8,073,382

Total

Investments

at

Value

$301,991,024

*

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$6,423

$50,926

$49,276

$8,073

807

2.7%

Total

Affiliated

Short-Term

Investments

6,423

8,073

2.7

Total

Value

$6,423

$8,073

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$9

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$9

Total

Value

$–

$–

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

Shares

Common

Stock

(

99.6%

)

Value

Diversified

REITs

(6.1%)

8,554

American

Assets

Trust,

Inc.

$

320,091

28,612

Apartment

Income

REIT

Corporation

1,396,552

42,667

Cousins

Properties,

Inc.

1,591,052

90,470

Duke

Realty

Corporation

4,330,799

16,000

Lexington

Realty

Trust

204,000

23,174

Spirit

Realty

Capital,

Inc.

1,066,931

33,806

Store

Capital

Corporation

1,082,806

33,584

VEREIT,

Inc.

1,519,004

11,258

WP

Carey,

Inc.

822,284

Total

12,333,519

Health

Care

REITs

(8.7%)

24,662

Healthcare

Realty

Trust,

Inc.

734,434

47,225

Healthcare

Trust

of

America,

Inc.

1,400,694

106,900

Healthpeak

Properties,

Inc.

3,579,012

57,506

Medical

Properties

Trust,

Inc.

1,154,145

16,114

Omega

Healthcare

Investors,

Inc.

482,775

8,776

Physicians

Realty

Trust

154,633

58,298

Ventas,

Inc.

3,218,633

83,070

Welltower

,

Inc.

6,844,968

Total

17,569,294

Hotel

&

Resort

REITs

(4.6%)

56,979

Apple

Hospitality

REIT,

Inc.

896,280

9,900

Caesars

Entertainment,

Inc.

a

1,111,572

118,551

Host

Hotels

&

Resorts,

Inc.

a

1,935,938

52,858

MGM

Growth

Properties,

LLC

2,024,461

36,835

Park

Hotels

&

Resorts,

Inc.

a

705,022

29,785

Pebblebrook

Hotel

Trust

667,482

43,154

RLJ

Lodging

Trust

641,268

8,756

Ryman

Hospitality

Properties

a

732,877

48,357

Sunstone

Hotel

Investors,

Inc.

a

577,383

Total

9,292,283

Industrial

REITs

(13.0%)

44,492

Americold

Realty

Trust

1,292,493

4,751

EastGroup

Properties,

Inc.

791,659

35,396

First

Industrial

Realty

Trust,

Inc.

1,843,424

112,981

Prologis,

Inc.

14,171,207

55,814

Rexford

Industrial

Realty,

Inc.

3,167,444

10,288

SBA

Communications

Corporation

3,400,904

18,211

STAG

Industrial,

Inc.

714,782

10,945

Terreno

Realty

Corporation

692,052

Total

26,073,965

Information

Technology

(0.3%)

23,145

Switch,

Inc.

587,652

Total

587,652

Office

REITs

(7.0%)

26,127

Alexandria

Real

Estate

Equities,

Inc.

4,992,086

18,383

Boston

Properties,

Inc.

1,991,798

16,946

Corporate

Office

Properties

Trust

457,203

29,590

Douglas

Emmett,

Inc.

935,340

25,312

Highwoods

Properties,

Inc.

1,110,184

35,172

Hudson

Pacific

Properties,

Inc.

923,968

19,026

JBG

SMITH

Properties

563,360

23,191

Kilroy

Realty

Corporation

1,535,476

11,823

SL

Green

Realty

Corporation

837,541

14,954

Vornado

Realty

Trust

628,218

Total

13,975,174

Shares

Common

Stock

(99.6%)

Value

Real

Estate

Operating

Companies

(0.5%)

37,337

Essential

Properties

Realty

Trust,

Inc.

$

1,042,449

Total

1,042,449

Real

Estate

Services

(0.5%)

6,700

CBRE

Group,

Inc.

a

652,312

1,481

Jones

Lang

LaSalle,

Inc.

a

367,421

Total

1,019,733

Residential

REITs

(20.7%)

21,262

American

Campus

Communities,

Inc.

1,030,144

106,625

American

Homes

4

Rent

4,064,545

20,979

AvalonBay

Communities,

Inc.

4,649,786

22,731

Camden

Property

Trust

3,352,141

48,403

Equity

Lifestyle

Properties,

Inc.

3,780,274

39,766

Equity

Residential

3,217,865

11,785

Essex

Property

Trust,

Inc.

3,768,136

156,546

Invitation

Homes,

Inc.

6,000,408

17,908

Mid-America

Apartment

Communities,

Inc.

3,344,319

24,101

Sun

Communities,

Inc.

4,461,095

73,424

UDR,

Inc.

3,890,003

Total

41,558,716

Retail

REITs

(9.8%)

15,997

Agree

Realty

Corporation

1,059,481

83,271

Brixmor

Property

Group,

Inc.

1,841,122

8,056

Federal

Realty

Investment

Trust

950,527

99,697

Kimco

Realty

Corporation

2,068,713

20,971

National

Retail

Properties,

Inc.

905,738

16,513

NetSTREIT

Corporation

390,532

13,721

Phillips

Edison

and

Company,

Inc.

421,372

21,624

Realty

Income

Corporation

1,402,533

37,607

Regency

Centers

Corporation

2,532,079

25,586

Retail

Opportunity

Investments

Corporation

445,708

33,400

Retail

Properties

of

America,

Inc.

430,192

47,940

Simon

Property

Group,

Inc.

6,230,762

33,290

SITE

Centers

Corporation

513,998

21,701

Urban

Edge

Properties

397,345

Total

19,590,102

Specialized

REITs

(28.4%)

38,013

American

Tower

Corporation

10,089,030

7,880

CoreSite

Realty

Corporation

1,091,695

27,743

Crown

Castle

International

Corporation

4,808,417

44,986

CubeSmart

2,179,572

24,290

CyrusOne

,

Inc.

1,880,289

30,018

Digital

Realty

Trust,

Inc.

4,336,100

15,018

Equinix

,

Inc.

11,866,172

27,482

Extra

Space

Storage,

Inc.

4,616,701

11,573

Four

Corners

Property

Trust,

Inc.

310,851

32,244

Gaming

and

Leisure

Properties,

Inc.

1,493,542

1,967

GDS

Holdings,

Ltd.

ADR

a

111,352

13,700

Iron

Mountain,

Inc.

595,265

25,609

Life

Storage,

Inc.

2,938,377

11,365

National

Storage

Affiliates

Trust

599,958

3,524

PotlatchDeltic

Corporation

181,768

16,704

Public

Storage,

Inc.

4,962,758

104,145

VICI

Properties,

Inc.

2,958,760

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

(99.6%)

Value

Specialized

REITs

(28.4%)

-

continued

58,489

Weyerhaeuser

Company

$

2,080,454

Total

57,101,061

Total

Common

Stock

(cost

$126,359,076)

200,143,948

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

18,673

0.120%

186,730

Total

Short-Term

Investments

(cost

$186,730)

186,730

Total

Investments

(cost

$126,545,806)

99.7%

$200,330,678

Other

Assets

and

Liabilities,

Net

0.3%

644,221

Total

Net

Assets

100.0%

$200,974,899

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.

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,

2021,

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

12,333,519

12,333,519

–

–

Health

Care

REITs

17,569,294

17,569,294

–

–

Hotel

&

Resort

REITs

9,292,283

9,292,283

–

–

Industrial

REITs

26,073,965

26,073,965

–

–

Information

Technology

587,652

587,652

–

–

Office

REITs

13,975,174

13,975,174

–

–

Real

Estate

Operating

Companies

1,042,449

1,042,449

–

–

Real

Estate

Services

1,019,733

1,019,733

–

–

Residential

REITs

41,558,716

41,558,716

–

–

Retail

REITs

19,590,102

19,590,102

–

–

Specialized

REITs

57,101,061

57,101,061

–

–

Subtotal

Investments

in

Securities

$200,143,948

$200,143,948

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

186,730

Subtotal

Other

Investments

$186,730

Total

Investments

at

Value

$200,330,678

*

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.  

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$338

$13,714

$13,865

$187

19

0.1%

Total

Affiliated

Short-Term

Investments

338

187

0.1

Total

Value

$338

$187

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

Shares

Common

Stock

(

98.1%

)

Value

Consumer

Discretionary

(14.8%)

15,219

Bally's

Corporation

a

$

763,081

9,058

Choice

Hotels

International,

Inc.

1,144,659

30,334

Cooper-Standard

Holdings,

Inc.

a

664,618

59,031

Duluth

Holdings,

Inc.

a

804,592

104,632

Everi

Holdings,

Inc.

a

2,530,002

4,723

Five

Below,

Inc.

a

835,074

2,882

Lithia

Motors,

Inc.

913,709

21,662

Magnite

,

Inc.

a

606,536

12,022

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

724,686

8,039

Papa

John's

International,

Inc.

1,020,872

12,734

Planet

Fitness,

Inc.

a

1,000,256

23,631

Skyline

Corporation

a

1,419,278

51,388

ThredUp

,

Inc.

a

1,114,606

6,075

Wingstop

,

Inc.

995,875

Total

14,537,844

Consumer

Staples

(3.1%)

54,149

e.l.f

.

Beauty,

Inc.

a

1,573,028

30,733

Turning

Point

Brands,

Inc.

1,467,501

Total

3,040,529

Energy

(0.2%)

25,165

Nine

Energy

Service,

Inc.

a

46,052

13,443

Talos

Energy,

Inc.

a

185,110

Total

231,162

Financials

(5.7%)

12,960

Ameris

Bancorp

672,365

13,776

Hamilton

Lane,

Inc.

1,168,480

6,621

Kinsale

Capital

Group,

Inc.

1,070,616

14,472

Seacoast

Banking

Corporation

of

Florida

489,298

6,183

TMX

Group,

Ltd.

666,774

14,274

Western

Alliance

Bancorp

1,553,297

Total

5,620,830

Health

Care

(21.4%)

9,327

908

Devices,

Inc.

a

303,314

14,841

ACADIA

Pharmaceuticals,

Inc.

a

246,509

16,556

Adaptive

Biotechnologies

Corporation

a

562,738

5,345

Arena

Pharmaceuticals,

Inc.

a

318,295

1,613

Argenx

SE

ADR

a

487,126

4,032

Ascendis

Pharma

AS

ADR

a

642,661

22,372

Axonics

Modulation

Technologies,

Inc.

a,b

1,456,193

1,222

Bio-

Techne

Corporation

592,145

3,013

Global

Blood

Therapeutics,

Inc.

a

76,771

6,532

Guardant

Health,

Inc.

a

816,565

14,163

Immunocore

Holdings

plc

ADR

a

525,022

7,278

Inspire

Medical

Systems,

Inc.

a

1,694,901

34,891

Lantheus

Holdings,

Inc.

a

896,001

12,451

LHC

Group,

Inc.

a

1,953,686

12,445

Natera

,

Inc.

a

1,386,871

9,053

Nevro

Corporation

a

1,053,588

18,536

Phreesia

,

Inc.

a

1,143,671

19,800

Progyny

,

Inc.

a,b

1,108,800

20,804

Pulmonx

Corporation

a,b

748,528

5,577

Repligen

Corporation

a

1,611,697

2,903

Sarepta

Therapeutics,

Inc.

a

268,469

24,323

Silk

Road

Medical,

Inc.

a

1,338,495

17,013

Tactile

Systems

Technology,

Inc.

a

756,228

14,968

Travere

Therapeutics,

Inc.

a

362,974

17,339

Vor

BioPharma

,

Inc.

a,b

271,876

Shares

Common

Stock

(98.1%)

Value

Health

Care

(21.4%)

-

continued

11,193

Zymeworks

,

Inc.

a

$

325,045

Total

20,948,169

Industrials

(23.5%)

25,250

Altra

Industrial

Motion

Corporation

1,397,588

12,879

ASGN,

Inc.

a

1,457,130

8,422

Chart

Industries,

Inc.

a

1,609,528

53,391

First

Advantage

Corporation

a

1,017,099

8,959

Forward

Air

Corporation

743,776

7,970

Lincoln

Electric

Holdings,

Inc.

1,026,456

12,811

Mercury

Systems,

Inc.

a

607,498

52,462

Meritor,

Inc.

a

1,117,965

11,622

Middleby

Corporation

a

1,981,667

45,184

Ranpak

Holdings

Corporation

a

1,211,835

5,398

RBC

Bearings,

Inc.

a

1,145,456

12,539

Regal-Beloit

Corporation

1,885,113

27,696

Rush

Enterprises,

Inc.

1,250,751

4,274

Saia,

Inc.

a

1,017,340

8,186

Simpson

Manufacturing

Company,

Inc.

875,656

56,387

Summit

Materials,

Inc.

a

1,802,692

38,694

Sun

Country

Airlines

Holdings,

Inc.

a

1,297,797

13,846

Willdan

Group,

Inc.

a

492,779

33,727

WillScot

Mobile

Mini

Holdings

Corporation

a

1,069,821

Total

23,007,947

Information

Technology

(24.8%)

17,807

Anaplan,

Inc.

a

1,084,268

10,163

Avalara,

Inc.

a

1,776,188

12,661

Bandwidth,

Inc.

a

1,143,035

15,624

BigCommerce

Holdings,

Inc.

a

791,199

26,947

Calix,

Inc.

a

1,331,990

10,178

Cognex

Corporation

816,479

12,367

Descartes

Systems

Group,

Inc.

a

1,004,942

9,846

Dolby

Laboratories,

Inc.

866,448

5,856

Endava

plc

ADR

a

795,538

4,247

Five9,

Inc.

a

678,416

20,226

Lattice

Semiconductor

Corporation

a

1,307,611

22,635

LivePerson

,

Inc.

a

1,334,333

22,579

LiveRamp

Holding,

Inc.

a

1,066,406

7,744

MKS

Instruments,

Inc.

1,168,647

3,156

Monolithic

Power

Systems,

Inc.

1,529,650

5,226

Nova

Measuring

Instruments,

Ltd.

a

534,568

9,391

Q2

Holdings,

Inc.

a

752,595

3,718

Rogers

Corporation

a

693,333

6,065

SailPoint

Technologies

Holdings,

Inc.

a

260,067

57,903

Sierra

Wireless,

Inc.

a

897,496

2,901

SiTime

Corporation

a

592,297

16,061

Sprout

Social,

Inc.

a

1,958,639

13,937

Workiva

,

Inc.

a

1,964,560

Total

24,348,705

Materials

(1.7%)

9,747

Compass

Minerals

International,

Inc.

627,707

4,140

Quaker

Chemical

Corporation

984,161

Total

1,611,868

Real

Estate

(2.9%)

39,100

Cushman

and

Wakefield

plc

a

727,651

4,744

FirstService

Corporation

856,197

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

346

Shares

Common

Stock

(98.1%)

Value

Real

Estate

(2.9%)

-

continued

8,996

NexPoint

Residential

Trust,

Inc.

$

556,673

12,315

Rexford

Industrial

Realty,

Inc.

698,876

Total

2,839,397

Total

Common

Stock

(cost

$74,501,677)

96,186,451

Shares

Collateral

Held

for

Securities

Loaned

(

3.4%

)

Value

3,324,620

Thrivent

Cash

Management

Trust

3,324,620

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,324,620)

3,324,620

Shares

Registered

Investment

Companies

(

1.1%

)

Value

Unaffiliated  (1.1%)

5,702

SPDR

S&P

Biotech

ETF

b

716,799

3,585

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

346,741

Total

1,063,540

Total

Registered

Investment

Companies

(cost

$1,015,886)

1,063,540

Shares

Short-Term

Investments

(

0.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

70,136

0.120%

701,359

Total

Short-Term

Investments

(cost

$701,159)

701,359

Total

Investments

(cost

$79,543,342)

103.3%

$101,275,970

Other

Assets

and

Liabilities,

Net

(3.3%)

(3,229,137)

Total

Net

Assets

100.0%

$98,046,833

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

3,255,160

Total

lending

$3,255,160

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,324,620

Net

amounts

due

to

counterparty

$69,460

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

347

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

14,537,844

14,537,844

–

–

Consumer

Staples

3,040,529

3,040,529

–

–

Energy

231,162

231,162

–

–

Financials

5,620,830

4,954,056

666,774

–

Health

Care

20,948,169

20,948,169

–

–

Industrials

23,007,947

23,007,947

–

–

Information

Technology

24,348,705

24,348,705

–

–

Materials

1,611,868

1,611,868

–

–

Real

Estate

2,839,397

2,839,397

–

–

Registered

Investment

Companies

Unaffiliated

1,063,540

1,063,540

–

–

Subtotal

Investments

in

Securities

$97,249,991

$96,583,217

$666,774

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

701,359

Collateral

Held

for

Securities

Loaned

3,324,620

Subtotal

Other

Investments

$4,025,979

Total

Investments

at

Value

$101,275,970

*

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$1,865

$31,789

$32,953

$701

70

0.7%

Total

Affiliated

Short-Term

Investments

1,865

701

0.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,991

24,900

25,566

3,325

3,325

3.4

Total

Collateral

Held

for

Securities

Loaned

3,991

3,325

3.4

Total

Value

$5,856

$4,026

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$0

$0

$

–

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

Value

$0

$0

$

–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

348

Shares

Common

Stock

(

97.3%

)

Value

Communications

Services

(1.8%)

23,598

AMC

Networks,

Inc.

a

$

1,099,431

8,848

ATN

International,

Inc.

414,529

86,059

Cinemark

Holdings,

Inc.

a,b

1,653,193

34,291

Cogent

Communications

Holdings

2,429,174

58,271

Consolidated

Communications

Holdings,

Inc.

a

535,511

46,181

E.W.

Scripps

Company

834,029

115,279

Gannett

Company,

Inc.

a

770,064

32,811

Meredith

Corporation

a

1,827,573

39,873

QuinStreet,

Inc.

a

700,170

24,612

Scholastic

Corporation

877,418

40,387

Shenandoah

Telecommunications

Company

1,275,421

203,577

Vonage

Holdings

Corporation

a

3,281,661

Total

15,698,174

Consumer

Discretionary

(13.2%)

26,410

Aaron's

Company,

Inc.

727,331

49,741

Abercrombie

&

Fitch

Company

a

1,871,754

39,950

Adtalem

Global

Education,

Inc.

a

1,510,509

92,185

American

Axle

&

Manufacturing

Holdings,

Inc.

a

812,150

15,111

American

Public

Education,

Inc.

a

386,993

5,098

America's

Car-Mart,

Inc.

a

595,344

15,634

Asbury

Automotive

Group,

Inc.

a

3,075,833

29,074

Barnes

&

Noble

Education,

Inc.

a

290,449

84,479

Bed

Bath

&

Beyond,

Inc.

a,b

1,459,375

27,999

Big

Lots,

Inc.

1,214,037

18,830

BJ's

Restaurants,

Inc.

a

786,341

65,630

Bloomin'

Brands,

Inc.

a

1,640,750

23,870

Boot

Barn

Holdings,

Inc.

a

2,121,327

36,981

Brinker

International,

Inc.

a

1,813,918

23,742

Buckle,

Inc.

939,946

30,944

Caleres,

Inc.

687,576

15,827

Cato

Corporation

261,779

6,906

Cavco

Industries,

Inc.

a

1,634,926

24,015

Century

Communities,

Inc.

1,475,722

39,224

Cheesecake

Factory,

Inc.

a

1,843,528

99,100

Chico's

FAS,

Inc.

a

444,959

11,263

Children's

Place,

Inc.

a

847,653

16,164

Chuy's

Holdings,

Inc.

a

509,651

15,426

Conn's,

Inc.

a

352,176

13,732

Cooper-Standard

Holdings,

Inc.

a

300,868

31,141

Dave

&

Buster's

Entertainment,

Inc.

a

1,193,634

49,490

Designer

Brands,

Inc.

a

689,396

13,884

Dine

Brands

Global,

Inc.

a

1,127,520

23,155

Dorman

Products,

Inc.

a

2,192,084

15,696

El

Pollo

Loco

Holdings,

Inc.

a

265,262

17,719

Ethan

Allen

Interiors,

Inc.

419,940

14,116

Fiesta

Restaurant

Group,

Inc.

a

154,711

38,355

Fossil,

Inc.

a

454,507

11,364

Genesco,

Inc.

a

656,044

26,799

Gentherm,

Inc.

a

2,168,843

35,193

G-III

Apparel

Group,

Ltd.

a

995,962

14,609

Group

1

Automotive,

Inc.

2,744,739

31,487

Guess

?,

Inc.

661,542

12,383

Haverty

Furniture

Companies,

Inc.

417,431

12,166

Hibbett

Sports,

Inc.

860,623

18,966

Installed

Building

Products,

Inc.

2,032,207

22,674

iRobot

Corporation

a,b

1,779,909

38,687

Kontoor

Brands,

Inc.

1,932,416

36,565

La-Z-Boy,

Inc.

1,178,490

20,428

LCI

Industries

2,750,222

17,510

LGI

Homes,

Inc.

a

2,484,844

Shares

Common

Stock

(97.3%)

Value

Consumer

Discretionary

(13.2%)

-

continued

21,485

Liquidity

Services,

Inc.

a

$

464,291

23,507

Lumber

Liquidators

Holdings,

Inc.

a

439,111

45,666

M.D.C.

Holdings,

Inc.

2,133,515

23,698

M/I

Homes,

Inc.

a

1,369,744

252,086

Macy's,

Inc.

5,697,144

17,672

Marcus

Corporation

a,b

308,376

17,577

MarineMax,

Inc.

a

852,836

30,430

Meritage

Homes

Corporation

a

2,951,710

10,524

Monarch

Casino

&

Resort,

Inc.

a

705,003

27,083

Monro,

Inc.

1,557,543

15,454

Motorcar

Parts

of

America,

Inc.

a

301,353

13,596

Movado

Group,

Inc.

428,138

38,364

Office

Depot,

Inc.

a

1,540,698

12,835

Oxford

Industries,

Inc.

1,157,332

56,648

Perdoceo

Education

Corporation

a

598,203

16,448

PetMed

Express,

Inc.

b

441,958

12,676

Red

Robin

Gourmet

Burgers,

Inc.

a

292,309

19,672

Regis

Corporation

a

68,459

48,887

Rent-A-Center,

Inc.

2,747,938

25,989

Ruth's

Hospitality

Group,

Inc.

a

538,232

91,366

Sally

Beauty

Holdings,

Inc.

a

1,539,517

31,634

Shake

Shack,

Inc.

a

2,482,004

14,206

Shoe

Carnival,

Inc.

460,558

18,946

Shutterstock,

Inc.

2,146,961

42,571

Signet

Jewelers,

Ltd.

3,361,406

19,094

Sleep

Number

Corporation

a

1,784,907

17,037

Sonic

Automotive,

Inc.

895,124

14,807

Stamps.com,

Inc.

a

4,883,201

15,626

Standard

Motor

Products,

Inc.

683,012

62,263

Steven

Madden,

Ltd.

2,500,482

18,303

Strategic

Education,

Inc.

1,290,361

14,224

Sturm,

Ruger

&

Company,

Inc.

1,049,447

20,485

TechTarget,

Inc.

a

1,688,374

40,328

Tupperware

Brands

Corporation

a

851,727

11,209

Unifi,

Inc.

a

245,813

10,899

Universal

Electronics,

Inc.

a

536,776

20,606

Vera

Bradley,

Inc.

a

193,902

46,378

Vista

Outdoor,

Inc.

a

1,869,497

42,924

Weight

Watchers

International,

Inc.

a

783,363

27,158

Winnebago

Industries,

Inc.

1,967,597

66,454

Wolverine

World

Wide,

Inc.

1,982,987

17,713

Zumiez,

Inc.

a

704,269

Total

113,260,399

Consumer

Staples

(4.2%)

25,020

Andersons,

Inc.

771,367

52,399

B&G

Foods,

Inc.

1,566,206

14,294

Calavo

Growers,

Inc.

546,603

30,271

Cal-Maine

Foods,

Inc.

b

1,094,599

30,700

Celsius

Holdings,

Inc.

a

2,765,763

7,880

Central

Garden

&

Pet

Company

a

378,240

32,464

Central

Garden

&

Pet

Company,

Class

A

a

1,395,952

26,387

Chefs'

Warehouse,

Inc.

a

859,425

3,752

Coca-Cola

Consolidated,

Inc.

1,478,963

38,540

e.l.f.

Beauty,

Inc.

a

1,119,587

43,942

Edgewell

Personal

Care

Company

1,595,095

26,890

Fresh

Del

Monte

Produce,

Inc.

866,396

14,329

Inter

Parfums,

Inc.

1,071,379

12,019

J

&

J

Snack

Foods

Corporation

1,836,744

7,171

John

B.

Sanfilippo

&

Son,

Inc.

586,014

9,481

Medifast,

Inc.

1,826,420

10,119

MGP

Ingredients,

Inc.

b

658,747

18,855

National

Beverage

Corporation

989,699

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

349

Shares

Common

Stock

(97.3%)

Value

Consumer

Staples

(4.2%)

-

continued

19,408

PriceSmart,

Inc.

$

1,505,090

5,227

Seneca

Foods

Corporation

a

252,046

68,129

Simply

Good

Foods

Company

a

2,349,769

29,293

SpartanNash

Company

641,517

45,056

TreeHouse

Foods,

Inc.

a

1,796,833

45,548

United

Natural

Foods,

Inc.

a

2,205,434

19,867

Universal

Corporation

960,172

9,706

USANA

Health

Sciences,

Inc.

a

894,893

105,780

Vector

Group,

Ltd.

1,348,695

11,080

WD-40

Company

2,564,798

Total

35,926,446

Energy

(4.9%)

108,326

Archrock,

Inc.

893,689

24,936

Bonanza

Creek

Energy,

Inc.

1,194,434

18,730

Bristow

Group,

Inc.

a

596,176

31,805

Callon

Petroleum

Company

a,b

1,560,989

25,641

CONSOL

Energy,

Inc.

a

667,179

37,450

Core

Laboratories

NV

1,039,237

22,464

Dorian

LPG,

Ltd.

278,778

28,639

Dril-Quip,

Inc.

a

721,130

43,367

Green

Plains,

Inc.

a

1,415,933

114,576

Helix

Energy

Solutions

Group,

Inc.

a

444,555

87,216

Helmerich

&

Payne,

Inc.

2,390,591

10,912

Laredo

Petroleum

Holdings,

Inc.

a

884,636

88,885

Matador

Resources

Company

3,381,185

21,440

Matrix

Service

Company

a

224,262

6,262

Nabors

Industries,

Ltd.

a

604,158

80,665

Oceaneering

International,

Inc.

a

1,074,458

49,609

Oil

States

International,

Inc.

a

317,001

36,999

Par

Pacific

Holdings,

Inc.

a

581,624

152,794

Patterson-UTI

Energy,

Inc.

1,375,146

76,786

PBF

Energy,

Inc.

a

995,914

79,748

PDC

Energy,

Inc.

3,779,258

12,377

Penn

Virginia

Corporation

a

330,095

68,442

ProPetro

Holding

Corporation

a

592,023

209,981

Range

Resources

Corporation

a

4,751,870

40,605

Renewable

Energy

Group,

Inc.

a

2,038,371

4,262

REX

American

Resources

Corporation

a

340,406

57,543

RPC,

Inc.

a

279,659

97,984

SM

Energy

Company

2,584,818

547,242

Southwestern

Energy

Company

a

3,031,721

33,089

Talos

Energy,

Inc.

a

455,636

60,424

U.S.

Silica

Holdings,

Inc.

a

482,788

41,555

Warrior

Met

Coal,

Inc.

966,985

51,329

World

Fuel

Services

Corporation

1,725,681

Total

42,000,386

Financials

(18.1%)

15,196

Allegiance

Bancshares,

Inc.

579,727

37,358

Ambac

Financial

Group,

Inc.

a

534,967

66,553

American

Equity

Investment

Life

Holding

Company

1,967,972

53,573

Ameris

Bancorp

2,779,367

15,652

AMERISAFE,

Inc.

879,016

106,293

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,576,325

67,170

ARMOUR

Residential

REIT,

Inc.

724,093

58,975

Assured

Guaranty,

Ltd.

2,760,620

43,153

Axos

Financial,

Inc.

a

2,224,106

12,930

B.

Riley

Financial,

Inc.

763,387

36,196

Banc

of

California,

Inc.

669,264

15,370

BancFirst

Corporation

924,044

46,091

Bancorp,

Inc.

a

1,173,016

Shares

Common

Stock

(97.3%)

Value

Financials

(18.1%)

-

continued

75,028

BankUnited,

Inc.

$

3,137,671

27,929

Banner

Corporation

1,541,960

39,550

Berkshire

Hills

Bancorp,

Inc.

1,067,059

39,341

Blucora,

Inc.

a

613,326

48,129

BrightSphere

Investment

Group

1,257,611

63,204

Brookline

Bancorp,

Inc.

964,493

100,859

Cadence

Bancorporation

2,214,864

104,365

Capitol

Federal

Financial,

Inc.

1,199,154

78,306

Capstead

Mortgage

Corporation

523,867

22,810

Central

Pacific

Financial

Corporation

585,761

12,435

City

Holding

Company

968,811

62,837

Columbia

Banking

System,

Inc.

2,387,178

43,582

Community

Bank

System,

Inc.

2,981,880

24,059

Customers

Bancorp,

Inc.

a

1,035,018

103,255

CVB

Financial

Corporation

2,103,304

27,156

Dime

Community

Bancshares,

Inc.

886,915

23,905

Donnelley

Financial

Solutions,

Inc.

a

827,591

25,834

Eagle

Bancorp,

Inc.

1,485,455

19,050

eHealth,

Inc.

a

771,525

38,488

Ellington

Financial,

Inc.

703,946

22,869

Employers

Holdings,

Inc.

903,097

24,468

Encore

Capital

Group,

Inc.

a

1,205,538

29,806

Enova

International,

Inc.

a

1,029,797

42,910

EZCORP,

Inc.

a

324,829

28,713

FB

Financial

Corporation

1,231,213

168,533

First

Bancorp

2,216,209

23,028

First

Bancorp/Southern

Pines

NC

990,434

77,548

First

Commonwealth

Financial

Corporation

1,056,979

77,357

First

Financial

Bancorp

1,810,927

104,745

First

Hawaiian,

Inc.

3,074,266

92,389

First

Midwest

Bancorp,

Inc.

1,756,315

42,729

Flagstar

Bancorp,

Inc.

2,169,779

410,125

Genworth

Financial,

Inc.

a

1,537,969

44,286

Granite

Point

Mortgage

Trust,

Inc.

583,247

44,551

Great

Western

Bancorp,

Inc.

1,458,600

44,166

Green

Dot

Corporation

a

2,222,875

11,601

Greenhill

&

Company,

Inc.

169,607

24,813

Hanmi

Financial

Corporation

497,749

5,330

HCI

Group,

Inc.

590,404

29,076

Heritage

Financial

Corporation

741,438

50,511

Hilltop

Holdings,

Inc.

1,650,194

16,809

HomeStreet,

Inc.

691,690

99,340

Hope

Bancorp,

Inc.

1,434,470

33,534

Horace

Mann

Educators

Corporation

1,334,318

26,710

Independent

Bank

Corporation

2,033,966

30,008

Independent

Bank

Group,

Inc.

2,131,768

234,152

Invesco

Mortgage

Capital,

Inc.

737,579

182,137

Investors

Bancorp,

Inc.

2,752,090

30,131

James

River

Group

Holdings,

Ltd.

1,136,843

32,638

KKR

Real

Estate

Finance

Trust,

Inc.

688,662

20,450

Lakeland

Financial

Corporation

1,456,858

25,801

Meta

Financial

Group,

Inc.

1,354,036

69,635

Mr.

Cooper

Group,

Inc.

a

2,866,873

24,897

National

Bank

Holdings

Corporation

1,007,831

35,029

NBT

Bancorp,

Inc.

1,265,247

306,671

New

York

Mortgage

Trust,

Inc.

1,306,418

69,275

NMI

Holdings,

Inc.

a

1,566,308

36,138

Northfield

Bancorp,

Inc.

620,128

102,565

Northwest

Bancshares,

Inc.

1,362,063

41,759

OFG

Bancorp

1,053,162

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

350

Shares

Common

Stock

(97.3%)

Value

Financials

(18.1%)

-

continued

133,953

Old

National

Bancorp

$

2,270,503

76,506

Pacific

Premier

Bancorp,

Inc.

3,170,409

19,485

Palomar

Holdings,

Inc.

a

1,574,973

11,753

Park

National

Corporation

1,433,278

79,111

PennyMac

Mortgage

Investment

Trust

1,557,696

11,553

Piper

Sandler

Companies

1,599,628

37,050

PRA

Group,

Inc.

a

1,561,287

11,119

Preferred

Bank

741,415

43,634

ProAssurance

Corporation

1,037,617

62,920

Provident

Financial

Services,

Inc.

1,476,732

46,061

Ready

Capital

Corporation

664,660

91,383

Redwood

Trust,

Inc.

1,177,927

45,550

Renasant

Corporation

1,642,078

31,802

S&T

Bancorp,

Inc.

937,205

11,505

Safety

Insurance

Group,

Inc.

911,771

44,809

Seacoast

Banking

Corporation

of

Florida

1,514,992

100,373

SelectQuote,

Inc.

a

1,297,823

39,430

ServisFirst

Bancshares,

Inc.

3,067,654

87,527

Simmons

First

National

Corporation

2,587,298

70,764

SiriusPoint,

Ltd.

a

655,275

26,395

Southside

Bancshares,

Inc.

1,010,665

21,731

Stewart

Information

Services

Corporation

1,374,703

13,616

StoneX

Group,

Inc.

a

897,294

9,649

Tompkins

Financial

Corporation

780,701

19,081

Triumph

Bancorp,

Inc.

a

1,910,581

27,644

Trupanion,

Inc.

a

2,147,109

15,572

TrustCo

Bank

Corporation

NY

497,837

50,483

Trustmark

Corporation

1,626,562

253,715

Two

Harbors

Investment

Corporation

1,608,553

70,022

United

Community

Banks,

Inc.

2,298,122

17,460

United

Fire

Group,

Inc.

403,326

22,748

Universal

Insurance

Holdings,

Inc.

296,634

40,031

Veritex

Holdings,

Inc.

1,575,620

5,814

Virtus

Investment

Partners,

Inc.

1,804,200

23,664

Walker

&

Dunlop,

Inc.

2,685,864

21,716

Westamerica

Bancorporation

1,221,742

87,967

WisdomTree

Investments,

Inc.

498,773

3,408

World

Acceptance

Corporation

a

646,089

38,423

WSFS

Financial

Corporation

1,971,484

Total

154,971,149

Health

Care

(11.8%)

12,866

Addus

HomeCare

Corporation

a

1,026,063

101,048

Allscripts

Healthcare

Solutions,

Inc.

a

1,351,012

38,203

AMN

Healthcare

Services,

Inc.

a

4,383,794

29,895

Amphastar

Pharmaceuticals,

Inc.

a

568,304

31,075

AngioDynamics,

Inc.

a

806,085

7,834

ANI

Pharmaceuticals,

Inc.

a

257,112

11,658

Anika

Therapeutics,

Inc.

a

496,164

30,418

Apollo

Medical

Holdings,

Inc.

a

2,769,559

38,898

Avanos

Medical,

Inc.

a

1,213,618

23,506

BioLife

Solutions,

Inc.

a

994,774

34,010

Cara

Therapeutics,

Inc.

a

525,454

32,463

Cardiovascular

Systems,

Inc.

a

1,065,760

51,310

Coherus

Biosciences,

Inc.

a

824,552

28,747

Collegium

Pharmaceutical,

Inc.

a

567,466

100,354

Community

Health

Systems,

Inc.

a

1,174,142

11,840

Computer

Programs

and

Systems,

Inc.

a

419,846

Shares

Common

Stock

(97.3%)

Value

Health

Care

(11.8%)

-

continued

23,573

CONMED

Corporation

$

3,084,056

84,334

Corcept

Therapeutics,

Inc.

a

1,659,693

7,632

CorVel

Corporation

a

1,421,231

83,428

Covetrus,

Inc.

a

1,513,384

28,569

Cross

Country

Healthcare,

Inc.

a

606,806

31,771

CryoLife,

Inc.

a

708,176

13,197

Cutera,

Inc.

a

614,980

67,504

Cytokinetics,

Inc.

a

2,412,593

9,316

Eagle

Pharmaceuticals,

Inc.

a

519,646

14,543

Enanta

Pharmaceuticals,

Inc.

a

826,188

188,740

Endo

International

plc

a

611,518

42,340

Ensign

Group,

Inc.

3,170,843

15,510

Fulgent

Genetics,

Inc.

a,b

1,395,124

37,636

Glaukos

Corporation

a

1,812,926

29,710

Hanger,

Inc.

a

652,432

20,404

HealthStream,

Inc.

a

583,146

8,604

Heska

Corporation

a

2,224,478

50,556

Innoviva,

Inc.

a

844,791

16,449

Inogen,

Inc.

a

708,787

26,674

Integer

Holdings

Corporation

a

2,383,055

28,294

Invacare

Corporation

a

134,679

11,620

Joint

Corporation

a

1,138,992

54,645

Lantheus

Holdings,

Inc.

a

1,403,284

15,514

LeMaitre

Vascular,

Inc.

823,638

13,480

Ligand

Pharmaceuticals,

Inc.

a

1,878,034

18,814

Magellan

Health

Services,

Inc.

a

1,778,864

69,763

Mednax,

Inc.

a

1,983,362

35,043

Meridian

Bioscience,

Inc.

a

674,227

40,936

Merit

Medical

Systems,

Inc.

a

2,939,205

4,206

Mesa

Laboratories,

Inc.

1,271,726

9,953

ModivCare,

Inc.

a

1,807,664

63,093

Myriad

Genetics,

Inc.

a

2,037,273

27,588

Natus

Medical,

Inc.

a

691,907

99,273

NeoGenomics,

Inc.

a

4,788,930

45,672

NextGen

Healthcare,

Inc.

a

643,975

35,140

Omnicell,

Inc.

a

5,215,830

58,206

OraSure

Technologies,

Inc.

a

658,310

50,928

Organogenesis

Holdings,

Inc.

a

725,215

15,920

Orthofix

Medical,

Inc.

a

606,870

60,997

Owens

&

Minor,

Inc.

1,908,596

35,933

Pacira

Pharmaceuticals,

Inc.

a

2,012,248

21,779

Pennant

Group,

Inc.

a

611,772

16,439

Phibro

Animal

Health

Corporation

354,096

40,464

Prestige

Consumer

Healthcare,

Inc.

a

2,270,435

35,651

RadNet,

Inc.

a

1,044,931

30,303

REGENXBIO,

Inc.

a

1,270,302

85,935

Select

Medical

Holdings

Corporation

3,108,269

132,648

Spectrum

Pharmaceuticals,

Inc.

a

289,173

42,958

Supernus

Pharmaceuticals,

Inc.

a

1,145,690

11,213

Surmodics,

Inc.

a

623,443

18,608

Tabula

Rasa

HealthCare,

Inc.

a

487,716

15,990

Tactile

Systems

Technology,

Inc.

a

710,755

35,712

Tivity

Health,

Inc.

a

823,519

10,433

U.S.

Physical

Therapy,

Inc.

1,153,890

29,048

uniQure

B.V.

a

929,826

44,973

Vanda

Pharmaceuticals,

Inc.

a

770,837

31,847

Varex

Imaging

Corporation

a

898,085

37,692

Vericel

Corporation

a,b

1,839,370

47,144

Xencor,

Inc.

a

1,539,723

16,015

Zynex,

Inc.

a,b

182,411

Total

101,374,630

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

351

Shares

Common

Stock

(97.3%)

Value

Industrials

(16.2%)

33,463

AAON,

Inc.

$

2,186,472

26,901

AAR

Corporation

a

872,399

54,263

ABM

Industries,

Inc.

2,442,378

60,203

Aerojet

Rocketdyne

Holdings,

Inc.

2,621,841

18,626

AeroVironment,

Inc.

a

1,607,796

8,002

Alamo

Group,

Inc.

1,116,519

26,173

Albany

International

Corporation

2,011,919

12,213

Allegiant

Travel

Company

a

2,387,397

13,580

American

Woodmark

Corporation

a

887,725

20,634

Apogee

Enterprises,

Inc.

779,140

31,410

Applied

Industrial

Technologies,

Inc.

2,830,983

20,659

ArcBest

Corporation

1,689,286

88,410

Arconic

Corporation

a

2,788,451

39,123

Arcosa,

Inc.

1,962,801

18,396

Astec

Industries,

Inc.

989,889

21,819

Atlas

Air

Worldwide

Holdings,

Inc.

a

1,782,176

20,266

AZZ,

Inc.

1,078,151

37,610

Barnes

Group,

Inc.

1,569,465

39,222

Brady

Corporation

1,988,555

28,788

Chart

Industries,

Inc.

a

5,501,675

16,371

CIRCOR

International,

Inc.

a

540,407

29,346

Comfort

Systems

USA,

Inc.

2,092,957

34,390

Deluxe

Corporation

1,234,257

14,283

DXP

Enterprises,

Inc.

a

422,348

21,524

Echo

Global

Logistics,

Inc.

a

1,026,910

16,691

Encore

Wire

Corporation

1,582,808

48,663

Enerpac

Tool

Group

Corporation

1,008,784

16,653

EnPro

Industries,

Inc.

1,450,809

21,065

ESCO

Technologies,

Inc.

1,622,005

42,080

Exponent,

Inc.

4,761,352

49,414

Federal

Signal

Corporation

1,908,369

8,986

Forrester

Research,

Inc.

a

442,650

21,905

Forward

Air

Corporation

1,818,553

31,526

Franklin

Electric

Company,

Inc.

2,517,351

26,380

Gibraltar

Industries,

Inc.

a

1,837,367

34,820

GMS,

Inc.

a

1,525,116

37,038

Granite

Construction,

Inc.

1,464,853

26,171

Greenbrier

Companies,

Inc.

b

1,125,091

38,483

Griffon

Corporation

946,682

64,010

Harsco

Corporation

a

1,084,969

41,392

Hawaiian

Holdings,

Inc.

a

896,551

60,347

Healthcare

Services

Group,

Inc.

1,508,072

37,909

Heartland

Express,

Inc.

607,302

15,785

Heidrick

&

Struggles

International,

Inc.

704,485

59,037

Hillenbrand,

Inc.

2,517,928

35,465

HNI

Corporation

1,302,275

27,247

Hub

Group,

Inc.

a

1,873,231

15,647

Insteel

Industries,

Inc.

595,368

47,735

Interface,

Inc.

723,185

25,678

John

Bean

Technologies

Corporation

3,609,043

22,501

Kaman

Corporation

802,611

29,122

Kelly

Services,

Inc.

549,823

44,980

Korn

Ferry

3,254,753

8,816

Lindsay

Corporation

1,338,181

14,565

Lydall,

Inc.

a

904,341

48,235

Marten

Transport,

Ltd.

756,807

35,129

Matson,

Inc.

2,835,262

25,553

Matthews

International

Corporation

886,434

56,697

Meritor,

Inc.

a

1,208,213

23,664

Moog,

Inc.

1,803,907

46,198

Mueller

Industries,

Inc.

1,898,738

13,634

MYR

Group,

Inc.

a

1,356,583

Shares

Common

Stock

(97.3%)

Value

Industrials

(16.2%)

-

continued

4,096

National

Presto

Industries,

Inc.

$

336,200

89,366

NOW,

Inc.

a

683,650

18,177

Patrick

Industries,

Inc.

1,514,144

48,165

PGT

Innovations,

Inc.

a

919,951

133,662

Pitney

Bowes,

Inc.

963,703

7,277

Powell

Industries,

Inc.

178,796

22,439

Proto

Labs,

Inc.

a

1,494,437

27,156

Quanex

Building

Products

Corporation

581,410

29,033

Raven

Industries,

Inc.

a

1,672,591

116,544

Resideo

Technologies,

Inc.

a

2,889,126

24,989

Resources

Connection,

Inc.

394,326

40,723

SkyWest,

Inc.

a

2,009,273

36,630

SPX

Corporation

a

1,957,873

33,650

SPX

FLOW,

Inc.

2,459,815

9,871

Standex

International

Corporation

976,341

15,090

Tennant

Company

1,115,905

41,324

Titan

International,

Inc.

a

295,880

52,217

Triumph

Group,

Inc.

a

972,803

28,697

TrueBlue,

Inc.

a

777,115

49,995

UFP

Industries,

Inc.

3,398,660

12,321

UniFirst

Corporation

2,619,691

25,471

US

Ecology,

Inc.

a

823,987

11,459

Veritiv

Corporation

a

1,026,268

16,565

Viad

Corporation

a

752,217

17,244

Vicor

Corporation

a

2,313,455

40,423

Wabash

National

Corporation

611,600

22,282

Watts

Water

Technologies,

Inc.

3,745,381

Total

138,926,347

Information

Technology

(12.7%)

101,229

3D

Systems

Corporation

a

2,790,884

90,557

8x8,

Inc.

a

2,118,128

39,253

ADTRAN,

Inc.

736,386

31,017

Advanced

Energy

Industries,

Inc.

2,721,742

15,695

Agilysys,

Inc.

a

821,790

37,110

Alarm.com

Holdings,

Inc.

a

2,901,631

20,183

Applied

Optoelectronics,

Inc.

a,b

144,914

67,058

Arlo

Technologies,

Inc.

a

429,842

27,139

Axcelis

Technologies,

Inc.

a

1,276,347

23,583

Badger

Meter,

Inc.

2,385,185

28,761

Benchmark

Electronics,

Inc.

768,206

31,792

Bottomline

Technologies

(de),

Inc.

a

1,248,790

28,521

CalAmp

Corporation

a

283,784

18,547

CEVA,

Inc.

a

791,400

39,281

Cohu,

Inc.

a

1,254,635

21,072

Comtech

Telecommunications

Corporation

539,654

26,466

CSG

Systems

International,

Inc.

1,275,661

26,211

CTS

Corporation

810,182

30,288

Daktronics,

Inc.

a

164,464

58,901

Diebold

Nixdorf,

Inc.

a

595,489

27,572

Digi

International,

Inc.

a

579,563

36,344

Diodes,

Inc.

a

3,292,403

18,386

DSP

Group,

Inc.

a

402,837

19,259

Ebix,

Inc.

518,645

10,916

ePlus,

Inc.

a

1,120,091

48,284

EVERTEC,

Inc.

2,207,544

26,816

ExlService

Holdings,

Inc.

a

3,301,586

102,398

Extreme

Networks,

Inc.

a

1,008,620

29,814

Fabrinet

a

3,056,233

14,691

FARO

Technologies,

Inc.

a

966,815

62,785

FormFactor,

Inc.

a

2,343,764

82,291

Harmonic,

Inc.

a

720,046

22,923

Ichor

Holdings,

Ltd.

a

941,906

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

352

Shares

Common

Stock

(97.3%)

Value

Information

Technology

(12.7%)

-

continued

28,174

Insight

Enterprises,

Inc.

a

$

2,537,914

24,821

InterDigital,

Inc.

1,683,360

36,565

Itron,

Inc.

a

2,765,411

74,353

Knowles

Corporation

a

1,393,375

50,090

Kulicke

and

Soffa

Industries,

Inc.

2,919,245

52,444

LivePerson,

Inc.

a

3,091,574

22,237

ManTech

International

Corporation

1,688,233

56,866

MaxLinear,

Inc.

a

2,800,651

30,873

Methode

Electronics,

Inc.

1,298,210

24,689

NETGEAR,

Inc.

a

787,826

27,953

OneSpan,

Inc.

a

524,957

39,824

Onto

Innovation,

Inc.

a

2,877,284

13,516

OSI

Systems,

Inc.

a

1,281,317

15,653

Park

Aerospace

Corporation

214,133

8,892

PC

Connection,

Inc.

391,515

24,075

PDF

Solutions,

Inc.

a

554,688

26,618

Perficient,

Inc.

a

3,079,703

50,098

Photronics,

Inc.

a

682,836

34,209

Plantronics,

Inc.

a

879,513

22,835

Plexus

Corporation

a

2,041,677

48,734

Power

Integrations,

Inc.

4,824,179

35,368

Progress

Software

Corporation

1,739,752

88,022

Rambus,

Inc.

a

1,954,088

15,139

Rogers

Corporation

a

2,823,121

52,617

Sanmina

Corporation

a

2,027,859

20,584

ScanSource,

Inc.

a

716,117

12,693

Simulations

Plus,

Inc.

501,374

18,630

SMART

Global

Holdings,

Inc.

a

829,035

28,963

SPS

Commerce,

Inc.

a

4,672,022

14,812

TTEC

Holdings,

Inc.

1,385,366

87,131

TTM

Technologies,

Inc.

a

1,095,237

36,131

Ultra

Clean

Holdings,

Inc.

a

1,539,181

54,250

Unisys

Corporation

a

1,363,845

40,698

Veeco

Instruments,

Inc.

a

903,903

184,811

Viavi

Solutions,

Inc.

a

2,908,925

84,686

Xperi

Holding

Corporation

1,595,484

Total

108,892,077

Materials

(4.8%)

22,729

AdvanSix,

Inc.

a

903,478

102,854

Allegheny

Technologies,

Inc.

a

1,710,462

21,714

American

Vanguard

Corporation

326,796

26,166

Balchem

Corporation

3,795,902

31,792

Boise

Cascade

Company

1,716,132

38,825

Carpenter

Technology

Corporation

1,271,131

40,797

Century

Aluminum

Company

a

548,720

13,488

Clearwater

Paper

Corporation

a

516,995

15,136

DMC

Global,

Inc.

a

558,670

40,706

Domtar

Corporation

a

2,220,105

66,850

Ferro

Corporation

a

1,359,729

20,871

FutureFuel

Corporation

148,810

43,360

GCP

Applied

Technologies,

Inc.

a

950,451

35,990

Glatfelter

Corporation

507,459

42,465

H.B.

Fuller

Company

2,741,540

15,260

Hawkins,

Inc.

532,269

10,257

Haynes

International,

Inc.

382,073

19,918

Innospec,

Inc.

1,677,494

12,820

Kaiser

Aluminum

Corporation

1,396,867

17,249

Koppers

Holdings,

Inc.

a

539,204

25,986

Kraton

Performance

Polymers,

Inc.

a

1,186,001

130,576

Livent

Corporation

a

3,017,611

16,520

Materion

Corporation

1,133,933

32,561

Mercer

International,

Inc.

377,382

29,240

Myers

Industries,

Inc.

572,227

Shares

Common

Stock

(97.3%)

Value

Materials

(4.8%)

-

continued

13,631

Neenah,

Inc.

$

635,341

127,134

O-I

Glass,

Inc.

a

1,814,202

7,521

Olympic

Steel,

Inc.

183,212

10,838

Quaker

Chemical

Corporation

2,576,409

51,519

Rayonier

Advanced

Materials,

Inc.

a

386,393

25,428

Schweitzer-Mauduit

International,

Inc.

881,334

17,252

Stepan

Company

1,948,441

67,119

SunCoke

Energy,

Inc.

421,507

33,220

TimkenSteel

Corporation

a

434,518

20,719

Tredegar

Corporation

252,357

31,385

Trinseo

SA

1,694,162

Total

41,319,317

Real

Estate

(7.9%)

71,482

Acadia

Realty

Trust

1,458,948

55,710

Agree

Realty

Corporation

3,689,673

58,616

Alexander

&

Baldwin,

Inc.

1,373,959

42,526

American

Assets

Trust,

Inc.

1,591,323

49,300

Armada

Hoffler

Properties,

Inc.

659,141

138,140

Brandywine

Realty

Trust

1,853,839

78,434

CareTrust

REIT,

Inc.

1,593,779

11,353

Centerspace

1,072,858

39,411

Chatham

Lodging

Trust

a

482,785

18,770

Community

Healthcare

Trust,

Inc.

848,216

97,227

CoreCivic,

Inc.

a

865,320

170,246

DiamondRock

Hospitality

Company

a

1,608,825

192,681

Diversified

Healthcare

Trust

653,189

67,854

Easterly

Government

Properties,

Inc.

1,401,864

95,587

Essential

Properties

Realty

Trust,

Inc.

2,668,789

61,595

Four

Corners

Property

Trust,

Inc.

1,654,442

78,128

Franklin

Street

Properties

Corporation

362,514

99,062

GEO

Group,

Inc.

739,993

31,455

Getty

Realty

Corporation

921,946

81,067

Global

Net

Lease,

Inc.

1,298,693

26,628

Hersha

Hospitality

Trust

a

248,439

84,964

Independence

Realty

Trust,

Inc.

1,729,017

52,794

Industrial

Logistics

Properties

Trust

1,341,496

19,341

Innovative

Industrial

Properties,

Inc.

4,471,059

57,949

iStar,

Inc.

1,453,361

68,340

Kite

Realty

Group

Trust

1,391,402

224,444

Lexington

Realty

Trust

2,861,661

31,826

LTC

Properties,

Inc.

1,008,566

64,691

Mack-Cali

Realty

Corporation

a

1,107,510

20,155

Marcus

and

Millichap,

Inc.

a

818,696

18,296

NexPoint

Residential

Trust,

Inc.

1,132,156

39,069

Office

Properties

Income

Trust

989,618

15,270

RE/MAX

Holdings,

Inc.

475,813

94,236

Realogy

Holdings

Corporation

a

1,652,899

98,152

Retail

Opportunity

Investments

Corporation

1,709,808

173,623

Retail

Properties

of

America,

Inc.

2,236,264

65,613

RPT

Realty

837,222

10,777

Safehold,

Inc.

774,759

10,492

Saul

Centers,

Inc.

462,277

133,256

Service

Properties

Trust

1,493,800

144,998

SITE

Centers

Corporation

2,238,769

26,654

St.

Joe

Company

1,122,133

86,041

Summit

Hotel

Properties,

Inc.

a

828,575

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

353

/

Shares

Common

Stock

(97.3%)

Value

Real

Estate

(7.9%)

-

continued

84,029

Tanger

Factory

Outlet

Centers,

Inc.

$

1,369,673

188,665

Uniti

Group,

Inc.

2,333,786

10,361

Universal

Health

Realty

Income

Trust

572,652

24,331

Urstadt

Biddle

Properties,

Inc.

460,586

68,389

Washington

REIT

1,692,628

35,187

Whitestone

REIT

344,129

92,316

Xenia

Hotels

&

Resorts,

Inc.

a

1,637,686

Total

67,596,536

Utilities

(1.7%)

29,852

American

States

Water

Company

2,552,943

56,313

Avista

Corporation

2,202,965

41,656

California

Water

Service

Group

2,454,788

14,208

Chesapeake

Utilities

Corporation

1,705,670

14,138

Middlesex

Water

Company

1,453,104

24,793

Northwest

Natural

Holding

Company

1,140,230

90,892

South

Jersey

Industries,

Inc.

1,932,364

12,809

Unitil

Corporation

547,969

Total

13,990,033

Total

Common

Stock

(cost

$568,840,814)

833,955,494

Shares

Registered

Investment

Companies

(

2.6%

)

Value

Unaffiliated  (2.6%)

201,854

iShares

Core

S&P

Small-Cap

ETF

22,040,438

Total

22,040,438

Total

Registered

Investment

Companies

(cost

$18,798,091)

22,040,438

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

9,395,350

Thrivent

Cash

Management

Trust

9,395,350

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,395,350)

9,395,350

Shares

or

Principal

Amount

Short-Term

Investments

(

0.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.040%,

11/18/2021

c,d

99,995

Thrivent

Core

Short-Term

Reserve

Fund

199,607

0.120%

1,996,071

Total

Short-Term

Investments

(cost

$2,096,066)

2,096,066

Total

Investments

(cost

$599,130,321)

101.2%

$867,487,348

Other

Assets

and

Liabilities,

Net

(1.2%)

(10,687,239)

Total

Net

Assets

100.0%

$856,800,109

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Index

Portfolio

as

of

September

30,

2021:

Securities

Lending

Transactions

Common

Stock

$

8,729,508

Total

lending

$8,729,508

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,395,350

Net

amounts

due

to

counterparty

$665,842

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,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

354

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

15,698,174

15,698,174

–

–

Consumer

Discretionary

113,260,399

113,260,399

–

–

Consumer

Staples

35,926,446

35,926,446

–

–

Energy

42,000,386

42,000,386

–

–

Financials

154,971,149

154,971,149

–

–

Health

Care

101,374,630

101,374,630

–

–

Industrials

138,926,347

138,926,347

–

–

Information

Technology

108,892,077

108,892,077

–

–

Materials

41,319,317

41,319,317

–

–

Real

Estate

67,596,536

67,596,536

–

–

Utilities

13,990,033

13,990,033

–

–

Registered

Investment

Companies

Unaffiliated

22,040,438

22,040,438

–

–

Short-Term

Investments

99,995

–

99,995

–

Subtotal

Investments

in

Securities

$856,095,927

$855,995,932

$99,995

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,996,071

Collateral

Held

for

Securities

Loaned

9,395,350

Subtotal

Other

Investments

$11,391,421

Total

Investments

at

Value

$867,487,348

*

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

22,439

22,439

–

–

Total

Liability

Derivatives

$22,439

$22,439

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2021.

Investments

and/or

cash

totaling

$99,995

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

2021

$

1,122,839

(

$

22,439)

Total

Futures

Long

Contracts

$

1,122,839

(

$

22,439)

Total

Futures

Contracts

$

1,122,839

($22,439)

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

355

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$484

$48,969

$47,457

$1,996

200

0.2%

Total

Affiliated

Short-Term

Investments

484

1,996

0.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

28,655

164,865

184,125

9,395

9,395

1.1

Total

Collateral

Held

for

Securities

Loaned

28,655

9,395

1.1

Total

Value

$29,139

$11,391

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

72

Total

Affiliated

Income

from

Securities

Loaned,

Net

$72

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

356

Shares

Common

Stock

(

99.4%

)

Value

Communications

Services

(1.3%)

657,782

QuinStreet

,

Inc.

a

$

11,550,652

Total

11,550,652

Consumer

Discretionary

(12.0%)

220,365

Cedar

Fair,

LP

a

10,220,529

10,672

Cimpress

plc

a

926,650

219,572

Clarus

Corporation

5,627,630

400,125

Cooper-Standard

Holdings,

Inc.

a

8,766,739

57,216

Crocs,

Inc.

a

8,209,352

685,782

Everi

Holdings,

Inc.

a

16,582,209

291,920

Leggett

&

Platt,

Inc.

13,089,693

211,790

Miller

Industries,

Inc.

7,209,331

124,453

Sleep

Number

Corporation

a

11,633,866

285,038

Stoneridge,

Inc.

a

5,811,925

576,674

ThredUp

,

Inc.

a

12,508,059

204,575

Zumiez

,

Inc.

a

8,133,902

Total

108,719,885

Consumer

Staples

(3.5%)

70,079

John

B.

Sanfilippo

&

Son,

Inc.

5,726,856

854,248

Primo

Water

Corporation

13,428,778

269,196

Turning

Point

Brands,

Inc.

12,854,109

Total

32,009,743

Energy

(2.4%)

245,687

Devon

Energy

Corporation

8,724,345

471,911

Helmerich

&

Payne,

Inc.

12,935,081

45,313

Nine

Energy

Service,

Inc.

a

82,923

Total

21,742,349

Financials

(20.4%)

271,398

Air

Lease

Corporation

10,676,797

242,058

Assured

Guaranty,

Ltd.

11,330,735

230,430

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

8,182,569

535,519

Bridgewater

Bancshares,

Inc.

a

9,376,938

434,800

Byline

Bancorp,

Inc.

10,678,688

354,003

Columbia

Banking

System,

Inc.

13,448,574

237,382

Enterprise

Financial

Services

Corporation

10,748,657

25,388

Evercore

,

Inc.

3,393,614

131,014

Glacier

Bancorp,

Inc.

7,251,625

381,874

Heartland

Financial

USA,

Inc.

18,360,502

80,237

Houlihan

Lokey

,

Inc.

7,389,828

86,432

Primerica,

Inc.

13,278,548

309,674

Seacoast

Banking

Corporation

of

Florida

10,470,078

55,665

Selective

Insurance

Group,

Inc.

4,204,377

228,848

Synovus

Financial

Corporation

10,044,139

167,790

Triumph

Bancorp,

Inc.

a

16,800,813

181,744

Western

Alliance

Bancorp

19,777,382

Total

185,413,864

Health

Care

(10.3%)

111,915

AMN

Healthcare

Services,

Inc.

a

12,842,246

200,628

Halozyme

Therapeutics,

Inc.

a

8,161,547

70,869

InMode

,

Ltd.

a

11,300,062

350,617

Ionis

Pharmaceuticals,

Inc.

a

11,759,694

605,727

Lantheus

Holdings,

Inc.

a

15,555,069

39,128

LHC

Group,

Inc.

a

6,139,575

97,223

Progyny

,

Inc.

a,b

5,444,488

190,061

Syneos

Health,

Inc.

a

16,626,536

1,009,465

Viemed

Healthcare,

Inc.

a

5,602,531

Total

93,431,748

Shares

Common

Stock

(99.4%)

Value

Industrials

(20.5%)

114,139

ASGN,

Inc.

a

$

12,913,686

587,617

Badger

Infrastructure

Solution

15,704,118

183,226

Crane

Company

17,371,657

107,977

Curtiss-Wright

Corporation

13,624,538

135,778

Forward

Air

Corporation

11,272,289

164,496

Helios

Technologies,

Inc.

13,506,767

96,428

Lincoln

Electric

Holdings,

Inc.

12,418,962

160,506

Manpower,

Inc.

17,379,590

451,463

Meritor,

Inc.

a

9,620,676

63,655

Middleby

Corporation

a

10,853,814

268,511

NAPCO

Security

Technologies,

Inc.

a

11,567,454

138,265

Sun

Country

Airlines

Holdings,

Inc.

a

4,637,408

531,946

US

Ecology,

Inc.

a

17,208,453

157,325

WESCO

International,

Inc.

a

18,142,719

Total

186,222,131

Information

Technology

(13.9%)

74,188

Advanced

Energy

Industries,

Inc.

6,509,997

220,395

Agilysys

,

Inc.

a

11,539,882

151,743

Axcelis

Technologies,

Inc.

a

7,136,473

139,589

BigCommerce

Holdings,

Inc.

a

7,068,787

133,935

Ciena

Corporation

a

6,877,562

156,577

Computer

Services,

Inc.

9,238,043

90,193

Dolby

Laboratories,

Inc.

7,936,984

748,138

Gilat

Satellite

Networks,

Ltd.

b

6,725,761

34,415

Littelfuse

,

Inc.

9,404,587

242,091

National

Instruments

Corporation

9,497,230

302,113

Sonos

,

Inc.

a

9,776,377

1,497,057

TTM

Technologies,

Inc.

a

18,818,006

107,630

Workiva

,

Inc.

a

15,171,525

Total

125,701,214

Materials

(7.2%)

156,046

Ashland

Global

Holdings,

Inc.

13,906,820

330,884

Carpenter

Technology

Corporation

10,833,142

463,624

Element

Solutions,

Inc.

10,051,368

1,319,566

Ivanhoe

Mines,

Ltd.

a

8,438,722

180,877

UFP

Technologies,

Inc.

a

11,140,214

87,934

United

States

Lime

&

Minerals,

Inc.

10,622,427

Total

64,992,693

Real

Estate

(6.1%)

135,527

Agree

Realty

Corporation

8,975,953

274,440

American

Campus

Communities,

Inc.

13,296,618

74,270

Colliers

International

Group,

Inc.

9,485,022

105,058

Healthcare

Realty

Trust,

Inc.

3,128,627

445,980

Independence

Realty

Trust,

Inc.

9,075,693

128,002

National

Storage

Affiliates

Trust

6,757,226

127,694

Rayonier,

Inc.

REIT

4,556,122

Total

55,275,261

Utilities

(1.8%)

69,873

NorthWestern

Corporation

4,003,723

144,638

Portland

General

Electric

Company

6,796,540

96,246

Spire,

Inc.

5,888,330

Total

16,688,593

Total

Common

Stock

(cost

$657,599,162)

901,748,133

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

357

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

2,717,775

Thrivent

Cash

Management

Trust

$

2,717,775

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,717,775)

2,717,775

Shares

Short-Term

Investments

(

0.4%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

353,250

0.120%

3,532,497

Total

Short-Term

Investments

(cost

$3,531,240)

3,532,497

Total

Investments

(cost

$663,848,177)

100.1%

$907,998,405

Other

Assets

and

Liabilities,

Net

(0.1%)

(1,012,917)

Total

Net

Assets

100.0%

$906,985,488

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,

2021:

Securities

Lending

Transactions

Common

Stock

$

2,692,851

Total

lending

$2,692,851

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,717,775

Net

amounts

due

to

counterparty

$24,924

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

358

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2021,

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

11,550,652

11,550,652

–

–

Consumer

Discretionary

108,719,885

108,719,885

–

–

Consumer

Staples

32,009,743

32,009,743

–

–

Energy

21,742,349

21,742,349

–

–

Financials

185,413,864

185,413,864

–

–

Health

Care

93,431,748

93,431,748

–

–

Industrials

186,222,131

170,518,013

15,704,118

–

Information

Technology

125,701,214

125,701,214

–

–

Materials

64,992,693

56,553,971

8,438,722

–

Real

Estate

55,275,261

55,275,261

–

–

Utilities

16,688,593

16,688,593

–

–

Subtotal

Investments

in

Securities

$901,748,133

$877,605,293

$24,142,840

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,532,497

Collateral

Held

for

Securities

Loaned

2,717,775

Subtotal

Other

Investments

$6,250,272

Total

Investments

at

Value

$907,998,405

*

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

12/31/2020

Gross

Purchases

Gross

Sales

Value

9/30/2021

Shares

Held

at

9/30/2021

%

of

Net

Assets

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$25,089

$135,954

$157,511

$3,532

353

0.4%

Total

Affiliated

Short-Term

Investments

25,089

3,532

0.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

21,115

104,800

123,197

2,718

2,718

0.3

Total

Collateral

Held

for

Securities

Loaned

21,115

2,718

0.3

Total

Value

$46,204

$6,250

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

9/30/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.120%

$–

$–

$

–

$13

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$13

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$–

$–

$

–

Notes

to

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

359

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 obtained 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,

2021

(unaudited)

360

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,

2021

(unaudited)

361

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,

2021,

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 duration

of

the

Portfolio. 

During

the period ended

September

30,

2021,

Aggressive

Allocation,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

options

on

interest

rate

futures

to hedge

interest

rate

risk and/

or

manage

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,

2021,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond,

High

Yield, 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,

2021,

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,

and

Small

Cap

Index used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the period

ended

September

30,

2021,

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,

2021,

Partner

Healthcare

used

foreign

currency

forward

transactions

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

Notes

to

Schedule

of

Investments

as

of

September

30,

2021

(unaudited)

362

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

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,

2021, High

Yield,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used

CDX

indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

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.

The

amounts

presented

in

the

tables

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged.

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

tables. 

    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.