0001752724-22-272060.txt : 20221128 0001752724-22-272060.hdr.sgml : 20221128 20221128172453 ACCESSION NUMBER: 0001752724-22-272060 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221128 DATE AS OF CHANGE: 20221128 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THRIVENT SERIES FUND INC CENTRAL INDEX KEY: 0000790166 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04603 FILM NUMBER: 221427024 BUSINESS ADDRESS: STREET 1: 901 MARQUETTE AVENUE, SUITE 2500 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-3211 BUSINESS PHONE: 612-844-7190 MAIL ADDRESS: STREET 1: 901 MARQUETTE AVENUE, SUITE 2500 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-3211 FORMER COMPANY: FORMER CONFORMED NAME: LB SERIES FUND INC DATE OF NAME CHANGE: 19950428 FORMER COMPANY: FORMER CONFORMED NAME: LBVIP SERIES FUND INC/ DATE OF NAME CHANGE: 19940824 FORMER COMPANY: FORMER CONFORMED NAME: LBVIP SERIES FUND INC DATE OF NAME CHANGE: 19920703 0000790166 S000001420 Thrivent Mid Cap Stock Portfolio C000003827 Class A NPORT-P 1 primary_doc.xml NPORT-P false 0000790166 XXXXXXXX S000001420 C000003827 Thrivent Series Funds, Inc. 811-04603 0000790166 549300VNHRP1O3O9AF57 901 Marquette Avenue Suite 2500 Minneapolis 55402-3211 612-844-5168 THRIVENT MID CAP STOCK PORTFOLIO S000001420 54930040IF45CD6DYC47 2022-12-31 2022-09-30 N 1933793144.47 13600772.86 1920192371.61 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00 N Western Alliance Bancorporation 5493003VJXZ5JXT9S762 Western Alliance Bancorp 957638109 615754.00000000 NS USD 40479667.96000000 2.108104821084 Long EC CORP US N 1 N N N Alexandria Real Estate Equities, Inc. MGCJBT4MKTQBVLNUIS88 Alexandria Real Estate Equities, Inc. 015271109 238508.00000000 NS USD 33436436.52000000 1.741306601065 Long EC CORP US N 1 N N N Lululemon Athletica Inc. 549300D9GZ4BMLDW5T40 Lululemon Athletica, Inc. 550021109 130109.00000000 NS USD 36373272.04000000 1.894251460310 Long EC CORP US N 1 N N N Trimble Inc. 549300E2MI7NSZFQWS19 Trimble, Inc. 896239100 556664.00000000 NS USD 30210155.28000000 1.573287954199 Long EC CORP US N 1 N N N Harley-Davidson, Inc. ZDNAWZWXIKMWI51R2A08 Harley-Davidson, Inc. 412822108 737173.00000000 NS USD 25712594.24000000 1.339063451150 Long EC CORP US N 1 N N N Ball Corporation 0BGI85ALH27ZJP15DY16 Ball Corporation 058498106 487364.00000000 NS USD 23549428.48000000 1.226409854980 Long EC CORP US N 1 N N N Radian Group Inc. 54930005OUP720S5U385 Radian Group, Inc. 750236101 1315178.00000000 NS USD 25369783.62000000 1.321210520106 Long EC CORP US N 1 N N N Insulet Corporation 549300TZTYD2PYN92D43 Insulet Corporation 45784P101 106516.00000000 NS USD 24434770.40000000 1.272516793695 Long EC CORP US N 1 N N N Maravai Topco Holdings, LLC N/A Maravai LifeSciences Holdings, Inc. 56600D107 899836.00000000 NS USD 22972813.08000000 1.196380811613 Long EC CORP US N 1 N N N Sonos, Inc. 549300WEPU6075I77M08 Sonos, Inc. 83570H108 1003630.00000000 NS USD 13950457.00000000 0.726513510117 Long EC CORP US N 1 N N N Ameriprise Financial, Inc. 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial, Inc. 03076C106 101306.00000000 NS USD 25524046.70000000 1.329244250595 Long EC CORP US N 1 N N N NVR, Inc. 529900RWXR4JI3JYTV70 NVR, Inc. 62944T105 12744.00000000 NS USD 50811347.52000000 2.646159221921 Long EC CORP US N 1 N N N RH 5493008MTS3OGGMHGK69 RH 74967X103 76449.00000000 NS USD 18811805.43000000 0.979683374860 Long EC CORP US N 1 N N N Laboratory Corporation of America Holdings OZ7UA8IXAIFILY2VZH07 Laboratory Corporation of America Holdings 50540R409 73782.00000000 NS USD 15111291.42000000 0.786967579051 Long EC CORP US N 1 N N N Medpace Holdings, Inc. 549300H8TYEUVTW14A54 Medpace Holdings, Inc. 58506Q109 50484.00000000 NS USD 7934570.28000000 0.413217467026 Long EC CORP US N 1 N N N CenterPoint Energy, Inc. 21TPXMRRHFKOBHDC8J74 CenterPoint Energy, Inc. 15189T107 1174659.00000000 NS USD 33101890.62000000 1.723884081064 Long EC CORP US N 1 N N N Southwest Airlines Co. UDTZ87G0STFETI6HGH41 Southwest Airlines Company 844741108 733142.00000000 NS USD 22610099.28000000 1.177491360464 Long EC CORP US N 1 N N N Dun & Bradstreet Holdings, Inc. N/A Dun & Bradstreet Holdings, Inc. 26484T106 1810474.00000000 NS USD 22431772.86000000 1.168204456577 Long EC CORP US N 1 N N N NOV Inc. 549300EHF3IW1AR6U008 NOV, Inc. 62955J103 1457593.00000000 NS USD 23583854.74000000 1.228202709722 Long EC CORP US N 1 N N N Dropbox, Inc. 549300JCDF7UAR6TJR51 Dropbox, Inc. 26210C104 1584379.00000000 NS USD 32828332.88000000 1.709637709500 Long EC CORP US N 1 N N N Aptiv plc N/A Aptiv plc G6095L109 251422.00000000 NS USD 19663714.62000000 1.024049200003 Long EC CORP JE N 1 N N N NICE Ltd. 254900YTY4EF5Z4W0A51 NICE, Ltd. ADR 653656108 154460.00000000 NS USD 29075550.40000000 1.514199870277 Long EC CORP IL N 1 N N N Steel Dynamics, Inc. 549300HGGKEL4FYTTQ83 Steel Dynamics, Inc. 858119100 713766.00000000 NS USD 50641697.70000000 2.637324179011 Long EC CORP US N 1 N N N Ally Financial Inc. 549300JBN1OSM8YNAI90 Ally Financial, Inc. 02005N100 1094510.00000000 NS USD 30460213.30000000 1.586310504632 Long EC CORP US N 1 N N N Alliant Energy Corporation 5493009ML300G373MZ12 Alliant Energy Corporation 018802108 991454.00000000 NS USD 52537147.46000000 2.736035630427 Long EC CORP US N 1 N N N Kinsale Capital Group, Inc. 529900QTUQHNZ6HOA508 Kinsale Capital Group, Inc. 49714P108 235352.00000000 NS USD 60113607.84000000 3.130603408740 Long EC CORP US N 1 N N N Quanta Services, Inc. SHVRXXEACT60MMH07S24 Quanta Services, Inc. 74762E102 417294.00000000 NS USD 53159082.66000000 2.768424843570 Long EC CORP US N 1 N N N Entergy Corporation 4XM3TW50JULSLG8BNC79 Entergy Corporation 29364G103 336028.00000000 NS USD 33814497.64000000 1.760995311717 Long EC CORP US N 1 N N N Advanced Drainage Systems, Inc. 6QQTOZ5MF5DHM7K92I60 Advanced Drainage Systems, Inc. 00790R104 278349.00000000 NS USD 34618265.13000000 1.802854007849 Long EC CORP US N 1 N N N Valero Energy Corporation 549300XTO5VR8SKV1V74 Valero Energy Corporation 91913Y100 308819.00000000 NS USD 32997310.15000000 1.718437727274 Long EC CORP US N 1 N N N Lamb Weston Holdings, Inc. 5493005SMYID1D2OY946 Lamb Weston Holdings, Inc. 513272104 511445.00000000 NS USD 39575614.10000000 2.061023399797 Long EC CORP US N 1 N N N Warner Bros. Discovery, Inc. 5493006ZCRFWKF6B1K26 Warner Bros. Discovery, Inc. 934423104 1626074.00000000 NS USD 18699851.00000000 0.973852999130 Long EC CORP US N 1 N N N Bio-Techne Corporation 54930073RLKQ51TILZ35 Bio-Techne Corporation 09073M104 86901.00000000 NS USD 24679884.00000000 1.285281848052 Long EC CORP US N 1 N N N Old Dominion Freight Line, Inc. 5299009TWK32WE417T96 Old Dominion Freight Line, Inc. 679580100 174180.00000000 NS USD 43330758.60000000 2.256584248570 Long EC CORP US N 1 N N N Digital Realty Trust, Inc. 549300HKCZ31D08NEI41 Digital Realty Trust, Inc. 253868103 264168.00000000 NS USD 26200182.24000000 1.364456115302 Long EC CORP US N 1 N N N Sarepta Therapeutics, Inc. 549300IKDPIED8J8IG21 Sarepta Therapeutics, Inc. 803607100 196991.00000000 NS USD 21775385.14000000 1.134021021119 Long EC CORP US N 1 N N N Regal Rexnord Corporation QH78R09VCJGQKPBPYU33 Regal Rexnord Corporation 758750103 267235.00000000 NS USD 37509104.60000000 1.953403479493 Long EC CORP US N 1 N N N Edwards Lifesciences Corporation YA13X31F3V31L8TMPR58 Edwards Lifesciences Corporation 28176E108 366939.00000000 NS USD 30320169.57000000 1.579017291094 Long EC CORP US N 1 N N N Zions Bancorporation, National Association 8WH0EE09O9V05QJZ3V89 Zions Bancorporation NA 989701107 809540.00000000 NS USD 41173204.40000000 2.144222891869 Long EC CORP US N 1 N N N Bill.com Holdings, Inc. 549300IBF9VZZIGOZW63 Bill.com Holdings, Inc. 090043100 177626.00000000 NS USD 23512353.62000000 1.224479066140 Long EC CORP US N 1 N N N Wolfspeed, Inc. 549300OGU88P3AW3TO93 Wolfspeed, Inc. 977852102 376483.00000000 NS USD 38913282.88000000 2.026530438060 Long EC CORP US N 1 N N N ON Semiconductor Corporation ZV20P4CNJVT8V1ZGJ064 ON Semiconductor Corporation 682189105 479476.00000000 NS USD 29885739.08000000 1.556392969884 Long EC CORP US N 1 N N N Casey's General Stores, Inc. 549300CAFWSI86V66Q65 Casey's General Stores, Inc. 147528103 159336.00000000 NS USD 32268726.72000000 1.680494475298 Long EC CORP US N 1 N N N Ciena Corporation W0CZ7N0GH8UIGXDM1H41 Ciena Corporation 171779309 674603.00000000 NS USD 27274199.29000000 1.420388899219 Long EC CORP US N 1 N N N Equitable Holdings, Inc. 549300FIBAKMNHPZ4009 Equitable Holdings, Inc. 29452E101 1208371.00000000 NS USD 31840575.85000000 1.658197184863 Long EC CORP US N 1 N N N Align Technology, Inc. 549300N5YSE0U3LCP840 Align Technology, Inc. 016255101 101962.00000000 NS USD 21117349.82000000 1.099751781759 Long EC CORP US N 1 N N N Howmet Aerospace Inc. 549300HO5WFZUT5N2T22 Howmet Aerospace, Inc. 443201108 1072826.00000000 NS USD 33182508.18000000 1.728082491660 Long EC CORP US N 1 N N N ANSYS, Inc. 549300VJV8H15Z5FJ571 ANSYS, Inc. 03662Q105 112070.00000000 NS USD 24845919.00000000 1.293928637950 Long EC CORP US N 1 N N N PPG Industries, Inc. 549300BKPEP01R3V6C59 PPG Industries, Inc. 693506107 383416.00000000 NS USD 42440317.04000000 2.210211730214 Long EC CORP US N 1 N N N Camden Property Trust 5493002MYX22OHYJBD89 Camden Property Trust 133131102 198332.00000000 NS USD 23690757.40000000 1.233769998791 Long EC CORP US N 1 N N N Devon Energy Corporation 54930042348RKR3ZPN35 Devon Energy Corporation 25179M103 760362.00000000 NS USD 45720567.06000000 2.381040969435 Long EC CORP US N 1 N N N Ashland Inc. 529900E4L9R04SB8HB11 Ashland, Inc. 044186104 373305.00000000 NS USD 35452775.85000000 1.846313753463 Long EC CORP US N 1 N N N The Timken Company B0I35MLPFXZSE70ASS73 Timken Company 887389104 609884.00000000 NS USD 36007551.36000000 1.875205416518 Long EC CORP US N 1 N N N Thrivent Mutual Funds N/A Thrivent Core Short-Term Reserve Fund N/A 6194918.51000000 PA USD 61949185.10000000 3.226196813190 Long STIV PF US N 2 N N N United Rentals, Inc. 5323X5O7RN0NKFCDRY08 United Rentals, Inc. 911363109 187989.00000000 NS USD 50779588.68000000 2.644505281386 Long EC CORP US N 1 N N N Chipotle Mexican Grill, Inc. N/A Chipotle Mexican Grill, Inc. 169656105 29430.00000000 NS USD 44226226.80000000 2.303218544864 Long EC CORP US N 1 N N N Arch Capital Group Ltd. 549300AYR4P8AFKDCE43 Arch Capital Group, Ltd. G0450A105 1165058.00000000 NS USD 53056741.32000000 2.763095099451 Long EC CORP BM N 1 N N N DISH Network Corporation 529900U350CWHH15G169 DISH Network Corporation 25470M109 982151.00000000 NS USD 13583148.33000000 0.707384766798 Long EC CORP US N 1 N N N Expedia Group, Inc. N/A Expedia Group, Inc. 30212P303 168482.00000000 NS USD 15785078.58000000 0.822057144553 Long EC CORP US N 1 N N N NuVasive, Inc. 549300C5ZB4NZ6TWM881 NuVasive, Inc. 670704105 696894.00000000 NS USD 30530926.14000000 1.589993096077 Long EC CORP US N 1 N N N 2022-10-27 Thrivent Series Fund, Inc. Sarah L. Bergstrom Sarah L. Bergstrom Treasurer and Principal Accounting Officer XXXX NPORT-EX 2 thrivent_RF64.htm 9/30/2022 SCHEDULE OF INVESTMENTS
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
1
Shares
Common
Stock
(
47
.0
%
)
Value
Communications
Services
(2.8%)
14,054
Alphabet,
Inc.,
Class
A
a
$
1,344,265
181,025
Alphabet,
Inc.,
Class
C
a
17,405,554
2,523
AMC
Networks,
Inc.
a
51,217
103
Cable
One,
Inc.
87,864
897
Cars.com,
Inc.
a
10,316
358
Charter
Communications,
Inc.
a
108,599
142,189
Comcast
Corporation
4,170,403
19,917
DISH
Network
Corporation
a
275,452
9,150
Emerald
Holding,
Inc.
a
30,927
2,405
Eventbrite,
Inc.
a
14,622
620
EverQuote,
Inc.
a
4,228
1,014
Liberty
Latin
America,
Ltd.
a
6,277
23,497
Live
Nation
Entertainment,
Inc.
a
1,786,712
2,997
Magnite,
Inc.
a
19,690
12,850
Match
Group,
Inc.
a
613,588
47,201
Meta
Platforms,
Inc.
a
6,404,232
11,180
Netflix,
Inc.
a
2,632,219
17,261
News
Corporation,
Class
A
260,814
1,492
Nexstar
Media
Group,
Inc.
248,940
7,392
Omnicom
Group,
Inc.
466,361
9,074
Paramount
Global
b
172,769
52,091
QuinStreet,
Inc.
a
546,956
1,022
SciPlay
Corporation
a
12,019
5,036
Telephone
&
Data
Systems,
Inc.
70,000
6,992
TripAdvisor,
Inc.
a
154,383
56,539
Twitter,
Inc.
a
2,478,670
58,822
Verizon
Communications,
Inc.
2,233,471
18,437
Walt
Disney
Company
a
1,739,162
114,877
Warner
Bros.
Discovery,
Inc.
a
1,321,086
1,518
ZipRecruiter,
Inc.
a
25,047
38,121
ZoomInfo
Technologies,
Inc.
a
1,588,121
Total
46,283,964
Consumer
Discretionary
(5.5%)
4,359
2U,
Inc.
a
27,244
1,806
Aaron's
Company,
Inc.
17,554
900
Adient
plc
a
24,975
154,500
Amazon.com,
Inc.
a
17,458,500
838
American
Axle
&
Manufacturing
Holdings,
Inc.
a
5,724
108
America's
Car-Mart,
Inc.
a
6,590
24,478
Aptiv
plc
a
1,914,424
1,213
AutoNation,
Inc.
a
123,568
19,539
Beazer
Homes
USA,
Inc.
a
188,942
8,216
Bloomin'
Brands,
Inc.
150,599
1,627
Booking
Holdings,
Inc.
a
2,673,503
637
Boyd
Gaming
Corporation
30,353
1,406
Brunswick
Corporation
92,023
4,973
Buckle,
Inc.
157,445
5,215
Burlington
Stores,
Inc.
a
583,506
14,060
Cedar
Fair,
LP
578,569
6,680
Cheesecake
Factory,
Inc.
195,590
557
Chegg,
Inc.
a
11,736
3,248
Chico's
FAS,
Inc.
a
15,720
3,018
Chipotle
Mexican
Grill,
Inc.
a
4,535,330
433
Chuy's
Holdings,
Inc.
a
10,037
26,040
Clarus
Corporation
b
350,759
524
Columbia
Sportswear
Company
35,265
3,927
Container
Store
Group,
Inc.
a
19,242
81,351
Cooper-Standard
Holdings,
Inc.
a
475,090
1,682
Cracker
Barrel
Old
Country
Store,
Inc.
155,720
3,948
Culp,
Inc.
17,213
20,450
D.R.
Horton,
Inc.
1,377,308
Shares
Common
Stock
(47.0%)
Value
Consumer
Discretionary
(5.5%)
-
continued
1,633
Dave
&
Buster's
Entertainment,
Inc.
a
$
50,672
5,037
Designer
Brands,
Inc.
77,116
1,230
Dorman
Products,
Inc.
a
101,008
67,328
Duluth
Holdings,
Inc.
a
473,989
184,556
Everi
Holdings,
Inc.
a
2,993,498
5,705
Expedia
Group,
Inc.
a
534,501
15,409
Five
Below,
Inc.
a
2,121,357
13,872
Foot
Locker,
Inc.
431,835
81,711
Ford
Motor
Company
915,163
10,054
Gap,
Inc.
82,543
737
Garmin,
Ltd.
59,188
37,197
General
Motors
Company
1,193,652
11,509
Gentex
Corporation
274,375
655
Genuine
Parts
Company
97,805
2,175
G-III
Apparel
Group,
Ltd.
a
32,516
21,008
Goodyear
Tire
&
Rubber
Company
a
211,971
173
Graham
Holdings
Company
93,071
8,422
Grand
Canyon
Education,
Inc.
a
692,710
648
Group
1
Automotive,
Inc.
92,580
14,819
Hanesbrands,
Inc.
103,140
17,635
Harley-Davidson,
Inc.
615,109
6,692
Home
Depot,
Inc.
1,846,590
2,725
Kohl's
Corporation
68,534
8,589
Lear
Corporation
1,028,017
10,414
Lithia
Motors,
Inc.
2,234,324
16,104
Lowe's
Companies,
Inc.
3,024,492
2,634
Lululemon
Athletica,
Inc.
a
736,361
6,985
M.D.C.
Holdings,
Inc.
191,529
51,389
Macy's,
Inc.
805,266
291
Marriott
Vacations
Worldwide
Corporation
35,461
4,447
McDonald's
Corporation
1,026,101
6,140
Modine
Manufacturing
Company
a
79,452
8,605
Mohawk
Industries,
Inc.
a
784,690
2,144
Murphy
USA,
Inc.
589,407
10,937
Newell
Brands,
Inc.
151,915
47,131
NIKE,
Inc.
3,917,529
18,323
Nordstrom,
Inc.
306,544
527
NVR,
Inc.
a
2,101,191
1,072
ODP
Corporation
a
37,681
3,863
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
199,331
18,842
Papa
John's
International,
Inc.
1,319,128
3,413
Patrick
Industries,
Inc.
149,626
13,699
PENN
Entertainment,
Inc.
a
376,859
8,465
Perdoceo
Education
Corporation
a
87,190
24,175
Planet
Fitness,
Inc.
a
1,393,931
9,534
Playa
Hotels
and
Resorts
NV
a
55,488
2,715
Polaris,
Inc.
259,690
7,673
PVH
Corporation
343,750
694
RCI
Hospitality
Holdings,
Inc.
45,346
1,550
RH
a
381,409
1,809
Ross
Stores,
Inc.
152,444
1,785
Ruth's
Hospitality
Group,
Inc.
30,095
3,559
Six
Flags
Entertainment
Corporation
a
62,994
21,784
Skyline
Champion
Corporation
a
1,151,720
12,232
Sleep
Number
Corporation
a
413,564
39,511
Sonos,
Inc.
a
549,203
19,078
Sony
Group
Corporation
ADR
1,221,946
21,432
Stoneridge,
Inc.
a
363,272
1,249
Strategic
Education,
Inc.
76,701
16,907
Taylor
Morrison
Home
Corporation
a
394,271
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
2
Shares
Common
Stock
(47.0%)
Value
Consumer
Discretionary
(5.5%)
-
continued
45,955
Tesla,
Inc.
a
$
12,189,564
1,009
Texas
Roadhouse,
Inc.
88,045
1,748
Thor
Industries,
Inc.
122,325
139,176
ThredUp,
Inc.
a
256,084
8,469
Toll
Brothers,
Inc.
355,698
276
TopBuild
Corporation
a
45,479
4,630
Topgolf
Callaway
Brands
Corporation
a
89,174
7,677
Travel
+
Leisure
Company
261,939
2,890
Ulta
Beauty,
Inc.
a
1,159,439
2,546
Urban
Outfitters,
Inc.
a
50,029
4,556
Vail
Resorts,
Inc.
982,456
3,424
VF
Corporation
102,412
889
Visteon
Corporation
a
94,287
127
Williams-Sonoma,
Inc.
14,967
8,127
Wingstop,
Inc.
1,019,288
2,264
Wolverine
World
Wide,
Inc.
34,843
12,630
Wyndham
Hotels
&
Resorts,
Inc.
774,851
25,478
Xometry,
Inc.
a,b
1,446,896
11,175
Yum!
Brands,
Inc.
1,188,350
21,608
Zumiez,
Inc.
a
465,220
Total
91,214,716
Consumer
Staples
(2.2%)
35,496
BJ's
Wholesale
Club
Holdings,
Inc.
a
2,584,464
1,593
Bunge,
Ltd.
131,534
1,385
Cal-Maine
Foods,
Inc.
76,992
17,516
Casey's
General
Stores,
Inc.
3,547,340
12,454
Celsius
Holdings,
Inc.
a
1,129,329
3,045
Coca-Cola
Company
170,581
90
Constellation
Brands,
Inc.
20,671
3,996
Costco
Wholesale
Corporation
1,887,191
5,053
Darling
Ingredients,
Inc.
a
334,256
69,778
e.l.f.
Beauty,
Inc.
a
2,625,048
4,900
Estee
Lauder
Companies,
Inc.
1,057,910
17,088
Freshpet,
Inc.
a
855,938
4,089
Grocery
Outlet
Holding
Corporation
a
136,123
5,858
Hain
Celestial
Group,
Inc.
a
98,883
1,697
Hershey
Company
374,138
3,940
Ingredion,
Inc.
317,249
11,275
John
B.
Sanfilippo
&
Son,
Inc.
853,856
3,103
Kraft
Heinz
Company
103,485
54,409
Lamb
Weston
Holdings,
Inc.
4,210,168
628
Lancaster
Colony
Corporation
94,376
2,659
Nu
Skin
Enterprises,
Inc.
88,731
376
PepsiCo,
Inc.
61,386
7,182
Performance
Food
Group
Company
a
308,467
34,610
Philip
Morris
International,
Inc.
2,872,976
503
PriceSmart,
Inc.
28,968
54,506
Primo
Water
Corporation
684,050
6,560
Procter
&
Gamble
Company
828,200
104
Seneca
Foods
Corporation
a
5,246
12,403
Sprouts
Farmers
Markets,
Inc.
a
344,183
17,685
Sysco
Corporation
1,250,506
54,387
Turning
Point
Brands,
Inc.
1,154,636
201
Tyson
Foods,
Inc.
13,252
3,939
US
Foods
Holding
Corporation
a
104,147
59,533
Walmart,
Inc.
7,721,430
Total
36,075,710
Energy
(1.9%)
7,094
Antero
Midstream
Corporation
65,123
Shares
Common
Stock
(47.0%)
Value
Energy
(1.9%)
-
continued
9,947
Antero
Resources
Corporation
a
$
303,682
7,652
Archrock,
Inc.
49,126
54,860
BP
plc
ADR
1,566,253
5,139
Cactus,
Inc.
197,492
1,312
California
Resources
Corporation
50,420
5,007
Callon
Petroleum
Company
a
175,295
7,690
ChampionX
Corporation
150,493
1,790
Chevron
Corporation
257,169
128
Civitas
Resources,
Inc.
7,346
2,155
Clean
Energy
Fuels
Corporation
a
11,508
7,096
CNX
Resources
Corporation
a
110,201
26,692
ConocoPhillips
2,731,659
55,332
Devon
Energy
Corporation
3,327,113
80,354
Enterprise
Products
Partners,
LP
1,910,818
3,817
EOG
Resources,
Inc.
426,473
33,206
EQT
Corporation
1,353,145
42,017
Exxon
Mobil
Corporation
3,668,504
47
Gulfport
Energy
Corporation
a
4,150
85,242
Halliburton
Company
2,098,658
10,789
Helmerich
&
Payne,
Inc.
398,869
13,678
HF
Sinclair
Corporation
736,424
48,785
Liberty
Energy,
Inc.
a
618,594
1,945
Magnolia
Oil
&
Gas
Corporation
38,530
21,206
Marathon
Oil
Corporation
478,832
15,438
Marathon
Petroleum
Corporation
1,533,457
23,637
Matador
Resources
Company
1,156,322
2,689
NexTier
Oilfield
Solutions,
Inc.
a
19,899
17,112
Nine
Energy
Service,
Inc.
a
45,176
106,981
NOV,
Inc.
1,730,953
2,489
Oceaneering
International,
Inc.
a
19,812
5,151
Par
Pacific
Holdings,
Inc.
a
84,528
5,740
PBF
Energy,
Inc.
a
201,818
16,526
Permian
Resources
Corporation
a
112,377
9,159
Pioneer
Natural
Resources
Company
1,983,198
1,774
Plains
GP
Holdings,
LP
19,354
35,420
ProPetro
Holding
Corporation
a
285,131
13,475
Schlumberger,
Ltd.
483,753
819
Select
Energy
Services,
Inc.
a
5,708
4,499
SM
Energy
Company
169,207
284
Solaris
Oilfield
Infrastructure,
Inc.
2,658
33,512
Talos
Energy,
Inc.
a
557,975
1,399
Targa
Resources
Corporation
84,416
2,513
Technip
Energies
NV
ADR
28,196
29,740
TechnipFMC
plc
a
251,600
3,983
U.S.
Silica
Holdings,
Inc.
a
43,614
6,817
Valero
Energy
Corporation
728,396
1,828
Viper
Energy
Partners,
LP
52,391
42,105
Williams
Companies,
Inc.
1,205,466
1,930
World
Fuel
Services
Corporation
45,239
Total
31,586,521
Financials
(6.3%)
116,526
AGNC
Investment
Corporation
981,149
53,726
Ally
Financial,
Inc.
1,495,195
1,142
American
Equity
Investment
Life
Holding
Company
42,585
21,854
American
Express
Company
2,948,323
6,176
American
Financial
Group,
Inc.
759,216
2,054
Ameriprise
Financial,
Inc.
517,505
15,778
Ameris
Bancorp
705,434
3,268
Annaly
Capital
Management,
Inc.
56,079
26,838
Arch
Capital
Group,
Ltd.
a
1,222,203
8,179
Arthur
J.
Gallagher
&
Company
1,400,408
10,044
Banc
of
California,
Inc.
160,403
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
3
Shares
Common
Stock
(47.0%)
Value
Financials
(6.3%)
-
continued
89,860
Bank
of
America
Corporation
$
2,713,772
417
Bank
of
Marin
Bancorp
12,489
14,713
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
477,584
3,849
BankFinancial
Corporation
36,412
459
BayCom
Corporation
8,069
487
BCB
Bancorp,
Inc.
8,196
6,640
Berkshire
Hathaway,
Inc.
a
1,773,013
1,229
BlackRock,
Inc.
676,294
3,110
Bread
Financial
Holdings,
Inc.
97,809
34,749
Bridgewater
Bancshares,
Inc.
a
572,316
16,476
Brighthouse
Financial,
Inc.
a
715,388
28,439
Byline
Bancorp,
Inc.
575,890
12,262
Capital
One
Financial
Corporation
1,130,189
21,309
Carlyle
Group,
Inc.
550,625
36,096
Central
Pacific
Financial
Corporation
746,826
74,611
Charles
Schwab
Corporation
5,362,293
3,131
Chimera
Investment
Corporation
16,344
12,917
Chubb,
Ltd.
2,349,344
5,366
Cincinnati
Financial
Corporation
480,633
46,196
Citigroup,
Inc.
1,924,987
8,279
Citizens
Financial
Group,
Inc.
284,466
8,134
CNO
Financial
Group,
Inc.
146,168
31,100
Columbia
Banking
System,
Inc.
898,479
18,671
Comerica,
Inc.
1,327,508
11,958
Community
Trust
Bancorp,
Inc.
484,897
4,098
ConnectOne
Bancorp,
Inc.
94,500
355
CrossFirst
Bankshares,
Inc.
a
4,633
43,079
Customers
Bancorp,
Inc.
a
1,269,969
165
Dime
Community
Bancshares,
Inc.
4,831
10,582
Discover
Financial
Services
962,115
6,676
East
West
Bancorp,
Inc.
448,227
4,556
Ellington
Residential
Mortgage
REIT
28,110
600
Employers
Holdings,
Inc.
20,694
6,616
Enova
International,
Inc.
a
193,650
15,101
Enterprise
Financial
Services
Corporation
665,048
74,171
Equitable
Holdings,
Inc.
1,954,406
862
Equity
Bancshares,
Inc.
25,541
1,284
Essent
Group,
Ltd.
44,773
308
Farmers
National
Banc
Corporation
4,032
12,074
Federated
Hermes,
Inc.
399,891
8,837
Financial
Institutions,
Inc.
212,707
7,255
First
Financial
Corporation
327,853
576
First
Mid-Illinois
Bancshares,
Inc.
18,415
1,295
First
of
Long
Island
Corporation
22,326
9,761
Flushing
Financial
Corporation
189,071
8,372
Glacier
Bancorp,
Inc.
411,316
2,860
Global
Life,
Inc.
285,142
6,998
Great
Southern
Bancorp,
Inc.
399,376
24,185
Hamilton
Lane,
Inc.
1,441,668
3,058
Hancock
Whitney
Corporation
140,087
37,550
Hanmi
Financial
Corporation
889,184
5,403
Hanover
Insurance
Group,
Inc.
692,340
32,628
Heartland
Financial
USA,
Inc.
1,414,750
5,230
HomeStreet,
Inc.
150,676
6,889
Hometrust
Bancshares,
Inc.
152,247
128,942
Hope
Bancorp,
Inc.
1,629,827
3,597
Horizon
Bancorp,
Inc.
64,602
21,769
Houlihan
Lokey,
Inc.
1,640,947
18,661
Independent
Bank
Corporation
356,425
3,528
Invesco
Mortgage
Capital,
Inc.
39,161
36,551
Invesco,
Ltd.
500,749
Shares
Common
Stock
(47.0%)
Value
Financials
(6.3%)
-
continued
23,809
J.P.
Morgan
Chase
&
Company
$
2,488,040
20,122
Kinsale
Capital
Group,
Inc.
5,139,561
2,209
Lakeland
Bancorp,
Inc.
35,366
9,760
M&T
Bank
Corporation
1,720,883
5,988
Marsh
&
McLennan
Companies,
Inc.
893,949
2,550
Mercantile
Bank
Corporation
75,760
16,183
MFA
Financial,
Inc.
125,904
62,812
MGIC
Investment
Corporation
805,250
18,754
Midland
States
Bancorp,
Inc.
442,032
12,255
MidWestOne
Financial
Group,
Inc.
334,439
4,272
Moody's
Corporation
1,038,566
30,221
Morgan
Stanley
2,387,761
3,602
MSCI,
Inc.
1,519,288
125,055
New
York
Community
Bancorp,
Inc.
1,066,719
11,043
NMI
Holdings,
Inc.
a
224,946
16,242
OceanFirst
Financial
Corporation
302,751
2,411
OFG
Bancorp
60,588
5,321
Old
Republic
International
Corporation
111,369
23,724
OneMain
Holdings,
Inc.
700,332
301
Oppenheimer
Holdings,
Inc.
9,325
52,973
PacWest
Bancorp
1,197,190
6,060
Pathward
Financial,
Inc.
199,738
223
PCB
Bancorp
4,030
317
Peapack-Gladstone
Financial
Corporation
10,667
34,389
Popular,
Inc.
b
2,478,071
67,941
Radian
Group,
Inc.
1,310,582
34,170
Raymond
James
Financial,
Inc.
3,376,679
2,153
Reinsurance
Group
of
America,
Inc.
270,869
1,406
RenaissanceRe
Holdings,
Ltd.
197,388
32,098
Rithm
Capital
Corporation
234,957
7,479
RLI
Corporation
765,700
13,276
S&P
Global,
Inc.
4,053,827
597
S&T
Bancorp,
Inc.
17,498
36,889
Seacoast
Banking
Corporation
of
Florida
1,115,154
4,347
SEI
Investments
Company
213,220
6,651
Signature
Bank
1,004,301
19,433
State
Street
Corporation
1,181,721
6,045
Synchrony
Financial
170,409
1,169
T.
Rowe
Price
Group,
Inc.
122,757
1,384
Territorial
Bancorp,
Inc.
25,659
4,528
TPG
RE
Finance
Trust,
Inc.
31,696
13,741
Tradeweb
Markets,
Inc.
775,267
29,026
Triumph
Bancorp,
Inc.
a
1,577,563
37,153
Truist
Financial
Corporation
1,617,642
10,005
TrustCo
Bank
Corporation
NY
314,357
13,012
Two
Harbors
Investment
Corporation
43,200
12,120
Umpqua
Holdings
Corporation
207,131
1,121
Univest
Financial
Corporation
26,321
48,401
Unum
Group
1,877,959
6,790
Virtu
Financial,
Inc.
141,028
458
Washington
Federal,
Inc.
13,731
64,506
Wells
Fargo
&
Company
2,594,431
52,860
Western
Alliance
Bancorp
3,475,016
829
Western
Asset
Mortgage
Capital
Corporation
9,276
16,385
Zions
Bancorporation
NA
833,341
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
4
Shares
Common
Stock
(47.0%)
Value
Financials
(6.3%)
-
continued
3,349
Zurich
Insurance
Group
AG
$
1,335,082
Total
103,064,067
Health
Care
(7.0%)
851
10X
Genomics,
Inc.
a
24,236
18,760
Abbott
Laboratories
1,815,218
11,839
ACADIA
Pharmaceuticals,
Inc.
a
193,686
1,338
Accolade,
Inc.
a
15,280
19,950
Adaptive
Biotechnologies
Corporation
a
142,044
44,057
Agiliti,
Inc.
a
630,456
64,685
Agilon
Health,
Inc.
a
1,514,923
2,234
Agios
Pharmaceuticals,
Inc.
a
63,178
1,276
Aldeyra
Therapeutics,
Inc.
a
6,814
2,068
Align
Technology,
Inc.
a
428,303
22,250
Alkermes
plc
a
496,842
7,688
Allogene
Therapeutics,
Inc.
a
83,030
3,582
Amedisys,
Inc.
a
346,702
4,689
AmerisourceBergen
Corporation
634,562
11,717
Amgen,
Inc.
2,641,012
1,786
Amicus
Therapeutics,
Inc.
a
18,646
1,070
AMN
Healthcare
Services,
Inc.
a
113,377
940
Anika
Therapeutics,
Inc.
a
22,372
1,562
Arcutis
Biotherapeutics,
Inc.
a
29,850
5,668
Argenx
SE
ADR
a
2,001,087
9,240
Ascendis
Pharma
AS
ADR
a
954,122
27,335
AstraZeneca
plc
ADR
1,499,051
3,420
Atara
Biotherapeutics,
Inc.
a
12,928
7,329
Avanos
Medical,
Inc.
a
159,626
37,090
Avantor,
Inc.
a
726,964
29,940
Axonics,
Inc.
a
2,108,974
21,356
Baxter
International,
Inc.
1,150,234
5,778
Biogen,
Inc.
a
1,542,726
20,970
BioLife
Solutions,
Inc.
a
477,067
173
Bio-Rad
Laboratories,
Inc.
a
72,165
5,822
Bio-Techne
Corporation
1,653,448
665
Blueprint
Medicines
Corporation
a
43,817
75
Boston
Scientific
Corporation
a
2,905
749
Bristol-Myers
Squibb
Company
53,246
323
Cardiovascular
Systems,
Inc.
a
4,477
9,483
Centene
Corporation
a
737,872
5,461
Charles
River
Laboratories
International,
Inc.
a
1,074,725
896
Chemed
Corporation
391,158
12,558
Cigna
Holding
Company
3,484,468
3,829
Community
Health
Systems,
Inc.
a
8,232
41
CONMED
Corporation
3,287
3,183
Cooper
Companies,
Inc.
839,994
624
CRISPR
Therapeutics
AG
a
40,778
14,466
CVS
Health
Corporation
1,379,622
18,642
Danaher
Corporation
4,815,042
49
DaVita,
Inc.
a
4,056
11,517
Deciphera
Pharmaceuticals,
Inc.
a
213,064
10,219
Dentsply
Sirona,
Inc.
289,709
16,520
DexCom,
Inc.
a
1,330,521
750
Editas
Medicine,
Inc.
a
9,180
18,487
Edwards
Lifesciences
Corporation
a
1,527,581
3,518
Elanco
Animal
Health,
Inc.
a
43,658
11,158
Elevance
Health,
Inc.
5,068,410
6,560
Encompass
Health
Corporation
296,709
3,280
Enhabit,
Inc.
a
46,051
20,813
Enovis
Corporation
a
958,855
648
Exact
Sciences
Corporation
a
21,054
3,945
Exelixis,
Inc.
a
61,858
35,593
Gilead
Sciences,
Inc.
2,195,732
Shares
Common
Stock
(47.0%)
Value
Health
Care
(7.0%)
-
continued
385
Guardant
Health,
Inc.
a
$
20,725
32,086
Halozyme
Therapeutics,
Inc.
a
1,268,680
7,811
HCA
Healthcare,
Inc.
1,435,584
3,450
HealthEquity,
Inc.
a
231,736
10,785
Hologic,
Inc.
a
695,848
2,144
ICU
Medical,
Inc.
a
322,886
225
IDEXX
Laboratories,
Inc.
a
73,305
15,782
Immunocore
Holdings
plc
ADR
a
740,807
17,687
Inari
Medical,
Inc.
a
1,284,784
28,315
Inotiv,
Inc.
a
477,108
7,745
Inspire
Medical
Systems,
Inc.
a
1,373,731
9,478
Insulet
Corporation
a
2,174,253
1,077
Integra
LifeSciences
Holdings
Corporation
a
45,622
16,194
Intuitive
Surgical,
Inc.
a
3,035,403
12,895
Ionis
Pharmaceuticals,
Inc.
a
570,346
6,326
Jazz
Pharmaceuticals,
Inc.
a
843,193
27,404
Johnson
&
Johnson
4,476,717
828
Kiniksa
Pharmaceuticals,
Ltd.
a
10,632
9,477
Kura
Oncology,
Inc.
a
129,456
17,885
Laboratory
Corporation
of
America
Holdings
3,663,027
24,466
Lantheus
Holdings,
Inc.
a
1,720,694
18,254
Maravai
LifeSciences
Holdings,
Inc.
a
466,025
968
Masimo
Corporation
a
136,643
1,024
Medpace
Holdings,
Inc.
a
160,942
49,696
Medtronic
plc
4,012,952
57,309
Merck
&
Company,
Inc.
4,935,451
2,034
Merit
Medical
Systems,
Inc.
a
114,941
187
MultiPlan
Corporation
a
535
14,110
Natera,
Inc.
a
618,300
2,479
National
HealthCare
Corporation
157,020
23,037
Novo
Nordisk
AS
ADR
2,295,176
933
Nurix
Therapeutics,
Inc.
a
12,157
23,550
NuVasive,
Inc.
a
1,031,725
19,774
Omnicell,
Inc.
a
1,720,931
3,227
Orthofix
Medical,
Inc.
a
61,668
375
Patterson
Companies,
Inc.
9,007
4,290
Pediatrix
Medical
Group,
Inc.
a
70,828
4,166
Perrigo
Company
plc
148,560
32,315
Pfizer,
Inc.
1,414,104
9,954
Premier,
Inc.
337,839
105,474
Progyny,
Inc.
a
3,908,866
4,661
Protagonist
Therapeutics,
Inc.
a
39,292
37,434
R1
RCM,
Inc.
a
693,652
516
RAPT
Therapeutics,
Inc.
a
12,415
1,715
Reata
Pharmaceuticals,
Inc.
a
43,098
4,280
Regeneron
Pharmaceuticals,
Inc.
a
2,948,364
1,950
REGENXBIO,
Inc.
a
51,538
11,905
Repligen
Corporation
a
2,227,545
913
Sage
Therapeutics,
Inc.
a
35,753
14,533
Sarepta
Therapeutics,
Inc.
a
1,606,478
1,001
Scholar
Rock
Holding
Corporation
a
6,937
2,408
ShockWave
Medical,
Inc.
a
669,593
26,500
Silk
Road
Medical,
Inc.
a
1,192,500
7,487
Stryker
Corporation
1,516,417
15,940
Syneos
Health,
Inc.
a
751,571
7,154
Teleflex,
Inc.
1,441,245
11,445
Travere
Therapeutics,
Inc.
a
282,005
2,579
Twist
Bioscience
Corporation
a
90,884
425
U.S.
Physical
Therapy,
Inc.
32,308
6,973
UFP
Technologies,
Inc.
a
598,562
2,772
Ultragenyx
Pharmaceutical,
Inc.
a
114,789
103
UnitedHealth
Group,
Inc.
52,019
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
5
Shares
Common
Stock
(47.0%)
Value
Health
Care
(7.0%)
-
continued
1,521
Vanda
Pharmaceuticals,
Inc.
a
$
15,027
2,366
Veracyte,
Inc.
a
39,276
64,455
Viemed
Healthcare,
Inc.
a
386,730
20,909
Vor
BioPharma,
Inc.
a,b
83,218
2,551
VYNE
Therapeutics,
Inc.
a
569
3,669
Waters
Corporation
a
988,906
1,471
Zentalis
Pharmaceuticals,
Inc.
a
31,862
14,104
Zimmer
Biomet
Holdings,
Inc.
1,474,573
28,917
Zoetis,
Inc.
4,288,102
Total
114,448,419
Industrials
(7.0%)
3,735
3M
Company
412,717
831
A.O.
Smith
Corporation
40,370
5,634
Advanced
Drainage
Systems,
Inc.
700,701
6,471
AECOM
442,422
5,430
AGCO
Corporation
522,203
49,798
Air
Lease
Corporation
1,544,236
29,864
Alaska
Air
Group,
Inc.
a
1,169,176
465
Allegion
plc
41,701
25,841
Altra
Industrial
Motion
Corporation
868,774
490
American
Woodmark
Corporation
a
21,491
16,858
AMETEK,
Inc.
1,911,866
1,704
Armstrong
World
Industries,
Inc.
135,008
30,759
ASGN,
Inc.
a
2,779,691
2,574
Atkore
International
Group,
Inc.
a
200,283
3,120
AZZ,
Inc.
113,911
37,331
Badger
Infrastructure
Solutions,
Ltd.
760,754
17,347
Barnes
Group,
Inc.
500,981
1,294
Boise
Cascade
Company
76,941
2,649
Booz
Allen
Hamilton
Holding
Corporation
244,635
906
CACI
International,
Inc.
a
236,520
9,054
Carlisle
Companies,
Inc.
2,538,832
529
Caterpillar,
Inc.
86,798
3,679
CBIZ,
Inc.
a
157,388
23,591
Chart
Industries,
Inc.
a
4,349,001
17,771
Cimpress
plc
a
435,034
3,085
Cintas
Corporation
1,197,566
142,311
CNH
Industrial
NV
1,589,614
141
Columbus
McKinnon
Corporation
3,689
30,024
Crane
Holdings,
Company
2,628,301
2,301
CSW
Industrials,
Inc.
275,660
81,843
CSX
Corporation
2,180,297
11,974
Curtiss-Wright
Corporation
1,666,302
1,081
Deere
&
Company
360,935
42,931
Delta
Air
Lines,
Inc.
a
1,204,644
1,272
Donaldson
Company,
Inc.
62,341
76,105
Driven
Brands
Holdings,
Inc.
a
2,129,418
36,643
Dun
&
Bradstreet
Holdings,
Inc.
454,007
6,308
EMCOR
Group,
Inc.
728,448
21,666
Emerson
Electric
Company
1,586,384
13,696
Expeditors
International
of
Washington,
Inc.
1,209,494
17,079
Fastenal
Company
786,317
79,026
First
Advantage
Corporation
a
1,013,904
3,904
Forrester
Research,
Inc.
a
140,583
8,914
Fortune
Brands
Home
and
Security,
Inc.
478,593
19,550
Forward
Air
Corporation
1,764,583
797
Genco
Shipping
&
Trading,
Ltd.
9,986
2,740
Generac
Holdings,
Inc.
a
488,104
7,510
General
Dynamics
Corporation
1,593,397
338
Gorman-Rupp
Company
8,041
Shares
Common
Stock
(47.0%)
Value
Industrials
(7.0%)
-
continued
13,278
Greenbrier
Companies,
Inc.
$
322,257
208
Heidrick
&
Struggles
International,
Inc.
5,406
10,793
Helios
Technologies,
Inc.
546,126
3,926
Hillman
Solutions
Corporation
a
29,602
79,389
Howmet
Aerospace,
Inc.
2,455,502
8,131
Hubbell,
Inc.
1,813,213
71,160
IAA,
Inc.
a
2,266,446
254
ICF
International,
Inc.
27,691
10,962
IDEX
Corporation
2,190,756
1,143
ITT
Corporation
74,684
51,202
Janus
International
Group,
Inc.
a
456,722
11,892
JetBlue
Airways
Corporation
a
78,844
22,020
Johnson
Controls
International
plc
1,083,824
3,378
Kennametal,
Inc.
69,519
6,285
L3Harris
Technologies,
Inc.
1,306,212
10,184
Landstar
System,
Inc.
1,470,264
631
Lennox
International,
Inc.
140,505
23,288
Lincoln
Electric
Holdings,
Inc.
2,927,767
3,053
Manitowoc
Company,
Inc.
a
23,661
18,055
ManpowerGroup,
Inc.
1,167,978
1,664
Masonite
International
Corporation
a
118,627
11,560
Mercury
Systems,
Inc.
a
469,336
25,236
Middleby
Corporation
a
3,234,498
13,521
Miller
Industries,
Inc.
287,862
11,943
MSC
Industrial
Direct
Company,
Inc.
869,570
138
National
Presto
Industries,
Inc.
8,977
11,400
Norfolk
Southern
Corporation
2,390,010
5,775
Northrop
Grumman
Corporation
2,716,098
6,624
Old
Dominion
Freight
Line,
Inc.
1,647,852
5,795
Owens
Corning,
Inc.
455,545
14,888
Parker-Hannifin
Corporation
3,607,511
43,555
Pentair
plc
1,769,640
8,446
Quanta
Services,
Inc.
1,075,936
2,955
RBC
Bearings,
Inc.
a
614,079
43,212
Regal
Rexnord
Corporation
6,065,236
3,544
Saia,
Inc.
a
673,360
32,252
SkyWest,
Inc.
a
524,418
1,491
Snap-On,
Inc.
300,213
14,802
Southwest
Airlines
Company
a
456,494
10,606
Standex
International
Corporation
865,980
85,837
Sun
Country
Airlines
Holdings,
Inc.
a
1,168,242
13,612
Sunrun,
Inc.
a
375,555
8,354
Tennant
Company
472,502
16,809
Timken
Company
992,403
1,448
Toro
Company
125,223
8,801
TransUnion
523,571
7,283
Trex
Company,
Inc.
a
320,015
4,052
Tutor
Perini
Corporation
a
22,367
152,223
Uber
Technologies,
Inc.
a
4,033,909
10,517
Union
Pacific
Corporation
2,048,922
11,425
United
Airlines
Holdings,
Inc.
a
371,655
14,390
United
Parcel
Service,
Inc.
2,324,561
10,406
United
Rentals,
Inc.
a
2,810,869
1,556
Univar
Solutions,
Inc.
a
35,383
30,657
Upwork,
Inc.
a
417,548
1,230
Valmont
Industries,
Inc.
330,403
2,714
Verisk
Analytics,
Inc.
462,818
35,552
Vicor
Corporation
a
2,102,545
1,563
Watsco,
Inc.
402,410
250
Watts
Water
Technologies,
Inc.
31,432
5,621
Werner
Enterprises,
Inc.
211,350
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
6
Shares
Common
Stock
(47.0%)
Value
Industrials
(7.0%)
-
continued
100,064
WillScot
Mobile
Mini
Holdings
Corporation
a
$
4,035,581
1,642
Woodward,
Inc.
131,787
1,846
XPO
Logistics,
Inc.
a
82,184
Total
114,293,498
Information
Technology
(9.4%)
7,856
8x8,
Inc.
a
27,103
211
Adobe,
Inc.
a
58,067
4,760
Advanced
Energy
Industries,
Inc.
368,472
7,997
Agilysys,
Inc.
a
442,634
4,325
Amkor
Technology,
Inc.
73,741
28,651
Amphenol
Corporation
1,918,471
2,269
ANSYS,
Inc.
a
503,037
151,433
Apple,
Inc.
20,928,041
10,077
Arista
Networks,
Inc.
a
1,137,593
7,516
Arrow
Electronics,
Inc.
a
692,900
5,488
Autodesk,
Inc.
a
1,025,158
3,410
Avnet,
Inc.
123,169
882
Benchmark
Electronics,
Inc.
21,856
20,803
BigCommerce
Holdings,
Inc.
a
307,884
14,327
Bill.com
Holdings,
Inc.
a
1,896,465
426
Blackline,
Inc.
a
25,517
63,800
Block,
Inc.
a
3,508,362
1,525
Cadence
Design
Systems,
Inc.
a
249,231
35,454
Calix,
Inc.
a
2,167,658
3,399
CDW
Corporation
530,516
22,197
Ciena
Corporation
a
897,425
79,196
Cisco
Systems,
Inc.
3,167,840
45,297
Cognex
Corporation
1,877,561
2,979
Coherent
Corporation
a
103,818
9,683
CommScope
Holding
Company,
Inc.
a
89,180
897
Computer
Services,
Inc.
50,008
9,684
Conduent
Incorporated
a
32,345
11,653
Descartes
Systems
Group,
Inc.
a
740,315
1,733
Digital
Turbine,
Inc.
a
24,973
1,258
Diodes,
Inc.
a
81,657
23,503
Dolby
Laboratories,
Inc.
1,531,220
32,129
Dropbox,
Inc.
a
665,713
5,669
Endava
plc
ADR
a
457,091
3,268
EPAM
Systems,
Inc.
a
1,183,637
1,750
ePlus,
Inc.
a
72,695
3,650
Euronet
Worldwide,
Inc.
a
276,524
25,423
Fidelity
National
Information
Services,
Inc.
1,921,216
1,221
First
Solar,
Inc.
a
161,502
4,601
Fiserv,
Inc.
a
430,516
32,108
Five9,
Inc.
a
2,407,458
4,450
FLEETCOR
Technologies,
Inc.
a
783,956
15,021
Flex,
Ltd.
a
250,250
92
Genpact,
Ltd.
4,027
47,864
Gilat
Satellite
Networks,
Ltd.
a
255,115
8,413
Global
Payments,
Inc.
909,025
2,302
HubSpot,
Inc.
a
621,816
2,856
IPG
Photonics
Corporation
a
240,904
3,479
Jack
Henry
&
Associates,
Inc.
634,117
90
Keysight
Technologies,
Inc.
a
14,162
568
KLA-Tencor
Corporation
171,894
43,881
Knowles
Corporation
a
534,032
4,687
Lam
Research
Corporation
1,715,442
58,477
Lattice
Semiconductor
Corporation
a
2,877,653
2,195
Littelfuse,
Inc.
436,125
14,185
LiveRamp
Holding,
Inc.
a
257,600
Shares
Common
Stock
(47.0%)
Value
Information
Technology
(9.4%)
-
continued
1,924
Lumentum
Holdings,
Inc.
a
$
131,929
6,680
Mastercard,
Inc.
1,899,391
1,754
MAXIMUS,
Inc.
101,504
274
MaxLinear,
Inc.
a
8,938
19,341
Microchip
Technology,
Inc.
1,180,381
105,794
Microsoft
Corporation
24,639,423
517
MKS
Instruments,
Inc.
42,725
4,744
Momentive
Global,
Inc.
a
27,563
6,066
Monolithic
Power
Systems,
Inc.
2,204,384
14,308
NAPCO
Security
Technologies,
Inc.
a
416,077
15,446
National
Instruments
Corporation
582,932
3,126
NICE,
Ltd.
ADR
a
588,438
7,199
Nova,
Ltd.
a
614,075
58,089
NVIDIA
Corporation
7,051,424
8,573
Okta,
Inc.
a
487,546
9,725
ON
Semiconductor
Corporation
a
606,159
2,991
PagerDuty,
Inc.
a
69,002
12,435
Palo
Alto
Networks,
Inc.
a
2,036,729
5,453
Paycom
Software,
Inc.
a
1,799,435
57,953
PayPal
Holdings,
Inc.
a
4,988,015
1,038
Plexus
Corporation
a
90,887
144
Progress
Software
Corporation
6,127
13,403
PTC,
Inc.
a
1,401,954
6,747
Qorvo,
Inc.
a
535,779
54,206
QUALCOMM,
Inc.
6,124,194
1,106
RingCentral,
Inc.
a
44,196
16,242
Sabre
Corporation
a
83,646
32,691
Salesforce,
Inc.
a
4,702,273
45,482
Samsung
Electronics
Company,
Ltd.
1,670,065
3,448
Sanmina
Corporation
a
158,884
2,181
Semtech
Corporation
a
64,143
10,911
ServiceNow,
Inc.
a
4,120,103
4,888
SiTime
Corporation
a
384,832
19,478
Skyworks
Solutions,
Inc.
1,660,889
14,513
Splunk,
Inc.
a
1,091,378
71,329
Sprout
Social,
Inc.
a
4,328,244
4,848
Synopsys,
Inc.
a
1,481,112
5,721
TD
SYNNEX
Corporation
464,488
4,729
Teledyne
Technologies,
Inc.
a
1,595,896
24,968
Texas
Instruments,
Inc.
3,864,547
11,266
Trimble,
Inc.
a
611,406
9,091
TTEC
Holdings,
Inc.
402,822
97,045
TTM
Technologies,
Inc.
a
1,279,053
4,421
Tyler
Technologies,
Inc.
a
1,536,297
9,631
Universal
Display
Corporation
908,685
156
Upland
Software,
Inc.
a
1,268
8,430
Vishay
Intertechnology,
Inc.
149,970
14,793
Vontier
Corporation
247,191
31,275
Western
Union
Company
422,212
5,733
WEX,
Inc.
a
727,747
9,669
Wolfspeed,
Inc.
a
999,388
31,698
Workiva,
Inc.
a
2,466,104
6,012
Xerox
Holdings
Corporation
78,637
5,803
Yext,
Inc.
a
25,881
Total
155,091,055
Materials
(2.0%)
11,466
AptarGroup,
Inc.
1,089,614
17,494
Ashland,
Inc.
1,661,405
4,084
Avery
Dennison
Corporation
664,467
48,142
Axalta
Coating
Systems,
Ltd.
a
1,013,871
9,864
Ball
Corporation
476,628
21,178
Carpenter
Technology
Corporation
659,483
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
7
Shares
Common
Stock
(47.0%)
Value
Materials
(2.0%)
-
continued
15,342
Celanese
Corporation
$
1,385,996
18,983
CF
Industries
Holdings,
Inc.
1,827,114
2,215
Chemours
Company
54,600
2,286
Cleveland-Cliffs,
Inc.
a
30,792
17,108
Compass
Minerals
International,
Inc.
659,171
6,229
Crown
Holdings,
Inc.
504,736
21,068
Dow,
Inc.
925,517
21,505
Eastman
Chemical
Company
1,527,930
5,778
Huntsman
Corporation
141,792
15,090
Ingevity
Corporation
a
914,907
4,786
Innospec,
Inc.
410,017
82,538
Ivanhoe
Mines,
Ltd.
a
531,193
1,000
Kaiser
Aluminum
Corporation
61,350
2,503
Linde
plc
674,784
54,265
LyondellBasell
Industries
NV
4,085,069
3,221
Martin
Marietta
Materials,
Inc.
1,037,452
1,042
Mativ,
Inc.
23,007
2,875
Minerals
Technologies,
Inc.
142,054
1,635
MP
Materials
Corporation
a
44,635
811
Myers
Industries,
Inc.
13,357
10,977
Nucor
Corporation
1,174,429
6,087
Orion
Engineered
Carbons
SA
81,261
7,777
PPG
Industries,
Inc.
860,836
7,492
Quaker
Chemical
Corporation
1,081,695
62,359
Ranpak
Holdings
Corporation
a
213,268
7,722
Reliance
Steel
&
Aluminum
Company
1,346,794
774
Royal
Gold,
Inc.
72,617
16,857
RPM
International,
Inc.
1,404,357
1,483
Ryerson
Holding
Corporation
38,172
1,478
Sensient
Technologies
Corporation
102,485
6,514
Sonoco
Products
Company
369,539
19,727
Steel
Dynamics,
Inc.
1,399,631
68,466
Summit
Materials,
Inc.
a
1,640,445
1,185
TriMas
Corporation
29,708
1,266
Trinseo
plc
23,193
5,617
United
States
Lime
&
Minerals,
Inc.
574,057
17,092
United
States
Steel
Corporation
309,707
4,729
Westlake
Corporation
410,856
26,680
WestRock
Company
824,145
1,983
Worthington
Industries,
Inc.
75,632
Total
32,593,768
Real
Estate
(1.7%)
22,934
Agree
Realty
Corporation
1,549,880
4,837
Alexandria
Real
Estate
Equities,
Inc.
678,099
4,276
AvalonBay
Communities,
Inc.
787,596
5,929
Camden
Property
Trust
708,219
15,586
CBRE
Group,
Inc.
a
1,052,211
35,277
CubeSmart
1,413,197
32,450
Cushman
&
Wakefield
plc
a
371,553
5,346
Digital
Realty
Trust,
Inc.
530,216
618
EastGroup
Properties,
Inc.
89,202
30,334
EPR
Properties
1,087,777
4,071
Essential
Properties
Realty
Trust,
Inc.
79,181
1,129
Essex
Property
Trust,
Inc.
273,478
2,446
Extra
Space
Storage,
Inc.
422,449
6,320
First
Industrial
Realty
Trust,
Inc.
283,199
5,589
FirstService
Corporation
665,147
4,296
Four
Corners
Property
Trust,
Inc.
103,920
77,389
Healthcare
Realty
Trust,
Inc.
1,613,561
89,408
Host
Hotels
&
Resorts,
Inc.
1,419,799
Shares
Common
Stock
(47.0%)
Value
Real
Estate
(1.7%)
-
continued
1,598
Howard
Hughes
Corporation
a
$
88,513
28,518
Independence
Realty
Trust,
Inc.
477,106
12,286
Kilroy
Realty
Corporation
517,364
5,624
Life
Storage,
Inc.
622,914
23,069
National
Retail
Properties,
Inc.
919,530
86,288
National
Storage
Affiliates
Trust
3,587,855
39,326
Necessity
Retail
REIT,
Inc.
231,237
6,590
NetSTREIT
Corporation
117,368
62,916
Pebblebrook
Hotel
Trust
912,911
6,494
Public
Storage,
Inc.
1,901,508
186
RE/MAX
Holdings,
Inc.
3,517
2,596
Realty
Income
Corporation
151,087
11,304
Regency
Centers
Corporation
608,720
52,351
Rexford
Industrial
Realty,
Inc.
2,722,252
16,208
Sabra
Health
Care
REIT,
Inc.
212,649
3,942
SBA
Communications
Corporation
1,122,090
32,494
Service
Properties
Trust
168,644
9,460
UDR,
Inc.
394,577
11,314
Zillow
Group,
Inc.
a
323,920
Total
28,212,446
Utilities
(1.2%)
20,117
Alliant
Energy
Corporation
1,066,000
2,045
Artesian
Resources
Corporation
98,405
1,489
Avista
Corporation
55,167
3,961
Black
Hills
Corporation
268,278
23,835
CenterPoint
Energy,
Inc.
671,670
1,736
Consolidated
Water
Company,
Ltd.
26,700
22,487
Constellation
Energy
Corporation
1,870,694
15,930
Duke
Energy
Corporation
1,481,809
22,684
Entergy
Corporation
2,282,691
1,899
Essential
Utilities,
Inc.
78,581
11,948
Evergy,
Inc.
709,711
133,568
NiSource,
Inc.
3,364,578
11,834
NorthWestern
Corporation
583,179
42,060
OGE
Energy
Corporation
1,533,508
2,543
Pinnacle
West
Capital
Corporation
164,049
9,272
Portland
General
Electric
Company
402,961
21,595
Public
Service
Enterprise
Group,
Inc.
1,214,287
22,896
Sempra
Energy
3,433,026
6,174
Spire,
Inc.
384,825
11,432
UGI
Corporation
369,597
Total
20,059,716
Total
Common
Stock
(cost
$722,619,530)
772,923,880
Shares
Registered
Investment
Companies
(
37
.9
%
)
Value
Unaffiliated  (0.8%)
18,225
Energy
Select
Sector
SPDR
Fund
1,312,565
3,677
Invesco
QQQ
Trust
Series
1
b
982,715
1,984
ProShares
Ultra
S&P
500
b
78,805
4,006
ProShares
UltraPro
QQQ
b
77,396
28,044
SPDR
S&P
500
ETF
Trust
b
10,016,756
2,842
SPDR
S&P
Biotech
ETF
a,b
225,427
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
8
Shares
Registered
Investment
Companies
(37.9%)
Value
Unaffiliated  (0.8%)-
continued
7,459
SPDR
S&P
Oil
&
Gas
Exploration
ETF
$
930,286
Total
13,623,950
Affiliated  (37.1%)
4,736,328
Thrivent
Core
Emerging
Markets
Equity
Fund
36,422,358
4,888,000
Thrivent
Core
International
Equity
Fund
37,833,119
5,936,581
Thrivent
Core
Low
Volatility
Equity
Fund
65,955,409
2,367,356
Thrivent
Core
Small
Cap
Value
Fund
19,601,705
5,712,244
Thrivent
Global
Stock
Portfolio
59,438,188
2,403,693
Thrivent
High
Yield
Portfolio
9,259,024
609,635
Thrivent
Income
Portfolio
5,028,693
15,079,934
Thrivent
International
Allocation
Portfolio
107,850,178
876,959
Thrivent
International
Index
Portfolio
8,558,502
4,491,221
Thrivent
Large
Cap
Value
Portfolio
83,575,779
1,064,018
Thrivent
Limited
Maturity
Bond
Portfolio
9,854,300
6,046,599
Thrivent
Mid
Cap
Stock
Portfolio
102,689,385
3,772,728
Thrivent
Small
Cap
Stock
Portfolio
62,671,795
Total
608,738,435
Total
Registered
Investment
Companies
(cost
$666,910,177)
622,362,385
Principal
Amount
Long-Term
Fixed
Income
(
3
.4
%
)
Value
Collateralized
Mortgage
Obligations
(<0.1%)
Sequoia
Mortgage
Trust
$
30,922
3.034%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
c
21,940
Total
21,940
Commercial
Mortgage-Backed
Securities
(<0.1%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
WI
Certificates
175,000
3.500%, 
9/25/2032,
Ser.
K148,
Class
A2
d
160,302
275,000
3.530%, 
10/25/2032,
Ser.
K149,
Class
A2
252,092
250,000
3.710%, 
11/25/2032,
Ser.
K150,
Class
A2
232,540
Total
644,934
Mortgage-Backed
Securities
(1.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,123,569
2.500%, 
5/1/2051
950,767
836,725
3.500%, 
6/1/2052
754,474
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
293,749
2.500%, 
7/1/2030
272,582
Principal
Amount
Long-Term
Fixed
Income
(3.4%)
Value
Mortgage-Backed
Securities
(1.4%)
-
continued
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
$
250,000
2.500%, 
10/1/2037
e
$
226,230
675,000
3.500%, 
10/1/2037
e
637,875
875,000
4.000%, 
10/1/2037
e
844,102
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
628,962
3.500%, 
5/1/2040
e
582,556
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1,134,377
3.000%, 
1/1/2052
991,855
573,531
2.500%, 
2/1/2051
484,542
1,443,189
2.000%, 
3/1/2051
1,175,327
1,161,202
3.000%, 
3/1/2052
1,013,942
562,173
2.500%, 
4/1/2051
475,190
685,109
3.000%, 
4/1/2051
600,058
702,772
3.000%, 
5/1/2050
618,187
880,070
2.500%, 
7/1/2051
742,975
1,959,509
2.000%, 
8/1/2051
1,594,860
198,744
3.500%, 
9/1/2052
179,523
1,800,000
2.000%, 
10/1/2052
e
1,457,016
1,400,000
2.500%, 
10/1/2052
e
1,174,332
956,395
2.500%, 
12/1/2051
805,335
1,100,000
5.500%, 
10/1/2041
e
1,093,297
1,950,000
4.000%, 
10/1/2048
e
1,809,311
450,000
4.500%, 
10/1/2048
e
428,660
625,000
5.000%, 
10/1/2048
e
608,792
1,500,000
3.000%, 
10/1/2049
e
1,305,293
1,290,000
3.500%, 
10/1/2049
e
1,160,899
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
221,967
3.500%, 
7/1/2061
200,714
Total
22,188,694
U.S.
Government
&
Agencies
(2.0%)
U.S.
Treasury
Bonds
1,880,000
1.625%, 
11/15/2050
1,167,216
920,000
2.250%, 
11/15/2027
841,836
5,000,000
2.875%, 
5/15/2028
4,699,219
170,000
5.250%, 
11/15/2028
180,724
125,000
0.875%, 
11/15/2030
99,580
90,000
1.375%, 
11/15/2031
73,125
2,500,000
2.875%, 
5/15/2032
2,311,328
3,030,000
1.375%, 
11/15/2040
1,958,729
120,000
3.000%, 
5/15/2042
102,075
2,413,000
2.500%, 
5/15/2046
1,829,073
U.S.
Treasury
Notes
8,300,000
0.125%, 
12/31/2022
8,232,384
100,000
0.125%, 
10/15/2023
95,789
500,000
2.125%, 
7/31/2024
481,035
2,330,000
2.250%, 
11/15/2024
2,234,980
2,040,000
2.125%, 
11/30/2024
1,949,953
640,000
2.625%, 
1/31/2026
608,250
6,630,000
2.500%, 
2/28/2026
6,266,386
300,000
0.750%, 
1/31/2028
252,551
Total
33,384,233
Total
Long-Term
Fixed
Income
(cost
$61,114,303)
56,239,801
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
9
Shares
Collateral
Held
for
Securities
Loaned
(
0
.9
%
)
Value
14,406,966
Thrivent
Cash
Management
Trust
$
14,406,966
Total
Collateral
Held
for
Securities
Loaned
(cost
$14,406,966)
14,406,966
Shares
or
Principal
Amount
Short-Term
Investments
(
12
.6
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,400,000
2.400%,
10/14/2022
f,g
1,398,705
100,000
2.520%,
10/19/2022
f,g
99,867
100,000
2.430%,
10/24/2022
f,g
99,826
3,100,000
2.514%,
10/28/2022
f,g
3,093,491
5,100,000
2.980%,
11/18/2022
f,g
5,079,515
400,000
3.250%,
12/14/2022
f,g
397,243
3,100,000
3.440%,
12/21/2022
f,g
3,076,881
Thrivent
Core
Short-Term
Reserve
Fund
19,495,214
3.170%
194,952,146
Total
Short-Term
Investments
(cost
$208,116,266)
208,197,674
Total
Investments
(cost
$1,673,167,242)
101.8%
$
1,674,130,706
Other
Assets
and
Liabilities,
Net
(1.8%)
(
29,523,708
)
Total
Net
Assets
100.0%
$
1,644,606,998
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
September
30,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
Denotes
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,
2022,
the
value
of
these
investments
was
$160,302
or
0.0%
of
total
net
assets.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
The
interest
rate
shown
reflects
the
yield.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
13,955,334
Total
lending
$13,955,334
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$14,406,966
Net
amounts
due
to
counterparty
$451,632
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.
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.
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
10
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
46,283,964
46,283,964
Consumer
Discretionary
91,214,716
91,214,716
Consumer
Staples
36,075,710
36,075,710
Energy
31,586,521
31,586,521
Financials
103,064,067
101,728,985
1,335,082
Health
Care
114,448,419
114,448,419
Industrials
114,293,498
113,532,744
760,754
Information
Technology
155,091,055
153,420,990
1,670,065
Materials
32,593,768
32,062,575
531,193
Real
Estate
28,212,446
28,212,446
Utilities
20,059,716
20,059,716
Registered
Investment
Companies
Unaffiliated
13,623,950
13,623,950
Affiliated
468,527,549
448,925,844
19,601,705
Long-Term
Fixed
Income
Collateralized
Mortgage
Obligations
21,940
21,940
Commercial
Mortgage-Backed
Securities
644,934
644,934
Mortgage-Backed
Securities
22,188,694
22,188,694
U.S.
Government
&
Agencies
33,384,233
33,384,233
Short-Term
Investments
13,245,528
13,245,528
Subtotal
Investments
in
Securities
$
1,324,560,708
$
1,231,176,580
$
93,384,128
$
Other
Investments  *
Total
Affiliated
Short-Term
Investments
194,952,146
Affiliated
Registered
Investment
Companies
140,210,886
Collateral
Held
for
Securities
Loaned
14,406,966
Subtotal
Other
Investments
$
349,569,998
Total
Investments
at
Value
$
1,674,130,706
*
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
20,376,334
20,376,334
Total
Asset
Derivatives
$
20,376,334
$
20,376,334
$
$
Liability
Derivatives
Futures
Contracts
33,781,976
33,781,976
Total
Liability
Derivatives
$
33,781,976
$
33,781,976
$
$
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
11
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
The
following
table
presents
Aggressive
Allocation
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$13,392,528
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
69
December
2022
$
8,123,355
(
$
391,042
)
CBOT
U.S.
Long
Bond
8
December
2022
1,095,526
(
84,276
)
CME
E-mini
S&P
500
Index
1,519
December
2022
304,020,568
(
30,486,643
)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
14
December
2022
2,068,218
(
150,218
)
ICE
mini
MSCI
EAFE
Index
291
December
2022
26,831,527
(
2,669,797
)
Total
Futures
Long
Contracts
$
342,139,194
(
$
33,781,976
)
CBOT
2-Yr.
U.S.
Treasury
Note
(
16
)
December
2022
(
$
3,339,834
)
$
53,584
CBOT
5-Yr.
U.S.
Treasury
Note
(
28
)
December
2022
(
3,118,864
)
108,645
CME
E-mini
Russell
2000
Index
(
479
)
December
2022
(
44,357,274
)
4,365,564
CME
E-mini
S&P
Mid-Cap
400
Index
(
621
)
December
2022
(
152,686,354
)
15,557,134
ICE
US
mini
MSCI
Emerging
Markets
Index
(
425
)
December
2022
(
18,779,480
)
260,105
Ultra
10-Yr.
U.S.
Treasury
Note
(
4
)
December
2022
(
505,239
)
31,302
Total
Futures
Short
Contracts
(
$
222,787,045
)
$
20,376,334
Total
Futures
Contracts
$
119,352,149
(
$
13,405,642
)
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
12
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$
50,489
$
$
$
36,422
4,736
2.2%
Core
International
Equity
53,279
37,833
4,888
2.3
Core
Low
Volatility
Equity
79,372
65,955
5,937
4.0
Core
Small
Cap
Value
21,880
19,602
2,367
1.2
Global
Stock
80,300
9,271
59,438
5,712
3.6
High
Yield
10,753
389
9,259
2,404
0.6
Income
6,181
316
5,029
610
0.3
International
Allocation
152,223
14,288
107,850
15,080
6.6
International
Index
11,827
299
8,559
877
0.5
Large
Cap
Value
98,380
8,299
83,576
4,491
5.1
Limited
Maturity
Bond
10,428
178
9,854
1,064
0.6
Mid
Cap
Stock
134,028
20,722
102,689
6,047
6.3
Small
Cap
Stock
76,936
12,618
62,672
3,773
3.8
Total
Affiliated
Registered
Investment
Companies
764,196
608,738
37.1
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
229,547
300,262
334,857
194,952
19,495
11.8
Total
Affiliated
Short-Term
Investments
229,547
194,952
11.8
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
7,667
262,086
255,346
14,407
14,407
0.9
Total
Collateral
Held
for
Securities
Loaned
7,667
14,407
0.9
Total
Value
$
1,001,410
$
818,097
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$–
($14,067)
$
$
Core
International
Equity
(15,446)
Core
Low
Volatility
Equity
(13,417)
Core
Small
Cap
Value
Fund
(2,278)
Global
Stock
(30,133)
8,511
760
High
Yield
(1,883)
389
Income
(1,468)
177
140
International
Allocation
(58,661)
10,777
3,511
International
Index
(3,567)
31
268
Large
Cap
Value
(23,103)
7,100
1,198
Limited
Maturity
Bond
(752)
33
145
Mid
Cap
Stock
(52,061)
20,360
362
Small
Cap
Stock
(26,882)
12,385
232
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
2,057
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
9,062
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
30
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
30
Total
Value
$–
($243,718)
$
59,374
All
Cap
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
13
Shares
Common
Stock
(
96.6%
)
Value
Communications
Services
(6.0%)
53,200
Alphabet,
Inc.,
Class
C
a
$
5,115,180
44,430
Comcast
Corporation
1,303,132
29,720
Verizon
Communications,
Inc.
1,128,468
10,930
ZoomInfo
Technologies,
Inc.
a
455,344
Total
8,002,124
Consumer
Discretionary
(12.7%)
22,810
Amazon.com,
Inc.
a
2,577,530
710
Booking
Holdings,
Inc.
a
1,166,679
3,500
Burlington
Stores,
Inc.
a
391,615
15,120
Caesars
Entertainment,
Inc.
a
487,771
10,780
Canada
Goose
Holdings,
Inc.
a
164,287
840
Chipotle
Mexican
Grill,
Inc.
a
1,262,318
17,190
Clarus
Corporation
b
231,549
9,930
Dollar
General
Corporation
2,381,810
6,040
Dollar
Tree,
Inc.
a
822,044
43,621
Everi
Holdings,
Inc.
a
707,533
8,940
NIKE,
Inc.
743,093
160
NVR,
Inc.
a
637,933
3,320
O'Reilly
Automotive,
Inc.
a
2,335,122
4,180
Papa
John's
International,
Inc.
292,642
15,370
Sony
Group
Corporation
ADR
984,449
6,360
Tesla,
Inc.
a
1,686,990
Total
16,873,365
Consumer
Staples
(4.7%)
15,900
BJ's
Wholesale
Club
Holdings,
Inc.
a
1,157,679
3,020
Casey's
General
Stores,
Inc.
611,610
7,590
Celsius
Holdings,
Inc.
a
688,261
23,160
Philip
Morris
International,
Inc.
1,922,512
20,990
Sysco
Corporation
1,484,203
21,580
Turning
Point
Brands,
Inc.
458,143
Total
6,322,408
Energy
(4.7%)
7,662
ConocoPhillips
784,129
18,368
Devon
Energy
Corporation
1,104,468
12,490
Helmerich
&
Payne,
Inc.
461,755
21,100
NOV,
Inc.
341,398
9,370
Pioneer
Natural
Resources
Company
2,028,886
14,790
Valero
Energy
Corporation
1,580,312
Total
6,300,948
Financials
(13.0%)
9,210
Ally
Financial,
Inc.
256,314
6,760
American
Express
Company
911,992
6,480
Ameriprise
Financial,
Inc.
1,632,636
11,270
Arch
Capital
Group,
Ltd.
a
513,236
15,560
Cadence
Bank
395,380
15,082
Charles
Schwab
Corporation
1,083,943
12,520
Chubb,
Ltd.
2,277,138
10,010
Enterprise
Financial
Services
Corporation
440,840
13,430
Equitable
Holdings,
Inc.
353,880
6,430
Hamilton
Lane,
Inc.
383,292
4,280
Houlihan
Lokey,
Inc.
322,626
13,480
J.P.
Morgan
Chase
&
Company
1,408,660
3,580
Kinsale
Capital
Group,
Inc.
914,404
24,350
Morgan
Stanley
1,923,894
670
MSCI,
Inc.
282,599
4,440
S&P
Global,
Inc.
1,355,754
7,650
Signature
Bank
1,155,150
920
SVB
Financial
Group
a
308,918
Shares
Common
Stock
(96.6%)
Value
Financials
(13.0%)
-
continued
5,960
Western
Alliance
Bancorp
$
391,810
5,380
Zions
Bancorporation
NA
273,627
1,880
Zurich
Insurance
Group
AG
749,464
Total
17,335,557
Health
Care
(15.2%)
920
Argenx
SE
ADR
a
324,806
32,540
AstraZeneca
plc
ADR
1,784,494
8,750
Danaher
Corporation
2,260,037
3,320
DexCom,
Inc.
a
267,393
25,760
Edwards
Lifesciences
Corporation
a
2,128,549
5,330
Elevance
Health,
Inc.
2,421,099
47,986
Inotiv,
Inc.
a
808,564
3,530
Insulet
Corporation
a
809,782
7,260
Laboratory
Corporation
of
America
Holdings
1,486,921
8,623
Lantheus
Holdings,
Inc.
a
606,456
16,490
Medtronic
plc
1,331,567
24,450
Merck
&
Company,
Inc.
2,105,634
15,640
NuVasive,
Inc.
a
685,188
18,095
Progyny,
Inc.
a
670,601
9,190
Silk
Road
Medical,
Inc.
a
413,550
7,310
Veeva
Systems,
Inc.
a
1,205,273
9,260
Zimmer
Biomet
Holdings,
Inc.
968,133
Total
20,278,047
Industrials
(10.2%)
12,060
Altra
Industrial
Motion
Corporation
405,457
13,960
Badger
Infrastructure
Solutions,
Ltd.
284,486
1,160
Carlisle
Companies,
Inc.
325,276
7,850
Crane
Holdings,
Company
687,189
4,160
Cummins,
Inc.
846,602
5,960
Deere
&
Company
1,989,984
45,680
Dun
&
Bradstreet
Holdings,
Inc.
565,975
13,000
Howmet
Aerospace,
Inc.
402,090
41,270
Janus
International
Group,
Inc.
a
368,128
8,070
ManpowerGroup,
Inc.
522,048
2,690
Middleby
Corporation
a
344,777
8,952
Norfolk
Southern
Corporation
1,876,787
6,260
Parker-Hannifin
Corporation
1,516,861
4,170
Regal
Rexnord
Corporation
585,301
8,520
Timken
Company
503,021
10,230
United
Parcel
Service,
Inc.
1,652,554
18,540
WillScot
Mobile
Mini
Holdings
Corporation
a
747,718
Total
13,624,254
Information
Technology
(19.1%)
1,500
ANSYS,
Inc.
a
332,550
39,320
Apple,
Inc.
5,434,024
5,260
Avalara,
Inc.
a
482,868
5,310
Blackline,
Inc.
a
318,069
8,560
Block,
Inc.
a
470,714
7,720
Ciena
Corporation
a
312,120
41,630
Cisco
Systems,
Inc.
1,665,200
9,480
Cognex
Corporation
392,946
5,700
CommVault
Systems,
Inc.
a
302,328
8,030
Dolby
Laboratories,
Inc.
523,154
3,260
F5,
Inc.
a
471,820
4,200
Five9,
Inc.
a
314,916
16,370
Juniper
Networks,
Inc.
427,584
9,690
Lattice
Semiconductor
Corporation
a
476,845
1,490
Littelfuse,
Inc.
296,048
All
Cap
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
14
Shares
Common
Stock
(96.6%)
Value
Information
Technology
(19.1%)
-
continued
6,500
Mastercard,
Inc.
$
1,848,210
26,860
Microsoft
Corporation
6,255,694
14,480
National
Instruments
Corporation
546,475
1,870
NICE,
Ltd.
ADR
a
352,009
9,700
NVIDIA
Corporation
1,177,483
12,250
PayPal
Holdings,
Inc.
a
1,054,357
11,020
QUALCOMM,
Inc.
1,245,040
2,655
Snowflake,
Inc.
a
451,244
5,690
TTEC
Holdings,
Inc.
252,124
Total
25,403,822
Materials
(4.2%)
64,780
Axalta
Coating
Systems,
Ltd.
a
1,364,267
6,300
Ball
Corporation
304,416
9,440
Berry
Plastics
Group,
Inc.
a
439,243
17,710
Carpenter
Technology
Corporation
551,490
24,600
International
Paper
Company
779,820
15,280
LyondellBasell
Industries
NV
1,150,278
7,420
Steel
Dynamics,
Inc.
526,449
19,920
Summit
Materials,
Inc.
a
477,283
Total
5,593,246
Real
Estate
(3.7%)
5,160
Agree
Realty
Corporation
348,713
3,760
Alexandria
Real
Estate
Equities,
Inc.
527,114
4,390
AvalonBay
Communities,
Inc.
808,594
4,130
Camden
Property
Trust
493,329
9,880
Duke
Realty
Corporation
476,216
1,450
Equinix,
Inc.
824,818
6,390
FirstService
Corporation
760,474
6,840
Prologis,
Inc.
694,944
Total
4,934,202
Utilities
(3.1%)
15,270
CenterPoint
Energy,
Inc.
430,309
12,190
Duke
Energy
Corporation
1,133,914
3,750
Entergy
Corporation
377,362
5,010
Evergy,
Inc.
297,594
20,384
NextEra
Energy,
Inc.
1,598,309
7,230
Portland
General
Electric
Company
314,216
Total
4,151,704
Total
Common
Stock
(cost
$131,876,766)
128,819,677
Shares
Registered
Investment
Companies
(
0.3%
)
Value
Unaffiliated  (0.3%)
8,810
SPDR
S&P
Homebuilders
ETF
b
481,819
Total
481,819
Total
Registered
Investment
Companies
(cost
$402,964)
481,819
Shares
Collateral
Held
for
Securities
Loaned
(
0.3%
)
Value
366,600
Thrivent
Cash
Management
Trust
366,600
Total
Collateral
Held
for
Securities
Loaned
(cost
$366,600)
366,600
Shares
Short-Term
Investments
(
3.0%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
406,975
3.170%
$
4,069,754
Total
Short-Term
Investments
(cost
$4,069,023)
4,069,754
Total
Investments
(cost
$136,715,353)
100.2%
$133,737,850
Other
Assets
and
Liabilities,
Net
(0.2%)
(333,478)
Total
Net
Assets
100.0%
$133,404,372
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
365,988
Total
lending
$365,988
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$366,600
Net
amounts
due
to
counterparty
$612
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
All
Cap
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
15
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
8,002,124
8,002,124
Consumer
Discretionary
16,873,365
16,873,365
Consumer
Staples
6,322,408
6,322,408
Energy
6,300,948
6,300,948
Financials
17,335,557
16,586,093
749,464
Health
Care
20,278,047
20,278,047
Industrials
13,624,254
13,339,768
284,486
Information
Technology
25,403,822
25,403,822
Materials
5,593,246
5,593,246
Real
Estate
4,934,202
4,934,202
Utilities
4,151,704
4,151,704
Registered
Investment
Companies
Unaffiliated
481,819
481,819
Subtotal
Investments
in
Securities
$129,301,496
$128,267,546
$1,033,950
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
4,069,754
Collateral
Held
for
Securities
Loaned
366,600
Subtotal
Other
Investments
$4,436,354
Total
Investments
at
Value
$133,737,850
*
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$3,317
$9,094
$8,341
$4,070
407
3.0%
Total
Affiliated
Short-Term
Investments
3,317
4,070
3.0
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,219
14,629
15,481
367
367
0.3
Total
Collateral
Held
for
Securities
Loaned
1,219
367
0.3
Total
Value
$4,536
$4,437
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$40
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$40
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3
Total
Affiliated
Income
from
Securities
Loaned,
Net
$3
Total
Value
$–
$–
$
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Bank
Loans
(
10
.2
%
)
a
Value
Basic
Materials
(1.5%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
512,425
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
458,620
Gemini
HDPE,
LLC,
Term
Loan
487,077
5.810%, 
(LIBOR
3M
+
3.000%),
12/31/2027
b
465,158
Grinding
Media,
Inc.,
Term
Loan
514,800
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
458,172
Groupe
Solmax,
Inc.,
Term
Loan
486,523
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
429,357
Herens
US
Holdco
Corporation,
Term
Loan
469,089
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
416,317
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
310,156
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
288,445
INEOS
US
Petrochem,
LLC,
Term
Loan
523,375
5.865%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
486,959
Innophos
Holdings,
Inc.,
Term
Loan
341,250
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
329,733
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
318,669
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
287,997
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
326,048
6.370%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
315,858
Natgasoline,
LLC,
Term
Loan
418,687
6.625%, 
(LIBOR
1M
+
3.500%),
11/14/2025
b,c
399,847
Nouryon
USA,
LLC,
Term
Loan
667,122
5.865%, 
(LIBOR
1M
+
2.750%),
10/1/2025
b
624,593
Spectrum
Group
Buyer,
Inc.,
Term
Loan
680,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
652,161
Venator
Finance
SARL,
Term
Loan
407,494
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
352,991
Total
5,966,208
Capital
Goods
(2.0%)
ACProducts
Holdings,
Inc.,
Term
Loan
390,063
7.325%, 
(LIBOR
3M
+
4.250%),
5/17/2028
b
286,318
Advanced
Drainage
Systems,
Inc.,
Term
Loan
59,965
4.862%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b
59,965
AZZ,
Inc.,
Term
Loan
147,965
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
143,773
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Capital
Goods
(2.0%)
-
continued
Bingo
Industries,
Ltd.,
Term
Loan
$
183,150
7.174%, 
(LIBOR
3M
+
3.500%),
8/9/2028
b
$
164,606
BW
Holding,
Inc.,
Term
Loan
618,029
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
568,586
CP
Atlas
Buyer,
Inc.,
Term
Loan
403,957
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
350,231
EnergySolutions,
LLC,
Term
Loan
309,816
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
286,096
Foley
Products
Company,
LLC,
Term
Loan
473,578
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
447,531
GFL
Environmental,
Inc.,
Term
Loan
525,638
5.806%, 
(LIBOR
3M
+
3.000%),
5/31/2025
b
519,267
LABL,
Inc.,
Term
Loan
131,506
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
118,253
LRS
Holdings,
LLC,
Term
Loan
264,998
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
250,423
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
294,761
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
267,741
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
534,184
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
496,460
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
442,125
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
422,150
Quikrete
Holdings
Inc.,
Term
Loan
308,450
6.115%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
296,242
Secure
Acquisition,
Inc.,
Delayed
Draw
43,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
40,205
Secure
Acquisition,
Inc.,
Term
Loan
287,555
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
268,864
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
444,885
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
423,753
Tiger
Acquisition,
LLC,
Term
Loan
168,300
6.365%, 
(LIBOR
1M
+
3.250%),
6/1/2028
b
155,257
TransDigm,
Inc.,
Term
Loan
1,196,175
5.924%, 
(LIBOR
3M
+
2.250%),
12/9/2025
b
1,144,189
TricorBraun
Holdings,
Inc.,
Term
Loan
612,436
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
574,006
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Capital
Goods
(2.0%)
-
continued
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
$
37,286
6.300%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
$
35,254
Trident
TPI
Holdings,
Inc.,
Term
Loan
269,775
7.674%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b
255,072
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
277,200
7.865%, 
(LIBOR
1M
+
4.750%),
8/12/2028
b
271,656
Total
7,845,898
Communications
Services
(2.1%)
Allen
Media,
LLC,
Term
Loan
147,349
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
126,904
Audacy
Capital
Corporation,
Term
Loan
432,925
5.613%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
357,938
Cablevision
Lightpath,
LLC,
Term
Loan
510,900
6.068%, 
(LIBOR
1M
+
3.250%),
12/1/2027
b
488,231
Cengage
Learning,
Inc.,
Term
Loan
504,900
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
455,910
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
542,490
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
482,984
CMG
Media
Corporation,
Term
Loan
299,662
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
279,936
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
396,678
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
381,803
DIRECTV
Financing,
LLC,
Term
Loan
527,800
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
490,395
E.W.
Scripps
Company,
Term
Loan
194,775
5.865%, 
(LIBOR
1M
+
2.750%),
1/7/2028
b
188,028
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
429,563
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
415,924
Gridiron
Fiber
Corporation,
Term
Loan
290,540
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
262,759
iHeartCommunications,
Inc.,
Term
Loan
360,175
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
337,534
Metronet
Systems
Holdings,
LLC,
Term
Loan
494,149
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
463,265
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Communications
Services
(2.1%)
-
continued
NEP
Group,
Inc.,
Term
Loan
$
693,000
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
$
637,560
146,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
131,546
Nexstar
Media,
Inc.,
Term
Loan
502,188
5.615%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
494,474
ORBCOMM,
Inc.,
Term
Loan
272,250
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
248,654
RLG
Holdings,
LLC,
Term
Loan
279,847
7.115%, 
(LIBOR
1M
+
4.000%),
7/8/2028
b
262,589
Voyage
Australia,
Pty.
Ltd.,
Term
Loan
262,350
6.210%, 
(LIBOR
3M
+
3.500%),
7/20/2028
b
252,021
Voyage
Digital
NZ/US,
Term
Loan
476,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
462,315
Xplornet
Communications,
Inc.,
Term
Loan
272,250
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
238,831
245,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
212,537
Zayo
Group
Holdings,
Inc.,
Term
Loan
988,776
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
823,285
Total
8,495,423
Consumer
Cyclical
(1.4%)
Adient
US,
LLC,
Term
Loan
148,125
6.365%, 
(LIBOR
1M
+
3.250%),
4/8/2028
b
139,516
American
Trailer
World
Corporation,
Term
Loan
540,346
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
488,786
Caesars
Resort
Collection,
LLC,
Term
Loan
129,902
6.615%, 
(LIBOR
1M
+
3.500%),
7/20/2025
b
127,804
Carnival
Corporation,
Term
Loan
251,146
5.877%, 
(LIBOR
3M
+
3.000%),
6/30/2025
b
227,287
CNT
Holdings
I
Corporation,
Term
Loan
344,750
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
327,819
95,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
89,538
Golden
Entertainment,
Inc.,
Term
Loan
806,386
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
796,709
Great
Canadian
Gaming
Corporation,
Term
Loan
170,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
161,925
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Consumer
Cyclical
(1.4%)
-
continued
HRNI
Holdings,
LLC,
Term
Loan
$
247,900
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
$
234,885
PetSmart,
LLC,
Term
Loan
777,150
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
733,762
Prime
Security
Services
Borrower,
LLC,
Term
Loan
1,452,875
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
1,404,974
Staples,
Inc.,
Term
Loan
188,174
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
175,826
317,767
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
277,912
Tenneco,
Inc.,
Term
Loan
254,707
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
250,411
Total
5,437,154
Consumer
Non-Cyclical
(1.1%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
314,212
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
291,237
Alltech,
Inc.,
Term
Loan
257,057
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
245,919
Blue
Ribbon,
LLC,
Term
Loan
332,500
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
283,041
Chobani,
LLC,
Term
Loan
264,600
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
240,291
City
Brewing
Company,
LLC,
Term
Loan
653,240
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
507,352
Del
Monte
Foods,
Inc.,
Term
Loan
178,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
170,138
Gainwell
Acquisition
Corporation,
Term
Loan
502,331
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
477,591
Global
Medical
Response,
Inc.,
Term
Loan
1,341,348
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
1,159,595
Mamba
Purchaser,
Inc.,
Term
Loan
50,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
47,250
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
265,307
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
251,598
Pegasus
Bidco
BV,
Term
Loan
236,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
224,986
Precision
Medicine
Group,
LLC,
Delayed
Draw
23,908
0.000%, 
(LIBOR
1M
+
3.750%),
11/20/2027
b,c,d,e
22,055
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Precision
Medicine
Group,
LLC,
Term
Loan
$
522,321
3.234%, 
(LIBOR
2M
+
3.000%),
11/20/2027
b,c
$
481,841
Sharp
Services,
LLC,
Term
Loan
110,445
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
103,818
Total
4,506,712
Energy
(0.4%)
CQP
Holdco,
LP,
Term
Loan
607,313
7.424%, 
(LIBOR
3M
+
3.750%),
6/4/2028
b
585,043
Freeport
LNG
Investments,
LLP,
Term
Loan
497,295
6.210%, 
(LIBOR
3M
+
3.500%),
12/21/2028
b
459,287
GIP
II
Blue
Holding,
LP,
Term
Loan
389,345
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
382,726
GIP
III
Stetson
I,
LP,
Term
Loan
395,716
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
376,674
Total
1,803,730
Financials
(0.5%)
Asurion,
LLC,
Term
Loan
211,237
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
178,629
689,500
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
580,214
440,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
330,000
165,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
125,400
Novae,
LLC,
Term
Loan
707,445
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
654,387
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
178,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
164,650
Total
2,033,280
Technology
(0.5%)
CommScope,
Inc.,
Term
Loan
887,550
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
817,655
Rackspace
Technology
Global,
Inc.,
Term
Loan
935,750
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
663,409
Redstone
Holdco
2
LP,
Term
Loan
278,827
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
205,496
160,591
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
126,968
SS&C
Technologies,
Inc.,
Term
Loan
41,504
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
40,088
35,964
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
34,738
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Bank
Loans
(10.2%)
a
Value
Technology
(0.5%)
-
continued
Venga
Finance
SARL,
Term
Loan
$
267,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
$
245,640
Total
2,133,994
Transportation
(0.6%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
840,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
812,280
Air
Canada,
Term
Loan
177,555
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
168,519
Hertz
Corporation,
Term
Loan
138,250
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
130,561
26,385
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
24,917
Rinchem
Company,
LLC,
Term
Loan
118,702
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
113,213
SkyMiles
IP,
Ltd.,
Term
Loan
695,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
695,542
United
Airlines,
Inc.,
Term
Loan
290,575
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
276,813
Total
2,221,845
Utilities
(0.1%)
Constellation
Renewables,
LLC,
Term
Loan
146,275
5.570%, 
(LIBOR
3M
+
2.500%),
12/15/2027
b
142,947
Osmose
Utilities
Services,
Inc.,
Term
Loan
108,900
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
99,644
PG&E
Corporation,
Term
Loan
247,588
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
236,322
Total
478,913
Total
Bank
Loans
(cost
$44,334,974)
40,923,157
Principal
Amount
Long-Term
Fixed
Income
(
39
.1
%
)
Value
Asset-Backed
Securities
(3.5%)
510
Asset
Backed
Trust
200,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
182,682
349,761
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
f,g
324,058
200,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
f,g
180,739
Affirm
Asset
Securitization
Trust
550,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,f
531,029
Amur
Equipment
Finance
Receivables
XI,
LLC
550,000
5.300%, 
6/21/2028,
Ser.
2022-2A,
Class
A2
f
546,675
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Asset-Backed
Securities
(3.5%)
-
continued
Anchorage
Capital
CLO
21,
Ltd.
$
250,000
5.110%, 
(LIBOR
3M
+
2.400%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,f
$
226,819
Ares
XL
CLO,
Ltd.
250,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
222,488
Babson
CLO,
Ltd.
300,000
5.610%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,f
271,129
Bankers
Healthcare
Group
Securitization
Trust
550,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
f
548,625
Barings
CLO,
Ltd.
400,000
5.860%, 
(LIBOR
3M
+
3.150%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,f
360,176
Business
Jet
Securities,
LLC
69,635
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
f
63,511
286,024
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
f
263,908
CarVal
CLO
VIII-C,
Ltd.
650,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,f
650,000
CarVal
CLO,
Ltd.
350,000
4.880%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
b,f
323,283
College
Avenue
Student
Loans,
LLC
109,879
4.734%, 
(LIBOR
1M
+
1.650%),
11/26/2046,
Ser.
2017-A,
Class
A1
*,b
108,241
Dewolf
Park
CLO,
Ltd.
350,000
5.362%, 
(LIBOR
3M
+
2.850%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,f
312,050
FirstKey
Homes
Trust
650,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
f
578,127
Galaxy
XIX
CLO,
Ltd.
250,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,f
226,959
GMAC
Mortgage
Corporation
Loan
Trust
32,861
3.584%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,h
17,294
GSAA
Home
Equity
Trust
76,740
4.520%, 
8/25/2034,
Ser.
2004-10,
Class
M2
g
66,666
Harley
Marine
Financing,
LLC
410,625
6.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
f
400,239
Longfellow
Place
CLO,
Ltd.
375,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
360,340
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Asset-Backed
Securities
(3.5%)
-
continued
Madison
Park
Funding
XXI,
Ltd.
$
275,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2032,
Ser.
2016-21A,
Class
BRR
b,f
$
253,604
Mountain
View
CLO,
Ltd.
460,000
5.090%, 
(LIBOR
3M
+
2.350%),
10/16/2029,
Ser.
2017-1A,
Class
CR
b,f
433,199
Neuberger
Berman
CLO,
Ltd.
350,000
5.512%, 
(LIBOR
3M
+
3.000%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,f
313,488
OCP
CLO,
Ltd.
275,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,f
250,237
OZLM
IX,
Ltd.
425,000
4.260%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,f
400,121
OZLM
VIII,
Ltd.
300,000
4.390%, 
(LIBOR
3M
+
1.650%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
b,f
284,272
Pagaya
AI
Technology
in
Housing
Trust
400,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
f
370,169
Preferred
Term
Securities
XXIII,
Ltd.
33,577
3.493%, 
(LIBOR
3M
+
0.200%),
12/22/2036
b,f
33,347
Pretium
Mortgage
Credit
Partners,
LLC
450,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
f,g
415,305
250,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
f,g
230,337
275,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
f,g
239,720
Progress
Residential
Trust
550,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
f
496,313
Sculptor
CLO,
Ltd.
250,000
5.110%, 
(LIBOR
3M
+
2.400%),
1/20/2035,
Ser.
28A,
Class
C
b,f
226,103
Sound
Point
CLO
XXI,
Ltd.
800,000
4.216%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,f
749,352
Stratus
CLO,
Ltd.
425,000
5.210%, 
(LIBOR
3M
+
2.500%),
12/29/2029,
Ser.
2021-1A,
Class
D
b,f
370,390
TCI-Flatiron
CLO,
Ltd.
550,000
4.581%, 
(TSFR3M
+
2.100%),
1/17/2032,
Ser.
2016-1A,
Class
CR3
b,f
508,483
Vericrest
Opportunity
Loan
Transferee
200,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
f,g
171,726
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Asset-Backed
Securities
(3.5%)
-
continued
$
250,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
$
216,735
350,000
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
f,g
285,510
200,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
171,898
350,000
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
f,g
297,921
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
f,g
226,040
Whitebox
CLO
III,
Ltd.
300,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,f
269,828
Wind
River
CLO,
Ltd.
200,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
185,629
Total
14,164,765
Basic
Materials
(0.5%)
Alcoa
Nederland
Holding
BV
95,000
5.500%, 
12/15/2027
f
88,602
Anglo
American
Capital
plc
60,000
3.875%, 
3/16/2029
f
51,559
Avient
Corporation
25,000
7.125%, 
8/1/2030
f
23,073
Cascades
USA,
Inc.
50,000
5.125%, 
1/15/2026
f
45,267
Chemours
Company
75,000
5.750%, 
11/15/2028
f
61,344
Cleveland-Cliffs,
Inc.
60,000
5.875%, 
6/1/2027
53,994
40,000
4.625%, 
3/1/2029
f,i
33,600
Consolidated
Energy
Finance
SA
118,000
5.625%, 
10/15/2028
f
94,659
Ecolab,
Inc.
54,000
2.125%, 
2/1/2032
42,635
EverArc
Escrow
Sarl
59,000
5.000%, 
10/30/2029
f
47,627
First
Quantum
Minerals,
Ltd.
126,000
6.875%, 
10/15/2027
f
113,400
Freeport-McMoRan,
Inc.
128,000
4.625%, 
8/1/2030
112,157
Glencore
Funding,
LLC
67,000
4.000%, 
3/27/2027
f
62,409
Hecla
Mining
Company
25,000
7.250%, 
2/15/2028
23,192
Hudbay
Minerals,
Inc.
70,000
4.500%, 
4/1/2026
f
58,197
Ingevity
Corporation
100,000
3.875%, 
11/1/2028
f
82,678
LYB
International
Finance
III,
LLC
62,000
1.250%, 
10/1/2025
54,478
Mercer
International,
Inc.
70,000
5.125%, 
2/1/2029
55,782
Methanex
Corporation
69,000
4.250%, 
12/1/2024
66,161
Mosaic
Company
87,000
4.050%, 
11/15/2027
80,959
Novelis
Corporation
30,000
3.250%, 
11/15/2026
f
25,042
40,000
4.750%, 
1/30/2030
f
32,800
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Basic
Materials
(0.5%)
-
continued
$
30,000
3.875%, 
8/15/2031
f
$
22,378
Nutrien,
Ltd.
86,000
4.000%, 
12/15/2026
81,540
OCI
NV
55,000
4.625%, 
10/15/2025
f
51,094
Olin
Corporation
115,000
5.125%, 
9/15/2027
103,916
SCIL
USA
Holdings,
LLC
76,000
5.375%, 
11/1/2026
f
58,710
Sherwin-Williams
Company
43,000
4.250%, 
8/8/2025
41,971
SPCM
SA
72,000
3.375%, 
3/15/2030
f
56,207
SunCoke
Energy,
Inc.
75,000
4.875%, 
6/30/2029
f
57,826
Taseko
Mines,
Ltd.
52,000
7.000%, 
2/15/2026
f
41,340
Unifrax
Escrow
Issuer
Corporation
64,000
5.250%, 
9/30/2028
f
49,151
United
States
Steel
Corporation
116,000
6.875%, 
3/1/2029
i
105,427
Westlake
Corporation
45,000
3.600%, 
8/15/2026
41,847
Total
2,021,022
Capital
Goods
(1.1%)
Advanced
Drainage
Systems,
Inc.
72,000
6.375%, 
6/15/2030
f
69,757
AECOM
115,000
5.125%, 
3/15/2027
107,330
Amsted
Industries,
Inc.
80,000
5.625%, 
7/1/2027
f
73,600
ARD
Finance
SA
23,000
6.500%, 
6/30/2027
f
15,748
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
75,000
5.250%, 
8/15/2027
f
46,930
26,000
5.250%, 
8/15/2027
f
16,269
Boeing
Company
30,000
1.950%, 
2/1/2024
28,783
79,000
4.875%, 
5/1/2025
77,081
52,000
2.196%, 
2/4/2026
46,147
67,000
3.250%, 
3/1/2028
58,003
90,000
5.150%, 
5/1/2030
83,254
Bombardier,
Inc.
49,000
7.125%, 
6/15/2026
f
44,941
92,000
7.875%, 
4/15/2027
f
84,640
60,000
6.000%, 
2/15/2028
f
50,200
Builders
FirstSource,
Inc.
45,000
5.000%, 
3/1/2030
f
38,250
Canpack
SA/Canpack
US
LLC
90,000
3.125%, 
11/1/2025
f
78,271
Carrier
Global
Corporation
75,000
2.722%, 
2/15/2030
61,908
Chart
Industries,
Inc.,
Convertible
91,000
1.000%, 
11/15/2024
f
285,995
Clydesdale
Acquisition
Holdings,
Inc.
10,000
6.625%, 
4/15/2029
f
9,099
20,000
8.750%, 
4/15/2030
f
16,541
CNH
Industrial
Capital,
LLC
20,000
1.950%, 
7/2/2023
19,575
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Capital
Goods
(1.1%)
-
continued
Cornerstone
Building
Brands,
Inc.
$
50,000
6.125%, 
1/15/2029
f
$
27,900
Covert
Mergeco,
Inc.
53,000
4.875%, 
12/1/2029
f
42,838
CP
Atlas
Buyer,
Inc.
60,000
7.000%, 
12/1/2028
f,i
44,695
Crown
Cork
&
Seal
Company,
Inc.
50,000
7.375%, 
12/15/2026
50,000
General
Electric
Capital
Corporation
63,000
6.750%, 
3/15/2032
68,070
General
Electric
Company
51,000
6.623%, 
(LIBOR
3M
+
3.330%),
12/15/2022
b,j
47,694
GFL
Environmental,
Inc.
53,000
4.000%, 
8/1/2028
f
44,174
102,000
3.500%, 
9/1/2028
f
86,018
Greenbrier
Companies,
Inc.,
Convertible
102,000
2.875%, 
4/15/2028
80,019
H&E
Equipment
Services,
Inc.
120,000
3.875%, 
12/15/2028
f
94,200
Herc
Holdings,
Inc.
60,000
5.500%, 
7/15/2027
f
54,000
Howmet
Aerospace,
Inc.
67,000
6.875%, 
5/1/2025
67,488
162,000
3.000%, 
1/15/2029
132,348
Huntington
Ingalls
Industries,
Inc.
67,000
4.200%, 
5/1/2030
59,118
Itron,
Inc.,
Convertible
178,000
Zero
Coupon, 
3/15/2026
139,018
JELD-WEN,
Inc.
30,000
4.625%, 
12/15/2025
f
24,300
John
Deere
Capital
Corporation
84,000
2.800%, 
7/18/2029
73,479
44,000
3.900%, 
6/7/2032
40,366
Kaman
Corporation,
Convertible
55,000
3.250%, 
5/1/2024
51,618
KBR,
Inc.,
Convertible
160,000
2.500%, 
11/1/2023
278,080
Mauser
Packaging
Solutions
Holding
Company
55,000
5.500%, 
4/15/2024
f
52,250
70,000
7.250%, 
4/15/2025
f
61,577
MIWD
Holdco
II,
LLC
39,000
5.500%, 
2/1/2030
f
28,884
Nesco
Holdings
II,
Inc.
75,000
5.500%, 
4/15/2029
f
62,512
New
Enterprise
Stone
and
Lime
Company,
Inc.
91,000
5.250%, 
7/15/2028
f
75,214
OI
European
Group
BV
85,000
4.750%, 
2/15/2030
f
67,575
Otis
Worldwide
Corporation
47,000
2.056%, 
4/5/2025
43,475
Owens-Brockway
Glass
Container,
Inc.
27,000
5.875%, 
8/15/2023
f,i
26,663
Pactiv
Evergreen
Group
55,000
4.375%, 
10/15/2028
f
45,482
Parker-Hannifin
Corporation
40,000
2.700%, 
6/14/2024
38,507
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Capital
Goods
(1.1%)
-
continued
Patrick
Industries,
Inc.,
Convertible
$
78,000
1.000%, 
2/1/2023
$
76,290
72,000
1.750%, 
12/1/2028
f
52,110
PGT
Innovations,
Inc.
73,000
4.375%, 
10/1/2029
f
59,882
Raytheon
Technologies
Corporation
91,000
4.125%, 
11/16/2028
85,022
Republic
Services,
Inc.
37,000
3.950%, 
5/15/2028
34,623
SRM
Escrow
Issuer,
LLC
105,000
6.000%, 
11/1/2028
f
85,338
Sunpower
Corporation,
Convertible
132,000
4.000%, 
1/15/2023
143,484
Textron,
Inc.
67,000
3.650%, 
3/15/2027
61,548
Titan
Acquisition,
Ltd.
30,000
7.750%, 
4/15/2026
f
23,713
TransDigm,
Inc.
50,000
6.250%, 
3/15/2026
f
48,500
218,000
5.500%, 
11/15/2027
189,595
United
Rentals
North
America,
Inc.
70,000
4.875%, 
1/15/2028
64,179
60,000
4.000%, 
7/15/2030
49,565
Victors
Merger
Corporation
34,000
6.375%, 
5/15/2029
f
20,353
Waste
Connections,
Inc.
21,000
3.200%, 
6/1/2032
17,581
Waste
Pro
USA,
Inc.
35,000
5.500%, 
2/15/2026
f
30,749
WESCO
Distribution,
Inc.
100,000
7.250%, 
6/15/2028
f
97,945
Total
4,460,361
Collateralized
Mortgage
Obligations
(3.1%)
Banc
of
America
Alternative
Loan
Trust
233,719
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
199,245
Banc
of
America
Mortgage
Securities
Trust
84,734
2.979%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
78,067
29,245
3.239%, 
9/25/2035,
Ser.
2005-H,
Class
2A1
b
25,797
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
52,334
1.985%, 
1/25/2034,
Ser.
2003-8,
Class
5A
b
45,096
CHL
Mortgage
Pass-Through
Trust
52,942
2.900%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
52,212
247,492
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
143,205
CHNGE
Mortgage
Trust
275,641
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
b,f
255,026
387,724
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
b,f
370,526
499,205
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
b,f
479,545
600,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,f
586,207
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Collateralized
Mortgage
Obligations
(3.1%)
-
continued
Citigroup
Mortgage
Loan
Trust,
Inc.
$
197,764
3.001%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
$
172,115
Colony
American
Finance,
Ltd.
350,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
f
315,904
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
96,070
2.488%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
83,238
Credit
Suisse
Mortgage
Trust
400,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,f
390,414
233,964
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,f
199,220
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
145,804
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
129,916
93,244
2.554%, 
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
84,319
Federal
Home
Loan
Mortgage
Corporation
438,496
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
k
51,137
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
694,358
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
671,442
308,353
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
k
12,993
339,152
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
k
37,974
464,995
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
k
28,685
Federal
National
Mortgage
Association
-
REMIC
435,965
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
427,088
518,051
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
498,820
379,009
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
k
16,272
332,182
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
k
12,957
609,960
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
k
22,389
804,544
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
k
42,276
483,195
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
k
20,522
243,114
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
k
10,753
637,313
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
k
27,062
286,723
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
k
14,360
879,773
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
k
36,816
273,769
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
k
13,191
376,051
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
k
14,332
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Collateralized
Mortgage
Obligations
(3.1%)
-
continued
$
362,102
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
k
$
34,118
450,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
441,580
Flagstar
Mortgage
Trust
172,896
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
149,177
GCAT
Trust
398,337
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
f,g
380,746
Genworth
Mortgage
Insurance
Corporation
215,047
4.181%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,f
213,379
GMAC
Mortgage
Corporation
Loan
Trust
57,131
3.214%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
51,668
GMACM
Mortgage
Loan
Trust
25,557
3.598%, 
11/19/2035,
Ser.
2005-AR6,
Class
1A1
b
23,863
Home
RE,
Ltd.
325,000
5.781%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
b,f
314,897
IndyMac
INDA
Mortgage
Loan
Trust
592,801
3.403%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
b
493,364
J.P.
Morgan
Mortgage
Trust
227,180
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
177,078
Legacy
Mortgage
Asset
Trust
165,662
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
f,g
161,546
LHOME
Mortgage
Trust
400,000
2.090%, 
9/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
384,586
Merrill
Lynch
Alternative
Note
Asset
Trust
250,677
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
107,037
MortgageIT
Trust
656,280
3.544%, 
(LIBOR
1M
+
0.460%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
604,499
Onslow
Bay
Mortgage
Loan
Trust
346,587
5.700%, 
8/25/2062,
Ser.
2022-NQM7,
Class
A3
f,g
332,326
Radnor
RE
2022-1,
Ltd.
600,000
5.933%, 
(SOFR30A
+
3.750%),
9/25/2032,
Ser.
2022-1,
Class
M1A
b,f
597,586
Radnor
Re,
Ltd.
645,000
5.784%, 
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,f
640,049
Residential
Accredit
Loans,
Inc.
Trust
99,681
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
82,919
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Collateralized
Mortgage
Obligations
(3.1%)
-
continued
$
89,105
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
$
71,467
Residential
Asset
Securitization
Trust
95,758
2.296%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
90,494
201,542
5.500%, 
4/25/2035,
Ser.
2005-A1,
Class
A3
185,438
Residential
Funding
Mortgage
Security
I
Trust
160,012
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
124,966
ROC
Securities
Trust
Series
675,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
631,704
Starwood
Mortgage
Residential
Trust
70,490
3.970%, 
4/25/2060,
Ser.
2020-2,
Class
A2
b,f
70,222
Structured
Adjustable
Rate
Mortgage
Loan
Trust
60,682
3.681%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
52,778
Toorak
Mortgage
Corporation,
Ltd.
189,564
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
f,g
188,403
Verus
Securitization
Trust
314,655
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
b,f
264,231
Total
12,439,242
Commercial
Mortgage-Backed
Securities
(0.4%)
BANK
2021-BNK36
225,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
180,771
BANK
2021-BNK37
300,000
2.618%, 
11/15/2064,
Ser.
2021-BN37,
Class
A5
b
243,739
BANK
2022-BNK39
300,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
249,698
BBCMS
Mortgage
Trust
350,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
309,886
2,250,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,k
185,610
250,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
204,429
BFLD
Trust
225,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
213,717
GS
Mortgage
Securities
Trust
150,000
4.418%, 
(LIBOR
1M
+
1.600%),
5/15/2026,
Ser.
2021-ROSS,
Class
B
b,f
140,136
Silver
Hill
Trust
86,163
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
b,f
81,113
Total
1,809,099
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Communications
Services
(1.4%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
$
64,000
10.500%, 
2/15/2028
f
$
31,680
Altice
Financing
SA
30,000
5.750%, 
8/15/2029
f
22,957
Altice
France
SA
30,000
8.125%, 
2/1/2027
f
26,813
75,000
5.125%, 
7/15/2029
f
56,033
70,000
5.500%, 
10/15/2029
f
52,667
AMC
Networks,
Inc.
64,000
4.750%, 
8/1/2025
57,186
American
Tower
Corporation
50,000
3.375%, 
5/15/2024
48,681
73,000
4.400%, 
2/15/2026
70,971
44,000
1.450%, 
9/15/2026
37,510
57,000
3.800%, 
8/15/2029
50,002
AT&T,
Inc.
131,000
4.300%, 
2/15/2030
119,691
Cable
One,
Inc.,
Convertible
236,000
1.125%, 
3/15/2028
169,920
CCO
Holdings,
LLC
62,000
5.500%, 
5/1/2026
f
58,745
75,000
5.125%, 
5/1/2027
f
67,688
31,000
6.375%, 
9/1/2029
f
28,461
246,000
4.750%, 
2/1/2032
f
191,580
63,000
4.250%, 
1/15/2034
f
45,094
Cengage
Learning,
Inc.
82,000
9.500%, 
6/15/2024
f
76,875
Charter
Communications
Operating,
LLC
50,000
4.500%, 
2/1/2024
49,420
78,000
4.908%, 
7/23/2025
76,062
67,000
5.050%, 
3/30/2029
61,668
Clear
Channel
Worldwide
Holdings,
Inc.
60,000
5.125%, 
8/15/2027
f
50,684
60,000
7.750%, 
4/15/2028
f
45,300
Comcast
Corporation
45,000
2.350%, 
1/15/2027
40,355
95,000
3.400%, 
4/1/2030
83,554
Consolidated
Communications,
Inc.
60,000
5.000%, 
10/1/2028
f
41,725
Crown
Castle
International
Corporation
61,000
2.900%, 
3/15/2027
54,145
CSC
Holdings,
LLC
130,000
5.375%, 
2/1/2028
f
113,425
61,000
6.500%, 
2/1/2029
f
53,833
53,000
4.125%, 
12/1/2030
f
39,602
Cumulus
Media
New
Holdings,
Inc.
31,000
6.750%, 
7/1/2026
f
26,150
Deutsche
Telekom
International
Finance
BV
52,000
8.750%, 
6/15/2030
59,576
DIRECTV
Holdings,
LLC
86,000
5.875%, 
8/15/2027
f
74,141
DISH
DBS
Corporation
34,000
5.250%, 
12/1/2026
f
27,854
25,000
7.375%, 
7/1/2028
16,834
45,000
5.750%, 
12/1/2028
f
34,008
39,000
5.125%, 
6/1/2029
22,913
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Communications
Services
(1.4%)
-
continued
Entercom
Media
Corporation
$
93,000
6.500%, 
5/1/2027
f
$
22,785
Frontier
Communications
Corporation
30,000
6.750%, 
5/1/2029
f
24,750
Frontier
Communications
Holdings,
LLC
79,000
5.875%, 
10/15/2027
f
70,802
18,000
8.750%, 
5/15/2030
f
18,012
GCI,
LLC
70,000
4.750%, 
10/15/2028
f
58,118
Gray
Escrow
II,
Inc.
140,000
5.375%, 
11/15/2031
f
109,820
Gray
Television,
Inc.
65,000
4.750%, 
10/15/2030
f
48,714
Hughes
Satellite
Systems
Corporation
40,000
6.625%, 
8/1/2026
36,299
iHeartCommunications,
Inc.
70,000
4.750%, 
1/15/2028
f
58,345
Iliad
Holding
SASU
91,000
6.500%, 
10/15/2026
f
79,570
LCPR
Senior
Secured
Financing
DAC
54,000
6.750%, 
10/15/2027
f
44,820
Level
3
Financing,
Inc.
95,000
4.625%, 
9/15/2027
f
78,620
100,000
4.250%, 
7/1/2028
f
78,001
Lumen
Technologies,
Inc.
57,000
5.125%, 
12/15/2026
f
49,043
Magallanes,
Inc.
42,000
3.638%, 
3/15/2025
f
39,775
62,000
4.054%, 
3/15/2029
f
53,549
41,000
4.279%, 
3/15/2032
f
33,730
Meta
Platforms,
Inc.
45,000
3.500%, 
8/15/2027
f
42,080
Netflix,
Inc.
49,000
5.875%, 
2/15/2025
48,959
50,000
4.875%, 
4/15/2028
46,796
87,000
5.875%, 
11/15/2028
84,893
NTT
Finance
Corporation
54,000
1.162%, 
4/3/2026
f
47,169
Omnicom
Group,
Inc.
67,000
4.200%, 
6/1/2030
60,813
Paramount
Global
75,000
6.375%, 
3/30/2062
b
64,792
36,000
4.750%, 
5/15/2025
35,393
Playtika
Holding
Corporation
61,000
4.250%, 
3/15/2029
f
48,784
Radiate
Holdco,
LLC
40,000
6.500%, 
9/15/2028
f
27,900
Rogers
Communications,
Inc.
60,000
5.250%, 
3/15/2082
b,f
52,245
Scripps
Escrow
II,
Inc.
35,000
3.875%, 
1/15/2029
f
27,902
35,000
5.375%, 
1/15/2031
f,i
26,513
Scripps
Escrow,
Inc.
45,000
5.875%, 
7/15/2027
f
39,150
Sinclair
Television
Group,
Inc.
116,000
5.500%, 
3/1/2030
f
83,368
Sirius
XM
Radio,
Inc.
60,000
5.000%, 
8/1/2027
f
55,050
50,000
4.000%, 
7/15/2028
f
42,529
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Communications
Services
(1.4%)
-
continued
$
35,000
4.125%, 
7/1/2030
f
$
28,449
Sprint
Capital
Corporation
147,000
6.875%, 
11/15/2028
151,043
75,000
8.750%, 
3/15/2032
86,906
Sprint
Corporation
230,000
7.625%, 
2/15/2025
235,768
Take-Two
Interactive
Software,
Inc.
83,000
3.300%, 
3/28/2024
80,898
TEGNA,
Inc.
117,000
4.625%, 
3/15/2028
108,021
Telesat
Canada
35,000
4.875%, 
6/1/2027
f
16,437
15,000
6.500%, 
10/15/2027
f
5,550
T-Mobile
USA,
Inc.
59,000
3.500%, 
4/15/2025
56,390
73,000
3.875%, 
4/15/2030
64,752
30,000
2.875%, 
2/15/2031
24,175
Twitter,
Inc.
15,000
3.875%, 
12/15/2027
f
14,066
Twitter,
Inc.,
Convertible
324,000
Zero
Coupon, 
3/15/2026
i
296,597
United
States
Cellular
Corporation
60,000
6.700%, 
12/15/2033
54,017
Uniti
Fiber
Holdings,
Inc.,
Convertible
60,000
4.000%, 
6/15/2024
f
55,313
Uniti
Group,
LP
25,000
4.750%, 
4/15/2028
f
19,749
Univision
Communications,
Inc.
112,000
6.625%, 
6/1/2027
f
105,696
Verizon
Communications,
Inc.
73,000
2.100%, 
3/22/2028
61,628
67,000
3.150%, 
3/22/2030
56,989
44,000
2.550%, 
3/21/2031
35,131
88,000
2.355%, 
3/15/2032
67,481
Vodafone
Group
plc
62,000
7.000%, 
4/4/2079
b
58,999
VTR
Finance
NV
50,000
6.375%, 
7/15/2028
f
27,625
VZ
Secured
Financing
BV
97,000
5.000%, 
1/15/2032
f
72,468
Walt
Disney
Company
37,000
3.800%, 
3/22/2030
33,642
YPSO
Finance
BIS
SA
32,000
10.500%, 
5/15/2027
f
25,064
Zayo
Group
Holdings,
Inc.
43,000
4.000%, 
3/1/2027
f
34,505
Total
5,800,251
Consumer
Cyclical
(1.9%)
1011778
B.C.,
ULC
110,000
4.375%, 
1/15/2028
f
95,315
Allied
Universal
Holdco,
LLC
35,000
6.625%, 
7/15/2026
f
31,194
100,000
4.625%, 
6/1/2028
f
77,032
35,000
6.000%, 
6/1/2029
f
22,588
Allison
Transmission,
Inc.
100,000
3.750%, 
1/30/2031
f
76,659
Amazon.com,
Inc.
85,000
3.300%, 
4/13/2027
80,250
90,000
1.650%, 
5/12/2028
76,446
45,000
1.500%, 
6/3/2030
35,500
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Cyclical
(1.9%)
-
continued
American
Axle
&
Manufacturing,
Inc.
$
118,000
6.500%, 
4/1/2027
i
$
100,005
Arko
Corporation
46,000
5.125%, 
11/15/2029
f
35,880
Ashton
Woods
USA,
LLC
45,000
4.625%, 
8/1/2029
f
32,672
30,000
4.625%, 
4/1/2030
f
21,484
Best
Buy
Company,
Inc.
45,000
1.950%, 
10/1/2030
33,696
Bloomin'
Brands,
Inc.,
Convertible
26,000
5.000%, 
5/1/2025
44,135
Boyd
Gaming
Corporation
65,000
4.750%, 
6/15/2031
f
52,630
Boyne
USA,
Inc.
50,000
4.750%, 
5/15/2029
f
41,887
Brookfield
Residential
Properties,
Inc.
75,000
6.250%, 
9/15/2027
f
62,957
Burlington
Stores,
Inc.,
Convertible
133,000
2.250%, 
4/15/2025
i
126,350
Caesars
Entertainment,
Inc.
105,000
6.250%, 
7/1/2025
f
101,194
35,000
8.125%, 
7/1/2027
f
33,428
73,000
4.625%, 
10/15/2029
f
55,778
Carnival
Corporation
14,000
10.500%, 
2/1/2026
f
13,852
63,000
7.625%, 
3/1/2026
f
47,880
149,000
5.750%, 
3/1/2027
f
104,382
Cedar
Fair,
LP
31,000
5.375%, 
4/15/2027
28,796
83,000
5.250%, 
7/15/2029
71,222
Churchill
Downs,
Inc.
45,000
4.750%, 
1/15/2028
f
38,928
Cinemark
USA,
Inc.
79,000
5.875%, 
3/15/2026
f,i
66,058
Clarios
Global,
LP
35,000
8.500%, 
5/15/2027
f
33,407
Cushman
&
Wakefield
US
Borrower,
LLC
35,000
6.750%, 
5/15/2028
f
32,464
D.R.
Horton,
Inc.
16,000
2.600%, 
10/15/2025
14,690
Daimler
Finance
North
America,
LLC
68,000
1.450%, 
3/2/2026
f
59,749
Dana,
Inc.
75,000
5.625%, 
6/15/2028
61,886
Dick's
Sporting
Goods,
Inc.,
Convertible
61,000
3.250%, 
4/15/2025
199,073
Empire
Communities
Corporation
51,000
7.000%, 
12/15/2025
f
42,319
Expedia
Group,
Inc.
67,000
4.625%, 
8/1/2027
62,920
67,000
3.250%, 
2/15/2030
54,338
Expedia
Group,
Inc.,
Convertible
92,000
Zero
Coupon, 
2/15/2026
79,574
Ford
Motor
Company
113,000
3.250%, 
2/12/2032
81,397
65,000
6.100%, 
8/19/2032
57,304
Ford
Motor
Company,
Convertible
310,000
Zero
Coupon, 
3/15/2026
283,495
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Cyclical
(1.9%)
-
continued
Ford
Motor
Credit
Company,
LLC
$
47,000
2.300%, 
2/10/2025
$
41,656
190,000
4.134%, 
8/4/2025
172,434
137,000
2.700%, 
8/10/2026
113,626
76,000
2.900%, 
2/10/2029
57,570
Forestar
Group,
Inc.
45,000
3.850%, 
5/15/2026
f
37,013
FTI
Consulting,
Inc.,
Convertible
171,000
2.000%, 
8/15/2023
282,082
General
Motors
Company
31,000
6.125%, 
10/1/2025
31,013
67,000
6.800%, 
10/1/2027
67,711
General
Motors
Financial
Company,
Inc.
68,000
3.950%, 
4/13/2024
66,322
50,000
1.200%, 
10/15/2024
45,896
48,000
2.900%, 
2/26/2025
44,847
35,000
2.750%, 
6/20/2025
32,240
Goodyear
Tire
&
Rubber
Company
45,000
5.000%, 
7/15/2029
36,736
35,000
5.250%, 
7/15/2031
28,000
Guitar
Center
Escrow
Issuer
II,
Inc.
22,000
8.500%, 
1/15/2026
f
19,489
Hanesbrands,
Inc.
64,000
4.875%, 
5/15/2026
f
57,533
Hilton
Domestic
Operating
Company,
Inc.
120,000
4.875%, 
1/15/2030
104,400
29,000
3.625%, 
2/15/2032
f
22,211
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
90,000
5.000%, 
6/1/2029
f
72,639
Home
Depot,
Inc.
62,000
3.250%, 
4/15/2032
53,682
Hyundai
Capital
America
35,000
1.800%, 
10/15/2025
f
31,128
67,000
3.000%, 
2/10/2027
f
59,498
45,000
2.100%, 
9/15/2028
f
35,341
International
Game
Technology
plc
85,000
5.250%, 
1/15/2029
f
75,290
Jacobs
Entertainment,
Inc.
39,000
6.750%, 
2/15/2029
f
33,369
KB
Home
60,000
4.800%, 
11/15/2029
48,305
Kohl's
Corporation
38,000
3.375%, 
5/1/2031
23,469
L
Brands,
Inc.
110,000
6.625%, 
10/1/2030
f
95,700
20,000
6.875%, 
11/1/2035
16,708
Lennar
Corporation
14,000
5.875%, 
11/15/2024
14,113
34,000
4.750%, 
5/30/2025
33,479
Lowe's
Companies,
Inc.
68,000
4.000%, 
4/15/2025
66,623
100,000
4.500%, 
4/15/2030
93,486
Macy's
Retail
Holdings,
LLC
65,000
5.875%, 
4/1/2029
f
52,162
43,000
6.125%, 
3/15/2032
f
32,924
Magic
MergerCo,
Inc.
47,000
5.250%, 
5/1/2028
f
32,993
Marriott
International,
Inc.
44,000
5.000%, 
10/15/2027
42,492
67,000
4.625%, 
6/15/2030
60,547
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Cyclical
(1.9%)
-
continued
Marriott
Vacations
Worldwide
Corporation,  Convertible
$
72,000
Zero
Coupon, 
1/15/2026
$
66,163
Mattamy
Group
Corporation
55,000
5.250%, 
12/15/2027
f
45,588
McDonald's
Corporation
60,000
3.800%, 
4/1/2028
56,359
MGM
Resorts
International
122,000
5.750%, 
6/15/2025
116,592
NCL
Corporation,
Ltd.
74,000
3.625%, 
12/15/2024
f
62,231
29,000
5.875%, 
2/15/2027
f
24,142
Nissan
Motor
Company,
Ltd.
54,000
3.043%, 
9/15/2023
f
52,497
O'Reilly
Automotive,
Inc.
59,000
3.900%, 
6/1/2029
53,759
PENN
Entertainment,
Inc.
70,000
4.125%, 
7/1/2029
f
53,582
PetSmart,
Inc./PetSmart
Finance
Corporation
90,000
4.750%, 
2/15/2028
f
77,021
64,000
7.750%, 
2/15/2029
f
57,212
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
125,000
5.750%, 
4/15/2026
f
117,617
55,000
6.250%, 
1/15/2028
f
46,935
Realogy
Group,
LLC
90,000
5.750%, 
1/15/2029
f
64,913
Rite
Aid
Corporation
27,000
7.500%, 
7/1/2025
f
20,542
Royal
Caribbean
Cruises,
Ltd.
110,000
9.125%, 
6/15/2023
f
111,925
30,000
11.500%, 
6/1/2025
f
31,875
78,000
4.250%, 
7/1/2026
f
57,337
71,000
9.250%, 
1/15/2029
e,f
69,960
Scientific
Games
International,
Inc.
80,000
7.250%, 
11/15/2029
f
74,457
16,000
6.625%, 
3/1/2030
f
12,826
SeaWorld
Parks
and
Entertainment,
Inc.
29,000
5.250%, 
8/15/2029
f
24,082
Six
Flags
Theme
Parks,
Inc.
25,000
7.000%, 
7/1/2025
f
24,989
Staples,
Inc.
56,000
7.500%, 
4/15/2026
f
47,018
50,000
10.750%, 
4/15/2027
f
37,063
Station
Casinos,
LLC
53,000
4.625%, 
12/1/2031
f
40,030
Tapestry,
Inc.
41,000
3.050%, 
3/15/2032
30,589
Target
Corporation
45,000
2.350%, 
2/15/2030
37,556
Tenneco,
Inc.
85,000
5.000%, 
7/15/2026
82,663
Toll
Brothers
Finance
Corporation
67,000
4.350%, 
2/15/2028
58,401
Toyota
Motor
Credit
Corporation
46,000
4.400%, 
9/20/2024
45,709
59,000
1.900%, 
4/6/2028
50,199
51,000
4.450%, 
6/29/2029
49,205
Travel
+
Leisure
Company
52,000
6.625%, 
7/31/2026
f
48,711
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Cyclical
(1.9%)
-
continued
TripAdvisor,
Inc.
$
15,000
7.000%, 
7/15/2025
f
$
14,583
Uber
Technologies,
Inc.
50,000
6.250%, 
1/15/2028
f,i
46,500
Vail
Resorts,
Inc.,
Convertible
97,000
Zero
Coupon, 
1/1/2026
84,451
VICI
Properties,
LP/VICI
Note
Company,
Inc.
62,000
4.625%, 
6/15/2025
f
58,344
150,000
5.750%, 
2/1/2027
f
141,342
74,000
3.750%, 
2/15/2027
f
64,814
Volkswagen
Group
of
America
Finance,
LLC
82,000
4.250%, 
11/13/2023
f
81,137
17,000
3.350%, 
5/13/2025
f
16,125
Wabash
National
Corporation
73,000
4.500%, 
10/15/2028
f
56,590
Walmart,
Inc.
86,000
3.950%, 
9/9/2027
83,491
Wyndham
Hotels
&
Resorts,
Inc.
35,000
4.375%, 
8/15/2028
f
30,766
Yum!
Brands,
Inc.
90,000
4.750%, 
1/15/2030
f
78,652
Total
7,512,084
Consumer
Non-Cyclical
(1.7%)
1375209
BC,
Ltd.
36,600
9.000%, 
1/30/2028
f
36,326
AbbVie,
Inc.
141,000
3.600%, 
5/14/2025
135,342
Albertson's
Companies,
Inc.
94,000
4.625%, 
1/15/2027
f
84,019
98,000
3.500%, 
3/15/2029
f
78,988
Altria
Group,
Inc.
60,000
4.400%, 
2/14/2026
57,738
45,000
4.800%, 
2/14/2029
41,538
Anheuser-Busch
InBev
Worldwide,
Inc.
82,000
4.000%, 
4/13/2028
77,896
90,000
4.750%, 
1/23/2029
87,674
Aramark
Services,
Inc.
32,000
6.375%, 
5/1/2025
f
31,360
106,000
5.000%, 
2/1/2028
f
94,415
AstraZeneca
Finance,
LLC
90,000
1.750%, 
5/28/2028
75,640
AstraZeneca
plc
90,000
0.700%, 
4/8/2026
77,774
Avantor
Funding,
Inc.
110,000
4.625%, 
7/15/2028
f
97,894
B&G
Foods,
Inc.
31,000
5.250%, 
9/15/2027
25,116
BAT
Capital
Corporation
56,000
3.222%, 
8/15/2024
53,886
BAT
International
Finance
plc
35,000
1.668%, 
3/25/2026
30,255
Bausch
Health
Companies,
Inc.
27,000
5.500%, 
11/1/2025
f,i
21,449
60,000
4.875%, 
6/1/2028
f
38,682
66,000
11.000%, 
9/30/2028
f
53,130
13,000
14.000%, 
10/15/2030
f
7,085
Baxter
International,
Inc.
41,000
2.539%, 
2/1/2032
31,915
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Non-Cyclical
(1.7%)
-
continued
Becton,
Dickinson
and
Company
$
67,000
2.823%, 
5/20/2030
$
56,075
BioMarin
Pharmaceutical,
Inc.,
Convertible
233,000
1.250%, 
5/15/2027
i
231,392
Bio-Rad
Laboratories,
Inc.
61,000
3.300%, 
3/15/2027
55,366
Bristol-Myers
Squibb
Company
61,000
2.950%, 
3/15/2032
52,113
Bunge,
Ltd.
Finance
Corporation
89,000
2.750%, 
5/14/2031
70,010
Callaway
Golf
Company,
Convertible
120,000
2.750%, 
5/1/2026
154,800
Cargill,
Inc.
65,000
3.625%, 
4/22/2027
f
61,754
43,000
2.125%, 
11/10/2031
f
33,600
Central
Garden
&
Pet
Company
80,000
4.125%, 
10/15/2030
63,678
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
71,000
4.625%, 
11/15/2028
f
60,388
Community
Health
Systems,
Inc.
19,000
8.000%, 
12/15/2027
f
15,034
50,000
6.000%, 
1/15/2029
f
36,749
58,000
6.875%, 
4/15/2029
f
28,016
Conagra
Brands,
Inc.
37,000
4.300%, 
5/1/2024
36,415
Constellation
Brands,
Inc.
90,000
3.150%, 
8/1/2029
77,314
Coty,
Inc.
54,000
5.000%, 
4/15/2026
f
49,164
CVS
Health
Corporation
36,000
4.100%, 
3/25/2025
35,222
35,000
4.300%, 
3/25/2028
33,010
Diageo
Capital
plc
36,000
1.375%, 
9/29/2025
32,641
45,000
2.000%, 
4/29/2030
36,059
Edgewell
Personal
Care
Company
50,000
5.500%, 
6/1/2028
f
44,707
Embecta
Corporation
23,000
6.750%, 
2/15/2030
f
21,234
Encompass
Health
Corporation
110,000
4.500%, 
2/1/2028
i
94,214
Energizer
Holdings,
Inc.
85,000
4.375%, 
3/31/2029
f
63,051
Estee
Lauder
Companies,
Inc.
37,000
1.950%, 
3/15/2031
29,358
Gilead
Sciences,
Inc.
67,000
2.950%, 
3/1/2027
61,079
HCA,
Inc.
122,000
5.375%, 
2/1/2025
120,557
83,000
5.875%, 
2/1/2029
80,708
HFC
Prestige
Products,
Inc.
86,000
4.750%, 
1/15/2029
f
72,755
HLF
Financing
SARL,
LLC
125,000
4.875%, 
6/1/2029
f
89,206
Imperial
Brands
Finance
plc
34,000
3.125%, 
7/26/2024
f
32,521
Ionis
Pharmaceuticals,
Inc.,
Convertible
152,000
0.125%, 
12/15/2024
137,460
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Non-Cyclical
(1.7%)
-
continued
Jazz
Investments
I,
Ltd.,
Convertible
$
241,000
2.000%, 
6/15/2026
$
257,870
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
65,000
2.500%, 
1/15/2027
f
55,534
52,000
3.625%, 
1/15/2032
f
40,625
Johnson
&
Johnson
67,000
4.375%, 
12/5/2033
64,541
Kraft
Heinz
Foods
Company
105,000
3.875%, 
5/15/2027
98,131
Kroger
Company
37,000
4.500%, 
1/15/2029
35,201
Mattel,
Inc.
219,000
3.375%, 
4/1/2026
f
195,444
McKesson
Corporation
35,000
0.900%, 
12/3/2025
30,654
59,000
1.300%, 
8/15/2026
50,957
Mozart
Debt
Merger
Sub,
Inc.
64,000
3.875%, 
4/1/2029
f
51,308
48,000
5.250%, 
10/1/2029
f
36,240
Mylan,
Inc.
34,000
4.200%, 
11/29/2023
33,583
Newell
Brands,
Inc.
104,000
4.450%, 
4/1/2026
95,680
Organon
&
Company
96,000
4.125%, 
4/30/2028
f
82,080
Owens
&
Minor,
Inc.
49,000
6.625%, 
4/1/2030
f
43,120
PepsiCo,
Inc.
87,000
3.600%, 
2/18/2028
82,193
82,000
1.950%, 
10/21/2031
65,222
Performance
Food
Group,
Inc.
57,000
4.250%, 
8/1/2029
f
47,458
Perrigo
Finance
Unlimited
Company
123,000
4.375%, 
3/15/2026
112,853
Philip
Morris
International,
Inc.
82,000
1.500%, 
5/1/2025
75,136
Pilgrim's
Pride
Corporation
65,000
3.500%, 
3/1/2032
f
49,002
Post
Holdings,
Inc.
65,000
5.750%, 
3/1/2027
f
61,998
28,000
5.625%, 
1/15/2028
f
25,556
26,000
5.500%, 
12/15/2029
f
22,477
56,000
4.500%, 
9/15/2031
f
45,080
Post
Holdings,
Inc.,
Convertible
89,000
2.500%, 
8/15/2027
f
87,888
Primo
Water
Holdings,
Inc.
85,000
4.375%, 
4/30/2029
f
69,142
Procter
&
Gamble
Company
37,000
1.200%, 
10/29/2030
28,554
Roche
Holdings,
Inc.
45,000
1.930%, 
12/13/2028
f
37,830
62,000
2.076%, 
12/13/2031
f
49,673
Royalty
Pharma
plc
105,000
1.200%, 
9/2/2025
92,819
Scotts
Miracle-Gro
Company
44,000
4.500%, 
10/15/2029
31,900
SEG
Holding,
LLC
100,000
5.625%, 
10/15/2028
f
91,749
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Consumer
Non-Cyclical
(1.7%)
-
continued
Simmons
Foods,
Inc.
$
116,000
4.625%, 
3/1/2029
f
$
94,830
Spectrum
Brands,
Inc.
50,000
5.000%, 
10/1/2029
f
39,774
40,000
5.500%, 
7/15/2030
f
31,277
Stryker
Corporation
73,000
3.650%, 
3/7/2028
68,694
Syneos
Health,
Inc.
80,000
3.625%, 
1/15/2029
f
63,702
Sysco
Corporation
38,000
5.950%, 
4/1/2030
38,464
Takeda
Pharmaceutical
Company,
Ltd.
89,000
5.000%, 
11/26/2028
86,155
Teleflex,
Inc.
120,000
4.625%, 
11/15/2027
108,110
Tenet
Healthcare
Corporation
25,000
4.625%, 
7/15/2024
24,175
48,000
6.250%, 
2/1/2027
f
44,791
170,000
5.125%, 
11/1/2027
f
152,539
71,000
6.125%, 
10/1/2028
f
62,202
Teva
Pharmaceutical
Finance
Netherlands
III
BV
102,000
3.150%, 
10/1/2026
83,691
TreeHouse
Foods,
Inc.
78,000
4.000%, 
9/1/2028
62,196
United
Natural
Foods,
Inc.
45,000
6.750%, 
10/15/2028
f
41,157
Winnebago
Industries,
Inc.,
Convertible
118,000
1.500%, 
4/1/2025
123,384
Zoetis,
Inc.
98,000
3.900%, 
8/20/2028
90,738
Total
6,767,149
Energy
(1.6%)
Antero
Resources
Corporation
55,000
5.375%, 
3/1/2030
f
49,449
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
80,000
6.250%, 
4/1/2028
f
70,320
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
39,000
6.625%, 
7/15/2026
f
36,367
BP
Capital
Markets
America,
Inc.
107,000
4.234%, 
11/6/2028
100,461
BP
Capital
Markets
plc
116,000
4.875%, 
3/22/2030
b,j
99,760
Buckeye
Partners,
LP
70,000
3.950%, 
12/1/2026
61,053
Callon
Petroleum
Company
55,000
8.250%, 
7/15/2025
53,470
45,000
7.500%, 
6/15/2030
f,i
39,398
Canadian
Natural
Resources,
Ltd.
95,000
2.050%, 
7/15/2025
86,615
Cheniere
Corpus
Christi
Holdings,
LLC
72,000
5.875%, 
3/31/2025
72,288
Cheniere
Energy
Partners,
LP
65,000
4.500%, 
10/1/2029
57,225
71,000
3.250%, 
1/31/2032
54,518
Cheniere
Energy,
Inc.
56,000
4.625%, 
10/15/2028
51,370
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Energy
(1.6%)
-
continued
Chesapeake
Energy
Corporation
$
102,000
6.750%, 
4/15/2029
f
$
97,779
CNX
Resources
Corporation
45,000
6.000%, 
1/15/2029
f
41,062
CNX
Resources
Corporation,
Convertible
174,000
2.250%, 
5/1/2026
i
240,903
Comstock
Resources,
Inc.
55,000
5.875%, 
1/15/2030
f
47,903
Continental
Resources,
Inc.
67,000
4.375%, 
1/15/2028
60,131
41,000
5.750%, 
1/15/2031
f
37,058
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
53,000
5.500%, 
6/15/2031
f
44,866
CrownRock
Finance,
Inc.
68,000
5.625%, 
10/15/2025
f
65,101
Devon
Energy
Corporation
74,000
4.500%, 
1/15/2030
67,356
Diamondback
Energy,
Inc.
22,000
3.125%, 
3/24/2031
17,845
DT
Midstream,
Inc.
70,000
4.125%, 
6/15/2029
f
59,150
25,000
4.375%, 
6/15/2031
f
20,618
Enbridge,
Inc.
120,000
7.375%, 
1/15/2083
b
115,592
56,000
7.625%, 
1/15/2083
b
53,994
50,000
2.150%, 
2/16/2024
48,047
45,000
3.700%, 
7/15/2027
41,696
Endeavor
Energy
Resources,
LP
67,000
5.750%, 
1/30/2028
f
63,725
Energy
Transfer,
LP
41,000
4.200%, 
9/15/2023
40,559
126,000
5.875%, 
1/15/2024
126,257
53,000
6.750%, 
5/15/2025
b,j
45,795
52,000
6.500%, 
11/15/2026
b,j
45,297
67,000
3.750%, 
5/15/2030
56,733
EnLink
Midstream
Partners,
LP
70,000
4.850%, 
7/15/2026
64,287
Enterprise
Products
Operating,
LLC
45,000
4.150%, 
10/16/2028
41,837
EQM
Midstream
Partners,
LP
51,000
4.750%, 
1/15/2031
f
40,481
EQT
Corporation
45,000
3.900%, 
10/1/2027
40,950
EQT
Corporation,
Convertible
107,000
1.750%, 
5/1/2026
294,861
Equinor
ASA
31,000
2.875%, 
4/6/2025
29,569
Ferrellgas,
LP
48,000
5.375%, 
4/1/2026
f
42,240
Halliburton
Company
45,000
2.920%, 
3/1/2030
37,453
Harvest
Midstream,
LP
112,000
7.500%, 
9/1/2028
f
104,682
Hess
Corporation
38,000
3.500%, 
7/15/2024
36,732
Hess
Midstream
Operations,
LP
60,000
5.625%, 
2/15/2026
f
56,955
34,000
5.500%, 
10/15/2030
f
29,187
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Energy
(1.6%)
-
continued
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
$
70,000
5.750%, 
2/1/2029
f
$
61,199
64,000
6.250%, 
4/15/2032
f
56,692
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
42,000
6.375%, 
4/15/2027
f
40,110
Howard
Midstream
Energy
Partners,
LLC
71,000
6.750%, 
1/15/2027
f
63,259
ITT
Holdings,
LLC
65,000
6.500%, 
8/1/2029
f
50,425
Laredo
Petroleum,
Inc.
110,000
7.750%, 
7/31/2029
f,i
101,353
Marathon
Oil
Corporation
45,000
4.400%, 
7/15/2027
42,016
Marathon
Petroleum
Corporation
109,000
4.700%, 
5/1/2025
107,018
MEG
Energy
Corporation
63,000
7.125%, 
2/1/2027
f
63,945
MPLX,
LP
58,000
6.875%, 
2/15/2023
b,j
56,985
113,000
1.750%, 
3/1/2026
98,873
Murphy
Oil
Corporation
50,000
5.875%, 
12/1/2027
46,737
Nabors
Industries,
Ltd.
85,000
7.250%, 
1/15/2026
f
73,960
National
Fuel
Gas
Company
90,000
5.500%, 
1/15/2026
88,386
NuStar
Logistics,
LP
90,000
5.750%, 
10/1/2025
83,409
Oasis
Petroleum,
Inc.
55,000
6.375%, 
6/1/2026
f
52,250
Occidental
Petroleum
Corporation
25,000
8.500%, 
7/15/2027
26,755
64,000
6.375%, 
9/1/2028
63,740
50,000
6.450%, 
9/15/2036
50,000
ONEOK,
Inc.
68,000
2.200%, 
9/15/2025
61,824
Ovintiv
Exploration,
Inc.
44,000
5.375%, 
1/1/2026
43,518
Pioneer
Natural
Resources
Company
57,000
1.900%, 
8/15/2030
43,579
Pioneer
Natural
Resources
Company,
Convertible
94,000
0.250%, 
5/15/2025
203,604
Plains
All
American
Pipeline,
LP
93,000
4.650%, 
10/15/2025
89,529
Precision
Drilling
Corporation
60,000
6.875%, 
1/15/2029
f
52,974
Range
Resources
Corporation
56,000
4.750%, 
2/15/2030
f,i
48,565
Sabine
Pass
Liquefaction,
LLC
67,000
4.200%, 
3/15/2028
61,101
Schlumberger
Holdings
Corporation
29,000
4.300%, 
5/1/2029
f
26,574
SM
Energy
Company
53,000
6.625%, 
1/15/2027
50,874
35,000
6.500%, 
7/15/2028
i
33,261
Southwestern
Energy
Company
40,000
5.375%, 
2/1/2029
36,272
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Energy
(1.6%)
-
continued
$
53,000
5.375%, 
3/15/2030
$
47,756
33,000
4.750%, 
2/1/2032
27,657
Suburban
Propane
Partners,
LP
90,000
5.875%, 
3/1/2027
84,906
Sunoco,
LP
90,000
5.875%, 
3/15/2028
81,670
49,000
4.500%, 
4/30/2030
40,057
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
113,000
5.500%, 
1/15/2028
f
96,452
Targa
Resources
Partners,
LP
106,000
4.875%, 
2/1/2031
91,160
Teine
Energy,
Ltd.
50,000
6.875%, 
4/15/2029
f
44,915
TransCanada
Trust
175,000
5.875%, 
8/15/2076
b
162,877
Transocean
Proteus,
Ltd.
22,500
6.250%, 
12/1/2024
f
21,150
Transocean,
Inc.
50,000
11.500%, 
1/30/2027
f
46,247
USA
Compression
Partners,
LP
65,000
6.875%, 
4/1/2026
59,800
Valero
Energy
Corporation
84,000
2.800%, 
12/1/2031
66,811
Venture
Global
Calcasieu
Pass,
LLC
67,000
3.875%, 
8/15/2029
f
57,478
40,000
4.125%, 
8/15/2031
f
33,179
W&T
Offshore,
Inc.
29,000
9.750%, 
11/1/2023
f
28,425
Weatherford
International,
Ltd.
73,000
8.625%, 
4/30/2030
f
63,572
Western
Midstream
Operating,
LP
102,000
3.950%, 
6/1/2025
95,880
30,000
5.500%, 
8/15/2048
24,262
Williams
Companies,
Inc.
45,000
2.600%, 
3/15/2031
35,285
Total
6,277,321
Financials
(5.3%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
20,000
7.000%, 
11/15/2025
f
18,268
AerCap
Holdings
NV
34,000
5.875%, 
10/10/2079
b
30,350
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
59,000
3.150%, 
2/15/2024
56,664
63,000
6.500%, 
7/15/2025
62,886
114,000
3.000%, 
10/29/2028
91,424
Air
Lease
Corporation
32,000
2.300%, 
2/1/2025
29,444
24,000
3.375%, 
7/1/2025
22,362
64,000
4.650%, 
6/15/2026
b,j
53,432
45,000
3.125%, 
12/1/2030
35,432
Aircastle,
Ltd.
65,000
5.250%, 
6/15/2026
b,f,j
48,756
45,000
2.850%, 
1/26/2028
f
34,934
Alliant
Holdings
Intermediate,
LLC
37,000
6.750%, 
10/15/2027
f
31,886
Ally
Financial,
Inc.
142,000
5.750%, 
11/20/2025
137,725
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
$
128,000
4.700%, 
5/15/2026
b,j
$
99,777
45,000
8.000%, 
11/1/2031
47,176
American
Express
Company
65,000
3.950%, 
8/1/2025
62,956
50,000
3.550%, 
9/15/2026
b,j
38,534
61,000
2.550%, 
3/4/2027
54,333
American
Homes
4
Rent,
LP
45,000
2.375%, 
7/15/2031
33,929
AmWINS
Group,
Inc.
45,000
4.875%, 
6/30/2029
f
37,353
Aon
Corporation/Aon
Global
Holdings
plc
42,000
2.600%, 
12/2/2031
32,839
Ares
Capital
Corporation
18,000
4.250%, 
3/1/2025
17,004
104,000
2.150%, 
7/15/2026
87,160
Ares
Capital
Corporation,
Convertible
64,000
4.625%, 
3/1/2024
65,320
Australia
and
New
Zealand
Banking
Group,
Ltd.
102,000
2.950%, 
7/22/2030
b,f
92,684
Aviation
Capital
Group,
LLC
46,000
5.500%, 
12/15/2024
f
44,531
48,000
4.875%, 
10/1/2025
f
44,584
Avolon
Holdings
Funding,
Ltd.
89,000
4.250%, 
4/15/2026
f
79,804
BAC
Capital
Trust
XIV
92,000
4.000%, 
(LIBOR
3M
+
0.400%),
10/19/2022
b,j
67,386
Banco
Santander
Mexico
SA
17,000
5.375%, 
4/17/2025
f
16,528
Banco
Santander
SA
51,000
4.750%, 
11/12/2026
b,j
35,259
Bank
of
America
Corporation
55,000
3.004%, 
12/20/2023
b
54,708
115,000
3.550%, 
3/5/2024
b
114,095
143,000
3.864%, 
7/23/2024
b
141,055
70,000
4.200%, 
8/26/2024
68,853
288,000
6.250%, 
9/5/2024
b,j
278,280
35,000
3.458%, 
3/15/2025
b
33,894
83,000
6.100%, 
3/17/2025
b,j
79,565
85,000
1.319%, 
6/19/2026
b
75,446
70,000
4.375%, 
1/27/2027
b,j
56,175
80,000
6.125%, 
4/27/2027
b,j
75,600
70,000
1.734%, 
7/22/2027
b
60,055
62,000
5.875%, 
3/15/2028
b,j
53,165
84,000
4.376%, 
4/27/2028
b
78,711
134,000
3.593%, 
7/21/2028
b
121,024
65,000
4.948%, 
7/22/2028
b
62,454
179,000
3.974%, 
2/7/2030
b
159,335
89,000
2.687%, 
4/22/2032
b
69,485
65,000
2.572%, 
10/20/2032
b
49,714
82,000
2.972%, 
2/4/2033
b
64,104
42,000
3.846%, 
3/8/2037
b
33,886
Bank
of
Montreal
64,000
4.700%, 
9/14/2027
61,759
42,000
3.088%, 
1/10/2037
b
31,319
Bank
of
New
York
Mellon
Corporation
42,000
4.700%, 
9/20/2025
b,j
40,215
65,000
4.596%, 
7/26/2030
b
61,594
Bank
of
Nova
Scotia
126,000
4.900%, 
6/4/2025
b,j
112,483
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
$
45,000
1.050%, 
3/2/2026
$
39,218
Barclays
plc
81,000
4.338%, 
5/16/2024
b
80,070
34,000
4.375%, 
9/11/2024
32,911
41,000
2.852%, 
5/7/2026
b
37,218
80,000
5.501%, 
8/9/2028
b
74,995
68,000
4.972%, 
5/16/2029
b
61,194
Berkshire
Hathaway
Finance
Corporation
128,000
2.875%, 
3/15/2032
107,595
Blackstone
Mortgage
Trust,
Inc.,
Convertible
113,000
5.500%, 
3/15/2027
96,121
Blackstone
Private
Credit
Fund
63,000
4.000%, 
1/15/2029
50,466
BNP
Paribas
SA
67,000
2.819%, 
11/19/2025
b,f
62,446
55,000
3.132%, 
1/20/2033
b,f
41,722
Boston
Properties,
LP
45,000
2.550%, 
4/1/2032
33,180
BPCE
SA
32,000
2.375%, 
1/14/2025
f
29,543
Brixmor
Operating
Partnership,
LP
73,000
2.250%, 
4/1/2028
58,926
Brookfield
Property
REIT,
Inc.
39,000
5.750%, 
5/15/2026
f
35,257
Canadian
Imperial
Bank
of
Commerce
67,000
3.945%, 
8/4/2025
64,715
40,000
3.600%, 
4/7/2032
33,805
Capital
One
Bank
USA
NA
48,000
2.280%, 
1/28/2026
b
44,650
Capital
One
Financial
Corporation
28,000
3.950%, 
9/1/2026
b,j
21,980
61,000
3.273%, 
3/1/2030
b
51,004
Centene
Corporation
85,000
4.250%, 
12/15/2027
77,749
249,000
3.000%, 
10/15/2030
197,193
Charles
Schwab
Corporation
128,000
5.375%, 
6/1/2025
b,j
124,480
128,000
4.000%, 
6/1/2026
b,j
104,986
25,000
5.000%, 
6/1/2027
b,j
22,469
59,000
2.000%, 
3/20/2028
50,783
42,000
2.900%, 
3/3/2032
34,595
Citigroup,
Inc.
168,000
5.950%, 
1/30/2023
b,j
166,004
102,000
5.000%, 
9/12/2024
b,j
90,768
105,000
3.352%, 
4/24/2025
b
101,258
32,000
5.950%, 
5/15/2025
b,j
28,962
85,000
5.500%, 
9/13/2025
84,868
37,000
1.281%, 
11/3/2025
b
33,799
84,000
4.000%, 
12/10/2025
b,j
70,770
200,000
3.875%, 
2/18/2026
b,j
164,926
58,000
4.150%, 
11/15/2026
b,j
46,110
159,000
1.122%, 
1/28/2027
b
136,026
91,000
1.462%, 
6/9/2027
b
77,477
78,000
3.070%, 
2/24/2028
b
69,518
180,000
4.075%, 
4/23/2029
b
162,923
62,000
4.910%, 
5/24/2033
b
57,040
Citizens
Financial
Group,
Inc.
65,000
4.000%, 
10/6/2026
b,j
52,062
CNA
Financial
Corporation
40,000
3.950%, 
5/15/2024
39,227
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
Coinbase
Global,
Inc.
$
20,000
3.625%, 
10/1/2031
f
$
11,089
Coinbase
Global,
Inc.,
Convertible
412,000
0.500%, 
6/1/2026
270,066
Comerica,
Inc.
42,000
5.625%, 
7/1/2025
b,j
41,190
Commerzbank
AG
82,000
8.125%, 
9/19/2023
f
80,809
Commonwealth
Bank
of
Australia
54,000
2.688%, 
3/11/2031
f
40,539
Cooperatieve
Rabobank
UA
35,000
1.339%, 
6/24/2026
b,f
31,018
Corebridge
Financial,
Inc.
42,000
6.875%, 
12/15/2052
b,f
38,407
62,000
3.850%, 
4/5/2029
f
54,643
Corporate
Office
Properties,
LP
91,000
2.250%, 
3/15/2026
79,758
Credit
Acceptance
Corporation
70,000
5.125%, 
12/31/2024
*
65,144
Credit
Agricole
SA
54,000
6.875%, 
9/23/2024
b,f,j
49,735
45,000
3.250%, 
1/14/2030
f
35,580
Credit
Suisse
Group
AG
49,000
6.500%, 
8/8/2023
f
48,363
22,000
7.500%, 
12/11/2023
b,f,j
20,212
34,000
2.593%, 
9/11/2025
b,f
30,932
32,000
7.250%, 
9/12/2025
b,f,j
24,477
46,000
3.869%, 
1/12/2029
b,f
37,518
Dai-ichi
Life
Insurance
Company,
Ltd.
148,000
5.100%, 
10/28/2024
b,f,j
143,330
Deutsche
Bank
AG
152,000
2.129%, 
11/24/2026
b
129,060
64,000
2.311%, 
11/16/2027
b
51,914
20,000
4.296%, 
5/24/2028
b
17,837
62,000
3.742%, 
1/7/2033
b
40,190
Discover
Bank
90,000
4.682%, 
8/9/2028
b
86,302
Drawbridge
Special
Opportunities
Fund,
LP
100,000
3.875%, 
2/15/2026
f
90,769
Duke
Realty,
LP
75,000
3.375%, 
12/15/2027
67,599
Elevance
Health,
Inc.
67,000
2.550%, 
3/15/2031
54,019
EPR
Properties
66,000
3.600%, 
11/15/2031
47,154
Fifth
Third
Bancorp
84,000
4.500%, 
9/30/2025
b,j
77,273
44,000
4.772%, 
7/28/2030
b
41,093
Fifth
Third
Bank
NA
46,000
3.850%, 
3/15/2026
43,450
First
Horizon
Bank
67,000
5.750%, 
5/1/2030
64,998
First-Citizens
Bank
&
Trust
Company
89,000
6.125%, 
3/9/2028
88,343
FNB
Corporation
64,000
2.200%, 
2/24/2023
63,107
Fortress
Transportation
and
Infrastructure
Investors,
LLC
65,000
6.500%, 
10/1/2025
f
61,062
24,000
9.750%, 
8/1/2027
f
23,467
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
32
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
FS
KKR
Capital
Corporation
$
45,000
3.400%, 
1/15/2026
$
39,705
45,000
2.625%, 
1/15/2027
36,336
Genworth
Mortgage
Holdings,
Inc.
37,000
6.500%, 
8/15/2025
f
35,361
Global
Net
Lease,
Inc.
95,000
3.750%, 
12/15/2027
f
74,102
Goldman
Sachs
Group,
Inc.
67,000
0.627%, 
11/17/2023
b
66,595
206,000
5.500%, 
8/10/2024
b,j
197,760
43,000
4.400%, 
2/10/2025
b,j
35,841
31,000
3.500%, 
4/1/2025
29,611
52,000
4.250%, 
10/21/2025
50,191
51,000
0.855%, 
2/12/2026
b
45,502
33,000
3.650%, 
8/10/2026
b,j
25,327
57,000
4.125%, 
11/10/2026
b,j
45,315
60,000
1.948%, 
10/21/2027
b
51,310
42,000
2.640%, 
2/24/2028
b
36,441
86,000
4.482%, 
8/23/2028
b
80,711
90,000
3.814%, 
4/23/2029
b
79,794
44,000
3.800%, 
3/15/2030
38,151
44,000
2.615%, 
4/22/2032
b
34,106
45,000
2.383%, 
7/21/2032
b
33,929
Hartford
Financial
Services
Group,
Inc.
45,000
2.800%, 
8/19/2029
37,962
66,000
5.030%, 
(LIBOR
3M
+
2.125%),
2/12/2047
b,f
54,337
HAT
Holdings,
LLC,
Convertible
65,000
Zero
Coupon, 
5/1/2025
f
58,097
HSBC
Holdings
plc
65,000
3.803%, 
3/11/2025
b
62,828
20,000
6.375%, 
3/30/2025
b,j
18,019
39,000
2.633%, 
11/7/2025
b
36,210
41,000
1.645%, 
4/18/2026
b
36,460
41,000
1.589%, 
5/24/2027
b
34,266
64,000
2.251%, 
11/22/2027
b
53,772
91,000
6.500%, 
3/23/2028
b,j
76,159
61,000
5.210%, 
8/11/2028
b
57,027
126,000
4.583%, 
6/19/2029
b
112,314
112,000
4.600%, 
12/17/2030
b,j
77,671
53,000
2.804%, 
5/24/2032
b
38,942
43,000
6.500%, 
9/15/2037
40,457
HUB
International,
Ltd.
26,000
7.000%, 
5/1/2026
f
24,659
45,000
5.625%, 
12/1/2029
f
37,575
Humana,
Inc.
45,000
2.150%, 
2/3/2032
34,195
Huntington
Bancshares,
Inc.
126,000
4.450%, 
10/15/2027
b,j
112,139
Icahn
Enterprises,
LP
71,000
4.750%, 
9/15/2024
66,425
70,000
6.375%, 
12/15/2025
66,330
60,000
6.250%, 
5/15/2026
56,072
25,000
5.250%, 
5/15/2027
21,888
ING
Groep
NV
90,000
1.726%, 
4/1/2027
b
77,157
Intercontinental
Exchange,
Inc.
62,000
4.350%, 
6/15/2029
58,680
Intesa
Sanpaolo
SPA
20,000
5.017%, 
6/26/2024
f
18,648
Invitation
Homes
Operating
Partnership,
LP
68,000
2.000%, 
8/15/2031
48,782
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
iStar,
Inc.
$
85,000
4.250%, 
8/1/2025
$
82,454
J.P.
Morgan
Chase
&
Company
84,000
6.000%, 
8/1/2023
b,j
81,900
84,000
6.750%, 
2/1/2024
b,j
83,238
24,000
1.514%, 
6/1/2024
b
23,431
131,000
5.000%, 
8/1/2024
b,j
118,129
145,000
4.023%, 
12/5/2024
b
142,675
158,000
4.600%, 
2/1/2025
b,j
137,634
31,000
2.083%, 
4/22/2026
b
28,244
40,000
3.650%, 
6/1/2026
b,j
32,392
190,000
1.045%, 
11/19/2026
b
164,338
90,000
1.578%, 
4/22/2027
b
77,697
81,000
2.947%, 
2/24/2028
b
71,622
134,000
4.005%, 
4/23/2029
b
120,816
45,000
2.069%, 
6/1/2029
b
36,482
179,000
4.493%, 
3/24/2031
b
162,826
42,000
2.963%, 
1/25/2033
b
33,016
44,000
4.912%, 
7/25/2033
b
40,575
42,000
5.717%, 
9/14/2033
b
39,717
Jefferies
Finance,
LLC
43,000
5.000%, 
8/15/2028
f
31,712
KeyBank
NA
67,000
3.900%, 
4/13/2029
58,788
Kilroy
Realty,
LP
90,000
4.375%, 
10/1/2025
86,563
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
46,000
6.125%, 
5/15/2023
45,425
Life
Storage,
LP
44,000
2.400%, 
10/15/2031
33,026
Lincoln
National
Corporation
50,000
5.299%, 
(LIBOR
3M
+
2.358%),
11/17/2022
b
38,925
45,000
3.800%, 
3/1/2028
41,564
Lloyds
Banking
Group
plc
65,000
3.900%, 
3/12/2024
63,607
83,000
4.716%, 
8/11/2026
b
79,739
90,000
1.627%, 
5/11/2027
b
76,450
98,000
3.369%, 
12/14/2046
b
60,512
LPL
Holdings,
Inc.
60,000
4.000%, 
3/15/2029
f
51,461
M&T
Bank
Corporation
58,000
3.500%, 
9/1/2026
b,j
43,244
Macquarie
Group,
Ltd.
89,000
1.629%, 
9/23/2027
b,f
74,489
Marsh
&
McLennan
Companies,
Inc.
40,000
2.375%, 
12/15/2031
31,431
MetLife,
Inc.
84,000
3.850%, 
9/15/2025
b,j
75,146
164,000
5.875%, 
3/15/2028
b,j
149,664
Mid-America
Apartments,
LP
90,000
4.200%, 
6/15/2028
83,881
Mitsubishi
UFJ
Financial
Group,
Inc.
41,000
1.412%, 
7/17/2025
36,754
91,000
1.538%, 
7/20/2027
b
77,523
67,000
3.741%, 
3/7/2029
59,910
Mizuho
Financial
Group,
Inc.
66,000
1.554%, 
7/9/2027
b
56,129
93,000
2.564%, 
9/13/2031
68,296
Molina
Healthcare,
Inc.
90,000
4.375%, 
6/15/2028
f
81,225
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
33
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
Morgan
Stanley
$
84,000
3.125%, 
1/23/2023
$
83,724
34,000
0.560%, 
11/10/2023
b
33,813
34,000
2.720%, 
7/22/2025
b
32,253
88,000
1.164%, 
10/21/2025
b
80,202
24,000
5.000%, 
11/24/2025
23,692
69,000
2.188%, 
4/28/2026
b
63,292
39,000
0.985%, 
12/10/2026
b
33,629
90,000
1.593%, 
5/4/2027
b
77,768
93,000
1.512%, 
7/20/2027
b
79,207
134,000
3.622%, 
4/1/2031
b
115,807
42,000
2.943%, 
1/21/2033
b
33,204
44,000
4.889%, 
7/20/2033
b
40,769
MPT
Operating
Partnership,
LP
50,000
5.250%, 
8/1/2026
45,784
30,000
4.625%, 
8/1/2029
24,137
National
Retail
Properties,
Inc.
45,000
2.500%, 
4/15/2030
36,109
Nationstar
Mortgage
Holdings,
Inc.
49,000
6.000%, 
1/15/2027
f
41,834
NatWest
Group
plc
65,000
4.269%, 
3/22/2025
b
63,196
45,000
4.892%, 
5/18/2029
b
40,964
67,000
3.754%, 
11/1/2029
b
61,863
62,000
4.600%, 
6/28/2031
b,j
38,750
Navient
Corporation
45,000
5.500%, 
1/25/2023
44,750
20,000
5.000%, 
3/15/2027
16,358
Necessity
Retail
REIT,
Inc.
86,000
4.500%, 
9/30/2028
f
64,092
Nippon
Life
Insurance
Company
168,000
5.100%, 
10/16/2044
b,f
163,273
129,000
3.400%, 
1/23/2050
b,f
108,328
Nomura
Holdings,
Inc.
67,000
2.172%, 
7/14/2028
53,547
Nordea
Bank
Abp
64,000
5.375%, 
9/22/2027
f
62,376
Northern
Trust
Corporation
65,000
4.000%, 
5/10/2027
62,678
Omega
Healthcare
Investors,
Inc.
46,000
4.750%, 
1/15/2028
42,171
45,000
3.375%, 
2/1/2031
34,308
OneMain
Finance
Corporation
64,000
6.875%, 
3/15/2025
60,150
150,000
7.125%, 
3/15/2026
135,210
Owl
Rock
Capital
Corporation
45,000
4.250%, 
1/15/2026
41,154
Owl
Rock
Core
Income
Corporation
62,000
4.700%, 
2/8/2027
54,304
Owl
Rock
Technology
Finance
Corporation
22,000
4.750%, 
12/15/2025
f
19,803
67,000
3.750%, 
6/17/2026
f
57,970
Park
Intermediate
Holdings,
LLC
52,000
4.875%, 
5/15/2029
f
42,120
Pebblebrook
Hotel
Trust,
Convertible
218,000
1.750%, 
12/15/2026
185,954
PennyMac
Financial
Services,
Inc.
38,000
4.250%, 
2/15/2029
f
27,068
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
Pine
Street
Trust
I
$
45,000
4.572%, 
2/15/2029
f
$
41,440
PNC
Bank
NA
45,000
2.700%, 
10/22/2029
36,989
PNC
Financial
Services
Group,
Inc.
60,000
3.400%, 
9/15/2026
b,j
44,777
25,000
6.000%, 
5/15/2027
b,j
23,187
57,000
6.200%, 
9/15/2027
b,j
53,865
PRA
Group,
Inc.
36,000
7.375%, 
9/1/2025
f
34,828
Principal
Life
Global
Funding
II
68,000
1.250%, 
8/16/2026
f
58,320
Provident
Financing
Trust
I
42,000
7.405%, 
3/15/2038
43,928
Prudential
Financial,
Inc.
42,000
5.125%, 
3/1/2052
b
36,411
75,000
5.625%, 
6/15/2043
b
73,895
201,000
5.200%, 
3/15/2044
b
193,159
42,000
3.700%, 
10/1/2050
b
33,172
QBE
Insurance
Group,
Ltd.
84,000
5.875%, 
5/12/2025
b,f,j
77,865
Radian
Group,
Inc.
45,000
4.875%, 
3/15/2027
39,892
Realty
Income
Corporation
45,000
4.875%, 
6/1/2026
44,232
50,000
3.950%, 
8/15/2027
46,955
Regions
Financial
Corporation
84,000
5.750%, 
6/15/2025
b,j
82,740
Reinsurance
Group
of
America,
Inc.
64,000
4.700%, 
9/15/2023
63,780
RLJ
Lodging
Trust,
LP
25,000
3.750%, 
7/1/2026
f
21,352
Rocket
Mortgage
Co-Issuer,
Inc.
60,000
3.625%, 
3/1/2029
f
46,179
Royal
Bank
of
Canada
78,000
0.750%, 
10/7/2024
71,607
87,000
4.240%, 
8/3/2027
82,993
Santander
Holdings
USA,
Inc.
90,000
3.450%, 
6/2/2025
84,247
41,000
2.490%, 
1/6/2028
b
34,191
Santander
UK
Group
Holdings
plc
92,000
1.673%, 
6/14/2027
b
76,486
67,000
3.823%, 
11/3/2028
b
57,554
Service
Properties
Trust
31,000
4.650%, 
3/15/2024
28,675
55,000
7.500%, 
9/15/2025
51,425
50,000
5.500%, 
12/15/2027
40,613
Simon
Property
Group,
LP
73,000
2.650%, 
7/15/2030
58,872
SLM
Corporation
30,000
4.200%, 
10/29/2025
26,855
Societe
Generale
SA
39,000
2.625%, 
10/16/2024
f
36,555
84,000
8.000%, 
9/29/2025
b,f,j
80,088
41,000
1.488%, 
12/14/2026
b,f
34,699
Spirit
Realty,
LP
100,000
2.100%, 
3/15/2028
79,461
Standard
Chartered
plc
52,000
1.319%, 
10/14/2023
b,f
51,948
41,000
0.991%, 
1/12/2025
b,f
38,394
40,000
6.000%, 
7/26/2025
b,f,j
35,487
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
34
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
$
63,000
2.608%, 
1/12/2028
b,f
$
53,329
Starwood
Property
Trust,
Inc.,
Convertible
78,000
4.375%, 
4/1/2023
75,611
State
Street
Corporation
44,000
4.421%, 
5/13/2033
b
40,596
Sumitomo
Life
Insurance
Company
175,000
3.375%, 
4/15/2081
b,f
141,750
Sumitomo
Mitsui
Financial
Group,
Inc.
42,000
2.778%, 
10/18/2022
41,984
39,000
2.448%, 
9/27/2024
36,857
63,000
2.174%, 
1/14/2027
54,879
67,000
3.544%, 
1/17/2028
60,543
67,000
2.142%, 
9/23/2030
50,141
Sumitomo
Mitsui
Trust
Bank,
Ltd.
35,000
1.050%, 
9/12/2025
f
30,924
Summit
Hotel
Properties,
Inc.,
Convertible
99,000
1.500%, 
2/15/2026
82,071
SVB
Financial
Group
92,000
4.000%, 
5/15/2026
b,j
69,848
82,000
4.250%, 
11/15/2026
b,j
60,362
Synchrony
Financial
38,000
4.250%, 
8/15/2024
37,052
90,000
3.700%, 
8/4/2026
82,256
Toronto-Dominion
Bank
44,000
4.456%, 
6/8/2032
40,177
Truist
Bank
42,000
2.250%, 
3/11/2030
32,921
Truist
Financial
Corporation
89,000
4.950%, 
9/1/2025
b,j
85,510
37,000
1.887%, 
6/7/2029
b
30,269
U.S.
Bancorp
65,000
4.548%, 
7/22/2028
b
62,638
UBS
Group
AG
97,000
1.364%, 
1/30/2027
b,f
82,858
UDR,
Inc.
89,000
3.000%, 
8/15/2031
70,861
United
Wholesale
Mortgage,
LLC
39,000
5.500%, 
4/15/2029
f
29,640
UnitedHealth
Group,
Inc.
88,000
4.200%, 
5/15/2032
81,729
USB
Realty
Corporation
184,000
3.659%, 
(LIBOR
3M
+
1.147%),
1/15/2027
b,f,j
138,920
USIS
Merger
Sub,
Inc.
20,000
6.875%, 
5/1/2025
f
19,226
Ventas
Realty,
LP
35,000
3.750%, 
5/1/2024
34,189
Wells
Fargo
&
Company
26,000
1.654%, 
6/2/2024
b
25,389
106,000
2.406%, 
10/30/2025
b
98,955
116,000
3.900%, 
3/15/2026
b,j
98,093
119,000
2.188%, 
4/30/2026
b
108,679
50,000
3.012%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
46,778
41,000
3.526%, 
3/24/2028
b
37,134
89,000
3.584%, 
5/22/2028
b
80,497
65,000
4.808%, 
7/25/2028
b
61,992
90,000
4.478%, 
4/4/2031
b
82,323
Welltower,
Inc.
45,000
2.050%, 
1/15/2029
36,145
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Financials
(5.3%)
-
continued
$
50,000
2.800%, 
6/1/2031
$
39,494
Westpac
Banking
Corporation
67,000
4.110%, 
7/24/2034
b
57,017
Willis
North
America,
Inc.
90,000
4.500%, 
9/15/2028
83,474
XHR,
LP
10,000
6.375%, 
8/15/2025
f
9,597
27,000
4.875%, 
6/1/2029
f
22,262
Total
21,192,656
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
82,000
2.625%, 
5/5/2031
f
65,251
Total
65,251
Mortgage-Backed
Securities
(12.8%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
2,009,460
2.500%, 
5/1/2051
1,700,410
3,396,118
3.500%, 
6/1/2052
3,062,279
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
1,525,431
2.500%, 
7/1/2030
1,415,513
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2,825,000
2.500%, 
10/1/2037
e
2,556,404
75,000
4.000%, 
10/1/2037
e
72,352
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,048,271
3.500%, 
5/1/2040
e
970,927
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,065,231
3.000%, 
1/1/2052
2,680,119
1,474,793
2.500%, 
2/1/2051
1,245,966
2,843,931
2.000%, 
3/1/2051
2,316,086
3,120,731
3.000%, 
3/1/2052
2,724,969
1,934,553
2.000%, 
4/1/2051
1,574,695
2,395,345
2.500%, 
4/1/2051
2,024,723
1,841,230
3.000%, 
4/1/2051
1,612,657
1,926,955
3.000%, 
5/1/2050
1,695,029
2,288,183
2.500%, 
7/1/2051
1,931,736
4,629,341
2.000%, 
8/1/2051
3,767,856
1,391,212
3.500%, 
9/1/2052
1,256,658
2,700,000
2.500%, 
10/1/2052
e
2,264,783
4,700,000
4.000%, 
10/1/2048
e
4,360,902
2,850,000
4.500%, 
10/1/2048
e
2,714,848
2,200,000
5.000%, 
10/1/2048
e
2,142,949
2,800,000
3.000%, 
10/1/2049
e
2,436,547
4,000,000
3.500%, 
10/1/2049
e
3,599,687
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
968,584
3.500%, 
7/1/2061
875,843
Total
51,003,938
Technology
(1.3%)
Advanced
Micro
Devices,
Inc.
44,000
3.924%, 
6/1/2032
39,876
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
35
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Technology
(1.3%)
-
continued
Akamai
Technologies,
Inc.,
Convertible
$
74,000
0.125%, 
5/1/2025
$
75,184
233,000
0.375%, 
9/1/2027
216,806
Analog
Devices,
Inc.
22,000
2.100%, 
10/1/2031
17,431
Apple,
Inc.
114,000
2.200%, 
9/11/2029
97,113
83,000
1.650%, 
2/8/2031
65,455
63,000
3.350%, 
8/8/2032
56,109
Baidu,
Inc.
39,000
3.075%, 
4/7/2025
36,994
Black
Knight
InfoServ,
LLC
82,000
3.625%, 
9/1/2028
f
69,582
Block,
Inc.,
Convertible
113,000
0.500%, 
5/15/2023
115,712
22,000
0.250%, 
11/1/2027
15,730
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
67,000
3.875%, 
1/15/2027
61,632
Broadcom,
Inc.
41,000
4.000%, 
4/15/2029
f
36,139
CommScope
Technologies
Finance,
LLC
70,000
6.000%, 
6/15/2025
f
62,191
CommScope,
Inc.
50,000
7.125%, 
7/1/2028
f
38,596
Dell
International,
LLC
26,000
5.450%, 
6/15/2023
26,067
67,000
5.850%, 
7/15/2025
67,515
29,000
5.300%, 
10/1/2029
27,020
Fiserv,
Inc.
72,000
2.750%, 
7/1/2024
69,058
89,000
4.200%, 
10/1/2028
82,319
Gartner,
Inc.
45,000
3.625%, 
6/15/2029
f
37,462
75,000
3.750%, 
10/1/2030
f
61,398
Global
Payments,
Inc.
17,000
2.650%, 
2/15/2025
15,888
64,000
4.950%, 
8/15/2027
60,975
45,000
3.200%, 
8/15/2029
37,495
InterDigital,
Inc.,
Convertible
109,000
3.500%, 
6/1/2027
f
94,721
Iron
Mountain,
Inc.
80,000
4.875%, 
9/15/2027
f
71,651
120,000
5.000%, 
7/15/2028
f
103,200
66,000
4.500%, 
2/15/2031
f
51,030
Jabil,
Inc.
42,000
4.250%, 
5/15/2027
39,150
Lam
Research
Corporation
40,000
1.900%, 
6/15/2030
31,696
Lumentum
Holdings,
Inc.,
Convertible
168,000
0.250%, 
3/15/2024
206,472
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
223,000
0.250%, 
3/15/2026
209,341
Marvell
Technology,
Inc.
44,000
2.950%, 
4/15/2031
34,134
Mastercard,
Inc.
40,000
2.000%, 
11/18/2031
31,651
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Technology
(1.3%)
-
continued
Microchip
Technology,
Inc.,
Convertible
$
24,000
0.125%, 
11/15/2024
$
24,301
73,000
1.625%, 
2/15/2027
126,488
Minerva
Merger
Sub,
Inc.
68,000
6.500%, 
2/15/2030
f
53,759
Moody's
Corporation
42,000
4.250%, 
8/8/2032
38,063
MSCI,
Inc.
65,000
4.000%, 
11/15/2029
f
56,140
NCR
Corporation
152,000
6.125%, 
9/1/2029
f
130,874
Nielsen
Finance,
LLC
70,000
4.500%, 
7/15/2029
f
69,690
NVIDIA
Corporation
22,000
2.850%, 
4/1/2030
18,855
NXP
BV/NXP
Funding,
LLC
48,000
4.875%, 
3/1/2024
47,432
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
17,000
2.700%, 
5/1/2025
15,763
45,000
4.300%, 
6/18/2029
40,296
ON
Semiconductor
Corporation,
Convertible
36,000
Zero
Coupon, 
5/1/2027
47,466
Open
Text
Corporation
80,000
4.125%, 
2/15/2030
f
63,889
Oracle
Corporation
112,000
2.500%, 
4/1/2025
104,368
112,000
2.950%, 
4/1/2030
90,279
PayPal
Holdings,
Inc.
45,000
3.900%, 
6/1/2027
43,115
45,000
2.850%, 
10/1/2029
38,493
Progress
Software
Corporation,
Convertible
38,000
1.000%, 
4/15/2026
35,644
PTC,
Inc.
40,000
3.625%, 
2/15/2025
f
37,261
35,000
4.000%, 
2/15/2028
f
30,610
Qorvo,
Inc.
127,000
3.375%, 
4/1/2031
f
95,142
Rackspace
Technology
Global,
Inc.
75,000
5.375%, 
12/1/2028
f
35,246
S&P
Global,
Inc.
41,000
2.900%, 
3/1/2032
f
34,206
Sabre
GLBL,
Inc.,
Convertible
107,000
4.000%, 
4/15/2025
101,521
Salesforce.com,
Inc.
45,000
1.950%, 
7/15/2031
35,425
Seagate
HDD
Cayman
116,000
3.125%, 
7/15/2029
84,997
90,000
3.375%, 
7/15/2031
62,838
Sensata
Technologies,
Inc.
58,000
3.750%, 
2/15/2031
f
45,687
Shift4
Payments,
LLC
20,000
4.625%, 
11/1/2026
f
18,238
SS&C
Technologies,
Inc.
155,000
5.500%, 
9/30/2027
f
141,390
Switch,
Ltd.
70,000
3.750%, 
9/15/2028
f
69,563
Teradyne,
Inc.,
Convertible
6,000
1.250%, 
12/15/2023
14,217
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
36
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Technology
(1.3%)
-
continued
Verint
Systems,
Inc.,
Convertible
$
122,000
0.250%, 
4/15/2026
$
101,199
VeriSign,
Inc.
60,000
4.750%, 
7/15/2027
57,720
Viavi
Solutions,
Inc.
55,000
3.750%, 
10/1/2029
f
44,004
Viavi
Solutions,
Inc.,
Convertible
108,000
1.000%, 
3/1/2024
120,798
Vishay
Intertechnology,
Inc.,
Convertible
130,000
2.250%, 
6/15/2025
120,822
VMware,
Inc.
91,000
1.400%, 
8/15/2026
77,825
56,000
2.200%, 
8/15/2031
40,760
Xilinx,
Inc.
28,000
2.375%, 
6/1/2030
23,093
Ziff
Davis,
Inc.,
Convertible
226,000
1.750%, 
11/1/2026
f
208,711
Total
5,008,981
Transportation
(0.5%)
Air
Canada
Pass
Through
Trust
11,760
3.875%, 
3/15/2023
f
11,616
Air
Transport
Services
Group,
Inc.,
Convertible
79,000
1.125%, 
10/15/2024
78,802
Allegiant
Travel
Company
46,000
7.250%, 
8/15/2027
f
43,355
American
Airlines,
Inc.
100,000
11.750%, 
7/15/2025
f
104,434
161,000
5.500%, 
4/20/2026
f
151,206
Avis
Budget
Car
Rental,
LLC
60,000
5.375%, 
3/1/2029
f,i
49,269
Canadian
Pacific
Railway
Company
83,000
1.750%, 
12/2/2026
72,677
41,000
2.450%, 
12/2/2031
32,796
CSX
Corporation
45,000
4.250%, 
3/15/2029
42,412
Delta
Air
Lines,
Inc.
29,000
7.000%, 
5/1/2025
f
29,187
95,882
4.500%, 
10/20/2025
f
93,069
12,000
7.375%, 
1/15/2026
12,130
82,000
4.375%, 
4/19/2028
i
69,109
Hawaiian
Brand
Intellectual
Property,
Ltd.
13,000
5.750%, 
1/20/2026
f
11,466
Hertz
Corporation
45,000
4.625%, 
12/1/2026
f
36,556
54,000
5.000%, 
12/1/2029
f
40,163
JetBlue
Airways
Corporation,
Convertible
189,000
0.500%, 
4/1/2026
134,190
Mileage
Plus
Holdings,
LLC
112,100
6.500%, 
6/20/2027
f
109,721
Penske
Truck
Leasing
Company,
LP
35,000
1.200%, 
11/15/2025
f
30,409
47,000
1.700%, 
6/15/2026
f
40,420
Ryder
System,
Inc.
37,000
2.850%, 
3/1/2027
33,167
Southwest
Airlines
Company
42,000
5.125%, 
6/15/2027
41,119
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Transportation
(0.5%)
-
continued
$
45,000
2.625%, 
2/10/2030
$
36,098
Southwest
Airlines
Company,
Convertible
265,000
1.250%, 
5/1/2025
302,498
Union
Pacific
Corporation
45,000
2.150%, 
2/5/2027
40,161
United
Airlines
Pass
Through
Trust
65,000
3.700%, 
12/1/2022
64,752
United
Airlines,
Inc.
55,000
4.375%, 
4/15/2026
f
49,088
46,000
4.625%, 
4/15/2029
f
38,062
VistaJet
Malta
Finance
plc
60,000
6.375%, 
2/1/2030
f
49,050
Total
1,846,982
U.S.
Government
&
Agencies
(3.2%)
U.S.
Treasury
Bonds
715,000
1.375%, 
11/15/2031
580,938
2,190,000
3.250%, 
5/15/2042
1,943,625
3,010,000
3.375%, 
8/15/2042
2,726,402
U.S.
Treasury
Notes
2,830,000
0.125%, 
2/15/2024
2,673,134
1,550,000
0.500%, 
3/31/2025
1,414,072
1,620,000
0.500%, 
2/28/2026
1,429,460
870,000
0.500%, 
4/30/2027
740,010
1,550,000
1.125%, 
2/29/2028
1,330,275
Total
12,837,916
Utilities
(0.8%)
AEP
Texas,
Inc.
45,000
4.700%, 
5/15/2032
41,432
AES
Corporation
72,000
3.950%, 
7/15/2030
f
61,654
Algonquin
Power
&
Utilities
Corporation
50,000
4.750%, 
1/18/2082
b
40,838
Ameren
Corporation
45,000
1.750%, 
3/15/2028
37,144
American
Electric
Power
Company,
Inc.
63,000
2.031%, 
3/15/2024
60,295
44,000
2.300%, 
3/1/2030
35,044
Berkshire
Hathaway
Energy
Company
51,000
4.050%, 
4/15/2025
50,133
Calpine
Corporation
56,000
4.500%, 
2/15/2028
f
49,335
CenterPoint
Energy,
Inc.
34,000
2.500%, 
9/1/2024
32,351
56,000
1.450%, 
6/1/2026
49,015
67,000
2.650%, 
6/1/2031
53,516
Dominion
Energy,
Inc.
35,000
3.071%, 
8/15/2024
33,564
135,000
4.650%, 
12/15/2024
b,j
118,902
45,000
3.375%, 
4/1/2030
38,699
DTE
Energy
Company
65,000
4.220%, 
11/1/2024
63,728
Duke
Energy
Corporation
56,000
3.250%, 
1/15/2082
b
41,051
22,000
4.875%, 
9/16/2024
b,j
19,717
90,000
3.150%, 
8/15/2027
81,432
44,000
2.450%, 
6/1/2030
35,157
43,000
4.500%, 
8/15/2032
38,886
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
37
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Utilities
(0.8%)
-
continued
Edison
International
$
54,000
4.950%, 
4/15/2025
$
52,905
55,000
5.000%, 
12/15/2026
b,j
43,450
Enel
Finance
International
NV
93,000
1.375%, 
7/12/2026
f
78,569
Entergy
Corporation
34,000
0.900%, 
9/15/2025
29,914
45,000
1.900%, 
6/15/2028
36,922
Evergy,
Inc.
34,000
2.450%, 
9/15/2024
32,160
Eversource
Energy
90,000
4.600%, 
7/1/2027
86,863
Exelon
Corporation
45,000
4.050%, 
4/15/2030
40,786
Fells
Point
Funding
Trust
100,000
3.046%, 
1/31/2027
f
89,086
ITC
Holdings
Corporation
43,000
4.950%, 
9/22/2027
f
41,950
Jersey
Central
Power
&
Light
Company
22,000
2.750%, 
3/1/2032
f
17,455
National
Rural
Utilities
Cooperative
Finance
Corporation
75,000
3.450%, 
6/15/2025
72,355
NextEra
Energy
Capital
Holdings,
Inc.
41,000
3.800%, 
3/15/2082
b
32,181
64,000
4.255%, 
9/1/2024
63,080
45,000
2.250%, 
6/1/2030
35,901
NextEra
Energy
Operating
Partners,
LP
100,000
3.875%, 
10/15/2026
f
91,000
NextEra
Energy
Partners,
LP,
Convertible
52,000
Zero
Coupon, 
6/15/2024
f
49,036
226,000
Zero
Coupon, 
11/15/2025
f
225,538
NiSource,
Inc.
43,000
5.650%, 
6/15/2023
b,j
39,668
45,000
2.950%, 
9/1/2029
37,982
NRG
Energy,
Inc.
34,000
2.000%, 
12/2/2025
f
30,029
100,000
3.375%, 
2/15/2029
f
80,964
35,000
5.250%, 
6/15/2029
f
30,625
NRG
Energy,
Inc.,
Convertible
99,000
2.750%, 
6/1/2048
105,385
PG&E
Corporation
65,000
5.000%, 
7/1/2028
55,897
Public
Service
Enterprise
Group,
Inc.
45,000
1.600%, 
8/15/2030
33,748
Sempra
Energy
84,000
4.875%, 
10/15/2025
b,j
78,120
56,000
3.400%, 
2/1/2028
50,635
Southern
Company
44,000
4.475%, 
8/1/2024
43,447
119,000
4.000%, 
1/15/2051
b
106,648
109,000
3.750%, 
9/15/2051
b
88,387
TerraForm
Power
Operating,
LLC
100,000
5.000%, 
1/31/2028
f
88,103
Vistra
Operations
Company,
LLC
88,000
5.125%, 
5/13/2025
f
85,197
90,000
5.000%, 
7/31/2027
f
81,293
Principal
Amount
Long-Term
Fixed
Income
(39.1%)
Value
Utilities
(0.8%)
-
continued
Xcel
Energy,
Inc.
$
45,000
4.000%, 
6/15/2028
$
42,151
64,000
4.600%, 
6/1/2032
59,315
Total
3,238,638
Total
Long-Term
Fixed
Income
(cost
$171,858,429)
156,445,656
Shares
Common
Stock
(
29
.0
%
)
Value
Communications
Services
(2.0%)
4,170
Alphabet,
Inc.,
Class
A
l
398,860
27,189
Alphabet,
Inc.,
Class
C
l
2,614,222
2,662
AT&T,
Inc.
40,835
504
Charter
Communications,
Inc.
l
152,888
38,902
Comcast
Corporation
1,140,996
8,719
DISH
Network
Corporation
l
120,584
723
Emerald
Holding,
Inc.
l
2,444
3,055
Live
Nation
Entertainment,
Inc.
l
232,302
7,252
Meta
Platforms,
Inc.
l
983,951
1,440
Netflix,
Inc.
l
339,034
18,485
QuinStreet,
Inc.
l
194,093
8,255
Twitter,
Inc.
l
361,899
13,968
Verizon
Communications,
Inc.
530,365
5,506
Walt
Disney
Company
l
519,381
33,378
Warner
Bros.
Discovery,
Inc.
l
383,847
316
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
l
4,819
Total
8,020,520
Consumer
Discretionary
(3.3%)
22,295
Amazon.com,
Inc.
l
2,519,335
3,973
Aptiv
plc
l
310,728
833
Bloomin'
Brands,
Inc.
15,269
485
Booking
Holdings,
Inc.
l
796,957
189
Boyd
Gaming
Corporation
9,006
4,976
Cedar
Fair,
LP
204,762
438
Chipotle
Mexican
Grill,
Inc.
l
658,209
9,190
Clarus
Corporation
i
123,789
16,817
Cooper-Standard
Holdings,
Inc.
l
98,211
4,843
D.R.
Horton,
Inc.
326,176
192
Dick's
Sporting
Goods,
Inc.
20,091
15,491
Everi
Holdings,
Inc.
l
251,264
2,170
Expedia
Group,
Inc.
l
203,307
19,415
Ford
Motor
Company
217,448
11,060
General
Motors
Company
354,915
2,024
Grand
Canyon
Education,
Inc.
l
166,474
6,519
Harley-Davidson,
Inc.
227,383
1,997
Home
Depot,
Inc.
551,052
9,232
Libbey,
Inc.
c,l
129,248
228
Lithia
Motors,
Inc.
48,917
3,843
Lowe's
Companies,
Inc.
721,754
1,151
Lululemon
Athletica,
Inc.
l
321,774
1,318
McDonald's
Corporation
304,115
6,079
NIKE,
Inc.
505,287
112
NVR,
Inc.
l
446,553
2,166
Papa
John's
International,
Inc.
151,642
288
Patrick
Industries,
Inc.
12,626
678
RH
l
166,835
4,333
Sleep
Number
Corporation
l
146,499
15,717
Sonos,
Inc.
l
218,466
4,531
Sony
Group
Corporation
ADR
290,211
7,591
Stoneridge,
Inc.
l
128,667
6,747
Tesla,
Inc.
l
1,789,642
27,642
ThredUp,
Inc.
l
50,861
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
38
Shares
Common
Stock
(29.0%)
Value
Consumer
Discretionary
(3.3%)
-
continued
1,017
VF
Corporation
$
30,419
3,323
Yum!
Brands,
Inc.
353,368
7,266
Zumiez,
Inc.
l
156,437
Total
13,027,697
Consumer
Staples
(1.4%)
3,952
BJ's
Wholesale
Club
Holdings,
Inc.
l
287,745
473
Bunge,
Ltd.
39,056
1,412
Casey's
General
Stores,
Inc.
285,958
906
Coca-Cola
Company
50,754
1,193
Costco
Wholesale
Corporation
563,418
1,454
Estee
Lauder
Companies,
Inc.
313,919
3,995
John
B.
Sanfilippo
&
Son,
Inc.
302,541
923
Kraft
Heinz
Company
30,782
9,104
Lamb
Weston
Holdings,
Inc.
704,468
110
PepsiCo,
Inc.
17,959
8,218
Philip
Morris
International,
Inc.
682,176
19,297
Primo
Water
Corporation
242,177
1,949
Procter
&
Gamble
Company
246,061
4,201
Sysco
Corporation
297,053
6,082
Turning
Point
Brands,
Inc.
129,121
60
Tyson
Foods,
Inc.
3,956
10,532
Walmart,
Inc.
1,366,000
Total
5,563,144
Energy
(1.6%)
13,093
BP
plc
ADR
373,805
531
Chevron
Corporation
76,289
6,335
ConocoPhillips
648,324
16,798
Devon
Energy
Corporation
1,010,064
19,007
Enterprise
Products
Partners,
LP
451,986
1,135
EOG
Resources,
Inc.
126,814
355
EQT
Corporation
14,466
11,928
Exxon
Mobil
Corporation
1,041,434
16,046
Halliburton
Company
395,053
3,829
Helmerich
&
Payne,
Inc.
141,558
3,666
Marathon
Petroleum
Corporation
364,144
25,547
NOV,
Inc.
413,350
2,655
Pioneer
Natural
Resources
Company
574,887
4,045
Schlumberger,
Ltd.
145,215
2,899
Valero
Energy
Corporation
309,758
12,520
Williams
Companies,
Inc.
358,448
Total
6,445,595
Financials
(4.0%)
16,029
Ally
Financial,
Inc.
446,087
2,823
American
Express
Company
380,851
899
Ameriprise
Financial,
Inc.
226,503
10,302
Arch
Capital
Group,
Ltd.
l
469,153
287
Banc
of
California,
Inc.
4,583
21,440
Bank
of
America
Corporation
647,488
124
Bank
of
Marin
Bancorp
3,714
5,222
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
169,506
1,981
Berkshire
Hathaway,
Inc.
l
528,967
7,847
BlackRock
Corporate
High
Yield
Fund,
Inc.,
Rights
l
16
750
BlackRock
TCP
Capital
Corporation
8,197
365
BlackRock,
Inc.
200,852
12,069
Bridgewater
Bancshares,
Inc.
l
198,776
9,805
Byline
Bancorp,
Inc.
198,551
3,036
Capital
One
Financial
Corporation
279,828
3,537
Carlyle
Group,
Inc.
91,396
Shares
Common
Stock
(29.0%)
Value
Financials
(4.0%)
-
continued
1,310
Central
Pacific
Financial
Corporation
$
27,104
11,611
Charles
Schwab
Corporation
834,483
3,068
Chubb,
Ltd.
558,008
13,736
Citigroup,
Inc.
572,379
10,972
Columbia
Banking
System,
Inc.
316,981
4,401
Comerica,
Inc.
312,911
760
Community
Trust
Bancorp,
Inc.
30,818
156
ConnectOne
Bancorp,
Inc.
3,597
1,910
Customers
Bancorp,
Inc.
l
56,307
2,115
Discover
Financial
Services
192,296
1,350
Ellington
Residential
Mortgage
REIT
8,329
691
Encore
Capital
Group,
Inc.
l
31,427
5,360
Enterprise
Financial
Services
Corporation
236,054
22,475
Equitable
Holdings,
Inc.
592,216
4,276
Federated
Hermes,
Inc.
141,621
219
Financial
Institutions,
Inc.
5,271
171
First
Mid-Illinois
Bancshares,
Inc.
5,467
39
Flushing
Financial
Corporation
755
309
FS
KKR
Capital
Corporation
5,238
2,973
Glacier
Bancorp,
Inc.
146,063
1,024
Golub
Capital
BDC,
Inc.
12,687
748
Great
Southern
Bancorp,
Inc.
42,688
2,350
Hanmi
Financial
Corporation
55,648
8,611
Heartland
Financial
USA,
Inc.
373,373
628
Hometrust
Bancshares,
Inc.
13,879
11,331
Hope
Bancorp,
Inc.
143,224
2,761
Houlihan
Lokey,
Inc.
208,124
332
Independent
Bank
Corporation
6,341
5,648
J.P.
Morgan
Chase
&
Company
590,216
2,081
Kinsale
Capital
Group,
Inc.
531,529
2,329
M&T
Bank
Corporation
410,649
1,433
Marsh
&
McLennan
Companies,
Inc.
213,933
1,864
MidWestOne
Financial
Group,
Inc.
50,869
1,267
Moody's
Corporation
308,020
7,172
Morgan
Stanley
566,660
1,030
PacWest
Bancorp
23,278
77
Pathward
Financial,
Inc.
2,538
121
Peapack-Gladstone
Financial
Corporation
4,072
1,259
Popular,
Inc.
90,724
11,629
Radian
Group,
Inc.
224,323
5,968
Raymond
James
Financial,
Inc.
589,758
2,660
RLI
Corporation
272,331
1,715
S&P
Global,
Inc.
523,675
6,995
Seacoast
Banking
Corporation
of
Florida
211,459
4,616
State
Street
Corporation
280,699
351
T.
Rowe
Price
Group,
Inc.
36,859
3,745
Triumph
Bancorp,
Inc.
l
203,541
8,814
Truist
Financial
Corporation
383,762
375
TrustCo
Bank
Corporation
NY
11,782
15,325
Wells
Fargo
&
Company
616,372
7,641
Western
Alliance
Bancorp
502,319
7,159
Zions
Bancorporation
NA
364,107
800
Zurich
Insurance
Group
AG
318,921
Total
16,120,153
Health
Care
(4.3%)
5,598
Abbott
Laboratories
541,662
5,137
Agiliti,
Inc.
l
73,510
904
Align
Technology,
Inc.
l
187,227
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
39
Shares
Common
Stock
(29.0%)
Value
Health
Care
(4.3%)
-
continued
1,801
Alkermes
plc
l
$
40,216
480
AmerisourceBergen
Corporation
64,958
1,611
Amgen,
Inc.
363,119
6,486
AstraZeneca
plc
ADR
355,692
5,081
Baxter
International,
Inc.
273,663
1,372
Biogen,
Inc.
l
366,324
362
BioMarin
Pharmaceutical,
Inc.
l
30,687
773
Bio-Techne
Corporation
219,532
22
Boston
Scientific
Corporation
l
852
223
Bristol-Myers
Squibb
Company
15,853
3,249
Cigna
Holding
Company
901,500
3,456
CVS
Health
Corporation
329,599
3,323
Danaher
Corporation
858,298
3,265
Edwards
Lifesciences
Corporation
l
269,787
2,811
Elevance
Health,
Inc.
1,276,869
4,088
Enovis
Corporation
l
188,334
8,497
Gilead
Sciences,
Inc.
524,180
5,628
Halozyme
Therapeutics,
Inc.
l
222,531
1,852
HCA
Healthcare,
Inc.
340,379
3,204
Hologic,
Inc.
l
206,722
67
IDEXX
Laboratories,
Inc.
l
21,829
942
Insulet
Corporation
l
216,095
2,090
Intuitive
Surgical,
Inc.
l
391,750
7,427
Ionis
Pharmaceuticals,
Inc.
l
328,496
7,022
Johnson
&
Johnson
1,147,114
3,251
Laboratory
Corporation
of
America
Holdings
665,837
2,934
Lantheus
Holdings,
Inc.
l
206,348
8,048
Maravai
LifeSciences
Holdings,
Inc.
l
205,465
451
Medpace
Holdings,
Inc.
l
70,884
10,553
Medtronic
plc
852,155
15,376
Merck
&
Company,
Inc.
1,324,181
2,982
Novo
Nordisk
AS
ADR
297,097
8,450
NuVasive,
Inc.
l
370,195
1,030
Omnicell,
Inc.
l
89,641
7,699
Pfizer,
Inc.
336,908
7,025
Progyny,
Inc.
l
260,347
550
Regeneron
Pharmaceuticals,
Inc.
l
378,879
1,758
Sarepta
Therapeutics,
Inc.
l
194,329
2,226
Stryker
Corporation
450,854
4,292
Syneos
Health,
Inc.
l
202,368
645
Teleflex,
Inc.
129,942
2,469
UFP
Technologies,
Inc.
l
211,939
31
UnitedHealth
Group,
Inc.
15,656
22,765
Viemed
Healthcare,
Inc.
l
136,590
899
Waters
Corporation
l
242,307
3,280
Zimmer
Biomet
Holdings,
Inc.
342,924
3,070
Zoetis,
Inc.
455,250
Total
17,196,874
Industrials
(3.6%)
1,111
3M
Company
122,765
2,462
Advanced
Drainage
Systems,
Inc.
306,199
8,510
Air
Lease
Corporation
263,895
2,987
AMETEK,
Inc.
338,756
2,576
ASGN,
Inc.
l
232,793
13,149
Badger
Infrastructure
Solutions,
Ltd.
267,958
6,153
Barnes
Group,
Inc.
177,699
945
Carlisle
Companies,
Inc.
264,987
157
Caterpillar,
Inc.
25,761
544
Chart
Industries,
Inc.
l
100,286
6,308
Cimpress
plc
l
154,420
916
Cintas
Corporation
355,582
Shares
Common
Stock
(29.0%)
Value
Industrials
(3.6%)
-
continued
34,001
CNH
Industrial
NV
$
379,791
6,370
Crane
Holdings,
Company
557,630
22,073
CSX
Corporation
588,025
1,267
Curtiss-Wright
Corporation
176,316
321
Deere
&
Company
107,179
10,193
Delta
Air
Lines,
Inc.
l
286,016
16,009
Dun
&
Bradstreet
Holdings,
Inc.
198,352
5,149
Emerson
Electric
Company
377,010
2,789
Expeditors
International
of
Washington,
Inc.
246,297
3,074
Forward
Air
Corporation
277,459
1,033
FTI
Consulting,
Inc.
l
171,178
1,782
General
Dynamics
Corporation
378,087
96
Gorman-Rupp
Company
2,284
4,704
Greenbrier
Companies,
Inc.
i
114,166
3,828
Helios
Technologies,
Inc.
193,697
9,487
Howmet
Aerospace,
Inc.
293,433
247
Hubbell,
Inc.
55,081
6,958
IAA,
Inc.
l
221,612
813
IDEX
Corporation
162,478
18,137
Janus
International
Group,
Inc.
l
161,782
5,247
Johnson
Controls
International
plc
258,257
1,491
L3Harris
Technologies,
Inc.
309,875
1,327
Lincoln
Electric
Holdings,
Inc.
166,830
3,625
ManpowerGroup,
Inc.
234,501
1,444
Middleby
Corporation
l
185,077
4,777
Miller
Industries,
Inc.
101,702
1,465
Norfolk
Southern
Corporation
307,137
744
Northrop
Grumman
Corporation
349,918
1,541
Old
Dominion
Freight
Line,
Inc.
383,355
2,486
Parker-Hannifin
Corporation
602,383
3,585
Pentair
plc
145,659
3,691
Quanta
Services,
Inc.
470,196
2,363
Regal
Rexnord
Corporation
331,671
624
SkyWest,
Inc.
l
10,146
6,430
Southwest
Airlines
Company
l
198,301
7,413
Sun
Country
Airlines
Holdings,
Inc.
l
100,891
252
SunPower
Corporation
l
5,806
2,956
Tennant
Company
167,191
5,392
Timken
Company
318,344
20,125
Uber
Technologies,
Inc.
l
533,312
3,119
Union
Pacific
Corporation
607,644
3,426
United
Parcel
Service,
Inc.
553,436
2,438
United
Rentals,
Inc.
l
658,553
Total
14,559,159
Information
Technology
(5.6%)
63
Adobe,
Inc.
l
17,338
1,689
Advanced
Energy
Industries,
Inc.
130,745
2,839
Agilysys,
Inc.
l
157,139
2,111
Amphenol
Corporation
141,352
991
ANSYS,
Inc.
l
219,705
27,822
Apple,
Inc.
3,845,000
1,630
Autodesk,
Inc.
l
304,484
7,383
BigCommerce
Holdings,
Inc.
l
109,268
1,576
Bill.com
Holdings,
Inc.
l
208,615
8,244
Block,
Inc.
l
453,338
453
Cadence
Design
Systems,
Inc.
l
74,034
8,990
Ciena
Corporation
l
363,466
19,115
Cisco
Systems,
Inc.
764,600
317
Computer
Services,
Inc.
17,673
2,036
Dolby
Laboratories,
Inc.
132,645
14,065
Dropbox,
Inc.
l
291,427
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
40
Shares
Common
Stock
(29.0%)
Value
Information
Technology
(5.6%)
-
continued
6,225
Fidelity
National
Information
Services,
Inc.
$
470,423
1,369
Fiserv,
Inc.
l
128,097
687
FLEETCOR
Technologies,
Inc.
l
121,029
16,897
Gilat
Satellite
Networks,
Ltd.
i,l
90,061
170
KLA-Tencor
Corporation
51,447
13,426
Knowles
Corporation
l
163,394
941
Lam
Research
Corporation
344,406
777
Littelfuse,
Inc.
154,382
1,984
Mastercard,
Inc.
564,131
5,401
Microchip
Technology,
Inc.
329,623
17,650
Microsoft
Corporation
4,110,685
5,072
NAPCO
Security
Technologies,
Inc.
l
147,494
5,468
National
Instruments
Corporation
206,362
1,365
NICE,
Ltd.
ADR
l
256,948
8,257
NVIDIA
Corporation
1,002,317
7,815
ON
Semiconductor
Corporation
l
487,109
8,797
PayPal
Holdings,
Inc.
l
757,158
368
Plexus
Corporation
l
32,222
1,041
Qorvo,
Inc.
l
82,666
9,300
QUALCOMM,
Inc.
1,050,714
4,581
Salesforce,
Inc.
l
658,931
10,794
Samsung
Electronics
Company,
Ltd.
396,348
1,411
ServiceNow,
Inc.
l
532,808
3,374
Skyworks
Solutions,
Inc.
287,701
3,931
Splunk,
Inc.
l
295,611
346
Teledyne
Technologies,
Inc.
l
116,765
165
Teradyne,
Inc.
12,400
6,843
Texas
Instruments,
Inc.
1,059,159
4,922
Trimble,
Inc.
l
267,117
3,217
TTEC
Holdings,
Inc.
142,545
33,875
TTM
Technologies,
Inc.
l
446,472
3,360
Wolfspeed,
Inc.
l
347,290
2,430
Workiva,
Inc.
l
189,054
Total
22,533,698
Materials
(1.3%)
6,857
Ashland,
Inc.
651,209
492
Avery
Dennison
Corporation
80,048
10,539
Axalta
Coating
Systems,
Ltd.
l
221,951
4,309
Ball
Corporation
208,211
7,517
Carpenter
Technology
Corporation
234,079
734
Celanese
Corporation
66,310
4,497
CF
Industries
Holdings,
Inc.
432,836
186
Crown
Holdings,
Inc.
15,072
6,251
Dow,
Inc.
274,607
2,404
Eastman
Chemical
Company
170,804
4,776
Ingevity
Corporation
l
289,569
29,030
Ivanhoe
Mines,
Ltd.
l
186,829
744
Linde
plc
200,575
8,902
LyondellBasell
Industries
NV
670,143
2,601
Nucor
Corporation
278,281
3,426
PPG
Industries,
Inc.
379,224
6,311
Steel
Dynamics,
Inc.
447,766
1,981
United
States
Lime
&
Minerals,
Inc.
202,458
Total
5,009,972
Real
Estate
(0.8%)
3,061
Agree
Realty
Corporation
206,862
2,118
Alexandria
Real
Estate
Equities,
Inc.
296,922
1,003
AvalonBay
Communities,
Inc.
184,743
1,761
Camden
Property
Trust
210,352
Shares
Common
Stock
(29.0%)
Value
Real
Estate
(0.8%)
-
continued
2,503
CBRE
Group,
Inc.
l
$
168,978
2,335
Digital
Realty
Trust,
Inc.
231,585
20,238
Healthcare
Realty
Trust,
Inc.
421,962
21,233
Host
Hotels
&
Resorts,
Inc.
337,180
10,117
Independence
Realty
Trust,
Inc.
169,257
10,436
National
Storage
Affiliates
Trust
433,929
8,907
Pebblebrook
Hotel
Trust
129,241
1,933
Public
Storage,
Inc.
566,002
Total
3,357,013
Utilities
(1.1%)
8,822
Alliant
Energy
Corporation
467,478
747
American
Electric
Power
Company,
Inc.
64,578
1,130
Black
Hills
Corporation
76,535
10,453
CenterPoint
Energy,
Inc.
294,565
5,341
Constellation
Energy
Corporation
444,318
3,783
Duke
Energy
Corporation
351,895
6,759
Entergy
Corporation
680,158
1,337
Evergy,
Inc.
79,418
2,543
NextEra
Energy,
Inc.
199,397
12,097
NiSource,
Inc.
304,723
1,586
NorthWestern
Corporation
78,158
273
NRG
Energy,
Inc.
10,448
945
OGE
Energy
Corporation
34,455
3,282
Portland
General
Electric
Company
142,636
5,153
Public
Service
Enterprise
Group,
Inc.
289,753
3,691
Sempra
Energy
553,428
2,185
Spire,
Inc.
136,191
Total
4,208,134
Total
Common
Stock
(cost
$102,583,580)
116,041,959
Shares
Registered
Investment
Companies
(
13
.1
%
)
Value
Unaffiliated  (1.1%)
21,445
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
54,041
9,427
AllianceBernstein
Global
High
Income
Fund,
Inc.
83,712
12,572
Allspring
Income
Opportunities
Fund
77,946
5,580
BlackRock
Core
Bond
Trust
55,800
7,847
BlackRock
Corporate
High
Yield
Fund,
Inc.
67,092
7,356
BlackRock
Credit
Allocation
Income
Trust
70,176
870
BlackRock
Debt
Strategies
Fund,
Inc.
7,760
450
BlackRock
Enhanced
Equity
Dividend
Trust
3,649
6,876
BlackRock
Enhanced
Global
Dividend
Trust
60,578
2,300
BlackRock
Enhanced
International
Dividend
Trust
10,281
475
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
5,230
4,650
BlackRock
Income
Trust,
Inc.
19,251
4,105
BlackRock
Multi-Sector
Income
Trust
58,455
4,571
Blackstone
Strategic
Credit
Fund
48,590
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
41
Shares
Registered
Investment
Companies
(13.1%)
Value
Unaffiliated  (1.1%)-
continued
8,342
Eaton
Vance
Limited
Duration
Income
Fund
$
76,830
1,014
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
7,352
2,350
Energy
Select
Sector
SPDR
Fund
169,247
6,049
First
Trust
High
Income
Long/Short
Fund
65,571
3,375
Invesco
Dynamic
Credit
Opportunities
Fund
c
35,395
4,500
iShares
Preferred
and
Income
Securities
ETF
i
142,515
16,650
Nuveen
Credit
Strategies
Income
Fund
85,082
2,150
Nuveen
Preferred
Income
Opportunities
Fund
14,943
2,525
Nuveen
Quality
Preferred
Income
Fund
II
16,589
7,099
PGIM
Global
High
Yield
Fund,
Inc.
75,107
6,795
PGIM
High
Yield
Bond
Fund,
Inc.
78,414
2,740
Pimco
Dynamic
Income
Fund
53,101
20,100
SPDR
Blackstone
Senior
Loan
ETF
i
821,487
7,017
SPDR
Bloomberg
High
Yield
Bond
ETF
i
616,444
32,792
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
i
779,794
1,274
Tri-Continental
Corporation
32,563
3,000
Vanguard
Short-Term
Corporate
Bond
ETF
i
222,840
4,400
Virtus
AllianzGI
Convertible
&
Income
Fund
14,080
700
Virtus
AllianzGI
Equity
&
Convertible
Income
Fund
14,217
4,690
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
50,089
6,819
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
34,095
17,341
Western
Asset
High
Income
Opportunity
Fund,
Inc.
63,815
Total
4,092,131
Affiliated  (12.0%)
3,291,017
Thrivent
Core
Emerging
Markets
Debt
Fund
23,300,398
3,227,227
Thrivent
Core
International
Equity
Fund
24,978,737
Total
48,279,135
Total
Registered
Investment
Companies
(cost
$67,022,878)
52,371,266
Shares
Collateral
Held
for
Securities
Loaned
(
1
.2
%
)
Value
4,695,722
Thrivent
Cash
Management
Trust
4,695,722
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,695,722)
4,695,722
Shares
Preferred
Stock
(
1
.1
%
)
Value
Communications
Services
(0.1%)
11,000
AT&T,
Inc.,
4.750%
j
206,580
1,597
Paramount
Global,
Convertible,
5.750%
i
49,347
Shares
Preferred
Stock
(1.1%)
Value
Communications
Services
(0.1%)
-
continued
3,500
Telephone
and
Data
Systems,
Inc.,
6.000%
j
$
65,100
Total
321,027
Consumer
Non-Cyclical
(0.1%)
5,334
Becton,
Dickinson
and
Company,
Convertible,
6.000%
251,445
1,602
Boston
Scientific
Corporation,
Convertible,
5.500%
162,154
1,250
CHS,
Inc.,
7.100%
b,j
31,075
89
Danaher
Corporation,
Convertible,
5.000%
119,927
Total
564,601
Energy
(0.1%)
6,964
Crestwood
Equity
Partners,
LP,
9.250%
j
62,467
1,600
Energy
Transfer,
LP,
7.600%
b,j
38,704
1,536
NuStar
Logistics,
LP,
9.246%
b
37,494
351
UGI
Corporation,
Convertible,
7.250%
27,992
Total
166,657
Financials
(0.6%)
2,750
Aegon
Funding
Corporation
II,
5.100%
57,392
5,700
Allstate
Corporation,
5.100%
j
119,643
3,300
Bank
of
America
Corporation,
4.250%
j
57,255
2,000
Bank
of
America
Corporation,
5.375%
j
43,440
200
Bank
of
America
Corporation,
Convertible,
7.250%
j
234,600
5,525
Capital
One
Financial
Corporation,
5.000%
i,j
108,456
2,485
Cobank
ACB,
6.250%
b,c,j
248,500
5,875
Equitable
Holdings,
Inc.,
5.250%
j
122,376
140
First
Horizon
Bank,
3.750%
b,f,j
112,000
2,900
First
Republic
Bank,
4.500%
j
53,737
4,400
J.P.
Morgan
Chase
&
Company,
4.200%
j
79,376
3,650
J.P.
Morgan
Chase
&
Company,
4.750%
j
76,869
3,350
J.P.
Morgan
Chase
&
Company,
5.750%
j
82,778
2,937
KKR
&
Company,
Inc.,
Convertible,
6.000%
159,832
5,880
Morgan
Stanley,
5.850%
b,j
142,472
3,100
Morgan
Stanley,
7.125%
b,j
79,174
6,150
Public
Storage,
4.125%
j
112,238
1,300
Public
Storage,
4.625%
j
26,195
325
Public
Storage,
4.700%
j
6,637
825
Regions
Financial
Corporation,
5.700%
b,j
18,513
775
Synovus
Financial
Corporation,
5.875%
b,j
18,995
5,025
Truist
Financial
Corporation,
4.750%
j
99,696
5,000
Wells
Fargo
&
Company,
4.250%
j
85,950
314
Wells
Fargo
&
Company,
Convertible,
7.500%
j
378,056
Total
2,524,180
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
42
Shares
Preferred
Stock
(1.1%)
Value
Utilities
(0.2%)
3,346
AES
Corporation,
Convertible,
6.875%
$
295,686
1,610
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
79,695
5,200
CMS
Energy
Corporation,
4.200%
j
88,920
939
NextEra
Energy,
Inc.,
Convertible,
5.279%
46,744
314
NiSource,
Inc.,
Convertible,
7.750%
31,585
3,425
Southern
Company,
4.950%
70,692
Total
613,322
Total
Preferred
Stock
(cost
$4,870,443)
4,189,787
Shares
or
Principal
Amount
Short-Term
Investments
(
13
.0
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
700,000
2.430%,
10/14/2022
m,n
699,352
100,000
3.250%,
12/14/2022
m,n
99,311
900,000
3.440%,
12/21/2022
m,n
893,288
Thrivent
Core
Short-Term
Reserve
Fund
4,903,271
3.170%
49,032,708
U.S.
Treasury
Bills
100,000
2.418%,
10/20/2022
m,o
99,879
700,000
2.532%,
10/25/2022
m,p
698,916
100,000
2.380%,
10/27/2022
m,o
99,828
500,000
2.576%,
11/17/2022
m
498,219
Total
Short-Term
Investments
(cost
$52,113,090)
52,121,501
Total
Investments
(cost
$447,479,116)
106.7%
$
426,789,048
Other
Assets
and
Liabilities,
Net
(6.7%)
(
26,942,343
)
Total
Net
Assets
100.0%
$
399,846,705
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
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,
2022,
the
value
of
these
investments
was
$43,696,233
or
10.9%
of
total
net
assets.
g
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
September
30,
2022.
h
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
i
All
or
a
portion
of
the
security
is
on
loan.
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
Non-income
producing
security.
m
The
interest
rate
shown
reflects
the
yield.
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.
p
At
September
30,
2022,
$519,194
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
Balanced
Income
Plus
Portfolio
as
of
September
30,
2022
was
$173,385
or
0.04%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
College
Avenue
Student
Loans,
LLC,
11/26/2046
7/11/2017
$
109,879
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
67,214
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
1,639,926
Common
Stock
2,927,536
Total
lending
$4,567,462
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$4,695,722
Net
amounts
due
to
counterparty
$128,260
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
43
x
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
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
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(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,
2022,
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
5,966,208
4,778,456
1,187,752
Capital
Goods
7,845,898
5,846,536
1,999,362
Communications
Services
8,495,423
7,820,571
674,852
Consumer
Cyclical
5,437,154
5,437,154
Consumer
Non-Cyclical
4,506,712
3,898,998
607,714
Energy
1,803,730
1,803,730
Financials
2,033,280
1,868,630
164,650
Technology
2,133,994
1,888,354
245,640
Transportation
2,221,845
2,108,632
113,213
Utilities
478,913
478,913
Long-Term
Fixed
Income
Asset-Backed
Securities
14,164,765
13,633,736
531,029
Basic
Materials
2,021,022
2,021,022
Capital
Goods
4,460,361
4,460,361
Collateralized
Mortgage
Obligations
12,439,242
11,997,662
441,580
Commercial
Mortgage-Backed
Securities
1,809,099
1,809,099
Communications
Services
5,800,251
5,800,251
Consumer
Cyclical
7,512,084
7,512,084
Consumer
Non-Cyclical
6,767,149
6,767,149
Energy
6,277,321
6,277,321
Financials
21,192,656
21,192,656
Foreign
Government
65,251
65,251
Mortgage-Backed
Securities
51,003,938
51,003,938
Technology
5,008,981
5,008,981
Transportation
1,846,982
1,846,982
U.S.
Government
&
Agencies
12,837,916
12,837,916
Utilities
3,238,638
3,238,638
Common
Stock
Communications
Services
8,020,520
8,015,701
4,819
Consumer
Discretionary
13,027,697
12,898,449
129,248
Consumer
Staples
5,563,144
5,563,144
Energy
6,445,595
6,445,595
Financials
16,120,153
15,801,232
318,921
Health
Care
17,196,874
17,196,874
Industrials
14,559,159
14,291,201
267,958
Information
Technology
22,533,698
22,137,350
396,348
Materials
5,009,972
4,823,143
186,829
Real
Estate
3,357,013
3,357,013
Utilities
4,208,134
4,208,134
Preferred
Stock
Communications
Services
321,027
321,027
Consumer
Non-Cyclical
564,601
564,601
Energy
166,657
166,657
Financials
2,524,180
2,163,680
112,000
248,500
Utilities
613,322
613,322
Registered
Investment
Companies
Unaffiliated
4,092,131
4,056,736
35,395
Short-Term
Investments
3,088,793
3,088,793
Subtotal
Investments
in
Securities
$
324,781,483
$
122,623,859
$
195,778,689
$
6,378,935
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
48,279,135
Affiliated
Short-Term
Investments
49,032,708
Collateral
Held
for
Securities
Loaned
4,695,722
Subtotal
Other
Investments
$
102,007,565
Total
Investments
at
Value
$
426,789,048
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(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
1,279,227
1,279,227
Total
Asset
Derivatives
$
1,279,227
$
1,279,227
$
$
Liability
Derivatives
Futures
Contracts
2,118,260
2,118,260
Credit
Default
Swaps
13,315
13,315
Total
Liability
Derivatives
$
2,131,575
$
2,118,260
$
13,315
$
The
following
table
presents
Balanced
Income
Plus
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$1,691,951
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
27
December
2022
$
3,178,704
(
$
153,016
)
CBOT
2-Yr.
U.S.
Treasury
Note
61
December
2022
12,731,999
(
203,171
)
CBOT
5-Yr.
U.S.
Treasury
Note
38
December
2022
4,225,837
(
140,541
)
CBOT
U.S.
Long
Bond
52
December
2022
7,120,920
(
547,795
)
CME
E-mini
S&P
500
Index
22
December
2022
4,425,592
(
463,942
)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
51
December
2022
7,534,224
(
547,224
)
Ultra
10-Yr.
U.S.
Treasury
Note
9
December
2022
1,128,930
(
62,571
)
Total
Futures
Long
Contracts
$
40,346,206
(
$
2,118,260
)
CME
E-mini
Russell
2000
Index
(
75
)
December
2022
(
$
6,945,293
)
$
683,544
CME
E-mini
S&P
Mid-Cap
400
Index
(
19
)
December
2022
(
4,671,306
)
475,726
ICE
mini
MSCI
EAFE
Index
(
13
)
December
2022
(
1,199,347
)
119,957
Total
Futures
Short
Contracts
(
$
12,815,946
)
$
1,279,227
Total
Futures
Contracts
$
27,530,260
(
$
839,033
)
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
46
The
following
table
presents
Balanced
Income
Plus
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$199,708
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
1,900,000
$
(
$
13,315
)
(
$
13,315
)
Total
Credit
Default
Swaps
$
(
$
13,315
)
(
$
13,315
)
1
As
the
buyer
of
protection,
Balanced
Income
Plus
Portfolio
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Balanced
Income
Plus
Portfolio
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Balanced
Income
Plus
Portfolio
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
Balanced
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
47
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
30,274
$
1,102
$
$
23,300
3,291
5.8%
Core
International
Equity
40,373
4,199
24,979
3,227
6.2
Total
Affiliated
Registered
Investment
Companies
70,647
48,279
12.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
94,175
99,588
144,730
49,033
4,903
12.2
Total
Affiliated
Short-Term
Investments
94,175
49,033
12.2
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,983
51,320
50,607
4,696
4,696
1.2
Total
Collateral
Held
for
Securities
Loaned
3,983
4,696
1.2
Total
Value
$
168,805
$
102,008
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
($8,076)
$
$
1,103
Core
International
Equity
(570)
(10,625)
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
0
0
660
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
1,763
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
42
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
42
Total
Value
($570)
($18,701)
$
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Bank
Loans
(
10
.0
%
)
a
Value
Basic
Materials
(1.4%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
940,275
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
841,546
Gemini
HDPE,
LLC,
Term
Loan
669,731
5.810%, 
(LIBOR
3M
+
3.000%),
12/31/2027
b
639,593
Grinding
Media,
Inc.,
Term
Loan
945,450
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
841,451
Groupe
Solmax,
Inc.,
Term
Loan
825,639
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
728,626
Herens
US
Holdco
Corporation,
Term
Loan
864,112
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
766,899
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
570,687
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
530,739
INEOS
US
Petrochem,
LLC,
Term
Loan
750,500
5.865%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
698,280
Innophos
Holdings,
Inc.,
Term
Loan
487,500
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
471,047
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
454,572
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
410,819
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
449,887
6.370%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
435,829
Natgasoline,
LLC,
Term
Loan
577,500
6.625%, 
(LIBOR
1M
+
3.500%),
11/14/2025
b,c
551,512
Nouryon
USA,
LLC,
Term
Loan
916,127
5.865%, 
(LIBOR
1M
+
2.750%),
10/1/2025
b
857,724
Sparta
US
HoldCo,
LLC,
Term
Loan
138,950
5.803%, 
(LIBOR
1M
+
3.250%),
8/2/2028
b
131,569
Spectrum
Group
Buyer,
Inc.,
Term
Loan
1,176,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
1,127,855
Venator
Finance
SARL,
Term
Loan
559,690
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
484,831
Total
9,518,320
Capital
Goods
(1.8%)
ACProducts
Holdings,
Inc.,
Term
Loan
883,813
7.325%, 
(LIBOR
3M
+
4.250%),
5/17/2028
b
648,745
Advanced
Drainage
Systems,
Inc.,
Term
Loan
83,285
4.862%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b
83,285
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Capital
Goods
(1.8%)
-
continued
AZZ,
Inc.,
Term
Loan
$
256,640
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
$
249,369
Bingo
Industries,
Ltd.,
Term
Loan
341,550
7.174%, 
(LIBOR
3M
+
3.500%),
8/9/2028
b
306,968
BW
Holding,
Inc.,
Term
Loan
1,073,138
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
987,287
CP
Atlas
Buyer,
Inc.,
Term
Loan
576,378
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
499,720
EnergySolutions,
LLC,
Term
Loan
385,057
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
355,577
Foley
Products
Company,
LLC,
Term
Loan
776,031
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
733,349
GFL
Environmental,
Inc.,
Term
Loan
756,525
5.806%, 
(LIBOR
3M
+
3.000%),
5/31/2025
b
747,356
LABL,
Inc.,
Term
Loan
230,756
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
207,501
LRS
Holdings,
LLC,
Term
Loan
459,528
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
434,253
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
484,322
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
439,924
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
925,339
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
859,992
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
491,250
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
469,055
Quikrete
Holdings
Inc.,
Term
Loan
562,175
6.115%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
539,924
Secure
Acquisition,
Inc.,
Delayed
Draw
73,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
68,255
Secure
Acquisition,
Inc.,
Term
Loan
488,545
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
456,790
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
779,048
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
742,043
Tiger
Acquisition,
LLC,
Term
Loan
306,900
6.365%, 
(LIBOR
1M
+
3.250%),
6/1/2028
b
283,115
TransDigm,
Inc.,
Term
Loan
1,716,462
5.924%, 
(LIBOR
3M
+
2.250%),
12/9/2025
b
1,641,865
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Capital
Goods
(1.8%)
-
continued
TricorBraun
Holdings,
Inc.,
Term
Loan
$
879,142
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
$
823,976
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
72,087
6.300%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
68,158
Trident
TPI
Holdings,
Inc.,
Term
Loan
497,475
7.674%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b
470,363
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
509,850
7.865%, 
(LIBOR
1M
+
4.750%),
8/12/2028
b
499,653
Total
12,616,523
Communications
Services
(2.1%)
Allen
Media,
LLC,
Term
Loan
275,102
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
236,931
Audacy
Capital
Corporation,
Term
Loan
616,775
5.613%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
509,944
Cablevision
Lightpath,
LLC,
Term
Loan
702,488
6.068%, 
(LIBOR
1M
+
3.250%),
12/1/2027
b
671,318
Cengage
Learning,
Inc.,
Term
Loan
930,600
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
840,304
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
748,835
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
666,696
CMG
Media
Corporation,
Term
Loan
913,725
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
853,574
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
733,254
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
705,756
DIRECTV
Financing,
LLC,
Term
Loan
973,700
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
904,694
E.W.
Scripps
Company,
Term
Loan
282,225
5.865%, 
(LIBOR
1M
+
2.750%),
1/7/2028
b
272,449
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
794,938
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
769,698
Gridiron
Fiber
Corporation,
Term
Loan
503,470
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
455,328
iHeartCommunications,
Inc.,
Term
Loan
511,359
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
479,215
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Communications
Services
(2.1%)
-
continued
Metronet
Systems
Holdings,
LLC,
Term
Loan
$
838,845
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
$
786,418
NEP
Group,
Inc.,
Term
Loan
967,373
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
889,984
253,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
227,953
Nexstar
Media,
Inc.,
Term
Loan
721,165
5.615%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
710,088
ORBCOMM,
Inc.,
Term
Loan
499,950
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
456,619
RLG
Holdings,
LLC,
Term
Loan
509,944
7.115%, 
(LIBOR
1M
+
4.000%),
7/8/2028
b
478,496
Univision
Communications,
Inc.,
Term
Loan
467,650
6.365%, 
(LIBOR
1M
+
3.250%),
1/31/2029
b
446,166
Voyage
Australia,
Pty.
Ltd.,
Term
Loan
475,200
6.210%, 
(LIBOR
3M
+
3.500%),
7/20/2028
b
456,491
Voyage
Digital
NZ/US,
Term
Loan
780,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
757,575
Xplornet
Communications,
Inc.,
Term
Loan
499,950
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
438,581
445,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
386,038
Zayo
Group
Holdings,
Inc.,
Term
Loan
1,416,355
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
1,179,300
Total
14,579,616
Consumer
Cyclical
(1.3%)
Adient
US,
LLC,
Term
Loan
246,875
6.365%, 
(LIBOR
1M
+
3.250%),
4/8/2028
b
232,527
American
Trailer
World
Corporation,
Term
Loan
813,943
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
736,277
Caesars
Resort
Collection,
LLC,
Term
Loan
240,036
6.615%, 
(LIBOR
1M
+
3.500%),
7/20/2025
b
236,160
Carnival
Corporation,
Term
Loan
462,897
5.877%, 
(LIBOR
3M
+
3.000%),
6/30/2025
b
418,922
CNT
Holdings
I
Corporation,
Term
Loan
467,875
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
444,898
135,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
127,237
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Consumer
Cyclical
(1.3%)
-
continued
Golden
Entertainment,
Inc.,
Term
Loan
$
1,107,610
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
$
1,094,319
Great
Canadian
Gaming
Corporation,
Term
Loan
320,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
304,800
HRNI
Holdings,
LLC,
Term
Loan
428,275
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
405,791
PetSmart,
LLC,
Term
Loan
1,113,750
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
1,051,569
Prime
Security
Services
Borrower,
LLC,
Term
Loan
2,083,275
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
2,014,589
Staples,
Inc.,
Term
Loan
261,518
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
244,357
433,848
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
379,434
Tenneco,
Inc.,
Term
Loan
697,457
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
685,691
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
382,525
4.865%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
371,868
Total
8,748,439
Consumer
Non-Cyclical
(1.1%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
577,927
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
535,669
Alltech,
Inc.,
Term
Loan
445,632
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
426,323
Blue
Ribbon,
LLC,
Term
Loan
612,750
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
521,603
Chobani,
LLC,
Term
Loan
362,600
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
329,288
City
Brewing
Company,
LLC,
Term
Loan
1,134,116
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
880,834
Del
Monte
Foods,
Inc.,
Term
Loan
293,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
280,058
Gainwell
Acquisition
Corporation,
Term
Loan
925,865
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
880,266
Global
Medical
Response,
Inc.,
Term
Loan
233,386
7.365%, 
(LIBOR
1M
+
4.250%),
3/14/2025
b
201,545
2,232,280
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
1,929,806
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Mamba
Purchaser,
Inc.,
Term
Loan
$
90,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
$
85,050
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
458,347
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
434,664
Pegasus
Bidco
BV,
Term
Loan
409,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
389,912
Precision
Medicine
Group,
LLC,
Delayed
Draw
34,246
0.000%, 
(LIBOR
1M
+
3.750%),
11/20/2027
b,c,d,e
31,592
Precision
Medicine
Group,
LLC,
Term
Loan
748,189
3.234%, 
(LIBOR
2M
+
3.000%),
11/20/2027
b,c
690,205
Sharp
Services,
LLC,
Term
Loan
187,060
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
175,836
Total
7,792,651
Energy
(0.4%)
CQP
Holdco,
LP,
Term
Loan
1,115,875
7.424%, 
(LIBOR
3M
+
3.750%),
6/4/2028
b
1,074,956
Freeport
LNG
Investments,
LLP,
Term
Loan
860,399
6.210%, 
(LIBOR
3M
+
3.500%),
12/21/2028
b
794,639
GIP
II
Blue
Holding,
LP,
Term
Loan
712,727
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
700,610
GIP
III
Stetson
I,
LP,
Term
Loan
672,713
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
640,343
Total
3,210,548
Financials
(0.5%)
Asurion,
LLC,
Term
Loan
304,575
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
257,558
985,000
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
828,877
630,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
472,500
480,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
364,800
Novae,
LLC,
Term
Loan
1,164,150
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
1,076,839
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
293,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
271,025
Total
3,271,599
Technology
(0.5%)
CommScope,
Inc.,
Term
Loan
1,231,900
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
1,134,888
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Technology
(0.5%)
-
continued
Rackspace
Technology
Global,
Inc.,
Term
Loan
$
1,339,600
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
$
949,723
Redstone
Holdco
2
LP,
Term
Loan
456,700
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
336,588
263,036
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
207,964
SS&C
Technologies,
Inc.,
Term
Loan
95,609
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
92,348
74,650
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
72,103
Venga
Finance
SARL,
Term
Loan
463,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
425,960
Total
3,219,574
Transportation
(0.7%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
1,590,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
1,537,530
Air
Canada,
Term
Loan
328,177
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
311,476
Genesee
&
Wyoming,
Inc.,
Term
Loan
970,125
5.674%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
941,681
Hertz
Corporation,
Term
Loan
246,875
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
233,144
47,115
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
44,495
Rinchem
Company,
LLC,
Term
Loan
194,513
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
185,516
SkyMiles
IP,
Ltd.,
Term
Loan
950,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
950,741
United
Airlines,
Inc.,
Term
Loan
472,800
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
450,408
Total
4,654,991
Utilities
(0.2%)
Calpine
Corporation,
Term
Loan
908,813
5.620%, 
(LIBOR
1M
+
2.500%),
12/16/2027
b
876,441
Constellation
Renewables,
LLC,
Term
Loan
268,958
5.570%, 
(LIBOR
3M
+
2.500%),
12/15/2027
b
262,839
Osmose
Utilities
Services,
Inc.,
Term
Loan
198,000
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
181,170
Principal
Amount
Bank
Loans
(10.0%)
a
Value
Utilities
(0.2%)
-
continued
PG&E
Corporation,
Term
Loan
$
463,961
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
$
442,851
Total
1,763,301
Total
Bank
Loans
(cost
$75,047,210)
69,375,562
Principal
Amount
Long-Term
Fixed
Income
(
60
.5
%
)
Value
Asset-Backed
Securities
(5.1%)
510
Asset
Backed
Trust
600,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
548,045
1,049,283
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
f,g
972,174
550,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
f,g
497,032
522
Funding
CLO,
Ltd.
1,000,000
5.110%, 
(LIBOR
3M
+
2.400%),
4/20/2030,
Ser.
2019-4A,
Class
CR
b,f
937,157
Affirm
Asset
Securitization
Trust
700,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,f
675,856
Amur
Equipment
Finance
Receivables
XI,
LLC
700,000
5.300%, 
6/21/2028,
Ser.
2022-2A,
Class
A2
f
695,768
Anchorage
Capital
CLO
21,
Ltd.
875,000
5.110%, 
(LIBOR
3M
+
2.400%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,f
793,867
Ares
XL
CLO,
Ltd.
825,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
734,210
Babson
CLO,
Ltd.
1,780,000
5.610%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,f
1,608,696
Bankers
Healthcare
Group
Securitization
Trust
700,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
f
698,250
Barings
CLO,
Ltd.
400,000
5.860%, 
(LIBOR
3M
+
3.150%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,f
360,176
Benefit
Street
Partners
CLO
II,
Ltd.
750,000
4.412%, 
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,f
706,490
Benefit
Street
Partners
CLO,
Ltd.
400,000
4.662%, 
(LIBOR
3M
+
2.150%),
7/15/2032,
Ser.
2019-17A,
Class
CR
b,f
363,719
Business
Jet
Securities,
LLC
278,541
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
f
254,045
953,413
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
f
879,693
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Asset-Backed
Securities
(5.1%)
-
continued
CarVal
CLO
VIII-C,
Ltd.
$
750,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,f
$
750,000
CarVal
CLO,
Ltd.
1,250,000
4.880%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
b,f
1,154,583
Dewolf
Park
CLO,
Ltd.
700,000
5.362%, 
(LIBOR
3M
+
2.850%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,f
624,100
Dryden
36
Senior
Loan
Fund
750,000
4.562%, 
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,f
707,708
FirstKey
Homes
Trust
900,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
f
800,484
Galaxy
XIX
CLO,
Ltd.
350,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,f
317,742
Harley
Marine
Financing,
LLC
1,167,038
6.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
f
1,137,523
Longfellow
Place
CLO,
Ltd.
1,550,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
1,489,406
Madison
Park
Funding
XXI,
Ltd.
850,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2032,
Ser.
2016-21A,
Class
BRR
b,f
783,867
Mountain
View
CLO,
Ltd.
230,000
5.090%, 
(LIBOR
3M
+
2.350%),
10/16/2029,
Ser.
2017-1A,
Class
CR
b,f
216,599
Neuberger
Berman
CLO,
Ltd.
1,225,000
5.512%, 
(LIBOR
3M
+
3.000%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,f
1,097,208
OCP
CLO,
Ltd.
925,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,f
841,707
OZLM
VIII,
Ltd.
1,000,000
4.390%, 
(LIBOR
3M
+
1.650%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
b,f
947,575
Pagaya
AI
Technology
in
Housing
Trust
1,100,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
f
1,017,965
Pretium
Mortgage
Credit
Partners,
LLC
1,250,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
f,g
1,153,625
950,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
f,g
875,281
1,000,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
f,g
871,708
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Asset-Backed
Securities
(5.1%)
-
continued
Progress
Residential
Trust
$
1,500,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
f
$
1,353,581
Renaissance
Home
Equity
Loan
Trust
1,130,711
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
g
457,932
Saxon
Asset
Securities
Trust
399,056
3.243%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
332,150
Sculptor
CLO,
Ltd.
625,000
5.110%, 
(LIBOR
3M
+
2.400%),
1/20/2035,
Ser.
28A,
Class
C
b,f
565,257
TCI-Flatiron
CLO,
Ltd.
1,700,000
4.581%, 
(TSFR3M
+
2.100%),
1/17/2032,
Ser.
2016-1A,
Class
CR3
b,f
1,571,676
VCAT
Asset
Securitization,
LLC
250,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
f,g
235,514
Vericrest
Opportunity
Loan
Transferee
950,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
f,g
815,700
1,150,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
996,983
790,000
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
f,g
644,437
225,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
193,385
1,250,000
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
f,g
1,064,002
275,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
f,g
248,644
Whitebox
CLO
III,
Ltd.
725,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,f
652,085
Wind
River
CLO,
Ltd.
725,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
672,904
Total
35,316,509
Basic
Materials
(1.0%)
Alcoa
Nederland
Holding
BV
420,000
5.500%, 
12/15/2027
f
391,713
Anglo
American
Capital
plc
70,000
3.875%, 
3/16/2029
f
60,152
Avient
Corporation
98,000
7.125%, 
8/1/2030
f
90,447
Cascades
USA,
Inc.
210,000
5.125%, 
1/15/2026
f
190,122
Chemours
Company
290,000
5.750%, 
11/15/2028
f
237,197
Cleveland-Cliffs,
Inc.
250,000
5.875%, 
6/1/2027
224,974
160,000
4.625%, 
3/1/2029
f,h
134,400
Consolidated
Energy
Finance
SA
483,000
5.625%, 
10/15/2028
f
387,462
Ecolab,
Inc.
119,000
2.125%, 
2/1/2032
93,955
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Basic
Materials
(1.0%)
-
continued
EverArc
Escrow
Sarl
$
237,000
5.000%, 
10/30/2029
f
$
191,317
First
Quantum
Minerals,
Ltd.
513,000
6.875%, 
10/15/2027
f
461,700
Freeport-McMoRan,
Inc.
283,000
4.625%, 
8/1/2030
247,973
Glencore
Funding,
LLC
147,000
4.000%, 
3/27/2027
f
136,928
Hecla
Mining
Company
120,000
7.250%, 
2/15/2028
111,324
Hudbay
Minerals,
Inc.
280,000
4.500%, 
4/1/2026
f
232,786
Ingevity
Corporation
430,000
3.875%, 
11/1/2028
f
355,518
LYB
International
Finance
III,
LLC
135,000
1.250%, 
10/1/2025
118,621
Mercer
International,
Inc.
270,000
5.125%, 
2/1/2029
215,158
Methanex
Corporation
274,000
4.250%, 
12/1/2024
262,725
Mosaic
Company
171,000
4.050%, 
11/15/2027
159,126
Novelis
Corporation
110,000
3.250%, 
11/15/2026
f
91,820
160,000
4.750%, 
1/30/2030
f
131,200
110,000
3.875%, 
8/15/2031
f
82,051
Nutrien,
Ltd.
188,000
4.000%, 
12/15/2026
178,251
OCI
NV
195,000
4.625%, 
10/15/2025
f
181,152
Olin
Corporation
500,000
5.125%, 
9/15/2027
451,810
SCIL
USA
Holdings,
LLC
297,000
5.375%, 
11/1/2026
f
229,432
Sherwin-Williams
Company
93,000
4.250%, 
8/8/2025
90,774
SPCM
SA
286,000
3.375%, 
3/15/2030
f
223,266
SunCoke
Energy,
Inc.
309,000
4.875%, 
6/30/2029
f
238,242
Taseko
Mines,
Ltd.
211,000
7.000%, 
2/15/2026
f
167,745
Unifrax
Escrow
Issuer
Corporation
261,000
5.250%, 
9/30/2028
f
200,445
United
States
Steel
Corporation
474,000
6.875%, 
3/1/2029
h
430,795
Westlake
Corporation
98,000
3.600%, 
8/15/2026
91,133
Total
7,091,714
Capital
Goods
(2.1%)
Advanced
Drainage
Systems,
Inc.
300,000
6.375%, 
6/15/2030
f
290,655
AECOM
450,000
5.125%, 
3/15/2027
419,987
Amsted
Industries,
Inc.
315,000
5.625%, 
7/1/2027
f
289,800
ARD
Finance
SA
93,000
6.500%, 
6/30/2027
f
63,677
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
295,000
5.250%, 
8/15/2027
f
184,590
116,000
5.250%, 
8/15/2027
f
72,585
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Capital
Goods
(2.1%)
-
continued
Boeing
Company
$
255,000
4.875%, 
5/1/2025
$
248,806
166,000
2.196%, 
2/4/2026
147,315
147,000
3.250%, 
3/1/2028
127,261
196,000
5.150%, 
5/1/2030
181,309
Bombardier,
Inc.
176,000
7.125%, 
6/15/2026
f
161,422
347,000
7.875%, 
4/15/2027
f,h
319,240
245,000
6.000%, 
2/15/2028
f
204,985
Builders
FirstSource,
Inc.
185,000
5.000%, 
3/1/2030
f
157,250
Canpack
SA/Canpack
US
LLC
390,000
3.125%, 
11/1/2025
f
339,173
Carrier
Global
Corporation
147,000
2.722%, 
2/15/2030
121,339
Chart
Industries,
Inc.,
Convertible
202,000
1.000%, 
11/15/2024
f
634,846
Clydesdale
Acquisition
Holdings,
Inc.
39,000
6.625%, 
4/15/2029
f
35,488
79,000
8.750%, 
4/15/2030
f
65,335
CNH
Industrial
Capital,
LLC
67,000
1.950%, 
7/2/2023
65,578
Cornerstone
Building
Brands,
Inc.
202,000
6.125%, 
1/15/2029
f
112,716
Covert
Mergeco,
Inc.
180,000
4.875%, 
12/1/2029
f
145,487
CP
Atlas
Buyer,
Inc.
250,000
7.000%, 
12/1/2028
f,h
186,230
Crown
Cork
&
Seal
Company,
Inc.
237,000
7.375%, 
12/15/2026
237,000
General
Electric
Capital
Corporation
140,000
6.750%, 
3/15/2032
151,266
General
Electric
Company
495,000
6.623%, 
(LIBOR
3M
+
3.330%),
12/15/2022
b,i
462,916
GFL
Environmental,
Inc.
233,000
4.000%, 
8/1/2028
f
194,201
383,000
3.500%, 
9/1/2028
f
322,988
Greenbrier
Companies,
Inc.,
Convertible
219,000
2.875%, 
4/15/2028
171,805
H&E
Equipment
Services,
Inc.
486,000
3.875%, 
12/15/2028
f
381,510
Herc
Holdings,
Inc.
260,000
5.500%, 
7/15/2027
f
234,000
Howmet
Aerospace,
Inc.
146,000
6.875%, 
5/1/2025
147,064
628,000
3.000%, 
1/15/2029
513,051
Huntington
Ingalls
Industries,
Inc.
147,000
4.200%, 
5/1/2030
129,707
Itron,
Inc.,
Convertible
375,000
Zero
Coupon, 
3/15/2026
292,875
JELD-WEN,
Inc.
118,000
4.625%, 
12/15/2025
f
95,580
John
Deere
Capital
Corporation
184,000
2.800%, 
7/18/2029
160,954
91,000
3.900%, 
6/7/2032
83,484
Kaman
Corporation,
Convertible
116,000
3.250%, 
5/1/2024
108,866
KBR,
Inc.,
Convertible
340,000
2.500%, 
11/1/2023
590,920
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
54
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Capital
Goods
(2.1%)
-
continued
Mauser
Packaging
Solutions
Holding
Company
$
240,000
5.500%, 
4/15/2024
f
$
228,000
290,000
7.250%, 
4/15/2025
f
255,104
MIWD
Holdco
II,
LLC
158,000
5.500%, 
2/1/2030
f
117,018
Nesco
Holdings
II,
Inc.
295,000
5.500%, 
4/15/2029
f
245,879
New
Enterprise
Stone
and
Lime
Company,
Inc.
370,000
5.250%, 
7/15/2028
f
305,814
OI
European
Group
BV
335,000
4.750%, 
2/15/2030
f
266,325
Otis
Worldwide
Corporation
122,000
2.056%, 
4/5/2025
112,851
Owens-Brockway
Glass
Container,
Inc.
114,000
5.875%, 
8/15/2023
f
112,575
Pactiv
Evergreen
Group
225,000
4.375%, 
10/15/2028
f
186,061
Parker-Hannifin
Corporation
87,000
2.700%, 
6/14/2024
83,754
Patrick
Industries,
Inc.,
Convertible
149,000
1.000%, 
2/1/2023
145,734
150,000
1.750%, 
12/1/2028
f
108,562
PGT
Innovations,
Inc.
298,000
4.375%, 
10/1/2029
f
244,450
Raytheon
Technologies
Corporation
202,000
4.125%, 
11/16/2028
188,730
Republic
Services,
Inc.
79,000
3.950%, 
5/15/2028
73,925
SRM
Escrow
Issuer,
LLC
435,000
6.000%, 
11/1/2028
f
353,542
Sunpower
Corporation,
Convertible
275,000
4.000%, 
1/15/2023
298,925
Textron,
Inc.
147,000
3.650%, 
3/15/2027
135,039
Titan
Acquisition,
Ltd.
125,000
7.750%, 
4/15/2026
f
98,804
TransDigm,
Inc.
220,000
6.250%, 
3/15/2026
f
213,400
820,000
5.500%, 
11/15/2027
713,154
United
Rentals
North
America,
Inc.
340,000
4.875%, 
1/15/2028
311,726
240,000
4.000%, 
7/15/2030
198,262
Victors
Merger
Corporation
138,000
6.375%, 
5/15/2029
f
82,609
Waste
Connections,
Inc.
46,000
3.200%, 
6/1/2032
38,512
Waste
Pro
USA,
Inc.
140,000
5.500%, 
2/15/2026
f
122,994
WESCO
Distribution,
Inc.
400,000
7.250%, 
6/15/2028
f
391,781
Total
14,486,791
Collateralized
Mortgage
Obligations
(4.7%)
Alternative
Loan
Trust
391,298
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
231,827
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
Banc
of
America
Alternative
Loan
Trust
$
852,280
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
$
726,567
Banc
of
America
Mortgage
Securities
Trust
338,936
2.979%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
312,269
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
28,424
5.230%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
27,269
CHL
Mortgage
Pass-Through
Trust
172,943
2.900%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
170,559
773,413
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
447,515
CHNGE
Mortgage
Trust
1,171,476
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
b,f
1,083,860
1,163,172
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
b,f
1,111,578
648,967
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
b,f
623,408
775,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,f
757,184
Citigroup
Mortgage
Loan
Trust,
Inc.
56,622
2.524%, 
3/25/2037,
Ser.
2007-AR4,
Class
2A1A
b
53,690
807,535
3.001%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
702,804
Colony
American
Finance,
Ltd.
950,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
f
857,453
Countrywide
Alternative
Loan
Trust
401,528
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
339,015
187,330
2.539%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
158,549
167,353
2.852%, 
10/25/2035,
Ser.
2005-43,
Class
1A1
b
150,790
216,916
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
173,103
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
281,806
2.488%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
244,164
Credit
Suisse
Mortgage
Trust
650,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,f
634,423
421,135
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,f
358,596
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
607,515
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
541,315
Federal
Home
Loan
Mortgage
Corporation
1,479,922
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
j
172,586
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
55
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
$
1,587,104
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
$
1,534,725
4,438,404
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
j
387,044
24,009
2.500%, 
12/15/2022,
Ser.
4155,
Class
AI
j
19
233,883
2.500%, 
5/15/2027,
Ser.
4106,
Class
HI
j
7,140
971,640
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
j
40,943
811,507
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
j
38,444
1,287,632
3.000%, 
7/15/2027,
Ser.
4074,
Class
IO
j
64,124
386,387
2.500%, 
2/15/2028,
Ser.
4162,
Class
AI
j
17,923
874,341
2.500%, 
2/15/2028,
Ser.
4161,
Class
UI
j
39,732
1,295,419
2.500%, 
3/15/2028,
Ser.
4177,
Class
EI
j
61,276
1,243,557
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
j
139,236
813,698
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
j
80,379
1,573,761
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
j
97,084
Federal
National
Mortgage
Association
-
REMIC
1,114,134
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,091,448
2,417,569
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
2,327,829
1,561,002
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
j
67,020
1,079,591
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
j
42,109
1,906,124
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
j
69,966
1,063,661
3.500%, 
9/25/2027,
Ser.
2012-98,
Class
YI
j
52,108
2,907,348
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
j
152,771
1,449,585
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
j
61,567
777,965
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
j
34,408
1,957,462
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
j
83,119
593,050
2.500%, 
2/25/2028,
Ser.
2013-46,
Class
CI
j
23,023
1,077,902
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
j
53,984
382,035
3.000%, 
4/25/2028,
Ser.
2013-30,
Class
DI
j
19,994
1,363,328
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
j
51,958
1,174,782
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
j
110,689
1,150,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
1,128,482
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
First
Horizon
Alternative
Mortgage
Securities
Trust
$
145,562
2.745%, 
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
$
130,289
146,977
3.329%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
134,520
Flagstar
Mortgage
Trust
432,240
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
372,942
GCAT
Trust
522,817
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
f,g
499,729
Genworth
Mortgage
Insurance
Corporation
692,931
4.181%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,f
687,555
GMAC
Mortgage
Corporation
Loan
Trust
304,698
3.214%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
275,565
Government
National
Mortgage
Association
282,309
4.000%, 
1/16/2027,
Ser.
2012-3,
Class
IO
j
11,176
Home
RE,
Ltd.
850,000
5.781%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
b,f
823,576
IndyMac
IMJA
Mortgage
Loan
Trust
560,685
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
269,895
J.P.
Morgan
Mortgage
Trust
545,232
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
424,987
71,893
6.500%, 
1/25/2035,
Ser.
2005-S1,
Class
1A2
70,297
333,825
2.949%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
267,035
Legacy
Mortgage
Asset
Trust
773,088
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
f,g
753,880
Merrill
Lynch
Alternative
Note
Asset
Trust
509,187
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
217,420
MortgageIT
Trust
1,406,314
3.544%, 
(LIBOR
1M
+
0.460%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
1,295,354
Preston
Ridge
Partners
Mortgage
Trust,
LLC
325,000
3.474%, 
7/25/2026,
Ser.
2021-6,
Class
A2
f,g
295,342
Radnor
RE
2022-1,
Ltd.
775,000
5.933%, 
(SOFR30A
+
3.750%),
9/25/2032,
Ser.
2022-1,
Class
M1A
b,f
771,882
Radnor
Re,
Ltd.
1,700,000
5.784%, 
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,f
1,686,951
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
56
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
Residential
Accredit
Loans,
Inc.
Trust
$
373,803
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
$
310,945
237,613
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
190,579
231,759
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
193,017
Residential
Asset
Securitization
Trust
287,275
2.296%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
271,481
870,296
5.500%, 
4/25/2035,
Ser.
2005-A1,
Class
A3
800,757
Residential
Funding
Mortgage
Security
I
Trust
504,836
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
394,269
ROC
Securities
Trust
Series
900,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
842,272
Sequoia
Mortgage
Trust
432,902
3.034%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
307,154
Starwood
Mortgage
Residential
Trust
331,304
3.970%, 
4/25/2060,
Ser.
2020-2,
Class
A2
b,f
330,043
Structured
Adjustable
Rate
Mortgage
Loan
Trust
167,399
3.681%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
145,595
Toorak
Mortgage
Corporation,
Ltd.
789,850
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
f,g
785,013
Verus
Securitization
Trust
964,943
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
b,f
810,310
WaMu
Mortgage
Pass-Through
Certificates
157,369
2.422%, 
5/25/2033,
Ser.
2003-AR4,
Class
A7
b
151,004
Washington
Mutual
Mortgage
Pass-Through
Certificates
274,080
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
223,987
Total
32,501,889
Commercial
Mortgage-Backed
Securities
(0.8%)
BANK
2021-BNK36
650,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
522,228
BANK
2021-BNK37
900,000
2.618%, 
11/15/2064,
Ser.
2021-BN37,
Class
A5
b
731,217
BANK
2022-BNK39
1,275,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
1,061,216
BBCMS
Mortgage
Trust
1,267,408
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,j
56,326
350,000
2.946%, 
2/15/2055,
Ser.
2022-C14,
Class
A5
b
291,963
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Commercial
Mortgage-Backed
Securities
(0.8%)
-
continued
$
900,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
$
796,849
4,000,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,j
329,972
625,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
511,073
BFLD
Trust
950,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
902,360
Silver
Hill
Trust
396,349
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
b,f
373,120
Total
5,576,324
Communications
Services
(2.7%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
261,000
10.500%, 
2/15/2028
f
129,195
Altice
Financing
SA
130,000
5.750%, 
8/15/2029
f
99,479
Altice
France
SA
135,000
8.125%, 
2/1/2027
f
120,656
156,000
5.125%, 
7/15/2029
f
116,549
359,000
5.500%, 
10/15/2029
f
270,106
AMC
Networks,
Inc.
206,000
4.750%, 
8/1/2025
184,068
American
Tower
Corporation
96,000
3.375%, 
5/15/2024
93,468
161,000
4.400%, 
2/15/2026
156,524
96,000
1.450%, 
9/15/2026
81,839
126,000
3.800%, 
8/15/2029
110,530
AT&T,
Inc.
288,000
4.300%, 
2/15/2030
263,138
Cable
One,
Inc.,
Convertible
488,000
1.125%, 
3/15/2028
351,360
CCO
Holdings,
LLC
285,000
5.500%, 
5/1/2026
f
270,037
460,000
5.125%, 
5/1/2027
f
415,150
460,000
4.750%, 
3/1/2030
f
373,175
329,000
4.750%, 
2/1/2032
f
256,219
250,000
4.250%, 
1/15/2034
f
178,945
Cengage
Learning,
Inc.
315,000
9.500%, 
6/15/2024
f,h
295,312
Charter
Communications
Operating,
LLC
145,000
4.500%, 
2/1/2024
143,318
104,000
4.908%, 
7/23/2025
101,417
147,000
5.050%, 
3/30/2029
135,302
Clear
Channel
Worldwide
Holdings,
Inc.
239,000
5.125%, 
8/15/2027
f
201,892
237,000
7.750%, 
4/15/2028
f
178,935
Comcast
Corporation
97,000
2.350%, 
1/15/2027
86,987
210,000
3.400%, 
4/1/2030
184,699
Consolidated
Communications,
Inc.
242,000
5.000%, 
10/1/2028
f
168,292
Crown
Castle
International
Corporation
133,000
2.900%, 
3/15/2027
118,055
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
57
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Communications
Services
(2.7%)
-
continued
CSC
Holdings,
LLC
$
540,000
5.375%, 
2/1/2028
f
$
471,150
212,000
6.500%, 
2/1/2029
f
187,090
224,000
4.125%, 
12/1/2030
f
167,373
Cumulus
Media
New
Holdings,
Inc.
116,000
6.750%, 
7/1/2026
f
97,852
Deutsche
Telekom
International
Finance
BV
113,000
8.750%, 
6/15/2030
129,464
DIRECTV
Holdings,
LLC
350,000
5.875%, 
8/15/2027
f
301,738
DISH
DBS
Corporation
136,000
5.250%, 
12/1/2026
f
111,418
101,000
7.375%, 
7/1/2028
68,008
184,000
5.750%, 
12/1/2028
f
139,056
152,000
5.125%, 
6/1/2029
89,300
Entercom
Media
Corporation
368,000
6.500%, 
5/1/2027
f
90,160
Frontier
Communications
Corporation
116,000
6.750%, 
5/1/2029
f
95,700
Frontier
Communications
Holdings,
LLC
322,000
5.875%, 
10/15/2027
f
288,586
73,000
8.750%, 
5/15/2030
f
73,047
GCI,
LLC
290,000
4.750%, 
10/15/2028
f
240,774
Gray
Escrow
II,
Inc.
706,000
5.375%, 
11/15/2031
f
553,804
Gray
Television,
Inc.
270,000
4.750%, 
10/15/2030
f
202,349
Hughes
Satellite
Systems
Corporation
150,000
6.625%, 
8/1/2026
136,123
iHeartCommunications,
Inc.
290,000
4.750%, 
1/15/2028
f
241,715
Iliad
Holding
SASU
356,000
6.500%, 
10/15/2026
f
311,286
LCPR
Senior
Secured
Financing
DAC
225,000
6.750%, 
10/15/2027
f
186,750
Level
3
Financing,
Inc.
480,000
4.625%, 
9/15/2027
f
397,238
285,000
4.250%, 
7/1/2028
f
222,303
Lumen
Technologies,
Inc.
220,000
5.125%, 
12/15/2026
f
189,290
Magallanes,
Inc.
87,000
3.638%, 
3/15/2025
f
82,391
136,000
4.054%, 
3/15/2029
f
117,462
89,000
4.279%, 
3/15/2032
f
73,219
Meta
Platforms,
Inc.
92,000
3.500%, 
8/15/2027
f
86,030
Netflix,
Inc.
111,000
5.875%, 
2/15/2025
110,908
190,000
4.875%, 
4/15/2028
177,824
192,000
5.875%, 
11/15/2028
187,350
NTT
Finance
Corporation
117,000
1.162%, 
4/3/2026
f
102,200
Omnicom
Group,
Inc.
147,000
4.200%, 
6/1/2030
133,426
Paramount
Global
125,000
6.375%, 
3/30/2062
b
107,987
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Communications
Services
(2.7%)
-
continued
$
79,000
4.750%, 
5/15/2025
$
77,668
Playtika
Holding
Corporation
248,000
4.250%, 
3/15/2029
f
198,336
Radiate
Holdco,
LLC
155,000
6.500%, 
9/15/2028
f
108,112
Rogers
Communications,
Inc.
50,000
5.250%, 
3/15/2082
b,f
43,538
Scripps
Escrow
II,
Inc.
111,000
3.875%, 
1/15/2029
f
88,489
150,000
5.375%, 
1/15/2031
f
113,628
Scripps
Escrow,
Inc.
185,000
5.875%, 
7/15/2027
f
160,950
Sinclair
Television
Group,
Inc.
474,000
5.500%, 
3/1/2030
f
340,659
Sirius
XM
Radio,
Inc.
375,000
5.000%, 
8/1/2027
f
344,063
200,000
4.000%, 
7/15/2028
f
170,116
Sprint
Capital
Corporation
464,000
6.875%, 
11/15/2028
476,760
295,000
8.750%, 
3/15/2032
341,831
Sprint
Corporation
960,000
7.625%, 
2/15/2025
984,074
Take-Two
Interactive
Software,
Inc.
183,000
3.300%, 
3/28/2024
178,365
TEGNA,
Inc.
418,000
4.625%, 
3/15/2028
385,920
Telesat
Canada
150,000
4.875%, 
6/1/2027
f
70,445
55,000
6.500%, 
10/15/2027
f
20,350
T-Mobile
USA,
Inc.
113,000
3.500%, 
4/15/2025
108,001
160,000
3.875%, 
4/15/2030
141,923
40,000
2.875%, 
2/15/2031
32,234
Twitter,
Inc.
62,000
3.875%, 
12/15/2027
f
58,139
Twitter,
Inc.,
Convertible
710,000
Zero
Coupon, 
3/15/2026
h
649,951
United
States
Cellular
Corporation
250,000
6.700%, 
12/15/2033
225,071
Uniti
Fiber
Holdings,
Inc.,
Convertible
133,000
4.000%, 
6/15/2024
f
122,609
Uniti
Group,
LP
90,000
4.750%, 
4/15/2028
f
71,097
Univision
Communications,
Inc.
398,000
6.625%, 
6/1/2027
f
375,598
Verizon
Communications,
Inc.
161,000
2.100%, 
3/22/2028
135,918
147,000
3.150%, 
3/22/2030
125,036
98,000
2.550%, 
3/21/2031
78,246
194,000
2.355%, 
3/15/2032
148,764
Vodafone
Group
plc
220,000
7.000%, 
4/4/2079
b
209,352
VTR
Finance
NV
190,000
6.375%, 
7/15/2028
f
104,975
VZ
Secured
Financing
BV
398,000
5.000%, 
1/15/2032
f
297,344
Walt
Disney
Company
80,000
3.800%, 
3/22/2030
72,738
YPSO
Finance
BIS
SA
122,000
10.500%, 
5/15/2027
f
95,557
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
58
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Communications
Services
(2.7%)
-
continued
Zayo
Group
Holdings,
Inc.
$
172,000
4.000%, 
3/1/2027
f
$
138,021
Total
18,548,896
Consumer
Cyclical
(3.5%)
1011778
B.C.,
ULC
440,000
4.375%, 
1/15/2028
f
381,260
Allied
Universal
Holdco,
LLC
150,000
6.625%, 
7/15/2026
f
133,687
410,000
4.625%, 
6/1/2028
f
315,831
135,000
6.000%, 
6/1/2029
f
87,125
Allison
Transmission,
Inc.
410,000
3.750%, 
1/30/2031
f
314,302
Amazon.com,
Inc.
182,000
3.300%, 
4/13/2027
171,829
195,000
1.650%, 
5/12/2028
165,634
98,000
1.500%, 
6/3/2030
77,311
American
Axle
&
Manufacturing,
Inc.
480,000
6.500%, 
4/1/2027
h
406,800
Arko
Corporation
185,000
5.125%, 
11/15/2029
f
144,300
Ashton
Woods
USA,
LLC
180,000
4.625%, 
8/1/2029
f
130,689
50,000
4.625%, 
4/1/2030
f
35,807
Best
Buy
Company,
Inc.
98,000
1.950%, 
10/1/2030
73,383
Bloomin'
Brands,
Inc.,
Convertible
89,000
5.000%, 
5/1/2025
151,078
Boyd
Gaming
Corporation
270,000
4.750%, 
6/15/2031
f
218,619
Boyne
USA,
Inc.
210,000
4.750%, 
5/15/2029
f
175,924
Brookfield
Residential
Properties,
Inc.
290,000
6.250%, 
9/15/2027
f
243,435
Burlington
Stores,
Inc.,
Convertible
275,000
2.250%, 
4/15/2025
h
261,250
Caesars
Entertainment,
Inc.
426,000
6.250%, 
7/1/2025
f
410,558
145,000
8.125%, 
7/1/2027
f
138,487
298,000
4.625%, 
10/15/2029
f
227,697
Carnival
Corporation
57,000
10.500%, 
2/1/2026
f
56,396
246,000
7.625%, 
3/1/2026
f
186,960
553,000
5.750%, 
3/1/2027
f
387,404
Cedar
Fair,
LP
125,000
5.375%, 
4/15/2027
116,112
276,000
5.250%, 
7/15/2029
236,834
Churchill
Downs,
Inc.
185,000
4.750%, 
1/15/2028
f
160,039
Cinemark
USA,
Inc.
320,000
5.875%, 
3/15/2026
f
267,576
Clarios
Global,
LP
140,000
8.500%, 
5/15/2027
f
133,629
Cushman
&
Wakefield
US
Borrower,
LLC
144,000
6.750%, 
5/15/2028
f
133,567
D.R.
Horton,
Inc.
56,000
2.600%, 
10/15/2025
51,416
Daimler
Finance
North
America,
LLC
150,000
1.450%, 
3/2/2026
f
131,800
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Dana,
Inc.
$
305,000
5.625%, 
6/15/2028
$
251,671
Dick's
Sporting
Goods,
Inc.,
Convertible
130,000
3.250%, 
4/15/2025
424,255
Empire
Communities
Corporation
196,000
7.000%, 
12/15/2025
f
162,639
Expedia
Group,
Inc.
147,000
4.625%, 
8/1/2027
138,048
146,000
3.250%, 
2/15/2030
118,407
Expedia
Group,
Inc.,
Convertible
206,000
Zero
Coupon, 
2/15/2026
178,176
Ford
Motor
Company
445,000
3.250%, 
2/12/2032
320,547
251,000
6.100%, 
8/19/2032
221,282
Ford
Motor
Company,
Convertible
647,000
Zero
Coupon, 
3/15/2026
591,682
Ford
Motor
Credit
Company,
LLC
290,000
2.300%, 
2/10/2025
257,026
720,000
4.134%, 
8/4/2025
653,436
580,000
2.700%, 
8/10/2026
481,046
168,000
2.900%, 
2/10/2029
127,260
Forestar
Group,
Inc.
185,000
3.850%, 
5/15/2026
f
152,165
FTI
Consulting,
Inc.,
Convertible
375,000
2.000%, 
8/15/2023
618,600
General
Motors
Company
111,000
6.125%, 
10/1/2025
111,048
147,000
6.800%, 
10/1/2027
148,560
General
Motors
Financial
Company,
Inc.
233,000
3.950%, 
4/13/2024
227,252
83,000
1.200%, 
10/15/2024
76,187
43,000
2.900%, 
2/26/2025
40,175
111,000
2.750%, 
6/20/2025
102,247
196,000
5.700%, 
9/30/2030
b,i
167,995
Goodyear
Tire
&
Rubber
Company
185,000
5.000%, 
7/15/2029
151,025
135,000
5.250%, 
7/15/2031
108,000
Guitar
Center
Escrow
Issuer
II,
Inc.
89,000
8.500%, 
1/15/2026
f
78,843
Hanesbrands,
Inc.
257,000
4.875%, 
5/15/2026
f
231,030
Hilton
Domestic
Operating
Company,
Inc.
495,000
4.875%, 
1/15/2030
430,650
114,000
3.625%, 
2/15/2032
f
87,312
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
365,000
5.000%, 
6/1/2029
f
294,592
Home
Depot,
Inc.
137,000
3.250%, 
4/15/2032
118,621
Hyundai
Capital
America
78,000
1.800%, 
10/15/2025
f
69,370
147,000
3.000%, 
2/10/2027
f
130,541
94,000
2.100%, 
9/15/2028
f
73,823
International
Game
Technology
plc
347,000
5.250%, 
1/15/2029
f
307,362
Jacobs
Entertainment,
Inc.
158,000
6.750%, 
2/15/2029
f
135,187
KB
Home
240,000
4.800%, 
11/15/2029
193,220
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
59
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Kohl's
Corporation
$
81,000
3.375%, 
5/1/2031
$
50,026
L
Brands,
Inc.
420,000
6.625%, 
10/1/2030
f
365,400
100,000
6.875%, 
11/1/2035
83,538
Lennar
Corporation
58,000
5.875%, 
11/15/2024
58,467
110,000
4.750%, 
5/30/2025
108,313
Lowe's
Companies,
Inc.
144,000
4.000%, 
4/15/2025
141,083
219,000
4.500%, 
4/15/2030
204,735
Macy's
Retail
Holdings,
LLC
270,000
5.875%, 
4/1/2029
f
216,675
93,000
6.125%, 
3/15/2032
f
71,207
Magic
MergerCo,
Inc.
189,000
5.250%, 
5/1/2028
f
132,674
Marriott
International,
Inc.
93,000
5.000%, 
10/15/2027
89,813
146,000
4.625%, 
6/15/2030
131,937
Marriott
Vacations
Worldwide
Corporation,  Convertible
153,000
Zero
Coupon, 
1/15/2026
140,596
Mattamy
Group
Corporation
218,000
5.250%, 
12/15/2027
f
180,695
McDonald's
Corporation
119,000
3.800%, 
4/1/2028
111,779
MGM
Resorts
International
575,000
5.750%, 
6/15/2025
549,510
NCL
Corporation,
Ltd.
294,000
3.625%, 
12/15/2024
f
247,241
118,000
5.875%, 
2/15/2027
f
98,235
Nissan
Motor
Company,
Ltd.
116,000
3.043%, 
9/15/2023
f
112,771
O'Reilly
Automotive,
Inc.
128,000
3.900%, 
6/1/2029
116,630
PENN
Entertainment,
Inc.
270,000
4.125%, 
7/1/2029
f
206,673
PetSmart,
Inc./PetSmart
Finance
Corporation
370,000
4.750%, 
2/15/2028
f
316,642
260,000
7.750%, 
2/15/2029
f
232,424
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
480,000
5.750%, 
4/15/2026
f
451,651
213,000
6.250%, 
1/15/2028
f
181,768
Realogy
Group,
LLC
350,000
5.750%, 
1/15/2029
f
252,438
Rite
Aid
Corporation
105,000
7.500%, 
7/1/2025
f
79,886
Royal
Caribbean
Cruises,
Ltd.
442,000
9.125%, 
6/15/2023
f
449,735
118,000
11.500%, 
6/1/2025
f
125,375
283,000
4.250%, 
7/1/2026
f
208,029
282,000
9.250%, 
1/15/2029
e,f
277,870
Scientific
Games
International,
Inc.
350,000
7.250%, 
11/15/2029
f
325,749
33,000
6.625%, 
3/1/2030
f
26,453
SeaWorld
Parks
and
Entertainment,
Inc.
115,000
5.250%, 
8/15/2029
f
95,496
Six
Flags
Theme
Parks,
Inc.
96,000
7.000%, 
7/1/2025
f
95,960
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Staples,
Inc.
$
224,000
7.500%, 
4/15/2026
f
$
188,073
203,000
10.750%, 
4/15/2027
f
150,474
Station
Casinos,
LLC
216,000
4.625%, 
12/1/2031
f
163,142
Tapestry,
Inc.
92,000
3.050%, 
3/15/2032
68,639
Target
Corporation
98,000
2.350%, 
2/15/2030
81,788
Tenneco,
Inc.
335,000
5.000%, 
7/15/2026
h
325,788
Toll
Brothers
Finance
Corporation
146,000
4.350%, 
2/15/2028
127,262
Toyota
Motor
Credit
Corporation
92,000
4.400%, 
9/20/2024
91,418
128,000
1.900%, 
4/6/2028
108,905
Travel
+
Leisure
Company
196,000
6.625%, 
7/31/2026
f
183,601
TripAdvisor,
Inc.
58,000
7.000%, 
7/15/2025
f
56,388
Uber
Technologies,
Inc.
210,000
6.250%, 
1/15/2028
f,h
195,300
Vail
Resorts,
Inc.,
Convertible
204,000
Zero
Coupon, 
1/1/2026
177,608
VICI
Properties,
LP/VICI
Note
Company,
Inc.
308,000
4.625%, 
6/15/2025
f
289,837
326,000
5.750%, 
2/1/2027
f
307,183
232,000
3.750%, 
2/15/2027
f
203,200
Volkswagen
Group
of
America
Finance,
LLC
200,000
4.250%, 
11/13/2023
f
197,896
56,000
3.350%, 
5/13/2025
f
53,117
Wabash
National
Corporation
298,000
4.500%, 
10/15/2028
f
231,011
Walmart,
Inc.
186,000
3.950%, 
9/9/2027
180,573
Wyndham
Hotels
&
Resorts,
Inc.
150,000
4.375%, 
8/15/2028
f
131,854
Yum!
Brands,
Inc.
390,000
4.750%, 
1/15/2030
f
340,825
Total
24,497,375
Consumer
Non-Cyclical
(2.8%)
1375209
BC,
Ltd.
150,000
9.000%, 
1/30/2028
f
148,875
AbbVie,
Inc.
457,000
3.600%, 
5/14/2025
438,660
Albertson's
Companies,
Inc.
364,000
4.625%, 
1/15/2027
f
325,351
397,000
3.500%, 
3/15/2029
f
319,982
Altria
Group,
Inc.
119,000
4.400%, 
2/14/2026
114,514
98,000
4.800%, 
2/14/2029
90,461
Anheuser-Busch
InBev
Worldwide,
Inc.
183,000
4.000%, 
4/13/2028
173,842
195,000
4.750%, 
1/23/2029
189,961
Aramark
Services,
Inc.
75,000
6.375%, 
5/1/2025
f
73,500
373,000
5.000%, 
2/1/2028
f
332,235
AstraZeneca
Finance,
LLC
195,000
1.750%, 
5/28/2028
163,886
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
60
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Non-Cyclical
(2.8%)
-
continued
AstraZeneca
plc
$
194,000
0.700%, 
4/8/2026
$
167,646
Avantor
Funding,
Inc.
388,000
4.625%, 
7/15/2028
f
345,299
B&G
Foods,
Inc.
116,000
5.250%, 
9/15/2027
93,983
BAT
Capital
Corporation
89,000
3.222%, 
8/15/2024
85,641
BAT
International
Finance
plc
111,000
1.668%, 
3/25/2026
95,950
Bausch
Health
Companies,
Inc.
109,000
5.500%, 
11/1/2025
f,h
86,589
238,000
4.875%, 
6/1/2028
f
153,439
266,000
11.000%, 
9/30/2028
f
214,130
52,000
14.000%, 
10/15/2030
f
28,340
Baxter
International,
Inc.
92,000
2.539%, 
2/1/2032
71,614
Becton,
Dickinson
and
Company
147,000
2.823%, 
5/20/2030
123,030
BioMarin
Pharmaceutical,
Inc.,
Convertible
499,000
1.250%, 
5/15/2027
h
495,557
Bio-Rad
Laboratories,
Inc.
133,000
3.300%, 
3/15/2027
120,716
Bristol-Myers
Squibb
Company
135,000
2.950%, 
3/15/2032
115,331
Bunge,
Ltd.
Finance
Corporation
196,000
2.750%, 
5/14/2031
154,179
Callaway
Golf
Company,
Convertible
252,000
2.750%, 
5/1/2026
325,080
Cargill,
Inc.
139,000
3.625%, 
4/22/2027
f
132,059
94,000
2.125%, 
11/10/2031
f
73,452
Central
Garden
&
Pet
Company
350,000
4.125%, 
10/15/2030
278,591
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
285,000
4.625%, 
11/15/2028
f
242,404
Community
Health
Systems,
Inc.
59,000
8.000%, 
12/15/2027
f
46,684
200,000
6.000%, 
1/15/2029
f
146,997
220,000
6.875%, 
4/15/2029
f
106,268
Conagra
Brands,
Inc.
118,000
4.300%, 
5/1/2024
116,133
Constellation
Brands,
Inc.
195,000
3.150%, 
8/1/2029
167,514
Coty,
Inc.
221,000
5.000%, 
4/15/2026
f
201,210
CVS
Health
Corporation
77,000
4.100%, 
3/25/2025
75,336
77,000
4.300%, 
3/25/2028
72,623
Diageo
Capital
plc
79,000
1.375%, 
9/29/2025
71,629
97,000
2.000%, 
4/29/2030
77,727
Edgewell
Personal
Care
Company
200,000
5.500%, 
6/1/2028
f
178,827
Embecta
Corporation
91,000
6.750%, 
2/15/2030
f
84,012
Encompass
Health
Corporation
445,000
4.500%, 
2/1/2028
381,139
Energizer
Holdings,
Inc.
335,000
4.375%, 
3/31/2029
f
248,496
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Non-Cyclical
(2.8%)
-
continued
Estee
Lauder
Companies,
Inc.
$
81,000
1.950%, 
3/15/2031
$
64,271
Gilead
Sciences,
Inc.
147,000
2.950%, 
3/1/2027
134,008
HCA,
Inc.
485,000
5.375%, 
2/1/2025
479,265
184,000
5.875%, 
2/1/2029
178,919
HFC
Prestige
Products,
Inc.
348,000
4.750%, 
1/15/2029
f
294,405
HLF
Financing
SARL,
LLC
506,000
4.875%, 
6/1/2029
f
361,104
Imperial
Brands
Finance
plc
105,000
3.125%, 
7/26/2024
f
100,432
Ionis
Pharmaceuticals,
Inc.,
Convertible
282,000
0.125%, 
12/15/2024
255,024
Jazz
Investments
I,
Ltd.,
Convertible
515,000
2.000%, 
6/15/2026
551,050
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
143,000
2.500%, 
1/15/2027
f
122,175
114,000
3.625%, 
1/15/2032
f
89,062
Johnson
&
Johnson
120,000
4.375%, 
12/5/2033
115,596
Kraft
Heinz
Foods
Company
230,000
3.875%, 
5/15/2027
214,953
Kroger
Company
80,000
4.500%, 
1/15/2029
76,109
Mattel,
Inc.
647,000
3.375%, 
4/1/2026
f
577,407
McKesson
Corporation
111,000
0.900%, 
12/3/2025
97,218
95,000
1.300%, 
8/15/2026
82,050
Mozart
Debt
Merger
Sub,
Inc.
269,000
3.875%, 
4/1/2029
f
215,655
184,000
5.250%, 
10/1/2029
f
138,920
Mylan,
Inc.
73,000
4.200%, 
11/29/2023
72,106
Newell
Brands,
Inc.
230,000
4.450%, 
4/1/2026
211,600
Organon
&
Company
274,000
4.125%, 
4/30/2028
f
234,270
Owens
&
Minor,
Inc.
197,000
6.625%, 
4/1/2030
f
173,360
PepsiCo,
Inc.
175,000
3.600%, 
2/18/2028
165,332
183,000
1.950%, 
10/21/2031
145,557
Performance
Food
Group,
Inc.
173,000
4.250%, 
8/1/2029
f
144,040
Perrigo
Finance
Unlimited
Company
445,000
4.375%, 
3/15/2026
408,288
Philip
Morris
International,
Inc.
140,000
1.500%, 
5/1/2025
128,280
Pilgrim's
Pride
Corporation
267,000
3.500%, 
3/1/2032
f
201,283
Post
Holdings,
Inc.
253,000
5.750%, 
3/1/2027
f
241,314
113,000
5.625%, 
1/15/2028
f
103,137
106,000
5.500%, 
12/15/2029
f
91,637
229,000
4.500%, 
9/15/2031
f
184,345
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
61
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Consumer
Non-Cyclical
(2.8%)
-
continued
Post
Holdings,
Inc.,
Convertible
$
189,000
2.500%, 
8/15/2027
f
$
186,638
Primo
Water
Holdings,
Inc.
237,000
4.375%, 
4/30/2029
f
192,783
Procter
&
Gamble
Company
81,000
1.200%, 
10/29/2030
62,510
Roche
Holdings,
Inc.
93,000
1.930%, 
12/13/2028
f
78,181
136,000
2.076%, 
12/13/2031
f
108,959
Royalty
Pharma
plc
222,000
1.200%, 
9/2/2025
196,247
Scotts
Miracle-Gro
Company
176,000
4.500%, 
10/15/2029
127,600
SEG
Holding,
LLC
400,000
5.625%, 
10/15/2028
f
366,995
Simmons
Foods,
Inc.
472,000
4.625%, 
3/1/2029
f
385,860
Spectrum
Brands,
Inc.
240,000
5.000%, 
10/1/2029
f
190,918
150,000
5.500%, 
7/15/2030
f
117,290
Stryker
Corporation
159,000
3.650%, 
3/7/2028
149,621
Syneos
Health,
Inc.
310,000
3.625%, 
1/15/2029
f
246,847
Sysco
Corporation
84,000
5.950%, 
4/1/2030
85,025
Takeda
Pharmaceutical
Company,
Ltd.
161,000
5.000%, 
11/26/2028
155,853
Tenet
Healthcare
Corporation
99,000
4.625%, 
7/15/2024
95,731
195,000
6.250%, 
2/1/2027
f
181,964
805,000
5.125%, 
11/1/2027
f
722,316
140,000
6.125%, 
10/1/2028
f
122,652
Teva
Pharmaceutical
Finance
Netherlands
III
BV
408,000
3.150%, 
10/1/2026
334,764
TreeHouse
Foods,
Inc.
312,000
4.000%, 
9/1/2028
h
248,786
United
Natural
Foods,
Inc.
189,000
6.750%, 
10/15/2028
f
172,859
Winnebago
Industries,
Inc.,
Convertible
257,000
1.500%, 
4/1/2025
268,726
Zoetis,
Inc.
216,000
3.900%, 
8/20/2028
199,994
Total
19,400,183
Energy
(2.9%)
Antero
Resources
Corporation
227,000
5.375%, 
3/1/2030
f
204,089
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
340,000
6.250%, 
4/1/2028
f
298,858
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
157,000
6.625%, 
7/15/2026
f
146,402
BP
Capital
Markets
America,
Inc.
235,000
4.234%, 
11/6/2028
220,639
BP
Capital
Markets
plc
240,000
4.875%, 
3/22/2030
b,i
206,400
Buckeye
Partners,
LP
280,000
3.950%, 
12/1/2026
244,210
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Energy
(2.9%)
-
continued
Callon
Petroleum
Company
$
225,000
8.250%, 
7/15/2025
$
218,740
125,000
7.500%, 
6/15/2030
f,h
109,438
Canadian
Natural
Resources,
Ltd.
210,000
2.050%, 
7/15/2025
191,464
Cheniere
Corpus
Christi
Holdings,
LLC
156,000
5.875%, 
3/31/2025
156,624
Cheniere
Energy
Partners,
LP
97,000
4.500%, 
10/1/2029
85,398
207,000
3.250%, 
1/31/2032
158,946
Cheniere
Energy,
Inc.
303,000
4.625%, 
10/15/2028
277,951
Chesapeake
Energy
Corporation
408,000
6.750%, 
4/15/2029
f
391,117
CNX
Resources
Corporation
175,000
6.000%, 
1/15/2029
f
159,687
CNX
Resources
Corporation,
Convertible
366,000
2.250%, 
5/1/2026
506,727
Comstock
Resources,
Inc.
230,000
5.875%, 
1/15/2030
f
200,320
Continental
Resources,
Inc.
147,000
4.375%, 
1/15/2028
131,929
90,000
5.750%, 
1/15/2031
f
81,347
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
217,000
5.500%, 
6/15/2031
f
183,696
CrownRock
Finance,
Inc.
275,000
5.625%, 
10/15/2025
f
263,277
Devon
Energy
Corporation
163,000
4.500%, 
1/15/2030
148,364
Diamondback
Energy,
Inc.
49,000
3.125%, 
3/24/2031
39,745
DT
Midstream,
Inc.
275,000
4.125%, 
6/15/2029
f
232,375
90,000
4.375%, 
6/15/2031
f
74,225
Enbridge,
Inc.
300,000
7.375%, 
1/15/2083
b
288,981
182,000
7.625%, 
1/15/2083
b
175,480
110,000
2.150%, 
2/16/2024
105,703
98,000
3.700%, 
7/15/2027
90,804
185,000
6.250%, 
3/1/2078
b
166,259
Endeavor
Energy
Resources,
LP
261,000
5.750%, 
1/30/2028
f
248,242
Energy
Transfer,
LP
90,000
4.200%, 
9/15/2023
89,032
271,000
5.875%, 
1/15/2024
271,553
210,000
6.500%, 
11/15/2026
b,i
182,932
147,000
3.750%, 
5/15/2030
124,474
EnLink
Midstream
Partners,
LP
310,000
4.850%, 
7/15/2026
284,699
Enterprise
Products
Operating,
LLC
97,000
4.150%, 
10/16/2028
90,182
215,000
4.875%, 
(LIBOR
3M
+
2.986%),
8/16/2077
b
196,187
EQM
Midstream
Partners,
LP
196,000
4.750%, 
1/15/2031
f
155,575
EQT
Corporation
93,000
3.900%, 
10/1/2027
84,630
EQT
Corporation,
Convertible
207,000
1.750%, 
5/1/2026
570,432
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
62
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Energy
(2.9%)
-
continued
Equinor
ASA
$
70,000
2.875%, 
4/6/2025
$
66,769
Ferrellgas,
LP
196,000
5.375%, 
4/1/2026
f
172,480
Halliburton
Company
98,000
2.920%, 
3/1/2030
81,565
Harvest
Midstream,
LP
453,000
7.500%, 
9/1/2028
f
423,400
Hess
Corporation
74,000
3.500%, 
7/15/2024
71,531
Hess
Midstream
Operations,
LP
250,000
5.625%, 
2/15/2026
f
237,314
138,000
5.500%, 
10/15/2030
f
118,466
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
300,000
5.750%, 
2/1/2029
f
262,280
239,000
6.250%, 
4/15/2032
f
211,709
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
168,000
6.375%, 
4/15/2027
f
160,440
Howard
Midstream
Energy
Partners,
LLC
289,000
6.750%, 
1/15/2027
f
257,489
ITT
Holdings,
LLC
265,000
6.500%, 
8/1/2029
f
205,579
Laredo
Petroleum,
Inc.
450,000
7.750%, 
7/31/2029
f,h
414,625
Marathon
Oil
Corporation
98,000
4.400%, 
7/15/2027
91,502
Marathon
Petroleum
Corporation
238,000
4.700%, 
5/1/2025
233,672
MEG
Energy
Corporation
253,000
7.125%, 
2/1/2027
f
256,795
MPLX,
LP
180,000
6.875%, 
2/15/2023
b,i
176,850
243,000
1.750%, 
3/1/2026
212,621
Murphy
Oil
Corporation
280,000
5.875%, 
12/1/2027
261,727
Nabors
Industries,
Ltd.
350,000
7.250%, 
1/15/2026
f
304,542
National
Fuel
Gas
Company
195,000
5.500%, 
1/15/2026
191,504
NuStar
Logistics,
LP
360,000
5.750%, 
10/1/2025
333,637
Oasis
Petroleum,
Inc.
230,000
6.375%, 
6/1/2026
f
218,500
Occidental
Petroleum
Corporation
95,000
8.500%, 
7/15/2027
101,669
137,000
6.375%, 
9/1/2028
136,443
200,000
6.450%, 
9/15/2036
200,000
ONEOK,
Inc.
146,000
2.200%, 
9/15/2025
132,739
Ovintiv
Exploration,
Inc.
97,000
5.375%, 
1/1/2026
95,938
Pioneer
Natural
Resources
Company
120,000
1.900%, 
8/15/2030
91,746
Pioneer
Natural
Resources
Company,
Convertible
186,000
0.250%, 
5/15/2025
402,876
Plains
All
American
Pipeline,
LP
110,000
6.125%, 
11/15/2022
b,i
89,662
206,000
4.650%, 
10/15/2025
198,313
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Energy
(2.9%)
-
continued
Precision
Drilling
Corporation
$
230,000
6.875%, 
1/15/2029
f
$
203,068
Range
Resources
Corporation
237,000
4.750%, 
2/15/2030
f,h
205,534
Sabine
Pass
Liquefaction,
LLC
147,000
4.200%, 
3/15/2028
134,058
Schlumberger
Holdings
Corporation
61,000
4.300%, 
5/1/2029
f
55,897
SM
Energy
Company
226,000
6.625%, 
1/15/2027
216,933
135,000
6.500%, 
7/15/2028
h
128,294
Southwestern
Energy
Company
153,000
5.375%, 
2/1/2029
138,740
204,000
5.375%, 
3/15/2030
183,814
135,000
4.750%, 
2/1/2032
113,144
Suburban
Propane
Partners,
LP
380,000
5.875%, 
3/1/2027
358,492
Sunoco,
LP
370,000
5.875%, 
3/15/2028
335,754
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
464,000
5.500%, 
1/15/2028
f
396,050
Targa
Resources
Partners,
LP
233,000
4.875%, 
2/1/2031
200,380
Teine
Energy,
Ltd.
190,000
6.875%, 
4/15/2029
f
170,675
TransCanada
Trust
468,000
5.875%, 
8/15/2076
b
435,580
Transocean
Proteus,
Ltd.
81,000
6.250%, 
12/1/2024
f
76,140
Transocean,
Inc.
180,000
11.500%, 
1/30/2027
f
166,489
USA
Compression
Partners,
LP
264,000
6.875%, 
4/1/2026
242,880
Valero
Energy
Corporation
185,000
2.800%, 
12/1/2031
147,144
Venture
Global
Calcasieu
Pass,
LLC
273,000
3.875%, 
8/15/2029
f
234,201
160,000
4.125%, 
8/15/2031
f
132,715
W&T
Offshore,
Inc.
116,000
9.750%, 
11/1/2023
f
113,702
Weatherford
International,
Ltd.
297,000
8.625%, 
4/30/2030
f
258,641
Western
Midstream
Operating,
LP
365,000
3.950%, 
6/1/2025
343,100
160,000
5.500%, 
8/15/2048
129,400
Williams
Companies,
Inc.
98,000
2.600%, 
3/15/2031
76,842
Total
19,669,183
Financials
(8.2%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
78,000
7.000%, 
11/15/2025
f
71,245
AerCap
Holdings
NV
220,000
5.875%, 
10/10/2079
b,h
196,384
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
90,000
3.150%, 
2/15/2024
86,437
150,000
6.500%, 
7/15/2025
149,729
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
63
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
$
254,000
3.000%, 
10/29/2028
$
203,699
Air
Lease
Corporation
114,000
2.300%, 
2/1/2025
104,893
220,000
4.650%, 
6/15/2026
b,i
183,673
98,000
3.125%, 
12/1/2030
77,162
Aircastle,
Ltd.
205,000
5.250%, 
6/15/2026
b,f,i
153,769
98,000
2.850%, 
1/26/2028
f
76,078
Alliant
Holdings
Intermediate,
LLC
148,000
6.750%, 
10/15/2027
f
127,545
Ally
Financial,
Inc.
408,000
5.750%, 
11/20/2025
395,717
440,000
4.700%, 
5/15/2026
b,i
342,984
98,000
8.000%, 
11/1/2031
102,739
American
Express
Company
127,000
3.950%, 
8/1/2025
123,007
190,000
3.550%, 
9/15/2026
b,i
146,429
135,000
2.550%, 
3/4/2027
120,246
American
Homes
4
Rent,
LP
97,000
2.375%, 
7/15/2031
73,136
AmWINS
Group,
Inc.
180,000
4.875%, 
6/30/2029
f
149,411
Aon
Corporation/Aon
Global
Holdings
plc
92,000
2.600%, 
12/2/2031
71,932
Ares
Capital
Corporation
57,000
4.250%, 
3/1/2025
53,846
191,000
2.150%, 
7/15/2026
160,072
Ares
Capital
Corporation,
Convertible
133,000
4.625%, 
3/1/2024
135,743
Australia
and
New
Zealand
Banking
Group,
Ltd.
216,000
2.950%, 
7/22/2030
b,f
196,271
Aviation
Capital
Group,
LLC
150,000
5.500%, 
12/15/2024
f
145,208
96,000
4.875%, 
10/1/2025
f
89,168
Avolon
Holdings
Funding,
Ltd.
195,000
4.250%, 
4/15/2026
f
174,850
BAC
Capital
Trust
XIV
248,000
4.000%, 
(LIBOR
3M
+
0.400%),
10/19/2022
b,i
181,650
Banco
Santander
Mexico
SA
67,000
5.375%, 
4/17/2025
f
65,141
Banco
Santander
SA
165,000
4.750%, 
11/12/2026
b,i
114,074
Bank
of
America
Corporation
200,000
3.004%, 
12/20/2023
b
198,938
328,000
3.550%, 
3/5/2024
b
325,419
244,000
4.200%, 
8/26/2024
240,001
800,000
6.250%, 
9/5/2024
b,i
773,000
113,000
3.458%, 
3/15/2025
b
109,428
240,000
6.100%, 
3/17/2025
b,i
230,066
279,000
1.319%, 
6/19/2026
b
247,640
230,000
4.375%, 
1/27/2027
b,i
184,575
225,000
6.125%, 
4/27/2027
b,i
212,625
145,000
1.734%, 
7/22/2027
b
124,400
480,000
5.875%, 
3/15/2028
b,i
411,600
186,000
4.376%, 
4/27/2028
b
174,289
294,000
3.593%, 
7/21/2028
b
265,531
127,000
4.948%, 
7/22/2028
b
122,026
392,000
3.974%, 
2/7/2030
b
348,935
196,000
2.687%, 
4/22/2032
b
153,024
144,000
2.572%, 
10/20/2032
b
110,135
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
$
179,000
2.972%, 
2/4/2033
b
$
139,933
92,000
3.846%, 
3/8/2037
b
74,226
Bank
of
Montreal
139,000
4.700%, 
9/14/2027
134,132
92,000
3.088%, 
1/10/2037
b
68,605
Bank
of
New
York
Mellon
Corporation
120,000
4.700%, 
9/20/2025
b,i
114,900
127,000
4.596%, 
7/26/2030
b
120,345
Bank
of
Nova
Scotia
360,000
4.900%, 
6/4/2025
b,i
321,379
98,000
1.050%, 
3/2/2026
85,409
Barclays
plc
283,000
4.338%, 
5/16/2024
b
279,752
111,000
4.375%, 
9/11/2024
107,446
134,000
2.852%, 
5/7/2026
b
121,640
200,000
4.375%, 
3/15/2028
b,i
123,260
85,000
5.501%, 
8/9/2028
b
79,682
145,000
4.972%, 
5/16/2029
b
130,487
Berkshire
Hathaway
Finance
Corporation
279,000
2.875%, 
3/15/2032
234,523
Blackstone
Mortgage
Trust,
Inc.,
Convertible
240,000
5.500%, 
3/15/2027
204,150
Blackstone
Private
Credit
Fund
139,000
4.000%, 
1/15/2029
111,346
BNP
Paribas
SA
141,000
2.819%, 
11/19/2025
b,f
131,416
122,000
3.132%, 
1/20/2033
b,f
92,547
Boston
Properties,
LP
98,000
2.550%, 
4/1/2032
72,258
BPCE
SA
114,000
2.375%, 
1/14/2025
f
105,248
Brixmor
Operating
Partnership,
LP
159,000
2.250%, 
4/1/2028
128,345
Brookfield
Property
REIT,
Inc.
158,000
5.750%, 
5/15/2026
f
142,835
Canadian
Imperial
Bank
of
Commerce
127,000
3.945%, 
8/4/2025
122,669
90,000
3.600%, 
4/7/2032
76,062
Capital
One
Bank
USA
NA
171,000
2.280%, 
1/28/2026
b
159,064
Capital
One
Financial
Corporation
110,000
3.950%, 
9/1/2026
b,i
86,350
135,000
3.273%, 
3/1/2030
b
112,878
Centene
Corporation
290,000
4.250%, 
12/15/2027
265,263
60,000
4.625%, 
12/15/2029
53,916
805,000
3.000%, 
10/15/2030
637,512
Charles
Schwab
Corporation
440,000
5.375%, 
6/1/2025
b,i
427,900
440,000
4.000%, 
6/1/2026
b,i
360,891
126,000
2.000%, 
3/20/2028
108,452
91,000
2.900%, 
3/3/2032
74,956
Citigroup,
Inc.
480,000
5.950%, 
1/30/2023
b,i
474,298
286,000
5.000%, 
9/12/2024
b,i
254,505
141,000
3.352%, 
4/24/2025
b
135,975
91,000
5.950%, 
5/15/2025
b,i
82,359
274,000
5.500%, 
9/13/2025
273,573
230,000
4.000%, 
12/10/2025
b,i
193,775
575,000
3.875%, 
2/18/2026
b,i
474,162
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
64
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
$
180,000
4.150%, 
11/15/2026
b,i
$
143,100
338,000
1.122%, 
1/28/2027
b
289,162
194,000
1.462%, 
6/9/2027
b
165,171
172,000
3.070%, 
2/24/2028
b
153,295
391,000
4.075%, 
4/23/2029
b
353,905
144,000
4.910%, 
5/24/2033
b
132,479
Citizens
Financial
Group,
Inc.
205,000
4.000%, 
10/6/2026
b,i
164,196
CNA
Financial
Corporation
126,000
3.950%, 
5/15/2024
123,566
Coinbase
Global,
Inc.
78,000
3.625%, 
10/1/2031
f
43,248
Coinbase
Global,
Inc.,
Convertible
880,000
0.500%, 
6/1/2026
576,840
Comerica,
Inc.
120,000
5.625%, 
7/1/2025
b,i
117,685
Commerzbank
AG
180,000
8.125%, 
9/19/2023
f
177,387
Commonwealth
Bank
of
Australia
117,000
2.688%, 
3/11/2031
f
87,834
Cooperatieve
Rabobank
UA
111,000
1.339%, 
6/24/2026
b,f
98,372
Corebridge
Financial,
Inc.
136,000
6.875%, 
12/15/2052
b,f
124,366
137,000
3.850%, 
4/5/2029
f
120,743
Corporate
Office
Properties,
LP
192,000
2.250%, 
3/15/2026
168,281
Credit
Acceptance
Corporation
310,000
5.125%, 
12/31/2024
*
288,496
Credit
Agricole
SA
196,000
8.125%, 
12/23/2025
b,f,i
188,660
200,000
4.750%, 
3/23/2029
b,f,i
137,812
98,000
3.250%, 
1/14/2030
f
77,485
Credit
Suisse
Group
AG
160,000
6.500%, 
8/8/2023
f
157,920
110,000
7.500%, 
12/11/2023
b,f,i
101,062
117,000
2.593%, 
9/11/2025
b,f
106,443
110,000
7.250%, 
9/12/2025
b,f,i
84,141
115,000
2.193%, 
6/5/2026
b,f
99,991
200,000
9.750%, 
6/23/2027
b,f,i
196,176
96,000
3.869%, 
1/12/2029
b,f
78,299
Dai-ichi
Life
Insurance
Company,
Ltd.
473,000
5.100%, 
10/28/2024
b,f,i
458,074
Deutsche
Bank
AG
332,000
2.129%, 
11/24/2026
b
281,895
150,000
2.311%, 
11/16/2027
b
121,674
78,000
4.296%, 
5/24/2028
b
69,563
136,000
3.742%, 
1/7/2033
b
88,158
Discover
Bank
196,000
4.682%, 
8/9/2028
b
187,946
Drawbridge
Special
Opportunities
Fund,
LP
410,000
3.875%, 
2/15/2026
f
372,153
Duke
Realty,
LP
66,000
3.375%, 
12/15/2027
59,487
Elevance
Health,
Inc.
147,000
2.550%, 
3/15/2031
118,520
EPR
Properties
143,000
3.600%, 
11/15/2031
102,168
Fifth
Third
Bancorp
240,000
4.500%, 
9/30/2025
b,i
220,780
86,000
4.772%, 
7/28/2030
b
80,318
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
Fifth
Third
Bank
NA
$
97,000
3.850%, 
3/15/2026
$
91,622
First
Horizon
Bank
146,000
5.750%, 
5/1/2030
141,638
First-Citizens
Bank
&
Trust
Company
194,000
6.125%, 
3/9/2028
192,567
FNB
Corporation
229,000
2.200%, 
2/24/2023
225,804
Fortress
Transportation
and
Infrastructure
Investors,
LLC
219,000
6.500%, 
10/1/2025
f
205,731
98,000
9.750%, 
8/1/2027
f
95,825
FS
KKR
Capital
Corporation
96,000
3.400%, 
1/15/2026
84,704
97,000
2.625%, 
1/15/2027
78,323
Genworth
Mortgage
Holdings,
Inc.
149,000
6.500%, 
8/15/2025
f
142,398
Global
Net
Lease,
Inc.
390,000
3.750%, 
12/15/2027
f
304,208
Goldman
Sachs
Group,
Inc.
222,000
0.627%, 
11/17/2023
b
220,657
623,000
5.500%, 
8/10/2024
b,i
598,080
142,000
4.400%, 
2/10/2025
b,h,i
118,359
111,000
3.500%, 
4/1/2025
106,028
167,000
4.250%, 
10/21/2025
161,191
166,000
0.855%, 
2/12/2026
b
148,105
124,000
3.650%, 
8/10/2026
b,i
95,170
188,000
4.125%, 
11/10/2026
b,i
149,460
173,000
1.948%, 
10/21/2027
b
147,943
92,000
2.640%, 
2/24/2028
b
79,823
185,000
4.482%, 
8/23/2028
b
173,622
196,000
3.814%, 
4/23/2029
b
173,774
98,000
3.800%, 
3/15/2030
84,972
98,000
2.615%, 
4/22/2032
b
75,963
97,000
2.383%, 
7/21/2032
b
73,137
Hartford
Financial
Services
Group,
Inc.
98,000
2.800%, 
8/19/2029
82,674
HAT
Holdings,
LLC,
Convertible
140,000
Zero
Coupon, 
5/1/2025
f
125,132
HSBC
Holdings
plc
109,000
3.803%, 
3/11/2025
b
105,357
110,000
6.375%, 
3/30/2025
b,i
99,105
141,000
2.633%, 
11/7/2025
b
130,912
133,000
1.589%, 
5/24/2027
b
111,154
200,000
2.251%, 
11/22/2027
b
168,038
248,000
6.500%, 
3/23/2028
b,i
207,555
123,000
5.210%, 
8/11/2028
b
114,989
273,000
4.583%, 
6/19/2029
b
243,348
360,000
4.600%, 
12/17/2030
b,i
249,657
117,000
2.804%, 
5/24/2032
b
85,967
142,000
6.500%, 
9/15/2037
133,602
HUB
International,
Ltd.
107,000
7.000%, 
5/1/2026
f
101,480
184,000
5.625%, 
12/1/2029
f
153,640
Humana,
Inc.
97,000
2.150%, 
2/3/2032
73,709
Huntington
Bancshares,
Inc.
360,000
4.450%, 
10/15/2027
b,h,i
320,398
Icahn
Enterprises,
LP
280,000
4.750%, 
9/15/2024
261,957
275,000
6.375%, 
12/15/2025
260,583
200,000
6.250%, 
5/15/2026
186,908
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
65
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
$
160,000
5.250%, 
5/15/2027
$
140,082
ING
Groep
NV
200,000
1.726%, 
4/1/2027
b
171,461
Intercontinental
Exchange,
Inc.
137,000
4.350%, 
6/15/2029
129,663
Intesa
Sanpaolo
SPA
78,000
5.017%, 
6/26/2024
f
72,728
Invitation
Homes
Operating
Partnership,
LP
145,000
2.000%, 
8/15/2031
104,020
iStar,
Inc.
355,000
4.250%, 
8/1/2025
344,367
J.P.
Morgan
Chase
&
Company
238,000
5.150%, 
5/1/2023
b,i
229,660
240,000
6.000%, 
8/1/2023
b,i
234,000
240,000
6.750%, 
2/1/2024
b,i
237,822
97,000
1.514%, 
6/1/2024
b
94,699
682,000
5.000%, 
8/1/2024
b,i
614,994
283,000
4.023%, 
12/5/2024
b
278,462
186,000
4.600%, 
2/1/2025
b,i
162,025
111,000
2.083%, 
4/22/2026
b
101,131
190,000
3.650%, 
6/1/2026
b,i
153,864
277,000
1.045%, 
11/19/2026
b
239,587
195,000
1.578%, 
4/22/2027
b
168,344
178,000
2.947%, 
2/24/2028
b
157,391
294,000
4.005%, 
4/23/2029
b
265,073
97,000
2.069%, 
6/1/2029
b
78,639
392,000
4.493%, 
3/24/2031
b
356,580
92,000
2.963%, 
1/25/2033
b
72,320
83,000
4.912%, 
7/25/2033
b
76,539
94,000
5.717%, 
9/14/2033
b
88,891
Jefferies
Finance,
LLC
204,000
5.000%, 
8/15/2028
f
150,450
KeyBank
NA
147,000
3.900%, 
4/13/2029
128,982
Kilroy
Realty,
LP
194,000
4.375%, 
10/1/2025
186,592
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
104,000
6.125%, 
5/15/2023
102,700
Life
Storage,
LP
96,000
2.400%, 
10/15/2031
72,058
Lincoln
National
Corporation
235,000
5.299%, 
(LIBOR
3M
+
2.358%),
11/17/2022
b
182,948
98,000
3.800%, 
3/1/2028
90,517
Lloyds
Banking
Group
plc
225,000
3.900%, 
3/12/2024
220,179
100,000
7.500%, 
6/27/2024
b,i
92,823
163,000
4.716%, 
8/11/2026
b
156,597
195,000
1.627%, 
5/11/2027
b
165,642
277,000
3.369%, 
12/14/2046
b
171,040
LPL
Holdings,
Inc.
240,000
4.000%, 
3/15/2029
f
205,843
M&T
Bank
Corporation
180,000
3.500%, 
9/1/2026
b,i
134,205
Macquarie
Group,
Ltd.
195,000
1.629%, 
9/23/2027
b,f
163,206
Marsh
&
McLennan
Companies,
Inc.
88,000
2.375%, 
12/15/2031
69,149
MetLife,
Inc.
240,000
3.850%, 
9/15/2025
b,i
214,703
480,000
5.875%, 
3/15/2028
b,h,i
438,041
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
Mid-America
Apartments,
LP
$
196,000
4.200%, 
6/15/2028
$
182,675
Mitsubishi
UFJ
Financial
Group,
Inc.
134,000
1.412%, 
7/17/2025
120,123
200,000
1.538%, 
7/20/2027
b
170,380
147,000
3.741%, 
3/7/2029
131,445
Mizuho
Financial
Group,
Inc.
200,000
1.554%, 
7/9/2027
b
170,089
200,000
2.564%, 
9/13/2031
146,873
Molina
Healthcare,
Inc.
350,000
4.375%, 
6/15/2028
f
315,875
Morgan
Stanley
111,000
0.560%, 
11/10/2023
b
110,391
114,000
2.720%, 
7/22/2025
b
108,141
192,000
1.164%, 
10/21/2025
b
174,985
78,000
5.000%, 
11/24/2025
76,998
226,000
2.188%, 
4/28/2026
b
207,305
196,000
1.593%, 
5/4/2027
b
169,361
193,000
1.512%, 
7/20/2027
b
164,375
294,000
3.622%, 
4/1/2031
b
254,083
92,000
2.943%, 
1/21/2033
b
72,732
85,000
4.889%, 
7/20/2033
b
78,758
MPT
Operating
Partnership,
LP
270,000
5.250%, 
8/1/2026
h
247,231
60,000
4.625%, 
8/1/2029
48,274
National
Retail
Properties,
Inc.
98,000
2.500%, 
4/15/2030
78,638
Nationstar
Mortgage
Holdings,
Inc.
198,000
6.000%, 
1/15/2027
f
169,043
NatWest
Group
plc
135,000
4.269%, 
3/22/2025
b
131,254
98,000
4.892%, 
5/18/2029
b
89,210
146,000
3.754%, 
11/1/2029
b
134,806
180,000
4.600%, 
6/28/2031
b,i
112,500
Navient
Corporation
185,000
5.500%, 
1/25/2023
183,973
90,000
5.000%, 
3/15/2027
73,612
Necessity
Retail
REIT,
Inc.
347,000
4.500%, 
9/30/2028
f
258,605
Nippon
Life
Insurance
Company
480,000
5.100%, 
10/16/2044
b,f
466,495
363,000
3.400%, 
1/23/2050
b,f
304,829
Nomura
Holdings,
Inc.
145,000
2.172%, 
7/14/2028
115,886
Nordea
Bank
Abp
134,000
5.375%, 
9/22/2027
f
130,601
Northern
Trust
Corporation
138,000
4.000%, 
5/10/2027
133,070
Omega
Healthcare
Investors,
Inc.
95,000
4.750%, 
1/15/2028
87,093
98,000
3.375%, 
2/1/2031
74,715
OneMain
Finance
Corporation
684,000
6.875%, 
3/15/2025
642,857
181,000
7.125%, 
3/15/2026
163,154
Owl
Rock
Capital
Corporation
97,000
4.250%, 
1/15/2026
88,711
Owl
Rock
Core
Income
Corporation
136,000
4.700%, 
2/8/2027
119,119
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
66
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
Owl
Rock
Technology
Finance
Corporation
$
48,000
4.750%, 
12/15/2025
f
$
43,206
147,000
3.750%, 
6/17/2026
f
127,189
Park
Intermediate
Holdings,
LLC
208,000
4.875%, 
5/15/2029
f
168,480
Pebblebrook
Hotel
Trust,
Convertible
469,000
1.750%, 
12/15/2026
400,057
PennyMac
Financial
Services,
Inc.
148,000
4.250%, 
2/15/2029
f
105,421
Pine
Street
Trust
I
98,000
4.572%, 
2/15/2029
f
90,246
PNC
Bank
NA
98,000
2.700%, 
10/22/2029
80,555
PNC
Financial
Services
Group,
Inc.
180,000
3.400%, 
9/15/2026
b,i
134,330
181,000
6.200%, 
9/15/2027
b,i
171,045
PRA
Group,
Inc.
146,000
7.375%, 
9/1/2025
f
141,246
Principal
Life
Global
Funding
II
146,000
1.250%, 
8/16/2026
f
125,216
Provident
Financing
Trust
I
112,000
7.405%, 
3/15/2038
117,142
Prudential
Financial,
Inc.
90,000
5.125%, 
3/1/2052
b
78,025
245,000
5.625%, 
6/15/2043
b
241,389
589,000
5.200%, 
3/15/2044
b
566,023
120,000
3.700%, 
10/1/2050
b
94,776
QBE
Insurance
Group,
Ltd.
240,000
5.875%, 
5/12/2025
b,f,i
222,470
Radian
Group,
Inc.
185,000
4.875%, 
3/15/2027
164,001
Realty
Income
Corporation
96,000
4.875%, 
6/1/2026
94,362
112,000
3.950%, 
8/15/2027
105,179
Regions
Financial
Corporation
240,000
5.750%, 
6/15/2025
b,i
236,400
Reinsurance
Group
of
America,
Inc.
162,000
4.700%, 
9/15/2023
161,442
RLJ
Lodging
Trust,
LP
97,000
3.750%, 
7/1/2026
f
82,844
Rocket
Mortgage
Co-Issuer,
Inc.
240,000
3.625%, 
3/1/2029
f
184,716
Royal
Bank
of
Canada
69,000
0.750%, 
10/7/2024
63,344
175,000
4.240%, 
8/3/2027
166,940
Santander
Holdings
USA,
Inc.
196,000
3.450%, 
6/2/2025
183,471
90,000
2.490%, 
1/6/2028
b
75,053
Santander
UK
Group
Holdings
plc
200,000
1.673%, 
6/14/2027
b
166,274
147,000
3.823%, 
11/3/2028
b
126,274
Service
Properties
Trust
109,000
4.650%, 
3/15/2024
100,825
224,000
7.500%, 
9/15/2025
209,440
200,000
5.500%, 
12/15/2027
162,454
Simon
Property
Group,
LP
159,000
2.650%, 
7/15/2030
128,228
SLM
Corporation
100,000
4.200%, 
10/29/2025
89,518
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
Societe
Generale
SA
$
141,000
2.625%, 
10/16/2024
f
$
132,161
240,000
8.000%, 
9/29/2025
b,f,i
228,823
133,000
1.488%, 
12/14/2026
b,f
112,561
Spirit
Realty,
LP
218,000
2.100%, 
3/15/2028
173,225
Standard
Chartered
plc
167,000
1.319%, 
10/14/2023
b,f
166,833
133,000
0.991%, 
1/12/2025
b,f
124,545
180,000
6.000%, 
7/26/2025
b,f,i
159,692
131,000
2.608%, 
1/12/2028
b,f
110,891
Starwood
Property
Trust,
Inc.,
Convertible
169,000
4.375%, 
4/1/2023
163,824
State
Street
Corporation
91,000
4.421%, 
5/13/2033
b
83,960
Sumitomo
Life
Insurance
Company
490,000
3.375%, 
4/15/2081
b,f
396,900
Sumitomo
Mitsui
Financial
Group,
Inc.
141,000
2.448%, 
9/27/2024
133,253
131,000
2.174%, 
1/14/2027
114,114
147,000
3.544%, 
1/17/2028
132,833
147,000
2.142%, 
9/23/2030
110,010
Sumitomo
Mitsui
Trust
Bank,
Ltd.
111,000
1.050%, 
9/12/2025
f
98,074
Summit
Hotel
Properties,
Inc.,
Convertible
212,000
1.500%, 
2/15/2026
175,748
SVB
Financial
Group
330,000
4.000%, 
5/15/2026
b,i
250,541
191,000
4.250%, 
11/15/2026
b,i
140,599
Synchrony
Financial
115,000
4.250%, 
8/15/2024
112,131
195,000
3.700%, 
8/4/2026
178,220
Toronto-Dominion
Bank
91,000
4.456%, 
6/8/2032
83,092
Truist
Bank
99,000
2.250%, 
3/11/2030
77,598
Truist
Financial
Corporation
280,000
4.950%, 
9/1/2025
b,i
269,021
80,000
1.887%, 
6/7/2029
b
65,448
U.S.
Bancorp
60,000
3.700%, 
1/15/2027
b,i
45,291
127,000
4.548%, 
7/22/2028
b
122,384
UBS
Group
AG
92,000
1.364%, 
1/30/2027
b,f
78,587
200,000
4.875%, 
2/12/2027
b,f,i
155,750
UDR,
Inc.
193,000
3.000%, 
8/15/2031
153,665
United
Wholesale
Mortgage,
LLC
156,000
5.500%, 
4/15/2029
f
118,560
UnitedHealth
Group,
Inc.
185,000
4.200%, 
5/15/2032
171,817
USB
Realty
Corporation
496,000
3.659%, 
(LIBOR
3M
+
1.147%),
1/15/2027
b,f,i
374,480
USIS
Merger
Sub,
Inc.
78,000
6.875%, 
5/1/2025
f
74,980
Ventas
Realty,
LP
110,000
3.750%, 
5/1/2024
107,452
Wells
Fargo
&
Company
233,000
2.406%, 
10/30/2025
b
217,515
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
67
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Financials
(8.2%)
-
continued
$
335,000
3.900%, 
3/15/2026
b,i
$
283,284
169,000
2.188%, 
4/30/2026
b
154,343
220,000
3.012%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
205,824
89,000
3.526%, 
3/24/2028
b
80,609
196,000
3.584%, 
5/22/2028
b
177,273
127,000
4.808%, 
7/25/2028
b
121,123
196,000
4.478%, 
4/4/2031
b
179,281
Welltower,
Inc.
97,000
2.050%, 
1/15/2029
77,913
112,000
2.800%, 
6/1/2031
88,466
Westpac
Banking
Corporation
147,000
4.110%, 
7/24/2034
b
125,096
Willis
North
America,
Inc.
196,000
4.500%, 
9/15/2028
181,788
XHR,
LP
70,000
6.375%, 
8/15/2025
f
67,180
109,000
4.875%, 
6/1/2029
f
89,872
Total
56,584,907
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
171,000
2.625%, 
5/5/2031
f
136,073
Total
136,073
Mortgage-Backed
Securities
(20.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
6,352,486
2.500%, 
5/1/2051
5,375,489
9,351,629
3.500%, 
6/1/2052
8,432,362
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
4,030,024
2.500%, 
7/1/2030
3,739,633
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
9,400,000
2.500%, 
10/1/2037
e
8,506,266
250,000
4.000%, 
10/1/2037
e
241,172
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
3,592,709
3.500%, 
5/1/2040
e
3,327,631
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
7,023,483
3.000%, 
1/1/2052
6,141,060
3,891,815
2.500%, 
2/1/2051
3,287,966
7,555,518
2.000%, 
3/1/2051
6,153,183
7,354,280
3.000%, 
3/1/2052
6,421,633
5,848,649
2.000%, 
4/1/2051
4,760,705
6,242,563
2.500%, 
4/1/2051
5,276,675
4,196,291
3.000%, 
4/1/2051
3,675,358
4,409,327
3.000%, 
5/1/2050
3,878,626
5,984,479
2.500%, 
7/1/2051
5,052,233
8,817,793
2.000%, 
8/1/2051
7,176,868
3,974,891
3.500%, 
9/1/2052
3,590,452
5,827,000
2.500%, 
10/1/2052
e
4,887,738
11,100,000
4.000%, 
10/1/2048
e
10,299,152
11,500,000
4.500%, 
10/1/2048
e
10,954,648
6,450,000
5.000%, 
10/1/2048
e
6,282,736
7,350,000
3.000%, 
10/1/2049
e
6,395,936
12,825,000
3.500%, 
10/1/2049
e
11,541,498
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Mortgage-Backed
Securities
(20.0%)
-
continued
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
$
2,764,500
3.500%, 
7/1/2061
$
2,499,801
Total
137,898,821
Technology
(2.0%)
Advanced
Micro
Devices,
Inc.
90,000
3.924%, 
6/1/2032
81,565
Akamai
Technologies,
Inc.,
Convertible
160,000
0.125%, 
5/1/2025
162,560
519,000
0.375%, 
9/1/2027
482,930
Analog
Devices,
Inc.
48,000
2.100%, 
10/1/2031
38,031
Apple,
Inc.
250,000
2.200%, 
9/11/2029
212,968
183,000
1.650%, 
2/8/2031
144,316
141,000
3.350%, 
8/8/2032
125,577
Baidu,
Inc.
137,000
3.075%, 
4/7/2025
129,953
Black
Knight
InfoServ,
LLC
334,000
3.625%, 
9/1/2028
f
283,419
Block,
Inc.,
Convertible
241,000
0.500%, 
5/15/2023
246,784
46,000
0.250%, 
11/1/2027
32,890
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
147,000
3.875%, 
1/15/2027
135,222
Broadcom,
Inc.
89,000
4.000%, 
4/15/2029
f
78,448
CommScope
Technologies
Finance,
LLC
328,000
6.000%, 
6/15/2025
f
291,412
CommScope,
Inc.
210,000
7.125%, 
7/1/2028
f,h
162,101
Dell
International,
LLC
56,000
5.450%, 
6/15/2023
56,144
147,000
5.850%, 
7/15/2025
148,129
62,000
5.300%, 
10/1/2029
57,768
Fiserv,
Inc.
156,000
2.750%, 
7/1/2024
149,625
196,000
4.200%, 
10/1/2028
181,286
Gartner,
Inc.
185,000
3.625%, 
6/15/2029
f
154,013
315,000
3.750%, 
10/1/2030
f
257,873
Global
Payments,
Inc.
52,000
2.650%, 
2/15/2025
48,600
137,000
4.950%, 
8/15/2027
130,525
98,000
3.200%, 
8/15/2029
81,656
InterDigital,
Inc.,
Convertible
236,000
3.500%, 
6/1/2027
f
205,084
Iron
Mountain,
Inc.
855,000
4.875%, 
9/15/2027
f
765,768
220,000
4.500%, 
2/15/2031
f
170,100
Jabil,
Inc.
93,000
4.250%, 
5/15/2027
86,688
Lam
Research
Corporation
89,000
1.900%, 
6/15/2030
70,523
Lumentum
Holdings,
Inc.,
Convertible
350,000
0.250%, 
3/15/2024
h
430,150
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
68
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Technology
(2.0%)
-
continued
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
$
474,000
0.250%, 
3/15/2026
$
444,968
Marvell
Technology,
Inc.
98,000
2.950%, 
4/15/2031
76,026
Mastercard,
Inc.
90,000
2.000%, 
11/18/2031
71,214
Microchip
Technology,
Inc.,
Convertible
68,000
0.125%, 
11/15/2024
68,853
152,000
1.625%, 
2/15/2027
263,372
Minerva
Merger
Sub,
Inc.
277,000
6.500%, 
2/15/2030
f
218,988
Moody's
Corporation
94,000
4.250%, 
8/8/2032
85,188
MSCI,
Inc.
260,000
4.000%, 
11/15/2029
f
224,562
NCR
Corporation
622,000
6.125%, 
9/1/2029
f
535,552
Nielsen
Finance,
LLC
270,000
4.500%, 
7/15/2029
f
268,805
NVIDIA
Corporation
49,000
2.850%, 
4/1/2030
41,996
NXP
BV/NXP
Funding,
LLC
92,000
4.875%, 
3/1/2024
90,911
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
56,000
2.700%, 
5/1/2025
51,925
98,000
4.300%, 
6/18/2029
87,755
ON
Semiconductor
Corporation,
Convertible
72,000
Zero
Coupon, 
5/1/2027
94,932
Open
Text
Corporation
320,000
4.125%, 
2/15/2030
f
255,555
Oracle
Corporation
245,000
2.500%, 
4/1/2025
228,305
245,000
2.950%, 
4/1/2030
197,486
PayPal
Holdings,
Inc.
92,000
3.900%, 
6/1/2027
88,146
97,000
2.850%, 
10/1/2029
82,974
Progress
Software
Corporation,
Convertible
77,000
1.000%, 
4/15/2026
72,226
PTC,
Inc.
160,000
3.625%, 
2/15/2025
f
149,045
145,000
4.000%, 
2/15/2028
f
126,815
Qorvo,
Inc.
275,000
3.375%, 
4/1/2031
f
206,016
Rackspace
Technology
Global,
Inc.
275,000
5.375%, 
12/1/2028
f
129,235
S&P
Global,
Inc.
90,000
2.900%, 
3/1/2032
f
75,086
Sabre
GLBL,
Inc.,
Convertible
230,000
4.000%, 
4/15/2025
218,223
Salesforce.com,
Inc.
96,000
1.950%, 
7/15/2031
75,573
Seagate
HDD
Cayman
460,000
3.125%, 
7/15/2029
337,056
380,000
3.375%, 
7/15/2031
265,314
Sensata
Technologies,
Inc.
223,000
3.750%, 
2/15/2031
f
175,658
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Technology
(2.0%)
-
continued
Shift4
Payments,
LLC
$
100,000
4.625%, 
11/1/2026
f
$
91,188
SS&C
Technologies,
Inc.
620,000
5.500%, 
9/30/2027
f
565,560
Switch,
Ltd.
310,000
3.750%, 
9/15/2028
f
308,063
Teradyne,
Inc.,
Convertible
16,000
1.250%, 
12/15/2023
37,912
Verint
Systems,
Inc.,
Convertible
255,000
0.250%, 
4/15/2026
211,523
VeriSign,
Inc.
210,000
4.750%, 
7/15/2027
202,018
Viavi
Solutions,
Inc.
224,000
3.750%, 
10/1/2029
f
179,218
Viavi
Solutions,
Inc.,
Convertible
230,000
1.000%, 
3/1/2024
257,255
Vishay
Intertechnology,
Inc.,
Convertible
286,000
2.250%, 
6/15/2025
265,808
VMware,
Inc.
194,000
1.400%, 
8/15/2026
165,912
123,000
2.200%, 
8/15/2031
89,527
Xilinx,
Inc.
52,000
2.375%, 
6/1/2030
42,887
Ziff
Davis,
Inc.,
Convertible
445,000
1.750%, 
11/1/2026
f
410,958
Total
13,737,697
Transportation
(0.7%)
Air
Transport
Services
Group,
Inc.,
Convertible
180,000
1.125%, 
10/15/2024
179,550
Allegiant
Travel
Company
176,000
7.250%, 
8/15/2027
f
165,880
American
Airlines,
Inc.
395,000
11.750%, 
7/15/2025
f
412,514
654,000
5.500%, 
4/20/2026
f
614,217
Avis
Budget
Car
Rental,
LLC
250,000
5.375%, 
3/1/2029
f,h
205,286
Canadian
Pacific
Railway
Company
185,000
1.750%, 
12/2/2026
161,991
92,000
2.450%, 
12/2/2031
73,592
CSX
Corporation
98,000
4.250%, 
3/15/2029
92,363
Delta
Air
Lines,
Inc.
117,000
7.000%, 
5/1/2025
f
117,755
222,697
4.500%, 
10/20/2025
f
216,162
50,000
7.375%, 
1/15/2026
50,544
181,000
4.375%, 
4/19/2028
152,546
Hawaiian
Brand
Intellectual
Property,
Ltd.
56,000
5.750%, 
1/20/2026
f
49,391
Hertz
Corporation
184,000
4.625%, 
12/1/2026
f
149,474
221,000
5.000%, 
12/1/2029
f
164,369
JetBlue
Airways
Corporation,
Convertible
393,000
0.500%, 
4/1/2026
279,030
Mileage
Plus
Holdings,
LLC
235,600
6.500%, 
6/20/2027
f
230,601
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
69
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Transportation
(0.7%)
-
continued
Penske
Truck
Leasing
Company,
LP
$
111,000
1.200%, 
11/15/2025
f
$
96,440
96,000
1.700%, 
6/15/2026
f
82,560
Ryder
System,
Inc.
81,000
2.850%, 
3/1/2027
72,609
Southwest
Airlines
Company
100,000
5.125%, 
6/15/2027
97,902
98,000
2.625%, 
2/10/2030
78,613
Southwest
Airlines
Company,
Convertible
552,000
1.250%, 
5/1/2025
630,108
Union
Pacific
Corporation
98,000
2.150%, 
2/5/2027
87,461
United
Airlines
Pass
Through
Trust
70,000
3.700%, 
12/1/2022
69,733
United
Airlines,
Inc.
219,000
4.375%, 
4/15/2026
f
195,457
183,000
4.625%, 
4/15/2029
f
151,422
VistaJet
Malta
Finance
plc
243,000
6.375%, 
2/1/2030
f
198,653
Total
5,076,223
U.S.
Government
&
Agencies
(2.7%)
U.S.
Treasury
Bonds
795,000
1.375%, 
11/15/2031
645,938
2,490,000
3.250%, 
5/15/2042
2,209,875
3,860,000
3.375%, 
8/15/2042
3,496,316
U.S.
Treasury
Notes
9,250,000
0.500%, 
3/31/2025
8,438,818
1,730,000
0.500%, 
2/28/2026
1,526,522
1,010,000
0.500%, 
4/30/2027
859,092
1,360,000
1.125%, 
2/29/2028
1,167,209
Total
18,343,770
Utilities
(1.3%)
AEP
Texas,
Inc.
92,000
4.700%, 
5/15/2032
84,706
AES
Corporation
156,000
3.950%, 
7/15/2030
f
133,583
Algonquin
Power
&
Utilities
Corporation
140,000
4.750%, 
1/18/2082
b
114,348
Ameren
Corporation
98,000
1.750%, 
3/15/2028
80,892
American
Electric
Power
Company,
Inc.
200,000
3.875%, 
2/15/2062
b
156,753
139,000
2.031%, 
3/15/2024
133,032
98,000
2.300%, 
3/1/2030
78,052
Berkshire
Hathaway
Energy
Company
110,000
4.050%, 
4/15/2025
108,131
Calpine
Corporation
211,000
4.500%, 
2/15/2028
f
185,889
CenterPoint
Energy,
Inc.
105,000
2.500%, 
9/1/2024
99,908
95,000
1.450%, 
6/1/2026
83,150
146,000
2.650%, 
6/1/2031
116,618
Dominion
Energy,
Inc.
110,000
3.071%, 
8/15/2024
105,488
375,000
4.650%, 
12/15/2024
b,i
330,282
165,000
4.350%, 
1/15/2027
b,i
139,979
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Utilities
(1.3%)
-
continued
$
98,000
3.375%, 
4/1/2030
$
84,278
DTE
Energy
Company
138,000
4.220%, 
11/1/2024
135,299
Duke
Energy
Corporation
180,000
3.250%, 
1/15/2082
b
131,951
110,000
4.875%, 
9/16/2024
b,i
98,587
195,000
3.150%, 
8/15/2027
176,437
98,000
2.450%, 
6/1/2030
78,305
93,000
4.500%, 
8/15/2032
84,102
Edison
International
118,000
4.950%, 
4/15/2025
115,606
180,000
5.000%, 
12/15/2026
b,i
142,200
Enel
Finance
International
NV
200,000
1.375%, 
7/12/2026
f
168,965
Entergy
Corporation
111,000
0.900%, 
9/15/2025
97,659
97,000
1.900%, 
6/15/2028
79,588
Evergy,
Inc.
106,000
2.450%, 
9/15/2024
100,265
Eversource
Energy
154,000
4.600%, 
7/1/2027
148,631
Exelon
Corporation
98,000
4.050%, 
4/15/2030
88,823
Fells
Point
Funding
Trust
165,000
3.046%, 
1/31/2027
f
146,991
ITC
Holdings
Corporation
93,000
4.950%, 
9/22/2027
f
90,729
Jersey
Central
Power
&
Light
Company
49,000
2.750%, 
3/1/2032
f
38,878
National
Rural
Utilities
Cooperative
Finance
Corporation
116,000
3.450%, 
6/15/2025
111,909
NextEra
Energy
Capital
Holdings,
Inc.
125,000
3.800%, 
3/15/2082
b
98,112
139,000
4.255%, 
9/1/2024
137,002
98,000
2.250%, 
6/1/2030
78,183
NextEra
Energy
Operating
Partners,
LP
420,000
3.875%, 
10/15/2026
f
382,200
NextEra
Energy
Partners,
LP,
Convertible
72,000
Zero
Coupon, 
6/15/2024
f
67,896
484,000
Zero
Coupon, 
11/15/2025
f
483,011
NiSource,
Inc.
220,000
5.650%, 
6/15/2023
b,i
202,950
98,000
2.950%, 
9/1/2029
82,715
NRG
Energy,
Inc.
111,000
2.000%, 
12/2/2025
f
98,035
440,000
3.375%, 
2/15/2029
f
356,242
135,000
5.250%, 
6/15/2029
f
118,125
NRG
Energy,
Inc.,
Convertible
210,000
2.750%, 
6/1/2048
223,545
PG&E
Corporation
268,000
5.000%, 
7/1/2028
230,468
Public
Service
Enterprise
Group,
Inc.
98,000
1.600%, 
8/15/2030
73,495
Sempra
Energy
240,000
4.875%, 
10/15/2025
b,i
223,200
120,000
3.400%, 
2/1/2028
108,504
Southern
Company
92,000
4.475%, 
8/1/2024
90,843
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
70
Principal
Amount
Long-Term
Fixed
Income
(60.5%)
Value
Utilities
(1.3%)
-
continued
$
351,000
4.000%, 
1/15/2051
b
$
314,566
317,000
3.750%, 
9/15/2051
b
257,052
TerraForm
Power
Operating,
LLC
395,000
5.000%, 
1/31/2028
f
348,007
Vistra
Operations
Company,
LLC
184,000
5.125%, 
5/13/2025
f
178,140
380,000
5.000%, 
7/31/2027
f
343,235
Xcel
Energy,
Inc.
98,000
4.000%, 
6/15/2028
91,796
138,000
4.600%, 
6/1/2032
127,899
Total
8,785,235
Total
Long-Term
Fixed
Income
(cost
$461,996,578)
417,651,590
Shares
Common
Stock
(
13
.4
%
)
Value
Communications
Services
(0.9%)
3,149
Alphabet,
Inc.,
Class
A
k
301,202
17,648
Alphabet,
Inc.,
Class
C
k
1,696,855
5,745
AT&T,
Inc.
88,128
925
Charter
Communications,
Inc.
k
280,599
27,916
Comcast
Corporation
818,776
8,275
DISH
Network
Corporation
k
114,443
547
Emerald
Holding,
Inc.
k
1,849
1,925
Live
Nation
Entertainment,
Inc.
k
146,377
4,696
Meta
Platforms,
Inc.
k
637,153
903
Netflix,
Inc.
k
212,602
19,239
QuinStreet,
Inc.
k
202,010
6,585
Twitter,
Inc.
k
288,686
9,092
Verizon
Communications,
Inc.
345,223
4,134
Walt
Disney
Company
k
389,960
26,023
Warner
Bros.
Discovery,
Inc.
k
299,265
4,674
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
k
71,279
Total
5,894,407
Consumer
Discretionary
(1.5%)
14,440
Amazon.com,
Inc.
k
1,631,720
3,247
Aptiv
plc
k
253,948
480
Bloomin'
Brands,
Inc.
8,798
411
Booking
Holdings,
Inc.
k
675,359
143
Boyd
Gaming
Corporation
6,814
5,175
Cedar
Fair,
LP
212,951
360
Chipotle
Mexican
Grill,
Inc.
k
540,994
9,575
Clarus
Corporation
128,975
17,504
Cooper-Standard
Holdings,
Inc.
k
102,223
3,154
D.R.
Horton,
Inc.
212,422
408
Dick's
Sporting
Goods,
Inc.
42,693
16,109
Everi
Holdings,
Inc.
k
261,288
1,928
Expedia
Group,
Inc.
k
180,634
12,638
Ford
Motor
Company
141,546
8,333
General
Motors
Company
267,406
2,106
Grand
Canyon
Education,
Inc.
k
173,219
6,187
Harley-Davidson,
Inc.
215,803
1,496
Home
Depot,
Inc.
412,806
8,228
Libbey,
Inc.
c,k
115,192
172
Lithia
Motors,
Inc.
36,903
2,501
Lowe's
Companies,
Inc.
469,713
1,092
Lululemon
Athletica,
Inc.
k
305,280
996
McDonald's
Corporation
229,817
3,820
NIKE,
Inc.
317,518
106
NVR,
Inc.
k
422,630
2,255
Papa
John's
International,
Inc.
157,873
217
Patrick
Industries,
Inc.
9,513
Shares
Common
Stock
(13.4%)
Value
Consumer
Discretionary
(1.5%)
-
continued
644
RH
k
$
158,469
4,510
Sleep
Number
Corporation
k
152,483
15,540
Sonos,
Inc.
k
216,006
2,950
Sony
Group
Corporation
ADR
188,948
7,902
Stoneridge,
Inc.
k
133,939
4,406
Tesla,
Inc.
k
1,168,692
28,774
ThredUp,
Inc.
k
52,944
764
VF
Corporation
22,851
2,504
Yum!
Brands,
Inc.
266,275
7,563
Zumiez,
Inc.
k
162,831
Total
10,057,476
Consumer
Staples
(0.6%)
2,481
BJ's
Wholesale
Club
Holdings,
Inc.
k
180,642
356
Bunge,
Ltd.
29,395
1,341
Casey's
General
Stores,
Inc.
271,579
682
Coca-Cola
Company
38,206
895
Costco
Wholesale
Corporation
422,682
1,096
Estee
Lauder
Companies,
Inc.
236,626
4,159
John
B.
Sanfilippo
&
Son,
Inc.
314,961
692
Kraft
Heinz
Company
23,078
7,278
Lamb
Weston
Holdings,
Inc.
563,172
83
PepsiCo,
Inc.
13,550
5,350
Philip
Morris
International,
Inc.
444,103
20,065
Primo
Water
Corporation
251,816
1,468
Procter
&
Gamble
Company
185,335
2,734
Sysco
Corporation
193,321
6,323
Turning
Point
Brands,
Inc.
134,237
45
Tyson
Foods,
Inc.
2,967
6,778
Walmart,
Inc.
879,107
Total
4,184,777
Energy
(0.7%)
8,522
BP
plc
ADR
243,303
401
Chevron
Corporation
57,612
4,124
ConocoPhillips
422,050
14,428
Devon
Energy
Corporation
867,556
12,372
Enterprise
Products
Partners,
LP
294,206
855
EOG
Resources,
Inc.
95,529
2,154
EQT
Corporation
87,775
8,755
Exxon
Mobil
Corporation
764,399
11,490
Halliburton
Company
282,884
3,987
Helmerich
&
Payne,
Inc.
147,399
2,387
Marathon
Petroleum
Corporation
237,101
25,402
NOV,
Inc.
411,004
2,566
Pioneer
Natural
Resources
Company
555,616
3,019
Schlumberger,
Ltd.
108,382
2,719
Valero
Energy
Corporation
290,525
9,477
Williams
Companies,
Inc.
271,327
Total
5,136,668
Financials
(1.8%)
13,947
Ally
Financial,
Inc.
388,145
1,773
American
Express
Company
239,195
853
Ameriprise
Financial,
Inc.
214,913
9,777
Arch
Capital
Group,
Ltd.
k
445,245
216
Banc
of
California,
Inc.
3,450
13,955
Bank
of
America
Corporation
421,441
94
Bank
of
Marin
Bancorp
2,815
5,426
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
176,128
1,487
Berkshire
Hathaway,
Inc.
k
397,059
21,010
BlackRock
Corporate
High
Yield
Fund,
Inc.,
Rights
k
42
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
71
Shares
Common
Stock
(13.4%)
Value
Financials
(1.8%)
-
continued
2,150
BlackRock
TCP
Capital
Corporation
$
23,499
275
BlackRock,
Inc.
151,327
12,577
Bridgewater
Bancshares,
Inc.
k
207,143
10,214
Byline
Bancorp,
Inc.
206,833
2,042
Capital
One
Financial
Corporation
188,211
2,657
Carlyle
Group,
Inc.
68,657
880
Central
Pacific
Financial
Corporation
18,207
7,420
Charles
Schwab
Corporation
533,275
1,997
Chubb,
Ltd.
363,214
10,349
Citigroup,
Inc.
431,243
11,431
Columbia
Banking
System,
Inc.
330,242
2,864
Comerica,
Inc.
203,630
574
Community
Trust
Bancorp,
Inc.
23,276
116
ConnectOne
Bancorp,
Inc.
2,675
1,435
Customers
Bancorp,
Inc.
k
42,304
1,388
Discover
Financial
Services
126,197
1,020
Ellington
Residential
Mortgage
REIT
6,293
1,469
Encore
Capital
Group,
Inc.
k
66,810
5,578
Enterprise
Financial
Services
Corporation
245,655
17,815
Equitable
Holdings,
Inc.
469,425
4,452
Federated
Hermes,
Inc.
147,450
166
Financial
Institutions,
Inc.
3,996
130
First
Mid-Illinois
Bancshares,
Inc.
4,156
29
Flushing
Financial
Corporation
562
863
FS
KKR
Capital
Corporation
14,628
3,093
Glacier
Bancorp,
Inc.
151,959
2,744
Golub
Capital
BDC,
Inc.
33,998
574
Great
Southern
Bancorp,
Inc.
32,758
1,770
Hanmi
Financial
Corporation
41,914
8,971
Heartland
Financial
USA,
Inc.
388,983
475
Hometrust
Bancshares,
Inc.
10,497
8,549
Hope
Bancorp,
Inc.
108,059
2,874
Houlihan
Lokey,
Inc.
216,642
251
Independent
Bank
Corporation
4,794
3,677
J.P.
Morgan
Chase
&
Company
384,247
1,975
Kinsale
Capital
Group,
Inc.
504,455
1,516
M&T
Bank
Corporation
267,301
937
Marsh
&
McLennan
Companies,
Inc.
139,885
1,408
MidWestOne
Financial
Group,
Inc.
38,424
956
Moody's
Corporation
232,413
4,669
Morgan
Stanley
368,898
777
PacWest
Bancorp
17,560
58
Pathward
Financial,
Inc.
1,912
92
Peapack-Gladstone
Financial
Corporation
3,096
948
Popular,
Inc.
68,313
11,037
Radian
Group,
Inc.
212,904
3,829
Raymond
James
Financial,
Inc.
378,382
2,766
RLI
Corporation
283,183
1,080
S&P
Global,
Inc.
329,778
7,274
Seacoast
Banking
Corporation
of
Florida
219,893
3,005
State
Street
Corporation
182,734
262
T.
Rowe
Price
Group,
Inc.
27,513
3,897
Triumph
Bancorp,
Inc.
k
211,802
5,737
Truist
Financial
Corporation
249,789
283
TrustCo
Bank
Corporation
NY
8,892
9,975
Wells
Fargo
&
Company
401,195
7,457
Western
Alliance
Bancorp
490,223
6,794
Zions
Bancorporation
NA
345,543
Shares
Common
Stock
(13.4%)
Value
Financials
(1.8%)
-
continued
521
Zurich
Insurance
Group
AG
$
207,697
Total
12,732,977
Health
Care
(2.0%)
4,220
Abbott
Laboratories
408,327
5,347
Agiliti,
Inc.
k
76,516
858
Align
Technology,
Inc.
k
177,700
1,358
Alkermes
plc
k
30,324
363
AmerisourceBergen
Corporation
49,125
1,029
Amgen,
Inc.
231,937
4,221
AstraZeneca
plc
ADR
231,480
3,307
Baxter
International,
Inc.
178,115
892
Biogen,
Inc.
k
238,164
656
BioMarin
Pharmaceutical,
Inc.
k
55,609
734
Bio-Techne
Corporation
208,456
17
Boston
Scientific
Corporation
k
658
168
Bristol-Myers
Squibb
Company
11,943
2,253
Cigna
Holding
Company
625,140
2,249
CVS
Health
Corporation
214,487
3,682
Danaher
Corporation
951,024
3,099
Edwards
Lifesciences
Corporation
k
256,070
2,955
Elevance
Health,
Inc.
1,342,279
4,255
Enovis
Corporation
k
196,028
5,530
Gilead
Sciences,
Inc.
341,146
5,858
Halozyme
Therapeutics,
Inc.
k
231,625
1,206
HCA
Healthcare,
Inc.
221,651
2,419
Hologic,
Inc.
k
156,074
50
IDEXX
Laboratories,
Inc.
k
16,290
894
Insulet
Corporation
k
205,084
1,319
Intuitive
Surgical,
Inc.
k
247,233
11,112
Ionis
Pharmaceuticals,
Inc.
k
491,484
4,832
Johnson
&
Johnson
789,356
2,287
Laboratory
Corporation
of
America
Holdings
468,400
3,057
Lantheus
Holdings,
Inc.
k
214,999
7,622
Maravai
LifeSciences
Holdings,
Inc.
k
194,590
428
Medpace
Holdings,
Inc.
k
67,269
7,545
Medtronic
plc
609,259
10,939
Merck
&
Company,
Inc.
942,067
1,870
Novo
Nordisk
AS
ADR
186,308
8,230
NuVasive,
Inc.
k
360,556
774
Omnicell,
Inc.
k
67,361
5,011
Pfizer,
Inc.
219,281
7,313
Progyny,
Inc.
k
271,020
347
Regeneron
Pharmaceuticals,
Inc.
k
239,038
1,665
Sarepta
Therapeutics,
Inc.
k
184,049
1,675
Stryker
Corporation
339,254
4,463
Syneos
Health,
Inc.
k
210,430
488
Teleflex,
Inc.
98,312
2,570
UFP
Technologies,
Inc.
k
220,609
23
UnitedHealth
Group,
Inc.
11,616
23,719
Viemed
Healthcare,
Inc.
k
142,314
675
Waters
Corporation
k
181,933
2,159
Zimmer
Biomet
Holdings,
Inc.
225,723
1,989
Zoetis,
Inc.
294,949
Total
13,932,662
Industrials
(1.8%)
837
3M
Company
92,488
2,336
Advanced
Drainage
Systems,
Inc.
290,528
8,858
Air
Lease
Corporation
274,687
2,257
AMETEK,
Inc.
255,966
2,680
ASGN,
Inc.
k
242,192
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
72
Shares
Common
Stock
(13.4%)
Value
Industrials
(1.8%)
-
continued
13,699
Badger
Infrastructure
Solutions,
Ltd.
$
279,167
6,405
Barnes
Group,
Inc.
184,976
615
Carlisle
Companies,
Inc.
172,452
119
Caterpillar,
Inc.
19,526
1,011
Chart
Industries,
Inc.
k
186,378
6,566
Cimpress
plc
k
160,736
691
Cintas
Corporation
268,239
22,130
CNH
Industrial
NV
247,192
5,763
Crane
Holdings,
Company
504,493
15,664
CSX
Corporation
417,289
1,320
Curtiss-Wright
Corporation
183,691
242
Deere
&
Company
80,801
6,635
Delta
Air
Lines,
Inc.
k
186,178
15,193
Dun
&
Bradstreet
Holdings,
Inc.
188,241
3,351
Emerson
Electric
Company
245,360
2,101
Expeditors
International
of
Washington,
Inc.
185,539
3,197
Forward
Air
Corporation
288,561
2,041
FTI
Consulting,
Inc.
k
338,214
1,161
General
Dynamics
Corporation
246,329
73
Gorman-Rupp
Company
1,737
4,897
Greenbrier
Companies,
Inc.
118,850
3,985
Helios
Technologies,
Inc.
201,641
9,004
Howmet
Aerospace,
Inc.
278,494
186
Hubbell,
Inc.
41,478
7,242
IAA,
Inc.
k
230,658
610
IDEX
Corporation
121,908
18,880
Janus
International
Group,
Inc.
k
168,410
3,415
Johnson
Controls
International
plc
168,086
970
L3Harris
Technologies,
Inc.
201,595
1,382
Lincoln
Electric
Holdings,
Inc.
173,745
3,770
ManpowerGroup,
Inc.
243,881
1,503
Middleby
Corporation
k
192,640
4,975
Miller
Industries,
Inc.
105,918
927
Norfolk
Southern
Corporation
194,346
467
Northrop
Grumman
Corporation
219,639
1,462
Old
Dominion
Freight
Line,
Inc.
363,702
1,592
Parker-Hannifin
Corporation
385,758
2,700
Pentair
plc
109,701
3,502
Quanta
Services,
Inc.
446,120
2,242
Regal
Rexnord
Corporation
314,687
470
SkyWest,
Inc.
k
7,642
6,105
Southwest
Airlines
Company
k
188,278
7,724
Sun
Country
Airlines
Holdings,
Inc.
k
105,124
521
SunPower
Corporation
k
12,004
3,076
Tennant
Company
173,979
5,118
Timken
Company
302,167
12,382
Uber
Technologies,
Inc.
k
328,123
2,345
Union
Pacific
Corporation
456,853
2,235
United
Parcel
Service,
Inc.
361,042
2,084
United
Rentals,
Inc.
k
562,930
Total
12,320,359
Information
Technology
(2.5%)
47
Adobe,
Inc.
k
12,934
1,756
Advanced
Energy
Industries,
Inc.
135,932
2,955
Agilysys,
Inc.
k
163,559
1,593
Amphenol
Corporation
106,667
941
ANSYS,
Inc.
k
208,620
19,326
Apple,
Inc.
2,670,853
1,226
Autodesk,
Inc.
k
229,017
7,686
BigCommerce
Holdings,
Inc.
k
113,753
1,496
Bill.com
Holdings,
Inc.
k
198,026
Shares
Common
Stock
(13.4%)
Value
Information
Technology
(2.5%)
-
continued
5,199
Block,
Inc.
k
$
285,893
342
Cadence
Design
Systems,
Inc.
k
55,893
8,806
Ciena
Corporation
k
356,027
12,602
Cisco
Systems,
Inc.
504,080
330
Computer
Services,
Inc.
18,397
2,118
Dolby
Laboratories,
Inc.
137,988
13,349
Dropbox,
Inc.
k
276,591
4,160
Fidelity
National
Information
Services,
Inc.
314,371
1,032
Fiserv,
Inc.
k
96,564
519
FLEETCOR
Technologies,
Inc.
k
91,432
17,606
Gilat
Satellite
Networks,
Ltd.
k
93,840
127
KLA-Tencor
Corporation
38,434
13,976
Knowles
Corporation
k
170,088
709
Lam
Research
Corporation
259,494
808
Littelfuse,
Inc.
160,542
1,495
Mastercard,
Inc.
425,088
4,593
Microchip
Technology,
Inc.
280,311
11,771
Microsoft
Corporation
2,741,466
5,279
NAPCO
Security
Technologies,
Inc.
k
153,513
5,685
National
Instruments
Corporation
214,552
1,296
NICE,
Ltd.
ADR
k
243,959
5,374
NVIDIA
Corporation
652,350
11,692
ON
Semiconductor
Corporation
k
728,762
5,598
PayPal
Holdings,
Inc.
k
481,820
383
Plexus
Corporation
k
33,535
785
Qorvo,
Inc.
k
62,337
6,016
QUALCOMM,
Inc.
679,688
2,963
Salesforce,
Inc.
k
426,198
7,020
Samsung
Electronics
Company,
Ltd.
257,769
893
ServiceNow,
Inc.
k
337,206
2,546
Skyworks
Solutions,
Inc.
217,097
2,953
Splunk,
Inc.
k
222,066
261
Teledyne
Technologies,
Inc.
k
88,080
254
Teradyne,
Inc.
19,088
4,922
Texas
Instruments,
Inc.
761,827
4,671
Trimble,
Inc.
k
253,495
3,352
TTEC
Holdings,
Inc.
148,527
35,255
TTM
Technologies,
Inc.
k
464,661
3,182
Wolfspeed,
Inc.
k
328,892
2,527
Workiva,
Inc.
k
196,601
Total
17,117,883
Materials
(0.6%)
6,825
Ashland,
Inc.
648,170
371
Avery
Dennison
Corporation
60,362
6,861
Axalta
Coating
Systems,
Ltd.
k
144,493
4,089
Ball
Corporation
197,580
7,813
Carpenter
Technology
Corporation
243,297
553
Celanese
Corporation
49,958
2,927
CF
Industries
Holdings,
Inc.
281,724
140
Crown
Holdings,
Inc.
11,344
4,721
Dow,
Inc.
207,393
1,563
Eastman
Chemical
Company
111,051
4,974
Ingevity
Corporation
k
301,574
30,245
Ivanhoe
Mines,
Ltd.
k
194,649
562
Linde
plc
151,510
6,454
LyondellBasell
Industries
NV
485,857
1,693
Nucor
Corporation
181,134
3,244
PPG
Industries,
Inc.
359,078
5,989
Steel
Dynamics,
Inc.
424,919
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
73
Shares
Common
Stock
(13.4%)
Value
Materials
(0.6%)
-
continued
2,063
United
States
Lime
&
Minerals,
Inc.
$
210,839
Total
4,264,932
Real
Estate
(0.4%)
3,188
Agree
Realty
Corporation
215,445
2,010
Alexandria
Real
Estate
Equities,
Inc.
281,782
654
AvalonBay
Communities,
Inc.
120,460
1,672
Camden
Property
Trust
199,721
1,629
CBRE
Group,
Inc.
k
109,974
2,216
Digital
Realty
Trust,
Inc.
219,783
15,344
Healthcare
Realty
Trust,
Inc.
319,922
13,819
Host
Hotels
&
Resorts,
Inc.
219,446
10,518
Independence
Realty
Trust,
Inc.
175,966
8,690
National
Storage
Affiliates
Trust
361,330
9,271
Pebblebrook
Hotel
Trust
134,522
1,457
Public
Storage,
Inc.
426,624
Total
2,784,975
Utilities
(0.6%)
8,373
Alliant
Energy
Corporation
443,685
1,551
American
Electric
Power
Company,
Inc.
134,084
1,176
Black
Hills
Corporation
79,651
9,920
CenterPoint
Energy,
Inc.
279,546
3,476
Constellation
Energy
Corporation
289,168
2,463
Duke
Energy
Corporation
229,108
5,292
Entergy
Corporation
532,534
1,007
Evergy,
Inc.
59,816
5,159
NextEra
Energy,
Inc.
404,517
13,718
NiSource,
Inc.
345,556
1,649
NorthWestern
Corporation
81,263
573
NRG
Energy,
Inc.
21,929
706
OGE
Energy
Corporation
25,741
3,415
Portland
General
Electric
Company
148,416
3,354
Public
Service
Enterprise
Group,
Inc.
188,595
2,781
Sempra
Energy
416,983
2,272
Spire,
Inc.
141,614
Total
3,822,206
Total
Common
Stock
(cost
$82,261,074)
92,249,322
Shares
Registered
Investment
Companies
(
10
.7
%
)
Value
Unaffiliated  (0.8%)
58,018
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
146,205
25,475
AllianceBernstein
Global
High
Income
Fund,
Inc.
226,218
36,413
Allspring
Income
Opportunities
Fund
225,761
15,300
BlackRock
Core
Bond
Trust
153,000
21,010
BlackRock
Corporate
High
Yield
Fund,
Inc.
179,636
20,506
BlackRock
Credit
Allocation
Income
Trust
195,627
2,000
BlackRock
Debt
Strategies
Fund,
Inc.
17,840
1,025
BlackRock
Enhanced
Equity
Dividend
Trust
8,313
18,974
BlackRock
Enhanced
Global
Dividend
Trust
167,161
Shares
Registered
Investment
Companies
(10.7%)
Value
Unaffiliated  (0.8%)-
continued
6,400
BlackRock
Enhanced
International
Dividend
Trust
$
28,608
1,100
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
12,111
12,600
BlackRock
Income
Trust,
Inc.
52,164
11,978
BlackRock
Multi-Sector
Income
Trust
170,567
12,886
Blackstone
Strategic
Credit
Fund
h
136,978
22,216
Eaton
Vance
Limited
Duration
Income
Fund
204,609
2,939
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
21,308
1,475
Energy
Select
Sector
SPDR
Fund
106,229
16,734
First
Trust
High
Income
Long/Short
Fund
181,397
9,655
Invesco
Dynamic
Credit
Opportunities
Fund
c
101,261
45,650
Nuveen
Credit
Strategies
Income
Fund
233,272
5,800
Nuveen
Preferred
Income
Opportunities
Fund
40,310
6,800
Nuveen
Quality
Preferred
Income
Fund
II
44,676
20,792
PGIM
Global
High
Yield
Fund,
Inc.
219,979
19,473
PGIM
High
Yield
Bond
Fund,
Inc.
224,718
7,334
Pimco
Dynamic
Income
Fund
142,133
4,363
SPDR
Bloomberg
High
Yield
Bond
ETF
h
383,290
27,663
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
h
657,826
2,811
Tri-Continental
Corporation
71,849
7,850
Vanguard
Short-Term
Corporate
Bond
ETF
583,098
12,300
Virtus
AllianzGI
Convertible
&
Income
Fund
39,360
1,950
Virtus
AllianzGI
Equity
&
Convertible
Income
Fund
39,605
12,871
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
137,462
27,169
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
135,845
36,561
Western
Asset
High
Income
Opportunity
Fund,
Inc.
134,544
Total
5,422,960
Affiliated  (9.9%)
7,753,027
Thrivent
Core
Emerging
Markets
Debt
Fund
54,891,432
1,758,649
Thrivent
Core
International
Equity
Fund
13,611,946
Total
68,503,378
Total
Registered
Investment
Companies
(cost
$97,910,771)
73,926,338
Shares
Preferred
Stock
(
1
.6
%
)
Value
Communications
Services
(0.1%)
25,875
AT&T,
Inc.,
4.750%
i
485,932
3,374
Paramount
Global,
Convertible,
5.750%
104,257
11,250
Telephone
and
Data
Systems,
Inc.,
6.000%
i
209,250
Total
799,439
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
74
Shares
Preferred
Stock
(1.6%)
Value
Consumer
Non-Cyclical
(0.2%)
11,300
Becton,
Dickinson
and
Company,
Convertible,
6.000%
$
532,682
3,412
Boston
Scientific
Corporation,
Convertible,
5.500%
345,363
4,150
CHS,
Inc.,
6.750%
b,i
102,713
156
Danaher
Corporation,
Convertible,
5.000%
h
210,208
Total
1,190,966
Energy
(0.1%)
28,205
Crestwood
Equity
Partners,
LP,
9.250%
i
252,999
5,300
Energy
Transfer,
LP,
7.600%
b,i
128,207
5,109
NuStar
Logistics,
LP,
9.246%
b
124,711
748
UGI
Corporation,
Convertible,
7.250%
59,653
Total
565,570
Financials
(1.0%)
7,525
Aegon
Funding
Corporation
II,
5.100%
157,047
15,500
Allstate
Corporation,
5.100%
i
325,345
11,000
Bank
of
America
Corporation,
4.250%
i
190,850
5,800
Bank
of
America
Corporation,
5.375%
i
125,976
459
Bank
of
America
Corporation,
Convertible,
7.250%
i
538,407
14,875
Capital
One
Financial
Corporation,
5.000%
h,i
291,996
8,650
Cobank
ACB,
6.250%
b,c,i
865,000
16,200
Equitable
Holdings,
Inc.,
5.250%
i
337,446
425
First
Horizon
Bank,
3.750%
b,f,i
340,000
9,000
First
Republic
Bank,
4.500%
i
166,770
17,000
J.P.
Morgan
Chase
&
Company,
4.200%
i
306,680
9,925
J.P.
Morgan
Chase
&
Company,
4.750%
i
209,021
9,600
J.P.
Morgan
Chase
&
Company,
5.750%
i
237,216
6,253
KKR
&
Company,
Inc.,
Convertible,
6.000%
340,288
16,800
Morgan
Stanley,
5.850%
b,i
407,064
11,100
Morgan
Stanley,
7.125%
b,i
283,494
17,650
Public
Storage,
4.125%
i
322,113
3,775
Public
Storage,
4.625%
i
76,066
958
Public
Storage,
4.700%
i
19,562
2,700
Regions
Financial
Corporation,
5.700%
b,i
60,588
2,675
Synovus
Financial
Corporation,
5.875%
b,i
65,564
14,400
Truist
Financial
Corporation,
4.750%
i
285,696
15,500
Wells
Fargo
&
Company,
4.250%
i
266,445
763
Wells
Fargo
&
Company,
Convertible,
7.500%
i
918,652
Total
7,137,286
Utilities
(0.2%)
7,116
AES
Corporation,
Convertible,
6.875%
628,841
3,479
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
172,210
17,250
CMS
Energy
Corporation,
4.200%
i
294,975
Shares
Preferred
Stock
(1.6%)
Value
Utilities
(0.2%)
-
continued
2,078
NextEra
Energy,
Inc.,
Convertible,
5.279%
$
103,443
697
NiSource,
Inc.,
Convertible,
7.750%
70,111
9,200
Southern
Company,
4.950%
189,888
Total
1,459,468
Total
Preferred
Stock
(cost
$13,014,382)
11,152,729
Shares
Collateral
Held
for
Securities
Loaned
(
1
.1
%
)
Value
7,945,605
Thrivent
Cash
Management
Trust
7,945,605
Total
Collateral
Held
for
Securities
Loaned
(cost
$7,945,605)
7,945,605
Shares
or
Principal
Amount
Short-Term
Investments
(
13
.1
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.430%,
10/14/2022
l,m
99,907
100,000
2.550%,
10/19/2022
l,m
99,867
1,000,000
2.437%,
10/28/2022
l,m
997,900
300,000
2.770%,
11/9/2022
l,m
299,030
800,000
2.928%,
11/18/2022
l,m
796,787
100,000
2.740%,
11/29/2022
l,m
99,503
700,000
3.440%,
12/21/2022
l,m
694,780
Thrivent
Core
Short-Term
Reserve
Fund
8,353,967
3.170%
83,539,668
U.S.
Treasury
Bills
100,000
2.418%,
10/20/2022
l,n
99,879
800,000
2.532%,
10/25/2022
l,o
798,761
200,000
2.380%,
10/27/2022
l,n
199,657
2,900,000
2.663%,
11/17/2022
l,n,o
2,889,669
Total
Short-Term
Investments
(cost
$90,606,687)
90,615,408
Total
Investments
(cost
$828,782,307)
110.4%
$
762,916,554
Other
Assets
and
Liabilities,
Net
(10.4%)
(
72,074,794
)
Total
Net
Assets
100.0%
$
690,841,760
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
75
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,
2022,
the
value
of
these
investments
was
$129,532,463
or
18.7%
of
total
net
assets.
g
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
September
30,
2022.
h
All
or
a
portion
of
the
security
is
on
loan.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
j
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
Non-income
producing
security.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
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.
o
At
September
30,
2022,
$1,988,829
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
Diversified
Income
Plus
Portfolio
as
of
September
30,
2022
was
$288,496
or
0.04%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
297,661
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
5,153,751
Common
Stock
1,952,253
Total
lending
$7,106,004
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$7,945,605
Net
amounts
due
to
counterparty
$839,601
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
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
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
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
76
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
9,518,320
7,654,310
1,864,010
Capital
Goods
12,616,523
9,194,546
3,421,977
Communications
Services
14,579,616
13,436,003
1,143,613
Consumer
Cyclical
8,748,439
8,748,439
Consumer
Non-Cyclical
7,792,651
6,895,018
897,633
Energy
3,210,548
3,210,548
Financials
3,271,599
3,000,574
271,025
Technology
3,219,574
2,793,614
425,960
Transportation
4,654,991
4,469,475
185,516
Utilities
1,763,301
1,763,301
Long-Term
Fixed
Income
Asset-Backed
Securities
35,316,509
34,640,653
675,856
Basic
Materials
7,091,714
7,091,714
Capital
Goods
14,486,791
14,486,791
Collateralized
Mortgage
Obligations
32,501,889
31,373,407
1,128,482
Commercial
Mortgage-Backed
Securities
5,576,324
5,576,324
Communications
Services
18,548,896
18,548,896
Consumer
Cyclical
24,497,375
24,497,375
Consumer
Non-Cyclical
19,400,183
19,400,183
Energy
19,669,183
19,669,183
Financials
56,584,907
56,584,907
Foreign
Government
136,073
136,073
Mortgage-Backed
Securities
137,898,821
137,898,821
Technology
13,737,697
13,737,697
Transportation
5,076,223
5,076,223
U.S.
Government
&
Agencies
18,343,770
18,343,770
Utilities
8,785,235
8,785,235
Common
Stock
Communications
Services
5,894,407
5,823,128
71,279
Consumer
Discretionary
10,057,476
9,942,284
115,192
Consumer
Staples
4,184,777
4,184,777
Energy
5,136,668
5,136,668
Financials
12,732,977
12,525,280
207,697
Health
Care
13,932,662
13,932,662
Industrials
12,320,359
12,041,192
279,167
Information
Technology
17,117,883
16,860,114
257,769
Materials
4,264,932
4,070,283
194,649
Real
Estate
2,784,975
2,784,975
Utilities
3,822,206
3,822,206
Preferred
Stock
Communications
Services
799,439
799,439
Consumer
Non-Cyclical
1,190,966
1,190,966
Energy
565,570
565,570
Financials
7,137,286
5,932,286
340,000
865,000
Utilities
1,459,468
1,459,468
Registered
Investment
Companies
Unaffiliated
5,422,960
5,321,699
101,261
Short-Term
Investments
7,075,740
7,075,740
Subtotal
Investments
in
Securities
$
602,927,903
$
106,392,997
$
485,439,381
$
11,095,525
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
68,503,378
Affiliated
Short-Term
Investments
83,539,668
Collateral
Held
for
Securities
Loaned
7,945,605
Subtotal
Other
Investments
$
159,988,651
Total
Investments
at
Value
$
762,916,554
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
77
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
2,223,981
2,223,981
Total
Asset
Derivatives
$
2,223,981
$
2,223,981
$
$
Liability
Derivatives
Futures
Contracts
6,273,707
6,273,707
Credit
Default
Swaps
32,868
32,868
Total
Liability
Derivatives
$
6,306,575
$
6,273,707
$
32,868
$
The
following
table
presents
Diversified
Income
Plus
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$3,087,774
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
2
December
2022
$
235,460
(
$
11,335
)
CBOT
U.S.
Long
Bond
136
December
2022
18,623,945
(
1,432,695
)
CME
E-mini
S&P
500
Index
157
December
2022
31,582,631
(
3,310,856
)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
126
December
2022
18,613,965
(
1,351,965
)
Ultra
10-Yr.
U.S.
Treasury
Note
24
December
2022
3,010,481
(
166,856
)
Total
Futures
Long
Contracts
$
72,066,482
(
$
6,273,707
)
CBOT
5-Yr.
U.S.
Treasury
Note
(
46
)
December
2022
(
$
5,123,848
)
$
178,489
CME
E-mini
Russell
2000
Index
(
189
)
December
2022
(
17,502,140
)
1,722,530
ICE
mini
MSCI
EAFE
Index
(
35
)
December
2022
(
3,229,012
)
322,962
Total
Futures
Short
Contracts
(
$
25,855,000
)
$
2,223,981
Total
Futures
Contracts
$
46,211,482
(
$
4,049,726
)
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
78
The
following
table
presents
Diversified
Income
Plus
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$399,180
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
4,690,000
$
(
$
32,868
)
(
$
32,868
)
Total
Credit
Default
Swaps
$
(
$
32,868
)
(
$
32,868
)
1
As
the
buyer
of
protection,
Diversified
Income
Plus
Portfolio
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Diversified
Income
Plus
Portfolio
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Diversified
Income
Plus
Portfolio
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Portfolio.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Diversified
Income
Plus
Portfolio,
is
as
follows:
Portfolio
Value
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
73,032
$
2,642
$
1,400
$
54,891
7,753
7.9%
Core
International
Equity
26,593
6,000
13,612
1,759
2.0
Total
Affiliated
Registered
Investment
Companies
99,625
68,503
9.9
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
210,377
163,485
290,322
83,540
8,354
12.1
Total
Affiliated
Short-Term
Investments
210,377
83,540
12.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,652
125,465
126,171
7,946
7,946
1.1
Total
Collateral
Held
for
Securities
Loaned
8,652
7,946
1.1
Total
Value
$
318,654
$
159,989
Diversified
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
79
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($442)
($18,941)
$
$
2,643
Core
International
Equity
(494)
(6,487)
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
3
(3)
1,310
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
3,953
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
111
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
111
Total
Value
($933)
($25,431)
$
ESG
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
80
Shares
Common
Stock
(
94.3%
)
Value
Communications
Services
(8.9%)
11,103
Alphabet,
Inc.,
Class
A
a
$
1,062,002
10,411
Alphabet,
Inc.,
Class
C
a
1,001,018
10
Cable
One,
Inc.
8,530
519
Electronic
Arts,
Inc.
60,053
81
John
Wiley
and
Sons,
Inc.
3,042
298
Liberty
Global
plc,
Class
A
a
4,646
555
Liberty
Global
plc,
Class
C
a
9,158
1,699
Lumen
Technologies,
Inc.
12,369
308
New
York
Times
Company
8,855
380
Omnicom
Group,
Inc.
23,974
54
Scholastic
Corporation
1,661
7,744
Verizon
Communications,
Inc.
294,040
3,362
Walt
Disney
Company
a
317,137
4,255
Warner
Bros.
Discovery,
Inc.
a
48,933
483
ZoomInfo
Technologies,
Inc.
a
20,122
Total
2,875,540
Consumer
Discretionary
(11.5%)
499
Aptiv
plc
a
39,027
425
Aramark
13,260
154
Autoliv,
Inc.
10,261
70
AutoNation,
Inc.
a
7,131
374
Best
Buy
Company,
Inc.
23,689
75
Booking
Holdings,
Inc.
a
123,241
441
BorgWarner,
Inc.
13,847
57
Buckle,
Inc.
1,805
277
Capri
Holdings,
Ltd.
a
10,648
296
CarMax,
Inc.
a
19,542
64
Choice
Hotels
International,
Inc.
7,009
66
Columbia
Sportswear
Company
4,442
230
Darden
Restaurants,
Inc.
29,054
49
Deckers
Outdoor
Corporation
a
15,318
67
Domino's
Pizza,
Inc.
20,783
40
Ethan
Allen
Interiors,
Inc.
846
160
Foot
Locker,
Inc.
4,981
477
GameStop
Corporation
a
11,987
373
Gap,
Inc.
3,062
282
Garmin,
Ltd.
22,647
647
Hanesbrands,
Inc.
4,503
258
Harley-Davidson,
Inc.
8,999
242
Hasbro,
Inc.
16,316
515
Hilton
Worldwide
Holdings,
Inc.
62,119
1,897
Home
Depot,
Inc.
523,458
40
Jack
in
the
Box,
Inc.
2,963
237
Kohl's
Corporation
5,961
81
La-Z-Boy,
Inc.
1,828
499
LKQ
Corporation
23,528
1,180
Lowe's
Companies,
Inc.
221,616
760
Lucid
Group,
Inc.
a
10,617
512
Marriott
International,
Inc.
71,752
643
Mattel,
Inc.
a
12,178
1,365
McDonald's
Corporation
314,960
72
Meritage
Homes
Corporation
a
5,059
96
Mohawk
Industries,
Inc.
a
8,754
725
Newell
Brands,
Inc.
10,070
2,342
NIKE,
Inc.
194,667
202
Nordstrom,
Inc.
3,379
81
ODP
Corporation
a
2,847
74
Pool
Corporation
23,548
125
PVH
Corporation
5,600
577
Rivian
Automotive,
Inc.
a
18,989
423
Royal
Caribbean
Cruises,
Ltd.
a
16,032
87
Signet
Jewelers,
Ltd.
4,976
2,117
Starbucks
Corporation
178,378
856
Target
Corporation
127,022
Shares
Common
Stock
(94.3%)
Value
Consumer
Discretionary
(11.5%)
-
continued
4,876
Tesla,
Inc.
a
$
1,293,359
257
Topgolf
Callaway
Brands
Corporation
a
4,950
208
Tractor
Supply
Company
38,663
96
Ulta
Beauty,
Inc.
a
38,514
344
Under
Armour,
Inc.,
Class
A
a
2,288
377
Under
Armour,
Inc.,
Class
C
a
2,247
74
Vail
Resorts,
Inc.
15,957
613
VF
Corporation
18,335
104
Whirlpool
Corporation
14,020
149
Wolverine
World
Wide,
Inc.
2,293
Total
3,693,325
Consumer
Staples
(7.8%)
1,037
Archer-Daniels-Midland
Company
83,427
280
Bunge,
Ltd.
23,120
390
Campbell
Soup
Company
18,377
447
Church
&
Dwight
Company,
Inc.
31,934
226
Clorox
Company
29,016
7,598
Coca-Cola
Company
425,640
1,469
Colgate-Palmolive
Company
103,197
886
Conagra
Brands,
Inc.
28,910
300
Darling
Ingredients,
Inc.
a
19,845
429
Estee
Lauder
Companies,
Inc.
92,621
1,112
General
Mills,
Inc.
85,190
172
Hain
Celestial
Group,
Inc.
a
2,903
550
Hormel
Foods
Corporation
24,992
125
Ingredion,
Inc.
10,065
201
J.M.
Smucker
Company
27,619
468
Kellogg
Company
32,601
1,439
Keurig
Dr.
Pepper,
Inc.
51,545
623
Kimberly-Clark
Corporation
70,112
1,354
Kraft
Heinz
Company
45,156
1,276
Kroger
Company
55,825
270
Lamb
Weston
Holdings,
Inc.
20,893
459
McCormick
&
Company,
Inc.
32,713
2,554
Mondelez
International,
Inc.
140,036
2,552
PepsiCo,
Inc.
416,639
4,428
Procter
&
Gamble
Company
559,035
936
Sysco
Corporation
66,185
103
United
Natural
Foods,
Inc.
a
3,540
Total
2,501,136
Energy
(1.6%)
1,817
Baker
Hughes
Company
38,084
423
Cheniere
Energy,
Inc.
70,180
87
Core
Laboratories
NV
1,173
1,658
Halliburton
Company
40,820
999
Marathon
Petroleum
Corporation
99,231
715
NOV,
Inc.
11,569
822
ONEOK,
Inc.
42,119
885
Phillips
66
71,437
785
TechnipFMC
plc
a
6,641
756
Valero
Energy
Corporation
80,778
2,241
Williams
Companies,
Inc.
64,160
Total
526,192
Financials
(9.3%)
508
Allstate
Corporation
63,261
596
Ally
Financial,
Inc.
16,587
1,181
American
Express
Company
159,329
203
Ameriprise
Financial,
Inc.
51,146
388
Arthur
J.
Gallagher
&
Company
66,433
73
Bank
of
Hawaii
Corporation
5,557
ESG
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
81
Shares
Common
Stock
(94.3%)
Value
Financials
(9.3%)
-
continued
1,409
Bank
of
New
York
Mellon
Corporation
$
54,275
280
BlackRock,
Inc.
154,078
138
Cathay
General
Bancorp
5,307
2,683
Charles
Schwab
Corporation
192,827
787
Chubb,
Ltd.
143,140
921
Citizens
Financial
Group,
Inc.
31,646
662
CME
Group,
Inc.
117,260
241
Comerica,
Inc.
17,135
519
Discover
Financial
Services
47,187
703
Equitable
Holdings,
Inc.
18,524
70
FactSet
Research
Systems,
Inc.
28,008
332
First
Republic
Bank
43,343
558
Franklin
Resources,
Inc.
12,008
611
Hartford
Financial
Services
Group,
Inc.
37,845
73
Heartland
Financial
USA,
Inc.
3,165
2,666
Huntington
Bancshares,
Inc.
35,138
1,030
Intercontinental
Exchange,
Inc.
93,061
100
International
Bancshares
Corporation
4,250
637
Invesco,
Ltd.
8,727
1,718
KeyCorp
27,522
302
Lincoln
National
Corporation
13,261
389
Loews
Corporation
19,388
331
M&T
Bank
Corporation
58,362
70
MarketAxess
Holdings,
Inc.
15,574
927
Marsh
&
McLennan
Companies,
Inc.
138,392
306
Moody's
Corporation
74,392
2,422
Morgan
Stanley
191,362
638
Nasdaq,
Inc.
36,162
861
New
York
Community
Bancorp,
Inc.
7,344
365
Northern
Trust
Corporation
31,229
545
Old
National
Bancorp
8,976
763
PNC
Financial
Services
Group,
Inc.
114,007
466
Principal
Financial
Group,
Inc.
33,622
1,078
Progressive
Corporation
125,274
692
Prudential
Financial,
Inc.
59,360
1,729
Regions
Financial
Corporation
34,701
641
S&P
Global,
Inc.
195,729
675
State
Street
Corporation
41,047
109
SVB
Financial
Group
a
36,600
926
Synchrony
Financial
26,104
420
T.
Rowe
Price
Group,
Inc.
44,104
445
Travelers
Companies,
Inc.
68,174
2,450
Truist
Financial
Corporation
106,673
404
Umpqua
Holdings
Corporation
6,904
189
Voya
Financial,
Inc.
11,435
206
Willis
Towers
Watson
plc
41,394
280
Zions
Bancorporation
NA
14,241
Total
2,990,570
Health
Care
(11.1%)
3,261
AbbVie,
Inc.
437,659
83
ABIOMED,
Inc.
a
20,390
554
Agilent
Technologies,
Inc.
67,339
138
Align
Technology,
Inc.
a
28,581
289
AmerisourceBergen
Corporation
39,110
986
Amgen,
Inc.
222,244
526
Becton,
Dickinson
and
Company
117,209
271
Biogen,
Inc.
a
72,357
341
BioMarin
Pharmaceutical,
Inc.
a
28,906
Shares
Common
Stock
(94.3%)
Value
Health
Care
(11.1%)
-
continued
72
Bio-Techne
Corporation
$
20,448
3,930
Bristol-Myers
Squibb
Company
279,384
503
Cardinal
Health,
Inc.
33,540
1,080
Centene
Corporation
a
84,035
586
Cigna
Holding
Company
162,597
91
Cooper
Companies,
Inc.
24,015
107
DaVita,
Inc.
a
8,856
405
Dentsply
Sirona,
Inc.
11,482
724
DexCom,
Inc.
a
58,311
1,149
Edwards
Lifesciences
Corporation
a
94,942
445
Elevance
Health,
Inc.
202,137
2,315
Gilead
Sciences,
Inc.
142,812
436
HCA
Healthcare,
Inc.
80,132
256
Henry
Schein,
Inc.
a
16,837
461
Hologic,
Inc.
a
29,744
233
Humana,
Inc.
113,049
155
IDEXX
Laboratories,
Inc.
a
50,499
290
Illumina,
Inc.
a
55,329
127
Insulet
Corporation
a
29,134
349
IQVIA
Holding,
Inc.
a
63,218
115
Jazz
Pharmaceuticals,
Inc.
a
15,328
172
Laboratory
Corporation
of
America
Holdings
35,227
4,667
Merck
&
Company,
Inc.
401,922
42
Mettler-Toledo
International,
Inc.
a
45,533
160
Patterson
Companies,
Inc.
3,843
143
Pediatrix
Medical
Group,
Inc.
a
2,361
217
Quest
Diagnostics,
Inc.
26,624
270
ResMed,
Inc.
58,941
199
Select
Medical
Holdings
Corporation
4,398
185
STERIS
plc
30,762
296
Teladoc
Health,
Inc.
a
7,504
472
Vertex
Pharmaceuticals,
Inc.
a
136,663
111
Waters
Corporation
a
29,918
136
West
Pharmaceutical
Services,
Inc.
33,467
869
Zoetis,
Inc.
128,864
Total
3,555,651
Industrials
(8.0%)
1,023
3M
Company
113,042
240
A.O.
Smith
Corporation
11,659
158
ACCO
Brands
Corporation
774
65
Acuity
Brands,
Inc.
10,236
117
AGCO
Corporation
11,252
198
Air
Lease
Corporation
6,140
165
Allegion
plc
14,797
18
AMERCO
9,166
72
Applied
Industrial
Technologies,
Inc.
7,400
47
ArcBest
Corporation
3,418
94
ASGN,
Inc.
a
8,495
60
Avis
Budget
Group,
Inc.
a
8,908
319
Builders
FirstSource,
Inc.
a
18,795
237
C.H.
Robinson
Worldwide,
Inc.
22,825
1,566
Carrier
Global
Corporation
55,687
984
Caterpillar,
Inc.
161,455
394
Copart,
Inc.
a
41,922
4,013
CSX
Corporation
106,906
260
Cummins,
Inc.
52,913
536
Deere
&
Company
178,965
293
Delta
Air
Lines,
Inc.
a
8,222
76
Deluxe
Corporation
1,265
265
Dover
Corporation
30,894
ESG
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
82
Shares
Common
Stock
(94.3%)
Value
Industrials
(8.0%)
-
continued
735
Eaton
Corporation
plc
$
98,020
94
EMCOR
Group,
Inc.
10,855
313
Expeditors
International
of
Washington,
Inc.
27,641
97
Exponent,
Inc.
8,504
1,060
Fastenal
Company
48,802
240
Flowserve
Corporation
5,832
630
Fortive
Corporation
36,729
241
Fortune
Brands
Home
and
Security,
Inc.
12,939
312
Graco,
Inc.
18,704
85
Granite
Construction,
Inc.
2,158
34
Heidrick
&
Struggles
International,
Inc.
884
78
HNI
Corporation
2,068
36
ICF
International,
Inc.
3,925
140
IDEX
Corporation
27,979
575
Illinois
Tool
Works,
Inc.
103,874
749
Ingersoll
-
Rand,
Inc.
32,402
107
Interface,
Inc.
962
1,284
Johnson
Controls
International
plc
63,198
59
Kelly
Services,
Inc.
802
290
Knight-Swift
Transportation
Holdings,
Inc.
14,190
60
Lennox
International,
Inc.
13,360
102
Lincoln
Electric
Holdings,
Inc.
12,823
100
ManpowerGroup,
Inc.
6,469
435
Masco
Corporation
20,310
370
MDU
Resources
Group,
Inc.
10,120
95
Middleby
Corporation
a
12,176
440
Norfolk
Southern
Corporation
92,246
179
Owens
Corning,
Inc.
14,071
640
PACCAR,
Inc.
53,562
237
Parker-Hannifin
Corporation
57,427
307
Pentair
plc
12,473
263
Quanta
Services,
Inc.
33,504
57
Resources
Connection,
Inc.
1,030
207
Robert
Half
International,
Inc.
15,836
215
Rockwell
Automation,
Inc.
46,249
94
Ryder
System,
Inc.
7,096
289
Sensata
Technologies
Holding
plc
10,774
100
Snap-On,
Inc.
20,135
274
Southwest
Airlines
Company
a
8,450
279
Stanley
Black
&
Decker,
Inc.
20,984
143
Steelcase,
Inc.
932
33
Tennant
Company
1,866
99
Tetra
Tech,
Inc.
12,724
127
Timken
Company
7,498
431
Trane
Technologies
plc
62,413
353
TransUnion
21,000
62
TrueBlue,
Inc.
a
1,183
1,160
Union
Pacific
Corporation
225,991
1,356
United
Parcel
Service,
Inc.
219,048
132
United
Rentals,
Inc.
a
35,656
85
W.W.
Grainger,
Inc.
41,581
320
Wabtec
Corporation
26,032
332
Xylem,
Inc.
29,004
Total
2,559,627
Information
Technology
(29.0%)
1,169
Accenture
plc
300,784
872
Adobe,
Inc.
a
239,974
2,991
Advanced
Micro
Devices,
Inc.
a
189,510
295
Akamai
Technologies,
Inc.
a
23,694
959
Analog
Devices,
Inc.
133,627
Shares
Common
Stock
(94.3%)
Value
Information
Technology
(29.0%)
-
continued
162
ANSYS,
Inc.
a
$
35,915
1,606
Applied
Materials,
Inc.
131,580
401
Autodesk,
Inc.
a
74,907
774
Automatic
Data
Processing,
Inc.
175,071
288
Black
Knight,
Inc.
a
18,642
511
Cadence
Design
Systems,
Inc.
a
83,513
7,643
Cisco
Systems,
Inc.
305,720
323
Cognex
Corporation
13,388
962
Cognizant
Technology
Solutions
Corporation
55,257
377
CommScope
Holding
Company,
Inc.
a
3,472
1,482
Corning,
Inc.
43,008
136
Coupa
Software,
Inc.
a
7,997
506
Dell
Technologies,
Inc.
17,290
112
F5,
Inc.
a
16,210
48
Fair
Isaac
Corporation
a
19,776
1,124
Fidelity
National
Information
Services,
Inc.
84,941
845
Flex,
Ltd.
a
14,078
1,259
Fortinet,
Inc.
a
61,855
145
Guidewire
Software,
Inc.
a
8,929
2,394
Hewlett
Packard
Enterprise
Company
28,680
1,943
HP,
Inc.
48,420
83
HubSpot,
Inc.
a
22,420
7,547
Intel
Corporation
194,486
1,659
International
Business
Machines
Corporation
197,106
495
Intuit,
Inc.
191,723
82
Itron,
Inc.
a
3,453
337
Keysight
Technologies,
Inc.
a
53,030
256
Lam
Research
Corporation
93,696
1,603
Mastercard,
Inc.
455,797
1,024
Microchip
Technology,
Inc.
62,495
13,114
Microsoft
Corporation
3,054,251
309
Motorola
Solutions,
Inc.
69,207
1,074
NortonLifeLock,
Inc.
21,630
4,622
NVIDIA
Corporation
561,065
484
NXP
Semiconductors
NV
71,395
278
Okta,
Inc.
a
15,810
798
ON
Semiconductor
Corporation
a
49,739
2,956
Oracle
Corporation
180,523
95
Paycom
Software,
Inc.
a
31,349
2,031
PayPal
Holdings,
Inc.
a
174,808
206
PTC,
Inc.
a
21,548
143
RingCentral,
Inc.
a
5,714
195
Roper
Industries,
Inc.
70,130
1,835
Salesforce,
Inc.
a
263,946
377
Seagate
Technology
Holdings
plc
20,068
370
ServiceNow,
Inc.
a
139,716
297
Skyworks
Solutions,
Inc.
25,325
297
Splunk,
Inc.
a
22,334
281
Synopsys,
Inc.
a
85,848
595
TE
Connectivity,
Ltd.
65,664
203
Teradata
Corporation
a
6,305
1,704
Texas
Instruments,
Inc.
263,745
462
Trimble,
Inc.
a
25,073
3,038
Visa,
Inc.
539,701
387
VMware,
Inc.
41,200
726
Western
Union
Company
9,801
367
Workday,
Inc.
a
55,865
216
Xerox
Holdings
Corporation
2,825
97
Zebra
Technologies
Corporation
a
25,415
ESG
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
83
Shares
Common
Stock
(94.3%)
Value
Information
Technology
(29.0%)
-
continued
225
Zendesk,
Inc.
a
$
17,122
Total
9,347,566
Materials
(2.6%)
408
Air
Products
and
Chemicals,
Inc.
94,954
216
Albemarle
Corporation
57,119
151
Avery
Dennison
Corporation
24,568
415
Axalta
Coating
Systems,
Ltd.
a
8,740
590
Ball
Corporation
28,509
63
Compass
Minerals
International,
Inc.
2,427
475
Ecolab,
Inc.
68,600
98
H.B.
Fuller
Company
5,890
470
International
Flavors
&
Fragrances,
Inc.
42,690
928
Linde
plc
250,180
63
Minerals
Technologies,
Inc.
3,113
668
Mosaic
Company
32,284
1,472
Newmont
Corporation
61,868
435
PPG
Industries,
Inc.
48,150
43
Schnitzer
Steel
Industries,
Inc.
1,224
275
Sealed
Air
Corporation
12,240
456
Sherwin-Williams
Company
93,366
184
Sonoco
Products
Company
10,438
Total
846,360
Real
Estate
(3.5%)
842
American
Tower
Corporation
180,777
211
Anywhere
Real
Estate,
Inc.
a
1,711
257
AvalonBay
Communities,
Inc.
47,337
273
Boston
Properties,
Inc.
20,467
603
CBRE
Group,
Inc.
a
40,709
206
Corporate
Office
Properties
Trust
4,785
799
Crown
Castle,
Inc.
115,496
525
Digital
Realty
Trust,
Inc.
52,070
168
Equinix,
Inc.
95,565
656
Equity
Residential
44,096
129
Federal
Realty
Investment
Trust
11,626
996
Healthpeak
Properties,
Inc.
22,828
1,306
Host
Hotels
&
Resorts,
Inc.
20,739
534
Iron
Mountain,
Inc.
23,480
92
Jones
Lang
LaSalle,
Inc.
a
13,898
383
Macerich
Company
3,041
123
PotlatchDeltic
Corporation
5,048
1,703
Prologis,
Inc.
173,025
199
SBA
Communications
Corporation
56,645
606
Simon
Property
Group,
Inc.
54,389
587
UDR,
Inc.
24,484
736
Ventas,
Inc.
29,565
838
Welltower,
Inc.
53,900
1,380
Weyerhaeuser
Company
39,413
Total
1,135,094
Utilities
(1.0%)
334
American
Water
Works
Company,
Inc.
43,473
257
Atmos
Energy
Corporation
26,175
134
Avista
Corporation
4,965
652
Consolidated
Edison,
Inc.
55,916
460
Essential
Utilities,
Inc.
19,035
634
Eversource
Energy
49,427
176
New
Jersey
Resources
Corporation
6,811
81
Ormat
Technologies,
Inc.
6,982
582
Sempra
Energy
87,265
Shares
Common
Stock
(94.3%)
Value
Utilities
(1.0%)
-
continued
388
UGI
Corporation
$
12,544
Total
312,593
Total
Common
Stock
(cost
$34,858,133)
30,343,654
Shares
Registered
Investment
Companies
(
5.3%
)
Value
Unaffiliated  (5.3%)
25,633
iShares
MSCI
KLD
400
Social
ETF
1,716,642
Total
1,716,642
Total
Registered
Investment
Companies
(cost
$1,867,695)
1,716,642
Shares
Short-Term
Investments
(
<0.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
324
3.170%
3,239
Total
Short-Term
Investments
(cost
$3,239)
3,239
Total
Investments
(cost
$36,729,067)
99.6%
$32,063,535
Other
Assets
and
Liabilities,
Net
0.4%
116,953
Total
Net
Assets
100.0%
$32,180,488
a
Non-income
producing
security.
Definitions:
ETF
-
Exchange
Traded
Fund
ESG
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
84
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
2,875,540
2,875,540
Consumer
Discretionary
3,693,325
3,693,325
Consumer
Staples
2,501,136
2,501,136
Energy
526,192
526,192
Financials
2,990,570
2,990,570
Health
Care
3,555,651
3,555,651
Industrials
2,559,627
2,559,627
Information
Technology
9,347,566
9,347,566
Materials
846,360
846,360
Real
Estate
1,135,094
1,135,094
Utilities
312,593
312,593
Registered
Investment
Companies
Unaffiliated
1,716,642
1,716,642
Subtotal
Investments
in
Securities
$
32,060,296
$32,060,296
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
3,239
Subtotal
Other
Investments
$3,239
Total
Investments
at
Value
$32,063,535
*
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$127
$7,003
$7,127
$3
0
<0.1%
Total
Affiliated
Short-Term
Investments
127
3
<0.1%
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
2
200
202
Total
Collateral
Held
for
Securities
Loaned
2
Total
Value
$129
$3
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$1
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1
Collateral
Held
for
Securities
Loaned
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
85
Shares
Common
Stock
(
79.5%
)
Value
Communications
Services
(5.0%)
186,853
Alphabet,
Inc.,
Class
C
a
$
17,965,916
2,579
AMC
Networks,
Inc.
a
52,354
435,451
Auto
Trader
Group
plc
b
2,469,462
27,923
BCE,
Inc.
1,170,811
76
Cable
One,
Inc.
64,832
916
Cars.com,
Inc.
a
10,534
63,402
Carsales.com,
Ltd.
756,279
104,578
Comcast
Corporation
3,067,273
314
CTS
Eventim
AG
&
Company
KGAA
a
12,919
5,603
Emerald
Holding,
Inc.
a
18,938
2,452
Eventbrite,
Inc.
a
14,908
636
EverQuote,
Inc.
a
4,338
55,108
Informa
plc
314,990
8,758
Ipsos
SA
391,386
9,400
KDDI
Corporation
274,821
1,032
Liberty
Latin
America,
Ltd.
a
6,388
24,193
Live
Nation
Entertainment,
Inc.
a
1,839,636
3,076
Magnite,
Inc.
a
20,209
7,696
Match
Group,
Inc.
a
367,484
113,937
Mediaset
Espana
Comunicacion
SA
a
261,363
50,354
Meta
Platforms,
Inc.
a
6,832,031
106,551
Moneysupermarket.com
Group
plc
219,885
11,491
Netflix,
Inc.
a
2,705,441
14,702
News
Corporation,
Class
A
222,147
1,097
Nexstar
Media
Group,
Inc.
183,034
27,496
Nine
Entertainment
Company
Holdings,
Ltd.
32,979
64,000
Nintendo
Company,
Ltd.
2,581,395
15,500
Nippon
Telegraph
and
Telephone
Corporation
418,071
4,700
Nippon
Television
Holdings,
Inc.
37,661
5,568
Omnicom
Group,
Inc.
351,285
6,661
Paramount
Global
c
126,825
148,000
PCCW,
Ltd.
66,772
11,459
ProSiebenSat.1
Media
AG
81,186
8,258
REA
Group,
Ltd.
601,072
2,813
Rightmove
plc
15,007
15,951
Rogers
Communications,
Inc.
614,437
1,048
SciPlay
Corporation
a
12,325
4,089
Scout24
SE
b
204,901
61,537
SEEK,
Ltd.
747,908
42,593
SES
SA
233,289
53,400
SoftBank
Group
Corporation
1,809,785
1,351
Stroeer
SE
50,886
6,636
Telenet
Group
Holding
NV
91,235
3,707
Telephone
&
Data
Systems,
Inc.
51,527
5,441
TripAdvisor,
Inc.
a
120,137
46,800
TV
Asahi
Holdings
Corporation
453,760
58,151
Twitter,
Inc.
a
2,549,340
107,434
Verizon
Communications,
Inc.
4,079,269
147,560
Warner
Bros.
Discovery,
Inc.
a
1,696,940
177,200
Z
Holdings
Corporation
469,698
1,557
ZipRecruiter,
Inc.
a
25,691
22,818
ZoomInfo
Technologies,
Inc.
a
950,598
Total
57,721,358
Consumer
Discretionary
(9.0%)
4,474
2U,
Inc.
a
27,963
1,331
Aaron's
Company,
Inc.
12,937
663
Adient
plc
a
18,398
143,591
Amazon.com,
Inc.
a
16,225,783
856
American
Axle
&
Manufacturing
Holdings,
Inc.
a
5,847
Shares
Common
Stock
(79.5%)
Value
Consumer
Discretionary
(9.0%)
-
continued
110
America's
Car-Mart,
Inc.
a
$
6,712
20,643
Aptiv
plc
a
1,614,489
6,585
ARB
Corporation,
Ltd.
116,995
136,297
Aristocrat
Leisure,
Ltd.
2,874,049
890
AutoNation,
Inc.
a
90,664
265,015
B&M
European
Value
Retail
SA
901,375
40,622
Barratt
Developments
plc
153,527
18,262
Bayerische
Motoren
Werke
AG
1,237,749
14,708
Beazer
Homes
USA,
Inc.
a
142,226
2,044
Bellway
plc
38,502
2,425
Berkeley
Group
Holdings
plc
88,598
6,813
Bloomin'
Brands,
Inc.
124,882
1,473
Booking
Holdings,
Inc.
a
2,420,448
1,036
Brunswick
Corporation
67,806
4,383
Buckle,
Inc.
138,766
3,124
Burlington
Stores,
Inc.
a
349,544
4,886
Canadian
Tire
Corporation,
Ltd.
520,133
5,719
Cheesecake
Factory,
Inc.
167,452
571
Chegg,
Inc.
a
12,031
3,324
Chico's
FAS,
Inc.
a
16,088
2,031
Chipotle
Mexican
Grill,
Inc.
a
3,052,106
14,500
Chiyoda
Company,
Ltd.
78,674
29,800
Chow
Tai
Fook
Jewellery
Group,
Ltd.
56,005
442
Chuy's
Holdings,
Inc.
a
10,246
8,032
Cie
Generale
des
Etablissements
Michelin
SCA
179,962
386
Columbia
Sportswear
Company
25,978
7,971
Compagnie
Financiere
Richemont
SA
752,426
12,221
Compass
Group
plc
243,349
4,008
Container
Store
Group,
Inc.
a
19,639
15,669
Cooper-Standard
Holdings,
Inc.
a
91,507
1,239
Cracker
Barrel
Old
Country
Store,
Inc.
114,707
3,941
Culp,
Inc.
17,183
37,266
D.R.
Horton,
Inc.
2,509,865
1,201
Dave
&
Buster's
Entertainment,
Inc.
a
37,267
5,145
Designer
Brands,
Inc.
78,770
646
D'ieteren
Group
91,021
13,600
Dollarama,
Inc.
780,744
1,255
Dorman
Products,
Inc.
a
103,061
31,218
Duluth
Holdings,
Inc.
a
219,775
65,202
Everi
Holdings,
Inc.
a
1,057,576
676
Evolution
Gaming
Group
AB
b
53,436
200
Fast
Retailing
Company,
Ltd.
105,989
8,528
Ferrari
NV
1,579,259
8,380
Five
Below,
Inc.
a
1,153,675
13,406
Foot
Locker,
Inc.
417,329
149,346
Ford
Motor
Company
1,672,675
28,000
Galaxy
Entertainment
Group,
Ltd.
164,581
10,263
Gap,
Inc.
84,259
543
Garmin,
Ltd.
43,608
10,681
Gentex
Corporation
254,635
147,400
Genting
Singapore,
Ltd.
80,102
481
Genuine
Parts
Company
71,823
1,602
G-III
Apparel
Group,
Ltd.
a
23,950
17,604
Goodyear
Tire
&
Rubber
Company
a
177,624
127
Graham
Holdings
Company
68,324
1,915
Grand
Canyon
Education,
Inc.
a
157,509
10,828
Greggs
plc
204,541
478
Group
1
Automotive,
Inc.
68,292
10,917
Hanesbrands,
Inc.
75,982
1,997
Harley-Davidson,
Inc.
69,655
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
86
Shares
Common
Stock
(79.5%)
Value
Consumer
Discretionary
(9.0%)
-
continued
65,307
Harvey
Norman
Holdings,
Ltd.
$
168,946
944
Hermes
International
1,110,253
93,400
Honda
Motor
Company,
Ltd.
2,027,321
28,500
Iida
Group
Holdings
Company,
Ltd.
385,786
62,373
Industria
de
Diseno
Textil
SA
1,287,164
41,590
InterContinental
Hotels
Group
plc
2,003,043
2,300
Izumi
Company,
Ltd.
49,577
44,499
JB
Hi-Fi,
Ltd.
1,076,902
2,007
Kohl's
Corporation
50,476
2,500
KOMEDA
Holdings
Company,
Ltd.
40,220
1,871
La
Francaise
des
Jeux
SAEM
b
55,501
6,634
Lear
Corporation
794,023
5,653
Lithia
Motors,
Inc.
1,212,851
492,635
Lottery
Corporation,
Ltd.
a
1,320,240
29,559
Lowe's
Companies,
Inc.
5,551,476
3,452
LVMH
Moet
Hennessy
Louis
Vuitton
SE
2,035,204
5,225
M.D.C.
Holdings,
Inc.
143,270
40,942
Macy's,
Inc.
641,561
223
Marriott
Vacations
Worldwide
Corporation
27,175
22,000
McDonald's
Holdings
Company
(Japan),
Ltd.
766,545
1,507
Mercedes-Benz
Group
AG
76,204
5,023
Modine
Manufacturing
Company
a
64,998
7,169
Mohawk
Industries,
Inc.
a
653,741
1,577
Murphy
USA,
Inc.
433,533
11,175
Newell
Brands,
Inc.
155,221
8,965
Next
plc
475,823
48,491
NIKE,
Inc.
4,030,572
9,000
Nitori
Holdings
Company,
Ltd.
755,281
13,458
Nordstrom,
Inc.
225,152
161
NVR,
Inc.
a
641,920
788
ODP
Corporation
a
27,698
2,842
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
146,647
12,600
Oriental
Land
Company,
Ltd.
1,708,924
5,899
Papa
John's
International,
Inc.
412,989
2,057
Patrick
Industries,
Inc.
90,179
11,973
PENN
Entertainment,
Inc.
a
329,377
6,217
Perdoceo
Education
Corporation
a
64,035
12,794
Planet
Fitness,
Inc.
a
737,702
7,835
Playa
Hotels
and
Resorts
NV
a
45,600
10,000
PLENUS
Company,
Ltd.
133,268
1,998
Polaris,
Inc.
191,109
61,370
Porsche
Automobil
Holding
SE
3,457,764
10,607
Premier
Investments,
Ltd.
152,806
5,995
PVH
Corporation
268,576
570
RCI
Hospitality
Holdings,
Inc.
37,244
7,478
Redrow
plc
32,927
1,331
Ross
Stores,
Inc.
112,163
1,825
Ruth's
Hospitality
Group,
Inc.
30,770
21,500
Sangetsu
Company,
Ltd.
237,729
2,893
Six
Flags
Entertainment
Corporation
a
51,206
10,088
Skyline
Champion
Corporation
a
533,353
18,700
Sony
Group
Corporation
1,204,551
34,851
Sony
Group
Corporation
ADR
2,232,207
12,545
Stellantis
NV
148,187
919
Strategic
Education,
Inc.
56,436
440,641
Tabcorp
Holdings,
Ltd.
264,246
13,985
Taylor
Morrison
Home
Corporation
a
326,130
118,448
Taylor
Wimpey
plc
115,337
42,183
Tesla,
Inc.
a
11,189,041
743
Texas
Roadhouse,
Inc.
64,834
Shares
Common
Stock
(79.5%)
Value
Consumer
Discretionary
(9.0%)
-
continued
1,288
Thor
Industries,
Inc.
$
90,134
28,387
ThredUp,
Inc.
a
52,232
3,900
Tokyotokeiba
Company,
Ltd.
111,195
7,468
Toll
Brothers,
Inc.
313,656
282
TopBuild
Corporation
a
46,468
3,406
Topgolf
Callaway
Brands
Corporation
a
65,600
196,200
Toyota
Motor
Corporation
2,564,423
6,827
Travel
+
Leisure
Company
232,937
1,730
Ulta
Beauty,
Inc.
a
694,059
1,876
Urban
Outfitters,
Inc.
a
36,863
3,780
Vail
Resorts,
Inc.
815,119
654
Visteon
Corporation
a
69,363
6,385
Vistry
Group
plc
41,991
750
Volkswagen
AG
122,227
1,134
Whitbread
plc
28,745
131
Williams-Sonoma,
Inc.
15,438
3,763
Wingstop,
Inc.
471,955
1,664
Wolverine
World
Wide,
Inc.
25,609
8,162
Wyndham
Hotels
&
Resorts,
Inc.
500,739
11,798
Xometry,
Inc.
a,c
670,008
36,100
ZOZO,
Inc.
722,637
1,158
Zumiez,
Inc.
a
24,932
Total
103,799,417
Consumer
Staples
(4.7%)
10,778
Alimentation
Couche-Tard,
Inc.
433,898
11,700
Arcs
Company,
Ltd.
166,960
16,400
Asahi
Group
Holdings,
Ltd.
511,288
35,080
BJ's
Wholesale
Club
Holdings,
Inc.
a
2,554,175
71,144
British
American
Tobacco
plc
2,551,037
1,019
Cal-Maine
Foods,
Inc.
56,646
9,787
Casey's
General
Stores,
Inc.
1,982,063
5,767
Celsius
Holdings,
Inc.
a
522,952
3,589
Coca-Cola
European
Partners
plc
152,963
114,466
Coles
Group,
Ltd.
1,206,747
66
Constellation
Brands,
Inc.
15,159
4,424
Darling
Ingredients,
Inc.
a
292,648
13,146
Davide
Campari-Milano
NV
116,310
95,089
Diageo
plc
4,002,613
32,313
e.l.f.
Beauty,
Inc.
a
1,215,615
4,976
Empire
Company,
Ltd.
123,774
21,277
ForFarmers
BV
49,145
9,522
Freshpet,
Inc.
a
476,957
7,032
GrainCorp,
Ltd.
35,373
3,008
Grocery
Outlet
Holding
Corporation
a
100,136
4,309
Hain
Celestial
Group,
Inc.
a
72,736
2,893
Heineken
NV
252,648
1,249
Hershey
Company
275,367
80,451
Imperial
Brands
plc
1,654,296
2,900
Ingredion,
Inc.
233,508
52,400
Japan
Tobacco,
Inc.
861,076
2,600
Kao
Corporation
105,795
50,178
Lamb
Weston
Holdings,
Inc.
3,882,774
462
Lancaster
Colony
Corporation
69,429
6
Lindt
&
Spruengli
AG
57,986
140,554
Metcash,
Ltd.
349,223
5,200
Ministop
Company,
Ltd.
51,078
20,727
Mowi
ASA
263,638
71,943
Nestle
SA
7,781,162
1,956
Nu
Skin
Enterprises,
Inc.
65,272
5,953
Performance
Food
Group
Company
a
255,681
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
87
Shares
Common
Stock
(79.5%)
Value
Consumer
Staples
(4.7%)
-
continued
63,212
Philip
Morris
International,
Inc.
$
5,247,228
369
PriceSmart,
Inc.
21,251
510
Royal
Unibrew
AS
33,046
1,463
SalMar
ASA
49,312
107
Seneca
Foods
Corporation
a
5,397
12,300
Seven
&
I
Holdings
Company,
Ltd.
494,091
31,868
Sonae
SGPS
SA
25,703
9,480
Sprouts
Farmers
Markets,
Inc.
a
263,070
32,315
Sysco
Corporation
2,284,994
69,945
Tesco
plc
160,528
1,800
Toyo
Suisan
Kaisha,
Ltd.
74,229
17,231
Turning
Point
Brands,
Inc.
365,814
32,914
Unilever
plc
1,448,748
2,902
US
Foods
Holding
Corporation
a
76,729
80,851
Walmart,
Inc.
10,486,375
268,500
WH
Group,
Ltd.
b
168,870
2,700
Yakult
Honsha
Company,
Ltd.
156,775
Total
54,160,288
Energy
(5.0%)
7,258
Antero
Midstream
Corporation
66,628
9,198
Antero
Resources
Corporation
a
280,815
7,823
Archrock,
Inc.
50,224
535,300
BP
plc
2,557,861
100,727
BP
plc
ADR
2,875,756
3,911
Cactus,
Inc.
150,300
1,339
California
Resources
Corporation
51,458
5,133
Callon
Petroleum
Company
a
179,706
12,252
Cameco
Corporation
324,801
41,779
Canadian
Natural
Resources,
Ltd.
1,944,757
7,320
ChampionX
Corporation
143,252
131
Civitas
Resources,
Inc.
7,518
2,210
Clean
Energy
Fuels
Corporation
a
11,801
5,221
CNX
Resources
Corporation
a
81,082
48,723
ConocoPhillips
4,986,312
51,022
Devon
Energy
Corporation
3,067,953
4,709
Enbridge,
Inc.
174,608
171,400
Eneos
Holdings,
Inc.
552,791
146,206
Enterprise
Products
Partners,
LP
3,476,779
27,036
EQT
Corporation
1,101,717
61,667
Equinor
ASA
2,033,699
17,780
Exxon
Mobil
Corporation
1,552,372
114,127
Galp
Energia
SGPS
SA
1,098,056
49
Gulfport
Energy
Corporation
a
4,326
62,752
Halliburton
Company
1,544,954
10,060
HF
Sinclair
Corporation
541,630
6,700
Inpex
Corporation
62,491
9,216
Keyera
Corporation
189,744
41,025
Liberty
Energy,
Inc.
a
520,197
1,995
Magnolia
Oil
&
Gas
Corporation
39,521
18,480
Marathon
Oil
Corporation
417,278
28,196
Marathon
Petroleum
Corporation
2,800,709
12,582
Matador
Resources
Company
615,511
2,739
NexTier
Oilfield
Solutions,
Inc.
a
20,269
7,924
Nine
Energy
Service,
Inc.
a
20,919
35,637
NOV,
Inc.
576,607
2,544
Oceaneering
International,
Inc.
a
20,250
25,961
OMV
AG
939,607
4,647
Par
Pacific
Holdings,
Inc.
a
76,257
1,604
Parkland
Corporation
34,371
5,865
PBF
Energy,
Inc.
a
206,213
12,132
Permian
Resources
Corporation
a
82,498
16,726
Pioneer
Natural
Resources
Company
3,621,681
1,304
Plains
GP
Holdings,
LP
14,227
Shares
Common
Stock
(79.5%)
Value
Energy
(5.0%)
-
continued
32,759
ProPetro
Holding
Corporation
a
$
263,710
26,456
Repsol
SA
303,985
335,469
Saras
SPA
a
318,920
836
Select
Energy
Services,
Inc.
a
5,827
298,379
Shell
plc
7,402,132
4,618
SM
Energy
Company
173,683
292
Solaris
Oilfield
Infrastructure,
Inc.
2,733
20,440
Suncor
Energy,
Inc.
575,608
24,809
Talos
Energy,
Inc.
a
413,070
1,428
Targa
Resources
Corporation
86,166
131,683
TC
Energy
Corporation
5,304,117
2,148
Technip
Energies
NV
ADR
24,101
22,034
TechnipFMC
plc
a
186,408
3,448
TORM
plc
70,369
87,180
TotalEnergies
SE
4,089,998
4,083
U.S.
Silica
Holdings,
Inc.
a
44,709
1,875
Viper
Energy
Partners,
LP
53,738
1,417
World
Fuel
Services
Corporation
33,214
Total
58,471,994
Financials
(12.7%)
31,585
AB
Industrivarden,
Class
A
636,204
56,878
AB
Industrivarden,
Class
C
1,134,387
90,210
AGNC
Investment
Corporation
759,568
9,304
Ally
Financial,
Inc.
258,930
838
American
Equity
Investment
Life
Holding
Company
31,249
22,329
American
Express
Company
3,012,405
4,861
American
Financial
Group,
Inc.
597,563
7,306
Ameris
Bancorp
326,651
3,351
Annaly
Capital
Management,
Inc.
57,503
2,400
Arch
Capital
Group,
Ltd.
a
109,296
4,890
Arthur
J.
Gallagher
&
Company
837,266
11,695
ASR
Nederland
NV
449,588
16,907
ASX,
Ltd.
778,118
37,074
Azimut
Holding
SPA
528,795
13,716
Baloise
Holding
AG
1,752,559
7,649
Banc
of
California,
Inc.
122,155
11,757
Banca
Farmafactoring
SPA
b
78,089
323,370
Banco
Santander
SA
752,447
233,341
Bank
Hapoalim,
Ltd.
1,969,736
331,627
Bank
Leumi
Le-Israel
BM
2,832,349
164,937
Bank
of
America
Corporation
4,981,097
4,924
Bank
of
Montreal
431,570
876
Bank
of
Nova
Scotia
41,665
3,915
BankFinancial
Corporation
37,036
11,000
Bankinter
SA
61,763
288,051
Barclays
plc
458,326
471
BayCom
Corporation
8,280
500
BCB
Bancorp,
Inc.
8,415
2,713
Bread
Financial
Holdings,
Inc.
85,324
13,324
Brighthouse
Financial,
Inc.
a
578,528
691
Byline
Bancorp,
Inc.
13,993
135,562
CaixaBank
SA
436,627
138,164
Canadian
Imperial
Bank
of
Commerce
c
6,047,269
42,534
Canadian
Western
Bank
692,504
18,444
Capital
One
Financial
Corporation
1,699,984
9,642
Carlyle
Group,
Inc.
249,149
26,406
Central
Pacific
Financial
Corporation
546,340
91,231
Charles
Schwab
Corporation
6,556,772
3,200
Chimera
Investment
Corporation
16,704
23,590
Chubb,
Ltd.
4,290,549
18,404
CI
Financial
Corporation
176,399
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
88
Shares
Common
Stock
(79.5%)
Value
Financials
(12.7%)
-
continued
3,953
Cincinnati
Financial
Corporation
$
354,070
6,089
Citizens
Financial
Group,
Inc.
209,218
5,992
CNO
Financial
Group,
Inc.
107,676
33,881
Comerica,
Inc.
2,408,939
5,398
Commonwealth
Bank
of
Australia
314,030
7,437
Community
Trust
Bancorp,
Inc.
301,570
3,277
ConnectOne
Bancorp,
Inc.
75,568
364
CrossFirst
Bankshares,
Inc.
a
4,750
31,497
Customers
Bancorp,
Inc.
a
928,532
178,200
DBS
Group
Holdings,
Ltd.
4,122,366
26,460
Deutsche
Boerse
AG
4,337,485
20,974
Deutsche
Pfandbriefbank
AG
b
144,340
170
Dime
Community
Bancshares,
Inc.
4,978
17,546
Discover
Financial
Services
1,595,282
211,945
DNB
Bank
ASA
3,363,157
5,281
East
West
Bancorp,
Inc.
354,566
442
Employers
Holdings,
Inc.
15,245
5,668
Enova
International,
Inc.
a
165,902
90,685
Equitable
Holdings,
Inc.
2,389,550
783
Equity
Bancshares,
Inc.
23,200
1,309
Essent
Group,
Ltd.
45,645
21,442
Euronext
NV
b
1,356,978
848
Fairfax
Financial
Holdings,
Ltd.
387,298
316
Farmers
National
Banc
Corporation
4,136
6,987
Financial
Institutions,
Inc.
168,177
6,386
First
Financial
Corporation
288,583
1,765
First
International
Bank
of
Israel,
Ltd.
71,368
1,329
First
of
Long
Island
Corporation
22,912
8,549
Flushing
Financial
Corporation
165,594
2,107
Global
Life,
Inc.
210,068
3,747
Great
Southern
Bancorp,
Inc.
213,841
21,088
Groupe
Bruxelles
Lambert
SA
1,474,787
11,199
Hamilton
Lane,
Inc.
667,572
3,135
Hancock
Whitney
Corporation
143,614
24,461
Hanmi
Financial
Corporation
579,237
5,014
Hanover
Insurance
Group,
Inc.
642,494
7,052
Heartland
Financial
USA,
Inc.
305,775
1,761
Helvetia
Holding
AG
165,016
10,016
Home
Capital
Group,
Inc.
199,399
4,916
HomeStreet,
Inc.
141,630
4,464
Hometrust
Bancshares,
Inc.
98,654
7,400
Hong
Kong
Exchanges
&
Clearing,
Ltd.
252,950
76,525
Hope
Bancorp,
Inc.
967,276
3,689
Horizon
Bancorp,
Inc.
66,254
6,479
Houlihan
Lokey,
Inc.
488,387
569,769
HSBC
Holdings
plc
2,950,171
161,282
Humm
Group,
Ltd.
c
46,192
15,386
Independent
Bank
Corporation
293,873
3,627
Invesco
Mortgage
Capital,
Inc.
40,260
28,810
Invesco,
Ltd.
394,697
15,036
Investor
AB,
Class
B
219,394
43,439
J.P.
Morgan
Chase
&
Company
4,539,376
2,300
Japan
Exchange
Group,
Inc.
31,085
76,300
Japan
Post
Holdings
Company,
Ltd.
505,504
8,010
Kinsale
Capital
Group,
Inc.
2,045,914
3,311
L
E
Lundbergforetagen
AB
119,529
2,266
Lakeland
Bancorp,
Inc.
36,279
65,197
Laurentian
Bank
of
Canada
1,398,006
17,915
M&T
Bank
Corporation
3,158,773
416,856
Man
Group
plc
1,032,163
66,437
Manulife
Financial
Corporation
1,042,715
Shares
Common
Stock
(79.5%)
Value
Financials
(12.7%)
-
continued
10,748
Marsh
&
McLennan
Companies,
Inc.
$
1,604,569
38,563
Mediobanca
SPA
301,744
1,954
Mercantile
Bank
Corporation
58,053
14,812
MFA
Financial,
Inc.
115,237
52,712
MGIC
Investment
Corporation
675,768
15,241
Midland
States
Bancorp,
Inc.
359,230
5,748
MidWestOne
Financial
Group,
Inc.
156,863
368,000
Mitsubishi
HC
Capital,
Inc.
1,581,746
134,500
Mitsubishi
UFJ
Financial
Group,
Inc.
609,302
55,883
Mizrahi
Tefahot
Bank,
Ltd.
1,956,409
55,165
Morgan
Stanley
4,358,587
2,153
MSCI,
Inc.
908,114
6,697
National
Bank
of
Canada
419,753
111,029
New
York
Community
Bancorp,
Inc.
947,077
10,197
NMI
Holdings,
Inc.
a
207,713
14,324
OceanFirst
Financial
Corporation
266,999
2,455
OFG
Bancorp
61,694
5,429
Old
Republic
International
Corporation
113,629
20,313
OneMain
Holdings,
Inc.
599,640
1,361
Onex
Corporation
62,427
221
Oppenheimer
Holdings,
Inc.
6,847
66,700
ORIX
Corporation
934,404
44,712
PacWest
Bancorp
1,010,491
13,422
Paragon
Banking
Group
plc
58,731
4,582
Pathward
Financial,
Inc.
151,023
230
PCB
Bancorp
4,156
9,126
Plus500,
Ltd.
166,960
25,365
Popular,
Inc.
1,827,802
36,587
Radian
Group,
Inc.
705,763
46,613
Raymond
James
Financial,
Inc.
4,606,297
1,584
Reinsurance
Group
of
America,
Inc.
199,283
1,035
RenaissanceRe
Holdings,
Ltd.
145,304
113,700
Resona
Holdings,
Inc.
416,081
32,719
Rithm
Capital
Corporation
239,503
13,645
S&P
Global,
Inc.
4,166,501
609
S&T
Bancorp,
Inc.
17,850
4,399
Sampo
Oyj
187,800
7,934
Seacoast
Banking
Corporation
of
Florida
239,845
4,128
SEI
Investments
Company
202,478
3,977
Signature
Bank
600,527
15,300
Singapore
Exchange,
Ltd.
100,374
123,449
Standard
Chartered
plc
772,115
35,501
State
Street
Corporation
2,158,816
57,400
Sumitomo
Mitsui
Financial
Group,
Inc.
1,591,213
47,800
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,359,418
18,191
Sun
Life
Financial,
Inc.
723,373
5,311
Svolder
AB
23,379
3,232
Swiss
Life
Holding
AG
1,427,935
4,454
Synchrony
Financial
125,558
1,446
Territorial
Bancorp,
Inc.
26,809
2,655
Topdanmark
AS
124,377
4,674
TPG
RE
Finance
Trust,
Inc.
32,718
8,215
Tradeweb
Markets,
Inc.
463,490
8,550
Triumph
Bancorp,
Inc.
a
464,693
67,795
Truist
Financial
Corporation
2,951,794
7,664
TrustCo
Bank
Corporation
NY
240,803
13,223
Two
Harbors
Investment
Corporation
43,900
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
89
Shares
Common
Stock
(79.5%)
Value
Financials
(12.7%)
-
continued
12,239
Umpqua
Holdings
Corporation
$
209,165
1,019
Univest
Financial
Corporation
23,926
38,501
Unum
Group
1,493,839
7,009
Virtu
Financial,
Inc.
145,577
549
Vontobel
Holding
AG
29,476
470
Washington
Federal,
Inc.
14,091
117,869
Wells
Fargo
&
Company
4,740,691
536
Wendel
SA
38,364
17,946
Western
Alliance
Bancorp
1,179,770
844
Western
Asset
Mortgage
Capital
Corporation
9,444
6,148
Zurich
Insurance
Group
AG
2,450,905
Total
146,863,365
Health
Care
(12.1%)
874
10X
Genomics,
Inc.
a
24,892
9,807
ACADIA
Pharmaceuticals,
Inc.
a
160,443
1,373
Accolade,
Inc.
a
15,680
9,238
Adaptive
Biotechnologies
Corporation
a
65,775
13,700
Agiliti,
Inc.
a
196,047
34,001
Agilon
Health,
Inc.
a
796,303
2,264
Agios
Pharmaceuticals,
Inc.
a
64,026
1,308
Aldeyra
Therapeutics,
Inc.
a
6,985
4,160
ALK-Abello
AS
a
65,561
13,524
Alkermes
plc
a
301,991
7,882
Allogene
Therapeutics,
Inc.
a
85,126
2,718
Amedisys,
Inc.
a
263,075
2,260
AmerisourceBergen
Corporation
305,846
11,464
Amgen,
Inc.
2,583,986
1,314
Amicus
Therapeutics,
Inc.
a
13,718
787
AMN
Healthcare
Services,
Inc.
a
83,391
967
Anika
Therapeutics,
Inc.
a
23,015
1,604
Arcutis
Biotherapeutics,
Inc.
a
30,652
3,084
Argenx
SE
ADR
a
1,088,806
4,952
Ascendis
Pharma
AS
ADR
a,c
511,344
128,500
Astellas
Pharma,
Inc.
1,702,278
11,553
AstraZeneca
plc
1,270,010
49,887
AstraZeneca
plc
ADR
2,735,803
3,489
Atara
Biotherapeutics,
Inc.
a
13,188
29,365
Avacta
Group
plc
a,c
34,820
5,839
Avanos
Medical,
Inc.
a
127,173
22,221
Avantor,
Inc.
a
435,532
13,865
Axonics,
Inc.
a
976,651
39,085
Baxter
International,
Inc.
2,105,118
109,778
Bayer
AG
5,057,952
10,557
Biogen,
Inc.
a
2,818,719
9,711
BioLife
Solutions,
Inc.
a
220,925
1,107
bioMerieux
87,563
178
Bio-Rad
Laboratories,
Inc.
a
74,251
2,431
Bio-Techne
Corporation
690,404
489
Blueprint
Medicines
Corporation
a
32,220
332
Cardiovascular
Systems,
Inc.
a
4,602
5,680
Centene
Corporation
a
441,961
3,979
Charles
River
Laboratories
International,
Inc.
a
783,067
658
Chemed
Corporation
287,256
23,400
Chugai
Pharmaceutical
Company,
Ltd.
584,604
14,701
Cigna
Holding
Company
4,079,086
3,918
Community
Health
Systems,
Inc.
a
8,424
42
CONMED
Corporation
3,367
1,907
Cooper
Companies,
Inc.
503,257
459
CRISPR
Therapeutics
AG
a
29,996
19,053
CSL,
Ltd.
3,465,126
Shares
Common
Stock
(79.5%)
Value
Health
Care
(12.1%)
-
continued
26,590
CVS
Health
Corporation
$
2,535,888
11,600
Daiichi
Sankyo
Company,
Ltd.
324,230
19,135
Danaher
Corporation
4,942,379
51
DaVita,
Inc.
a
4,221
9,524
Dechra
Pharmaceuticals
plc
276,585
10,441
Deciphera
Pharmaceuticals,
Inc.
a
193,158
7,752
Dentsply
Sirona,
Inc.
219,769
9,876
DexCom,
Inc.
a
795,413
769
Editas
Medicine,
Inc.
a
9,413
6,602
Edwards
Lifesciences
Corporation
a
545,523
3,600
Elanco
Animal
Health,
Inc.
a
44,676
15,911
Elevance
Health,
Inc.
7,227,413
5,758
Encompass
Health
Corporation
260,434
2,879
Enhabit,
Inc.
a
40,421
4,352
Enovis
Corporation
a
200,497
662
Exact
Sciences
Corporation
a
21,508
2,903
Exelixis,
Inc.
a
45,519
8,296
Galenica
AG
b
600,752
65,370
Gilead
Sciences,
Inc.
4,032,675
392
Guardant
Health,
Inc.
a
21,101
7,517
Halozyme
Therapeutics,
Inc.
a
297,222
14,249
HCA
Healthcare,
Inc.
2,618,824
2,542
HealthEquity,
Inc.
a
170,746
13,300
Hoya
Corporation
1,281,569
1,578
ICU
Medical,
Inc.
a
237,647
8,451
Immunocore
Holdings
plc
ADR
a
396,690
8,190
Inari
Medical,
Inc.
a
594,922
13,112
Inotiv,
Inc.
a,c
220,937
3,586
Inspire
Medical
Systems,
Inc.
a
636,049
4,378
Insulet
Corporation
a
1,004,313
792
Integra
LifeSciences
Holdings
Corporation
a
33,549
16,611
Intuitive
Surgical,
Inc.
a
3,113,566
4,654
Jazz
Pharmaceuticals,
Inc.
a
620,332
34,706
Johnson
&
Johnson
5,669,572
850
Kiniksa
Pharmaceuticals,
Ltd.
a
10,914
8,002
Kura
Oncology,
Inc.
a
109,307
2,979
Laboratorios
Farmaceuticos
ROVI,
SA
128,025
21,420
Laboratory
Corporation
of
America
Holdings
4,387,030
7,503
Lantheus
Holdings,
Inc.
a
527,686
1,077
LNA
Sante
30,504
722
Lonza
Group
AG
351,535
13,200
M3,
Inc.
368,567
987
Masimo
Corporation
a
139,325
25,742
Medtronic
plc
2,078,666
50,310
Merck
&
Company,
Inc.
4,332,697
17,397
Merck
KGaA
2,816,229
1,497
Merit
Medical
Systems,
Inc.
a
84,595
190
MultiPlan
Corporation
a
543
7,983
Natera,
Inc.
a
349,815
2,389
National
HealthCare
Corporation
151,319
135,658
Novartis
AG
10,342,158
39,472
Novo
Nordisk
AS
3,932,114
23,686
Novo
Nordisk
AS
ADR
2,359,836
964
Nurix
Therapeutics,
Inc.
a
12,561
2,210
NuVasive,
Inc.
a
96,820
8,532
Omnicell,
Inc.
a
742,540
4,400
Ono
Pharmaceutical
Company,
Ltd.
102,778
783
Orion
Oyj
32,970
2,569
Orthofix
Medical,
Inc.
a
49,094
276
Patterson
Companies,
Inc.
6,630
3,157
Pediatrix
Medical
Group,
Inc.
a
52,122
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
90
Shares
Common
Stock
(79.5%)
Value
Health
Care
(12.1%)
-
continued
3,065
Perrigo
Company
plc
$
109,298
59,237
Pfizer,
Inc.
2,592,211
7,444
Premier,
Inc.
252,649
44,412
Progyny,
Inc.
a
1,645,909
4,778
Protagonist
Therapeutics,
Inc.
a
40,279
29,212
QIAGEN
NV
a
1,216,515
22,421
R1
RCM,
Inc.
a
415,461
529
RAPT
Therapeutics,
Inc.
a
12,728
1,761
Reata
Pharmaceuticals,
Inc.
a
44,254
54,066
Recordati
SPA
1,978,728
4,404
Regeneron
Pharmaceuticals,
Inc.
a
3,033,783
1,434
REGENXBIO,
Inc.
a
37,901
6,202
Repligen
Corporation
a
1,160,456
5,191
Roche
Holding
AG,
Participation
Certificates
1,689,841
669
Sage
Therapeutics,
Inc.
a
26,198
40,790
Sanofi
3,106,005
5,650
Sarepta
Therapeutics,
Inc.
a
624,551
1,021
Scholar
Rock
Holding
Corporation
a
7,076
10,300
Shionogi
&
Company,
Ltd.
497,430
1,442
ShockWave
Medical,
Inc.
a
400,977
6
Siegfried
Holding
AG
4,436
12,272
Silk
Road
Medical,
Inc.
a
552,240
3,372
Sonova
Holding
AG
742,046
3,227
Syneos
Health,
Inc.
a
152,153
700
Sysmex
Corporation
37,405
95,000
Takeda
Pharmaceutical
Company,
Ltd.
2,466,941
3,743
Tecan
Group
AG
1,284,014
4,299
Teleflex,
Inc.
866,077
6,800
Terumo
Corporation
191,150
5,300
Travere
Therapeutics,
Inc.
a
130,592
2,651
Twist
Bioscience
Corporation
a
93,421
388
U.S.
Physical
Therapy,
Inc.
29,496
2,532
Ultragenyx
Pharmaceutical,
Inc.
a
104,850
1,561
Vanda
Pharmaceuticals,
Inc.
a
15,423
2,416
Veracyte,
Inc.
a
40,106
9,682
Vor
BioPharma,
Inc.
a
38,534
2,609
VYNE
Therapeutics,
Inc.
a
582
475
Waters
Corporation
a
128,027
1,501
Zentalis
Pharmaceuticals,
Inc.
a
32,512
23,804
Zimmer
Biomet
Holdings,
Inc.
2,488,708
25,589
Zoetis,
Inc.
3,794,593
Total
140,179,464
Industrials
(11.0%)
848
A.O.
Smith
Corporation
41,196
1,021
A.P.
Moller
-
Maersk
AS,
Class
B
1,855,390
20,580
Aalberts
NV
671,174
479
Ackermans
and
van
Haaren
NV
60,777
4,770
AECOM
326,125
3,995
AGCO
Corporation
384,199
21,693
Air
Lease
Corporation
672,700
8,490
Airbus
SE
731,838
22,799
Alaska
Air
Group,
Inc.
a
892,581
475
Allegion
plc
42,598
11,966
Altra
Industrial
Motion
Corporation
402,297
506
American
Woodmark
Corporation
a
22,193
5,063
AMETEK,
Inc.
574,195
1,256
Armstrong
World
Industries,
Inc.
99,513
12,056
ASGN,
Inc.
a
1,089,501
51,591
Assa
Abloy
AB
966,612
2,029
Atkore
International
Group,
Inc.
a
157,876
491,710
Aurizon
Holdings,
Ltd.
1,087,495
3,057
AZZ,
Inc.
111,611
Shares
Common
Stock
(79.5%)
Value
Industrials
(11.0%)
-
continued
700
BayCurrent
Consulting,
Inc.
$
181,603
952
Boise
Cascade
Company
56,606
2,701
Booz
Allen
Hamilton
Holding
Corporation
249,437
36,010
Brambles,
Ltd.
263,430
20,235
Bunzl
plc
618,237
667
CACI
International,
Inc.
a
174,127
4,648
CAE,
Inc.
a
71,301
45,422
Canadian
National
Railway
Company
4,905,385
6,026
Canadian
Pacific
Railway,
Ltd.
402,257
10,597
Carlisle
Companies,
Inc.
2,971,505
3,393
CBIZ,
Inc.
a
145,153
12,568
Chart
Industries,
Inc.
a
2,316,911
30,100
CIA
De
Distribucion
Integral
548,538
270,500
CK
Hutchison
Holdings,
Ltd.
1,489,440
261,574
CNH
Industrial
NV
2,921,782
144
Columbus
McKinnon
Corporation
3,767
78,500
ComfortDelGro
Corporation,
Ltd.
71,951
14,306
Compagnie
de
Saint-Gobain
511,518
32,500
COMSYS
Holdings
Corporation
551,461
23,832
Crane
Holdings,
Company
2,086,253
2,132
CSW
Industrials,
Inc.
255,414
70,400
CSX
Corporation
1,875,456
6,790
Curtiss-Wright
Corporation
944,896
12,900
Daikin
Industries,
Ltd.
1,984,911
670
Dassault
Aviation
SA
76,226
78,401
Delta
Air
Lines,
Inc.
a
2,199,932
1,298
Donaldson
Company,
Inc.
63,615
41,946
Driven
Brands
Holdings,
Inc.
a
1,173,649
18,149
DSV
AS
2,126,110
8,828
Eiffage
SA
707,941
308
Elbit
Systems,
Ltd.
58,315
5,244
EMCOR
Group,
Inc.
605,577
39,612
Emerson
Electric
Company
2,900,391
3,500
EXEO
Group,
Inc.
50,602
3,167
Expeditors
International
of
Washington,
Inc.
279,678
3,400
FANUC
Corporation
477,409
12,657
Fastenal
Company
582,728
36,595
First
Advantage
Corporation
a
469,514
3,346
Forrester
Research,
Inc.
a
120,489
7,670
Fortune
Brands
Home
and
Security,
Inc.
411,802
5,031
Forward
Air
Corporation
454,098
902
Geberit
AG
386,767
818
Genco
Shipping
&
Trading,
Ltd.
10,250
1,640
Generac
Holdings,
Inc.
a
292,150
13,694
General
Dynamics
Corporation
2,905,456
13,717
Golden
Ocean
Group,
Ltd.
102,581
13,841
Groupe
Eurotunnel
SA
214,636
180,112
GWA
Group,
Ltd.
219,670
5,500
Hanwa
Company,
Ltd.
130,262
213
Heidrick
&
Struggles
International,
Inc.
5,536
4,025
Hillman
Solutions
Corporation
a
30,348
4,400
Hitachi,
Ltd.
187,247
28,428
Howden
Joinery
Group
plc
158,814
34,493
Howmet
Aerospace,
Inc.
1,066,868
6,125
Hubbell,
Inc.
1,365,875
27,450
IAA,
Inc.
a
874,282
260
ICF
International,
Inc.
28,345
5,436
IDEX
Corporation
1,086,385
2,510
IMCD
NV
297,588
32,400
Inaba
Denki
Sangyo
Company,
Ltd.
610,746
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
91
Shares
Common
Stock
(79.5%)
Value
Industrials
(11.0%)
-
continued
5,189
Indutrade
AB
$
84,165
1,170
ITT
Corporation
76,448
6,200
Jardine
Matheson
Holdings,
Ltd.
313,968
11,543
JetBlue
Airways
Corporation
a
76,530
40,361
Johnson
Controls
International
plc
1,986,568
4,800
Kamigumi
Company,
Ltd.
88,622
20,100
Kawasaki
Kisen
Kaisha,
Ltd.
280,261
2,480
Kennametal,
Inc.
51,038
72,100
Keppel
Corporation,
Ltd.
346,937
39,100
Kinden
Corporation
412,521
3,298
KONE
Oyj
127,067
11,459
L3Harris
Technologies,
Inc.
2,381,524
8,292
Landstar
System,
Inc.
1,197,116
63,613
Legrand
SA
4,155,830
546
Lennox
International,
Inc.
121,578
110,425
Leonardo
SPA
781,850
12,890
Lincoln
Electric
Holdings,
Inc.
1,620,531
2,434
Manitowoc
Company,
Inc.
a
18,863
5,769
ManpowerGroup,
Inc.
373,197
42,700
Marubeni
Corporation
372,579
1,378
Masonite
International
Corporation
a
98,238
5,353
Mercury
Systems,
Inc.
a
217,332
10,887
Middleby
Corporation
a
1,395,387
33,700
Mitsubishi
Corporation
921,703
221,500
Mitsubishi
Electric
Corporation
2,004,143
14,000
Mitsuboshi
Belting,
Ltd.
291,798
5,900
Mitsui
O.S.K.
Lines,
Ltd.
105,566
9,163
MSC
Industrial
Direct
Company,
Inc.
667,158
141
National
Presto
Industries,
Inc.
9,172
649
Nexans
SA
57,773
10,100
Nidec
Corporation
565,359
14,100
Nihon
M&A
Center
Holdings,
Inc.
161,264
7,500
Nippon
Yusen
Kabushiki
Kaisha
127,304
700
Nishimatsu
Construction
Company,
Ltd.
18,314
17,500
Nitto
Kogyo
Corporation
286,692
11,720
Norfolk
Southern
Corporation
2,457,098
5,941
Northrop
Grumman
Corporation
2,794,171
6,219
OC
Oerlikon
Corporation
AG
39,809
1,852
Old
Dominion
Freight
Line,
Inc.
460,722
4,376
Owens
Corning,
Inc.
343,997
240,000
Pacific
Basin
Shipping,
Ltd.
74,108
60,492
PageGroup
plc
248,569
19,492
Parker-Hannifin
Corporation
4,723,107
25,618
Pentair
plc
1,040,859
22,400
Penta-Ocean
Construction
Company,
Ltd.
112,462
1,369
RBC
Bearings,
Inc.
a
284,492
7,300
Recruit
Holdings
Company,
Ltd.
210,281
23,378
Redde
Northgate
plc
75,567
22,331
Regal
Rexnord
Corporation
3,134,379
95,082
RELX
plc
2,323,390
15,668
Rexel
SA
234,812
10,100
Saab
AB
314,684
18,785
Sacyr
SA
41,060
1,641
Saia,
Inc.
a
311,790
32,800
Secom
Company,
Ltd.
1,870,227
43,945
Serco
Group
plc
76,223
82,600
Singapore
Technologies
Engineering,
Ltd.
205,216
12,000
SITC
International
Holdings
Company,
Ltd.
22,007
24,429
SkyWest,
Inc.
a
397,216
1,500
SMC
Corporation
610,456
Shares
Common
Stock
(79.5%)
Value
Industrials
(11.0%)
-
continued
1,152
Snap-On,
Inc.
$
231,955
100
Sohgo
Security
Services
Company,
Ltd.
2,516
4,914
Spirax-Sarco
Engineering
plc
564,877
8,942
Standex
International
Corporation
730,114
107,000
Sumitomo
Corporation
1,321,919
30,020
Sun
Country
Airlines
Holdings,
Inc.
a
408,572
10,015
Sunrun,
Inc.
a
276,314
2,500
Taikisha,
Ltd.
55,643
4,000
Takara
Standard
Company,
Ltd.
35,841
16,198
Thales
SA
1,784,915
15,007
Thomson
Reuters
Corporation
1,540,517
3,290
Timken
Company
194,242
1,474
Toro
Company
127,472
4,435
Toromont
Industries,
Ltd.
308,734
5,273
TransUnion
313,691
10,368
Trelleborg
AB
194,512
4,355
Trex
Company,
Inc.
a
191,359
14,800
Tsubakimoto
Chain
Company
312,571
4,001
Tutor
Perini
Corporation
a
22,086
156,450
Uber
Technologies,
Inc.
a
4,145,925
9,155
United
Airlines
Holdings,
Inc.
a
297,812
25,960
United
Parcel
Service,
Inc.
4,193,578
7,980
United
Rentals,
Inc.
a
2,155,558
1,582
Univar
Solutions,
Inc.
a
35,975
14,196
Upwork,
Inc.
a
193,350
1,043
Valmont
Industries,
Inc.
280,171
1,992
Verisk
Analytics,
Inc.
339,696
18,896
Vicor
Corporation
a
1,117,509
1,522
Watsco,
Inc.
391,854
258
Watts
Water
Technologies,
Inc.
32,438
4,141
Werner
Enterprises,
Inc.
155,702
53,168
WillScot
Mobile
Mini
Holdings
Corporation
a
2,144,265
1,209
Woodward,
Inc.
97,034
1,358
XPO
Logistics,
Inc.
a
60,458
7,900
Yuasa
Trading
Company,
Ltd.
191,180
Total
127,174,545
Information
Technology
(12.2%)
8,068
8x8,
Inc.
a
27,835
10,400
Advantest
Corporation
480,279
7,702
Aixtron
SE
185,265
4,081
Amkor
Technology,
Inc.
69,581
12,875
Amphenol
Corporation
862,110
104,624
Apple,
Inc.
14,459,037
6,027
Arista
Networks,
Inc.
a
680,388
6,215
Arrow
Electronics,
Inc.
a
572,961
8,463
ASML
Holding
NV
3,506,030
2,509
Avnet,
Inc.
90,625
905
Benchmark
Electronics,
Inc.
22,426
6,417
Bill.com
Holdings,
Inc.
a
849,418
313
Blackline,
Inc.
a
18,749
65,603
Block,
Inc.
a
3,607,509
16,418
Calix,
Inc.
a
1,003,796
2,504
CDW
Corporation
390,824
52,453
CGI,
Inc.
a
3,948,737
12,043
Check
Point
Software
Technologies,
Ltd.
a
1,349,057
135,391
Cisco
Systems,
Inc.
5,415,640
24,172
Cognex
Corporation
1,001,929
2,740
Coherent
Corporation
a
95,489
212
Comet
Holding
AG
30,501
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
92
Shares
Common
Stock
(79.5%)
Value
Information
Technology
(12.2%)
-
continued
9,862
CommScope
Holding
Company,
Inc.
a
$
90,829
125,591
Computershare,
Ltd.
2,003,193
9,938
Conduent
Incorporated
a
33,193
5,699
Dassault
Systemes
SE
196,758
5,396
Descartes
Systems
Group,
Inc.
a
342,808
1,782
Digital
Turbine,
Inc.
a
25,679
926
Diodes,
Inc.
a
60,107
1,000
DISCO
Corporation
220,452
12,951
Dolby
Laboratories,
Inc.
843,758
2,625
Endava
plc
ADR
a
211,654
1,956
EPAM
Systems,
Inc.
a
708,444
1,283
ePlus,
Inc.
a
53,296
2,997
Euronet
Worldwide,
Inc.
a
227,053
39,916
Fidelity
National
Information
Services,
Inc.
3,016,452
899
First
Solar,
Inc.
a
118,911
17,074
Five9,
Inc.
a
1,280,208
1,576
FLEETCOR
Technologies,
Inc.
a
277,644
11,048
Flex,
Ltd.
a
184,060
8,300
Fuji
Soft,
Inc.
469,384
12,800
FUJIFILM
Holdings
NPV
584,638
11,900
Fujitsu,
Ltd.
1,304,859
94
Genpact,
Ltd.
4,114
6,190
Global
Payments,
Inc.
668,829
178,409
Halma
plc
4,012,822
1,378
HubSpot,
Inc.
a
372,225
2,422
IPG
Photonics
Corporation
a
204,296
34,300
ITOCHU
Techno-Solutions
Corporation
804,032
3,258
Jack
Henry
&
Associates,
Inc.
593,836
9,300
Keyence
Corporation
3,074,213
66
Keysight
Technologies,
Inc.
a
10,386
4,399
Knowles
Corporation
a
53,536
909
Lam
Research
Corporation
332,694
30,057
Lattice
Semiconductor
Corporation
a
1,479,105
6,521
LiveRamp
Holding,
Inc.
a
118,421
1,415
Lumentum
Holdings,
Inc.
a
97,026
1,288
MAXIMUS,
Inc.
74,536
282
MaxLinear,
Inc.
a
9,199
2,341
Microchip
Technology,
Inc.
142,871
101,705
Microsoft
Corporation
23,687,094
381
MKS
Instruments,
Inc.
31,486
4,878
Momentive
Global,
Inc.
a
28,341
4,010
Monolithic
Power
Systems,
Inc.
1,457,234
20,300
Murata
Manufacturing
Company,
Ltd.
934,352
3,300
NEC
Networks
&
System
Integration
Corporation
35,824
600
Net
One
Systems
Company,
Ltd.
11,647
59,142
Nokia
Oyj
253,899
3,334
Nova,
Ltd.
a
284,390
985
Nova,
Ltd.
a
84,596
55,078
NVIDIA
Corporation
6,685,918
5,131
Okta,
Inc.
a
291,800
9,600
Oracle
Corporation
Japan
508,849
3,066
PagerDuty,
Inc.
a
70,733
7,440
Palo
Alto
Networks,
Inc.
a
1,218,598
3,264
Paycom
Software,
Inc.
a
1,077,087
69,402
PayPal
Holdings,
Inc.
a
5,973,430
106
Progress
Software
Corporation
4,510
8,223
PTC,
Inc.
a
860,126
2,570
Qorvo,
Inc.
a
204,084
67,812
QUALCOMM,
Inc.
7,661,400
1,135
RingCentral,
Inc.
a
45,355
Shares
Common
Stock
(79.5%)
Value
Information
Technology
(12.2%)
-
continued
8,200
Ryoyo
Electro
Corporation
c
$
119,818
16,651
Sabre
Corporation
a
85,753
31,160
Salesforce,
Inc.
a
4,482,054
83,043
Samsung
Electronics
Company,
Ltd.
3,049,277
2,687
Sanmina
Corporation
a
123,817
1,903
Semtech
Corporation
a
55,967
11,242
ServiceNow,
Inc.
a
4,245,092
52,918
Shopify,
Inc.
a
1,425,611
2,264
SiTime
Corporation
a
178,245
5,958
Skyworks
Solutions,
Inc.
508,039
247
Sopra
Group
SA
31,250
945
Splunk,
Inc.
a
71,064
36,981
Sprout
Social,
Inc.
a
2,244,007
2,902
Synopsys,
Inc.
a
886,590
4,249
TD
SYNNEX
Corporation
344,976
20,141
Technology
One,
Ltd.
135,954
3,047
Teledyne
Technologies,
Inc.
a
1,028,271
1,355
Temenos
AG
91,350
17,529
Texas
Instruments,
Inc.
2,713,139
6,900
Tokyo
Electron,
Ltd.
1,700,125
1,648
TTM
Technologies,
Inc.
a
21,721
2,646
Tyler
Technologies,
Inc.
a
919,485
5,385
Universal
Display
Corporation
508,075
161
Upland
Software,
Inc.
a
1,309
7,164
Vishay
Intertechnology,
Inc.
127,448
13,151
Vontier
Corporation
219,753
24,556
Western
Union
Company
331,506
4,246
WEX,
Inc.
a
538,987
1,495
Wolfspeed,
Inc.
a
154,523
11,499
Workiva,
Inc.
a
894,622
4,816
Xerox
Holdings
Corporation
62,993
5,967
Yext,
Inc.
a
26,613
Total
141,711,894
Materials
(3.9%)
71,711
Acerinox
SA
570,271
28,273
Air
Liquide
SA
3,231,567
20,755
Altri
SGPS
SA
104,805
5,689
Aperam
SA
134,250
7,035
AptarGroup,
Inc.
668,536
2,353
Aurubis
AG
122,837
2,175
Avery
Dennison
Corporation
353,872
84,655
Axalta
Coating
Systems,
Ltd.
a
1,782,834
26,945
Barrick
Gold
Corporation
417,629
45,176
BASF
SE
1,733,776
3,080
BHP
Group,
Ltd.
76,563
2,446
Buzzi
Unicem
SPA
34,601
10,746
Celanese
Corporation
970,794
34,582
CF
Industries
Holdings,
Inc.
3,328,517
1,630
Chemours
Company
40,179
15,941
Clariant
AG
254,637
2,332
Cleveland-Cliffs,
Inc.
a
31,412
7,922
Compass
Minerals
International,
Inc.
305,235
5,061
Croda
International
plc
361,475
4,123
Crown
Holdings,
Inc.
334,087
48,426
Deterra
Royalties,
Ltd.
124,453
27,958
Eastman
Chemical
Company
1,986,416
19,147
Evonik
Industries
AG
320,666
31,363
Evraz
plc
d
4
102
Givaudan
SA
308,142
379,631
Glencore
Xstrata
plc
1,994,958
84,220
Granges
AB
540,093
75,914
Hexpol
AB
622,637
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
93
Shares
Common
Stock
(79.5%)
Value
Materials
(3.9%)
-
continued
6,571
Holmen
AB
$
249,348
5,913
Huntsman
Corporation
145,105
1,412
Ingevity
Corporation
a
85,610
3,983
Innospec,
Inc.
341,224
1,027
Kaiser
Aluminum
Corporation
63,006
532
Koninklijke
DSM
NV
60,536
32,600
Kyoei
Steel,
Ltd.
311,815
2,800
Lintec
Corporation
43,037
34,222
LyondellBasell
Industries
NV
2,576,232
1,926
Martin
Marietta
Materials,
Inc.
620,345
1,069
Mativ,
Inc.
23,604
2,118
Minerals
Technologies,
Inc.
104,650
400
Mitsubishi
Gas
Chemical
Company,
Inc.
5,260
1,676
MP
Materials
Corporation
a
45,755
833
Myers
Industries,
Inc.
13,720
9,787
Navigator
Company
SA
33,347
31,500
Nippon
Steel
Corporation
437,165
19,992
Nucor
Corporation
2,138,944
2,156
Nutrien,
Ltd.
179,767
6,247
Orica,
Ltd.
53,185
5,108
Orion
Engineered
Carbons
SA
68,192
23,637
Orora,
Ltd.
45,569
3,929
Quaker
Chemical
Corporation
567,269
28,877
Ranpak
Holdings
Corporation
a
98,759
6,217
Reliance
Steel
&
Aluminum
Company
1,084,307
660
RHI
Magnesita
NV
12,336
2,995
Rio
Tinto
plc
162,046
29,871
Rio
Tinto,
Ltd.
1,806,974
569
Royal
Gold,
Inc.
53,384
10,080
RPM
International,
Inc.
839,765
1,523
Ryerson
Holding
Corporation
39,202
1,118
Sensient
Technologies
Corporation
77,522
17,600
Shin-Etsu
Chemical
Company,
Ltd.
1,741,640
9,373
Sika
AG
1,883,896
3,278
Solvay
SA
253,789
5,129
Sonoco
Products
Company
290,968
153,409
SSAB
AB,
Class
A
675,376
75,173
SSAB
AB,
Class
B
320,348
3,891
Steel
Dynamics,
Inc.
276,066
3,248
Stelco
Holdings,
Inc.
80,909
87,654
Stora
Enso
Oyj
1,113,504
31,705
Summit
Materials,
Inc.
a
759,652
32,827
Svenska
Cellulosa
AB
SCA
416,525
13,800
Taiyo
Holdings
Company,
Ltd.
228,969
31,600
Toagosei
Company,
Ltd.
235,912
3,600
Toho
Titanium
Company,
Ltd.
58,872
1,215
TriMas
Corporation
30,460
1,293
Trinseo
plc
23,688
13,255
United
States
Steel
Corporation
240,181
3,305
UPM-Kymmene
Oyj
104,882
4,563
Voestalpine
AG
77,298
4,113
Westlake
Corporation
357,337
20,954
WestRock
Company
647,269
1,564
Wienerberger
AG
31,392
1,461
Worthington
Industries,
Inc.
55,723
53,583
Yara
International
ASA
1,880,504
Total
44,927,386
Real
Estate
(2.1%)
12,265
Agree
Realty
Corporation
828,869
7,747
AvalonBay
Communities,
Inc.
1,426,920
1,944
Camden
Property
Trust
232,211
22,267
CBRE
Group,
Inc.
a
1,503,245
Shares
Common
Stock
(79.5%)
Value
Real
Estate
(2.1%)
-
continued
29,998
CubeSmart
$
1,201,720
15,027
Cushman
&
Wakefield
plc
a
172,059
8,300
Daiwa
House
Industry
Company,
Ltd.
168,761
25,603
DEXUS
Property
Group
127,364
2,280
Dream
Industrial
Real
Estate
Investment
Trust
17,710
630
EastGroup
Properties,
Inc.
90,934
25,482
EPR
Properties
913,784
4,175
Essential
Properties
Realty
Trust,
Inc.
81,204
831
Essex
Property
Trust,
Inc.
201,293
1,803
Extra
Space
Storage,
Inc.
311,396
6,481
First
Industrial
Realty
Trust,
Inc.
290,414
2,588
FirstService
Corporation
307,998
4,388
Four
Corners
Property
Trust,
Inc.
106,146
1,385
Granite
REIT
66,846
112,866
Healthcare
Realty
Trust,
Inc.
2,353,256
163,360
Host
Hotels
&
Resorts,
Inc.
2,594,157
1,639
Howard
Hughes
Corporation
a
90,784
4,500
Hulic
Company,
Ltd.
33,155
32,000
Hysan
Development
Company,
Ltd.
80,526
7,753
InterRent
Real
Estate
Investment
Trust
64,377
91
Kenedix
Retail
REIT
Corporation
168,069
9,139
Kilroy
Realty
Corporation
384,843
4,389
Life
Storage,
Inc.
486,126
51,300
Link
REIT
358,100
18,722
National
Retail
Properties,
Inc.
746,259
43,417
National
Storage
Affiliates
Trust
1,805,279
32,994
Necessity
Retail
REIT,
Inc.
194,005
5,421
NetSTREIT
Corporation
96,548
17,500
Pebblebrook
Hotel
Trust
253,925
19,248
PSP
Swiss
Property
AG
1,924,076
137
RE/MAX
Holdings,
Inc.
2,591
1,906
Realty
Income
Corporation
110,929
6,763
Regency
Centers
Corporation
364,187
38,074
Rexford
Industrial
Realty,
Inc.
1,979,848
115,000
Road
King
Infrastructure,
Ltd.
42,108
15,120
Sabra
Health
Care
REIT,
Inc.
198,374
2,358
SBA
Communications
Corporation
671,205
29,803
Service
Properties
Trust
154,678
2,918
Swiss
Prime
Site
AG
232,440
69,220
TAG
Immobilien
AG
552,411
8,445
UDR,
Inc.
352,241
39,870
Wing
Tai
Holdings,
Ltd.
42,177
6,766
Zillow
Group,
Inc.
a
193,711
Total
24,579,259
Utilities
(1.8%)
2,097
Artesian
Resources
Corporation
100,908
1,350
Avista
Corporation
50,017
572
Black
Hills
Corporation
38,741
3,537
Capital
Power
Corporation
120,089
82,500
CK
Infrastructure
Holdings,
Ltd.
420,777
1,780
Consolidated
Water
Company,
Ltd.
27,376
41,082
Constellation
Energy
Corporation
3,417,612
44,579
Contact
Energy,
Ltd.
186,638
29,099
Duke
Energy
Corporation
2,706,789
22,055
Endesa
SA
331,255
217,375
Enel
SPA
891,500
48,411
Engie
SA
557,203
28,982
Entergy
Corporation
2,916,459
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
94
Shares
Common
Stock
(79.5%)
Value
Utilities
(1.8%)
-
continued
4,700
eREX
Company,
Ltd.
$
90,026
1,750
Essential
Utilities,
Inc.
72,415
5,479
Evergy,
Inc.
325,453
15,139
Fortis,
Inc.
575,158
12,601
Iren
SPA
16,611
89,702
Italgas
SPA
416,552
85,452
NiSource,
Inc.
2,152,536
21,773
Northland
Power,
Inc.
637,578
6,288
NorthWestern
Corporation
309,873
32,414
OGE
Energy
Corporation
1,181,814
2,607
Pinnacle
West
Capital
Corporation
168,178
39,648
Public
Service
Enterprise
Group,
Inc.
2,229,407
7,713
Sempra
Energy
1,156,487
8,534
UGI
Corporation
275,904
1,600
West
Holdings
Corporation
45,727
Total
21,419,083
Total
Common
Stock
(cost
$898,771,827)
921,008,053
Shares
Registered
Investment
Companies
(
6.0%
)
Value
Unaffiliated  (1.0%)
18,751
Energy
Select
Sector
SPDR
Fund
1,350,447
5,759
Invesco
QQQ
Trust
Series
1
1,539,150
22,136
SPDR
S&P
500
ETF
Trust
7,906,537
1,702
SPDR
S&P
Biotech
ETF
a,c
135,003
4,464
SPDR
S&P
Oil
&
Gas
Exploration
ETF
556,750
Total
11,487,887
Affiliated  (5.0%)
4,224,849
Thrivent
Core
Emerging
Markets
Equity
Fund
32,489,091
3,057,533
Thrivent
Core
Small
Cap
Value
Fund
25,316,372
Total
57,805,463
Total
Registered
Investment
Companies
(cost
$82,274,613)
69,293,350
Shares
Collateral
Held
for
Securities
Loaned
(
0.6%
)
Value
6,983,512
Thrivent
Cash
Management
Trust
6,983,512
Total
Collateral
Held
for
Securities
Loaned
(cost
$6,983,512)
6,983,512
Shares
Preferred
Stock
(
0.3%
)
Value
Consumer
Discretionary
(0.3%)
2,344
Bayerische
Motoren
Werke
AG
152,214
30,272
Volkswagen
AG
3,698,982
Total
3,851,196
Total
Preferred
Stock
(cost
$5,361,392)
3,851,196
Shares
or
Principal
Amount
Short-Term
Investments
(
13.7%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
36,220,000
2.451%,
10/3/2022
e
$
36,220,000
55,000,000
2.350%,
10/4/2022
e
54,995,440
1,600,000
2.411%,
10/14/2022
e,f
1,598,520
1,940,000
2.880%,
10/21/2022
e
1,937,066
4,400,000
2.420%,
10/28/2022
e,f
4,390,761
15,700,000
3.095%,
11/18/2022
e,f
15,636,937
400,000
3.250%,
12/14/2022
e,f
397,243
1,700,000
3.440%,
12/21/2022
e,f
1,687,322
Federal
Home
Loan
Mortgage
Discount
Notes
25,000,000
2.430%,
10/11/2022
e
24,983,422
U.S.
Treasury
Bills
17,075,000
2.300%,
10/11/2022
e
17,065,704
Total
Short-Term
Investments
(cost
$158,898,411)
158,912,415
Total
Investments
(cost
$1,152,289,755)
100.1%
$1,160,048,526
Other
Assets
and
Liabilities,
Net
(0.1%)
(1,207,690)
Total
Net
Assets
100.0%
$1,158,840,836
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,
2022,
the
value
of
these
investments
was
$5,132,329
or
0.4%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
The
interest
rate
shown
reflects
the
yield.
f
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
6,627,709
Total
lending
$6,627,709
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$6,983,512
Net
amounts
due
to
counterparty
$355,803
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
95
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
57,721,358
43,339,400
14,381,958
Consumer
Discretionary
103,799,417
68,817,433
34,981,984
Consumer
Staples
54,160,288
30,974,939
23,185,349
Energy
58,471,994
30,818,880
27,653,114
Financials
146,863,365
88,734,751
58,128,614
Health
Care
140,179,464
94,109,023
46,070,441
Industrials
127,174,545
80,120,501
47,054,044
Information
Technology
141,711,894
113,933,790
27,778,104
Materials
44,927,386
21,649,588
23,277,794
4
Real
Estate
24,579,259
20,701,139
3,878,120
Utilities
21,419,083
17,129,969
4,289,114
Registered
Investment
Companies
Unaffiliated
11,487,887
11,487,887
Affiliated
25,316,372
25,316,372
Preferred
Stock
Consumer
Discretionary
3,851,196
3,851,196
Short-Term
Investments
158,912,415
158,912,415
Subtotal
Investments
in
Securities
$1,120,575,923
$621,817,300
$498,758,619
$4
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
32,489,091
Collateral
Held
for
Securities
Loaned
6,983,512
Subtotal
Other
Investments
$39,472,603
Total
Investments
at
Value
$1,160,048,526
*
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
10,477,647
10,477,647
Total
Asset
Derivatives
$10,477,647
$10,477,647
$–
$–
Liability
Derivatives
Futures
Contracts
27,945,068
27,945,068
Total
Liability
Derivatives
$27,945,068
$27,945,068
$–
$–
Global
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
96
Reference
Description:
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
presents
Global
Stock
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$10,410,840
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
1,217
December
2022
$
243,978,212
(
$
24,826,937)
ICE
mini
MSCI
EAFE
Index
175
December
2022
16,164,543
(
1,634,293)
ICE
US
mini
MSCI
Emerging
Markets
Index
281
December
2022
13,728,413
(
1,483,838)
Total
Futures
Long
Contracts
$
273,871,168
(
$
27,945,068)
CME
E-mini
Russell
2000
Index
(653)
December
2022
(
$
60,470,355)
$
5,951,385
CME
E-mini
S&P
Mid-Cap
400
Index
(181)
December
2022
(
44,494,682)
4,526,262
Total
Futures
Short
Contracts
(
$
104,965,037)
$10,477,647
Total
Futures
Contracts
$
168,906,131
($17,467,421)
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$45,037
$–
$–
$32,489
4,225
2.8%
Core
Small
Cap
Value
28,340
25,316
3,058
2.2
Total
Affiliated
Registered
Investment
Companies
45,037
57,805
5.0
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,806
134,263
136,085
6,984
6,984
0.6
Total
Collateral
Held
for
Securities
Loaned
8,806
6,984
0.6
Total
Value
$53,843
$64,789
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$–
($12,548)
$
$–
Core
Small
Cap
Value
Fund
(3,024)
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
67
Total
Affiliated
Income
from
Securities
Loaned,
Net
$67
Total
Value
$–
($15,572)
$
Government
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
97
Principal
Amount
Long-Term
Fixed
Income
(
98.3%
)
Value
Asset-Backed
Securities
(7.0%)
Arkansas
Student
Loan
Auth.
$
942,950
3.943%, 
(LIBOR
3M
+
0.900%),
11/25/2043,
Ser.
2010-1A
a
$
929,964
Cascade
Funding
Mortgage
Trust,
LLC
880,206
0.985%, 
11/25/2050,
Ser.
2021-EBO1,
Class
A
a,b
839,617
ECMC
Group
Student
Loan
Trust
484,093
4.084%, 
(LIBOR
1M
+
1.000%),
1/27/2070,
Ser.
2020-3A,
Class
A1B
a,b
481,041
Finance
of
America
HECM
Buyout
806,654
2.695%, 
2/25/2032,
Ser.
2022-HB1,
Class
A
a,b
779,664
GMAC
Mortgage
Corporation
Loan
Trust
32,861
3.584%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
a,c
17,294
Goodgreen
1,031,887
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
b
950,296
Kentucky
Higher
Education
Student
Loan
Corporation
Student
Loan
Rev.
1,423,841
1.650%, 
3/25/2051,
Ser.
2021-1
1,301,817
Missouri
Higher
Education
Loan
Auth.
1,395,216
1.530%, 
1/25/2061,
Ser.
2021-1
1,202,322
1,690,890
3.784%, 
(LIBOR
1M
+
0.700%),
3/25/2061,
Ser.
2021-2
a
1,630,639
Navient
Student
Loan
Trust
1,370,173
1.310%, 
12/26/2069,
Ser.
2021-1A,
Class
A1A
b
1,125,327
795,611
4.134%, 
(LIBOR
1M
+
1.050%),
6/25/2069,
Ser.
2020-1A,
Class
A1B
a,b
789,344
1,003,221
3.984%, 
(LIBOR
1M
+
0.900%),
8/26/2069,
Ser.
2020-2A,
Class
A1B
a,b
988,382
New
Hampshire
Higher
Education
Loan
Corporation
743,724
4.284%, 
(LIBOR
1M
+
1.200%),
9/25/2060,
Ser.
2020-1,
Class
A1B
a
737,807
Preferred
Term
Securities
XXIII,
Ltd.
33,577
3.493%, 
(LIBOR
3M
+
0.200%),
12/22/2036
a,b
33,347
SLM
Student
Loan
Trust
265,945
3.484%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
a
257,706
Total
12,064,567
Collateralized
Mortgage
Obligations
(16.6%)
Cascade
Funding
Mortgage
Trust,
LLC
418,161
0.946%, 
12/26/2030,
Ser.
2020-HB4,
Class
A
a,b
405,487
Principal
Amount
Long-Term
Fixed
Income
(98.3%)
Value
Collateralized
Mortgage
Obligations
(16.6%)
-
continued
$
1,124,980
0.801%, 
2/25/2031,
Ser.
2021-HB5,
Class
A
a,b
$
1,081,855
1,464,563
1.151%, 
10/27/2031,
Ser.
2021-HB7,
Class
A
a,b
1,376,213
Federal
Agricultural
Mortgage
Corporation
Real
Estate
Trust
1,796,784
2.180%, 
1/25/2051,
Ser.
2021-1,
Class
A
a,b,c
1,513,348
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
207,011
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
200,179
1,685,960
1.500%, 
3/25/2050,
Ser.
4982,
Class
JA
1,373,666
209,370
3.000%, 
10/15/2034,
Ser.
4369,
Class
GV
209,050
159,195
2.000%, 
1/15/2041,
Ser.
4074,
Class
JA
151,761
887,626
1.750%, 
6/15/2042,
Ser.
4097,
Class
QN
769,855
493,909
1.750%, 
12/15/2042,
Ser.
4141,
Class
KM
417,065
637,468
3.000%, 
5/15/2045,
Ser.
4631,
Class
PA
593,663
516,488
3.000%, 
3/15/2047,
Ser.
4734,
Class
JA
476,008
1,078,368
3.500%, 
8/15/2047,
Ser.
4860,
Class
CA
1,015,478
1,350,000
3.000%, 
9/25/2048,
Ser.
5210,
Class
GD
1,029,460
1,700,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
1,343,053
987,008
2.000%, 
9/25/2049,
Ser.
4906,
Class
KE
855,993
Federal
National
Mortgage
Association
-
REMIC
847,710
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
830,449
491,680
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
473,429
423,772
2.000%, 
11/25/2032,
Ser.
2012-123,
Class
BA
386,267
440,903
3.000%, 
6/25/2042,
Ser.
2016-24,
Class
LJ
427,839
461,376
3.000%, 
1/25/2043,
Ser.
2013-114,
Class
AB
436,527
537,950
3.250%, 
6/25/2043,
Ser.
2013-60,
Class
PT
497,771
900,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
d
883,160
444,547
3.000%, 
3/25/2046,
Ser.
2016-66,
Class
PA
406,895
123,223
3.500%, 
12/25/2047,
Ser.
2018-41,
Class
PB
116,508
NewRez
Warehouse
Securitization
Trust
1,750,000
3.834%, 
(LIBOR
1M
+
0.750%),
5/25/2055,
Ser.
2021-1,
Class
A
a,b
1,710,997
RMF
Buyout
Issuance
Trust
960,159
1.259%, 
11/25/2031,
Ser.
2021-HB1,
Class
A
a,b
913,759
Government
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
98
Principal
Amount
Long-Term
Fixed
Income
(98.3%)
Value
Collateralized
Mortgage
Obligations
(16.6%)
-
continued
Seasoned
Credit
Risk
Transfer
Trust
$
801,626
3.250%, 
6/25/2057,
Ser.
2017-4,
Class
HT
c
$
740,247
1,096,473
3.000%, 
8/25/2056,
Ser.
2017-2,
Class
HA
c
1,030,651
1,207,439
2.500%, 
8/25/2059,
Ser.
2020-1,
Class
MT
c
1,052,507
1,345,048
2.500%, 
9/25/2060,
Ser.
2021-1,
Class
MTU
1,165,641
1,334,727
2.000%, 
11/25/2059,
Ser.
2020-2,
Class
MT
c
1,133,601
1,166,717
2.500%, 
11/25/2060,
Ser.
2021-2,
Class
MTU
c
1,010,895
Seasoned
Loans
Structured
Transaction
Trust
1,119,245
2.000%, 
9/25/2030,
Ser.
2020-2,
Class
A1C
c
1,015,155
1,800,000
2.250%, 
5/26/2031,
Ser.
2021-1,
Class
A2C
b,c
1,493,854
Total
28,538,286
Commercial
Mortgage-Backed
Securities
(6.3%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
1,200,000
2.920%, 
6/25/2032,
Ser.
K146,
Class
A2
c
1,049,318
Federal
Home
Loan
Mortgage
Corporation
Multifamily
WI
Certificates
1,600,000
3.000%, 
8/25/2032,
Ser.
K147,
Class
A2
1,408,623
1,700,000
3.500%, 
9/25/2032,
Ser.
K148,
Class
A2
b
1,557,221
1,600,000
3.530%, 
10/25/2032,
Ser.
K149,
Class
A2
1,466,718
1,500,000
3.710%, 
11/25/2032,
Ser.
K150,
Class
A2
1,395,237
3,000,000
3.800%, 
12/25/2032,
Ser.
K151,
Class
A2
2,798,954
Federal
National
Mortgage
Association
-
REMIC
1,300,000
2.081%, 
4/25/2032,
Ser.
2022-M1S,
Class
A2
a
1,056,978
Total
10,733,049
Energy
(0.1%)
Petroleos
Mexicanos
90,000
2.378%, 
4/15/2025
87,349
Total
87,349
Financials
(1.7%)
HSBC
Bank
Canada
750,000
0.950%, 
5/14/2023
b
734,565
Nationwide
Building
Society
750,000
1.700%, 
2/13/2023
b
743,197
Santander
UK
plc
700,000
1.625%, 
2/12/2023
b
692,993
Principal
Amount
Long-Term
Fixed
Income
(98.3%)
Value
Financials
(1.7%)
-
continued
Westpac
Banking
Corporation
$
750,000
2.000%, 
1/16/2025
b
$
705,612
Total
2,876,367
Foreign
Government
(2.8%)
Export
Development
Canada
2,000,000
2.500%, 
1/24/2023
1,989,957
Province
of
British
Columbia
1,550,000
1.750%, 
9/27/2024
1,472,096
Province
of
Ontario
1,000,000
3.400%, 
10/17/2023
988,860
Province
of
Quebec
400,000
7.500%, 
7/15/2023
409,165
Total
4,860,078
Mortgage-Backed
Securities
(26.8%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,896,901
3.000%, 
2/1/2050
1,669,300
1,382,854
2.500%, 
5/1/2051
1,170,174
2,559,393
3.500%, 
6/1/2052
2,307,804
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
417,432
2.500%, 
7/1/2030
387,353
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
4,000,000
4.000%, 
10/1/2037
e
3,858,750
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,200,746
3.500%, 
5/1/2040
e
1,112,152
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
2,365,297
3.000%, 
1/1/2052
2,068,123
1,433,827
2.500%, 
2/1/2051
1,211,356
2,355,794
2.000%, 
3/1/2051
1,918,549
2,419,171
3.000%, 
3/1/2052
2,112,379
1,169,730
2.000%, 
4/1/2051
952,141
1,662,076
2.500%, 
4/1/2051
1,404,910
1,413,037
3.000%, 
4/1/2051
1,237,621
1,473,554
3.000%, 
5/1/2050
1,296,199
2,244,179
2.500%, 
7/1/2051
1,894,587
783,804
2.000%, 
8/1/2051
637,944
894,350
3.500%, 
9/1/2052
807,852
495,000
2.000%, 
10/1/2052
e
400,679
875,000
2.500%, 
10/1/2052
e
733,958
2,390,988
2.500%, 
12/1/2051
2,013,337
1,700,000
5.500%, 
10/1/2041
e
1,689,641
3,450,000
4.000%, 
10/1/2048
e
3,201,088
4,500,000
4.500%, 
10/1/2048
e
4,286,602
2,400,000
5.000%, 
10/1/2048
e
2,337,762
3,200,000
3.000%, 
10/1/2049
e
2,784,625
2,100,000
3.500%, 
10/1/2049
e
1,889,836
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
645,723
3.500%, 
7/1/2061
583,895
Total
45,968,617
Government
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
99
Principal
Amount
Long-Term
Fixed
Income
(98.3%)
Value
U.S.
Government
&
Agencies
(37.0%)
Federal
Farm
Credit
Bank
$
400,000
2.210%, 
8/1/2024
$
386,017
Federal
Home
Loan
Bank
2,500,000
2.500%, 
2/13/2024
2,443,158
Federal
Home
Loan
Mortgage
Corporation
1,000,000
0.250%, 
8/24/2023
965,307
Federal
National
Mortgage
Association
1,500,000
0.750%, 
10/8/2027
1,275,122
500,000
5.960%, 
9/11/2028
548,517
875,000
0.875%, 
8/5/2030
684,375
Tennessee
Valley
Authority
1,115,000
5.250%, 
9/15/2039
1,186,348
U.S.
Treasury
Bonds
2,565,000
1.375%, 
8/15/2050
1,485,195
500,000
1.875%, 
2/28/2027
455,352
1,375,000
2.250%, 
11/15/2027
1,258,179
1,500,000
5.250%, 
11/15/2028
1,594,629
5,340,000
2.625%, 
2/15/2029
4,920,518
3,560,000
1.500%, 
2/15/2030
3,021,272
25,000
1.375%, 
11/15/2031
20,312
1,950,000
2.875%, 
5/15/2032
1,802,836
1,115,000
3.000%, 
5/15/2042
948,447
4,180,000
2.500%, 
5/15/2046
3,168,473
4,150,000
2.875%, 
5/15/2049
3,458,766
U.S.
Treasury
Bonds,
TIPS
900,847
0.500%, 
1/15/2028
836,037
834,612
0.875%, 
2/15/2047
654,363
U.S.
Treasury
Notes
1,020,000
1.375%, 
2/15/2023
1,011,075
1,000,000
0.125%, 
4/30/2023
977,617
275,000
2.750%, 
7/31/2023
271,820
1,500,000
0.125%, 
8/31/2023
1,444,395
5,270,000
0.750%, 
12/31/2023
5,044,996
1,175,000
0.125%, 
1/15/2024
1,113,726
350,000
2.500%, 
1/31/2024
341,701
1,000,000
0.250%, 
6/15/2024
934,023
225,000
3.000%, 
6/30/2024
220,096
250,000
2.125%, 
7/31/2024
240,518
3,500,000
1.250%, 
8/31/2024
3,308,047
6,850,000
2.250%, 
11/15/2024
6,570,648
1,450,000
1.375%, 
1/31/2025
1,358,129
1,000,000
2.875%, 
7/31/2025
963,398
900,000
0.250%, 
8/31/2025
801,738
525,000
2.625%, 
1/31/2026
498,955
650,000
0.500%, 
2/28/2026
573,549
750,000
1.750%, 
12/31/2026
681,182
800,000
3.250%, 
6/30/2027
771,000
1,000,000
0.625%, 
11/30/2027
840,586
U.S.
Treasury
Notes,
TIPS
1,403,058
0.125%, 
10/15/2024
1,349,219
3,299,975
0.125%, 
10/15/2025
3,117,317
Total
63,546,958
Total
Long-Term
Fixed
Income
(cost
$184,284,934)
168,675,271
Shares
or
Principal
Amount
Short-Term
Investments
(
15.6%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
2.448%,
10/28/2022
f,g
$
199,580
100,000
3.440%,
12/21/2022
f,g
99,254
Thrivent
Core
Short-Term
Reserve
Fund
2,589,135
3.170%
25,891,350
U.S.
Treasury
Bills
500,000
2.636%,
11/17/2022
f,h
498,219
Total
Short-Term
Investments
(cost
$26,651,136)
26,688,403
Total
Investments
(cost
$210,936,070)
113.9%
$195,363,674
Other
Assets
and
Liabilities,
Net
(13.9%)
(23,811,498)
Total
Net
Assets
100.0%
$171,552,176
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
September
30,
2022.
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,
2022,
the
value
of
these
investments
was
$18,916,119
or
11.0%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
The
interest
rate
shown
reflects
the
yield.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
h
At
September
30,
2022,
$262,063
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
Definitions:
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,
2022
(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,
2022,
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
12,064,567
12,064,567
Collateralized
Mortgage
Obligations
28,538,286
27,655,126
883,160
Commercial
Mortgage-Backed
Securities
10,733,049
10,733,049
Energy
87,349
87,349
Financials
2,876,367
2,876,367
Foreign
Government
4,860,078
4,860,078
Mortgage-Backed
Securities
45,968,617
45,968,617
U.S.
Government
&
Agencies
63,546,958
63,546,958
Short-Term
Investments
797,053
797,053
Subtotal
Investments
in
Securities
$169,472,324
$–
$168,589,164
$883,160
Other
Investments  *
Total
Affiliated
Short-Term
Investments
25,891,350
Subtotal
Other
Investments
$25,891,350
Total
Investments
at
Value
$195,363,674
*
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
286,489
286,489
Total
Asset
Derivatives
$286,489
$286,489
$–
$–
Liability
Derivatives
Futures
Contracts
927,919
927,919
Total
Liability
Derivatives
$927,919
$927,919
$–
$–
The
following
table
presents
Government
Bond
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$298,834
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
34
December
2022
$
4,002,812
(
$
192,687)
CBOT
5-Yr.
U.S.
Treasury
Note
169
December
2022
18,746,034
(
577,214)
CBOT
U.S.
Long
Bond
15
December
2022
2,054,112
(
158,018)
Total
Futures
Long
Contracts
$
24,802,958
(
$
927,919)
CBOT
2-Yr.
U.S.
Treasury
Note
(14)
December
2022
(
$
2,905,636)
$
30,167
CME
Ultra
Long
Term
U.S.
Treasury
Bond
(13)
December
2022
(
1,951,821)
170,821
Ultra
10-Yr.
U.S.
Treasury
Note
(17)
December
2022
(
2,099,735)
85,501
Total
Futures
Short
Contracts
(
$
6,957,192)
$286,489
Total
Futures
Contracts
$
17,845,766
($641,430)
Government
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
101
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$52,657
$41,515
$68,281
$25,891
2,589
15.1%
Total
Affiliated
Short-Term
Investments
52,657
25,891
15.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,389
3,433
4,822
Total
Collateral
Held
for
Securities
Loaned
1,389
Total
Value
$54,046
$25,891
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$336
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$336
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
2
Total
Affiliated
Income
from
Securities
Loaned,
Net
$2
Total
Value
$–
$–
$
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
102
Principal
Amount
Bank
Loans
(
4
.7
%
)
a
Value
Basic
Materials
(0.6%)
Grinding
Media,
Inc.,
Term
Loan
$
3,402,630
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
$
3,028,341
Herens
US
Holdco
Corporation,
Term
Loan
1,728,223
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
1,533,798
Total
4,562,139
Capital
Goods
(0.2%)
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
1,530,338
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
1,422,266
Total
1,422,266
Communications
Services
(1.4%)
Cengage
Learning,
Inc.,
Term
Loan
2,626,734
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
2,371,862
DIRECTV
Financing,
LLC,
Term
Loan
3,262,350
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
3,031,147
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
1,570,125
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
1,520,274
NEP
Group,
Inc.,
Term
Loan
2,785,634
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
2,562,783
Total
9,486,066
Consumer
Cyclical
(0.2%)
Staples,
Inc.,
Term
Loan
1,675,047
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
1,464,963
Total
1,464,963
Consumer
Non-Cyclical
(0.5%)
City
Brewing
Company,
LLC,
Term
Loan
1,290,226
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
1,002,079
Global
Medical
Response,
Inc.,
Term
Loan
1,594,422
7.365%, 
(LIBOR
1M
+
4.250%),
3/14/2025
b
1,376,895
1,065,159
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
920,830
Total
3,299,804
Energy
(0.3%)
GIP
II
Blue
Holding,
LP,
Term
Loan
1,945,117
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
1,912,050
Total
1,912,050
Principal
Amount
Bank
Loans
(4.7%)
a
Value
Financials
(0.1%)
Asurion,
LLC,
Term
Loan
$
1,037,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
$
788,120
Total
788,120
Technology
(0.9%)
CoreLogic,
Inc.,
Term
Loan
1,574,100
6.625%, 
(LIBOR
1M
+
3.500%),
6/2/2028
b
1,176,640
Peraton
Corporation,
Term
Loan
3,259,775
6.865%, 
(LIBOR
1M
+
3.750%),
2/1/2028
b
3,083,747
Rackspace
Technology
Global,
Inc.,
Term
Loan
1,526,750
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
1,082,404
Redstone
Holdco
2
LP,
Term
Loan
1,311,750
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
966,760
Total
6,309,551
Transportation
(0.5%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
2,620,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
2,533,540
Air
Canada,
Term
Loan
1,017,450
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
965,672
Total
3,499,212
Total
Bank
Loans
(cost
$36,559,597)
32,744,171
Principal
Amount
Long-Term
Fixed
Income
(
87
.7
%
)
Value
Basic
Materials
(5.3%)
ACN
113
874
712,
Pty.
Ltd.
3,195,300
11.500%, 
2/15/2018
*,d,e
3,195
Alcoa
Nederland
Holding
BV
5,000
5.500%, 
12/15/2027
f
4,663
Avient
Corporation
731,000
7.125%, 
8/1/2030
f
674,662
Chemours
Company
2,410,000
5.750%, 
11/15/2028
f
1,971,187
Cleveland-Cliffs,
Inc.
1,600,000
4.625%, 
3/1/2029
f,g
1,344,000
1,075,000
4.875%, 
3/1/2031
f,g
887,885
Consolidated
Energy
Finance
SA
4,014,000
5.625%, 
10/15/2028
f
3,220,028
EverArc
Escrow
Sarl
1,813,000
5.000%, 
10/30/2029
f
1,463,535
First
Quantum
Minerals,
Ltd.
1,065,000
6.875%, 
3/1/2026
f
982,707
2,020,000
6.875%, 
10/15/2027
f
1,818,000
Hecla
Mining
Company
895,000
7.250%, 
2/15/2028
830,291
Hudbay
Minerals,
Inc.
675,000
4.500%, 
4/1/2026
f
561,182
Mercer
International,
Inc.
1,565,000
5.500%, 
1/15/2026
1,444,010
420,000
5.125%, 
2/1/2029
334,690
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
103
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Basic
Materials
(5.3%)
-
continued
Methanex
Corporation
$
2,000,000
4.250%, 
12/1/2024
$
1,917,700
Novelis
Corporation
870,000
3.250%, 
11/15/2026
f
726,215
2,050,000
4.750%, 
1/30/2030
f
1,681,000
670,000
3.875%, 
8/15/2031
f
499,766
OCI
NV
2,621,000
4.625%, 
10/15/2025
f
2,434,868
Olin
Corporation
2,465,000
5.625%, 
8/1/2029
2,187,688
SCIL
USA
Holdings,
LLC
2,313,000
5.375%, 
11/1/2026
f
1,786,793
SPCM
SA
1,074,000
3.125%, 
3/15/2027
f
923,640
1,133,000
3.375%, 
3/15/2030
f
884,476
SunCoke
Energy,
Inc.
2,307,000
4.875%, 
6/30/2029
f
1,778,720
Taseko
Mines,
Ltd.
2,390,000
7.000%, 
2/15/2026
f
1,900,050
Unifrax
Escrow
Issuer
Corporation
1,878,000
5.250%, 
9/30/2028
f
1,442,285
United
States
Steel
Corporation
3,976,000
6.875%, 
3/1/2029
g
3,613,588
Total
37,316,824
Capital
Goods
(10.4%)
Abengoa
Abenewco
2
Bis
SA,
Convertible
3,963,663
0.000%,PIK
1.500%,
4/26/2024
*,e,h
19,818
Advanced
Drainage
Systems,
Inc.
2,260,000
5.000%, 
9/30/2027
f
2,078,386
AECOM
1,885,000
5.125%, 
3/15/2027
1,759,280
Amsted
Industries,
Inc.
2,615,000
5.625%, 
7/1/2027
f
2,405,800
2,240,000
4.625%, 
5/15/2030
f
1,854,048
ARD
Finance
SA
1,700,000
6.500%, 
6/30/2027
f
1,163,990
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
3,108,000
5.250%, 
8/15/2027
f
1,944,769
Berry
Global,
Inc.
1,704,000
4.500%, 
2/15/2026
f
1,574,988
Bombardier,
Inc.
1,065,000
7.125%, 
6/15/2026
f
976,786
2,070,000
7.875%, 
4/15/2027
f,g
1,904,400
2,250,000
6.000%, 
2/15/2028
f
1,882,517
Builders
FirstSource,
Inc.
1,070,000
5.000%, 
3/1/2030
f
909,500
Canpack
SA/Canpack
US
LLC
1,330,000
3.125%, 
11/1/2025
f
1,156,669
Clean
Harbors,
Inc.
3,330,000
5.125%, 
7/15/2029
f
3,065,864
Clydesdale
Acquisition
Holdings,
Inc.
297,000
6.625%, 
4/15/2029
f
270,252
594,000
8.750%, 
4/15/2030
f
491,256
Cornerstone
Building
Brands,
Inc.
1,534,000
6.125%, 
1/15/2029
f
855,971
Covert
Mergeco,
Inc.
965,000
4.875%, 
12/1/2029
f
779,971
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Capital
Goods
(10.4%)
-
continued
CP
Atlas
Buyer,
Inc.
$
1,915,000
7.000%, 
12/1/2028
f,g
$
1,426,522
Crown
Cork
&
Seal
Company,
Inc.
1,753,000
7.375%, 
12/15/2026
1,753,000
GFL
Environmental,
Inc.
4,440,000
4.000%, 
8/1/2028
f
3,700,651
H&E
Equipment
Services,
Inc.
5,130,000
3.875%, 
12/15/2028
f
4,027,050
Herc
Holdings,
Inc.
4,660,000
5.500%, 
7/15/2027
f
4,194,000
Howmet
Aerospace,
Inc.
3,405,000
3.000%, 
1/15/2029
2,781,749
JELD-WEN,
Inc.
850,000
6.250%, 
5/15/2025
f
799,000
Mauser
Packaging
Solutions
Holding
Company
1,815,000
7.250%, 
4/15/2025
f
1,596,601
MIWD
Holdco
II,
LLC
969,000
5.500%, 
2/1/2030
f
717,662
Mueller
Water
Products,
Inc.
930,000
4.000%, 
6/15/2029
f
791,439
Nesco
Holdings
II,
Inc.
2,240,000
5.500%, 
4/15/2029
f
1,867,018
New
Enterprise
Stone
and
Lime
Company,
Inc.
3,153,000
5.250%, 
7/15/2028
f
2,606,033
OI
European
Group
BV
2,345,000
4.750%, 
2/15/2030
f
1,864,275
Owens-Brockway
Glass
Container,
Inc.
1,295,000
5.875%, 
8/15/2023
f
1,278,813
Pactiv
Evergreen
Group
1,670,000
4.375%, 
10/15/2028
f
1,380,990
PGT
Innovations,
Inc.
2,199,000
4.375%, 
10/1/2029
f
1,803,842
SRM
Escrow
Issuer,
LLC
3,730,000
6.000%, 
11/1/2028
f
3,031,520
TransDigm,
Inc.
4,275,000
6.250%, 
3/15/2026
f
4,146,750
640,000
4.625%, 
1/15/2029
515,219
1,815,000
4.875%, 
5/1/2029
1,467,074
Trivium
Packaging
Finance
1,210,000
5.500%, 
8/15/2026
f
1,082,187
530,000
8.500%, 
8/15/2027
f,g
467,891
United
Rentals
North
America,
Inc.
1,700,000
3.875%, 
2/15/2031
1,382,576
Victors
Merger
Corporation
1,090,000
6.375%, 
5/15/2029
f
652,493
WESCO
Distribution,
Inc.
2,635,000
7.250%, 
6/15/2028
f
2,580,854
Total
73,009,474
Communications
Services
(11.8%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
1,898,000
10.500%, 
2/15/2028
f
939,510
Altice
Financing
SA
1,125,000
5.750%, 
8/15/2029
f
860,872
Altice
France
SA
1,380,000
5.125%, 
7/15/2029
f
1,031,012
3,179,000
5.500%, 
10/15/2029
f
2,391,828
AMC
Networks,
Inc.
1,580,000
4.750%, 
8/1/2025
1,411,780
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
104
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Communications
Services
(11.8%)
-
continued
C&W
Senior
Financing
DAC
$
525,000
6.875%, 
9/15/2027
f
$
428,815
CCO
Holdings,
LLC
3,380,000
5.375%, 
6/1/2029
f
2,958,582
1,029,000
6.375%, 
9/1/2029
f
944,725
3,610,000
4.750%, 
3/1/2030
f
2,928,612
843,000
4.750%, 
2/1/2032
f
656,512
Cengage
Learning,
Inc.
1,384,000
9.500%, 
6/15/2024
f,g
1,297,500
Clear
Channel
Outdoor
Holdings,
Inc.
1,060,000
7.500%, 
6/1/2029
f,g
768,500
Clear
Channel
Worldwide
Holdings,
Inc.
1,819,000
5.125%, 
8/15/2027
f
1,536,577
1,799,000
7.750%, 
4/15/2028
f,g
1,358,245
Consolidated
Communications,
Inc.
1,817,000
5.000%, 
10/1/2028
f
1,263,584
CSC
Holdings,
LLC
2,925,000
5.375%, 
2/1/2028
f
2,552,062
2,365,000
4.125%, 
12/1/2030
f
1,767,128
Cumulus
Media
New
Holdings,
Inc.
887,000
6.750%, 
7/1/2026
f
748,228
DIRECTV
Holdings,
LLC
535,000
5.875%, 
8/15/2027
f
461,229
DISH
DBS
Corporation
913,000
5.250%, 
12/1/2026
f
747,972
749,000
7.375%, 
7/1/2028
504,336
1,271,000
5.750%, 
12/1/2028
f
960,546
1,144,000
5.125%, 
6/1/2029
672,100
Entercom
Media
Corporation
2,814,000
6.500%, 
5/1/2027
f
689,430
Frontier
Communications
Corporation
869,000
6.750%, 
5/1/2029
f
716,925
Frontier
Communications
Holdings,
LLC
898,000
5.875%, 
10/15/2027
f
804,815
1,590,000
5.000%, 
5/1/2028
f
1,364,538
561,000
8.750%, 
5/15/2030
f
561,359
GCI,
LLC
3,550,000
4.750%, 
10/15/2028
f
2,947,405
Gray
Escrow
II,
Inc.
6,320,000
5.375%, 
11/15/2031
f
4,957,566
iHeartCommunications,
Inc.
2,621,000
6.375%, 
5/1/2026
2,431,607
Iliad
Holding
SASU
2,654,000
6.500%, 
10/15/2026
f
2,320,658
LCPR
Senior
Secured
Financing
DAC
3,357,000
6.750%, 
10/15/2027
f
2,786,310
Level
3
Financing,
Inc.
1,670,000
4.625%, 
9/15/2027
f
1,382,059
1,660,000
4.250%, 
7/1/2028
f
1,294,817
Lumen
Technologies,
Inc.
1,669,000
5.125%, 
12/15/2026
f
1,436,024
Netflix,
Inc.
720,000
4.875%, 
4/15/2028
673,859
News
Corporation
790,000
3.875%, 
5/15/2029
f
670,599
Playtika
Holding
Corporation
1,843,000
4.250%, 
3/15/2029
f
1,473,921
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Communications
Services
(11.8%)
-
continued
Radiate
Holdco,
LLC
$
1,055,000
6.500%, 
9/15/2028
f
$
735,862
Scripps
Escrow
II,
Inc.
852,000
3.875%, 
1/15/2029
f
679,214
355,000
5.375%, 
1/15/2031
f,g
268,919
Scripps
Escrow,
Inc.
2,270,000
5.875%, 
7/15/2027
f,g
1,974,900
Sirius
XM
Radio,
Inc.
720,000
3.125%, 
9/1/2026
f
632,322
365,000
5.000%, 
8/1/2027
f
334,887
1,660,000
4.000%, 
7/15/2028
f
1,411,963
890,000
3.875%, 
9/1/2031
f
690,142
Sprint
Capital
Corporation
525,000
6.875%, 
11/15/2028
539,437
Sprint
Corporation
1,770,000
7.125%, 
6/15/2024
1,796,479
6,590,000
7.625%, 
2/15/2025
6,755,259
TEGNA,
Inc.
2,422,000
4.625%, 
3/15/2028
2,236,118
Telesat
Canada
1,025,000
4.875%, 
6/1/2027
f
481,378
465,000
6.500%, 
10/15/2027
f
172,050
Twitter,
Inc.
439,000
3.875%, 
12/15/2027
f,g
411,661
United
States
Cellular
Corporation
1,811,000
6.700%, 
12/15/2033
1,630,416
Uniti
Group,
LP
1,395,000
4.750%, 
4/15/2028
f
1,102,008
Univision
Communications,
Inc.
3,059,000
6.625%, 
6/1/2027
f
2,886,817
VZ
Secured
Financing
BV
1,821,000
5.000%, 
1/15/2032
f
1,360,462
YPSO
Finance
BIS
SA
851,000
10.500%, 
5/15/2027
f
666,550
Total
82,468,991
Consumer
Cyclical
(16.6%)
1011778
B.C.,
ULC
4,415,000
4.375%, 
1/15/2028
f
3,825,597
Allied
Universal
Finance
Corporation
1,160,000
4.625%, 
6/1/2028
f
875,800
Allied
Universal
Holdco,
LLC
1,545,000
6.625%, 
7/15/2026
f
1,376,981
1,125,000
4.625%, 
6/1/2028
f
866,610
1,060,000
6.000%, 
6/1/2029
f
684,096
Allison
Transmission,
Inc.
3,750,000
3.750%, 
1/30/2031
f
2,874,712
American
Axle
&
Manufacturing,
Inc.
2,055,000
6.500%, 
4/1/2027
g
1,741,612
Arko
Corporation
1,358,000
5.125%, 
11/15/2029
f
1,059,240
Ashton
Woods
USA,
LLC
800,000
4.625%, 
8/1/2029
f
580,842
860,000
4.625%, 
4/1/2030
f
615,889
Boyd
Gaming
Corporation
1,830,000
4.750%, 
6/15/2031
f
1,481,751
Boyne
USA,
Inc.
1,265,000
4.750%, 
5/15/2029
f
1,059,734
Brookfield
Residential
Properties,
Inc.
135,000
6.250%, 
9/15/2027
f
113,323
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
105
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Consumer
Cyclical
(16.6%)
-
continued
$
1,825,000
5.000%, 
6/15/2029
f
$
1,350,993
350,000
4.875%, 
2/15/2030
f
259,093
Caesars
Entertainment,
Inc.
3,114,000
6.250%, 
7/1/2025
f
3,001,117
1,420,000
8.125%, 
7/1/2027
f,g
1,356,221
2,919,000
4.625%, 
10/15/2029
f,g
2,230,357
Carnival
Corporation
638,000
10.500%, 
2/1/2026
f
631,244
902,000
7.625%, 
3/1/2026
f
685,520
3,177,000
5.750%, 
3/1/2027
f
2,225,647
Cedar
Fair,
LP
3,070,000
5.250%, 
7/15/2029
2,634,352
Churchill
Downs,
Inc.
1,065,000
4.750%, 
1/15/2028
f
921,307
Cinemark
USA,
Inc.
2,438,000
5.875%, 
3/15/2026
f,g
2,038,598
Cushman
&
Wakefield
US
Borrower,
LLC
1,132,000
6.750%, 
5/15/2028
f
1,049,987
Empire
Communities
Corporation
1,461,000
7.000%, 
12/15/2025
f
1,212,323
Ford
Motor
Company
3,271,000
3.250%, 
2/12/2032
2,356,199
1,800,000
6.100%, 
8/19/2032
1,586,880
Ford
Motor
Credit
Company,
LLC
2,243,000
2.300%, 
2/10/2025
1,987,965
2,230,000
4.134%, 
8/4/2025
2,023,836
3,120,000
3.375%, 
11/13/2025
2,756,541
390,000
2.700%, 
8/10/2026
323,462
Goodyear
Tire
&
Rubber
Company
1,405,000
5.000%, 
7/15/2029
1,146,972
1,140,000
5.250%, 
7/15/2031
912,000
Guitar
Center
Escrow
Issuer
II,
Inc.
600,000
8.500%, 
1/15/2026
f,g
531,528
Hanesbrands,
Inc.
1,900,000
4.875%, 
5/15/2026
f
1,708,005
Hilton
Domestic
Operating
Company,
Inc.
1,770,000
4.875%, 
1/15/2030
1,539,900
850,000
3.625%, 
2/15/2032
f
651,014
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
3,300,000
5.000%, 
6/1/2029
f
2,663,430
International
Game
Technology
plc
1,530,000
6.250%, 
1/15/2027
f
1,480,443
475,000
5.250%, 
1/15/2029
f
420,741
Jacobs
Entertainment,
Inc.
1,182,000
6.750%, 
2/15/2029
f
1,011,335
KAR
Auction
Services,
Inc.
499,000
5.125%, 
6/1/2025
f
481,730
KB
Home
1,880,000
6.875%, 
6/15/2027
1,782,751
L
Brands,
Inc.
1,775,000
5.250%, 
2/1/2028
1,538,006
2,485,000
6.625%, 
10/1/2030
f
2,161,950
1,030,000
6.875%, 
11/1/2035
860,441
Live
Nation
Entertainment,
Inc.
1,560,000
4.750%, 
10/15/2027
f
1,354,369
Macy's
Retail
Holdings,
LLC
2,370,000
5.875%, 
4/1/2029
f
1,901,925
Magic
MergerCo,
Inc.
1,385,000
5.250%, 
5/1/2028
f
972,242
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Consumer
Cyclical
(16.6%)
-
continued
Mattamy
Group
Corporation
$
1,800,000
4.625%, 
3/1/2030
f
$
1,374,651
MGM
Resorts
International
5,000
5.500%, 
4/15/2027
4,493
NCL
Corporation,
Ltd.
1,576,000
3.625%, 
12/15/2024
f
1,325,346
889,000
5.875%, 
2/15/2027
f
740,092
New
Red
Finance,
Inc.
1,105,000
4.000%, 
10/15/2030
f
870,276
PENN
Entertainment,
Inc.
1,390,000
4.125%, 
7/1/2029
f
1,063,983
PetSmart,
Inc./PetSmart
Finance
Corporation
3,190,000
7.750%, 
2/15/2029
f
2,851,669
Prime
Security
Services
Borrower,
LLC
1,790,000
3.375%, 
8/31/2027
f
1,503,904
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
3,584,000
5.750%, 
4/15/2026
f
3,372,329
1,641,000
6.250%, 
1/15/2028
f
1,400,383
Realogy
Group,
LLC
2,865,000
5.750%, 
1/15/2029
f
2,066,381
Rite
Aid
Corporation
807,000
7.500%, 
7/1/2025
f
613,982
Royal
Caribbean
Cruises,
Ltd.
2,981,000
9.125%, 
6/15/2023
f
3,033,167
876,000
11.500%, 
6/1/2025
f
930,750
2,811,000
4.250%, 
7/1/2026
f
2,066,324
793,000
9.250%, 
1/15/2029
f,i
781,387
Scientific
Games
International,
Inc.
2,610,000
7.250%, 
11/15/2029
f
2,429,153
584,000
6.625%, 
3/1/2030
f
468,134
SeaWorld
Parks
and
Entertainment,
Inc.
902,000
5.250%, 
8/15/2029
f
749,021
Six
Flags
Theme
Parks,
Inc.
483,000
7.000%, 
7/1/2025
f,g
482,797
Staples,
Inc.
1,534,000
10.750%, 
4/15/2027
f
1,137,077
Station
Casinos,
LLC
800,000
4.500%, 
2/15/2028
f
656,613
700,000
4.625%, 
12/1/2031
f
528,700
Tenneco,
Inc.
2,945,000
5.000%, 
7/15/2026
g
2,864,013
900,000
7.875%, 
1/15/2029
f
876,076
Travel
+
Leisure
Company
1,425,000
6.625%, 
7/31/2026
f
1,334,857
TripAdvisor,
Inc.
441,000
7.000%, 
7/15/2025
f
428,744
Uber
Technologies,
Inc.
1,500,000
6.250%, 
1/15/2028
f,g
1,395,000
VICI
Properties,
LP/VICI
Note
Company,
Inc.
2,600,000
5.750%, 
2/1/2027
f
2,449,928
2,050,000
3.750%, 
2/15/2027
f
1,795,513
Wabash
National
Corporation
2,173,000
4.500%, 
10/15/2028
f
1,684,520
WASH
Multifamily
Acquisition,
Inc.
1,055,000
5.750%, 
4/15/2026
f
972,610
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
106
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Consumer
Cyclical
(16.6%)
-
continued
Wyndham
Hotels
&
Resorts,
Inc.
$
1,500,000
4.375%, 
8/15/2028
f
$
1,318,538
Total
116,477,022
Consumer
Non-Cyclical
(12.1%)
1375209
BC,
Ltd.
1,069,000
9.000%, 
1/30/2028
f
1,060,983
Albertson's
Companies,
Inc.
1,650,000
4.625%, 
1/15/2027
f
1,474,805
3,850,000
5.875%, 
2/15/2028
f
3,551,625
1,516,000
3.500%, 
3/15/2029
f
1,221,896
Aramark
Services,
Inc.
596,000
6.375%, 
5/1/2025
f
584,080
2,885,000
5.000%, 
2/1/2028
f
2,569,698
Avantor
Funding,
Inc.
3,004,000
4.625%, 
7/15/2028
f
2,673,395
B&G
Foods,
Inc.
887,000
5.250%, 
9/15/2027
718,647
Bausch
Health
Companies,
Inc.
850,000
5.500%, 
11/1/2025
f,g
675,238
1,833,000
4.875%, 
6/1/2028
f
1,181,735
1,898,000
11.000%, 
9/30/2028
f
1,527,890
380,000
14.000%, 
10/15/2030
f
207,100
Central
Garden
&
Pet
Company
2,290,000
4.125%, 
10/15/2030
1,822,783
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
2,183,000
4.625%, 
11/15/2028
f
1,856,729
CHS/Community
Health
Systems,
Inc.
781,000
4.750%, 
2/15/2031
f
525,222
Community
Health
Systems,
Inc.
781,000
8.000%, 
3/15/2026
f
676,180
1,525,000
5.625%, 
3/15/2027
f
1,173,792
455,000
6.000%, 
1/15/2029
f
334,419
1,119,000
6.875%, 
4/15/2029
f
540,519
Coty,
Inc.
2,232,000
5.000%, 
4/15/2026
f
2,032,127
Darling
Ingredients,
Inc.
527,000
6.000%, 
6/15/2030
f
501,541
Edgewell
Personal
Care
Company
1,500,000
5.500%, 
6/1/2028
f
1,341,205
Embecta
Corporation
1,200,000
5.000%, 
2/15/2030
f
1,029,996
Encompass
Health
Corporation
3,700,000
4.500%, 
2/1/2028
3,169,022
Energizer
Holdings,
Inc.
2,290,000
4.750%, 
6/15/2028
f
1,814,344
Garden
Spinco
Corporation
200,000
8.625%, 
7/20/2030
f
206,626
HCA,
Inc.
2,071,000
5.375%, 
2/1/2025
2,046,509
Herbalife
Nutrition,
Ltd.
1,461,000
7.875%, 
9/1/2025
f
1,324,302
HFC
Prestige
Products,
Inc.
1,944,000
4.750%, 
1/15/2029
f
1,644,605
HLF
Financing
SARL,
LLC
2,690,000
4.875%, 
6/1/2029
f
1,919,705
Mattel,
Inc.
2,665,000
3.375%, 
4/1/2026
f
2,378,347
1,250,000
5.875%, 
12/15/2027
f
1,196,875
Mozart
Debt
Merger
Sub,
Inc.
1,558,000
3.875%, 
4/1/2029
f
1,249,033
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Consumer
Non-Cyclical
(12.1%)
-
continued
$
1,322,000
5.250%, 
10/1/2029
f
$
998,110
Organon
&
Company
2,638,000
4.125%, 
4/30/2028
f
2,255,490
Owens
&
Minor,
Inc.
1,483,000
6.625%, 
4/1/2030
f
1,305,040
Performance
Food
Group,
Inc.
1,267,000
4.250%, 
8/1/2029
f
1,054,904
Perrigo
Finance
Unlimited
Company
2,644,000
4.375%, 
3/15/2026
2,425,870
Pilgrim's
Pride
Corporation
2,807,000
3.500%, 
3/1/2032
f
2,116,113
Post
Holdings,
Inc.
1,571,000
5.750%, 
3/1/2027
f
1,498,436
821,000
5.625%, 
1/15/2028
f
749,343
815,000
5.500%, 
12/15/2029
f
704,569
1,800,000
4.500%, 
9/15/2031
f
1,449,000
Primo
Water
Holdings,
Inc.
1,810,000
4.375%, 
4/30/2029
f
1,472,310
SEG
Holding,
LLC
3,430,000
5.625%, 
10/15/2028
f
3,146,984
Simmons
Foods,
Inc.
3,535,000
4.625%, 
3/1/2029
f
2,889,862
Spectrum
Brands,
Inc.
1,730,000
5.000%, 
10/1/2029
f
1,376,197
770,000
5.500%, 
7/15/2030
f
602,088
Syneos
Health,
Inc.
2,270,000
3.625%, 
1/15/2029
f
1,807,556
Tenet
Healthcare
Corporation
1,975,000
4.875%, 
1/1/2026
f
1,835,308
1,503,000
6.250%, 
2/1/2027
f
1,402,524
3,910,000
5.125%, 
11/1/2027
f
3,508,394
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3,132,000
3.150%, 
10/1/2026
2,569,806
TreeHouse
Foods,
Inc.
2,354,000
4.000%, 
9/1/2028
1,877,056
United
Natural
Foods,
Inc.
1,666,000
6.750%, 
10/15/2028
f
1,523,724
Total
84,799,657
Energy
(12.3%)
Antero
Resources
Corporation
407,000
5.375%, 
3/1/2030
f
365,921
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
930,000
6.250%, 
4/1/2028
f
817,465
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
1,190,000
6.625%, 
7/15/2026
f
1,109,675
Buckeye
Partners,
LP
925,000
4.125%, 
12/1/2027
772,741
1,730,000
4.500%, 
3/1/2028
f
1,470,500
Callon
Petroleum
Company
2,029,000
6.375%, 
7/1/2026
g
1,828,312
965,000
7.500%, 
6/15/2030
f,g
844,862
Cheniere
Energy
Partners,
LP
2,285,000
4.500%, 
10/1/2029
2,011,691
268,000
3.250%, 
1/31/2032
205,785
Chesapeake
Energy
Corporation
1,070,000
6.750%, 
4/15/2029
f
1,025,723
Chesapeake
Escrow
Issuer,
LLC
1,320,000
5.500%, 
2/1/2026
f
1,263,900
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
107
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Energy
(12.3%)
-
continued
CNX
Resources
Corporation
$
1,562,000
7.375%, 
1/15/2031
f,g
$
1,527,753
Comstock
Resources,
Inc.
2,810,000
5.875%, 
1/15/2030
f
2,447,384
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
2,275,000
5.500%, 
6/15/2031
f
1,925,844
CrownRock
Finance,
Inc.
1,700,000
5.625%, 
10/15/2025
f
1,627,529
DT
Midstream,
Inc.
1,310,000
4.125%, 
6/15/2029
f
1,106,950
610,000
4.375%, 
6/15/2031
f
503,079
Endeavor
Energy
Resources,
LP
1,055,000
5.750%, 
1/30/2028
f
1,003,432
EnLink
Midstream,
LLC
2,645,000
5.625%, 
1/15/2028
f
2,473,075
EQM
Midstream
Partners,
LP
1,463,000
4.750%, 
1/15/2031
f
1,161,256
EQT
Corporation
530,000
3.125%, 
5/15/2026
f
482,677
1,310,000
3.900%, 
10/1/2027
1,192,096
Ferrellgas,
LP
1,456,000
5.375%, 
4/1/2026
f
1,281,280
Harvest
Midstream,
LP
3,356,000
7.500%, 
9/1/2028
f
3,136,712
Hess
Midstream
Operations,
LP
790,000
5.625%, 
2/15/2026
f
749,911
1,605,000
4.250%, 
2/15/2030
f
1,296,038
Hilcorp
Energy
I,
LP
1,065,000
6.000%, 
2/1/2031
f
922,701
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
2,274,000
5.750%, 
2/1/2029
f
1,988,079
1,350,000
6.250%, 
4/15/2032
f
1,195,844
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
1,100,000
6.375%, 
4/15/2027
f
1,050,500
Howard
Midstream
Energy
Partners,
LLC
2,223,000
6.750%, 
1/15/2027
f
1,980,619
ITT
Holdings,
LLC
1,605,000
6.500%, 
8/1/2029
f
1,245,111
Laredo
Petroleum,
Inc.
2,775,000
7.750%, 
7/31/2029
f,g
2,556,857
MEG
Energy
Corporation
1,974,000
7.125%, 
2/1/2027
f
2,003,610
Murphy
Oil
Corporation
1,495,000
5.875%, 
12/1/2027
1,397,436
Nabors
Industries,
Ltd.
1,770,000
7.250%, 
1/15/2026
f
1,540,111
NuStar
Logistics,
LP
425,000
5.750%, 
10/1/2025
393,877
Oasis
Petroleum,
Inc.
970,000
6.375%, 
6/1/2026
f
921,500
Occidental
Petroleum
Corporation
1,795,000
8.000%, 
7/15/2025
1,902,700
620,000
8.500%, 
7/15/2027
663,524
Patterson-UTI
Energy,
Inc.
1,065,000
3.950%, 
2/1/2028
873,388
530,000
5.150%, 
11/15/2029
437,609
Precision
Drilling
Corporation
1,405,000
6.875%, 
1/15/2029
f
1,240,482
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Energy
(12.3%)
-
continued
Range
Resources
Corporation
$
930,000
4.875%, 
5/15/2025
$
876,599
1,745,000
4.750%, 
2/15/2030
f
1,513,316
Rockcliff
Energy
II,
LLC
2,280,000
5.500%, 
10/15/2029
f
1,996,314
Sanchez
Energy
Corporation
3,740,000
0.000%, 
2/15/2023
*,c,d,e
4
SM
Energy
Company
930,000
5.625%, 
6/1/2025
892,800
1,992,000
6.750%, 
9/15/2026
1,917,300
Southwestern
Energy
Company
1,515,000
5.375%, 
2/1/2029
1,373,802
1,037,000
4.750%, 
2/1/2032
869,110
Suburban
Propane
Partners,
LP
3,195,000
5.875%, 
3/1/2027
3,014,166
Sunoco,
LP
1,200,000
4.500%, 
5/15/2029
995,460
850,000
4.500%, 
4/30/2030
694,875
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
2,445,000
5.500%, 
1/15/2028
f
2,086,942
Targa
Resources
Partners,
LP
1,585,000
6.500%, 
7/15/2027
1,566,516
Teine
Energy,
Ltd.
1,070,000
6.875%, 
4/15/2029
f
961,171
Transocean,
Inc.
3,037,000
11.500%, 
1/30/2027
f
2,809,043
USA
Compression
Partners,
LP
1,168,000
6.875%, 
4/1/2026
1,074,560
800,000
6.875%, 
9/1/2027
727,060
Venture
Global
Calcasieu
Pass,
LLC
2,490,000
3.875%, 
8/15/2029
f
2,136,121
1,280,000
4.125%, 
8/15/2031
f
1,061,722
W&T
Offshore,
Inc.
800,000
9.750%, 
11/1/2023
f
784,151
Weatherford
International,
Ltd.
2,203,000
8.625%, 
4/30/2030
f
1,918,469
Western
Gas
Partners,
LP
1,146,000
4.650%, 
7/1/2026
1,071,510
Total
86,286,550
Financials
(8.4%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
588,000
7.000%, 
11/15/2025
f
537,076
AerCap
Holdings
NV
2,460,000
5.875%, 
10/10/2079
b
2,195,931
Alliant
Holdings
Intermediate,
LLC
1,056,000
6.750%, 
10/15/2027
f
910,049
Brookfield
Property
REIT,
Inc.
1,184,000
5.750%, 
5/15/2026
f
1,070,356
Centene
Corporation
1,560,000
4.250%, 
12/15/2027
1,426,932
962,000
4.625%, 
12/15/2029
864,453
920,000
3.375%, 
2/15/2030
752,100
300,000
3.000%, 
10/15/2030
237,582
800,000
2.625%, 
8/1/2031
602,939
Charles
Schwab
Corporation
1,820,000
4.000%, 
6/1/2026
b,j
1,492,775
Coinbase
Global,
Inc.
585,000
3.625%, 
10/1/2031
f
324,357
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
108
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Financials
(8.4%)
-
continued
Credit
Acceptance
Corporation
$
1,580,000
5.125%, 
12/31/2024
*
$
1,470,399
Deutsche
Bank
AG
588,000
4.296%, 
5/24/2028
b
524,398
Drawbridge
Special
Opportunities
Fund,
LP
5,135,000
3.875%, 
2/15/2026
f
4,660,984
Fortress
Transportation
and
Infrastructure
Investors,
LLC
1,769,000
6.500%, 
10/1/2025
f
1,661,821
700,000
9.750%, 
8/1/2027
f
684,467
Genworth
Mortgage
Holdings,
Inc.
1,142,000
6.500%, 
8/15/2025
f
1,091,398
Global
Net
Lease,
Inc.
3,890,000
3.750%, 
12/15/2027
f
3,034,275
HUB
International,
Ltd.
802,000
7.000%, 
5/1/2026
f
760,629
1,556,000
5.625%, 
12/1/2029
f
1,299,260
Icahn
Enterprises,
LP
3,622,000
4.750%, 
9/15/2024
3,388,598
1,780,000
6.250%, 
5/15/2026
1,663,481
1,145,000
5.250%, 
5/15/2027
1,002,459
Intesa
Sanpaolo
SPA
588,000
5.017%, 
6/26/2024
f
548,259
iStar,
Inc.
145,000
4.250%, 
8/1/2025
140,657
2,130,000
5.500%, 
2/15/2026
2,143,440
Jefferies
Finance,
LLC
1,298,000
5.000%, 
8/15/2028
f
957,275
Molina
Healthcare,
Inc.
1,730,000
4.375%, 
6/15/2028
f
1,561,325
MPT
Operating
Partnership,
LP
2,445,000
4.625%, 
8/1/2029
1,967,174
Nationstar
Mortgage
Holdings,
Inc.
1,480,000
6.000%, 
1/15/2027
f
1,263,550
Navient
Corporation
1,240,000
6.750%, 
6/25/2025
1,160,838
Necessity
Retail
REIT,
Inc.
2,630,000
4.500%, 
9/30/2028
f
1,960,034
OneMain
Finance
Corporation
1,192,000
6.875%, 
3/15/2025
1,120,301
2,310,000
7.125%, 
3/15/2026
2,082,238
1,121,000
6.625%, 
1/15/2028
961,818
1,298,000
4.000%, 
9/15/2030
910,820
Park
Intermediate
Holdings,
LLC
1,000,000
4.875%, 
5/15/2029
f
810,000
PennyMac
Financial
Services,
Inc.
938,000
4.250%, 
2/15/2029
f
668,142
PRA
Group,
Inc.
1,100,000
7.375%, 
9/1/2025
f
1,064,184
RLJ
Lodging
Trust,
LP
736,000
3.750%, 
7/1/2026
f
628,588
Service
Properties
Trust
1,758,000
4.650%, 
3/15/2024
1,626,150
2,240,000
7.500%, 
9/15/2025
2,094,400
SLM
Corporation
780,000
4.200%, 
10/29/2025
698,240
United
Wholesale
Mortgage,
LLC
1,200,000
5.500%, 
4/15/2029
f
912,000
USIS
Merger
Sub,
Inc.
588,000
6.875%, 
5/1/2025
f
565,234
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Financials
(8.4%)
-
continued
XHR,
LP
$
460,000
6.375%, 
8/15/2025
f
$
441,471
840,000
4.875%, 
6/1/2029
f
692,593
Total
58,635,450
Technology
(5.9%)
Black
Knight
InfoServ,
LLC
2,324,000
3.625%, 
9/1/2028
f
1,972,053
CommScope
Technologies
Finance,
LLC
2,442,000
6.000%, 
6/15/2025
f
2,169,595
CommScope,
Inc.
2,330,000
7.125%, 
7/1/2028
f,g
1,798,551
Everi
Holdings,
Inc.
1,065,000
5.000%, 
7/15/2029
f
873,219
Gartner,
Inc.
5,000
3.750%, 
10/1/2030
f
4,093
II-VI,
Inc.
902,000
5.000%, 
12/15/2029
f
746,134
Iron
Mountain,
Inc.
3,415,000
5.250%, 
3/15/2028
f
2,995,399
890,000
5.000%, 
7/15/2028
f
765,400
1,560,000
5.250%, 
7/15/2030
f
1,290,853
1,840,000
4.500%, 
2/15/2031
f
1,422,651
Minerva
Merger
Sub,
Inc.
2,292,000
6.500%, 
2/15/2030
f,g
1,811,986
MSCI,
Inc.
2,385,000
3.250%, 
8/15/2033
f
1,841,769
NCR
Corporation
4,095,000
5.750%, 
9/1/2027
f
3,710,039
Nielsen
Finance,
LLC
1,980,000
4.500%, 
7/15/2029
f
1,971,239
Open
Text
Corporation
5,000
4.125%, 
2/15/2030
f
3,993
PTC,
Inc.
390,000
3.625%, 
2/15/2025
f
363,296
1,045,000
4.000%, 
2/15/2028
f
913,941
Rackspace
Technology
Global,
Inc.
1,035,000
3.500%, 
2/15/2028
f
684,394
855,000
5.375%, 
12/1/2028
f
401,803
Seagate
HDD
Cayman
3,631,000
4.091%, 
6/1/2029
2,914,785
2,805,000
3.375%, 
7/15/2031
1,958,438
Sensata
Technologies,
Inc.
1,275,000
3.750%, 
2/15/2031
f
1,004,324
Shift4
Payments,
LLC
960,000
4.625%, 
11/1/2026
f
875,400
SS&C
Technologies,
Inc.
3,890,000
5.500%, 
9/30/2027
f
3,548,435
Switch,
Ltd.
2,550,000
3.750%, 
9/15/2028
f
2,534,063
Unisys
Corporation
1,690,000
6.875%, 
11/1/2027
f
1,318,945
Viavi
Solutions,
Inc.
1,662,000
3.750%, 
10/1/2029
f
1,329,733
Total
41,224,531
Transportation
(2.2%)
Allegiant
Travel
Company
1,320,000
7.250%, 
8/15/2027
f
1,244,100
American
Airlines,
Inc.
1,500,000
11.750%, 
7/15/2025
f
1,566,510
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
109
Principal
Amount
Long-Term
Fixed
Income
(87.7%)
Value
Transportation
(2.2%)
-
continued
$
1,604,000
5.500%, 
4/20/2026
f
$
1,506,429
Avis
Budget
Car
Rental,
LLC
1,870,000
5.375%, 
3/1/2029
f,g
1,535,541
Delta
Air
Lines,
Inc.
877,000
7.000%, 
5/1/2025
f
882,658
376,000
7.375%, 
1/15/2026
380,089
Hawaiian
Brand
Intellectual
Property,
Ltd.
423,000
5.750%, 
1/20/2026
f
373,082
Hertz
Corporation
1,556,000
4.625%, 
12/1/2026
f
1,264,034
1,868,000
5.000%, 
12/1/2029
f
1,389,325
Spirit
Loyalty
Cayman,
Ltd.
450,000
8.000%, 
9/20/2025
f
452,624
United
Airlines,
Inc.
1,165,000
4.375%, 
4/15/2026
f
1,039,763
1,363,000
4.625%, 
4/15/2029
f
1,127,801
VistaJet
Malta
Finance
plc
1,820,000
6.375%, 
2/1/2030
f
1,487,850
XPO
Logistics,
Inc.
913,000
6.250%, 
5/1/2025
f
915,556
Total
15,165,362
Utilities
(2.7%)
Calpine
Corporation
1,670,000
4.500%, 
2/15/2028
f
1,471,253
Edison
International
1,345,000
5.000%, 
12/15/2026
b,j
1,062,550
Leeward
Renewable
Energy
Operations,
LLC
1,065,000
4.250%, 
7/1/2029
f
857,325
NextEra
Energy
Operating
Partners,
LP
2,792,000
3.875%, 
10/15/2026
f
2,540,720
NRG
Energy,
Inc.
1,580,000
3.375%, 
2/15/2029
f
1,279,231
1,340,000
5.250%, 
6/15/2029
f
1,172,500
PG&E
Corporation
2,069,000
5.000%, 
7/1/2028
g
1,779,250
Sunnova
Energy
Corporation
1,070,000
5.875%, 
9/1/2026
f,g
956,090
Terraform
Global
Operating,
LLC
2,660,000
6.125%, 
3/1/2026
f
2,493,750
TerraForm
Power
Operating,
LLC
3,345,000
5.000%, 
1/31/2028
f
2,947,045
Vistra
Corporation
2,062,000
7.000%, 
12/15/2026
b,f,j
1,800,147
Vistra
Operations
Company,
LLC
290,000
5.000%, 
7/31/2027
f
261,943
Total
18,621,804
Total
Long-Term
Fixed
Income
(cost
$717,137,507)
614,005,665
Shares
Collateral
Held
for
Securities
Loaned
(
7
.9
%
)
Value
54,890,433
Thrivent
Cash
Management
Trust
54,890,433
Total
Collateral
Held
for
Securities
Loaned
(cost
$54,890,433)
54,890,433
Shares
Registered
Investment
Companies
(
4
.2
%
)
Value
Unaffiliated  (4.2%)
113,994
iShares
Preferred
and
Income
Securities
ETF
g
$
3,610,190
197,722
SPDR
Bloomberg
High
Yield
Bond
ETF
g
17,369,878
344,481
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
g
8,191,758
Total
29,171,826
Total
Registered
Investment
Companies
(cost
$31,503,986)
29,171,826
Shares
Common
Stock
(
0
.2
%
)
Value
Communications
Services
(0.2%)
85,655
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
k
1,306,239
Total
1,306,239
Energy
(<0.1%)
12,877
California
Resources
Corporation,
Warrants
(Expires
10/27/2024)
k
133,920
6,874
Noble
Corporation
plc
k
203,333
Total
337,253
Total
Common
Stock
(cost
$992,325)
1,643,492
Shares
or
Principal
Amount
Short-Term
Investments
(
1
.9
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.980%,
11/18/2022
l,m
99,598
Thrivent
Core
Short-Term
Reserve
Fund
1,339,957
3.170%
13,399,572
Total
Short-Term
Investments
(cost
$13,489,580)
13,499,170
Total
Investments
(cost
$854,573,428)
106.6%
$
745,954,757
Other
Assets
and
Liabilities,
Net
(6.6%)
(
46,009,718
)
Total
Net
Assets
100.0%
$
699,945,039
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
Defaulted
security.  Interest
is
not
being
accrued.
e
In
bankruptcy.  Income
is
not
being
accrued
per
the
bankruptcy
agreement
terms.
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
110
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,
2022,
the
value
of
these
investments
was
$469,279,124
or
67.0%
of
total
net
assets.
g
All
or
a
portion
of
the
security
is
on
loan.
h
Denotes
payment-in-kind
security.  The
security
may
pay
an
interest
or
dividend
payment
with
additional
fixed
income
or
equity
securities
in
lieu
of,
or
in
addition
to
a
cash
payment.  The
cash
rate
and/or
payment-in-kind
rate
shown
are
as
of
September
30,
2022.
i
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
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
Non-income
producing
security.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
High
Yield
Portfolio
as
of
September
30,
2022
was
$1,493,416
or
0.21%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
Abengoa
Abenewco
2
Bis
SA,
Convertible,
4/26/2024
4/26/2019
$
563,723
ACN
113
874
712,
Pty.
Ltd.,
2/15/2018
2/9/2011
3,026,704
Credit
Acceptance
Corporation,
12/31/2024
12/9/2019
1,590,444
Sanchez
Energy
Corporation,
2/15/2023
6/30/2020
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
30,007,385
Common
Stock
23,149,492
Total
lending
$53,156,877
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$54,890,433
Net
amounts
due
to
counterparty
$1,733,556
Definitions:
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
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.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(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,
2022,
in
valuing
High
Yield
Portfolio's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
4,562,139
1,533,798
3,028,341
Capital
Goods
1,422,266
1,422,266
Communications
Services
9,486,066
9,486,066
Consumer
Cyclical
1,464,963
1,464,963
Consumer
Non-Cyclical
3,299,804
3,299,804
Energy
1,912,050
1,912,050
Financials
788,120
788,120
Technology
6,309,551
6,309,551
Transportation
3,499,212
3,499,212
Long-Term
Fixed
Income
Basic
Materials
37,316,824
37,316,824
Capital
Goods
73,009,474
73,009,474
Communications
Services
82,468,991
82,468,991
Consumer
Cyclical
116,477,022
116,477,022
Consumer
Non-Cyclical
84,799,657
84,799,657
Energy
86,286,550
86,286,546
4
Financials
58,635,450
58,635,450
Technology
41,224,531
41,224,531
Transportation
15,165,362
15,165,362
Utilities
18,621,804
18,621,804
Registered
Investment
Companies
Unaffiliated
29,171,826
29,171,826
Common
Stock
Communications
Services
1,306,239
1,306,239
Energy
337,253
337,253
Short-Term
Investments
99,598
99,598
Subtotal
Investments
in
Securities
$
677,664,752
$
29,509,079
$
645,127,328
$
3,028,345
Other
Investments  *
Total
Affiliated
Short-Term
Investments
13,399,572
Collateral
Held
for
Securities
Loaned
54,890,433
Subtotal
Other
Investments
$
68,290,005
Total
Investments
at
Value
$
745,954,757
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
High
Yield
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
112
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$
5,027
$
185,820
$
177,447
$
13,400
1,340
1.9%
Total
Affiliated
Short-Term
Investments
5,027
13,400
1.9
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
29,981
432,237
407,328
54,890
54,890
7.9
Total
Collateral
Held
for
Securities
Loaned
29,981
54,890
7.9
Total
Value
$
35,008
$
68,290
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$3
($3)
$
$
146
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
146
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
267
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
267
Total
Value
$3
($3)
$
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
113
Principal
Amount
Bank
Loans
(
0.2%
)
a
Value
Communications
Services
(<0.1%)
LCPR
Loan
Financing,
LLC,
Term
Loan
$
375,000
6.568%, 
(LIBOR
1M
+
3.750%),
10/15/2028
b
$
361,875
Total
361,875
Consumer
Cyclical
(0.1%)
Golden
Entertainment,
Inc.,
Term
Loan
461,250
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
455,715
Prime
Security
Services
Borrower,
LLC,
Term
Loan
398,925
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
385,772
Tenneco,
Inc.,
Term
Loan
489,822
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
481,559
Total
1,323,046
Consumer
Non-Cyclical
(0.1%)
Global
Medical
Response,
Inc.,
Term
Loan
185,756
7.365%, 
(LIBOR
1M
+
4.250%),
3/14/2025
b
160,414
544,459
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
470,684
Total
631,098
Total
Bank
Loans
(cost
$2,433,277)
2,316,019
Principal
Amount
Long-Term
Fixed
Income
(
93.7%
)
Value
Asset-Backed
Securities
(2.5%)
Ares
XL
CLO,
Ltd.
4,250,000
4.312%, 
(LIBOR
3M
+
1.800%),
1/15/2029,
Ser.
2016-40A,
Class
BRR
b,c
3,962,135
Atrium
IX
3,600,000
5.043%, 
(LIBOR
3M
+
2.000%),
5/28/2030,
Ser.
9A,
Class
CR2
b,c
3,349,764
Benefit
Street
Partners
CLO
II,
Ltd.
3,600,000
4.412%, 
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,c
3,391,153
Galaxy
XXIII
CLO,
Ltd.
1,200,000
4.483%, 
(LIBOR
3M
+
1.700%),
4/24/2029,
Ser.
2017-23A,
Class
C1R
b,c
1,106,235
GMAC
Mortgage
Corporation
Loan
Trust
131,446
3.584%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,d
69,175
OCP
CLO,
Ltd.
5,125,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,c
4,663,514
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Asset-Backed
Securities
(2.5%)
-
continued
Octagon
Investment
Partners
31,
LLC
$
3,200,000
6.110%, 
(LIBOR
3M
+
3.400%),
7/20/2030,
Ser.
2017-1A,
Class
DR
b,c
$
2,895,600
Octagon
Investment
Partners
XVI,
Ltd.
2,600,000
4.140%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,c
2,472,205
Preferred
Term
Securities
XXIII,
Ltd.
156,694
3.493%, 
(LIBOR
3M
+
0.200%),
12/22/2036
b,c
155,618
Sound
Point
CLO
XV,
Ltd.
6,400,000
4.283%, 
(LIBOR
3M
+
1.500%),
1/23/2029,
Ser.
2017-1A,
Class
BR
b,c
6,124,640
Sound
Point
CLO,
Ltd.
3,200,000
4.960%, 
(LIBOR
3M
+
2.250%),
1/20/2032,
Ser.
2019-1A,
Class
CR
b,c
2,868,675
Total
31,058,714
Basic
Materials
(1.8%)
Alcoa
Nederland
Holding
BV
240,000
5.500%, 
12/15/2027
c
223,836
Anglo
American
Capital
plc
2,200,000
3.625%, 
9/11/2024
c
2,127,458
2,550,000
4.750%, 
4/10/2027
c
2,411,174
Cleveland-Cliffs,
Inc.
160,000
4.625%, 
3/1/2029
c,e
134,400
Freeport-McMoRan,
Inc.
320,000
4.125%, 
3/1/2028
286,537
1,850,000
5.250%, 
9/1/2029
1,719,279
2,895,000
4.625%, 
8/1/2030
e
2,536,682
Glencore
Funding,
LLC
1,800,000
3.375%, 
9/23/2051
c
1,095,669
4,559,000
4.000%, 
3/27/2027
c
4,246,635
2,700,000
2.500%, 
9/1/2030
c,e
2,064,764
International
Flavors
and
Fragrances,
Inc.
4,000,000
3.468%, 
12/1/2050
c
2,618,093
OCI
NV
258,000
4.625%, 
10/15/2025
c
239,678
Olin
Corporation
320,000
5.125%, 
9/15/2027
289,158
Syngenta
Finance
NV
1,675,000
4.441%, 
4/24/2023
c
1,665,165
Total
21,658,528
Capital
Goods
(4.7%)
Amsted
Industries,
Inc.
260,000
5.625%, 
7/1/2027
c
239,200
BAE
Systems
plc
2,550,000
3.400%, 
4/15/2030
c
2,208,404
1,600,000
1.900%, 
2/15/2031
c
1,208,919
Boeing
Company
6,650,000
5.930%, 
5/1/2060
5,688,461
5,200,000
3.250%, 
2/1/2028
4,535,634
1,600,000
5.150%, 
5/1/2030
1,480,076
3,500,000
5.705%, 
5/1/2040
3,057,119
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
114
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Capital
Goods
(4.7%)
-
continued
Carrier
Global
Corporation
$
3,000,000
2.722%, 
2/15/2030
$
2,476,301
1,550,000
2.700%, 
2/15/2031
1,246,063
3,100,000
3.377%, 
4/5/2040
2,241,167
GE
Capital
International
Funding
Company
8,335,000
4.418%, 
11/15/2035
7,467,501
General
Electric
Company
3,950,000
6.623%, 
(LIBOR
3M
+
3.330%),
12/15/2022
b,f
3,693,975
GFL
Environmental,
Inc.
320,000
3.500%, 
9/1/2028
c
269,859
Howmet
Aerospace,
Inc.
9,000
6.875%, 
5/1/2025
9,066
4,750,000
3.000%, 
1/15/2029
3,880,560
2,400,000
5.950%, 
2/1/2037
2,168,964
Huntington
Ingalls
Industries,
Inc.
1,900,000
3.844%, 
5/1/2025
1,820,772
Northrop
Grumman
Corporation
2,250,000
3.250%, 
1/15/2028
2,047,290
Owens-Brockway
Glass
Container,
Inc.
205,000
5.875%, 
8/15/2023
c
202,438
Raytheon
Technologies
Corporation
2,750,000
3.030%, 
3/15/2052
1,794,080
2,200,000
4.125%, 
11/16/2028
2,055,480
1,925,000
4.450%, 
11/16/2038
1,676,877
Teledyne
Technologies,
Inc.
3,000,000
2.250%, 
4/1/2028
2,502,195
Textron,
Inc.
630,000
3.875%, 
3/1/2025
611,528
2,560,000
3.650%, 
3/15/2027
2,351,697
Total
56,933,626
Collateralized
Mortgage
Obligations
(<0.1%)
Wachovia
Mortgage
Loan
Trust,
LLC
72,554
2.548%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
b
69,952
Total
69,952
Communications
Services
(7.6%)
Activision
Blizzard,
Inc.
4,300,000
2.500%, 
9/15/2050
2,596,070
American
Tower
Corporation
1,810,000
3.125%, 
1/15/2027
1,625,803
3,100,000
1.875%, 
10/15/2030
2,294,083
AT&T,
Inc.
2,250,000
3.650%, 
6/1/2051
1,520,002
5,208,000
3.650%, 
9/15/2059
3,374,266
2,481,000
4.300%, 
2/15/2030
2,266,821
2,250,000
2.750%, 
6/1/2031
1,801,057
4,487,000
2.550%, 
12/1/2033
3,321,921
3,190,000
4.300%, 
12/15/2042
2,512,378
1,700,000
4.500%, 
3/9/2048
1,341,623
CCO
Holdings
Capital
Corporation
4,500,000
5.000%, 
2/1/2028
c
3,880,170
CCO
Holdings,
LLC
190,000
5.500%, 
5/1/2026
c
180,025
320,000
4.750%, 
3/1/2030
c
259,600
260,000
4.500%, 
8/15/2030
c
205,618
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Communications
Services
(7.6%)
-
continued
Charter
Communications
Operating,
LLC
$
3,750,000
4.800%, 
3/1/2050
$
2,705,212
2,800,000
4.908%, 
7/23/2025
2,730,445
2,450,000
6.384%, 
10/23/2035
2,246,805
2,500,000
3.500%, 
6/1/2041
1,597,596
Comcast
Corporation
2,683,000
2.887%, 
11/1/2051
1,680,178
2,650,000
4.600%, 
10/15/2038
2,331,736
1,200,000
4.650%, 
7/15/2042
1,030,660
Cox
Communications,
Inc.
2,700,000
3.350%, 
9/15/2026
c
2,486,234
Discovery
Communications,
LLC
1,600,000
4.900%, 
3/11/2026
1,548,031
Magallanes,
Inc.
3,300,000
5.141%, 
3/15/2052
c
2,398,501
3,600,000
5.050%, 
3/15/2042
c
2,693,678
Meta
Platforms,
Inc.
3,500,000
3.850%, 
8/15/2032
c
3,076,946
Netflix,
Inc.
1,200,000
4.875%, 
4/15/2028
1,123,098
3,731,000
5.875%, 
11/15/2028
3,640,635
1,800,000
6.375%, 
5/15/2029
1,786,984
4,300,000
4.875%, 
6/15/2030
c
3,929,501
Omnicom
Group,
Inc.
1,300,000
4.200%, 
6/1/2030
1,179,956
SBA
Communications
Corporation
320,000
3.125%, 
2/1/2029
257,366
Sprint
Capital
Corporation
230,000
6.875%, 
11/15/2028
236,325
4,800,000
8.750%, 
3/15/2032
5,562,000
Sprint
Corporation
570,000
7.125%, 
6/15/2024
578,527
T-Mobile
USA,
Inc.
4,400,000
3.400%, 
10/15/2052
2,904,826
2,400,000
3.750%, 
4/15/2027
2,214,818
1,800,000
3.500%, 
4/15/2031
1,512,558
1,800,000
3.000%, 
2/15/2041
1,203,015
Verizon
Communications,
Inc.
4,000,000
3.875%, 
3/1/2052
2,974,938
2,600,000
4.000%, 
3/22/2050
1,984,973
2,400,000
2.100%, 
3/22/2028
2,026,112
1,591,000
1.680%, 
10/30/2030
1,192,347
4,200,000
3.400%, 
3/22/2041
3,066,629
Walt
Disney
Company
1,900,000
7.625%, 
11/30/2028
2,111,752
Total
93,191,819
Consumer
Cyclical
(7.1%)
Amazon.com,
Inc.
1,300,000
3.950%, 
4/13/2052
1,066,281
1,800,000
3.100%, 
5/12/2051
1,260,134
Caesars
Entertainment,
Inc.
320,000
6.250%, 
7/1/2025
c
308,400
Cedar
Fair,
LP
320,000
5.250%, 
7/15/2029
e
274,590
Choice
Hotels
International,
Inc.
3,100,000
3.700%, 
1/15/2031
2,576,868
Daimler
Trucks
Finance
North
America,
LLC
4,500,000
2.375%, 
12/14/2028
c
3,671,325
Expedia
Group,
Inc.
7,800,000
3.250%, 
2/15/2030
6,325,873
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
115
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Consumer
Cyclical
(7.1%)
-
continued
Ford
Motor
Credit
Company,
LLC
$
3,300,000
4.063%, 
11/1/2024
$
3,097,545
700,000
2.900%, 
2/10/2029
530,250
General
Motors
Company
5,425,000
6.800%, 
10/1/2027
5,482,555
3,280,000
5.000%, 
4/1/2035
2,690,747
General
Motors
Financial
Company,
Inc.
1,150,000
1.500%, 
6/10/2026
977,349
GLP
Capital,
LP
2,500,000
3.250%, 
1/15/2032
1,879,303
Home
Depot,
Inc.
3,300,000
4.950%, 
9/15/2052
3,102,233
2,680,000
4.250%, 
4/1/2046
2,264,102
Hyundai
Capital
America
2,800,000
2.375%, 
10/15/2027
c
2,337,508
2,750,000
1.800%, 
1/10/2028
c
2,190,515
Kohl's
Corporation
3,150,000
3.375%, 
5/1/2031
1,945,440
3,100,000
5.550%, 
7/17/2045
1,855,939
Lennar
Corporation
1,900,000
4.500%, 
4/30/2024
1,864,690
2,950,000
4.750%, 
5/30/2025
2,904,766
Lowe's
Companies,
Inc.
1,700,000
5.625%, 
4/15/2053
1,572,177
4,750,000
2.625%, 
4/1/2031
3,818,825
Macy's
Retail
Holdings,
LLC
2,550,000
6.125%, 
3/15/2032
c,e
1,952,458
Marriott
International,
Inc.
285,000
5.750%, 
5/1/2025
287,812
5,650,000
4.625%, 
6/15/2030
5,105,793
McDonald's
Corporation
2,675,000
4.450%, 
3/1/2047
2,240,912
MDC
Holdings,
Inc.
4,800,000
2.500%, 
1/15/2031
3,207,722
Six
Flags
Entertainment
Corporation
110,000
5.500%, 
4/15/2027
c,e
96,590
Six
Flags
Theme
Parks,
Inc.
35,000
7.000%, 
7/1/2025
c
34,985
Target
Corporation
2,750,000
2.950%, 
1/15/2052
1,848,753
Toll
Brothers
Finance
Corporation
2,845,000
4.350%, 
2/15/2028
2,479,864
4,300,000
3.800%, 
11/1/2029
e
3,480,994
VICI
Properties,
LP/VICI
Note
Company,
Inc.
2,400,000
4.625%, 
6/15/2025
c
2,258,467
640,000
4.500%, 
9/1/2026
c
584,464
180,000
4.250%, 
12/1/2026
c
162,467
3,500,000
5.750%, 
2/1/2027
c
3,297,980
1,800,000
3.750%, 
2/15/2027
c
1,576,548
180,000
4.625%, 
12/1/2029
c
156,157
Volkswagen
Group
of
America
Finance,
LLC
2,500,000
3.350%, 
5/13/2025
c
2,371,306
Walmart,
Inc.
2,200,000
4.500%, 
9/9/2052
2,062,685
Total
87,203,372
Consumer
Non-Cyclical
(9.0%)
Abbott
Laboratories
1,440,000
4.750%, 
11/30/2036
1,404,533
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Consumer
Non-Cyclical
(9.0%)
-
continued
$
2,500,000
6.000%, 
4/1/2039
$
2,683,715
AbbVie,
Inc.
1,800,000
2.950%, 
11/21/2026
1,649,085
5,100,000
4.550%, 
3/15/2035
4,575,163
3,100,000
4.300%, 
5/14/2036
2,688,489
1,900,000
4.850%, 
6/15/2044
1,649,364
Altria
Group,
Inc.
2,750,000
5.800%, 
2/14/2039
2,401,240
Anheuser-Busch
Companies,
LLC
2,710,000
4.700%, 
2/1/2036
2,442,367
Anheuser-Busch
InBev
Worldwide,
Inc.
3,075,000
4.000%, 
4/13/2028
2,921,113
2,750,000
3.500%, 
6/1/2030
2,454,837
2,050,000
4.600%, 
4/15/2048
1,697,680
2,700,000
4.439%, 
10/6/2048
2,190,304
4,800,000
5.550%, 
1/23/2049
4,514,356
AstraZeneca
plc
3,400,000
2.125%, 
8/6/2050
1,957,429
3,000,000
1.375%, 
8/6/2030
2,315,353
BAT
Capital
Corporation
3,250,000
4.700%, 
4/2/2027
3,032,468
3,500,000
2.259%, 
3/25/2028
2,783,894
Becton,
Dickinson
and
Company
1,341,000
3.794%, 
5/20/2050
1,002,988
3,100,000
3.700%, 
6/6/2027
2,884,842
Bunge,
Ltd.
Finance
Corporation
2,650,000
2.750%, 
5/14/2031
2,084,560
Cargill,
Inc.
1,750,000
3.125%, 
5/25/2051
c
1,201,532
Constellation
Brands,
Inc.
640,000
3.500%, 
5/9/2027
591,429
CVS
Health
Corporation
1,950,000
4.250%, 
4/1/2050
1,526,159
2,800,000
2.125%, 
9/15/2031
2,157,422
Danaher
Corporation
1,600,000
2.800%, 
12/10/2051
1,029,345
Dentsply
Sirona,
Inc.
1,750,000
3.250%, 
6/1/2030
1,352,020
HCA,
Inc.
510,000
5.375%, 
2/1/2025
503,969
5,000,000
5.875%, 
2/15/2026
4,932,533
1,800,000
5.375%, 
9/1/2026
1,743,845
3,000,000
5.625%, 
9/1/2028
2,858,753
Imperial
Brands
Finance
plc
2,700,000
3.500%, 
7/26/2026
c
2,436,555
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
4,200,000
4.375%, 
2/2/2052
c
2,815,092
1,200,000
5.500%, 
1/15/2030
c
1,108,500
2,350,000
3.625%, 
1/15/2032
c
1,835,938
3,400,000
3.000%, 
5/15/2032
c
2,510,900
Johnson
&
Johnson
4,000,000
4.375%, 
12/5/2033
3,853,205
Kraft
Foods
Group,
Inc.
230,000
5.000%, 
6/4/2042
199,787
Kraft
Heinz
Foods
Company
1,400,000
5.500%, 
6/1/2050
1,259,411
1,184,000
3.000%, 
6/1/2026
1,091,706
450,000
3.750%, 
4/1/2030
396,672
1,770,000
4.375%, 
6/1/2046
1,375,995
1,850,000
4.875%, 
10/1/2049
1,524,743
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
116
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Consumer
Non-Cyclical
(9.0%)
-
continued
Mattel,
Inc.
$
3,000,000
5.450%, 
11/1/2041
$
2,513,361
Medtronic,
Inc.
4,200,000
4.375%, 
3/15/2035
3,828,064
Newell
Brands,
Inc.
1,600,000
4.450%, 
4/1/2026
1,472,000
2,200,000
5.750%, 
4/1/2046
1,721,500
Reynolds
American,
Inc.
1,560,000
5.850%, 
8/15/2045
1,223,650
Roche
Holdings,
Inc.
3,800,000
2.607%, 
12/13/2051
c
2,477,619
Royalty
Pharma
plc
2,550,000
1.750%, 
9/2/2027
2,107,272
Smithfield
Foods,
Inc.
1,200,000
3.000%, 
10/15/2030
c
926,568
Sysco
Corporation
1,400,000
6.600%, 
4/1/2050
1,469,536
1,000,000
6.600%, 
4/1/2040
1,050,427
Takeda
Pharmaceutical
Company,
Ltd.
2,800,000
3.175%, 
7/9/2050
1,857,518
Thermo
Fisher
Scientific,
Inc.
2,500,000
2.800%, 
10/15/2041
1,748,661
Total
110,035,467
Energy
(7.3%)
Antero
Resources
Corporation
320,000
5.375%, 
3/1/2030
c
287,702
BP
Capital
Markets
America,
Inc.
5,250,000
3.001%, 
3/17/2052
3,360,787
Canadian
Natural
Resources,
Ltd.
2,700,000
2.950%, 
7/15/2030
2,221,510
Cheniere
Corpus
Christi
Holdings,
LLC
3,250,000
3.700%, 
11/15/2029
2,818,450
Cheniere
Energy
Partners,
LP
4,560,000
4.500%, 
10/1/2029
4,014,578
4,800,000
4.000%, 
3/1/2031
4,024,704
Continental
Resources,
Inc.
1,200,000
2.268%, 
11/15/2026
c
1,024,025
3,100,000
4.375%, 
1/15/2028
2,782,174
Devon
Energy
Corporation
3,185,000
4.500%, 
1/15/2030
2,899,020
Enbridge,
Inc.
1,850,000
5.750%, 
7/15/2080
b
1,627,538
Energy
Transfer,
LP
2,100,000
6.500%, 
11/15/2026
b,f
1,829,318
3,480,000
4.200%, 
4/15/2027
3,218,204
3,500,000
4.000%, 
10/1/2027
3,174,175
2,900,000
3.750%, 
5/15/2030
2,455,609
4,000,000
6.000%, 
6/15/2048
3,455,965
Enterprise
Products
Operating,
LLC
1,350,000
4.875%, 
(LIBOR
3M
+
2.986%),
8/16/2077
b
1,231,875
EQT
Corporation
3,600,000
6.125%, 
2/1/2025
3,604,608
3,640,000
3.900%, 
10/1/2027
3,312,390
Equinor
ASA
2,575,000
3.125%, 
4/6/2030
2,258,628
Halliburton
Company
3,300,000
4.850%, 
11/15/2035
2,878,928
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Energy
(7.3%)
-
continued
Hess
Corporation
$
1,800,000
6.000%, 
1/15/2040
$
1,673,924
MPLX,
LP
1,450,000
4.875%, 
6/1/2025
1,420,929
3,250,000
4.800%, 
2/15/2029
3,024,252
1,600,000
4.950%, 
9/1/2032
1,453,568
National
Fuel
Gas
Company
4,186,000
5.500%, 
1/15/2026
4,110,954
Ovintiv
Exploration,
Inc.
4,756,000
5.375%, 
1/1/2026
4,703,911
Petroleos
Mexicanos
2,550,000
6.500%, 
3/13/2027
2,135,625
Pioneer
Natural
Resources
Company
1,800,000
2.150%, 
1/15/2031
1,386,532
Plains
All
American
Pipeline,
LP
2,700,000
3.800%, 
9/15/2030
2,263,982
Schlumberger
Holdings
Corporation
2,750,000
3.900%, 
5/17/2028
c
2,480,059
Western
Gas
Partners,
LP
6,800,000
4.650%, 
7/1/2026
6,358,000
Williams
Companies,
Inc.
1,700,000
5.300%, 
8/15/2052
1,479,651
2,450,000
7.500%, 
1/15/2031
2,628,236
Williams
Partners,
LP
2,000,000
4.850%, 
3/1/2048
1,656,283
Total
89,256,094
Financials
(35.5%)
AerCap
Holdings
NV
3,200,000
5.875%, 
10/10/2079
b
2,856,496
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
1,900,000
6.500%, 
7/15/2025
1,896,571
1,500,000
4.625%, 
10/15/2027
1,346,946
2,800,000
3.875%, 
1/23/2028
2,416,686
2,400,000
3.400%, 
10/29/2033
1,741,294
1,800,000
3.850%, 
10/29/2041
1,195,661
Air
Lease
Corporation
4,100,000
4.650%, 
6/15/2026
b,f
3,423,005
1,850,000
3.625%, 
4/1/2027
1,639,128
1,900,000
2.100%, 
9/1/2028
1,480,489
2,500,000
3.000%, 
2/1/2030
1,979,787
2,100,000
2.875%, 
1/15/2032
1,582,783
Aircastle,
Ltd.
3,700,000
5.250%, 
8/11/2025
c
3,482,916
800,000
2.850%, 
1/26/2028
c
621,049
Allianz
SE
3,200,000
3.200%, 
10/30/2027
b,c,f
2,065,122
Ally
Financial,
Inc.
4,050,000
5.750%, 
11/20/2025
3,928,077
5,250,000
8.000%, 
11/1/2031
5,503,876
American
Express
Company
2,750,000
3.550%, 
9/15/2026
b,f
2,119,360
American
Homes
4
Rent,
LP
1,550,000
2.375%, 
7/15/2031
1,168,673
ANZ
Bank
New
Zealand,
Ltd.
1,700,000
5.548%, 
8/11/2032
b,c
1,641,258
Ares
Capital
Corporation
3,600,000
3.875%, 
1/15/2026
3,275,310
2,950,000
2.150%, 
7/15/2026
2,472,315
1,800,000
2.875%, 
6/15/2027
1,503,707
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
117
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Financials
(35.5%)
-
continued
Associated
Banc-Corporation
$
2,650,000
4.250%, 
1/15/2025
$
2,576,782
Australia
and
New
Zealand
Banking
Group,
Ltd.
2,200,000
2.950%, 
7/22/2030
b,c
1,999,059
2,500,000
2.570%, 
11/25/2035
b,c
1,814,860
Aviation
Capital
Group,
LLC
5,950,000
5.500%, 
12/15/2024
c
5,759,935
Avolon
Holdings
Funding,
Ltd.
300,000
5.250%, 
5/15/2024
c
291,075
1,800,000
5.500%, 
1/15/2026
c
1,692,890
1,500,000
4.250%, 
4/15/2026
c
1,345,004
5,400,000
4.375%, 
5/1/2026
c
4,830,542
Banco
del
Estado
de
Chile
3,850,000
2.704%, 
1/9/2025
c
3,596,126
Banco
Santander
SA
3,200,000
2.746%, 
5/28/2025
2,925,923
2,600,000
4.750%, 
11/12/2026
b,f
1,797,536
3,600,000
5.294%, 
8/18/2027
3,391,031
1,800,000
4.379%, 
4/12/2028
1,605,406
Bank
of
America
Corporation
5,300,000
4.375%, 
1/27/2027
b,f
4,253,250
3,950,000
3.705%, 
4/24/2028
b
3,594,257
1,800,000
4.271%, 
7/23/2029
b
1,641,232
1,825,000
3.974%, 
2/7/2030
b
1,624,508
2,720,000
3.194%, 
7/23/2030
b
2,292,454
6,200,000
1.922%, 
10/24/2031
b
4,586,123
3,500,000
2.572%, 
10/20/2032
b
2,676,899
1,800,000
2.972%, 
2/4/2033
b
1,407,152
4,800,000
4.571%, 
4/27/2033
b
4,299,296
1,800,000
4.244%, 
4/24/2038
b
1,482,931
3,650,000
3.311%, 
4/22/2042
b
2,566,049
1,860,000
2.831%, 
10/24/2051
b
1,106,544
Bank
of
New
York
Mellon
Corporation
1,925,000
4.700%, 
9/20/2025
b,f
1,843,187
Barclays
plc
3,100,000
6.125%, 
12/15/2025
b,f
2,612,060
1,280,000
4.836%, 
5/9/2028
1,115,784
1,654,000
8.000%, 
3/15/2029
b,f
1,447,581
900,000
4.972%, 
5/16/2029
b
809,916
3,100,000
2.645%, 
6/24/2031
b
2,313,018
Berkshire
Hathaway
Finance
Corporation
6,000,000
2.850%, 
10/15/2050
3,855,049
1,950,000
4.250%, 
1/15/2049
1,620,551
Blackstone
Private
Credit
Fund
1,600,000
7.050%, 
9/29/2025
c
1,579,993
1,750,000
4.000%, 
1/15/2029
1,401,838
BNP
Paribas
SA
2,700,000
6.625%, 
3/25/2024
b,c,f
2,471,040
1,650,000
7.750%, 
8/16/2029
b,c,f
1,522,620
Boston
Properties,
LP
1,900,000
3.250%, 
1/30/2031
1,545,977
BPCE
SA
3,190,000
5.150%, 
7/21/2024
c
3,110,162
Brandywine
Operating
Partnership,
LP
3,100,000
3.950%, 
11/15/2027
2,728,299
Brixmor
Operating
Partnership,
LP
1,500,000
2.250%, 
4/1/2028
1,210,801
Capital
One
Financial
Corporation
2,690,000
4.200%, 
10/29/2025
2,586,482
2,600,000
3.273%, 
3/1/2030
b
2,173,944
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Financials
(35.5%)
-
continued
Centene
Corporation
$
160,000
4.250%, 
12/15/2027
$
146,352
480,000
4.625%, 
12/15/2029
431,328
3,605,000
3.375%, 
2/15/2030
2,947,087
3,000,000
2.500%, 
3/1/2031
2,261,345
2,200,000
2.625%, 
8/1/2031
1,658,081
Charles
Schwab
Corporation
2,550,000
5.375%, 
6/1/2025
b,f
2,479,875
1,750,000
4.000%, 
6/1/2026
b,f
1,435,360
3,100,000
4.000%, 
12/1/2030
b,f
2,277,208
Citigroup,
Inc.
2,305,000
5.500%, 
9/13/2025
2,301,411
2,490,000
4.450%, 
9/29/2027
2,304,928
2,000,000
3.668%, 
7/24/2028
b
1,800,553
3,000,000
4.075%, 
4/23/2029
b
2,715,386
2,750,000
2.520%, 
11/3/2032
b
2,083,778
5,900,000
3.057%, 
1/25/2033
b
4,646,474
Comerica,
Inc.
2,100,000
5.625%, 
7/1/2025
b,f
2,059,491
Commerzbank
AG
3,200,000
8.125%, 
9/19/2023
c
3,153,541
CoreStates
Capital
III
2,440,000
3.475%, 
(LIBOR
3M
+
0.570%),
2/15/2027
b,c
2,299,704
Corporate
Office
Properties,
LP
2,175,000
2.250%, 
3/15/2026
1,906,305
Credit
Acceptance
Corporation
160,000
5.125%, 
12/31/2024
*
148,901
Credit
Agricole
SA
2,400,000
6.875%, 
9/23/2024
b,c,f
2,210,448
2,400,000
4.750%, 
3/23/2029
b,c,f
1,653,744
Credit
Suisse
Group
AG
3,950,000
7.500%, 
7/17/2023
b,c,f
3,387,125
2,500,000
7.250%, 
9/12/2025
b,c,f
1,912,292
3,100,000
2.193%, 
6/5/2026
b,c
2,695,415
3,700,000
5.250%, 
2/11/2027
b,c,f
2,598,198
3,100,000
4.282%, 
1/9/2028
c
2,631,553
Danske
Bank
AS
2,850,000
3.773%, 
3/28/2025
b,c
2,740,770
Deutsche
Bank
AG
6,000,000
6.000%, 
10/30/2025
b,f
4,500,000
1,350,000
3.961%, 
11/26/2025
b
1,260,298
2,200,000
2.311%, 
11/16/2027
b
1,784,559
Discover
Bank
3,490,000
4.682%, 
8/9/2028
b
3,346,594
Drawbridge
Special
Opportunities
Fund,
LP
480,000
3.875%, 
2/15/2026
c
435,691
Duke
Realty,
LP
1,750,000
1.750%, 
2/1/2031
1,337,576
EPR
Properties
1,976,000
4.950%, 
4/15/2028
1,700,771
3,700,000
3.750%, 
8/15/2029
2,858,635
First
Horizon
Bank
2,000,000
5.750%, 
5/1/2030
1,940,240
First
Horizon
National
Corporation
2,900,000
4.000%, 
5/26/2025
2,796,157
First-Citizens
Bank
&
Trust
Company
7,100,000
6.125%, 
3/9/2028
7,047,569
FS
KKR
Capital
Corporation
4,848,000
4.250%, 
2/14/2025
c
4,496,905
4,200,000
3.400%, 
1/15/2026
3,705,796
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
118
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Financials
(35.5%)
-
continued
Glitnir
HoldCo
ehf.,
Convertible
$
362
Zero
Coupon, 
12/31/2030
g,h
$
0
Global
Net
Lease,
Inc.
320,000
3.750%, 
12/15/2027
c
249,606
Goldman
Sachs
Group,
Inc.
3,200,000
4.950%, 
2/10/2025
b,f
2,896,000
3,100,000
3.691%, 
6/5/2028
b
2,803,096
4,250,000
3.814%, 
4/23/2029
b
3,768,053
1,100,000
4.223%, 
5/1/2029
b
999,764
7,800,000
3.102%, 
2/24/2033
b
6,195,186
HSBC
Holdings
plc
1,560,000
4.300%, 
3/8/2026
1,494,597
1,800,000
4.000%, 
3/9/2026
b,e,f
1,440,000
1,600,000
6.000%, 
5/22/2027
b,f
1,325,600
1,920,000
4.041%, 
3/13/2028
b
1,732,361
2,100,000
4.600%, 
12/17/2030
b,f
1,456,331
2,250,000
5.402%, 
8/11/2033
b
2,000,685
Intercontinental
Exchange,
Inc.
1,200,000
4.950%, 
6/15/2052
1,059,276
1,350,000
4.350%, 
6/15/2029
1,277,699
Invitation
Homes
Operating
Partnership,
LP
1,500,000
2.300%, 
11/15/2028
1,202,226
1,500,000
2.000%, 
8/15/2031
1,076,069
J.P.
Morgan
Chase
&
Company
1,850,000
5.150%, 
5/1/2023
b,f
1,785,169
1,250,000
6.000%, 
8/1/2023
b,f
1,218,750
5,000,000
5.000%, 
8/1/2024
b,f
4,508,750
3,200,000
2.956%, 
5/13/2031
b
2,534,707
1,200,000
2.580%, 
4/22/2032
b
930,181
2,900,000
2.545%, 
11/8/2032
b
2,200,564
2,700,000
2.963%, 
1/25/2033
b
2,122,429
4,800,000
4.586%, 
4/26/2033
b
4,319,101
3,700,000
4.912%, 
7/25/2033
b
3,411,975
2,500,000
5.717%, 
9/14/2033
b
2,364,111
Kilroy
Realty,
LP
2,550,000
4.250%, 
8/15/2029
2,252,404
Lloyds
Bank
plc
910,000
4.650%, 
3/24/2026
856,200
Lloyds
Banking
Group
plc
1,950,000
7.500%, 
6/27/2024
b,f
1,810,048
1,300,000
7.500%, 
9/27/2025
b,f
1,186,250
1,900,000
2.438%, 
2/5/2026
b
1,745,650
M&T
Bank
Corporation
2,200,000
3.500%, 
9/1/2026
b,f
1,640,280
Massachusetts
Mutual
Life
Insurance
Company
4,600,000
3.200%, 
12/1/2061
*
2,785,377
MetLife,
Inc.
2,550,000
3.850%, 
9/15/2025
b,f
2,281,217
Mitsubishi
UFJ
Financial
Group,
Inc.
2,750,000
5.133%, 
7/20/2033
b
2,569,385
Mizuho
Financial
Group,
Inc.
2,100,000
1.979%, 
9/8/2031
b
1,550,610
Morgan
Stanley
1,860,000
5.300%, 
12/15/2025
b,e,f
1,785,600
2,510,000
4.350%, 
9/8/2026
2,390,586
3,350,000
3.622%, 
4/1/2031
b
2,895,167
3,100,000
1.794%, 
2/13/2032
b
2,265,545
3,000,000
2.943%, 
1/21/2033
b
2,371,690
1,050,000
4.889%, 
7/20/2033
b
972,891
2,100,000
5.297%, 
4/20/2037
b
1,886,971
1,570,000
4.300%, 
1/27/2045
1,242,717
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Financials
(35.5%)
-
continued
Nationwide
Building
Society
$
2,490,000
3.900%, 
7/21/2025
c
$
2,368,147
1,356,000
4.000%, 
9/14/2026
c
1,232,626
Nationwide
Mutual
Insurance
Company
2,725,000
4.350%, 
4/30/2050
c
2,027,240
NatWest
Group
plc
2,750,000
4.269%, 
3/22/2025
b
2,673,694
1,000,000
3.754%, 
11/1/2029
b
923,327
1,850,000
4.600%, 
6/28/2031
b,f
1,156,250
3,600,000
3.032%, 
11/28/2035
b
2,550,835
Omega
Healthcare
Investors,
Inc.
525,000
3.625%, 
10/1/2029
427,284
5,600,000
3.375%, 
2/1/2031
4,269,404
Owl
Rock
Capital
Corporation
1,950,000
3.400%, 
7/15/2026
1,673,103
Owl
Rock
Core
Income
Corporation
3,000,000
4.700%, 
2/8/2027
2,627,632
Owl
Rock
Technology
Finance
Corporation
1,500,000
3.750%, 
6/17/2026
c
1,297,843
Peachtree
Corners
Funding
Trust
2,800,000
3.976%, 
2/15/2025
c
2,701,975
PNC
Financial
Services
Group,
Inc.
2,150,000
3.400%, 
9/15/2026
b,f
1,604,497
Prudential
Financial,
Inc.
1,320,000
5.125%, 
3/1/2052
b
1,144,361
1,725,000
5.200%, 
3/15/2044
b
1,657,708
2,750,000
3.700%, 
10/1/2050
b
2,171,950
QBE
Insurance
Group,
Ltd.
2,575,000
5.875%, 
5/12/2025
b,c,f
2,386,922
Realty
Income
Corporation
3,100,000
3.400%, 
1/15/2028
2,816,948
Regency
Centers,
LP
1,560,000
3.600%, 
2/1/2027
1,449,107
Santander
UK
Group
Holdings
plc
2,500,000
4.750%, 
9/15/2025
c
2,367,878
Simon
Property
Group,
LP
3,100,000
3.250%, 
9/13/2049
2,008,308
Societe
Generale
SA
3,100,000
5.375%, 
11/18/2030
b,c,f
2,124,430
Spirit
Realty,
LP
1,900,000
2.100%, 
3/15/2028
1,509,756
3,250,000
3.400%, 
1/15/2030
2,640,587
1,850,000
3.200%, 
2/15/2031
1,441,452
SVB
Financial
Group
4,700,000
4.000%, 
5/15/2026
b,f
3,568,314
Synchrony
Financial
450,000
4.250%, 
8/15/2024
438,772
1,950,000
3.950%, 
12/1/2027
1,691,481
Truist
Financial
Corporation
1,450,000
4.950%, 
9/1/2025
b,f
1,393,145
UBS
Group
AG
3,450,000
4.875%, 
2/12/2027
b,c,f
2,686,687
1,600,000
4.703%, 
8/5/2027
b,c
1,516,803
3,000,000
2.746%, 
2/11/2033
b,c
2,228,789
UBS
Group
Funding
Switzerland
AG
2,560,000
4.253%, 
3/23/2028
c
2,355,642
UnitedHealth
Group,
Inc.
3,600,000
4.950%, 
5/15/2062
3,205,070
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
119
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Financials
(35.5%)
-
continued
$
1,240,000
4.750%, 
7/15/2045
$
1,098,148
1,975,000
4.450%, 
12/15/2048
1,683,682
Wells
Fargo
&
Company
3,300,000
3.900%, 
3/15/2026
b,f
2,790,562
1,200,000
3.526%, 
3/24/2028
b
1,086,861
3,200,000
2.393%, 
6/2/2028
b
2,744,313
4,250,000
4.478%, 
4/4/2031
b
3,887,475
3,400,000
4.897%, 
7/25/2033
b
3,134,574
Welltower,
Inc.
2,500,000
2.050%, 
1/15/2029
2,008,064
Westpac
Banking
Corporation
1,900,000
2.894%, 
2/4/2030
b
1,747,148
3,150,000
2.963%, 
11/16/2040
2,011,005
Willis
North
America,
Inc.
3,600,000
4.650%, 
6/15/2027
3,418,579
Total
433,352,371
Foreign
Government
(0.6%)
Dominican
Republic
Government
International
Bond
950,000
6.000%, 
7/19/2028
c
860,718
4,800,000
6.000%, 
2/22/2033
c
3,900,752
Egypt
Government
International
Bond
4,100,000
5.800%, 
9/30/2027
c
2,869,852
Total
7,631,322
Technology
(4.2%)
Apple,
Inc.
1,900,000
2.700%, 
8/5/2051
1,254,088
2,250,000
3.950%, 
8/8/2052
1,878,899
1,920,000
3.750%, 
9/12/2047
1,552,091
Broadcom,
Inc.
5,632,000
3.469%, 
4/15/2034
c
4,225,430
3,600,000
3.137%, 
11/15/2035
c
2,522,517
2,700,000
3.187%, 
11/15/2036
c
1,846,655
2,700,000
4.926%, 
5/15/2037
c
2,226,343
Dell
International,
LLC
3,975,000
6.020%, 
6/15/2026
3,991,011
1,300,000
6.100%, 
7/15/2027
1,310,407
1,087,000
8.350%, 
7/15/2046
1,172,447
Equinix,
Inc.
2,700,000
2.000%, 
5/15/2028
2,209,082
Fiserv,
Inc.
2,725,000
3.200%, 
7/1/2026
2,509,423
3,000,000
2.650%, 
6/1/2030
2,432,256
Gartner,
Inc.
320,000
3.750%, 
10/1/2030
c
261,966
Global
Payments,
Inc.
1,100,000
5.300%, 
8/15/2029
1,034,490
1,700,000
5.400%, 
8/15/2032
1,577,551
Iron
Mountain,
Inc.
640,000
4.875%, 
9/15/2029
c
525,754
Marvell
Technology,
Inc.
1,900,000
4.875%, 
6/22/2028
1,780,774
2,100,000
2.950%, 
4/15/2031
1,629,124
NXP
BV/NXP
Funding,
LLC
1,800,000
5.550%, 
12/1/2028
1,738,429
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
1,400,000
3.150%, 
5/1/2027
1,247,024
1,900,000
4.300%, 
6/18/2029
1,701,381
2,650,000
3.250%, 
5/11/2041
1,738,031
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Technology
(4.2%)
-
continued
Oracle
Corporation
$
3,600,000
3.950%, 
3/25/2051
$
2,387,539
2,700,000
4.300%, 
7/8/2034
2,199,995
2,650,000
4.000%, 
7/15/2046
1,790,927
VeriSign,
Inc.
640,000
4.750%, 
7/15/2027
615,675
VMware,
Inc.
3,100,000
2.200%, 
8/15/2031
2,256,383
Total
51,615,692
Transportation
(3.3%)
American
Airlines,
Inc.
3,150,000
11.750%, 
7/15/2025
c
3,289,671
2,220,000
5.500%, 
4/20/2026
c
2,084,957
3,100,000
5.750%, 
4/20/2029
c
2,704,750
Burlington
Northern
Santa
Fe,
LLC
2,500,000
4.700%, 
9/1/2045
2,207,841
2,700,000
4.050%, 
6/15/2048
2,207,243
CSX
Corporation
1,900,000
2.400%, 
2/15/2030
1,569,977
Delta
Air
Lines,
Inc.
994,389
4.250%, 
7/30/2023
970,851
1,543,000
7.000%, 
5/1/2025
c
1,552,955
3,000,000
7.375%, 
1/15/2026
e
3,032,625
4,850,000
4.750%, 
10/20/2028
c
4,517,075
ERAC
USA
Finance,
LLC
3,030,000
4.200%, 
11/1/2046
c
2,248,223
FedEx
Corporation
2,500,000
3.250%, 
5/15/2041
1,717,531
Kansas
City
Southern
1,900,000
4.700%, 
5/1/2048
1,627,197
Mileage
Plus
Holdings,
LLC
5,225,000
6.500%, 
6/20/2027
c
5,114,125
Southwest
Airlines
Company
1,975,000
5.250%, 
5/4/2025
1,972,971
2,400,000
2.625%, 
2/10/2030
1,925,211
United
Airlines
Pass
Through
Trust
966,616
3.750%, 
9/3/2026
876,456
United
Airlines,
Inc.
350,000
4.375%, 
4/15/2026
c
312,375
300,000
4.625%, 
4/15/2029
c
248,232
Total
40,180,266
U.S.
Government
&
Agencies
(3.2%)
U.S.
Treasury
Bonds
5,000,000
2.875%, 
5/15/2052
4,192,969
14,400,000
2.000%, 
8/15/2051
9,835,875
12,250,000
3.000%, 
8/15/2052
10,571,367
1,800,000
1.875%, 
11/15/2051
1,190,320
5,500,000
2.875%, 
5/15/2032
5,084,922
5,000,000
2.750%, 
8/15/2032
4,571,875
4,500,000
2.250%, 
5/15/2041
3,401,895
Total
38,849,223
Utilities
(6.9%)
American
Electric
Power
Company,
Inc.
3,200,000
3.875%, 
2/15/2062
b
2,508,053
American
Water
Capital
Corporation
1,700,000
3.450%, 
5/1/2050
1,214,179
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
120
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Utilities
(6.9%)
-
continued
Berkshire
Hathaway
Energy
Company
$
2,400,000
4.600%, 
5/1/2053
c
$
2,020,729
2,575,000
4.450%, 
1/15/2049
2,156,857
CenterPoint
Energy
Resources
Corporation
2,800,000
1.750%, 
10/1/2030
2,154,226
CenterPoint
Energy,
Inc.
3,250,000
2.950%, 
3/1/2030
2,726,828
2,150,000
2.650%, 
6/1/2031
1,717,320
Consolidated
Edison
Company
of
New
York,
Inc.
2,750,000
4.125%, 
5/15/2049
2,134,213
Dominion
Energy,
Inc.
2,250,000
4.650%, 
12/15/2024
b,f
1,981,695
2,650,000
4.350%, 
1/15/2027
b,f
2,248,150
Duke
Energy
Corporation
4,300,000
3.250%, 
1/15/2082
b
3,152,167
2,250,000
3.500%, 
6/15/2051
1,512,607
2,840,000
3.150%, 
8/15/2027
2,569,644
2,700,000
3.750%, 
9/1/2046
1,912,007
Edison
International
5,600,000
5.750%, 
6/15/2027
5,483,306
Enel
Finance
International
NV
2,250,000
2.875%, 
7/12/2041
c
1,283,622
Entergy
Corporation
3,000,000
2.400%, 
6/15/2031
2,292,558
Exelon
Corporation
1,800,000
4.100%, 
3/15/2052
c
1,388,760
FirstEnergy
Corporation
3,480,000
4.400%, 
7/15/2027
3,229,022
1,300,000
5.350%, 
7/15/2047
1,097,187
FirstEnergy
Transmission,
LLC
4,300,000
2.866%, 
9/15/2028
c
3,655,141
3,150,000
5.450%, 
7/15/2044
c
2,848,706
Georgia
Power
Company
3,000,000
3.250%, 
3/15/2051
1,978,503
National
Rural
Utilities
Cooperative
Finance
Corporation
1,600,000
4.400%, 
11/1/2048
1,338,594
NiSource
Finance
Corporation
1,920,000
4.375%, 
5/15/2047
1,522,892
NiSource,
Inc.
1,950,000
3.600%, 
5/1/2030
1,700,817
NRG
Energy,
Inc.
1,200,000
2.450%, 
12/2/2027
c
982,377
3,900,000
4.450%, 
6/15/2029
c
3,382,863
Oncor
Electric
Delivery
Company,
LLC
2,490,000
3.750%, 
4/1/2045
1,943,674
Pacific
Gas
and
Electric
Company
1,900,000
3.300%, 
12/1/2027
1,600,645
4,300,000
4.550%, 
7/1/2030
3,684,835
Public
Service
Company
of
Colorado
1,800,000
4.500%, 
6/1/2052
1,559,603
San
Diego
Gas
&
Electric
Company
2,700,000
4.150%, 
5/15/2048
2,160,464
Sempra
Energy
2,700,000
3.250%, 
6/15/2027
2,464,366
Southern
Company
150,000
4.475%, 
8/1/2024
148,114
3,100,000
4.000%, 
1/15/2051
b
2,778,220
Principal
Amount
Long-Term
Fixed
Income
(93.7%)
Value
Utilities
(6.9%)
-
continued
$
2,150,000
3.750%, 
9/15/2051
b
$
1,743,414
Vistra
Operations
Company,
LLC
1,800,000
4.875%, 
5/13/2024
c
1,753,434
1,800,000
5.125%, 
5/13/2025
c
1,742,671
Total
83,772,463
Total
Long-Term
Fixed
Income
(cost
$1,373,882,398)
1,144,808,909
Shares
Collateral
Held
for
Securities
Loaned
(
0.4%
)
Value
5,776,600
Thrivent
Cash
Management
Trust
5,776,600
Total
Collateral
Held
for
Securities
Loaned
(cost
$5,776,600)
5,776,600
Shares
Preferred
Stock
(
0.2%
)
Value
Financials
(0.2%)
22,500
Cobank
ACB,
6.250%
b,f,h
2,250,000
Total
2,250,000
Total
Preferred
Stock
(cost
$2,250,000)
2,250,000
Shares
Common
Stock
(
<0.1%
)
Value
Communications
Services
(<0.1%)
426
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
i
6,497
Total
6,497
Financials
(<0.1%)
2,247
Glitnir
HoldCo
ehf.
h,i
0
Total
0
Total
Common
Stock
(cost
$5,112)
6,497
Shares
or
Principal
Amount
Short-Term
Investments
(
5.0%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,300,000
2.596%,
10/28/2022
j,k
1,297,270
600,000
3.440%,
12/21/2022
j,k
595,525
Thrivent
Core
Short-Term
Reserve
Fund
5,412,746
3.170%
54,127,464
U.S.
Treasury
Bills
4,500,000
2.424%,
11/3/2022
j,l
4,489,682
400,000
2.685%,
11/17/2022
j,l
398,575
Total
Short-Term
Investments
(cost
$60,908,864)
60,908,516
Total
Investments
(cost
$1,445,256,251)
99.5%
$1,216,066,541
Other
Assets
and
Liabilities,
Net
0.5%
5,867,529
Total
Net
Assets
100.0%
$1,221,934,070
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
121
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
September
30,
2022.
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
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,
2022,
the
value
of
these
investments
was
$265,113,442
or
21.7%
of
total
net
assets.
d
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
e
All
or
a
portion
of
the
security
is
on
loan.
f
Denotes
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
Principal
amount
is
displayed
in
Euros.
h
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
i
Non-income
producing
security.
j
The
interest
rate
shown
reflects
the
yield.
k
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.
l
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
Income
Portfolio
as
of
September
30,
2022
was
$2,934,278
or
0.24%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
153,632
Massachusetts
Mutual
Life
Insurance
Company,
12/1/2061
11/18/2021
4,563,982
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
5,597,299
Total
lending
$5,597,299
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$5,776,600
Net
amounts
due
to
counterparty
$179,301
Definitions:
CLO
-
Collateralized
Loan
Obligation
Ser.
-
Series
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
122
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
in
valuing
Income
Portfolio's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Communications
Services
361,875
361,875
Consumer
Cyclical
1,323,046
1,323,046
Consumer
Non-Cyclical
631,098
631,098
Long-Term
Fixed
Income
Asset-Backed
Securities
31,058,714
31,058,714
Basic
Materials
21,658,528
21,658,528
Capital
Goods
56,933,626
56,933,626
Collateralized
Mortgage
Obligations
69,952
69,952
Communications
Services
93,191,819
93,191,819
Consumer
Cyclical
87,203,372
87,203,372
Consumer
Non-Cyclical
110,035,467
110,035,467
Energy
89,256,094
89,256,094
Financials^
433,352,371
433,352,371
0
Foreign
Government
7,631,322
7,631,322
Technology
51,615,692
51,615,692
Transportation
40,180,266
40,180,266
U.S.
Government
&
Agencies
38,849,223
38,849,223
Utilities
83,772,463
83,772,463
Preferred
Stock
Financials
2,250,000
2,250,000
Common
Stock
Communications
Services
6,497
6,497
Financials^
0
0
Short-Term
Investments
6,781,052
6,781,052
Subtotal
Investments
in
Securities
$1,156,162,477
$–
$1,153,912,477
$2,250,000
Other
Investments  *
Total
Affiliated
Short-Term
Investments
54,127,464
Collateral
Held
for
Securities
Loaned
5,776,600
Subtotal
Other
Investments
$59,904,064
Total
Investments
at
Value
$1,216,066,541
*
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
4,668,846
4,668,846
Credit
Default
Swaps
105,120
105,120
Total
Liability
Derivatives
$
4,773,966
$4,668,846
$105,120
$–
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
123
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
The
following
table
presents
Income
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$1,892,796
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
364
December
2022
$
49,846,440
(
$
3,834,565)
Ultra
10-Yr.
U.S.
Treasury
Note
120
December
2022
15,052,407
(
834,281)
Total
Futures
Long
Contracts
$
64,898,847
(
$
4,668,846)
Total
Futures
Contracts
$
64,898,847
($4,668,846)
The
following
table
presents
Income
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$1,396,282
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
15,000,000
$
(
$
105,120)
(
$
105,120)
Total
Credit
Default
Swaps
$–
($105,120)
($105,120)
1
As
the
buyer
of
protection,
Income
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,
Income
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
Income
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.
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
124
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$68,494
$387,194
$401,561
$54,127
5,413
4.4%
Total
Affiliated
Short-Term
Investments
68,494
54,127
4.4
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
7,809
130,058
132,090
5,777
5,777
0.4
Total
Collateral
Held
for
Securities
Loaned
7,809
5,777
0.4
Total
Value
$76,303
$59,904
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$0
$0
$
$467
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$467
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
30
Total
Affiliated
Income
from
Securities
Loaned,
Net
$30
Total
Value
$0
$0
$
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
125
Shares
Common
Stock
(
91.9%
)
Value
Australia
(5.8%)
44,155
Allkem,
Ltd.
a
$
390,486
40,667
Altium,
Ltd.
886,075
20,905
ARB
Corporation,
Ltd.
371,418
6,692
Arena
REIT
14,362
433,807
Aristocrat
Leisure,
Ltd.
9,147,542
53,653
ASX,
Ltd.
2,469,295
1,635
AUB
Group,
Ltd.
19,913
1,564,933
Aurizon
Holdings,
Ltd.
3,461,098
509,195
Beach
Energy,
Ltd.
488,996
38,000
Bendigo
and
Adelaide
Bank,
Ltd.
190,137
9,779
BHP
Group,
Ltd.
243,088
114,539
Brambles,
Ltd.
837,906
201,359
Carsales.com,
Ltd.
2,401,874
49,574
Challenger,
Ltd.
185,709
170,117
Charter
Hall
Group
1,254,522
138,179
Charter
Hall
Retail
REIT
327,738
364,303
Coles
Group,
Ltd.
3,840,629
17,169
Commonwealth
Bank
of
Australia
998,809
398,711
Computershare,
Ltd.
6,359,492
60,488
CSL,
Ltd.
11,000,816
58,508
Data#3,
Ltd.
232,594
154,123
Deterra
Royalties,
Ltd.
396,091
81,325
DEXUS
Property
Group
404,557
110,592
Genworth
Mortgage
Insurance
Australia,
Ltd.
192,665
22,325
GrainCorp,
Ltd.
112,302
577,480
GWA
Group,
Ltd.
704,311
207,327
Harvey
Norman
Holdings,
Ltd.
536,345
532,769
Humm
Group,
Ltd.
152,589
90,888
Iluka
Resources,
Ltd.
526,190
614,429
Incitec
Pivot,
Ltd.
1,397,138
49,638
Independence
Group
NL
436,643
141,541
JB
Hi-Fi,
Ltd.
3,425,375
2,362
Jumbo
Interactive,
Ltd.
18,013
479,982
Karoon
Gas
Australia,
Ltd.
a
562,232
1,566,386
Lottery
Corporation,
Ltd.
a
4,197,845
446,648
Metcash,
Ltd.
1,109,750
6,696
Neometals,
Ltd.
a
4,807
10,228
NIB
Holdings,
Ltd.
49,160
87,503
Nine
Entertainment
Company
Holdings,
Ltd.
104,951
50,749
NRW
Holdings,
Ltd.
77,293
146,429
Nufarm,
Ltd.
469,246
19,870
Orica,
Ltd.
169,166
75,083
Orora,
Ltd.
144,749
104,127
Paladin
Energy,
Ltd.
a
49,115
314,172
Pilbara
Minerals,
Ltd.
a
906,464
90,767
Premier
Investments,
Ltd.
1,307,602
12,628
Pro
Medicus,
Ltd.
403,237
378,234
Qube
Holdings,
Ltd.
600,539
26,265
REA
Group,
Ltd.
1,911,741
94,883
Rio
Tinto,
Ltd.
5,739,717
100,818
Sandfire
Resources,
Ltd.
240,876
195,358
SEEK,
Ltd.
2,374,342
19,347
Smartgroup
Corporation,
Ltd.
61,882
1,753,135
Tabcorp
Holdings,
Ltd.
1,051,329
97,520
Technology
One,
Ltd.
658,273
10,651
Waypoint
REIT,
Ltd.
16,165
70,535
Whitehaven
Coal,
Ltd.
409,235
Total
76,044,434
Austria
(0.4%)
2,332
Andritz
AG
98,689
458
AT&S
Austria
Technologie
&
Systemtechnik
AG
14,948
Shares
Common
Stock
(91.9%)
Value
Austria
(0.4%)
-
continued
29,948
BAWAG
Group
AG
b
$
1,287,409
14,342
EVN
AG
238,808
82,494
OMV
AG
2,985,707
40,154
Raiffeisen
Bank
International
AG
475,049
14,487
Voestalpine
AG
245,412
4,972
Wienerberger
AG
99,797
Total
5,445,819
Belgium
(0.5%)
2,114
Ackermans
and
van
Haaren
NV
268,233
2,052
D'ieteren
Group
289,126
4,101
Etablissements
Franz
Colruyt
NV
90,146
67,077
Groupe
Bruxelles
Lambert
SA
4,691,024
10,411
Solvay
SA
806,039
21,072
Telenet
Group
Holding
NV
289,709
Total
6,434,277
Bermuda
(0.3%)
262,000
CK
Infrastructure
Holdings,
Ltd.
1,336,285
13,520
FLEX
LNG,
Ltd.
429,710
100,607
Golden
Ocean
Group,
Ltd.
752,379
70,500
Grand
Pharmaceutical
Group,
Ltd.
30,319
1,653
Hiscox,
Ltd.
16,218
19,600
Jardine
Matheson
Holdings,
Ltd.
992,544
8,500
Orient
Overseas
International,
Ltd.
147,926
1,471,000
Pacific
Basin
Shipping,
Ltd.
454,221
349,000
Road
King
Infrastructure,
Ltd.
127,790
212,400
Shanghai
Industrial
Urban
Development
Group,
Ltd.
16,229
222,000
Yuexiu
Transport
Infrastructure,
Ltd.
90,159
Total
4,393,780
Brazil
(0.6%)
4,500
Alupar
Investimento
SA
22,732
36,900
Ambev
SA
106,370
37,600
Americanas
SA
119,261
16,500
Atacadao
SA
59,004
75,000
B3
SA
-
Brasil
Bolsa
Balcao
182,830
12,884
Banco
Bradesco
SA
ADR
47,413
34,000
Banco
BTG
Pactual
SA
157,068
5,700
Banco
do
Brasil
SA
40,629
100,800
BB
Seguridade
Participacoes
SA
496,493
74,880
Centrais
Eletricas
Brasileiras
SA
ADR
601,286
180,100
Cielo
SA
180,289
133,017
Companhia
Siderurgica
Nacional
SA
ADR
316,581
28,000
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
95,351
17,200
EDP
-
Energias
do
Brasil
SA
69,829
73,000
ENGIE
Brasil
Energia
SA
521,955
22,891
Gerdau
SA
ADR
103,467
11,000
Hapvida
Participacoes
e
Investimentos
SA
b
15,498
86,600
Hypera
SA
714,235
34,548
Itau
Unibanco
Holding
SA
ADR
178,613
8,200
Itausa
SA
14,821
129,600
Metalurgica
Gerdau
SA
254,907
68,000
Minerva
SA
157,824
121,678
Petroleo
Brasileiro
SA
675,795
64,813
Petroleo
Brasileiro
SA
ADR
799,792
26,900
Sao
Martinho
SA
127,011
51,100
Telefonica
Brasil
SA
383,178
29,364
Telefonica
Brasil
SA
ADR
220,817
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
126
Shares
Common
Stock
(91.9%)
Value
Brazil
(0.6%)
-
continued
90,291
Vale
SA
ADR
$
1,202,676
94,200
Vibra
Energia
SA
301,756
Total
8,167,481
Canada
(9.3%)
34,259
Alimentation
Couche-Tard,
Inc.
1,379,189
15,644
Bank
of
Montreal
1,371,136
2,782
Bank
of
Nova
Scotia
132,318
85,542
Barrick
Gold
Corporation
1,325,844
88,868
BCE,
Inc.
3,726,235
14,755
CAE,
Inc.
a
226,343
38,918
Cameco
Corporation
1,031,716
439,183
Canadian
Imperial
Bank
of
Commerce
19,222,503
144,199
Canadian
National
Railway
Company
15,572,886
132,804
Canadian
Natural
Resources,
Ltd.
6,181,849
19,130
Canadian
Pacific
Railway,
Ltd.
1,276,995
15,530
Canadian
Tire
Corporation,
Ltd.
1,653,228
135,032
Canadian
Western
Bank
c
2,198,479
11,230
Capital
Power
Corporation
381,284
166,520
CGI,
Inc.
a
12,535,863
58,502
CI
Financial
Corporation
560,732
43,175
Dollarama,
Inc.
2,478,573
7,256
Dream
Industrial
Real
Estate
Investment
Trust
56,363
15,829
Empire
Company,
Ltd.
393,734
14,976
Enbridge,
Inc.
555,305
2,694
Fairfax
Financial
Holdings,
Ltd.
1,230,403
48,061
Fortis,
Inc.
1,825,925
4,396
Granite
REIT
212,170
31,798
Home
Capital
Group,
Inc.
633,037
24,663
InterRent
Real
Estate
Investment
Trust
204,789
29,316
Keyera
Corporation
603,574
207,301
Laurentian
Bank
of
Canada
4,445,112
210,917
Manulife
Financial
Corporation
3,310,298
21,274
National
Bank
of
Canada
1,333,408
69,121
Northland
Power,
Inc.
2,024,067
6,857
Nutrien,
Ltd.
571,737
4,327
Onex
Corporation
198,472
5,101
Parkland
Corporation
109,306
50,704
Rogers
Communications,
Inc.
1,953,132
167,997
Shopify,
Inc.
a
4,525,839
10,311
Stelco
Holdings,
Inc.
256,851
57,896
Sun
Life
Financial,
Inc.
2,302,260
64,889
Suncor
Energy,
Inc.
1,827,330
418,855
TC
Energy
Corporation
16,871,244
47,642
Thomson
Reuters
Corporation
4,890,604
14,088
Toromont
Industries,
Ltd.
980,709
Total
122,570,842
Cayman
Islands
(1.3%)
18,000
ANTA
Sports
Products,
Ltd.
188,942
8,318
Baidu.com,
Inc.
ADR
a
977,282
144,550
Chailease
Holding
Company,
Ltd.
825,686
321,500
China
Hongqiao
Group,
Ltd.
263,184
200,000
China
Overseas
Property
Holdings,
Ltd.
173,439
8,000
China
Resources
Land,
Ltd.
31,335
4,683
China
Resources
Microelectronics,
Ltd.
31,271
112,000
China
Yuhua
Education
Corporation,
Ltd.
a,b
11,469
3,000
Chlitina
Holding,
Ltd.
14,650
Shares
Common
Stock
(91.9%)
Value
Cayman
Islands
(1.3%)
-
continued
94,800
Chow
Tai
Fook
Jewellery
Group,
Ltd.
$
178,165
174,000
Consun
Pharmaceutical
Group,
Ltd.
74,309
2,888
Daqo
New
Energy
Corporation
ADR
a
153,295
188,000
Geely
Automobile
Holdings,
Ltd.
257,276
15,500
Greentown
China
Holdings,
Ltd.
29,091
370,000
Greentown
Service
Group
Company,
Ltd.
244,562
78,000
Haidilao
International
Holding,
Ltd.
a,b
151,295
9,828
Huazhu
Group,
Ltd.
ADR
329,631
46,833
JD.com,
Inc.
1,181,512
1,792
JOYY,
Inc.
ADR
46,592
7,776
KE
Holdings,
Inc.
ADR
a
136,235
23,000
Kingboard
Holdings,
Ltd.
64,747
14,900
Kuaishou
Technology
a,b
95,571
197,000
KWG
Group
Holdings,
Ltd.
a
24,126
9,011
Li
Auto,
Inc.
ADR
a
207,343
11,000
Li
Ning
Company,
Ltd.
83,467
98,500
Longfor
Group
Holdings,
Ltd.
b
282,355
78,200
Meituan
Dianping
a,b
1,643,487
48,500
NetDragon
Websoft
Holdings,
Ltd.
87,948
10,312
NetEase,
Inc.
ADR
779,587
17,679
NIO,
Inc.
ADR
a
278,798
12,087
Pinduoduo,
Inc.
ADR
a
756,405
1,420,000
Shui
On
Land,
Ltd.
144,365
39,000
SITC
International
Holdings
Company,
Ltd.
71,523
20,600
Sunny
Optical
Technology
(Group)
Company,
Ltd.
195,775
8,951
TAL
Education
Group
ADR
a
44,218
129,424
Tencent
Holdings,
Ltd.
4,371,466
32,626
Tencent
Music
Entertainment
Group
ADR
a
132,462
17,110
Trip.com
Group,
Ltd.
ADR
a
467,274
257,000
Want
Want
China
Holdings,
Ltd.
167,838
4,578
Weibo
Corporation
ADR
a
78,284
852,500
WH
Group,
Ltd.
b
536,170
83,000
WuXi
Biologics
(Cayman),
Inc.
a,b
494,086
7,500
Xiabuxiabu
Catering
Management
Holdings
Company,
Ltd.
b
4,921
52,400
Xiaomi
Corporation
a,b
59,336
2,214
XPeng,
Inc.
ADR
a
26,457
90,000
Yadea
Group
Holdings,
Ltd.
b
143,845
130,000
Zhen
Ding
Technology
Holding,
Ltd.
431,051
78,000
Zhongsheng
Group
Holdings,
Ltd.
309,296
Total
17,281,422
Chile
(<0.1%)
3,556
Banco
de
Credito
e
Inversiones
SA
90,368
3,400
CAP
SA
21,991
57,277
Cencosud
SA
72,483
1,170,590
Colbun
SA
102,788
57,139
Embotelladora
Andina
SA
98,936
18,988
Empresas
Copec
SA
121,640
1,691
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
153,458
Total
661,664
China
(1.4%)
30,100
Aier
Eye
Hospital
Group
Company,
Ltd.
121,424
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
127
Shares
Common
Stock
(91.9%)
Value
China
(1.4%)
-
continued
38,776
Alibaba
Group
Holding,
Ltd.
ADR
a
$
3,101,692
24,863
Amlogic
(Shanghai)
Company,
Ltd.
a
226,518
478
Autohome,
Inc.
ADR
13,747
1,861,000
Bank
of
China,
Ltd.,
Class
A
810,138
2,421,000
Bank
of
China,
Ltd.,
Class
H
790,687
387,100
Bank
of
Communications
Company,
Ltd.
251,904
961,500
Baoshan
Iron
&
Steel
Company,
Ltd.
711,167
565,800
BBMG
Corporation
198,047
34,000
Beijing
North
Star
Company,
Ltd.
3,552
4,095
BYD
Company,
Ltd.,
Class
A
145,248
28,000
BYD
Company,
Ltd.,
Class
H
689,796
1,565,000
CGN
Power
Company,
Ltd.
b
338,027
300
Changzhou
Xingyu
Automotive
Lighting
Systems
6,427
1,200,000
China
Cinda
Asset
Management
Company,
Ltd.
132,490
55,000
China
Coal
Energy
Company,
Ltd.
49,549
1,217,000
China
Construction
Bank
Corporation
702,455
511,500
China
Galaxy
Securities
Company,
Ltd.
235,653
1,400
China
International
Travel
Service
Corporation,
Ltd.
38,682
82,000
China
Life
Insurance
Company,
Ltd.
104,913
15,000
China
National
Nuclear
Power
Company,
Ltd.
12,326
2,891
China
Petroleum
&
Chemical
Corporation
ADR
121,422
1,152,000
China
Railway
Group,
Ltd.
565,757
23,700
China
Railway
Group,
Ltd.
17,439
127,500
China
Shenhua
Energy
Company,
Ltd.,
Class
H
379,396
86,100
China
State
Construction
Engineering
Corporation,
Ltd.
62,304
94,200
China
Yangtze
Power
Company,
Ltd.
301,525
67,400
CITIC
Securities
Company,
Ltd.,
Class
A
164,987
52,500
CITIC
Securities
Company,
Ltd.,
Class
H
88,868
530,200
Daqin
Railway
Company,
Ltd.
505,350
980
East
Money
Information
Company,
Ltd.
2,424
30,184
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
A
151,762
97,600
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
b
391,351
99,800
GF
Securities
Company,
Ltd.,
Class
H
108,306
4,900
Great
Wall
Motor
Company,
Ltd.,
Class
A
19,075
34,000
Great
Wall
Motor
Company,
Ltd.,
Class
H
38,761
503,800
Greenland
Holdings
Corporation,
Ltd.
a
197,706
48,000
Guangzhou
Automobile
Group
Company,
Ltd.
34,106
153,084
Guangzhou
Baiyunshan
Pharmaceutical
Holdings,
Ltd.
558,342
31,100
Guangzhou
Shiyuan
Electronic
Technology
Company
Ltd.
261,193
52,900
Guotai
Junan
Securities
Company,
Ltd.
101,575
Shares
Common
Stock
(91.9%)
Value
China
(1.4%)
-
continued
39,200
Haier
Smart
Home
Company,
Ltd.,
Class
H
$
119,285
267,600
Haitong
Securities
Company,
Ltd.,
Class
H
141,510
66,200
Huatai
Securities
Company,
Ltd.,
Class
H
b
72,602
260,200
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
A
159,452
402,000
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
H
188,581
49,777
Inner
Mongolia
Yili
Industrial
Group
Company,
Ltd.
230,959
2,700
Jiangsu
Yangnong
Chemical
Company,
Ltd.
37,930
55,000
Jiangxi
Copper
Company,
Ltd.
63,450
557,000
Jinke
Property
Group
Company,
Ltd.
a
163,777
3,292
Kweichow
Moutai
Company,
Ltd.
866,393
458,000
Lenovo
Group,
Ltd.
316,796
51,380
LONGi
Green
Energy
Technology
Company,
Ltd.
344,707
58,900
Luxshare
Precision
Industry
Company,
Ltd.
242,952
5,300
Ningbo
Tuopu
Group
Company,
Ltd.
54,822
21,200
Nongfu
Spring
Company,
Ltd.
b
122,605
753,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
218,159
8,337
PetroChina
Company,
Ltd.
ADR
340,650
105,278
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
525,210
27,200
Shanghai
Baosight
Software
Company,
Ltd.
140,621
12,500
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Company,
Ltd.
16,928
5,000
Shanghai
Pharmaceuticals
Holding
Company,
Ltd.
11,619
214,600
Shanghai
Yuyuan
Tourist
Mart
(Group)
Company,
Ltd.
201,508
282,500
Shenwan
Hongyuan
Group
Company,
Ltd.
153,362
5,000
Shenzhen
Inovance
Technology
Company,
Ltd.
40,442
324,900
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
220,290
3,700
Shenzhen
Sunlord
Electronics
Company,
Ltd.
10,305
18,100
Shenzhou
International
Group
Holdings,
Ltd.
139,760
164,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
95,312
12,100
Wus
Printed
Circuit
(Kunshan)
Company,
Ltd.
16,922
5,300
Xiamen
Faratronic
Company,
Ltd.
119,176
7,200
Zhangzhou
Pientzehuang
Pharmaceutical
Company,
Ltd.
269,639
116,800
Zhejiang
Century
Huatong
Group
Company,
Ltd.
a
61,296
29,400
Zhejiang
NHU
Company,
Ltd.
91,852
Total
18,554,963
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
128
Shares
Common
Stock
(91.9%)
Value
Colombia
(<0.1%)
2,269
Bancolombia
SA
$
15,307
Total
15,307
Cyprus
(<0.1%)
30,300
Atalaya
Mining
plc
64,618
18,642
Ros
Agro
plc
GDR
a,d
0
Total
64,618
Czech
Republic
(<0.1%)
6,217
CEZ
AS
213,041
9,051
Komercni
Banka
AS
226,373
75
Philip
Morris
CR
49,124
Total
488,538
Denmark
(2.3%)
3,241
A.P.
Moller
-
Maersk
AS,
Class
B
5,889,638
13,200
ALK-Abello
AS
a
208,029
20,842
Dampskibsselskabet
Norden
AS
879,246
6,618
DFDS
AS
171,808
57,616
DSV
AS
6,749,571
19,863
Jyske
Bank
AS
a
1,033,720
4,472
NKT
Holding
AS
a
211,133
125,380
Novo
Nordisk
AS
12,490,080
16,887
Royal
Unibrew
AS
1,094,209
12,225
Scandinavian
Tobacco
Group
AS
b
177,356
1,765
Spar
Nord
Bank
AS
19,697
30,826
Sydbank
AS
844,255
13,549
Topdanmark
AS
634,721
Total
30,403,463
Egypt
(<0.1%)
150,135
Commercial
International
Bank
Egypt
SAE
GDR
165,712
Total
165,712
Finland
(0.5%)
10,472
KONE
Oyj
403,469
37,273
Metsa
Board
Oyj
270,927
187,757
Nokia
Oyj
806,049
2,489
Orion
Oyj
104,805
13,991
Sampo
Oyj
597,296
278,272
Stora
Enso
Oyj
3,535,000
34,934
Tokmanni
Group
Corporation
380,999
10,543
UPM-Kymmene
Oyj
334,575
Total
6,433,120
France
(6.0%)
89,931
Air
Liquide
SA
10,278,994
6,112
Alten
SA
671,644
3,519
bioMerieux
278,352
25,544
Cie
Generale
des
Etablissements
Michelin
SCA
572,329
71,412
Coface
SA
682,409
45,474
Compagnie
de
Saint-Gobain
1,625,945
2,130
Dassault
Aviation
SA
242,331
18,094
Dassault
Systemes
SE
624,694
47,573
Derichebourg
189,557
28,026
Eiffage
SA
2,247,481
153,775
Engie
SA
1,769,927
178
Eramet
SA
14,011
5,188
Eutelsat
Communications
40,073
7,698
Gaztransport
Et
Technigaz
SA
848,804
43,966
Groupe
Eurotunnel
SA
681,793
2,998
Hermes
International
3,525,996
Shares
Common
Stock
(91.9%)
Value
France
(6.0%)
-
continued
30,149
Ipsos
SA
$
1,347,328
5,948
La
Francaise
des
Jeux
SAEM
b
176,440
202,141
Legrand
SA
13,205,848
5,231
LNA
Sante
148,159
10,969
LVMH
Moet
Hennessy
Louis
Vuitton
SE
6,467,021
10,422
Nexans
SA
927,743
86,663
Rexel
SA
1,298,793
29,475
Rubis
SCA
613,378
129,493
Sanofi
9,860,403
65,507
SCOR
SE
947,056
89
SOITEC
a
10,163
786
Sopra
Group
SA
99,442
12,801
SPIE
SA
268,126
51,452
Thales
SA
5,669,679
277,026
TotalEnergies
SE
12,996,510
379
Virbac
SA
98,586
1,701
Wendel
SA
121,748
Total
78,550,763
Germany
(5.4%)
24,496
Aixtron
SE
589,231
7,474
Aurubis
AG
390,176
143,419
BASF
SE
5,504,172
349,384
Bayer
AG
16,097,647
58,086
Bayerische
Motoren
Werke
AG
3,936,913
17,061
Bilfinger
SE
427,081
2,460
CANCOM
SE
58,048
6,347
CTS
Eventim
AG
&
Company
KGAA
a
261,127
4,541
Dermapharm
Holding
SE
164,695
84,211
Deutsche
Boerse
AG
13,804,383
108,231
Deutsche
Pfandbriefbank
AG
b
744,831
2,789
Duerr
AG
57,994
2,220
Eckert
&
Ziegler
Strahlen-
und
Medizintechnik
AG
73,741
60,862
Evonik
Industries
AG
1,019,291
15,716
Evotec
SE
a
273,235
14,135
Freenet
AG
267,877
2,820
GFT
Technologies
SE
83,919
8,417
Heidelberger
Druckmaschinen
AG
a
9,466
2,656
HENSOLDT
AG
53,028
25,128
Hugo
Boss
AG
1,169,977
69,673
K+S
AG
1,319,392
4,263
Krones
AG
374,634
4,793
Mercedes-Benz
Group
AG
242,367
55,317
Merck
KGaA
8,954,725
194,829
Porsche
Automobil
Holding
SE
10,977,230
36,387
ProSiebenSat.1
Media
AG
257,799
3,653
PVA
TePla
AG
a
52,871
13,005
Scout24
SE
b
651,684
4,290
Stroeer
SE
161,584
219,750
TAG
Immobilien
AG
1,753,719
57,072
TeamViewer
AG
a,b
440,452
2,381
Volkswagen
AG
388,028
Total
70,561,317
Greece
(0.1%)
1,634
GEK
Terna
Holding
Real
Estate
Construction
SA
13,973
10,544
Hellenic
Telecommnications
Organization
SA
153,104
7,179
JUMBO
SA
95,583
2,749
Motor
Oil
(Hellas)
Diilistiria
Korinthou
AE
43,431
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
129
Shares
Common
Stock
(91.9%)
Value
Greece
(0.1%)
-
continued
10,119
Mytilineos
SA
$
138,200
87,030
National
Bank
of
Greece
SA
a
256,245
Total
700,536
Guernsey
(<0.1%)
228,572
BMO
Commercial
Property
Trust,
Ltd.
203,820
269,787
UK
Commercial
Property
REIT,
Ltd.
179,938
Total
383,758
Hong
Kong
(0.7%)
22
Bank
of
East
Asia,
Ltd.
24
7,000
Beijing
Enterprises
Holdings,
Ltd.
19,618
178,000
China
Merchants
Holdings
International
Company,
Ltd.
223,570
14,000
China
Resources
Beer
(Holdings)
Company,
Ltd.
97,114
860,000
CK
Hutchison
Holdings,
Ltd.
4,735,374
221,440
CSPC
Pharmaceutical
Group,
Ltd.
219,486
152,000
Far
East
Horizon,
Ltd.
102,473
90,000
Galaxy
Entertainment
Group,
Ltd.
529,011
78,000
Hang
Lung
Group,
Ltd.
125,918
23,600
Hong
Kong
Exchanges
&
Clearing,
Ltd.
806,705
72,000
Hysan
Development
Company,
Ltd.
181,183
243,500
Kerry
Properties,
Ltd.
461,571
163,200
Link
REIT
1,139,219
74,000
Luk
Fook
Holdings
International,
Ltd.
174,658
471,000
PCCW,
Ltd.
212,496
390,000
United
Laboratories
International
Holdings
161,949
Total
9,190,369
Hungary
(<0.1%)
2,365
OTP
Bank
Nyrt
43,145
Total
43,145
India
(1.3%)
46,897
Adani
Ports
and
Special
Economic
Zone,
Ltd.
469,852
43,348
Asian
Paints,
Ltd.
1,772,137
6,295
Bajaj
Finance,
Ltd.
562,446
22,194
Bajaj
Finserv,
Ltd.
453,791
10,684
Britannia
Industries,
Ltd.
502,743
86,451
Cipla,
Ltd.
1,178,634
7,691
Coal
India,
Ltd.
19,930
12,677
Coromandel
International,
Ltd.
154,263
1,985
CRISIL,
Ltd.
79,253
4,242
Cummins
India,
Ltd.
61,994
51,265
Indian
Oil
Corporation,
Ltd.
41,930
115,989
Infosys,
Ltd.
ADR
1,968,333
89,746
ITC,
Ltd.
364,749
21,937
Kotak
Mahindra
Bank,
Ltd.
486,881
5,340
Larsen
&
Toubro
Infotech,
Ltd.
b
289,279
11,044
Larsen
&
Toubro,
Ltd.
249,322
1,050
Maruti
Suzuki
India,
Ltd.
113,344
9,298
Mindtree,
Ltd.
356,258
471
Mphasis,
Ltd.
11,944
1,060
Page
Industries,
Ltd.
657,122
7,313
Persistent
Systems,
Ltd.
288,107
829
Phoenix
Mills,
Ltd.
14,159
6,842
PI
Industries,
Ltd.
250,708
7,036
Pidilite
Industries,
Ltd.
231,221
Shares
Common
Stock
(91.9%)
Value
India
(1.3%)
-
continued
166,632
Power
Grid
Corporation
of
India,
Ltd.
$
432,662
99,993
Reliance
Industries,
Ltd.
2,902,005
25,554
SBI
Cards
and
Payment
Services,
Ltd.
285,062
2,988
SBI
Life
Insurance
Company,
Ltd.
b
45,665
7,652
Schaeffler
India,
Ltd.
299,418
5,930
Siemens,
Ltd.
200,878
228
SKF
India,
Ltd.
13,155
5,593
SRF,
Ltd.
170,756
7,525
Sun
Pharmaceutical
Industries,
Ltd.
87,394
27,486
Tata
Consultancy
Services,
Ltd.
1,007,332
12,329
Tata
Elxsi,
Ltd.
1,283,326
28,937
Tech
Mahindra,
Ltd.
355,189
1,942
Thermax,
Ltd.
51,455
371
Titan
Company,
Ltd.
11,797
3,241
Trent,
Ltd.
56,201
Total
17,780,695
Indonesia
(0.3%)
1,207,800
Astra
International
Tbk
PT
522,675
3,179,400
Bank
Central
Asia
Tbk
PT
1,774,866
949,500
Bank
Mandiri
Persero
Tbk
PT
583,032
1,694,400
Bank
Rakyat
Indonesia
Persero
Tbk
PT
495,904
7,608
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
219,491
Total
3,595,968
Ireland
(<0.1%)
26,893
AIB
Group
plc
65,447
7,371
Bank
of
Ireland
Group
plc
47,277
35,156
C
&
C
Group
plc
a
58,464
Total
171,188
Israel
(2.2%)
3,401
Airport
City,
Ltd.
a
53,809
3,894
Alony-Hetz
Properties
and
Investments,
Ltd.
46,547
741,188
Bank
Hapoalim,
Ltd.
6,256,700
1,054,146
Bank
Leumi
Le-Israel
BM
9,003,215
66
Big
Shopping
Centers,
Ltd.
7,344
163
Camtek,
Ltd.
a
3,772
38,255
Check
Point
Software
Technologies,
Ltd.
a
4,285,325
4,292
Clal
Insurance
Enterprises
Holdings,
Ltd.
a
72,566
980
Elbit
Systems,
Ltd.
185,546
396
Fattal
Holdings
1998,
Ltd.
a
38,269
23,439
First
International
Bank
of
Israel,
Ltd.
947,761
680
Fox-Wizel,
Ltd.
77,005
5,470
G
City,
Ltd.
25,544
18,480
Harel
Insurance
Investments
&
Financial
Services,
Ltd.
162,442
508
Israel
Corporation,
Ltd.
194,976
190
Melisron,
Ltd.
12,760
11,723
Mivne
Real
Estate
(KD),
Ltd.
34,466
177,411
Mizrahi
Tefahot
Bank,
Ltd.
6,210,986
4,597
Nova,
Ltd.
a
394,812
36,228
Phoenix
Holdings,
Ltd.
342,921
53,341
Plus500,
Ltd.
975,873
112
Shapir
Engineering
and
Industry,
Ltd.
904
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
130
Shares
Common
Stock
(91.9%)
Value
Israel
(2.2%)
-
continued
27,249
Shufersal,
Ltd.
$
170,375
Total
29,503,918
Italy
(1.6%)
7,291
Acea
SPA
79,157
117,849
Azimut
Holding
SPA
1,680,908
127,255
Banca
Farmafactoring
SPA
b
845,221
17,494
Banca
IFIS
SPA
193,169
24,109
Banca
Mediolanum
SPA
150,973
240,856
Banco
BPM
SPA
629,793
129,343
BPER
Banca
198,230
7,769
Buzzi
Unicem
SPA
109,900
41,734
Davide
Campari-Milano
NV
369,243
690,741
Enel
SPA
2,832,874
40,011
Iren
SPA
52,745
285,284
Italgas
SPA
1,324,783
495,564
Leonardo
SPA
3,508,779
122,426
Mediobanca
SPA
957,946
47,987
Pirelli
&
C.
SPA
b
156,300
172,061
Recordati
SPA
6,297,154
8,058
Reply
SPA
839,309
3,791
Salvatore
Ferragamo
SPA
53,198
1,065,003
Saras
SPA
a
1,012,465
24,510
Unipol
Gruppo
SPA
95,196
Total
21,387,343
Japan
(18.3%)
33,100
Advantest
Corporation
1,528,580
50
AEON
REIT
Investment
Corporation
54,008
46,700
Air
Water,
Inc.
551,602
38,000
Arcs
Company,
Ltd.
542,263
52,300
Asahi
Group
Holdings,
Ltd.
1,630,509
409,100
Astellas
Pharma,
Inc.
5,419,469
2,600
BayCurrent
Consulting,
Inc.
674,527
10,200
BellSystem24
Holdings,
Inc.
97,574
24,300
BIPROGY,
Inc.
526,592
2,500
BML,
Inc.
56,431
5,300
Canon
Marketing
Japan,
Inc.
117,331
48,800
Chiyoda
Company,
Ltd.
264,779
74,400
Chugai
Pharmaceutical
Company,
Ltd.
1,858,741
56,300
Chugoku
Electric
Power
Company,
Inc.
284,816
265,200
Citizen
Watch
Company,
Ltd.
1,106,712
93,300
Coca-Cola
Bottlers
Japan,
Inc.
904,691
103,000
COMSYS
Holdings
Corporation
1,747,709
4,200
Cosmo
Energy
Holdings
Company,
Ltd.
108,360
2,500
Daihen
Corporation
64,204
36,800
Daiichi
Sankyo
Company,
Ltd.
1,028,592
40,800
Daikin
Industries,
Ltd.
6,277,858
26,500
Daiwa
House
Industry
Company,
Ltd.
538,814
3,200
DISCO
Corporation
705,446
5,800
Ebara
Corporation
188,994
541,200
Eneos
Holdings,
Inc.
1,745,453
14,900
eREX
Company,
Ltd.
285,401
11,300
EXEO
Group,
Inc.
163,372
10,700
FANUC
Corporation
1,502,433
600
Fast
Retailing
Company,
Ltd.
317,967
20,700
Ferrotec
Holdings
Corporation
337,487
26,200
Fuji
Soft,
Inc.
1,481,672
40,500
FUJIFILM
Holdings
NPV
1,849,830
160,700
Fujikura,
Ltd.
958,480
37,700
Fujitsu,
Ltd.
4,133,881
Shares
Common
Stock
(91.9%)
Value
Japan
(18.3%)
-
continued
7,100
Fukuyama
Transporting
Company,
Ltd.
$
160,541
9,600
Fuyo
General
Lease
Company,
Ltd.
524,071
536
Global
One
Real
Estate
Investment
Corporation
405,903
33,000
Gree,
Inc.
199,708
14,400
GS
Yuasa
Corporation
224,702
3,800
Gunze,
Ltd.
101,385
6,600
H.U.
Group
Holdings,
Inc.
120,156
115,900
H2O
Retailing
Corporation
884,463
39,200
Hanwa
Company,
Ltd.
928,416
16,300
Hisamitsu
Pharmaceutical
Company,
Inc.
382,636
14,000
Hitachi,
Ltd.
595,785
297,300
Honda
Motor
Company,
Ltd.
6,453,131
5,900
Horiba,
Ltd.
228,837
42,200
Hoya
Corporation
4,066,333
14,300
Hulic
Company,
Ltd.
105,359
1,600
IBJ
Leasing
Company,
Ltd.
34,456
25,200
IHI
Corporation
538,985
90,400
Iida
Group
Holdings
Company,
Ltd.
1,223,688
16,100
Iino
Kaiun
Kaisha,
Ltd.
72,153
101,200
Inaba
Denki
Sangyo
Company,
Ltd.
1,907,639
427
Industrial
&
Infrastructure
Fund
Investment
Corporation
483,848
100
Information
Services
International-
Dentsu,
Ltd.
3,067
21,300
Inpex
Corporation
198,667
50,500
Isetan
Mitsukoshi
Holdings,
Ltd.
428,346
108,700
ITOCHU
Techno-Solutions
Corporation
2,548,055
7,500
Izumi
Company,
Ltd.
161,665
142,900
J.
Front
Retailing
Company,
Ltd.
1,162,816
108
Japan
Excellent,
Inc.
99,680
7,300
Japan
Exchange
Group,
Inc.
98,660
241,300
Japan
Post
Holdings
Company,
Ltd.
1,598,664
166,900
Japan
Tobacco,
Inc.
2,742,627
15,300
JEOL,
Ltd.
502,250
94,200
JGC
Corporation
1,168,729
500
Kaga
Electronics
Company,
Ltd.
13,966
37,500
Kamigumi
Company,
Ltd.
692,357
14,200
Kaneka
Corporation
354,637
43,600
Kanematsu
Corporation
429,166
9,400
Kanto
Denka
Kogyo
Company,
Ltd.
59,995
8,129
Kao
Corporation
330,772
63,900
Kawasaki
Kisen
Kaisha,
Ltd.
890,980
30,000
KDDI
Corporation
877,088
143
Kenedix
Office
Investment
Corporation
674,383
344
Kenedix
Retail
REIT
Corporation
635,339
1,100
Kewpie
Corporation
18,104
29,400
Keyence
Corporation
9,718,480
124,200
Kinden
Corporation
1,310,360
5,100
Kissei
Pharmaceutical
Company,
Ltd.
90,599
3,500
Kokuyo
Company,
Ltd.
44,360
7,900
KOMEDA
Holdings
Company,
Ltd.
127,095
9,600
Kumiai
Chemical
Industry
Company,
Ltd.
67,714
103,400
Kyoei
Steel,
Ltd.
989,010
12,600
Kyushu
Railway
Company
271,959
9,400
Lawson,
Inc.
307,528
9,600
Lintec
Corporation
147,557
42,200
M3,
Inc.
1,178,299
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
131
Shares
Common
Stock
(91.9%)
Value
Japan
(18.3%)
-
continued
15,400
Makino
Milling
Machine
Company,
Ltd.
$
475,213
10,600
Mandom
Corporation
111,601
135,500
Marubeni
Corporation
1,182,304
17,800
Maruha
Nichiro
Corporation
302,857
4,700
Matsuda
Sangyo
Company,
Ltd.
70,376
600
Matsui
Securities
Company,
Ltd.
3,236
27,200
Maxell,
Ltd.
257,509
69,900
McDonald's
Holdings
Company
(Japan),
Ltd.
2,435,524
900
Meiko
Electronics
Company,
Ltd.
15,493
18,700
Ministop
Company,
Ltd.
183,685
106,900
Mitsubishi
Corporation
2,923,739
702,800
Mitsubishi
Electric
Corporation
6,358,969
42,900
Mitsubishi
Gas
Chemical
Company,
Inc.
564,084
1,167,500
Mitsubishi
HC
Capital,
Inc.
5,018,175
25,700
Mitsubishi
Logistics
Corporation
605,686
8,000
Mitsubishi
Research
Institute,
Inc.
246,476
426,900
Mitsubishi
UFJ
Financial
Group,
Inc.
1,933,911
44,400
Mitsuboshi
Belting,
Ltd.
925,418
18,600
Mitsui
O.S.K.
Lines,
Ltd.
c
332,802
900
Mitsui-Soko
Holdings
Company,
Ltd.
19,095
1,400
Mixi,
Inc.
22,223
149
Mori
Trust
Sogo
REIT,
Inc.
141,850
64,400
Murata
Manufacturing
Company,
Ltd.
2,964,150
6,600
Nachi-Fujikoshi
Corporation
161,597
29,800
NEC
Networks
&
System
Integration
Corporation
323,504
2,000
Net
One
Systems
Company,
Ltd.
38,825
62,400
NGK
Spark
Plug
Company,
Ltd.
1,106,699
2,500
Nichicon
Corporation
24,028
32,000
Nidec
Corporation
1,791,237
44,800
Nihon
M&A
Center
Holdings,
Inc.
512,384
9,800
Nikkon
Holdings
Company,
Ltd.
152,971
7,500
Nikon
Corporation
71,078
202,000
Nintendo
Company,
Ltd.
8,147,529
10,600
Nippon
Kayaku
Company,
Ltd.
84,871
332
Nippon
REIT
Investment
Corporation
846,248
4,800
Nippon
Shokubai
Company,
Ltd.
179,308
4,700
Nippon
Soda
Company,
Ltd.
143,022
99,600
Nippon
Steel
Corporation
1,382,275
256,100
Nippon
Suisan
Kaisha,
Ltd.
963,743
49,400
Nippon
Telegraph
and
Telephone
Corporation
1,332,433
15,100
Nippon
Television
Holdings,
Inc.
120,995
23,700
Nippon
Yusen
Kabushiki
Kaisha
c
402,281
2,300
Nishimatsu
Construction
Company,
Ltd.
60,175
4,500
Nishi-Nippon
Railroad
Corporation,
Ltd.
89,683
4,500
Nisshin
Oillio
Group,
Ltd.
99,344
28,500
Nitori
Holdings
Company,
Ltd.
2,391,724
55,100
Nitto
Kogyo
Corporation
902,670
9,300
NS
Solutions
Corporation
224,355
35,000
NS
United
Kaiun
Kaisha,
Ltd.
910,145
17,500
Okuma
Corporation
600,958
14,000
Ono
Pharmaceutical
Company,
Ltd.
327,022
32,300
Oracle
Corporation
Japan
1,712,064
33,140
Orient
Corporation
262,892
40,300
Oriental
Land
Company,
Ltd.
5,465,843
211,600
ORIX
Corporation
2,964,316
Shares
Common
Stock
(91.9%)
Value
Japan
(18.3%)
-
continued
600
Osaka
Soda
Company,
Ltd.
$
15,779
4,500
Park24
Company,
Ltd.
a
58,415
71,300
Penta-Ocean
Construction
Company,
Ltd.
357,971
4,100
PHC
Holdings
Corporation
40,328
32,700
PLENUS
Company,
Ltd.
435,787
17
Premier
Investment
Corporation
17,376
23,284
Recruit
Holdings
Company,
Ltd.
670,711
360,800
Resona
Holdings,
Inc.
1,320,333
42,500
Resorttrust,
Inc.
680,730
7,400
Rohto
Pharmaceutical
Company,
Ltd.
237,452
189,600
Round
One
Corporation
821,855
26,500
Ryoyo
Electro
Corporation
387,218
4,900
S
Foods,
Inc.
102,826
68,200
Sangetsu
Company,
Ltd.
754,100
31,500
Sankyo
Company,
Ltd.
953,713
16,900
Sankyu,
Inc.
490,794
171,100
Santen
Pharmaceutical
Company,
Ltd.
1,150,037
12,600
Sato
Holdings
Corporation
156,912
8,100
Sawai
Group
Holdings
Company,
Ltd.
226,878
8,500
SCREEN
Holdings
Company,
Ltd.
461,201
104,100
Secom
Company,
Ltd.
5,935,689
619
Sekisui
House
REIT,
Inc.
347,896
28,500
Senko
Group
Holdings
Company,
Ltd.
188,324
39,000
Seven
&
I
Holdings
Company,
Ltd.
1,566,631
2,700
Shibaura
Machine
Company,
Ltd.
53,733
5,300
Shikoku
Electric
Power
Company
26,487
2,700
SHIMAMURA
Company,
Ltd.
228,495
55,700
Shin-Etsu
Chemical
Company,
Ltd.
5,511,895
14,100
ShinMaywa
Industries,
Ltd.
94,694
32,800
Shionogi
&
Company,
Ltd.
1,584,048
190,900
SKY
Perfect
JSAT
Holdings,
Inc.
683,523
4,800
SMC
Corporation
1,953,458
170,000
SoftBank
Group
Corporation
5,761,489
200
Sohgo
Security
Services
Company,
Ltd.
5,033
47,000
Sojitz
Corporation
688,632
59,200
Sony
Group
Corporation
3,813,336
6,000
Starts
Corporation,
Inc.
108,693
338,000
Sumitomo
Corporation
4,175,781
20,900
Sumitomo
Dainippon
Pharma
Company,
Ltd.
148,654
71,100
Sumitomo
Forestry
Company,
Ltd.
1,082,323
40,200
Sumitomo
Heavy
Industries,
Ltd.
744,569
24,800
Sumitomo
Mitsui
Construction
Company,
Ltd.
76,177
182,600
Sumitomo
Mitsui
Financial
Group,
Inc.
5,061,942
151,100
Sumitomo
Mitsui
Trust
Holdings,
Inc.
4,297,239
1,300
Sumitomo
Warehouse
Company,
Ltd.
17,664
2,200
Sysmex
Corporation
117,560
8,800
Taikisha,
Ltd.
195,862
14,000
Taisho
Pharmaceutical
Holdings
Company,
Ltd.
512,693
46,900
Taiyo
Holdings
Company,
Ltd.
778,162
10,500
Takara
Standard
Company,
Ltd.
94,083
301,500
Takeda
Pharmaceutical
Company,
Ltd.
7,829,293
16,300
Takuma
Company,
Ltd.
139,776
21,700
Terumo
Corporation
609,992
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
132
Shares
Common
Stock
(91.9%)
Value
Japan
(18.3%)
-
continued
101,000
Toagosei
Company,
Ltd.
$
754,022
47,600
Toho
Gas
Company,
Ltd.
944,544
11,400
Toho
Titanium
Company,
Ltd.
186,428
12,100
Tokyo
Century
Corporation
387,139
22,100
Tokyo
Electron,
Ltd.
5,445,328
3,100
Tokyo
Seimitsu
Company,
Ltd.
91,194
33,800
Tokyo
Tatemono
Company,
Ltd.
480,921
21,100
Tokyotokeiba
Company,
Ltd.
601,594
226,900
Tokyu
Fudosan
Holdings
Corporation
1,178,224
5,600
Toyo
Suisan
Kaisha,
Ltd.
230,934
624,500
Toyota
Motor
Corporation
8,162,498
10,600
Transcosmos,
Inc.
275,258
51,100
Tsubakimoto
Chain
Company
1,079,216
172,500
TV
Asahi
Holdings
Corporation
1,672,512
2,600
Universal
Entertainment
Corporation
a
33,368
5,300
West
Holdings
Corporation
151,469
8,400
Yakult
Honsha
Company,
Ltd.
487,745
12,400
Yellow
Hat,
Ltd.
153,707
25,700
Yokohama
Rubber
Company,
Ltd.
395,008
24,900
Yuasa
Trading
Company,
Ltd.
602,580
563,600
Z
Holdings
Corporation
1,493,915
114,400
ZOZO,
Inc.
2,290,018
Total
240,402,206
Jersey
(0.3%)
1,458,127
Man
Group
plc
3,610,418
Total
3,610,418
Kuwait
(0.1%)
65,415
Boubyan
Bank
KSCP
161,453
70,481
Gulf
Bank
KSCP
68,187
32,931
HumanSoft
Holding
Company
KSCP
347,503
212,823
Kuwait
Finance
House
KSCP
577,227
101,201
Kuwait
International
Bank
KSCP
64,646
69,637
Mobile
Telecommunications
Company
KSCP
131,446
142,934
National
Bank
of
Kuwait
KSC
450,321
234,605
National
Industries
Group
Holding
173,278
Total
1,974,061
Luxembourg
(0.3%)
16,391
Allegro.eu
SA
a,b
70,512
18,060
Aperam
SA
426,181
842,643
B&M
European
Value
Retail
SA
2,866,015
135,390
SES
SA
741,555
Total
4,104,263
Malaysia
(0.2%)
7,600
AEON
Credit
Service
(M)
Berhad
22,245
16,000
Alliance
Bank
Malaysia
Berhad
12,155
219,800
Hong
Leong
Bank
Berhad
970,144
9,500
Kuala
Lumpur
Kepong
Berhad
42,318
156,400
Mah
Sing
Group
Berhad
16,489
190,600
Malayan
Banking
Berhad
352,015
15,300
MISC
Berhad
22,253
456,600
PETRONAS
Chemicals
Group
Berhad
821,139
60,100
Public
Bank
Berhad
54,698
15,000
QL
Resources
Berhad
16,109
97,727
Sports
Toto
BHD
37,009
Shares
Common
Stock
(91.9%)
Value
Malaysia
(0.2%)
-
continued
24,200
Ta
Ann
Holdings
Berhad
$
16,857
Total
2,383,431
Mexico
(0.1%)
20,308
America
Movil
SAB
de
CV
ADR
334,473
44,300
Arca
Continental
SAB
de
CV
318,972
3,733
Grupo
Financiero
Banorte
SAB
de
CV
ADR
23,913
111,700
Grupo
Mexico,
SAB
de
CV
377,260
4,689
Grupo
Televisa
SAB
ADR
25,227
140,300
Megacable
Holdings
SAB
de
CV
282,627
1,850
Promotora
y
Operadora
de
Infraestructura,
SAB
de
CV
12,585
20,308
Sitios
Latinoamerica
SAB
de
CV
a
9,247
14,300
Wal-Mart
de
Mexico,
SAB
de
CV
50,222
Total
1,434,526
Netherlands
(3.1%)
93,503
Aalberts
NV
3,049,406
26,988
Airbus
SE
2,326,367
14,497
Arcadis
NV
471,822
26,901
ASML
Holding
NV
11,144,479
59,929
ASR
Nederland
NV
2,303,835
58,420
BAM
Group
a
143,534
8,771
BE
Semiconductor
Industries
NV
375,488
68,158
Euronext
NV
b
4,313,446
27,083
Ferrari
NV
5,015,370
71,019
ForFarmers
BV
164,037
10,509
Fugro
NV
a
106,402
9,206
Heineken
NV
803,967
7,969
IMCD
NV
944,814
1,691
Koninklijke
DSM
NV
192,419
363,124
Pharming
Group
NV
a
375,993
92,750
QIAGEN
NV
a
3,862,515
2,106
RHI
Magnesita
NV
39,363
39,923
Stellantis
NV
471,587
104,492
Unilever
plc
4,599,337
3,645
Van
Lanschot
Kempen
NV
70,165
Total
40,774,346
New
Zealand
(0.1%)
141,523
Contact
Energy,
Ltd.
592,510
132,860
Fletcher
Building,
Ltd.
359,897
Total
952,407
Norway
(2.1%)
231,663
Aker
Solutions
ASA
805,441
37,740
Austevoll
Seafood
ASA
255,855
9,871
BW
LPG,
Ltd.
b
71,834
673,487
DNB
Bank
ASA
10,686,937
150,624
DNO
International
ASA
170,836
32,291
Elkem
ASA
b
103,772
196,149
Equinor
ASA
6,468,745
83,732
Europris
ASA
b
418,770
54,603
Grieg
Seafood
ASA
369,321
113,550
Leroy
Seafood
Group
ASA
447,867
65,837
Mowi
ASA
837,416
464,796
MPC
Container
Ships
ASA
775,033
4,648
SalMar
ASA
156,667
18,708
Veidekke
ASA
139,947
52,990
Wallenius
Wilhelmsen
ASA
264,127
170,435
Yara
International
ASA
5,981,443
Total
27,954,011
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
133
Shares
Common
Stock
(91.9%)
Value
Poland
(0.1%)
25,283
Asseco
Poland
SA
$
351,963
22,290
Bank
Millennium
SA
a
14,849
24,158
Cyfrowy
Polsat
SA
77,689
21,752
Jastrzebska
Spolka
Weglowa
SA
a
143,841
38,792
Polski
Koncern
Naftowy
Orlen
SA
416,428
Total
1,004,770
Portugal
(0.4%)
66,008
Altri
SGPS
SA
333,314
362,315
Galp
Energia
SGPS
SA
3,485,960
31,149
Navigator
Company
SA
106,132
99,425
Redes
Energeticas
Nacionais
SGPS
SA
235,072
824,678
Sonae
SGPS
SA
665,150
Total
4,825,628
Russian
Federation
(<0.1%)
169,404
Gazprom
PJSC
ADR
a,d
17
6,112
LUKOIL
PJSC
d
0
6,042
Mechel
PJSC
ADR
a,d
1
14,886
MMC
Norilsk
Nickel
PJSC
ADR
d
1
444
Novatek
PJSC
GDR
d,e
0
171
PAO
Transneft
d
0
684
Polyus
PJSC
d
0
1
Polyus
PJSC
GDR
d
0
329,720
Sberbank
of
Russia
PJSC
a,d
1
17,590
Sovcomflot
OAO
a,d
0
765,300
Surgutneftegas
PJSC
d
1
67,366
Surgutneftegas
PJSC
ADR
a,d
7
Total
28
Saudi
Arabia
(0.5%)
64,717
Al
Rajhi
Bank
a
1,385,475
86,011
Alinma
Bank
822,752
6,537
Bank
Albilad
a
81,961
2,049
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
112,803
3,451
Eastern
Province
Cement
Company
40,906
6,459
Jarir
Marketing
Company
285,395
1,623
Mouwasat
Medical
Services
Company
85,080
82,750
National
Commercial
Bank
1,380,724
91,745
Riyad
Bank
770,166
31,405
Saudi
Arabian
Mining
Company
a
574,200
13,295
Saudi
Arabian
Oil
Company
b
126,568
4,110
Saudi
Basic
Industries
Corporation
96,182
320
Saudi
Research
and
Marketing
Group
a
16,075
27,502
Saudi
Telecom
Company
286,306
Total
6,064,593
Singapore
(1.3%)
2,699
China
Yuchai
International,
Ltd.
19,676
249,200
ComfortDelGro
Corporation,
Ltd.
228,409
566,100
DBS
Group
Holdings,
Ltd.
13,095,800
501,500
First
Resources,
Ltd.
482,574
95,000
Fortune
Real
Estate
Investment
Trust
69,222
468,400
Genting
Singapore,
Ltd.
254,544
2,198
Kenon
Holdings,
Ltd.
74,806
229,100
Keppel
Corporation,
Ltd.
1,102,404
23,600
Parkway
Life
REIT
69,456
27,800
SembCorp
Industries,
Ltd.
59,378
48,800
Singapore
Exchange,
Ltd.
320,146
Shares
Common
Stock
(91.9%)
Value
Singapore
(1.3%)
-
continued
262,400
Singapore
Technologies
Engineering,
Ltd.
$
651,921
127,000
Wing
Tai
Holdings,
Ltd.
134,349
54,900
Yangzijiang
Shipbuilding
Holdings,
Ltd.
39,194
498,100
Yanlord
Land
Group,
Ltd.
329,394
Total
16,931,273
South
Africa
(0.2%)
13,284
Absa
Group,
Ltd.
129,041
51,937
AECI,
Ltd.
247,576
7,016
African
Rainbow
Minerals,
Ltd.
94,782
5,521
Barloworld,
Ltd.
28,145
54,623
DataTec,
Ltd.
132,770
17,300
Exxaro
Resources,
Ltd.
192,134
47,044
FirstRand,
Ltd.
157,045
37,720
Gold
Fields,
Ltd.
ADR
305,155
37,881
Investec
plc
153,576
23,151
Investec,
Ltd.
91,632
5,469
Kumba
Iron
Ore,
Ltd.
116,014
17,658
Massmart
Holdings,
Ltd.
a
58,710
281,704
Momentum
Metropolitan
Holdings
260,374
5,639
Motus
Holdings,
Ltd.
35,757
2,762
Naspers,
Ltd.
342,553
17,329
Ninety
One,
Ltd.
33,490
15,187
Sasol,
Ltd.
237,551
16,541
Sibanye
Stillwater,
Ltd.
37,970
10,250
Standard
Bank
Group
80,972
9,021
Super
Group,
Ltd.
12,551
Total
2,747,798
South
Korea
(0.8%)
81
Caregen
Company,
Ltd.
6,465
3,781
Cheil
Worldwide,
Inc.
59,602
846
Chong
Kun
Dang
Pharmaceutical
Corporation
46,134
483
Chongkundang
Holdings
Corporation
16,957
1,290
DB
HiTek
Company,
Ltd.
33,123
1,480
DongKook
Pharmaceutical
Company,
Ltd.
16,646
5,798
Green
Cross
Holdings
Corporation
65,577
39,496
GS
Holdings
Corporation
1,143,421
2,326
Huons
Global
Company,
Ltd.
28,597
1,285
Hyundai
Department
Store
Company,
Ltd.
48,506
247
Hyundai
Glovis
Company,
Ltd.
27,799
2,224
Hyundai
Green
Food
Company,
Ltd.
9,891
950
Hyundai
Motor
Company
115,936
5,455
Innox
Advanced
Materials
Company,
Ltd.
100,121
899
JW
Pharmaceutical
Corporation
10,986
13,994
JYP
Entertainment
Corporation
568,538
44,216
Kangwon
Land,
Inc.
a
721,893
11,417
Kia
Corporation
568,247
915
Korea
Zinc
Company,
Ltd.
378,321
839
KT&G
Corporation
50,659
15,304
Lotte
Shopping
Company,
Ltd.
917,866
2,856
LS
Corporation
112,042
376
LX
Semicon
Company,
Ltd.
19,688
64,254
Meritz
Securities
Company,
Ltd.
163,468
706
NHN
Corporation
a
10,497
8,431
PharmaResearch
Company,
Ltd.
330,261
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
134
Shares
Common
Stock
(91.9%)
Value
South
Korea
(0.8%)
-
continued
2,659
Samsung
Biologics
Company,
Ltd.
a,b
$
1,488,429
64,023
Samsung
Electronics
Company,
Ltd.
2,350,877
2,392
SD
Biosensor,
Inc.
44,096
2,523
SM
Entertainment
Company,
Ltd.
123,637
5,114
S-Oil
Corporation
289,282
55
Taekwang
Industrial
Corporation,
Ltd.
26,945
7,932
Woori
Financial
Group,
Inc.
58,865
Total
9,953,372
Spain
(1.3%)
227,660
Acerinox
SA
1,810,433
81,561
Banco
de
Sabadell
SA
54,390
1,026,594
Banco
Santander
SA
2,388,774
34,989
Bankinter
SA
196,458
430,532
CaixaBank
SA
1,386,685
113,790
CIA
De
Distribucion
Integral
2,073,692
71,995
Ence
Energia
y
Celulosa
SA
214,335
70,106
Endesa
SA
1,052,957
33,396
Faes
Farma
SA
120,979
45,828
Indra
Sistemas
SA
348,961
198,124
Industria
de
Diseno
Textil
SA
4,088,598
12,364
Laboratorios
Farmaceuticos
ROVI,
SA
531,352
8,997
Let's
GOWEX
SA
a,d,f
1
354,120
Mediaset
Espana
Comunicacion
SA
a
812,324
128,279
Merlin
Properties
Socimi
SA
989,818
84,036
Repsol
SA
965,591
59,750
Sacyr
SA
130,599
37,104
Solaria
Energia
y
Medio
Ambiente
SA
a
583,583
Total
17,749,530
Sweden
(2.1%)
100,272
AB
Industrivarden,
Class
A
2,019,740
180,668
AB
Industrivarden,
Class
C
3,603,281
22,504
AddLife
AB
232,672
89,233
Arjo
AB
327,205
163,823
Assa
Abloy
AB
3,069,397
79,782
Betsson
AB
465,734
17,200
Bilia
AB
196,181
32,068
Biotage
AB
477,965
26,149
Bravida
Holding
AB
b
213,976
25,960
Cloetta
AB
41,038
62,124
Elekta
AB
315,528
2,146
Evolution
Gaming
Group
AB
b
169,636
268,631
Granges
AB
1,722,698
241,588
Hexpol
AB
1,981,475
2,563
HMS
Networks
AB
69,387
20,865
Holmen
AB
791,758
16,472
Indutrade
AB
267,175
29,559
Intrum
AB
371,519
47,761
Investor
AB,
Class
B
696,891
40,567
Inwido
AB
319,020
10,511
L
E
Lundbergforetagen
AB
379,452
1,550
Loomis
AB
38,203
14,105
Mekonomen
Aktiebolag
116,081
4,710
MIPS
AB
139,817
24,319
New
Wave
Group
AB
320,300
56,955
Saab
AB
1,774,539
496,149
SSAB
AB,
Class
A
2,184,273
519,744
SSAB
AB,
Class
B
2,214,878
Shares
Common
Stock
(91.9%)
Value
Sweden
(2.1%)
-
continued
104,470
Svenska
Cellulosa
AB
SCA
$
1,325,567
16,882
Svolder
AB
74,313
107,327
Trelleborg
AB
2,013,542
Total
27,933,241
Switzerland
(8.6%)
43,651
Baloise
Holding
AG
5,577,496
50,608
Clariant
AG
808,399
672
Comet
Holding
AG
96,682
25,349
Compagnie
Financiere
Richemont
SA
2,392,830
9,950
DKSH
Holding
AG
721,939
15,114
Dufry
AG
a
458,853
31,356
Galenica
AG
b
2,270,633
2,870
Geberit
AG
1,230,622
323
Givaudan
SA
975,784
1,207,523
Glencore
Xstrata
plc
6,345,525
6,313
Helvetia
Holding
AG
591,563
8,116
Huber+Suhner
AG
640,855
72
Inficon
Holding
AG
48,127
20
Lindt
&
Spruengli
AG
193,286
2,295
Lonza
Group
AG
1,117,416
4,577
Mobilezone
Holding
AG
68,478
228,798
Nestle
SA
24,746,179
430,907
Novartis
AG
32,851,053
19,782
OC
Oerlikon
Corporation
AG
126,629
73,032
PSP
Swiss
Property
AG
7,300,452
16,505
Roche
Holding
AG,
Participation
Certificates
5,372,918
18
Siegfried
Holding
AG
13,309
29,786
Sika
AG
5,986,740
10,822
SoftwareONE
Holding
AG
117,538
10,727
Sonova
Holding
AG
2,360,594
10,279
Swiss
Life
Holding
AG
4,541,383
9,264
Swiss
Prime
Site
AG
737,947
1,811
Swissquote
Group
Holding
SA
187,881
11,890
Tecan
Group
AG
4,078,795
4,310
Temenos
AG
290,567
2,014
Valiant
Holding
AG
190,857
1,751
Vontobel
Holding
AG
94,011
3,799
Zehnder
Group
AG
192,172
Total
112,727,513
Taiwan
(1.2%)
112,000
Asia
Cement
Corporation
138,670
407,000
Capital
Securities
Corporation
134,700
33,000
Charoen
Pokphand
Enterprise
(Taiwan)
Company,
Ltd.
82,547
3,300
Charoen
Pokphand
Enterprise
(Taiwan)
Company,
Ltd.,
Bonus
Shares
a,d
8,255
75,000
Cheng
Shin
Rubber
Industry
Company,
Ltd.
84,039
5,000
Chicony
Power
Technology
Company,
Ltd.
10,492
35,000
China
Steel
Chemical
Corporation
116,985
41,000
CTCI
Corporation
58,782
2,000
Eclat
Textile
Company,
Ltd.
24,556
9,000
ELAN
Microelectronics
Corporation
23,453
96,000
Far
Eastern
New
Century
Corporation
97,468
127,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
238,405
120,360
First
Financial
Holding
Company,
Ltd.
98,256
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
135
Shares
Common
Stock
(91.9%)
Value
Taiwan
(1.2%)
-
continued
133,000
Formosa
Plastics
Corporation
$
362,022
10,000
Fusheng
Precision
Company,
Ltd.
57,275
102,000
Goldsun
Building
Materials
Company,
Ltd.
76,820
13,000
Hotai
Motor
Company,
Ltd.
233,045
37,000
International
Games
System
Company,
Ltd.
417,132
10,000
King
Slide
Works
Company,
Ltd.
148,208
2,000
Largan
Precision
Company,
Ltd.
104,842
11,000
Lien
Hwa
Industrial
Holdings
Corporation
17,527
11,000
Lotes
Company,
Ltd.
263,501
878,000
Nan
Ya
Plastics
Corporation
1,842,405
31,000
Novatek
Microelectronics
Corporation
212,168
43,000
Radiant
Opto-Electronics
Corporation
135,834
55,000
Sanyang
Motor
Company,
Ltd.
66,128
7,000
Simplo
Technology
Company,
Ltd.
57,917
4,000
Sinbon
Electronics
Company,
Ltd.
33,224
48,000
Systex
Corporation
104,981
50,000
TaiDoc
Technology
Corporation
257,471
12,000
Taiwan
Cogeneration
Corporation
12,973
52,000
Taiwan
Fertilizer
Company,
Ltd.
89,879
599,515
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
7,946,807
11,000
Tong
Yang
Industry
Company,
Ltd.
16,675
110,000
Topco
Scientific
Company,
Ltd.
533,901
36,000
TTY
Biopharm
Company,
Ltd.
82,292
5,000
United
Integrated
Services
Company,
Ltd.
23,555
271,000
United
Microelectronics
Corporation
303,275
17,000
Voltronic
Power
Technology
Corporation
747,670
344,780
Yuanta
Financial
Holding
Company,
Ltd.
211,442
5,000
Yulon
Finance
Corporation
22,482
Total
15,498,059
Thailand
(0.2%)
891,200
AP
(Thailand)
Public
Company,
Ltd.
NVDR
223,922
36,700
Bumrungrad
Hospital
Public
Company,
Ltd.
220,049
9,200
Delta
Electronics
Public
Company,
Ltd.
NVDR
158,533
93,600
Energy
Absolute
Public,
Ltd.
Company
NVDR
218,139
464,400
Krung
Thai
Bank
Public
Company,
Ltd.
NVDR
204,901
3,982,200
Land
and
Houses
Public
Company,
Ltd.
NVDR
935,623
15,900
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
67,801
3,300
TISCO
Financial
Group
Public
Company,
Ltd.
8,092
Total
2,037,060
Turkey
(0.1%)
36,221
BIM
Birlesik
Magazalar
AS
226,645
867,355
Dogan
Sirketler
Grubu
Holding
AS
224,587
936,921
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
192,909
240,817
Haci
Omer
Sabanci
Holding
AS
334,070
Shares
Common
Stock
(91.9%)
Value
Turkey
(0.1%)
-
continued
26,938
TAV
Havalimanlari
Holding
AS
a
$
91,510
448,092
Turkiye
Is
Bankasi
AS
180,455
Total
1,250,176
United
Kingdom
(10.5%)
36,698
AstraZeneca
plc
4,034,174
1,384,561
Auto
Trader
Group
plc
b
7,851,906
93,862
Avacta
Group
plc
a,c
111,299
150,590
Babcock
International
Group
plc
a
465,009
132,284
Balfour
Beatty
plc
452,556
915,629
Barclays
plc
1,456,883
129,012
Barratt
Developments
plc
487,588
26,979
Beazley
plc
168,176
6,503
Bellway
plc
122,495
7,704
Berkeley
Group
Holdings
plc
281,468
5,988
Big
Yellow
Group
plc
70,866
1,700,043
BP
plc
8,123,433
226,078
British
American
Tobacco
plc
8,106,563
65,097
Britvic
plc
518,486
64,241
Bunzl
plc
1,962,745
36,777
Central
Asia
Metals
plc
89,107
1,681,559
Centrica
plc
a
1,319,519
2,672
Clarkson
plc
77,989
11,401
Coca-Cola
European
Partners
plc
485,911
38,859
Compass
Group
plc
773,773
15,527
Computacenter
plc
335,116
34,451
Crest
Nicholson
Holdings
plc
69,916
16,096
Croda
International
plc
1,149,636
30,309
Dechra
Pharmaceuticals
plc
880,199
302,458
Diageo
plc
12,731,467
154,523
Drax
Group
plc
1,028,079
376,266
DS
Smith
plc
1,064,093
99,833
Evraz
plc
d
11
21,842
Fevertree
Drinks
plc
202,131
85,238
FirstGroup
plc
99,231
35,314
Greggs
plc
667,082
57,737
Halfords
Group
plc
84,966
566,389
Halma
plc
12,739,370
105,564
Hays
plc
118,973
90,468
Howden
Joinery
Group
plc
505,401
1,809,073
HSBC
Holdings
plc
9,367,086
129,167
IG
Group
Holdings
plc
1,094,655
255,404
Imperial
Brands
plc
5,251,816
132,117
Inchcape
plc
1,000,387
31,911
Indivior
plc
a
101,178
175,047
Informa
plc
1,000,547
132,357
InterContinental
Hotels
Group
plc
6,374,532
28,541
Intermediate
Capital
Group
plc
307,885
34,587
Lancashire
Holdings,
Ltd.
190,800
65,271
LondonMetric
Property
plc
127,172
349,320
Moneysupermarket.com
Group
plc
720,878
12,218
Morgan
Sindall
Group
plc
199,287
8,556
National
Express
Group
plc
a
15,996
28,462
Next
plc
1,510,638
34,270
OSB
Group
plc
159,463
227,734
PageGroup
plc
935,788
40,974
Pantheon
Resources
plc
a
47,459
126,257
Paragon
Banking
Group
plc
552,462
535
Pennon
Group
plc
4,668
76,561
QinetiQ
Group
plc
279,386
96,211
Redde
Northgate
plc
310,992
24,176
Redrow
plc
106,450
299,161
RELX
plc
7,310,191
36,745
Rightmove
plc
196,030
9,510
Rio
Tinto
plc
514,545
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
136
Shares
Common
Stock
(91.9%)
Value
United
Kingdom
(10.5%)
-
continued
44,415
Safestore
Holdings
plc
$
413,357
139,587
Serco
Group
plc
242,115
33,012
Serica
Energy
plc
137,147
948,145
Shell
plc
23,521,410
2,357
Softcat
plc
30,963
30,482
Spectris
plc
921,096
15,628
Spirax-Sarco
Engineering
plc
1,796,480
72,174
Spirent
Communications
plc
209,938
42,148
SSP
Group
plc
a
88,206
392,028
Standard
Chartered
plc
2,451,950
41,108
Tate
&
Lyle
plc
309,946
376,124
Taylor
Wimpey
plc
366,245
222,268
Tesco
plc
510,119
10,951
TORM
plc
223,496
446,388
Tritax
Big
Box
REIT
plc
673,630
23,003
Vistry
Group
plc
151,278
3,610
Whitbread
plc
91,508
Total
138,454,792
United
States
(<0.1%)
1,017
Yum
China
Holding,
Inc.
48,135
Total
48,135
Virgin
Islands,
British
(<0.1%)
4,449
VK
Company,
Ltd.
GDR
a,d
0
Total
0
Total
Common
Stock
(cost
$1,391,196,477)
1,209,810,077
Shares
Preferred
Stock
(
0.9%
)
Germany
(0.9%)
7,444
Bayerische
Motoren
Werke
AG
483,398
96,288
Volkswagen
AG
11,765,577
Total
12,248,975
Total
Preferred
Stock
(cost
$16,977,551)
12,248,975
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
469,826
Thrivent
Cash
Management
Trust
469,826
Total
Collateral
Held
for
Securities
Loaned
(cost
$469,826)
469,826
Principal
Amount
Long-Term
Fixed
Income
(
<0.1%
)
Venezuela
(<0.1%)
Petroleos
de
Venezuela
SA
$
11,370,000
6.000%, 
10/28/2022
g
227,400
7,010,000
6.000%, 
5/16/2024
g
140,200
1,326,000
6.000%, 
11/15/2026
g
26,520
1,410,000
5.375%, 
4/12/2027
g
28,200
210,000
5.500%, 
4/12/2037
g
4,200
Total
426,520
Total
Long-Term
Fixed
Income
(cost
$7,583,707)
426,520
Shares
or
Principal
Amount
Short-Term
Investments
(
6.3%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
500,000
2.400%,
 10/14/2022
h,i
$
499,538
100,000
2.430%,
 10/24/2022
h,i
99,826
100,000
2.700%,
 10/28/2022
h,i
99,790
400,000
2.950%,
 11/9/2022
h,i
398,707
3,400,000
3.440%,
 12/21/2022
h,i
3,374,644
Thrivent
Core
Short-Term
Reserve
Fund
7,844,173
3.170%
78,441,733
Total
Short-Term
Investments
(cost
$82,872,895)
82,914,238
Total
Investments
(cost
$1,499,100,456)
99.2%
$1,305,869,636
Other
Assets
and
Liabilities,
Net
0.8%
10,983,363
Total
Net
Assets
100.0%
$1,316,852,999
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,
2022,
the
value
of
these
investments
was
$26,276,737
or
2.0%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
and
its
allied
nations
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
f
In
bankruptcy.  Income
is
not
being
accrued
per
the
bankruptcy
agreement
terms.
g
Defaulted
security.  Interest
is
not
being
accrued.
h
The
interest
rate
shown
reflects
the
yield.
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
International
Allocation
Portfolio
as
of
September
30,
2022:
Securities
Lending
Transactions
Common
Stock
$
442,488
Total
lending
$442,488
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$469,826
Net
amounts
due
to
counterparty
$27,338
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
137
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,
2022,
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^
57,550,682
2,608,471
54,942,210
1
Consumer
Discretionary
143,811,822
5,259,953
138,551,869
Consumer
Staples^
85,893,670
485,911
85,399,504
8,255
Energy^
99,624,708
2,293,580
97,331,103
25
Financials
214,477,065
226,026
214,251,038
1
Health
Care
160,075,393
160,075,393
Industrials
182,703,020
19,676
182,683,344
Information
Technology
119,134,548
10,932,792
108,201,756
Materials^
97,824,445
2,653,074
95,171,358
13
Real
Estate
26,725,301
136,235
26,589,066
Utilities
21,989,423
601,286
21,388,137
Preferred
Stock
Consumer
Discretionary
12,248,975
12,248,975
Long-Term
Fixed
Income
Communications
Services
26,520
26,520
Energy
400,000
400,000
Short-Term
Investments
4,472,505
4,472,505
Subtotal
Investments
in
Securities
$1,226,958,077
$25,217,004
$1,201,732,778
$8,295
Other
Investments  *
Total
Affiliated
Short-Term
Investments
78,441,733
Collateral
Held
for
Securities
Loaned
469,826
Subtotal
Other
Investments
$78,911,559
Total
Investments
at
Value
$1,305,869,636
*
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
11,885,307
11,885,307
Total
Liability
Derivatives
$11,885,307
$11,885,307
$–
$–
International
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
138
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
The
following
table
presents
International
Allocation
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$6,025,243
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
2
December
2022
$
71,189
(
$
6,996)
ICE
mini
MSCI
EAFE
Index
1,178
December
2022
109,071,268
(
11,261,927)
ICE
US
mini
MSCI
Emerging
Markets
Index
118
December
2022
5,758,234
(
616,384)
Total
Futures
Long
Contracts
$
114,900,691
(
$
11,885,307)
Total
Futures
Contracts
$
114,900,691
($11,885,307)
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$139,557
$190,663
$251,778
$78,442
7,844
6.0%
Total
Affiliated
Short-Term
Investments
139,557
78,442
6.0
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,093
177,177
177,800
470
470
0.1
Total
Collateral
Held
for
Securities
Loaned
1,093
470
0.1
Total
Value
$140,650
$78,912
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$930
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$930
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
141
Total
Affiliated
Income
from
Securities
Loaned,
Net
$141
Total
Value
$–
$–
$
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
139
Shares
Common
Stock
(
97.2%
)
Value
Australia
(7.7%)
2,468
Ampol,
Ltd.
$
45,650
12,218
APA
Group
75,177
6,241
Aristocrat
Leisure,
Ltd.
131,602
2,005
ASX,
Ltd.
92,277
19,060
Aurizon
Holdings,
Ltd.
42,154
30,862
Australia
and
New
Zealand
Banking
Group,
Ltd.
451,784
52,420
BHP
Group,
Ltd.
1,303,068
4,962
BlueScope
Steel,
Ltd.
48,189
14,866
Brambles,
Ltd.
108,752
681
Cochlear,
Ltd.
84,593
13,836
Coles
Group,
Ltd.
145,865
17,670
Commonwealth
Bank
of
Australia
1,027,955
5,626
Computershare,
Ltd.
89,735
4,988
CSL,
Ltd.
907,156
11,137
DEXUS
Property
Group
55,402
613
Domino's
Pizza
Enterprises,
Ltd.
20,196
13,909
Endeavour
Group,
Ltd.
62,509
18,554
Evolution
Mining,
Ltd.
24,205
17,535
Fortescue
Metals
Group,
Ltd.
188,245
17,411
Goodman
Group
175,970
19,836
GPT
Group
48,820
2,162
IDP
Education,
Ltd.
36,318
25,526
Insurance
Australia
Group,
Ltd.
75,513
7,134
Lendlease
Corporation,
Ltd.
40,786
23,048
Lottery
Corporation,
Ltd.
a
61,768
3,774
Macquarie
Group,
Ltd.
368,193
28,518
Medibank
Private,
Ltd.
63,743
1,763
Mineral
Resources,
Ltd.
74,001
40,830
Mirvac
Group
50,862
33,238
National
Australia
Bank,
Ltd.
615,426
9,248
Newcrest
Mining,
Ltd.
101,536
12,065
Northern
Star
Resources,
Ltd.
60,413
4,654
Orica,
Ltd.
39,622
18,237
Origin
Energy,
Ltd.
60,510
9,570
Qantas
Airways,
Ltd.
a
30,712
15,359
QBE
Insurance
Group,
Ltd.
113,959
1,896
Ramsay
Health
Care,
Ltd.
69,598
547
REA
Group,
Ltd.
39,814
2,289
Reece,
Ltd.
20,569
3,844
Rio
Tinto,
Ltd.
232,534
33,318
Santos,
Ltd.
153,915
53,746
Scentre
Group
87,815
3,482
SEEK,
Ltd.
42,320
4,723
Sonic
Healthcare,
Ltd.
92,123
48,091
South32,
Ltd.
114,164
24,719
Stockland
51,733
13,074
Suncorp
Group,
Ltd.
84,366
42,052
Telstra
Corporation,
Ltd.
103,836
31,797
Transurban
Group
251,115
7,475
Treasury
Wine
Estates,
Ltd.
60,147
40,068
Vicinity
Centres
44,675
2,242
Washington
H.
Soul
Pattinson
and
Company,
Ltd.
38,544
11,744
Wesfarmers,
Ltd.
321,065
36,254
Westpac
Banking
Corporation
479,642
1,521
Wisetech
Global,
Ltd.
49,695
19,661
Woodside
Energy
Group,
Ltd.
401,705
12,570
Woolworths,
Ltd.
273,155
Total
9,935,196
Austria
(0.2%)
3,560
Erste
Group
Bank
AG
78,043
1,525
OMV
AG
55,194
705
Verbund
AG
60,191
Shares
Common
Stock
(97.2%)
Value
Austria
(0.2%)
-
continued
1,175
Voestalpine
AG
$
19,905
Total
213,333
Belgium
(0.8%)
1,670
Ageas
SA
NV
60,908
8,994
Anheuser-Busch
InBev
NV
407,396
258
D'ieteren
Group
36,352
342
Elia
System
Operator
SA
40,244
1,029
Groupe
Bruxelles
Lambert
SA
71,963
2,590
KBC
Groep
NV
122,905
1,540
Proximus
SA
15,967
160
Sofina
SA
27,614
767
Solvay
SA
59,382
1,309
UCB
SA
90,842
2,169
Umicore
SA
63,676
1,540
Warehouses
De
Pauw
SCA
37,823
Total
1,035,072
Bermuda
(0.1%)
6,500
CK
Infrastructure
Holdings,
Ltd.
33,152
11,600
Hongkong
Land
Holdings,
Ltd.
50,971
1,600
Jardine
Matheson
Holdings,
Ltd.
81,024
Total
165,147
Cayman
Islands
(0.5%)
17,800
Budweiser
Brewing
Company
APAC,
Ltd.
b
46,352
20,800
Chow
Tai
Fook
Jewellery
Group,
Ltd.
39,091
20,800
ESR
Cayman,
Ltd.
b
52,320
617
Futu
Holdings,
Ltd.
ADR
a
23,008
13,444
Grab
Holdings,
Ltd.
a,c
35,358
25,200
Sands
China,
Ltd.
a
62,754
3,742
Sea,
Ltd.
ADR
a
209,739
14,000
SITC
International
Holdings
Company,
Ltd.
25,675
86,533
WH
Group,
Ltd.
b
54,424
17,000
Wharf
Real
Estate
Investment
Company,
Ltd.
77,067
Total
625,788
Denmark
(2.6%)
32
A.P.
Moller
-
Maersk
AS,
Class
A
56,537
52
A.P.
Moller
-
Maersk
AS,
Class
B
94,496
1,008
Carlsberg
AS
117,872
1,092
Christian
Hansen
Holding
AS
53,791
1,230
Coloplast
AS
124,998
7,142
Danske
Bank
AS
88,894
972
Demant
AS
a
24,029
1,938
DSV
AS
227,032
681
Genmab
AS
a
219,080
1,329
GN
Store
Nord
AS
23,279
17,142
Novo
Nordisk
AS
1,707,649
2,118
Novozymes
AS
106,434
1,959
Orsted
AS
b
156,134
939
Pandora
AS
43,913
90
Rockwool
International
AS
14,196
3,728
Tryg
AS
76,961
10,457
Vestas
Wind
Systems
AS
192,543
Total
3,327,838
Finland
(1.2%)
1,473
Elisa
Oyj
66,740
4,599
Fortum
Oyj
61,797
2,828
Kesko
Oyj
52,762
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
140
Shares
Common
Stock
(97.2%)
Value
Finland
(1.2%)
-
continued
3,520
KONE
Oyj
$
135,620
4,381
Neste
Oil
Oyj
190,965
56,035
Nokia
Oyj
240,561
35,316
Nordea
Bank
Abp
302,242
1,104
Orion
Oyj
46,486
4,959
Sampo
Oyj
211,707
5,707
Stora
Enso
Oyj
72,498
5,527
UPM-Kymmene
Oyj
175,396
4,902
Wartsila
Corporation
31,313
Total
1,588,087
France
(10.2%)
1,762
Accor
SA
a
36,888
307
Aeroports
de
Paris
SA
a
35,477
5,415
Air
Liquide
SA
618,927
3,290
Alstom
SA
53,218
617
Amundi
SA
b
25,686
615
Arkema
SA
44,821
19,354
AXA
SA
422,553
434
bioMerieux
34,329
11,503
BNP
Paribas
SA
485,876
9,156
Bollore
SA
42,008
2,377
Bouygues
SA
62,179
3,045
Bureau
Veritas
SA
68,139
1,696
Capgemini
SA
271,530
6,283
Carrefour
SA
87,139
7,025
Cie
Generale
des
Etablissements
Michelin
SCA
157,400
5,155
Compagnie
de
Saint-Gobain
184,320
479
Covivio
23,075
12,606
Credit
Agricole
SA
102,336
6,648
Danone
SA
314,352
254
Dassault
Aviation
SA
28,898
6,902
Dassault
Systemes
SE
238,291
2,584
Edenred
119,046
863
Eiffage
SA
69,206
5,804
Electricite
de
France
67,311
18,913
Engie
SA
217,686
2,979
EssilorLuxottica
SA
404,913
441
Eurazeo
SE
23,012
476
Gecina
SA
37,280
4,556
Groupe
Eurotunnel
SA
70,651
328
Hermes
International
385,766
391
Ipsen
SA
36,187
775
Kering
SA
343,749
2,228
Klepierre
SA
38,734
1,088
La
Francaise
des
Jeux
SAEM
b
32,274
2,769
Legrand
SA
180,898
2,499
L'Oreal
SA
799,032
2,875
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,695,021
20,659
Orange
SA
186,850
2,169
Pernod-Ricard
SA
397,910
2,362
Publicis
Groupe
SA
111,917
238
Remy
Cointreau
SA
39,496
233
Remy
Cointreau
SA,
DRIP
a,d
0
1,990
Renault
SA
a
53,841
3,539
Safran
SA
322,012
11,791
Sanofi
897,840
286
Sartorius
Stedim
Biotech
87,726
5,618
Schneider
Electric
SE
634,555
252
SEB
SA
15,851
8,235
Societe
Generale
SA
162,856
916
Sodexo
SA
68,792
608
Teleperformance
SA
154,239
Shares
Common
Stock
(97.2%)
Value
France
(10.2%)
-
continued
1,105
Thales
SA
$
121,764
25,673
TotalEnergies
SE
1,204,434
972
Ubisoft
Entertainment
SA
a
26,713
2,135
Valeo
SA
32,259
6,892
Veolia
Environnement
SA
131,721
5,525
Vinci
SA
446,754
7,461
Vivendi
SE
57,872
272
Wendel
SA
19,468
2,472
Worldline
SA
a,b
97,707
Total
13,130,785
Germany
(7.0%)
1,790
Adidas
AG
205,780
4,230
Allianz
SE
666,368
9,511
BASF
SE
365,015
10,173
Bayer
AG
468,715
3,428
Bayerische
Motoren
Werke
AG
232,341
848
Bechtle
AG
30,484
1,044
Beiersdorf
AG
102,586
1,600
Brenntag
AG
96,723
417
Carl
Zeiss
Meditec
AG
43,315
11,023
Commerzbank
AG
a
78,473
1,139
Continental
AG
50,541
2,001
Covestro
AG
b
57,212
4,687
Daimler
Truck
Holding
AG
a
105,961
1,690
Delivery
Hero
AG
a,b
61,731
21,401
Deutsche
Bank
AG
158,452
1,967
Deutsche
Boerse
AG
322,443
6,190
Deutsche
Lufthansa
AG
a
35,581
10,264
Deutsche
Post
AG
309,352
33,562
Deutsche
Telekom
AG
571,279
23,248
E.ON
SE
178,609
2,171
Evonik
Industries
AG
36,359
2,124
Fresenius
Medical
Care
AG
&
Company
KGaA
59,839
4,337
Fresenius
SE
&
Company
KGaA
92,444
1,553
GEA
Group
AG
50,260
624
Hannover
Rueckversicherung
SE
93,540
1,500
HeidelbergCement
AG
59,256
1,711
HelloFresh
SE
a
35,814
1,076
Henkel
AG
&
Company
KGaA
60,980
13,523
Infineon
Technologies
AG
295,937
730
KION
Group
AG
13,980
751
Knorr-Bremse
AG
32,250
754
LEG
Immobilien
AG
45,006
8,309
Mercedes-Benz
Group
AG
420,160
1,338
Merck
KGaA
216,596
553
MTU
Aero
Engines
AG
82,648
1,451
Muenchener
Rueckversicherungs-
Gesellschaft
AG
349,284
598
Nemetschek
SE
28,385
1,586
Porsche
Automobil
Holding
SE
89,360
1,093
PUMA
SE
50,562
52
RATIONAL
AG
25,185
451
Rheinmetall
AG
69,439
6,652
RWE
AG
244,500
10,813
SAP
SE
881,204
252
Sartorius
Aktiengesellschaft
87,168
822
Scout24
SE
b
41,191
7,922
Siemens
AG
774,316
4,515
Siemens
Energy
AG
49,713
2,920
Siemens
Healthineers
AG
b
125,254
1,375
Symrise
AG
134,079
10,538
Telefonica
Deutschland
Holding
AG
21,306
926
Uniper
SE
3,495
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
141
Shares
Common
Stock
(97.2%)
Value
Germany
(7.0%)
-
continued
982
United
Internet
AG
$
18,357
306
Volkswagen
AG
49,868
7,417
Vonovia
SE
160,071
2,307
Zalando
SE
a,b
45,062
Total
8,983,829
Hong
Kong
(2.5%)
124,800
AIA
Group,
Ltd.
1,039,073
38,500
BOC
Hong
Kong
(Holdings),
Ltd.
128,040
21,000
CK
Asset
Holdings,
Ltd.
126,071
28,000
CK
Hutchison
Holdings,
Ltd.
154,175
17,000
CLP
Holdings,
Ltd.
128,482
23,000
Galaxy
Entertainment
Group,
Ltd.
135,192
21,000
Hang
Lung
Properties,
Ltd.
34,485
7,900
Hang
Seng
Bank,
Ltd.
120,021
15,000
Henderson
Land
Development
Company,
Ltd.
42,003
27,000
HK
Electric
Investments,
Ltd.
18,918
39,000
HKT
Trust
and
HKT,
Ltd.
45,677
116,162
Hong
Kong
and
China
Gas
Company,
Ltd.
102,321
12,500
Hong
Kong
Exchanges
&
Clearing,
Ltd.
427,280
21,900
Link
REIT
152,873
16,000
MTR
Corporation,
Ltd.
73,390
16,000
New
World
Development
Company,
Ltd.
45,441
14,500
Power
Assets
Holdings,
Ltd.
72,685
36,000
Sino
Land
Company,
Ltd.
47,352
15,000
Sun
Hung
Kai
Properties,
Ltd.
165,544
5,000
Swire
Pacific,
Ltd.
37,373
12,200
Swire
Properties,
Ltd.
26,246
14,000
Techtronic
Industries
Company,
Ltd.
133,590
19,000
Xinyi
Glass
Holdings
Company,
Ltd.
27,477
Total
3,283,709
Ireland
(0.7%)
7,902
CRH
plc
254,063
1,021
DCC
plc
53,023
1,729
Flutter
Entertainment
plc
a
190,590
4,612
James
Hardie
Industries
plc
90,592
1,649
Kerry
Group
plc
146,979
1,599
Kingspan
Group
plc
72,042
2,560
Smurfit
Kappa
Group
plc
73,213
Total
880,502
Isle
of
Man
(0.1%)
6,092
Entain
plc
72,838
Total
72,838
Israel
(0.8%)
439
Azrieli
Group,
Ltd.
29,961
13,151
Bank
Hapoalim,
Ltd.
111,014
15,986
Bank
Leumi
Le-Israel
BM
136,533
21,478
Bezeq
Israel
Telecommunication
Corporation,
Ltd.
35,110
1,061
Check
Point
Software
Technologies,
Ltd.
a
118,853
422
CyberArk
Software,
Ltd.
a
63,275
275
Elbit
Systems,
Ltd.
52,067
7,331
ICL
Group,
Ltd.
58,754
12,809
Israel
Discount
Bank,
Ltd.
64,497
1,594
Mizrahi
Tefahot
Bank,
Ltd.
55,804
Shares
Common
Stock
(97.2%)
Value
Israel
(0.8%)
-
continued
657
NICE,
Ltd.
a
$
123,630
11,498
Teva
Pharmaceutical
Industries,
Ltd.
ADR
a
92,789
1,130
Tower
Semiconductor,
Ltd.
a
49,326
593
Wix.com,
Ltd.
a
46,390
873
ZIM
Integrated
Shipping
Services,
Ltd.
c
20,515
Total
1,058,518
Italy
(1.7%)
1,289
Amplifon
SPA
33,584
11,500
Assicurazioni
Generali
SPA
157,024
5,131
Atlantia
SPA
113,219
5,413
Davide
Campari-Milano
NV
47,891
261
DiaSorin
Italia
SPA
29,125
84,220
Enel
SPA
345,404
26,135
Eni
SPA
277,780
6,318
Finecobank
Banca
Fineco
SPA
78,030
3,480
Infrastrutture
Wireless
Italiane
SPA
b
30,361
171,021
Intesa
Sanpaolo
SPA
282,699
6,268
Mediobanca
SPA
49,045
2,125
Moncler
SPA
86,752
5,433
Nexi
Spa
a,b
43,888
5,410
Poste
Italiane
SPA
b
40,873
2,638
Prysmian
SPA
75,562
1,083
Recordati
SPA
39,636
20,881
Snam
SPA
84,399
100,859
Telecom
Italia
SPA
a
18,656
14,569
Terna
Rete
Elettrica
Nazionale
SPA
88,733
21,488
UniCredit
SPA
217,546
Total
2,140,207
Japan
(22.2%)
2,000
Advantest
Corporation
92,361
6,800
Aeon
Company,
Ltd.
126,980
2,000
AGC,
Inc.
62,264
1,500
Aisin
Corporation
38,610
4,700
Ajinomoto
Company,
Inc.
128,457
1,700
All
Nippon
Airways
Company,
Ltd.
a
31,981
4,707
Asahi
Group
Holdings,
Ltd.
146,746
2,300
Asahi
Intecc
Company,
Ltd.
36,681
13,000
Asahi
Kasei
Corporation
86,155
19,000
Astellas
Pharma,
Inc.
251,699
1,200
Azbil
Corporation
31,281
2,100
BANDAI
NAMCO
Holdings,
Inc.
136,853
5,900
Bridgestone
Corporation
190,811
2,400
Brother
Industries,
Ltd.
41,464
10,400
Canon,
Inc.
227,162
1,800
Capcom
Company,
Ltd.
45,319
1,500
Central
Japan
Railway
Company
176,087
5,400
Chiba
Bank,
Ltd.
29,243
6,700
Chubu
Electric
Power
Company,
Inc.
60,257
7,000
Chugai
Pharmaceutical
Company,
Ltd.
174,881
11,300
Concordia
Financial
Group,
Ltd.
35,068
4,500
CyberAgent,
Inc.
37,891
2,300
Dai
Nippon
Printing
Company,
Ltd.
46,079
1,000
Daifuku
Company,
Ltd.
47,037
10,100
Dai-Ichi
Mutual
Life
Insurance
Company,
Ltd.
160,593
18,100
Daiichi
Sankyo
Company,
Ltd.
505,911
2,600
Daikin
Industries,
Ltd.
400,060
600
Daito
Trust
Construction
Company,
Ltd.
56,125
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
142
Shares
Common
Stock
(97.2%)
Value
Japan
(22.2%)
-
continued
6,200
Daiwa
House
Industry
Company,
Ltd.
$
126,062
23
Daiwa
House
REIT
Investment
Corporation
48,035
13,800
Daiwa
Securities
Group,
Inc.
54,164
4,500
Denso
Corporation
205,754
2,200
Dentsu
Group,
Inc.
62,541
300
DISCO
Corporation
66,136
3,100
East
Japan
Railway
Company
158,982
2,600
Eisai
Company,
Ltd.
139,514
31,800
Eneos
Holdings,
Inc.
102,560
2,000
FANUC
Corporation
280,829
600
Fast
Retailing
Company,
Ltd.
317,967
1,300
Fuji
Electric
Company,
Ltd.
47,646
3,700
FUJIFILM
Holdings
NPV
168,997
2,000
Fujitsu,
Ltd.
219,304
44
GLP
J-REIT
48,798
400
GMO
Payment
Gateway,
Inc.
27,420
2,400
Hakuhodo
DY
Holdings,
Inc.
16,898
1,500
Hamamatsu
Photonics
KK
64,293
2,400
Hankyu
Hanshin
Holdings,
Inc.
72,231
200
Hikari
Tsushin,
Inc.
23,494
300
Hirose
Electric
Company,
Ltd.
39,343
1,100
Hitachi
Construction
Machinery
Company,
Ltd.
20,443
2,200
Hitachi
Metals,
Ltd.
a
33,098
10,000
Hitachi,
Ltd.
425,561
16,900
Honda
Motor
Company,
Ltd.
366,828
1,100
Hoshizaki
Corporation
30,679
3,800
Hoya
Corporation
366,163
4,000
Hulic
Company,
Ltd.
29,471
1,200
IBIDEN
Company,
Ltd.
32,806
2,200
Idemitsu
Kosan
Company,
Ltd.
47,813
1,500
Iida
Group
Holdings
Company,
Ltd.
20,305
10,800
Inpex
Corporation
100,733
6,000
Isuzu
Motors,
Ltd.
66,345
600
ITO
EN,
Ltd.
24,270
12,300
ITOCHU
Corporation
296,896
1,000
ITOCHU
Techno-Solutions
Corporation
23,441
1,500
Japan
Airlines
Company,
Ltd.
a
26,862
5,200
Japan
Exchange
Group,
Inc.
70,278
72
Japan
Metropolitan
Fund
Investment
Corporation
54,059
4,300
Japan
Post
Bank
Company,
Ltd.
30,058
24,600
Japan
Post
Holdings
Company,
Ltd.
162,980
2,100
Japan
Post
Insurance
Company,
Ltd.
29,413
13
Japan
Real
Estate
Investment
Corporation
53,630
12,400
Japan
Tobacco,
Inc.
203,766
5,100
JFE
Holdings,
Inc.
47,356
1,900
JSR
Corporation
36,029
4,400
Kajima
Corporation
41,705
1,400
Kakaku.com,
Inc.
23,725
7,300
Kansai
Electric
Power
Company,
Inc.
61,074
4,900
Kao
Corporation
199,383
16,700
KDDI
Corporation
488,246
1,100
Keio
Corporation
40,083
1,300
Keisei
Electric
Railway
Company,
Ltd.
35,415
2,000
Keyence
Corporation
661,121
1,500
Kikkoman
Corporation
85,037
Shares
Common
Stock
(97.2%)
Value
Japan
(22.2%)
-
continued
1,800
Kintetsu
Group
Holdings
Company,
Ltd.
$
59,929
8,500
Kirin
Holdings
Company,
Ltd.
130,949
600
Kobayashi
Pharmaceutical
Company,
Ltd.
35,162
1,600
Kobe
Bussan
Company,
Ltd.
38,492
1,240
Koei
Tecmo
Holdings
Company,
Ltd.
20,411
2,200
Koito
Manufacturing
Company,
Ltd.
30,078
9,600
Komatsu,
Ltd.
174,800
1,000
Konami
Group
Corporation
46,302
300
KOSE
Corporation
30,931
10,600
Kubota
Corporation
147,307
1,100
Kurita
Water
Industries,
Ltd.
39,053
3,300
Kyocera
Corporation
166,250
2,800
Kyowa
Hakko
Kirin
Company,
Ltd.
64,378
800
Lasertec
Corporation
80,466
3,100
LIXIL
Corporation
45,486
4,600
M3,
Inc.
128,440
2,300
Makita
Corporation
44,632
16,000
Marubeni
Corporation
139,608
5,900
Mazda
Motor
Corporation
39,177
900
McDonald's
Holdings
Company
(Japan),
Ltd.
31,359
1,200
MEIJI
Holdings
Company,
Ltd.
53,268
3,800
Minebea
Mitsumu,
Inc.
56,217
2,900
MISUMI
Group,
Inc.
62,444
13,300
Mitsubishi
Chemical
Group
Corporation
60,926
13,100
Mitsubishi
Corporation
358,288
20,000
Mitsubishi
Electric
Corporation
180,961
12,200
Mitsubishi
Estate
Company,
Ltd.
160,749
6,700
Mitsubishi
HC
Capital,
Inc.
28,798
3,300
Mitsubishi
Heavy
Industries,
Ltd.
109,756
123,800
Mitsubishi
UFJ
Financial
Group,
Inc.
560,830
14,500
Mitsui
&
Company,
Ltd.
308,557
1,900
Mitsui
Chemicals,
Inc.
37,034
9,400
Mitsui
Fudosan
Company,
Ltd.
179,070
3,600
Mitsui
O.S.K.
Lines,
Ltd.
64,413
24,930
Mizuho
Financial
Group,
Inc.
269,858
2,600
MonotaRO
Company,
Ltd.
39,897
4,600
MS
and
AD
Insurance
Group
Holdings,
Inc.
121,821
5,900
Murata
Manufacturing
Company,
Ltd.
271,560
2,500
NEC
Corporation
80,051
5,100
NEXON
Company,
Ltd.
90,105
2,500
NGK
Insulators,
Ltd.
31,117
4,600
Nidec
Corporation
257,490
3,100
Nihon
M&A
Center
Holdings,
Inc.
35,455
11,000
Nintendo
Company,
Ltd.
443,677
16
Nippon
Building
Fund,
Inc.
70,408
800
Nippon
Express
Holdings,
Inc.
40,663
8,600
Nippon
Paint
Holdings
Company,
Ltd.
58,092
22
Nippon
Prologis
REIT,
Inc.
48,233
1,800
Nippon
Sanso
Holdings
Corporation
28,453
500
Nippon
Shinyaku
Company,
Ltd.
25,511
8,400
Nippon
Steel
Corporation
116,577
12,400
Nippon
Telegraph
and
Telephone
Corporation
334,457
5,100
Nippon
Yusen
Kabushiki
Kaisha
86,567
1,300
Nissan
Chemical
Corporation
58,076
24,000
Nissan
Motor
Company,
Ltd.
77,343
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
143
Shares
Common
Stock
(97.2%)
Value
Japan
(22.2%)
-
continued
2,000
Nisshin
Seifun
Group,
Inc.
$
20,201
600
Nissin
Foods
Holdings
Company,
Ltd.
41,706
800
Nitori
Holdings
Company,
Ltd.
67,136
1,500
Nitto
Denko
Corporation
81,219
30,100
Nomura
Holdings,
Inc.
99,718
1,200
Nomura
Real
Estate
Holdings,
Inc.
27,101
44
Nomura
Real
Estate
Master
Fund,
Inc.
48,631
3,500
Nomura
Research
Institute,
Ltd.
85,481
6,500
NTT
Data
Corporation
83,961
6,600
Obayashi
Corporation
42,359
700
OBIC
Company,
Ltd.
93,866
3,100
Odakyu
Electric
Railway
Company,
Ltd.
39,944
8,400
Oji
Holdings
Corporation
31,169
12,800
Olympus
Corporation
246,243
1,900
OMRON
Corporation
87,053
3,800
Ono
Pharmaceutical
Company,
Ltd.
88,763
800
Open
House
Company,
Ltd.
27,027
400
Oracle
Corporation
Japan
21,202
2,100
Oriental
Land
Company,
Ltd.
284,821
12,400
ORIX
Corporation
173,712
3,900
Osaka
Gas
Company,
Ltd.
58,796
1,200
Otsuka
Corporation
37,425
4,000
Otsuka
Holdings
Company,
Ltd.
126,659
3,900
Pan
Pacific
International
Holdings
Company
68,799
22,900
Panasonic
Holdings
Corporation
160,805
1,800
Persol
Holdings
Company,
Ltd.
33,297
9,000
Rakuten
Group,
Inc.
38,515
14,900
Recruit
Holdings
Company,
Ltd.
429,204
12,100
Renesas
Electronics
Corporation
a
101,437
22,400
Resona
Holdings,
Inc.
81,972
5,900
Ricoh
Company,
Ltd.
43,201
900
Rohm
Company,
Ltd.
58,983
2,500
SBI
Holdings,
Inc.
44,863
1,600
SCSK
Corporation
24,223
2,200
Secom
Company,
Ltd.
125,442
2,900
Seiko
Epson
Corporation
39,598
3,800
Sekisui
Chemical
Company,
Ltd.
46,489
6,400
Sekisui
House,
Ltd.
105,999
7,800
Seven
&
I
Holdings
Company,
Ltd.
313,326
3,000
SG
Holdings
Company,
Ltd.
41,090
2,500
Sharp
Corporation
14,907
2,500
Shimadzu
Corporation
65,591
800
Shimano,
Inc.
125,172
5,600
Shimizu
Corporation
27,379
3,900
Shin-Etsu
Chemical
Company,
Ltd.
385,932
2,700
Shionogi
&
Company,
Ltd.
130,394
4,100
Shiseido
Company,
Ltd.
143,694
4,500
Shizuoka
Financial
Group,
Inc.
d
27,212
600
SMC
Corporation
244,182
29,700
SoftBank
Corporation
296,582
12,500
SoftBank
Group
Corporation
423,639
3,200
Sompo
Holdings,
Inc.
128,036
13,100
Sony
Group
Corporation
843,829
900
Square
Enix
Holdings
Company,
Ltd.
38,791
6,400
Subaru
Corporation
96,719
3,600
Sumco
Corporation
41,944
15,400
Sumitomo
Chemical
Company,
Ltd.
52,970
11,700
Sumitomo
Corporation
144,546
7,400
Sumitomo
Electric
Industries,
Ltd.
75,121
2,600
Sumitomo
Metal
Mining
Company,
Ltd.
74,507
Shares
Common
Stock
(97.2%)
Value
Japan
(22.2%)
-
continued
13,500
Sumitomo
Mitsui
Financial
Group,
Inc.
$
374,240
3,500
Sumitomo
Mitsui
Trust
Holdings,
Inc.
99,539
3,200
Sumitomo
Realty
&
Development
Company,
Ltd.
72,775
1,400
Suntory
Beverage
and
Food,
Ltd.
49,825
3,800
Suzuki
Motor
Corporation
118,294
1,700
Sysmex
Corporation
90,842
5,500
T&D
Holdings,
Inc.
52,278
1,900
Taisei
Corporation
52,694
15,600
Takeda
Pharmaceutical
Company,
Ltd.
405,098
4,000
TDK
Corporation
123,481
6,700
Terumo
Corporation
188,338
2,300
TIS,
Inc.
61,064
2,000
Tobu
Railway
Company,
Ltd.
47,145
1,200
Toho
Company,
Ltd.
43,635
18,900
Tokio
Marine
Holdings,
Inc.
335,912
15,800
Tokyo
Electric
Power
Company,
Inc.
a
50,507
1,500
Tokyo
Electron,
Ltd.
369,592
4,100
Tokyo
Gas
Company,
Ltd.
69,213
5,500
Tokyu
Corporation
62,725
2,700
Toppan,
Inc.
40,219
14,400
Toray
Industries,
Inc.
70,874
4,000
Toshiba
Corporation
142,501
2,700
Tosoh
Corporation
30,093
1,500
TOTO,
Ltd.
50,090
1,500
Toyota
Industries
Corporation
71,656
109,800
Toyota
Motor
Corporation
1,435,136
2,200
Toyota
Tsusho
Corporation
68,145
1,400
Trend
Micro,
Inc.
75,408
4,200
Unicharm
Corporation
137,780
2,300
USS
Company,
Ltd.
35,521
1,000
Welcia
Holdings
Company,
Ltd.
21,102
2,300
West
Japan
Railway
Company
87,915
1,375
Yakult
Honsha
Company,
Ltd.
79,839
1,500
Yamaha
Corporation
53,302
3,100
Yamaha
Motor
Company,
Ltd.
58,081
3,000
Yamato
Holdings
Company,
Ltd.
45,052
2,500
Yaskawa
Electric
Corporation
71,945
2,400
Yokogawa
Electric
Corporation
37,810
27,500
Z
Holdings
Corporation
72,893
1,300
ZOZO,
Inc.
26,023
Total
28,661,193
Jersey
(0.3%)
9,535
Experian
plc
279,113
11,308
WPP
plc
93,349
Total
372,462
Luxembourg
(0.2%)
5,454
ArcelorMittal
SA
108,525
10,113
Aroundtown
SA
22,144
1,394
Eurofins
Scientific
SE
82,754
4,890
Tenaris
SA
63,272
Total
276,695
Netherlands
(5.2%)
4,380
ABN
AMRO
Group
NV
b
39,246
224
Adyen
NV
a,b
279,363
18,539
Aegon
NV
73,692
1,398
AerCap
Holdings
NV
a
59,177
6,121
Airbus
SE
527,631
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
144
Shares
Common
Stock
(97.2%)
Value
Netherlands
(5.2%)
-
continued
1,881
Akzo
Nobel
NV
$
106,596
570
Argenx
SE
a
202,849
485
ASM
International
NV
108,595
4,209
ASML
Holding
NV
1,743,694
10,596
CNH
Industrial
NV
118,593
887
Euronext
NV
b
56,135
1,123
EXOR
NV
a
72,067
1,305
Ferrari
NV
241,667
1,044
Heineken
Holding
NV
71,470
2,684
Heineken
NV
234,396
590
IMCD
NV
69,951
40,456
ING
Groep
NV
346,643
1,018
JDE
Peet's
BV
29,764
1,892
Just
Eat
Takeaway.com
NV
a,b
29,348
34,206
Koninklijke
(Royal)
KPN
NV
92,574
10,828
Koninklijke
Ahold
Delhaize
NV
275,804
1,810
Koninklijke
DSM
NV
205,960
9,153
Koninklijke
Philips
NV
140,924
2,896
NN
Group
NV
112,636
1,091
OCI
NV
39,943
8,589
Prosus
NV
446,855
2,355
QIAGEN
NV
a
98,072
1,238
Randstad
Holding
NV
53,433
22,788
Stellantis
NV
269,181
7,077
STMicroelectronics
NV
219,933
7,511
Universal
Music
Group
N.V.
140,681
2,718
Wolters
Kluwer
NV
264,660
Total
6,771,533
New
Zealand
(0.2%)
12,962
Auckland
International
Airport,
Ltd.
a
51,956
5,978
Fisher
&
Paykel
Healthcare
Corporation,
Ltd.
61,961
7,154
Mercury
NZ,
Ltd.
22,774
13,345
Meridian
Energy,
Ltd.
35,809
19,380
Spark
New
Zealand,
Ltd.
54,221
1,394
Xero,
Ltd.
a
64,510
Total
291,231
Norway
(0.8%)
3,018
Adevinta
ASA
a
17,980
3,272
Aker
BP
ASA
93,921
9,632
DNB
Bank
ASA
152,841
10,120
Equinor
ASA
333,745
2,071
Gjensidige
Forsikring
ASA
35,537
926
Kongsberg
Gruppen
ASA
28,102
4,284
Mowi
ASA
54,491
13,926
Norsk
Hydro
ASA
74,726
7,777
Orkla
ASA
56,533
610
SalMar
ASA
20,561
7,246
Telenor
ASA
66,316
1,714
Yara
International
ASA
60,153
Total
994,906
Portugal
(0.2%)
28,745
EDP
-
Energias
de
Portugal
SA
124,753
5,191
Galp
Energia
SGPS
SA
49,944
2,932
Jeronimo
Martins
SGPS
SA
54,604
Total
229,301
Singapore
(1.4%)
34,754
Ascendas
REIT
64,828
54,929
CapitaLand
Integrated
Commercial
Trust
73,066
26,900
Capitaland
Investment,
Ltd.
64,718
Shares
Common
Stock
(97.2%)
Value
Singapore
(1.4%)
-
continued
4,200
City
Developments,
Ltd.
$
22,135
18,800
DBS
Group
Holdings,
Ltd.
434,907
62,600
Genting
Singapore,
Ltd.
34,019
15,100
Keppel
Corporation,
Ltd.
72,660
33,923
Mapletree
Logistics
Trust
36,654
24,400
Mapletree
Pan
Asia
Commercial
Trust
29,049
35,063
Oversea-Chinese
Banking
Corporation,
Ltd.
287,302
13,900
Singapore
Airlines,
Ltd.
a
49,127
8,900
Singapore
Exchange,
Ltd.
58,387
16,200
Singapore
Technologies
Engineering,
Ltd.
40,248
85,500
Singapore
Telecommunications,
Ltd.
157,768
12,200
United
Overseas
Bank,
Ltd.
220,974
4,700
United
Overseas
Land,
Ltd.
21,623
2,900
Venture
Corporation,
Ltd.
32,952
19,900
Wilmar
International,
Ltd.
52,942
Total
1,753,359
Spain
(2.3%)
256
Acciona
SA
44,994
2,386
ACS
Actividades
de
Construccion
y
Servicios
SA
53,612
777
Aena
SA
a,b
80,636
4,665
Amadeus
IT
Holding
SA
a
216,281
69,046
Banco
Bilbao
Vizcaya
Argentaria
SA
309,729
176,870
Banco
Santander
SA
411,557
45,907
CaixaBank
SA
147,860
5,628
Cellnex
Telecom
SA
b
173,604
2,984
EDP
Renovaveis
SA
61,381
2,577
Enagas
SA
39,889
3,289
Endesa
SA
49,399
4,994
Ferrovial
SA
113,356
3,089
Grifols
SA
a
26,687
61,661
Iberdrola
SA
574,936
11,295
Industria
de
Diseno
Textil
SA
233,090
1,506
Naturgy
Energy
Group
SA
34,839
4,202
Red
Electrica
Corporacion
SA
64,482
15,025
Repsol
SA
172,640
2,469
Siemens
Gamesa
Renewable
Energy
SA
a
43,047
54,345
Telefonica
SA
179,660
Total
3,031,679
Supranational
(<0.1%)
1,221
Unibail-Rodamco-Westfield
a
50,525
Total
50,525
Sweden
(3.1%)
1,350
AB
Industrivarden,
Class
A
27,193
1,595
AB
Industrivarden,
Class
C
31,811
3,000
Alfa
Laval
AB
74,391
10,379
Assa
Abloy
AB
194,462
27,814
Atlas
Copco
AB,
Class
A
258,513
16,163
Atlas
Copco
AB,
Class
B
133,975
2,832
Boliden
AB
87,497
2,283
Electrolux
AB
23,728
6,938
Embracer
Group
AB
a
41,123
6,824
Epiroc
AB,
Class
A
97,621
4,038
Epiroc
AB,
Class
B
50,918
3,087
EQT
AB
59,647
6,306
Essity
Aktiebolag
124,587
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
145
Shares
Common
Stock
(97.2%)
Value
Sweden
(3.1%)
-
continued
1,893
Evolution
Gaming
Group
AB
b
$
149,637
6,534
Fastighets
AB
Balder
a
26,082
2,369
Getinge
AB
40,512
7,563
Hennes
&
Mauritz
AB
69,921
20,155
Hexagon
AB
188,230
971
Holmen
AB
36,846
4,345
Husqvarna
AB
24,086
2,829
Indutrade
AB
45,886
1,499
Investment
AB
Latour
24,802
5,164
Investor
AB,
Class
A
79,131
18,866
Investor
AB,
Class
B
275,278
2,510
Kinnevik
AB
a
32,896
769
L
E
Lundbergforetagen
AB
27,761
2,414
Lifco
AB
33,490
15,693
NIBE
Industrier
AB
139,985
1,971
Sagax
AB
32,448
11,041
Sandvik
AB
150,506
3,169
Securitas
AB
21,999
12,676
Securitas
AB,
Rights
a
5,289
16,853
Skandinaviska
Enskilda
Banken
AB
160,622
3,523
Skanska
AB
43,846
3,970
SKF
AB
53,185
6,274
Svenska
Cellulosa
AB
SCA
79,608
15,104
Svenska
Handelsbanken
AB
123,989
9,377
Swedbank
AB
123,080
15,791
Swedish
Match
AB
156,200
1,749
Swedish
Orphan
Biovitrum
AB
a
33,803
5,878
Tele2
AB
50,725
30,224
Telefonaktiebolaget
LM
Ericsson
176,673
27,526
Telia
Company
AB
79,277
2,074
Volvo
AB,
Class
A
30,690
15,626
Volvo
AB,
Class
B
221,123
6,171
Volvo
Car
AB
a
26,778
Total
3,969,850
Switzerland
(11.1%)
17,008
ABB,
Ltd.
439,137
1,671
Adecco
SA
46,119
5,174
Alcon,
Inc.
300,534
344
Bachem
Holding
AG
21,635
474
Baloise
Holding
AG
60,565
37
Barry
Callebaut
AG
69,746
1
Chocoladefabriken
Lindt
and
Spruengli
AG
99,586
2,234
Clariant
AG
35,685
2,087
Coca-Cola
HBC
AG
43,607
5,405
Compagnie
Financiere
Richemont
SA
510,207
27,448
Credit
Suisse
Group
AG
108,573
73
EMS-CHEMIE
Holding
AG
46,082
2,214
Ferguson
plc
229,655
371
Geberit
AG
159,080
96
Givaudan
SA
290,016
102,092
Glencore
Xstrata
plc
536,493
5,740
Holcim,
Ltd.
235,228
2,291
Julius
Baer
Group,
Ltd.
99,977
563
Kuehne
&
Nagel
International
AG
114,645
11
Lindt
&
Spruengli
AG
106,308
1,793
Logitech
International
SA
81,972
771
Lonza
Group
AG
375,393
29,149
Nestle
SA
3,152,678
22,401
Novartis
AG
1,707,785
235
Partners
Group
Holding
AG
189,124
276
Roche
Holding
AG,
Bearer
Shares
107,814
Shares
Common
Stock
(97.2%)
Value
Switzerland
(11.1%)
-
continued
7,275
Roche
Holding
AG,
Participation
Certificates
$
2,368,251
243
Schindler
Holding
AG
36,614
422
Schindler
Holding
AG,
Participation
Certificates
65,494
66
SGS
SA
141,223
3,167
SIG
Group
AG
64,303
1,512
Sika
AG
303,900
556
Sonova
Holding
AG
122,354
1,156
Straumann
Holding
AG
105,728
300
Swatch
Group
AG,
Bearer
Shares
68,258
533
Swatch
Group
AG,
Registered
Shares
22,329
326
Swiss
Life
Holding
AG
144,031
794
Swiss
Prime
Site
AG
63,248
3,123
Swiss
Re
AG
230,334
268
Swisscom
AG
125,489
658
Temenos
AG
44,360
36,421
UBS
Group
AG
528,394
280
VAT
Group
AG
b
56,820
1,558
Zurich
Insurance
Group
AG
621,098
Total
14,279,872
United
Kingdom
(14.1%)
10,078
3i
Group
plc
121,010
22,581
ABRDN
plc
34,542
1,863
Admiral
Group
plc
39,577
13,158
Anglo
American
plc
395,078
4,083
Antofagasta
plc
50,032
4,586
Ashtead
Group
plc
205,955
3,689
Associated
British
Foods
plc
51,545
16,045
AstraZeneca
plc
1,763,811
9,766
Auto
Trader
Group
plc
b
55,383
1,249
Aveva
Group
plc
43,093
29,296
Aviva
PLC
125,645
32,681
BAE
Systems
plc
287,148
173,378
Barclays
plc
275,867
10,589
Barratt
Developments
plc
40,020
1,153
Berkeley
Group
Holdings
plc
42,125
200,071
BP
plc
956,013
22,304
British
American
Tobacco
plc
799,763
9,118
British
Land
Company
plc
35,317
71,956
BT
Group
plc
96,730
3,494
Bunzl
plc
106,752
4,108
Burberry
Group
plc
82,059
2,128
Coca-Cola
European
Partners
plc
90,695
18,472
Compass
Group
plc
367,821
1,445
Croda
International
plc
103,207
23,683
Diageo
plc
996,897
42,115
GSK
plc
608,252
52,593
Haleon
plc
a
163,983
3,931
Halma
plc
88,417
3,684
Hargreaves
Lansdown
plc
35,282
1,757
Hikma
Pharmaceuticals
plc
26,483
208,130
HSBC
Holdings
plc
1,077,663
9,349
Imperial
Brands
plc
192,241
15,134
Informa
plc
86,504
1,905
InterContinental
Hotels
Group
plc
91,748
1,671
Intertek
Group
plc
68,559
18,163
J
Sainsbury
plc
35,174
26,706
JD
Sports
Fashion
plc
29,421
1,873
Johnson
Matthey
plc
37,814
20,747
Kingfisher
plc
50,502
7,294
Land
Securities
Group
plc
42,146
61,824
Legal
&
General
Group
plc
147,572
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
146
Shares
Common
Stock
(97.2%)
Value
United
Kingdom
(14.1%)
-
continued
721,112
Lloyds
TSB
Group
plc
$
325,933
3,413
London
Stock
Exchange
Group
plc
288,223
26,317
M&G
plc
48,479
45,276
Melrose
Industries
plc
50,626
5,028
Mondi
plc
77,242
37,760
National
Grid
plc
388,704
55,423
NatWest
Group
plc
138,043
1,351
Next
plc
71,705
5,977
Ocado
Group
plc
a
31,017
6,898
Pearson
plc
65,873
3,306
Persimmon
plc
45,214
7,763
Phoenix
Group
Holdings
plc
45,210
28,469
Prudential
plc
278,643
7,404
Reckitt
Benckiser
Group
plc
490,746
19,934
RELX
plc
487,100
19,300
Rentokil
Initial
plc
102,299
11,643
Rio
Tinto
plc
629,952
86,646
Rolls-Royce
Holdings
plc
a
66,358
10,548
Sage
Group
plc
81,289
7,570
Schroders
plc
32,538
12,511
SEGRO
plc
104,390
2,592
Severn
Trent
plc
67,759
77,014
Shell
plc
1,910,549
9,033
Smith
&
Nephew
plc
104,265
3,890
Smiths
Group
plc
64,795
764
Spirax-Sarco
Engineering
plc
87,824
11,056
SSE
plc
186,691
5,629
St.
James's
Place
plc
64,104
26,122
Standard
Chartered
plc
163,381
36,934
Taylor
Wimpey
plc
35,964
78,169
Tesco
plc
179,403
26,425
Unilever
plc
1,161,105
7,061
United
Utilities
Group
plc
69,721
276,644
Vodafone
Group
plc
309,619
2,092
Whitbread
plc
53,029
Total
18,255,639
Total
Common
Stock
(cost
$132,339,027)
125,379,094
Shares
Preferred
Stock
(
0.3%
)
Germany
(0.3%)
615
Bayerische
Motoren
Werke
AG
39,937
1,845
Henkel
AG
&
Company
KGaA
109,569
1,922
Volkswagen
AG
234,852
Total
384,358
Total
Preferred
Stock
(cost
$480,263)
384,358
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
46,775
Thrivent
Cash
Management
Trust
46,775
Total
Collateral
Held
for
Securities
Loaned
(cost
$46,775)
46,775
Shares
or
Principal
Amount
Short-Term
Investments
(
1.8%
)
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.460%,
 10/26/2022
e,f
99,809
100,000
3.440%,
 12/21/2022
e,f
99,254
Shares
or
Principal
Amount
Short-Term
Investments
(1.8%)
Value
Thrivent
Core
Short-Term
Reserve
Fund
206,707
3.170%
$
2,067,068
Total
Short-Term
Investments
(cost
$2,266,123)
2,266,131
Total
Investments
(cost
$135,132,188)
99.3%
$128,076,358
Other
Assets
and
Liabilities,
Net
0.7%
920,855
Total
Net
Assets
100.0%
$128,997,213
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,
2022,
the
value
of
these
investments
was
$1,830,641
or
1.4%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
The
interest
rate
shown
reflects
the
yield.
f
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
Index
Portfolio
as
of
September
30,
2022:
Securities
Lending
Transactions
Common
Stock
$
45,363
Total
lending
$45,363
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$46,775
Net
amounts
due
to
counterparty
$1,412
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
DRIP
-
Dividend
Reinvestment
Plan
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
147
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
in
valuing
International
Index
Portfolio's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
6,057,701
209,739
5,847,962
Consumer
Discretionary
13,526,923
13,526,923
Consumer
Staples^
14,059,421
90,695
13,968,726
0
Energy
6,199,377
6,199,377
Financials
22,150,244
23,008
22,100,024
27,212
Health
Care
17,408,675
92,789
17,315,886
Industrials
18,917,156
115,050
18,802,106
Information
Technology
9,902,075
228,518
9,673,557
Materials
9,422,796
9,422,796
Real
Estate
3,497,279
3,497,279
Utilities
4,237,447
4,237,447
Preferred
Stock
Consumer
Discretionary
274,789
274,789
Consumer
Staples
109,569
109,569
Short-Term
Investments
199,063
199,063
Subtotal
Investments
in
Securities
$125,962,515
$759,799
$125,175,504
$27,212
Other
Investments  *
Total
Affiliated
Short-Term
Investments
2,067,068
Collateral
Held
for
Securities
Loaned
46,775
Subtotal
Other
Investments
$2,113,843
Total
Investments
at
Value
$128,076,358
*
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
239,454
239,454
Total
Liability
Derivatives
$239,454
$239,454
$–
$–
The
following
table
presents
International
Index
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$199,064
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
31
December
2022
$
2,813,384
(
$
239,454)
Total
Futures
Long
Contracts
$
2,813,384
(
$
239,454)
Total
Futures
Contracts
$
2,813,384
($239,454)
International
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
148
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
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
Index
Portfolio,
is
as
follows:
Portfolio
Value
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$2,395
$11,046
$11,374
$2,067
207
1.6%
Total
Affiliated
Short-Term
Investments
2,395
2,067
1.6
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,019
2,972
47
47
<0.1
Total
Collateral
Held
for
Securities
Loaned
47
<0.1
Total
Value
$2,395
$2,114
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$25
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$25
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
149
Shares
Common
Stock
(
97.0%
)
Value
Communications
Services
(14.9%)
1,507,960
Alphabet,
Inc.,
Class
C
a
$
144,990,354
237,261
Live
Nation
Entertainment,
Inc.
a
18,041,326
377,199
Meta
Platforms,
Inc.
a
51,178,360
110,572
Netflix,
Inc.
a
26,033,072
558,770
Twitter,
Inc.
a
24,496,477
Total
264,739,589
Consumer
Discretionary
(18.2%)
1,383,101
Amazon.com,
Inc.
a
156,290,413
13,428
Chipotle
Mexican
Grill,
Inc.
a
20,179,062
466,760
NIKE,
Inc.
38,797,091
405,936
Tesla,
Inc.
a
107,674,524
Total
322,941,090
Consumer
Staples
(3.7%)
305,187
BJ's
Wholesale
Club
Holdings,
Inc.
a
22,220,665
335,358
Walmart,
Inc.
43,495,933
Total
65,716,598
Financials
(7.3%)
218,124
American
Express
Company
29,427,109
558,833
Charles
Schwab
Corporation
40,163,328
197,848
Raymond
James
Financial,
Inc.
19,551,339
131,425
S&P
Global,
Inc.
40,130,624
Total
129,272,400
Health
Care
(14.0%)
110,422
Amgen,
Inc.
24,889,119
184,806
Danaher
Corporation
47,733,542
55,640
Elevance
Health,
Inc.
25,273,913
160,236
Intuitive
Surgical,
Inc.
a
30,034,636
85,327
Laboratory
Corporation
of
America
Holdings
17,475,823
248,072
Medtronic
plc
20,031,814
228,872
Novo
Nordisk
AS
ADR
22,802,517
42,364
Regeneron
Pharmaceuticals,
Inc.
a
29,183,289
208,442
Zoetis,
Inc.
30,909,864
Total
248,334,517
Industrials
(6.4%)
112,364
Norfolk
Southern
Corporation
23,557,113
57,325
Northrop
Grumman
Corporation
26,961,094
95,599
Parker-Hannifin
Corporation
23,164,594
1,517,335
Uber
Technologies,
Inc.
a
40,209,377
Total
113,892,178
Information
Technology
(32.5%)
1,005,068
Apple,
Inc.
138,900,398
633,831
Block,
Inc.
a
34,854,367
768,135
Microsoft
Corporation
178,898,641
533,948
NVIDIA
Corporation
64,815,948
447,655
PayPal
Holdings,
Inc.
a
38,529,666
340,120
QUALCOMM,
Inc.
38,426,757
296,444
Salesforce,
Inc.
a
42,640,505
108,545
ServiceNow,
Inc.
a
40,987,677
Total
578,053,959
Total
Common
Stock
(cost
$1,351,769,949)
1,722,950,331
Shares
Registered
Investment
Companies
(
0.7%
)
Value
Unaffiliated  (0.7%)
179,730
Energy
Select
Sector
SPDR
Fund
$
12,944,154
Total
12,944,154
Total
Registered
Investment
Companies
(cost
$12,790,466)
12,944,154
Shares
Short-Term
Investments
(
1.9%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
3,389,571
3.170%
33,895,707
Total
Short-Term
Investments
(cost
$33,895,706)
33,895,707
Total
Investments
(cost
$1,398,456,121)
99.6%
$1,769,790,192
Other
Assets
and
Liabilities,
Net
0.4%
7,057,395
Total
Net
Assets
100.0%
$1,776,847,587
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.
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
150
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
264,739,589
264,739,589
Consumer
Discretionary
322,941,090
322,941,090
Consumer
Staples
65,716,598
65,716,598
Financials
129,272,400
129,272,400
Health
Care
248,334,517
248,334,517
Industrials
113,892,178
113,892,178
Information
Technology
578,053,959
578,053,959
Registered
Investment
Companies
Unaffiliated
12,944,154
12,944,154
Subtotal
Investments
in
Securities
$1,735,894,485
$1,735,894,485
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
33,895,707
Subtotal
Other
Investments
$33,895,707
Total
Investments
at
Value
$1,769,790,192
*
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$27,009
$241,285
$234,398
$33,896
3,390
1.9%
Total
Affiliated
Short-Term
Investments
27,009
33,896
1.9
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
88,648
88,648
Total
Collateral
Held
for
Securities
Loaned
Total
Value
$27,009
$33,896
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$22
($22)
$
$390
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$390
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8
Total
Affiliated
Income
from
Securities
Loaned,
Net
$8
Total
Value
$22
($22)
$
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
151
Shares
Common
Stock
(
99.1%
)
Value
Communications
Services
(8.0%)
30,365
Activision
Blizzard,
Inc.
$
2,257,334
255,746
Alphabet,
Inc.,
Class
A
a
24,462,105
228,696
Alphabet,
Inc.,
Class
C
a
21,989,120
303,944
AT&T,
Inc.
4,662,501
4,728
Charter
Communications,
Inc.
a
1,434,239
187,834
Comcast
Corporation
5,509,171
10,706
DISH
Network
Corporation
a
148,064
11,266
Electronic
Arts,
Inc.
1,303,589
13,072
Fox
Corporation,
Class
A
401,049
6,003
Fox
Corporation,
Class
B
171,085
16,678
Interpublic
Group
of
Companies,
Inc.
426,957
6,060
Live
Nation
Entertainment,
Inc.
a
460,802
40,627
Lumen
Technologies,
Inc.
295,765
12,070
Match
Group,
Inc.
a
576,342
97,277
Meta
Platforms,
Inc.
a
13,198,543
18,968
Netflix,
Inc.
a
4,465,826
16,447
News
Corporation,
Class
A
248,514
5,095
News
Corporation,
Class
B
78,565
8,737
Omnicom
Group,
Inc.
551,217
21,538
Paramount
Global
b
410,084
6,683
Take-Two
Interactive
Software,
Inc.
a
728,447
25,674
T-Mobile
US,
Inc.
a
3,444,681
28,678
Twitter,
Inc.
a
1,257,244
179,130
Verizon
Communications,
Inc.
6,801,566
77,759
Walt
Disney
Company
a
7,335,006
94,225
Warner
Bros.
Discovery,
Inc.
a
1,083,588
Total
103,701,404
Consumer
Discretionary
(11.6%)
2,586
Advance
Auto
Parts,
Inc.
404,295
378,039
Amazon.com,
Inc.
a
42,718,407
11,556
Aptiv
plc
a
903,795
831
AutoZone,
Inc.
a
1,779,944
9,738
Bath
&
Body
Works,
Inc.
317,459
8,548
Best
Buy
Company,
Inc.
541,430
1,694
Booking
Holdings,
Inc.
a
2,783,598
10,102
BorgWarner,
Inc.
317,203
9,145
Caesars
Entertainment,
Inc.
a
295,018
6,789
CarMax,
Inc.
a
448,210
42,102
Carnival
Corporation
a
295,977
1,184
Chipotle
Mexican
Grill,
Inc.
a
1,779,268
13,487
D.R.
Horton,
Inc.
908,349
5,228
Darden
Restaurants,
Inc.
660,401
9,682
Dollar
General
Corporation
2,322,325
9,003
Dollar
Tree,
Inc.
a
1,225,308
1,531
Domino's
Pizza,
Inc.
474,916
23,432
eBay,
Inc.
862,532
5,400
Etsy,
Inc.
a
540,702
6,485
Expedia
Group,
Inc.
a
607,580
168,453
Ford
Motor
Company
1,886,674
6,581
Garmin,
Ltd.
528,520
62,190
General
Motors
Company
1,995,677
6,032
Genuine
Parts
Company
900,698
5,537
Hasbro,
Inc.
373,305
11,699
Hilton
Worldwide
Holdings,
Inc.
1,411,133
43,837
Home
Depot,
Inc.
12,096,382
14,015
Las
Vegas
Sands
Corporation
a
525,843
10,876
Lennar
Corporation
810,806
11,118
LKQ
Corporation
524,214
27,261
Lowe's
Companies,
Inc.
5,119,888
11,767
Marriott
International,
Inc.
1,649,027
31,380
McDonald's
Corporation
7,240,621
13,917
MGM
Resorts
International
413,613
Shares
Common
Stock
(99.1%)
Value
Consumer
Discretionary
(11.6%)
-
continued
2,249
Mohawk
Industries,
Inc.
a
$
205,086
16,054
Newell
Brands,
Inc.
222,990
53,898
NIKE,
Inc.
4,480,002
17,973
Norwegian
Cruise
Line
Holdings,
Ltd.
a
204,173
132
NVR,
Inc.
a
526,295
2,719
O'Reilly
Automotive,
Inc.
a
1,912,409
1,689
Pool
Corporation
537,457
9,874
PulteGroup,
Inc.
370,275
1,830
Ralph
Lauren
Corporation
155,422
14,925
Ross
Stores,
Inc.
1,257,730
9,356
Royal
Caribbean
Cruises,
Ltd.
a
354,592
48,940
Starbucks
Corporation
4,123,684
10,740
Tapestry,
Inc.
305,338
19,778
Target
Corporation
2,934,857
113,604
Tesla,
Inc.
a
30,133,461
49,974
TJX
Companies,
Inc.
3,104,385
4,734
Tractor
Supply
Company
879,956
2,210
Ulta
Beauty,
Inc.
a
886,630
14,085
VF
Corporation
421,282
2,325
Whirlpool
Corporation
313,433
4,414
Wynn
Resorts,
Ltd.
a
278,214
12,137
Yum!
Brands,
Inc.
1,290,649
Total
150,561,438
Consumer
Staples
(6.8%)
76,810
Altria
Group,
Inc.
3,101,588
23,910
Archer-Daniels-Midland
Company
1,923,560
7,799
Brown-Forman
Corporation
519,179
8,590
Campbell
Soup
Company
404,761
10,361
Church
&
Dwight
Company,
Inc.
740,190
5,253
Clorox
Company
674,433
166,012
Coca-Cola
Company
9,299,992
35,578
Colgate-Palmolive
Company
2,499,355
20,477
Conagra
Brands,
Inc.
668,165
6,796
Constellation
Brands,
Inc.
1,560,905
18,894
Costco
Wholesale
Corporation
8,923,069
9,887
Estee
Lauder
Companies,
Inc.
2,134,603
25,409
General
Mills,
Inc.
1,946,584
6,264
Hershey
Company
1,381,024
12,344
Hormel
Foods
Corporation
560,911
4,545
J.M.
Smucker
Company
624,528
10,880
Kellogg
Company
757,901
36,240
Keurig
Dr.
Pepper,
Inc.
1,298,117
14,401
Kimberly-Clark
Corporation
1,620,689
33,975
Kraft
Heinz
Company
1,133,066
27,774
Kroger
Company
1,215,113
6,130
Lamb
Weston
Holdings,
Inc.
474,339
10,683
McCormick
&
Company,
Inc.
761,377
8,027
Molson
Coors
Beverage
Company
385,216
58,459
Mondelez
International,
Inc.
3,205,307
16,405
Monster
Beverage
Corporation
a
1,426,579
58,865
PepsiCo,
Inc.
9,610,300
66,119
Philip
Morris
International,
Inc.
5,488,538
101,921
Procter
&
Gamble
Company
12,867,526
21,731
Sysco
Corporation
1,536,599
12,353
Tyson
Foods,
Inc.
814,433
30,596
Walgreens
Boots
Alliance,
Inc.
960,714
60,797
Walmart,
Inc.
7,885,371
Total
88,404,032
Energy
(4.5%)
13,927
APA
Corporation
476,164
43,154
Baker
Hughes
Company
904,508
76,811
Chevron
Corporation
11,035,436
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
152
Shares
Common
Stock
(99.1%)
Value
Energy
(4.5%)
-
continued
54,298
ConocoPhillips
$
5,556,857
33,934
Coterra
Energy,
Inc.
886,356
27,929
Devon
Energy
Corporation
1,679,371
7,582
Diamondback
Energy,
Inc.
913,328
24,996
EOG
Resources,
Inc.
2,792,803
15,780
EQT
Corporation
643,035
177,761
Exxon
Mobil
Corporation
15,520,313
38,684
Halliburton
Company
952,400
11,885
Hess
Corporation
1,295,346
84,565
Kinder
Morgan,
Inc.
1,407,162
28,901
Marathon
Oil
Corporation
652,585
21,268
Marathon
Petroleum
Corporation
2,112,551
31,785
Occidental
Petroleum
Corporation
1,953,188
19,060
ONEOK,
Inc.
976,634
20,518
Phillips
66
1,656,213
10,180
Pioneer
Natural
Resources
Company
2,204,275
60,328
Schlumberger,
Ltd.
2,165,775
16,804
Valero
Energy
Corporation
1,795,507
51,974
Williams
Companies,
Inc.
1,488,016
Total
59,067,823
Financials
(10.9%)
24,527
Aflac,
Inc.
1,378,417
11,529
Allstate
Corporation
1,435,706
25,583
American
Express
Company
3,451,403
32,434
American
International
Group,
Inc.
1,539,966
4,614
Ameriprise
Financial,
Inc.
1,162,497
8,997
Aon
plc
2,410,026
8,971
Arthur
J.
Gallagher
&
Company
1,536,015
2,270
Assurant,
Inc.
329,763
298,171
Bank
of
America
Corporation
9,004,764
31,366
Bank
of
New
York
Mellon
Corporation
1,208,218
76,981
Berkshire
Hathaway,
Inc.
a
20,555,467
6,431
BlackRock,
Inc.
3,538,851
9,999
Brown
&
Brown,
Inc.
604,740
16,371
Capital
One
Financial
Corporation
1,508,915
4,524
Cboe
Global
Markets,
Inc.
530,982
65,129
Charles
Schwab
Corporation
4,680,821
17,814
Chubb,
Ltd.
3,240,010
6,790
Cincinnati
Financial
Corporation
608,180
82,606
Citigroup,
Inc.
3,442,192
21,141
Citizens
Financial
Group,
Inc.
726,405
15,331
CME
Group,
Inc.
2,715,580
5,580
Comerica,
Inc.
396,738
11,652
Discover
Financial
Services
1,059,400
1,681
Everest
Re
Group,
Ltd.
441,162
1,620
FactSet
Research
Systems,
Inc.
648,178
29,268
Fifth
Third
Bancorp
935,405
7,793
First
Republic
Bank
1,017,376
12,116
Franklin
Resources,
Inc.
260,736
3,865
Global
Life,
Inc.
385,341
14,560
Goldman
Sachs
Group,
Inc.
4,266,808
13,783
Hartford
Financial
Services
Group,
Inc.
853,719
61,514
Huntington
Bancshares,
Inc.
810,755
23,820
Intercontinental
Exchange,
Inc.
2,152,137
19,403
Invesco,
Ltd.
265,821
125,083
J.P.
Morgan
Chase
&
Company
13,071,174
39,781
KeyCorp
637,292
6,607
Lincoln
National
Corporation
290,113
8,530
Loews
Corporation
425,135
7,490
M&T
Bank
Corporation
1,320,637
1,605
MarketAxess
Holdings,
Inc.
357,096
Shares
Common
Stock
(99.1%)
Value
Financials
(10.9%)
-
continued
21,285
Marsh
&
McLennan
Companies,
Inc.
$
3,177,638
28,577
MetLife,
Inc.
1,736,910
6,731
Moody's
Corporation
1,636,373
57,117
Morgan
Stanley
4,512,814
3,434
MSCI,
Inc.
1,448,427
14,457
Nasdaq,
Inc.
819,423
8,888
Northern
Trust
Corporation
760,457
17,493
PNC
Financial
Services
Group,
Inc.
2,613,804
9,887
Principal
Financial
Group,
Inc.
713,347
24,948
Progressive
Corporation
2,899,207
15,867
Prudential
Financial,
Inc.
1,361,071
8,285
Raymond
James
Financial,
Inc.
818,724
39,855
Regions
Financial
Corporation
799,890
14,532
S&P
Global,
Inc.
4,437,346
2,684
Signature
Bank
405,284
15,680
State
Street
Corporation
953,501
2,520
SVB
Financial
Group
a
846,166
20,548
Synchrony
Financial
579,248
9,626
T.
Rowe
Price
Group,
Inc.
1,010,826
10,122
Travelers
Companies,
Inc.
1,550,690
56,574
Truist
Financial
Corporation
2,463,232
57,669
U.S.
Bancorp
2,325,214
8,712
W.R.
Berkley
Corporation
562,621
161,784
Wells
Fargo
&
Company
6,506,953
4,690
Willis
Towers
Watson
plc
942,409
6,418
Zions
Bancorporation
NA
326,419
Total
141,411,935
Health
Care
(15.0%)
74,695
Abbott
Laboratories
7,227,488
75,414
AbbVie,
Inc.
10,121,313
1,939
ABIOMED,
Inc.
a
476,335
12,741
Agilent
Technologies,
Inc.
1,548,669
3,098
Align
Technology,
Inc.
a
641,627
6,630
AmerisourceBergen
Corporation
897,238
22,816
Amgen,
Inc.
5,142,726
21,480
Baxter
International,
Inc.
1,156,913
12,164
Becton,
Dickinson
and
Company
2,710,504
6,189
Biogen,
Inc.
a
1,652,463
914
Bio-Rad
Laboratories,
Inc.
a
381,266
1,673
Bio-Techne
Corporation
475,132
61,062
Boston
Scientific
Corporation
a
2,364,931
91,075
Bristol-Myers
Squibb
Company
6,474,522
11,620
Cardinal
Health,
Inc.
774,822
7,644
Catalent,
Inc.
a
553,120
24,380
Centene
Corporation
a
1,897,008
2,169
Charles
River
Laboratories
International,
Inc.
a
426,859
13,014
Cigna
Holding
Company
3,610,995
2,104
Cooper
Companies,
Inc.
555,246
55,996
CVS
Health
Corporation
5,340,339
27,925
Danaher
Corporation
7,212,748
2,375
DaVita,
Inc.
a
196,579
9,190
Dentsply
Sirona,
Inc.
260,536
16,745
DexCom,
Inc.
a
1,348,642
26,442
Edwards
Lifesciences
Corporation
a
2,184,902
10,237
Elevance
Health,
Inc.
4,650,055
33,638
Eli
Lilly
and
Company
10,876,847
53,460
Gilead
Sciences,
Inc.
3,297,947
9,182
HCA
Healthcare,
Inc.
1,687,560
5,806
Henry
Schein,
Inc.
a
381,861
10,648
Hologic,
Inc.
a
687,009
5,398
Humana,
Inc.
2,619,056
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
153
Shares
Common
Stock
(99.1%)
Value
Health
Care
(15.0%)
-
continued
3,551
IDEXX
Laboratories,
Inc.
a
$
1,156,916
6,701
Illumina,
Inc.
a
1,278,484
7,874
Incyte
Corporation
a
524,723
15,232
Intuitive
Surgical,
Inc.
a
2,855,086
7,955
IQVIA
Holding,
Inc.
a
1,440,969
112,142
Johnson
&
Johnson
18,319,517
3,856
Laboratory
Corporation
of
America
Holdings
789,747
6,130
McKesson
Corporation
2,083,403
56,673
Medtronic
plc
4,576,345
108,052
Merck
&
Company,
Inc.
9,305,438
960
Mettler-Toledo
International,
Inc.
a
1,040,755
14,350
Moderna,
Inc.
a
1,696,887
2,478
Molina
Healthcare,
Inc.
a
817,344
10,848
Organon
&
Company
253,843
5,384
PerkinElmer,
Inc.
647,857
239,383
Pfizer,
Inc.
10,475,400
4,974
Quest
Diagnostics,
Inc.
610,260
4,572
Regeneron
Pharmaceuticals,
Inc.
a
3,149,514
6,245
ResMed,
Inc.
1,363,283
4,266
STERIS
plc
709,350
14,361
Stryker
Corporation
2,908,677
2,001
Teleflex,
Inc.
403,121
16,711
Thermo
Fisher
Scientific,
Inc.
8,475,652
39,897
UnitedHealth
Group,
Inc.
20,149,581
2,803
Universal
Health
Services,
Inc.
247,169
10,939
Vertex
Pharmaceuticals,
Inc.
a
3,167,278
51,720
Viatris,
Inc.
440,654
2,554
Waters
Corporation
a
688,380
3,158
West
Pharmaceutical
Services,
Inc.
777,121
8,949
Zimmer
Biomet
Holdings,
Inc.
935,618
19,967
Zoetis,
Inc.
2,960,906
Total
194,082,536
Industrials
(7.8%)
23,613
3M
Company
2,609,237
5,480
A.O.
Smith
Corporation
266,218
5,407
Alaska
Air
Group,
Inc.
a
211,684
3,747
Allegion
plc
336,031
27,718
American
Airlines
Group,
Inc.
a
333,725
9,792
AMETEK,
Inc.
1,110,511
23,808
Boeing
Company
a
2,882,673
5,284
C.H.
Robinson
Worldwide,
Inc.
508,902
35,896
Carrier
Global
Corporation
1,276,462
22,517
Caterpillar,
Inc.
3,694,589
3,669
Cintas
Corporation
1,424,269
9,124
Copart,
Inc.
a
970,794
16,888
CoStar
Group,
Inc.
a
1,176,249
91,330
CSX
Corporation
2,433,031
6,014
Cummins,
Inc.
1,223,909
11,863
Deere
&
Company
3,960,937
27,349
Delta
Air
Lines,
Inc.
a
767,413
6,123
Dover
Corporation
713,819
16,989
Eaton
Corporation
plc
2,265,653
25,221
Emerson
Electric
Company
1,846,682
5,221
Equifax,
Inc.
895,036
6,978
Expeditors
International
of
Washington,
Inc.
616,227
24,512
Fastenal
Company
1,128,532
10,197
FedEx
Corporation
1,513,949
15,171
Fortive
Corporation
884,469
5,516
Fortune
Brands
Home
and
Security,
Inc.
296,154
2,723
Generac
Holdings,
Inc.
a
485,075
Shares
Common
Stock
(99.1%)
Value
Industrials
(7.8%)
-
continued
9,592
General
Dynamics
Corporation
$
2,035,135
46,771
General
Electric
Company
2,895,593
28,735
Honeywell
International,
Inc.
4,797,883
15,769
Howmet
Aerospace,
Inc.
487,735
1,704
Huntington
Ingalls
Industries,
Inc.
377,436
3,219
IDEX
Corporation
643,317
12,018
Illinois
Tool
Works,
Inc.
2,171,052
17,197
Ingersoll
-
Rand,
Inc.
743,942
5,443
Jacobs
Solutions,
Inc.
590,511
3,542
JB
Hunt
Transport
Services,
Inc.
554,040
29,380
Johnson
Controls
International
plc
1,446,084
8,162
L3Harris
Technologies,
Inc.
1,696,308
5,824
Leidos
Holdings,
Inc.
509,425
10,065
Lockheed
Martin
Corporation
3,888,009
9,619
Masco
Corporation
449,111
15,342
Nielsen
Holdings
plc
425,280
2,306
Nordson
Corporation
489,495
10,018
Norfolk
Southern
Corporation
2,100,274
6,203
Northrop
Grumman
Corporation
2,917,395
3,909
Old
Dominion
Freight
Line,
Inc.
972,442
17,924
Otis
Worldwide
Corporation
1,143,551
14,831
PACCAR,
Inc.
1,241,206
5,475
Parker-Hannifin
Corporation
1,326,647
7,015
Pentair
plc
285,019
6,100
Quanta
Services,
Inc.
777,079
62,978
Raytheon
Technologies
Corporation
5,155,379
8,759
Republic
Services,
Inc.
1,191,574
4,673
Robert
Half
International,
Inc.
357,484
4,924
Rockwell
Automation,
Inc.
1,059,202
9,871
Rollins,
Inc.
342,326
2,272
Snap-On,
Inc.
457,467
25,308
Southwest
Airlines
Company
a
780,499
6,305
Stanley
Black
&
Decker,
Inc.
474,199
9,022
Textron,
Inc.
525,622
9,883
Trane
Technologies
plc
1,431,157
2,198
TransDigm
Group,
Inc.
1,153,554
26,636
Union
Pacific
Corporation
5,189,226
13,937
United
Airlines
Holdings,
Inc.
a
453,371
31,216
United
Parcel
Service,
Inc.
5,042,633
2,985
United
Rentals,
Inc.
a
806,308
6,695
Verisk
Analytics,
Inc.
1,141,698
1,931
W.W.
Grainger,
Inc.
944,626
7,757
Wabtec
Corporation
631,032
16,043
Waste
Management,
Inc.
2,570,249
7,685
Xylem,
Inc.
671,362
Total
101,175,167
Information
Technology
(26.1%)
26,980
Accenture
plc
6,941,954
19,962
Adobe,
Inc.
a
5,493,542
68,855
Advanced
Micro
Devices,
Inc.
a
4,362,653
6,780
Akamai
Technologies,
Inc.
a
544,570
25,371
Amphenol
Corporation
1,698,842
22,171
Analog
Devices,
Inc.
3,089,307
3,714
ANSYS,
Inc.
a
823,394
644,335
Apple,
Inc.
89,047,097
37,106
Applied
Materials,
Inc.
3,040,095
10,513
Arista
Networks,
Inc.
a
1,186,813
9,267
Autodesk,
Inc.
a
1,731,076
17,723
Automatic
Data
Processing,
Inc.
4,008,765
17,224
Broadcom,
Inc.
7,647,628
5,000
Broadridge
Financial
Solutions,
Inc.
721,600
11,681
Cadence
Design
Systems,
Inc.
a
1,909,026
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
154
Shares
Common
Stock
(99.1%)
Value
Information
Technology
(26.1%)
-
continued
5,768
CDW
Corporation
$
900,269
6,528
Ceridian
HCM
Holding,
Inc.
a
364,785
176,624
Cisco
Systems,
Inc.
7,064,960
5,320
Citrix
Systems,
Inc.
c
553,280
22,085
Cognizant
Technology
Solutions
Corporation
1,268,562
32,450
Corning,
Inc.
941,699
9,805
DXC
Technology
Company
a
240,026
5,778
Enphase
Energy,
Inc.
a
1,603,222
2,447
EPAM
Systems,
Inc.
a
886,279
2,540
F5,
Inc.
a
367,614
25,932
Fidelity
National
Information
Services,
Inc.
1,959,681
27,280
Fiserv,
Inc.
a
2,552,590
3,200
FLEETCOR
Technologies,
Inc.
a
563,744
27,915
Fortinet,
Inc.
a
1,371,464
3,374
Gartner,
Inc.
a
933,552
11,822
Global
Payments,
Inc.
1,277,367
55,420
Hewlett
Packard
Enterprise
Company
663,932
38,816
HP,
Inc.
967,295
175,133
Intel
Corporation
4,513,177
38,523
International
Business
Machines
Corporation
4,576,918
12,031
Intuit,
Inc.
4,659,847
3,108
Jack
Henry
&
Associates,
Inc.
566,495
13,760
Juniper
Networks,
Inc.
359,411
7,675
Keysight
Technologies,
Inc.
a
1,207,738
6,048
KLA-Tencor
Corporation
1,830,306
5,842
Lam
Research
Corporation
2,138,172
36,392
Mastercard,
Inc.
10,347,701
23,565
Microchip
Technology,
Inc.
1,438,172
47,052
Micron
Technology,
Inc.
2,357,305
318,100
Microsoft
Corporation
74,085,490
1,896
Monolithic
Power
Systems,
Inc.
689,006
7,118
Motorola
Solutions,
Inc.
1,594,218
9,372
NetApp,
Inc.
579,658
25,254
NortonLifeLock,
Inc.
508,616
106,803
NVIDIA
Corporation
12,964,816
11,201
NXP
Semiconductors
NV
1,652,259
18,479
ON
Semiconductor
Corporation
a
1,151,796
64,790
Oracle
Corporation
3,956,725
13,662
Paychex,
Inc.
1,533,013
2,073
Paycom
Software,
Inc.
a
684,069
49,327
PayPal
Holdings,
Inc.
a
4,245,575
4,509
PTC,
Inc.
a
471,641
4,402
Qorvo,
Inc.
a
349,563
47,899
QUALCOMM,
Inc.
5,411,629
4,522
Roper
Industries,
Inc.
1,626,292
42,440
Salesforce,
Inc.
a
6,104,570
8,330
Seagate
Technology
Holdings
plc
443,406
8,616
ServiceNow,
Inc.
a
3,253,488
6,843
Skyworks
Solutions,
Inc.
583,503
2,373
SolarEdge
Technologies,
Inc.
a
549,255
6,525
Synopsys,
Inc.
a
1,993,453
13,642
TE
Connectivity,
Ltd.
1,505,531
1,999
Teledyne
Technologies,
Inc.
a
674,603
6,687
Teradyne,
Inc.
502,528
38,972
Texas
Instruments,
Inc.
6,032,086
10,563
Trimble,
Inc.
a
573,254
1,774
Tyler
Technologies,
Inc.
a
616,465
3,981
VeriSign,
Inc.
a
691,500
69,738
Visa,
Inc.
12,388,956
13,358
Western
Digital
Corporation
a
434,803
Shares
Common
Stock
(99.1%)
Value
Information
Technology
(26.1%)
-
continued
2,209
Zebra
Technologies
Corporation
a
$
578,780
Total
339,152,472
Materials
(2.5%)
9,460
Air
Products
and
Chemicals,
Inc.
2,201,626
4,996
Albemarle
Corporation
1,321,142
64,097
Amcor
plc
687,761
3,466
Avery
Dennison
Corporation
563,918
13,406
Ball
Corporation
647,778
4,252
Celanese
Corporation
384,126
8,499
CF
Industries
Holdings,
Inc.
818,029
30,650
Corteva,
Inc.
1,751,647
30,632
Dow,
Inc.
1,345,664
21,365
DuPont
de
Nemours,
Inc.
1,076,796
5,238
Eastman
Chemical
Company
372,160
10,575
Ecolab,
Inc.
1,527,241
5,373
FMC
Corporation
567,926
60,994
Freeport-McMoRan,
Inc.
1,666,966
10,874
International
Flavors
&
Fragrances,
Inc.
987,685
15,441
International
Paper
Company
489,480
21,257
Linde
plc
5,730,675
10,853
LyondellBasell
Industries
NV
817,014
2,660
Martin
Marietta
Materials,
Inc.
856,759
14,727
Mosaic
Company
711,756
33,853
Newmont
Corporation
1,422,842
11,166
Nucor
Corporation
1,194,650
3,998
Packaging
Corporation
of
America
448,935
10,023
PPG
Industries,
Inc.
1,109,446
6,194
Sealed
Air
Corporation
275,695
10,060
Sherwin-Williams
Company
2,059,785
5,669
Vulcan
Materials
Company
894,058
10,847
WestRock
Company
335,064
Total
32,266,624
Real
Estate
(2.8%)
6,333
Alexandria
Real
Estate
Equities,
Inc.
887,823
19,859
American
Tower
Corporation
4,263,727
5,964
AvalonBay
Communities,
Inc.
1,098,509
6,084
Boston
Properties,
Inc.
456,117
4,544
Camden
Property
Trust
542,781
13,699
CBRE
Group,
Inc.
a
924,819
18,470
Crown
Castle,
Inc.
2,669,839
12,259
Digital
Realty
Trust,
Inc.
1,215,848
3,885
Equinix,
Inc.
2,209,943
14,438
Equity
Residential
970,522
2,778
Essex
Property
Trust,
Inc.
672,915
5,712
Extra
Space
Storage,
Inc.
986,520
3,106
Federal
Realty
Investment
Trust
279,913
23,015
Healthpeak
Properties,
Inc.
527,504
30,492
Host
Hotels
&
Resorts,
Inc.
484,213
24,732
Invitation
Homes,
Inc.
835,200
12,399
Iron
Mountain,
Inc.
545,184
26,380
Kimco
Realty
Corporation
485,656
4,924
Mid-America
Apartment
Communities,
Inc.
763,565
39,379
Prologis,
Inc.
4,000,906
6,739
Public
Storage,
Inc.
1,973,247
26,341
Realty
Income
Corporation
1,533,046
6,569
Regency
Centers
Corporation
353,741
4,601
SBA
Communications
Corporation
1,309,675
13,962
Simon
Property
Group,
Inc.
1,253,090
13,027
UDR,
Inc.
543,356
17,049
Ventas,
Inc.
684,858
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
155
Shares
Common
Stock
(99.1%)
Value
Real
Estate
(2.8%)
-
continued
41,079
VICI
Properties,
Inc.
$
1,226,208
6,871
Vornado
Realty
Trust
159,132
19,764
Welltower,
Inc.
1,271,220
31,577
Weyerhaeuser
Company
901,839
Total
36,030,916
Utilities
(3.1%)
28,489
AES
Corporation
643,851
10,703
Alliant
Energy
Corporation
567,152
11,020
Ameren
Corporation
887,661
21,912
American
Electric
Power
Company,
Inc.
1,894,292
7,754
American
Water
Works
Company,
Inc.
1,009,261
5,967
Atmos
Energy
Corporation
607,739
26,850
CenterPoint
Energy,
Inc.
756,633
12,378
CMS
Energy
Corporation
720,895
15,124
Consolidated
Edison,
Inc.
1,297,034
13,941
Constellation
Energy
Corporation
1,159,752
35,509
Dominion
Energy,
Inc.
2,454,027
8,264
DTE
Energy
Company
950,773
32,841
Duke
Energy
Corporation
3,054,870
16,269
Edison
International,
Inc.
920,500
8,676
Entergy
Corporation
873,066
9,790
Evergy,
Inc.
581,526
14,777
Eversource
Energy
1,152,015
42,301
Exelon
Corporation
1,584,596
23,153
FirstEnergy
Corporation
856,661
83,803
NextEra
Energy,
Inc.
6,570,993
17,315
NiSource,
Inc.
436,165
10,030
NRG
Energy,
Inc.
383,848
68,672
PG&E
Corporation
a
858,400
4,822
Pinnacle
West
Capital
Corporation
311,067
31,400
PPL
Corporation
795,990
21,278
Public
Service
Enterprise
Group,
Inc.
1,196,462
13,406
Sempra
Energy
2,010,096
45,340
Southern
Company
3,083,120
13,454
WEC
Energy
Group,
Inc.
1,203,191
23,331
Xcel
Energy,
Inc.
1,493,184
Total
40,314,820
Total
Common
Stock
(cost
$607,954,231)
1,286,169,167
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
Value
372,450
Thrivent
Cash
Management
Trust
372,450
Total
Collateral
Held
for
Securities
Loaned
(cost
$372,450)
372,450
Shares
or
Principal
Amount
Short-Term
Investments
(
1.0%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.370%,
10/18/2022
d,e
99,875
900,000
2.980%,
11/18/2022
d,e
896,385
Shares
or
Principal
Amount
Short-Term
Investments
(1.0%)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,212,248
3.170%
$
12,122,476
Total
Short-Term
Investments
(cost
$13,118,788)
13,118,736
Total
Investments
(cost
$621,445,469)
100.1%
$1,299,660,353
Other
Assets
and
Liabilities,
Net
(0.1%)
(1,661,191)
Total
Net
Assets
100.0%
$1,297,999,162
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
The
interest
rate
shown
reflects
the
yield.
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
Large
Cap
Index
Portfolio
as
of
September
30,
2022:
Securities
Lending
Transactions
Common
Stock
$
363,664
Total
lending
$363,664
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$372,450
Net
amounts
due
to
counterparty
$8,786
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
156
Reference
Description:
CME
-
Chicago
Mercantile
Exchange
S&P
-
Standard
&
Poor's
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
103,701,404
103,701,404
Consumer
Discretionary
150,561,438
150,561,438
Consumer
Staples
88,404,032
88,404,032
Energy
59,067,823
59,067,823
Financials
141,411,935
141,411,935
Health
Care
194,082,536
194,082,536
Industrials
101,175,167
101,175,167
Information
Technology
339,152,472
338,599,192
553,280
Materials
32,266,624
32,266,624
Real
Estate
36,030,916
36,030,916
Utilities
40,314,820
40,314,820
Short-Term
Investments
996,260
996,260
Subtotal
Investments
in
Securities
$1,287,165,427
$1,285,615,887
$996,260
$553,280
Other
Investments  *
Total
Affiliated
Short-Term
Investments
12,122,476
Collateral
Held
for
Securities
Loaned
372,450
Subtotal
Other
Investments
$12,494,926
Total
Investments
at
Value
$1,299,660,353
*
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
1,449,961
1,449,961
Total
Liability
Derivatives
$1,449,961
$1,449,961
$–
$–
The
following
table
presents
Large
Cap
Index
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$996,260
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
72
December
2022
$
14,415,361
(
$
1,449,961)
Total
Futures
Long
Contracts
$
14,415,361
(
$
1,449,961)
Total
Futures
Contracts
$
14,415,361
($1,449,961)
Large
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
157
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Portfolio.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Index
Portfolio,
is
as
follows:
Portfolio
Value
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$10,576
$47,581
$46,035
$12,122
1,212
0.9%
Total
Affiliated
Short-Term
Investments
10,576
12,122
0.9
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
656
19,951
20,235
372
372
<0.1
Total
Collateral
Held
for
Securities
Loaned
656
372
<0.1
Total
Value
$11,232
$
12,494
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$117
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$117
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
7
Total
Affiliated
Income
from
Securities
Loaned,
Net
$7
Total
Value
$–
$–
$
Large
Cap
Value
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
158
Shares
Common
Stock
(
98.9%
)
Value
Communications
Services
(5.4%)
275,845
Alphabet,
Inc.,
Class
C
a
$
26,522,497
944,068
Comcast
Corporation
27,689,515
101,709
Meta
Platforms,
Inc.
a
13,799,877
966,262
Verizon
Communications,
Inc.
36,688,968
1,303,260
Warner
Bros.
Discovery,
Inc.
a
14,987,490
Total
119,688,347
Consumer
Discretionary
(6.3%)
118,408
Aptiv
plc
a
9,260,690
13,326
Booking
Holdings,
Inc.
a
21,897,416
333,752
D.R.
Horton,
Inc.
22,478,197
1,346,283
Ford
Motor
Company
15,078,370
267,411
Lowe's
Companies,
Inc.
50,222,460
313,910
Sony
Group
Corporation
ADR
20,105,935
Total
139,043,068
Consumer
Staples
(6.7%)
315,739
Lamb
Weston
Holdings,
Inc.
24,431,884
568,524
Philip
Morris
International,
Inc.
47,193,177
291,140
Sysco
Corporation
20,586,510
417,066
Walmart,
Inc.
54,093,460
Total
146,305,031
Energy
(9.5%)
911,377
BP
plc
ADR
26,019,813
438,162
ConocoPhillips
44,841,499
431,502
Devon
Energy
Corporation
25,946,215
1,307,117
Enterprise
Products
Partners,
LP
31,083,242
160,803
Exxon
Mobil
Corporation
14,039,710
389,866
Halliburton
Company
9,598,501
253,589
Marathon
Petroleum
Corporation
25,188,996
150,312
Pioneer
Natural
Resources
Company
32,547,058
Total
209,265,034
Financials
(19.7%)
1,492,130
Bank
of
America
Corporation
45,062,326
162,978
Capital
One
Financial
Corporation
15,021,682
299,503
Charles
Schwab
Corporation
21,525,281
211,994
Chubb,
Ltd.
38,557,469
299,180
Comerica,
Inc.
21,271,698
144,819
Discover
Financial
Services
13,166,943
813,752
Equitable
Holdings,
Inc.
21,442,365
390,749
J.P.
Morgan
Chase
&
Company
40,833,271
162,067
M&T
Bank
Corporation
28,575,653
97,471
Marsh
&
McLennan
Companies,
Inc.
14,551,446
495,933
Morgan
Stanley
39,183,666
236,552
Raymond
James
Financial,
Inc.
23,376,069
321,430
State
Street
Corporation
19,546,158
608,939
Truist
Financial
Corporation
26,513,204
1,061,925
Wells
Fargo
&
Company
42,710,624
55,609
Zurich
Insurance
Group
AG
22,168,574
Total
433,506,429
Health
Care
(17.6%)
443,396
AstraZeneca
plc
ADR
24,315,837
352,349
Baxter
International,
Inc.
18,977,517
93,296
Biogen,
Inc.
a
24,910,032
131,911
Cigna
Holding
Company
36,601,345
240,595
CVS
Health
Corporation
22,945,545
91,314
Elevance
Health,
Inc.
41,478,471
591,282
Gilead
Sciences,
Inc.
36,476,187
127,406
HCA
Healthcare,
Inc.
23,415,949
Shares
Common
Stock
(98.9%)
Value
Health
Care
(17.6%)
-
continued
313,761
Johnson
&
Johnson
$
51,255,997
103,045
Laboratory
Corporation
of
America
Holdings
21,104,647
452,170
Merck
&
Company,
Inc.
38,940,880
535,549
Pfizer,
Inc.
23,435,624
211,255
Zimmer
Biomet
Holdings,
Inc.
22,086,710
Total
385,944,741
Industrials
(11.8%)
65,772
Carlisle
Companies,
Inc.
18,443,127
2,366,789
CNH
Industrial
NV
26,437,033
151,867
Crane
Holdings,
Company
13,294,437
636,888
CSX
Corporation
16,966,696
704,788
Delta
Air
Lines,
Inc.
a
19,776,351
357,286
Emerson
Electric
Company
26,160,481
122,329
General
Dynamics
Corporation
25,954,544
365,066
Johnson
Controls
International
plc
17,968,549
102,376
L3Harris
Technologies,
Inc.
21,276,804
85,827
Parker-Hannifin
Corporation
20,796,740
233,381
United
Parcel
Service,
Inc.
37,700,367
51,745
United
Rentals,
Inc.
a
13,977,359
Total
258,752,488
Information
Technology
(10.2%)
1,219,529
Cisco
Systems,
Inc.
48,781,160
357,141
Fidelity
National
Information
Services,
Inc.
26,989,145
198,803
Microsoft
Corporation
46,301,219
203,450
PayPal
Holdings,
Inc.
a
17,510,941
293,742
QUALCOMM,
Inc.
33,186,971
733,662
Samsung
Electronics
Company,
Ltd.
26,939,521
156,650
Texas
Instruments,
Inc.
24,246,287
Total
223,955,244
Materials
(4.0%)
721,168
Axalta
Coating
Systems,
Ltd.
a
15,187,798
309,531
CF
Industries
Holdings,
Inc.
29,792,359
163,426
Eastman
Chemical
Company
11,611,417
157,299
LyondellBasell
Industries
NV
11,841,469
178,922
Nucor
Corporation
19,142,865
Total
87,575,908
Real
Estate
(3.1%)
67,349
AvalonBay
Communities,
Inc.
12,405,012
173,334
CBRE
Group,
Inc.
a
11,701,778
1,020,411
Healthcare
Realty
Trust,
Inc.
21,275,570
1,476,732
Host
Hotels
&
Resorts,
Inc.
23,450,504
Total
68,832,864
Utilities
(4.6%)
370,040
Constellation
Energy
Corporation
30,783,628
262,111
Duke
Energy
Corporation
24,381,565
261,031
Entergy
Corporation
26,267,549
358,703
Public
Service
Enterprise
Group,
Inc.
20,169,870
Total
101,602,612
Total
Common
Stock
(cost
$1,796,144,924)
2,174,471,766
Large
Cap
Value
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
159
Shares
Short-Term
Investments
(
1.5%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
3,401,026
3.170%
$
34,010,258
Total
Short-Term
Investments
(cost
$34,000,153)
34,010,258
Total
Investments
(cost
$1,830,145,077)
100.4%
$2,208,482,024
Other
Assets
and
Liabilities,
Net
(0.4%)
(9,348,933)
Total
Net
Assets
100.0%
$2,199,133,091
a
Non-income
producing
security.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
119,688,347
119,688,347
Consumer
Discretionary
139,043,068
139,043,068
Consumer
Staples
146,305,031
146,305,031
Energy
209,265,034
209,265,034
Financials
433,506,429
411,337,855
22,168,574
Health
Care
385,944,741
385,944,741
Industrials
258,752,488
258,752,488
Information
Technology
223,955,244
197,015,723
26,939,521
Materials
87,575,908
87,575,908
Real
Estate
68,832,864
68,832,864
Utilities
101,602,612
101,602,612
Subtotal
Investments
in
Securities
$2,174,471,766
$2,125,363,671
$49,108,095
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
34,010,258
Subtotal
Other
Investments
$34,010,258
Total
Investments
at
Value
$2,208,482,024
*
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.  
Large
Cap
Value
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
160
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Portfolio.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Value
Portfolio,
is
as
follows:
Portfolio
Value
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$32,435
$164,551
$162,976
$34,010
3,401
1.5%
Total
Affiliated
Short-Term
Investments
32,435
34,010
1.5
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
21,921
95,230
117,151
Total
Collateral
Held
for
Securities
Loaned
21,921
Total
Value
$54,356
$34,010
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$358
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$358
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
17
Total
Affiliated
Income
from
Securities
Loaned,
Net
$17
Total
Value
$–
$–
$
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
161
Principal
Amount
Long-Term
Fixed
Income
(
95.6%
)
Value
Asset-Backed
Securities
(16.6%)
510
Asset
Backed
Trust
$
3,025,434
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
a,b
$
2,803,102
2,760,889
2.240%, 
11/25/2069,
Ser.
2021-NPL1,
Class
A1
a,b
2,570,934
Affirm
Asset
Securitization
Trust
2,123,696
0.880%, 
8/15/2025,
Ser.
2021-A,
Class
A
a
2,110,480
6,000,000
1.030%, 
8/15/2026,
Ser.
2021-B,
Class
A
a
5,659,559
1,534,898
1.750%, 
2/15/2027,
Ser.
2022-X1,
Class
A
a
1,496,537
2,000,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
A
a
1,903,383
AMSR
Trust
2,000,000
2.417%, 
12/17/2038,
Ser.
2021-SFR4,
Class
B
a
1,730,880
Ares
XL
CLO,
Ltd.
3,000,000
3.912%, 
(LIBOR
3M
+
1.400%),
1/15/2029,
Ser.
2016-40A,
Class
A3RR
a,c
2,847,000
Arkansas
Student
Loan
Auth.
2,319,353
3.943%, 
(LIBOR
3M
+
0.900%),
11/25/2043,
Ser.
2010-1A
c
2,287,411
Avant
Credit
Card
Master
Trust
4,500,000
1.370%, 
4/15/2027,
Ser.
2021-1A,
Class
A
a
4,080,073
Bankers
Healthcare
Group
Securitization
Trust
1,500,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
a
1,496,250
BHG
Securitization
Trust
2,920,849
0.900%, 
10/17/2034,
Ser.
2021-B,
Class
A
a
2,770,391
BRAVO
Residential
Funding
Trust
3,531,472
3.031%, 
(SOFR30A
+
0.750%),
10/25/2022,
Ser.
2021-HE2,
Class
A1
a,c
3,488,653
Business
Jet
Securities,
LLC
1,504,118
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
a
1,371,841
Cascade
Funding
Mortgage
Trust
1,548,526
1.100%, 
3/20/2041,
Ser.
2021-GRN1,
Class
A
a
1,432,046
Commonbond
Student
Loan
Trust
307,876
2.550%, 
5/25/2041,
Ser.
2017-AGS,
Class
A1
a
301,286
745,860
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
a,c
733,567
CoreVest
American
Finance
Trust
118,839
3.804%, 
6/15/2051,
Ser.
2018-1,
Class
A
a
118,565
Education
Funding
Trust
1,529,631
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
a
1,417,912
Flatiron
CLO,
Ltd.
3,500,000
4.355%, 
(LIBOR
3M
+
1.450%),
5/15/2030,
Ser.
2017-1A,
Class
BR
a,c
3,323,621
Foundation
Finance
Trust
1,658,433
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
a
1,486,557
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Asset-Backed
Securities
(16.6%)
-
continued
Galaxy
XXIII
CLO,
Ltd.
$
3,800,000
4.133%, 
(LIBOR
3M
+
1.350%),
4/24/2029,
Ser.
2017-23A,
Class
B1R
a,c
$
3,609,650
Genesis
Sales
Finance
Master
Trust
3,500,000
1.650%, 
9/22/2025,
Ser.
2020-AA,
Class
A
a
3,423,714
5,000,000
1.200%, 
12/21/2026,
Ser.
2021-AA,
Class
A
a
4,661,997
GMAC
Mortgage
Corporation
Loan
Trust
39,434
3.584%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
c,d
20,752
GSAA
Home
Equity
Trust
575,485
5.034%, 
(LIBOR
1M
+
1.950%),
5/25/2034,
Ser.
2004-4,
Class
M2
c
603,031
844,141
4.520%, 
8/25/2034,
Ser.
2004-10,
Class
M2
b
733,326
Lendingpoint
Asset
Securitization
Trust
408,023
1.000%, 
12/15/2028,
Ser.
2021-A,
Class
A
a
406,415
Longfellow
Place
CLO,
Ltd.
6,700,000
4.262%, 
(LIBOR
3M
+
1.750%),
4/15/2029,
Ser.
2013-1A,
Class
BR3
a,c
6,545,987
Madison
Park
Funding
XI,
Ltd.
2,000,000
4.233%, 
(LIBOR
3M
+
1.450%),
7/23/2029,
Ser.
2013-11A,
Class
BR2
a,c
1,916,704
Marlette
Funding
Trust
1,500,000
5.180%, 
11/15/2032,
Ser.
2022-3A,
Class
A
a
1,493,509
Mercury
Financial
Credit
Card
Master
Trust
1,800,000
2.500%, 
9/21/2026,
Ser.
2022-1A,
Class
A
a
1,705,091
National
Collegiate
Trust
782,691
3.379%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
a,c
756,043
Navient
Student
Loan
Trust
1,451,739
4.160%, 
10/15/2070,
Ser.
2022-BA,
Class
A
a
1,399,070
Oak
Street
Investment
2,129,663
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
a
1,873,716
OCP
CLO
2,500,000
4.062%, 
(LIBOR
3M
+
1.550%),
7/15/2030,
Ser.
2017-13A,
Class
A2R
a,c
2,354,568
OneMain
Financial
Issuance
Trust
3,500,000
1.750%, 
9/14/2035,
Ser.
2020-2A,
Class
A
a
3,081,301
OSD
CLO
2021-23,
Ltd.
2,000,000
4.260%, 
(LIBOR
3M
+
1.520%),
4/17/2031,
Ser.
2021-23A,
Class
B
a,c
1,870,710
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
162
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Asset-Backed
Securities
(16.6%)
-
continued
OZLM
VIII,
Ltd.
$
2,000,000
4.390%, 
(LIBOR
3M
+
1.650%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
a,c
$
1,895,150
Pagaya
AI
Technology
in
Housing
Trust
2,000,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
a
1,850,845
Palmer
Square
Loan
Funding,
Ltd.
4,000,000
4.110%, 
(LIBOR
3M
+
1.400%),
7/20/2029,
Ser.
2021-3A,
Class
A2
a,c
3,796,568
Pretium
Mortgage
Credit
Partners,
LLC
1,565,277
5.240%, 
4/25/2052,
Ser.
2022-NPL2,
Class
A1
a,b
1,506,101
2,627,516
1.868%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A1
a,b
2,337,383
1,266,147
2.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
a,b
1,199,014
Progress
Residential
Trust
2,000,000
2.078%, 
6/18/2037,
Ser.
2020-SFR2,
Class
A
a
1,831,908
Sound
Point
CLO
XIV,
Ltd.
4,500,000
4.283%, 
(LIBOR
3M
+
1.500%),
1/23/2029,
Ser.
2016-3A,
Class
B1R
a,c
4,345,160
5,000,000
4.833%, 
(LIBOR
3M
+
2.050%),
1/23/2029,
Ser.
2016-3A,
Class
CR
a,c
4,744,000
Sound
Point
CLO
XV,
Ltd.
6,000,000
4.283%, 
(LIBOR
3M
+
1.500%),
1/23/2029,
Ser.
2017-1A,
Class
BR
a,c
5,741,850
Stratus
CLO
2020-1,
Ltd.
2,000,000
4.110%, 
(LIBOR
3M
+
1.400%),
12/29/2029,
Ser.
2021-1A,
Class
B
a,c
1,884,520
Terwin
Mortgage
Trust
1,361,009
4.584%, 
(LIBOR
1M
+
1.500%),
12/25/2034,
Ser.
2004-21HE,
Class
2M2
a,c
1,333,000
Towd
Point
Asset
Trust
2021-SL1
2,301,371
1.050%, 
11/20/2061,
Ser.
2021-SL1,
Class
A1
a
2,087,522
Tricon
Residential
Trust
1,000,000
2.244%, 
7/17/2038,
Ser.
2021-SFR1,
Class
B
a
874,186
Upstart
Securitization
Trust
75,182
1.702%, 
11/20/2030,
Ser.
2020-3,
Class
A
a
75,076
367,187
0.870%, 
3/20/2031,
Ser.
2021-1,
Class
A
a
364,491
1,153,261
0.910%, 
6/20/2031,
Ser.
2021-2,
Class
A
a
1,125,646
2,348,845
0.830%, 
7/20/2031,
Ser.
2021-3,
Class
A
a
2,273,631
VCAT
Asset
Securitization,
LLC
1,445,641
2.289%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A1
a,b
1,384,140
Vericrest
Opportunity
Loan
Transferee
2,756,840
1.893%, 
2/27/2051,
Ser.
2021-NPL1,
Class
A1
a,b
2,502,801
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Asset-Backed
Securities
(16.6%)
-
continued
$
3,510,844
1.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
a,b
$
3,258,971
1,065,026
2.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
a,b
985,045
3,252,653
1.868%, 
8/25/2051,
Ser.
2021-NP11,
Class
A1
a,b
2,948,194
Wind
River
CLO,
Ltd.
3,000,000
4.310%, 
(LIBOR
3M
+
1.600%),
7/20/2030,
Ser.
2013-1A,
Class
A2RR
a,c
2,873,559
Total
135,104,393
Basic
Materials
(1.6%)
Anglo
American
Capital
plc
1,250,000
4.875%, 
5/14/2025
a
1,226,992
EI
du
Pont
de
Nemours
&
Company
700,000
1.700%, 
7/15/2025
643,540
Freeport-McMoRan,
Inc.
1,890,000
4.550%, 
11/14/2024
1,861,036
Glencore
Funding,
LLC
1,500,000
3.000%, 
10/27/2022
a
1,497,058
1,000,000
4.625%, 
4/29/2024
a
990,233
Kinross
Gold
Corporation
1,000,000
5.950%, 
3/15/2024
1,007,155
LYB
International
Finance
III,
LLC
1,079,000
1.250%, 
10/1/2025
948,090
Nucor
Corporation
800,000
2.000%, 
6/1/2025
738,400
Sherwin-Williams
Company
1,200,000
4.250%, 
8/8/2025
1,171,273
Steel
Dynamics,
Inc.
775,000
2.400%, 
6/15/2025
716,506
Syngenta
Finance
NV
2,235,000
4.892%, 
4/24/2025
a
2,160,749
Total
12,961,032
Capital
Goods
(1.9%)
Boeing
Company
475,000
1.950%, 
2/1/2024
455,731
2,350,000
4.875%, 
5/1/2025
2,292,916
1,750,000
2.196%, 
2/4/2026
1,553,016
Caterpillar
Financial
Services
Corporation
1,000,000
3.650%, 
8/12/2025
971,906
CNH
Industrial
Capital,
LLC
1,020,000
1.950%, 
7/2/2023
998,345
Howmet
Aerospace,
Inc.
1,250,000
6.875%, 
5/1/2025
1,259,112
Huntington
Ingalls
Industries,
Inc.
700,000
3.844%, 
5/1/2025
670,811
John
Deere
Capital
Corporation
1,000,000
4.050%, 
9/8/2025
983,804
Otis
Worldwide
Corporation
1,225,000
2.056%, 
4/5/2025
1,133,135
Republic
Services,
Inc.
1,250,000
2.500%, 
8/15/2024
1,193,445
1,250,000
0.875%, 
11/15/2025
1,098,749
Roper
Technologies,
Inc.
750,000
2.350%, 
9/15/2024
712,746
675,000
1.000%, 
9/15/2025
599,073
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
163
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Capital
Goods
(1.9%)
-
continued
Textron,
Inc.
$
2,000,000
3.875%, 
3/1/2025
$
1,941,357
Total
15,864,146
Collateralized
Mortgage
Obligations
(11.4%)
Angel
Oak
Mortgage
Trust
2,664,798
3.085%, 
12/25/2066,
Ser.
2022-1,
Class
A2
a,c
2,279,443
Banc
of
America
Funding
Trust
311,546
2.115%, 
1/25/2035,
Ser.
2004-D,
Class
4A1
c
308,270
469,381
5.750%, 
3/25/2036,
Ser.
2006-3,
Class
3A1
435,748
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
119,266
5.230%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
c
114,420
Bellemeade
Re,
Ltd.
1,738,514
4.031%, 
(SOFR30A
+
1.750%),
3/25/2031,
Ser.
2021-1A,
Class
M1A
a,c
1,734,039
Cascade
Funding
Mortgage
Trust
2,721,773
0.898%, 
6/25/2036,
Ser.
2021-HB6,
Class
A
a,c
2,584,152
1,269,632
4.000%, 
10/25/2068,
Ser.
2018-RM2,
Class
A
a,c
1,224,630
Cascade
Funding
Mortgage
Trust,
LLC
1,526,286
0.946%, 
12/26/2030,
Ser.
2020-HB4,
Class
A
a,c
1,480,027
1,278,386
0.801%, 
2/25/2031,
Ser.
2021-HB5,
Class
A
a,c
1,229,381
CHNGE
Mortgage
Trust
1,847,939
3.007%, 
1/25/2067,
Ser.
2022-1,
Class
A1
a,c
1,693,439
2,756,414
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
a,c
2,550,260
CIM
Trust
1,583,325
2.568%, 
7/25/2059,
Ser.
2021-NR2,
Class
A1
a,b
1,491,877
Citigroup
Mortgage
Loan
Trust,
Inc.
645,227
2.761%, 
(CMT
1Y
+
2.400%),
3/25/2036,
Ser.
2006-AR1,
Class
3A1
c
606,463
Colony
American
Finance,
Ltd.
3,000,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
a
2,707,746
COLT
Mortgage
Loan
Trust
2,695,249
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
a,c
2,280,161
Countrywide
Alternative
Loan
Trust
162,551
5.500%, 
11/25/2035,
Ser.
2005-49CB,
Class
A1
114,862
185,266
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
147,846
Credit
Suisse
Mortgage
Capital
Certificates
3,229,901
2.303%, 
10/25/2066,
Ser.
2021-NQM8,
Class
A2
a,c
2,704,957
Credit
Suisse
Mortgage
Trust
3,000,000
3.346%, 
1/25/2067,
Ser.
2022-ATH1,
Class
A1B
a,c
2,550,925
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Collateralized
Mortgage
Obligations
(11.4%)
-
continued
$
2,821,304
2.688%, 
3/25/2059,
Ser.
2020-RPL6,
Class
A1
a,c
$
2,695,143
Deephaven
Residential
Mortgage
Trust
2,738,017
2.205%, 
1/25/2067,
Ser.
2022-1,
Class
A1
a,c
2,413,258
2,552,546
2.085%, 
11/25/2066,
Ser.
2021-4,
Class
A2
a,c
2,209,730
Federal
National
Mortgage
Association
-
REMIC
2,500,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
e
2,453,223
Flagstar
Mortgage
Trust
1,772,184
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,c
1,529,063
FWD
Securitization
Trust
975,527
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
a,c
922,965
GCAT
Trust
2,132,584
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
a,c
1,838,332
GS
Mortgage-Backed
Securities
Trust
470,137
1.791%, 
9/27/2060,
Ser.
2020-NQM1,
Class
A2
a,c
430,211
Homeward
Opportunities
Fund
Trust
2,814,298
3.228%, 
8/25/2025,
Ser.
2020-BPL1,
Class
A1
a,b
2,809,410
J.P.
Morgan
Alternative
Loan
Trust
661,870
3.195%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
c
636,244
Legacy
Mortgage
Asset
Trust
828,308
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
a,b
807,729
LHOME
Mortgage
Trust
2,800,000
2.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
a,b
2,647,490
3,000,000
2.090%, 
9/25/2026,
Ser.
2021-RTL1,
Class
A1
a,c
2,884,393
2,000,000
2.363%, 
9/25/2026,
Ser.
2021-RTL3,
Class
A1
a,b
1,895,854
MFRA
Trust
2,463,650
3.875%, 
9/25/2056,
Ser.
2022-CHM1,
Class
A1
a,b
2,269,376
Mortgage
Equity
Conversion
Asset
Trust
1,745,409
4.570%, 
(CMT
1Y
+
0.490%),
1/25/2042,
Ser.
2007-FF1,
Class
A
a,c
1,686,978
1,785,582
4.620%, 
(CMT
1Y
+
0.470%),
2/25/2042,
Ser.
2007-FF2,
Class
A
a,c
1,698,135
New
York
Mortgage
Trust
3,000,000
2.239%, 
5/25/2026,
Ser.
2021-BPL1,
Class
A1
a,b
2,827,253
1,730,536
2.944%, 
10/25/2060,
Ser.
2020-SP2,
Class
A1
a,c
1,663,748
Oaktown
Re,
Ltd.
1,835,997
3.931%, 
(SOFR30A
+
1.650%),
10/25/2033,
Ser.
2021-1A,
Class
M1A
a,c
1,832,515
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
164
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Collateralized
Mortgage
Obligations
(11.4%)
-
continued
Onslow
Bay
Financial,
LLC
$
2,500,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
a,c
$
2,242,629
Palisades
Mortgage
Loan
Trust
1,500,000
2.857%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
a,b
1,406,222
Preston
Ridge
Partners
Mortgage
Trust,
LLC
2,007,646
2.363%, 
11/25/2025,
Ser.
2020-6,
Class
A1
a,b
1,909,021
2,058,466
2.115%, 
1/25/2026,
Ser.
2021-1,
Class
A1
a,c
1,909,895
ROC
Securities
Trust
Series
2,900,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
a,c
2,713,987
Starwood
Mortgage
Residential
Trust
1,709,000
2.731%, 
11/25/2066,
Ser.
2021-6,
Class
A2
a,c
1,223,869
Toorak
Mortgage
Corporation,
Ltd.
2,830,739
2.577%, 
2/25/2057,
Ser.
2022-INV1,
Class
A1
a,c
2,513,588
3,222,589
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
a,b
3,202,851
3,000,000
2.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
a,b
2,846,148
TRK
Trust
1,800,708
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
a,c
1,559,969
TVC
Mortgage
Trust
1,798,682
3.474%, 
9/25/2024,
Ser.
2020-RTL1,
Class
A1
a
1,791,790
Vericrest
Opportunity
Loan
Transferee
2,040,970
2.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
a,b
1,871,699
Verus
Securitization
Trust
1,506,150
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
a,c
1,276,085
Wachovia
Mortgage
Loan
Trust,
LLC
43,972
2.548%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
c
42,395
Total
92,899,844
Commercial
Mortgage-Backed
Securities
(0.8%)
GCT
Commercial
Mortgage
Trust
2,000,000
4.068%, 
(LIBOR
1M
+
1.250%),
2/15/2038,
Ser.
2021-GCT,
Class
B
a,c
1,920,805
GS
Mortgage
Securities
Trust
3,000,000
4.418%, 
(LIBOR
1M
+
1.600%),
5/15/2026,
Ser.
2021-ROSS,
Class
B
a,c
2,802,727
Silver
Hill
Trust
1,550,933
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
a,c
1,460,035
Total
6,183,567
Communications
Services
(2.5%)
American
Tower
Corporation
750,000
3.375%, 
5/15/2024
730,219
1,000,000
4.400%, 
2/15/2026
972,200
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Communications
Services
(2.5%)
-
continued
$
500,000
1.450%, 
9/15/2026
$
426,245
Bell
Canada
2,250,000
0.750%, 
3/17/2024
2,118,181
British
Sky
Broadcasting
Group
plc
503,000
3.750%, 
9/16/2024
a
490,762
Charter
Communications
Operating,
LLC
650,000
4.500%, 
2/1/2024
642,460
2,100,000
4.908%, 
7/23/2025
2,047,834
Cox
Communications,
Inc.
517,000
3.150%, 
8/15/2024
a
494,915
Crown
Castle
International
Corporation
1,000,000
3.200%, 
9/1/2024
967,468
Fox
Corporation
440,000
3.050%, 
4/7/2025
419,090
Magallanes,
Inc.
700,000
3.428%, 
3/15/2024
a
676,341
1,900,000
3.638%, 
3/15/2025
a
1,799,342
Netflix,
Inc.
1,900,000
5.875%, 
2/15/2025
1,898,424
NTT
Finance
Corporation
700,000
4.142%, 
7/26/2024
a
690,420
Paramount
Global
400,000
4.750%, 
5/15/2025
393,255
Sprint
Corporation
2,450,000
7.125%, 
6/15/2024
2,486,652
1,000,000
7.625%, 
2/15/2025
1,025,077
T-Mobile
USA,
Inc.
1,900,000
3.500%, 
4/15/2025
1,815,953
Total
20,094,838
Consumer
Cyclical
(5.8%)
D.R.
Horton,
Inc.
800,000
2.600%, 
10/15/2025
734,511
Daimler
Finance
North
America,
LLC
875,000
1.750%, 
3/10/2023
a
863,711
1,000,000
3.647%, 
(LIBOR
3M
+
0.840%),
5/4/2023
a,c
1,002,216
1,000,000
0.750%, 
3/1/2024
a
941,772
Daimler
Trucks
Finance
North
America,
LLC
2,000,000
1.625%, 
12/13/2024
a
1,844,478
Expedia
Group,
Inc.
3,150,000
6.250%, 
5/1/2025
a
3,170,553
Ford
Motor
Credit
Company,
LLC
1,840,000
3.370%, 
11/17/2023
1,780,071
1,250,000
3.810%, 
1/9/2024
1,209,375
1,100,000
3.375%, 
11/13/2025
971,857
General
Motors
Company
1,000,000
6.125%, 
10/1/2025
1,000,433
General
Motors
Financial
Company,
Inc.
1,250,000
1.050%, 
3/8/2024
1,171,454
1,900,000
3.950%, 
4/13/2024
1,853,126
1,420,000
2.900%, 
2/26/2025
1,326,717
925,000
2.750%, 
6/20/2025
852,056
Home
Depot,
Inc.
500,000
4.000%, 
9/15/2025
492,049
Hyundai
Capital
America
900,000
0.800%, 
1/8/2024
a
846,685
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
165
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Consumer
Cyclical
(5.8%)
-
continued
$
1,140,000
1.800%, 
10/15/2025
a
$
1,013,871
750,000
1.650%, 
9/17/2026
a
632,056
Hyundai
Capital
Services,
Inc.
750,000
1.250%, 
2/8/2026
a
651,895
Kohl's
Corporation
2,286,000
9.500%, 
5/15/2025
2,310,003
Lennar
Corporation
550,000
5.875%, 
11/15/2024
554,428
1,100,000
4.750%, 
5/30/2025
1,083,133
Lowe's
Companies,
Inc.
2,000,000
4.000%, 
4/15/2025
1,959,488
1,000,000
4.400%, 
9/8/2025
984,740
Marriott
International,
Inc.
1,150,000
3.600%, 
4/15/2024
1,122,838
1,000,000
5.750%, 
5/1/2025
1,009,867
Meritage
Homes
Corporation
2,000,000
6.000%, 
6/1/2025
1,939,993
Nissan
Motor
Company,
Ltd.
2,075,000
3.043%, 
9/15/2023
a
2,017,232
PulteGroup,
Inc.
1,750,000
5.500%, 
3/1/2026
1,726,300
Toll
Brothers
Finance
Corporation
1,700,000
4.375%, 
4/15/2023
1,690,986
Toyota
Motor
Credit
Corporation
1,000,000
4.400%, 
9/20/2024
993,676
875,000
0.800%, 
10/16/2025
775,735
VICI
Properties,
LP/VICI
Note
Company,
Inc.
2,750,000
4.625%, 
6/15/2025
a
2,587,826
Volkswagen
Group
of
America
Finance,
LLC
1,000,000
0.750%, 
11/23/2022
a
995,346
2,000,000
4.250%, 
11/13/2023
a
1,978,960
Walmart,
Inc.
1,000,000
3.900%, 
9/9/2025
982,502
Total
47,071,939
Consumer
Non-Cyclical
(4.6%)
AbbVie,
Inc.
1,000,000
3.850%, 
6/15/2024
981,729
1,920,000
3.600%, 
5/14/2025
1,842,949
Altria
Group,
Inc.
1,000,000
4.400%, 
2/14/2026
962,304
Amgen,
Inc.
1,320,000
1.900%, 
2/21/2025
1,230,651
AstraZeneca
plc
1,550,000
0.700%, 
4/8/2026
1,339,443
BAT
International
Finance
plc
2,500,000
1.668%, 
3/25/2026
2,161,037
Bunge,
Ltd.
Finance
Corporation
2,250,000
1.630%, 
8/17/2025
2,023,983
Cargill,
Inc.
1,500,000
3.500%, 
4/22/2025
a
1,446,691
Coca-Cola
European
Partners
plc
1,250,000
0.800%, 
5/3/2024
a
1,165,922
Colgate-Palmolive
Company
1,000,000
3.100%, 
8/15/2025
965,898
Conagra
Brands,
Inc.
1,750,000
4.300%, 
5/1/2024
1,722,315
CVS
Health
Corporation
241,000
4.100%, 
3/25/2025
235,792
Gilead
Sciences,
Inc.
1,031,000
0.750%, 
9/29/2023
989,523
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Consumer
Non-Cyclical
(4.6%)
-
continued
GSK
Consumer
Healthcare
Capital
UK
plc
$
750,000
3.125%, 
3/24/2025
a
$
707,960
GSK
Consumer
Healthcare
Capital
US,
LLC
1,100,000
3.375%, 
3/24/2027
a
997,592
HCA,
Inc.
1,250,000
5.875%, 
2/15/2026
1,233,133
Imperial
Brands
Finance
plc
1,750,000
3.125%, 
7/26/2024
a
1,673,873
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
1,000,000
2.500%, 
1/15/2027
a
854,370
Kraft
Heinz
Foods
Company
2,500,000
3.000%, 
6/1/2026
2,305,123
Mattel,
Inc.
2,000,000
3.375%, 
4/1/2026
a
1,784,876
McKesson
Corporation
1,500,000
0.900%, 
12/3/2025
1,313,760
Newell
Brands,
Inc.
2,000,000
4.875%, 
6/1/2025
1,933,400
Philip
Morris
International,
Inc.
1,350,000
0.875%, 
5/1/2026
1,159,628
Royalty
Pharma
plc
2,675,000
1.200%, 
9/2/2025
2,364,686
Stryker
Corporation
2,500,000
3.500%, 
3/15/2026
2,380,102
Universal
Health
Services,
Inc.
1,650,000
1.650%, 
9/1/2026
a
1,382,709
Total
37,159,449
Energy
(4.6%)
Canadian
Natural
Resources,
Ltd.
1,400,000
2.050%, 
7/15/2025
1,276,425
Cheniere
Corpus
Christi
Holdings,
LLC
1,391,000
5.875%, 
3/31/2025
1,396,564
Cheniere
Energy
Partners,
LP
2,500,000
4.500%, 
10/1/2029
2,200,975
Continental
Resources,
Inc.
1,900,000
4.500%, 
4/15/2023
1,890,481
1,000,000
3.800%, 
6/1/2024
970,669
Devon
Energy
Corporation
1,800,000
5.250%, 
9/15/2024
1,799,311
1,150,000
5.850%, 
12/15/2025
1,159,988
Energy
Transfer,
LP
2,273,000
4.200%, 
9/15/2023
2,248,542
750,000
5.875%, 
1/15/2024
751,531
950,000
2.900%, 
5/15/2025
885,492
EQT
Corporation
500,000
6.125%, 
2/1/2025
500,640
400,000
5.678%, 
10/1/2025
f
397,538
Equinor
ASA
925,000
2.875%, 
4/6/2025
882,302
Hess
Corporation
2,238,000
3.500%, 
7/15/2024
2,163,319
Marathon
Petroleum
Corporation
1,700,000
4.700%, 
5/1/2025
1,669,086
MPLX,
LP
1,500,000
4.875%, 
6/1/2025
1,469,926
1,100,000
1.750%, 
3/1/2026
962,480
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
166
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Energy
(4.6%)
-
continued
National
Fuel
Gas
Company
$
750,000
5.200%, 
7/15/2025
$
740,729
1,370,000
5.500%, 
1/15/2026
1,345,439
Occidental
Petroleum
Corporation
1,500,000
5.875%, 
9/1/2025
1,504,537
ONEOK
Partners,
LP
721,000
4.900%, 
3/15/2025
709,166
ONEOK,
Inc.
1,000,000
2.750%, 
9/1/2024
950,234
Petroleos
Mexicanos
655,500
2.378%, 
4/15/2025
636,195
Pioneer
Natural
Resources
Company
1,700,000
1.125%, 
1/15/2026
1,486,260
Plains
All
American
Pipeline,
LP
2,000,000
3.850%, 
10/15/2023
1,971,305
750,000
4.650%, 
10/15/2025
722,012
Schlumberger
Holdings
Corporation
1,500,000
3.750%, 
5/1/2024
a
1,470,242
Targa
Resources
Partners,
LP
1,750,000
6.875%, 
1/15/2029
1,718,818
Transcontinental
Gas
Pipe
Line
Company,
LLC
600,000
7.850%, 
2/1/2026
637,269
Western
Midstream
Operating,
LP
1,500,000
3.350%, 
2/1/2025
1,398,300
Total
37,915,775
Financials
(28.4%)
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
1,000,000
3.300%, 
1/23/2023
994,400
1,375,000
3.150%, 
2/15/2024
1,320,559
1,000,000
1.650%, 
10/29/2024
913,587
1,300,000
6.500%, 
7/15/2025
1,297,654
1,200,000
1.750%, 
1/30/2026
1,026,233
250,000
2.450%, 
10/29/2026
210,902
Air
Lease
Corporation
1,500,000
4.250%, 
2/1/2024
1,476,497
1,500,000
0.800%, 
8/18/2024
1,366,336
Aircastle,
Ltd.
1,500,000
4.400%, 
9/25/2023
1,472,370
2,100,000
5.250%, 
8/11/2025
a
1,976,790
Ally
Financial,
Inc.
3,000,000
5.750%, 
11/20/2025
2,909,687
American
Express
Company
1,650,000
2.250%, 
3/4/2025
1,546,364
1,500,000
3.950%, 
8/1/2025
1,452,836
American
International
Group,
Inc.
1,050,000
2.500%, 
6/30/2025
979,657
Anthem,
Inc.
1,025,000
2.375%, 
1/15/2025
967,334
Ares
Capital
Corporation
924,000
4.250%, 
3/1/2025
872,879
1,350,000
3.875%, 
1/15/2026
1,228,241
800,000
2.150%, 
7/15/2026
670,458
Athene
Global
Funding
1,100,000
1.200%, 
10/13/2023
a
1,061,235
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,890,000
2.950%, 
7/22/2030
a,c
1,717,374
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Financials
(28.4%)
-
continued
Aviation
Capital
Group,
LLC
$
1,200,000
5.500%, 
12/15/2024
a
$
1,161,668
1,500,000
4.875%, 
10/1/2025
a
1,393,243
Avolon
Holdings
Funding,
Ltd.
2,000,000
3.950%, 
7/1/2024
a
1,891,989
1,644,000
5.500%, 
1/15/2026
a
1,546,173
1,000,000
2.125%, 
2/21/2026
a
840,477
450,000
4.250%, 
4/15/2026
a
403,501
Banco
Bilbao
Vizcaya
Argentaria
SA
1,400,000
0.875%, 
9/18/2023
1,345,190
Banco
Santander
Mexico
SA
320,000
5.375%, 
4/17/2025
a
311,123
Banco
Santander
SA
1,000,000
0.701%, 
6/30/2024
c
960,268
1,600,000
5.147%, 
8/18/2025
1,552,456
1,000,000
1.849%, 
3/25/2026
863,479
Bank
of
America
Corporation
1,775,000
4.200%, 
8/26/2024
1,745,906
1,800,000
0.810%, 
10/24/2024
c
1,711,438
1,000,000
3.458%, 
3/15/2025
c
968,388
1,250,000
0.976%, 
4/22/2025
c
1,161,839
1,500,000
3.841%, 
4/25/2025
c
1,459,224
1,125,000
0.981%, 
9/25/2025
c
1,023,563
1,900,000
2.456%, 
10/22/2025
c
1,778,939
850,000
3.384%, 
4/2/2026
c
802,924
1,275,000
1.319%, 
6/19/2026
c
1,131,687
1,000,000
4.827%, 
7/22/2026
c
977,694
1,500,000
1.734%, 
7/22/2027
c
1,286,893
Bank
of
Montreal
1,000,000
4.250%, 
9/14/2024
983,771
1,000,000
1.500%, 
1/10/2025
919,788
Bank
of
New
York
Mellon
Corporation
700,000
4.700%, 
9/20/2025
c,g
670,250
1,000,000
4.414%, 
7/24/2026
c
977,022
Bank
of
New
Zealand
875,000
2.000%, 
2/21/2025
a
814,123
Bank
of
Nova
Scotia
935,000
4.900%, 
6/4/2025
c,g
834,693
Barclays
plc
2,000,000
4.302%, 
(LIBOR
3M
+
1.380%),
5/16/2024
c
1,998,587
1,500,000
4.375%, 
9/11/2024
1,451,975
1,600,000
1.007%, 
12/10/2024
c
1,506,010
Blackstone
Private
Credit
Fund
1,750,000
2.700%, 
1/15/2025
1,586,282
850,000
4.700%, 
3/24/2025
h
804,462
BNP
Paribas
SA
1,900,000
6.625%, 
3/25/2024
a,c,g
1,738,880
960,000
2.819%, 
11/19/2025
a,c
894,750
1,300,000
1.323%, 
1/13/2027
a,c
1,107,956
BPCE
SA
950,000
2.375%, 
1/14/2025
a
877,069
Canadian
Imperial
Bank
of
Commerce
1,250,000
3.945%, 
8/4/2025
1,207,374
Capital
One
Financial
Corporation
750,000
2.636%, 
3/3/2026
c
696,864
1,500,000
4.985%, 
7/24/2026
c
1,466,474
Centene
Corporation
2,000,000
4.250%, 
12/15/2027
1,829,400
1,200,000
4.625%, 
12/15/2029
1,078,320
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
167
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Financials
(28.4%)
-
continued
Charles
Schwab
Corporation
$
400,000
5.375%, 
6/1/2025
c,g
$
389,000
1,250,000
4.000%, 
6/1/2026
c,g
1,025,257
Citigroup,
Inc.
1,800,000
4.000%, 
8/5/2024
1,760,366
2,500,000
0.776%, 
10/30/2024
c
2,374,148
1,000,000
3.290%, 
3/17/2026
c
944,113
925,000
3.106%, 
4/8/2026
c
866,973
1,150,000
1.122%, 
1/28/2027
c
983,835
Comerica,
Inc.
585,000
5.625%, 
7/1/2025
c,g
573,715
Commerzbank
AG
2,300,000
8.125%, 
9/19/2023
a
2,266,608
Cooperatieve
Rabobank
UA
1,625,000
1.339%, 
6/24/2026
a,c
1,440,128
Corebridge
Financial,
Inc.
1,000,000
3.650%, 
4/5/2027
a
913,255
Corporate
Office
Properties,
LP
450,000
2.250%, 
3/15/2026
394,408
Credit
Agricole
SA
1,000,000
6.875%, 
9/23/2024
a,c,g
921,020
935,000
1.907%, 
6/16/2026
a,c
835,952
750,000
1.247%, 
1/26/2027
a,c
638,511
Credit
Suisse
Group
AG
1,500,000
6.500%, 
8/8/2023
a
1,480,500
990,000
7.500%, 
12/11/2023
a,c,g
909,563
1,050,000
2.193%, 
6/5/2026
a,c
912,963
500,000
6.373%, 
7/15/2026
a,c
483,118
1,600,000
1.305%, 
2/2/2027
a,c
1,298,944
Danske
Bank
AS
915,000
1.171%, 
12/8/2023
a,c
906,532
1,500,000
5.375%, 
1/12/2024
a
1,491,569
1,000,000
0.976%, 
9/10/2025
a,c
905,512
Deutsche
Bank
AG
1,200,000
3.700%, 
5/30/2024
1,158,784
910,000
2.222%, 
9/18/2024
c
866,709
2,700,000
4.500%, 
4/1/2025
2,510,780
2,000,000
6.000%, 
10/30/2025
c,g
1,500,000
1,100,000
2.129%, 
11/24/2026
c
933,989
Discover
Bank
1,250,000
2.450%, 
9/12/2024
1,182,298
Equitable
Financial
Life
Global
Funding
1,500,000
0.800%, 
8/12/2024
a
1,383,159
Fifth
Third
Bancorp
1,900,000
2.375%, 
1/28/2025
1,774,958
First
Horizon
National
Corporation
1,325,000
3.550%, 
5/26/2023
1,311,934
First
Republic
Bank
940,000
1.912%, 
2/12/2024
c
927,942
FNB
Corporation
1,315,000
2.200%, 
2/24/2023
1,296,648
FS
KKR
Capital
Corporation
1,100,000
4.250%, 
2/14/2025
a
1,020,337
2,000,000
3.400%, 
1/15/2026
1,764,665
GA
Global
Funding
Trust
1,200,000
1.625%, 
1/15/2026
a
1,051,845
Goldman
Sachs
Group,
Inc.
1,700,000
0.627%, 
11/17/2023
c
1,689,715
1,500,000
0.673%, 
3/8/2024
c
1,466,427
940,000
3.500%, 
4/1/2025
897,891
1,915,000
3.272%, 
9/29/2025
c
1,824,111
272,000
4.250%, 
10/21/2025
262,538
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Financials
(28.4%)
-
continued
$
1,700,000
0.855%, 
2/12/2026
c
$
1,516,742
1,250,000
3.615%, 
3/15/2028
c
1,137,563
1,100,000
4.482%, 
8/23/2028
c
1,032,346
HSBC
Holdings
plc
1,500,000
6.250%, 
3/23/2023
c,g,h
1,441,200
500,000
4.250%, 
3/14/2024
489,429
500,000
2.999%, 
3/10/2026
c
462,304
1,325,000
1.645%, 
4/18/2026
c
1,178,275
1,000,000
1.589%, 
5/24/2027
c
835,745
ING
Groep
NV
500,000
4.625%, 
1/6/2026
a
480,895
1,250,000
1.726%, 
4/1/2027
c
1,071,629
1,000,000
4.017%, 
3/28/2028
c
907,974
J.P.
Morgan
Chase
&
Company
925,000
1.514%, 
6/1/2024
c
903,054
1,100,000
3.875%, 
9/10/2024
1,075,739
1,500,000
3.278%, 
(LIBOR
3M
+
0.850%),
1/10/2025
c,h
1,495,305
700,000
0.563%, 
2/16/2025
c
654,493
1,500,000
0.969%, 
6/23/2025
c
1,387,466
750,000
1.561%, 
12/10/2025
c
687,737
800,000
2.005%, 
3/13/2026
c
732,637
900,000
2.083%, 
4/22/2026
c
819,980
1,000,000
3.650%, 
6/1/2026
c,g
809,812
2,500,000
1.045%, 
11/19/2026
c
2,162,336
725,000
1.040%, 
2/4/2027
c
616,058
800,000
4.851%, 
7/25/2028
c
768,139
KeyCorp
550,000
3.878%, 
5/23/2025
c
535,519
Kilroy
Realty,
LP
1,800,000
4.375%, 
10/1/2025
1,731,267
Lloyds
Banking
Group
plc
2,000,000
2.907%, 
11/7/2023
c
1,995,331
925,000
7.500%, 
6/27/2024
c,g
858,613
350,000
4.582%, 
12/10/2025
330,186
1,000,000
4.716%, 
8/11/2026
c
960,715
1,000,000
3.750%, 
3/18/2028
c
898,881
M&T
Bank
Corporation
750,000
3.500%, 
9/1/2026
c,g
559,186
Macquarie
Group,
Ltd.
1,500,000
4.063%, 
(LIBOR
3M
+
1.020%),
11/28/2023
a,c
1,498,904
1,250,000
1.201%, 
10/14/2025
a,c
1,137,891
Mitsubishi
UFJ
Financial
Group,
Inc.
875,000
2.193%, 
2/25/2025
811,674
2,000,000
0.953%, 
7/19/2025
c
1,840,190
800,000
5.063%, 
9/12/2025
c
791,589
Mizuho
Financial
Group
Cayman
3,
Ltd.
825,000
4.600%, 
3/27/2024
a
811,742
Morgan
Stanley
600,000
0.560%, 
11/10/2023
c
596,708
2,000,000
0.529%, 
1/25/2024
c
1,967,405
500,000
0.731%, 
4/5/2024
c
487,930
750,000
2.720%, 
7/22/2025
c
711,454
1,300,000
0.864%, 
10/21/2025
c
1,178,935
1,750,000
5.000%, 
11/24/2025
1,727,520
500,000
4.679%, 
7/17/2026
c
486,861
1,000,000
0.985%, 
12/10/2026
c
862,287
National
Bank
of
Canada
1,500,000
0.750%, 
8/6/2024
1,384,124
Nationwide
Building
Society
1,000,000
3.766%, 
3/8/2024
a,c
988,780
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
168
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Financials
(28.4%)
-
continued
NatWest
Group
plc
$
1,500,000
4.269%, 
3/22/2025
c
$
1,458,379
New
York
Life
Global
Funding
450,000
2.000%, 
1/22/2025
a
420,818
Nomura
Holdings,
Inc.
1,890,000
2.648%, 
1/16/2025
1,769,978
Nordea
Bank
ABP
1,700,000
1.500%, 
9/30/2026
a
1,448,891
Omega
Healthcare
Investors,
Inc.
380,000
4.950%, 
4/1/2024
375,731
800,000
4.500%, 
1/15/2025
779,595
1,000,000
5.250%, 
1/15/2026
967,777
Owl
Rock
Capital
Corporation
750,000
4.250%, 
1/15/2026
685,907
1,000,000
3.400%, 
7/15/2026
858,002
Owl
Rock
Core
Income
Corporation
650,000
4.700%, 
2/8/2027
569,320
Owl
Rock
Technology
Finance
Corporation
750,000
4.750%, 
12/15/2025
a
675,098
750,000
3.750%, 
6/17/2026
a
648,922
Peachtree
Corners
Funding
Trust
1,375,000
3.976%, 
2/15/2025
a
1,326,863
PNC
Financial
Services
Group,
Inc.
1,500,000
3.400%, 
9/15/2026
c,g
1,119,416
Principal
Life
Global
Funding
II
1,000,000
1.375%, 
1/10/2025
a
918,180
900,000
0.875%, 
1/12/2026
a
782,271
Realty
Income
Corporation
200,000
4.600%, 
2/6/2024
199,369
2,950,000
4.625%, 
11/1/2025
2,904,750
Regency
Centers,
LP
1,500,000
3.750%, 
6/15/2024
1,454,158
Regions
Financial
Corporation
925,000
2.250%, 
5/18/2025
856,702
Reinsurance
Group
of
America,
Inc.
2,000,000
4.700%, 
9/15/2023
1,993,111
Royal
Bank
of
Canada
750,000
3.970%, 
7/26/2024
736,709
Santander
Holdings
USA,
Inc.
1,000,000
3.400%, 
1/18/2023
995,790
350,000
3.450%, 
6/2/2025
327,626
750,000
2.490%, 
1/6/2028
c
625,440
Santander
UK
Group
Holdings
plc
925,000
1.532%, 
8/21/2026
c
801,989
Simon
Property
Group,
LP
1,250,000
3.300%, 
1/15/2026
1,177,357
Societe
Generale
SA
1,800,000
2.625%, 
10/16/2024
a
1,687,165
1,400,000
1.488%, 
12/14/2026
a,c
1,184,855
Standard
Chartered
plc
1,175,000
3.950%, 
1/11/2023
a
1,168,514
1,000,000
1.319%, 
10/14/2023
a,c
999,001
900,000
0.991%, 
1/12/2025
a,c
842,786
500,000
1.214%, 
3/23/2025
a,c
467,952
1,000,000
2.608%, 
1/12/2028
a,c
846,497
Sumitomo
Mitsui
Financial
Group,
Inc.
1,200,000
2.448%, 
9/27/2024
1,134,071
750,000
0.948%, 
1/12/2026
649,479
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Financials
(28.4%)
-
continued
$
1,200,000
2.174%, 
1/14/2027
$
1,045,318
Sumitomo
Mitsui
Trust
Bank,
Ltd.
1,000,000
0.850%, 
3/25/2024
a
938,048
Svenska
Handelsbanken
AB
1,500,000
0.550%, 
6/11/2024
a
1,396,026
Synchrony
Financial
1,485,000
4.250%, 
8/15/2024
1,447,948
1,920,000
4.500%, 
7/23/2025
1,831,189
Toronto-Dominion
Bank
1,000,000
2.350%, 
3/8/2024
964,789
875,000
0.750%, 
9/11/2025
771,471
Truist
Financial
Corporation
675,000
4.950%, 
9/1/2025
c,g
648,533
650,000
4.260%, 
7/28/2026
c
632,154
U.S.
Bancorp
500,000
4.548%, 
7/22/2028
c
481,828
UBS
AG
2,756,000
5.125%, 
5/15/2024
2,686,731
UBS
Group
AG
1,375,000
1.008%, 
7/30/2024
a,c
1,326,601
800,000
4.490%, 
8/5/2025
a,c
780,464
USB
Realty
Corporation
95,000
3.659%, 
(LIBOR
3M
+
1.147%),
1/15/2027
a,c,g
71,725
Wells
Fargo
&
Company
3,200,000
2.406%, 
10/30/2025
c
2,987,324
1,000,000
3.908%, 
4/25/2026
c
955,968
500,000
4.540%, 
8/15/2026
c
483,703
850,000
3.526%, 
3/24/2028
c
769,860
Welltower,
Inc.
2,000,000
3.625%, 
3/15/2024
1,953,953
Westpac
Banking
Corporation
940,000
2.894%, 
2/4/2030
c
864,378
Total
231,481,255
Foreign
Government
(0.2%)
NBN
Company,
Ltd.
1,000,000
0.875%, 
10/8/2024
a
917,930
1,000,000
1.450%, 
5/5/2026
a
872,508
Total
1,790,438
Mortgage-Backed
Securities
(1.3%)
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
10,650,000
4.000%, 
10/1/2037
f
10,273,922
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
199,070
1.809%, 
(LIBOR
12M
+
1.481%),
1/1/2043
c
196,988
Total
10,470,910
Technology
(3.5%)
Baidu,
Inc.
880,000
3.075%, 
4/7/2025
834,733
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
2,000,000
3.125%, 
1/15/2025
1,918,729
Dell
International,
LLC
1,500,000
4.000%, 
7/15/2024
1,472,386
1,750,000
5.850%, 
7/15/2025
1,763,442
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
169
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Technology
(3.5%)
-
continued
Fidelity
National
Information
Services,
Inc.
$
1,200,000
0.600%, 
3/1/2024
$
1,125,312
Fiserv,
Inc.
2,000,000
2.750%, 
7/1/2024
1,918,266
Global
Payments,
Inc.
925,000
3.750%, 
6/1/2023
916,536
875,000
2.650%, 
2/15/2025
817,785
Jabil,
Inc.
1,000,000
4.250%, 
5/15/2027
932,134
Marvell
Technology,
Inc.
1,000,000
4.200%, 
6/22/2023
996,973
Microchip
Technology,
Inc.
1,000,000
0.983%, 
9/1/2024
920,478
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
1,342,000
2.700%, 
5/1/2025
1,244,349
Oracle
Corporation
1,055,000
2.500%, 
4/1/2025
983,111
1,750,000
2.950%, 
5/15/2025
1,647,035
Panasonic
Corporation
1,000,000
2.679%, 
7/19/2024
a
955,887
Qorvo,
Inc.
2,300,000
4.375%, 
10/15/2029
1,970,249
Seagate
HDD
Cayman
1,232,000
4.750%, 
1/1/2025
1,173,182
SK
Hynix,
Inc.
500,000
1.000%, 
1/19/2024
a
472,093
Tencent
Holdings,
Ltd.
1,150,000
3.800%, 
2/11/2025
a,h
1,114,355
875,000
1.810%, 
1/26/2026
a
784,280
VeriSign,
Inc.
1,546,000
5.250%, 
4/1/2025
1,541,227
VMware,
Inc.
1,000,000
0.600%, 
8/15/2023
962,768
350,000
1.400%, 
8/15/2026
299,327
Western
Digital
Corporation
2,000,000
4.750%, 
2/15/2026
1,851,960
Total
28,616,597
Transportation
(1.4%)
Air
Canada
Pass
Through
Trust
700,922
3.875%, 
3/15/2023
a
692,333
British
Airways
plc
606,597
4.625%, 
6/20/2024
a
589,675
Canadian
Pacific
Railway
Company
1,000,000
1.350%, 
12/2/2024
924,720
Continental
Airlines,
Inc.
1,810,352
4.150%, 
4/11/2024
1,713,055
Delta
Air
Lines,
Inc.
1,000,000
7.000%, 
5/1/2025
a
1,006,452
2,150,000
4.500%, 
10/20/2025
a
2,086,912
Mileage
Plus
Holdings,
LLC
950,000
6.500%, 
6/20/2027
a
929,841
Penske
Truck
Leasing
Company,
LP
1,000,000
2.700%, 
11/1/2024
a
941,851
1,000,000
3.950%, 
3/10/2025
a
958,784
800,000
1.200%, 
11/15/2025
a
695,061
Southwest
Airlines
Company
350,000
5.250%, 
5/4/2025
349,640
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Transportation
(1.4%)
-
continued
TTX
Company
$
800,000
4.125%, 
10/1/2023
a
$
789,986
Total
11,678,310
U.S.
Government
&
Agencies
(7.8%)
U.S.
Treasury
Notes
4,350,000
2.750%, 
7/31/2023
4,299,703
5,700,000
0.125%, 
1/15/2024
5,402,754
13,000,000
0.875%, 
1/31/2024
12,419,570
9,970,000
2.500%, 
1/31/2024
9,733,602
13,000,000
2.500%, 
5/31/2024
12,624,219
13,000,000
0.250%, 
6/15/2024
12,142,304
7,000,000
3.000%, 
6/30/2024
6,847,422
Total
63,469,574
Utilities
(3.2%)
AES
Corporation
1,700,000
3.300%, 
7/15/2025
a
1,567,621
Alexander
Funding
Trust
2,500,000
1.841%, 
11/15/2023
a
2,339,317
Ameren
Corporation
250,000
2.500%, 
9/15/2024
237,288
American
Electric
Power
Company,
Inc.
1,075,000
1.000%, 
11/1/2025
941,808
Berkshire
Hathaway
Energy
Company
1,075,000
4.050%, 
4/15/2025
1,056,730
CenterPoint
Energy
Resources
Corporation
1,000,000
0.700%, 
3/2/2023
981,598
Dominion
Energy,
Inc.
1,650,000
1.450%, 
4/15/2026
1,448,757
DTE
Energy
Company
750,000
2.529%, 
10/1/2024
712,520
750,000
4.220%, 
11/1/2024
735,322
Duke
Energy
Corporation
500,000
3.250%, 
1/15/2082
c
366,531
915,000
0.900%, 
9/15/2025
810,257
Edison
International
1,420,000
2.950%, 
3/15/2023
1,414,569
Entergy
Corporation
870,000
0.900%, 
9/15/2025
765,436
Jersey
Central
Power
&
Light
Company
1,500,000
4.300%, 
1/15/2026
a
1,439,899
National
Rural
Utilities
Cooperative
Finance
Corporation
1,150,000
4.750%, 
4/30/2043
c
1,046,337
NextEra
Energy
Capital
Holdings,
Inc.
750,000
4.255%, 
9/1/2024
739,218
NiSource,
Inc.
1,250,000
5.650%, 
6/15/2023
c,g
1,153,125
920,000
0.950%, 
8/15/2025
816,581
OGE
Energy
Corporation
1,000,000
0.703%, 
5/26/2023
973,510
Public
Service
Enterprise
Group,
Inc.
1,000,000
2.875%, 
6/15/2024
961,852
Sempra
Energy
1,750,000
3.300%, 
4/1/2025
1,665,501
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
170
Principal
Amount
Long-Term
Fixed
Income
(95.6%)
Value
Utilities
(3.2%)
-
continued
Southern
California
Edison
Company
$
1,000,000
1.100%, 
4/1/2024
$
942,190
Southern
Company
900,000
4.000%, 
1/15/2051
c
806,580
750,000
3.750%, 
9/15/2051
c
608,168
Vistra
Operations
Company,
LLC
2,000,000
5.125%, 
5/13/2025
a
1,936,301
Total
26,467,016
Total
Long-Term
Fixed
Income
(cost
$835,913,911)
779,229,083
Shares
Collateral
Held
for
Securities
Loaned
(
0.4%
)
Value
3,069,543
Thrivent
Cash
Management
Trust
3,069,543
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,069,543)
3,069,543
Shares
Preferred
Stock
(
0.2%
)
Value
Financials
(0.2%)
66,000
Citigroup
Capital
XIII,
9.176%
c
1,841,400
Total
1,841,400
Total
Preferred
Stock
(cost
$1,821,600)
1,841,400
Shares
or
Principal
Amount
Short-Term
Investments
(
5.2%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.470%,
10/18/2022
i,j
99,876
17,000,000
2.880%,
10/21/2022
i
16,974,284
3,900,000
2.720%,
10/26/2022
i
3,892,569
100,000
2.420%,
10/28/2022
i,j
99,790
100,000
2.770%,
11/9/2022
i,j
99,677
200,000
2.910%,
11/18/2022
i,j
199,197
100,000
2.740%,
11/29/2022
i,j
99,503
100,000
2.950%,
11/30/2022
i,j
99,487
500,000
3.440%,
12/21/2022
i,j
496,271
U.S.
Treasury
Bills
20,000,000
2.300%,
10/11/2022
i
19,989,111
100,000
2.531%,
10/25/2022
i
99,845
Total
Short-Term
Investments
(cost
$42,146,302)
42,149,610
Total
Investments
(cost
$882,951,356)
101.4%
$826,289,636
Other
Assets
and
Liabilities,
Net
(1.4%)
(11,129,129)
Total
Net
Assets
100.0%
$815,160,507
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,
2022,
the
value
of
these
investments
was
$346,277,303
or
42.5%
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,
2022.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
September
30,
2022.
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
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
f
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
g
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
h
All
or
a
portion
of
the
security
is
on
loan.
i
The
interest
rate
shown
reflects
the
yield.
j
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,001,060
Total
lending
$3,001,060
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$3,069,543
Net
amounts
due
to
counterparty
$68,483
Definitions:
CLO
-
Collateralized
Loan
Obligation
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
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
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
171
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
135,104,393
135,104,393
Basic
Materials
12,961,032
12,961,032
Capital
Goods
15,864,146
15,864,146
Collateralized
Mortgage
Obligations
92,899,844
90,446,621
2,453,223
Commercial
Mortgage-Backed
Securities
6,183,567
6,183,567
Communications
Services
20,094,838
20,094,838
Consumer
Cyclical
47,071,939
47,071,939
Consumer
Non-Cyclical
37,159,449
37,159,449
Energy
37,915,775
37,915,775
Financials
231,481,255
231,481,255
Foreign
Government
1,790,438
1,790,438
Mortgage-Backed
Securities
10,470,910
10,470,910
Technology
28,616,597
28,616,597
Transportation
11,678,310
11,678,310
U.S.
Government
&
Agencies
63,469,574
63,469,574
Utilities
26,467,016
26,467,016
Preferred
Stock
Financials
1,841,400
1,841,400
Short-Term
Investments
42,149,610
42,149,610
Subtotal
Investments
in
Securities
$823,220,093
$1,841,400
$818,925,470
$
2,453,223
Other
Investments  *
Total
Collateral
Held
for
Securities
Loaned
3,069,543
Subtotal
Other
Investments
$3,069,543
Total
Investments
at
Value
$826,289,636
*
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
1,721,570
1,721,570
Total
Asset
Derivatives
$1,721,570
$1,721,570
$–
$–
Liability
Derivatives
Futures
Contracts
2,581,896
2,581,896
Total
Liability
Derivatives
$2,581,896
$2,581,896
$–
$–
Limited
Maturity
Bond
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
172
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
The
following
table
presents
Limited
Maturity
Bond
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$1,193,801
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
101
December
2022
$
11,890,708
(
$
572,396)
CBOT
5-Yr.
U.S.
Treasury
Note
339
December
2022
37,698,919
(
1,253,771)
CBOT
U.S.
Long
Bond
46
December
2022
6,299,275
(
484,588)
Ultra
10-Yr.
U.S.
Treasury
Note
39
December
2022
4,892,032
(
271,141)
Total
Futures
Long
Contracts
$
60,780,934
(
$
2,581,896)
CBOT
2-Yr.
U.S.
Treasury
Note
(543)
December
2022
(
$
113,248,682)
$
1,721,570
Total
Futures
Short
Contracts
(
$
113,248,682)
$1,721,570
Total
Futures
Contracts
(
$
52,467,748)
($860,326)
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
for
the
Portfolio.
Thrivent
Cash
Management
Trust
is
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
$1,520
$13,679
$12,129
$3,070
3,070
0.4%
Total
Collateral
Held
for
Securities
Loaned
1,520
3,070
0.4
Total
Value
$1,520
$3,070
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
$–
$
$11
Total
Affiliated
Income
from
Securities
Loaned,
Net
$11
Total
Value
$–
$–
$
Low
Volatility
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
173
Shares
Common
Stock
(
98.8%
)
Value
Communications
Services
(12.0%)
2,262
Activision
Blizzard,
Inc.
$
168,157
25,873
AT&T,
Inc.
396,892
27,681
Auto
Trader
Group
plc
a
156,980
8,989
BCE,
Inc.
376,909
370
Charter
Communications,
Inc.
b
112,239
44,000
CITIC
Telecom
International
Holdings,
Ltd.
14,231
20,481
Comcast
Corporation
600,708
3,236
Electronic
Arts,
Inc.
374,438
23,000
HKT
Trust
and
HKT,
Ltd.
26,938
6,200
Infocom
Corporation
81,694
1,044
Liberty
Broadband
Corporation,
Class
C
b
77,047
22,000
Nintendo
Company,
Ltd.
887,355
25,500
Nippon
Television
Holdings,
Inc.
204,329
663
Paradox
Interactive
AB
10,576
6,401
Rogers
Communications,
Inc.
246,568
7,600
SKY
Perfect
JSAT
Holdings,
Inc.
27,212
17,200
SoftBank
Corporation
171,758
596
Swisscom
AG
279,072
22,132
TELUS
Corporation
439,484
1,039
T-Mobile
US,
Inc.
b
139,403
23,442
Verizon
Communications,
Inc.
890,093
674
Walt
Disney
Company
b
63,578
Total
5,745,661
Consumer
Discretionary
(5.6%)
32,383
B&M
European
Value
Retail
SA
110,142
668
Dollarama
,
Inc.
38,348
28,714
Europris
ASA
a
143,608
557
Ferrari
NV
103,148
19,900
Heiwa
Corporation
307,792
8,177
JB
Hi-Fi,
Ltd.
197,888
2,800
KOMEDA
Holdings
Company,
Ltd.
45,046
3,646
McDonald's
Corporation
841,278
9,800
McDonald's
Holdings
Company
(Japan),
Ltd.
341,461
6,675
Mobilezone
Holding
AG
99,867
5,800
Sangetsu
Company,
Ltd.
64,132
2,700
T-Gaia
Corporation
30,599
113,400
Yamada
Holdings
Company,
Ltd.
373,155
Total
2,696,464
Consumer
Staples
(14.8%)
8,326
Axfood
AB
190,760
1,160
Church
&
Dwight
Company,
Inc.
82,870
10,053
Coca-Cola
Company
563,169
13,617
Colgate-Palmolive
Company
956,594
977
Costco
Wholesale
Corporation
461,408
6,454
General
Mills,
Inc.
494,441
12,252
Haleon
plc
b
38,201
687
Hershey
Company
151,463
9,000
Japan
Tobacco,
Inc.
147,895
2,816
Kellogg
Company
196,163
578
Kimberly-Clark
Corporation
65,048
7,051
Kraft
Heinz
Company
235,151
13,835
Kroger
Company
605,281
2,245
Nestle
SA
242,813
4,951
North
West
Company,
Inc.
114,658
3,779
PepsiCo,
Inc.
616,960
6,356
Procter
&
Gamble
Company
802,445
205,400
Sheng
Siong
Group,
Ltd.
226,044
7,106
Walmart,
Inc.
921,648
Total
7,113,012
Shares
Common
Stock
(98.8%)
Value
Energy
(0.7%)
1,042
Halliburton
Company
$
25,654
10,383
Williams
Companies,
Inc.
297,265
Total
322,919
Financials
(6.7%)
587
Aon
plc
157,240
1,634
ASX,
Ltd.
75,202
16,841
Bank
Leumi
Le-Israel
BM
143,835
1,291
Berkshire
Hathaway,
Inc.
b
344,723
1,019
Citigroup,
Inc.
42,462
1,377
EQB,
Inc.
46,294
464
FactSet
Research
Systems,
Inc.
185,651
1,182
Intercontinental
Exchange,
Inc.
106,794
3,131
Laurentian
Bank
of
Canada
67,137
96,593
Man
Group
plc
239,171
59
MarketAxess
Holdings,
Inc.
13,127
1,746
Marsh
&
McLennan
Companies,
Inc.
260,660
19,700
Matsui
Securities
Company,
Ltd.
106,244
146,000
Mitsubishi
HC
Capital,
Inc.
627,540
10,336
Mizrahi
Tefahot
Bank,
Ltd.
361,853
810
Moody's
Corporation
196,919
781
Progressive
Corporation
90,760
17,300
Singapore
Exchange,
Ltd.
113,495
1,208
Topdanmark
AS
56,590
Total
3,235,697
Health
Care
(20.4%)
168
Abbott
Laboratories
16,256
41,982
Alliance
Pharma
plc
26,015
435
Amgen,
Inc.
98,049
4,600
Astellas
Pharma,
Inc.
60,938
388
Baxter
International,
Inc.
20,898
5,559
Bayer
AG
256,127
2,333
Dechra
Pharmaceuticals
plc
67,752
572
Eli
Lilly
and
Company
184,956
11,636
Faes
Farma
SA
42,152
12,787
Galenica
AG
a
925,966
7,471
Gilead
Sciences,
Inc.
460,886
4,656
GSK
plc
67,245
667
Incyte
Corporation
b
44,449
7,249
Johnson
&
Johnson
1,184,197
2,317
Laboratorios
Farmaceuticos
ROVI,
SA
99,575
3,904
Medtronic
plc
315,248
10,046
Merck
&
Company,
Inc.
865,161
510
Merck
KGaA
82,559
1,589
Novartis
AG
121,141
6,848
Novo
Nordisk
AS
682,183
2,044
Orion
Oyj
86,067
9,022
QIAGEN
NV
b
375,715
4,110
Recordati
SPA
150,419
142
Regeneron
Pharmaceuticals,
Inc.
b
97,820
1,295
Roche
Holding
AG,
Bearer
Shares
505,867
2,287
Roche
Holding
AG,
Participation
Certificates
744,493
7,400
Sanofi
563,482
86
Seagen
,
Inc.
b
11,767
185
Siegfried
Holding
AG
136,782
98
Sonova
Holding
AG
21,566
1,500
Takeda
Pharmaceutical
Company,
Ltd.
38,952
467
Tecan
Group
AG
160,202
498
UnitedHealth
Group,
Inc.
251,510
3,110
Vertex
Pharmaceuticals,
Inc.
b
900,469
Low
Volatility
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
174
Shares
Common
Stock
(98.8%)
Value
Health
Care
(20.4%)
-
continued
604
Zoetis,
Inc.
$
89,567
Total
9,756,431
Industrials
(10.7%)
757
3M
Company
83,648
50,420
Aurizon
Holdings,
Ltd.
111,512
1,208
Booz
Allen
Hamilton
Holding
Corporation
111,559
22,426
CIA
De
Distribucion
Integral
408,688
202
Cintas
Corporation
78,414
3,200
COMSYS
Holdings
Corporation
54,298
22,565
CSX
Corporation
601,132
30,700
EXEO
Group,
Inc.
443,851
4,863
Expeditors
International
of
Washington,
Inc.
429,451
365
IDEX
Corporation
72,945
35
JB
Hunt
Transport
Services,
Inc.
5,475
13,600
Kamigumi
Company,
Ltd.
251,095
42,000
Kandenko
Company,
Ltd.
241,458
188
Kuehne
&
Nagel
International
AG
38,283
278
Lockheed
Martin
Corporation
107,389
12,800
Nikkon
Holdings
Company,
Ltd.
199,799
558
Norfolk
Southern
Corporation
116,985
5,089
Pentair
plc
206,766
595
Republic
Services,
Inc.
80,944
2,802
Thomson
Reuters
Corporation
287,634
677
Toromont
Industries,
Ltd.
47,128
993
Union
Pacific
Corporation
193,456
1,126
United
Parcel
Service,
Inc.
181,894
4,767
Waste
Management,
Inc.
763,721
Total
5,117,525
Information
Technology
(14.3%)
1,931
Accenture
plc
496,846
765
Adobe,
Inc.
b
210,528
17,300
Amano
Corporation
290,684
913
Apple,
Inc.
126,177
1,035
Automatic
Data
Processing,
Inc.
234,107
6,600
BellSystem24
Holdings,
Inc.
63,136
2,052
Cadence
Design
Systems,
Inc.
b
335,358
1,598
Check
Point
Software
Technologies,
Ltd.
b
179,008
11,284
Cisco
Systems,
Inc.
451,360
564
Fidelity
National
Information
Services,
Inc.
42,621
701
Genpact
,
Ltd.
30,683
1,886
Global
Payments,
Inc.
203,782
300
ITOCHU
Techno-Solutions
Corporation
7,032
2,843
Jack
Henry
&
Associates,
Inc.
518,194
4,329
Keysight
Technologies,
Inc.
b
681,211
933
Mastercard
,
Inc.
265,289
1,755
Microsoft
Corporation
408,740
321
Motorola
Solutions,
Inc.
71,894
8,200
NEC
Networks
&
System
Integration
Corporation
89,018
975
QUALCOMM,
Inc.
110,156
390
ServiceNow
,
Inc.
b
147,268
671
Skyworks
Solutions,
Inc.
57,216
2,749
Splunk
,
Inc.
b
206,725
4,884
Texas
Instruments,
Inc.
755,946
369
VeriSign,
Inc.
b
64,095
4,273
Visa,
Inc.
759,098
Shares
Common
Stock
(98.8%)
Value
Information
Technology
(14.3%)
-
continued
2,837
Western
Union
Company
$
38,300
Total
6,844,472
Materials
(4.4%)
1,245
Celanese
Corporation
112,473
3,359
Franco-Nevada
Corporation
401,333
1,972
Holmen
AB
74,831
624
Linde
plc
168,224
3,378
LyondellBasell
Industries
NV
254,296
3,509
Navigator
Company
SA
11,956
20,868
Newmont
Corporation
877,082
7,595
WestRock
Company
234,610
Total
2,134,805
Real
Estate
(1.6%)
11,452
Custodian
REIT
plc
12,595
2,535
Public
Storage,
Inc.
742,273
Total
754,868
Utilities
(7.6%)
17,396
Consolidated
Edison,
Inc.
1,491,881
61
Dominion
Energy,
Inc.
4,216
2,686
Entergy
Corporation
270,292
3,721
Evergy
,
Inc.
221,027
2,333
Fortis,
Inc.
88,635
6,300
Kyushu
Electric
Power
Company,
Inc.
33,587
29,714
NiSource,
Inc.
748,496
4,549
Northland
Power,
Inc.
133,208
32,500
Power
Assets
Holdings,
Ltd.
162,915
3,145
Sempra
Energy
471,561
Total
3,625,818
Total
Common
Stock
(cost
$49,390,428)
47,347,672
Shares
Short-Term
Investments
(
0.6%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
31,394
3.170%
313,944
Total
Short-Term
Investments
(cost
$313,944)
313,944
Total
Investments
(cost
$49,704,372)
99.4%
$47,661,616
Other
Assets
and
Liabilities,
Net
0.6%
267,678
Total
Net
Assets
100.0%
$47,929,294
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,
2022,
the
value
of
these
investments
was
$1,226,554
or
2.6%
of
total
net
assets.
b
Non-income
producing
security.
Definitions:
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Low
Volatility
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
175
Reference
Description:
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
5,745,661
2,822,555
2,923,106
Consumer
Discretionary
2,696,464
841,278
1,855,186
Consumer
Staples
7,113,012
6,152,641
960,371
Energy
322,919
322,919
Financials
3,235,697
1,398,336
1,837,361
Health
Care
9,756,431
4,541,233
5,215,198
Industrials
5,117,525
3,033,779
2,083,746
Information
Technology
6,844,472
6,394,602
449,870
Materials
2,134,805
2,048,018
86,787
Real
Estate
754,868
742,273
12,595
Utilities
3,625,818
3,207,473
418,345
Subtotal
Investments
in
Securities
$47,347,672
$31,505,107
$15,842,565
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
313,944
Subtotal
Other
Investments
$313,944
Total
Investments
at
Value
$47,661,616
*
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
10,757
10,757
Total
Liability
Derivatives
$10,757
$10,757
$–
$–
The
following
table
presents
Low
Volatility
Equity
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$93,964
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
Eurex
MSCI
World
Index
4
December
2022
$
309,037
(
$
10,757)
Total
Futures
Long
Contracts
$
309,037
(
$
10,757)
Total
Futures
Contracts
$
309,037
($10,757)
Low
Volatility
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
176
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$413
$8,763
$8,862
$314
31
0.6%
Total
Affiliated
Short-Term
Investments
413
314
0.6
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,191
1,191
Total
Collateral
Held
for
Securities
Loaned
Total
Value
$413
$314
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$5
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$5
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
177
Shares
Common
Stock
(
94
.8
%
)
Value
Communications
Services
(2.5%)
7,434
Match
Group,
Inc.
a
$
354,974
21,826
ZoomInfo
Technologies,
Inc.
a
909,271
Total
1,264,245
Consumer
Discretionary
(9.6%)
6,808
Aptiv
plc
a
532,454
3,022
Burlington
Stores,
Inc.
a
338,132
604
Chipotle
Mexican
Grill,
Inc.
a
907,667
5,232
Five
Below,
Inc.
a
720,289
1,920
Lithia
Motors,
Inc.
411,936
155
NVR,
Inc.
a
617,997
6,757
Planet
Fitness,
Inc.
a
389,609
1,645
Ulta
Beauty,
Inc.
a
659,958
5,610
Wyndham
Hotels
&
Resorts,
Inc.
344,173
Total
4,922,215
Consumer
Staples
(3.8%)
3,010
Casey's
General
Stores,
Inc.
609,585
6,777
Freshpet,
Inc.
a
339,460
12,998
Lamb
Weston
Holdings,
Inc.
1,005,785
Total
1,954,830
Energy
(0.7%)
7,029
Matador
Resources
Company
343,859
Total
343,859
Financials
(8.2%)
4,631
Arthur
J.
Gallagher
&
Company
792,920
3,768
Kinsale
Capital
Group,
Inc.
962,423
2,045
MSCI,
Inc.
862,560
3,765
Signature
Bank
568,515
7,784
Tradeweb
Markets,
Inc.
439,173
8,916
Western
Alliance
Bancorp
586,138
Total
4,211,729
Health
Care
(18.7%)
17,128
Agilon
Health,
Inc.
a
401,138
1,953
Argenx
SE
ADR
a
689,507
2,842
Ascendis
Pharma
AS
ADR
a,b
293,465
21,496
Avantor,
Inc.
a
421,322
2,352
Bio-Techne
Corporation
667,968
5,431
Centene
Corporation
a
422,586
2,031
Charles
River
Laboratories
International,
Inc.
a
399,701
1,837
Cooper
Companies,
Inc.
484,784
9,349
DexCom,
Inc.
a
752,968
6,265
Edwards
Lifesciences
Corporation
a
517,677
4,803
Immunocore
Holdings
plc
ADR
a
225,453
4,157
Insulet
Corporation
a
953,616
4,170
Omnicell,
Inc.
a
362,915
19,422
Progyny,
Inc.
a
719,779
21,436
R1
RCM,
Inc.
a
397,209
2,936
Repligen
Corporation
a
549,355
3,258
Sarepta
Therapeutics,
Inc.
a
360,139
1,384
ShockWave
Medical,
Inc.
a
384,849
3,746
Zoetis,
Inc.
555,494
Total
9,559,925
Industrials
(20.1%)
5,053
ASGN,
Inc.
a
456,640
2,561
Carlisle
Companies,
Inc.
718,130
7,043
Chart
Industries,
Inc.
a
1,298,377
28,223
Driven
Brands
Holdings,
Inc.
a
789,680
1,566
Generac
Holdings,
Inc.
a
278,967
Shares
Common
Stock
(94.8%)
Value
Industrials
(20.1%)
-
continued
33,423
Howmet
Aerospace,
Inc.
$
1,033,773
15,224
IAA,
Inc.
a
484,884
2,529
IDEX
Corporation
505,421
4,584
Middleby
Corporation
a
587,531
1,750
Old
Dominion
Freight
Line,
Inc.
435,348
7,418
Regal
Rexnord
Corporation
1,041,191
5,103
TransUnion
303,577
4,132
Trex
Company,
Inc.
a
181,560
1,534
United
Rentals,
Inc.
a
414,364
10,401
Vicor
Corporation
a
615,115
28,642
WillScot
Mobile
Mini
Holdings
Corporation
a
1,155,132
Total
10,299,690
Information
Technology
(24.1%)
12,107
Amphenol
Corporation
810,685
5,759
Arista
Networks,
Inc.
a
650,133
6,069
Bill.com
Holdings,
Inc.
a
803,354
13,549
Cognex
Corporation
561,606
1,877
EPAM
Systems,
Inc.
a
679,831
9,394
Five9,
Inc.
a
704,362
1,317
HubSpot,
Inc.
a
355,748
868
Lam
Research
Corporation
317,688
12,795
Lattice
Semiconductor
Corporation
a
629,642
1,629
Monolithic
Power
Systems,
Inc.
591,979
4,938
Okta,
Inc.
a
280,824
7,085
Palo
Alto
Networks,
Inc.
a
1,160,452
3,155
Paycom
Software,
Inc.
a
1,041,118
7,484
PTC,
Inc.
a
782,826
17,002
Sprout
Social,
Inc.
a
1,031,681
2,809
Synopsys,
Inc.
a
858,178
2,558
Tyler
Technologies,
Inc.
a
888,905
2,097
Universal
Display
Corporation
197,852
Total
12,346,864
Materials
(4.4%)
6,277
AptarGroup,
Inc.
596,503
1,821
Martin
Marietta
Materials,
Inc.
586,526
1,965
Quaker
Chemical
Corporation
283,707
9,661
RPM
International,
Inc.
804,858
Total
2,271,594
Real
Estate
(2.7%)
2,914
CBRE
Group,
Inc.
a
196,724
6,399
Regency
Centers
Corporation
344,586
2,229
SBA
Communications
Corporation
634,485
6,508
Zillow
Group,
Inc.
a
186,324
Total
1,362,119
Total
Common
Stock
(cost
$53,841,568)
48,537,070
Shares
Registered
Investment
Companies
(
1
.3
%
)
Value
Unaffiliated  (1.3%)
1,640
SPDR
S&P
Biotech
ETF
a
130,085
4,334
SPDR
S&P
Oil
&
Gas
Exploration
ETF
540,536
Total
670,621
Total
Registered
Investment
Companies
(cost
$547,625)
670,621
Mid
Cap
Growth
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
178
Shares
Collateral
Held
for
Securities
Loaned
(
0
.6
%
)
Value
272,350
Thrivent
Cash
Management
Trust
$
272,350
Total
Collateral
Held
for
Securities
Loaned
(cost
$272,350)
272,350
Shares
Short-Term
Investments
(
3
.8
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
194,657
3.170%
1,946,573
Total
Short-Term
Investments
(cost
$1,946,573)
1,946,573
Total
Investments
(cost
$56,608,116)
100.5%
$
51,426,614
Other
Assets
and
Liabilities,
Net
(0.5%)
(
236,032
)
Total
Net
Assets
100.0%
$
51,190,582
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
268,476
Total
lending
$268,476
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$272,350
Net
amounts
due
to
counterparty
$3,874
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,
2022,
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
1,264,245
1,264,245
Consumer
Discretionary
4,922,215
4,922,215
Consumer
Staples
1,954,830
1,954,830
Energy
343,859
343,859
Financials
4,211,729
4,211,729
Health
Care
9,559,925
9,559,925
Industrials
10,299,690
10,299,690
Information
Technology
12,346,864
12,346,864
Materials
2,271,594
2,271,594
Real
Estate
1,362,119
1,362,119
Registered
Investment
Companies
Unaffiliated
670,621
670,621
Subtotal
Investments
in
Securities
$
49,207,691
$
49,207,691
$
$
Other
Investments  *
Total
Affiliated
Short-Term
Investments
1,946,573
Collateral
Held
for
Securities
Loaned
272,350
Subtotal
Other
Investments
$
2,218,923
Total
Investments
at
Value
$
51,426,614
*
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
179
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$
459
$
16,011
$
14,523
$
1,947
195
3.8%
Total
Affiliated
Short-Term
Investments
459
1,947
3.8
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
629
14,938
15,295
272
272
0.6
Total
Collateral
Held
for
Securities
Loaned
629
272
0.6
Total
Value
$
1,088
$
2,219
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$
12
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
12
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
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
180
Shares
Common
Stock
(
98
.6
%
)
Value
Communications
Services
(1.8%)
1,291
Cable
One,
Inc.
$
1,101,287
59,004
Frontier
Communications
Parent,
Inc.
a
1,382,464
33,606
Iridium
Communications,
Inc.
a
1,491,098
11,376
John
Wiley
and
Sons,
Inc.
427,283
43,794
New
York
Times
Company
1,259,077
59,050
Tegna,
Inc.
1,221,154
27,572
TripAdvisor,
Inc.
a
608,790
11,446
World
Wrestling
Entertainment,
Inc.
803,166
12,490
Ziff
Davis,
Inc.
a
855,315
Total
9,149,634
Consumer
Discretionary
(13.4%)
25,093
Adient
plc
a
696,331
10,224
AutoNation,
Inc.
a
1,041,519
21,491
Boyd
Gaming
Corporation
1,024,046
19,683
Brunswick
Corporation
1,288,252
36,533
Capri
Holdings,
Ltd.
a
1,404,329
10,321
Carter's,
Inc.
676,335
7,677
Choice
Hotels
International,
Inc.
840,785
8,780
Churchill
Downs,
Inc.
1,616,837
9,367
Columbia
Sportswear
Company
630,399
6,032
Cracker
Barrel
Old
Country
Store,
Inc.
558,443
16,317
Crocs,
Inc.
a
1,120,325
33,767
Dana,
Inc.
385,957
7,022
Deckers
Outdoor
Corporation
a
2,195,147
15,061
Dick's
Sporting
Goods,
Inc.
1,575,983
14,686
Five
Below,
Inc.
a
2,021,822
21,262
Foot
Locker,
Inc.
661,886
11,186
Fox
Factory
Holding
Corporation
a
884,589
66,894
GameStop
Corporation
a,b
1,681,046
56,486
Gap,
Inc.
463,750
62,231
Gentex
Corporation
1,483,587
74,849
Goodyear
Tire
&
Rubber
Company
a
755,226
1,026
Graham
Holdings
Company
551,968
8,460
Grand
Canyon
Education,
Inc.
a
695,835
42,239
H&R
Block,
Inc.
1,796,847
92,354
Hanesbrands,
Inc.
642,784
35,203
Harley-Davidson,
Inc.
1,227,881
6,344
Helen
of
Troy,
Ltd.
a
611,815
22,360
KB
Home
579,571
33,999
Kohl's
Corporation
855,075
15,714
Lear
Corporation
1,880,809
35,100
Leggett
&
Platt,
Inc.
1,166,022
24,966
Light
and
Wonder,
Inc.
a
1,070,542
7,286
Lithia
Motors,
Inc.
1,563,211
71,390
Macy's,
Inc.
1,118,681
10,398
Marriott
Vacations
Worldwide
Corporation
1,267,100
93,495
Mattel,
Inc.
a
1,770,795
5,686
Murphy
USA,
Inc.
1,563,138
29,750
Nordstrom,
Inc.
497,718
15,383
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
793,763
8,513
Papa
John's
International,
Inc.
595,995
41,966
PENN
Entertainment,
Inc.
a
1,154,485
14,817
Polaris,
Inc.
1,417,246
17,722
PVH
Corporation
793,946
5,291
RH
a
1,301,956
41,731
Service
Corporation
International
2,409,548
35,699
Skechers
USA,
Inc.
a
1,132,372
30,082
Taylor
Morrison
Home
Corporation
a
701,512
Shares
Common
Stock
(98.6%)
Value
Consumer
Discretionary
(13.4%)
-
continued
45,574
Tempur
Sealy
International,
Inc.
$
1,100,156
17,694
Texas
Roadhouse,
Inc.
1,543,979
14,433
Thor
Industries,
Inc.
1,010,021
28,301
Toll
Brothers,
Inc.
1,188,642
8,570
TopBuild
Corporation
a
1,412,165
36,677
Topgolf
Callaway
Brands
Corporation
a
706,399
22,186
Travel
+
Leisure
Company
756,986
49,940
Under
Armour,
Inc.,
Class
A
a
332,101
52,829
Under
Armour,
Inc.,
Class
C
a
314,861
21,988
Victoria's
Secret
&
Company
a
640,291
7,443
Visteon
Corporation
a
789,405
45,058
Wendy's
Company
842,134
18,199
Williams-Sonoma,
Inc.
2,144,752
7,917
Wingstop,
Inc.
992,950
23,906
Wyndham
Hotels
&
Resorts,
Inc.
1,466,633
22,808
YETI
Holdings,
Inc.
a
650,484
Total
68,059,168
Consumer
Staples
(4.0%)
35,848
BellRing
Brands,
Inc.
a
738,827
35,778
BJ's
Wholesale
Club
Holdings,
Inc.
a
2,604,996
2,517
Boston
Beer
Company,
Inc.
a
814,627
9,859
Casey's
General
Stores,
Inc.
1,996,645
10,610
Celsius
Holdings,
Inc.
a
962,115
1,218
Coca-Cola
Consolidated,
Inc.
501,487
95,506
Coty,
Inc.
a
603,598
42,445
Darling
Ingredients,
Inc.
a
2,807,737
17,539
Energizer
Holdings,
Inc.
440,930
51,070
Flowers
Foods,
Inc.
1,260,918
23,345
Grocery
Outlet
Holding
Corporation
a
777,155
17,341
Ingredion,
Inc.
1,396,297
5,245
Lancaster
Colony
Corporation
788,219
13,334
Nu
Skin
Enterprises,
Inc.
444,956
41,024
Performance
Food
Group
Company
a
1,761,981
12,021
Pilgrim's
Pride
Corporation
a
276,723
14,393
Post
Holdings,
Inc.
a
1,178,931
28,440
Sprouts
Farmers
Markets,
Inc.
a
789,210
Total
20,145,352
Energy
(3.9%)
88,643
Antero
Midstream
Corporation
813,743
53,710
ChampionX
Corporation
1,051,105
50,142
CNX
Resources
Corporation
a
778,705
25,602
DT
Midstream,
Inc.
1,328,488
114,543
Equitrans
Midstream
Corporation
856,782
38,452
HF
Sinclair
Corporation
2,070,256
29,699
Matador
Resources
Company
1,452,875
38,675
Murphy
Oil
Corporation
1,360,200
103,962
NOV,
Inc.
1,682,105
25,489
PDC
Energy,
Inc.
1,473,009
65,581
Range
Resources
Corporation
1,656,576
294,921
Southwestern
Energy
Company
a
1,804,916
59,962
Targa
Resources
Corporation
3,618,107
Total
19,946,867
Financials
(15.5%)
10,117
Affiliated
Managers
Group,
Inc.
1,131,586
3,561
Alleghany
Corporation
a
2,988,997
18,482
American
Financial
Group,
Inc.
2,271,992
114,092
Annaly
Capital
Management,
Inc.
1,957,819
39,781
Associated
Banc-Corp
798,802
Mid
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
181
Shares
Common
Stock
(98.6%)
Value
Financials
(15.5%)
-
continued
10,635
Bank
of
Hawaii
Corporation
$
809,536
29,434
Bank
OZK
1,164,409
13,193
Bread
Financial
Holdings,
Inc.
414,920
19,008
Brighthouse
Financial,
Inc.
a
825,327
48,292
Cadence
Bank
1,227,100
19,697
Cathay
General
Bancorp
757,547
30,277
CNO
Financial
Group,
Inc.
544,078
28,874
Commerce
Bancshares,
Inc.
1,910,304
16,973
Cullen/Frost
Bankers,
Inc.
2,244,170
37,296
East
West
Bancorp,
Inc.
2,504,053
28,504
Essent
Group,
Ltd.
993,934
9,531
Evercore,
Inc.
783,925
92,828
F.N.B.
Corporation
1,076,805
22,411
Federated
Hermes,
Inc.
742,252
27,568
First
American
Financial
Corporation
1,270,885
34,331
First
Financial
Bankshares,
Inc.
1,436,066
142,023
First
Horizon
Corporation
3,252,327
10,084
FirstCash
Holdings,
Inc.
739,661
44,294
Fulton
Financial
Corporation
699,845
29,316
Glacier
Bancorp,
Inc.
1,440,295
22,686
Hancock
Whitney
Corporation
1,039,246
9,431
Hanover
Insurance
Group,
Inc.
1,208,488
50,475
Home
BancShares,
Inc.
1,136,192
27,219
Interactive
Brokers
Group,
Inc.
1,739,566
14,002
International
Bancshares
Corporation
595,085
35,075
Janus
Henderson
Group
plc
712,373
49,218
Jefferies
Financial
Group,
Inc.
1,451,931
16,900
Kemper
Corporation
697,294
5,698
Kinsale
Capital
Group,
Inc.
1,455,383
80,311
MGIC
Investment
Corporation
1,029,587
29,290
Navient
Corporation
430,270
123,374
New
York
Community
Bancorp,
Inc.
1,052,380
77,519
Old
National
Bancorp
1,276,738
76,042
Old
Republic
International
Corporation
1,591,559
31,170
PacWest
Bancorp
704,442
20,225
Pinnacle
Financial
Partners,
Inc.
1,640,248
9,913
Primerica,
Inc.
1,223,760
24,141
Prosperity
Bancshares,
Inc.
1,609,722
17,735
Reinsurance
Group
of
America,
Inc.
2,231,240
11,567
RenaissanceRe
Holdings,
Ltd.
1,623,891
10,687
RLI
Corporation
1,094,135
27,253
SEI
Investments
Company
1,336,760
15,967
Selective
Insurance
Group,
Inc.
1,299,714
66,533
SLM
Corporation
930,797
28,093
Stifel
Financial
Corporation
1,458,308
38,475
Synovus
Financial
Corporation
1,443,197
13,203
Texas
Capital
Bancshares,
Inc.
a
779,373
11,507
UMB
Financial
Corporation
969,925
57,446
Umpqua
Holdings
Corporation
981,752
35,619
United
Bankshares,
Inc.
1,273,379
49,757
Unum
Group
1,930,572
111,227
Valley
National
Bancorp
1,201,252
25,916
Voya
Financial,
Inc.
1,567,918
17,289
Washington
Federal,
Inc.
518,324
46,538
Webster
Financial
Corporation
2,103,518
16,075
Wintrust
Financial
Corporation
1,310,916
Total
78,635,870
Health
Care
(10.3%)
24,043
Acadia
Healthcare
Company,
Inc.
a
1,879,682
Shares
Common
Stock
(98.6%)
Value
Health
Care
(10.3%)
-
continued
8,587
Amedisys,
Inc.
a
$
831,136
28,015
Arrowhead
Research
Corporation
a
925,896
19,855
Azenta,
Inc.
850,985
26,661
Bruker
Corporation
1,414,633
3,945
Chemed
Corporation
1,722,229
26,408
Encompass
Health
Corporation
1,194,434
12,607
Enovis
Corporation
a
580,804
43,244
Envista
Holdings
Corporation
a
1,418,836
85,178
Exelixis,
Inc.
a
1,335,591
20,389
Globus
Medical,
Inc.
a
1,214,573
13,582
Haemonetics
Corporation
a
1,005,475
36,466
Halozyme
Therapeutics,
Inc.
a
1,441,866
22,329
HealthEquity,
Inc.
a
1,499,839
5,313
ICU
Medical,
Inc.
a
800,138
12,718
Inari
Medical,
Inc.
a
923,835
19,228
Integra
LifeSciences
Holdings
Corporation
a
814,498
16,590
Jazz
Pharmaceuticals,
Inc.
a
2,211,281
8,212
LHC
Group,
Inc.
a
1,343,976
14,172
LivaNova
plc
a
719,512
12,791
Masimo
Corporation
a
1,805,578
6,646
Medpace
Holdings,
Inc.
a
1,044,552
57,197
Neogen
Corporation
a
799,042
25,313
Neurocrine
Biosciences,
Inc.
a
2,688,494
13,779
NuVasive,
Inc.
a
603,658
11,722
Omnicell,
Inc.
a
1,020,166
40,913
Option
Care
Health,
Inc.
a
1,287,532
22,928
Patterson
Companies,
Inc.
550,731
10,028
Penumbra,
Inc.
a
1,901,309
35,629
Perrigo
Company
plc
1,270,530
19,740
Progyny,
Inc.
a
731,564
14,353
QuidelOrtho
Corporation
a
1,025,952
36,340
R1
RCM,
Inc.
a
673,380
13,659
Repligen
Corporation
a
2,555,735
9,509
ShockWave
Medical,
Inc.
a
2,644,168
26,206
Sotera
Health
Company
a
178,725
12,714
STAAR
Surgical
Company
a
896,973
27,169
Syneos
Health,
Inc.
a
1,281,018
16,997
Tandem
Diabetes
Care,
Inc.
a
813,306
28,555
Tenet
Healthcare
Corporation
a
1,472,867
12,047
United
Therapeutics
Corporation
a
2,522,401
Total
51,896,900
Industrials
(18.7%)
8,658
Acuity
Brands,
Inc.
1,363,375
36,961
AECOM
2,527,024
16,387
AGCO
Corporation
1,575,938
13,286
ASGN,
Inc.
a
1,200,656
7,633
Avis
Budget
Group,
Inc.
a
1,133,195
17,871
Axon
Enterprise,
Inc.
a
2,068,568
12,504
Brink's
Company
605,694
41,308
Builders
FirstSource,
Inc.
a
2,433,867
6,198
CACI
International,
Inc.
a
1,618,050
13,690
Carlisle
Companies,
Inc.
3,838,813
9,492
Chart
Industries,
Inc.
a
1,749,850
13,317
Clean
Harbors,
Inc.
a
1,464,604
12,620
Crane
Holdings,
Company
1,104,755
10,162
Curtiss-Wright
Corporation
1,414,144
32,702
Donaldson
Company,
Inc.
1,602,725
7,821
Dycom
Industries,
Inc.
a
747,140
13,061
EMCOR
Group,
Inc.
1,508,284
10,761
EnerSys
625,967
12,078
ESAB
Corporation
402,922
34,590
Flowserve
Corporation
840,537
37,605
Fluor
Corporation
a
935,988
Mid
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
182
Shares
Common
Stock
(98.6%)
Value
Industrials
(18.7%)
-
continued
9,142
FTI
Consulting,
Inc.
a
$
1,514,921
9,343
GATX
Corporation
795,556
44,759
Graco,
Inc.
2,683,302
31,394
GXO
Logistics,
Inc.
a
1,100,674
22,259
Hexcel
Corporation
1,151,236
14,207
Hubbell,
Inc.
3,168,161
35,398
IAA,
Inc.
a
1,127,426
9,460
Insperity,
Inc.
965,771
21,888
ITT
Corporation
1,430,162
85,714
JetBlue
Airways
Corporation
a
568,284
36,800
KBR,
Inc.
1,590,496
21,528
Kennametal,
Inc.
443,046
15,854
Kirby
Corporation
a
963,448
42,523
Knight-Swift
Transportation
Holdings,
Inc.
2,080,650
9,641
Landstar
System,
Inc.
1,391,871
8,533
Lennox
International,
Inc.
1,900,043
15,329
Lincoln
Electric
Holdings,
Inc.
1,927,162
13,694
ManpowerGroup,
Inc.
885,865
15,124
MasTec,
Inc.
a
960,374
53,820
MDU
Resources
Group,
Inc.
1,471,977
15,264
Mercury
Systems,
Inc.
a
619,718
14,261
Middleby
Corporation
a
1,827,832
20,073
MillerKnoll,
Inc.
313,139
9,734
MSA
Safety,
Inc.
1,063,732
12,527
MSC
Industrial
Direct
Company,
Inc.
912,091
44,064
nVent
Electric
plc
1,392,863
17,302
Oshkosh
Corporation
1,216,158
25,471
Owens
Corning,
Inc.
2,002,275
17,595
Regal
Rexnord
Corporation
2,469,634
13,550
Ryder
System,
Inc.
1,022,890
6,990
Saia,
Inc.
a
1,328,100
14,738
Science
Applications
International
Corporation
1,303,281
11,425
Simpson
Manufacturing
Company,
Inc.
895,720
24,397
Stericycle,
Inc.
a
1,027,358
22,578
SunPower
Corporation
a
520,197
56,137
Sunrun,
Inc.
a
1,548,820
17,944
Terex
Corporation
533,655
14,112
Tetra
Tech,
Inc.
1,813,815
17,690
Timken
Company
1,044,418
27,677
Toro
Company
2,393,507
29,183
Trex
Company,
Inc.
a
1,282,301
44,145
Univar
Solutions,
Inc.
a
1,003,857
5,651
Valmont
Industries,
Inc.
1,517,972
5,885
Vicor
Corporation
a
348,039
8,789
Watsco,
Inc.
2,262,816
7,226
Watts
Water
Technologies,
Inc.
908,525
15,610
Werner
Enterprises,
Inc.
586,936
15,923
Woodward,
Inc.
1,277,980
30,447
XPO
Logistics,
Inc.
a
1,355,500
Total
94,675,650
Information
Technology
(12.6%)
30,185
ACI
Worldwide,
Inc.
a
630,866
26,568
Amkor
Technology,
Inc.
452,984
16,984
Arrow
Electronics,
Inc.
a
1,565,755
7,659
Aspen
Technology,
Inc.
a
1,824,374
25,056
Avnet,
Inc.
905,023
11,520
Belden,
Inc.
691,430
11,790
Blackbaud,
Inc.
a
519,467
15,022
Calix,
Inc.
a
918,445
39,622
Ciena
Corporation
a
1,601,917
Shares
Common
Stock
(98.6%)
Value
Information
Technology
(12.6%)
-
continued
14,805
Cirrus
Logic,
Inc.
a
$
1,018,584
45,893
Cognex
Corporation
1,902,265
34,308
Coherent
Corporation
a
1,195,634
11,859
CommVault
Systems,
Inc.
a
629,001
11,295
Concentrix
Corporation
1,260,861
53,235
Dynatrace
Holdings,
LLC
a
1,853,110
14,609
Envestnet,
Inc.
a
648,640
12,466
Euronet
Worldwide,
Inc.
a
944,424
8,751
ExlService
Holdings,
Inc.
a
1,289,547
6,684
Fair
Isaac
Corporation
a
2,753,875
26,237
First
Solar,
Inc.
a
3,470,368
44,677
Genpact,
Ltd.
1,955,512
8,770
IPG
Photonics
Corporation
a
739,750
36,406
Jabil,
Inc.
2,100,990
54,015
Kyndryl
Holdings,
Inc.
a
446,704
36,343
Lattice
Semiconductor
Corporation
a
1,788,439
6,552
Littelfuse,
Inc.
1,301,817
18,262
Lumentum
Holdings,
Inc.
a
1,252,225
13,524
MACOM
Technology
Solutions
Holdings,
Inc.
a
700,408
16,600
Manhattan
Associates,
Inc.
a
2,208,298
16,026
MAXIMUS,
Inc.
927,425
15,134
MKS
Instruments,
Inc.
1,250,674
35,020
National
Instruments
Corporation
1,321,655
36,233
NCR
Corporation
a
688,789
9,434
Novanta,
Inc.
a
1,091,042
10,826
Paylocity
Holding
Corporation
a
2,615,345
15,134
Power
Integrations,
Inc.
973,419
9,240
Qualys,
Inc.
a
1,287,964
86,860
Sabre
Corporation
a
447,329
16,801
Semtech
Corporation
a
494,117
9,058
Silicon
Laboratories,
Inc.
a
1,118,120
4,225
SiTime
Corporation
a
332,634
10,486
Synaptics,
Inc.
a
1,038,219
11,162
TD
SYNNEX
Corporation
906,243
27,208
Teradata
Corporation
a
845,080
11,500
Universal
Display
Corporation
1,085,025
19,996
ViaSat,
Inc.
a
604,479
34,587
Vishay
Intertechnology,
Inc.
615,303
41,803
Vontier
Corporation
698,528
102,097
Western
Union
Company
1,378,310
11,691
WEX,
Inc.
a
1,484,056
32,722
Wolfspeed,
Inc.
a
3,382,146
29,646
Xerox
Holdings
Corporation
387,770
Total
63,544,385
Materials
(6.5%)
47,620
Alcoa
Corporation
1,602,889
17,293
AptarGroup,
Inc.
1,643,354
13,183
Ashland,
Inc.
1,251,990
22,624
Avient
Corporation
685,507
14,901
Cabot
Corporation
952,025
41,060
Chemours
Company
1,012,129
136,912
Cleveland-Cliffs,
Inc.
a
1,844,205
31,890
Commercial
Metals
Company
1,131,457
9,974
Eagle
Materials,
Inc.
1,069,013
7,048
Greif,
Inc.
419,849
9,466
Ingevity
Corporation
a
573,924
19,552
Louisiana-Pacific
Corporation
1,000,867
24,433
MP
Materials
Corporation
a
667,021
1,829
NewMarket
Corporation
550,218
35,726
Olin
Corporation
1,531,931
15,958
Reliance
Steel
&
Aluminum
Company
2,783,235
Mid
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
183
Shares
Common
Stock
(98.6%)
Value
Materials
(6.5%)
-
continued
17,373
Royal
Gold,
Inc.
$
1,629,935
34,144
RPM
International,
Inc.
2,844,537
10,705
Scotts
Miracle-Gro
Company
457,639
11,126
Sensient
Technologies
Corporation
771,477
22,170
Silgan
Holdings,
Inc.
932,027
25,807
Sonoco
Products
Company
1,464,031
45,915
Steel
Dynamics,
Inc.
3,257,669
62,786
United
States
Steel
Corporation
1,137,682
46,851
Valvoline,
Inc.
1,187,204
7,996
Worthington
Industries,
Inc.
304,967
Total
32,706,782
Real
Estate
(8.0%)
40,808
Apartment
Income
REIT
Corporation
1,576,005
79,313
Brixmor
Property
Group,
Inc.
1,464,911
29,755
Corporate
Office
Properties
Trust
691,209
40,080
Cousins
Properties,
Inc.
935,868
46,524
Douglas
Emmett,
Inc.
834,175
11,531
EastGroup
Properties,
Inc.
1,664,385
19,854
EPR
Properties
711,965
34,955
First
Industrial
Realty
Trust,
Inc.
1,566,334
100,719
Healthcare
Realty
Trust,
Inc.
2,099,991
27,839
Highwoods
Properties,
Inc.
750,539
58,709
Independence
Realty
Trust,
Inc.
982,202
26,340
JBG
SMITH
Properties
489,397
12,682
Jones
Lang
LaSalle,
Inc.
a
1,915,870
27,839
Kilroy
Realty
Corporation
1,172,300
57,992
Kite
Realty
Group
Trust
998,622
23,057
Lamar
Advertising
Company
1,901,972
22,334
Life
Storage,
Inc.
2,473,714
56,844
Macerich
Company
451,341
158,536
Medical
Properties
Trust,
Inc.
1,880,237
46,876
National
Retail
Properties,
Inc.
1,868,477
22,586
National
Storage
Affiliates
Trust
939,126
61,962
Omega
Healthcare
Investors,
Inc.
1,827,259
59,509
Park
Hotels
&
Resorts,
Inc.
670,071
34,791
Pebblebrook
Hotel
Trust
504,817
59,900
Physicians
Realty
Trust
900,896
21,332
PotlatchDeltic
Corporation
875,465
38,753
Rayonier,
Inc.
REIT
1,161,427
45,276
Rexford
Industrial
Realty,
Inc.
2,354,352
61,130
Sabra
Health
Care
REIT,
Inc.
802,026
17,018
SL
Green
Realty
Corporation
683,443
36,085
Spirit
Realty
Capital,
Inc.
1,304,834
70,329
Store
Capital
Corporation
2,203,408
Total
40,656,638
Utilities
(3.9%)
15,105
ALLETE,
Inc.
756,005
17,225
Black
Hills
Corporation
1,166,649
63,118
Essential
Utilities,
Inc.
2,611,823
28,973
Hawaiian
Electric
Industries,
Inc.
1,004,204
13,381
IDACORP,
Inc.
1,324,853
24,211
National
Fuel
Gas
Company
1,490,187
25,468
New
Jersey
Resources
Corporation
985,612
14,861
NorthWestern
Corporation
732,350
52,987
OGE
Energy
Corporation
1,931,906
14,329
ONE
Gas,
Inc.
1,008,618
11,843
Ormat
Technologies,
Inc.
b
1,020,867
22,718
PNM
Resources,
Inc.
1,038,894
23,620
Portland
General
Electric
Company
1,026,525
16,316
Southwest
Gas
Holdings,
Inc.
1,138,041
Shares
Common
Stock
(98.6%)
Value
Utilities
(3.9%)
-
continued
13,893
Spire,
Inc.
$
865,951
55,416
UGI
Corporation
1,791,599
Total
19,894,084
Total
Common
Stock
(cost
$434,315,344)
499,311,330
Shares
Collateral
Held
for
Securities
Loaned
(
0
.5
%
)
Value
2,524,675
Thrivent
Cash
Management
Trust
2,524,675
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,524,675)
2,524,675
Shares
or
Principal
Amount
Short-Term
Investments
(
0
.9
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
500,000
2.455%,
10/28/2022
c,d
498,950
400,000
2.910%,
11/18/2022
c,d
398,394
Thrivent
Core
Short-Term
Reserve
Fund
390,374
3.170%
3,903,738
Total
Short-Term
Investments
(cost
$4,801,265)
4,801,082
Total
Investments
(cost
$441,641,284)
100.0%
$
506,637,087
Other
Assets
and
Liabilities,
Net
(<0.1%)
(
23,546
)
Total
Net
Assets
100.0%
$
506,613,541
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
The
interest
rate
shown
reflects
the
yield.
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
2,449,135
Total
lending
$2,449,135
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$2,524,675
Net
amounts
due
to
counterparty
$75,540
Definitions:
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Mid
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
184
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,
2022,
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
9,149,634
9,149,634
Consumer
Discretionary
68,059,168
68,059,168
Consumer
Staples
20,145,352
20,145,352
Energy
19,946,867
19,946,867
Financials
78,635,870
78,635,870
Health
Care
51,896,900
51,896,900
Industrials
94,675,650
94,675,650
Information
Technology
63,544,385
63,544,385
Materials
32,706,782
32,706,782
Real
Estate
40,656,638
40,656,638
Utilities
19,894,084
19,894,084
Short-Term
Investments
897,344
897,344
Subtotal
Investments
in
Securities
$
500,208,674
$
499,311,330
$
897,344
$
Other
Investments  *
Total
Affiliated
Short-Term
Investments
3,903,738
Collateral
Held
for
Securities
Loaned
2,524,675
Subtotal
Other
Investments
$
6,428,413
Total
Investments
at
Value
$
506,637,087
*
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
606,640
606,640
Total
Liability
Derivatives
$
606,640
$
606,640
$
$
The
following
table
presents
Mid
Cap
Index
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$597,973
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
34
December
2022
$
8,114,520
(
$
606,640
)
Total
Futures
Long
Contracts
$
8,114,520
(
$
606,640
)
Total
Futures
Contracts
$
8,114,520
(
$
606,640
)
Mid
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
185
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$
4,073
$
43,631
$
43,800
$
3,904
390
0.7%
Total
Affiliated
Short-Term
Investments
4,073
3,904
0.7
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
4,734
61,737
63,946
2,525
2,525
0.5
Total
Collateral
Held
for
Securities
Loaned
4,734
2,525
0.5
Total
Value
$
8,807
$
6,429
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$
110
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
110
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
124
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
124
Total
Value
$–
$–
$
Mid
Cap
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
186
Shares
Common
Stock
(
97.1%
)
Value
Communications
Services
(1.7%)
982,151
DISH
Network
Corporation
a
$
13,583,148
1,626,074
Warner
Bros.
Discovery,
Inc.
a
18,699,851
Total
32,282,999
Consumer
Discretionary
(11.7%)
251,422
Aptiv
plc
a
19,663,715
29,430
Chipotle
Mexican
Grill,
Inc.
a
44,226,227
168,482
Expedia
Group,
Inc.
a
15,785,079
737,173
Harley-Davidson,
Inc.
25,712,594
130,109
Lululemon
Athletica,
Inc.
a
36,373,272
12,744
NVR,
Inc.
a
50,811,347
76,449
RH
a
18,811,805
1,003,630
Sonos,
Inc.
a
13,950,457
Total
225,334,496
Consumer
Staples
(3.8%)
159,336
Casey's
General
Stores,
Inc.
32,268,727
511,445
Lamb
Weston
Holdings,
Inc.
39,575,614
Total
71,844,341
Energy
(5.3%)
760,362
Devon
Energy
Corporation
45,720,567
1,457,593
NOV,
Inc.
23,583,855
308,819
Valero
Energy
Corporation
32,997,310
Total
102,301,732
Financials
(16.0%)
1,094,510
Ally
Financial,
Inc.
30,460,213
101,306
Ameriprise
Financial,
Inc.
25,524,047
1,165,058
Arch
Capital
Group,
Ltd.
a
53,056,741
1,208,371
Equitable
Holdings,
Inc.
31,840,576
235,352
Kinsale
Capital
Group,
Inc.
60,113,608
1,315,178
Radian
Group,
Inc.
25,369,784
615,754
Western
Alliance
Bancorp
40,479,668
809,540
Zions
Bancorporation
NA
41,173,204
Total
308,017,841
Health
Care
(10.4%)
101,962
Align
Technology,
Inc.
a
21,117,350
86,901
Bio-Techne
Corporation
24,679,884
366,939
Edwards
Lifesciences
Corporation
a
30,320,170
106,516
Insulet
Corporation
a
24,434,770
73,782
Laboratory
Corporation
of
America
Holdings
15,111,292
899,836
Maravai
LifeSciences
Holdings,
Inc.
a
22,972,813
50,484
Medpace
Holdings,
Inc.
a
7,934,570
696,894
NuVasive,
Inc.
a
30,530,926
196,991
Sarepta
Therapeutics,
Inc.
a
21,775,385
Total
198,877,160
Industrials
(17.4%)
278,349
Advanced
Drainage
Systems,
Inc.
34,618,265
1,810,474
Dun
&
Bradstreet
Holdings,
Inc.
22,431,773
1,072,826
Howmet
Aerospace,
Inc.
33,182,508
174,180
Old
Dominion
Freight
Line,
Inc.
43,330,758
417,294
Quanta
Services,
Inc.
53,159,083
267,235
Regal
Rexnord
Corporation
37,509,105
733,142
Southwest
Airlines
Company
a
22,610,099
609,884
Timken
Company
36,007,551
187,989
United
Rentals,
Inc.
a
50,779,589
Total
333,628,731
Shares
Common
Stock
(97.1%)
Value
Information
Technology
(12.3%)
112,070
ANSYS,
Inc.
a
$
24,845,919
177,626
Bill.com
Holdings,
Inc.
a
23,512,354
674,603
Ciena
Corporation
a
27,274,199
1,584,379
Dropbox,
Inc.
a
32,828,333
154,460
NICE,
Ltd.
ADR
a
29,075,551
479,476
ON
Semiconductor
Corporation
a
29,885,739
556,664
Trimble,
Inc.
a
30,210,155
376,483
Wolfspeed,
Inc.
a
38,913,283
Total
236,545,533
Materials
(7.9%)
373,305
Ashland,
Inc.
35,452,776
487,364
Ball
Corporation
23,549,428
383,416
PPG
Industries,
Inc.
42,440,317
713,766
Steel
Dynamics,
Inc.
50,641,698
Total
152,084,219
Real
Estate
(4.4%)
238,508
Alexandria
Real
Estate
Equities,
Inc.
33,436,437
198,332
Camden
Property
Trust
23,690,757
264,168
Digital
Realty
Trust,
Inc.
26,200,182
Total
83,327,376
Utilities
(6.2%)
991,454
Alliant
Energy
Corporation
52,537,147
1,174,659
CenterPoint
Energy,
Inc.
33,101,891
336,028
Entergy
Corporation
33,814,498
Total
119,453,536
Total
Common
Stock
(cost
$1,583,001,456)
1,863,697,964
Shares
Short-Term
Investments
(
3.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
6,194,919
3.170%
61,949,185
Total
Short-Term
Investments
(cost
$61,930,144)
61,949,185
Total
Investments
(cost
$1,644,931,600)
100.3%
$1,925,647,149
Other
Assets
and
Liabilities,
Net
(0.3%)
(5,001,716)
Total
Net
Assets
100.0%
$1,920,645,433
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.
Mid
Cap
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
187
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
32,282,999
32,282,999
Consumer
Discretionary
225,334,496
225,334,496
Consumer
Staples
71,844,341
71,844,341
Energy
102,301,732
102,301,732
Financials
308,017,841
308,017,841
Health
Care
198,877,160
198,877,160
Industrials
333,628,731
333,628,731
Information
Technology
236,545,533
236,545,533
Materials
152,084,219
152,084,219
Real
Estate
83,327,376
83,327,376
Utilities
119,453,536
119,453,536
Subtotal
Investments
in
Securities
$1,863,697,964
$1,863,697,964
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
61,949,185
Subtotal
Other
Investments
$61,949,185
Total
Investments
at
Value
$1,925,647,149
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
 The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Portfolio.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Stock
Portfolio,
is
as
follows:
Portfolio
Value
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$64,547
$150,214
$152,812
$61,949
6,195
3.2%
Total
Affiliated
Short-Term
Investments
64,547
61,949
3.2
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
30,010
77,906
107,916
Total
Collateral
Held
for
Securities
Loaned
30,010
Total
Value
$94,557
$61,949
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$9
($9)
$
$441
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$441
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
9
Total
Affiliated
Income
from
Securities
Loaned,
Net
$9
Total
Value
$9
($9)
$
Mid
Cap
Value
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
188
Shares
Common
Stock
(
96.8%
)
Value
Communications
Services
(2.4%)
47,219
Imax
Corporation
a
$
666,732
34,196
Warner
Bros.
Discovery,
Inc.
a
393,254
Total
1,059,986
Consumer
Discretionary
(10.4%)
2,183
Aptiv
plc
a
170,732
15,492
Cedar
Fair,
LP
637,496
13,247
D.R.
Horton,
Inc.
892,186
5,946
Dollar
Tree,
Inc.
a
809,251
15,303
eBay,
Inc.
563,303
3,942
Lear
Corporation
471,818
3,661
Polaris,
Inc.
350,175
24,524
Tapestry,
Inc.
697,217
Total
4,592,178
Consumer
Staples
(5.4%)
22,815
Hain
Celestial
Group,
Inc.
a
385,117
11,881
Lamb
Weston
Holdings,
Inc.
919,352
4,970
Sysco
Corporation
351,429
28,237
US
Foods
Holding
Corporation
a
746,586
Total
2,402,484
Energy
(6.7%)
32,367
Enterprise
Products
Partners,
LP
769,687
18,359
Helmerich
&
Payne,
Inc.
678,732
4,571
Marathon
Petroleum
Corporation
454,038
4,893
Pioneer
Natural
Resources
Company
1,059,481
Total
2,961,938
Financials
(19.9%)
7,323
Allstate
Corporation
911,933
2,962
Capital
One
Financial
Corporation
273,008
8,569
Cboe
Global
Markets,
Inc.
1,005,744
7,191
Comerica,
Inc.
511,280
40,626
Eastern
Bankshares,
Inc.
797,895
15,936
Enterprise
Financial
Services
Corporation
701,821
26,133
Equitable
Holdings,
Inc.
688,605
5,692
M&T
Bank
Corporation
1,003,613
4,894
Raymond
James
Financial,
Inc.
483,625
6,410
Selective
Insurance
Group,
Inc.
521,774
14,744
Voya
Financial,
Inc.
892,012
12,757
Wintrust
Financial
Corporation
1,040,333
Total
8,831,643
Health
Care
(9.2%)
4,960
Acadia
Healthcare
Company,
Inc.
a
387,773
17,516
Baxter
International,
Inc.
943,412
10,905
Cardinal
Health,
Inc.
727,145
4,150
Laboratory
Corporation
of
America
Holdings
849,962
9,246
NuVasive,
Inc.
a
405,067
8,424
Universal
Health
Services,
Inc.
742,828
Total
4,056,187
Industrials
(15.2%)
8,964
AGCO
Corporation
862,068
19,866
Barnes
Group,
Inc.
573,730
5,238
Booz
Allen
Hamilton
Holding
Corporation
483,729
2,979
Carlisle
Companies,
Inc.
835,341
10,535
Crane
Holdings,
Company
922,234
4,684
JB
Hunt
Transport
Services,
Inc.
732,671
Shares
Common
Stock
(96.8%)
Value
Industrials
(15.2%)
-
continued
3,380
Lincoln
Electric
Holdings,
Inc.
$
424,934
3,166
Robert
Half
International,
Inc.
242,199
24,384
Sensata
Technologies
Holding
plc
909,036
23,645
Southwest
Airlines
Company
a
729,212
Total
6,715,154
Information
Technology
(8.6%)
11,519
CommVault
Systems,
Inc.
a
610,968
10,158
Fidelity
National
Information
Services,
Inc.
767,640
5,833
Jabil,
Inc.
336,623
13,578
Juniper
Networks,
Inc.
354,657
52,331
Knowles
Corporation
a
636,868
7,564
ON
Semiconductor
Corporation
a
471,464
4,538
PTC,
Inc.
a
474,675
4,671
Western
Digital
Corporation
a
152,041
Total
3,804,936
Materials
(8.2%)
31,565
Axalta
Coating
Systems,
Ltd.
a
664,759
18,603
Berry
Plastics
Group,
Inc.
a
865,597
11,040
Celanese
Corporation
997,354
4,800
CF
Industries
Holdings,
Inc.
462,000
8,615
LyondellBasell
Industries
NV
648,537
Total
3,638,247
Real
Estate
(7.1%)
2,588
Camden
Property
Trust
309,137
5,040
CBRE
Group,
Inc.
a
340,251
32,284
Healthcare
Realty
Trust,
Inc.
673,121
11,390
Highwoods
Properties,
Inc.
307,074
57,823
Host
Hotels
&
Resorts,
Inc.
918,229
32,201
Kimco
Realty
Corporation
592,821
Total
3,140,633
Utilities
(3.7%)
9,290
Alliant
Energy
Corporation
492,277
18,955
CenterPoint
Energy,
Inc.
534,152
10,213
Evergy,
Inc.
606,652
Total
1,633,081
Total
Common
Stock
(cost
$46,128,412)
42,836,467
Shares
Registered
Investment
Companies
(
0.7%
)
Value
Unaffiliated  (0.7%)
7,578
Fidelity
US
Utilities
ETF
319,943
Total
319,943
Total
Registered
Investment
Companies
(cost
$314,907)
319,943
Shares
Short-Term
Investments
(
2.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
96,363
3.170%
963,627
Total
Short-Term
Investments
(cost
$963,627)
963,627
Total
Investments
(cost
$47,406,946)
99.7%
$44,120,037
Other
Assets
and
Liabilities,
Net
0.3%
114,349
Total
Net
Assets
100.0%
$44,234,386
Mid
Cap
Value
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
189
a
Non-income
producing
security.
Definitions:
ETF
-
Exchange
Traded
Fund
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
1,059,986
1,059,986
Consumer
Discretionary
4,592,178
4,592,178
Consumer
Staples
2,402,484
2,402,484
Energy
2,961,938
2,961,938
Financials
8,831,643
8,831,643
Health
Care
4,056,187
4,056,187
Industrials
6,715,154
6,715,154
Information
Technology
3,804,936
3,804,936
Materials
3,638,247
3,638,247
Real
Estate
3,140,633
3,140,633
Utilities
1,633,081
1,633,081
Registered
Investment
Companies
Unaffiliated
319,943
319,943
Subtotal
Investments
in
Securities
$43,156,410
$43,156,410
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
963,627
Subtotal
Other
Investments
$963,627
Total
Investments
at
Value
$44,120,037
*
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
190
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$652
$18,046
$17,734
$964
96
2.2%
Total
Affiliated
Short-Term
Investments
652
964
2.2
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
266
2,103
2,369
Total
Collateral
Held
for
Securities
Loaned
266
Total
Value
$918
$964
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$16
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$16
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
Value
$–
$–
$
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
191
Principal
Amount
Bank
Loans
(
1.5%
)
a
Value
Basic
Materials
(0.2%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
1,736,275
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
1,553,966
Gemini
HDPE,
LLC,
Term
Loan
1,100,606
5.810%, 
(LIBOR
3M
+
3.000%),
12/31/2027
b
1,051,079
Grinding
Media,
Inc.,
Term
Loan
1,747,350
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
1,555,141
Groupe
Solmax,
Inc.,
Term
Loan
1,540,550
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
1,359,535
Herens
US
Holdco
Corporation,
Term
Loan
1,599,841
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
1,419,859
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
1,042,125
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
969,176
INEOS
US
Petrochem,
LLC,
Term
Loan
1,313,375
5.865%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
1,221,990
Innophos
Holdings,
Inc.,
Term
Loan
809,250
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
781,938
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
2,788,353
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
2,519,974
Nouryon
USA,
LLC,
Term
Loan
1,505,802
5.865%, 
(LIBOR
1M
+
2.750%),
10/1/2025
b
1,409,807
Sparta
US
HoldCo,
LLC,
Term
Loan
258,050
5.803%, 
(LIBOR
1M
+
3.250%),
8/2/2028
b
244,342
Spectrum
Group
Buyer,
Inc.,
Term
Loan
1,895,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
1,817,419
Tronox
Finance,
LLC,
Term
Loan
707,723
5.830%, 
(LIBOR
1M
+
2.250%),
3/11/2028
b
670,745
Venator
Finance
SARL,
Term
Loan
922,997
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
799,547
Total
17,374,518
Capital
Goods
(0.3%)
ACProducts
Holdings,
Inc.,
Term
Loan
1,237,497
7.325%, 
(LIBOR
3M
+
4.250%),
5/17/2028
b,d,e
908,360
Advanced
Drainage
Systems,
Inc.,
Term
Loan
276,506
4.862%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b
276,506
AZZ,
Inc.,
Term
Loan
412,965
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
401,266
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Capital
Goods
(0.3%)
-
continued
Bingo
Industries,
Ltd.,
Term
Loan
$
628,650
7.174%, 
(LIBOR
3M
+
3.500%),
8/9/2028
b
$
564,999
BW
Holding,
Inc.,
Term
Loan
1,820,113
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
1,674,503
CP
Atlas
Buyer,
Inc.,
Term
Loan
1,049,304
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
909,746
EnergySolutions,
LLC,
Term
Loan
920,595
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
850,114
Foley
Products
Company,
LLC,
Term
Loan
1,447,597
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
1,367,979
GFL
Environmental,
Inc.,
Term
Loan
1,203,562
5.806%, 
(LIBOR
3M
+
3.000%),
5/31/2025
b
1,188,975
Graham
Packaging
Company,
Inc.,
Term
Loan
1,221,400
6.115%, 
(LIBOR
1M
+
3.000%),
8/4/2027
b
1,160,989
LABL,
Inc.,
Term
Loan
416,850
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
374,840
LRS
Holdings,
LLC,
Term
Loan
831,715
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
785,971
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
903,141
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
820,350
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
1,490,483
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
1,385,225
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
982,500
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
938,111
Quikrete
Holdings
Inc.,
Term
Loan
1,039,775
6.115%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
998,621
Secure
Acquisition,
Inc.,
Delayed
Draw
136,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
127,160
Secure
Acquisition,
Inc.,
Term
Loan
911,420
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
852,178
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
1,335,652
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
1,272,209
Tiger
Acquisition,
LLC,
Term
Loan
564,300
6.365%, 
(LIBOR
1M
+
3.250%),
6/1/2028
b
520,567
TransDigm,
Inc.,
Term
Loan
2,837,305
5.924%, 
(LIBOR
3M
+
2.250%),
12/9/2025
b
2,713,996
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
192
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Capital
Goods
(0.3%)
-
continued
TricorBraun
Holdings,
Inc.,
Term
Loan
$
1,531,089
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
$
1,435,013
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
129,259
6.300%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
122,215
Trident
TPI
Holdings,
Inc.,
Term
Loan
910,800
7.674%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b
861,161
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
945,450
7.865%, 
(LIBOR
1M
+
4.750%),
8/12/2028
b
926,541
Total
23,437,595
Communications
Services
(0.3%)
Allen
Media,
LLC,
Term
Loan
491,113
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
422,971
Audacy
Capital
Corporation,
Term
Loan
1,030,385
5.613%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
851,912
Cablevision
Lightpath,
LLC,
Term
Loan
1,154,437
6.068%, 
(LIBOR
1M
+
3.250%),
12/1/2027
b
1,103,215
Cengage
Learning,
Inc.,
Term
Loan
1,722,600
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
1,555,456
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
1,295,973
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
1,153,817
CMG
Media
Corporation,
Term
Loan
1,601,475
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
1,496,050
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
1,358,322
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
1,307,385
DIRECTV
Financing,
LLC,
Term
Loan
1,797,250
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
1,669,879
E.W.
Scripps
Company,
Term
Loan
914,250
5.865%, 
(LIBOR
1M
+
2.750%),
1/7/2028
b
882,580
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
1,466,438
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
1,419,878
Gridiron
Fiber
Corporation,
Term
Loan
853,710
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
772,078
iHeartCommunications,
Inc.,
Term
Loan
858,194
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
804,248
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Communications
Services
(0.3%)
-
continued
Metronet
Systems
Holdings,
LLC,
Term
Loan
$
1,566,518
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
$
1,468,611
NEP
Group,
Inc.,
Term
Loan
1,304,187
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
1,199,852
429,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
386,529
Nexstar
Media,
Inc.,
Term
Loan
1,211,673
5.615%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
1,193,062
ORBCOMM,
Inc.,
Term
Loan
925,650
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
845,424
RLG
Holdings,
LLC,
Term
Loan
945,262
7.115%, 
(LIBOR
1M
+
4.000%),
7/8/2028
b
886,968
Univision
Communications,
Inc.,
Term
Loan
865,650
6.365%, 
(LIBOR
1M
+
3.250%),
1/31/2029
b
825,882
Voyage
Australia,
Pty.
Ltd.,
Term
Loan
876,150
6.210%, 
(LIBOR
3M
+
3.500%),
7/20/2028
b
841,656
Voyage
Digital
NZ/US,
Term
Loan
1,455,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
1,413,169
Xplornet
Communications,
Inc.,
Term
Loan
925,650
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
812,026
825,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
715,688
Zayo
Group
Holdings,
Inc.,
Term
Loan
2,550,046
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
2,123,245
Total
26,151,581
Consumer
Cyclical
(0.2%)
Adient
US,
LLC,
Term
Loan
439,438
6.365%, 
(LIBOR
1M
+
3.250%),
4/8/2028
b
413,897
American
Trailer
World
Corporation,
Term
Loan
1,518,195
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
1,373,328
Caesars
Resort
Collection,
LLC,
Term
Loan
443,361
6.615%, 
(LIBOR
1M
+
3.500%),
7/20/2025
b
436,201
Carnival
Corporation,
Term
Loan
856,851
5.877%, 
(LIBOR
3M
+
3.000%),
6/30/2025
b
775,451
CNT
Holdings
I
Corporation,
Term
Loan
773,225
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
735,252
220,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
207,350
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
193
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Consumer
Cyclical
(0.2%)
-
continued
Golden
Entertainment,
Inc.,
Term
Loan
$
2,092,500
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
$
2,067,390
Great
Canadian
Gaming
Corporation,
Term
Loan
575,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
547,688
HRNI
Holdings,
LLC,
Term
Loan
776,075
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
735,331
Petco
Health
&
Wellness
Company,
Inc.,
Term
Loan
1,369,150
6.924%, 
(LIBOR
3M
+
3.250%),
3/4/2028
b
1,289,999
PetSmart,
LLC,
Term
Loan
1,950,300
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
1,841,415
Prime
Security
Services
Borrower,
LLC,
Term
Loan
3,649,425
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
3,529,103
Staples,
Inc.,
Term
Loan
269,239
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
251,571
873,115
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
763,609
Tenneco,
Inc.,
Term
Loan
1,149,182
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
1,129,796
Total
16,097,381
Consumer
Non-Cyclical
(0.2%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
1,054,856
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
977,725
Alltech,
Inc.,
Term
Loan
819,805
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
784,283
Blue
Ribbon,
LLC,
Term
Loan
1,130,500
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
962,338
Chobani,
LLC,
Term
Loan
592,900
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
538,430
City
Brewing
Company,
LLC,
Term
Loan
1,923,400
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
1,493,847
Del
Monte
Foods,
Inc.,
Term
Loan
546,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
521,883
Energizer
Holdings,
Inc.,
Term
Loan
310,275
5.313%, 
(LIBOR
1M
+
2.250%),
12/22/2027
b
295,925
Gainwell
Acquisition
Corporation,
Term
Loan
2,137,368
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
2,032,103
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Consumer
Non-Cyclical
(0.2%)
-
continued
Global
Medical
Response,
Inc.,
Term
Loan
$
4,568,501
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
$
3,949,469
Mamba
Purchaser,
Inc.,
Term
Loan
160,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
151,200
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
830,568
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
787,652
Pegasus
Bidco
BV,
Term
Loan
659,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
628,245
Precision
Medicine
Group,
LLC,
Delayed
Draw
60,308
0.000%, 
(LIBOR
1M
+
3.750%),
11/20/2027
b,c,d,e
55,634
Precision
Medicine
Group,
LLC,
Term
Loan
1,317,566
3.234%, 
(LIBOR
2M
+
3.000%),
11/20/2027
b,c
1,215,455
Sharp
Services,
LLC,
Term
Loan
349,245
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
328,290
Total
14,722,479
Energy
(<0.1%)
CQP
Holdco,
LP,
Term
Loan
2,063,875
7.424%, 
(LIBOR
3M
+
3.750%),
6/4/2028
b
1,988,193
GIP
II
Blue
Holding,
LP,
Term
Loan
1,307,202
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
1,284,980
GIP
III
Stetson
I,
LP,
Term
Loan
1,158,906
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
1,103,139
Total
4,376,312
Financials
(0.1%)
Asurion,
LLC,
Term
Loan
1,670,250
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
1,412,414
591,000
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
497,327
1,095,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
821,250
955,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
725,800
Novae,
LLC,
Term
Loan
2,171,588
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
2,008,718
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
546,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
505,050
Total
5,970,559
Technology
(0.1%)
CommScope,
Inc.,
Term
Loan
1,539,295
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
1,418,075
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
194
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Technology
(0.1%)
-
continued
Peraton
Corporation,
Term
Loan
$
1,547,380
6.865%, 
(LIBOR
1M
+
3.750%),
2/1/2028
b
$
1,463,821
Rackspace
Technology
Global,
Inc.,
Term
Loan
2,349,225
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
1,665,507
Redstone
Holdco
2
LP,
Term
Loan
836,481
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
616,487
481,772
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
380,904
SS&C
Technologies,
Inc.,
Term
Loan
75,362
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
72,791
64,528
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
62,327
Venga
Finance
SARL,
Term
Loan
838,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
770,960
Verscend
Holding
Corporation,
Term
Loan
533,204
7.115%, 
(LIBOR
1M
+
4.000%),
8/27/2025
b
515,875
Total
6,966,747
Transportation
(0.1%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
2,850,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
2,755,950
Air
Canada,
Term
Loan
607,478
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
576,563
Genesee
&
Wyoming,
Inc.,
Term
Loan
1,618,500
5.674%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
1,571,046
Hertz
Corporation,
Term
Loan
459,187
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
433,647
87,635
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
82,760
Mileage
Plus
Holdings,
LLC,
Term
Loan
855,000
8.777%, 
(LIBOR
3M
+
5.250%),
6/20/2027
b
856,984
Rinchem
Company,
LLC,
Term
Loan
363,090
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
346,297
SkyMiles
IP,
Ltd.,
Term
Loan
965,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
965,753
United
Airlines,
Inc.,
Term
Loan
866,800
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
825,748
Total
8,414,748
Utilities
(<0.1%)
Calpine
Corporation,
Term
Loan
1,493,400
5.620%, 
(LIBOR
1M
+
2.500%),
12/16/2027
b
1,440,205
Principal
Amount
Bank
Loans
(1.5%)
a
Value
Utilities
(<0.1%)
-
continued
Constellation
Renewables,
LLC,
Term
Loan
$
495,448
5.570%, 
(LIBOR
3M
+
2.500%),
12/15/2027
b
$
484,177
Osmose
Utilities
Services,
Inc.,
Term
Loan
366,300
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
335,165
PG&E
Corporation,
Term
Loan
854,371
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
815,497
Total
3,075,044
Total
Bank
Loans
(cost
$136,618,276)
126,586,964
Shares
Registered
Investment
Companies
(
38.6%
)
Value
Unaffiliated  (0.8%)
75,955
Energy
Select
Sector
SPDR
Fund
5,470,279
18,527
Invesco
QQQ
Trust
Series
1
f
4,951,526
11,376
ProShares
Ultra
S&P
500
f
451,855
22,735
ProShares
UltraPro
QQQ
f
439,240
50,082
SPDR
Bloomberg
High
Yield
Bond
ETF
f
4,399,704
153,405
SPDR
S&P
500
ETF
Trust
f
54,793,198
7,044
SPDR
S&P
Biotech
ETF
f,g
558,730
18,489
SPDR
S&P
Oil
&
Gas
Exploration
ETF
f
2,305,948
Total
73,370,480
Affiliated  (37.8%)
20,995,768
Thrivent
Core
Emerging
Markets
Debt
Fund
148,650,040
5,655,785
Thrivent
Core
Emerging
Markets
Equity
Fund
43,492,987
21,802,367
Thrivent
Core
Low
Volatility
Equity
Fund
242,224,294
15,446,204
Thrivent
Core
Small
Cap
Value
Fund
127,894,567
37,480,108
Thrivent
Global
Stock
Portfolio
389,995,519
26,146,357
Thrivent
High
Yield
Portfolio
100,715,768
40,736,448
Thrivent
Income
Portfolio
336,022,737
45,964,521
Thrivent
International
Allocation
Portfolio
328,733,660
4,932,892
Thrivent
International
Index
Portfolio
48,141,575
42,924,515
Thrivent
Large
Cap
Value
Portfolio
798,769,421
21,134,021
Thrivent
Limited
Maturity
Bond
Portfolio
195,730,624
23,402,973
Thrivent
Mid
Cap
Stock
Portfolio
397,452,696
8,228,514
Thrivent
Small
Cap
Stock
Portfolio
136,690,431
Total
3,294,514,319
Total
Registered
Investment
Companies
(cost
$3,314,950,622)
3,367,884,799
Shares
Common
Stock
(
27.6%
)
Value
Communications
Services
(2.1%)
77,940
Alphabet,
Inc.,
Class
A
g
7,454,961
739,450
Alphabet,
Inc.,
Class
C
g
71,098,117
14,550
AMC
Networks,
Inc.
g
295,365
226
Cable
One,
Inc.
192,789
5,169
Cars.com,
Inc.
g
59,443
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
195
Shares
Common
Stock
(27.6%)
Value
Communications
Services
(2.1%)
-
continued
1,986
Charter
Communications,
Inc.
g
$
602,453
596,503
Comcast
Corporation
17,495,433
6,379
DISH
Network
Corporation
g
88,222
40,147
Emerald
Holding,
Inc.
g
135,697
13,834
Eventbrite,
Inc.
g
84,111
3,607
EverQuote,
Inc.
g
24,600
5,825
Liberty
Latin
America,
Ltd.
g
36,057
98,127
Live
Nation
Entertainment,
Inc.
g
7,461,577
17,438
Magnite,
Inc.
g
114,568
31,851
Match
Group,
Inc.
g
1,520,885
188,688
Meta
Platforms,
Inc.
g
25,601,188
46,605
Netflix,
Inc.
g
10,972,681
62,880
News
Corporation,
Class
A
950,117
3,280
Nexstar
Media
Group,
Inc.
547,268
18,125
Omnicom
Group,
Inc.
1,143,506
20,097
Paramount
Global
f
382,647
39,089
QuinStreet,
Inc.
g
410,434
5,934
SciPlay
Corporation
g
69,784
11,074
Telephone
&
Data
Systems,
Inc.
153,929
19,079
TripAdvisor,
Inc.
g
421,264
236,142
Twitter,
Inc.
g
10,352,465
128,142
Verizon
Communications,
Inc.
4,865,552
102,365
Walt
Disney
Company
g
9,656,090
197,538
Warner
Bros.
Discovery,
Inc.
g
2,271,687
11,378
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
g
173,515
8,811
ZipRecruiter,
Inc.
g
145,382
94,493
ZoomInfo
Technologies,
Inc.
g
3,936,578
Total
178,718,365
Consumer
Discretionary
(3.5%)
25,364
2U,
Inc.
g
158,525
3,964
Aaron's
Company,
Inc.
38,530
1,986
Adient
plc
g
55,112
665,516
Amazon.com,
Inc.
g
75,203,308
4,829
American
Axle
&
Manufacturing
Holdings,
Inc.
g
32,982
621
America's
Car-Mart,
Inc.
g
37,893
47,500
Aptiv
plc
g
3,714,975
2,686
AutoNation,
Inc.
g
273,623
47,785
Beazer
Homes
USA,
Inc.
g
462,081
27,878
Bloomin'
Brands,
Inc.
511,004
6,327
Booking
Holdings,
Inc.
g
10,396,590
3,536
Boyd
Gaming
Corporation
168,490
3,111
Brunswick
Corporation
203,615
19,953
Buckle,
Inc.
631,712
12,926
Burlington
Stores,
Inc.
g
1,446,290
10,546
Cedar
Fair,
LP
433,968
24,703
Cheesecake
Factory,
Inc.
723,304
3,239
Chegg,
Inc.
g
68,246
18,752
Chico's
FAS,
Inc.
g
90,760
8,461
Chipotle
Mexican
Grill,
Inc.
g
12,714,852
2,495
Chuy's
Holdings,
Inc.
g
57,834
19,538
Clarus
Corporation
f
263,177
1,151
Columbia
Sportswear
Company
77,462
22,614
Container
Store
Group,
Inc.
g
110,809
121,527
Cooper-Standard
Holdings,
Inc.
g
709,718
3,706
Cracker
Barrel
Old
Country
Store,
Inc.
343,101
22,234
Culp,
Inc.
96,940
44,553
D.R.
Horton,
Inc.
3,000,645
3,585
Dave
&
Buster's
Entertainment,
Inc.
g
111,243
29,026
Designer
Brands,
Inc.
444,388
7,083
Dorman
Products,
Inc.
g
581,656
Shares
Common
Stock
(27.6%)
Value
Consumer
Discretionary
(3.5%)
-
continued
171,089
Duluth
Holdings,
Inc.
g
$
1,204,467
390,171
Everi
Holdings,
Inc.
g
6,328,574
13,821
Expedia
Group,
Inc.
g
1,294,889
38,561
Five
Below,
Inc.
g
5,308,693
70,350
Foot
Locker,
Inc.
2,189,995
177,990
Ford
Motor
Company
1,993,488
57,901
Gap,
Inc.
475,367
1,625
Garmin,
Ltd.
130,504
206,364
General
Motors
Company
6,622,221
52,856
Gentex
Corporation
1,260,087
1,437
Genuine
Parts
Company
214,573
4,774
G-III
Apparel
Group,
Ltd.
g
71,371
73,740
Goodyear
Tire
&
Rubber
Company
g
744,037
380
Graham
Holdings
Company
204,432
10,028
Grand
Canyon
Education,
Inc.
g
824,803
1,428
Group
1
Automotive,
Inc.
204,018
32,580
Hanesbrands,
Inc.
226,757
10,746
Harley-Davidson,
Inc.
374,820
37,156
Home
Depot,
Inc.
10,252,827
5,995
Kohl's
Corporation
150,774
22,649
Lear
Corporation
2,710,859
27,634
Lithia
Motors,
Inc.
5,928,875
35,059
Lowe's
Companies,
Inc.
6,584,431
844
Lululemon
Athletica,
Inc.
g
235,949
16,532
M.D.C.
Holdings,
Inc.
453,307
151,841
Macy's,
Inc.
2,379,348
751
Marriott
Vacations
Worldwide
Corporation
91,517
24,672
McDonald's
Corporation
5,692,817
19,792
Modine
Manufacturing
Company
g
256,108
29,479
Mohawk
Industries,
Inc.
g
2,688,190
4,725
Murphy
USA,
Inc.
1,298,950
63,048
Newell
Brands,
Inc.
875,737
196,592
NIKE,
Inc.
16,340,727
40,297
Nordstrom,
Inc.
674,169
751
NVR,
Inc.
g
2,994,297
2,356
ODP
Corporation
g
82,813
8,492
Ollie's
Bargain
Outlet
Holdings,
Inc.
g
438,187
36,913
Papa
John's
International,
Inc.
2,584,279
13,943
Patrick
Industries,
Inc.
611,261
53,790
PENN
Entertainment,
Inc.
g
1,479,763
18,616
Perdoceo
Education
Corporation
g
191,745
60,661
Planet
Fitness,
Inc.
g
3,497,713
31,223
Playa
Hotels
and
Resorts
NV
g
181,718
5,970
Polaris,
Inc.
571,030
21,270
PVH
Corporation
952,896
2,270
RCI
Hospitality
Holdings,
Inc.
148,322
496
RH
g
122,051
3,978
Ross
Stores,
Inc.
335,226
10,296
Ruth's
Hospitality
Group,
Inc.
173,591
11,283
Six
Flags
Entertainment
Corporation
g
199,709
55,289
Skyline
Champion
Corporation
g
2,923,129
9,179
Sleep
Number
Corporation
g
310,342
20,908
Sonos,
Inc.
g
290,621
41,560
Sony
Group
Corporation
ADR
2,661,918
16,083
Stoneridge,
Inc.
g
272,607
2,753
Strategic
Education,
Inc.
169,062
56,434
Taylor
Morrison
Home
Corporation
g
1,316,041
198,888
Tesla,
Inc.
g
52,755,042
2,219
Texas
Roadhouse,
Inc.
193,630
3,851
Thor
Industries,
Inc.
269,493
214,021
ThredUp,
Inc.
g
393,799
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
196
Shares
Common
Stock
(27.6%)
Value
Consumer
Discretionary
(3.5%)
-
continued
33,786
Toll
Brothers,
Inc.
$
1,419,012
1,589
TopBuild
Corporation
g
261,835
10,179
Topgolf
Callaway
Brands
Corporation
g
196,048
31,626
Travel
+
Leisure
Company
1,079,079
7,164
Ulta
Beauty,
Inc.
g
2,874,125
5,621
Urban
Outfitters,
Inc.
g
110,453
15,372
Vail
Resorts,
Inc.
3,314,818
19,007
VF
Corporation
568,499
1,953
Visteon
Corporation
g
207,135
740
Williams-Sonoma,
Inc.
87,209
20,626
Wingstop,
Inc.
2,586,913
4,977
Wolverine
World
Wide,
Inc.
76,596
32,852
Wyndham
Hotels
&
Resorts,
Inc.
2,015,470
64,666
Xometry,
Inc.
f,g
3,672,382
62,000
Yum!
Brands,
Inc.
6,593,080
21,897
Zumiez,
Inc.
g
471,442
Total
301,104,895
Consumer
Staples
(1.2%)
138,347
BJ's
Wholesale
Club
Holdings,
Inc.
g
10,073,045
8,845
Bunge,
Ltd.
730,332
3,046
Cal-Maine
Foods,
Inc.
169,327
33,912
Casey's
General
Stores,
Inc.
6,867,858
31,611
Celsius
Holdings,
Inc.
g
2,866,485
16,895
Coca-Cola
Company
946,458
197
Constellation
Brands,
Inc.
45,247
22,162
Costco
Wholesale
Corporation
10,466,448
19,883
Darling
Ingredients,
Inc.
g
1,315,260
177,100
e.l.f.
Beauty,
Inc.
g
6,662,502
27,128
Estee
Lauder
Companies,
Inc.
5,856,935
42,665
Freshpet,
Inc.
g
2,137,090
8,990
Grocery
Outlet
Holding
Corporation
g
299,277
12,911
Hain
Celestial
Group,
Inc.
g
217,938
3,727
Hershey
Company
821,692
8,663
Ingredion,
Inc.
697,545
8,461
John
B.
Sanfilippo
&
Son,
Inc.
640,752
17,282
Kraft
Heinz
Company
576,355
106,057
Lamb
Weston
Holdings,
Inc.
8,206,691
1,381
Lancaster
Colony
Corporation
207,537
5,860
Nu
Skin
Enterprises,
Inc.
195,548
2,085
PepsiCo,
Inc.
340,397
24,195
Performance
Food
Group
Company
g
1,039,175
75,396
Philip
Morris
International,
Inc.
6,258,622
1,098
PriceSmart,
Inc.
63,234
40,877
Primo
Water
Corporation
513,006
36,396
Procter
&
Gamble
Company
4,594,995
604
Seneca
Foods
Corporation
g
30,466
31,890
Sprouts
Farmers
Markets,
Inc.
g
884,947
38,526
Sysco
Corporation
2,724,173
107,323
Turning
Point
Brands,
Inc.
2,278,467
1,117
Tyson
Foods,
Inc.
73,644
8,675
US
Foods
Holding
Corporation
g
229,367
198,966
Walmart,
Inc.
25,805,890
Total
104,836,705
Energy
(1.1%)
40,951
Antero
Midstream
Corporation
375,930
44,702
Antero
Resources
Corporation
g
1,364,752
44,135
Archrock,
Inc.
283,347
119,430
BP
plc
ADR
3,409,726
12,965
Cactus,
Inc.
498,245
Shares
Common
Stock
(27.6%)
Value
Energy
(1.1%)
-
continued
7,554
California
Resources
Corporation
$
290,300
29,061
Callon
Petroleum
Company
g
1,017,426
37,636
ChampionX
Corporation
736,537
9,940
Chevron
Corporation
1,428,080
742
Civitas
Resources,
Inc.
42,583
12,511
Clean
Energy
Fuels
Corporation
g
66,809
15,602
CNX
Resources
Corporation
g
242,299
58,146
ConocoPhillips
5,950,662
87,103
Devon
Energy
Corporation
5,237,503
175,052
Enterprise
Products
Partners,
LP
4,162,737
21,177
EOG
Resources,
Inc.
2,366,106
105,222
EQT
Corporation
4,287,796
200,449
Exxon
Mobil
Corporation
17,501,202
275
Gulfport
Energy
Corporation
g
24,280
304,454
Halliburton
Company
7,495,657
8,097
Helmerich
&
Payne,
Inc.
299,346
30,145
HF
Sinclair
Corporation
1,623,007
171,083
Liberty
Energy,
Inc.
g
2,169,332
11,291
Magnolia
Oil
&
Gas
Corporation
223,675
81,441
Marathon
Oil
Corporation
1,838,938
33,630
Marathon
Petroleum
Corporation
3,340,468
59,276
Matador
Resources
Company
2,899,782
15,453
NexTier
Oilfield
Solutions,
Inc.
g
114,352
43,431
Nine
Energy
Service,
Inc.
g
114,658
187,806
NOV,
Inc.
3,038,701
14,353
Oceaneering
International,
Inc.
g
114,250
22,057
Par
Pacific
Holdings,
Inc.
g
361,955
33,091
PBF
Energy,
Inc.
g
1,163,480
36,602
Permian
Resources
Corporation
g
248,894
19,952
Pioneer
Natural
Resources
Company
4,320,207
3,901
Plains
GP
Holdings,
LP
42,560
161,279
ProPetro
Holding
Corporation
g
1,298,296
74,730
Schlumberger,
Ltd.
2,682,807
4,717
Select
Energy
Services,
Inc.
g
32,877
26,180
SM
Energy
Company
984,630
1,662
Solaris
Oilfield
Infrastructure,
Inc.
15,556
139,533
Talos
Energy,
Inc.
g
2,323,224
8,054
Targa
Resources
Corporation
485,978
9,025
Technip
Energies
NV
ADR
f
101,260
67,022
TechnipFMC
plc
g
567,006
23,110
U.S.
Silica
Holdings,
Inc.
g
253,055
5,143
Valero
Energy
Corporation
549,530
10,611
Viper
Energy
Partners,
LP
304,111
234,530
Williams
Companies,
Inc.
6,714,594
4,274
World
Fuel
Services
Corporation
100,183
Total
95,108,689
Financials
(3.4%)
311,235
AGNC
Investment
Corporation
2,620,599
170,366
Ally
Financial,
Inc.
4,741,286
2,506
American
Equity
Investment
Life
Holding
Company
93,449
91,231
American
Express
Company
12,307,974
17,507
American
Financial
Group,
Inc.
2,152,136
658
Ameriprise
Financial,
Inc.
165,783
40,045
Ameris
Bancorp
1,790,412
18,971
Annaly
Capital
Management,
Inc.
325,542
14,749
Arch
Capital
Group,
Ltd.
g
671,669
20,274
Arthur
J.
Gallagher
&
Company
3,471,314
37,456
Banc
of
California,
Inc.
598,172
195,626
Bank
of
America
Corporation
5,907,905
2,311
Bank
of
Marin
Bancorp
69,214
11,021
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
357,742
22,088
BankFinancial
Corporation
208,953
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
197
Shares
Common
Stock
(27.6%)
Value
Financials
(3.4%)
-
continued
2,664
BayCom
Corporation
$
46,833
2,834
BCB
Bancorp,
Inc.
47,696
36,812
Berkshire
Hathaway,
Inc.
g
9,829,540
6,817
BlackRock,
Inc.
3,751,259
12,141
Bread
Financial
Holdings,
Inc.
381,834
26,104
Bridgewater
Bancshares,
Inc.
g
429,933
51,082
Brighthouse
Financial,
Inc.
g
2,217,980
24,732
Byline
Bancorp,
Inc.
500,823
33,964
Capital
One
Financial
Corporation
3,130,462
120,655
Carlyle
Group,
Inc.
3,117,725
132,206
Central
Pacific
Financial
Corporation
2,735,342
275,117
Charles
Schwab
Corporation
19,772,659
18,057
Chimera
Investment
Corporation
94,258
28,138
Chubb,
Ltd.
5,117,739
11,846
Cincinnati
Financial
Corporation
1,061,046
256,292
Citigroup,
Inc.
10,679,688
18,246
Citizens
Financial
Group,
Inc.
626,933
17,981
CNO
Financial
Group,
Inc.
323,119
23,335
Columbia
Banking
System,
Inc.
674,148
40,684
Comerica,
Inc.
2,892,632
41,529
Community
Trust
Bancorp,
Inc.
1,684,001
18,752
ConnectOne
Bancorp,
Inc.
432,421
2,063
CrossFirst
Bankshares,
Inc.
g
26,922
172,864
Customers
Bancorp,
Inc.
g
5,096,031
962
Dime
Community
Bancshares,
Inc.
28,167
23,083
Discover
Financial
Services
2,098,706
19,313
East
West
Bancorp,
Inc.
1,296,675
25,280
Ellington
Residential
Mortgage
REIT
155,978
1,319
Employers
Holdings,
Inc.
45,492
24,547
Enova
International,
Inc.
g
718,491
11,340
Enterprise
Financial
Services
Corporation
499,414
116,133
Equitable
Holdings,
Inc.
3,060,105
3,753
Equity
Bancshares,
Inc.
111,201
7,387
Essent
Group,
Ltd.
257,585
1,789
Farmers
National
Banc
Corporation
23,418
9,060
Federated
Hermes,
Inc.
300,067
35,090
Financial
Institutions,
Inc.
844,616
29,099
First
Financial
Corporation
1,314,984
3,198
First
Mid-Illinois
Bancshares,
Inc.
102,240
7,532
First
of
Long
Island
Corporation
129,852
40,145
Flushing
Financial
Corporation
777,609
6,270
Glacier
Bancorp,
Inc.
308,045
6,298
Global
Life,
Inc.
627,911
30,088
Great
Southern
Bancorp,
Inc.
1,717,122
61,382
Hamilton
Lane,
Inc.
3,658,981
17,743
Hancock
Whitney
Corporation
812,807
142,361
Hanmi
Financial
Corporation
3,371,108
24,617
Hanover
Insurance
Group,
Inc.
3,154,422
48,710
Heartland
Financial
USA,
Inc.
2,112,066
24,833
HomeStreet,
Inc.
715,439
34,270
Hometrust
Bancshares,
Inc.
757,367
533,500
Hope
Bancorp,
Inc.
6,743,440
20,883
Horizon
Bancorp,
Inc.
375,059
41,347
Houlihan
Lokey,
Inc.
3,116,737
77,083
Independent
Bank
Corporation
1,472,285
20,644
Invesco
Mortgage
Capital,
Inc.
229,148
104,420
Invesco,
Ltd.
1,430,554
51,867
J.P.
Morgan
Chase
&
Company
5,420,102
40,113
Kinsale
Capital
Group,
Inc.
10,245,662
12,824
Lakeland
Bancorp,
Inc.
205,312
21,248
M&T
Bank
Corporation
3,746,447
Shares
Common
Stock
(27.6%)
Value
Financials
(3.4%)
-
continued
13,452
Marsh
&
McLennan
Companies,
Inc.
$
2,008,249
5,607
Mercantile
Bank
Corporation
166,584
71,813
MFA
Financial,
Inc.
558,705
219,373
MGIC
Investment
Corporation
2,812,362
59,805
Midland
States
Bancorp,
Inc.
1,409,604
64,004
MidWestOne
Financial
Group,
Inc.
1,746,669
23,705
Moody's
Corporation
5,762,923
65,834
Morgan
Stanley
5,201,544
8,929
MSCI,
Inc.
3,766,163
511,236
New
York
Community
Bancorp,
Inc.
4,360,843
50,252
NMI
Holdings,
Inc.
g
1,023,633
65,320
OceanFirst
Financial
Corporation
1,217,565
13,851
OFG
Bancorp
348,076
30,630
Old
Republic
International
Corporation
641,086
88,360
OneMain
Holdings,
Inc.
2,608,387
667
Oppenheimer
Holdings,
Inc.
20,664
232,213
PacWest
Bancorp
5,248,014
18,127
Pathward
Financial,
Inc.
597,466
1,298
PCB
Bancorp
23,455
1,760
Peapack-Gladstone
Financial
Corporation
59,224
129,645
Popular,
Inc.
9,342,219
176,367
Radian
Group,
Inc.
3,402,119
114,182
Raymond
James
Financial,
Inc.
11,283,465
4,734
Reinsurance
Group
of
America,
Inc.
595,585
3,092
RenaissanceRe
Holdings,
Ltd.
434,086
184,604
Rithm
Capital
Corporation
1,351,301
5,613
RLI
Corporation
574,659
55,399
S&P
Global,
Inc.
16,916,085
3,436
S&T
Bancorp,
Inc.
100,709
58,299
Seacoast
Banking
Corporation
of
Florida
1,762,379
21,129
SEI
Investments
Company
1,036,377
16,488
Signature
Bank
2,489,688
42,335
State
Street
Corporation
2,574,391
13,354
Synchrony
Financial
376,449
6,483
T.
Rowe
Price
Group,
Inc.
680,780
8,161
Territorial
Bancorp,
Inc.
151,305
26,335
TPG
RE
Finance
Trust,
Inc.
184,345
34,061
Tradeweb
Markets,
Inc.
1,921,722
54,792
Triumph
Bancorp,
Inc.
g
2,977,945
80,937
Truist
Financial
Corporation
3,523,997
41,596
TrustCo
Bank
Corporation
NY
1,306,946
74,605
Two
Harbors
Investment
Corporation
247,689
67,859
Umpqua
Holdings
Corporation
1,159,710
4,913
Univest
Financial
Corporation
115,357
142,177
Unum
Group
5,516,468
39,493
Virtu
Financial,
Inc.
820,270
2,661
Washington
Federal,
Inc.
79,777
140,523
Wells
Fargo
&
Company
5,651,835
94,466
Western
Alliance
Bancorp
6,210,195
4,765
Western
Asset
Mortgage
Capital
Corporation
53,320
5,248
Zions
Bancorporation
NA
266,913
7,289
Zurich
Insurance
Group
AG
2,905,766
Total
297,732,856
Health
Care
(4.0%)
4,947
10X
Genomics,
Inc.
g
140,891
104,297
Abbott
Laboratories
10,091,778
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
198
Shares
Common
Stock
(27.6%)
Value
Health
Care
(4.0%)
-
continued
39,740
ACADIA
Pharmaceuticals,
Inc.
g
$
650,146
7,787
Accolade,
Inc.
g
88,928
50,634
Adaptive
Biotechnologies
Corporation
g
360,514
85,946
Agiliti,
Inc.
g
1,229,887
162,404
Agilon
Health,
Inc.
g
3,803,502
12,672
Agios
Pharmaceuticals,
Inc.
g
358,364
7,405
Aldeyra
Therapeutics,
Inc.
g
39,543
662
Align
Technology,
Inc.
g
137,107
89,285
Alkermes
plc
g
1,993,734
44,608
Allogene
Therapeutics,
Inc.
g
481,766
8,900
Amedisys,
Inc.
g
861,431
15,733
AmerisourceBergen
Corporation
2,129,147
49,685
Amgen,
Inc.
11,198,999
3,926
Amicus
Therapeutics,
Inc.
g
40,987
2,359
AMN
Healthcare
Services,
Inc.
g
249,960
5,504
Anika
Therapeutics,
Inc.
g
130,995
9,086
Arcutis
Biotherapeutics,
Inc.
g
173,633
14,185
Argenx
SE
ADR
g
5,008,014
23,157
Ascendis
Pharma
AS
ADR
g
2,391,192
59,532
AstraZeneca
plc
ADR
3,264,735
19,685
Atara
Biotherapeutics,
Inc.
g
74,409
21,680
Avanos
Medical,
Inc.
g
472,190
91,937
Avantor,
Inc.
g
1,801,965
75,991
Axonics,
Inc.
g
5,352,806
46,524
Baxter
International,
Inc.
2,505,783
12,590
Biogen,
Inc.
g
3,361,530
53,225
BioLife
Solutions,
Inc.
g
1,210,869
1,003
Bio-Rad
Laboratories,
Inc.
g
418,391
10,625
Bio-Techne
Corporation
3,017,500
1,461
Blueprint
Medicines
Corporation
g
96,265
416
Boston
Scientific
Corporation
g
16,112
4,157
Bristol-Myers
Squibb
Company
295,521
1,879
Cardiovascular
Systems,
Inc.
g
26,043
23,505
Centene
Corporation
g
1,828,924
18,663
Charles
River
Laboratories
International,
Inc.
g
3,672,878
1,966
Chemed
Corporation
858,277
42,514
Cigna
Holding
Company
11,796,360
22,106
Community
Health
Systems,
Inc.
g
47,528
241
CONMED
Corporation
19,321
7,890
Cooper
Companies,
Inc.
2,082,171
1,371
CRISPR
Therapeutics
AG
g
89,595
31,493
CVS
Health
Corporation
3,003,487
77,787
Danaher
Corporation
20,091,604
288
DaVita,
Inc.
g
23,838
49,783
Deciphera
Pharmaceuticals,
Inc.
g
920,985
25,368
Dentsply
Sirona,
Inc.
719,183
40,948
DexCom,
Inc.
g
3,297,952
4,351
Editas
Medicine,
Inc.
g
53,256
29,753
Edwards
Lifesciences
Corporation
g
2,458,490
20,311
Elanco
Animal
Health,
Inc.
g
252,060
35,554
Elevance
Health,
Inc.
16,150,049
26,056
Encompass
Health
Corporation
1,178,513
13,027
Enhabit,
Inc.
g
182,899
32,176
Enovis
Corporation
g
1,482,348
3,736
Exact
Sciences
Corporation
g
121,383
8,674
Exelixis,
Inc.
g
136,008
77,487
Gilead
Sciences,
Inc.
4,780,173
2,214
Guardant
Health,
Inc.
g
119,180
53,100
Halozyme
Therapeutics,
Inc.
g
2,099,574
17,015
HCA
Healthcare,
Inc.
3,127,187
7,571
HealthEquity,
Inc.
g
508,544
59,801
Hologic,
Inc.
g
3,858,361
Shares
Common
Stock
(27.6%)
Value
Health
Care
(4.0%)
-
continued
4,714
ICU
Medical,
Inc.
g
$
709,928
1,254
IDEXX
Laboratories,
Inc.
g
408,553
39,551
Immunocore
Holdings
plc
ADR
g
1,856,524
44,891
Inari
Medical,
Inc.
g
3,260,882
71,866
Inotiv,
Inc.
g
1,210,942
19,658
Inspire
Medical
Systems,
Inc.
g
3,486,739
18,841
Insulet
Corporation
g
4,322,125
2,368
Integra
LifeSciences
Holdings
Corporation
g
100,308
67,529
Intuitive
Surgical,
Inc.
g
12,657,636
9,676
Ionis
Pharmaceuticals,
Inc.
g
427,969
13,908
Jazz
Pharmaceuticals,
Inc.
g
1,853,797
88,295
Johnson
&
Johnson
14,423,871
4,821
Kiniksa
Pharmaceuticals,
Ltd.
g
61,902
33,645
Kura
Oncology,
Inc.
g
459,591
53,433
Laboratory
Corporation
of
America
Holdings
10,943,613
47,327
Lantheus
Holdings,
Inc.
g
3,328,508
5,846
Maravai
LifeSciences
Holdings,
Inc.
g
149,248
5,568
Masimo
Corporation
g
785,979
328
Medpace
Holdings,
Inc.
g
51,552
241,145
Medtronic
plc
19,472,459
225,090
Merck
&
Company,
Inc.
19,384,751
4,472
Merit
Medical
Systems,
Inc.
g
252,713
1,072
MultiPlan
Corporation
g
3,066
44,237
Natera,
Inc.
g
1,938,465
12,528
National
HealthCare
Corporation
793,524
96,142
Novo
Nordisk
AS
ADR
9,578,627
5,429
Nurix
Therapeutics,
Inc.
g
70,740
15,993
NuVasive,
Inc.
g
700,653
60,206
Omnicell,
Inc.
g
5,239,728
9,567
Orthofix
Medical,
Inc.
g
182,825
825
Patterson
Companies,
Inc.
19,817
9,433
Pediatrix
Medical
Group,
Inc.
g
155,739
9,159
Perrigo
Company
plc
326,610
70,354
Pfizer,
Inc.
3,078,691
23,384
Premier,
Inc.
793,653
230,006
Progyny,
Inc.
g
8,524,022
27,043
Protagonist
Therapeutics,
Inc.
g
227,972
92,790
R1
RCM,
Inc.
g
1,719,399
2,997
RAPT
Therapeutics,
Inc.
g
72,108
9,972
Reata
Pharmaceuticals,
Inc.
g
250,596
17,867
Regeneron
Pharmaceuticals,
Inc.
g
12,308,040
4,298
REGENXBIO,
Inc.
g
113,596
29,915
Repligen
Corporation
g
5,597,396
1,992
Sage
Therapeutics,
Inc.
g
78,007
27,688
Sarepta
Therapeutics,
Inc.
g
3,060,632
5,763
Scholar
Rock
Holding
Corporation
g
39,938
5,970
ShockWave
Medical,
Inc.
g
1,660,078
67,259
Silk
Road
Medical,
Inc.
g
3,026,655
41,540
Stryker
Corporation
8,413,512
22,688
Syneos
Health,
Inc.
g
1,069,739
30,904
Teleflex,
Inc.
6,225,920
29,048
Travere
Therapeutics,
Inc.
g
715,743
15,091
Twist
Bioscience
Corporation
g
531,807
1,875
U.S.
Physical
Therapy,
Inc.
142,538
5,233
UFP
Technologies,
Inc.
g
449,201
12,218
Ultragenyx
Pharmaceutical,
Inc.
g
505,947
572
UnitedHealth
Group,
Inc.
288,883
8,848
Vanda
Pharmaceuticals,
Inc.
g
87,418
13,633
Veracyte,
Inc.
g
226,308
48,369
Viemed
Healthcare,
Inc.
g
290,214
53,068
Vor
BioPharma,
Inc.
f,g
211,211
14,723
VYNE
Therapeutics,
Inc.
g
3,285
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
199
Shares
Common
Stock
(27.6%)
Value
Health
Care
(4.0%)
-
continued
18,215
Waters
Corporation
g
$
4,909,489
8,467
Zentalis
Pharmaceuticals,
Inc.
g
183,395
33,404
Zimmer
Biomet
Holdings,
Inc.
3,492,388
111,091
Zoetis,
Inc.
16,473,684
Total
351,825,614
Industrials
(3.5%)
20,724
3M
Company
2,290,002
4,785
A.O.
Smith
Corporation
232,455
1,805
Advanced
Drainage
Systems,
Inc.
224,488
14,435
AECOM
986,921
11,938
AGCO
Corporation
1,148,077
108,895
Air
Lease
Corporation
3,376,834
76,989
Alaska
Air
Group,
Inc.
g
3,014,119
2,679
Allegion
plc
240,253
65,586
Altra
Industrial
Motion
Corporation
2,205,001
2,850
American
Woodmark
Corporation
g
125,001
70,805
AMETEK,
Inc.
8,029,995
3,767
Armstrong
World
Industries,
Inc.
298,459
64,532
ASGN,
Inc.
g
5,831,757
7,343
Atkore
International
Group,
Inc.
g
571,359
16,334
AZZ,
Inc.
596,354
28,015
Badger
Infrastructure
Solutions,
Ltd.
570,907
13,017
Barnes
Group,
Inc.
375,931
2,852
Boise
Cascade
Company
169,580
15,238
Booz
Allen
Hamilton
Holding
Corporation
1,407,229
2,004
CACI
International,
Inc.
g
523,164
23,364
Carlisle
Companies,
Inc.
6,551,499
2,936
Caterpillar,
Inc.
481,739
16,629
CBIZ,
Inc.
g
711,389
59,157
Chart
Industries,
Inc.
g
10,905,593
13,334
Cimpress
plc
g
326,416
17,151
Cintas
Corporation
6,657,847
309,809
CNH
Industrial
NV
3,460,567
817
Columbus
McKinnon
Corporation
21,373
50,476
Crane
Holdings,
Company
4,418,669
10,584
CSW
Industrials,
Inc.
1,267,963
324,926
CSX
Corporation
8,656,029
28,772
Curtiss-Wright
Corporation
4,003,912
5,996
Deere
&
Company
2,002,004
93,523
Delta
Air
Lines,
Inc.
g
2,624,255
7,326
Donaldson
Company,
Inc.
359,047
190,212
Driven
Brands
Holdings,
Inc.
g
5,322,132
11,863
Dun
&
Bradstreet
Holdings,
Inc.
146,983
21,344
EMCOR
Group,
Inc.
2,464,805
47,193
Emerson
Electric
Company
3,455,471
61,557
Expeditors
International
of
Washington,
Inc.
5,436,099
37,715
Fastenal
Company
1,736,399
200,571
First
Advantage
Corporation
g
2,573,326
12,746
Forrester
Research,
Inc.
g
458,983
33,630
Fortune
Brands
Home
and
Security,
Inc.
1,805,595
34,087
Forward
Air
Corporation
3,076,693
4,635
Genco
Shipping
&
Trading,
Ltd.
58,077
6,791
Generac
Holdings,
Inc.
g
1,209,749
16,360
General
Dynamics
Corporation
3,471,101
1,875
Gorman-Rupp
Company
44,606
9,964
Greenbrier
Companies,
Inc.
241,826
1,207
Heidrick
&
Struggles
International,
Inc.
31,370
8,100
Helios
Technologies,
Inc.
409,860
22,777
Hillman
Solutions
Corporation
g
171,739
Shares
Common
Stock
(27.6%)
Value
Industrials
(3.5%)
-
continued
149,916
Howmet
Aerospace,
Inc.
$
4,636,902
29,914
Hubbell,
Inc.
6,670,822
143,979
IAA,
Inc.
g
4,585,731
1,467
ICF
International,
Inc.
159,932
34,522
IDEX
Corporation
6,899,222
6,601
ITT
Corporation
431,309
38,424
Janus
International
Group,
Inc.
g
342,742
61,050
JetBlue
Airways
Corporation
g
404,761
47,938
Johnson
Controls
International
plc
2,359,508
7,482
Kennametal,
Inc.
153,980
13,694
L3Harris
Technologies,
Inc.
2,846,024
32,284
Landstar
System,
Inc.
4,660,841
2,440
Lennox
International,
Inc.
543,315
65,403
Lincoln
Electric
Holdings,
Inc.
8,222,465
9,062
Manitowoc
Company,
Inc.
g
70,231
25,055
ManpowerGroup,
Inc.
1,620,808
5,576
Masonite
International
Corporation
g
397,513
29,341
Mercury
Systems,
Inc.
g
1,191,245
56,302
Middleby
Corporation
g
7,216,227
10,149
Miller
Industries,
Inc.
216,072
31,118
MSC
Industrial
Direct
Company,
Inc.
2,265,702
800
National
Presto
Industries,
Inc.
52,040
47,569
Norfolk
Southern
Corporation
9,972,841
24,097
Northrop
Grumman
Corporation
11,333,301
8,807
Old
Dominion
Freight
Line,
Inc.
2,190,917
14,084
Owens
Corning,
Inc.
1,107,143
51,693
Parker-Hannifin
Corporation
12,525,731
166,981
Pentair
plc
6,784,438
2,705
Quanta
Services,
Inc.
344,590
7,509
RBC
Bearings,
Inc.
g
1,560,445
103,369
Regal
Rexnord
Corporation
14,508,873
8,997
Saia,
Inc.
g
1,709,430
105,969
SkyWest,
Inc.
g
1,723,056
3,952
Snap-On,
Inc.
795,735
4,818
Southwest
Airlines
Company
g
148,587
37,458
Standex
International
Corporation
3,058,446
180,297
Sun
Country
Airlines
Holdings,
Inc.
g
2,453,842
29,928
Sunrun,
Inc.
g
825,714
6,268
Tennant
Company
354,518
13,805
Timken
Company
815,047
8,319
Toro
Company
719,427
21,816
TransUnion
1,297,834
18,053
Trex
Company,
Inc.
g
793,249
21,615
Tutor
Perini
Corporation
g
119,315
635,316
Uber
Technologies,
Inc.
g
16,835,874
58,245
Union
Pacific
Corporation
11,347,291
34,396
United
Airlines
Holdings,
Inc.
g
1,118,902
31,916
United
Parcel
Service,
Inc.
5,155,711
16,532
United
Rentals,
Inc.
g
4,465,624
8,923
Univar
Solutions,
Inc.
g
202,909
77,808
Upwork,
Inc.
g
1,059,745
4,410
Valmont
Industries,
Inc.
1,184,614
5,955
Verisk
Analytics,
Inc.
1,015,506
89,172
Vicor
Corporation
g
5,273,632
8,092
Watsco,
Inc.
2,083,366
1,458
Watts
Water
Technologies,
Inc.
183,314
12,426
Werner
Enterprises,
Inc.
467,218
250,974
WillScot
Mobile
Mini
Holdings
Corporation
g
10,121,781
3,616
Woodward,
Inc.
290,220
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
200
Shares
Common
Stock
(27.6%)
Value
Industrials
(3.5%)
-
continued
4,058
XPO
Logistics,
Inc.
g
$
180,662
Total
308,857,242
Information
Technology
(6.2%)
45,692
8x8,
Inc.
g
157,637
1,171
Adobe,
Inc.
g
322,259
3,569
Advanced
Energy
Industries,
Inc.
276,276
6,001
Agilysys,
Inc.
g
332,155
20,722
Amkor
Technology,
Inc.
353,310
92,868
Amphenol
Corporation
6,218,441
727
ANSYS,
Inc.
g
161,176
699,920
Apple,
Inc.
96,728,944
24,978
Arista
Networks,
Inc.
g
2,819,766
25,182
Arrow
Electronics,
Inc.
g
2,321,529
30,472
Autodesk,
Inc.
g
5,692,170
7,497
Avnet,
Inc.
270,792
5,108
Benchmark
Electronics,
Inc.
126,576
15,609
BigCommerce
Holdings,
Inc.
g
231,013
27,739
Bill.com
Holdings,
Inc.
g
3,671,811
936
Blackline,
Inc.
g
56,066
266,307
Block,
Inc.
g
14,644,222
8,458
Cadence
Design
Systems,
Inc.
g
1,382,291
89,985
Calix,
Inc.
g
5,501,683
7,504
CDW
Corporation
1,171,224
10,781
Ciena
Corporation
g
435,876
189,647
Cisco
Systems,
Inc.
7,585,880
113,569
Cognex
Corporation
4,707,435
13,358
Coherent
Corporation
g
465,526
55,639
CommScope
Holding
Company,
Inc.
g
512,435
673
Computer
Services,
Inc.
37,520
56,347
Conduent
Incorporated
g
188,199
29,575
Descartes
Systems
Group,
Inc.
g
1,878,900
10,144
Digital
Turbine,
Inc.
g
146,175
2,770
Diodes,
Inc.
g
179,801
63,826
Dolby
Laboratories,
Inc.
4,158,264
10,291
Dropbox,
Inc.
g
213,230
14,389
Endava
plc
ADR
g
1,160,185
8,102
EPAM
Systems,
Inc.
g
2,934,463
3,868
ePlus,
Inc.
g
160,677
11,947
Euronet
Worldwide,
Inc.
g
905,105
67,166
Fidelity
National
Information
Services,
Inc.
5,075,735
2,686
First
Solar,
Inc.
g
355,277
25,534
Fiserv,
Inc.
g
2,389,216
80,529
Five9,
Inc.
g
6,038,064
17,544
FLEETCOR
Technologies,
Inc.
g
3,090,726
32,998
Flex,
Ltd.
g
549,747
528
Genpact,
Ltd.
23,111
35,916
Gilat
Satellite
Networks,
Ltd.
g
191,432
18,498
Global
Payments,
Inc.
1,998,709
5,706
HubSpot,
Inc.
g
1,541,305
10,285
IPG
Photonics
Corporation
g
867,540
16,343
Jack
Henry
&
Associates,
Inc.
2,978,839
198
Keysight
Technologies,
Inc.
g
31,157
3,150
KLA-Tencor
Corporation
953,284
41,580
Knowles
Corporation
g
506,029
21,343
Lam
Research
Corporation
7,811,538
147,114
Lattice
Semiconductor
Corporation
g
7,239,480
1,645
Littelfuse,
Inc.
326,845
35,900
LiveRamp
Holding,
Inc.
g
651,944
4,230
Lumentum
Holdings,
Inc.
g
290,051
36,966
Mastercard,
Inc.
10,510,912
3,850
MAXIMUS,
Inc.
222,799
Shares
Common
Stock
(27.6%)
Value
Information
Technology
(6.2%)
-
continued
1,592
MaxLinear,
Inc.
g
$
51,931
97,002
Microchip
Technology,
Inc.
5,920,032
439,585
Microsoft
Corporation
102,379,347
1,143
MKS
Instruments,
Inc.
94,458
27,762
Momentive
Global,
Inc.
g
161,297
19,940
Monolithic
Power
Systems,
Inc.
7,246,196
10,740
NAPCO
Security
Technologies,
Inc.
g
312,319
11,584
National
Instruments
Corporation
437,180
1,015
NICE,
Ltd.
ADR
g
191,064
18,272
Nova,
Ltd.
g
1,558,602
248,515
NVIDIA
Corporation
30,167,236
21,250
Okta,
Inc.
g
1,208,487
3,114
ON
Semiconductor
Corporation
g
194,096
17,352
PagerDuty,
Inc.
g
400,311
30,822
Palo
Alto
Networks,
Inc.
g
5,048,335
13,516
Paycom
Software,
Inc.
g
4,460,145
217,186
PayPal
Holdings,
Inc.
g
18,693,199
779
Plexus
Corporation
g
68,209
315
Progress
Software
Corporation
13,403
34,779
PTC,
Inc.
g
3,637,883
28,853
Qorvo,
Inc.
g
2,291,217
193,669
QUALCOMM,
Inc.
21,880,724
6,435
RingCentral,
Inc.
g
257,143
94,236
Sabre
Corporation
g
485,315
139,565
Salesforce,
Inc.
g
20,075,030
99,104
Samsung
Electronics
Company,
Ltd.
3,639,025
9,460
Sanmina
Corporation
g
435,917
8,509
Semtech
Corporation
g
250,250
45,582
ServiceNow,
Inc.
g
17,212,219
12,408
SiTime
Corporation
g
976,882
80,919
Skyworks
Solutions,
Inc.
6,899,963
76,273
Splunk,
Inc.
g
5,735,730
179,310
Sprout
Social,
Inc.
g
10,880,531
12,018
Synopsys,
Inc.
g
3,671,619
13,047
TD
SYNNEX
Corporation
1,059,286
19,613
Teledyne
Technologies,
Inc.
g
6,618,799
106,148
Texas
Instruments,
Inc.
16,429,587
3,608
Trimble,
Inc.
g
195,806
6,821
TTEC
Holdings,
Inc.
302,239
80,969
TTM
Technologies,
Inc.
g
1,067,171
10,960
Tyler
Technologies,
Inc.
g
3,808,600
23,710
Universal
Display
Corporation
2,237,038
906
Upland
Software,
Inc.
g
7,366
30,551
Vishay
Intertechnology,
Inc.
543,502
60,792
Vontier
Corporation
1,015,834
87,997
Western
Union
Company
1,187,960
12,555
WEX,
Inc.
g
1,593,732
6,913
Wolfspeed,
Inc.
g
714,528
68,173
Workiva,
Inc.
g
5,303,859
18,184
Xerox
Holdings
Corporation
237,847
33,960
Yext,
Inc.
g
151,462
Total
541,162,663
Materials
(1.0%)
29,814
AptarGroup,
Inc.
2,833,224
9,877
Ashland,
Inc.
938,019
19,330
Avery
Dennison
Corporation
3,144,991
117,441
Axalta
Coating
Systems,
Ltd.
g
2,473,307
3,158
Ball
Corporation
152,595
15,877
Carpenter
Technology
Corporation
494,410
57,986
Celanese
Corporation
5,238,455
41,353
CF
Industries
Holdings,
Inc.
3,980,226
4,870
Chemours
Company
120,046
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
201
Shares
Common
Stock
(27.6%)
Value
Materials
(1.0%)
-
continued
13,158
Cleveland-Cliffs,
Inc.
g
$
177,238
43,420
Compass
Minerals
International,
Inc.
1,672,973
15,795
Crown
Holdings,
Inc.
1,279,869
116,839
Dow,
Inc.
5,132,737
60,844
Eastman
Chemical
Company
4,322,966
33,359
Huntsman
Corporation
818,630
16,733
Ingevity
Corporation
g
1,014,522
16,292
Innospec,
Inc.
1,395,736
61,942
Ivanhoe
Mines,
Ltd.
g
398,642
5,821
Kaiser
Aluminum
Corporation
357,118
13,890
Linde
plc
3,744,605
193,576
LyondellBasell
Industries
NV
14,572,401
7,987
Martin
Marietta
Materials,
Inc.
2,572,533
6,051
Mativ,
Inc.
133,606
6,259
Minerals
Technologies,
Inc.
309,257
9,485
MP
Materials
Corporation
g
258,941
4,720
Myers
Industries,
Inc.
77,738
23,911
Nucor
Corporation
2,558,238
21,132
Orion
Engineered
Carbons
SA
282,112
2,490
PPG
Industries,
Inc.
275,618
18,812
Quaker
Chemical
Corporation
2,716,077
158,269
Ranpak
Holdings
Corporation
g
541,280
23,628
Reliance
Steel
&
Aluminum
Company
4,120,960
1,701
Royal
Gold,
Inc.
159,588
41,785
RPM
International,
Inc.
3,481,108
8,623
Ryerson
Holding
Corporation
221,956
3,654
Sensient
Technologies
Corporation
253,368
18,586
Sonoco
Products
Company
1,054,384
16,356
Steel
Dynamics,
Inc.
1,160,458
173,770
Summit
Materials,
Inc.
g
4,163,529
6,874
TriMas
Corporation
172,331
7,293
Trinseo
plc
133,608
4,216
United
States
Lime
&
Minerals,
Inc.
430,875
46,027
United
States
Steel
Corporation
834,009
18,375
Westlake
Corporation
1,596,420
75,516
WestRock
Company
2,332,689
4,376
Worthington
Industries,
Inc.
166,901
Total
84,270,294
Real
Estate
(1.0%)
59,808
Agree
Realty
Corporation
4,041,825
1,550
Alexandria
Real
Estate
Equities,
Inc.
217,295
9,344
AvalonBay
Communities,
Inc.
1,721,071
12,258
Camden
Property
Trust
1,464,218
35,469
CBRE
Group,
Inc.
g
2,394,512
127,515
CubeSmart
5,108,251
82,359
Cushman
&
Wakefield
plc
g
943,011
1,712
Digital
Realty
Trust,
Inc.
169,796
3,555
EastGroup
Properties,
Inc.
513,129
106,373
EPR
Properties
3,814,536
23,633
Essential
Properties
Realty
Trust,
Inc.
459,662
2,495
Essex
Property
Trust,
Inc.
604,364
5,400
Extra
Space
Storage,
Inc.
932,634
36,687
First
Industrial
Realty
Trust,
Inc.
1,643,944
14,185
FirstService
Corporation
1,688,157
24,758
Four
Corners
Property
Trust,
Inc.
598,896
146,101
Healthcare
Realty
Trust,
Inc.
3,046,206
194,637
Host
Hotels
&
Resorts,
Inc.
3,090,836
9,276
Howard
Hughes
Corporation
g
513,798
21,374
Independence
Realty
Trust,
Inc.
357,587
28,780
Kilroy
Realty
Corporation
1,211,926
Shares
Common
Stock
(27.6%)
Value
Real
Estate
(1.0%)
-
continued
14,841
Life
Storage,
Inc.
$
1,643,789
72,487
National
Retail
Properties,
Inc.
2,889,332
321,754
National
Storage
Affiliates
Trust
13,378,531
137,196
Necessity
Retail
REIT,
Inc.
806,712
21,630
NetSTREIT
Corporation
385,230
114,769
Pebblebrook
Hotel
Trust
1,665,298
36,036
Public
Storage,
Inc.
10,551,701
409
RE/MAX
Holdings,
Inc.
7,734
5,698
Realty
Income
Corporation
331,624
28,021
Regency
Centers
Corporation
1,508,931
168,628
Rexford
Industrial
Realty,
Inc.
8,768,656
75,557
Sabra
Health
Care
REIT,
Inc.
991,308
9,773
SBA
Communications
Corporation
2,781,884
145,186
Service
Properties
Trust
753,515
39,399
UDR,
Inc.
1,643,332
28,044
Zillow
Group,
Inc.
g
802,900
Total
83,446,131
Utilities
(0.6%)
6,443
Alliant
Energy
Corporation
341,415
11,871
Artesian
Resources
Corporation
571,232
6,453
Avista
Corporation
239,084
4,098
Black
Hills
Corporation
277,558
7,634
CenterPoint
Energy,
Inc.
215,126
10,078
Consolidated
Water
Company,
Ltd.
155,000
48,990
Constellation
Energy
Corporation
4,075,478
34,701
Duke
Energy
Corporation
3,227,887
36,744
Entergy
Corporation
3,697,549
8,569
Essential
Utilities,
Inc.
354,585
41,381
Evergy,
Inc.
2,458,031
505,408
NiSource,
Inc.
12,731,227
30,484
NorthWestern
Corporation
1,502,251
151,091
OGE
Energy
Corporation
5,508,778
14,757
Pinnacle
West
Capital
Corporation
951,974
6,954
Portland
General
Electric
Company
302,221
47,014
Public
Service
Enterprise
Group,
Inc.
2,643,597
91,912
Sempra
Energy
13,781,285
4,632
Spire,
Inc.
288,713
26,748
UGI
Corporation
864,763
Total
54,187,754
Total
Common
Stock
(cost
$2,185,803,322)
2,401,251,208
Principal
Amount
Long-Term
Fixed
Income
(
21.6%
)
Value
Asset-Backed
Securities
(1.3%)
510
Asset
Backed
Trust
$
2,500,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
h,i
2,283,521
Access
Group,
Inc.
228,890
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,h
223,681
Affirm
Asset
Securitization
Trust
3,500,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,h
3,379,277
AMSR
Trust
3,400,000
2.153%, 
6/17/2038,
Ser.
2021-SFR1,
Class
B
b,h
2,827,929
1,400,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
b,h
1,151,470
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
202
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Asset-Backed
Securities
(1.3%)
-
continued
$
4,500,000
1.877%, 
8/17/2038,
Ser.
2021-SFR2,
Class
C
h
$
3,795,435
1,750,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
h
1,497,031
Ares
XL
CLO,
Ltd.
2,750,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,h
2,447,368
Bankers
Healthcare
Group
Securitization
Trust
1,500,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
h
1,496,250
Business
Jet
Securities,
LLC
1,615,534
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
h
1,473,459
Buttermilk
Park
CLO,
Ltd.
7,100,000
3.912%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,h
6,773,968
CarVal
CLO
II,
Ltd.
2,775,000
4.210%, 
(LIBOR
3M
+
1.500%),
4/20/2032,
Ser.
2019-1A,
Class
BR
b,h
2,596,562
1,600,000
4.710%, 
(LIBOR
3M
+
2.000%),
4/20/2032,
Ser.
2019-1A,
Class
CR
b,h
1,457,042
CarVal
CLO
VIII-C,
Ltd.
1,750,000
6.022%, 
(TSFR3M
+
2.300%),
10/20/2035,
Ser.
2022-2A,
Class
A
b,e,h
1,750,000
1,100,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,h
1,100,000
CMFT
Net
Lease
Master
Issuer,
LLC
1,731,207
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
h
1,440,886
Commonbond
Student
Loan
Trust
295,529
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,h
290,659
Dryden
36
Senior
Loan
Fund
2,325,000
4.562%, 
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,h
2,193,896
FirstKey
Homes
Trust
5,150,000
4.493%, 
5/17/2039,
Ser.
2022-SFR1,
Class
B
h
4,814,619
Foundation
Finance
Trust
1,603,152
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
h
1,437,005
FRTKL
Trust
3,050,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
h
2,595,662
Galaxy
XIX
CLO,
Ltd.
2,175,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,h
1,974,541
Goodgreen
2,399,136
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
h
2,209,439
Home
Partners
of
America
Trust
3,218,588
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
h
2,783,566
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Asset-Backed
Securities
(1.3%)
-
continued
$
2,709,471
2.078%, 
9/19/2041,
Ser.
2021-1,
Class
C
h
$
2,213,666
Laurel
Road
Prime
Student
Loan
Trust
179,871
2.810%, 
11/25/2042,
Ser.
2017-C,
Class
A2B
h
178,393
1,317,516
5.259%, 
11/25/2043,
Ser.
2018-D,
Class
A
b,h
1,235,917
Longfellow
Place
CLO,
Ltd.
5,200,000
4.262%, 
(LIBOR
3M
+
1.750%),
4/15/2029,
Ser.
2013-1A,
Class
BR3
b,h
5,080,468
1,300,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,h
1,249,179
Marlette
Funding
Trust
1,500,000
5.180%, 
11/15/2032,
Ser.
2022-3A,
Class
A
h
1,493,509
Mercury
Financial
Credit
Card
Master
Trust
2,900,000
2.500%, 
9/21/2026,
Ser.
2022-1A,
Class
A
h
2,747,090
National
Collegiate
Trust
986,191
3.379%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,h
952,614
Oak
Street
Investment
2,226,465
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
h
1,958,885
OCP
CLO,
Ltd.
2,300,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,h
2,092,894
Octagon
Investment
Partners
XVI,
Ltd.
750,000
4.140%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,h
713,136
OZLM
IX,
Ltd.
1,650,000
4.260%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,h
1,553,412
Pretium
Mortgage
Credit
Partners,
LLC
1,657,352
5.240%, 
4/25/2052,
Ser.
2022-NPL2,
Class
A1
h,i
1,594,695
1,202,839
2.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
h,i
1,139,064
Progress
Residential
Trust
1,600,000
1.888%, 
5/17/2026,
Ser.
2021-SFR3,
Class
B
h
1,386,549
4,750,000
1.855%, 
7/17/2038,
Ser.
2021-SFR6,
Class
C
h
4,034,273
Renaissance
Home
Equity
Loan
Trust
3,418,210
5.580%, 
11/25/2036,
Ser.
2006-3,
Class
AF2
i
1,350,703
Saxon
Asset
Securities
Trust
1,204,049
3.243%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
1,002,178
Sound
Point
CLO
XIV,
Ltd.
3,400,000
4.833%, 
(LIBOR
3M
+
2.050%),
1/23/2029,
Ser.
2016-3A,
Class
CR
b,h
3,225,920
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
203
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Asset-Backed
Securities
(1.3%)
-
continued
Sound
Point
CLO
XXI,
Ltd.
$
2,000,000
4.216%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,h
$
1,873,380
Stratus
CLO,
Ltd.
2,400,000
4.460%, 
(LIBOR
3M
+
1.750%),
12/29/2029,
Ser.
2021-1A,
Class
C
b,h
2,217,014
Tricon
Residential
Trust
2,000,000
2.244%, 
7/17/2038,
Ser.
2021-SFR1,
Class
B
h
1,748,371
U.S.
Small
Business
Administration
75,743
3.191%, 
3/10/2024,
Ser.
2014-10A,
Class
1
74,124
Upstart
Securitization
Trust
72,175
1.702%, 
11/20/2030,
Ser.
2020-3,
Class
A
h
72,073
VCAT
Asset
Securitization,
LLC
1,450,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
h,i
1,365,980
Vericrest
Opportunity
Loan
Transferee
1,755,422
1.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
h,i
1,629,486
1,925,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
h,i
1,652,866
2,400,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
h,i
2,080,660
1,800,000
4.826%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A2
h,i
1,511,797
1,800,000
4.949%, 
3/27/2051,
Ser.
2021-NPL4,
Class
A2
h,i
1,545,692
1,278,032
2.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
h,i
1,182,054
1,100,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
h,i
945,436
1,000,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
h,i
904,159
Wind
River
CLO,
Ltd.
2,000,000
4.310%, 
(LIBOR
3M
+
1.600%),
7/20/2030,
Ser.
2013-1A,
Class
A2RR
b,h
1,915,706
1,650,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,h
1,531,436
Total
111,446,045
Basic
Materials
(0.2%)
Alcoa
Nederland
Holding
BV
755,000
5.500%, 
12/15/2027
h
704,151
Anglo
American
Capital
plc
273,000
4.875%, 
5/14/2025
h
267,975
750,000
3.875%, 
3/16/2029
h
644,486
Avient
Corporation
173,000
7.125%, 
8/1/2030
h
159,667
Cascades
USA,
Inc.
370,000
5.125%, 
1/15/2026
f,h
334,977
Chemours
Company
510,000
5.750%, 
11/15/2028
h
417,139
Cleveland-Cliffs,
Inc.
450,000
5.875%, 
6/1/2027
f
404,954
290,000
4.625%, 
3/1/2029
f,h
243,600
Consolidated
Energy
Finance
SA
854,000
5.625%, 
10/15/2028
h
685,078
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Basic
Materials
(0.2%)
-
continued
Dow
Chemical
Company
$
650,000
4.800%, 
11/30/2028
$
618,788
DowDuPont,
Inc.
575,000
4.493%, 
11/15/2025
564,799
EverArc
Escrow
Sarl
410,000
5.000%, 
10/30/2029
h
330,971
First
Quantum
Minerals,
Ltd.
869,000
6.875%, 
10/15/2027
h
782,100
Glencore
Funding,
LLC
616,000
3.375%, 
9/23/2051
h
374,962
1,343,000
4.000%, 
3/27/2027
h
1,250,983
Hecla
Mining
Company
220,000
7.250%, 
2/15/2028
204,094
Hudbay
Minerals,
Inc.
510,000
4.500%, 
4/1/2026
h
424,004
Ingevity
Corporation
770,000
3.875%, 
11/1/2028
h
636,625
International
Flavors
and
Fragrances,
Inc.
740,000
3.468%, 
12/1/2050
h
484,347
Kinross
Gold
Corporation
770,000
5.950%, 
3/15/2024
775,509
Mercer
International,
Inc.
500,000
5.125%, 
2/1/2029
398,440
Methanex
Corporation
474,000
4.250%, 
12/1/2024
454,495
Mosaic
Company
900,000
4.050%, 
11/15/2027
837,503
Novelis
Corporation
200,000
3.250%, 
11/15/2026
h
166,946
290,000
4.750%, 
1/30/2030
h
237,800
200,000
3.875%, 
8/15/2031
h
149,184
OCI
NV
353,000
4.625%, 
10/15/2025
h
327,931
Olin
Corporation
765,000
5.125%, 
9/15/2027
691,269
SCIL
USA
Holdings,
LLC
521,000
5.375%, 
11/1/2026
h
402,473
SPCM
SA
508,000
3.375%, 
3/15/2030
h
396,570
SunCoke
Energy,
Inc.
544,000
4.875%, 
6/30/2029
h
419,429
Taseko
Mines,
Ltd.
366,000
7.000%, 
2/15/2026
h
290,970
Unifrax
Escrow
Issuer
Corporation
463,000
5.250%, 
9/30/2028
h
355,579
United
States
Steel
Corporation
839,000
6.875%, 
3/1/2029
f
762,525
Total
16,200,323
Capital
Goods
(0.4%)
Advanced
Drainage
Systems,
Inc.
446,000
6.375%, 
6/15/2030
h
432,107
AECOM
860,000
5.125%, 
3/15/2027
802,642
Amsted
Industries,
Inc.
570,000
5.625%, 
7/1/2027
h
524,400
ARD
Finance
SA
144,000
6.500%, 
6/30/2027
h
98,597
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
500,000
5.250%, 
8/15/2027
h
312,865
200,000
5.250%, 
8/15/2027
h
125,146
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
204
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Capital
Goods
(0.4%)
-
continued
Boeing
Company
$
1,280,000
5.930%, 
5/1/2060
$
1,094,922
895,000
5.040%, 
5/1/2027
862,209
1,475,000
5.705%, 
5/1/2040
1,288,357
Bombardier,
Inc.
297,000
7.125%, 
6/15/2026
h
272,400
630,000
7.875%, 
4/15/2027
f,h
579,600
435,000
6.000%, 
2/15/2028
h
363,953
Builders
FirstSource,
Inc.
330,000
5.000%, 
3/1/2030
h
280,500
Canpack
SA/Canpack
US
LLC
700,000
3.125%, 
11/1/2025
h
608,773
Carrier
Global
Corporation
720,000
3.577%, 
4/5/2050
498,439
1,050,000
2.700%, 
2/15/2031
844,107
Clydesdale
Acquisition
Holdings,
Inc.
68,000
6.625%, 
4/15/2029
h
61,876
136,000
8.750%, 
4/15/2030
h
112,476
CNH
Industrial
NV
915,000
3.850%, 
11/15/2027
834,876
Cornerstone
Building
Brands,
Inc.
348,000
6.125%, 
1/15/2029
h
194,184
Covert
Mergeco,
Inc.
276,000
4.875%, 
12/1/2029
h
223,080
CP
Atlas
Buyer,
Inc.
465,000
7.000%, 
12/1/2028
f,h
346,388
Crown
Cork
&
Seal
Company,
Inc.
410,000
7.375%, 
12/15/2026
410,000
GE
Capital
International
Funding
Company
2,090,000
4.418%, 
11/15/2035
1,872,475
GFL
Environmental,
Inc.
415,000
4.000%, 
8/1/2028
h
345,894
674,000
3.500%, 
9/1/2028
h
568,391
H&E
Equipment
Services,
Inc.
865,000
3.875%, 
12/15/2028
h
679,025
Herc
Holdings,
Inc.
480,000
5.500%, 
7/15/2027
h
432,000
Howmet
Aerospace,
Inc.
1,107,000
3.000%, 
1/15/2029
904,375
923,000
5.950%, 
2/1/2037
834,147
Ingersoll-Rand
Luxembourg
Finance
SA
775,000
3.500%, 
3/21/2026
727,833
JELD-WEN,
Inc.
205,000
4.625%, 
12/15/2025
h
166,050
John
Deere
Capital
Corporation
616,000
4.350%, 
9/15/2032
585,415
L3Harris
Technologies,
Inc.
650,000
3.950%, 
5/28/2024
640,121
Lockheed
Martin
Corporation
544,000
4.500%, 
5/15/2036
498,053
374,000
6.150%, 
9/1/2036
395,385
Mauser
Packaging
Solutions
Holding
Company
410,000
5.500%, 
4/15/2024
h
389,500
515,000
7.250%, 
4/15/2025
f,h
453,030
MIWD
Holdco
II,
LLC
273,000
5.500%, 
2/1/2030
h
202,190
Nesco
Holdings
II,
Inc.
525,000
5.500%, 
4/15/2029
h
437,582
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Capital
Goods
(0.4%)
-
continued
New
Enterprise
Stone
and
Lime
Company,
Inc.
$
659,000
5.250%, 
7/15/2028
h
$
544,680
Northrop
Grumman
Corporation
1,225,000
3.850%, 
4/15/2045
932,938
OI
European
Group
BV
551,000
4.750%, 
2/15/2030
h
438,045
Owens-Brockway
Glass
Container,
Inc.
209,000
5.875%, 
8/15/2023
h
206,388
Pactiv
Evergreen
Group
395,000
4.375%, 
10/15/2028
h
326,641
Parker-Hannifin
Corporation
1,538,000
4.500%, 
9/15/2029
1,449,890
PGT
Innovations,
Inc.
529,000
4.375%, 
10/1/2029
h
433,939
Raytheon
Technologies
Corporation
720,000
4.125%, 
11/16/2028
672,702
900,000
4.450%, 
11/16/2038
783,994
1,200,000
3.750%, 
11/1/2046
903,130
Republic
Services,
Inc.
1,100,000
2.900%, 
7/1/2026
1,010,510
Roper
Technologies,
Inc.
668,000
4.200%, 
9/15/2028
623,937
945,000
1.750%, 
2/15/2031
696,298
SRM
Escrow
Issuer,
LLC
785,000
6.000%, 
11/1/2028
h
638,001
Textron,
Inc.
1,010,000
3.375%, 
3/1/2028
899,473
Titan
Acquisition,
Ltd.
220,000
7.750%, 
4/15/2026
h
173,895
TransDigm,
Inc.
500,000
6.250%, 
3/15/2026
h
485,000
1,410,000
5.500%, 
11/15/2027
1,226,277
United
Rentals
North
America,
Inc.
525,000
4.875%, 
1/15/2028
481,341
430,000
4.000%, 
7/15/2030
355,219
Victors
Merger
Corporation
245,000
6.375%, 
5/15/2029
h
146,661
Waste
Pro
USA,
Inc.
255,000
5.500%, 
2/15/2026
h
224,025
WESCO
Distribution,
Inc.
720,000
7.250%, 
6/15/2028
h
705,205
Total
35,661,552
Collateralized
Mortgage
Obligations
(1.3%)
Alternative
Loan
Trust
557,600
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
330,353
Arroyo
Mortgage
Trust
3,000,000
3.269%, 
12/25/2056,
Ser.
2022-1,
Class
A1B
h,i
2,519,907
Bellemeade
Re,
Ltd.
1,648,591
4.031%, 
(SOFR30A
+
1.750%),
3/25/2031,
Ser.
2021-1A,
Class
M1A
b,h
1,644,347
BINOM
Securitization
Trust
1,487,383
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
b,h
1,295,277
CHNGE
Mortgage
Trust
3,400,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,h
3,321,839
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
205
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Collateralized
Mortgage
Obligations
(1.3%)
-
continued
Citicorp
Mortgage
Securities,
Inc.
$
1,552,196
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
$
1,349,327
COLT
Mortgage
Loan
Trust
3,009,694
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
b,h
2,546,180
Countrywide
Alternative
Loan
Trust
763,593
2.539%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
646,276
1,719,074
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
670,332
Countrywide
Home
Loans,
Inc.
352,600
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
187,473
Credit
Suisse
Mortgage
Trust
1,500,000
3.346%, 
1/25/2067,
Ser.
2022-ATH1,
Class
A1B
b,h
1,275,462
2,450,000
4.000%, 
2/25/2067,
Ser.
2022-NQM2,
Class
A1B
b,h
2,145,147
2,588,629
1.174%, 
7/25/2066,
Ser.
2021-NQM6,
Class
A1
b,h
2,068,300
1,750,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,h
1,708,061
1,403,784
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,h
1,195,321
6,028,978
3.436%, 
2/25/2060,
Ser.
2020-RPL2,
Class
A12
b,h
5,895,937
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
152,578
6.000%, 
10/25/2022,
Ser.
2006-AR5,
Class
23A
108,829
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
3,967,761
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
3,836,811
340,644
4.000%, 
7/15/2031,
Ser.
4104,
Class
KI
j
5,535
1,301,917
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
j
128,606
2,340,183
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
j
267,659
4,199,543
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
4,164,587
3,000,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
2,370,093
Federal
National
Mortgage
Association
9,500,000
5.250%, 
10/31/2052,
Ser.
CITI-8187,
Class
E525
e
9,488,125
Federal
National
Mortgage
Association
-
REMIC
4,117,450
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
4,033,611
3,354,994
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
3,230,457
3,213,623
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
j
153,295
4,500,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
4,415,801
Flagstar
Mortgage
Trust
1,685,736
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,h
1,454,475
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Collateralized
Mortgage
Obligations
(1.3%)
-
continued
FWD
Securitization
Trust
$
1,046,907
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,h
$
990,499
GCAT
Trust
2,381,385
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
b,h
2,052,804
GS
Mortgage-Backed
Securities
Trust
3,071,765
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
b,h
2,534,087
J.P.
Morgan
Mortgage
Trust
3,095,565
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
b,h
2,458,195
2,090,054
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,h
1,629,115
Legacy
Mortgage
Asset
Trust
424,646
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
h,i
414,096
LHOME
Mortgage
Trust
1,100,000
2.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
h,i
1,040,085
2,900,000
2.090%, 
9/25/2026,
Ser.
2021-RTL1,
Class
A1
b,h
2,788,246
Mello
Mortgage
Capital
Acceptance
3,002,056
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
b,h
2,352,980
Merrill
Lynch
Alternative
Note
Asset
Trust
342,722
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
146,340
New
Residential
Mortgage
Loan
Trust
6,712,230
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
b,h
5,330,195
New
York
Mortgage
Trust
3,000,000
2.239%, 
5/25/2026,
Ser.
2021-BPL1,
Class
A1
h,i
2,827,253
1,922,818
2.944%, 
10/25/2060,
Ser.
2020-SP2,
Class
A1
b,h
1,848,608
Oaktown
Re
VII,
Ltd.
1,500,000
3.881%, 
(SOFR30A
+
1.600%),
4/25/2034,
Ser.
2021-2,
Class
M1A
b,h
1,472,698
Oaktown
Re,
Ltd.
1,724,725
3.931%, 
(SOFR30A
+
1.650%),
10/25/2033,
Ser.
2021-1A,
Class
M1A
b,h
1,721,453
Onslow
Bay
Financial,
LLC
1,550,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
b,h
1,390,430
Palisades
Mortgage
Loan
Trust
4,200,000
2.857%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
h,i
3,937,421
Preston
Ridge
Partners
Mortgage
Trust,
LLC
2,095,225
2.115%, 
1/25/2026,
Ser.
2021-1,
Class
A1
b,h
1,944,000
Residential
Accredit
Loans,
Inc.
Trust
830,674
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
690,989
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
206
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Collateralized
Mortgage
Obligations
(1.3%)
-
continued
ROC
Securities
Trust
Series
$
2,600,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,h
$
2,433,230
Sequoia
Mortgage
Trust
742,119
3.034%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
526,550
Toorak
Mortgage
Corporation,
Ltd.
1,105,790
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
h,i
1,099,018
2,500,000
2.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
h,i
2,371,790
TRK
Trust
2,340,921
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
b,h
2,027,959
Vericrest
Opportunity
Loan
Transferee
1,900,213
2.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
h,i
1,742,617
Verus
Securitization
Trust
1,258,621
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
b,h
1,066,367
Total
111,294,448
Commercial
Mortgage-Backed
Securities
(1.0%)
BANK
2021-BNK36
3,000,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
2,410,283
BANK
2022-BNK39
39,951,768
0.427%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
b,j
1,184,750
3,425,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
2,850,717
BANK
2022-BNK40
3,400,000
3.507%, 
3/15/2064,
Ser.
2022-BNK40,
Class
A4
b
2,953,260
BBCMS
Mortgage
Trust
22,167,207
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,j
985,160
6,100,000
2.946%, 
2/15/2055,
Ser.
2022-C14,
Class
A5
b
5,088,493
2,330,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
2,062,954
1,750,000
4.600%, 
6/15/2055,
Ser.
2022-C16,
Class
A5
b
1,669,968
3,200,000
2.492%, 
7/15/2054,
Ser.
2021-C10,
Class
A5
2,604,127
18,000,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,j
1,484,876
2,400,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
1,962,521
18,853,788
1.852%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
b,j
1,860,533
Benchmark
Mortgage
Trust
5,000,000
2.669%, 
12/15/2054,
Ser.
2021-B31,
Class
A5
4,066,543
BFLD
Trust
1,100,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,h
1,044,837
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Commercial
Mortgage-Backed
Securities
(1.0%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
$
6,750,000
2.920%, 
6/25/2032,
Ser.
K146,
Class
A2
k
$
5,902,416
Federal
Home
Loan
Mortgage
Corporation
Multifamily
WI
Certificates
8,000,000
3.000%, 
8/25/2032,
Ser.
K147,
Class
A2
7,043,115
5,475,000
3.500%, 
9/25/2032,
Ser.
K148,
Class
A2
h
5,015,166
8,750,000
3.530%, 
10/25/2032,
Ser.
K149,
Class
A2
8,021,114
7,500,000
3.710%, 
11/25/2032,
Ser.
K150,
Class
A2
6,976,183
9,250,000
3.780%, 
12/25/2032,
Ser.
K152,
Class
A2
8,614,843
8,000,000
3.800%, 
12/25/2032,
Ser.
K151,
Class
A2
7,463,878
Morgan
Stanley
Capital
I
Trust
19,882,760
1.973%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
b,j
2,054,016
Total
83,319,753
Communications
Services
(0.6%)
Activision
Blizzard,
Inc.
1,231,000
2.500%, 
9/15/2050
743,200
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
461,000
10.500%, 
2/15/2028
h
228,195
Altice
Financing
SA
235,000
5.750%, 
8/15/2029
h
179,827
Altice
France
SA
265,000
8.125%, 
2/1/2027
h
236,844
866,000
5.500%, 
10/15/2029
h
651,564
AMC
Networks,
Inc.
356,000
4.750%, 
8/1/2025
318,097
American
Tower
Corporation
500,000
3.375%, 
10/15/2026
456,869
900,000
2.900%, 
1/15/2030
739,807
AT&T,
Inc.
923,000
3.650%, 
6/1/2051
623,539
1,532,000
3.500%, 
9/15/2053
1,020,834
1,500,000
2.300%, 
6/1/2027
1,311,028
825,000
4.350%, 
3/1/2029
771,300
1,460,000
4.900%, 
8/15/2037
1,295,176
CCO
Holdings,
LLC
900,000
5.125%, 
5/1/2027
h
812,250
634,000
6.375%, 
9/1/2029
h
582,075
750,000
4.750%, 
3/1/2030
h
608,437
394,000
4.750%, 
2/1/2032
h
306,839
425,000
4.250%, 
1/15/2034
h
304,206
Cengage
Learning,
Inc.
540,000
9.500%, 
6/15/2024
f,h
506,250
Charter
Communications
Operating,
LLC
700,000
4.500%, 
2/1/2024
691,880
1,000,000
4.200%, 
3/15/2028
897,785
1,400,000
3.500%, 
6/1/2041
894,654
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
207
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Communications
Services
(0.6%)
-
continued
Clear
Channel
Worldwide
Holdings,
Inc.
$
416,000
5.125%, 
8/15/2027
h
$
351,411
407,000
7.750%, 
4/15/2028
f,h
307,285
Comcast
Corporation
786,000
2.887%, 
11/1/2051
492,218
900,000
3.950%, 
10/15/2025
874,313
1,500,000
4.250%, 
10/15/2030
1,388,822
640,000
4.400%, 
8/15/2035
565,713
1,305,000
4.750%, 
3/1/2044
1,125,454
Consolidated
Communications,
Inc.
417,000
5.000%, 
10/1/2028
h
289,992
Cox
Communications,
Inc.
1,065,000
3.350%, 
9/15/2026
h
980,681
CSC
Holdings,
LLC
1,280,000
5.375%, 
2/1/2028
h
1,116,800
367,000
6.500%, 
2/1/2029
h
323,877
Cumulus
Media
New
Holdings,
Inc.
206,000
6.750%, 
7/1/2026
h
173,771
DIRECTV
Holdings,
LLC
608,000
5.875%, 
8/15/2027
h
524,163
Discovery
Communications,
LLC
1,850,000
4.900%, 
3/11/2026
1,789,911
DISH
DBS
Corporation
243,000
5.250%, 
12/1/2026
h
199,077
174,000
7.375%, 
7/1/2028
117,162
324,000
5.750%, 
12/1/2028
h
244,860
269,000
5.125%, 
6/1/2029
158,038
Entercom
Media
Corporation
636,000
6.500%, 
5/1/2027
h
155,820
Frontier
Communications
Corporation
205,000
6.750%, 
5/1/2029
h
169,125
Frontier
Communications
Holdings,
LLC
567,000
5.875%, 
10/15/2027
h
508,162
127,000
8.750%, 
5/15/2030
h
127,081
GCI,
LLC
520,000
4.750%, 
10/15/2028
h
431,733
Gray
Escrow
II,
Inc.
1,000,000
5.375%, 
11/15/2031
h
784,425
Gray
Television,
Inc.
490,000
4.750%, 
10/15/2030
h
367,227
Hughes
Satellite
Systems
Corporation
270,000
6.625%, 
8/1/2026
245,021
iHeartCommunications,
Inc.
520,000
4.750%, 
1/15/2028
h
433,420
Iliad
Holding
SASU
627,000
6.500%, 
10/15/2026
h
548,249
LCPR
Senior
Secured
Financing
DAC
405,000
6.750%, 
10/15/2027
h
336,150
Level
3
Financing,
Inc.
910,000
4.625%, 
9/15/2027
h
753,098
430,000
4.250%, 
7/1/2028
h
335,404
Lumen
Technologies,
Inc.
390,000
5.125%, 
12/15/2026
h
335,560
Magallanes,
Inc.
1,077,000
5.141%, 
3/15/2052
h
782,784
922,000
4.054%, 
3/15/2029
h
796,320
923,000
5.050%, 
3/15/2042
h
690,629
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Communications
Services
(0.6%)
-
continued
Meta
Platforms,
Inc.
$
1,230,000
3.850%, 
8/15/2032
h
$
1,081,327
Netflix,
Inc.
330,000
4.875%, 
4/15/2028
308,852
500,000
5.875%, 
11/15/2028
487,890
552,000
5.375%, 
11/15/2029
h
518,880
500,000
4.875%, 
6/15/2030
h
456,919
NTT
Finance
Corporation
1,077,000
4.372%, 
7/27/2027
h
1,044,609
Omnicom
Group,
Inc.
750,000
3.600%, 
4/15/2026
710,384
435,000
4.200%, 
6/1/2030
394,832
Playtika
Holding
Corporation
428,000
4.250%, 
3/15/2029
h
342,289
Radiate
Holdco,
LLC
285,000
6.500%, 
9/15/2028
h
198,788
Scripps
Escrow
II,
Inc.
192,000
3.875%, 
1/15/2029
h
153,062
260,000
5.375%, 
1/15/2031
f,h
196,955
Scripps
Escrow,
Inc.
340,000
5.875%, 
7/15/2027
f,h
295,800
Sinclair
Television
Group,
Inc.
780,000
5.500%, 
3/1/2030
h
560,578
Sirius
XM
Radio,
Inc.
685,000
5.000%, 
8/1/2027
h
628,488
365,000
4.000%, 
7/15/2028
h
310,462
Sprint
Capital
Corporation
510,000
6.875%, 
11/15/2028
524,025
555,000
8.750%, 
3/15/2032
643,106
Sprint
Corporation
1,680,000
7.625%, 
2/15/2025
1,722,130
TEGNA,
Inc.
720,000
4.625%, 
3/15/2028
664,742
Telesat
Canada
270,000
4.875%, 
6/1/2027
h
126,802
100,000
6.500%, 
10/15/2027
h
37,000
T-Mobile
USA,
Inc.
1,539,000
3.600%, 
11/15/2060
987,726
2,463,000
3.500%, 
4/15/2031
2,069,684
1,100,000
4.375%, 
4/15/2040
895,712
Twitter,
Inc.
108,000
3.875%, 
12/15/2027
h
101,274
United
States
Cellular
Corporation
460,000
6.700%, 
12/15/2033
414,131
Uniti
Group,
LP
165,000
4.750%, 
4/15/2028
h
130,345
Univision
Communications,
Inc.
687,000
6.625%, 
6/1/2027
h
648,330
Verizon
Communications,
Inc.
923,000
3.000%, 
11/20/2060
536,082
480,000
2.100%, 
3/22/2028
405,222
1,750,000
2.650%, 
11/20/2040
1,140,574
VTR
Finance
NV
350,000
6.375%, 
7/15/2028
h
193,375
VZ
Secured
Financing
BV
462,000
5.000%, 
1/15/2032
h
345,158
Walt
Disney
Company
1,230,000
3.600%, 
1/13/2051
911,691
YPSO
Finance
BIS
SA
217,000
10.500%, 
5/15/2027
h
169,966
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
208
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Communications
Services
(0.6%)
-
continued
Zayo
Group
Holdings,
Inc.
$
302,000
4.000%, 
3/1/2027
h
$
242,340
Total
53,603,942
Consumer
Cyclical
(0.7%)
1011778
B.C.,
ULC
780,000
4.375%, 
1/15/2028
h
675,870
Allied
Universal
Finance
Corporation
355,000
4.625%, 
6/1/2028
h
268,025
Allied
Universal
Holdco,
LLC
285,000
6.625%, 
7/15/2026
h
254,006
405,000
4.625%, 
6/1/2028
h
311,980
295,000
6.000%, 
6/1/2029
h
190,385
Allison
Transmission,
Inc.
740,000
3.750%, 
1/30/2031
h
567,277
Amazon.com,
Inc.
521,000
3.875%, 
8/22/2037
452,876
American
Axle
&
Manufacturing,
Inc.
820,000
6.500%, 
4/1/2027
f
694,950
Arko
Corporation
328,000
5.125%, 
11/15/2029
h
255,840
Ashton
Woods
USA,
LLC
320,000
4.625%, 
8/1/2029
h
232,337
Boyd
Gaming
Corporation
490,000
4.750%, 
6/15/2031
h
396,753
Boyne
USA,
Inc.
380,000
4.750%, 
5/15/2029
h
318,339
Brookfield
Residential
Properties,
Inc.
435,000
6.250%, 
9/15/2027
h
365,152
Caesars
Entertainment,
Inc.
755,000
6.250%, 
7/1/2025
h
727,631
170,000
8.125%, 
7/1/2027
f,h
162,364
529,000
4.625%, 
10/15/2029
f,h
404,200
Carnival
Corporation
33,000
10.500%, 
2/1/2026
h
32,651
486,000
7.625%, 
3/1/2026
h
369,360
1,021,000
5.750%, 
3/1/2027
h
715,262
Cedar
Fair,
LP
216,000
5.375%, 
4/15/2027
200,641
478,000
5.250%, 
7/15/2029
f
410,169
Churchill
Downs,
Inc.
325,000
4.750%, 
1/15/2028
h
281,150
Cinemark
USA,
Inc.
553,000
5.875%, 
3/15/2026
f,h
462,406
Clarios
Global,
LP
255,000
8.500%, 
5/15/2027
h
243,395
Cushman
&
Wakefield
US
Borrower,
LLC
249,000
6.750%, 
5/15/2028
h
230,960
D.R.
Horton,
Inc.
700,000
2.600%, 
10/15/2025
642,697
Daimler
Trucks
Finance
North
America,
LLC
964,000
2.000%, 
12/14/2026
h
829,553
Dana,
Inc.
590,000
5.625%, 
6/15/2028
486,839
Empire
Communities
Corporation
345,000
7.000%, 
12/15/2025
h
286,278
Expedia
Group,
Inc.
1,500,000
3.250%, 
2/15/2030
1,216,514
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Cyclical
(0.7%)
-
continued
Ford
Motor
Company
$
784,000
3.250%, 
2/12/2032
$
564,739
442,000
6.100%, 
8/19/2032
389,667
Ford
Motor
Credit
Company,
LLC
1,003,000
2.300%, 
2/10/2025
888,956
1,060,000
4.134%, 
8/4/2025
962,003
845,000
2.700%, 
8/10/2026
700,835
Forestar
Group,
Inc.
340,000
3.850%, 
5/15/2026
h
279,654
General
Motors
Company
810,000
6.125%, 
10/1/2025
810,351
1,500,000
6.800%, 
10/1/2027
1,515,914
1,072,000
5.000%, 
4/1/2035
879,415
General
Motors
Financial
Company,
Inc.
500,000
1.500%, 
6/10/2026
424,934
GLP
Capital,
LP
1,153,000
5.750%, 
6/1/2028
1,079,679
Goodyear
Tire
&
Rubber
Company
330,000
5.000%, 
7/15/2029
f
269,395
250,000
5.250%, 
7/15/2031
200,000
Guitar
Center
Escrow
Issuer
II,
Inc.
158,000
8.500%, 
1/15/2026
h
139,969
Hanesbrands,
Inc.
455,000
4.875%, 
5/15/2026
h
409,022
Hilton
Domestic
Operating
Company,
Inc.
910,000
4.875%, 
1/15/2030
791,700
201,000
3.625%, 
2/15/2032
h
153,946
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
665,000
5.000%, 
6/1/2029
h
536,722
Home
Depot,
Inc.
505,000
5.400%, 
9/15/2040
497,760
1,140,000
4.250%, 
4/1/2046
963,088
970,000
3.900%, 
6/15/2047
771,765
Hyundai
Capital
America
1,150,000
1.800%, 
1/10/2028
h
916,033
Hyundai
Capital
Services,
Inc.
615,000
2.125%, 
4/24/2025
f,h
563,087
International
Game
Technology
plc
600,000
5.250%, 
1/15/2029
h
531,462
Jacobs
Entertainment,
Inc.
274,000
6.750%, 
2/15/2029
h
234,438
KB
Home
450,000
4.800%, 
11/15/2029
362,287
Kia
Corporation
615,000
2.375%, 
2/14/2025
f,h
571,546
Kohl's
Corporation
584,000
3.375%, 
5/1/2031
360,678
825,000
5.550%, 
7/17/2045
493,919
L
Brands,
Inc.
780,000
6.625%, 
10/1/2030
h
678,600
180,000
6.875%, 
11/1/2035
150,368
Lennar
Corporation
1,450,000
4.750%, 
5/30/2025
1,427,766
Lowe's
Companies,
Inc.
616,000
5.625%, 
4/15/2053
569,683
1,500,000
2.625%, 
4/1/2031
1,205,945
Macy's
Retail
Holdings,
LLC
480,000
5.875%, 
4/1/2029
f,h
385,200
Magic
MergerCo,
Inc.
326,000
5.250%, 
5/1/2028
h
228,845
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
209
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Cyclical
(0.7%)
-
continued
Marriott
International,
Inc.
$
82,000
5.750%, 
5/1/2025
$
82,809
1,025,000
4.625%, 
6/15/2030
926,272
Mattamy
Group
Corporation
376,000
5.250%, 
12/15/2027
h
311,658
McDonald's
Corporation
1,300,000
2.125%, 
3/1/2030
1,059,361
755,000
4.450%, 
3/1/2047
632,482
MDC
Holdings,
Inc.
625,000
2.500%, 
1/15/2031
417,672
MGM
Resorts
International
940,000
6.000%, 
3/15/2023
940,282
NCL
Corporation,
Ltd.
507,000
3.625%, 
12/15/2024
h
426,365
205,000
5.875%, 
2/15/2027
h
170,663
Nissan
Motor
Acceptance
Company,
LLC
1,000,000
1.125%, 
9/16/2024
h
908,796
PACCAR
Financial
Corporation
923,000
4.950%, 
10/3/2025
e
926,036
PENN
Entertainment,
Inc.
495,000
4.125%, 
7/1/2029
f,h
378,900
PetSmart,
Inc./PetSmart
Finance
Corporation
650,000
4.750%, 
2/15/2028
h
556,263
440,000
7.750%, 
2/15/2029
h
393,334
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
846,000
5.750%, 
4/15/2026
h
796,035
376,000
6.250%, 
1/15/2028
h
320,868
Realogy
Group,
LLC
630,000
5.750%, 
1/15/2029
h
454,388
Rite
Aid
Corporation
179,000
7.500%, 
7/1/2025
h
136,187
Royal
Caribbean
Cruises,
Ltd.
740,000
9.125%, 
6/15/2023
h
752,950
207,000
11.500%, 
6/1/2025
h
219,938
547,000
4.250%, 
7/1/2026
h
402,091
468,000
9.250%, 
1/15/2029
e,h
461,146
Scientific
Games
International,
Inc.
610,000
7.250%, 
11/15/2029
h
567,733
57,000
6.625%, 
3/1/2030
h
45,691
SeaWorld
Parks
and
Entertainment,
Inc.
198,000
5.250%, 
8/15/2029
h
164,419
Six
Flags
Theme
Parks,
Inc.
181,000
7.000%, 
7/1/2025
h
180,924
Staples,
Inc.
386,000
7.500%, 
4/15/2026
h
324,089
350,000
10.750%, 
4/15/2027
h
259,438
Station
Casinos,
LLC
381,000
4.625%, 
12/1/2031
h
287,764
Target
Corporation
923,000
2.950%, 
1/15/2052
620,509
Tenneco,
Inc.
610,000
5.000%, 
7/15/2026
f
593,225
Toll
Brothers
Finance
Corporation
1,000,000
3.800%, 
11/1/2029
809,533
Travel
+
Leisure
Company
347,000
6.625%, 
7/31/2026
h
325,049
TripAdvisor,
Inc.
103,000
7.000%, 
7/15/2025
h
100,138
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Cyclical
(0.7%)
-
continued
Uber
Technologies,
Inc.
$
385,000
6.250%, 
1/15/2028
f,h
$
358,050
VICI
Properties,
LP/VICI
Note
Company,
Inc.
1,634,000
4.625%, 
6/15/2025
h
1,537,639
616,000
5.750%, 
2/1/2027
h
580,444
391,000
3.750%, 
2/15/2027
h
342,461
Volkswagen
Group
of
America
Finance,
LLC
922,000
4.350%, 
6/8/2027
h
865,994
Wabash
National
Corporation
528,000
4.500%, 
10/15/2028
h
409,308
Walmart,
Inc.
924,000
4.500%, 
9/9/2052
866,328
1,300,000
3.250%, 
7/8/2029
1,188,514
Wyndham
Hotels
&
Resorts,
Inc.
280,000
4.375%, 
8/15/2028
h
246,127
Yum!
Brands,
Inc.
630,000
4.750%, 
1/15/2030
h
550,563
Total
57,493,667
Consumer
Non-Cyclical
(0.6%)
1375209
BC,
Ltd.
203,000
9.000%, 
1/30/2028
h
201,478
Abbott
Laboratories
1,445,000
4.750%, 
11/30/2036
1,409,410
175,000
6.000%, 
4/1/2039
187,860
AbbVie,
Inc.
625,000
2.950%, 
11/21/2026
572,599
1,475,000
4.300%, 
5/14/2036
1,279,201
550,000
4.850%, 
6/15/2044
477,447
775,000
4.875%, 
11/14/2048
681,432
Albertson's
Companies,
Inc.
641,000
4.625%, 
1/15/2027
h
572,940
702,000
3.500%, 
3/15/2029
h
565,812
Altria
Group,
Inc.
335,000
5.800%, 
2/14/2039
292,515
Amgen,
Inc.
1,550,000
4.200%, 
2/22/2052
1,215,043
Anheuser-Busch
Companies,
LLC
750,000
4.700%, 
2/1/2036
675,932
Anheuser-Busch
InBev
Worldwide,
Inc.
2,125,000
4.750%, 
4/15/2058
1,743,938
1,740,000
4.375%, 
4/15/2038
1,485,700
Aramark
Services,
Inc.
217,000
6.375%, 
5/1/2025
h
212,660
644,000
5.000%, 
2/1/2028
h
573,617
Archer-Daniels-Midland
Company
875,000
2.700%, 
9/15/2051
576,384
AstraZeneca
plc
1,600,000
3.000%, 
5/28/2051
1,109,036
Avantor
Funding,
Inc.
670,000
4.625%, 
7/15/2028
h
596,263
B&G
Foods,
Inc.
206,000
5.250%, 
9/15/2027
166,901
Bausch
Health
Companies,
Inc.
189,000
5.500%, 
11/1/2025
f,h
150,141
413,000
4.875%, 
6/1/2028
h
266,261
360,000
11.000%, 
9/30/2028
h
289,800
72,000
14.000%, 
10/15/2030
h
39,240
Becton,
Dickinson
and
Company
324,000
3.794%, 
5/20/2050
242,333
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
210
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
$
900,000
3.700%, 
6/6/2027
$
837,535
Bristol-Myers
Squibb
Company
1,543,000
3.550%, 
3/15/2042
1,207,142
Bunge,
Ltd.
Finance
Corporation
950,000
2.750%, 
5/14/2031
747,295
Cargill,
Inc.
558,000
3.125%, 
5/25/2051
h
383,117
Central
Garden
&
Pet
Company
650,000
4.125%, 
10/15/2030
517,384
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
491,000
4.625%, 
11/15/2028
h
417,615
Community
Health
Systems,
Inc.
118,000
8.000%, 
12/15/2027
h
93,368
360,000
6.000%, 
1/15/2029
h
264,595
389,000
6.875%, 
4/15/2029
h
187,901
Conagra
Brands,
Inc.
1,210,000
4.300%, 
5/1/2024
1,190,858
Constellation
Brands,
Inc.
1,450,000
3.600%, 
2/15/2028
1,325,868
600,000
2.875%, 
5/1/2030
497,668
Coty,
Inc.
389,000
5.000%, 
4/15/2026
h
354,165
CVS
Health
Corporation
1,310,000
4.875%, 
7/20/2035
1,182,873
Danaher
Corporation
593,000
2.800%, 
12/10/2051
381,501
Edgewell
Personal
Care
Company
380,000
5.500%, 
6/1/2028
h
339,772
Eli
Lilly
and
Company
828,000
2.500%, 
9/15/2060
489,745
Embecta
Corporation
158,000
6.750%, 
2/15/2030
h
145,868
Encompass
Health
Corporation
750,000
4.500%, 
2/1/2028
f
642,369
Energizer
Holdings,
Inc.
590,000
4.750%, 
6/15/2028
h
467,451
General
Mills,
Inc.
700,000
2.875%, 
4/15/2030
594,794
H.
J.
Heinz
Company
180,000
5.200%, 
7/15/2045
156,398
HCA,
Inc.
838,000
5.375%, 
2/1/2025
828,090
1,059,000
3.500%, 
9/1/2030
874,437
HFC
Prestige
Products,
Inc.
490,000
4.750%, 
1/15/2029
h
414,535
HLF
Financing
SARL,
LLC
901,000
4.875%, 
6/1/2029
h
642,994
Imperial
Brands
Finance
plc
1,600,000
3.875%, 
7/26/2029
h
1,358,730
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
922,000
4.375%, 
2/2/2052
h
617,980
612,000
5.500%, 
1/15/2030
h
565,335
845,000
3.000%, 
5/15/2032
h
624,033
Johnson
&
Johnson
1,180,000
4.375%, 
12/5/2033
1,136,695
Kimberly-Clark
Corporation
900,000
3.900%, 
5/4/2047
721,233
Kraft
Heinz
Foods
Company
900,000
3.875%, 
5/15/2027
841,122
1,000,000
4.375%, 
6/1/2046
777,398
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
Mattel,
Inc.
$
605,000
3.375%, 
4/1/2026
h
$
539,925
769,000
5.450%, 
11/1/2041
644,258
Medtronic,
Inc.
923,000
4.375%, 
3/15/2035
841,263
Mozart
Debt
Merger
Sub,
Inc.
485,000
3.875%, 
4/1/2029
h
388,820
328,000
5.250%, 
10/1/2029
h
247,640
Newell
Brands,
Inc.
889,000
4.450%, 
4/1/2026
817,880
Organon
&
Company
473,000
4.125%, 
4/30/2028
h
404,415
Owens
&
Minor,
Inc.
340,000
6.625%, 
4/1/2030
h
299,200
PepsiCo,
Inc.
585,000
4.200%, 
7/18/2052
517,492
Performance
Food
Group,
Inc.
298,000
4.250%, 
8/1/2029
h
248,115
Perrigo
Finance
Unlimited
Company
768,000
4.375%, 
3/15/2026
704,640
Pfizer,
Inc.
1,232,000
2.700%, 
5/28/2050
832,349
Pilgrim's
Pride
Corporation
477,000
3.500%, 
3/1/2032
h
359,596
Post
Holdings,
Inc.
447,000
5.750%, 
3/1/2027
h
426,353
186,000
5.625%, 
1/15/2028
h
169,766
185,000
5.500%, 
12/15/2029
h
159,933
397,000
4.500%, 
9/15/2031
h
319,585
Primo
Water
Holdings,
Inc.
410,000
4.375%, 
4/30/2029
h
333,507
Reynolds
American,
Inc.
759,000
5.700%, 
8/15/2035
641,886
Roche
Holdings,
Inc.
1,158,000
4.000%, 
11/28/2044
h
981,997
Scotts
Miracle-Gro
Company
306,000
4.500%, 
10/15/2029
221,849
SEG
Holding,
LLC
740,000
5.625%, 
10/15/2028
h
678,941
Simmons
Foods,
Inc.
812,000
4.625%, 
3/1/2029
h
663,810
Spectrum
Brands,
Inc.
310,000
5.000%, 
10/1/2029
h
246,602
280,000
5.500%, 
7/15/2030
h
218,941
Syneos
Health,
Inc.
560,000
3.625%, 
1/15/2029
h
445,917
Sysco
Corporation
1,300,000
6.600%, 
4/1/2040
1,365,555
Takeda
Pharmaceutical
Company,
Ltd.
925,000
3.175%, 
7/9/2050
613,644
Teleflex,
Inc.
385,000
4.250%, 
6/1/2028
h
334,861
Tenet
Healthcare
Corporation
210,000
4.625%, 
7/15/2024
203,066
337,000
6.250%, 
2/1/2027
h
314,472
1,340,000
5.125%, 
11/1/2027
h
1,202,365
255,000
6.125%, 
10/1/2028
h
223,403
Teva
Pharmaceutical
Finance
Netherlands
III
BV
706,000
3.150%, 
10/1/2026
579,273
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
211
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
Thermo
Fisher
Scientific,
Inc.
$
625,000
2.000%, 
10/15/2031
$
492,672
TreeHouse
Foods,
Inc.
539,000
4.000%, 
9/1/2028
f
429,793
United
Natural
Foods,
Inc.
340,000
6.750%, 
10/15/2028
h
310,964
Zoetis,
Inc.
740,000
4.700%, 
2/1/2043
647,760
Total
56,484,315
Energy
(0.5%)
Antero
Resources
Corporation
412,000
5.375%, 
3/1/2030
h
370,417
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
570,000
6.250%, 
4/1/2028
h
501,027
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
271,000
6.625%, 
7/15/2026
h
252,708
BP
Capital
Markets
America,
Inc.
1,519,000
2.939%, 
6/4/2051
964,699
700,000
3.543%, 
4/6/2027
654,328
Buckeye
Partners,
LP
485,000
3.950%, 
12/1/2026
423,007
Callon
Petroleum
Company
400,000
8.250%, 
7/15/2025
388,871
217,000
7.500%, 
6/15/2030
f,h
189,985
Canadian
Natural
Resources,
Ltd.
440,000
2.050%, 
7/15/2025
401,162
525,000
2.950%, 
7/15/2030
431,960
Cheniere
Corpus
Christi
Holdings,
LLC
375,000
2.742%, 
12/31/2039
270,460
Cheniere
Energy
Partners,
LP
197,000
3.250%, 
1/31/2032
151,267
Cheniere
Energy,
Inc.
518,000
4.625%, 
10/15/2028
475,177
Chesapeake
Energy
Corporation
715,000
6.750%, 
4/15/2029
h
685,413
CNX
Resources
Corporation
330,000
6.000%, 
1/15/2029
h
301,125
Comstock
Resources,
Inc.
410,000
5.875%, 
1/15/2030
h
357,092
Continental
Resources,
Inc.
426,000
2.268%, 
11/15/2026
h
363,529
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
377,000
5.500%, 
6/15/2031
h
319,140
CrownRock
Finance,
Inc.
473,000
5.625%, 
10/15/2025
h
452,836
Devon
Energy
Corporation
1,756,000
4.500%, 
1/15/2030
1,598,329
DT
Midstream,
Inc.
495,000
4.125%, 
6/15/2029
h
418,275
165,000
4.375%, 
6/15/2031
h
136,079
Enbridge,
Inc.
1,400,000
2.500%, 
2/14/2025
1,314,939
Endeavor
Energy
Resources,
LP
457,000
5.750%, 
1/30/2028
h
434,662
Energy
Transfer,
LP
950,000
4.000%, 
10/1/2027
861,562
970,000
4.900%, 
3/15/2035
815,110
800,000
5.150%, 
2/1/2043
631,625
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Energy
(0.5%)
-
continued
$
1,100,000
6.000%, 
6/15/2048
$
950,390
EnLink
Midstream
Partners,
LP
580,000
4.850%, 
7/15/2026
532,663
Enterprise
Products
Operating,
LLC
1,250,000
3.300%, 
2/15/2053
813,210
EQM
Midstream
Partners,
LP
345,000
4.750%, 
1/15/2031
h
273,844
EQT
Corporation
923,000
6.125%, 
2/1/2025
924,181
923,000
3.900%, 
10/1/2027
839,928
Equinor
ASA
750,000
3.000%, 
4/6/2027
692,080
Exxon
Mobil
Corporation
1,450,000
3.452%, 
4/15/2051
1,079,733
Ferrellgas,
LP
339,000
5.375%, 
4/1/2026
h
298,320
Halliburton
Company
1,004,000
4.850%, 
11/15/2035
875,892
615,000
5.000%, 
11/15/2045
510,684
Harvest
Midstream,
LP
785,000
7.500%, 
9/1/2028
h
733,707
Hess
Midstream
Operations,
LP
450,000
5.625%, 
2/15/2026
h
427,165
236,000
5.500%, 
10/15/2030
h
202,594
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
540,000
5.750%, 
2/1/2029
h
472,103
279,000
6.250%, 
4/15/2032
h
247,141
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
282,000
6.375%, 
4/15/2027
h
269,310
Howard
Midstream
Energy
Partners,
LLC
503,000
6.750%, 
1/15/2027
h
448,156
ITT
Holdings,
LLC
470,000
6.500%, 
8/1/2029
h
364,612
Laredo
Petroleum,
Inc.
810,000
7.750%, 
7/31/2029
f,h
746,326
Magellan
Midstream
Partners,
LP
1,070,000
5.000%, 
3/1/2026
1,056,735
Marathon
Petroleum
Corporation
396,000
6.500%, 
3/1/2041
392,137
MEG
Energy
Corporation
436,000
7.125%, 
2/1/2027
h
442,540
MPLX,
LP
746,000
4.875%, 
6/1/2025
731,043
1,231,000
4.950%, 
9/1/2032
1,118,339
Murphy
Oil
Corporation
350,000
5.875%, 
12/1/2027
327,159
Nabors
Industries,
Ltd.
630,000
7.250%, 
1/15/2026
h
548,175
National
Fuel
Gas
Company
1,000,000
5.500%, 
1/15/2026
982,072
NuStar
Logistics,
LP
560,000
5.750%, 
10/1/2025
518,991
Oasis
Petroleum,
Inc.
415,000
6.375%, 
6/1/2026
h
394,250
Occidental
Petroleum
Corporation
185,000
8.500%, 
7/15/2027
197,987
380,000
6.450%, 
9/15/2036
380,000
ONEOK,
Inc.
1,070,000
2.200%, 
9/15/2025
972,815
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
212
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Energy
(0.5%)
-
continued
Ovintiv
Exploration,
Inc.
$
700,000
5.375%, 
1/1/2026
$
692,333
Precision
Drilling
Corporation
410,000
6.875%, 
1/15/2029
h
361,991
Range
Resources
Corporation
408,000
4.750%, 
2/15/2030
f,h
353,830
Sabine
Pass
Liquefaction,
LLC
2,050,000
4.500%, 
5/15/2030
1,867,487
Schlumberger
Holdings
Corporation
995,000
4.000%, 
12/21/2025
h
959,229
SM
Energy
Company
375,000
6.625%, 
1/15/2027
359,955
245,000
6.500%, 
7/15/2028
f
232,829
Southwestern
Energy
Company
269,000
5.375%, 
2/1/2029
243,929
360,000
5.375%, 
3/15/2030
324,378
235,000
4.750%, 
2/1/2032
196,954
Suburban
Propane
Partners,
LP
740,000
5.875%, 
3/1/2027
698,117
Sunoco,
LP
545,000
5.875%, 
3/15/2028
494,557
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
790,000
5.500%, 
1/15/2028
h
674,309
Targa
Resources
Corporation
1,077,000
4.200%, 
2/1/2033
896,924
Teine
Energy,
Ltd.
345,000
6.875%, 
4/15/2029
h
309,910
Transocean
Proteus,
Ltd.
144,000
6.250%, 
12/1/2024
h
135,360
Transocean,
Inc.
330,000
11.500%, 
1/30/2027
h
305,230
USA
Compression
Partners,
LP
456,000
6.875%, 
4/1/2026
419,520
Venture
Global
Calcasieu
Pass,
LLC
483,000
3.875%, 
8/15/2029
h
414,356
290,000
4.125%, 
8/15/2031
h
240,546
W&T
Offshore,
Inc.
206,000
9.750%, 
11/1/2023
h
201,919
Weatherford
International,
Ltd.
524,000
8.625%, 
4/30/2030
h
456,322
Western
Midstream
Operating,
LP
570,000
3.950%, 
6/1/2025
535,800
320,000
5.500%, 
8/15/2048
258,800
Williams
Companies,
Inc.
615,000
5.300%, 
8/15/2052
535,286
1,015,000
7.500%, 
1/15/2031
1,088,841
Total
47,187,778
Financials
(1.7%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
137,000
7.000%, 
11/15/2025
h
125,135
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
1,510,000
3.500%, 
1/15/2025
1,419,010
1,250,000
3.875%, 
1/23/2028
1,078,878
550,000
3.400%, 
10/29/2033
399,046
Air
Lease
Corporation
1,500,000
3.000%, 
2/1/2030
1,187,872
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
$
459,000
2.875%, 
1/15/2032
$
345,951
Aircastle,
Ltd.
650,000
5.250%, 
8/11/2025
h
611,864
Alliant
Holdings
Intermediate,
LLC
261,000
6.750%, 
10/15/2027
h
224,927
Ally
Financial,
Inc.
1,000,000
5.750%, 
11/20/2025
969,896
1,000,000
8.000%, 
11/1/2031
1,048,357
American
Express
Company
900,000
3.375%, 
5/3/2024
877,577
1,200,000
2.250%, 
3/4/2025
1,124,628
American
Homes
4
Rent,
LP
1,000,000
2.375%, 
7/15/2031
753,983
American
International
Group,
Inc.
1,450,000
3.900%, 
4/1/2026
1,384,109
AmWINS
Group,
Inc.
315,000
4.875%, 
6/30/2029
h
261,470
ANZ
Bank
New
Zealand,
Ltd.
600,000
5.548%, 
8/11/2032
b,h
579,268
Ares
Capital
Corporation
455,000
3.250%, 
7/15/2025
415,607
1,100,000
3.875%, 
1/15/2026
1,000,789
550,000
2.150%, 
7/15/2026
460,940
Associated
Banc-Corporation
750,000
4.250%, 
1/15/2025
729,278
Australia
and
New
Zealand
Banking
Group,
Ltd.
700,000
2.950%, 
7/22/2030
b,h
636,064
Aviation
Capital
Group,
LLC
1,000,000
5.500%, 
12/15/2024
h
968,056
Avolon
Holdings
Funding,
Ltd.
800,000
5.250%, 
5/15/2024
h
776,200
275,000
4.250%, 
4/15/2026
h
246,584
Banco
Santander
Mexico
SA
875,000
5.375%, 
4/17/2025
h
850,727
Banco
Santander
SA
1,200,000
4.175%, 
3/24/2028
b
1,081,345
Bank
of
America
Corporation
575,000
1.734%, 
7/22/2027
b
493,309
800,000
3.824%, 
1/20/2028
b
736,353
500,000
2.087%, 
6/14/2029
b
406,317
1,500,000
2.496%, 
2/13/2031
b
1,183,594
1,475,000
1.922%, 
10/24/2031
b
1,091,054
923,000
2.972%, 
2/4/2033
b
721,556
1,844,000
4.571%, 
4/27/2033
b
1,651,646
1,230,000
3.846%, 
3/8/2037
b
992,367
Bank
of
Montreal
917,000
1.500%, 
1/10/2025
843,445
Barclays
plc
1,290,000
4.972%, 
5/16/2029
b
1,160,880
900,000
5.746%, 
8/9/2033
b
817,599
Berkshire
Hathaway
Finance
Corporation
1,231,000
2.850%, 
10/15/2050
790,928
Blackstone
Private
Credit
Fund
917,000
2.700%, 
1/15/2025
831,212
BNP
Paribas
SA
1,538,000
3.132%, 
1/20/2033
b,h
1,166,704
BPCE
SA
1,091,000
3.500%, 
10/23/2027
h
959,229
Brookfield
Property
REIT,
Inc.
273,000
5.750%, 
5/15/2026
h
246,797
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
213
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
Camden
Property
Trust
$
1,800,000
3.150%, 
7/1/2029
$
1,572,208
Capital
One
Financial
Corporation
1,100,000
4.200%, 
10/29/2025
1,057,669
920,000
2.636%, 
3/3/2026
b
854,820
Centene
Corporation
370,000
4.250%, 
12/15/2027
338,439
348,000
4.625%, 
12/15/2029
312,713
730,000
3.000%, 
10/15/2030
578,116
300,000
2.500%, 
3/1/2031
226,134
1,000,000
2.625%, 
8/1/2031
753,673
Charles
Schwab
Corporation
1,535,000
2.450%, 
3/3/2027
1,377,512
Chubb
INA
Holdings,
Inc.
1,115,000
4.350%, 
11/3/2045
941,573
Citigroup,
Inc.
827,000
0.981%, 
5/1/2025
b
766,250
1,515,000
4.400%, 
6/10/2025
1,472,470
607,000
1.281%, 
11/3/2025
b
554,488
745,000
3.200%, 
10/21/2026
682,470
1,094,000
3.668%, 
7/24/2028
b
984,903
490,000
4.125%, 
7/25/2028
442,032
915,000
3.520%, 
10/27/2028
b
816,758
1,308,000
4.910%, 
5/24/2033
b
1,203,354
Coinbase
Global,
Inc.
138,000
3.625%, 
10/1/2031
h
76,515
Commerzbank
AG
1,350,000
8.125%, 
9/19/2023
h
1,330,400
Corebridge
Financial,
Inc.
1,230,000
4.400%, 
4/5/2052
h
934,868
462,000
4.350%, 
4/5/2042
h
355,445
Credit
Acceptance
Corporation
620,000
5.125%, 
12/31/2024
*
576,992
Credit
Agricole
SA
625,000
6.875%, 
9/23/2024
b,h,l
575,637
Credit
Suisse
Group
AG
900,000
7.250%, 
9/12/2025
b,h,l
688,425
1,800,000
2.193%, 
6/5/2026
b,h
1,565,079
Danske
Bank
AS
450,000
0.976%, 
9/10/2025
b,h
407,480
900,000
3.244%, 
12/20/2025
b,h
836,672
Deutsche
Bank
AG
137,000
4.296%, 
5/24/2028
b
122,181
1,175,000
3.729%, 
1/14/2032
b
791,301
Discover
Bank
1,670,000
4.682%, 
8/9/2028
b
1,601,379
Drawbridge
Special
Opportunities
Fund,
LP
750,000
3.875%, 
2/15/2026
h
680,767
Duke
Realty,
LP
925,000
2.875%, 
11/15/2029
787,698
Elevance
Health
Inc.
1,185,000
3.125%, 
5/15/2050
783,814
820,000
4.625%, 
5/15/2042
707,713
EPR
Properties
405,000
4.950%, 
4/15/2028
348,589
621,000
3.600%, 
11/15/2031
443,679
ERP
Operating,
LP
337,000
3.375%, 
6/1/2025
320,401
First
Horizon
Bank
250,000
5.750%, 
5/1/2030
242,530
First
Horizon
National
Corporation
1,000,000
4.000%, 
5/26/2025
964,192
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
First-Citizens
Bank
&
Trust
Company
$
750,000
6.125%, 
3/9/2028
$
744,462
Fortress
Transportation
and
Infrastructure
Investors,
LLC
346,000
6.500%, 
10/1/2025
h
325,037
171,000
9.750%, 
8/1/2027
h
167,205
FS
KKR
Capital
Corporation
961,000
4.250%, 
2/14/2025
h
891,404
1,300,000
3.400%, 
1/15/2026
1,147,032
Genworth
Mortgage
Holdings,
Inc.
257,000
6.500%, 
8/15/2025
h
245,612
Global
Net
Lease,
Inc.
695,000
3.750%, 
12/15/2027
h
542,113
Goldman
Sachs
Group,
Inc.
1,000,000
3.625%, 
2/20/2024
982,568
785,000
1.948%, 
10/21/2027
b
671,303
275,000
1.992%, 
1/27/2032
b
203,311
2,769,000
3.102%, 
2/24/2033
b
2,199,291
1,130,000
4.750%, 
10/21/2045
942,252
HCP,
Inc.
205,000
3.400%, 
2/1/2025
196,393
HSBC
Holdings
plc
1,134,000
1.162%, 
11/22/2024
b
1,071,594
1,850,000
3.803%, 
3/11/2025
b
1,788,176
1,100,000
2.999%, 
3/10/2026
b
1,017,069
710,000
3.900%, 
5/25/2026
665,425
900,000
5.402%, 
8/11/2033
b
800,274
HUB
International,
Ltd.
184,000
7.000%, 
5/1/2026
h
174,508
323,000
5.625%, 
12/1/2029
h
269,705
Humana,
Inc.
375,000
2.150%, 
2/3/2032
284,957
Icahn
Enterprises,
LP
466,000
4.750%, 
9/15/2024
435,971
485,000
6.375%, 
12/15/2025
459,574
635,000
5.250%, 
5/15/2027
555,949
Intercontinental
Exchange,
Inc.
575,000
4.950%, 
6/15/2052
507,570
616,000
4.350%, 
6/15/2029
583,009
Intesa
Sanpaolo
SPA
137,000
5.017%, 
6/26/2024
h
127,741
Invitation
Homes
Operating
Partnership,
LP
769,000
2.000%, 
8/15/2031
551,665
iStar,
Inc.
625,000
4.250%, 
8/1/2025
606,280
J.P.
Morgan
Chase
&
Company
445,000
3.125%, 
1/23/2025
426,650
500,000
0.824%, 
6/1/2025
b
462,883
889,000
1.561%, 
12/10/2025
b
815,197
850,000
1.040%, 
2/4/2027
b
722,275
720,000
1.578%, 
4/22/2027
b
621,579
1,230,000
2.947%, 
2/24/2028
b
1,087,591
1,475,000
4.203%, 
7/23/2029
b
1,342,148
900,000
2.522%, 
4/22/2031
b
711,415
1,100,000
1.953%, 
2/4/2032
b
813,704
1,229,000
4.586%, 
4/26/2033
b
1,105,870
923,000
4.912%, 
7/25/2033
b
851,150
1,265,000
3.882%, 
7/24/2038
b
987,951
Jefferies
Finance,
LLC
293,000
5.000%, 
8/15/2028
h
216,087
KeyCorp
450,000
3.878%, 
5/23/2025
b
438,152
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
214
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
Kimco
Realty
Corporation
$
1,142,000
3.300%, 
2/1/2025
$
1,097,072
Lloyds
Banking
Group
plc
1,950,000
3.870%, 
7/9/2025
b
1,880,213
LPL
Holdings,
Inc.
410,000
4.000%, 
3/15/2029
h
351,649
Macquarie
Group,
Ltd.
1,103,000
1.201%, 
10/14/2025
b,h
1,004,075
Massachusetts
Mutual
Life
Insurance
Company
1,150,000
3.200%, 
12/1/2061
*
696,344
Mitsubishi
UFJ
Financial
Group,
Inc.
835,000
0.962%, 
10/11/2025
b
760,328
1,750,000
2.048%, 
7/17/2030
1,333,821
Molina
Healthcare,
Inc.
670,000
4.375%, 
6/15/2028
h
604,675
Morgan
Stanley
900,000
2.630%, 
2/18/2026
b
838,514
600,000
2.188%, 
4/28/2026
b
550,366
1,925,000
4.350%, 
9/8/2026
1,833,418
1,244,000
3.591%, 
7/22/2028
b
1,119,090
1,600,000
3.622%, 
4/1/2031
b
1,382,767
1,076,000
5.297%, 
4/20/2037
b
966,848
825,000
2.802%, 
1/25/2052
b
498,050
MPT
Operating
Partnership,
LP
467,000
4.625%, 
8/1/2029
375,734
Nasdaq,
Inc.
750,000
3.250%, 
4/28/2050
491,925
Nationstar
Mortgage
Holdings,
Inc.
341,000
6.000%, 
1/15/2027
h
291,129
NatWest
Group
plc
1,250,000
4.445%, 
5/8/2030
b
1,096,874
Navient
Corporation
340,000
5.500%, 
1/25/2023
338,112
160,000
5.000%, 
3/15/2027
130,866
Necessity
Retail
REIT,
Inc.
598,000
4.500%, 
9/30/2028
h
445,665
Northern
Trust
Corporation
1,308,000
4.000%, 
5/10/2027
1,261,273
Omega
Healthcare
Investors,
Inc.
780,000
3.625%, 
10/1/2029
634,821
875,000
3.375%, 
2/1/2031
667,094
OneMain
Finance
Corporation
705,000
6.875%, 
3/15/2025
662,594
417,000
7.125%, 
3/15/2026
375,885
272,000
6.625%, 
1/15/2028
233,376
Owl
Rock
Capital
Corporation
250,000
4.250%, 
1/15/2026
228,636
Owl
Rock
Core
Income
Corporation
769,000
4.700%, 
2/8/2027
673,550
Owl
Rock
Technology
Finance
Corporation
250,000
4.750%, 
12/15/2025
h
225,033
Park
Intermediate
Holdings,
LLC
364,000
4.875%, 
5/15/2029
h
294,840
PennyMac
Financial
Services,
Inc.
255,000
4.250%, 
2/15/2029
h
181,638
Pine
Street
Trust
I
923,000
4.572%, 
2/15/2029
h
849,971
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
PNC
Financial
Services
Group,
Inc.
$
1,230,000
4.626%, 
6/6/2033
b
$
1,097,249
PRA
Group,
Inc.
253,000
7.375%, 
9/1/2025
h
244,762
Principal
Life
Global
Funding
II
825,000
1.250%, 
8/16/2026
h
707,556
Prudential
Financial,
Inc.
1,170,000
5.125%, 
3/1/2052
b
1,014,320
500,000
3.700%, 
3/13/2051
367,689
Radian
Group,
Inc.
340,000
4.875%, 
3/15/2027
301,407
Realty
Income
Corporation
1,300,000
4.125%, 
10/15/2026
1,244,585
1,100,000
2.850%, 
12/15/2032
880,491
Regency
Centers,
LP
1,100,000
4.125%, 
3/15/2028
1,010,146
Reinsurance
Group
of
America,
Inc.
1,100,000
4.700%, 
9/15/2023
1,096,211
RLJ
Lodging
Trust,
LP
172,000
3.750%, 
7/1/2026
h
146,898
Rocket
Mortgage
Co-Issuer,
Inc.
440,000
3.625%, 
3/1/2029
h
338,646
Santander
UK
Group
Holdings
plc
1,000,000
1.673%, 
6/14/2027
b
831,368
Service
Properties
Trust
195,000
4.650%, 
3/15/2024
180,375
458,000
7.500%, 
9/15/2025
428,230
260,000
5.500%, 
12/15/2027
211,190
Simon
Property
Group,
LP
1,125,000
3.800%, 
7/15/2050
788,499
SLM
Corporation
180,000
4.200%, 
10/29/2025
161,132
Societe
Generale
SA
1,122,000
4.750%, 
11/24/2025
h
1,060,742
Spirit
Realty,
LP
1,250,000
2.100%, 
3/15/2028
993,261
Standard
Chartered
plc
1,847,000
1.822%, 
11/23/2025
b,h
1,675,202
State
Street
Corporation
465,000
4.421%, 
5/13/2033
b
429,026
Sumitomo
Mitsui
Financial
Group,
Inc.
1,140,000
3.010%, 
10/19/2026
1,037,135
850,000
1.710%, 
1/12/2031
618,739
Sumitomo
Mitsui
Trust
Bank,
Ltd.
1,000,000
0.800%, 
9/16/2024
h
916,229
Synchrony
Financial
590,000
4.250%, 
8/15/2024
575,279
UBS
Group
AG
900,000
4.488%, 
5/12/2026
b,h
867,414
550,000
4.703%, 
8/5/2027
b,h
521,401
UDR,
Inc.
875,000
2.100%, 
8/1/2032
631,818
United
Wholesale
Mortgage,
LLC
268,000
5.500%, 
4/15/2029
h
203,680
UnitedHealth
Group,
Inc.
923,000
4.750%, 
5/15/2052
825,540
308,000
4.950%, 
5/15/2062
274,212
1,450,000
4.625%, 
7/15/2035
1,334,050
USIS
Merger
Sub,
Inc.
137,000
6.875%, 
5/1/2025
h
131,696
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
215
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Financials
(1.7%)
-
continued
Wells
Fargo
&
Company
$
1,320,000
3.000%, 
2/19/2025
$
1,254,665
125,000
3.000%, 
4/22/2026
114,540
1,475,000
3.000%, 
10/23/2026
1,336,929
923,000
3.526%, 
3/24/2028
b
835,977
1,400,000
2.393%, 
6/2/2028
b
1,200,637
1,180,000
4.900%, 
11/17/2045
965,024
Welltower,
Inc.
750,000
2.050%, 
1/15/2029
602,419
Willis
North
America,
Inc.
1,231,000
4.650%, 
6/15/2027
1,168,964
XHR,
LP
110,000
6.375%, 
8/15/2025
h
105,569
189,000
4.875%, 
6/1/2029
h
155,833
Total
148,750,973
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
1,050,000
2.625%, 
5/5/2031
h
835,537
Total
835,537
Mortgage-Backed
Securities
(4.7%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
23,594,947
2.500%, 
5/1/2051
19,966,101
21,410,308
3.500%, 
6/1/2052
19,305,671
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
6,684,068
2.500%, 
7/1/2030
6,202,436
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
600,000
2.500%, 
10/1/2037
e
542,953
11,750,000
3.500%, 
10/1/2037
e
11,103,750
3,500,000
4.000%, 
10/1/2037
e
3,376,406
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
9,801,426
3.500%, 
5/1/2040
e
9,078,254
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
23,232,977
3.000%, 
1/1/2052
20,314,011
11,552,546
2.500%, 
2/1/2051
9,760,068
31,410,580
2.000%, 
3/1/2051
25,580,648
23,707,877
3.000%, 
3/1/2052
20,701,316
19,345,533
2.000%, 
4/1/2051
15,746,948
19,981,266
2.500%, 
4/1/2051
16,889,641
13,809,224
3.000%, 
4/1/2051
12,094,929
14,554,179
3.000%, 
5/1/2050
12,802,458
17,777,422
2.500%, 
7/1/2051
15,008,103
24,028,485
2.000%, 
8/1/2051
19,556,966
8,819,289
3.500%, 
9/1/2052
7,966,314
13,970,000
2.000%, 
10/1/2052
e
11,308,060
14,860,000
2.500%, 
10/1/2052
e
12,464,696
30,126,447
2.500%, 
12/1/2051
25,368,044
40,200,000
4.000%, 
10/1/2048
e
37,299,633
14,575,000
4.500%, 
10/1/2048
e
13,883,826
11,850,000
5.000%, 
10/1/2048
e
11,542,701
29,325,000
3.000%, 
10/1/2049
e
25,518,477
25,825,000
3.500%, 
10/1/2049
e
23,240,482
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Mortgage-Backed
Securities
(4.7%)
-
continued
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
$
6,376,511
3.500%, 
7/1/2061
$
5,765,965
Total
412,388,857
Technology
(0.4%)
Advanced
Micro
Devices,
Inc.
615,000
4.393%, 
6/1/2052
519,926
Analog
Devices,
Inc.
1,150,000
2.950%, 
10/1/2051
765,712
Apple,
Inc.
1,077,000
2.650%, 
2/8/2051
707,086
2,570,000
3.750%, 
9/12/2047
2,077,538
Black
Knight
InfoServ,
LLC
593,000
3.625%, 
9/1/2028
h
503,196
Broadcom,
Inc.
604,000
3.469%, 
4/15/2034
h
453,153
1,231,000
3.137%, 
11/15/2035
h
862,561
1,350,000
3.187%, 
11/15/2036
h
923,327
600,000
4.926%, 
5/15/2037
h
494,743
CommScope
Technologies
Finance,
LLC
425,000
6.000%, 
6/15/2025
h
377,591
CommScope,
Inc.
385,000
7.125%, 
7/1/2028
f,h
297,185
Dell
International,
LLC
2,222,000
6.020%, 
6/15/2026
2,230,950
Fiserv,
Inc.
1,000,000
2.250%, 
6/1/2027
863,365
1,150,000
2.650%, 
6/1/2030
932,365
Gartner,
Inc.
325,000
3.625%, 
6/15/2029
h
270,563
605,000
3.750%, 
10/1/2030
h
495,280
Global
Payments,
Inc.
923,000
5.300%, 
8/15/2029
868,031
Iron
Mountain,
Inc.
570,000
4.875%, 
9/15/2029
h
468,249
750,000
5.250%, 
7/15/2030
h
620,603
585,000
4.500%, 
2/15/2031
h
452,310
KLA
Corporation
923,000
3.300%, 
3/1/2050
648,327
Lam
Research
Corporation
1,500,000
2.875%, 
6/15/2050
978,023
Mastercard,
Inc.
1,070,000
3.950%, 
2/26/2048
883,334
Microchip
Technology,
Inc.
500,000
0.983%, 
9/1/2024
460,239
Microsoft
Corporation
700,000
3.041%, 
3/17/2062
477,623
1,130,000
3.700%, 
8/8/2046
936,361
Minerva
Merger
Sub,
Inc.
480,000
6.500%, 
2/15/2030
f,h
379,474
MSCI,
Inc.
465,000
4.000%, 
11/15/2029
h
401,621
NCR
Corporation
1,020,000
6.125%, 
9/1/2029
h
878,236
Nielsen
Finance,
LLC
450,000
4.500%, 
7/15/2029
h
448,009
NXP
BV/NXP
Funding,
LLC
480,000
5.550%, 
12/1/2028
463,581
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
216
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Technology
(0.4%)
-
continued
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
$
480,000
4.300%, 
6/18/2029
$
429,822
480,000
3.250%, 
5/11/2041
314,813
Open
Text
Corporation
675,000
4.125%, 
2/15/2030
h
539,062
Oracle
Corporation
1,815,000
3.850%, 
7/15/2036
1,358,168
1,250,000
4.000%, 
7/15/2046
844,777
PTC,
Inc.
300,000
3.625%, 
2/15/2025
h
279,458
270,000
4.000%, 
2/15/2028
h
236,138
Rackspace
Technology
Global,
Inc.
540,000
5.375%, 
12/1/2028
h
253,770
Seagate
HDD
Cayman
810,000
3.125%, 
7/15/2029
593,511
670,000
3.375%, 
7/15/2031
467,791
Sensata
Technologies,
Inc.
393,000
3.750%, 
2/15/2031
h
309,568
Shift4
Payments,
LLC
190,000
4.625%, 
11/1/2026
h
173,256
SS&C
Technologies,
Inc.
1,120,000
5.500%, 
9/30/2027
h
1,021,657
Switch,
Ltd.
570,000
3.750%, 
9/15/2028
h
566,438
Texas
Instruments,
Inc.
1,005,000
4.150%, 
5/15/2048
856,922
VeriSign,
Inc.
400,000
4.750%, 
7/15/2027
384,797
Viavi
Solutions,
Inc.
396,000
3.750%, 
10/1/2029
h
316,832
Visa,
Inc.
1,230,000
2.000%, 
8/15/2050
704,022
1,500,000
2.700%, 
4/15/2040
1,084,350
VMware,
Inc.
825,000
4.650%, 
5/15/2027
788,013
900,000
2.200%, 
8/15/2031
655,079
Total
34,316,806
Transportation
(0.2%)
Air
Canada
Pass
Through
Trust
249,321
3.875%, 
3/15/2023
h
246,266
Allegiant
Travel
Company
310,000
7.250%, 
8/15/2027
h
292,175
American
Airlines,
Inc.
710,000
11.750%, 
7/15/2025
h
741,481
1,166,000
5.500%, 
4/20/2026
h
1,095,072
Avis
Budget
Car
Rental,
LLC
450,000
5.375%, 
3/1/2029
f,h
369,515
Burlington
Northern
Santa
Fe,
LLC
724,000
2.875%, 
6/15/2052
472,820
1,120,000
5.750%, 
5/1/2040
1,133,585
625,000
4.450%, 
3/15/2043
541,172
Canadian
Pacific
Railway
Company
852,000
3.100%, 
12/2/2051
559,296
568,000
3.000%, 
12/2/2041
402,278
CSX
Corporation
900,000
3.800%, 
4/15/2050
679,436
Delta
Air
Lines,
Inc.
452,000
7.000%, 
5/1/2025
h
454,916
86,000
7.375%, 
1/15/2026
86,935
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Transportation
(0.2%)
-
continued
$
1,580,000
4.750%, 
10/20/2028
h
$
1,471,542
Hawaiian
Brand
Intellectual
Property,
Ltd.
97,000
5.750%, 
1/20/2026
h
85,553
Hertz
Corporation
323,000
4.625%, 
12/1/2026
h
262,393
388,000
5.000%, 
12/1/2029
h
288,575
Kansas
City
Southern
615,000
4.700%, 
5/1/2048
526,698
Mileage
Plus
Holdings,
LLC
1,462,050
6.500%, 
6/20/2027
h
1,431,025
Ryder
System,
Inc.
615,000
2.850%, 
3/1/2027
f
551,293
Southwest
Airlines
Company
960,000
2.625%, 
2/10/2030
770,084
Union
Pacific
Corporation
1,231,000
2.973%, 
9/16/2062
745,213
United
Airlines,
Inc.
377,000
4.375%, 
4/15/2026
h
336,473
315,000
4.625%, 
4/15/2029
h
260,644
VistaJet
Malta
Finance
plc
420,000
6.375%, 
2/1/2030
h
343,350
Total
14,147,790
U.S.
Government
&
Agencies
(7.6%)
U.S.
Treasury
Bonds
4,250,000
2.875%, 
5/15/2052
3,564,023
9,660,000
1.625%, 
11/15/2050
5,997,502
7,285,000
2.250%, 
11/15/2027
6,666,060
72,550,000
2.875%, 
5/15/2028
68,185,664
19,150,000
5.250%, 
11/15/2028
20,358,096
13,650,000
1.625%, 
8/15/2029
11,771,525
3,250,000
1.500%, 
2/15/2030
2,758,184
3,750,000
0.875%, 
11/15/2030
2,987,402
270,000
1.375%, 
11/15/2031
219,375
13,950,000
2.875%, 
5/15/2032
12,897,211
2,975,000
4.375%, 
5/15/2040
3,129,561
44,475,000
1.375%, 
11/15/2040
28,750,655
1,340,000
3.000%, 
5/15/2042
1,139,837
5,750,000
3.250%, 
5/15/2042
5,103,125
68,726,000
2.500%, 
5/15/2046
52,094,845
46,100,000
2.875%, 
5/15/2049
38,421,469
U.S.
Treasury
Notes
4,910,000
2.500%, 
3/31/2023
4,878,354
9,350,000
0.125%, 
4/30/2023
9,140,721
39,520,000
0.125%, 
7/31/2023
38,198,550
21,560,000
0.125%, 
8/31/2023
20,760,764
22,900,000
0.125%, 
10/15/2023
21,935,695
14,890,000
0.750%, 
12/31/2023
14,254,267
82,550,000
2.500%, 
1/31/2024
80,592,662
25,885,000
2.125%, 
7/31/2024
24,903,190
28,665,000
2.250%, 
11/15/2024
27,496,005
19,170,000
2.125%, 
11/30/2024
18,323,824
52,575,000
2.625%, 
1/31/2026
49,966,787
2,300,000
0.500%, 
2/28/2026
2,029,480
90,300,000
2.500%, 
2/28/2026
85,347,609
1,500,000
0.750%, 
1/31/2028
1,262,754
Total
663,135,196
Utilities
(0.4%)
AES
Corporation
1,227,000
3.950%, 
7/15/2030
h
1,050,680
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
217
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Utilities
(0.4%)
-
continued
Ameren
Illinois
Company
$
830,000
4.500%, 
3/15/2049
$
708,627
American
Electric
Power
Company,
Inc.
518,000
2.031%, 
3/15/2024
495,759
Appalachian
Power
Company
750,000
3.300%, 
6/1/2027
688,828
Berkshire
Hathaway
Energy
Company
1,229,000
4.600%, 
5/1/2053
h
1,034,782
1,165,000
4.500%, 
2/1/2045
971,948
Calpine
Corporation
370,000
4.500%, 
2/15/2028
h
325,966
CenterPoint
Energy
Resources
Corporation
750,000
1.750%, 
10/1/2030
577,025
CenterPoint
Energy,
Inc.
600,000
2.500%, 
9/1/2024
570,905
270,000
4.250%, 
11/1/2028
246,468
Commonwealth
Edison
Company
1,025,000
3.700%, 
3/1/2045
769,478
Consolidated
Edison
Company
of
New
York,
Inc.
579,000
4.500%, 
12/1/2045
479,750
1,250,000
4.125%, 
5/15/2049
970,097
Consumers
Energy
Company
1,200,000
4.350%, 
4/15/2049
1,021,858
DTE
Electric
Company
965,000
3.700%, 
3/15/2045
743,988
475,000
3.700%, 
6/1/2046
365,161
DTE
Energy
Company
275,000
4.220%, 
11/1/2024
269,618
Duke
Energy
Carolinas,
LLC
1,090,000
3.700%, 
12/1/2047
813,783
Duke
Energy
Florida,
LLC
1,030,000
3.200%, 
1/15/2027
965,755
Duke
Energy
Indiana,
LLC
1,550,000
3.750%, 
5/15/2046
1,161,357
Edison
International
725,000
5.750%, 
6/15/2027
709,892
Exelon
Corporation
585,000
4.700%, 
4/15/2050
489,231
983,000
4.450%, 
4/15/2046
802,368
ITC
Holdings
Corporation
216,000
4.050%, 
7/1/2023
214,268
760,000
5.300%, 
7/1/2043
674,613
Jersey
Central
Power
&
Light
Company
450,000
2.750%, 
3/1/2032
h
357,038
Mississippi
Power
Company
1,040,000
3.950%, 
3/30/2028
958,540
National
Rural
Utilities
Cooperative
Finance
Corporation
1,050,000
3.700%, 
3/15/2029
960,803
NextEra
Energy
Operating
Partners,
LP
740,000
3.875%, 
10/15/2026
h
673,400
NiSource
Finance
Corporation
900,000
5.650%, 
2/1/2045
833,085
NiSource,
Inc.
1,125,000
3.600%, 
5/1/2030
981,241
NRG
Energy,
Inc.
790,000
3.375%, 
2/15/2029
h
639,616
Principal
Amount
Long-Term
Fixed
Income
(21.6%)
Value
Utilities
(0.4%)
-
continued
$
923,000
4.450%, 
6/15/2029
h
$
800,611
240,000
5.250%, 
6/15/2029
h
210,000
Pacific
Gas
and
Electric
Company
900,000
3.300%, 
12/1/2027
758,200
718,000
4.550%, 
7/1/2030
615,282
PG&E
Corporation
471,000
5.000%, 
7/1/2028
f
405,039
PPL
Electric
Utilities
Corporation
547,000
3.950%, 
6/1/2047
437,654
Public
Service
Company
of
Colorado
923,000
4.500%, 
6/1/2052
799,730
San
Diego
Gas
&
Electric
Company
940,000
4.150%, 
5/15/2048
752,161
Southern
California
Edison
Company
1,500,000
4.000%, 
4/1/2047
1,092,857
Southern
Company
308,000
4.475%, 
8/1/2024
304,127
843,000
3.250%, 
7/1/2026
780,955
1,231,000
5.113%, 
8/1/2027
1,198,152
Southern
Company
Gas
Capital
Corporation
620,000
4.400%, 
5/30/2047
487,455
Southwestern
Electric
Power
Company
620,000
3.900%, 
4/1/2045
445,765
TerraForm
Power
Operating,
LLC
750,000
5.000%, 
1/31/2028
h
660,773
Virginia
Electric
and
Power
Company
850,000
4.600%, 
12/1/2048
734,411
Vistra
Operations
Company,
LLC
875,000
5.125%, 
5/13/2025
h
847,132
550,000
5.000%, 
7/31/2027
h
496,788
Xcel
Energy,
Inc.
693,000
4.600%, 
6/1/2032
642,275
Total
34,995,295
Total
Long-Term
Fixed
Income
(cost
$2,104,946,165)
1,881,262,277
Shares
Collateral
Held
for
Securities
Loaned
(
0.9%
)
Value
81,644,879
Thrivent
Cash
Management
Trust
81,644,879
Total
Collateral
Held
for
Securities
Loaned
(cost
$81,644,879)
81,644,879
Shares
or
Principal
Amount
Short-Term
Investments
(
12.9%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
6,100,000
2.403%,
10/14/2022
m,n
6,094,358
300,000
2.520%,
10/19/2022
m,n
299,602
17,200,000
2.601%,
10/28/2022
m,n
17,163,884
100,000
2.950%,
11/9/2022
m,n
99,677
4,900,000
2.900%,
11/18/2022
m,n
4,880,318
4,800,000
2.950%,
11/30/2022
m,n
4,775,380
20,100,000
3.440%,
12/21/2022
m,n
19,950,101
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
218
Shares
or
Principal
Amount
Short-Term
Investments
(12.9%)
Value
Thrivent
Core
Short-Term
Reserve
Fund
105,106,381
3.170%
$
1,051,063,815
U.S.
Treasury
Bills
600,000
2.532%,
10/25/2022
m
599,071
19,400,000
2.625%,
11/17/2022
m,o,p
19,330,888
Total
Short-Term
Investments
(cost
$1,124,135,383)
1,124,257,094
Total
Investments
(cost
$8,948,098,647)
103.1%
$8,982,887,221
Other
Assets
and
Liabilities,
Net
(3.1%)
(272,927,962)
Total
Net
Assets
100.0%
$8,709,959,259
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
All
or
a
portion
of
the
security
is
on
loan.
g
Non-income
producing
security.
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,
2022,
the
value
of
these
investments
was
$356,904,268
or
4.1%
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,
2022.
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
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
The
interest
rate
shown
reflects
the
yield.
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.
p
At
September
30,
2022,
$6,569,712
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderate
Allocation
Portfolio
as
of
September
30,
2022
was
$1,273,336
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,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
595,322
Massachusetts
Mutual
Life
Insurance
Company,
12/1/2061
11/18/2021
1,140,996
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
10,793,566
Common
Stock
68,062,300
Total
lending
$78,855,866
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$81,644,879
Net
amounts
due
to
counterparty
$2,789,013
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
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
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
219
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
17,374,518
15,037,439
2,337,079
Capital
Goods
23,437,595
17,357,595
6,080,000
Communications
Services
26,151,581
24,022,724
2,128,857
Consumer
Cyclical
16,097,381
16,097,381
Consumer
Non-Cyclical
14,722,479
13,123,100
1,599,379
Energy
4,376,312
4,376,312
Financials
5,970,559
5,465,509
505,050
Technology
6,966,747
6,195,787
770,960
Transportation
8,414,748
8,068,451
346,297
Utilities
3,075,044
3,075,044
Registered
Investment
Companies
Unaffiliated
73,370,480
73,370,480
Affiliated
2,860,146,998
2,732,252,431
127,894,567
Common
Stock
Communications
Services
178,718,365
178,544,850
173,515
Consumer
Discretionary
301,104,895
301,104,895
Consumer
Staples
104,836,705
104,836,705
Energy
95,108,689
95,108,689
Financials
297,732,856
294,827,090
2,905,766
Health
Care
351,825,614
351,825,614
Industrials
308,857,242
308,286,335
570,907
Information
Technology
541,162,663
537,523,638
3,639,025
Materials
84,270,294
83,871,652
398,642
Real
Estate
83,446,131
83,446,131
Utilities
54,187,754
54,187,754
Long-Term
Fixed
Income
Asset-Backed
Securities
111,446,045
108,066,768
3,379,277
Basic
Materials
16,200,323
16,200,323
Capital
Goods
35,661,552
35,661,552
Collateralized
Mortgage
Obligations
111,294,448
106,878,647
4,415,801
Commercial
Mortgage-Backed
Securities
83,319,753
83,319,753
Communications
Services
53,603,942
53,603,942
Consumer
Cyclical
57,493,667
57,493,667
Consumer
Non-Cyclical
56,484,315
56,484,315
Energy
47,187,778
47,187,778
Financials
148,750,973
148,750,973
Foreign
Government
835,537
835,537
Mortgage-Backed
Securities
412,388,857
412,388,857
Technology
34,316,806
34,316,806
Transportation
14,147,790
14,147,790
U.S.
Government
&
Agencies
663,135,196
663,135,196
Utilities
34,995,295
34,995,295
Short-Term
Investments
73,193,279
73,193,279
Subtotal
Investments
in
Securities
$7,415,811,206
$5,199,186,264
$2,195,062,242
$21,562,700
Other
Investments  *
Total
Affiliated
Short-Term
Investments
1,051,063,815
Affiliated
Registered
Investment
Companies
434,367,321
Collateral
Held
for
Securities
Loaned
81,644,879
Subtotal
Other
Investments
$1,567,076,015
Total
Investments
at
Value
$8,982,887,221
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
220
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
82,003,995
82,003,995
Credit
Default
Swaps
280,981
280,981
Total
Asset
Derivatives
$82,284,976
$82,003,995
$280,981
$–
Liability
Derivatives
Futures
Contracts
130,856,042
130,856,042
Credit
Default
Swaps
107,222
107,222
Total
Liability
Derivatives
$130,963,264
$130,856,042
$107,222
$–
The
following
table
presents
Moderate
Allocation
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$54,061,321
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
633
December
2022
$
74,522,951
(
$
3,587,388)
CBOT
2-Yr.
U.S.
Treasury
Note
529
December
2022
110,413,568
(
1,761,924)
CBOT
5-Yr.
U.S.
Treasury
Note
492
December
2022
54,713,475
(
1,819,632)
CBOT
U.S.
Long
Bond
293
December
2022
40,123,645
(
3,086,614)
CME
E-mini
S&P
500
Index
5,556
December
2022
1,112,257,804
(
111,761,104)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
575
December
2022
84,944,681
(
6,169,681)
Ultra
10-Yr.
U.S.
Treasury
Note
384
December
2022
48,167,700
(
2,669,699)
Total
Futures
Long
Contracts
$
1,525,143,824
(
$
130,856,042)
CBOT
2-Yr.
U.S.
Treasury
Note
(11)
December
2022
(
$
2,296,136)
$
36,839
CBOT
5-Yr.
U.S.
Treasury
Note
(160)
December
2022
(
17,822,082)
620,832
CME
E-mini
Russell
2000
Index
(2,572)
December
2022
(
238,177,264)
23,440,984
CME
E-mini
S&P
Mid-Cap
400
Index
(1,675)
December
2022
(
411,769,429)
41,895,929
ICE
mini
MSCI
EAFE
Index
(1,002)
December
2022
(
92,441,995)
9,245,935
ICE
US
mini
MSCI
Emerging
Markets
Index
(2,467)
December
2022
(
114,263,001)
6,763,476
Total
Futures
Short
Contracts
(
$
876,769,907)
$82,003,995
Total
Futures
Contracts
$
648,373,917
($48,852,047)
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
221
The
following
table
presents
Moderate
Allocation
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$9,964,375
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
15,300,000
$
(
$
107,222)
(
$
107,222)
CDX
HY
39,
5
Year,
at
5.00%,
Quarterly
Sell
12/20/2027
(
98,090,000)
280,981
280,981
Total
Credit
Default
Swaps
$–
$173,759
$173,759
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.
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$226,029
$7,362
$30,255
$148,650
20,996
1.7%
Core
Emerging
Markets
Equity
60,291
43,493
5,656
0.5
Core
Low
Volatility
Equity
291,498
242,224
21,802
2.8
Core
Small
Cap
Value
143,540
127,895
15,446
1.4
Global
Stock
526,874
60,836
389,996
37,480
4.5
High
Yield
150,776
4,510
32,500
100,716
26,146
1.2
Income
515,935
22,601
96,000
336,023
40,736
3.9
International
Allocation
463,985
43,550
328,734
45,965
3.8
International
Index
66,527
1,680
48,142
4,933
0.6
Large
Cap
Value
940,263
79,310
798,769
42,925
9.1
Limited
Maturity
Bond
272,430
3,798
64,225
195,731
21,134
2.2
Mid
Cap
Stock
577,438
80,205
57,000
397,453
23,403
4.5
Small
Cap
Stock
167,802
27,519
136,690
8,229
1.6
Total
Affiliated
Registered
Investment
Companies
4,259,848
3,294,516
37.8
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
1,541,687
2,008,334
2,498,957
1,051,064
105,106
12.1
Total
Affiliated
Short-Term
Investments
1,541,687
1,051,064
12.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
38,431
1,312,345
1,269,131
81,645
81,645
0.9
Total
Collateral
Held
for
Securities
Loaned
38,431
81,645
0.9
Total
Value
$5,839,966
$4,427,225
Moderate
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
222
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($4,386)
($50,100)
$
$7,363
Core
Emerging
Markets
Equity
(16,798)
Core
Low
Volatility
Equity
(49,274)
Core
Small
Cap
Value
Fund
(15,645)
Global
Stock
(197,714)
55,846
4,989
High
Yield
(3,077)
(18,993)
4,507
Income
(945)
(105,568)
12,495
10,103
International
Allocation
(178,801)
32,848
10,702
International
Index
(20,065)
175
1,504
Large
Cap
Value
(220,804)
67,860
11,451
Limited
Maturity
Bond
(512)
(15,760)
697
3,102
Mid
Cap
Stock
16,156
(219,346)
78,803
1,401
Small
Cap
Stock
(58,631)
27,013
507
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
12,318
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$67,947
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
197
Total
Affiliated
Income
from
Securities
Loaned,
Net
$197
Total
Value
$7,236
($1,167,499)
$
275,737
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
223
Principal
Amount
Bank
Loans
(
0.7%
)
a
Value
Basic
Materials
(0.1%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
611,925
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
547,673
Gemini
HDPE,
LLC,
Term
Loan
402,775
5.810%, 
(LIBOR
3M
+
3.000%),
12/31/2027
b
384,650
Grinding
Media,
Inc.,
Term
Loan
618,750
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
550,688
Groupe
Solmax,
Inc.,
Term
Loan
540,873
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
477,320
Herens
US
Holdco
Corporation,
Term
Loan
562,907
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
499,580
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
372,187
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
346,134
INEOS
US
Petrochem,
LLC,
Term
Loan
478,937
5.865%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
445,613
Innophos
Holdings,
Inc.,
Term
Loan
297,375
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
287,339
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
1,016,929
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
919,049
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
327,015
6.370%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
316,796
Nouryon
USA,
LLC,
Term
Loan
551,721
5.865%, 
(LIBOR
1M
+
2.750%),
10/1/2025
b
516,549
Spectrum
Group
Buyer,
Inc.,
Term
Loan
640,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
613,798
Tronox
Finance,
LLC,
Term
Loan
260,192
5.830%, 
(LIBOR
1M
+
2.250%),
3/11/2028
b
246,597
Venator
Finance
SARL,
Term
Loan
338,760
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
293,451
Total
6,445,237
Capital
Goods
(0.1%)
ACProducts
Holdings,
Inc.,
Term
Loan
407,586
7.325%, 
(LIBOR
3M
+
4.250%),
5/17/2028
b
299,181
Advanced
Drainage
Systems,
Inc.,
Term
Loan
103,273
4.862%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b
103,273
AZZ,
Inc.,
Term
Loan
139,606
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
135,651
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Capital
Goods
(0.1%)
-
continued
Bingo
Industries,
Ltd.,
Term
Loan
$
222,750
7.174%, 
(LIBOR
3M
+
3.500%),
8/9/2028
b
$
200,197
BW
Holding,
Inc.,
Term
Loan
617,931
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
568,497
CP
Atlas
Buyer,
Inc.,
Term
Loan
369,473
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
320,333
EnergySolutions,
LLC,
Term
Loan
287,686
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
265,661
Foley
Products
Company,
LLC,
Term
Loan
520,339
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
491,720
GFL
Environmental,
Inc.,
Term
Loan
437,213
5.806%, 
(LIBOR
3M
+
3.000%),
5/31/2025
b
431,913
Graham
Packaging
Company,
Inc.,
Term
Loan
448,175
6.115%, 
(LIBOR
1M
+
3.000%),
8/4/2027
b
426,008
LABL,
Inc.,
Term
Loan
148,875
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
133,871
LRS
Holdings,
LLC,
Term
Loan
295,765
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
279,498
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
324,535
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
294,785
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
504,191
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
468,585
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
358,613
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
342,410
Quikrete
Holdings
Inc.,
Term
Loan
368,150
6.115%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
353,579
Secure
Acquisition,
Inc.,
Delayed
Draw
48,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
44,880
Secure
Acquisition,
Inc.,
Term
Loan
320,390
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
299,565
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
444,885
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
423,753
Tiger
Acquisition,
LLC,
Term
Loan
198,000
6.365%, 
(LIBOR
1M
+
3.250%),
6/1/2028
b
182,655
TricorBraun
Holdings,
Inc.,
Term
Loan
563,045
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
527,713
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
224
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Capital
Goods
(0.1%)
-
continued
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
$
47,229
6.300%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
$
44,655
Trident
TPI
Holdings,
Inc.,
Term
Loan
324,225
7.674%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b
306,555
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
331,650
7.865%, 
(LIBOR
1M
+
4.750%),
8/12/2028
b
325,017
Total
7,269,955
Communications
Services
(0.2%)
Allen
Media,
LLC,
Term
Loan
176,819
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
152,285
Audacy
Capital
Corporation,
Term
Loan
379,524
5.613%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
313,786
Cablevision
Lightpath,
LLC,
Term
Loan
422,475
6.068%, 
(LIBOR
1M
+
3.250%),
12/1/2027
b
403,730
Cengage
Learning,
Inc.,
Term
Loan
603,900
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
545,304
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
466,020
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
414,902
CMG
Media
Corporation,
Term
Loan
584,587
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
546,104
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
472,808
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
455,078
DIRECTV
Financing,
LLC,
Term
Loan
632,450
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
587,628
E.W.
Scripps
Company,
Term
Loan
333,900
5.865%, 
(LIBOR
1M
+
2.750%),
1/7/2028
b
322,334
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
513,500
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
497,196
Gridiron
Fiber
Corporation,
Term
Loan
290,540
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
262,759
iHeartCommunications,
Inc.,
Term
Loan
315,709
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
295,863
Metronet
Systems
Holdings,
LLC,
Term
Loan
550,085
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
515,705
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Communications
Services
(0.2%)
-
continued
NEP
Group,
Inc.,
Term
Loan
$
693,000
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
$
637,560
146,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
131,546
Nexstar
Media,
Inc.,
Term
Loan
446,713
5.615%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
439,852
ORBCOMM,
Inc.,
Term
Loan
326,700
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
298,385
RLG
Holdings,
LLC,
Term
Loan
335,817
7.115%, 
(LIBOR
1M
+
4.000%),
7/8/2028
b
315,107
Univision
Communications,
Inc.,
Term
Loan
303,475
6.365%, 
(LIBOR
1M
+
3.250%),
1/31/2029
b
289,533
Voyage
Australia,
Pty.
Ltd.,
Term
Loan
306,900
6.210%, 
(LIBOR
3M
+
3.500%),
7/20/2028
b
294,817
Voyage
Digital
NZ/US,
Term
Loan
523,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
507,964
Xplornet
Communications,
Inc.,
Term
Loan
326,700
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
286,598
290,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
251,575
Zayo
Group
Holdings,
Inc.,
Term
Loan
932,974
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
776,822
Total
9,542,433
Consumer
Cyclical
(0.1%)
Adient
US,
LLC,
Term
Loan
158,000
6.365%, 
(LIBOR
1M
+
3.250%),
4/8/2028
b
148,817
American
Trailer
World
Corporation,
Term
Loan
545,978
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
493,881
Caesars
Resort
Collection,
LLC,
Term
Loan
155,318
6.615%, 
(LIBOR
1M
+
3.500%),
7/20/2025
b
152,809
Carnival
Corporation,
Term
Loan
300,390
5.877%, 
(LIBOR
3M
+
3.000%),
6/30/2025
b
271,853
CNT
Holdings
I
Corporation,
Term
Loan
285,650
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
271,622
80,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
75,400
Golden
Entertainment,
Inc.,
Term
Loan
727,500
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
718,770
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
225
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Consumer
Cyclical
(0.1%)
-
continued
Great
Canadian
Gaming
Corporation,
Term
Loan
$
205,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
$
195,263
HRNI
Holdings,
LLC,
Term
Loan
275,650
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
261,178
Petco
Health
&
Wellness
Company,
Inc.,
Term
Loan
502,350
6.924%, 
(LIBOR
3M
+
3.250%),
3/4/2028
b
473,309
PetSmart,
LLC,
Term
Loan
712,800
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
673,005
Prime
Security
Services
Borrower,
LLC,
Term
Loan
1,329,750
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
1,285,908
Staples,
Inc.,
Term
Loan
96,506
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
90,173
322,123
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
281,722
Tenneco,
Inc.,
Term
Loan
421,038
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
413,935
Total
5,807,645
Consumer
Non-Cyclical
(0.1%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
375,933
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
348,445
Alltech,
Inc.,
Term
Loan
289,810
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
277,252
Blue
Ribbon,
LLC,
Term
Loan
399,000
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
339,649
Chobani,
LLC,
Term
Loan
220,500
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
200,243
City
Brewing
Company,
LLC,
Term
Loan
653,614
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
507,642
Del
Monte
Foods,
Inc.,
Term
Loan
196,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
187,343
Energizer
Holdings,
Inc.,
Term
Loan
132,975
5.313%, 
(LIBOR
1M
+
2.250%),
12/22/2027
b
126,825
Gainwell
Acquisition
Corporation,
Term
Loan
778,120
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
739,798
Global
Medical
Response,
Inc.,
Term
Loan
52,393
7.365%, 
(LIBOR
1M
+
4.250%),
3/14/2025
b
45,245
1,549,232
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
1,339,311
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Consumer
Non-Cyclical
(0.1%)
-
continued
Mamba
Purchaser,
Inc.,
Term
Loan
$
60,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
$
56,700
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
295,005
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
279,762
Pegasus
Bidco
BV,
Term
Loan
223,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
212,592
Precision
Medicine
Group,
LLC,
Delayed
Draw
22,185
0.000%, 
(LIBOR
1M
+
3.750%),
11/20/2027
b,c,d,e
20,465
Precision
Medicine
Group,
LLC,
Term
Loan
484,676
3.234%, 
(LIBOR
2M
+
3.000%),
11/20/2027
b,c
447,114
Sharp
Services,
LLC,
Term
Loan
122,385
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
115,042
Total
5,243,428
Energy
(<0.1%)
CQP
Holdco,
LP,
Term
Loan
725,812
7.424%, 
(LIBOR
3M
+
3.750%),
6/4/2028
b
699,197
GIP
II
Blue
Holding,
LP,
Term
Loan
466,571
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
458,639
GIP
III
Stetson
I,
LP,
Term
Loan
393,716
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
374,771
Total
1,532,607
Financials
(<0.1%)
Asurion,
LLC,
Term
Loan
604,237
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
510,961
221,625
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
186,497
400,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
300,000
320,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
243,200
Novae,
LLC,
Term
Loan
779,085
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
720,654
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
196,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
181,300
Total
2,142,612
Technology
(<0.1%)
CommScope,
Inc.,
Term
Loan
566,851
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
522,212
Peraton
Corporation,
Term
Loan
570,596
6.865%, 
(LIBOR
1M
+
3.750%),
2/1/2028
b
539,784
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
226
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Technology
(<0.1%)
-
continued
Redstone
Holdco
2
LP,
Term
Loan
$
298,057
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
$
219,668
171,666
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
135,724
SS&C
Technologies,
Inc.,
Term
Loan
45,371
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
43,823
39,142
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
37,807
Venga
Finance
SARL,
Term
Loan
298,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
274,160
Verscend
Holding
Corporation,
Term
Loan
197,483
7.115%, 
(LIBOR
1M
+
4.000%),
8/27/2025
b
191,065
Total
1,964,243
Transportation
(0.1%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
1,040,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
1,005,680
Air
Canada,
Term
Loan
212,468
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
201,655
Hertz
Corporation,
Term
Loan
162,937
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
153,875
31,096
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
29,367
Mileage
Plus
Holdings,
LLC,
Term
Loan
318,250
8.777%, 
(LIBOR
3M
+
5.250%),
6/20/2027
b
318,988
Rinchem
Company,
LLC,
Term
Loan
130,673
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
124,629
SkyMiles
IP,
Ltd.,
Term
Loan
130,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
130,101
United
Airlines,
Inc.,
Term
Loan
305,350
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
290,889
Total
2,255,184
Utilities
(<0.1%)
Calpine
Corporation,
Term
Loan
545,287
5.620%, 
(LIBOR
1M
+
2.500%),
12/16/2027
b
525,864
Constellation
Renewables,
LLC,
Term
Loan
174,587
5.570%, 
(LIBOR
3M
+
2.500%),
12/15/2027
b
170,615
Osmose
Utilities
Services,
Inc.,
Term
Loan
128,700
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
117,761
Principal
Amount
Bank
Loans
(0.7%)
a
Value
Utilities
(<0.1%)
-
continued
PG&E
Corporation,
Term
Loan
$
297,304
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
$
283,776
Total
1,098,016
Total
Bank
Loans
(cost
$46,630,111)
43,301,360
Shares
Registered
Investment
Companies
(
46.8%
)
Value
Unaffiliated  (0.9%)
54,812
Energy
Select
Sector
SPDR
Fund
3,947,560
11,804
Invesco
QQQ
Trust
Series
1
f
3,154,737
9,299
ProShares
Ultra
S&P
500
f
369,356
18,731
ProShares
UltraPro
QQQ
f
361,883
19,596
SPDR
Bloomberg
High
Yield
Bond
ETF
f
1,721,509
120,852
SPDR
S&P
500
ETF
Trust
f
43,165,917
6,080
SPDR
S&P
Biotech
ETF
f,g
482,266
15,958
SPDR
S&P
Oil
&
Gas
Exploration
ETF
1,990,282
Total
55,193,510
Affiliated  (45.9%)
7,100,071
Thrivent
Core
Emerging
Markets
Debt
Fund
50,268,504
12,531,391
Thrivent
Core
Emerging
Markets
Equity
Fund
96,366,395
4,002,856
Thrivent
Core
International
Equity
Fund
30,982,108
19,487,319
Thrivent
Core
Low
Volatility
Equity
Fund
216,504,115
10,834,023
Thrivent
Core
Small
Cap
Value
Fund
89,705,713
40,447,576
Thrivent
Global
Stock
Portfolio
420,873,203
8,380,100
Thrivent
High
Yield
Portfolio
32,280,145
12,703,094
Thrivent
Income
Portfolio
104,784,008
60,434,801
Thrivent
International
Allocation
Portfolio
432,223,654
3,507,834
Thrivent
International
Index
Portfolio
34,234,009
30,851,735
Thrivent
Large
Cap
Value
Portfolio
574,110,673
7,170,034
Thrivent
Limited
Maturity
Bond
Portfolio
66,404,552
24,806,435
Thrivent
Mid
Cap
Stock
Portfolio
421,287,689
8,450,268
Thrivent
Small
Cap
Stock
Portfolio
140,374,161
Total
2,710,398,929
Total
Registered
Investment
Companies
(cost
$2,778,392,316)
2,765,592,439
Shares
Common
Stock
(
31.0%
)
Value
Communications
Services
(2.1%)
49,765
Alphabet,
Inc.,
Class
A
g
4,760,022
517,966
Alphabet,
Inc.,
Class
C
g
49,802,431
11,617
AMC
Networks,
Inc.
g
235,825
187
Cable
One,
Inc.
159,520
4,127
Cars.com,
Inc.
g
47,461
1,266
Charter
Communications,
Inc.
g
384,041
358,088
Comcast
Corporation
10,502,721
7,051
DISH
Network
Corporation
g
97,515
30,091
Emerald
Holding,
Inc.
g
101,708
11,045
Eventbrite,
Inc.
g
67,154
2,873
EverQuote,
Inc.
g
19,594
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
227
Shares
Common
Stock
(31.0%)
Value
Communications
Services
(2.1%)
-
continued
4,651
Liberty
Latin
America,
Ltd.
g
$
28,790
70,807
Live
Nation
Entertainment,
Inc.
g
5,384,164
13,889
Magnite,
Inc.
g
91,251
27,490
Match
Group,
Inc.
g
1,312,648
131,268
Meta
Platforms,
Inc.
g
17,810,442
33,629
Netflix,
Inc.
g
7,917,612
50,825
News
Corporation,
Class
A
767,966
2,717
Nexstar
Media
Group,
Inc.
453,331
14,926
Omnicom
Group,
Inc.
941,681
16,643
Paramount
Global
f
316,883
110,205
QuinStreet,
Inc.
g
1,157,153
4,728
SciPlay
Corporation
g
55,601
9,178
Telephone
&
Data
Systems,
Inc.
127,574
15,629
TripAdvisor,
Inc.
g
345,088
170,217
Twitter,
Inc.
g
7,462,313
58,946
Verizon
Communications,
Inc.
2,238,180
65,186
Walt
Disney
Company
g
6,148,995
102,301
Warner
Bros.
Discovery,
Inc.
g
1,176,462
5,129
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
g
78,217
7,020
ZipRecruiter,
Inc.
g
115,830
81,555
ZoomInfo
Technologies,
Inc.
g
3,397,581
Total
123,505,754
Consumer
Discretionary
(3.9%)
20,201
2U,
Inc.
g
126,256
3,280
Aaron's
Company,
Inc.
31,882
1,644
Adient
plc
g
45,621
473,371
Amazon.com,
Inc.
g
53,490,923
3,855
American
Axle
&
Manufacturing
Holdings,
Inc.
g
26,330
496
America's
Car-Mart,
Inc.
g
30,266
34,910
Aptiv
plc
g
2,730,311
2,224
AutoNation,
Inc.
g
226,559
39,355
Beazer
Homes
USA,
Inc.
g
380,563
22,570
Bloomin'
Brands,
Inc.
413,708
3,722
Booking
Holdings,
Inc.
g
6,116,028
2,253
Boyd
Gaming
Corporation
107,355
2,575
Brunswick
Corporation
168,534
16,051
Buckle,
Inc.
508,175
11,156
Burlington
Stores,
Inc.
g
1,248,245
29,739
Cedar
Fair,
LP
1,223,760
19,979
Cheesecake
Factory,
Inc.
584,985
2,579
Chegg,
Inc.
g
54,340
14,972
Chico's
FAS,
Inc.
g
72,464
6,560
Chipotle
Mexican
Grill,
Inc.
g
9,858,106
1,992
Chuy's
Holdings,
Inc.
g
46,175
55,091
Clarus
Corporation
742,076
954
Columbia
Sportswear
Company
64,204
18,055
Container
Store
Group,
Inc.
g
88,469
193,937
Cooper-Standard
Holdings,
Inc.
g
1,132,592
3,067
Cracker
Barrel
Old
Country
Store,
Inc.
283,943
17,752
Culp,
Inc.
77,399
20,494
D.R.
Horton,
Inc.
1,380,271
2,968
Dave
&
Buster's
Entertainment,
Inc.
g
92,097
23,175
Designer
Brands,
Inc.
354,809
5,656
Dorman
Products,
Inc.
g
464,471
186,014
Duluth
Holdings,
Inc.
g
1,309,539
481,284
Everi
Holdings,
Inc.
g
7,806,426
9,321
Expedia
Group,
Inc.
g
873,284
36,801
Five
Below,
Inc.
g
5,066,394
56,248
Foot
Locker,
Inc.
1,751,000
81,880
Ford
Motor
Company
917,056
Shares
Common
Stock
(31.0%)
Value
Consumer
Discretionary
(3.9%)
-
continued
46,230
Gap,
Inc.
$
379,548
1,345
Garmin,
Ltd.
108,017
131,509
General
Motors
Company
4,220,124
42,323
Gentex
Corporation
1,008,980
1,191
Genuine
Parts
Company
177,840
3,950
G-III
Apparel
Group,
Ltd.
g
59,053
59,749
Goodyear
Tire
&
Rubber
Company
g
602,867
315
Graham
Holdings
Company
169,464
16,840
Grand
Canyon
Education,
Inc.
g
1,385,090
1,182
Group
1
Automotive,
Inc.
168,872
26,965
Hanesbrands,
Inc.
187,676
10,228
Harley-Davidson,
Inc.
356,753
23,670
Home
Depot,
Inc.
6,531,500
4,967
Kohl's
Corporation
124,920
18,580
Lear
Corporation
2,223,840
2,007
Libbey,
Inc.
c,g
28,098
24,724
Lithia
Motors,
Inc.
5,304,534
16,135
Lowe's
Companies,
Inc.
3,030,314
933
Lululemon
Athletica,
Inc.
g
260,829
13,644
M.D.C.
Holdings,
Inc.
374,118
123,906
Macy's,
Inc.
1,941,607
616
Marriott
Vacations
Worldwide
Corporation
75,066
15,715
McDonald's
Corporation
3,626,079
16,077
Modine
Manufacturing
Company
g
208,036
23,808
Mohawk
Industries,
Inc.
g
2,171,052
3,910
Murphy
USA,
Inc.
1,074,898
50,340
Newell
Brands,
Inc.
699,223
141,816
NIKE,
Inc.
11,787,746
33,380
Nordstrom,
Inc.
558,447
669
NVR,
Inc.
g
2,667,357
1,952
ODP
Corporation
g
68,613
7,038
Ollie's
Bargain
Outlet
Holdings,
Inc.
g
363,161
48,084
Papa
John's
International,
Inc.
3,366,361
10,362
Patrick
Industries,
Inc.
454,270
43,401
PENN
Entertainment,
Inc.
g
1,193,962
15,420
Perdoceo
Education
Corporation
g
158,826
59,418
Planet
Fitness,
Inc.
g
3,426,042
25,329
Playa
Hotels
and
Resorts
NV
g
147,415
4,948
Polaris,
Inc.
473,276
17,385
PVH
Corporation
778,848
1,844
RCI
Hospitality
Holdings,
Inc.
120,487
548
RH
g
134,846
3,297
Ross
Stores,
Inc.
277,838
8,221
Ruth's
Hospitality
Group,
Inc.
138,606
9,142
Six
Flags
Entertainment
Corporation
g
161,813
60,144
Skyline
Champion
Corporation
g
3,179,813
25,879
Sleep
Number
Corporation
g
874,969
47,779
Sonos,
Inc.
g
664,128
19,118
Sony
Group
Corporation
ADR
1,224,508
45,342
Stoneridge,
Inc.
g
768,547
2,279
Strategic
Education,
Inc.
139,953
45,825
Taylor
Morrison
Home
Corporation
g
1,068,639
141,108
Tesla,
Inc.
g
37,428,897
1,839
Texas
Roadhouse,
Inc.
160,471
3,187
Thor
Industries,
Inc.
223,026
334,003
ThredUp,
Inc.
g
614,566
27,589
Toll
Brothers,
Inc.
1,158,738
1,269
TopBuild
Corporation
g
209,106
8,435
Topgolf
Callaway
Brands
Corporation
g
162,458
25,445
Travel
+
Leisure
Company
868,183
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
228
Shares
Common
Stock
(31.0%)
Value
Consumer
Discretionary
(3.9%)
-
continued
6,183
Ulta
Beauty,
Inc.
g
$
2,480,558
4,652
Urban
Outfitters,
Inc.
g
91,412
12,477
Vail
Resorts,
Inc.
2,690,540
12,108
VF
Corporation
362,150
1,617
Visteon
Corporation
g
171,499
589
Williams-Sonoma,
Inc.
69,414
22,437
Wingstop,
Inc.
2,814,049
4,124
Wolverine
World
Wide,
Inc.
63,468
27,928
Wyndham
Hotels
&
Resorts,
Inc.
1,713,383
70,344
Xometry,
Inc.
f,g
3,994,836
39,511
Yum!
Brands,
Inc.
4,201,600
48,533
Zumiez,
Inc.
g
1,044,915
Total
231,114,754
Consumer
Staples
(1.3%)
100,941
BJ's
Wholesale
Club
Holdings,
Inc.
g
7,349,514
5,635
Bunge,
Ltd.
465,282
2,524
Cal-Maine
Foods,
Inc.
140,309
28,831
Casey's
General
Stores,
Inc.
5,838,854
34,386
Celsius
Holdings,
Inc.
g
3,118,123
10,767
Coca-Cola
Company
603,167
163
Constellation
Brands,
Inc.
37,438
14,149
Costco
Wholesale
Corporation
6,682,148
16,047
Darling
Ingredients,
Inc.
g
1,061,509
192,651
e.l.f.
Beauty,
Inc.
g
7,247,531
17,326
Estee
Lauder
Companies,
Inc.
3,740,683
39,792
Freshpet,
Inc.
g
1,993,181
7,450
Grocery
Outlet
Holding
Corporation
g
248,011
10,685
Hain
Celestial
Group,
Inc.
g
180,363
3,086
Hershey
Company
680,370
7,180
Ingredion,
Inc.
578,134
23,852
John
B.
Sanfilippo
&
Son,
Inc.
1,806,312
11,000
Kraft
Heinz
Company
366,850
75,417
Lamb
Weston
Holdings,
Inc.
5,835,767
1,145
Lancaster
Colony
Corporation
172,071
4,850
Nu
Skin
Enterprises,
Inc.
161,845
1,328
PepsiCo,
Inc.
216,809
19,638
Performance
Food
Group
Company
g
843,452
34,682
Philip
Morris
International,
Inc.
2,878,953
908
PriceSmart,
Inc.
52,292
115,285
Primo
Water
Corporation
1,446,827
23,196
Procter
&
Gamble
Company
2,928,495
481
Seneca
Foods
Corporation
g
24,262
26,203
Sprouts
Farmers
Markets,
Inc.
g
727,133
17,721
Sysco
Corporation
1,253,052
139,176
Turning
Point
Brands,
Inc.
2,954,706
712
Tyson
Foods,
Inc.
46,942
7,180
US
Foods
Holding
Corporation
g
189,839
128,867
Walmart,
Inc.
16,714,050
Total
78,584,274
Energy
(1.1%)
32,696
Antero
Midstream
Corporation
300,149
36,211
Antero
Resources
Corporation
g
1,105,522
35,239
Archrock,
Inc.
226,234
54,965
BP
plc
ADR
1,569,251
10,655
Cactus,
Inc.
409,472
6,031
California
Resources
Corporation
231,771
23,114
Callon
Petroleum
Company
g
809,221
30,110
ChampionX
Corporation
589,253
6,322
Chevron
Corporation
908,282
592
Civitas
Resources,
Inc.
33,975
Shares
Common
Stock
(31.0%)
Value
Energy
(1.1%)
-
continued
9,968
Clean
Energy
Fuels
Corporation
g
$
53,229
12,929
CNX
Resources
Corporation
g
200,787
26,748
ConocoPhillips
2,737,390
67,775
Devon
Energy
Corporation
4,075,311
80,526
Enterprise
Products
Partners,
LP
1,914,908
13,495
EOG
Resources,
Inc.
1,507,796
85,525
EQT
Corporation
3,485,144
123,984
Exxon
Mobil
Corporation
10,825,043
221
Gulfport
Energy
Corporation
g
19,512
196,026
Halliburton
Company
4,826,160
22,825
Helmerich
&
Payne,
Inc.
843,840
24,948
HF
Sinclair
Corporation
1,343,200
138,032
Liberty
Energy,
Inc.
g
1,750,246
8,996
Magnolia
Oil
&
Gas
Corporation
178,211
65,809
Marathon
Oil
Corporation
1,485,967
15,470
Marathon
Petroleum
Corporation
1,536,635
57,745
Matador
Resources
Company
2,824,886
12,338
NexTier
Oilfield
Solutions,
Inc.
g
91,301
47,245
Nine
Energy
Service,
Inc.
g
124,727
208,276
NOV,
Inc.
3,369,906
11,460
Oceaneering
International,
Inc.
g
91,222
17,652
Par
Pacific
Holdings,
Inc.
g
289,669
26,421
PBF
Energy,
Inc.
g
928,962
30,311
Permian
Resources
Corporation
g
206,115
9,178
Pioneer
Natural
Resources
Company
1,987,312
3,232
Plains
GP
Holdings,
LP
35,261
129,342
ProPetro
Holding
Corporation
g
1,041,203
47,716
Schlumberger,
Ltd.
1,713,005
3,766
Select
Energy
Services,
Inc.
g
26,249
20,851
SM
Energy
Company
784,206
1,317
Solaris
Oilfield
Infrastructure,
Inc.
12,327
123,350
Talos
Energy,
Inc.
g
2,053,778
6,431
Targa
Resources
Corporation
388,047
7,324
Technip
Energies
NV
ADR
82,175
55,442
TechnipFMC
plc
g
469,039
18,412
U.S.
Silica
Holdings,
Inc.
g
201,611
4,214
Valero
Energy
Corporation
450,266
8,454
Viper
Energy
Partners,
LP
242,292
149,276
Williams
Companies,
Inc.
4,273,772
3,540
World
Fuel
Services
Corporation
82,978
Total
64,736,818
Financials
(3.8%)
255,172
AGNC
Investment
Corporation
2,148,548
119,406
Ally
Financial,
Inc.
3,323,069
2,077
American
Equity
Investment
Life
Holding
Company
77,451
65,340
American
Express
Company
8,815,019
14,305
American
Financial
Group,
Inc.
1,758,514
727
Ameriprise
Financial,
Inc.
183,168
43,561
Ameris
Bancorp
1,947,612
15,114
Annaly
Capital
Management,
Inc.
259,356
14,305
Arch
Capital
Group,
Ltd.
g
651,450
17,498
Arthur
J.
Gallagher
&
Company
2,996,008
29,371
Banc
of
California,
Inc.
469,055
90,032
Bank
of
America
Corporation
2,718,966
1,472
Bank
of
Marin
Bancorp
44,086
31,114
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
1,009,960
17,636
BankFinancial
Corporation
166,837
2,122
BayCom
Corporation
37,305
2,257
BCB
Bancorp,
Inc.
37,985
23,459
Berkshire
Hathaway,
Inc.
g
6,264,022
4,344
BlackRock,
Inc.
2,390,416
9,798
Bread
Financial
Holdings,
Inc.
308,147
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
229
Shares
Common
Stock
(31.0%)
Value
Financials
(3.8%)
-
continued
73,157
Bridgewater
Bancshares,
Inc.
g
$
1,204,896
41,560
Brighthouse
Financial,
Inc.
g
1,804,535
61,822
Byline
Bancorp,
Inc.
1,251,895
17,742
Capital
One
Financial
Corporation
1,635,280
85,575
Carlyle
Group,
Inc.
2,211,258
102,944
Central
Pacific
Financial
Corporation
2,129,911
188,016
Charles
Schwab
Corporation
13,512,710
14,417
Chimera
Investment
Corporation
75,257
12,944
Chubb,
Ltd.
2,354,255
9,804
Cincinnati
Financial
Corporation
878,144
163,327
Citigroup,
Inc.
6,805,836
15,100
Citizens
Financial
Group,
Inc.
518,836
14,882
CNO
Financial
Group,
Inc.
267,430
65,800
Columbia
Banking
System,
Inc.
1,900,962
18,724
Comerica,
Inc.
1,331,276
30,978
Community
Trust
Bancorp,
Inc.
1,256,158
14,578
ConnectOne
Bancorp,
Inc.
336,169
1,644
CrossFirst
Bankshares,
Inc.
g
21,454
133,452
Customers
Bancorp,
Inc.
g
3,934,165
765
Dime
Community
Bancshares,
Inc.
22,399
11,872
Discover
Financial
Services
1,079,402
15,755
East
West
Bancorp,
Inc.
1,057,791
16,102
Ellington
Residential
Mortgage
REIT
99,349
1,093
Employers
Holdings,
Inc.
37,698
19,853
Enova
International,
Inc.
g
581,097
31,982
Enterprise
Financial
Services
Corporation
1,408,487
58,477
Equitable
Holdings,
Inc.
1,540,869
3,001
Equity
Bancshares,
Inc.
88,920
5,898
Essent
Group,
Ltd.
205,663
1,425
Farmers
National
Banc
Corporation
18,653
25,545
Federated
Hermes,
Inc.
846,050
27,653
Financial
Institutions,
Inc.
665,608
23,463
First
Financial
Corporation
1,060,293
2,037
First
Mid-Illinois
Bancshares,
Inc.
65,123
5,999
First
of
Long
Island
Corporation
103,423
32,179
Flushing
Financial
Corporation
623,307
17,705
Glacier
Bancorp,
Inc.
869,847
5,213
Global
Life,
Inc.
519,736
21,963
Great
Southern
Bancorp,
Inc.
1,253,428
66,772
Hamilton
Lane,
Inc.
3,980,279
14,136
Hancock
Whitney
Corporation
647,570
107,914
Hanmi
Financial
Corporation
2,555,404
19,829
Hanover
Insurance
Group,
Inc.
2,540,888
76,192
Heartland
Financial
USA,
Inc.
3,303,685
19,886
HomeStreet,
Inc.
572,916
25,519
Hometrust
Bancshares,
Inc.
563,970
395,186
Hope
Bancorp,
Inc.
4,995,151
16,638
Horizon
Bancorp,
Inc.
298,818
55,085
Houlihan
Lokey,
Inc.
4,152,307
60,957
Independent
Bank
Corporation
1,164,279
16,355
Invesco
Mortgage
Capital,
Inc.
181,540
85,302
Invesco,
Ltd.
1,168,637
23,859
J.P.
Morgan
Chase
&
Company
2,493,265
39,952
Kinsale
Capital
Group,
Inc.
10,204,540
10,217
Lakeland
Bancorp,
Inc.
163,574
9,779
M&T
Bank
Corporation
1,724,233
6,307
Marsh
&
McLennan
Companies,
Inc.
941,572
4,645
Mercantile
Bank
Corporation
138,003
57,392
MFA
Financial,
Inc.
446,510
177,815
MGIC
Investment
Corporation
2,279,588
Shares
Common
Stock
(31.0%)
Value
Financials
(3.8%)
-
continued
48,591
Midland
States
Bancorp,
Inc.
$
1,145,290
45,561
MidWestOne
Financial
Group,
Inc.
1,243,360
15,109
Moody's
Corporation
3,673,149
30,284
Morgan
Stanley
2,392,739
7,706
MSCI,
Inc.
3,250,314
411,132
New
York
Community
Bancorp,
Inc.
3,506,956
40,373
NMI
Holdings,
Inc.
g
822,398
52,589
OceanFirst
Financial
Corporation
980,259
11,059
OFG
Bancorp
277,913
24,456
Old
Republic
International
Corporation
511,864
71,266
OneMain
Holdings,
Inc.
2,103,772
552
Oppenheimer
Holdings,
Inc.
17,101
183,345
PacWest
Bancorp
4,143,597
14,536
Pathward
Financial,
Inc.
479,107
1,044
PCB
Bancorp
18,865
1,121
Peapack-Gladstone
Financial
Corporation
37,722
100,848
Popular,
Inc.
f
7,267,107
144,677
Radian
Group,
Inc.
2,790,819
74,247
Raymond
James
Financial,
Inc.
7,337,089
3,923
Reinsurance
Group
of
America,
Inc.
493,553
2,562
RenaissanceRe
Holdings,
Ltd.
359,679
147,393
Rithm
Capital
Corporation
1,078,917
15,825
RLI
Corporation
1,620,163
39,962
S&P
Global,
Inc.
12,202,397
2,744
S&T
Bancorp,
Inc.
80,427
89,090
Seacoast
Banking
Corporation
of
Florida
2,693,191
16,913
SEI
Investments
Company
829,583
14,231
Signature
Bank
2,148,881
19,474
State
Street
Corporation
1,184,214
11,053
Synchrony
Financial
311,584
4,139
T.
Rowe
Price
Group,
Inc.
434,636
6,516
Territorial
Bancorp,
Inc.
120,807
21,177
TPG
RE
Finance
Trust,
Inc.
148,239
29,398
Tradeweb
Markets,
Inc.
1,658,635
73,342
Triumph
Bancorp,
Inc.
g
3,986,138
37,231
Truist
Financial
Corporation
1,621,038
32,374
TrustCo
Bank
Corporation
NY
1,017,191
59,567
Two
Harbors
Investment
Corporation
197,762
54,220
Umpqua
Holdings
Corporation
926,620
3,944
Univest
Financial
Corporation
92,605
116,051
Unum
Group
4,502,779
31,759
Virtu
Financial,
Inc.
659,634
2,120
Washington
Federal,
Inc.
63,558
64,640
Wells
Fargo
&
Company
2,599,821
102,151
Western
Alliance
Bancorp
6,715,407
3,804
Western
Asset
Mortgage
Capital
Corporation
42,567
5,801
Zions
Bancorporation
NA
295,039
3,355
Zurich
Insurance
Group
AG
1,337,474
Total
227,123,233
Health
Care
(4.5%)
3,937
10X
Genomics,
Inc.
g
112,126
66,170
Abbott
Laboratories
6,402,609
32,209
ACADIA
Pharmaceuticals,
Inc.
g
526,939
6,202
Accolade,
Inc.
g
70,827
55,081
Adaptive
Biotechnologies
Corporation
g
392,177
112,299
Agiliti,
Inc.
g
1,606,999
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
230
Shares
Common
Stock
(31.0%)
Value
Health
Care
(4.5%)
-
continued
160,033
Agilon
Health,
Inc.
g
$
3,747,973
10,121
Agios
Pharmaceuticals,
Inc.
g
286,222
5,900
Aldeyra
Therapeutics,
Inc.
g
31,506
732
Align
Technology,
Inc.
g
151,604
66,511
Alkermes
plc
g
1,485,191
35,540
Allogene
Therapeutics,
Inc.
g
383,832
7,322
Amedisys,
Inc.
g
708,696
11,308
AmerisourceBergen
Corporation
1,530,312
35,575
Amgen,
Inc.
8,018,605
3,254
Amicus
Therapeutics,
Inc.
g
33,972
1,952
AMN
Healthcare
Services,
Inc.
g
206,834
4,360
Anika
Therapeutics,
Inc.
g
103,768
7,232
Arcutis
Biotherapeutics,
Inc.
g
138,203
13,547
Argenx
SE
ADR
g
4,782,768
22,424
Ascendis
Pharma
AS
ADR
f,g
2,315,502
27,355
AstraZeneca
plc
ADR
1,500,148
15,717
Atara
Biotherapeutics,
Inc.
g
59,410
17,680
Avanos
Medical,
Inc.
g
385,070
79,350
Avantor,
Inc.
g
1,555,260
82,663
Axonics,
Inc.
g
5,822,782
21,401
Baxter
International,
Inc.
1,152,658
5,794
Biogen,
Inc.
g
1,546,998
57,898
BioLife
Solutions,
Inc.
g
1,317,179
801
Bio-Rad
Laboratories,
Inc.
g
334,129
9,307
Bio-Techne
Corporation
2,643,188
1,211
Blueprint
Medicines
Corporation
g
79,793
265
Boston
Scientific
Corporation
g
10,263
2,648
Bristol-Myers
Squibb
Company
188,246
1,495
Cardiovascular
Systems,
Inc.
g
20,721
20,287
Centene
Corporation
g
1,578,531
15,474
Charles
River
Laboratories
International,
Inc.
g
3,045,283
1,630
Chemed
Corporation
711,593
23,980
Cigna
Holding
Company
6,653,731
17,650
Community
Health
Systems,
Inc.
g
37,947
191
CONMED
Corporation
15,312
6,810
Cooper
Companies,
Inc.
1,797,159
1,136
CRISPR
Therapeutics
AG
g
74,238
14,494
CVS
Health
Corporation
1,382,293
56,106
Danaher
Corporation
14,491,619
229
DaVita,
Inc.
g
18,954
39,985
Deciphera
Pharmaceuticals,
Inc.
g
739,722
20,879
Dentsply
Sirona,
Inc.
591,920
35,340
DexCom,
Inc.
g
2,846,284
3,467
Editas
Medicine,
Inc.
g
42,436
26,258
Edwards
Lifesciences
Corporation
g
2,169,699
16,217
Elanco
Animal
Health,
Inc.
g
201,253
22,502
Elevance
Health,
Inc.
10,221,308
21,024
Encompass
Health
Corporation
950,915
10,511
Enhabit,
Inc.
g
147,574
49,866
Enovis
Corporation
g
2,297,327
2,983
Exact
Sciences
Corporation
g
96,918
7,188
Exelixis,
Inc.
g
112,708
35,661
Gilead
Sciences,
Inc.
2,199,927
1,767
Guardant
Health,
Inc.
g
95,118
78,360
Halozyme
Therapeutics,
Inc.
g
3,098,354
7,827
HCA
Healthcare,
Inc.
1,438,524
6,265
HealthEquity,
Inc.
g
420,820
38,123
Hologic,
Inc.
g
2,459,696
3,907
ICU
Medical,
Inc.
g
588,394
798
IDEXX
Laboratories,
Inc.
g
259,988
38,300
Immunocore
Holdings
plc
ADR
g
1,797,802
48,833
Inari
Medical,
Inc.
g
3,547,229
78,176
Inotiv,
Inc.
g
1,317,266
Shares
Common
Stock
(31.0%)
Value
Health
Care
(4.5%)
-
continued
21,384
Inspire
Medical
Systems,
Inc.
g
$
3,792,880
16,429
Insulet
Corporation
g
3,768,813
1,962
Integra
LifeSciences
Holdings
Corporation
g
83,110
48,720
Intuitive
Surgical,
Inc.
g
9,132,077
27,280
Ionis
Pharmaceuticals,
Inc.
g
1,206,594
11,526
Jazz
Pharmaceuticals,
Inc.
g
1,536,301
48,909
Johnson
&
Johnson
7,989,774
3,839
Kiniksa
Pharmaceuticals,
Ltd.
g
49,293
27,215
Kura
Oncology,
Inc.
g
371,757
35,552
Laboratory
Corporation
of
America
Holdings
7,281,405
62,220
Lantheus
Holdings,
Inc.
g
4,375,933
6,462
Maravai
LifeSciences
Holdings,
Inc.
g
164,975
4,446
Masimo
Corporation
g
627,597
362
Medpace
Holdings,
Inc.
g
56,896
162,480
Medtronic
plc
13,120,260
132,421
Merck
&
Company,
Inc.
11,404,096
3,704
Merit
Medical
Systems,
Inc.
g
209,313
856
MultiPlan
Corporation
g
2,448
43,743
Natera,
Inc.
g
1,916,818
10,034
National
HealthCare
Corporation
635,554
69,351
Novo
Nordisk
AS
ADR
6,909,440
5,877
Nurix
Therapeutics,
Inc.
g
76,577
24,121
NuVasive,
Inc.
g
1,056,741
52,797
Omnicell,
Inc.
g
4,594,923
7,782
Orthofix
Medical,
Inc.
g
148,714
683
Patterson
Companies,
Inc.
16,406
7,813
Pediatrix
Medical
Group,
Inc.
g
128,993
7,591
Perrigo
Company
plc
270,695
32,377
Pfizer,
Inc.
1,416,818
19,290
Premier,
Inc.
654,703
256,853
Progyny,
Inc.
g
9,518,972
21,546
Protagonist
Therapeutics,
Inc.
g
181,633
80,086
R1
RCM,
Inc.
g
1,483,994
2,388
RAPT
Therapeutics,
Inc.
g
57,455
7,936
Reata
Pharmaceuticals,
Inc.
g
199,432
12,888
Regeneron
Pharmaceuticals,
Inc.
g
8,878,157
3,557
REGENXBIO,
Inc.
g
94,011
29,720
Repligen
Corporation
g
5,560,909
1,648
Sage
Therapeutics,
Inc.
g
64,536
26,974
Sarepta
Therapeutics,
Inc.
g
2,981,706
4,601
Scholar
Rock
Holding
Corporation
g
31,885
5,153
ShockWave
Medical,
Inc.
g
1,432,895
73,165
Silk
Road
Medical,
Inc.
g
3,292,425
26,591
Stryker
Corporation
5,385,741
36,654
Syneos
Health,
Inc.
g
1,728,236
22,930
Teleflex,
Inc.
4,619,478
31,599
Travere
Therapeutics,
Inc.
g
778,599
11,955
Twist
Bioscience
Corporation
g
421,294
1,507
U.S.
Physical
Therapy,
Inc.
114,562
14,752
UFP
Technologies,
Inc.
g
1,266,312
9,826
Ultragenyx
Pharmaceutical,
Inc.
g
406,895
364
UnitedHealth
Group,
Inc.
183,835
7,047
Vanda
Pharmaceuticals,
Inc.
g
69,624
10,885
Veracyte,
Inc.
g
180,691
136,302
Viemed
Healthcare,
Inc.
g
817,812
57,727
Vor
BioPharma,
Inc.
f,g
229,753
11,755
VYNE
Therapeutics,
Inc.
g
2,623
11,874
Waters
Corporation
g
3,200,399
6,760
Zentalis
Pharmaceuticals,
Inc.
g
146,422
16,566
Zimmer
Biomet
Holdings,
Inc.
1,731,975
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
231
Shares
Common
Stock
(31.0%)
Value
Health
Care
(4.5%)
-
continued
81,895
Zoetis,
Inc.
$
12,144,210
Total
267,306,727
Industrials
(4.4%)
13,207
3M
Company
1,459,373
3,820
A.O.
Smith
Corporation
185,576
1,995
Advanced
Drainage
Systems,
Inc.
248,118
11,955
AECOM
817,363
9,893
AGCO
Corporation
951,410
124,474
Air
Lease
Corporation
3,859,939
63,130
Alaska
Air
Group,
Inc.
g
2,471,539
2,139
Allegion
plc
191,826
71,345
Altra
Industrial
Motion
Corporation
2,398,619
2,292
American
Woodmark
Corporation
g
100,527
47,963
AMETEK,
Inc.
5,439,484
3,118
Armstrong
World
Industries,
Inc.
247,039
74,788
ASGN,
Inc.
g
6,758,592
5,998
Atkore
International
Group,
Inc.
g
466,704
13,048
AZZ,
Inc.
476,382
78,924
Badger
Infrastructure
Solutions,
Ltd.
1,608,362
36,702
Barnes
Group,
Inc.
1,059,954
2,361
Boise
Cascade
Company
140,385
12,166
Booz
Allen
Hamilton
Holding
Corporation
1,123,530
1,659
CACI
International,
Inc.
g
433,099
16,460
Carlisle
Companies,
Inc.
4,615,549
1,871
Caterpillar,
Inc.
306,994
13,340
CBIZ,
Inc.
g
570,685
57,611
Chart
Industries,
Inc.
g
10,620,588
37,597
Cimpress
plc
g
920,375
10,914
Cintas
Corporation
4,236,706
142,582
CNH
Industrial
NV
1,592,641
651
Columbus
McKinnon
Corporation
17,030
51,645
Crane
Holdings,
Company
4,521,003
8,448
CSW
Industrials,
Inc.
1,012,070
192,227
CSX
Corporation
5,120,927
28,783
Curtiss-Wright
Corporation
4,005,442
3,821
Deere
&
Company
1,275,794
43,021
Delta
Air
Lines,
Inc.
g
1,207,169
5,849
Donaldson
Company,
Inc.
286,659
179,213
Driven
Brands
Holdings,
Inc.
g
5,014,380
12,972
Dun
&
Bradstreet
Holdings,
Inc.
160,723
17,313
EMCOR
Group,
Inc.
1,999,305
21,710
Emerson
Electric
Company
1,589,606
41,043
Expeditors
International
of
Washington,
Inc.
3,624,507
31,216
Fastenal
Company
1,437,185
218,182
First
Advantage
Corporation
g
2,799,275
10,360
Forrester
Research,
Inc.
g
373,064
27,182
Fortune
Brands
Home
and
Security,
Inc.
1,459,402
48,375
Forward
Air
Corporation
4,366,327
3,692
Genco
Shipping
&
Trading,
Ltd.
46,261
5,861
Generac
Holdings,
Inc.
g
1,044,079
7,526
General
Dynamics
Corporation
1,596,791
1,194
Gorman-Rupp
Company
28,405
28,094
Greenbrier
Companies,
Inc.
681,841
962
Heidrick
&
Struggles
International,
Inc.
25,002
22,836
Helios
Technologies,
Inc.
1,155,502
18,146
Hillman
Solutions
Corporation
g
136,821
131,077
Howmet
Aerospace,
Inc.
4,054,212
23,431
Hubbell,
Inc.
5,225,113
167,407
IAA,
Inc.
g
5,331,913
Shares
Common
Stock
(31.0%)
Value
Industrials
(4.4%)
-
continued
1,172
ICF
International,
Inc.
$
127,771
26,081
IDEX
Corporation
5,212,288
5,270
ITT
Corporation
344,342
108,329
Janus
International
Group,
Inc.
g
966,295
48,781
JetBlue
Airways
Corporation
g
323,418
22,062
Johnson
Controls
International
plc
1,085,892
6,196
Kennametal,
Inc.
127,514
6,299
L3Harris
Technologies,
Inc.
1,309,121
26,237
Landstar
System,
Inc.
3,787,836
1,969
Lennox
International,
Inc.
438,437
65,614
Lincoln
Electric
Holdings,
Inc.
8,248,992
7,395
Manitowoc
Company,
Inc.
g
57,311
36,032
ManpowerGroup,
Inc.
2,330,910
4,526
Masonite
International
Corporation
g
322,659
31,917
Mercury
Systems,
Inc.
g
1,295,830
62,068
Middleby
Corporation
g
7,955,256
28,597
Miller
Industries,
Inc.
608,830
25,518
MSC
Industrial
Direct
Company,
Inc.
1,857,966
637
National
Presto
Industries,
Inc.
41,437
34,318
Norfolk
Southern
Corporation
7,194,769
17,381
Northrop
Grumman
Corporation
8,174,632
7,876
Old
Dominion
Freight
Line,
Inc.
1,959,312
11,600
Owens
Corning,
Inc.
911,876
34,311
Parker-Hannifin
Corporation
8,313,898
123,934
Pentair
plc
5,035,438
2,991
Quanta
Services,
Inc.
381,023
8,163
RBC
Bearings,
Inc.
g
1,696,353
97,490
Regal
Rexnord
Corporation
13,683,696
9,787
Saia,
Inc.
g
1,859,530
84,140
SkyWest,
Inc.
g
1,368,116
3,240
Snap-On,
Inc.
652,374
5,251
Southwest
Airlines
Company
g
161,941
30,295
Standex
International
Corporation
2,473,587
223,432
Sun
Country
Airlines
Holdings,
Inc.
g
3,040,910
24,802
Sunrun,
Inc.
g
684,287
17,674
Tennant
Company
999,641
12,524
Timken
Company
739,417
6,642
Toro
Company
574,400
18,829
TransUnion
1,120,137
15,581
Trex
Company,
Inc.
g
684,629
17,258
Tutor
Perini
Corporation
g
95,264
457,628
Uber
Technologies,
Inc.
g
12,127,142
37,186
Union
Pacific
Corporation
7,244,577
27,958
United
Airlines
Holdings,
Inc.
g
909,474
14,848
United
Parcel
Service,
Inc.
2,398,546
11,633
United
Rentals,
Inc.
g
3,142,306
7,125
Univar
Solutions,
Inc.
g
162,022
84,640
Upwork,
Inc.
g
1,152,797
3,566
Valmont
Industries,
Inc.
957,899
4,937
Verisk
Analytics,
Inc.
841,907
87,039
Vicor
Corporation
g
5,147,486
6,478
Watsco,
Inc.
1,667,826
1,164
Watts
Water
Technologies,
Inc.
146,350
10,285
Werner
Enterprises,
Inc.
386,716
244,884
WillScot
Mobile
Mini
Holdings
Corporation
g
9,876,172
2,993
Woodward,
Inc.
240,218
3,363
XPO
Logistics,
Inc.
g
149,721
Total
257,695,661
Information
Technology
(6.9%)
36,366
8x8,
Inc.
g
125,463
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
232
Shares
Common
Stock
(31.0%)
Value
Information
Technology
(6.9%)
-
continued
746
Adobe,
Inc.
g
$
205,299
10,074
Advanced
Energy
Industries,
Inc.
779,828
16,918
Agilysys,
Inc.
g
936,411
16,588
Amkor
Technology,
Inc.
282,825
71,239
Amphenol
Corporation
4,770,163
804
ANSYS,
Inc.
g
178,247
481,652
Apple,
Inc.
66,564,306
21,558
Arista
Networks,
Inc.
g
2,433,683
20,446
Arrow
Electronics,
Inc.
g
1,884,917
19,412
Autodesk,
Inc.
g
3,626,162
6,213
Avnet,
Inc.
224,414
4,079
Benchmark
Electronics,
Inc.
101,078
44,012
BigCommerce
Holdings,
Inc.
g
651,378
24,221
Bill.com
Holdings,
Inc.
g
3,206,134
775
Blackline,
Inc.
g
46,422
191,987
Block,
Inc.
g
10,557,365
5,390
Cadence
Design
Systems,
Inc.
g
880,888
97,886
Calix,
Inc.
g
5,984,750
6,211
CDW
Corporation
969,413
22,907
Ciena
Corporation
g
926,130
92,226
Cisco
Systems,
Inc.
3,689,040
110,407
Cognex
Corporation
4,576,370
10,711
Coherent
Corporation
g
373,278
44,424
CommScope
Holding
Company,
Inc.
g
409,145
1,897
Computer
Services,
Inc.
105,758
44,877
Conduent
Incorporated
g
149,889
32,172
Descartes
Systems
Group,
Inc.
g
2,043,887
8,037
Digital
Turbine,
Inc.
g
115,813
2,292
Diodes,
Inc.
g
148,774
64,407
Dolby
Laboratories,
Inc.
4,196,116
11,374
Dropbox,
Inc.
g
235,669
15,652
Endava
plc
ADR
g
1,262,021
6,993
EPAM
Systems,
Inc.
g
2,532,795
3,202
ePlus,
Inc.
g
133,011
9,704
Euronet
Worldwide,
Inc.
g
735,175
34,309
Fidelity
National
Information
Services,
Inc.
2,592,731
2,225
First
Solar,
Inc.
g
294,301
16,270
Fiserv,
Inc.
g
1,522,384
78,555
Five9,
Inc.
g
5,890,054
12,076
FLEETCOR
Technologies,
Inc.
g
2,127,429
27,330
Flex,
Ltd.
g
455,318
422
Genpact,
Ltd.
18,471
101,234
Gilat
Satellite
Networks,
Ltd.
f,g
539,577
15,329
Global
Payments,
Inc.
1,656,298
4,925
HubSpot,
Inc.
g
1,330,341
8,324
IPG
Photonics
Corporation
g
702,129
13,096
Jack
Henry
&
Associates,
Inc.
2,387,008
164
Keysight
Technologies,
Inc.
g
25,807
2,011
KLA-Tencor
Corporation
608,589
91,079
Knowles
Corporation
g
1,108,431
14,453
Lam
Research
Corporation
5,289,798
147,775
Lattice
Semiconductor
Corporation
g
7,272,008
4,644
Littelfuse,
Inc.
922,716
39,098
LiveRamp
Holding,
Inc.
g
710,020
3,505
Lumentum
Holdings,
Inc.
g
240,338
23,528
Mastercard,
Inc.
6,689,951
3,191
MAXIMUS,
Inc.
184,663
1,271
MaxLinear,
Inc.
g
41,460
63,092
Microchip
Technology,
Inc.
3,850,505
302,724
Microsoft
Corporation
70,504,420
946
MKS
Instruments,
Inc.
78,177
21,993
Momentive
Global,
Inc.
g
127,779
Shares
Common
Stock
(31.0%)
Value
Information
Technology
(6.9%)
-
continued
17,649
Monolithic
Power
Systems,
Inc.
$
6,413,647
30,272
NAPCO
Security
Technologies,
Inc.
g
880,310
32,673
National
Instruments
Corporation
1,233,079
1,106
NICE,
Ltd.
ADR
g
208,193
19,877
Nova,
Ltd.
g
1,695,508
177,150
NVIDIA
Corporation
21,504,238
18,341
Okta,
Inc.
g
1,043,053
3,442
ON
Semiconductor
Corporation
g
214,540
13,824
PagerDuty,
Inc.
g
318,920
26,604
Palo
Alto
Networks,
Inc.
g
4,357,469
11,666
Paycom
Software,
Inc.
g
3,849,663
149,611
PayPal
Holdings,
Inc.
g
12,877,019
2,196
Plexus
Corporation
g
192,282
261
Progress
Software
Corporation
11,106
29,841
PTC,
Inc.
g
3,121,369
20,079
Qorvo,
Inc.
g
1,594,473
128,583
QUALCOMM,
Inc.
14,527,307
5,125
RingCentral,
Inc.
g
204,795
75,079
Sabre
Corporation
g
386,657
99,541
Salesforce,
Inc.
g
14,317,977
45,611
Samsung
Electronics
Company,
Ltd.
1,674,802
7,745
Sanmina
Corporation
g
356,890
6,861
Semtech
Corporation
g
201,782
32,897
ServiceNow,
Inc.
g
12,422,236
13,497
SiTime
Corporation
g
1,062,619
54,980
Skyworks
Solutions,
Inc.
4,688,145
49,129
Splunk,
Inc.
g
3,694,501
178,820
Sprout
Social,
Inc.
g
10,850,798
10,372
Synopsys,
Inc.
g
3,168,750
10,778
TD
SYNNEX
Corporation
875,066
14,707
Teledyne
Technologies,
Inc.
g
4,963,171
63,940
Texas
Instruments,
Inc.
9,896,633
3,988
Trimble,
Inc.
g
216,429
19,228
TTEC
Holdings,
Inc.
851,993
209,526
TTM
Technologies,
Inc.
g
2,761,553
9,459
Tyler
Technologies,
Inc.
g
3,287,002
22,844
Universal
Display
Corporation
2,155,331
729
Upland
Software,
Inc.
g
5,927
24,684
Vishay
Intertechnology,
Inc.
439,128
48,882
Vontier
Corporation
816,818
71,934
Western
Union
Company
971,109
10,391
WEX,
Inc.
g
1,319,033
6,404
Wolfspeed,
Inc.
g
661,917
83,079
Workiva,
Inc.
g
6,463,546
14,810
Xerox
Holdings
Corporation
193,715
26,904
Yext,
Inc.
g
119,992
Total
406,283,211
Materials
(1.2%)
25,571
AptarGroup,
Inc.
2,430,012
23,695
Ashland,
Inc.
2,250,314
14,011
Avery
Dennison
Corporation
2,279,590
60,865
Axalta
Coating
Systems,
Ltd.
g
1,281,817
3,492
Ball
Corporation
168,733
44,810
Carpenter
Technology
Corporation
1,395,383
44,583
Celanese
Corporation
4,027,628
19,023
CF
Industries
Holdings,
Inc.
1,830,964
4,036
Chemours
Company
99,487
10,505
Cleveland-Cliffs,
Inc.
g
141,502
47,233
Compass
Minerals
International,
Inc.
1,819,887
12,423
Crown
Holdings,
Inc.
1,006,636
74,602
Dow,
Inc.
3,277,266
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
233
Shares
Common
Stock
(31.0%)
Value
Materials
(1.2%)
-
continued
41,578
Eastman
Chemical
Company
$
2,954,117
26,635
Huntsman
Corporation
653,623
33,883
Ingevity
Corporation
g
2,054,326
13,218
Innospec,
Inc.
1,132,386
174,503
Ivanhoe
Mines,
Ltd.
g
1,123,055
4,636
Kaiser
Aluminum
Corporation
284,419
8,847
Linde
plc
2,385,063
128,927
LyondellBasell
Industries
NV
9,705,624
6,893
Martin
Marietta
Materials,
Inc.
2,220,166
4,821
Mativ,
Inc.
106,448
5,181
Minerals
Technologies,
Inc.
255,993
7,556
MP
Materials
Corporation
g
206,279
3,759
Myers
Industries,
Inc.
61,911
11,000
Nucor
Corporation
1,176,890
17,203
Orion
Engineered
Carbons
SA
229,660
2,753
PPG
Industries,
Inc.
304,730
18,573
Quaker
Chemical
Corporation
2,681,570
172,167
Ranpak
Holdings
Corporation
g
588,811
19,230
Reliance
Steel
&
Aluminum
Company
3,353,904
1,410
Royal
Gold,
Inc.
132,286
36,064
RPM
International,
Inc.
3,004,492
6,863
Ryerson
Holding
Corporation
176,654
3,005
Sensient
Technologies
Corporation
208,367
15,190
Sonoco
Products
Company
861,729
14,781
Steel
Dynamics,
Inc.
1,048,712
189,028
Summit
Materials,
Inc.
g
4,529,111
5,476
TriMas
Corporation
137,283
5,823
Trinseo
plc
106,677
11,876
United
States
Lime
&
Minerals,
Inc.
1,213,727
37,713
United
States
Steel
Corporation
683,359
14,827
Westlake
Corporation
1,288,170
61,658
WestRock
Company
1,904,616
3,622
Worthington
Industries,
Inc.
138,143
Total
68,921,520
Real
Estate
(1.1%)
61,324
Agree
Realty
Corporation
4,144,276
1,713
Alexandria
Real
Estate
Equities,
Inc.
240,145
4,308
AvalonBay
Communities,
Inc.
793,490
10,182
Camden
Property
Trust
1,216,240
21,363
CBRE
Group,
Inc.
g
1,442,216
102,891
CubeSmart
4,121,813
89,591
Cushman
&
Wakefield
plc
g
1,025,817
1,892
Digital
Realty
Trust,
Inc.
187,649
2,838
EastGroup
Properties,
Inc.
409,637
86,023
EPR
Properties
3,084,785
18,828
Essential
Properties
Realty
Trust,
Inc.
366,205
2,065
Essex
Property
Trust,
Inc.
500,205
4,472
Extra
Space
Storage,
Inc.
772,359
29,229
First
Industrial
Realty
Trust,
Inc.
1,309,751
15,431
FirstService
Corporation
1,836,443
19,767
Four
Corners
Property
Trust,
Inc.
478,164
95,005
Healthcare
Realty
Trust,
Inc.
1,980,854
89,577
Host
Hotels
&
Resorts,
Inc.
1,422,483
7,390
Howard
Hughes
Corporation
g
409,332
60,329
Independence
Realty
Trust,
Inc.
1,009,304
23,751
Kilroy
Realty
Corporation
1,000,155
12,170
Life
Storage,
Inc.
1,347,949
58,949
National
Retail
Properties,
Inc.
2,349,707
248,791
National
Storage
Affiliates
Trust
10,344,730
111,029
Necessity
Retail
REIT,
Inc.
652,850
17,576
NetSTREIT
Corporation
313,029
Shares
Common
Stock
(31.0%)
Value
Real
Estate
(1.1%)
-
continued
157,489
Pebblebrook
Hotel
Trust
$
2,285,165
22,962
Public
Storage,
Inc.
6,723,503
338
RE/MAX
Holdings,
Inc.
6,392
4,723
Realty
Income
Corporation
274,879
24,184
Regency
Centers
Corporation
1,302,308
147,782
Rexford
Industrial
Realty,
Inc.
7,684,664
60,648
Sabra
Health
Care
REIT,
Inc.
795,702
8,434
SBA
Communications
Corporation
2,400,738
116,001
Service
Properties
Trust
602,045
31,729
UDR,
Inc.
1,323,417
24,204
Zillow
Group,
Inc.
g
692,961
Total
66,851,362
Utilities
(0.7%)
7,122
Alliant
Energy
Corporation
377,395
9,458
Artesian
Resources
Corporation
455,119
5,192
Avista
Corporation
192,364
8,152
Black
Hills
Corporation
552,135
8,438
CenterPoint
Energy,
Inc.
237,783
8,029
Consolidated
Water
Company,
Ltd.
123,486
22,535
Constellation
Energy
Corporation
1,874,687
15,963
Duke
Energy
Corporation
1,484,878
18,312
Entergy
Corporation
1,842,736
6,863
Essential
Utilities,
Inc.
283,991
29,498
Evergy,
Inc.
1,752,181
381,007
NiSource,
Inc.
9,597,566
31,413
NorthWestern
Corporation
1,548,033
119,400
OGE
Energy
Corporation
4,353,324
11,757
Pinnacle
West
Capital
Corporation
758,444
19,622
Portland
General
Electric
Company
852,772
21,637
Public
Service
Enterprise
Group,
Inc.
1,216,648
62,985
Sempra
Energy
9,443,971
13,067
Spire,
Inc.
814,466
22,057
UGI
Corporation
713,103
Total
38,475,082
Total
Common
Stock
(cost
$1,711,311,012)
1,830,598,396
Principal
Amount
Long-Term
Fixed
Income
(
11.0%
)
Value
Asset-Backed
Securities
(0.6%)
510
Asset
Backed
Trust
$
950,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
h,i
867,738
Access
Group,
Inc.
106,270
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,h
103,852
Affirm
Asset
Securitization
Trust
1,200,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,h
1,158,609
AMSR
Trust
1,300,000
2.153%, 
6/17/2038,
Ser.
2021-SFR1,
Class
B
b,h
1,081,267
500,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
b,h
411,239
675,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
h
577,426
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
234
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Asset-Backed
Securities
(0.6%)
-
continued
Ares
XL
CLO,
Ltd.
$
1,000,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,h
$
889,952
Bankers
Healthcare
Group
Securitization
Trust
500,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
h
498,750
Business
Jet
Securities,
LLC
640,643
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
h
584,303
Buttermilk
Park
CLO,
Ltd.
2,575,000
3.912%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,h
2,456,756
CarVal
CLO
II,
Ltd.
1,000,000
4.210%, 
(LIBOR
3M
+
1.500%),
4/20/2032,
Ser.
2019-1A,
Class
BR
b,h
935,698
600,000
4.710%, 
(LIBOR
3M
+
2.000%),
4/20/2032,
Ser.
2019-1A,
Class
CR
b,h
546,391
CarVal
CLO
VIII-C,
Ltd.
525,000
6.022%, 
(TSFR3M
+
2.300%),
10/20/2035,
Ser.
2022-2A,
Class
A
b,e,h
525,000
375,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,h
375,000
CMFT
Net
Lease
Master
Issuer,
LLC
633,963
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
h
527,648
Commonbond
Student
Loan
Trust
126,656
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,h
124,568
Dryden
36
Senior
Loan
Fund
850,000
4.562%, 
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,h
802,069
FirstKey
Homes
Trust
1,800,000
4.493%, 
5/17/2039,
Ser.
2022-SFR1,
Class
B
h
1,682,779
Foundation
Finance
Trust
580,452
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
h
520,295
FRTKL
Trust
1,150,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
h
978,692
Galaxy
XIX
CLO,
Ltd.
800,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,h
726,268
Goodgreen
773,915
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
h
712,722
Home
Partners
of
America
Trust
1,219,162
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
h
1,054,381
1,021,604
2.078%, 
9/19/2041,
Ser.
2021-1,
Class
C
h
834,661
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Asset-Backed
Securities
(0.6%)
-
continued
Laurel
Road
Prime
Student
Loan
Trust
$
58,804
2.810%, 
11/25/2042,
Ser.
2017-C,
Class
A2B
h
$
58,321
285,462
5.259%, 
11/25/2043,
Ser.
2018-D,
Class
A
b,h
267,782
Longfellow
Place
CLO,
Ltd.
1,900,000
4.262%, 
(LIBOR
3M
+
1.750%),
4/15/2029,
Ser.
2013-1A,
Class
BR3
b,h
1,856,325
525,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,h
504,476
Marlette
Funding
Trust
500,000
5.180%, 
11/15/2032,
Ser.
2022-3A,
Class
A
h
497,836
Mercury
Financial
Credit
Card
Master
Trust
1,000,000
2.500%, 
9/21/2026,
Ser.
2022-1A,
Class
A
h
947,273
National
Collegiate
Trust
347,863
3.379%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,h
336,019
OCP
CLO,
Ltd.
850,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,h
773,461
Octagon
Investment
Partners
XVI,
Ltd.
250,000
4.140%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,h
237,712
OZLM
IX,
Ltd.
600,000
4.260%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,h
564,877
Pretium
Mortgage
Credit
Partners,
LLC
575,469
5.240%, 
4/25/2052,
Ser.
2022-NPL2,
Class
A1
h,i
553,713
443,151
2.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
h,i
419,655
Progress
Residential
Trust
600,000
1.888%, 
5/17/2026,
Ser.
2021-SFR3,
Class
B
h
519,956
Renaissance
Home
Equity
Loan
Trust
1,083,770
5.580%, 
11/25/2036,
Ser.
2006-3,
Class
AF2
i
428,251
Saxon
Asset
Securities
Trust
430,017
3.243%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
357,921
Sound
Point
CLO
XIV,
Ltd.
1,250,000
4.833%, 
(LIBOR
3M
+
2.050%),
1/23/2029,
Ser.
2016-3A,
Class
CR
b,h
1,186,000
Sound
Point
CLO
XXI,
Ltd.
725,000
4.216%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,h
679,100
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
235
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Asset-Backed
Securities
(0.6%)
-
continued
Stratus
CLO,
Ltd.
$
875,000
4.460%, 
(LIBOR
3M
+
1.750%),
12/29/2029,
Ser.
2021-1A,
Class
C
b,h
$
808,287
Tricon
Residential
Trust
800,000
2.244%, 
7/17/2038,
Ser.
2021-SFR1,
Class
B
h
699,348
U.S.
Small
Business
Administration
43,173
3.191%, 
3/10/2024,
Ser.
2014-10A,
Class
1
42,251
Upstart
Securitization
Trust
25,562
1.702%, 
11/20/2030,
Ser.
2020-3,
Class
A
h
25,526
VCAT
Asset
Securitization,
LLC
500,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
h,i
471,028
Vericrest
Opportunity
Loan
Transferee
631,952
1.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
h,i
586,615
850,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
h,i
729,837
900,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
h,i
780,248
650,000
4.826%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A2
h,i
545,927
650,000
4.949%, 
3/27/2051,
Ser.
2021-NPL4,
Class
A2
h,i
558,167
443,761
2.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
h,i
410,435
450,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
h,i
386,769
375,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
h,i
339,060
Wind
River
CLO,
Ltd.
750,000
4.310%, 
(LIBOR
3M
+
1.600%),
7/20/2030,
Ser.
2013-1A,
Class
A2RR
b,h
718,390
625,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,h
580,089
Total
36,846,719
Basic
Materials
(0.1%)
Alcoa
Nederland
Holding
BV
240,000
5.500%, 
12/15/2027
h
223,836
Anglo
American
Capital
plc
275,000
3.875%, 
3/16/2029
h
236,311
Avient
Corporation
61,000
7.125%, 
8/1/2030
h
56,299
Cascades
USA,
Inc.
165,000
5.125%, 
1/15/2026
f,h
149,382
Chemours
Company
170,000
5.750%, 
11/15/2028
h
139,046
Cleveland-Cliffs,
Inc.
190,000
5.875%, 
6/1/2027
170,980
90,000
4.625%, 
3/1/2029
f,h
75,600
Consolidated
Energy
Finance
SA
281,000
5.625%, 
10/15/2028
h
225,418
DowDuPont,
Inc.
190,000
4.493%, 
11/15/2025
186,629
EverArc
Escrow
Sarl
145,000
5.000%, 
10/30/2029
h
117,050
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Basic
Materials
(0.1%)
-
continued
First
Quantum
Minerals,
Ltd.
$
314,000
6.875%, 
10/15/2027
h
$
282,600
Glencore
Funding,
LLC
226,000
3.375%, 
9/23/2051
h
137,567
479,000
4.000%, 
3/27/2027
h
446,181
Hecla
Mining
Company
90,000
7.250%, 
2/15/2028
83,493
Hudbay
Minerals,
Inc.
170,000
4.500%, 
4/1/2026
h
141,335
Ingevity
Corporation
250,000
3.875%, 
11/1/2028
h
206,696
International
Flavors
and
Fragrances,
Inc.
350,000
3.468%, 
12/1/2050
h
229,083
Kinross
Gold
Corporation
218,000
5.950%, 
3/15/2024
219,560
Mercer
International,
Inc.
160,000
5.125%, 
2/1/2029
127,501
Methanex
Corporation
167,000
4.250%, 
12/1/2024
160,128
Mosaic
Company
300,000
4.050%, 
11/15/2027
279,168
Novelis
Corporation
85,000
3.250%, 
11/15/2026
h
70,952
100,000
4.750%, 
1/30/2030
h
82,000
85,000
3.875%, 
8/15/2031
h
63,403
OCI
NV
115,000
4.625%, 
10/15/2025
h
106,833
Olin
Corporation
245,000
5.125%, 
9/15/2027
221,387
SCIL
USA
Holdings,
LLC
184,000
5.375%, 
11/1/2026
h
142,140
SPCM
SA
166,000
3.375%, 
3/15/2030
h
129,588
SunCoke
Energy,
Inc.
180,000
4.875%, 
6/30/2029
h
138,782
Taseko
Mines,
Ltd.
129,000
7.000%, 
2/15/2026
h
102,555
Unifrax
Escrow
Issuer
Corporation
147,000
5.250%, 
9/30/2028
h
112,895
United
States
Steel
Corporation
276,000
6.875%, 
3/1/2029
f
250,843
Total
5,315,241
Capital
Goods
(0.2%)
Advanced
Drainage
Systems,
Inc.
157,000
6.375%, 
6/15/2030
h
152,110
AECOM
280,000
5.125%, 
3/15/2027
261,325
Amsted
Industries,
Inc.
245,000
5.625%, 
7/1/2027
h
225,400
ARD
Finance
SA
56,000
6.500%, 
6/30/2027
h
38,343
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
150,000
5.250%, 
8/15/2027
h
93,860
99,000
5.250%, 
8/15/2027
h
61,947
Boeing
Company
505,000
5.930%, 
5/1/2060
431,981
395,000
5.040%, 
5/1/2027
380,528
650,000
5.705%, 
5/1/2040
567,751
Bombardier,
Inc.
123,000
7.125%, 
6/15/2026
h
112,812
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
236
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Capital
Goods
(0.2%)
-
continued
$
211,000
7.875%, 
4/15/2027
h
$
194,120
145,000
6.000%, 
2/15/2028
h
121,318
Builders
FirstSource,
Inc.
140,000
5.000%, 
3/1/2030
h
119,000
Canpack
SA/Canpack
US
LLC
220,000
3.125%, 
11/1/2025
h
191,329
Carrier
Global
Corporation
384,000
3.577%, 
4/5/2050
265,834
300,000
2.700%, 
2/15/2031
241,173
Clydesdale
Acquisition
Holdings,
Inc.
24,000
6.625%, 
4/15/2029
h
21,839
48,000
8.750%, 
4/15/2030
h
39,697
CNH
Industrial
NV
300,000
3.850%, 
11/15/2027
273,730
Cornerstone
Building
Brands,
Inc.
123,000
6.125%, 
1/15/2029
h
68,634
Covert
Mergeco,
Inc.
85,000
4.875%, 
12/1/2029
h
68,702
CP
Atlas
Buyer,
Inc.
150,000
7.000%, 
12/1/2028
f,h
111,738
GE
Capital
International
Funding
Company
720,000
4.418%, 
11/15/2035
645,063
GFL
Environmental,
Inc.
140,000
4.000%, 
8/1/2028
h
116,687
248,000
3.500%, 
9/1/2028
h
209,141
H&E
Equipment
Services,
Inc.
278,000
3.875%, 
12/15/2028
h
218,230
Herc
Holdings,
Inc.
160,000
5.500%, 
7/15/2027
h
144,000
Howmet
Aerospace,
Inc.
391,000
3.000%, 
1/15/2029
319,431
338,000
5.950%, 
2/1/2037
305,462
Ingersoll-Rand
Luxembourg
Finance
SA
300,000
3.500%, 
3/21/2026
281,742
JELD-WEN,
Inc.
73,000
4.625%, 
12/15/2025
h
59,130
John
Deere
Capital
Corporation
224,000
4.350%, 
9/15/2032
212,878
Lockheed
Martin
Corporation
348,000
4.500%, 
5/15/2036
318,608
120,000
6.150%, 
9/1/2036
126,862
Mauser
Packaging
Solutions
Holding
Company
170,000
5.500%, 
4/15/2024
h
161,500
180,000
7.250%, 
4/15/2025
h
158,341
MIWD
Holdco
II,
LLC
96,000
5.500%, 
2/1/2030
h
71,100
Nesco
Holdings
II,
Inc.
190,000
5.500%, 
4/15/2029
h
158,363
New
Enterprise
Stone
and
Lime
Company,
Inc.
210,000
5.250%, 
7/15/2028
h
173,570
Northrop
Grumman
Corporation
470,000
3.850%, 
4/15/2045
357,943
OI
European
Group
BV
184,000
4.750%, 
2/15/2030
h
146,280
Owens-Brockway
Glass
Container,
Inc.
68,000
5.875%, 
8/15/2023
f,h
67,150
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Capital
Goods
(0.2%)
-
continued
Pactiv
Evergreen
Group
$
130,000
4.375%, 
10/15/2028
h
$
107,502
Parker-Hannifin
Corporation
563,000
4.500%, 
9/15/2029
530,747
PGT
Innovations,
Inc.
175,000
4.375%, 
10/1/2029
h
143,553
Raytheon
Technologies
Corporation
284,000
4.125%, 
11/16/2028
265,344
375,000
4.450%, 
11/16/2038
326,664
400,000
3.750%, 
11/1/2046
301,043
Republic
Services,
Inc.
335,000
2.900%, 
7/1/2026
307,746
Roper
Technologies,
Inc.
240,000
4.200%, 
9/15/2028
224,169
400,000
1.750%, 
2/15/2031
294,729
SRM
Escrow
Issuer,
LLC
255,000
6.000%, 
11/1/2028
h
207,249
Textron,
Inc.
320,000
3.375%, 
3/1/2028
284,981
Titan
Acquisition,
Ltd.
95,000
7.750%, 
4/15/2026
h
75,091
TransDigm,
Inc.
160,000
6.250%, 
3/15/2026
h
155,200
460,000
5.500%, 
11/15/2027
400,062
United
Rentals
North
America,
Inc.
175,000
4.875%, 
1/15/2028
160,447
185,000
4.000%, 
7/15/2030
152,827
Victors
Merger
Corporation
84,000
6.375%, 
5/15/2029
h
50,284
Waste
Pro
USA,
Inc.
110,000
5.500%, 
2/15/2026
h
96,638
WESCO
Distribution,
Inc.
230,000
7.250%, 
6/15/2028
h
225,274
Total
12,604,202
Collateralized
Mortgage
Obligations
(0.6%)
Banc
of
America
Alternative
Loan
Trust
13,858
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
11,814
Bellemeade
Re,
Ltd.
599,488
4.031%, 
(SOFR30A
+
1.750%),
3/25/2031,
Ser.
2021-1A,
Class
M1A
b,h
597,944
BINOM
Securitization
Trust
567,554
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
b,h
494,250
CHNGE
Mortgage
Trust
1,150,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,h
1,123,563
Citicorp
Mortgage
Securities,
Inc.
552,929
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
480,663
Citigroup
Mortgage
Loan
Trust,
Inc.
2,059
2.524%, 
3/25/2037,
Ser.
2007-AR4,
Class
2A1A
b
1,952
COLT
Mortgage
Loan
Trust
1,123,020
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
b,h
950,067
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
237
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
Countrywide
Alternative
Loan
Trust
$
306,864
2.539%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
$
259,718
593,385
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
231,383
Countrywide
Home
Loans,
Inc.
156,711
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
83,321
Credit
Suisse
Mortgage
Trust
500,000
3.346%, 
1/25/2067,
Ser.
2022-ATH1,
Class
A1B
b,h
425,154
875,000
4.000%, 
2/25/2067,
Ser.
2022-NQM2,
Class
A1B
b,h
766,124
960,930
1.174%, 
7/25/2066,
Ser.
2021-NQM6,
Class
A1
b,h
767,778
550,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,h
536,819
467,928
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,h
398,440
2,168,962
3.436%, 
2/25/2060,
Ser.
2020-RPL2,
Class
A12
b,h
2,121,099
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
66,357
6.000%, 
10/25/2022,
Ser.
2006-AR5,
Class
23A
47,330
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
1,140,731
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
1,103,083
102,210
4.000%, 
7/15/2031,
Ser.
4104,
Class
KI
j
1,661
386,507
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
j
38,180
780,061
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
j
89,220
1,448,049
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
1,435,996
1,000,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
790,031
Federal
National
Mortgage
Association
2,450,000
5.250%, 
10/31/2052,
Ser.
CITI-8187,
Class
E525
e
2,446,938
Federal
National
Mortgage
Association
-
REMIC
1,453,218
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,423,627
863,418
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
831,368
1,009,996
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
j
48,178
1,500,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
1,471,934
Flagstar
Mortgage
Trust
626,748
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,h
540,766
FWD
Securitization
Trust
356,900
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,h
337,670
GCAT
Trust
888,577
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
b,h
765,972
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
GS
Mortgage-Backed
Securities
Trust
$
1,055,919
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
b,h
$
871,092
J.P.
Morgan
Mortgage
Trust
1,155,062
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
b,h
917,237
817,847
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,h
637,480
LHOME
Mortgage
Trust
400,000
2.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
h,i
378,213
1,000,000
2.090%, 
9/25/2026,
Ser.
2021-RTL1,
Class
A1
b,h
961,464
Mello
Mortgage
Capital
Acceptance
1,120,170
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
b,h
877,978
Merrill
Lynch
Alternative
Note
Asset
Trust
146,881
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
62,717
New
Residential
Mortgage
Loan
Trust
2,237,410
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
b,h
1,776,732
New
York
Mortgage
Trust
1,100,000
2.239%, 
5/25/2026,
Ser.
2021-BPL1,
Class
A1
h,i
1,036,659
705,033
2.944%, 
10/25/2060,
Ser.
2020-SP2,
Class
A1
b,h
677,823
Oaktown
Re
VII,
Ltd.
600,000
3.881%, 
(SOFR30A
+
1.600%),
4/25/2034,
Ser.
2021-2,
Class
M1A
b,h
589,079
Oaktown
Re,
Ltd.
667,635
3.931%, 
(SOFR30A
+
1.650%),
10/25/2033,
Ser.
2021-1A,
Class
M1A
b,h
666,369
Onslow
Bay
Financial,
LLC
525,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
b,h
470,952
Palisades
Mortgage
Loan
Trust
1,600,000
2.857%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
h,i
1,499,970
Preston
Ridge
Partners
Mortgage
Trust,
LLC
808,683
2.115%, 
1/25/2026,
Ser.
2021-1,
Class
A1
b,h
750,316
Residential
Accredit
Loans,
Inc.
Trust
265,816
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
221,117
Residential
Funding
Mortgage
Security
I
Trust
61,338
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
47,904
ROC
Securities
Trust
Series
975,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,h
912,461
Sequoia
Mortgage
Trust
185,529
3.034%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
131,637
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
238
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
Toorak
Mortgage
Corporation,
Ltd.
$
473,910
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
h,i
$
471,008
1,000,000
2.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
h,i
948,716
TRK
Trust
882,347
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
b,h
764,385
Vericrest
Opportunity
Loan
Transferee
703,783
2.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
h,i
645,414
Verus
Securitization
Trust
482,471
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
b,h
408,774
Total
37,347,540
Commercial
Mortgage-Backed
Securities
(0.5%)
BANK
2021-BNK36
1,150,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
923,942
BANK
2022-BNK39
16,480,104
0.427%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
b,j
488,709
1,250,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
1,040,407
BANK
2022-BNK40
1,150,000
3.507%, 
3/15/2064,
Ser.
2022-BNK40,
Class
A4
b
998,897
BBCMS
Mortgage
Trust
8,176,021
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,j
363,360
2,250,000
2.946%, 
2/15/2055,
Ser.
2022-C14,
Class
A5
b
1,876,903
750,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
664,041
650,000
4.600%, 
6/15/2055,
Ser.
2022-C16,
Class
A5
b
620,274
1,100,000
2.492%, 
7/15/2054,
Ser.
2021-C10,
Class
A5
895,169
7,000,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,j
577,452
900,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
735,945
6,946,133
1.852%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
b,j
685,460
Benchmark
Mortgage
Trust
1,850,000
2.669%, 
12/15/2054,
Ser.
2021-B31,
Class
A5
1,504,621
BFLD
Trust
400,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,h
379,941
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
2,250,000
2.920%, 
6/25/2032,
Ser.
K146,
Class
A2
k
1,967,472
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Commercial
Mortgage-Backed
Securities
(0.5%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
Multifamily
WI
Certificates
$
2,750,000
3.000%, 
8/25/2032,
Ser.
K147,
Class
A2
$
2,421,071
1,750,000
3.500%, 
9/25/2032,
Ser.
K148,
Class
A2
h
1,603,021
3,100,000
3.530%, 
10/25/2032,
Ser.
K149,
Class
A2
2,841,766
2,750,000
3.710%, 
11/25/2032,
Ser.
K150,
Class
A2
2,557,934
2,900,000
3.780%, 
12/25/2032,
Ser.
K152,
Class
A2
2,700,870
2,800,000
3.800%, 
12/25/2032,
Ser.
K151,
Class
A2
2,612,357
Morgan
Stanley
Capital
I
Trust
7,157,794
1.973%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
b,j
739,446
Total
29,199,058
Communications
Services
(0.3%)
Activision
Blizzard,
Inc.
449,000
2.500%, 
9/15/2050
271,078
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
146,000
10.500%, 
2/15/2028
h
72,270
Altice
Financing
SA
95,000
5.750%, 
8/15/2029
h
72,696
Altice
France
SA
110,000
8.125%, 
2/1/2027
h
98,313
94,000
5.125%, 
7/15/2029
h
70,228
182,000
5.500%, 
10/15/2029
h
136,934
AMC
Networks,
Inc.
125,000
4.750%, 
8/1/2025
111,692
American
Tower
Corporation
130,000
3.375%, 
10/15/2026
118,786
525,000
2.900%, 
1/15/2030
431,554
AT&T,
Inc.
337,000
3.650%, 
6/1/2051
227,663
451,000
3.500%, 
9/15/2053
300,520
400,000
2.300%, 
6/1/2027
349,607
450,000
4.350%, 
3/1/2029
420,709
700,000
4.900%, 
8/15/2037
620,975
CCO
Holdings,
LLC
220,000
5.500%, 
5/1/2026
h
208,450
290,000
5.125%, 
5/1/2027
h
261,725
18,000
6.375%, 
9/1/2029
h
16,526
445,000
4.750%, 
2/1/2032
h
346,557
155,000
4.250%, 
1/15/2034
h
110,946
Cengage
Learning,
Inc.
193,000
9.500%, 
6/15/2024
f,h
180,938
Charter
Communications
Operating,
LLC
250,000
4.500%, 
2/1/2024
247,100
495,000
4.200%, 
3/15/2028
444,404
650,000
3.500%, 
6/1/2041
415,375
Clear
Channel
Worldwide
Holdings,
Inc.
147,000
5.125%, 
8/15/2027
h
124,176
144,000
7.750%, 
4/15/2028
h
108,720
Comcast
Corporation
247,000
2.887%, 
11/1/2051
154,679
165,000
3.950%, 
10/15/2025
160,291
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
239
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Communications
Services
(0.3%)
-
continued
$
375,000
4.250%, 
10/15/2030
$
347,205
485,000
4.400%, 
8/15/2035
428,704
490,000
4.750%, 
3/1/2044
422,584
Consolidated
Communications,
Inc.
147,000
5.000%, 
10/1/2028
h
102,227
Cox
Communications,
Inc.
475,000
3.350%, 
9/15/2026
h
437,393
CSC
Holdings,
LLC
150,000
5.375%, 
2/1/2028
h
130,875
168,000
6.500%, 
2/1/2029
h
148,260
296,000
4.125%, 
12/1/2030
h
221,171
Cumulus
Media
New
Holdings,
Inc.
73,000
6.750%, 
7/1/2026
h
61,579
DIRECTV
Holdings,
LLC
215,000
5.875%, 
8/15/2027
h
185,354
Discovery
Communications,
LLC
600,000
4.900%, 
3/11/2026
580,512
DISH
DBS
Corporation
78,000
5.250%, 
12/1/2026
h
63,901
62,000
7.375%, 
7/1/2028
41,747
108,000
5.750%, 
12/1/2028
h
81,620
95,000
5.125%, 
6/1/2029
55,813
Entercom
Media
Corporation
225,000
6.500%, 
5/1/2027
h
55,125
Frontier
Communications
Corporation
72,000
6.750%, 
5/1/2029
h
59,400
Frontier
Communications
Holdings,
LLC
181,000
5.875%, 
10/15/2027
h
162,218
45,000
8.750%, 
5/15/2030
h
45,029
GCI,
LLC
170,000
4.750%, 
10/15/2028
h
141,143
Gray
Escrow
II,
Inc.
330,000
5.375%, 
11/15/2031
h
258,860
Gray
Television,
Inc.
210,000
4.750%, 
10/15/2030
h
157,383
Hughes
Satellite
Systems
Corporation
120,000
6.625%, 
8/1/2026
108,898
iHeartCommunications,
Inc.
220,000
4.750%, 
1/15/2028
h
183,370
Iliad
Holding
SASU
221,000
6.500%, 
10/15/2026
h
193,242
LCPR
Senior
Secured
Financing
DAC
135,000
6.750%, 
10/15/2027
h
112,050
Level
3
Financing,
Inc.
300,000
4.625%, 
9/15/2027
h
248,274
140,000
4.250%, 
7/1/2028
h
109,201
Lumen
Technologies,
Inc.
137,000
5.125%, 
12/15/2026
h
117,876
Magallanes,
Inc.
394,000
5.141%, 
3/15/2052
h
286,367
338,000
4.054%, 
3/15/2029
h
291,926
338,000
5.050%, 
3/15/2042
h
252,906
Meta
Platforms,
Inc.
449,000
3.850%, 
8/15/2032
h
394,728
Netflix,
Inc.
120,000
4.875%, 
4/15/2028
112,310
130,000
5.875%, 
11/15/2028
126,851
254,000
5.375%, 
11/15/2029
h
238,760
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Communications
Services
(0.3%)
-
continued
$
230,000
4.875%, 
6/15/2030
h
$
210,183
NTT
Finance
Corporation
393,000
4.372%, 
7/27/2027
h
381,180
Omnicom
Group,
Inc.
224,000
3.600%, 
4/15/2026
212,168
200,000
4.200%, 
6/1/2030
181,532
Playtika
Holding
Corporation
151,000
4.250%, 
3/15/2029
h
120,761
Radiate
Holdco,
LLC
120,000
6.500%, 
9/15/2028
h
83,700
Scripps
Escrow
II,
Inc.
68,000
3.875%, 
1/15/2029
h
54,210
120,000
5.375%, 
1/15/2031
h
90,902
Scripps
Escrow,
Inc.
115,000
5.875%, 
7/15/2027
h
100,050
Sinclair
Television
Group,
Inc.
240,000
5.500%, 
3/1/2030
h
172,486
Sirius
XM
Radio,
Inc.
285,000
5.000%, 
8/1/2027
h
261,488
115,000
4.000%, 
7/15/2028
h
97,817
Sprint
Capital
Corporation
172,000
6.875%, 
11/15/2028
176,730
235,000
8.750%, 
3/15/2032
272,306
Sprint
Corporation
535,000
7.625%, 
2/15/2025
548,416
TEGNA,
Inc.
254,000
4.625%, 
3/15/2028
234,506
Telesat
Canada
85,000
4.875%, 
6/1/2027
h
39,919
45,000
6.500%, 
10/15/2027
h
16,650
T-Mobile
USA,
Inc.
561,000
3.600%, 
11/15/2060
360,048
901,000
3.500%, 
4/15/2031
757,119
315,000
4.375%, 
4/15/2040
256,499
Twitter,
Inc.
38,000
3.875%, 
12/15/2027
h
35,634
United
States
Cellular
Corporation
150,000
6.700%, 
12/15/2033
135,043
Uniti
Group,
LP
50,000
4.750%, 
4/15/2028
h
39,499
Univision
Communications,
Inc.
243,000
6.625%, 
6/1/2027
h
229,322
Verizon
Communications,
Inc.
337,000
3.000%, 
11/20/2060
195,731
190,000
2.100%, 
3/22/2028
160,401
725,000
2.650%, 
11/20/2040
472,524
VTR
Finance
NV
150,000
6.375%, 
7/15/2028
h
82,875
VZ
Secured
Financing
BV
243,000
5.000%, 
1/15/2032
h
181,544
Walt
Disney
Company
451,000
3.600%, 
1/13/2051
334,287
YPSO
Finance
BIS
SA
76,000
10.500%, 
5/15/2027
h
59,527
Zayo
Group
Holdings,
Inc.
129,000
4.000%, 
3/1/2027
h
103,516
Total
19,706,347
Consumer
Cyclical
(0.4%)
1011778
B.C.,
ULC
250,000
4.375%, 
1/15/2028
h
216,625
Allied
Universal
Holdco,
LLC
85,000
6.625%, 
7/15/2026
h
75,756
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
240
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Cyclical
(0.4%)
-
continued
$
245,000
4.625%, 
6/1/2028
h
$
188,728
105,000
6.000%, 
6/1/2029
h
67,764
Allison
Transmission,
Inc.
245,000
3.750%, 
1/30/2031
h
187,815
Amazon.com,
Inc.
375,000
3.875%, 
8/22/2037
325,967
American
Axle
&
Manufacturing,
Inc.
360,000
6.500%, 
4/1/2027
f
305,100
Arko
Corporation
109,000
5.125%, 
11/15/2029
h
85,020
Ashton
Woods
USA,
LLC
140,000
4.625%, 
8/1/2029
h
101,647
60,000
4.625%, 
4/1/2030
h
42,969
Boyd
Gaming
Corporation
155,000
4.750%, 
6/15/2031
h
125,503
Boyne
USA,
Inc.
120,000
4.750%, 
5/15/2029
h
100,528
Brookfield
Residential
Properties,
Inc.
160,000
6.250%, 
9/15/2027
h
134,309
Caesars
Entertainment,
Inc.
241,000
6.250%, 
7/1/2025
h
232,264
50,000
8.125%, 
7/1/2027
h
47,754
175,000
4.625%, 
10/15/2029
h
133,714
Carnival
Corporation
52,000
10.500%, 
2/1/2026
h
51,449
138,000
7.625%, 
3/1/2026
h
104,880
347,000
5.750%, 
3/1/2027
h
243,091
Cedar
Fair,
LP
76,000
5.375%, 
4/15/2027
70,596
169,000
5.250%, 
7/15/2029
145,018
Churchill
Downs,
Inc.
140,000
4.750%, 
1/15/2028
h
121,111
Cinemark
USA,
Inc.
195,000
5.875%, 
3/15/2026
f,h
163,054
Clarios
Global,
LP
110,000
8.500%, 
5/15/2027
h
104,994
Cushman
&
Wakefield
US
Borrower,
LLC
88,000
6.750%, 
5/15/2028
h
81,624
D.R.
Horton,
Inc.
300,000
2.600%, 
10/15/2025
275,442
Daimler
Trucks
Finance
North
America,
LLC
390,000
2.000%, 
12/14/2026
h
335,608
Dana,
Inc.
190,000
5.625%, 
6/15/2028
156,779
Empire
Communities
Corporation
122,000
7.000%, 
12/15/2025
h
101,234
Expedia
Group,
Inc.
690,000
3.250%, 
2/15/2030
559,596
Ford
Motor
Company
267,000
3.250%, 
2/12/2032
192,328
156,000
6.100%, 
8/19/2032
137,530
Ford
Motor
Credit
Company,
LLC
425,000
2.300%, 
2/10/2025
376,676
420,000
4.134%, 
8/4/2025
381,171
275,000
2.700%, 
8/10/2026
228,082
Forestar
Group,
Inc.
145,000
3.850%, 
5/15/2026
h
119,264
General
Motors
Company
325,000
6.125%, 
10/1/2025
325,141
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Cyclical
(0.4%)
-
continued
$
450,000
6.800%, 
10/1/2027
$
454,774
397,000
5.000%, 
4/1/2035
325,679
General
Motors
Financial
Company,
Inc.
230,000
1.500%, 
6/10/2026
195,470
GLP
Capital,
LP
467,000
5.750%, 
6/1/2028
437,303
Goodyear
Tire
&
Rubber
Company
110,000
5.000%, 
7/15/2029
89,798
85,000
5.250%, 
7/15/2031
68,000
Guitar
Center
Escrow
Issuer
II,
Inc.
67,000
8.500%, 
1/15/2026
h
59,354
Hanesbrands,
Inc.
144,000
4.875%, 
5/15/2026
h
129,449
Hilton
Domestic
Operating
Company,
Inc.
300,000
4.875%, 
1/15/2030
261,000
71,000
3.625%, 
2/15/2032
h
54,379
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
215,000
5.000%, 
6/1/2029
h
173,526
Home
Depot,
Inc.
275,000
5.400%, 
9/15/2040
271,057
336,000
4.250%, 
4/1/2046
283,858
315,000
3.900%, 
6/15/2047
250,625
Hyundai
Capital
America
475,000
1.800%, 
1/10/2028
h
378,362
Hyundai
Capital
Services,
Inc.
225,000
2.125%, 
4/24/2025
h
206,007
International
Game
Technology
plc
200,000
5.250%, 
1/15/2029
h
177,154
Jacobs
Entertainment,
Inc.
97,000
6.750%, 
2/15/2029
h
82,994
KB
Home
195,000
4.800%, 
11/15/2029
156,991
Kia
Corporation
200,000
2.375%, 
2/14/2025
h
185,869
Kohl's
Corporation
215,000
3.375%, 
5/1/2031
132,784
360,000
5.550%, 
7/17/2045
215,528
L
Brands,
Inc.
260,000
6.625%, 
10/1/2030
h
226,200
80,000
6.875%, 
11/1/2035
66,830
Lennar
Corporation
525,000
4.750%, 
5/30/2025
516,950
Lowe's
Companies,
Inc.
224,000
5.625%, 
4/15/2053
207,157
690,000
2.625%, 
4/1/2031
554,735
Macy's
Retail
Holdings,
LLC
155,000
5.875%, 
4/1/2029
h
124,388
Magic
MergerCo,
Inc.
115,000
5.250%, 
5/1/2028
h
80,728
Marriott
International,
Inc.
40,000
5.750%, 
5/1/2025
40,395
460,000
4.625%, 
6/15/2030
415,693
Mattamy
Group
Corporation
133,000
5.250%, 
12/15/2027
h
110,241
McDonald's
Corporation
325,000
4.450%, 
3/1/2047
272,260
MDC
Holdings,
Inc.
325,000
2.500%, 
1/15/2031
217,189
MGM
Resorts
International
305,000
6.000%, 
3/15/2023
305,091
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
241
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Cyclical
(0.4%)
-
continued
$
20,000
5.750%, 
6/15/2025
$
19,113
NCL
Corporation,
Ltd.
179,000
3.625%, 
12/15/2024
h
150,531
72,000
5.875%, 
2/15/2027
h
59,940
Nissan
Motor
Acceptance
Company,
LLC
480,000
1.125%, 
9/16/2024
h
436,222
PACCAR
Financial
Corporation
337,000
4.950%, 
10/3/2025
e
338,108
PENN
Entertainment,
Inc.
160,000
4.125%, 
7/1/2029
h
122,473
PetSmart,
Inc./PetSmart
Finance
Corporation
210,000
4.750%, 
2/15/2028
h
179,716
130,000
7.750%, 
2/15/2029
h
116,212
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
299,000
5.750%, 
4/15/2026
h
281,341
132,000
6.250%, 
1/15/2028
h
112,645
Realogy
Group,
LLC
210,000
5.750%, 
1/15/2029
h
151,463
Rite
Aid
Corporation
64,000
7.500%, 
7/1/2025
h
48,692
Royal
Caribbean
Cruises,
Ltd.
265,000
9.125%, 
6/15/2023
h
269,638
73,000
11.500%, 
6/1/2025
h
77,563
187,000
4.250%, 
7/1/2026
h
137,461
172,000
9.250%, 
1/15/2029
e,h
169,481
Scientific
Games
International,
Inc.
200,000
7.250%, 
11/15/2029
h
186,142
40,000
6.625%, 
3/1/2030
h
32,064
SeaWorld
Parks
and
Entertainment,
Inc.
70,000
5.250%, 
8/15/2029
h
58,128
Six
Flags
Theme
Parks,
Inc.
55,000
7.000%, 
7/1/2025
h
54,977
Staples,
Inc.
137,000
7.500%, 
4/15/2026
h
115,027
123,000
10.750%, 
4/15/2027
h
91,174
Station
Casinos,
LLC
122,000
4.625%, 
12/1/2031
h
92,145
Target
Corporation
337,000
2.950%, 
1/15/2052
226,556
Tenneco,
Inc.
195,000
5.000%, 
7/15/2026
189,638
Toll
Brothers
Finance
Corporation
460,000
3.800%, 
11/1/2029
f
372,385
Travel
+
Leisure
Company
123,000
6.625%, 
7/31/2026
h
115,219
TripAdvisor,
Inc.
37,000
7.000%, 
7/15/2025
h
35,972
Uber
Technologies,
Inc.
120,000
6.250%, 
1/15/2028
f,h
111,600
VICI
Properties,
LP/VICI
Note
Company,
Inc.
583,000
4.625%, 
6/15/2025
h
548,619
267,000
5.750%, 
2/1/2027
h
251,589
182,000
3.750%, 
2/15/2027
h
159,407
Volkswagen
Group
of
America
Finance,
LLC
338,000
4.350%, 
6/8/2027
h
317,469
Wabash
National
Corporation
175,000
4.500%, 
10/15/2028
h
135,661
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Cyclical
(0.4%)
-
continued
Walmart,
Inc.
$
336,000
4.500%, 
9/9/2052
$
315,028
Wyndham
Hotels
&
Resorts,
Inc.
90,000
4.375%, 
8/15/2028
h
79,112
Yum!
Brands,
Inc.
210,000
4.750%, 
1/15/2030
h
183,521
Total
20,715,981
Consumer
Non-Cyclical
(0.4%)
1375209
BC,
Ltd.
92,000
9.000%, 
1/30/2028
h
91,310
Abbott
Laboratories
641,000
4.750%, 
11/30/2036
625,212
AbbVie,
Inc.
150,000
2.950%, 
11/21/2026
137,424
650,000
4.300%, 
5/14/2036
563,715
225,000
4.850%, 
6/15/2044
195,319
400,000
4.875%, 
11/14/2048
351,707
Albertson's
Companies,
Inc.
226,000
4.625%, 
1/15/2027
h
202,004
229,000
3.500%, 
3/15/2029
h
184,574
Altria
Group,
Inc.
137,000
5.800%, 
2/14/2039
119,625
Amgen,
Inc.
375,000
4.200%, 
2/22/2052
293,962
Anheuser-Busch
Companies,
LLC
360,000
4.700%, 
2/1/2036
324,447
Anheuser-Busch
InBev
Worldwide,
Inc.
900,000
4.750%, 
4/15/2058
738,609
575,000
4.375%, 
4/15/2038
490,964
Aramark
Services,
Inc.
75,000
6.375%, 
5/1/2025
h
73,500
227,000
5.000%, 
2/1/2028
h
202,191
Archer-Daniels-Midland
Company
415,000
2.700%, 
9/15/2051
273,370
AstraZeneca
plc
580,000
3.000%, 
5/28/2051
402,026
Avantor
Funding,
Inc.
236,000
4.625%, 
7/15/2028
h
210,027
B&G
Foods,
Inc.
73,000
5.250%, 
9/15/2027
59,145
Bausch
Health
Companies,
Inc.
66,000
5.500%, 
11/1/2025
f,h
52,430
145,000
4.875%, 
6/1/2028
h
93,482
165,000
11.000%, 
9/30/2028
h
132,825
32,000
14.000%, 
10/15/2030
h
17,440
Becton,
Dickinson
and
Company
157,000
3.794%, 
5/20/2050
117,427
375,000
3.700%, 
6/6/2027
348,973
Bristol-Myers
Squibb
Company
556,000
3.550%, 
3/15/2042
434,978
Bunge,
Ltd.
Finance
Corporation
500,000
2.750%, 
5/14/2031
393,313
Cargill,
Inc.
251,000
3.125%, 
5/25/2051
h
172,334
Central
Garden
&
Pet
Company
220,000
4.125%, 
10/15/2030
175,115
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
174,000
4.625%, 
11/15/2028
h
147,994
Community
Health
Systems,
Inc.
42,000
8.000%, 
12/15/2027
h
33,233
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
242
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Non-Cyclical
(0.4%)
-
continued
$
150,000
6.000%, 
1/15/2029
h
$
110,248
138,000
6.875%, 
4/15/2029
h
66,659
Constellation
Brands,
Inc.
470,000
3.600%, 
2/15/2028
429,764
250,000
2.875%, 
5/1/2030
207,362
Coty,
Inc.
125,000
5.000%, 
4/15/2026
h
113,806
CVS
Health
Corporation
465,000
4.875%, 
7/20/2035
419,875
Danaher
Corporation
240,000
2.800%, 
12/10/2051
154,402
Edgewell
Personal
Care
Company
120,000
5.500%, 
6/1/2028
h
107,296
Eli
Lilly
and
Company
380,000
2.500%, 
9/15/2060
224,762
Embecta
Corporation
56,000
6.750%, 
2/15/2030
h
51,700
Encompass
Health
Corporation
240,000
4.500%, 
2/1/2028
f
205,558
Energizer
Holdings,
Inc.
190,000
4.750%, 
6/15/2028
h
150,535
H.
J.
Heinz
Company
80,000
5.200%, 
7/15/2045
69,510
HCA,
Inc.
297,000
5.375%, 
2/1/2025
293,488
401,000
3.500%, 
9/1/2030
331,114
HFC
Prestige
Products,
Inc.
214,000
4.750%, 
1/15/2029
h
181,042
HLF
Financing
SARL,
LLC
293,000
4.875%, 
6/1/2029
h
209,098
Imperial
Brands
Finance
plc
550,000
3.875%, 
7/26/2029
h
467,063
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
338,000
4.375%, 
2/2/2052
h
226,548
227,000
5.500%, 
1/15/2030
h
209,691
373,000
3.000%, 
5/15/2032
h
275,461
Johnson
&
Johnson
450,000
4.375%, 
12/5/2033
433,486
Kimberly-Clark
Corporation
300,000
3.900%, 
5/4/2047
240,411
Kraft
Heinz
Foods
Company
300,000
3.875%, 
5/15/2027
280,374
360,000
4.375%, 
6/1/2046
279,863
Mattel,
Inc.
195,000
3.375%, 
4/1/2026
h
174,025
282,000
5.450%, 
11/1/2041
236,256
Medtronic,
Inc.
338,000
4.375%, 
3/15/2035
308,068
Mozart
Debt
Merger
Sub,
Inc.
151,000
3.875%, 
4/1/2029
h
121,055
119,000
5.250%, 
10/1/2029
h
89,845
Newell
Brands,
Inc.
360,000
4.450%, 
4/1/2026
331,200
Organon
&
Company
167,000
4.125%, 
4/30/2028
h
142,785
Owens
&
Minor,
Inc.
120,000
6.625%, 
4/1/2030
h
105,600
PepsiCo,
Inc.
215,000
4.200%, 
7/18/2052
190,189
Performance
Food
Group,
Inc.
105,000
4.250%, 
8/1/2029
h
87,423
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Consumer
Non-Cyclical
(0.4%)
-
continued
Perrigo
Finance
Unlimited
Company
$
270,000
4.375%, 
3/15/2026
$
247,725
Pfizer,
Inc.
432,000
2.700%, 
5/28/2050
291,862
Pilgrim's
Pride
Corporation
152,000
3.500%, 
3/1/2032
h
114,588
Post
Holdings,
Inc.
157,000
5.750%, 
3/1/2027
h
149,748
68,000
5.625%, 
1/15/2028
h
62,065
65,000
5.500%, 
12/15/2029
h
56,193
140,000
4.500%, 
9/15/2031
h
112,700
Primo
Water
Holdings,
Inc.
144,000
4.375%, 
4/30/2029
h
117,134
Reynolds
American,
Inc.
512,000
5.700%, 
8/15/2035
432,999
Roche
Holdings,
Inc.
336,000
4.000%, 
11/28/2044
h
284,932
Scotts
Miracle-Gro
Company
108,000
4.500%, 
10/15/2029
78,300
SEG
Holding,
LLC
250,000
5.625%, 
10/15/2028
h
229,372
Simmons
Foods,
Inc.
287,000
4.625%, 
3/1/2029
h
234,623
Spectrum
Brands,
Inc.
100,000
5.000%, 
10/1/2029
h
79,549
120,000
5.500%, 
7/15/2030
h
93,832
Syneos
Health,
Inc.
180,000
3.625%, 
1/15/2029
h
143,330
Sysco
Corporation
375,000
6.600%, 
4/1/2040
393,910
Takeda
Pharmaceutical
Company,
Ltd.
335,000
3.175%, 
7/9/2050
222,239
Teleflex,
Inc.
155,000
4.250%, 
6/1/2028
h
134,814
Tenet
Healthcare
Corporation
86,000
4.625%, 
7/15/2024
83,160
119,000
6.250%, 
2/1/2027
h
111,045
440,000
5.125%, 
11/1/2027
h
394,807
110,000
6.125%, 
10/1/2028
h
96,370
Teva
Pharmaceutical
Finance
Netherlands
III
BV
249,000
3.150%, 
10/1/2026
204,305
Thermo
Fisher
Scientific,
Inc.
285,000
2.000%, 
10/15/2031
224,659
TreeHouse
Foods,
Inc.
190,000
4.000%, 
9/1/2028
151,504
United
Natural
Foods,
Inc.
119,000
6.750%, 
10/15/2028
h
108,837
Zoetis,
Inc.
468,000
4.700%, 
2/1/2043
409,664
Total
20,448,503
Energy
(0.3%)
Antero
Resources
Corporation
129,000
5.375%, 
3/1/2030
h
115,980
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
190,000
6.250%, 
4/1/2028
h
167,009
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
96,000
6.625%, 
7/15/2026
h
89,520
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
243
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Energy
(0.3%)
-
continued
BP
Capital
Markets
America,
Inc.
$
627,000
2.939%, 
6/4/2051
$
398,200
250,000
3.543%, 
4/6/2027
233,688
Buckeye
Partners,
LP
155,000
3.950%, 
12/1/2026
135,188
Callon
Petroleum
Company
138,000
8.250%, 
7/15/2025
134,161
111,000
7.500%, 
6/15/2030
f,h
97,181
Canadian
Natural
Resources,
Ltd.
195,000
2.050%, 
7/15/2025
177,788
265,000
2.950%, 
7/15/2030
218,037
Cheniere
Corpus
Christi
Holdings,
LLC
180,000
2.742%, 
12/31/2039
129,821
Cheniere
Energy
Partners,
LP
84,000
3.250%, 
1/31/2032
64,500
Cheniere
Energy,
Inc.
169,000
4.625%, 
10/15/2028
155,029
Chesapeake
Energy
Corporation
248,000
6.750%, 
4/15/2029
h
237,738
CNX
Resources
Corporation
140,000
6.000%, 
1/15/2029
h
127,750
Comstock
Resources,
Inc.
135,000
5.875%, 
1/15/2030
h
117,579
Continental
Resources,
Inc.
187,000
2.268%, 
11/15/2026
h
159,577
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
133,000
5.500%, 
6/15/2031
h
112,588
CrownRock
Finance,
Inc.
167,000
5.625%, 
10/15/2025
h
159,881
Devon
Energy
Corporation
634,000
4.500%, 
1/15/2030
577,073
DT
Midstream,
Inc.
160,000
4.125%, 
6/15/2029
h
135,200
70,000
4.375%, 
6/15/2031
h
57,730
Enbridge,
Inc.
317,000
2.500%, 
2/14/2025
297,740
Endeavor
Energy
Resources,
LP
162,000
5.750%, 
1/30/2028
h
154,081
Energy
Transfer,
LP
475,000
4.000%, 
10/1/2027
430,781
265,000
4.900%, 
3/15/2035
222,685
250,000
5.150%, 
2/1/2043
197,383
400,000
6.000%, 
6/15/2048
345,597
EnLink
Midstream
Partners,
LP
190,000
4.850%, 
7/15/2026
174,493
Enterprise
Products
Operating,
LLC
300,000
3.300%, 
2/15/2053
195,171
EQM
Midstream
Partners,
LP
122,000
4.750%, 
1/15/2031
h
96,838
EQT
Corporation
337,000
6.125%, 
2/1/2025
337,431
337,000
3.900%, 
10/1/2027
306,669
Equinor
ASA
315,000
3.000%, 
4/6/2027
290,674
Exxon
Mobil
Corporation
525,000
3.452%, 
4/15/2051
390,938
Ferrellgas,
LP
120,000
5.375%, 
4/1/2026
h
105,600
Halliburton
Company
300,000
4.850%, 
11/15/2035
261,721
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Energy
(0.3%)
-
continued
$
225,000
5.000%, 
11/15/2045
$
186,835
Harvest
Midstream,
LP
277,000
7.500%, 
9/1/2028
h
258,900
Hess
Midstream
Operations,
LP
190,000
5.625%, 
2/15/2026
h
180,358
83,000
5.500%, 
10/15/2030
h
71,251
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
230,000
5.750%, 
2/1/2029
h
201,081
112,000
6.250%, 
4/15/2032
h
99,211
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
102,000
6.375%, 
4/15/2027
h
97,410
Howard
Midstream
Energy
Partners,
LLC
178,000
6.750%, 
1/15/2027
h
158,592
ITT
Holdings,
LLC
150,000
6.500%, 
8/1/2029
h
116,365
Laredo
Petroleum,
Inc.
265,000
7.750%, 
7/31/2029
f,h
244,168
Magellan
Midstream
Partners,
LP
315,000
5.000%, 
3/1/2026
311,095
Marathon
Petroleum
Corporation
230,000
6.500%, 
3/1/2041
227,756
MEG
Energy
Corporation
154,000
7.125%, 
2/1/2027
h
156,310
MPLX,
LP
287,000
4.875%, 
6/1/2025
281,246
449,000
4.950%, 
9/1/2032
407,908
Murphy
Oil
Corporation
110,000
5.875%, 
12/1/2027
102,821
Nabors
Industries,
Ltd.
205,000
7.250%, 
1/15/2026
h
178,374
National
Fuel
Gas
Company
525,000
5.500%, 
1/15/2026
515,588
NuStar
Logistics,
LP
180,000
5.750%, 
10/1/2025
166,819
Oasis
Petroleum,
Inc.
135,000
6.375%, 
6/1/2026
h
128,250
Occidental
Petroleum
Corporation
75,000
8.500%, 
7/15/2027
80,265
160,000
6.450%, 
9/15/2036
160,000
Ovintiv
Exploration,
Inc.
280,000
5.375%, 
1/1/2026
276,933
Precision
Drilling
Corporation
135,000
6.875%, 
1/15/2029
h
119,192
Range
Resources
Corporation
144,000
4.750%, 
2/15/2030
f,h
124,881
Sabine
Pass
Liquefaction,
LLC
575,000
4.500%, 
5/15/2030
523,807
Schlumberger
Holdings
Corporation
280,000
4.000%, 
12/21/2025
h
269,934
SM
Energy
Company
119,000
6.625%, 
1/15/2027
114,226
105,000
6.500%, 
7/15/2028
f
99,784
Southwestern
Energy
Company
95,000
5.375%, 
2/1/2029
86,146
100,000
5.375%, 
3/15/2030
90,105
83,000
4.750%, 
2/1/2032
69,562
Suburban
Propane
Partners,
LP
310,000
5.875%, 
3/1/2027
292,454
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
244
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Energy
(0.3%)
-
continued
Sunoco,
LP
$
285,000
5.875%, 
3/15/2028
$
258,621
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
250,000
5.500%, 
1/15/2028
h
213,389
Targa
Resources
Corporation
394,000
4.200%, 
2/1/2033
328,122
Teine
Energy,
Ltd.
150,000
6.875%, 
4/15/2029
h
134,744
Transocean
Proteus,
Ltd.
67,500
6.250%, 
12/1/2024
h
63,450
Transocean,
Inc.
140,000
11.500%, 
1/30/2027
h
129,492
USA
Compression
Partners,
LP
161,000
6.875%, 
4/1/2026
148,120
Venture
Global
Calcasieu
Pass,
LLC
155,000
3.875%, 
8/15/2029
h
132,971
95,000
4.125%, 
8/15/2031
h
78,800
W&T
Offshore,
Inc.
88,000
9.750%, 
11/1/2023
h
86,257
Weatherford
International,
Ltd.
172,000
8.625%, 
4/30/2030
h
149,785
Western
Midstream
Operating,
LP
240,000
3.950%, 
6/1/2025
225,600
130,000
5.500%, 
8/15/2048
105,138
Williams
Companies,
Inc.
225,000
5.300%, 
8/15/2052
195,836
500,000
7.500%, 
1/15/2031
536,375
Total
16,793,347
Financials
(0.9%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
49,000
7.000%, 
11/15/2025
h
44,756
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
540,000
3.500%, 
1/15/2025
507,460
575,000
3.875%, 
1/23/2028
496,284
250,000
3.400%, 
10/29/2033
181,385
Air
Lease
Corporation
690,000
3.000%, 
2/1/2030
546,421
170,000
2.875%, 
1/15/2032
128,130
Aircastle,
Ltd.
300,000
5.250%, 
8/11/2025
h
282,399
Alliant
Holdings
Intermediate,
LLC
81,000
6.750%, 
10/15/2027
h
69,805
Ally
Financial,
Inc.
455,000
5.750%, 
11/20/2025
441,302
460,000
8.000%, 
11/1/2031
482,244
American
Express
Company
275,000
3.375%, 
5/3/2024
268,149
400,000
2.250%, 
3/4/2025
374,876
American
Homes
4
Rent,
LP
480,000
2.375%, 
7/15/2031
361,912
American
International
Group,
Inc.
825,000
3.900%, 
4/1/2026
787,511
AmWINS
Group,
Inc.
140,000
4.875%, 
6/30/2029
h
116,209
ANZ
Bank
New
Zealand,
Ltd.
225,000
5.548%, 
8/11/2032
b,h
217,225
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Financials
(0.9%)
-
continued
Ares
Capital
Corporation
$
173,000
3.250%, 
7/15/2025
$
158,022
425,000
3.875%, 
1/15/2026
386,669
250,000
2.150%, 
7/15/2026
209,518
Associated
Banc-Corporation
275,000
4.250%, 
1/15/2025
267,402
Australia
and
New
Zealand
Banking
Group,
Ltd.
450,000
2.950%, 
7/22/2030
b,h
408,898
Aviation
Capital
Group,
LLC
480,000
5.500%, 
12/15/2024
h
464,667
Avolon
Holdings
Funding,
Ltd.
350,000
5.250%, 
5/15/2024
h
339,587
125,000
4.250%, 
4/15/2026
h
112,084
Banco
Santander
Mexico
SA
400,000
5.375%, 
4/17/2025
h
388,904
Banco
Santander
SA
400,000
4.175%, 
3/24/2028
b
360,448
Bank
of
America
Corporation
10,000
3.550%, 
3/5/2024
b
9,921
275,000
1.734%, 
7/22/2027
b
235,930
350,000
3.824%, 
1/20/2028
b
322,155
230,000
2.087%, 
6/14/2029
b
186,906
500,000
2.496%, 
2/13/2031
b
394,531
650,000
1.922%, 
10/24/2031
b
480,803
338,000
2.972%, 
2/4/2033
b
264,232
676,000
4.571%, 
4/27/2033
b
605,484
450,000
3.846%, 
3/8/2037
b
363,061
Bank
of
Montreal
341,000
1.500%, 
1/10/2025
313,648
Barclays
plc
475,000
4.972%, 
5/16/2029
b
427,456
335,000
5.746%, 
8/9/2033
b
304,329
Berkshire
Hathaway
Finance
Corporation
449,000
2.850%, 
10/15/2050
288,486
Blackstone
Private
Credit
Fund
341,000
2.700%, 
1/15/2025
309,098
BNP
Paribas
SA
564,000
3.132%, 
1/20/2033
b,h
427,842
BPCE
SA
440,000
3.500%, 
10/23/2027
h
386,857
Brookfield
Property
REIT,
Inc.
96,000
5.750%, 
5/15/2026
h
86,786
Camden
Property
Trust
450,000
3.150%, 
7/1/2029
393,052
Capital
One
Financial
Corporation
500,000
4.200%, 
10/29/2025
480,759
300,000
2.636%, 
3/3/2026
b
278,746
Centene
Corporation
115,000
4.250%, 
12/15/2027
105,191
61,000
4.625%, 
12/15/2029
54,815
300,000
3.000%, 
10/15/2030
237,582
100,000
2.500%, 
3/1/2031
75,378
460,000
2.625%, 
8/1/2031
346,690
Charles
Schwab
Corporation
525,000
2.450%, 
3/3/2027
471,136
Chubb
INA
Holdings,
Inc.
260,000
4.350%, 
11/3/2045
219,560
Citigroup,
Inc.
380,000
0.981%, 
5/1/2025
b
352,086
535,000
4.400%, 
6/10/2025
519,981
279,000
1.281%, 
11/3/2025
b
254,863
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
245
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Financials
(0.9%)
-
continued
$
348,000
3.200%, 
10/21/2026
$
318,792
520,000
3.668%, 
7/24/2028
b
468,144
236,000
4.125%, 
7/25/2028
212,897
175,000
3.520%, 
10/27/2028
b
156,211
478,000
4.910%, 
5/24/2033
b
439,758
Coinbase
Global,
Inc.
49,000
3.625%, 
10/1/2031
h
27,168
Commerzbank
AG
400,000
8.125%, 
9/19/2023
h
394,193
Corebridge
Financial,
Inc.
451,000
4.400%, 
4/5/2052
h
342,785
169,000
4.350%, 
4/5/2042
h
130,022
Credit
Acceptance
Corporation
250,000
5.125%, 
12/31/2024
*
232,658
Credit
Agricole
SA
300,000
6.875%, 
9/23/2024
b,h,l
276,306
Credit
Suisse
Group
AG
350,000
7.250%, 
9/12/2025
b,h,l
267,721
550,000
2.193%, 
6/5/2026
b,h
478,219
Danske
Bank
AS
200,000
0.976%, 
9/10/2025
b,h
181,102
Deutsche
Bank
AG
49,000
4.296%, 
5/24/2028
b
43,700
500,000
3.729%, 
1/14/2032
b
336,724
Discover
Bank
475,000
4.682%, 
8/9/2028
b
455,482
Drawbridge
Special
Opportunities
Fund,
LP
250,000
3.875%, 
2/15/2026
h
226,922
Duke
Realty,
LP
450,000
2.875%, 
11/15/2029
383,204
Elevance
Health
Inc.
525,000
3.125%, 
5/15/2050
347,259
415,000
4.625%, 
5/15/2042
358,172
EPR
Properties
190,000
4.950%, 
4/15/2028
163,536
285,000
3.600%, 
11/15/2031
203,621
ERP
Operating,
LP
90,000
3.375%, 
6/1/2025
85,567
First
Horizon
Bank
115,000
5.750%, 
5/1/2030
111,564
First
Horizon
National
Corporation
460,000
4.000%, 
5/26/2025
443,528
First-Citizens
Bank
&
Trust
Company
360,000
6.125%, 
3/9/2028
357,342
Fortress
Transportation
and
Infrastructure
Investors,
LLC
112,000
6.500%, 
10/1/2025
h
105,214
60,000
9.750%, 
8/1/2027
h
58,669
FS
KKR
Capital
Corporation
299,000
4.250%, 
2/14/2025
h
277,346
450,000
3.400%, 
1/15/2026
397,050
Genworth
Mortgage
Holdings,
Inc.
91,000
6.500%, 
8/15/2025
h
86,968
Global
Net
Lease,
Inc.
230,000
3.750%, 
12/15/2027
h
179,404
Goldman
Sachs
Group,
Inc.
100,000
3.625%, 
2/20/2024
98,257
318,000
1.948%, 
10/21/2027
b
271,942
120,000
1.992%, 
1/27/2032
b
88,717
1,015,000
3.102%, 
2/24/2033
b
806,168
440,000
4.750%, 
10/21/2045
366,894
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Financials
(0.9%)
-
continued
HCP,
Inc.
$
87,000
3.400%, 
2/1/2025
$
83,347
HSBC
Holdings
plc
475,000
1.162%, 
11/22/2024
b
448,860
750,000
3.803%, 
3/11/2025
b
724,936
400,000
2.999%, 
3/10/2026
b
369,843
425,000
3.900%, 
5/25/2026
398,318
300,000
5.402%, 
8/11/2033
b
266,758
HUB
International,
Ltd.
65,000
7.000%, 
5/1/2026
h
61,647
137,000
5.625%, 
12/1/2029
h
114,395
Humana,
Inc.
170,000
2.150%, 
2/3/2032
129,180
Icahn
Enterprises,
LP
144,000
4.750%, 
9/15/2024
134,721
205,000
6.375%, 
12/15/2025
194,253
215,000
5.250%, 
5/15/2027
188,235
Intercontinental
Exchange,
Inc.
200,000
4.950%, 
6/15/2052
176,546
225,000
4.350%, 
6/15/2029
212,950
Intesa
Sanpaolo
SPA
49,000
5.017%, 
6/26/2024
h
45,688
Invitation
Homes
Operating
Partnership,
LP
282,000
2.000%, 
8/15/2031
202,301
iStar,
Inc.
205,000
4.250%, 
8/1/2025
198,860
J.P.
Morgan
Chase
&
Company
265,000
3.125%, 
1/23/2025
254,073
160,000
0.824%, 
6/1/2025
b
148,123
340,000
1.561%, 
12/10/2025
b
311,774
375,000
1.040%, 
2/4/2027
b
318,651
384,000
1.578%, 
4/22/2027
b
331,509
450,000
2.947%, 
2/24/2028
b
397,899
675,000
4.203%, 
7/23/2029
b
614,203
400,000
2.522%, 
4/22/2031
b
316,184
500,000
1.953%, 
2/4/2032
b
369,865
450,000
4.586%, 
4/26/2033
b
404,916
337,000
4.912%, 
7/25/2033
b
310,766
495,000
3.882%, 
7/24/2038
b
386,590
Jefferies
Finance,
LLC
104,000
5.000%, 
8/15/2028
h
76,700
KeyCorp
162,000
3.878%, 
5/23/2025
b
157,735
Kimco
Realty
Corporation
360,000
3.300%, 
2/1/2025
345,837
Lloyds
Banking
Group
plc
575,000
3.870%, 
7/9/2025
b
554,422
LPL
Holdings,
Inc.
180,000
4.000%, 
3/15/2029
h
154,382
Macquarie
Group,
Ltd.
332,000
1.201%, 
10/14/2025
b,h
302,224
Massachusetts
Mutual
Life
Insurance
Company
475,000
3.200%, 
12/1/2061
*
287,620
Mitsubishi
UFJ
Financial
Group,
Inc.
385,000
0.962%, 
10/11/2025
b
350,570
350,000
2.048%, 
7/17/2030
266,764
Molina
Healthcare,
Inc.
210,000
4.375%, 
6/15/2028
h
189,525
Morgan
Stanley
300,000
2.630%, 
2/18/2026
b
279,505
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
246
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Financials
(0.9%)
-
continued
$
250,000
2.188%, 
4/28/2026
b
$
229,319
540,000
4.350%, 
9/8/2026
514,309
720,000
3.591%, 
7/22/2028
b
647,705
620,000
3.622%, 
4/1/2031
b
535,822
394,000
5.297%, 
4/20/2037
b
354,032
360,000
2.802%, 
1/25/2052
b
217,331
MPT
Operating
Partnership,
LP
156,000
4.625%, 
8/1/2029
125,513
Nasdaq,
Inc.
335,000
3.250%, 
4/28/2050
219,726
Nationstar
Mortgage
Holdings,
Inc.
121,000
6.000%, 
1/15/2027
h
103,304
NatWest
Group
plc
250,000
4.445%, 
5/8/2030
b
219,375
Navient
Corporation
145,000
5.500%, 
1/25/2023
144,195
70,000
5.000%, 
3/15/2027
57,254
Necessity
Retail
REIT,
Inc.
211,000
4.500%, 
9/30/2028
h
157,250
Northern
Trust
Corporation
478,000
4.000%, 
5/10/2027
460,924
Omega
Healthcare
Investors,
Inc.
416,000
3.625%, 
10/1/2029
338,571
375,000
3.375%, 
2/1/2031
285,898
OneMain
Finance
Corporation
220,000
6.875%, 
3/15/2025
206,767
110,000
7.125%, 
3/15/2026
99,154
96,000
6.625%, 
1/15/2028
82,368
Owl
Rock
Capital
Corporation
115,000
4.250%, 
1/15/2026
105,172
Owl
Rock
Core
Income
Corporation
282,000
4.700%, 
2/8/2027
246,997
Owl
Rock
Technology
Finance
Corporation
115,000
4.750%, 
12/15/2025
h
103,515
Park
Intermediate
Holdings,
LLC
142,000
4.875%, 
5/15/2029
h
115,020
PennyMac
Financial
Services,
Inc.
90,000
4.250%, 
2/15/2029
h
64,107
Pine
Street
Trust
I
337,000
4.572%, 
2/15/2029
h
310,336
PNC
Financial
Services
Group,
Inc.
450,000
4.626%, 
6/6/2033
b
401,433
PRA
Group,
Inc.
89,000
7.375%, 
9/1/2025
h
86,102
Principal
Life
Global
Funding
II
375,000
1.250%, 
8/16/2026
h
321,616
Prudential
Financial,
Inc.
428,000
5.125%, 
3/1/2052
b
371,050
175,000
3.700%, 
3/13/2051
128,691
Radian
Group,
Inc.
145,000
4.875%, 
3/15/2027
128,541
Realty
Income
Corporation
300,000
4.125%, 
10/15/2026
287,212
325,000
2.850%, 
12/15/2032
260,145
Regency
Centers,
LP
470,000
4.125%, 
3/15/2028
431,608
RLJ
Lodging
Trust,
LP
61,000
3.750%, 
7/1/2026
h
52,098
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Financials
(0.9%)
-
continued
Rocket
Mortgage
Co-Issuer,
Inc.
$
190,000
3.625%, 
3/1/2029
h
$
146,234
Santander
UK
Group
Holdings
plc
460,000
1.673%, 
6/14/2027
b
382,429
Service
Properties
Trust
69,000
4.650%, 
3/15/2024
63,825
113,000
7.500%, 
9/15/2025
105,655
150,000
5.500%, 
12/15/2027
121,840
Simon
Property
Group,
LP
400,000
3.800%, 
7/15/2050
280,355
SLM
Corporation
60,000
4.200%, 
10/29/2025
53,711
Societe
Generale
SA
354,000
4.750%, 
11/24/2025
h
334,673
Spirit
Realty,
LP
400,000
2.100%, 
3/15/2028
317,843
Standard
Chartered
plc
409,000
1.822%, 
11/23/2025
b,h
370,957
State
Street
Corporation
155,000
4.421%, 
5/13/2033
b
143,009
Sumitomo
Mitsui
Financial
Group,
Inc.
336,000
3.010%, 
10/19/2026
305,682
275,000
1.710%, 
1/12/2031
200,180
Sumitomo
Mitsui
Trust
Bank,
Ltd.
480,000
0.800%, 
9/16/2024
h
439,790
Synchrony
Financial
45,000
4.250%, 
8/15/2024
43,877
UBS
Group
AG
325,000
4.488%, 
5/12/2026
b,h
313,233
200,000
4.703%, 
8/5/2027
b,h
189,600
UDR,
Inc.
400,000
2.100%, 
8/1/2032
288,831
United
Wholesale
Mortgage,
LLC
95,000
5.500%, 
4/15/2029
h
72,200
UnitedHealth
Group,
Inc.
337,000
4.750%, 
5/15/2052
301,416
112,000
4.950%, 
5/15/2062
99,713
460,000
4.625%, 
7/15/2035
423,216
USIS
Merger
Sub,
Inc.
49,000
6.875%, 
5/1/2025
h
47,103
Wells
Fargo
&
Company
350,000
3.000%, 
2/19/2025
332,676
250,000
3.000%, 
4/22/2026
229,080
350,000
3.000%, 
10/23/2026
317,237
338,000
3.526%, 
3/24/2028
b
306,132
550,000
2.393%, 
6/2/2028
b
471,679
310,000
4.900%, 
11/17/2045
253,523
Welltower,
Inc.
345,000
2.050%, 
1/15/2029
277,113
Willis
North
America,
Inc.
450,000
4.650%, 
6/15/2027
427,322
XHR,
LP
40,000
6.375%, 
8/15/2025
h
38,389
66,000
4.875%, 
6/1/2029
h
54,418
Total
55,024,933
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
575,000
2.625%, 
5/5/2031
h
457,556
Total
457,556
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
247
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Mortgage-Backed
Securities
(2.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
$
5,207,310
2.500%, 
5/1/2051
$
4,406,438
5,020,348
3.500%, 
6/1/2052
4,526,847
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
2,164,463
2.500%, 
7/1/2030
2,008,499
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
4,300,000
3.500%, 
10/1/2037
e
4,063,500
1,250,000
4.000%, 
10/1/2037
e
1,205,859
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
3,392,585
3.500%, 
5/1/2040
e
3,142,272
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
8,664,709
3.000%, 
1/1/2052
7,576,084
3,768,916
2.500%, 
2/1/2051
3,184,136
11,375,723
2.000%, 
3/1/2051
9,264,343
8,854,166
3.000%, 
3/1/2052
7,731,308
7,288,317
2.000%, 
4/1/2051
5,932,571
6,354,997
2.500%, 
4/1/2051
5,371,713
5,159,726
3.000%, 
4/1/2051
4,519,190
5,395,475
3.000%, 
5/1/2050
4,746,082
5,830,466
2.500%, 
7/1/2051
4,922,212
10,654,833
2.000%, 
8/1/2051
8,672,049
2,037,132
3.500%, 
9/1/2052
1,840,106
4,550,000
2.000%, 
10/1/2052
e
3,683,012
7,775,000
2.500%, 
10/1/2052
e
6,521,737
11,237,643
2.500%, 
12/1/2051
9,462,683
13,400,000
4.000%, 
10/1/2048
e
12,433,211
6,000,000
4.500%, 
10/1/2048
e
5,715,469
4,750,000
5.000%, 
10/1/2048
e
4,626,821
11,150,000
3.000%, 
10/1/2049
e
9,702,678
5,650,000
3.500%, 
10/1/2049
e
5,084,559
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
1,570,233
3.500%, 
7/1/2061
1,419,884
Total
141,763,263
Technology
(0.2%)
Advanced
Micro
Devices,
Inc.
225,000
4.393%, 
6/1/2052
190,217
Analog
Devices,
Inc.
525,000
2.950%, 
10/1/2051
349,564
Apple,
Inc.
395,000
2.650%, 
2/8/2051
259,331
735,000
3.750%, 
9/12/2047
594,160
Black
Knight
InfoServ,
LLC
192,000
3.625%, 
9/1/2028
h
162,924
Broadcom,
Inc.
206,000
3.469%, 
4/15/2034
h
154,552
452,000
3.137%, 
11/15/2035
h
316,716
500,000
3.187%, 
11/15/2036
h
341,973
250,000
4.926%, 
5/15/2037
h
206,143
CommScope
Technologies
Finance,
LLC
137,000
6.000%, 
6/15/2025
h
121,718
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Technology
(0.2%)
-
continued
CommScope,
Inc.
$
120,000
7.125%, 
7/1/2028
h
$
92,629
Dell
International,
LLC
894,000
6.020%, 
6/15/2026
897,601
Fiserv,
Inc.
475,000
2.250%, 
6/1/2027
410,099
480,000
2.650%, 
6/1/2030
389,161
Gartner,
Inc.
140,000
3.625%, 
6/15/2029
h
116,550
235,000
3.750%, 
10/1/2030
h
192,382
Global
Payments,
Inc.
337,000
5.300%, 
8/15/2029
316,930
Iron
Mountain,
Inc.
250,000
4.875%, 
9/15/2029
h
205,372
190,000
5.250%, 
7/15/2030
h
157,219
182,000
4.500%, 
2/15/2031
h
140,719
KLA
Corporation
338,000
3.300%, 
3/1/2050
237,415
Lam
Research
Corporation
600,000
2.875%, 
6/15/2050
391,209
Mastercard,
Inc.
350,000
3.950%, 
2/26/2048
288,941
Microchip
Technology,
Inc.
230,000
0.983%, 
9/1/2024
211,710
Microsoft
Corporation
145,000
3.041%, 
3/17/2062
98,936
335,000
3.700%, 
8/8/2046
277,594
Minerva
Merger
Sub,
Inc.
169,000
6.500%, 
2/15/2030
h
133,606
MSCI,
Inc.
200,000
4.000%, 
11/15/2029
h
172,740
NCR
Corporation
340,000
6.125%, 
9/1/2029
h
292,745
Nielsen
Finance,
LLC
150,000
4.500%, 
7/15/2029
h
149,336
NXP
BV/NXP
Funding,
LLC
150,000
5.550%, 
12/1/2028
144,869
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
106,000
4.300%, 
6/18/2029
94,919
250,000
3.250%, 
5/11/2041
163,965
Open
Text
Corporation
220,000
4.125%, 
2/15/2030
h
175,694
Oracle
Corporation
450,000
3.850%, 
7/15/2036
336,736
425,000
4.000%, 
7/15/2046
287,224
PTC,
Inc.
130,000
3.625%, 
2/15/2025
h
121,099
80,000
4.000%, 
2/15/2028
h
69,967
Rackspace
Technology
Global,
Inc.
180,000
5.375%, 
12/1/2028
h
84,590
Seagate
HDD
Cayman
267,000
3.125%, 
7/15/2029
195,639
220,000
3.375%, 
7/15/2031
153,603
Sensata
Technologies,
Inc.
139,000
3.750%, 
2/15/2031
h
109,491
Shift4
Payments,
LLC
60,000
4.625%, 
11/1/2026
h
54,712
SS&C
Technologies,
Inc.
380,000
5.500%, 
9/30/2027
h
346,634
Switch,
Ltd.
180,000
3.750%, 
9/15/2028
h
178,875
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
248
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Technology
(0.2%)
-
continued
Texas
Instruments,
Inc.
$
355,000
4.150%, 
5/15/2048
$
302,694
Viavi
Solutions,
Inc.
128,000
3.750%, 
10/1/2029
h
102,410
Visa,
Inc.
451,000
2.000%, 
8/15/2050
258,141
650,000
2.700%, 
4/15/2040
469,885
VMware,
Inc.
325,000
4.650%, 
5/15/2027
310,429
300,000
2.200%, 
8/15/2031
218,360
Total
12,050,128
Transportation
(0.1%)
Air
Canada
Pass
Through
Trust
68,210
3.875%, 
3/15/2023
h
67,375
Allegiant
Travel
Company
109,000
7.250%, 
8/15/2027
h
102,732
American
Airlines,
Inc.
229,000
11.750%, 
7/15/2025
h
239,154
397,000
5.500%, 
4/20/2026
h
372,850
Avis
Budget
Car
Rental,
LLC
150,000
5.375%, 
3/1/2029
f,h
123,172
Burlington
Northern
Santa
Fe,
LLC
309,000
2.875%, 
6/15/2052
201,797
355,000
5.750%, 
5/1/2040
359,306
285,000
4.450%, 
3/15/2043
246,775
Canadian
Pacific
Railway
Company
373,000
3.100%, 
12/2/2051
244,856
249,000
3.000%, 
12/2/2041
176,351
CSX
Corporation
360,000
3.800%, 
4/15/2050
271,774
Delta
Air
Lines,
Inc.
72,000
7.000%, 
5/1/2025
h
72,465
30,000
7.375%, 
1/15/2026
30,326
456,000
4.750%, 
10/20/2028
h
424,698
Hawaiian
Brand
Intellectual
Property,
Ltd.
34,000
5.750%, 
1/20/2026
h
29,988
Hertz
Corporation
137,000
4.625%, 
12/1/2026
h
111,294
165,000
5.000%, 
12/1/2029
h
122,719
Kansas
City
Southern
225,000
4.700%, 
5/1/2048
192,694
Mileage
Plus
Holdings,
LLC
535,800
6.500%, 
6/20/2027
h
524,430
Ryder
System,
Inc.
226,000
2.850%, 
3/1/2027
202,589
Southwest
Airlines
Company
512,000
2.625%, 
2/10/2030
410,712
Union
Pacific
Corporation
449,000
2.973%, 
9/16/2062
271,812
United
Airlines
Pass
Through
Trust
10,000
3.700%, 
12/1/2022
9,962
United
Airlines,
Inc.
134,000
4.375%, 
4/15/2026
h
119,595
112,000
4.625%, 
4/15/2029
h
92,673
VistaJet
Malta
Finance
plc
148,000
6.375%, 
2/1/2030
h
120,990
Total
5,143,089
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
U.S.
Government
&
Agencies
(3.8%)
U.S.
Treasury
Bonds
$
1,500,000
2.875%, 
5/15/2052
$
1,257,891
880,000
1.625%, 
11/15/2050
546,356
20,205,000
2.250%, 
11/15/2027
18,488,364
18,050,000
2.875%, 
5/15/2028
16,964,180
5,830,000
5.250%, 
11/15/2028
6,197,791
7,700,000
1.625%, 
8/15/2029
6,640,348
900,000
1.500%, 
2/15/2030
763,805
500,000
0.875%, 
11/15/2030
398,320
160,000
1.375%, 
11/15/2031
130,000
6,800,000
2.875%, 
5/15/2032
6,286,812
2,050,000
4.375%, 
5/15/2040
2,156,504
7,430,000
1.375%, 
11/15/2040
4,803,089
11,465,000
3.000%, 
5/15/2042
9,752,415
2,500,000
3.250%, 
5/15/2042
2,218,750
25,124,000
2.500%, 
5/15/2046
19,044,188
16,725,000
2.875%, 
5/15/2049
13,939,242
U.S.
Treasury
Notes
3,600,000
0.125%, 
4/30/2023
3,519,422
7,320,000
0.125%, 
8/31/2023
7,048,645
350,000
0.125%, 
10/15/2023
335,262
8,110,000
3.000%, 
6/30/2024
7,933,227
1,460,000
2.125%, 
7/31/2024
1,404,623
95,000
2.250%, 
11/15/2024
91,126
13,150,000
2.125%, 
11/30/2024
12,569,551
43,700,000
2.875%, 
5/31/2025
42,161,965
12,650,000
2.625%, 
1/31/2026
12,022,441
2,500,000
0.500%, 
2/28/2026
2,205,957
25,060,000
2.500%, 
2/28/2026
23,685,616
300,000
0.750%, 
1/31/2028
252,551
Total
222,818,441
Utilities
(0.2%)
AES
Corporation
450,000
3.950%, 
7/15/2030
h
385,335
Ameren
Illinois
Company
450,000
4.500%, 
3/15/2049
384,196
American
Electric
Power
Company,
Inc.
185,000
2.031%, 
3/15/2024
177,057
Appalachian
Power
Company
238,000
3.300%, 
6/1/2027
218,588
Berkshire
Hathaway
Energy
Company
450,000
4.600%, 
5/1/2053
h
378,887
375,000
4.500%, 
2/1/2045
312,859
Calpine
Corporation
135,000
4.500%, 
2/15/2028
h
118,934
CenterPoint
Energy
Resources
Corporation
350,000
1.750%, 
10/1/2030
269,278
CenterPoint
Energy,
Inc.
126,000
4.250%, 
11/1/2028
115,018
Commonwealth
Edison
Company
355,000
3.700%, 
3/1/2045
266,502
Consolidated
Edison
Company
of
New
York,
Inc.
168,000
4.500%, 
12/1/2045
139,202
450,000
4.125%, 
5/15/2049
349,235
Consumers
Energy
Company
550,000
4.350%, 
4/15/2049
468,352
DTE
Electric
Company
265,000
3.700%, 
3/15/2045
204,308
360,000
3.700%, 
6/1/2046
276,754
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
249
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Utilities
(0.2%)
-
continued
DTE
Energy
Company
$
125,000
4.220%, 
11/1/2024
$
122,554
Duke
Energy
Carolinas,
LLC
340,000
3.700%, 
12/1/2047
253,841
Duke
Energy
Florida,
LLC
320,000
3.200%, 
1/15/2027
300,041
Duke
Energy
Indiana,
LLC
450,000
3.750%, 
5/15/2046
337,168
Edison
International
675,000
5.750%, 
6/15/2027
660,934
Exelon
Corporation
275,000
4.700%, 
4/15/2050
229,980
336,000
4.450%, 
4/15/2046
274,258
ITC
Holdings
Corporation
224,000
5.300%, 
7/1/2043
198,833
Jersey
Central
Power
&
Light
Company
200,000
2.750%, 
3/1/2032
h
158,684
Mississippi
Power
Company
340,000
3.950%, 
3/30/2028
313,369
National
Rural
Utilities
Cooperative
Finance
Corporation
325,000
3.700%, 
3/15/2029
297,391
NextEra
Energy
Operating
Partners,
LP
250,000
3.875%, 
10/15/2026
h
227,500
NiSource
Finance
Corporation
415,000
5.650%, 
2/1/2045
384,145
NRG
Energy,
Inc.
260,000
3.375%, 
2/15/2029
h
210,506
337,000
4.450%, 
6/15/2029
h
292,314
80,000
5.250%, 
6/15/2029
h
70,000
Pacific
Gas
and
Electric
Company
350,000
3.300%, 
12/1/2027
294,856
199,000
4.550%, 
7/1/2030
170,531
PG&E
Corporation
160,000
5.000%, 
7/1/2028
137,593
PPL
Electric
Utilities
Corporation
204,000
3.950%, 
6/1/2047
163,220
Public
Service
Company
of
Colorado
337,000
4.500%, 
6/1/2052
291,992
San
Diego
Gas
&
Electric
Company
500,000
4.150%, 
5/15/2048
400,086
Southern
California
Edison
Company
485,000
4.000%, 
4/1/2047
353,357
Southern
Company
112,000
4.475%, 
8/1/2024
110,591
225,000
3.250%, 
7/1/2026
208,440
450,000
5.113%, 
8/1/2027
437,992
Southern
Company
Gas
Capital
Corporation
140,000
4.400%, 
5/30/2047
110,071
Southwestern
Electric
Power
Company
180,000
3.900%, 
4/1/2045
129,416
TerraForm
Power
Operating,
LLC
235,000
5.000%, 
1/31/2028
h
207,042
Virginia
Electric
and
Power
Company
425,000
4.600%, 
12/1/2048
367,205
Principal
Amount
Long-Term
Fixed
Income
(11.0%)
Value
Utilities
(0.2%)
-
continued
Vistra
Operations
Company,
LLC
$
315,000
5.125%, 
5/13/2025
h
$
304,967
230,000
5.000%, 
7/31/2027
h
207,747
Xcel
Energy,
Inc.
253,000
4.600%, 
6/1/2032
234,481
Total
12,525,610
Total
Long-Term
Fixed
Income
(cost
$725,718,874)
648,759,958
Shares
Collateral
Held
for
Securities
Loaned
(
0.5%
)
Value
30,132,286
Thrivent
Cash
Management
Trust
30,132,286
Total
Collateral
Held
for
Securities
Loaned
(cost
$30,132,286)
30,132,286
Shares
or
Principal
Amount
Short-Term
Investments
(
11.7%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
5,600,000
2.403%,
10/14/2022
m,n
5,594,820
100,000
2.520%,
10/19/2022
m,n
99,867
100,000
2.430%,
10/24/2022
m,n
99,826
7,400,000
2.616%,
10/28/2022
m,n
7,384,462
100,000
2.950%,
11/9/2022
m,n
99,677
900,000
2.918%,
11/18/2022
m,n
896,385
28,000,000
3.440%,
12/21/2022
m,n
27,791,186
Thrivent
Core
Short-Term
Reserve
Fund
63,666,193
3.170%
636,661,926
U.S.
Treasury
Bills
600,000
2.532%,
10/25/2022
m,o
599,071
11,200,000
2.616%,
11/17/2022
m,o,p
11,160,100
Total
Short-Term
Investments
(cost
$690,313,477)
690,387,320
Total
Investments
(cost
$5,982,498,076)
101.7%
$6,008,771,759
Other
Assets
and
Liabilities,
Net
(1.7%)
(101,819,150)
Total
Net
Assets
100.0%
$5,906,952,609
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
All
or
a
portion
of
the
security
is
on
loan.
g
Non-income
producing
security.
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
250
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,
2022,
the
value
of
these
investments
was
$123,757,797
or
2.1%
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,
2022.
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
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
The
interest
rate
shown
reflects
the
yield.
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,
2022,
$2,358,970
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
p
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderately
Aggressive
Allocation
Portfolio
as
of
September
30,
2022
was
$520,278
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,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
240,049
Massachusetts
Mutual
Life
Insurance
Company,
12/1/2061
11/18/2021
471,281
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
2,286,797
Common
Stock
22,602,304
Total
lending
$24,889,101
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$30,132,286
Net
amounts
due
to
counterparty
$5,243,185
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
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
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
251
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
6,445,237
5,607,210
838,027
Capital
Goods
7,269,955
5,162,042
2,107,913
Communications
Services
9,542,433
8,782,894
759,539
Consumer
Cyclical
5,807,645
5,807,645
Consumer
Non-Cyclical
5,243,428
4,660,807
582,621
Energy
1,532,607
1,532,607
Financials
2,142,612
1,961,312
181,300
Technology
1,964,243
1,690,083
274,160
Transportation
2,255,184
2,130,555
124,629
Utilities
1,098,016
1,098,016
Registered
Investment
Companies
Unaffiliated
55,193,510
55,193,510
Affiliated
2,316,277,807
2,226,572,094
89,705,713
Common
Stock
Communications
Services
123,505,754
123,427,537
78,217
Consumer
Discretionary
231,114,754
231,086,656
28,098
Consumer
Staples
78,584,274
78,584,274
Energy
64,736,818
64,736,818
Financials
227,123,233
225,785,759
1,337,474
Health
Care
267,306,727
267,306,727
Industrials
257,695,661
256,087,299
1,608,362
Information
Technology
406,283,211
404,608,409
1,674,802
Materials
68,921,520
67,798,465
1,123,055
Real
Estate
66,851,362
66,851,362
Utilities
38,475,082
38,475,082
Long-Term
Fixed
Income
Asset-Backed
Securities
36,846,719
35,688,110
1,158,609
Basic
Materials
5,315,241
5,315,241
Capital
Goods
12,604,202
12,604,202
Collateralized
Mortgage
Obligations
37,347,540
35,875,606
1,471,934
Commercial
Mortgage-Backed
Securities
29,199,058
29,199,058
Communications
Services
19,706,347
19,706,347
Consumer
Cyclical
20,715,981
20,715,981
Consumer
Non-Cyclical
20,448,503
20,448,503
Energy
16,793,347
16,793,347
Financials
55,024,933
55,024,933
Foreign
Government
457,556
457,556
Mortgage-Backed
Securities
141,763,263
141,763,263
Technology
12,050,128
12,050,128
Transportation
5,143,089
5,143,089
U.S.
Government
&
Agencies
222,818,441
222,818,441
Utilities
12,525,610
12,525,610
Short-Term
Investments
53,725,394
53,725,394
Subtotal
Investments
in
Securities
$4,947,856,425
$4,106,513,992
$833,815,603
$7,526,830
Other
Investments  *
Total
Affiliated
Short-Term
Investments
636,661,926
Affiliated
Registered
Investment
Companies
394,121,122
Collateral
Held
for
Securities
Loaned
30,132,286
Subtotal
Other
Investments
$
1,060,915,334
Total
Investments
at
Value
$6,008,771,759
*
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
252
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
67,792,977
67,792,977
Credit
Default
Swaps
213,980
213,980
Total
Asset
Derivatives
$68,006,957
$67,792,977
$213,980
$–
Liability
Derivatives
Futures
Contracts
101,107,608
101,107,608
Credit
Default
Swaps
36,442
36,442
Total
Liability
Derivatives
$101,144,050
$101,107,608
$36,442
$–
The
following
table
presents
Moderately
Aggressive
Allocation
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$41,171,426
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
255
December
2022
$
30,021,094
(
$
1,445,156)
CBOT
2-Yr.
U.S.
Treasury
Note
389
December
2022
81,192,586
(
1,295,631)
CBOT
5-Yr.
U.S.
Treasury
Note
389
December
2022
43,259,231
(
1,438,693)
CBOT
U.S.
Long
Bond
203
December
2022
27,798,976
(
2,138,508)
CME
E-mini
S&P
500
Index
4,600
December
2022
919,695,066
(
91,350,066)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
213
December
2022
31,466,465
(
2,285,465)
Ultra
10-Yr.
U.S.
Treasury
Note
166
December
2022
20,822,496
(
1,154,089
)
Total
Futures
Long
Contracts
$
1,154,255,914
(
$
101,107,608)
CBOT
2-Yr.
U.S.
Treasury
Note
(90)
December
2022
(
$
18,730,271)
$
245,114
CBOT
5-Yr.
U.S.
Treasury
Note
(93)
December
2022
(
10,359,085)
360,859
CME
E-mini
Russell
2000
Index
(1,842)
December
2022
(
170,576,408)
16,787,828
CME
E-mini
S&P
Mid-Cap
400
Index
(1,671)
December
2022
(
410,945,427)
41,955,207
ICE
mini
MSCI
EAFE
Index
(645)
December
2022
(
60,682,393)
7,128,043
ICE
US
mini
MSCI
Emerging
Markets
Index
(1,544)
December
2022
(
68,595,726)
1,315,926
Total
Futures
Short
Contracts
(
$
739,889,310)
$67,792,977
Total
Futures
Contracts
$
414,366,604
($33,314,631)
Moderately
Aggressive
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
253
The
following
table
presents
Moderately
Aggressive
Allocation
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$8,370,075
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
5,200,000
$
(
$
36,442)
(
$
36,442)
CDX
HY
39,
5
Year,
at
5.00%,
Quarterly
Sell
12/20/2027
(
74,700,000)
213,980
213,980
Total
Credit
Default
Swaps
$–
$177,538
$177,538
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
254
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$79,155
$2,480
$12,995
$50,269
7,100
0.9%
Core
Emerging
Markets
Equity
133,585
96,366
12,531
1.6
Core
International
Equity
43,631
30,982
4,003
0.5
Core
Low
Volatility
Equity
260,545
216,504
19,487
3.7
Core
Small
Cap
Value
100,540
89,706
10,834
1.5
Global
Stock
568,589
65,652
420,873
40,448
7.1
High
Yield
50,215
1,510
12,000
32,280
8,380
0.5
Income
158,989
7,065
28,000
104,784
12,703
1.8
International
Allocation
610,054
57,260
432,224
60,435
7.3
International
Index
47,308
1,194
34,234
3,508
0.6
Large
Cap
Value
675,808
57,005
574,111
30,852
9.7
Limited
Maturity
Bond
87,619
1,292
17,016
66,405
7,170
1.1
Mid
Cap
Stock
574,567
85,014
24,000
421,288
24,806
7.2
Small
Cap
Stock
172,324
28,262
140,374
8,450
2.4
Total
Affiliated
Registered
Investment
Companies
3,462,389
2,710,400
45.9
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
879,956
1,141,868
1,385,162
636,662
63,666
10.8
Total
Affiliated
Short-Term
Investments
879,956
636,662
10.8
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
22,516
1,103,460
1,095,844
30,132
30,132
0.5
Total
Collateral
Held
for
Securities
Loaned
22,516
30,132
0.5
Total
Value
$4,364,861
$
3,377,194
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($1,539)
($16,832)
$
$2,479
Core
Emerging
Markets
Equity
(37,219
)
Core
International
Equity
(12,649)
Core
Low
Volatility
Equity
(44,041)
Core
Small
Cap
Value
Fund
(10,834)
Global
Stock
(213,368)
60,268
5,384
High
Yield
(1,319)
(6,126)
1,509
Income
(746)
(32,524)
3,906
3,158
International
Allocation
(235,090)
43,188
14,072
International
Index
(14,268)
125
1,069
Large
Cap
Value
(158,702)
48,774
8,230
Limited
Maturity
Bond
(154)
(5,336)
239
1,052
Mid
Cap
Stock
8,022
(222,315)
83,528
1,486
Small
Cap
Stock
(60,212)
27,741
521
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
7,114
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$46,074
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
112
Total
Affiliated
Income
from
Securities
Loaned,
Net
$112
Total
Value
$4,264
($1,069,516)
$
267,769
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
255
Principal
Amount
Bank
Loans
(
2.3%
)
a
Value
Basic
Materials
(0.3%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
1,318,375
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
1,179,946
Gemini
HDPE,
LLC,
Term
Loan
828,967
5.810%, 
(LIBOR
3M
+
3.000%),
12/31/2027
b
791,664
Grinding
Media,
Inc.,
Term
Loan
1,331,550
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
1,185,079
Groupe
Solmax,
Inc.,
Term
Loan
1,155,882
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
1,020,066
Herens
US
Holdco
Corporation,
Term
Loan
1,214,694
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
1,078,041
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
794,000
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
738,420
INEOS
US
Petrochem,
LLC,
Term
Loan
982,562
5.865%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
914,196
Innophos
Holdings,
Inc.,
Term
Loan
585,000
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
565,256
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
2,080,721
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
1,880,451
Nouryon
USA,
LLC,
Term
Loan
1,134,406
5.865%, 
(LIBOR
1M
+
2.750%),
10/1/2025
b
1,062,087
Sparta
US
HoldCo,
LLC,
Term
Loan
193,538
5.803%, 
(LIBOR
1M
+
3.250%),
8/2/2028
b
183,257
Spectrum
Group
Buyer,
Inc.,
Term
Loan
1,594,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
1,528,742
Tronox
Finance,
LLC,
Term
Loan
530,792
5.830%, 
(LIBOR
1M
+
2.250%),
3/11/2028
b
503,058
Venator
Finance
SARL,
Term
Loan
697,158
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
603,913
Total
13,234,176
Capital
Goods
(0.5%)
ACProducts
Holdings,
Inc.,
Term
Loan
1,094,782
7.325%, 
(LIBOR
3M
+
4.250%),
5/17/2028
b
803,603
Advanced
Drainage
Systems,
Inc.,
Term
Loan
199,884
4.862%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b
199,884
AZZ,
Inc.,
Term
Loan
347,760
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
337,908
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Capital
Goods
(0.5%)
-
continued
Bingo
Industries,
Ltd.,
Term
Loan
$
475,200
7.174%, 
(LIBOR
3M
+
3.500%),
8/9/2028
b
$
427,086
BW
Holding,
Inc.,
Term
Loan
1,470,554
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
1,352,910
CP
Atlas
Buyer,
Inc.,
Term
Loan
748,799
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
649,209
EnergySolutions,
LLC,
Term
Loan
659,465
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
608,976
Foley
Products
Company,
LLC,
Term
Loan
1,088,434
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
1,028,570
GFL
Environmental,
Inc.,
Term
Loan
898,987
5.806%, 
(LIBOR
3M
+
3.000%),
5/31/2025
b
888,092
Graham
Packaging
Company,
Inc.,
Term
Loan
914,881
6.115%, 
(LIBOR
1M
+
3.000%),
8/4/2027
b
869,631
LABL,
Inc.,
Term
Loan
320,081
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
287,823
LRS
Holdings,
LLC,
Term
Loan
638,177
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
603,078
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
677,852
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
615,713
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
1,253,918
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
1,165,366
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
614,063
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
586,319
Quikrete
Holdings
Inc.,
Term
Loan
791,025
6.115%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
759,716
Secure
Acquisition,
Inc.,
Delayed
Draw
102,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
95,370
Secure
Acquisition,
Inc.,
Term
Loan
683,565
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
639,133
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
1,078,298
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
1,027,078
Tiger
Acquisition,
LLC,
Term
Loan
430,650
6.365%, 
(LIBOR
1M
+
3.250%),
6/1/2028
b
397,275
TransDigm,
Inc.,
Term
Loan
2,052,415
5.924%, 
(LIBOR
3M
+
2.250%),
12/9/2025
b
1,963,217
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
256
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Capital
Goods
(0.5%)
-
continued
TricorBraun
Holdings,
Inc.,
Term
Loan
$
1,145,848
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
$
1,073,946
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
99,430
6.300%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
94,011
Trident
TPI
Holdings,
Inc.,
Term
Loan
693,000
7.674%, 
(LIBOR
3M
+
4.000%),
9/17/2028
b
655,232
Vertiv
Group
Corporation,
Term
Loan
3,161,850
5.303%, 
(LIBOR
1M
+
2.750%),
3/2/2027
b
3,002,619
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
717,750
7.865%, 
(LIBOR
1M
+
4.750%),
8/12/2028
b
703,395
Total
20,835,160
Communications
Services
(0.5%)
Allen
Media,
LLC,
Term
Loan
373,234
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
321,448
Audacy
Capital
Corporation,
Term
Loan
744,856
5.613%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
615,840
Cablevision
Lightpath,
LLC,
Term
Loan
869,513
6.068%, 
(LIBOR
1M
+
3.250%),
12/1/2027
b
830,932
Cengage
Learning,
Inc.,
Term
Loan
1,306,800
7.814%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
1,180,001
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
995,801
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
886,571
CMG
Media
Corporation,
Term
Loan
1,193,738
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
1,115,154
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
1,033,767
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
995,001
DIRECTV
Financing,
LLC,
Term
Loan
1,365,000
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
1,268,262
E.W.
Scripps
Company,
Term
Loan
699,600
5.865%, 
(LIBOR
1M
+
2.750%),
1/7/2028
b
675,366
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
1,110,938
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
1,075,665
Gridiron
Fiber
Corporation,
Term
Loan
689,535
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
623,602
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Communications
Services
(0.5%)
-
continued
iHeartCommunications,
Inc.,
Term
Loan
$
622,524
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
$
583,392
Metronet
Systems
Holdings,
LLC,
Term
Loan
1,174,837
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
1,101,410
NEP
Group,
Inc.,
Term
Loan
1,453,375
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
1,337,105
347,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
312,647
Nexstar
Media,
Inc.,
Term
Loan
875,908
5.615%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
862,455
ORBCOMM,
Inc.,
Term
Loan
702,900
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
641,980
RLG
Holdings,
LLC,
Term
Loan
715,165
7.115%, 
(LIBOR
1M
+
4.000%),
7/8/2028
b
671,061
Univision
Communications,
Inc.,
Term
Loan
656,700
6.365%, 
(LIBOR
1M
+
3.250%),
1/31/2029
b
626,531
Voyage
Australia,
Pty.
Ltd.,
Term
Loan
668,250
6.210%, 
(LIBOR
3M
+
3.500%),
7/20/2028
b
641,941
Voyage
Digital
NZ/US,
Term
Loan
1,094,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
1,062,548
Xplornet
Communications,
Inc.,
Term
Loan
702,900
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
616,619
625,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
542,187
Zayo
Group
Holdings,
Inc.,
Term
Loan
1,905,316
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
1,586,423
Total
20,174,141
Consumer
Cyclical
(0.3%)
Adient
US,
LLC,
Term
Loan
340,688
6.365%, 
(LIBOR
1M
+
3.250%),
4/8/2028
b
320,887
American
Trailer
World
Corporation,
Term
Loan
1,141,307
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
1,032,403
Caesars
Resort
Collection,
LLC,
Term
Loan
336,051
6.615%, 
(LIBOR
1M
+
3.500%),
7/20/2025
b
330,624
Carnival
Corporation,
Term
Loan
650,025
5.877%, 
(LIBOR
3M
+
3.000%),
6/30/2025
b
588,273
CNT
Holdings
I
Corporation,
Term
Loan
581,150
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
552,610
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
257
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Consumer
Cyclical
(0.3%)
-
continued
$
165,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
$
155,513
Golden
Entertainment,
Inc.,
Term
Loan
1,548,750
6.090%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
1,530,165
Great
Canadian
Gaming
Corporation,
Term
Loan
440,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
419,100
HRNI
Holdings,
LLC,
Term
Loan
594,775
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
563,549
Petco
Health
&
Wellness
Company,
Inc.,
Term
Loan
1,024,400
6.924%, 
(LIBOR
3M
+
3.250%),
3/4/2028
b
965,179
PetSmart,
LLC,
Term
Loan
1,450,350
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
1,369,377
Prime
Security
Services
Borrower,
LLC,
Term
Loan
2,723,525
5.303%, 
(LIBOR
3M
+
2.750%),
9/23/2026
b
2,633,730
Staples,
Inc.,
Term
Loan
195,894
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
183,040
664,712
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
581,343
Tenneco,
Inc.,
Term
Loan
864,094
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
849,517
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
461,175
4.865%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
448,327
Total
12,523,637
Consumer
Non-Cyclical
(0.3%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
802,364
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
743,695
Alltech,
Inc.,
Term
Loan
615,350
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
588,687
Blue
Ribbon,
LLC,
Term
Loan
859,750
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
731,862
Chobani,
LLC,
Term
Loan
445,900
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
404,935
City
Brewing
Company,
LLC,
Term
Loan
1,553,649
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
1,206,672
Del
Monte
Foods,
Inc.,
Term
Loan
410,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
391,890
Energizer
Holdings,
Inc.,
Term
Loan
252,817
5.313%, 
(LIBOR
1M
+
2.250%),
12/22/2027
b
241,124
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
Gainwell
Acquisition
Corporation,
Term
Loan
$
1,595,639
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
$
1,517,054
Global
Medical
Response,
Inc.,
Term
Loan
3,464,735
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
2,995,264
Mamba
Purchaser,
Inc.,
Term
Loan
125,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
118,125
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
636,538
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
603,648
Pegasus
Bidco
BV,
Term
Loan
555,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
529,098
Precision
Medicine
Group,
LLC,
Delayed
Draw
44,800
0.000%, 
(LIBOR
1M
+
3.750%),
11/20/2027
b,c,d,e
41,328
Precision
Medicine
Group,
LLC,
Term
Loan
978,763
3.234%, 
(LIBOR
2M
+
3.000%),
11/20/2027
b,c
902,910
Sharp
Services,
LLC,
Term
Loan
261,685
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
245,984
Total
11,262,276
Energy
(0.1%)
CQP
Holdco,
LP,
Term
Loan
1,565,187
7.424%, 
(LIBOR
3M
+
3.750%),
6/4/2028
b
1,507,792
GIP
II
Blue
Holding,
LP,
Term
Loan
995,083
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
978,166
GIP
III
Stetson
I,
LP,
Term
Loan
941,847
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
896,526
Total
3,382,484
Financials
(0.1%)
Asurion,
LLC,
Term
Loan
1,247,775
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
1,055,156
438,325
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
368,850
820,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
615,000
735,000
8.365%, 
(LIBOR
1M
+
5.250%),
1/15/2029
b
558,600
Novae,
LLC,
Term
Loan
1,634,287
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
1,511,716
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
410,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
379,250
Total
4,488,572
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
258
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Technology
(0.1%)
CommScope,
Inc.,
Term
Loan
$
1,114,156
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
$
1,026,416
Peraton
Corporation,
Term
Loan
1,150,864
6.865%, 
(LIBOR
1M
+
3.750%),
2/1/2028
b
1,088,717
Rackspace
Technology
Global,
Inc.,
Term
Loan
1,753,300
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
1,243,020
Redstone
Holdco
2
LP,
Term
Loan
644,187
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
474,766
371,020
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
293,339
SS&C
Technologies,
Inc.,
Term
Loan
54,196
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
52,348
46,229
4.865%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
44,652
Venga
Finance
SARL,
Term
Loan
643,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
591,560
Verscend
Holding
Corporation,
Term
Loan
399,903
7.115%, 
(LIBOR
1M
+
4.000%),
8/27/2025
b
386,906
Total
5,201,724
Transportation
(0.1%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
2,130,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
2,059,710
Air
Canada,
Term
Loan
460,845
6.421%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
437,392
Genesee
&
Wyoming,
Inc.,
Term
Loan
1,170,000
5.674%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
1,135,696
Hertz
Corporation,
Term
Loan
350,562
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
331,064
66,904
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
63,183
Mileage
Plus
Holdings,
LLC,
Term
Loan
622,250
8.777%, 
(LIBOR
3M
+
5.250%),
6/20/2027
b
623,694
Rinchem
Company,
LLC,
Term
Loan
272,318
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
259,723
SkyMiles
IP,
Ltd.,
Term
Loan
745,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
745,581
United
Airlines,
Inc.,
Term
Loan
669,800
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
638,078
Total
6,294,121
Principal
Amount
Bank
Loans
(2.3%)
a
Value
Utilities
(<0.1%)
Calpine
Corporation,
Term
Loan
$
1,124,962
5.620%, 
(LIBOR
1M
+
2.500%),
12/16/2027
b
$
1,084,891
Constellation
Renewables,
LLC,
Term
Loan
377,485
5.570%, 
(LIBOR
3M
+
2.500%),
12/15/2027
b
368,897
Osmose
Utilities
Services,
Inc.,
Term
Loan
277,200
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
253,638
PG&E
Corporation,
Term
Loan
650,714
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
621,107
Total
2,328,533
Total
Bank
Loans
(cost
$107,558,043)
99,724,824
Principal
Amount
Long-Term
Fixed
Income
(
37.7%
)
Value
Asset-Backed
Securities
(1.8%)
510
Asset
Backed
Trust
1,900,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
1,735,476
Access
Group,
Inc.
318,811
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,f
311,556
Affirm
Asset
Securitization
Trust
3,000,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,f
2,896,523
AMSR
Trust
2,700,000
2.153%, 
6/17/2038,
Ser.
2021-SFR1,
Class
B
b,f
2,245,708
1,100,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
b,f
904,726
1,379,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
f
1,179,661
Ares
XL
CLO,
Ltd.
2,100,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
1,868,899
Bankers
Healthcare
Group
Securitization
Trust
1,300,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
f
1,296,750
Buttermilk
Park
CLO,
Ltd.
5,250,000
3.912%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,f
5,008,920
CarVal
CLO
II,
Ltd.
2,125,000
4.210%, 
(LIBOR
3M
+
1.500%),
4/20/2032,
Ser.
2019-1A,
Class
BR
b,f
1,988,358
1,225,000
4.710%, 
(LIBOR
3M
+
2.000%),
4/20/2032,
Ser.
2019-1A,
Class
CR
b,f
1,115,547
CarVal
CLO
VIII-C,
Ltd.
1,500,000
6.022%, 
(TSFR3M
+
2.300%),
10/20/2035,
Ser.
2022-2A,
Class
A
b,e,f
1,500,000
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
259
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Asset-Backed
Securities
(1.8%)
-
continued
$
1,000,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,f
$
1,000,000
CMFT
Net
Lease
Master
Issuer,
LLC
1,341,076
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
f
1,116,179
Commonbond
Student
Loan
Trust
309,602
3.584%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,f
304,500
Dryden
36
Senior
Loan
Fund
1,800,000
4.562%, 
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,f
1,698,500
FirstKey
Homes
Trust
4,500,000
4.493%, 
5/17/2039,
Ser.
2022-SFR1,
Class
B
f
4,206,949
Foundation
Finance
Trust
1,243,825
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
f
1,114,918
FRTKL
Trust
2,350,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
f
1,999,936
Galaxy
XIX
CLO,
Ltd.
1,650,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,f
1,497,928
Goodgreen
1,728,410
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
f
1,591,746
Home
Partners
of
America
Trust
2,535,857
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
f
2,193,113
2,132,043
2.078%, 
9/19/2041,
Ser.
2021-1,
Class
C
f
1,741,901
Laurel
Road
Prime
Student
Loan
Trust
134,903
2.810%, 
11/25/2042,
Ser.
2017-C,
Class
A2B
f
133,795
878,344
5.259%, 
11/25/2043,
Ser.
2018-D,
Class
A
b,f
823,944
Longfellow
Place
CLO,
Ltd.
3,900,000
4.262%, 
(LIBOR
3M
+
1.750%),
4/15/2029,
Ser.
2013-1A,
Class
BR3
b,f
3,810,351
950,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
912,862
Marlette
Funding
Trust
1,300,000
5.180%, 
11/15/2032,
Ser.
2022-3A,
Class
A
f
1,294,375
Mercury
Financial
Credit
Card
Master
Trust
2,600,000
2.500%, 
9/21/2026,
Ser.
2022-1A,
Class
A
f
2,462,909
National
Collegiate
Trust
739,208
3.379%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,f
714,041
Oak
Street
Investment
1,742,451
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
f
1,533,040
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Asset-Backed
Securities
(1.8%)
-
continued
OCP
CLO,
Ltd.
$
1,800,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,f
$
1,637,917
Octagon
Investment
Partners
XVI,
Ltd.
600,000
4.140%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,f
570,509
OZLM
IX,
Ltd.
1,250,000
4.260%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,f
1,176,828
Pretium
Mortgage
Credit
Partners,
LLC
1,473,201
5.240%, 
4/25/2052,
Ser.
2022-NPL2,
Class
A1
f,g
1,417,506
886,303
2.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
f,g
839,310
Progress
Residential
Trust
1,200,000
1.888%, 
5/17/2026,
Ser.
2021-SFR3,
Class
B
f
1,039,912
Renaissance
Home
Equity
Loan
Trust
2,167,539
5.580%, 
11/25/2036,
Ser.
2006-3,
Class
AF2
g
856,501
Saxon
Asset
Securities
Trust
860,035
3.243%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
715,841
Sound
Point
CLO
XIV,
Ltd.
2,600,000
4.833%, 
(LIBOR
3M
+
2.050%),
1/23/2029,
Ser.
2016-3A,
Class
CR
b,f
2,466,880
Sound
Point
CLO
XXI,
Ltd.
1,525,000
4.216%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,f
1,428,452
Stratus
CLO,
Ltd.
1,850,000
4.460%, 
(LIBOR
3M
+
1.750%),
12/29/2029,
Ser.
2021-1A,
Class
C
b,f
1,708,949
Tricon
Residential
Trust
1,500,000
2.244%, 
7/17/2038,
Ser.
2021-SFR1,
Class
B
f
1,311,278
U.S.
Small
Business
Administration
32,569
3.191%, 
3/10/2024,
Ser.
2014-10A,
Class
1
31,873
Upstart
Securitization
Trust
58,642
1.702%, 
11/20/2030,
Ser.
2020-3,
Class
A
f
58,560
VCAT
Asset
Securitization,
LLC
1,150,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
f,g
1,083,363
Vericrest
Opportunity
Loan
Transferee
1,334,121
1.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
f,g
1,238,409
1,800,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
1,560,495
1,375,000
4.826%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A2
f,g
1,154,845
1,400,000
4.949%, 
3/27/2051,
Ser.
2021-NPL4,
Class
A2
f,g
1,202,205
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
260
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Asset-Backed
Securities
(1.8%)
-
continued
$
994,025
2.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
f,g
$
919,375
900,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
773,539
825,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
f,g
745,931
Wind
River
CLO,
Ltd.
1,525,000
4.310%, 
(LIBOR
3M
+
1.600%),
7/20/2030,
Ser.
2013-1A,
Class
A2RR
b,f
1,460,726
1,275,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
1,183,382
Total
78,785,697
Basic
Materials
(0.3%)
Alcoa
Nederland
Holding
BV
595,000
5.500%, 
12/15/2027
f
554,927
Anglo
American
Capital
plc
675,000
3.875%, 
3/16/2029
f
580,037
Avient
Corporation
140,000
7.125%, 
8/1/2030
f
129,210
Cascades
USA,
Inc.
290,000
5.125%, 
1/15/2026
f,h
262,550
Chemours
Company
420,000
5.750%, 
11/15/2028
f
343,526
Cleveland-Cliffs,
Inc.
360,000
5.875%, 
6/1/2027
h
323,963
230,000
4.625%, 
3/1/2029
f,h
193,200
Consolidated
Energy
Finance
SA
688,000
5.625%, 
10/15/2028
f
551,913
Dow
Chemical
Company
600,000
4.800%, 
11/30/2028
571,189
DowDuPont,
Inc.
620,000
4.493%, 
11/15/2025
609,000
EverArc
Escrow
Sarl
333,000
5.000%, 
10/30/2029
f
268,813
First
Quantum
Minerals,
Ltd.
724,000
6.875%, 
10/15/2027
f
651,600
Glencore
Funding,
LLC
536,000
3.375%, 
9/23/2051
f
326,266
1,064,000
4.000%, 
3/27/2027
f
991,099
Hecla
Mining
Company
175,000
7.250%, 
2/15/2028
162,347
Hudbay
Minerals,
Inc.
410,000
4.500%, 
4/1/2026
f
340,866
Ingevity
Corporation
610,000
3.875%, 
11/1/2028
f
504,339
International
Flavors
and
Fragrances,
Inc.
660,000
3.468%, 
12/1/2050
f
431,985
Kinross
Gold
Corporation
470,000
5.950%, 
3/15/2024
473,363
Mercer
International,
Inc.
400,000
5.125%, 
2/1/2029
318,752
Methanex
Corporation
385,000
4.250%, 
12/1/2024
369,157
Mosaic
Company
900,000
4.050%, 
11/15/2027
837,503
Novelis
Corporation
160,000
3.250%, 
11/15/2026
f
133,557
210,000
4.750%, 
1/30/2030
f
172,200
160,000
3.875%, 
8/15/2031
f
119,347
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Basic
Materials
(0.3%)
-
continued
OCI
NV
$
278,000
4.625%, 
10/15/2025
f
$
258,258
Olin
Corporation
580,000
5.125%, 
9/15/2027
524,100
SCIL
USA
Holdings,
LLC
423,000
5.375%, 
11/1/2026
f
326,767
SPCM
SA
409,000
3.375%, 
3/15/2030
f
319,286
SunCoke
Energy,
Inc.
438,000
4.875%, 
6/30/2029
f
337,702
Taseko
Mines,
Ltd.
298,000
7.000%, 
2/15/2026
f
236,910
Unifrax
Escrow
Issuer
Corporation
373,000
5.250%, 
9/30/2028
f
286,460
United
States
Steel
Corporation
676,000
6.875%, 
3/1/2029
h
614,383
Total
13,124,575
Capital
Goods
(0.7%)
Advanced
Drainage
Systems,
Inc.
375,000
6.375%, 
6/15/2030
f
363,319
AECOM
645,000
5.125%, 
3/15/2027
601,982
Amsted
Industries,
Inc.
465,000
5.625%, 
7/1/2027
f
427,800
ARD
Finance
SA
131,000
6.500%, 
6/30/2027
f
89,696
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
280,000
5.250%, 
8/15/2027
f
175,204
294,000
5.250%, 
8/15/2027
f
183,965
Boeing
Company
1,225,000
5.930%, 
5/1/2060
1,047,874
750,000
5.040%, 
5/1/2027
722,521
1,250,000
5.705%, 
5/1/2040
1,091,828
Bombardier,
Inc.
240,000
7.125%, 
6/15/2026
f
220,121
520,000
7.875%, 
4/15/2027
f,h
478,400
350,000
6.000%, 
2/15/2028
f
292,836
Builders
FirstSource,
Inc.
265,000
5.000%, 
3/1/2030
f
225,250
Canpack
SA/Canpack
US
LLC
540,000
3.125%, 
11/1/2025
f
469,625
Carrier
Global
Corporation
714,000
3.577%, 
4/5/2050
494,286
875,000
2.700%, 
2/15/2031
703,423
Clydesdale
Acquisition
Holdings,
Inc.
55,000
6.625%, 
4/15/2029
f
50,047
110,000
8.750%, 
4/15/2030
f
90,973
CNH
Industrial
NV
700,000
3.850%, 
11/15/2027
638,703
Cornerstone
Building
Brands,
Inc.
283,000
6.125%, 
1/15/2029
f
157,914
Covert
Mergeco,
Inc.
208,000
4.875%, 
12/1/2029
f
168,118
CP
Atlas
Buyer,
Inc.
380,000
7.000%, 
12/1/2028
f,h
283,070
Crown
Cork
&
Seal
Company,
Inc.
333,000
7.375%, 
12/15/2026
333,000
GE
Capital
International
Funding
Company
1,759,000
4.418%, 
11/15/2035
1,575,925
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
261
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Capital
Goods
(0.7%)
-
continued
GFL
Environmental,
Inc.
$
339,000
4.000%, 
8/1/2028
f
$
282,550
550,000
3.500%, 
9/1/2028
f
463,820
H&E
Equipment
Services,
Inc.
697,000
3.875%, 
12/15/2028
f
547,145
Herc
Holdings,
Inc.
350,000
5.500%, 
7/15/2027
f
315,000
Howmet
Aerospace,
Inc.
900,000
3.000%, 
1/15/2029
735,264
805,000
5.950%, 
2/1/2037
727,507
Ingersoll-Rand
Luxembourg
Finance
SA
625,000
3.500%, 
3/21/2026
586,962
JELD-WEN,
Inc.
167,000
4.625%, 
12/15/2025
f
135,270
John
Deere
Capital
Corporation
536,000
4.350%, 
9/15/2032
509,387
L3Harris
Technologies,
Inc.
1,050,000
3.950%, 
5/28/2024
1,034,041
Lockheed
Martin
Corporation
774,000
4.500%, 
5/15/2036
708,627
284,000
6.150%, 
9/1/2036
300,239
Mauser
Packaging
Solutions
Holding
Company
335,000
5.500%, 
4/15/2024
f
318,250
420,000
7.250%, 
4/15/2025
f,h
369,461
MIWD
Holdco
II,
LLC
222,000
5.500%, 
2/1/2030
f
164,418
Nesco
Holdings
II,
Inc.
425,000
5.500%, 
4/15/2029
f
354,233
New
Enterprise
Stone
and
Lime
Company,
Inc.
531,000
5.250%, 
7/15/2028
f
438,885
Northrop
Grumman
Corporation
935,000
3.850%, 
4/15/2045
712,079
OI
European
Group
BV
444,000
4.750%, 
2/15/2030
f
352,980
Owens-Brockway
Glass
Container,
Inc.
168,000
5.875%, 
8/15/2023
f
165,900
Pactiv
Evergreen
Group
320,000
4.375%, 
10/15/2028
f
264,621
Parker-Hannifin
Corporation
1,091,000
4.500%, 
9/15/2029
1,028,498
PGT
Innovations,
Inc.
426,000
4.375%, 
10/1/2029
f
349,448
Raytheon
Technologies
Corporation
714,000
4.125%, 
11/16/2028
667,096
775,000
4.450%, 
11/16/2038
675,106
1,000,000
3.750%, 
11/1/2046
752,609
Republic
Services,
Inc.
850,000
2.900%, 
7/1/2026
780,849
Roper
Technologies,
Inc.
564,000
4.200%, 
9/15/2028
526,797
750,000
1.750%, 
2/15/2031
552,618
SRM
Escrow
Issuer,
LLC
615,000
6.000%, 
11/1/2028
f
499,835
Textron,
Inc.
710,000
3.375%, 
3/1/2028
632,302
Titan
Acquisition,
Ltd.
180,000
7.750%, 
4/15/2026
f
142,278
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Capital
Goods
(0.7%)
-
continued
TransDigm,
Inc.
$
370,000
6.250%, 
3/15/2026
f
$
358,900
1,130,000
5.500%, 
11/15/2027
982,761
United
Rentals
North
America,
Inc.
405,000
4.875%, 
1/15/2028
371,320
360,000
4.000%, 
7/15/2030
297,392
Victors
Merger
Corporation
204,000
6.375%, 
5/15/2029
f
122,118
Waste
Pro
USA,
Inc.
205,000
5.500%, 
2/15/2026
f
180,099
WESCO
Distribution,
Inc.
560,000
7.250%, 
6/15/2028
f
548,493
Total
29,841,038
Collateralized
Mortgage
Obligations
(2.0%)
Alternative
Loan
Trust
665,206
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
394,105
Bellemeade
Re,
Ltd.
1,198,975
4.031%, 
(SOFR30A
+
1.750%),
3/25/2031,
Ser.
2021-1A,
Class
M1A
b,f
1,195,889
BINOM
Securitization
Trust
1,174,250
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
b,f
1,022,587
CHNGE
Mortgage
Trust
2,850,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,f
2,784,483
Citicorp
Mortgage
Securities,
Inc.
1,107,161
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
962,457
COLT
Mortgage
Loan
Trust
2,246,041
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
b,f
1,900,134
Countrywide
Alternative
Loan
Trust
795,706
2.539%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
673,456
1,116,960
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
435,545
Countrywide
Home
Loans,
Inc.
195,889
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
104,152
Credit
Suisse
Mortgage
Trust
1,300,000
3.346%, 
1/25/2067,
Ser.
2022-ATH1,
Class
A1B
b,f
1,105,401
1,875,000
4.000%, 
2/25/2067,
Ser.
2022-NQM2,
Class
A1B
b,f
1,641,694
2,039,526
1.174%, 
7/25/2066,
Ser.
2021-NQM6,
Class
A1
b,f
1,629,570
1,500,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,f
1,464,053
1,240,009
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,f
1,055,867
4,558,496
3.436%, 
2/25/2060,
Ser.
2020-RPL2,
Class
A12
b,f
4,457,904
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
83,768
6.000%, 
10/25/2022,
Ser.
2006-AR5,
Class
23A
59,749
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
4,488,530
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
4,340,393
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
262
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Collateralized
Mortgage
Obligations
(2.0%)
-
continued
$
239,881
4.000%, 
7/15/2031,
Ser.
4104,
Class
KI
i
$
3,898
1,466,799
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
i
144,893
1,560,122
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
i
178,439
3,891,631
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
3,859,239
2,650,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
2,093,582
Federal
National
Mortgage
Association
8,500,000
5.250%, 
10/31/2052,
Ser.
CITI-8187,
Class
E525
e
8,489,375
Federal
National
Mortgage
Association
-
REMIC
3,390,841
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
3,321,797
2,022,864
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
1,947,775
2,350,536
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
i
112,124
3,808,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
3,736,749
Flagstar
Mortgage
Trust
1,296,720
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
1,118,827
FWD
Securitization
Trust
713,800
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,f
675,340
GCAT
Trust
1,777,153
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
b,f
1,531,943
GS
Mortgage-Backed
Securities
Trust
2,735,791
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
b,f
2,256,921
J.P.
Morgan
Mortgage
Trust
2,402,528
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
b,f
1,907,853
1,726,567
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
1,345,790
Legacy
Mortgage
Asset
Trust
331,323
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
f,g
323,091
LHOME
Mortgage
Trust
800,000
2.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
f,g
756,426
2,200,000
2.090%, 
9/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
2,115,221
Mello
Mortgage
Capital
Acceptance
2,374,760
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
b,f
1,861,312
Merrill
Lynch
Alternative
Note
Asset
Trust
186,049
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
79,442
New
Residential
Mortgage
Loan
Trust
4,564,316
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
b,f
3,624,533
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Collateralized
Mortgage
Obligations
(2.0%)
-
continued
New
York
Mortgage
Trust
$
2,300,000
2.239%, 
5/25/2026,
Ser.
2021-BPL1,
Class
A1
f,g
$
2,167,561
1,442,114
2.944%, 
10/25/2060,
Ser.
2020-SP2,
Class
A1
b,f
1,386,456
Oaktown
Re
VII,
Ltd.
1,250,000
3.881%, 
(SOFR30A
+
1.600%),
4/25/2034,
Ser.
2021-2,
Class
M1A
b,f
1,227,249
Oaktown
Re,
Ltd.
1,335,271
3.931%, 
(SOFR30A
+
1.650%),
10/25/2033,
Ser.
2021-1A,
Class
M1A
b,f
1,332,738
Onslow
Bay
Financial,
LLC
1,400,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
b,f
1,255,872
Palisades
Mortgage
Loan
Trust
3,450,000
2.857%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
f,g
3,234,310
Preston
Ridge
Partners
Mortgage
Trust,
LLC
1,617,366
2.115%, 
1/25/2026,
Ser.
2021-1,
Class
A1
b,f
1,500,632
Residential
Accredit
Loans,
Inc.
Trust
581,472
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
483,693
Residential
Asset
Securitization
Trust
1,709,386
5.375%, 
7/25/2035,
Ser.
2005-A8CB,
Class
A9
1,053,249
ROC
Securities
Trust
Series
2,000,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
1,871,715
Sequoia
Mortgage
Trust
649,353
3.034%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
460,731
Toorak
Mortgage
Corporation,
Ltd.
2,000,000
2.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
f,g
1,897,432
TRK
Trust
1,710,673
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
b,f
1,481,970
Vericrest
Opportunity
Loan
Transferee
1,477,944
2.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
f,g
1,355,368
Verus
Securitization
Trust
1,006,897
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
b,f
853,093
Total
88,274,078
Commercial
Mortgage-Backed
Securities
(1.6%)
BANK
2021-BNK36
2,400,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
1,928,227
BANK
2022-BNK39
9,724,260
0.427%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
b,i
288,368
2,650,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
2,205,664
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
263
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Commercial
Mortgage-Backed
Securities
(1.6%)
-
continued
BANK
2022-BNK40
$
3,000,000
3.507%, 
3/15/2064,
Ser.
2022-BNK40,
Class
A4
b
$
2,605,817
BBCMS
Mortgage
Trust
5,442,397
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,i
241,872
1,500,000
2.946%, 
2/15/2055,
Ser.
2022-C14,
Class
A5
b
1,251,269
2,000,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
1,770,776
1,600,000
4.600%, 
6/15/2055,
Ser.
2022-C16,
Class
A5
b
1,526,828
2,900,000
2.492%, 
7/15/2054,
Ser.
2021-C10,
Class
A5
2,359,990
17,310,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,i
1,427,956
1,900,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
1,553,662
14,487,648
1.852%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
b,i
1,429,673
Benchmark
Mortgage
Trust
3,900,000
2.669%, 
12/15/2054,
Ser.
2021-B31,
Class
A5
3,171,904
BFLD
Trust
825,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
783,628
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
5,900,000
2.920%, 
6/25/2032,
Ser.
K146,
Class
A2
j
5,159,149
Federal
Home
Loan
Mortgage
Corporation
Multifamily
WI
Certificates
7,500,000
3.000%, 
8/25/2032,
Ser.
K147,
Class
A2
6,602,921
4,750,000
3.500%, 
9/25/2032,
Ser.
K148,
Class
A2
f
4,351,057
7,500,000
3.530%, 
10/25/2032,
Ser.
K149,
Class
A2
6,875,240
5,650,000
3.710%, 
11/25/2032,
Ser.
K150,
Class
A2
5,255,391
10,000,000
3.780%, 
12/25/2032,
Ser.
K152,
Class
A2
9,313,344
7,150,000
3.800%, 
12/25/2032,
Ser.
K151,
Class
A2
6,670,841
Morgan
Stanley
Capital
I
Trust
14,812,656
1.973%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
b,i
1,530,242
Total
68,303,819
Communications
Services
(1.1%)
Activision
Blizzard,
Inc.
1,071,000
2.500%, 
9/15/2050
646,602
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
371,000
10.500%, 
2/15/2028
f
183,645
Altice
Financing
SA
190,000
5.750%, 
8/15/2029
f
145,392
Altice
France
SA
200,000
8.125%, 
2/1/2027
f
178,750
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Communications
Services
(1.1%)
-
continued
$
381,000
5.125%, 
7/15/2029
f
$
284,649
346,000
5.500%, 
10/15/2029
f
260,325
AMC
Networks,
Inc.
289,000
4.750%, 
8/1/2025
258,231
American
Tower
Corporation
450,000
3.375%, 
10/15/2026
411,182
700,000
2.900%, 
1/15/2030
575,405
AT&T,
Inc.
805,000
3.650%, 
6/1/2051
543,823
1,129,000
3.500%, 
9/15/2053
752,299
1,200,000
2.300%, 
6/1/2027
1,048,822
1,550,000
4.350%, 
3/1/2029
1,449,110
1,090,000
4.900%, 
8/15/2037
966,947
CCO
Holdings,
LLC
130,000
5.500%, 
5/1/2026
f
123,175
640,000
5.125%, 
5/1/2027
f
577,600
71,000
6.375%, 
9/1/2029
f
65,185
770,000
4.750%, 
3/1/2030
f
624,662
510,000
4.500%, 
8/15/2030
f
403,328
96,000
4.750%, 
2/1/2032
f
74,763
350,000
4.250%, 
1/15/2034
f
250,523
Cengage
Learning,
Inc.
433,000
9.500%, 
6/15/2024
f,h
405,937
Charter
Communications
Operating,
LLC
700,000
4.500%, 
2/1/2024
691,880
900,000
4.200%, 
3/15/2028
808,007
1,225,000
3.500%, 
6/1/2041
782,822
Clear
Channel
Worldwide
Holdings,
Inc.
337,000
5.125%, 
8/15/2027
f
284,676
331,000
7.750%, 
4/15/2028
f,h
249,905
Comcast
Corporation
690,000
2.887%, 
11/1/2051
432,099
750,000
3.950%, 
10/15/2025
728,594
1,250,000
4.250%, 
10/15/2030
1,157,352
690,000
4.400%, 
8/15/2035
609,909
1,115,000
4.750%, 
3/1/2044
961,595
Consolidated
Communications,
Inc.
339,000
5.000%, 
10/1/2028
f
235,748
Cox
Communications,
Inc.
875,000
3.350%, 
9/15/2026
f
805,724
CSC
Holdings,
LLC
960,000
5.375%, 
2/1/2028
f
837,600
313,000
6.500%, 
2/1/2029
f
276,222
86,000
4.125%, 
12/1/2030
f
64,259
Cumulus
Media
New
Holdings,
Inc.
167,000
6.750%, 
7/1/2026
f
140,873
DIRECTV
Holdings,
LLC
495,000
5.875%, 
8/15/2027
f
426,744
Discovery
Communications,
LLC
1,420,000
4.900%, 
3/11/2026
1,373,878
DISH
DBS
Corporation
194,000
5.250%, 
12/1/2026
f
158,934
142,000
7.375%, 
7/1/2028
95,615
261,000
5.750%, 
12/1/2028
f
197,248
218,000
5.125%, 
6/1/2029
128,075
Entercom
Media
Corporation
517,000
6.500%, 
5/1/2027
f
126,665
Frontier
Communications
Corporation
167,000
6.750%, 
5/1/2029
f
137,775
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
264
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Communications
Services
(1.1%)
-
continued
Frontier
Communications
Holdings,
LLC
$
457,000
5.875%, 
10/15/2027
f
$
409,577
103,000
8.750%, 
5/15/2030
f
103,066
GCI,
LLC
405,000
4.750%, 
10/15/2028
f
336,253
Gray
Escrow
II,
Inc.
800,000
5.375%, 
11/15/2031
f
627,540
Gray
Television,
Inc.
395,000
4.750%, 
10/15/2030
f
296,030
Hughes
Satellite
Systems
Corporation
270,000
6.625%, 
8/1/2026
245,021
iHeartCommunications,
Inc.
390,000
4.750%, 
1/15/2028
f
325,065
Iliad
Holding
SASU
510,000
6.500%, 
10/15/2026
f
445,944
LCPR
Senior
Secured
Financing
DAC
324,000
6.750%, 
10/15/2027
f
268,920
Level
3
Financing,
Inc.
765,000
4.625%, 
9/15/2027
f
633,099
320,000
4.250%, 
7/1/2028
f
249,603
Lumen
Technologies,
Inc.
317,000
5.125%, 
12/15/2026
f
272,750
Magallanes,
Inc.
939,000
5.141%, 
3/15/2052
f
682,483
805,000
4.054%, 
3/15/2029
f
695,269
805,000
5.050%, 
3/15/2042
f
602,336
Meta
Platforms,
Inc.
1,073,000
3.850%, 
8/15/2032
f
943,304
Netflix,
Inc.
270,000
4.875%, 
4/15/2028
252,697
450,000
5.875%, 
11/15/2028
439,101
480,000
5.375%, 
11/15/2029
f
451,200
450,000
4.875%, 
6/15/2030
f
411,227
NTT
Finance
Corporation
940,000
4.372%, 
7/27/2027
f
911,729
Omnicom
Group,
Inc.
530,000
3.600%, 
4/15/2026
502,005
330,000
4.200%, 
6/1/2030
299,527
Playtika
Holding
Corporation
348,000
4.250%, 
3/15/2029
f
278,310
Radiate
Holdco,
LLC
235,000
6.500%, 
9/15/2028
f
163,912
Scripps
Escrow
II,
Inc.
156,000
3.875%, 
1/15/2029
f
124,363
215,000
5.375%, 
1/15/2031
f,h
162,867
Scripps
Escrow,
Inc.
270,000
5.875%, 
7/15/2027
f
234,900
Sinclair
Television
Group,
Inc.
610,000
5.500%, 
3/1/2030
f
438,401
Sirius
XM
Radio,
Inc.
535,000
5.000%, 
8/1/2027
f
490,863
295,000
4.000%, 
7/15/2028
f
250,921
Sprint
Capital
Corporation
273,000
6.875%, 
11/15/2028
280,508
430,000
8.750%, 
3/15/2032
498,263
Sprint
Corporation
1,255,000
7.625%, 
2/15/2025
1,286,472
TEGNA,
Inc.
586,000
4.625%, 
3/15/2028
541,026
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Communications
Services
(1.1%)
-
continued
Telesat
Canada
$
215,000
4.875%, 
6/1/2027
f
$
100,972
80,000
6.500%, 
10/15/2027
f
29,600
T-Mobile
USA,
Inc.
1,343,000
3.600%, 
11/15/2060
861,933
280,000
2.875%, 
2/15/2031
225,635
2,147,000
3.500%, 
4/15/2031
1,804,146
900,000
4.375%, 
4/15/2040
732,856
Twitter,
Inc.
88,000
3.875%, 
12/15/2027
f
82,520
United
States
Cellular
Corporation
360,000
6.700%, 
12/15/2033
324,103
Uniti
Group,
LP
130,000
4.750%, 
4/15/2028
f
102,696
Univision
Communications,
Inc.
559,000
6.625%, 
6/1/2027
f
527,535
Verizon
Communications,
Inc.
806,000
3.000%, 
11/20/2060
468,128
476,000
2.100%, 
3/22/2028
401,846
1,450,000
2.650%, 
11/20/2040
945,047
VTR
Finance
NV
270,000
6.375%, 
7/15/2028
f
149,175
VZ
Secured
Financing
BV
561,000
5.000%, 
1/15/2032
f
419,121
Walt
Disney
Company
1,073,000
3.600%, 
1/13/2051
795,320
YPSO
Finance
BIS
SA
176,000
10.500%, 
5/15/2027
f
137,853
Zayo
Group
Holdings,
Inc.
243,000
4.000%, 
3/1/2027
f
194,995
Total
45,400,587
Consumer
Cyclical
(1.1%)
1011778
B.C.,
ULC
640,000
4.375%, 
1/15/2028
f
554,560
Allied
Universal
Finance
Corporation
285,000
4.625%, 
6/1/2028
f
215,175
Allied
Universal
Holdco,
LLC
230,000
6.625%, 
7/15/2026
f
204,987
330,000
4.625%, 
6/1/2028
f
254,206
235,000
6.000%, 
6/1/2029
f
151,663
Allison
Transmission,
Inc.
590,000
3.750%, 
1/30/2031
f
452,288
Amazon.com,
Inc.
670,000
3.875%, 
8/22/2037
582,394
American
Axle
&
Manufacturing,
Inc.
660,000
6.500%, 
4/1/2027
h
559,350
Arko
Corporation
264,000
5.125%, 
11/15/2029
f
205,920
Ashton
Woods
USA,
LLC
260,000
4.625%, 
8/1/2029
f
188,774
160,000
4.625%, 
4/1/2030
f
114,584
Boyd
Gaming
Corporation
395,000
4.750%, 
6/15/2031
f
319,831
Boyne
USA,
Inc.
305,000
4.750%, 
5/15/2029
f
255,509
Brookfield
Residential
Properties,
Inc.
370,000
6.250%, 
9/15/2027
f
310,589
Caesars
Entertainment,
Inc.
608,000
6.250%, 
7/1/2025
f
585,960
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
265
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Cyclical
(1.1%)
-
continued
$
135,000
8.125%, 
7/1/2027
f,h
$
128,936
426,000
4.625%, 
10/15/2029
f,h
325,499
Carnival
Corporation
26,000
10.500%, 
2/1/2026
f
25,725
397,000
7.625%, 
3/1/2026
f
301,720
829,000
5.750%, 
3/1/2027
f
580,756
Cedar
Fair,
LP
176,000
5.375%, 
4/15/2027
163,486
388,000
5.250%, 
7/15/2029
h
332,941
Churchill
Downs,
Inc.
265,000
4.750%, 
1/15/2028
f
229,245
Cinemark
USA,
Inc.
450,000
5.875%, 
3/15/2026
f,h
376,279
Clarios
Global,
LP
205,000
8.500%, 
5/15/2027
f
195,670
Cushman
&
Wakefield
US
Borrower,
LLC
202,000
6.750%, 
5/15/2028
f
187,365
D.R.
Horton,
Inc.
550,000
2.600%, 
10/15/2025
504,976
Daimler
Trucks
Finance
North
America,
LLC
839,000
2.000%, 
12/14/2026
f
721,987
Dana,
Inc.
425,000
5.625%, 
6/15/2028
350,689
Empire
Communities
Corporation
281,000
7.000%, 
12/15/2025
f
233,171
Expedia
Group,
Inc.
1,350,000
3.250%, 
2/15/2030
1,094,863
Ford
Motor
Company
636,000
3.250%, 
2/12/2032
458,130
359,000
6.100%, 
8/19/2032
316,494
Ford
Motor
Credit
Company,
LLC
859,000
2.300%, 
2/10/2025
761,329
1,100,000
4.134%, 
8/4/2025
998,305
690,000
2.700%, 
8/10/2026
572,279
Forestar
Group,
Inc.
275,000
3.850%, 
5/15/2026
f
226,191
General
Motors
Company
700,000
6.125%, 
10/1/2025
700,303
1,150,000
6.800%, 
10/1/2027
1,162,201
934,000
5.000%, 
4/1/2035
766,207
General
Motors
Financial
Company,
Inc.
450,000
1.500%, 
6/10/2026
382,441
GLP
Capital,
LP
1,004,000
5.750%, 
6/1/2028
940,154
Goodyear
Tire
&
Rubber
Company
270,000
5.000%, 
7/15/2029
220,414
200,000
5.250%, 
7/15/2031
160,000
Guitar
Center
Escrow
Issuer
II,
Inc.
127,000
8.500%, 
1/15/2026
f
112,507
Hanesbrands,
Inc.
367,000
4.875%, 
5/15/2026
f
329,915
Hilton
Domestic
Operating
Company,
Inc.
725,000
4.875%, 
1/15/2030
630,750
163,000
3.625%, 
2/15/2032
f
124,841
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
535,000
5.000%, 
6/1/2029
f
431,799
Home
Depot,
Inc.
555,000
5.400%, 
9/15/2040
547,043
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Cyclical
(1.1%)
-
continued
$
840,000
4.250%, 
4/1/2046
$
709,644
700,000
3.900%, 
6/15/2047
556,944
Hyundai
Capital
America
1,000,000
1.800%, 
1/10/2028
f
796,551
Hyundai
Capital
Services,
Inc.
535,000
2.125%, 
4/24/2025
f
489,840
International
Game
Technology
plc
445,000
5.250%, 
1/15/2029
f
394,168
Jacobs
Entertainment,
Inc.
223,000
6.750%, 
2/15/2029
f
190,802
KB
Home
360,000
4.800%, 
11/15/2029
289,829
Kia
Corporation
535,000
2.375%, 
2/14/2025
f
497,198
Kohl's
Corporation
653,000
3.375%, 
5/1/2031
403,293
715,000
5.550%, 
7/17/2045
428,063
L
Brands,
Inc.
600,000
6.625%, 
10/1/2030
f
522,000
140,000
6.875%, 
11/1/2035
116,953
Lennar
Corporation
1,225,000
4.750%, 
5/30/2025
1,206,216
Lowe's
Companies,
Inc.
536,000
5.625%, 
4/15/2053
495,698
1,350,000
2.625%, 
4/1/2031
1,085,350
Macy's
Retail
Holdings,
LLC
390,000
5.875%, 
4/1/2029
f
312,975
Magic
MergerCo,
Inc.
265,000
5.250%, 
5/1/2028
f
186,025
Marriott
International,
Inc.
75,000
5.750%, 
5/1/2025
75,740
885,000
4.625%, 
6/15/2030
799,757
Mattamy
Group
Corporation
306,000
5.250%, 
12/15/2027
f
253,637
McDonald's
Corporation
650,000
2.125%, 
3/1/2030
529,681
1,115,000
4.450%, 
3/1/2047
934,062
MDC
Holdings,
Inc.
1,100,000
2.500%, 
1/15/2031
735,103
MGM
Resorts
International
760,000
6.000%, 
3/15/2023
760,228
NCL
Corporation,
Ltd.
412,000
3.625%, 
12/15/2024
f
346,474
166,000
5.875%, 
2/15/2027
f
138,195
Nissan
Motor
Acceptance
Company,
LLC
880,000
1.125%, 
9/16/2024
f
799,740
PACCAR
Financial
Corporation
804,000
4.950%, 
10/3/2025
e
806,644
PENN
Entertainment,
Inc.
395,000
4.125%, 
7/1/2029
f,h
302,355
PetSmart,
Inc./PetSmart
Finance
Corporation
520,000
4.750%, 
2/15/2028
f
445,010
350,000
7.750%, 
2/15/2029
f
312,879
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
688,000
5.750%, 
4/15/2026
f
647,367
305,000
6.250%, 
1/15/2028
f
260,278
Realogy
Group,
LLC
500,000
5.750%, 
1/15/2029
f
360,625
Rite
Aid
Corporation
146,000
7.500%, 
7/1/2025
f
111,080
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
266
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Cyclical
(1.1%)
-
continued
Royal
Caribbean
Cruises,
Ltd.
$
590,000
9.125%, 
6/15/2023
f
$
600,325
169,000
11.500%, 
6/1/2025
f
179,563
455,000
4.250%, 
7/1/2026
f
334,464
368,000
9.250%, 
1/15/2029
e,f
362,611
Scientific
Games
International,
Inc.
490,000
7.250%, 
11/15/2029
f
456,048
62,000
6.625%, 
3/1/2030
f
49,699
SeaWorld
Parks
and
Entertainment,
Inc.
161,000
5.250%, 
8/15/2029
f
133,694
Six
Flags
Theme
Parks,
Inc.
136,000
7.000%, 
7/1/2025
f
135,943
Staples,
Inc.
314,000
7.500%, 
4/15/2026
f
263,638
284,000
10.750%, 
4/15/2027
f
210,515
Station
Casinos,
LLC
307,000
4.625%, 
12/1/2031
f,h
231,873
Target
Corporation
805,000
2.950%, 
1/15/2052
541,180
Tenneco,
Inc.
490,000
5.000%, 
7/15/2026
h
476,525
Toll
Brothers
Finance
Corporation
900,000
3.800%, 
11/1/2029
728,580
Travel
+
Leisure
Company
282,000
6.625%, 
7/31/2026
f
264,161
TripAdvisor,
Inc.
84,000
7.000%, 
7/15/2025
f
81,666
Uber
Technologies,
Inc.
310,000
6.250%, 
1/15/2028
f,h
288,300
VICI
Properties,
LP/VICI
Note
Company,
Inc.
1,489,000
4.625%, 
6/15/2025
f
1,401,190
500,000
5.750%, 
2/1/2027
f
471,140
342,000
3.750%, 
2/15/2027
f
299,544
Volkswagen
Group
of
America
Finance,
LLC
638,000
4.350%, 
6/8/2027
f
599,245
Wabash
National
Corporation
426,000
4.500%, 
10/15/2028
f
330,237
Walmart,
Inc.
804,000
4.500%, 
9/9/2052
753,818
825,000
3.250%, 
7/8/2029
754,249
Wyndham
Hotels
&
Resorts,
Inc.
215,000
4.375%, 
8/15/2028
f
188,990
Yum!
Brands,
Inc.
500,000
4.750%, 
1/15/2030
f
436,955
Total
48,424,958
Consumer
Non-Cyclical
(1.1%)
1375209
BC,
Ltd.
208,000
9.000%, 
1/30/2028
f
206,440
Abbott
Laboratories
1,000,000
4.750%, 
11/30/2036
975,370
AbbVie,
Inc.
575,000
2.950%, 
11/21/2026
526,791
1,250,000
4.300%, 
5/14/2036
1,084,068
450,000
4.850%, 
6/15/2044
390,639
675,000
4.875%, 
11/14/2048
593,505
Albertson's
Companies,
Inc.
521,000
4.625%, 
1/15/2027
f
465,681
566,000
3.500%, 
3/15/2029
f
456,196
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Altria
Group,
Inc.
$
427,000
5.800%, 
2/14/2039
$
372,847
Amgen,
Inc.
1,375,000
4.200%, 
2/22/2052
1,077,861
Anheuser-Busch
Companies,
LLC
660,000
4.700%, 
2/1/2036
594,820
Anheuser-Busch
InBev
Worldwide,
Inc.
1,875,000
4.750%, 
4/15/2058
1,538,769
1,350,000
4.375%, 
4/15/2038
1,152,698
Aramark
Services,
Inc.
175,000
6.375%, 
5/1/2025
f
171,500
524,000
5.000%, 
2/1/2028
f
466,732
Archer-Daniels-Midland
Company
770,000
2.700%, 
9/15/2051
507,218
AstraZeneca
plc
1,400,000
3.000%, 
5/28/2051
970,407
Avantor
Funding,
Inc.
545,000
4.625%, 
7/15/2028
f
485,020
B&G
Foods,
Inc.
167,000
5.250%, 
9/15/2027
135,303
Bausch
Health
Companies,
Inc.
153,000
5.500%, 
11/1/2025
f,h
121,543
335,000
4.875%, 
6/1/2028
f
215,975
370,000
11.000%, 
9/30/2028
f
297,850
73,000
14.000%, 
10/15/2030
f
39,785
Becton,
Dickinson
and
Company
291,000
3.794%, 
5/20/2050
217,651
865,000
3.700%, 
6/6/2027
804,964
Bristol-Myers
Squibb
Company
1,344,000
3.550%, 
3/15/2042
1,051,458
Bunge,
Ltd.
Finance
Corporation
940,000
2.750%, 
5/14/2031
739,429
Cargill,
Inc.
486,000
3.125%, 
5/25/2051
f
333,683
Central
Garden
&
Pet
Company
500,000
4.125%, 
10/15/2030
397,988
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
399,000
4.625%, 
11/15/2028
f
339,365
Community
Health
Systems,
Inc.
96,000
8.000%, 
12/15/2027
f
75,960
290,000
6.000%, 
1/15/2029
f
213,146
316,000
6.875%, 
4/15/2029
f
152,640
Conagra
Brands,
Inc.
935,000
4.300%, 
5/1/2024
920,208
Constellation
Brands,
Inc.
1,120,000
3.600%, 
2/15/2028
1,024,119
475,000
2.875%, 
5/1/2030
393,988
Coty,
Inc.
313,000
5.000%, 
4/15/2026
f
284,971
CVS
Health
Corporation
1,295,000
4.875%, 
7/20/2035
1,169,329
Danaher
Corporation
516,000
2.800%, 
12/10/2051
331,964
Edgewell
Personal
Care
Company
290,000
5.500%, 
6/1/2028
f
259,300
Eli
Lilly
and
Company
721,000
2.500%, 
9/15/2060
426,456
Embecta
Corporation
128,000
6.750%, 
2/15/2030
f
118,171
Encompass
Health
Corporation
615,000
4.500%, 
2/1/2028
526,743
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
267
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Energizer
Holdings,
Inc.
$
455,000
4.750%, 
6/15/2028
f
$
360,492
General
Mills,
Inc.
550,000
2.875%, 
4/15/2030
467,339
H.
J.
Heinz
Company
140,000
5.200%, 
7/15/2045
121,643
HCA,
Inc.
682,000
5.375%, 
2/1/2025
673,935
921,000
3.500%, 
9/1/2030
760,488
HFC
Prestige
Products,
Inc.
493,000
4.750%, 
1/15/2029
f
417,073
HLF
Financing
SARL,
LLC
726,000
4.875%, 
6/1/2029
f
518,106
Imperial
Brands
Finance
plc
1,200,000
3.875%, 
7/26/2029
f
1,019,047
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
804,000
4.375%, 
2/2/2052
f
538,889
533,000
5.500%, 
1/15/2030
f
492,359
743,000
3.000%, 
5/15/2032
f
548,706
Johnson
&
Johnson
1,150,000
4.375%, 
12/5/2033
1,107,796
Kimberly-Clark
Corporation
710,000
3.900%, 
5/4/2047
568,972
Kraft
Heinz
Foods
Company
900,000
3.875%, 
5/15/2027
841,122
900,000
4.375%, 
6/1/2046
699,658
Mattel,
Inc.
475,000
3.375%, 
4/1/2026
f
423,908
670,000
5.450%, 
11/1/2041
561,317
Medtronic,
Inc.
804,000
4.375%, 
3/15/2035
732,801
Mozart
Debt
Merger
Sub,
Inc.
391,000
3.875%, 
4/1/2029
f
313,461
262,000
5.250%, 
10/1/2029
f
197,810
Newell
Brands,
Inc.
774,000
4.450%, 
4/1/2026
712,080
Organon
&
Company
384,000
4.125%, 
4/30/2028
f
328,320
Owens
&
Minor,
Inc.
276,000
6.625%, 
4/1/2030
f
242,880
PepsiCo,
Inc.
500,000
4.200%, 
7/18/2052
442,301
Performance
Food
Group,
Inc.
243,000
4.250%, 
8/1/2029
f
202,322
Perrigo
Finance
Unlimited
Company
624,000
4.375%, 
3/15/2026
572,520
Pfizer,
Inc.
1,090,000
2.700%, 
5/28/2050
736,412
Pilgrim's
Pride
Corporation
384,000
3.500%, 
3/1/2032
f
289,486
Post
Holdings,
Inc.
356,000
5.750%, 
3/1/2027
f
339,556
158,000
5.625%, 
1/15/2028
f
144,210
150,000
5.500%, 
12/15/2029
f
129,675
322,000
4.500%, 
9/15/2031
f
259,210
Primo
Water
Holdings,
Inc.
333,000
4.375%, 
4/30/2029
f
270,873
Reynolds
American,
Inc.
952,000
5.700%, 
8/15/2035
805,107
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Roche
Holdings,
Inc.
$
768,000
4.000%, 
11/28/2044
f
$
651,272
Scotts
Miracle-Gro
Company
249,000
4.500%, 
10/15/2029
180,524
SEG
Holding,
LLC
560,000
5.625%, 
10/15/2028
f
513,793
Simmons
Foods,
Inc.
660,000
4.625%, 
3/1/2029
f
539,550
Spectrum
Brands,
Inc.
250,000
5.000%, 
10/1/2029
f
198,872
210,000
5.500%, 
7/15/2030
f
164,206
Syneos
Health,
Inc.
450,000
3.625%, 
1/15/2029
f
358,326
Sysco
Corporation
1,200,000
6.600%, 
4/1/2040
1,260,513
Takeda
Pharmaceutical
Company,
Ltd.
800,000
3.175%, 
7/9/2050
530,719
Teleflex,
Inc.
630,000
4.250%, 
6/1/2028
f
547,955
Tenet
Healthcare
Corporation
144,000
4.625%, 
7/15/2024
139,245
274,000
6.250%, 
2/1/2027
f
255,683
1,120,000
5.125%, 
11/1/2027
f
1,004,962
205,000
6.125%, 
10/1/2028
f
179,598
Teva
Pharmaceutical
Finance
Netherlands
III
BV
574,000
3.150%, 
10/1/2026
470,967
Thermo
Fisher
Scientific,
Inc.
560,000
2.000%, 
10/15/2031
441,434
TreeHouse
Foods,
Inc.
438,000
4.000%, 
9/1/2028
h
349,257
United
Natural
Foods,
Inc.
278,000
6.750%, 
10/15/2028
f
254,259
Zoetis,
Inc.
670,000
4.700%, 
2/1/2043
586,485
Total
48,096,045
Energy
(0.9%)
Antero
Resources
Corporation
330,000
5.375%, 
3/1/2030
f,h
296,693
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
480,000
6.250%, 
4/1/2028
f
421,918
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
220,000
6.625%, 
7/15/2026
f
205,150
BP
Capital
Markets
America,
Inc.
1,345,000
2.939%, 
6/4/2051
854,193
500,000
3.543%, 
4/6/2027
467,377
Buckeye
Partners,
LP
480,000
3.950%, 
12/1/2026
418,646
Callon
Petroleum
Company
317,000
8.250%, 
7/15/2025
308,180
177,000
7.500%, 
6/15/2030
f,h
154,964
Canadian
Natural
Resources,
Ltd.
340,000
2.050%, 
7/15/2025
309,989
430,000
2.950%, 
7/15/2030
353,796
Cheniere
Corpus
Christi
Holdings,
LLC
330,000
2.742%, 
12/31/2039
238,005
Cheniere
Energy
Partners,
LP
159,000
3.250%, 
1/31/2032
122,089
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
268
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Energy
(0.9%)
-
continued
Cheniere
Energy,
Inc.
$
427,000
4.625%, 
10/15/2028
$
391,700
Chesapeake
Energy
Corporation
585,000
6.750%, 
4/15/2029
f
560,793
CNX
Resources
Corporation
265,000
6.000%, 
1/15/2029
f
241,813
Comstock
Resources,
Inc.
330,000
5.875%, 
1/15/2030
f
287,415
Continental
Resources,
Inc.
371,000
2.268%, 
11/15/2026
f
316,595
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
306,000
5.500%, 
6/15/2031
f
259,037
CrownRock
Finance,
Inc.
384,000
5.625%, 
10/15/2025
f
367,630
Devon
Energy
Corporation
1,644,000
4.500%, 
1/15/2030
1,496,386
DT
Midstream,
Inc.
405,000
4.125%, 
6/15/2029
f
342,225
135,000
4.375%, 
6/15/2031
f
111,337
Enbridge,
Inc.
1,250,000
2.500%, 
2/14/2025
1,174,052
Endeavor
Energy
Resources,
LP
372,000
5.750%, 
1/30/2028
f
353,817
Energy
Transfer,
LP
700,000
4.000%, 
10/1/2027
634,835
765,000
4.900%, 
3/15/2035
642,844
600,000
5.150%, 
2/1/2043
473,719
1,090,000
6.000%, 
6/15/2048
941,750
EnLink
Midstream
Partners,
LP
440,000
4.850%, 
7/15/2026
404,089
Enterprise
Products
Operating,
LLC
1,100,000
3.300%, 
2/15/2053
715,625
EQM
Midstream
Partners,
LP
280,000
4.750%, 
1/15/2031
f
222,250
EQT
Corporation
806,000
6.125%, 
2/1/2025
807,032
805,000
3.900%, 
10/1/2027
732,548
Equinor
ASA
625,000
3.000%, 
4/6/2027
576,734
Exxon
Mobil
Corporation
1,200,000
3.452%, 
4/15/2051
893,572
Ferrellgas,
LP
276,000
5.375%, 
4/1/2026
f
242,880
Halliburton
Company
900,000
4.850%, 
11/15/2035
785,162
537,000
5.000%, 
11/15/2045
445,914
Harvest
Midstream,
LP
638,000
7.500%, 
9/1/2028
f
596,312
Hess
Midstream
Operations,
LP
350,000
5.625%, 
2/15/2026
f
332,239
192,000
5.500%, 
10/15/2030
f
164,822
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
430,000
5.750%, 
2/1/2029
f
375,934
318,000
6.250%, 
4/15/2032
f
281,688
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
200,000
6.375%, 
4/15/2027
f
191,000
Howard
Midstream
Energy
Partners,
LLC
409,000
6.750%, 
1/15/2027
f
364,405
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Energy
(0.9%)
-
continued
ITT
Holdings,
LLC
$
380,000
6.500%, 
8/1/2029
f
$
294,793
Laredo
Petroleum,
Inc.
655,000
7.750%, 
7/31/2029
f,h
603,510
Magellan
Midstream
Partners,
LP
750,000
5.000%, 
3/1/2026
740,702
Marathon
Petroleum
Corporation
336,000
6.500%, 
3/1/2041
332,722
MEG
Energy
Corporation
355,000
7.125%, 
2/1/2027
f
360,325
MPLX,
LP
660,000
4.875%, 
6/1/2025
646,767
1,073,000
4.950%, 
9/1/2032
974,799
Murphy
Oil
Corporation
240,000
5.875%, 
12/1/2027
224,338
Nabors
Industries,
Ltd.
505,000
7.250%, 
1/15/2026
f
439,410
National
Fuel
Gas
Company
975,000
5.500%, 
1/15/2026
957,520
NuStar
Logistics,
LP
500,000
5.750%, 
10/1/2025
463,385
Oasis
Petroleum,
Inc.
335,000
6.375%, 
6/1/2026
f
318,250
Occidental
Petroleum
Corporation
130,000
8.500%, 
7/15/2027
139,126
280,000
6.450%, 
9/15/2036
280,000
ONEOK,
Inc.
860,000
2.200%, 
9/15/2025
781,889
Ovintiv
Exploration,
Inc.
560,000
5.375%, 
1/1/2026
553,867
Precision
Drilling
Corporation
335,000
6.875%, 
1/15/2029
f
295,773
Range
Resources
Corporation
331,000
4.750%, 
2/15/2030
f,h
287,053
Sabine
Pass
Liquefaction,
LLC
1,800,000
4.500%, 
5/15/2030
1,639,745
Schlumberger
Holdings
Corporation
880,000
4.000%, 
12/21/2025
f
848,364
SM
Energy
Company
304,000
6.625%, 
1/15/2027
h
291,804
200,000
6.500%, 
7/15/2028
h
190,065
Southwestern
Energy
Company
219,000
5.375%, 
2/1/2029
198,589
295,000
5.375%, 
3/15/2030
265,810
191,000
4.750%, 
2/1/2032
160,077
Suburban
Propane
Partners,
LP
560,000
5.875%, 
3/1/2027
528,305
Sunoco,
LP
385,000
5.875%, 
3/15/2028
349,366
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
640,000
5.500%, 
1/15/2028
f
546,275
Targa
Resources
Corporation
939,000
4.200%, 
2/1/2033
781,998
Teine
Energy,
Ltd.
280,000
6.875%, 
4/15/2029
f
251,521
Transocean
Proteus,
Ltd.
123,750
6.250%, 
12/1/2024
f
116,325
Transocean,
Inc.
265,000
11.500%, 
1/30/2027
f
245,109
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
269
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Energy
(0.9%)
-
continued
USA
Compression
Partners,
LP
$
371,000
6.875%, 
4/1/2026
$
341,320
Venture
Global
Calcasieu
Pass,
LLC
389,000
3.875%, 
8/15/2029
f
333,715
235,000
4.125%, 
8/15/2031
f
194,925
W&T
Offshore,
Inc.
166,000
9.750%, 
11/1/2023
f
162,711
Weatherford
International,
Ltd.
423,000
8.625%, 
4/30/2030
f
368,367
Western
Midstream
Operating,
LP
440,000
3.950%, 
6/1/2025
413,600
230,000
5.500%, 
8/15/2048
186,013
Williams
Companies,
Inc.
537,000
5.300%, 
8/15/2052
467,396
900,000
7.500%, 
1/15/2031
965,475
Total
39,420,258
Financials
(3.0%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
112,000
7.000%, 
11/15/2025
f
102,300
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
1,210,000
3.500%, 
1/15/2025
1,137,087
950,000
3.875%, 
1/23/2028
819,947
475,000
3.400%, 
10/29/2033
344,631
Air
Lease
Corporation
1,350,000
3.000%, 
2/1/2030
1,069,085
400,000
2.875%, 
1/15/2032
301,482
Aircastle,
Ltd.
565,000
5.250%, 
8/11/2025
f
531,851
Alliant
Holdings
Intermediate,
LLC
211,000
6.750%, 
10/15/2027
f
181,838
Ally
Financial,
Inc.
1,270,000
5.750%, 
11/20/2025
1,231,767
900,000
8.000%, 
11/1/2031
943,522
American
Express
Company
950,000
3.375%, 
5/3/2024
926,331
1,050,000
2.250%, 
3/4/2025
984,050
American
Homes
4
Rent,
LP
880,000
2.375%, 
7/15/2031
663,505
American
International
Group,
Inc.
1,347,000
3.900%, 
4/1/2026
1,285,790
AmWINS
Group,
Inc.
255,000
4.875%, 
6/30/2029
f
211,666
ANZ
Bank
New
Zealand,
Ltd.
550,000
5.548%, 
8/11/2032
b,f
530,995
Ares
Capital
Corporation
397,000
3.250%, 
7/15/2025
362,628
975,000
3.875%, 
1/15/2026
887,063
450,000
2.150%, 
7/15/2026
377,133
Associated
Banc-Corporation
650,000
4.250%, 
1/15/2025
632,041
Australia
and
New
Zealand
Banking
Group,
Ltd.
500,000
2.950%, 
7/22/2030
b,f
454,332
Aviation
Capital
Group,
LLC
880,000
5.500%, 
12/15/2024
f
851,890
Avolon
Holdings
Funding,
Ltd.
700,000
5.250%, 
5/15/2024
f
679,175
250,000
4.250%, 
4/15/2026
f
224,167
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Financials
(3.0%)
-
continued
Banco
Santander
Mexico
SA
$
675,000
5.375%, 
4/17/2025
f
$
656,276
Banco
Santander
SA
1,000,000
4.175%, 
3/24/2028
b
901,121
Bank
of
America
Corporation
500,000
1.734%, 
7/22/2027
b
428,964
1,210,000
3.824%, 
1/20/2028
b
1,113,734
450,000
2.087%, 
6/14/2029
b
365,686
1,200,000
2.496%, 
2/13/2031
b
946,875
1,250,000
1.922%, 
10/24/2031
b
924,622
804,000
2.972%, 
2/4/2033
b
628,528
1,609,000
4.571%, 
4/27/2033
b
1,441,160
1,075,000
3.846%, 
3/8/2037
b
867,313
Bank
of
Montreal
799,000
1.500%, 
1/10/2025
734,910
Barclays
plc
1,185,000
4.972%, 
5/16/2029
b
1,066,390
825,000
5.746%, 
8/9/2033
b
749,466
Berkshire
Hathaway
Finance
Corporation
1,071,000
2.850%, 
10/15/2050
688,126
Blackstone
Private
Credit
Fund
799,000
2.700%, 
1/15/2025
724,251
BNP
Paribas
SA
1,340,000
3.132%, 
1/20/2033
b,f
1,016,505
BPCE
SA
860,000
3.500%, 
10/23/2027
f
756,129
Brookfield
Property
REIT,
Inc.
222,000
5.750%, 
5/15/2026
f
200,692
Camden
Property
Trust
1,500,000
3.150%, 
7/1/2029
1,310,174
Capital
One
Financial
Corporation
1,000,000
4.200%, 
10/29/2025
961,517
805,000
2.636%, 
3/3/2026
b
747,967
Centene
Corporation
505,000
4.250%, 
12/15/2027
461,924
272,000
4.625%, 
12/15/2029
244,419
580,000
3.000%, 
10/15/2030
459,325
900,000
2.625%, 
8/1/2031
678,306
Charles
Schwab
Corporation
1,340,000
2.450%, 
3/3/2027
1,202,519
Chubb
INA
Holdings,
Inc.
737,000
4.350%, 
11/3/2045
622,367
Citigroup,
Inc.
721,000
0.981%, 
5/1/2025
b
668,036
1,240,000
4.400%, 
6/10/2025
1,205,190
528,000
1.281%, 
11/3/2025
b
482,322
620,000
3.200%, 
10/21/2026
567,962
1,404,000
3.668%, 
7/24/2028
b
1,263,988
415,000
4.125%, 
7/25/2028
374,374
700,000
3.520%, 
10/27/2028
b
624,842
1,141,000
4.910%, 
5/24/2033
b
1,049,715
Coinbase
Global,
Inc.
112,000
3.625%, 
10/1/2031
f
62,099
Commerzbank
AG
1,100,000
8.125%, 
9/19/2023
f
1,084,030
Corebridge
Financial,
Inc.
1,073,000
4.400%, 
4/5/2052
f
815,540
402,000
4.350%, 
4/5/2042
f
309,284
Credit
Acceptance
Corporation
450,000
5.125%, 
12/31/2024
*
418,785
Credit
Agricole
SA
550,000
6.875%, 
9/23/2024
b,f,k
506,561
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
270
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Financials
(3.0%)
-
continued
Credit
Suisse
Group
AG
$
775,000
7.250%, 
9/12/2025
b,f,k
$
592,810
1,375,000
2.193%, 
6/5/2026
b,f
1,195,547
Danske
Bank
AS
400,000
0.976%, 
9/10/2025
b,f
362,205
900,000
3.244%, 
12/20/2025
b,f
836,672
Deutsche
Bank
AG
112,000
4.296%, 
5/24/2028
b
99,885
950,000
3.729%, 
1/14/2032
b
639,775
Discover
Bank
1,410,000
4.682%, 
8/9/2028
b
1,352,062
Drawbridge
Special
Opportunities
Fund,
LP
600,000
3.875%, 
2/15/2026
f
544,614
Duke
Realty,
LP
700,000
2.875%, 
11/15/2029
596,096
Elevance
Health
Inc.
900,000
3.125%, 
5/15/2050
595,302
725,000
4.625%, 
5/15/2042
625,722
EPR
Properties
355,000
4.950%, 
4/15/2028
305,553
541,000
3.600%, 
11/15/2031
386,522
ERP
Operating,
LP
267,000
3.375%, 
6/1/2025
253,849
First
Horizon
Bank
225,000
5.750%, 
5/1/2030
218,277
First
Horizon
National
Corporation
900,000
4.000%, 
5/26/2025
867,773
First-Citizens
Bank
&
Trust
Company
660,000
6.125%, 
3/9/2028
655,126
Fortress
Transportation
and
Infrastructure
Investors,
LLC
279,000
6.500%, 
10/1/2025
f
262,096
139,000
9.750%, 
8/1/2027
f
135,916
FS
KKR
Capital
Corporation
955,000
4.250%, 
2/14/2025
f
885,838
1,137,000
3.400%, 
1/15/2026
1,003,212
Genworth
Mortgage
Holdings,
Inc.
209,000
6.500%, 
8/15/2025
f
199,739
Global
Net
Lease,
Inc.
575,000
3.750%, 
12/15/2027
f
448,511
Goldman
Sachs
Group,
Inc.
1,000,000
3.625%, 
2/20/2024
982,568
684,000
1.948%, 
10/21/2027
b
584,932
230,000
1.992%, 
1/27/2032
b
170,042
2,413,000
3.102%, 
2/24/2033
b
1,916,536
460,000
4.750%, 
10/21/2045
383,571
HCP,
Inc.
173,000
3.400%, 
2/1/2025
165,736
HSBC
Holdings
plc
1,502,000
1.162%, 
11/22/2024
b
1,419,343
1,525,000
3.803%, 
3/11/2025
b
1,474,037
1,000,000
2.999%, 
3/10/2026
b
924,608
1,040,000
3.900%, 
5/25/2026
974,706
800,000
5.402%, 
8/11/2033
b
711,355
HUB
International,
Ltd.
150,000
7.000%, 
5/1/2026
f
142,262
260,000
5.625%, 
12/1/2029
f
217,100
Humana,
Inc.
335,000
2.150%, 
2/3/2032
254,561
Icahn
Enterprises,
LP
455,000
4.750%, 
9/15/2024
425,680
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Financials
(3.0%)
-
continued
$
390,000
6.375%, 
12/15/2025
$
369,554
465,000
5.250%, 
5/15/2027
407,112
Intercontinental
Exchange,
Inc.
650,000
4.950%, 
6/15/2052
573,775
537,000
4.350%, 
6/15/2029
508,240
Intesa
Sanpaolo
SPA
112,000
5.017%, 
6/26/2024
f
104,430
Invitation
Homes
Operating
Partnership,
LP
670,000
2.000%, 
8/15/2031
480,644
iStar,
Inc.
505,000
4.250%, 
8/1/2025
489,874
J.P.
Morgan
Chase
&
Company
470,000
3.125%, 
1/23/2025
450,619
450,000
0.824%, 
6/1/2025
b
416,595
774,000
1.561%, 
12/10/2025
b
709,744
725,000
1.040%, 
2/4/2027
b
616,058
714,000
1.578%, 
4/22/2027
b
616,400
1,075,000
2.947%, 
2/24/2028
b
950,537
1,350,000
4.203%, 
7/23/2029
b
1,228,407
700,000
2.522%, 
4/22/2031
b
553,323
975,000
1.953%, 
2/4/2032
b
721,238
1,073,000
4.586%, 
4/26/2033
b
965,499
805,000
4.912%, 
7/25/2033
b
742,335
1,125,000
3.882%, 
7/24/2038
b
878,613
Jefferies
Finance,
LLC
238,000
5.000%, 
8/15/2028
f
175,525
KeyCorp
425,000
3.878%, 
5/23/2025
b
413,810
Kimco
Realty
Corporation
1,072,000
3.300%, 
2/1/2025
1,029,826
Lloyds
Banking
Group
plc
1,500,000
3.870%, 
7/9/2025
b
1,446,317
LPL
Holdings,
Inc.
340,000
4.000%, 
3/15/2029
f
291,611
Macquarie
Group,
Ltd.
961,000
1.201%, 
10/14/2025
b,f
874,810
Massachusetts
Mutual
Life
Insurance
Company
1,000,000
3.200%, 
12/1/2061
*
605,517
Mitsubishi
UFJ
Financial
Group,
Inc.
730,000
0.962%, 
10/11/2025
b
664,718
1,350,000
2.048%, 
7/17/2030
1,028,947
Molina
Healthcare,
Inc.
560,000
4.375%, 
6/15/2028
f
505,400
Morgan
Stanley
825,000
2.630%, 
2/18/2026
b
768,638
475,000
2.188%, 
4/28/2026
b
435,706
1,350,000
4.350%, 
9/8/2026
1,285,773
1,704,000
3.591%, 
7/22/2028
b
1,532,901
1,250,000
3.622%, 
4/1/2031
b
1,080,286
939,000
5.297%, 
4/20/2037
b
843,746
700,000
2.802%, 
1/25/2052
b
422,588
MPT
Operating
Partnership,
LP
385,000
4.625%, 
8/1/2029
309,759
Nasdaq,
Inc.
575,000
3.250%, 
4/28/2050
377,142
Nationstar
Mortgage
Holdings,
Inc.
277,000
6.000%, 
1/15/2027
f
236,489
NatWest
Group
plc
850,000
4.445%, 
5/8/2030
b
745,874
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
271
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Financials
(3.0%)
-
continued
Navient
Corporation
$
270,000
5.500%, 
1/25/2023
$
268,501
130,000
5.000%, 
3/15/2027
106,329
Necessity
Retail
REIT,
Inc.
487,000
4.500%, 
9/30/2028
f
362,942
Northern
Trust
Corporation
1,141,000
4.000%, 
5/10/2027
1,100,239
Omega
Healthcare
Investors,
Inc.
774,000
3.625%, 
10/1/2029
629,938
725,000
3.375%, 
2/1/2031
552,735
OneMain
Finance
Corporation
470,000
6.875%, 
3/15/2025
441,730
325,000
7.125%, 
3/15/2026
292,956
221,000
6.625%, 
1/15/2028
189,618
Owl
Rock
Capital
Corporation
225,000
4.250%, 
1/15/2026
205,772
Owl
Rock
Core
Income
Corporation
670,000
4.700%, 
2/8/2027
586,838
Owl
Rock
Technology
Finance
Corporation
225,000
4.750%, 
12/15/2025
f
202,529
Park
Intermediate
Holdings,
LLC
300,000
4.875%, 
5/15/2029
f
243,000
PennyMac
Financial
Services,
Inc.
208,000
4.250%, 
2/15/2029
f
148,159
Pine
Street
Trust
I
805,000
4.572%, 
2/15/2029
f
741,307
PNC
Financial
Services
Group,
Inc.
1,074,000
4.626%, 
6/6/2033
b
958,086
PRA
Group,
Inc.
205,000
7.375%, 
9/1/2025
f
198,325
Principal
Life
Global
Funding
II
720,000
1.250%, 
8/16/2026
f
617,503
Prudential
Financial,
Inc.
1,020,000
5.125%, 
3/1/2052
b
884,279
625,000
3.700%, 
3/13/2051
459,612
Radian
Group,
Inc.
270,000
4.875%, 
3/15/2027
239,352
Realty
Income
Corporation
995,000
4.125%, 
10/15/2026
952,586
1,000,000
2.850%, 
12/15/2032
800,446
Regency
Centers,
LP
1,180,000
4.125%, 
3/15/2028
1,083,612
Reinsurance
Group
of
America,
Inc.
965,000
4.700%, 
9/15/2023
961,676
RLJ
Lodging
Trust,
LP
140,000
3.750%, 
7/1/2026
f
119,568
Rocket
Mortgage
Co-Issuer,
Inc.
340,000
3.625%, 
3/1/2029
f
261,681
Santander
UK
Group
Holdings
plc
900,000
1.673%, 
6/14/2027
b
748,231
Service
Properties
Trust
159,000
4.650%, 
3/15/2024
147,075
302,000
7.500%, 
9/15/2025
282,370
290,000
5.500%, 
12/15/2027
235,558
Simon
Property
Group,
LP
1,100,000
3.800%, 
7/15/2050
770,977
SLM
Corporation
140,000
4.200%, 
10/29/2025
125,325
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Financials
(3.0%)
-
continued
Societe
Generale
SA
$
840,000
4.750%, 
11/24/2025
f
$
794,138
Spirit
Realty,
LP
1,100,000
2.100%, 
3/15/2028
874,069
Standard
Chartered
plc
1,609,000
1.822%, 
11/23/2025
b,f
1,459,339
State
Street
Corporation
425,000
4.421%, 
5/13/2033
b
392,121
Sumitomo
Mitsui
Financial
Group,
Inc.
840,000
3.010%, 
10/19/2026
764,205
700,000
1.710%, 
1/12/2031
509,550
Sumitomo
Mitsui
Trust
Bank,
Ltd.
880,000
0.800%, 
9/16/2024
f
806,282
Synchrony
Financial
330,000
4.250%, 
8/15/2024
321,766
UBS
Group
AG
825,000
4.488%, 
5/12/2026
b,f
795,130
450,000
4.703%, 
8/5/2027
b,f
426,601
UDR,
Inc.
675,000
2.100%, 
8/1/2032
487,402
United
Wholesale
Mortgage,
LLC
218,000
5.500%, 
4/15/2029
f
165,680
UnitedHealth
Group,
Inc.
806,000
4.750%, 
5/15/2052
720,894
269,000
4.950%, 
5/15/2062
239,490
970,000
4.625%, 
7/15/2035
892,434
USIS
Merger
Sub,
Inc.
112,000
6.875%, 
5/1/2025
f
107,664
Wells
Fargo
&
Company
1,040,000
3.000%, 
2/19/2025
988,524
500,000
3.000%, 
4/22/2026
458,160
1,140,000
3.000%, 
10/23/2026
1,033,287
805,000
3.526%, 
3/24/2028
b
729,102
1,200,000
2.393%, 
6/2/2028
b
1,029,117
930,000
4.900%, 
11/17/2045
760,570
Welltower,
Inc.
675,000
2.050%, 
1/15/2029
542,177
Willis
North
America,
Inc.
1,074,000
4.650%, 
6/15/2027
1,019,876
XHR,
LP
90,000
6.375%, 
8/15/2025
f
86,375
153,000
4.875%, 
6/1/2029
f
126,151
Total
129,183,748
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
1,025,000
2.625%, 
5/5/2031
f
815,643
Total
815,643
Mortgage-Backed
Securities
(8.9%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
23,508,519
2.500%, 
5/1/2051
19,892,965
19,894,239
3.500%, 
6/1/2052
17,938,631
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
6,786,932
2.500%, 
7/1/2030
6,297,887
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
272
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Mortgage-Backed
Securities
(8.9%)
-
continued
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
$
2,900,000
2.500%, 
10/1/2037
e
$
2,624,273
13,250,000
3.500%, 
10/1/2037
e
12,521,250
2,500,000
4.000%, 
10/1/2037
e
2,411,719
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
8,586,290
3.500%, 
5/1/2040
e
7,952,773
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
19,018,916
3.000%, 
1/1/2052
16,629,400
11,798,345
2.500%, 
2/1/2051
9,967,729
34,063,500
2.000%, 
3/1/2051
27,741,176
19,562,107
3.000%, 
3/1/2052
17,081,301
22,494,806
2.000%, 
4/1/2051
18,310,404
20,042,684
2.500%, 
4/1/2051
16,941,556
11,347,114
3.000%, 
4/1/2051
9,938,469
11,737,617
3.000%, 
5/1/2050
10,324,893
17,689,415
2.500%, 
7/1/2051
14,933,806
32,331,906
2.000%, 
8/1/2051
26,315,183
8,396,152
3.500%, 
9/1/2052
7,584,102
15,050,000
2.000%, 
10/1/2052
e
12,182,270
16,285,000
2.500%, 
10/1/2052
e
13,659,998
23,909,879
2.500%, 
12/1/2051
20,133,368
28,500,000
4.000%, 
10/1/2048
e
26,443,769
8,350,000
4.500%, 
10/1/2048
e
7,954,027
10,500,000
5.000%, 
10/1/2048
e
10,227,710
24,025,000
3.000%, 
10/1/2049
e
20,906,442
24,750,000
3.500%, 
10/1/2049
e
22,273,067
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
5,912,398
3.500%, 
7/1/2061
5,346,291
Total
384,534,459
Technology
(0.7%)
Advanced
Micro
Devices,
Inc.
537,000
4.393%, 
6/1/2052
453,984
Analog
Devices,
Inc.
1,000,000
2.950%, 
10/1/2051
665,837
Apple,
Inc.
938,000
2.650%, 
2/8/2051
615,828
1,975,000
3.750%, 
9/12/2047
1,596,551
Black
Knight
InfoServ,
LLC
478,000
3.625%, 
9/1/2028
f
405,612
Broadcom,
Inc.
448,000
3.469%, 
4/15/2034
f
336,114
1,072,000
3.137%, 
11/15/2035
f
751,150
1,100,000
3.187%, 
11/15/2036
f
752,341
460,000
4.926%, 
5/15/2037
f
379,303
CommScope
Technologies
Finance,
LLC
380,000
6.000%, 
6/15/2025
f
337,611
CommScope,
Inc.
310,000
7.125%, 
7/1/2028
f,h
239,292
Dell
International,
LLC
2,172,000
6.020%, 
6/15/2026
2,180,749
Fiserv,
Inc.
1,325,000
2.250%, 
6/1/2027
1,143,959
960,000
2.650%, 
6/1/2030
778,322
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Technology
(0.7%)
-
continued
Gartner,
Inc.
$
200,000
3.625%, 
6/15/2029
f
$
166,500
480,000
3.750%, 
10/1/2030
f
392,949
Global
Payments,
Inc.
805,000
5.300%, 
8/15/2029
757,058
Iron
Mountain,
Inc.
250,000
5.000%, 
7/15/2028
f
215,000
540,000
4.875%, 
9/15/2029
f
443,605
300,000
5.250%, 
7/15/2030
f
248,241
440,000
4.500%, 
2/15/2031
f
340,199
KLA
Corporation
804,000
3.300%, 
3/1/2050
564,740
Lam
Research
Corporation
1,200,000
2.875%, 
6/15/2050
782,418
Mastercard,
Inc.
830,000
3.950%, 
2/26/2048
685,203
Microchip
Technology,
Inc.
450,000
0.983%, 
9/1/2024
414,215
Microsoft
Corporation
620,000
3.041%, 
3/17/2062
423,038
950,000
3.700%, 
8/8/2046
787,206
Minerva
Merger
Sub,
Inc.
390,000
6.500%, 
2/15/2030
f,h
308,322
MSCI,
Inc.
375,000
4.000%, 
11/15/2029
f
323,887
NCR
Corporation
820,000
6.125%, 
9/1/2029
f
706,033
Nielsen
Finance,
LLC
370,000
4.500%, 
7/15/2029
f
368,363
NXP
BV/NXP
Funding,
LLC
475,000
5.550%, 
12/1/2028
458,752
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
476,000
4.300%, 
6/18/2029
426,241
475,000
3.250%, 
5/11/2041
311,534
Open
Text
Corporation
545,000
4.125%, 
2/15/2030
f
435,242
Oracle
Corporation
1,400,000
3.850%, 
7/15/2036
1,047,623
1,100,000
4.000%, 
7/15/2046
743,404
PTC,
Inc.
220,000
3.625%, 
2/15/2025
f
204,936
210,000
4.000%, 
2/15/2028
f
183,663
Rackspace
Technology
Global,
Inc.
430,000
5.375%, 
12/1/2028
f
202,076
Seagate
HDD
Cayman
656,000
3.125%, 
7/15/2029
480,671
540,000
3.375%, 
7/15/2031
377,025
Sensata
Technologies,
Inc.
319,000
3.750%, 
2/15/2031
f
251,278
Shift4
Payments,
LLC
150,000
4.625%, 
11/1/2026
f
136,781
SS&C
Technologies,
Inc.
880,000
5.500%, 
9/30/2027
f
802,731
Switch,
Ltd.
440,000
3.750%, 
9/15/2028
f
437,250
Texas
Instruments,
Inc.
855,000
4.150%, 
5/15/2048
729,023
VeriSign,
Inc.
310,000
4.750%, 
7/15/2027
298,218
Viavi
Solutions,
Inc.
319,000
3.750%, 
10/1/2029
f
255,225
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
273
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Technology
(0.7%)
-
continued
Visa,
Inc.
$
1,073,000
2.000%, 
8/15/2050
$
614,159
1,150,000
2.700%, 
4/15/2040
831,335
VMware,
Inc.
550,000
4.650%, 
5/15/2027
525,342
875,000
2.200%, 
8/15/2031
636,882
Total
28,953,021
Transportation
(0.3%)
Air
Canada
Pass
Through
Trust
145,830
3.875%, 
3/15/2023
f
144,042
Allegiant
Travel
Company
252,000
7.250%, 
8/15/2027
f
237,510
American
Airlines,
Inc.
556,000
11.750%, 
7/15/2025
f
580,653
944,000
5.500%, 
4/20/2026
f
886,577
Avis
Budget
Car
Rental,
LLC
360,000
5.375%, 
3/1/2029
f,h
295,612
Burlington
Northern
Santa
Fe,
LLC
631,000
2.875%, 
6/15/2052
412,085
850,000
5.750%, 
5/1/2040
860,310
900,000
4.450%, 
3/15/2043
779,288
Canadian
Pacific
Railway
Company
743,000
3.100%, 
12/2/2051
487,743
495,000
3.000%, 
12/2/2041
350,576
CSX
Corporation
720,000
3.800%, 
4/15/2050
543,548
Delta
Air
Lines,
Inc.
389,000
7.000%, 
5/1/2025
f
391,510
70,000
7.375%, 
1/15/2026
70,761
1,451,000
4.750%, 
10/20/2028
f
1,351,397
Hawaiian
Brand
Intellectual
Property,
Ltd.
79,000
5.750%, 
1/20/2026
f
69,677
Hertz
Corporation
260,000
4.625%, 
12/1/2026
f
211,214
313,000
5.000%, 
12/1/2029
f
232,794
Kansas
City
Southern
537,000
4.700%, 
5/1/2048
459,897
Mileage
Plus
Holdings,
LLC
1,273,950
6.500%, 
6/20/2027
f
1,246,917
Ryder
System,
Inc.
537,000
2.850%, 
3/1/2027
h
481,373
Southwest
Airlines
Company
952,000
2.625%, 
2/10/2030
763,667
Union
Pacific
Corporation
1,074,000
2.973%, 
9/16/2062
650,169
United
Airlines,
Inc.
307,000
4.375%, 
4/15/2026
f
273,998
256,000
4.625%, 
4/15/2029
f
211,825
VistaJet
Malta
Finance
plc
341,000
6.375%, 
2/1/2030
f
278,768
Total
12,271,911
U.S.
Government
&
Agencies
(13.5%)
U.S.
Treasury
Bonds
20,680,000
1.625%, 
11/15/2050
12,839,372
16,975,000
2.250%, 
11/15/2027
15,532,788
31,750,000
2.875%, 
5/15/2028
29,840,039
14,120,000
5.250%, 
11/15/2028
15,010,773
38,050,000
1.625%, 
8/15/2029
32,813,666
11,850,000
1.500%, 
2/15/2030
10,056,762
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
U.S.
Government
&
Agencies
(13.5%)
-
continued
$
6,250,000
0.875%, 
11/15/2030
$
4,979,004
850,000
1.375%, 
11/15/2031
690,625
1,075,000
4.375%, 
5/15/2040
1,130,850
41,740,000
1.375%, 
11/15/2040
26,982,627
600,000
3.000%, 
5/15/2042
510,375
27,658,000
2.500%, 
5/15/2046
20,964,980
35,275,000
2.875%, 
5/15/2049
29,399,508
U.S.
Treasury
Notes
6,540,000
2.500%, 
3/31/2023
6,497,848
5,990,000
0.125%, 
4/30/2023
5,855,927
91,010,000
0.125%, 
7/31/2023
87,966,853
21,730,000
0.125%, 
8/31/2023
20,924,462
23,100,000
0.125%, 
10/15/2023
22,127,273
60,650,000
0.750%, 
12/31/2023
58,060,529
65,780,000
2.500%, 
1/31/2024
64,220,294
10,000,000
3.000%, 
6/30/2024
9,782,031
12,780,000
2.125%, 
7/31/2024
12,295,259
15,100,000
2.250%, 
11/15/2024
14,484,203
8,000,000
2.125%, 
11/30/2024
7,646,875
3,700,000
1.375%, 
1/31/2025
3,465,570
6,000,000
0.250%, 
8/31/2025
5,344,922
33,790,000
2.625%, 
1/31/2026
32,113,699
3,050,000
0.500%, 
2/28/2026
2,691,268
22,580,000
2.500%, 
2/28/2026
21,341,628
2,350,000
0.500%, 
4/30/2027
1,998,877
4,300,000
0.750%, 
1/31/2028
3,619,895
Total
581,188,782
Utilities
(0.7%)
AES
Corporation
1,069,000
3.950%, 
7/15/2030
f
915,385
Ameren
Illinois
Company
720,000
4.500%, 
3/15/2049
614,713
American
Electric
Power
Company,
Inc.
452,000
2.031%, 
3/15/2024
432,593
Appalachian
Power
Company
560,000
3.300%, 
6/1/2027
514,325
Berkshire
Hathaway
Energy
Company
1,073,000
4.600%, 
5/1/2053
f
903,434
900,000
4.500%, 
2/1/2045
750,861
Calpine
Corporation
311,000
4.500%, 
2/15/2028
f
273,988
CenterPoint
Energy
Resources
Corporation
750,000
1.750%, 
10/1/2030
577,025
CenterPoint
Energy,
Inc.
500,000
2.500%, 
9/1/2024
475,754
225,000
4.250%, 
11/1/2028
205,390
Commonwealth
Edison
Company
800,000
3.700%, 
3/1/2045
600,568
Consolidated
Edison
Company
of
New
York,
Inc.
384,000
4.500%, 
12/1/2045
318,176
900,000
4.125%, 
5/15/2049
698,470
Consumers
Energy
Company
1,025,000
4.350%, 
4/15/2049
872,837
DTE
Electric
Company
760,000
3.700%, 
3/15/2045
585,939
640,000
3.700%, 
6/1/2046
492,006
DTE
Energy
Company
300,000
4.220%, 
11/1/2024
294,129
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
274
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Utilities
(0.7%)
-
continued
Duke
Energy
Carolinas,
LLC
$
960,000
3.700%, 
12/1/2047
$
716,727
Duke
Energy
Florida,
LLC
775,000
3.200%, 
1/15/2027
726,661
Duke
Energy
Indiana,
LLC
1,085,000
3.750%, 
5/15/2046
812,950
Edison
International
950,000
5.750%, 
6/15/2027
930,204
Exelon
Corporation
575,000
4.700%, 
4/15/2050
480,868
642,000
4.450%, 
4/15/2046
524,029
ITC
Holdings
Corporation
284,000
4.050%, 
7/1/2023
281,722
560,000
5.300%, 
7/1/2043
497,083
Jersey
Central
Power
&
Light
Company
375,000
2.750%, 
3/1/2032
f
297,532
Mississippi
Power
Company
800,000
3.950%, 
3/30/2028
737,338
National
Rural
Utilities
Cooperative
Finance
Corporation
1,000,000
3.700%, 
3/15/2029
915,050
NextEra
Energy
Operating
Partners,
LP
600,000
3.875%, 
10/15/2026
f
546,000
NiSource
Finance
Corporation
675,000
5.650%, 
2/1/2045
624,814
NiSource,
Inc.
875,000
3.600%, 
5/1/2030
763,187
NRG
Energy,
Inc.
635,000
3.375%, 
2/15/2029
f
514,121
804,000
4.450%, 
6/15/2029
f
697,390
195,000
5.250%, 
6/15/2029
f
170,625
Pacific
Gas
and
Electric
Company
800,000
3.300%, 
12/1/2027
673,956
632,000
4.550%, 
7/1/2030
541,585
PG&E
Corporation
379,000
5.000%, 
7/1/2028
h
325,924
PPL
Electric
Utilities
Corporation
440,000
3.950%, 
6/1/2047
352,043
Public
Service
Company
of
Colorado
806,000
4.500%, 
6/1/2052
698,356
San
Diego
Gas
&
Electric
Company
900,000
4.150%, 
5/15/2048
720,155
Southern
California
Edison
Company
1,135,000
4.000%, 
4/1/2047
826,928
Southern
Company
269,000
4.475%, 
8/1/2024
265,617
665,000
3.250%, 
7/1/2026
616,056
1,074,000
5.113%, 
8/1/2027
1,045,341
Southern
Company
Gas
Capital
Corporation
600,000
4.400%, 
5/30/2047
471,731
Southwestern
Electric
Power
Company
460,000
3.900%, 
4/1/2045
330,729
TerraForm
Power
Operating,
LLC
520,000
5.000%, 
1/31/2028
f
458,136
Virginia
Electric
and
Power
Company
750,000
4.600%, 
12/1/2048
648,010
Principal
Amount
Long-Term
Fixed
Income
(37.7%)
Value
Utilities
(0.7%)
-
continued
Vistra
Operations
Company,
LLC
$
900,000
5.125%, 
5/13/2025
f
$
871,335
560,000
5.000%, 
7/31/2027
f
505,820
Xcel
Energy,
Inc.
604,000
4.600%, 
6/1/2032
559,790
Total
29,673,406
Total
Long-Term
Fixed
Income
(cost
$1,819,412,714)
1,626,292,025
Shares
Registered
Investment
Companies
(
33.9%
)
Value
Unaffiliated  (0.7%)
18,451
Energy
Select
Sector
SPDR
Fund
1,328,841
7,847
Invesco
QQQ
Trust
Series
1
h
2,097,189
3,975
ProShares
Ultra
S&P
500
h
157,887
8,014
ProShares
UltraPro
QQQ
h
154,830
48,000
SPDR
Blackstone
Senior
Loan
ETF
h
1,961,760
41,053
SPDR
Bloomberg
High
Yield
Bond
ETF
h
3,606,506
56,565
SPDR
S&P
500
ETF
Trust
h
20,203,887
2,400
SPDR
S&P
Biotech
ETF
h,l
190,368
6,300
SPDR
S&P
Oil
&
Gas
Exploration
ETF
785,736
Total
30,487,004
Affiliated  (33.2%)
17,990,916
Thrivent
Core
Emerging
Markets
Debt
Fund
127,375,683
3,957,482
Thrivent
Core
Emerging
Markets
Equity
Fund
30,433,036
3,157,809
Thrivent
Core
International
Equity
Fund
24,441,442
7,579,795
Thrivent
Core
Low
Volatility
Equity
Fund
84,211,519
3,961,536
Thrivent
Core
Small
Cap
Value
Fund
32,801,520
4,226,598
Thrivent
Global
Stock
Portfolio
43,979,438
23,674,160
Thrivent
High
Yield
Portfolio
91,192,863
33,820,861
Thrivent
Income
Portfolio
278,978,136
20,658,706
Thrivent
International
Allocation
Portfolio
147,749,000
1,644,297
Thrivent
International
Index
Portfolio
16,047,192
12,491,539
Thrivent
Large
Cap
Value
Portfolio
232,451,295
18,602,278
Thrivent
Limited
Maturity
Bond
Portfolio
172,283,136
4,902,788
Thrivent
Mid
Cap
Stock
Portfolio
83,264,057
3,845,288
Thrivent
Small
Cap
Stock
Portfolio
63,877,153
Total
1,429,085,470
Total
Registered
Investment
Companies
(cost
$1,552,625,898)
1,459,572,474
Shares
Common
Stock
(
16.4%
)
Value
Communications
Services
(1.2%)
26,512
Alphabet,
Inc.,
Class
A
l
2,535,873
193,926
Alphabet,
Inc.,
Class
C
l
18,645,985
2,776
AMC
Networks,
Inc.
l
56,353
77
Cable
One,
Inc.
65,685
986
Cars.com,
Inc.
l
11,339
674
Charter
Communications,
Inc.
l
204,458
215,750
Comcast
Corporation
6,327,947
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
275
Shares
Common
Stock
(16.4%)
Value
Communications
Services
(1.2%)
-
continued
2,733
DISH
Network
Corporation
l
$
37,797
10,755
Emerald
Holding,
Inc.
l
36,352
2,639
Eventbrite,
Inc.
l
16,045
685
EverQuote,
Inc.
l
4,672
1,111
Liberty
Latin
America,
Ltd.
l
6,877
23,864
Live
Nation
Entertainment,
Inc.
l
1,814,619
3,313
Magnite,
Inc.
l
21,766
10,852
Match
Group,
Inc.
l
518,183
50,158
Meta
Platforms,
Inc.
l
6,805,437
11,323
Netflix,
Inc.
l
2,665,887
15,411
News
Corporation,
Class
A
232,860
1,120
Nexstar
Media
Group,
Inc.
186,872
5,720
Omnicom
Group,
Inc.
360,875
6,809
Paramount
Global
h
129,643
5,615
QuinStreet,
Inc.
l
58,958
1,129
SciPlay
Corporation
l
13,277
3,780
Telephone
&
Data
Systems,
Inc.
52,542
5,618
TripAdvisor,
Inc.
l
124,045
57,501
Twitter,
Inc.
l
2,520,844
57,182
Verizon
Communications,
Inc.
2,171,201
34,789
Walt
Disney
Company
l
3,281,646
84,450
Warner
Bros.
Discovery,
Inc.
l
971,175
6,476
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
l
98,759
1,676
ZipRecruiter,
Inc.
l
27,654
32,194
ZoomInfo
Technologies,
Inc.
l
1,341,202
Total
51,346,828
Consumer
Discretionary
(1.9%)
4,819
2U,
Inc.
l
30,119
1,348
Aaron's
Company,
Inc.
13,103
681
Adient
plc
l
18,898
169,692
Amazon.com,
Inc.
l
19,175,196
921
American
Axle
&
Manufacturing
Holdings,
Inc.
l
6,290
118
America's
Car-Mart,
Inc.
l
7,200
18,015
Aptiv
plc
l
1,408,953
910
AutoNation,
Inc.
l
92,702
15,105
Beazer
Homes
USA,
Inc.
l
146,065
7,123
Bloomin'
Brands,
Inc.
130,565
2,333
Booking
Holdings,
Inc.
l
3,833,609
1,201
Boyd
Gaming
Corporation
57,228
1,066
Brunswick
Corporation
69,770
4,627
Buckle,
Inc.
146,491
4,404
Burlington
Stores,
Inc.
l
492,764
1,508
Cedar
Fair,
LP
62,054
5,999
Cheesecake
Factory,
Inc.
175,651
615
Chegg,
Inc.
l
12,958
3,577
Chico's
FAS,
Inc.
l
17,313
2,357
Chipotle
Mexican
Grill,
Inc.
l
3,542,005
476
Chuy's
Holdings,
Inc.
l
11,034
2,807
Clarus
Corporation
h
37,810
394
Columbia
Sportswear
Company
26,516
4,314
Container
Store
Group,
Inc.
l
21,139
21,579
Cooper-Standard
Holdings,
Inc.
l
126,021
1,270
Cracker
Barrel
Old
Country
Store,
Inc.
117,577
4,241
Culp,
Inc.
18,491
19,881
D.R.
Horton,
Inc.
1,338,985
1,225
Dave
&
Buster's
Entertainment,
Inc.
l
38,012
5,537
Designer
Brands,
Inc.
84,771
1,351
Dorman
Products,
Inc.
l
110,944
32,788
Duluth
Holdings,
Inc.
l
230,827
73,173
Everi
Holdings,
Inc.
l
1,186,866
Shares
Common
Stock
(16.4%)
Value
Consumer
Discretionary
(1.9%)
-
continued
4,793
Expedia
Group,
Inc.
l
$
449,056
10,803
Five
Below,
Inc.
l
1,487,249
14,320
Foot
Locker,
Inc.
445,782
79,424
Ford
Motor
Company
889,549
11,045
Gap,
Inc.
90,679
557
Garmin,
Ltd.
44,733
70,044
General
Motors
Company
2,247,712
11,368
Gentex
Corporation
271,013
491
Genuine
Parts
Company
73,316
1,624
G-III
Apparel
Group,
Ltd.
l
24,279
18,419
Goodyear
Tire
&
Rubber
Company
l
185,848
130
Graham
Holdings
Company
69,937
2,582
Grand
Canyon
Education,
Inc.
l
212,369
489
Group
1
Automotive,
Inc.
69,863
11,163
Hanesbrands,
Inc.
77,694
4,088
Harley-Davidson,
Inc.
142,589
12,606
Home
Depot,
Inc.
3,478,500
2,051
Kohl's
Corporation
51,583
6,882
Lear
Corporation
823,707
8,063
Lithia
Motors,
Inc.
1,729,917
15,641
Lowe's
Companies,
Inc.
2,937,536
362
Lululemon
Athletica,
Inc.
l
101,201
5,352
M.D.C.
Holdings,
Inc.
146,752
42,434
Macy's,
Inc.
664,941
229
Marriott
Vacations
Worldwide
Corporation
27,906
8,382
McDonald's
Corporation
1,934,063
5,230
Modine
Manufacturing
Company
l
67,676
7,501
Mohawk
Industries,
Inc.
l
684,016
1,612
Murphy
USA,
Inc.
443,155
12,027
Newell
Brands,
Inc.
167,055
47,798
NIKE,
Inc.
3,972,970
13,776
Nordstrom,
Inc.
h
230,472
263
NVR,
Inc.
l
1,048,602
805
ODP
Corporation
l
28,296
2,903
Ollie's
Bargain
Outlet
Holdings,
Inc.
l
149,795
6,853
Papa
John's
International,
Inc.
479,778
3,971
Patrick
Industries,
Inc.
174,089
12,403
PENN
Entertainment,
Inc.
l
341,207
6,364
Perdoceo
Education
Corporation
l
65,549
15,982
Planet
Fitness,
Inc.
l
921,522
8,167
Playa
Hotels
and
Resorts
NV
l
47,532
2,041
Polaris,
Inc.
195,222
6,195
PVH
Corporation
277,536
594
RCI
Hospitality
Holdings,
Inc.
38,812
212
RH
l
52,167
1,360
Ross
Stores,
Inc.
114,607
1,964
Ruth's
Hospitality
Group,
Inc.
33,113
3,012
Six
Flags
Entertainment
Corporation
l
53,312
10,594
Skyline
Champion
Corporation
l
560,105
1,319
Sleep
Number
Corporation
l
44,595
4,861
Sonos,
Inc.
l
67,568
18,546
Sony
Group
Corporation
ADR
1,187,871
2,311
Stoneridge,
Inc.
l
39,171
939
Strategic
Education,
Inc.
57,664
14,589
Taylor
Morrison
Home
Corporation
l
340,215
51,009
Tesla,
Inc.
l
13,530,137
759
Texas
Roadhouse,
Inc.
66,230
1,319
Thor
Industries,
Inc.
92,304
38,213
ThredUp,
Inc.
l
70,312
7,875
Toll
Brothers,
Inc.
330,750
303
TopBuild
Corporation
l
49,928
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
276
Shares
Common
Stock
(16.4%)
Value
Consumer
Discretionary
(1.9%)
-
continued
3,480
Topgolf
Callaway
Brands
Corporation
l
$
67,025
7,208
Travel
+
Leisure
Company
245,937
2,441
Ulta
Beauty,
Inc.
l
979,305
1,926
Urban
Outfitters,
Inc.
l
37,846
3,946
Vail
Resorts,
Inc.
850,915
6,447
VF
Corporation
192,830
667
Visteon
Corporation
l
70,742
141
Williams-Sonoma,
Inc.
16,617
3,952
Wingstop,
Inc.
495,660
1,700
Wolverine
World
Wide,
Inc.
26,163
10,627
Wyndham
Hotels
&
Resorts,
Inc.
651,966
12,391
Xometry,
Inc.
h,l
703,685
21,044
Yum!
Brands,
Inc.
2,237,819
3,454
Zumiez,
Inc.
l
74,365
Total
84,139,909
Consumer
Staples
(0.8%)
34,745
BJ's
Wholesale
Club
Holdings,
Inc.
l
2,529,783
3,000
Bunge,
Ltd.
247,710
1,041
Cal-Maine
Foods,
Inc.
57,869
11,660
Casey's
General
Stores,
Inc.
2,361,383
6,057
Celsius
Holdings,
Inc.
l
549,249
5,735
Coca-Cola
Company
321,275
67
Constellation
Brands,
Inc.
15,389
7,538
Costco
Wholesale
Corporation
3,559,971
4,658
Darling
Ingredients,
Inc.
l
308,127
33,935
e.l.f.
Beauty,
Inc.
l
1,276,635
9,245
Estee
Lauder
Companies,
Inc.
1,995,996
12,567
Freshpet,
Inc.
l
629,481
3,074
Grocery
Outlet
Holding
Corporation
l
102,333
4,404
Hain
Celestial
Group,
Inc.
l
74,340
1,273
Hershey
Company
280,658
2,957
Ingredion,
Inc.
238,098
1,216
John
B.
Sanfilippo
&
Son,
Inc.
92,088
5,832
Kraft
Heinz
Company
194,497
40,814
Lamb
Weston
Holdings,
Inc.
3,158,187
472
Lancaster
Colony
Corporation
70,932
1,999
Nu
Skin
Enterprises,
Inc.
66,707
706
PepsiCo,
Inc.
115,262
6,214
Performance
Food
Group
Company
l
266,891
33,645
Philip
Morris
International,
Inc.
2,792,871
372
PriceSmart,
Inc.
21,423
5,851
Primo
Water
Corporation
73,430
12,362
Procter
&
Gamble
Company
1,560,703
115
Seneca
Foods
Corporation
l
5,801
9,751
Sprouts
Farmers
Markets,
Inc.
l
270,590
17,192
Sysco
Corporation
1,215,646
19,940
Turning
Point
Brands,
Inc.
423,326
379
Tyson
Foods,
Inc.
24,987
2,972
US
Foods
Holding
Corporation
l
78,580
59,864
Walmart,
Inc.
7,764,361
Total
32,744,579
Energy
(0.7%)
7,812
Antero
Midstream
Corporation
71,714
9,770
Antero
Resources
Corporation
l
298,278
8,419
Archrock,
Inc.
54,050
53,282
BP
plc
ADR
1,521,201
4,021
Cactus,
Inc.
154,527
1,441
California
Resources
Corporation
55,378
5,543
Callon
Petroleum
Company
l
194,061
Shares
Common
Stock
(16.4%)
Value
Energy
(0.7%)
-
continued
7,805
ChampionX
Corporation
$
152,744
3,378
Chevron
Corporation
485,317
141
Civitas
Resources,
Inc.
8,092
2,380
Clean
Energy
Fuels
Corporation
l
12,709
5,334
CNX
Resources
Corporation
l
82,837
25,948
ConocoPhillips
2,655,518
32,082
Devon
Energy
Corporation
1,929,091
78,114
Enterprise
Products
Partners,
LP
1,857,551
7,188
EOG
Resources,
Inc.
803,115
28,125
EQT
Corporation
1,146,094
70,265
Exxon
Mobil
Corporation
6,134,837
52
Gulfport
Energy
Corporation
l
4,591
108,936
Halliburton
Company
2,682,004
1,164
Helmerich
&
Payne,
Inc.
43,033
10,284
HF
Sinclair
Corporation
553,691
42,926
Liberty
Energy,
Inc.
l
544,302
2,148
Magnolia
Oil
&
Gas
Corporation
42,552
19,411
Marathon
Oil
Corporation
438,300
15,007
Marathon
Petroleum
Corporation
1,490,645
15,827
Matador
Resources
Company
774,257
2,948
NexTier
Oilfield
Solutions,
Inc.
l
21,815
8,322
Nine
Energy
Service,
Inc.
l
21,970
45,221
NOV,
Inc.
731,676
2,738
Oceaneering
International,
Inc.
l
21,795
4,918
Par
Pacific
Holdings,
Inc.
l
80,704
6,312
PBF
Energy,
Inc.
l
221,930
12,401
Permian
Resources
Corporation
l
84,327
8,903
Pioneer
Natural
Resources
Company
1,927,767
1,332
Plains
GP
Holdings,
LP
14,532
34,770
ProPetro
Holding
Corporation
l
279,899
25,420
Schlumberger,
Ltd.
912,578
900
Select
Energy
Services,
Inc.
l
6,273
4,974
SM
Energy
Company
187,072
315
Solaris
Oilfield
Infrastructure,
Inc.
2,948
26,526
Talos
Energy,
Inc.
l
441,658
1,536
Targa
Resources
Corporation
92,682
2,336
Technip
Energies
NV
ADR
26,210
22,535
TechnipFMC
plc
l
190,646
4,397
U.S.
Silica
Holdings,
Inc.
l
48,147
1,924
Valero
Energy
Corporation
205,579
2,018
Viper
Energy
Partners,
LP
57,836
79,798
Williams
Companies,
Inc.
2,284,617
1,448
World
Fuel
Services
Corporation
33,941
Total
32,087,091
Financials
(2.1%)
93,020
AGNC
Investment
Corporation
783,228
53,024
Ally
Financial,
Inc.
1,475,658
857
American
Equity
Investment
Life
Holding
Company
31,958
22,196
American
Express
Company
2,994,462
5,039
American
Financial
Group,
Inc.
619,444
282
Ameriprise
Financial,
Inc.
71,050
7,673
Ameris
Bancorp
343,060
3,608
Annaly
Capital
Management,
Inc.
61,913
5,702
Arch
Capital
Group,
Ltd.
l
259,669
6,907
Arthur
J.
Gallagher
&
Company
1,182,617
9,828
Banc
of
California,
Inc.
156,953
87,276
Bank
of
America
Corporation
2,635,735
785
Bank
of
Marin
Bancorp
23,511
1,582
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
51,352
4,213
BankFinancial
Corporation
39,855
507
BayCom
Corporation
8,913
538
BCB
Bancorp,
Inc.
9,055
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
277
Shares
Common
Stock
(16.4%)
Value
Financials
(2.1%)
-
continued
12,493
Berkshire
Hathaway,
Inc.
l
$
3,335,881
2,315
BlackRock,
Inc.
1,273,898
2,855
Bread
Financial
Holdings,
Inc.
89,790
3,758
Bridgewater
Bancshares,
Inc.
l
61,894
13,845
Brighthouse
Financial,
Inc.
l
601,150
3,737
Byline
Bancorp,
Inc.
75,674
13,877
Capital
One
Financial
Corporation
1,279,043
32,798
Carlyle
Group,
Inc.
847,500
35,814
Central
Pacific
Financial
Corporation
740,992
75,029
Charles
Schwab
Corporation
5,392,334
3,444
Chimera
Investment
Corporation
17,978
12,556
Chubb,
Ltd.
2,283,685
4,059
Cincinnati
Financial
Corporation
363,565
86,991
Citigroup,
Inc.
3,624,915
6,224
Citizens
Financial
Group,
Inc.
213,857
6,161
CNO
Financial
Group,
Inc.
110,713
3,353
Columbia
Banking
System,
Inc.
96,868
18,148
Comerica,
Inc.
1,290,323
12,510
Community
Trust
Bancorp,
Inc.
507,280
4,450
ConnectOne
Bancorp,
Inc.
102,617
392
CrossFirst
Bankshares,
Inc.
l
5,116
45,180
Customers
Bancorp,
Inc.
l
1,331,906
183
Dime
Community
Bancshares,
Inc.
5,358
9,944
Discover
Financial
Services
904,108
5,469
East
West
Bancorp,
Inc.
367,189
8,589
Ellington
Residential
Mortgage
REIT
52,994
451
Employers
Holdings,
Inc.
15,555
5,947
Enova
International,
Inc.
l
174,069
1,630
Enterprise
Financial
Services
Corporation
71,785
51,684
Equitable
Holdings,
Inc.
1,361,873
830
Equity
Bancshares,
Inc.
24,593
1,409
Essent
Group,
Ltd.
49,132
340
Farmers
National
Banc
Corporation
4,451
1,302
Federated
Hermes,
Inc.
43,122
8,716
Financial
Institutions,
Inc.
209,794
6,731
First
Financial
Corporation
304,174
1,086
First
Mid-Illinois
Bancshares,
Inc.
34,719
1,431
First
of
Long
Island
Corporation
24,670
9,267
Flushing
Financial
Corporation
179,502
900
Glacier
Bancorp,
Inc.
44,217
2,158
Global
Life,
Inc.
215,153
8,779
Great
Southern
Bancorp,
Inc.
501,018
11,762
Hamilton
Lane,
Inc.
701,133
3,376
Hancock
Whitney
Corporation
154,655
40,475
Hanmi
Financial
Corporation
958,448
5,306
Hanover
Insurance
Group,
Inc.
679,911
10,023
Heartland
Financial
USA,
Inc.
434,597
5,235
HomeStreet,
Inc.
150,820
8,757
Hometrust
Bancshares,
Inc.
193,530
151,985
Hope
Bancorp,
Inc.
1,921,090
3,972
Horizon
Bancorp,
Inc.
71,337
7,643
Houlihan
Lokey,
Inc.
576,129
18,459
Independent
Bank
Corporation
352,567
3,910
Invesco
Mortgage
Capital,
Inc.
43,401
29,771
Invesco,
Ltd.
407,863
23,145
J.P.
Morgan
Chase
&
Company
2,418,652
10,508
Kinsale
Capital
Group,
Inc.
2,683,953
2,439
Lakeland
Bancorp,
Inc.
39,048
9,480
M&T
Bank
Corporation
1,671,514
5,931
Marsh
&
McLennan
Companies,
Inc.
885,439
Shares
Common
Stock
(16.4%)
Value
Financials
(2.1%)
-
continued
1,995
Mercantile
Bank
Corporation
$
59,271
15,708
MFA
Financial,
Inc.
122,208
55,127
MGIC
Investment
Corporation
706,728
15,863
Midland
States
Bancorp,
Inc.
373,891
17,819
MidWestOne
Financial
Group,
Inc.
486,281
8,055
Moody's
Corporation
1,958,251
29,378
Morgan
Stanley
2,321,156
3,042
MSCI,
Inc.
1,283,085
117,230
New
York
Community
Bancorp,
Inc.
999,972
10,825
NMI
Holdings,
Inc.
l
220,505
15,100
OceanFirst
Financial
Corporation
281,464
2,642
OFG
Bancorp
66,393
5,843
Old
Republic
International
Corporation
122,294
21,351
OneMain
Holdings,
Inc.
630,282
226
Oppenheimer
Holdings,
Inc.
7,001
53,854
PacWest
Bancorp
1,217,100
5,231
Pathward
Financial,
Inc.
172,414
248
PCB
Bancorp
4,481
598
Peapack-Gladstone
Financial
Corporation
20,123
34,523
Popular,
Inc.
2,487,727
42,227
Radian
Group,
Inc.
814,559
34,072
Raymond
James
Financial,
Inc.
3,366,995
1,618
Reinsurance
Group
of
America,
Inc.
203,561
1,057
RenaissanceRe
Holdings,
Ltd.
148,392
35,214
Rithm
Capital
Corporation
257,766
807
RLI
Corporation
82,621
13,476
S&P
Global,
Inc.
4,114,897
656
S&T
Bancorp,
Inc.
19,227
10,451
Seacoast
Banking
Corporation
of
Florida
315,934
4,397
SEI
Investments
Company
215,673
5,618
Signature
Bank
848,318
18,892
State
Street
Corporation
1,148,823
4,576
Synchrony
Financial
128,997
2,205
T.
Rowe
Price
Group,
Inc.
231,547
1,557
Territorial
Bancorp,
Inc.
28,867
5,024
TPG
RE
Finance
Trust,
Inc.
35,168
11,606
Tradeweb
Markets,
Inc.
654,811
10,140
Triumph
Bancorp,
Inc.
l
551,109
36,117
Truist
Financial
Corporation
1,572,534
10,442
TrustCo
Bank
Corporation
NY
328,088
14,231
Two
Harbors
Investment
Corporation
47,247
13,148
Umpqua
Holdings
Corporation
224,699
1,081
Univest
Financial
Corporation
25,382
39,893
Unum
Group
1,547,848
7,535
Virtu
Financial,
Inc.
156,502
506
Washington
Federal,
Inc.
15,170
62,708
Wells
Fargo
&
Company
2,522,116
24,640
Western
Alliance
Bancorp
1,619,834
909
Western
Asset
Mortgage
Capital
Corporation
10,172
2,249
Zions
Bancorporation
NA
114,384
3,252
Zurich
Insurance
Group
AG
1,296,413
Total
89,515,256
Health
Care
(2.4%)
942
10X
Genomics,
Inc.
l
26,828
35,390
Abbott
Laboratories
3,424,336
10,236
ACADIA
Pharmaceuticals,
Inc.
l
167,461
1,479
Accolade,
Inc.
l
16,890
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
278
Shares
Common
Stock
(16.4%)
Value
Health
Care
(2.4%)
-
continued
9,702
Adaptive
Biotechnologies
Corporation
l
$
69,078
15,949
Agiliti,
Inc.
l
228,230
42,152
Agilon
Health,
Inc.
l
987,200
2,434
Agios
Pharmaceuticals,
Inc.
l
68,834
1,409
Aldeyra
Therapeutics,
Inc.
l
7,524
283
Align
Technology,
Inc.
l
58,612
25,522
Alkermes
plc
l
569,906
8,487
Allogene
Therapeutics,
Inc.
l
91,660
2,792
Amedisys,
Inc.
l
270,238
5,361
AmerisourceBergen
Corporation
725,504
12,391
Amgen,
Inc.
2,792,931
1,342
Amicus
Therapeutics,
Inc.
l
14,011
805
AMN
Healthcare
Services,
Inc.
l
85,298
1,042
Anika
Therapeutics,
Inc.
l
24,800
1,731
Arcutis
Biotherapeutics,
Inc.
l
33,079
3,968
Argenx
SE
ADR
l
1,400,902
6,273
Ascendis
Pharma
AS
ADR
h,l
647,750
26,573
AstraZeneca
plc
ADR
1,457,263
3,755
Atara
Biotherapeutics,
Inc.
l
14,194
6,053
Avanos
Medical,
Inc.
l
131,834
31,323
Avantor,
Inc.
l
613,931
14,561
Axonics,
Inc.
l
1,025,677
20,761
Baxter
International,
Inc.
1,118,188
5,616
Biogen,
Inc.
l
1,499,472
10,198
BioLife
Solutions,
Inc.
l
232,005
191
Bio-Rad
Laboratories,
Inc.
l
79,674
3,669
Bio-Techne
Corporation
1,041,996
500
Blueprint
Medicines
Corporation
l
32,945
141
Boston
Scientific
Corporation
l
5,461
1,412
Bristol-Myers
Squibb
Company
100,379
358
Cardiovascular
Systems,
Inc.
l
4,962
8,009
Centene
Corporation
l
623,180
4,991
Charles
River
Laboratories
International,
Inc.
l
982,229
671
Chemed
Corporation
292,932
16,305
Cigna
Holding
Company
4,524,148
4,217
Community
Health
Systems,
Inc.
l
9,067
46
CONMED
Corporation
3,688
2,688
Cooper
Companies,
Inc.
709,363
469
CRISPR
Therapeutics
AG
l
30,649
14,050
CVS
Health
Corporation
1,339,949
18,915
Danaher
Corporation
4,885,555
55
DaVita,
Inc.
l
4,552
11,051
Deciphera
Pharmaceuticals,
Inc.
l
204,444
7,953
Dentsply
Sirona,
Inc.
225,468
13,952
DexCom,
Inc.
l
1,123,694
828
Editas
Medicine,
Inc.
l
10,135
10,345
Edwards
Lifesciences
Corporation
l
854,807
3,874
Elanco
Animal
Health,
Inc.
l
48,076
11,088
Elevance
Health,
Inc.
5,036,613
6,062
Encompass
Health
Corporation
274,184
3,031
Enhabit,
Inc.
l
42,555
5,809
Enovis
Corporation
l
267,621
713
Exact
Sciences
Corporation
l
23,165
2,966
Exelixis,
Inc.
l
46,507
34,569
Gilead
Sciences,
Inc.
2,132,562
422
Guardant
Health,
Inc.
l
22,716
9,605
Halozyme
Therapeutics,
Inc.
l
379,782
7,593
HCA
Healthcare,
Inc.
1,395,518
2,576
HealthEquity,
Inc.
l
173,030
20,316
Hologic,
Inc.
l
1,310,788
1,609
ICU
Medical,
Inc.
l
242,315
423
IDEXX
Laboratories,
Inc.
l
137,813
10,714
Immunocore
Holdings
plc
ADR
l
502,915
Shares
Common
Stock
(16.4%)
Value
Health
Care
(2.4%)
-
continued
8,602
Inari
Medical,
Inc.
l
$
624,849
13,770
Inotiv,
Inc.
l
232,025
3,766
Inspire
Medical
Systems,
Inc.
l
667,975
6,479
Insulet
Corporation
l
1,486,283
809
Integra
LifeSciences
Holdings
Corporation
l
34,269
16,419
Intuitive
Surgical,
Inc.
l
3,077,577
1,391
Ionis
Pharmaceuticals,
Inc.
l
61,524
4,755
Jazz
Pharmaceuticals,
Inc.
l
633,794
34,371
Johnson
&
Johnson
5,614,847
916
Kiniksa
Pharmaceuticals,
Ltd.
l
11,761
8,369
Kura
Oncology,
Inc.
l
114,321
16,169
Laboratory
Corporation
of
America
Holdings
3,311,573
8,772
Lantheus
Holdings,
Inc.
l
616,935
2,505
Maravai
LifeSciences
Holdings,
Inc.
l
63,953
1,062
Masimo
Corporation
l
149,912
140
Medpace
Holdings,
Inc.
l
22,004
71,776
Medtronic
plc
5,795,912
82,849
Merck
&
Company,
Inc.
7,134,956
1,527
Merit
Medical
Systems,
Inc.
l
86,291
205
MultiPlan
Corporation
l
586
8,463
Natera,
Inc.
l
370,849
2,554
National
HealthCare
Corporation
161,770
23,384
Novo
Nordisk
AS
ADR
2,329,748
1,036
Nurix
Therapeutics,
Inc.
l
13,499
4,905
NuVasive,
Inc.
l
214,888
17,044
Omnicell,
Inc.
l
1,483,339
2,667
Orthofix
Medical,
Inc.
l
50,966
282
Patterson
Companies,
Inc.
6,774
3,221
Pediatrix
Medical
Group,
Inc.
l
53,179
3,132
Perrigo
Company
plc
111,687
31,387
Pfizer,
Inc.
1,373,495
7,618
Premier,
Inc.
258,555
56,006
Progyny,
Inc.
l
2,075,582
5,145
Protagonist
Therapeutics,
Inc.
l
43,372
31,613
R1
RCM,
Inc.
l
585,789
570
RAPT
Therapeutics,
Inc.
l
13,714
1,899
Reata
Pharmaceuticals,
Inc.
l
47,722
4,343
Regeneron
Pharmaceuticals,
Inc.
l
2,991,762
1,466
REGENXBIO,
Inc.
l
38,746
7,604
Repligen
Corporation
l
1,422,784
675
Sage
Therapeutics,
Inc.
l
26,433
7,709
Sarepta
Therapeutics,
Inc.
l
852,153
1,099
Scholar
Rock
Holding
Corporation
l
7,616
2,034
ShockWave
Medical,
Inc.
l
565,594
12,888
Silk
Road
Medical,
Inc.
l
579,960
14,113
Stryker
Corporation
2,858,447
4,681
Syneos
Health,
Inc.
l
220,709
8,608
Teleflex,
Inc.
1,734,168
5,566
Travere
Therapeutics,
Inc.
l
137,146
2,858
Twist
Bioscience
Corporation
l
100,716
411
U.S.
Physical
Therapy,
Inc.
31,244
753
UFP
Technologies,
Inc.
l
64,638
2,682
Ultragenyx
Pharmaceutical,
Inc.
l
111,062
194
UnitedHealth
Group,
Inc.
97,978
1,681
Vanda
Pharmaceuticals,
Inc.
l
16,608
2,601
Veracyte,
Inc.
l
43,177
6,952
Viemed
Healthcare,
Inc.
l
41,712
10,168
Vor
BioPharma,
Inc.
l
40,469
2,808
VYNE
Therapeutics,
Inc.
l
626
6,183
Waters
Corporation
l
1,666,504
1,615
Zentalis
Pharmaceuticals,
Inc.
l
34,981
14,316
Zimmer
Biomet
Holdings,
Inc.
1,496,738
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
279
Shares
Common
Stock
(16.4%)
Value
Health
Care
(2.4%)
-
continued
29,277
Zoetis,
Inc.
$
4,341,486
Total
105,388,805
Industrials
(2.1%)
7,034
3M
Company
777,257
913
A.O.
Smith
Corporation
44,354
774
Advanced
Drainage
Systems,
Inc.
96,262
4,878
AECOM
333,509
4,082
AGCO
Corporation
392,566
25,290
Air
Lease
Corporation
784,243
23,478
Alaska
Air
Group,
Inc.
l
919,164
511
Allegion
plc
45,826
12,567
Altra
Industrial
Motion
Corporation
422,502
544
American
Woodmark
Corporation
l
23,860
24,099
AMETEK,
Inc.
2,733,068
1,291
Armstrong
World
Industries,
Inc.
102,286
15,332
ASGN,
Inc.
l
1,385,553
2,099
Atkore
International
Group,
Inc.
l
163,323
3,271
AZZ,
Inc.
119,424
4,025
Badger
Infrastructure
Solutions,
Ltd.
82,024
1,870
Barnes
Group,
Inc.
54,006
973
Boise
Cascade
Company
57,855
2,907
Booz
Allen
Hamilton
Holding
Corporation
268,461
687
CACI
International,
Inc.
l
179,348
8,317
Carlisle
Companies,
Inc.
2,332,170
997
Caterpillar,
Inc.
163,588
3,601
CBIZ,
Inc.
l
154,051
15,807
Chart
Industries,
Inc.
l
2,914,020
1,916
Cimpress
plc
l
46,904
5,819
Cintas
Corporation
2,258,878
138,215
CNH
Industrial
NV
1,543,862
156
Columbus
McKinnon
Corporation
4,081
17,275
Crane
Holdings,
Company
1,512,253
2,266
CSW
Industrials,
Inc.
271,467
119,145
CSX
Corporation
3,174,023
7,462
Curtiss-Wright
Corporation
1,038,412
2,035
Deere
&
Company
679,466
41,734
Delta
Air
Lines,
Inc.
l
1,171,056
1,397
Donaldson
Company,
Inc.
68,467
54,824
Driven
Brands
Holdings,
Inc.
l
1,533,975
5,053
Dun
&
Bradstreet
Holdings,
Inc.
62,607
5,481
EMCOR
Group,
Inc.
632,946
21,058
Emerson
Electric
Company
1,541,867
20,926
Expeditors
International
of
Washington,
Inc.
1,847,975
12,923
Fastenal
Company
594,975
38,433
First
Advantage
Corporation
l
493,095
3,484
Forrester
Research,
Inc.
l
125,459
8,053
Fortune
Brands
Home
and
Security,
Inc.
432,366
6,217
Forward
Air
Corporation
561,146
881
Genco
Shipping
&
Trading,
Ltd.
11,039
2,314
Generac
Holdings,
Inc.
l
412,216
7,301
General
Dynamics
Corporation
1,549,053
637
Gorman-Rupp
Company
15,154
1,431
Greenbrier
Companies,
Inc.
34,730
230
Heidrick
&
Struggles
International,
Inc.
5,978
1,165
Helios
Technologies,
Inc.
58,949
4,333
Hillman
Solutions
Corporation
l
32,671
51,688
Howmet
Aerospace,
Inc.
1,598,710
7,977
Hubbell,
Inc.
1,778,871
36,637
IAA,
Inc.
l
1,166,888
Shares
Common
Stock
(16.4%)
Value
Industrials
(2.1%)
-
continued
280
ICF
International,
Inc.
$
30,526
11,750
IDEX
Corporation
2,348,237
1,259
ITT
Corporation
82,263
5,524
Janus
International
Group,
Inc.
l
49,274
12,342
JetBlue
Airways
Corporation
l
81,827
21,387
Johnson
Controls
International
plc
1,052,668
2,535
Kennametal,
Inc.
52,170
6,111
L3Harris
Technologies,
Inc.
1,270,049
8,627
Landstar
System,
Inc.
1,245,480
574
Lennox
International,
Inc.
127,813
13,982
Lincoln
Electric
Holdings,
Inc.
1,757,817
2,524
Manitowoc
Company,
Inc.
l
19,561
7,009
ManpowerGroup,
Inc.
453,412
1,442
Masonite
International
Corporation
l
102,800
5,622
Mercury
Systems,
Inc.
l
228,253
13,616
Middleby
Corporation
l
1,745,163
1,457
Miller
Industries,
Inc.
31,019
9,457
MSC
Industrial
Direct
Company,
Inc.
688,564
152
National
Presto
Industries,
Inc.
9,888
11,574
Norfolk
Southern
Corporation
2,426,489
5,860
Northrop
Grumman
Corporation
2,756,075
3,100
Old
Dominion
Freight
Line,
Inc.
771,187
4,491
Owens
Corning,
Inc.
353,037
14,883
Parker-Hannifin
Corporation
3,606,300
49,386
Pentair
plc
2,006,553
1,160
Quanta
Services,
Inc.
147,772
1,439
RBC
Bearings,
Inc.
l
299,039
26,961
Regal
Rexnord
Corporation
3,784,246
1,724
Saia,
Inc.
l
327,560
29,360
SkyWest,
Inc.
l
477,394
1,193
Snap-On,
Inc.
240,211
2,052
Southwest
Airlines
Company
l
63,284
9,364
Standex
International
Corporation
764,571
33,792
Sun
Country
Airlines
Holdings,
Inc.
l
459,909
10,232
Sunrun,
Inc.
l
282,301
901
Tennant
Company
50,961
5,070
Timken
Company
299,333
1,587
Toro
Company
137,244
7,433
TransUnion
442,189
6,151
Trex
Company,
Inc.
l
270,275
4,288
Tutor
Perini
Corporation
l
23,670
154,547
Uber
Technologies,
Inc.
l
4,095,495
19,800
Union
Pacific
Corporation
3,857,436
9,501
United
Airlines
Holdings,
Inc.
l
309,067
14,142
United
Parcel
Service,
Inc.
2,284,499
6,486
United
Rentals,
Inc.
l
1,751,998
1,702
Univar
Solutions,
Inc.
l
38,703
14,909
Upwork,
Inc.
l
203,061
1,093
Valmont
Industries,
Inc.
293,602
2,036
Verisk
Analytics,
Inc.
347,199
23,697
Vicor
Corporation
l
1,401,441
1,629
Watsco,
Inc.
419,402
278
Watts
Water
Technologies,
Inc.
34,953
4,258
Werner
Enterprises,
Inc.
160,101
66,750
WillScot
Mobile
Mini
Holdings
Corporation
l
2,692,027
1,239
Woodward,
Inc.
99,442
1,387
XPO
Logistics,
Inc.
l
61,749
Total
90,224,818
Information
Technology
(3.6%)
8,702
8x8,
Inc.
l
30,022
398
Adobe,
Inc.
l
109,530
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
280
Shares
Common
Stock
(16.4%)
Value
Information
Technology
(3.6%)
-
continued
512
Advanced
Energy
Industries,
Inc.
$
39,634
863
Agilysys,
Inc.
l
47,767
4,347
Amkor
Technology,
Inc.
74,116
31,607
Amphenol
Corporation
2,116,405
312
ANSYS,
Inc.
l
69,170
196,608
Apple,
Inc.
27,171,226
8,510
Arista
Networks,
Inc.
l
960,694
6,482
Arrow
Electronics,
Inc.
l
597,576
10,338
Autodesk,
Inc.
l
1,931,138
2,563
Avnet,
Inc.
92,576
974
Benchmark
Electronics,
Inc.
24,136
2,244
BigCommerce
Holdings,
Inc.
l
33,211
9,552
Bill.com
Holdings,
Inc.
l
1,264,398
320
Blackline,
Inc.
l
19,168
64,779
Block,
Inc.
l
3,562,197
2,871
Cadence
Design
Systems,
Inc.
l
469,208
17,242
Calix,
Inc.
l
1,054,176
2,571
CDW
Corporation
401,282
2,791
Ciena
Corporation
l
112,840
81,627
Cisco
Systems,
Inc.
3,265,080
30,475
Cognex
Corporation
1,263,189
2,909
Coherent
Corporation
l
101,379
10,614
CommScope
Holding
Company,
Inc.
l
97,755
97
Computer
Services,
Inc.
5,408
10,705
Conduent
Incorporated
l
35,755
5,667
Descartes
Systems
Group,
Inc.
l
360,025
1,922
Digital
Turbine,
Inc.
l
27,696
949
Diodes,
Inc.
l
61,600
14,229
Dolby
Laboratories,
Inc.
927,019
4,409
Dropbox,
Inc.
l
91,354
2,757
Endava
plc
ADR
l
222,297
2,760
EPAM
Systems,
Inc.
l
999,644
1,311
ePlus,
Inc.
l
54,459
3,136
Euronet
Worldwide,
Inc.
l
237,583
27,908
Fidelity
National
Information
Services,
Inc.
2,109,008
919
First
Solar,
Inc.
l
121,556
8,663
Fiserv,
Inc.
l
810,597
21,431
Five9,
Inc.
l
1,606,896
5,975
FLEETCOR
Technologies,
Inc.
l
1,052,616
11,281
Flex,
Ltd.
l
187,941
101
Genpact,
Ltd.
4,421
5,162
Gilat
Satellite
Networks,
Ltd.
l
27,513
6,324
Global
Payments,
Inc.
683,308
1,944
HubSpot,
Inc.
l
525,113
2,535
IPG
Photonics
Corporation
l
213,827
3,465
Jack
Henry
&
Associates,
Inc.
631,566
67
Keysight
Technologies,
Inc.
l
10,543
1,071
KLA-Tencor
Corporation
324,117
8,583
Knowles
Corporation
l
104,455
7,253
Lam
Research
Corporation
2,654,598
36,321
Lattice
Semiconductor
Corporation
l
1,787,356
235
Littelfuse,
Inc.
46,692
6,899
LiveRamp
Holding,
Inc.
l
125,286
1,446
Lumentum
Holdings,
Inc.
l
99,152
12,572
Mastercard,
Inc.
3,574,722
1,316
MAXIMUS,
Inc.
76,157
304
MaxLinear,
Inc.
l
9,916
32,968
Microchip
Technology,
Inc.
2,012,037
120,835
Microsoft
Corporation
28,142,472
392
MKS
Instruments,
Inc.
32,395
5,259
Momentive
Global,
Inc.
l
30,555
4,873
Monolithic
Power
Systems,
Inc.
1,770,848
Shares
Common
Stock
(16.4%)
Value
Information
Technology
(3.6%)
-
continued
1,544
NAPCO
Security
Technologies,
Inc.
l
$
44,900
1,657
National
Instruments
Corporation
62,535
432
NICE,
Ltd.
ADR
l
81,320
3,501
Nova,
Ltd.
l
298,635
62,811
NVIDIA
Corporation
7,624,627
7,240
Okta,
Inc.
l
411,739
1,334
ON
Semiconductor
Corporation
l
83,148
3,301
PagerDuty,
Inc.
l
76,154
10,500
Palo
Alto
Networks,
Inc.
l
1,719,795
4,605
Paycom
Software,
Inc.
l
1,519,604
58,290
PayPal
Holdings,
Inc.
l
5,017,020
111
Plexus
Corporation
l
9,719
107
Progress
Software
Corporation
4,553
11,440
PTC,
Inc.
l
1,196,624
9,256
Qorvo,
Inc.
l
735,019
56,141
QUALCOMM,
Inc.
6,342,810
1,223
RingCentral,
Inc.
l
48,871
17,928
Sabre
Corporation
l
92,329
35,201
Salesforce,
Inc.
l
5,063,312
44,208
Samsung
Electronics
Company,
Ltd.
1,623,285
2,771
Sanmina
Corporation
l
127,688
2,002
Semtech
Corporation
l
58,879
11,084
ServiceNow,
Inc.
l
4,185,429
2,377
SiTime
Corporation
l
187,141
27,526
Skyworks
Solutions,
Inc.
2,347,142
25,880
Splunk,
Inc.
l
1,946,176
45,129
Sprout
Social,
Inc.
l
2,738,428
4,094
Synopsys,
Inc.
l
1,250,758
4,364
TD
SYNNEX
Corporation
354,313
5,393
Teledyne
Technologies,
Inc.
l
1,819,976
38,286
Texas
Instruments,
Inc.
5,925,907
1,546
Trimble,
Inc.
l
83,901
980
TTEC
Holdings,
Inc.
43,424
12,075
TTM
Technologies,
Inc.
l
159,149
3,734
Tyler
Technologies,
Inc.
l
1,297,565
6,424
Universal
Display
Corporation
606,104
173
Upland
Software,
Inc.
l
1,407
7,510
Vishay
Intertechnology,
Inc.
133,603
13,902
Vontier
Corporation
232,302
25,389
Western
Union
Company
342,752
4,302
WEX,
Inc.
l
546,096
2,576
Wolfspeed,
Inc.
l
266,255
12,813
Workiva,
Inc.
l
996,851
5,005
Xerox
Holdings
Corporation
65,465
6,433
Yext,
Inc.
l
28,691
Total
154,507,777
Materials
(0.6%)
9,792
AptarGroup,
Inc.
930,534
2,110
Ashland,
Inc.
200,387
5,425
Avery
Dennison
Corporation
882,647
47,243
Axalta
Coating
Systems,
Ltd.
l
994,938
1,353
Ball
Corporation
65,377
2,278
Carpenter
Technology
Corporation
70,937
15,891
Celanese
Corporation
1,435,593
18,454
CF
Industries
Holdings,
Inc.
1,776,197
1,665
Chemours
Company
41,042
2,510
Cleveland-Cliffs,
Inc.
l
33,810
8,320
Compass
Minerals
International,
Inc.
320,570
5,391
Crown
Holdings,
Inc.
436,833
39,744
Dow,
Inc.
1,745,954
19,752
Eastman
Chemical
Company
1,403,380
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
281
Shares
Common
Stock
(16.4%)
Value
Materials
(0.6%)
-
continued
6,364
Huntsman
Corporation
$
156,173
2,948
Ingevity
Corporation
l
178,737
4,159
Innospec,
Inc.
356,302
8,902
Ivanhoe
Mines,
Ltd.
l
57,291
1,106
Kaiser
Aluminum
Corporation
67,853
4,719
Linde
plc
1,272,195
68,031
LyondellBasell
Industries
NV
5,121,374
2,721
Martin
Marietta
Materials,
Inc.
876,407
1,151
Mativ,
Inc.
25,414
2,145
Minerals
Technologies,
Inc.
105,984
1,804
MP
Materials
Corporation
l
49,249
897
Myers
Industries,
Inc.
14,774
10,670
Nucor
Corporation
1,141,583
5,342
Orion
Engineered
Carbons
SA
71,316
1,067
PPG
Industries,
Inc.
118,106
4,860
Quaker
Chemical
Corporation
701,687
30,327
Ranpak
Holdings
Corporation
l
103,718
6,459
Reliance
Steel
&
Aluminum
Company
1,126,514
582
Royal
Gold,
Inc.
54,603
14,236
RPM
International,
Inc.
1,186,001
1,642
Ryerson
Holding
Corporation
42,265
1,150
Sensient
Technologies
Corporation
79,741
5,314
Sonoco
Products
Company
301,463
5,992
Steel
Dynamics,
Inc.
425,132
33,297
Summit
Materials,
Inc.
l
797,796
1,308
TriMas
Corporation
32,792
1,391
Trinseo
plc
25,483
606
United
States
Lime
&
Minerals,
Inc.
61,933
13,658
United
States
Steel
Corporation
247,483
4,305
Westlake
Corporation
374,018
21,718
WestRock
Company
670,869
1,499
Worthington
Industries,
Inc.
57,172
Total
26,239,627
Real
Estate
(0.6%)
13,812
Agree
Realty
Corporation
933,415
664
Alexandria
Real
Estate
Equities,
Inc.
93,086
4,172
AvalonBay
Communities,
Inc.
768,441
2,644
Camden
Property
Trust
315,826
14,507
CBRE
Group,
Inc.
l
979,368
31,605
CubeSmart
1,266,096
15,781
Cushman
&
Wakefield
plc
l
180,692
733
Digital
Realty
Trust,
Inc.
72,699
678
EastGroup
Properties,
Inc.
97,863
26,670
EPR
Properties
956,386
4,495
Essential
Properties
Realty
Trust,
Inc.
87,428
855
Essex
Property
Trust,
Inc.
207,107
1,824
Extra
Space
Storage,
Inc.
315,023
6,978
First
Industrial
Realty
Trust,
Inc.
312,684
2,718
FirstService
Corporation
323,469
4,723
Four
Corners
Property
Trust,
Inc.
114,249
61,622
Healthcare
Realty
Trust,
Inc.
1,284,819
86,833
Host
Hotels
&
Resorts,
Inc.
1,378,908
1,764
Howard
Hughes
Corporation
l
97,708
3,065
Independence
Realty
Trust,
Inc.
51,277
9,365
Kilroy
Realty
Corporation
394,360
4,497
Life
Storage,
Inc.
498,088
19,469
National
Retail
Properties,
Inc.
776,034
94,067
National
Storage
Affiliates
Trust
3,911,306
34,510
Necessity
Retail
REIT,
Inc.
202,919
5,651
NetSTREIT
Corporation
100,644
21,089
Pebblebrook
Hotel
Trust
306,001
Shares
Common
Stock
(16.4%)
Value
Real
Estate
(0.6%)
-
continued
12,226
Public
Storage,
Inc.
$
3,579,895
140
RE/MAX
Holdings,
Inc.
2,647
1,945
Realty
Income
Corporation
113,199
9,546
Regency
Centers
Corporation
514,052
39,873
Rexford
Industrial
Realty,
Inc.
2,073,396
16,083
Sabra
Health
Care
REIT,
Inc.
211,009
3,330
SBA
Communications
Corporation
947,885
31,616
Service
Properties
Trust
164,087
8,921
UDR,
Inc.
372,095
9,555
Zillow
Group,
Inc.
l
273,560
Total
24,277,721
Utilities
(0.4%)
2,761
Alliant
Energy
Corporation
146,305
2,258
Artesian
Resources
Corporation
108,655
1,428
Avista
Corporation
52,907
927
Black
Hills
Corporation
62,786
3,271
CenterPoint
Energy,
Inc.
92,177
1,917
Consolidated
Water
Company,
Ltd.
29,483
21,861
Constellation
Energy
Corporation
1,818,617
15,485
Duke
Energy
Corporation
1,440,415
16,359
Entergy
Corporation
1,646,206
1,862
Essential
Utilities,
Inc.
77,050
14,080
Evergy,
Inc.
836,352
144,820
NiSource,
Inc.
3,648,016
7,092
NorthWestern
Corporation
349,494
39,813
OGE
Energy
Corporation
1,451,582
2,808
Pinnacle
West
Capital
Corporation
181,144
998
Portland
General
Electric
Company
43,373
20,974
Public
Service
Enterprise
Group,
Inc.
1,179,368
31,254
Sempra
Energy
4,686,225
665
Spire,
Inc.
41,449
8,749
UGI
Corporation
282,855
Total
18,174,459
Total
Common
Stock
(cost
$623,940,573)
708,646,870
Shares
Collateral
Held
for
Securities
Loaned
(
0.9%
)
Value
37,709,747
Thrivent
Cash
Management
Trust
37,709,747
Total
Collateral
Held
for
Securities
Loaned
(cost
$37,709,747)
37,709,747
Shares
or
Principal
Amount
Short-Term
Investments
(
13.4%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,700,000
2.405%,
10/14/2022
m,n
1,698,428
400,000
2.520%,
10/19/2022
m,n
399,470
100,000
2.430%,
10/24/2022
m,n
99,826
100,000
2.460%,
10/26/2022
m,n
99,809
6,000,000
2.565%,
10/28/2022
m,n
5,987,402
2,100,000
2.980%,
11/18/2022
m,n
2,091,565
1,300,000
2.950%,
11/30/2022
m,n
1,293,332
6,800,000
3.440%,
12/21/2022
m,n
6,749,288
Thrivent
Core
Short-Term
Reserve
Fund
54,917,493
3.170%
549,174,931
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
282
Shares
or
Principal
Amount
Short-Term
Investments
(13.4%)
Value
U.S.
Treasury
Bills
1,700,000
2.532%,
10/25/2022
m,o
$
1,697,366
7,100,000
2.645%,
11/17/2022
m,o,p
7,074,706
Total
Short-Term
Investments
(cost
$576,187,023)
576,366,123
Total
Investments
(cost
$4,717,433,998)
104.6%
$4,508,312,063
Other
Assets
and
Liabilities,
Net
(4.6%)
(199,622,609)
Total
Net
Assets
100.0%
$4,308,689,454
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
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,
2022,
the
value
of
these
investments
was
$275,754,666
or
6.4%
of
total
net
assets.
g
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
September
30,
2022.
h
All
or
a
portion
of
the
security
is
on
loan.
i
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
j
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
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.
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,
2022,
$5,261,303
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
p
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderately
Conservative
Allocation
Portfolio
as
of
September
30,
2022
was
$1,024,302
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,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
432,089
Massachusetts
Mutual
Life
Insurance
Company,
12/1/2061
11/18/2021
992,170
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
7,889,021
Common
Stock
28,543,014
Total
lending
$36,432,035
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$37,709,747
Net
amounts
due
to
counterparty
$1,277,712
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
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
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
283
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
13,234,176
11,483,841
1,750,335
Capital
Goods
20,835,160
16,089,021
4,746,139
Communications
Services
20,174,141
18,569,406
1,604,735
Consumer
Cyclical
12,523,637
12,523,637
Consumer
Non-Cyclical
11,262,276
10,072,054
1,190,222
Energy
3,382,484
3,382,484
Financials
4,488,572
4,109,322
379,250
Technology
5,201,724
4,610,164
591,560
Transportation
6,294,121
6,034,398
259,723
Utilities
2,328,533
2,328,533
Long-Term
Fixed
Income
Asset-Backed
Securities
78,785,697
75,889,174
2,896,523
Basic
Materials
13,124,575
13,124,575
Capital
Goods
29,841,038
29,841,038
Collateralized
Mortgage
Obligations
88,274,078
84,537,329
3,736,749
Commercial
Mortgage-Backed
Securities
68,303,819
68,303,819
Communications
Services
45,400,587
45,400,587
Consumer
Cyclical
48,424,958
48,424,958
Consumer
Non-Cyclical
48,096,045
48,096,045
Energy
39,420,258
39,420,258
Financials
129,183,748
129,183,748
Foreign
Government
815,643
815,643
Mortgage-Backed
Securities
384,534,459
384,534,459
Technology
28,953,021
28,953,021
Transportation
12,271,911
12,271,911
U.S.
Government
&
Agencies
581,188,782
581,188,782
Utilities
29,673,406
29,673,406
Registered
Investment
Companies
Unaffiliated
30,487,004
30,487,004
Affiliated
1,162,623,790
1,129,822,270
32,801,520
Common
Stock
Communications
Services
51,346,828
51,248,069
98,759
Consumer
Discretionary
84,139,909
84,139,909
Consumer
Staples
32,744,579
32,744,579
Energy
32,087,091
32,087,091
Financials
89,515,256
88,218,843
1,296,413
Health
Care
105,388,805
105,388,805
Industrials
90,224,818
90,142,794
82,024
Information
Technology
154,507,777
152,884,492
1,623,285
Materials
26,239,627
26,182,336
57,291
Real
Estate
24,277,721
24,277,721
Utilities
18,174,459
18,174,459
Short-Term
Investments
27,191,192
27,191,192
Subtotal
Investments
in
Securities
$3,654,965,705
$1,865,798,372
$1,772,012,097
$17,155,236
Other
Investments  *
Total
Affiliated
Short-Term
Investments
549,174,931
Affiliated
Registered
Investment
Companies
266,461,680
Collateral
Held
for
Securities
Loaned
37,709,747
Subtotal
Other
Investments
$853,346,358
Total
Investments
at
Value
$4,508,312,063
*
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
284
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
11,053,338
11,053,338
Credit
Default
Swaps
28,301
28,301
Total
Asset
Derivatives
$11,081,639
$11,053,338
$28,301
$–
Liability
Derivatives
Futures
Contracts
33,289,182
33,289,182
Credit
Default
Swaps
94,608
94,608
Total
Liability
Derivatives
$33,383,790
$33,289,182
$94,608
$–
The
following
table
presents
Moderately
Conservative
Allocation
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$15,697,949
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
33
December
2022
$
3,885,083
(
$
187,020)
CBOT
2-Yr.
U.S.
Treasury
Note
54
December
2022
11,270,950
(
179,856)
CBOT
5-Yr.
U.S.
Treasury
Note
535
December
2022
59,495,344
(
1,978,665)
CBOT
U.S.
Long
Bond
561
December
2022
76,823,772
(
5,909,866)
CME
E-mini
S&P
500
Index
1,176
December
2022
232,910,401
(
21,142,201)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
248
December
2022
36,637,010
(
2,661,010)
Ultra
10-Yr.
U.S.
Treasury
Note
177
December
2022
22,202,299
(
1,230,564)
Total
Futures
Long
Contracts
$
443,224,859
(
$
33,289,182)
CBOT
10-Yr.
U.S.
Treasury
Note
(74)
December
2022
(
$
8,721,356)
$
428,731
CBOT
2-Yr.
U.S.
Treasury
Note
(102)
December
2022
(
21,291,441)
341,597
CME
E-mini
Russell
2000
Index
(247)
December
2022
(
22,873,166)
2,251,136
CME
E-mini
S&P
Mid-Cap
400
Index
(178)
December
2022
(
43,784,160)
4,478,200
ICE
mini
MSCI
EAFE
Index
(202)
December
2022
(
19,019,263)
2,247,203
ICE
US
mini
MSCI
Emerging
Markets
Index
(1,124)
December
2022
(
50,284,771)
1,306,471
Total
Futures
Short
Contracts
(
$
165,974,157)
$11,053,338
Total
Futures
Contracts
$
277,250,702
($22,235,844)
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
285
The
following
table
presents
Moderately
Conservative
Allocation
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$398,575
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
13,500,000
$
(
$
94,608)
(
$
94,608)
CDX
HY
39,
5
Year,
at
5.00%,
Quarterly
Sell
12/20/2027
(
9,880,000)
28,301
28,301
Total
Credit
Default
Swaps
$–
($66,307)
($66,307)
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.
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$185,775
$6,354
$17,705
$127,376
17,991
3.0%
Core
Emerging
Markets
Equity
42,187
30,433
3,957
0.7
Core
International
Equity
34,420
24,441
3,158
0.6
Core
Low
Volatility
Equity
101,342
84,212
7,580
1.9
Core
Small
Cap
Value
36,720
32,802
3,962
0.8
Global
Stock
59,415
6,860
43,979
4,227
1.0
High
Yield
137,337
4,558
28,000
91,193
23,674
2.1
Income
421,004
19,506
69,600
278,978
33,821
6.5
International
Allocation
208,537
19,574
147,749
20,659
3.4
International
Index
22,176
559
16,047
1,644
0.4
Large
Cap
Value
273,628
23,080
232,451
12,492
5.4
Limited
Maturity
Bond
227,267
3,495
43,759
172,283
18,602
4.0
Mid
Cap
Stock
131,327
16,802
22,000
83,264
4,903
1.9
Small
Cap
Stock
78,416
12,860
63,877
3,845
1.5
Total
Affiliated
Registered
Investment
Companies
1,922,831
1,429,085
33.2
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
910,265
905,802
1,266,892
549,175
54,917
12.8
Total
Affiliated
Short-Term
Investments
910,265
549,175
12.8
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
27,935
645,781
636,006
37,710
37,710
0.9
Total
Collateral
Held
for
Securities
Loaned
27,935
37,710
0.9
Total
Value
$2,861,031
$2,015,970
Moderately
Conservative
Allocation
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
286
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($3,804)
($43,244)
$
$6,353
Core
Emerging
Markets
Equity
(11,754)
Core
International
Equity
(9,979)
Core
Low
Volatility
Equity
(17,130)
Core
Small
Cap
Value
Fund
(3,918)
Global
Stock
(22,296)
6,298
563
High
Yield
(5,948)
(16,754)
4,557
Income
(6,830)
(85,102)
10,754
8,750
International
Allocation
(80,362)
14,763
4,810
International
Index
(6,688)
58
501
Large
Cap
Value
(64,257)
19,748
3,332
Limited
Maturity
Bond
(938)
(13,782)
657
2,838
Mid
Cap
Stock
7,237
(50,102)
16,509
294
Small
Cap
Stock
(27,399)
12,624
237
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
6,673
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$38,908
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
154
Total
Affiliated
Income
from
Securities
Loaned,
Net
$154
Total
Value
($10,283)
($452,767)
$
81,411
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
287
Principal
Amount
Long-Term
Fixed
Income
(
68.3%
)
Value
Basic
Materials
(1.9%)
Alcoa
Nederland
Holding
BV
$
100,000
5.500%, 
12/15/2027
a
$
93,265
Avient
Corporation
19,000
7.125%, 
8/1/2030
a,b
17,536
Cascades
USA,
Inc.
30,000
5.125%, 
1/15/2026
a
27,160
Chemours
Company
52,000
5.750%, 
11/15/2028
a
42,532
Cleveland-Cliffs,
Inc.
37,000
5.875%, 
6/1/2027
33,296
40,000
4.625%, 
3/1/2029
a,c
33,600
Consolidated
Energy
Finance
SA
106,000
5.625%, 
10/15/2028
a
85,033
EverArc
Escrow
Sarl
46,000
5.000%, 
10/30/2029
a
37,133
First
Quantum
Minerals,
Ltd.
89,000
6.875%, 
10/15/2027
a
80,100
Hecla
Mining
Company
20,000
7.250%, 
2/15/2028
18,554
Hudbay
Minerals,
Inc.
40,000
4.500%, 
4/1/2026
a
33,255
Ingevity
Corporation
69,000
3.875%, 
11/1/2028
a
57,048
Mercer
International,
Inc.
40,000
5.125%, 
2/1/2029
31,875
Methanex
Corporation
63,000
4.250%, 
12/1/2024
60,408
Novelis
Corporation
25,000
3.250%, 
11/15/2026
a
20,868
50,000
4.750%, 
1/30/2030
a
41,000
15,000
3.875%, 
8/15/2031
a
11,189
OCI
NV
30,000
4.625%, 
10/15/2025
a
27,870
Olin
Corporation
83,000
5.125%, 
9/15/2027
75,000
10,000
5.625%, 
8/1/2029
8,875
SCIL
USA
Holdings,
LLC
44,000
5.375%, 
11/1/2026
a
33,990
SPCM
SA
40,000
3.375%, 
3/15/2030
a
31,226
SunCoke
Energy,
Inc.
47,000
4.875%, 
6/30/2029
a
36,238
Taseko
Mines,
Ltd.
37,000
7.000%, 
2/15/2026
a
29,415
Unifrax
Escrow
Issuer
Corporation
36,000
5.250%, 
9/30/2028
a
27,648
United
States
Steel
Corporation
107,000
6.875%, 
3/1/2029
c
97,247
Total
1,091,361
Capital
Goods
(3.7%)
Advanced
Drainage
Systems,
Inc.
56,000
6.375%, 
6/15/2030
a
54,256
AECOM
110,000
5.125%, 
3/15/2027
102,664
Amsted
Industries,
Inc.
65,000
5.625%, 
7/1/2027
a
59,800
10,000
4.625%, 
5/15/2030
a
8,277
ARD
Finance
SA
18,000
6.500%, 
6/30/2027
a
12,325
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
40,000
5.250%, 
8/15/2027
a
25,029
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Capital
Goods
(3.7%)
-
continued
$
41,000
5.250%, 
8/15/2027
a
$
25,655
Bombardier,
Inc.
48,000
7.125%, 
6/15/2026
a
44,024
40,000
7.875%, 
4/15/2027
a
36,800
65,000
6.000%, 
2/15/2028
a
54,384
Builders
FirstSource,
Inc.
20,000
5.000%, 
3/1/2030
a
17,000
Canpack
SA/Canpack
US
LLC
90,000
3.125%, 
11/1/2025
a
78,271
Chart
Industries,
Inc.,
Convertible
6,000
1.000%, 
11/15/2024
a
18,857
Clydesdale
Acquisition
Holdings,
Inc.
8,000
6.625%, 
4/15/2029
a
7,279
15,000
8.750%, 
4/15/2030
a
12,405
Cornerstone
Building
Brands,
Inc.
40,000
6.125%, 
1/15/2029
a
22,320
Covert
Mergeco,
Inc.
17,000
4.875%, 
12/1/2029
a
13,740
CP
Atlas
Buyer,
Inc.
35,000
7.000%, 
12/1/2028
a,c
26,072
Crown
Cork
&
Seal
Company,
Inc.
40,000
7.375%, 
12/15/2026
40,000
General
Electric
Company
180,000
6.623%, 
(LIBOR
3M
+
3.330%),
12/15/2022
d,e
168,333
GFL
Environmental,
Inc.
68,000
4.000%, 
8/1/2028
a
56,677
54,000
3.500%, 
9/1/2028
a
45,539
Greenbrier
Companies,
Inc.,
Convertible
16,000
2.875%, 
4/15/2028
12,552
H&E
Equipment
Services,
Inc.
109,000
3.875%, 
12/15/2028
a
85,565
Herc
Holdings,
Inc.
40,000
5.500%, 
7/15/2027
a
36,000
Howmet
Aerospace,
Inc.
120,000
3.000%, 
1/15/2029
98,035
Itron,
Inc.,
Convertible
28,000
Zero
Coupon, 
3/15/2026
21,868
JELD-WEN,
Inc.
24,000
4.625%, 
12/15/2025
a
19,440
Kaman
Corporation,
Convertible
9,000
3.250%, 
5/1/2024
8,446
KBR,
Inc.,
Convertible
25,000
2.500%, 
11/1/2023
43,450
Mauser
Packaging
Solutions
Holding
Company
30,000
5.500%, 
4/15/2024
a
28,500
57,000
7.250%, 
4/15/2025
a
50,141
MIWD
Holdco
II,
LLC
59,000
5.500%, 
2/1/2030
a
43,697
Nesco
Holdings
II,
Inc.
55,000
5.500%, 
4/15/2029
a
45,842
New
Enterprise
Stone
and
Lime
Company,
Inc.
83,000
5.250%, 
7/15/2028
a
68,602
OI
European
Group
BV
80,000
4.750%, 
2/15/2030
a
63,600
Owens-Brockway
Glass
Container,
Inc.
16,000
5.875%, 
8/15/2023
a,c
15,800
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
288
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Capital
Goods
(3.7%)
-
continued
Pactiv
Evergreen
Group
$
35,000
4.375%, 
10/15/2028
a
$
28,943
Patrick
Industries,
Inc.,
Convertible
37,000
1.750%, 
12/1/2028
a
26,779
PGT
Innovations,
Inc.
41,000
4.375%, 
10/1/2029
a
33,632
SRM
Escrow
Issuer,
LLC
100,000
6.000%, 
11/1/2028
a
81,274
Sunpower
Corporation,
Convertible
21,000
4.000%, 
1/15/2023
22,827
Titan
Acquisition,
Ltd.
20,000
7.750%, 
4/15/2026
a
15,809
TransDigm,
Inc.
30,000
6.250%, 
3/15/2026
a
29,100
175,000
5.500%, 
11/15/2027
152,197
United
Rentals
North
America,
Inc.
7,000
5.500%, 
5/15/2027
6,764
57,000
4.875%, 
1/15/2028
52,260
20,000
4.000%, 
7/15/2030
16,522
Victors
Merger
Corporation
25,000
6.375%, 
5/15/2029
a
14,965
Waste
Pro
USA,
Inc.
15,000
5.500%, 
2/15/2026
a
13,178
WESCO
Distribution,
Inc.
95,000
7.250%, 
6/15/2028
a
93,048
Total
2,158,543
Collateralized
Mortgage
Obligations
(0.1%)
GMACM
Mortgage
Loan
Trust
15,728
3.598%, 
11/19/2035,
Ser.
2005-AR6,
Class
1A1
d
14,685
Residential
Accredit
Loans,
Inc.
Trust
46,037
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
36,925
Total
51,610
Communications
Services
(5.3%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
38,000
10.500%, 
2/15/2028
a
18,810
Altice
Financing
SA
15,000
5.750%, 
8/15/2029
a
11,478
Altice
France
SA
2,000
5.125%, 
7/15/2029
a
1,494
139,000
5.500%, 
10/15/2029
a
104,581
AMC
Networks,
Inc.
51,000
4.750%, 
8/1/2025
45,570
Cable
One,
Inc.,
Convertible
38,000
1.125%, 
3/15/2028
27,360
CCO
Holdings,
LLC
27,000
5.500%, 
5/1/2026
a
25,582
10,000
5.125%, 
5/1/2027
a
9,025
17,000
6.375%, 
9/1/2029
a
15,608
34,000
4.750%, 
3/1/2030
a
27,582
85,000
4.500%, 
8/15/2030
a
67,221
122,000
4.750%, 
2/1/2032
a
95,011
45,000
4.250%, 
1/15/2034
a
32,210
Cengage
Learning,
Inc.
62,000
9.500%, 
6/15/2024
a
58,125
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Communications
Services
(5.3%)
-
continued
Clear
Channel
Worldwide
Holdings,
Inc.
$
46,000
5.125%, 
8/15/2027
a
$
38,858
47,000
7.750%, 
4/15/2028
a
35,485
Consolidated
Communications,
Inc.
47,000
5.000%, 
10/1/2028
a
32,685
CSC
Holdings,
LLC
102,000
5.375%, 
2/1/2028
a
88,995
37,000
6.500%, 
2/1/2029
a
32,652
56,000
4.125%, 
12/1/2030
a
41,843
Cumulus
Media
New
Holdings,
Inc.
23,000
6.750%, 
7/1/2026
a
19,402
DIRECTV
Holdings,
LLC
54,000
5.875%, 
8/15/2027
a
46,554
DISH
DBS
Corporation
16,000
5.250%, 
12/1/2026
a
13,108
17,000
7.375%, 
7/1/2028
11,447
63,000
5.750%, 
12/1/2028
a
47,612
29,000
5.125%, 
6/1/2029
17,037
Entercom
Media
Corporation
72,000
6.500%, 
5/1/2027
a
17,640
Frontier
Communications
Corporation
22,000
6.750%, 
5/1/2029
a
18,150
Frontier
Communications
Holdings,
LLC
48,000
5.875%, 
10/15/2027
a
43,019
14,000
8.750%, 
5/15/2030
a
14,009
GCI,
LLC
70,000
4.750%, 
10/15/2028
a
58,118
Gray
Escrow
II,
Inc.
114,000
5.375%, 
11/15/2031
a
89,424
Gray
Television,
Inc.
40,000
4.750%, 
10/15/2030
a
29,978
Hughes
Satellite
Systems
Corporation
20,000
6.625%, 
8/1/2026
18,150
iHeartCommunications,
Inc.
40,000
4.750%, 
1/15/2028
a
33,340
Iliad
Holding
SASU
68,000
6.500%, 
10/15/2026
a
59,459
LCPR
Senior
Secured
Financing
DAC
36,000
6.750%, 
10/15/2027
a
29,880
Level
3
Financing,
Inc.
113,000
4.625%, 
9/15/2027
a
93,517
35,000
4.250%, 
7/1/2028
a
27,300
Lumen
Technologies,
Inc.
42,000
5.125%, 
12/15/2026
a
36,137
Netflix,
Inc.
40,000
4.875%, 
4/15/2028
37,437
Paramount
Global
200,000
6.375%, 
3/30/2062
d
172,780
Playtika
Holding
Corporation
42,000
4.250%, 
3/15/2029
a
33,589
Radiate
Holdco,
LLC
25,000
6.500%, 
9/15/2028
a
17,438
Rogers
Communications,
Inc.
200,000
5.250%, 
3/15/2082
a,d
174,150
Scripps
Escrow
II,
Inc.
21,000
3.875%, 
1/15/2029
a
16,741
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
289
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Communications
Services
(5.3%)
-
continued
$
50,000
5.375%, 
1/15/2031
a,c
$
37,876
Scripps
Escrow,
Inc.
30,000
5.875%, 
7/15/2027
a
26,100
Sinclair
Television
Group,
Inc.
93,000
5.500%, 
3/1/2030
a
66,838
Sirius
XM
Radio,
Inc.
80,000
5.000%, 
8/1/2027
a
73,400
20,000
4.000%, 
7/15/2028
a
17,012
30,000
4.125%, 
7/1/2030
a
24,385
Sprint
Capital
Corporation
101,000
6.875%, 
11/15/2028
103,778
64,000
8.750%, 
3/15/2032
74,160
Sprint
Corporation
92,000
7.625%, 
2/15/2025
94,307
TEGNA,
Inc.
92,000
4.625%, 
3/15/2028
84,939
Telesat
Canada
20,000
4.875%, 
6/1/2027
a
9,393
10,000
6.500%, 
10/15/2027
a
3,700
T-Mobile
USA,
Inc.
75,000
2.875%, 
2/15/2031
60,438
Twitter,
Inc.
12,000
3.875%, 
12/15/2027
a
11,253
Twitter,
Inc.,
Convertible
52,000
Zero
Coupon, 
3/15/2026
47,602
United
States
Cellular
Corporation
35,000
6.700%, 
12/15/2033
31,510
Uniti
Fiber
Holdings,
Inc.,
Convertible
8,000
4.000%, 
6/15/2024
a
7,375
Uniti
Group,
LP
10,000
4.750%, 
4/15/2028
a
7,900
Univision
Communications,
Inc.
78,000
6.625%, 
6/1/2027
a
73,610
Viasat,
Inc.
25,000
6.500%, 
7/15/2028
a
16,625
Vodafone
Group
plc
64,000
7.000%, 
4/4/2079
d
60,902
VTR
Finance
NV
30,000
6.375%, 
7/15/2028
a
16,575
VZ
Secured
Financing
BV
71,000
5.000%, 
1/15/2032
a
53,044
YPSO
Finance
BIS
SA
23,000
10.500%, 
5/15/2027
a
18,015
Zayo
Group
Holdings,
Inc.
26,000
4.000%, 
3/1/2027
a
20,864
Total
3,027,192
Consumer
Cyclical
(5.9%)
1011778
B.C.,
ULC
100,000
4.375%, 
1/15/2028
a
86,650
Allied
Universal
Finance
Corporation
40,000
4.625%, 
6/1/2028
a
30,200
Allied
Universal
Holdco,
LLC
20,000
6.625%, 
7/15/2026
a
17,825
70,000
4.625%, 
6/1/2028
a
53,922
32,000
6.000%, 
6/1/2029
a
20,652
Allison
Transmission,
Inc.
52,000
4.750%, 
10/1/2027
a
45,795
20,000
3.750%, 
1/30/2031
a
15,332
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Consumer
Cyclical
(5.9%)
-
continued
American
Axle
&
Manufacturing,
Inc.
$
95,000
6.500%, 
4/1/2027
$
80,512
Arko
Corporation
27,000
5.125%, 
11/15/2029
a
21,060
Ashton
Woods
USA,
LLC
25,000
4.625%, 
8/1/2029
a
18,151
15,000
4.625%, 
4/1/2030
a
10,742
Bloomin'
Brands,
Inc.,
Convertible
3,000
5.000%, 
5/1/2025
5,092
Boyd
Gaming
Corporation
40,000
4.750%, 
6/15/2031
a
32,388
Boyne
USA,
Inc.
30,000
4.750%, 
5/15/2029
a
25,132
Brookfield
Residential
Properties,
Inc.
90,000
6.250%, 
9/15/2027
a
75,549
Burlington
Stores,
Inc.,
Convertible
22,000
2.250%, 
4/15/2025
20,900
Caesars
Entertainment,
Inc.
60,000
6.250%, 
7/1/2025
a
57,825
40,000
8.125%, 
7/1/2027
a
38,203
76,000
4.625%, 
10/15/2029
a
58,070
Carnival
Corporation
42,000
10.500%, 
2/1/2026
a
41,555
44,000
7.625%, 
3/1/2026
a
33,440
71,000
5.750%, 
3/1/2027
a
49,739
Cedar
Fair,
LP
20,000
5.375%, 
4/15/2027
18,578
69,000
5.250%, 
7/15/2029
59,209
Churchill
Downs,
Inc.
20,000
4.750%, 
1/15/2028
a
17,302
Cinemark
USA,
Inc.
59,000
5.875%, 
3/15/2026
a,c
49,334
Clarios
Global,
LP
15,000
8.500%, 
5/15/2027
a
14,317
Cushman
&
Wakefield
US
Borrower,
LLC
27,000
6.750%, 
5/15/2028
a
25,044
Dana,
Inc.
45,000
5.625%, 
6/15/2028
37,132
Dick's
Sporting
Goods,
Inc.,
Convertible
7,000
3.250%, 
4/15/2025
22,844
Empire
Communities
Corporation
38,000
7.000%, 
12/15/2025
a
31,532
Expedia
Group,
Inc.,
Convertible
14,000
Zero
Coupon, 
2/15/2026
12,109
Ford
Motor
Company
78,000
3.250%, 
2/12/2032
56,186
48,000
6.100%, 
8/19/2032
42,317
Ford
Motor
Company,
Convertible
49,000
Zero
Coupon, 
3/15/2026
44,810
Ford
Motor
Credit
Company,
LLC
131,000
2.300%, 
2/10/2025
116,105
60,000
4.134%, 
8/4/2025
54,453
89,000
2.700%, 
8/10/2026
73,816
Forestar
Group,
Inc.
37,000
3.850%, 
5/15/2026
a
30,433
FTI
Consulting,
Inc.,
Convertible
21,000
2.000%, 
8/15/2023
34,642
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
290
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Consumer
Cyclical
(5.9%)
-
continued
General
Motors
Financial
Company,
Inc.
$
40,000
5.700%, 
9/30/2030
d,e
$
34,285
Goodyear
Tire
&
Rubber
Company
30,000
5.000%, 
7/15/2029
24,491
15,000
5.250%, 
7/15/2031
12,000
Guitar
Center
Escrow
Issuer
II,
Inc.
12,000
8.500%, 
1/15/2026
a
10,631
Hanesbrands,
Inc.
36,000
4.875%, 
5/15/2026
a
32,362
Hilton
Domestic
Operating
Company,
Inc.
37,000
4.875%, 
1/15/2030
32,190
21,000
3.625%, 
2/15/2032
a
16,084
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
85,000
5.000%, 
6/1/2029
a
68,604
Hilton
Worldwide
Finance,
LLC
50,000
4.875%, 
4/1/2027
45,875
International
Game
Technology
plc
72,000
5.250%, 
1/15/2029
a
63,775
Jacobs
Entertainment,
Inc.
28,000
6.750%, 
2/15/2029
a
23,957
KB
Home
35,000
4.800%, 
11/15/2029
28,178
L
Brands,
Inc.
109,000
6.625%, 
10/1/2030
a
94,830
10,000
6.875%, 
11/1/2035
8,354
Macy's
Retail
Holdings,
LLC
65,000
5.875%, 
4/1/2029
a
52,163
Magic
MergerCo,
Inc.
37,000
5.250%, 
5/1/2028
a
25,973
Marriott
Vacations
Worldwide
Corporation,  Convertible
11,000
Zero
Coupon, 
1/15/2026
10,108
Mattamy
Group
Corporation
43,000
5.250%, 
12/15/2027
a
35,642
MGM
Resorts
International
15,000
6.000%, 
3/15/2023
15,005
105,000
5.500%, 
4/15/2027
94,344
NCL
Corporation,
Ltd.
58,000
3.625%, 
12/15/2024
a
48,775
22,000
5.875%, 
2/15/2027
a
18,315
PENN
Entertainment,
Inc.
35,000
4.125%, 
7/1/2029
a
26,791
PetSmart,
Inc./PetSmart
Finance
Corporation
60,000
4.750%, 
2/15/2028
a
51,347
62,000
7.750%, 
2/15/2029
a
55,424
Prime
Security
Services
Borrower,
LLC
41,000
6.250%, 
1/15/2028
a
34,988
Prime
Security
Services
Borrower,
LLC/Prime
Finance
Inc.
93,000
5.750%, 
4/15/2026
a
87,507
Realogy
Group,
LLC
50,000
5.750%, 
1/15/2029
a
36,063
Rite
Aid
Corporation
21,000
7.500%, 
7/1/2025
a
15,977
Royal
Caribbean
Cruises,
Ltd.
72,000
9.125%, 
6/15/2023
a
73,260
23,000
11.500%, 
6/1/2025
a
24,438
76,000
4.250%, 
7/1/2026
a
55,866
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Consumer
Cyclical
(5.9%)
-
continued
$
38,000
9.250%, 
1/15/2029
a,b
$
37,443
Scientific
Games
International,
Inc.
62,000
7.250%, 
11/15/2029
a
57,704
25,000
6.625%, 
3/1/2030
a
20,040
SeaWorld
Parks
and
Entertainment,
Inc.
22,000
5.250%, 
8/15/2029
a
18,269
Six
Flags
Theme
Parks,
Inc.
15,000
7.000%, 
7/1/2025
a
14,994
Staples,
Inc.
44,000
7.500%, 
4/15/2026
a
36,943
46,000
10.750%, 
4/15/2027
a
34,098
Station
Casinos,
LLC
32,000
4.625%, 
12/1/2031
a,c
24,169
Tenneco,
Inc.
80,000
5.000%, 
7/15/2026
77,800
Travel
+
Leisure
Company
35,000
6.625%, 
7/31/2026
a
32,786
TripAdvisor,
Inc.
11,000
7.000%, 
7/15/2025
a
10,694
Uber
Technologies,
Inc.
30,000
6.250%, 
1/15/2028
a,c
27,900
Vail
Resorts,
Inc.,
Convertible
15,000
Zero
Coupon, 
1/1/2026
13,059
VICI
Properties,
LP/VICI
Note
Company,
Inc.
17,000
4.625%, 
6/15/2025
a
15,997
55,000
4.500%, 
9/1/2026
a
50,227
20,000
3.750%, 
2/15/2027
a
17,517
Wabash
National
Corporation
42,000
4.500%, 
10/15/2028
a
32,559
Wyndham
Hotels
&
Resorts,
Inc.
20,000
4.375%, 
8/15/2028
a
17,581
Yum!
Brands,
Inc.
59,000
4.750%, 
1/15/2030
a
51,561
Total
3,427,840
Consumer
Non-Cyclical
(4.2%)
1375209
BC,
Ltd.
34,000
9.000%, 
1/30/2028
a
33,745
Albertson's
Companies,
Inc.
70,000
4.625%, 
1/15/2027
a
62,567
57,000
3.500%, 
3/15/2029
a
45,942
Aramark
Services,
Inc.
15,000
6.375%, 
5/1/2025
a
14,700
84,000
5.000%, 
2/1/2028
a
74,820
Avantor
Funding,
Inc.
76,000
4.625%, 
7/15/2028
a
67,636
B&G
Foods,
Inc.
23,000
5.250%, 
9/15/2027
18,635
Bausch
Health
Companies,
Inc.
21,000
5.500%, 
11/1/2025
a,c
16,682
46,000
4.875%, 
6/1/2028
a
29,656
60,000
11.000%, 
9/30/2028
a
48,300
12,000
14.000%, 
10/15/2030
a
6,540
BioMarin
Pharmaceutical,
Inc.,
Convertible
37,000
1.250%, 
5/15/2027
36,745
Callaway
Golf
Company,
Convertible
19,000
2.750%, 
5/1/2026
24,510
Central
Garden
&
Pet
Company
50,000
4.125%, 
10/15/2030
39,799
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
291
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Consumer
Non-Cyclical
(4.2%)
-
continued
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
$
56,000
4.625%, 
11/15/2028
a
$
47,630
Community
Health
Systems,
Inc.
11,000
8.000%, 
12/15/2027
a
8,704
55,000
6.000%, 
1/15/2029
a
40,424
43,000
6.875%, 
4/15/2029
a
20,771
Coty,
Inc.
58,000
5.000%, 
4/15/2026
a
52,806
Edgewell
Personal
Care
Company
30,000
5.500%, 
6/1/2028
a
26,824
Embecta
Corporation
18,000
6.750%, 
2/15/2030
a
16,618
Encompass
Health
Corporation
95,000
4.500%, 
2/1/2028
81,367
Energizer
Holdings,
Inc.
10,000
4.750%, 
6/15/2028
a
7,923
35,000
4.375%, 
3/31/2029
a
25,962
HCA,
Inc.
96,000
5.375%, 
2/1/2025
94,865
HFC
Prestige
Products,
Inc.
53,000
4.750%, 
1/15/2029
a
44,837
HLF
Financing
SARL,
LLC
110,000
4.875%, 
6/1/2029
a
78,501
Ionis
Pharmaceuticals,
Inc.,
Convertible
21,000
0.125%, 
12/15/2024
18,991
Jazz
Investments
I,
Ltd.,
Convertible
35,000
2.000%, 
6/15/2026
37,450
Mattel,
Inc.
80,000
3.375%, 
4/1/2026
a
71,395
Mozart
Debt
Merger
Sub,
Inc.
34,000
3.875%, 
4/1/2029
a
27,257
36,000
5.250%, 
10/1/2029
a
27,180
Organon
&
Company
75,000
4.125%, 
4/30/2028
a
64,125
Owens
&
Minor,
Inc.
39,000
6.625%, 
4/1/2030
a
34,320
Performance
Food
Group,
Inc.
44,000
4.250%, 
8/1/2029
a
36,634
Perrigo
Finance
Unlimited
Company
97,000
4.375%, 
3/15/2026
88,997
Pilgrim's
Pride
Corporation
35,000
3.500%, 
3/1/2032
a
26,385
Post
Holdings,
Inc.
56,000
5.750%, 
3/1/2027
a
53,413
26,000
5.625%, 
1/15/2028
a
23,731
17,000
5.500%, 
12/15/2029
a
14,697
39,000
4.500%, 
9/15/2031
a
31,395
Post
Holdings,
Inc.,
Convertible
14,000
2.500%, 
8/15/2027
a
13,825
Primo
Water
Holdings,
Inc.
57,000
4.375%, 
4/30/2029
a
46,366
Scotts
Miracle-Gro
Company
35,000
4.500%, 
10/15/2029
25,375
SEG
Holding,
LLC
95,000
5.625%, 
10/15/2028
a
87,161
Simmons
Foods,
Inc.
92,000
4.625%, 
3/1/2029
a
75,210
Spectrum
Brands,
Inc.
35,000
5.000%, 
10/1/2029
a
27,842
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Consumer
Non-Cyclical
(4.2%)
-
continued
$
10,000
5.500%, 
7/15/2030
a
$
7,819
Syneos
Health,
Inc.
85,000
3.625%, 
1/15/2029
a
67,684
Teleflex,
Inc.
88,000
4.250%, 
6/1/2028
a
76,540
Tenet
Healthcare
Corporation
10,000
4.625%, 
7/15/2024
9,670
38,000
6.250%, 
2/1/2027
a
35,460
125,000
5.125%, 
11/1/2027
a
112,161
68,000
6.125%, 
10/1/2028
a
59,574
Teva
Pharmaceutical
Finance
Netherlands
III
BV
79,000
3.150%, 
10/1/2026
64,820
TreeHouse
Foods,
Inc.
74,000
4.000%, 
9/1/2028
59,007
United
Natural
Foods,
Inc.
21,000
6.750%, 
10/15/2028
a
19,207
Winnebago
Industries,
Inc.,
Convertible
19,000
1.500%, 
4/1/2025
19,867
Total
2,431,067
Energy
(6.8%)
Antero
Resources
Corporation
39,000
5.375%, 
3/1/2030
a
35,064
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
57,000
6.250%, 
4/1/2028
a
50,103
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
31,000
6.625%, 
7/15/2026
a
28,907
BP
Capital
Markets
plc
280,000
4.875%, 
3/22/2030
d,e
240,800
Buckeye
Partners,
LP
40,000
3.950%, 
12/1/2026
34,887
Callon
Petroleum
Company
36,000
8.250%, 
7/15/2025
34,998
35,000
7.500%, 
6/15/2030
a,c
30,643
Cheniere
Energy
Partners,
LP
35,000
4.500%, 
10/1/2029
30,814
15,000
3.250%, 
1/31/2032
11,518
Cheniere
Energy,
Inc.
20,000
4.625%, 
10/15/2028
18,347
Chesapeake
Energy
Corporation
80,000
6.750%, 
4/15/2029
a
76,690
CNX
Resources
Corporation
37,000
6.000%, 
1/15/2029
a
33,762
CNX
Resources
Corporation,
Convertible
24,000
2.250%, 
5/1/2026
33,228
Comstock
Resources,
Inc.
17,000
6.750%, 
3/1/2029
a
15,679
25,000
5.875%, 
1/15/2030
a
21,774
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
34,000
5.500%, 
6/15/2031
a
28,782
CrownRock
Finance,
Inc.
54,000
5.625%, 
10/15/2025
a
51,698
DT
Midstream,
Inc.
75,000
4.125%, 
6/15/2029
a
63,375
10,000
4.375%, 
6/15/2031
a
8,247
Enbridge,
Inc.
300,000
7.375%, 
1/15/2083
d
288,981
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
292
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Energy
(6.8%)
-
continued
$
107,000
7.625%, 
1/15/2083
d
$
103,167
137,000
6.250%, 
3/1/2078
d
123,122
48,000
5.750%, 
7/15/2080
d
42,228
Endeavor
Energy
Resources,
LP
30,000
5.750%, 
1/30/2028
a
28,534
Energy
Transfer,
LP
115,000
6.750%, 
5/15/2025
d,e
99,366
199,000
6.500%, 
11/15/2026
d,e
173,350
EnLink
Midstream
Partners,
LP
50,000
4.850%, 
7/15/2026
45,919
Enterprise
Products
Operating,
LLC
37,000
4.875%, 
8/16/2077
d
33,762
EQM
Midstream
Partners,
LP
38,000
4.750%, 
1/15/2031
a
30,162
EQT
Corporation,
Convertible
19,000
1.750%, 
5/1/2026
52,359
Ferrellgas,
LP
32,000
5.375%, 
4/1/2026
a
28,160
Harvest
Midstream,
LP
81,000
7.500%, 
9/1/2028
a
75,707
Hess
Midstream
Operations,
LP
35,000
5.625%, 
2/15/2026
a
33,224
27,000
5.500%, 
10/15/2030
a
23,178
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
70,000
5.750%, 
2/1/2029
a
61,199
46,000
6.250%, 
4/15/2032
a
40,747
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
52,000
6.375%, 
4/15/2027
a
49,660
Howard
Midstream
Energy
Partners,
LLC
45,000
6.750%, 
1/15/2027
a
40,093
ITT
Holdings,
LLC
47,000
6.500%, 
8/1/2029
a
36,461
Laredo
Petroleum,
Inc.
102,000
7.750%, 
7/31/2029
a,c
93,982
MEG
Energy
Corporation
49,000
7.125%, 
2/1/2027
a
49,735
MPLX,
LP
107,000
6.875%, 
2/15/2023
d,e
105,127
Murphy
Oil
Corporation
42,000
5.875%, 
12/1/2027
39,259
Nabors
Industries,
Ltd.
80,000
7.250%, 
1/15/2026
a
69,610
NuStar
Logistics,
LP
45,000
5.750%, 
10/1/2025
41,705
Oasis
Petroleum,
Inc.
35,000
6.375%, 
6/1/2026
a
33,250
Occidental
Petroleum
Corporation
60,000
8.500%, 
7/15/2027
64,212
20,000
6.450%, 
9/15/2036
20,000
Pioneer
Natural
Resources
Company,
Convertible
7,000
0.250%, 
5/15/2025
15,162
Plains
All
American
Pipeline,
LP
60,000
6.125%, 
11/15/2022
d,e
48,907
Precision
Drilling
Corporation
42,000
6.875%, 
1/15/2029
a
37,082
Range
Resources
Corporation
36,000
4.750%, 
2/15/2030
a,c
31,220
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Energy
(6.8%)
-
continued
SM
Energy
Company
$
44,000
6.625%, 
1/15/2027
$
42,235
15,000
6.500%, 
7/15/2028
c
14,255
Southwestern
Energy
Company
20,000
5.375%, 
2/1/2029
18,136
45,000
5.375%, 
3/15/2030
40,547
21,000
4.750%, 
2/1/2032
17,600
Suburban
Propane
Partners,
LP
40,000
5.875%, 
3/1/2027
37,736
20,000
5.000%, 
6/1/2031
a
16,416
Sunoco,
LP
40,000
6.000%, 
4/15/2027
38,142
5,000
5.875%, 
3/15/2028
4,537
29,000
4.500%, 
4/30/2030
23,707
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
82,000
5.500%, 
1/15/2028
a
69,992
Teine
Energy,
Ltd.
25,000
6.875%, 
4/15/2029
a
22,457
TransCanada
Trust
125,000
5.600%, 
3/7/2082
d
108,406
115,000
5.625%, 
5/20/2075
d
106,188
160,000
5.300%, 
3/15/2077
d
137,692
Transocean
Proteus,
Ltd.
9,000
6.250%, 
12/1/2024
a
8,460
Transocean,
Inc.
37,000
11.500%, 
1/30/2027
a
34,223
USA
Compression
Partners,
LP
50,000
6.875%, 
4/1/2026
46,000
Venture
Global
Calcasieu
Pass,
LLC
78,000
3.875%, 
8/15/2029
a
66,915
20,000
4.125%, 
8/15/2031
a
16,589
W&T
Offshore,
Inc.
16,000
9.750%, 
11/1/2023
a
15,683
Weatherford
International,
Ltd.
44,000
8.625%, 
4/30/2030
a
38,317
Western
Midstream
Operating,
LP
96,000
3.950%, 
6/1/2025
90,240
10,000
5.500%, 
8/15/2048
8,087
Total
3,930,506
Financials
(20.2%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
15,000
7.000%, 
11/15/2025
a
13,701
AerCap
Holdings
NV
60,000
5.875%, 
10/10/2079
d
53,559
Air
Lease
Corporation
174,000
4.650%, 
6/15/2026
d,e
145,269
Aircastle,
Ltd.
115,000
5.250%, 
6/15/2026
a,d,e
86,261
Alliant
Holdings
Intermediate,
LLC
22,000
6.750%, 
10/15/2027
a
18,959
Ally
Financial,
Inc.
50,000
5.750%, 
11/20/2025
48,495
253,000
4.700%, 
5/15/2026
d,e
197,216
95,000
4.700%, 
5/15/2028
d,e
67,687
American
Express
Company
85,000
3.550%, 
9/15/2026
d,e
65,507
AmWINS
Group,
Inc.
25,000
4.875%, 
6/30/2029
a
20,752
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
293
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Financials
(20.2%)
-
continued
Ares
Capital
Corporation,
Convertible
$
11,000
4.625%, 
3/1/2024
$
11,227
BAC
Capital
Trust
XIV
74,000
4.000%, 
(LIBOR
3M
+
0.400%),
10/19/2022
d,e
54,202
Banco
Santander
SA
115,000
4.750%, 
11/12/2026
d,e
79,506
Bank
of
America
Corporation
284,000
6.250%, 
9/5/2024
d,e
274,415
82,000
6.100%, 
3/17/2025
d,e
78,606
40,000
6.300%, 
3/10/2026
d,e
39,292
200,000
4.375%, 
1/27/2027
d,e
160,500
400,000
6.125%, 
4/27/2027
d,e
378,000
184,000
5.875%, 
3/15/2028
d,e
157,780
Bank
of
New
York
Mellon
Corporation
150,000
4.700%, 
9/20/2025
d,e
143,625
Bank
of
Nova
Scotia
212,000
4.900%, 
6/4/2025
d,e
189,257
Barclays
plc
75,000
4.375%, 
3/15/2028
d,e
46,222
Blackstone
Mortgage
Trust,
Inc.,
Convertible
18,000
5.500%, 
3/15/2027
15,311
BNP
Paribas
SA
200,000
7.750%, 
8/16/2029
a,d,e
184,560
Brookfield
Property
REIT,
Inc.
30,000
5.750%, 
5/15/2026
a
27,120
Capital
One
Financial
Corporation
36,000
3.950%, 
9/1/2026
d,e
28,260
Centene
Corporation
55,000
4.250%, 
12/15/2027
50,308
75,000
4.625%, 
12/15/2029
67,395
90,000
3.000%, 
10/15/2030
71,275
Charles
Schwab
Corporation
176,000
5.375%, 
6/1/2025
d,e
171,160
128,000
4.000%, 
6/1/2026
d,e
104,986
160,000
5.000%, 
6/1/2027
d,e
143,800
125,000
4.000%, 
12/1/2030
d,e
91,823
Citigroup,
Inc.
82,000
5.950%, 
1/30/2023
d,e
81,026
68,000
5.000%, 
9/12/2024
d,e
60,512
144,000
5.950%, 
5/15/2025
d,e
130,327
145,000
4.000%, 
12/10/2025
d,e
122,162
225,000
3.875%, 
2/18/2026
d,e
185,542
107,000
4.150%, 
11/15/2026
d,e
85,065
Citizens
Financial
Group,
Inc.
80,000
4.000%, 
10/6/2026
d,e
64,076
Coinbase
Global,
Inc.
15,000
3.625%, 
10/1/2031
a
8,317
Coinbase
Global,
Inc.,
Convertible
66,000
0.500%, 
6/1/2026
43,263
Comerica,
Inc.
20,000
5.625%, 
7/1/2025
d,e
19,614
Corebridge
Financial,
Inc.
81,000
6.875%, 
12/15/2052
a,d
74,071
Credit
Acceptance
Corporation
52,000
5.125%, 
12/31/2024
*
48,393
Credit
Agricole
SA
48,000
6.875%, 
9/23/2024
a,d,e
44,209
40,000
8.125%, 
12/23/2025
a,d,e
38,502
200,000
4.750%, 
3/23/2029
a,d,e
137,812
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Financials
(20.2%)
-
continued
Credit
Suisse
Group
AG
$
56,000
7.500%, 
12/11/2023
a,d,e
$
51,450
40,000
7.250%, 
9/12/2025
a,d,e
30,597
200,000
9.750%, 
6/23/2027
a,d,e
196,176
Dai-ichi
Life
Insurance
Company,
Ltd.
230,000
5.100%, 
10/28/2024
a,c,d,e
222,742
Deutsche
Bank
AG
225,000
6.000%, 
10/30/2025
d,e
168,750
15,000
4.296%, 
5/24/2028
d
13,378
Drawbridge
Special
Opportunities
Fund,
LP
95,000
3.875%, 
2/15/2026
a
86,230
Fifth
Third
Bancorp
91,000
4.500%, 
9/30/2025
d,e
83,712
Fortress
Transportation
and
Infrastructure
Investors,
LLC
43,000
6.500%, 
10/1/2025
a
40,395
31,000
9.750%, 
8/1/2027
a
30,312
Genworth
Mortgage
Holdings,
Inc.
28,000
6.500%, 
8/15/2025
a
26,759
Global
Net
Lease,
Inc.
80,000
3.750%, 
12/15/2027
a
62,402
Goldman
Sachs
Group,
Inc.
215,000
5.500%, 
8/10/2024
d,e
206,400
115,000
4.400%, 
2/10/2025
c,d,e
95,854
130,000
3.650%, 
8/10/2026
d,e
99,775
105,000
4.125%, 
11/10/2026
d,e
83,475
Hartford
Financial
Services
Group,
Inc.
100,000
5.030%, 
(LIBOR
3M
+
2.125%),
2/12/2047
a,d
82,329
HAT
Holdings,
LLC,
Convertible
10,000
Zero
Coupon, 
5/1/2025
a
8,938
HSBC
Holdings
plc
55,000
6.375%, 
3/30/2025
d,e
49,552
66,000
6.500%, 
3/23/2028
d,e
55,236
85,000
4.600%, 
12/17/2030
d,e
58,947
115,000
6.500%, 
9/15/2037
108,199
HUB
International,
Ltd.
20,000
7.000%, 
5/1/2026
a
18,968
28,000
5.625%, 
12/1/2029
a
23,380
Huntington
Bancshares,
Inc.
104,000
4.450%, 
10/15/2027
d,e
92,559
Icahn
Enterprises,
LP
78,000
4.750%, 
9/15/2024
72,974
30,000
6.375%, 
12/15/2025
28,427
72,000
5.250%, 
5/15/2027
63,037
Intesa
Sanpaolo
SPA
15,000
5.017%, 
6/26/2024
a
13,986
iStar,
Inc.
80,000
4.250%, 
8/1/2025
77,604
J.P.
Morgan
Chase
&
Company
140,000
5.597%, 
(LIBOR
3M
+
3.320%),
10/1/2022
d,e
140,000
105,000
5.150%, 
5/1/2023
d,e
101,320
40,000
6.000%, 
8/1/2023
d,e
39,000
40,000
6.750%, 
2/1/2024
d,e
39,637
368,000
5.000%, 
8/1/2024
d,e
331,844
100,000
4.600%, 
2/1/2025
d,e
87,110
85,000
3.650%, 
6/1/2026
d,e
68,834
100,000
1.506%, 
(LIBOR
3M
+
1.000%),
5/15/2047
d
78,900
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
294
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Financials
(20.2%)
-
continued
Jefferies
Finance,
LLC
$
40,000
5.000%, 
8/15/2028
a
$
29,500
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
5,000
6.125%, 
5/15/2023
4,938
Lincoln
National
Corporation
100,000
5.299%, 
(LIBOR
3M
+
2.358%),
11/17/2022
d
77,850
Lloyds
Banking
Group
plc
40,000
7.500%, 
6/27/2024
d,e
37,129
LPL
Holdings,
Inc.
30,000
4.000%, 
3/15/2029
a
25,730
M&T
Bank
Corporation
100,000
3.500%, 
9/1/2026
d,e
74,558
MetLife,
Inc.
140,000
3.850%, 
9/15/2025
d,e
125,243
152,000
5.875%, 
3/15/2028
d,e
138,713
Molina
Healthcare,
Inc.
85,000
4.375%, 
6/15/2028
a
76,713
MPT
Operating
Partnership,
LP
40,000
4.625%, 
8/1/2029
32,183
Nationstar
Mortgage
Holdings,
Inc.
37,000
6.000%, 
1/15/2027
a
31,589
NatWest
Group
plc
95,000
4.600%, 
6/28/2031
d,e
59,375
Navient
Corporation
37,000
5.500%, 
1/25/2023
36,795
10,000
5.000%, 
3/15/2027
8,179
Necessity
Retail
REIT,
Inc.
68,000
4.500%, 
9/30/2028
a
50,678
Nippon
Life
Insurance
Company
160,000
2.900%, 
9/16/2051
a,d
123,687
172,000
5.100%, 
10/16/2044
a,d
167,161
172,000
3.400%, 
1/23/2050
a,d
144,437
OneMain
Finance
Corporation
80,000
6.875%, 
3/15/2025
75,188
80,000
7.125%, 
3/15/2026
72,112
20,000
6.625%, 
1/15/2028
17,160
Park
Intermediate
Holdings,
LLC
15,000
4.875%, 
5/15/2029
a
12,150
Pebblebrook
Hotel
Trust,
Convertible
34,000
1.750%, 
12/15/2026
29,002
PennyMac
Financial
Services,
Inc.
29,000
4.250%, 
2/15/2029
a
20,657
PNC
Financial
Services
Group,
Inc.
95,000
3.400%, 
9/15/2026
d,e
70,896
220,000
6.000%, 
5/15/2027
d,e
204,050
108,000
6.200%, 
9/15/2027
d,e
102,060
PRA
Group,
Inc.
27,000
7.375%, 
9/1/2025
a
26,121
Provident
Financing
Trust
I
25,000
7.405%, 
3/15/2038
26,148
Prudential
Financial,
Inc.
250,000
5.125%, 
3/1/2052
d
216,735
138,000
5.625%, 
6/15/2043
d
135,966
126,000
5.200%, 
3/15/2044
d
121,085
20,000
3.700%, 
10/1/2050
d
15,796
QBE
Insurance
Group,
Ltd.
40,000
5.875%, 
5/12/2025
a,d,e
37,078
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Financials
(20.2%)
-
continued
Radian
Group,
Inc.
$
37,000
4.875%, 
3/15/2027
$
32,800
Regions
Financial
Corporation
80,000
5.750%, 
6/15/2025
d,e
78,800
RLJ
Lodging
Trust,
LP
19,000
3.750%, 
7/1/2026
a
16,227
Rocket
Mortgage
Co-Issuer,
Inc.
30,000
3.625%, 
3/1/2029
a
23,090
Service
Properties
Trust
25,000
4.650%, 
3/15/2024
23,125
58,000
7.500%, 
9/15/2025
54,230
20,000
5.500%, 
12/15/2027
16,245
SLM
Corporation
20,000
4.200%, 
10/29/2025
17,904
Societe
Generale
SA
40,000
8.000%, 
9/29/2025
a,d,e
38,137
Standard
Chartered
plc
105,000
6.000%, 
7/26/2025
a,d,e
93,154
Starwood
Property
Trust,
Inc.,
Convertible
10,000
4.375%, 
4/1/2023
9,694
Sumitomo
Life
Insurance
Company
175,000
3.375%, 
4/15/2081
a,d
141,750
Summit
Hotel
Properties,
Inc.,
Convertible
15,000
1.500%, 
2/15/2026
12,435
SVB
Financial
Group
130,000
4.000%, 
5/15/2026
d,e
98,698
160,000
4.250%, 
11/15/2026
d,e
117,780
Truist
Financial
Corporation
160,000
4.950%, 
9/1/2025
d,e
153,726
90,000
5.100%, 
3/1/2030
d,e
79,798
U.S.
Bancorp
120,000
3.700%, 
1/15/2027
d,e
90,582
UBS
Group
AG
200,000
4.875%, 
2/12/2027
a,d,e
155,750
United
Wholesale
Mortgage,
LLC
31,000
5.500%, 
4/15/2029
a
23,560
USB
Realty
Corporation
133,000
3.659%, 
(LIBOR
3M
+
1.147%),
1/15/2027
a,d,e
100,415
USIS
Merger
Sub,
Inc.
15,000
6.875%, 
5/1/2025
a
14,419
Wells
Fargo
&
Company
212,000
3.900%, 
3/15/2026
d,e
179,273
30,000
3.012%, 
(LIBOR
3M
+
0.500%),
1/15/2027
d
28,067
XHR,
LP
10,000
6.375%, 
8/15/2025
a
9,597
32,000
4.875%, 
6/1/2029
a
26,384
Total
11,630,417
Mortgage-Backed
Securities
(3.2%)
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1,850,000
5.500%, 
10/1/2041
b
1,838,727
Total
1,838,727
Technology
(2.4%)
Akamai
Technologies,
Inc.,
Convertible
22,000
0.125%, 
5/1/2025
22,352
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
295
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Technology
(2.4%)
-
continued
$
14,000
0.375%, 
9/1/2027
$
13,027
Black
Knight
InfoServ,
LLC
46,000
3.625%, 
9/1/2028
a
39,034
Block,
Inc.,
Convertible
19,000
0.500%, 
5/15/2023
19,456
3,000
0.250%, 
11/1/2027
2,145
CommScope
Technologies
Finance,
LLC
30,000
6.000%, 
6/15/2025
a
26,653
CommScope,
Inc.
70,000
7.125%, 
7/1/2028
a
54,034
Euronet
Worldwide,
Inc.,
Convertible
8,000
0.750%, 
3/15/2049
7,190
Gartner,
Inc.
30,000
3.625%, 
6/15/2029
a
24,975
85,000
3.750%, 
10/1/2030
a
69,585
InterDigital,
Inc.,
Convertible
16,000
3.500%, 
6/1/2027
a
13,904
Iron
Mountain,
Inc.
65,000
4.875%, 
9/15/2027
a
58,216
15,000
5.000%, 
7/15/2028
a
12,900
37,000
4.875%, 
9/15/2029
a
30,395
60,000
5.250%, 
7/15/2030
a
49,648
48,000
4.500%, 
2/15/2031
a
37,113
Lumentum
Holdings,
Inc.,
Convertible
26,000
0.250%, 
3/15/2024
31,954
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
35,000
0.250%, 
3/15/2026
32,856
Microchip
Technology,
Inc.,
Convertible
4,000
0.125%, 
11/15/2024
4,050
13,000
1.625%, 
2/15/2027
22,525
Minerva
Merger
Sub,
Inc.
50,000
6.500%, 
2/15/2030
a
39,528
MSCI,
Inc.
40,000
4.000%, 
11/15/2029
a
34,548
NCR
Corporation
119,000
6.125%, 
9/1/2029
a
102,461
Nielsen
Finance,
LLC
50,000
4.500%, 
7/15/2029
a
49,779
ON
Semiconductor
Corporation,
Convertible
5,000
Zero
Coupon, 
5/1/2027
6,593
Open
Text
Corporation
85,000
4.125%, 
2/15/2030
a
67,882
Progress
Software
Corporation,
Convertible
6,000
1.000%, 
4/15/2026
5,628
PTC,
Inc.
10,000
3.625%, 
2/15/2025
a
9,315
35,000
4.000%, 
2/15/2028
a
30,610
Rackspace
Technology
Global,
Inc.
65,000
5.375%, 
12/1/2028
a
30,546
Sabre
GLBL,
Inc.,
Convertible
17,000
4.000%, 
4/15/2025
16,130
Seagate
HDD
Cayman
69,000
3.125%, 
7/15/2029
50,558
107,000
3.375%, 
7/15/2031
74,707
Sensata
Technologies,
Inc.
43,000
3.750%, 
2/15/2031
a
33,871
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Technology
(2.4%)
-
continued
Shift4
Payments,
LLC
$
10,000
4.625%, 
11/1/2026
a
$
9,119
SS&C
Technologies,
Inc.
124,000
5.500%, 
9/30/2027
a
113,112
Switch,
Ltd.
45,000
3.750%, 
9/15/2028
a
44,719
Teradyne,
Inc.,
Convertible
1,000
1.250%, 
12/15/2023
2,370
Verint
Systems,
Inc.,
Convertible
20,000
0.250%, 
4/15/2026
16,590
Viavi
Solutions,
Inc.
32,000
3.750%, 
10/1/2029
a
25,603
Viavi
Solutions,
Inc.,
Convertible
17,000
1.000%, 
3/1/2024
19,015
Vishay
Intertechnology,
Inc.,
Convertible
17,000
2.250%, 
6/15/2025
15,800
Ziff
Davis,
Inc.,
Convertible
37,000
1.750%, 
11/1/2026
a
34,169
Total
1,404,665
Transportation
(1.0%)
Air
Transport
Services
Group,
Inc.,
Convertible
12,000
1.125%, 
10/15/2024
11,970
Allegiant
Travel
Company
34,000
7.250%, 
8/15/2027
a
32,045
American
Airlines,
Inc.
92,000
11.750%, 
7/15/2025
a
96,079
128,000
5.500%, 
4/20/2026
a
120,214
Avis
Budget
Car
Rental,
LLC
40,000
5.375%, 
3/1/2029
a,c
32,846
Delta
Air
Lines,
Inc.
23,000
7.000%, 
5/1/2025
a
23,148
9,000
7.375%, 
1/15/2026
9,098
Hawaiian
Brand
Intellectual
Property,
Ltd.
20,000
5.750%, 
1/20/2026
a
17,640
Hertz
Corporation
28,000
4.625%, 
12/1/2026
a
22,746
33,000
5.000%, 
12/1/2029
a
24,544
JetBlue
Airways
Corporation,
Convertible
30,000
0.500%, 
4/1/2026
21,300
Southwest
Airlines
Company,
Convertible
39,000
1.250%, 
5/1/2025
44,518
United
Airlines,
Inc.
44,000
4.375%, 
4/15/2026
a
39,270
35,000
4.625%, 
4/15/2029
a
28,960
VistaJet
Malta
Finance
plc
45,000
6.375%, 
2/1/2030
a
36,788
XPO
Logistics,
Inc.
5,000
6.250%, 
5/1/2025
a
5,014
Total
566,180
U.S.
Government
&
Agencies
(10.7%)
U.S.
Treasury
Bonds
2,740,000
1.375%, 
11/15/2031
2,226,250
U.S.
Treasury
Notes
4,430,000
1.250%, 
12/31/2026
3,934,913
Total
6,161,163
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
296
Principal
Amount
Long-Term
Fixed
Income
(68.3%)
Value
Utilities
(2.9%)
Algonquin
Power
&
Utilities
Corporation
$
140,000
4.750%, 
1/18/2082
d
$
114,348
American
Electric
Power
Company,
Inc.
200,000
3.875%, 
2/15/2062
d
156,753
Calpine
Corporation
44,000
4.500%, 
2/15/2028
a
38,764
Dominion
Energy,
Inc.
111,000
4.650%, 
12/15/2024
d,e
97,764
120,000
4.350%, 
1/15/2027
d,e
101,803
Duke
Energy
Corporation
102,000
3.250%, 
1/15/2082
d
74,772
51,000
4.875%, 
9/16/2024
d,e
45,708
Edison
International
170,000
5.000%, 
12/15/2026
d,e
134,300
NextEra
Energy
Capital
Holdings,
Inc.
145,000
3.800%, 
3/15/2082
d
113,810
NextEra
Energy
Operating
Partners,
LP
95,000
3.875%, 
10/15/2026
a
86,450
NextEra
Energy
Partners,
LP,
Convertible
8,000
Zero
Coupon, 
6/15/2024
a
7,544
37,000
Zero
Coupon, 
11/15/2025
a
36,924
NiSource,
Inc.
77,000
5.650%, 
6/15/2023
d,e
71,033
NRG
Energy,
Inc.
110,000
3.375%, 
2/15/2029
a
89,060
15,000
5.250%, 
6/15/2029
a
13,125
NRG
Energy,
Inc.,
Convertible
16,000
2.750%, 
6/1/2048
17,032
PG&E
Corporation
40,000
5.000%, 
7/1/2028
34,398
Sempra
Energy
95,000
4.125%, 
4/1/2052
d
74,575
40,000
4.875%, 
10/15/2025
d,e
37,200
Southern
Company
120,000
4.000%, 
1/15/2051
d
107,544
64,000
3.750%, 
9/15/2051
d
51,897
TerraForm
Power
Operating,
LLC
95,000
5.000%, 
1/31/2028
a
83,698
Vistra
Operations
Company,
LLC
75,000
5.000%, 
7/31/2027
a
67,744
Total
1,656,246
Total
Long-Term
Fixed
Income
(cost
$45,452,868)
39,375,517
Shares
Registered
Investment
Companies
(
21.6%
)
Value
Unaffiliated  (13.6%)
71,700
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
180,684
27,756
AllianceBernstein
Global
High
Income
Fund,
Inc.
246,473
2,431
Allspring
Global
Dividend
Opportunities
Fund
10,088
36,673
Allspring
Income
Opportunities
Fund
227,373
16,087
Barings
Global
Short
Duration
High
Yield
Fund
196,583
18,147
BlackRock
Core
Bond
Trust
181,470
Shares
Registered
Investment
Companies
(21.6%)
Value
Unaffiliated  (13.6%)-
continued
18,354
BlackRock
Corporate
High
Yield
Fund,
Inc.
$
156,927
21,911
BlackRock
Credit
Allocation
Income
Trust
209,031
1,800
BlackRock
Debt
Strategies
Fund,
Inc.
16,056
1,400
BlackRock
Enhanced
Equity
Dividend
Trust
11,354
18,401
BlackRock
Enhanced
Global
Dividend
Trust
162,113
6,300
BlackRock
Enhanced
International
Dividend
Trust
28,161
1,250
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
13,762
13,900
BlackRock
Income
Trust,
Inc.
57,546
10,068
BlackRock
Multi-Sector
Income
Trust
143,368
13,590
Blackstone
Strategic
Credit
Fund
c
144,462
60,189
BNY
Mellon
High
Yield
Strategies
Fund
126,999
12,732
Delaware
Ivy
High
Income
Opportunities
Fund
128,466
23,960
Eaton
Vance
Limited
Duration
Income
Fund
220,672
1,699
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
12,318
22,736
First
Trust
High
Income
Long/Short
Fund
246,458
12,566
First
Trust
Senior
Floating
Rate
Income
Fund
II
125,534
8,674
Invesco
Dynamic
Credit
Opportunities
Fund
f
90,970
3,500
Invesco
Variable
Rate
Preferred
ETF
c
76,650
52,580
iShares
Preferred
and
Income
Securities
ETF
c
1,665,209
11,923
New
America
High
Income
Fund,
Inc.
77,619
50,362
Nuveen
Credit
Strategies
Income
Fund
257,350
12,907
Nuveen
Global
High
Income
Fund
136,040
7,700
Nuveen
Preferred
Income
Opportunities
Fund
53,515
8,600
Nuveen
Quality
Preferred
Income
Fund
II
56,502
12,404
Nuveen
Short
Duration
Credit
Opportunities
Fund
146,739
25,171
PGIM
Global
High
Yield
Fund,
Inc.
266,309
22,455
PGIM
High
Yield
Bond
Fund,
Inc.
259,131
8,462
Pimco
Dynamic
Income
Fund
163,993
1,144
Pioneer
High
Income
Fund,
Inc.
7,390
10,471
SPDR
Bloomberg
High
Yield
Bond
ETF
c
919,877
16,537
Templeton
Emerging
Markets
Income
Fund
73,259
2,423
Tri-Continental
Corporation
61,932
1,500
Vanguard
Short-Term
Corporate
Bond
ETF
c
111,420
16,300
Virtus
AllianzGI
Convertible
&
Income
Fund
52,160
2,525
Virtus
AllianzGI
Equity
&
Convertible
Income
Fund
51,283
12,847
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
137,206
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
297
Shares
Registered
Investment
Companies
(21.6%)
Value
Unaffiliated  (13.6%)-
continued
7,333
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
$
43,924
26,668
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
133,340
46,879
Western
Asset
High
Income
Opportunity
Fund,
Inc.
172,515
Total
7,860,231
Affiliated  (8.0%)
649,389
Thrivent
Core
Emerging
Markets
Debt
Fund
4,597,673
Total
4,597,673
Total
Registered
Investment
Companies
(cost
$16,313,227)
12,457,904
Shares
Collateral
Held
for
Securities
Loaned
(
6.2%
)
Value
3,595,877
Thrivent
Cash
Management
Trust
3,595,877
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,595,877)
3,595,877
Shares
Preferred
Stock
(
6.0%
)
Value
Communications
Services
(0.5%)
10,950
AT&T,
Inc.,
4.750%
e
205,641
257
Paramount
Global,
Convertible,
5.750%
7,941
5,000
Telephone
and
Data
Systems,
Inc.,
6.000%
e
93,000
Total
306,582
Consumer
Cyclical
(0.2%)
4,500
Ford
Motor
Company,
6.000%
104,715
Total
104,715
Consumer
Non-Cyclical
(0.2%)
842
Becton,
Dickinson
and
Company,
Convertible,
6.000%
39,692
257
Boston
Scientific
Corporation,
Convertible,
5.500%
26,014
2,000
CHS,
Inc.,
6.750%
d,e
49,500
5
Danaher
Corporation,
Convertible,
5.000%
6,737
Total
121,943
Energy
(0.3%)
10,535
Crestwood
Equity
Partners,
LP,
9.250%
e
94,499
525
Energy
Transfer,
LP,
7.600%
d,e
12,700
1,415
NuStar
Logistics,
LP,
9.246%
d
34,540
56
UGI
Corporation,
Convertible,
7.250%
4,466
Total
146,205
Financials
(4.1%)
3,750
Aegon
Funding
Corporation
II,
5.100%
78,262
7,000
Allstate
Corporation,
5.100%
e
146,930
4,200
American
International
Group,
Inc.,
5.850%
e
101,052
6,500
Bank
of
America
Corporation,
4.250%
e
112,775
Shares
Preferred
Stock
(6.0%)
Value
Financials
(4.1%)
-
continued
1,000
Bank
of
America
Corporation,
5.000%
e
$
20,470
1,089
Bank
of
America
Corporation,
5.375%
e
23,653
32
Bank
of
America
Corporation,
Convertible,
7.250%
e
37,536
4,250
Capital
One
Financial
Corporation,
5.000%
e
83,427
2,000
Citigroup
Capital
XIII,
9.176%
d
55,800
6,700
Equitable
Holdings,
Inc.,
5.250%
e
139,561
65
First
Horizon
Bank,
3.750%
a,d,e
52,000
2,000
First
Horizon
Corporation,
6.500%
e
49,500
6,500
First
Republic
Bank,
4.500%
e
120,445
5,700
J.P.
Morgan
Chase
&
Company,
4.200%
e
102,828
5,450
J.P.
Morgan
Chase
&
Company,
4.750%
e
114,777
1,700
J.P.
Morgan
Chase
&
Company,
5.750%
e
42,007
474
KKR
&
Company,
Inc.,
Convertible,
6.000%
25,795
4,800
Morgan
Stanley,
5.850%
d,e
116,304
4,200
Morgan
Stanley,
7.125%
d,e
107,268
4,500
Public
Storage,
3.950%
e
74,115
4,775
Public
Storage,
4.125%
e
87,144
800
Public
Storage,
4.625%
e
16,120
200
Public
Storage,
4.700%
e
4,084
3,250
Regions
Financial
Corporation,
5.700%
d,e
72,930
250
Synovus
Financial
Corporation,
5.875%
d,e
6,128
4,100
Truist
Financial
Corporation,
4.750%
e
81,344
11,500
Wells
Fargo
&
Company,
4.250%
e
197,685
5,000
Wells
Fargo
&
Company,
4.750%
e
93,900
174
Wells
Fargo
&
Company,
Convertible,
7.500%
e
209,496
Total
2,373,336
Utilities
(0.7%)
538
AES
Corporation,
Convertible,
6.875%
47,543
276
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
13,662
9,775
CMS
Energy
Corporation,
4.200%
e
167,152
211
NextEra
Energy,
Inc.,
Convertible,
5.279%
10,504
37
NiSource,
Inc.,
Convertible,
7.750%
3,722
6,950
Southern
Company,
4.950%
143,448
Total
386,031
Total
Preferred
Stock
(cost
$4,328,491)
3,438,812
Shares
Common
Stock
(
1.1%
)
Value
Communications
Services
(0.1%)
416
AT&T,
Inc.
6,381
63
Charter
Communications,
Inc.
g
19,111
147
Twitter,
Inc.
g
6,445
31
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
g
473
Total
32,410
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
298
Shares
Common
Stock
(1.1%)
Value
Consumer
Discretionary
(<0.1%)
194
Bloomin'
Brands,
Inc.
$
3,556
8
Booking
Holdings,
Inc.
g
13,146
118
Dick's
Sporting
Goods,
Inc.
12,347
Total
29,049
Energy
(0.1%)
156
Pioneer
Natural
Resources
Company
33,779
Total
33,779
Financials
(0.4%)
1,878
AG
Mortgage
Investment
Trust,
Inc.
7,719
2,144
AGNC
Investment
Corporation
18,052
1,089
Annaly
Capital
Management,
Inc.
18,687
2,400
Apollo
Commercial
Real
Estate
Finance,
Inc.
19,920
18,354
BlackRock
Corporate
High
Yield
Fund,
Inc.,
Rights
g
37
1,800
BlackRock
TCP
Capital
Corporation
19,674
3,600
Chimera
Investment
Corporation
18,792
108
Encore
Capital
Group,
Inc.
g
4,912
1,084
FS
KKR
Capital
Corporation
18,374
2,139
Golub
Capital
BDC,
Inc.
26,502
2,611
Granite
Point
Mortgage
Trust,
Inc.
16,815
3,744
Rithm
Capital
Corporation
27,406
2,647
Two
Harbors
Investment
Corporation
8,788
Total
205,678
Health
Care
(0.2%)
60
BioMarin
Pharmaceutical,
Inc.
g
5,086
189
Danaher
Corporation
48,817
124
Elevance
Health,
Inc.
56,326
482
Ionis
Pharmaceuticals,
Inc.
g
21,319
Total
131,548
Industrials
(0.1%)
233
Chart
Industries,
Inc.
g
42,953
221
FTI
Consulting,
Inc.
g
36,622
39
SunPower
Corporation
g
899
Total
80,474
Information
Technology
(0.1%)
43
Microchip
Technology,
Inc.
2,624
578
ON
Semiconductor
Corporation
g
36,027
28
Teradyne,
Inc.
2,104
Total
40,755
Utilities
(0.1%)
111
American
Electric
Power
Company,
Inc.
9,596
379
NextEra
Energy,
Inc.
29,717
547
NiSource,
Inc.
13,779
44
NRG
Energy,
Inc.
1,684
Total
54,776
Total
Common
Stock
(cost
$743,551)
608,469
Shares
Short-Term
Investments
(
5.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
292,820
3.170%
$
2,928,198
Total
Short-Term
Investments
(cost
$2,928,144)
2,928,198
Total
Investments
(cost
$73,362,158)
108.3%
$62,404,777
Other
Assets
and
Liabilities,
Net
(8.3%)
(4,795,758)
Total
Net
Assets
100.0%
$57,609,019
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,
2022,
the
value
of
these
investments
was
$14,911,935
or
25.9%
of
total
net
assets.
b
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
September
30,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
e
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
f
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
g
Non-income
producing
security.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Multidimensional
Income
Portfolio
as
of
September
30,
2022
was
$48,393
or
0.08%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
$
51,595
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
670,489
Common
Stock
2,834,698
Total
lending
$3,505,187
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$3,595,877
Net
amounts
due
to
counterparty
$90,690
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
299
Definitions:
ETF
-
Exchange
Traded
Fund
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
1,091,361
1,091,361
Capital
Goods
2,158,543
2,158,543
Collateralized
Mortgage
Obligations
51,610
51,610
Communications
Services
3,027,192
3,027,192
Consumer
Cyclical
3,427,840
3,427,840
Consumer
Non-Cyclical
2,431,067
2,431,067
Energy
3,930,506
3,930,506
Financials
11,630,417
11,630,417
Mortgage-Backed
Securities
1,838,727
1,838,727
Technology
1,404,665
1,404,665
Transportation
566,180
566,180
U.S.
Government
&
Agencies
6,161,163
6,161,163
Utilities
1,656,246
1,656,246
Registered
Investment
Companies
Unaffiliated
7,860,231
7,769,261
90,970
Preferred
Stock
Communications
Services
306,582
306,582
Consumer
Cyclical
104,715
104,715
Consumer
Non-Cyclical
121,943
121,943
Energy
146,205
146,205
Financials
2,373,336
2,321,336
52,000
Utilities
386,031
386,031
Common
Stock
Communications
Services
32,410
31,937
473
Consumer
Discretionary
29,049
29,049
Energy
33,779
33,779
Financials
205,678
205,678
Health
Care
131,548
131,548
Industrials
80,474
80,474
Information
Technology
40,755
40,755
Utilities
54,776
54,776
Subtotal
Investments
in
Securities
$51,283,029
$11,764,069
$39,427,990
$90,970
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
4,597,673
Affiliated
Short-Term
Investments
2,928,198
Collateral
Held
for
Securities
Loaned
3,595,877
Subtotal
Other
Investments
$11,121,748
Total
Investments
at
Value
$62,404,777
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Multidimensional
Income
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
300
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$5,153
$1,247
$200
$4,598
649
8.0%
Total
Affiliated
Registered
Investment
Companies
5,153
4,598
8.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
2,275
34,105
33,452
2,928
293
5.1
Total
Affiliated
Short-Term
Investments
2,275
2,928
5.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,343
50,954
50,701
3,596
3,596
6.2
Total
Collateral
Held
for
Securities
Loaned
3,343
3,596
6.2
Total
Value
$10,771
$11,122
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($68)
($1,534)
$
$221
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
26
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$247
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
36
Total
Affiliated
Income
from
Securities
Loaned,
Net
$36
Total
Value
($68)
($1,534)
$
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
301
Principal
Amount
Bank
Loans
(
12
.6
%
)
a
Value
Basic
Materials
(1.7%)
Flexsys
Holdings,
Inc.,
Term
Loan
$
532,325
8.365%, 
(LIBOR
1M
+
5.250%),
11/1/2028
b
$
476,431
Grinding
Media,
Inc.,
Term
Loan
529,650
7.509%, 
(LIBOR
3M
+
4.000%),
10/12/2028
b,c
471,388
Groupe
Solmax,
Inc.,
Term
Loan
311,842
8.392%, 
(LIBOR
3M
+
4.750%),
7/23/2028
b
275,201
Herens
US
Holdco
Corporation,
Term
Loan
237,014
7.674%, 
(LIBOR
3M
+
4.000%),
7/3/2028
b
210,349
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
162,770
7.570%, 
(LIBOR
3M
+
4.500%),
8/30/2028
b
151,376
Innophos
Holdings,
Inc.,
Term
Loan
302,250
6.365%, 
(LIBOR
1M
+
3.250%),
2/7/2027
b,c
292,049
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
309,296
6.615%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
279,527
Natgasoline,
LLC,
Term
Loan
360,938
6.625%, 
(LIBOR
1M
+
3.500%),
11/14/2025
b,c
344,695
Spectrum
Group
Buyer,
Inc.,
Term
Loan
366,000
9.440%, 
(TSFR1M
+
6.500%),
5/19/2028
b
351,016
Venator
Finance
SARL,
Term
Loan
378,036
6.115%, 
(LIBOR
1M
+
3.000%),
8/8/2024
b
327,474
Total
3,179,506
Capital
Goods
(1.7%)
AZZ,
Inc.,
Term
Loan
79,416
7.133%, 
(TSFR1M
+
4.250%),
5/13/2029
b
77,166
BW
Holding,
Inc.,
Term
Loan
326,804
7.003%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b,c
300,660
CP
Atlas
Buyer,
Inc.,
Term
Loan
389,179
6.615%, 
(LIBOR
1M
+
3.750%),
11/23/2027
b
337,418
EnergySolutions,
LLC,
Term
Loan
261,130
7.424%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
241,138
Foley
Products
Company,
LLC,
Term
Loan
264,647
8.453%, 
(SOFRRATE
+
4.750%),
2/16/2029
b,c
250,091
LABL,
Inc.,
Term
Loan
101,731
8.115%, 
(LIBOR
1M
+
5.000%),
10/29/2028
b
91,479
LRS
Holdings,
LLC,
Term
Loan
204,455
7.365%, 
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
193,210
LTR
Intermediate
Holdings,
Inc.,
Term
Loan
165,741
8.174%, 
(LIBOR
3M
+
4.500%),
5/7/2028
b
150,548
Principal
Amount
Bank
Loans
(12.6%)
a
Value
Capital
Goods
(1.7%)
-
continued
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
$
425,569
5.814%, 
(LIBOR
1M
+
3.250%),
4/3/2024
b
$
395,515
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
206,325
6.365%, 
(LIBOR
1M
+
3.250%),
2/5/2026
b
197,003
Secure
Acquisition,
Inc.,
Delayed
Draw
27,000
0.000%, 
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
25,245
Secure
Acquisition,
Inc.,
Term
Loan
184,075
8.674%, 
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
172,110
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
239,400
7.384%, 
(TSFR1M
+
4.250%),
4/1/2029
b,c
228,029
TricorBraun
Holdings,
Inc.,
Term
Loan
592,680
6.365%, 
(LIBOR
1M
+
3.250%),
3/3/2028
b
555,489
Total
3,215,101
Communications
Services
(2.8%)
Allen
Media,
LLC,
Term
Loan
123,276
9.203%, 
(LIBOR
3M
+
5.500%),
2/10/2027
b
106,172
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
459,717
6.306%, 
(LIBOR
3M
+
3.500%),
8/21/2026
b
409,290
CMG
Media
Corporation,
Term
Loan
623,887
6.615%, 
(LIBOR
1M
+
3.500%),
12/17/2026
b
582,817
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
420,719
7.314%, 
(LIBOR
1M
+
4.750%),
4/27/2027
b
404,942
DIRECTV
Financing,
LLC,
Term
Loan
546,000
8.115%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
507,305
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
449,313
6.556%, 
(LIBOR
3M
+
3.750%),
4/30/2028
b
435,047
Gridiron
Fiber
Corporation,
Term
Loan
153,230
8.174%, 
(LIBOR
3M
+
4.500%),
10/4/2028
b
138,578
iHeartCommunications,
Inc.,
Term
Loan
320,155
6.115%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b
300,030
Metronet
Systems
Holdings,
LLC,
Term
Loan
257,862
6.615%, 
(LIBOR
1M
+
3.750%),
6/2/2028
b
241,745
NEP
Group,
Inc.,
Term
Loan
601,623
6.365%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
553,494
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
302
Principal
Amount
Bank
Loans
(12.6%)
a
Value
Communications
Services
(2.8%)
-
continued
$
77,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/19/2026
b
$
69,377
ORBCOMM,
Inc.,
Term
Loan
133,650
7.343%, 
(LIBOR
1M
+
4.250%),
9/1/2028
b
122,067
Voyage
Digital
NZ/US,
Term
Loan
266,000
7.263%, 
(SOFRRATE
+
4.500%),
5/13/2029
b,c
258,353
Xplornet
Communications,
Inc.,
Term
Loan
282,150
7.115%, 
(LIBOR
1M
+
4.000%),
10/1/2028
b
247,516
245,000
10.115%, 
(LIBOR
1M
+
7.000%),
10/1/2029
b,c
212,537
Zayo
Group
Holdings,
Inc.,
Term
Loan
877,428
6.115%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
730,573
Total
5,319,843
Consumer
Cyclical
(1.4%)
American
Trailer
World
Corporation,
Term
Loan
277,889
6.884%, 
(LIBOR
1M
+
3.750%),
3/3/2028
b
251,373
CNT
Holdings
I
Corporation,
Term
Loan
315,200
6.248%, 
(LIBOR
1M
+
3.500%),
11/8/2027
b
299,721
90,000
9.498%, 
(LIBOR
1M
+
6.750%),
11/6/2028
b
84,825
Great
Canadian
Gaming
Corporation,
Term
Loan
90,000
7.602%, 
(LIBOR
3M
+
4.000%),
11/1/2026
b
85,725
HRNI
Holdings,
LLC,
Term
Loan
189,625
7.365%, 
(LIBOR
1M
+
4.250%),
12/10/2028
b
179,670
PetSmart,
LLC,
Term
Loan
752,400
6.870%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
710,393
Staples,
Inc.,
Term
Loan
165,990
7.282%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
155,098
297,437
7.782%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
260,132
Tenneco,
Inc.,
Term
Loan
568,034
6.115%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
558,451
Total
2,585,388
Consumer
Non-Cyclical
(1.7%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
106,608
6.346%, 
(TSFR1M
+
3.750%),
7/30/2028
b
98,813
Alltech,
Inc.,
Term
Loan
217,357
7.115%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
207,939
Blue
Ribbon,
LLC,
Term
Loan
142,500
8.564%, 
(LIBOR
1M
+
6.000%),
5/7/2028
b
121,303
Principal
Amount
Bank
Loans
(12.6%)
a
Value
Consumer
Non-Cyclical
(1.7%)
-
continued
Chobani,
LLC,
Term
Loan
$
245,000
6.615%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
$
222,492
City
Brewing
Company,
LLC,
Term
Loan
344,853
6.185%, 
(LIBOR
1M
+
3.500%),
4/5/2028
b
267,837
Del
Monte
Foods,
Inc.,
Term
Loan
100,000
7.368%, 
(SOFRRATE
+
4.250%),
5/16/2029
b
95,583
Gainwell
Acquisition
Corporation,
Term
Loan
522,030
7.674%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
496,320
Global
Medical
Response,
Inc.,
Term
Loan
161,941
7.365%, 
(LIBOR
1M
+
4.250%),
3/14/2025
b
139,848
1,232,456
6.814%, 
(LIBOR
1M
+
4.250%),
10/2/2025
b
1,065,458
Mamba
Purchaser,
Inc.,
Term
Loan
50,000
9.552%, 
(LIBOR
1M
+
6.500%),
10/14/2029
b
47,250
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
202,940
7.424%, 
(LIBOR
3M
+
3.750%),
11/30/2027
b
192,454
Pegasus
Bidco
BV,
Term
Loan
127,000
6.962%, 
(TSFR1M
+
4.250%),
7/12/2029
b
121,073
Sharp
Services,
LLC,
Term
Loan
70,645
7.674%, 
(LIBOR
3M
+
4.000%),
1/20/2029
b,c
66,406
Total
3,142,776
Energy
(0.3%)
GIP
II
Blue
Holding,
LP,
Term
Loan
317,751
8.174%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
312,349
GIP
III
Stetson
I,
LP,
Term
Loan
209,521
7.365%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b,d,e
199,439
Total
511,788
Financials
(0.8%)
Asurion,
LLC,
Term
Loan
206,325
6.365%, 
(LIBOR
1M
+
3.250%),
12/23/2026
b
174,474
669,800
6.365%, 
(LIBOR
1M
+
3.250%),
7/31/2027
b
563,637
415,000
8.365%, 
(LIBOR
1M
+
5.250%),
2/3/2028
b
311,250
Novae,
LLC,
Term
Loan
398,497
7.677%, 
(SOFRRATE
+
5.000%),
12/22/2028
b
368,610
Stonepeak
Taurus
Lower
Holdings,
LLC,
Term
Loan
100,000
10.653%, 
(SOFRRATE
+
7.000%),
1/28/2030
b,c
92,500
Total
1,510,471
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
303
Principal
Amount
Bank
Loans
(12.6%)
a
Value
Technology
(1.0%)
CommScope,
Inc.,
Term
Loan
$
766,300
6.365%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
$
705,954
Rackspace
Technology
Global,
Inc.,
Term
Loan
911,125
5.617%, 
(LIBOR
3M
+
2.750%),
2/9/2028
b
645,951
Redstone
Holdco
2
LP,
Term
Loan
269,212
7.533%, 
(LIBOR
3M
+
4.750%),
4/27/2028
b
198,409
155,053
10.519%, 
(LIBOR
3M
+
7.750%),
8/6/2029
b
122,590
Venga
Finance
SARL,
Term
Loan
206,000
7.820%, 
(LIBOR
3M
+
4.750%),
7/1/2029
b,c
189,520
Total
1,862,424
Transportation
(1.1%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
870,000
7.460%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
841,290
Hertz
Corporation,
Term
Loan
74,062
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
69,943
14,135
6.370%, 
(LIBOR
1M
+
3.250%),
6/30/2028
b
13,348
Mileage
Plus
Holdings,
LLC,
Term
Loan
318,250
8.777%, 
(LIBOR
3M
+
5.250%),
6/20/2027
b
318,988
Rinchem
Company,
LLC,
Term
Loan
66,833
8.153%, 
(SOFRRATE
+
4.500%),
3/2/2029
b,c
63,742
SkyMiles
IP,
Ltd.,
Term
Loan
420,000
6.460%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
420,328
United
Airlines,
Inc.,
Term
Loan
280,725
6.533%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
267,430
Total
1,995,069
Utilities
(0.1%)
Osmose
Utilities
Services,
Inc.,
Term
Loan
59,400
6.365%, 
(LIBOR
1M
+
3.250%),
6/22/2028
b
54,351
PG&E
Corporation,
Term
Loan
257,561
6.125%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
245,842
Total
300,193
Total
Bank
Loans
(cost
$25,878,367)
23,622,559
Principal
Amount
Long-Term
Fixed
Income
(
70
.2
%
)
Value
Asset-Backed
Securities
(9.5%)
510
Asset
Backed
Trust
200,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
182,682
262,321
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
f,g
243,044
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Asset-Backed
Securities
(9.5%)
-
continued
$
275,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
f,g
$
248,516
522
Funding
CLO,
Ltd.
375,000
5.110%, 
(LIBOR
3M
+
2.400%),
4/20/2030,
Ser.
2019-4A,
Class
CR
b,f
351,434
Affirm
Asset
Securitization
Trust
350,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c,f
337,928
Amur
Equipment
Finance
Receivables
XI,
LLC
350,000
5.300%, 
6/21/2028,
Ser.
2022-2A,
Class
A2
f
347,884
Anchorage
Capital
CLO
16,
Ltd.
450,000
5.138%, 
(LIBOR
3M
+
2.400%),
1/19/2035,
Ser.
2020-16A,
Class
CR
b,f
406,755
Anchorage
Capital
CLO
21,
Ltd.
400,000
5.110%, 
(LIBOR
3M
+
2.400%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,f
362,910
Ares
XL
CLO,
Ltd.
325,000
5.312%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
289,234
Babson
CLO,
Ltd.
500,000
5.610%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,f
451,881
Bankers
Healthcare
Group
Securitization
Trust
350,000
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
f
349,125
Barings
CLO,
Ltd.
350,000
5.860%, 
(LIBOR
3M
+
3.150%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,f
315,154
Benefit
Street
Partners
CLO
II,
Ltd.
300,000
4.412%, 
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,f
282,596
Benefit
Street
Partners
CLO,
Ltd.
400,000
4.662%, 
(LIBOR
3M
+
2.150%),
7/15/2032,
Ser.
2019-17A,
Class
CR
b,f
363,719
Business
Jet
Securities,
LLC
97,489
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
f
88,916
429,036
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
f
395,862
CarVal
CLO
VIII-C,
Ltd.
450,000
6.722%, 
(TSFR3M
+
3.000%),
10/20/2035,
Ser.
2022-2A,
Class
B1
b,e,f
450,000
CarVal
CLO,
Ltd.
300,000
4.880%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
b,f
277,100
College
Avenue
Student
Loans,
LLC
92,974
4.734%, 
(LIBOR
1M
+
1.650%),
11/26/2046,
Ser.
2017-A,
Class
A1
*,b
91,589
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
304
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Asset-Backed
Securities
(9.5%)
-
continued
Dewolf
Park
CLO,
Ltd.
$
350,000
5.362%, 
(LIBOR
3M
+
2.850%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,f
$
312,050
Dryden
36
Senior
Loan
Fund
275,000
4.562%, 
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,f
259,493
Education
Funding
Trust
265,136
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
f
245,771
FirstKey
Homes
Trust
700,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
f
622,598
Galaxy
XIX
CLO,
Ltd.
475,000
4.633%, 
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,f
431,222
GMAC
Mortgage
Corporation
Loan
Trust
26,289
3.584%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,h
13,835
GSAA
Home
Equity
Trust
76,740
4.520%, 
8/25/2034,
Ser.
2004-10,
Class
M2
g
66,666
Harley
Marine
Financing,
LLC
237,730
6.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
f
231,718
Home
Equity
Asset
Trust
253,370
4.404%, 
(LIBOR
1M
+
1.320%),
8/25/2033,
Ser.
2003-2,
Class
M1
b
242,928
Long
Beach
Mortgage
Loan
Trust
303,965
4.584%, 
(LIBOR
1M
+
1.500%),
9/25/2034,
Ser.
2004-5,
Class
M3
b
289,675
Longfellow
Place
CLO,
Ltd.
400,000
4.812%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
384,363
Madison
Park
Funding
XVIII,
Ltd.
450,000
4.632%, 
(LIBOR
3M
+
1.900%),
10/21/2030,
Ser.
2015-18A,
Class
CRR
b,f
420,480
Madison
Park
Funding
XXI,
Ltd.
400,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2032,
Ser.
2016-21A,
Class
BRR
b,f
368,879
Mountain
View
CLO,
Ltd.
425,000
5.090%, 
(LIBOR
3M
+
2.350%),
10/16/2029,
Ser.
2017-1A,
Class
CR
b,f
400,238
Neuberger
Berman
CLO,
Ltd.
425,000
5.512%, 
(LIBOR
3M
+
3.000%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,f
380,664
OCP
CLO,
Ltd.
450,000
4.512%, 
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,f
409,479
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Asset-Backed
Securities
(9.5%)
-
continued
OZLM
IX,
Ltd.
$
550,000
4.260%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,f
$
517,804
Pagaya
AI
Technology
in
Housing
Trust
300,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
f
277,627
Palmer
Square
Loan
Funding,
Ltd.
200,000
4.384%, 
(LIBOR
3M
+
1.400%),
5/20/2029,
Ser.
2021-2A,
Class
B
b,f
184,993
Pretium
Mortgage
Credit
Partners,
LLC
225,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
f,g
207,652
225,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
f,g
207,303
250,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
f,g
217,927
Progress
Residential
Trust
350,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
f
315,836
Renaissance
Home
Equity
Loan
Trust
216,611
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
g
87,726
Saxon
Asset
Securities
Trust
120,405
3.243%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
100,218
Sculptor
CLO,
Ltd.
425,000
5.110%, 
(LIBOR
3M
+
2.400%),
1/20/2035,
Ser.
28A,
Class
C
b,f
384,375
Shackleton
CLO,
Ltd.
250,000
4.910%, 
(LIBOR
3M
+
2.200%),
10/20/2034,
Ser.
2021-16A,
Class
C
b,f
224,180
Sound
Point
CLO
XXI,
Ltd.
700,000
4.216%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,f
655,683
Sound
Point
CLO,
Ltd.
450,000
4.960%, 
(LIBOR
3M
+
2.250%),
1/20/2032,
Ser.
2019-1A,
Class
CR
b,f
403,407
Stratus
CLO,
Ltd.
450,000
5.210%, 
(LIBOR
3M
+
2.500%),
12/29/2029,
Ser.
2021-1A,
Class
D
b,f
392,177
TCI-Flatiron
CLO,
Ltd.
450,000
4.581%, 
(TSFR3M
+
2.100%),
1/17/2032,
Ser.
2016-1A,
Class
CR3
b,f
416,032
VCAT
Asset
Securitization,
LLC
100,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
f,g
94,205
Vericrest
Opportunity
Loan
Transferee
350,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
f,g
300,521
400,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
346,777
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
305
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Asset-Backed
Securities
(9.5%)
-
continued
$
450,000
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
f,g
$
367,084
200,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
171,898
325,000
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
f,g
276,641
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
f,g
226,040
Whitebox
CLO
III,
Ltd.
450,000
4.712%, 
(LIBOR
3M
+
2.200%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,f
404,742
Wind
River
CLO,
Ltd.
200,000
4.710%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
185,629
Total
17,882,865
Basic
Materials
(1.9%)
Alcoa
Nederland
Holding
BV
200,000
5.500%, 
12/15/2027
f
186,530
Anglo
American
Capital
plc
63,000
3.875%, 
3/16/2029
f
54,137
Avient
Corporation
49,000
7.125%, 
8/1/2030
f
45,224
Cascades
USA,
Inc.
85,000
5.125%, 
1/15/2026
f
76,954
Chemours
Company
169,000
5.750%, 
11/15/2028
f
138,228
Cleveland-Cliffs,
Inc.
122,000
5.875%, 
6/1/2027
109,787
110,000
4.625%, 
3/1/2029
f,i
92,400
Consolidated
Energy
Finance
SA
229,000
5.625%, 
10/15/2028
f
183,704
Ecolab,
Inc.
58,000
2.125%, 
2/1/2032
45,793
EverArc
Escrow
Sarl
121,000
5.000%, 
10/30/2029
f
97,677
First
Quantum
Minerals,
Ltd.
268,000
6.875%, 
10/15/2027
f
241,200
Freeport-McMoRan,
Inc.
133,000
4.625%, 
8/1/2030
116,538
Glencore
Funding,
LLC
63,000
4.000%, 
3/27/2027
f
58,683
Hecla
Mining
Company
45,000
7.250%, 
2/15/2028
41,746
Hudbay
Minerals,
Inc.
135,000
4.500%, 
4/1/2026
f
112,236
Ingevity
Corporation
227,000
3.875%, 
11/1/2028
f
187,680
LYB
International
Finance
III,
LLC
58,000
1.250%, 
10/1/2025
50,963
Mercer
International,
Inc.
135,000
5.125%, 
2/1/2029
107,579
Methanex
Corporation
143,000
4.250%, 
12/1/2024
137,116
Mosaic
Company
95,000
4.050%, 
11/15/2027
88,403
Novelis
Corporation
75,000
3.250%, 
11/15/2026
f
62,605
40,000
4.750%, 
1/30/2030
f
32,800
50,000
3.875%, 
8/15/2031
f
37,296
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Basic
Materials
(1.9%)
-
continued
Nutrien,
Ltd.
$
84,000
4.000%, 
12/15/2026
$
79,644
OCI
NV
98,000
4.625%, 
10/15/2025
f
91,040
Olin
Corporation
250,000
5.125%, 
9/15/2027
225,905
SCIL
USA
Holdings,
LLC
149,000
5.375%, 
11/1/2026
f
115,103
Sherwin-Williams
Company
43,000
4.250%, 
8/8/2025
41,971
SPCM
SA
134,000
3.375%, 
3/15/2030
f
104,607
SunCoke
Energy,
Inc.
154,000
4.875%, 
6/30/2029
f
118,736
Taseko
Mines,
Ltd.
110,000
7.000%, 
2/15/2026
f
87,450
Unifrax
Escrow
Issuer
Corporation
119,000
5.250%, 
9/30/2028
f
91,391
United
States
Steel
Corporation
224,000
6.875%, 
3/1/2029
i
203,582
Westlake
Corporation
42,000
3.600%, 
8/15/2026
39,057
Total
3,503,765
Capital
Goods
(3.4%)
Advanced
Drainage
Systems,
Inc.
130,000
6.375%, 
6/15/2030
f
125,950
AECOM
285,000
5.125%, 
3/15/2027
265,992
Amsted
Industries,
Inc.
120,000
5.625%, 
7/1/2027
f
110,400
ARD
Finance
SA
48,000
6.500%, 
6/30/2027
f
32,866
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
200,000
5.250%, 
8/15/2027
f
125,146
109,000
5.250%, 
8/15/2027
f
68,205
Boeing
Company
41,000
1.950%, 
2/1/2024
39,337
94,000
4.875%, 
5/1/2025
91,717
61,000
2.196%, 
2/4/2026
54,134
63,000
3.250%, 
3/1/2028
54,540
93,000
5.150%, 
5/1/2030
86,029
Bombardier,
Inc.
129,000
7.125%, 
6/15/2026
f
118,315
154,000
7.875%, 
4/15/2027
f
141,680
110,000
6.000%, 
2/15/2028
f
92,034
Builders
FirstSource,
Inc.
80,000
5.000%, 
3/1/2030
f
68,000
Canpack
SA/Canpack
US
LLC
230,000
3.125%, 
11/1/2025
f
200,025
Carrier
Global
Corporation
85,000
2.722%, 
2/15/2030
70,162
Clydesdale
Acquisition
Holdings,
Inc.
21,000
6.625%, 
4/15/2029
f
19,109
41,000
8.750%, 
4/15/2030
f
33,908
CNH
Industrial
Capital,
LLC
25,000
1.950%, 
7/2/2023
24,469
Cornerstone
Building
Brands,
Inc.
105,000
6.125%, 
1/15/2029
f
58,590
Covert
Mergeco,
Inc.
86,000
4.875%, 
12/1/2029
f
69,510
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
306
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Capital
Goods
(3.4%)
-
continued
CP
Atlas
Buyer,
Inc.
$
125,000
7.000%, 
12/1/2028
f,i
$
93,115
Crown
Cork
&
Seal
Company,
Inc.
123,000
7.375%, 
12/15/2026
123,000
General
Electric
Capital
Corporation
63,000
6.750%, 
3/15/2032
68,070
General
Electric
Company
133,000
6.623%, 
(LIBOR
3M
+
3.330%),
12/15/2022
b,j
124,379
GFL
Environmental,
Inc.
103,000
4.000%, 
8/1/2028
f
85,848
220,000
3.500%, 
9/1/2028
f
185,528
Greenbrier
Companies,
Inc.,
Convertible
46,000
2.875%, 
4/15/2028
36,087
H&E
Equipment
Services,
Inc.
230,000
3.875%, 
12/15/2028
f
180,550
Herc
Holdings,
Inc.
130,000
5.500%, 
7/15/2027
f
117,000
Howmet
Aerospace,
Inc.
72,000
6.875%, 
5/1/2025
72,525
317,000
3.000%, 
1/15/2029
258,976
Huntington
Ingalls
Industries,
Inc.
63,000
4.200%, 
5/1/2030
55,589
Itron,
Inc.,
Convertible
66,000
Zero
Coupon, 
3/15/2026
51,546
JELD-WEN,
Inc.
56,000
4.625%, 
12/15/2025
f
45,360
John
Deere
Capital
Corporation
90,000
2.800%, 
7/18/2029
78,728
42,000
3.900%, 
6/7/2032
38,531
Kaman
Corporation,
Convertible
20,000
3.250%, 
5/1/2024
18,770
KBR,
Inc.,
Convertible
62,000
2.500%, 
11/1/2023
107,756
Mauser
Packaging
Solutions
Holding
Company
95,000
5.500%, 
4/15/2024
f
90,250
172,000
7.250%, 
4/15/2025
f
151,303
MIWD
Holdco
II,
LLC
160,000
5.500%, 
2/1/2030
f
118,499
Nesco
Holdings
II,
Inc.
145,000
5.500%, 
4/15/2029
f
120,856
New
Enterprise
Stone
and
Lime
Company,
Inc.
176,000
5.250%, 
7/15/2028
f
145,468
OI
European
Group
BV
179,000
4.750%, 
2/15/2030
f
142,305
Otis
Worldwide
Corporation
71,000
2.056%, 
4/5/2025
65,676
Owens-Brockway
Glass
Container,
Inc.
57,000
5.875%, 
8/15/2023
f
56,287
Pactiv
Evergreen
Group
100,000
4.375%, 
10/15/2028
f
82,694
Parker-Hannifin
Corporation
42,000
2.700%, 
6/14/2024
40,433
Patrick
Industries,
Inc.,
Convertible
43,000
1.000%, 
2/1/2023
42,057
26,000
1.750%, 
12/1/2028
f
18,818
PGT
Innovations,
Inc.
136,000
4.375%, 
10/1/2029
f
111,561
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Capital
Goods
(3.4%)
-
continued
Raytheon
Technologies
Corporation
$
99,000
4.125%, 
11/16/2028
$
92,497
Republic
Services,
Inc.
42,000
3.950%, 
5/15/2028
39,302
SRM
Escrow
Issuer,
LLC
245,000
6.000%, 
11/1/2028
f
199,121
Sunpower
Corporation,
Convertible
48,000
4.000%, 
1/15/2023
52,176
Textron,
Inc.
63,000
3.650%, 
3/15/2027
57,874
Titan
Acquisition,
Ltd.
45,000
7.750%, 
4/15/2026
f
35,569
TransDigm,
Inc.
145,000
6.250%, 
3/15/2026
f
140,650
418,000
5.500%, 
11/15/2027
363,535
United
Rentals
North
America,
Inc.
177,000
4.875%, 
1/15/2028
162,281
100,000
4.000%, 
7/15/2030
82,609
Victors
Merger
Corporation
71,000
6.375%, 
5/15/2029
f
42,502
Waste
Connections,
Inc.
23,000
3.200%, 
6/1/2032
19,256
Waste
Pro
USA,
Inc.
55,000
5.500%, 
2/15/2026
f
48,319
WESCO
Distribution,
Inc.
190,000
7.250%, 
6/15/2028
f
186,096
Total
6,399,470
Collateralized
Mortgage
Obligations
(7.2%)
Arroyo
Mortgage
Trust
500,000
3.269%, 
12/25/2056,
Ser.
2022-1,
Class
A1B
f,g
419,984
Banc
of
America
Alternative
Loan
Trust
103,937
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
88,606
Banc
of
America
Mortgage
Securities
Trust
107,043
2.979%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
98,621
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
92,667
1.985%, 
1/25/2034,
Ser.
2003-8,
Class
5A
b
79,852
27,713
5.230%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
26,587
ChaseFlex
Trust
162,674
6.500%, 
2/25/2035,
Ser.
2005-1,
Class
1A5
132,122
CHL
Mortgage
Pass-Through
Trust
58,824
2.900%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
58,013
71,465
6.000%, 
4/25/2037,
Ser.
2007-3,
Class
A18
38,977
CHNGE
Mortgage
Trust
275,641
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
b,f
255,026
290,793
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
b,f
277,895
599,047
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
b,f
575,454
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
307
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Collateralized
Mortgage
Obligations
(7.2%)
-
continued
$
400,000
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,f
$
390,805
Citigroup
Mortgage
Loan
Trust,
Inc.
324,662
3.001%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
282,556
Colony
American
Finance,
Ltd.
300,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
f
270,775
Countrywide
Alternative
Loan
Trust
89,228
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
75,337
140,510
5.500%, 
5/25/2035,
Ser.
2005-J3,
Class
1A5
103,771
51,903
5.500%, 
10/25/2035,
Ser.
2005-46CB,
Class
A8
37,995
33,965
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
27,105
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
80,058
2.488%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
69,365
Credit
Suisse
Mortgage
Trust
300,000
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,f
292,811
233,964
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,f
199,220
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
121,503
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
108,263
Federal
Home
Loan
Mortgage
Corporation
394,646
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
k
46,023
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
123,993
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
119,900
3,550,724
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
k
309,636
277,611
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
k
11,698
243,452
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
k
11,533
339,152
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
k
37,974
440,653
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
k
27,184
Federal
National
Mortgage
Association
-
REMIC
193,762
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
189,817
370,036
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
356,300
196,883
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
k
8,453
332,182
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
k
12,957
457,470
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
k
16,792
757,218
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
k
39,789
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Collateralized
Mortgage
Obligations
(7.2%)
-
continued
$
434,875
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
k
$
18,470
194,491
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
k
8,602
569,030
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
k
24,162
795,986
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
k
33,310
373,321
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
k
17,987
397,638
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
k
15,154
326,328
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
k
30,747
275,000
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
c
269,854
First
Horizon
Alternative
Mortgage
Securities
Trust
38,678
3.329%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
35,400
Flagstar
Mortgage
Trust
320,939
3.000%, 
3/25/2050,
Ser.
2020-1INV,
Class
A3
b,f
269,342
578,552
2.500%, 
8/25/2051,
Ser.
2021-6INV,
Class
A4
b,f
459,429
259,344
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
223,765
FWD
Securitization
Trust
118,967
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,f
112,557
GCAT
Trust
423,233
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
f,g
404,543
Genworth
Mortgage
Insurance
Corporation
334,518
4.181%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,f
331,923
GMAC
Mortgage
Corporation
Loan
Trust
44,448
3.214%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
40,198
2,886
3.616%, 
9/19/2035,
Ser.
2005-AR5,
Class
5A1
b
2,688
Home
RE,
Ltd.
200,000
5.781%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
b,f
193,783
IndyMac
IMJA
Mortgage
Loan
Trust
81,159
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
39,067
IndyMac
INDA
Mortgage
Loan
Trust
559,295
3.403%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
b
465,478
J.P.
Morgan
Mortgage
Trust
227,180
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
177,078
40,739
6.500%, 
1/25/2035,
Ser.
2005-S1,
Class
1A2
39,835
39,091
3.383%, 
7/25/2035,
Ser.
2007-A1,
Class
2A1
b
37,119
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
308
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Collateralized
Mortgage
Obligations
(7.2%)
-
continued
Legacy
Mortgage
Asset
Trust
$
276,103
3.250%, 
2/25/2060,
Ser.
2020-GS4,
Class
A1
f,g
$
269,243
LHOME
Mortgage
Trust
500,000
2.363%, 
9/25/2026,
Ser.
2021-RTL3,
Class
A1
f,g
473,963
MASTR
Alternative
Loans
Trust
60,114
5.000%, 
3/25/2055,
Ser.
2004-10,
Class
3A1
48,260
Merrill
Lynch
Alternative
Note
Asset
Trust
166,543
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
71,113
MortgageIT
Trust
562,526
3.544%, 
(LIBOR
1M
+
0.460%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
518,142
New
York
Mortgage
Trust
96,141
2.944%, 
10/25/2060,
Ser.
2020-SP2,
Class
A1
b,f
92,430
Oaktown
Re
VII,
Ltd.
200,000
3.881%, 
(SOFR30A
+
1.600%),
4/25/2034,
Ser.
2021-2,
Class
M1A
b,f
196,360
Onslow
Bay
Mortgage
Loan
Trust
346,587
5.700%, 
8/25/2062,
Ser.
2022-NQM7,
Class
A3
f,g
332,326
Preston
Ridge
Partners
Mortgage
Trust,
LLC
350,000
3.474%, 
7/25/2026,
Ser.
2021-6,
Class
A2
f,g
318,060
Radnor
RE
2022-1,
Ltd.
400,000
5.933%, 
(SOFR30A
+
3.750%),
9/25/2032,
Ser.
2022-1,
Class
M1A
b,f
398,390
Radnor
Re,
Ltd.
400,000
5.784%, 
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,f
396,930
Residential
Accredit
Loans,
Inc.
Trust
145,368
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
120,923
59,403
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
47,645
65,806
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
54,806
Residential
Asset
Securitization
Trust
311,474
5.500%, 
4/25/2035,
Ser.
2005-A1,
Class
A3
286,587
ROC
Securities
Trust
Series
600,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
561,515
Starwood
Mortgage
Residential
Trust
112,784
3.970%, 
4/25/2060,
Ser.
2020-2,
Class
A2
b,f
112,355
Toorak
Mortgage
Corporation,
Ltd.
284,346
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
f,g
282,605
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Collateralized
Mortgage
Obligations
(7.2%)
-
continued
Verus
Securitization
Trust
$
419,460
2.137%, 
10/25/2066,
Ser.
2021-7,
Class
A2
b,f
$
344,078
251,724
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
b,f
211,385
Washington
Mutual
Mortgage
Pass-Through
Certificates
97,886
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
79,995
Total
13,564,798
Commercial
Mortgage-Backed
Securities
(1.2%)
BANK
2021-BNK36
200,000
2.470%, 
9/15/2064,
Ser.
2021-BN36,
Class
A5
160,685
BANK
2021-BNK37
375,000
2.618%, 
11/15/2064,
Ser.
2021-BN37,
Class
A5
b
304,674
BANK
2022-BNK39
3,995,177
0.427%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
b,k
118,475
325,000
2.928%, 
2/15/2055,
Ser.
2022-BNK39,
Class
A4
270,506
BBCMS
Mortgage
Trust
1,640,174
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,k
72,893
450,000
2.946%, 
2/15/2055,
Ser.
2022-C14,
Class
A5
b
375,381
250,000
3.662%, 
4/15/2055,
Ser.
2022-C15,
Class
A5
b
221,347
2,000,000
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,k
164,986
200,000
2.689%, 
11/15/2054,
Ser.
2021-C12,
Class
A5
163,543
BFLD
Trust
325,000
4.518%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
308,702
Total
2,161,192
Communications
Services
(4.8%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
123,000
10.500%, 
2/15/2028
f
60,885
Altice
Financing
SA
60,000
5.750%, 
8/15/2029
f
45,913
Altice
France
SA
45,000
8.125%, 
2/1/2027
f
40,219
176,000
5.125%, 
7/15/2029
f
131,491
119,000
5.500%, 
10/15/2029
f
89,534
AMC
Networks,
Inc.
104,000
4.750%, 
8/1/2025
92,927
American
Tower
Corporation
49,000
3.375%, 
5/15/2024
47,708
84,000
4.400%, 
2/15/2026
81,665
41,000
1.450%, 
9/15/2026
34,952
63,000
3.800%, 
8/15/2029
55,265
AT&T,
Inc.
123,000
4.300%, 
2/15/2030
112,382
Cable
One,
Inc.,
Convertible
88,000
1.125%, 
3/15/2028
63,360
CCO
Holdings,
LLC
77,000
5.500%, 
5/1/2026
f
72,957
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
309
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Communications
Services
(4.8%)
-
continued
$
190,000
5.125%, 
5/1/2027
f
$
171,475
136,000
6.375%, 
9/1/2029
f
124,862
269,000
4.750%, 
3/1/2030
f
218,226
290,000
4.750%, 
2/1/2032
f
225,846
133,000
4.250%, 
1/15/2034
f
95,199
Cengage
Learning,
Inc.
155,000
9.500%, 
6/15/2024
f,i
145,312
Charter
Communications
Operating,
LLC
60,000
4.500%, 
2/1/2024
59,304
59,000
4.908%, 
7/23/2025
57,534
63,000
5.050%, 
3/30/2029
57,986
Clear
Channel
Worldwide
Holdings,
Inc.
121,000
5.125%, 
8/15/2027
f
102,213
119,000
7.750%, 
4/15/2028
f
89,845
Comcast
Corporation
50,000
2.350%, 
1/15/2027
44,839
105,000
3.400%, 
4/1/2030
92,349
Consolidated
Communications,
Inc.
128,000
5.000%, 
10/1/2028
f
89,014
Crown
Castle
International
Corporation
71,000
2.900%, 
3/15/2027
63,022
CSC
Holdings,
LLC
149,000
5.375%, 
2/1/2028
f
130,002
145,000
6.500%, 
2/1/2029
f
127,962
229,000
4.125%, 
12/1/2030
f
171,109
Cumulus
Media
New
Holdings,
Inc.
59,000
6.750%, 
7/1/2026
f
49,769
Deutsche
Telekom
International
Finance
BV
43,000
8.750%, 
6/15/2030
49,265
DIRECTV
Holdings,
LLC
183,000
5.875%, 
8/15/2027
f
157,766
DISH
DBS
Corporation
65,000
5.250%, 
12/1/2026
f
53,251
53,000
7.375%, 
7/1/2028
35,687
92,000
5.750%, 
12/1/2028
f
69,528
77,000
5.125%, 
6/1/2029
45,237
Entercom
Media
Corporation
186,000
6.500%, 
5/1/2027
f
45,570
Frontier
Communications
Corporation
58,000
6.750%, 
5/1/2029
f
47,850
Frontier
Communications
Holdings,
LLC
157,000
5.875%, 
10/15/2027
f
140,708
38,000
8.750%, 
5/15/2030
f
38,024
GCI,
LLC
185,000
4.750%, 
10/15/2028
f
153,597
Gray
Escrow
II,
Inc.
275,000
5.375%, 
11/15/2031
f
215,717
Gray
Television,
Inc.
115,000
4.750%, 
10/15/2030
f
86,186
Hughes
Satellite
Systems
Corporation
60,000
6.625%, 
8/1/2026
54,449
iHeartCommunications,
Inc.
140,000
4.750%, 
1/15/2028
f
116,690
Iliad
Holding
SASU
179,000
6.500%, 
10/15/2026
f
156,518
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Communications
Services
(4.8%)
-
continued
LCPR
Senior
Secured
Financing
DAC
$
103,000
6.750%, 
10/15/2027
f
$
85,490
Level
3
Financing,
Inc.
181,000
4.625%, 
9/15/2027
f
149,792
230,000
4.250%, 
7/1/2028
f
179,402
Lumen
Technologies,
Inc.
112,000
5.125%, 
12/15/2026
f
96,366
Magallanes,
Inc.
47,000
3.638%, 
3/15/2025
f
44,510
68,000
4.054%, 
3/15/2029
f
58,731
46,000
4.279%, 
3/15/2032
f
37,843
Meta
Platforms,
Inc.
43,000
3.500%, 
8/15/2027
f
40,210
Netflix,
Inc.
46,000
5.875%, 
2/15/2025
45,962
100,000
4.875%, 
4/15/2028
93,592
82,000
5.875%, 
11/15/2028
80,014
NTT
Finance
Corporation
51,000
1.162%, 
4/3/2026
f
44,549
Omnicom
Group,
Inc.
63,000
4.200%, 
6/1/2030
57,183
Paramount
Global
85,000
6.375%, 
3/30/2062
b
73,431
41,000
4.750%, 
5/15/2025
40,309
Playtika
Holding
Corporation
129,000
4.250%, 
3/15/2029
f
103,166
Radiate
Holdco,
LLC
65,000
6.500%, 
9/15/2028
f
45,338
Rogers
Communications,
Inc.
70,000
5.250%, 
3/15/2082
b,f
60,953
Scripps
Escrow
II,
Inc.
56,000
3.875%, 
1/15/2029
f
44,643
55,000
5.375%, 
1/15/2031
f,i
41,664
Scripps
Escrow,
Inc.
100,000
5.875%, 
7/15/2027
f
87,000
Sinclair
Television
Group,
Inc.
246,000
5.500%, 
3/1/2030
f
176,798
Sirius
XM
Radio,
Inc.
145,000
5.000%, 
8/1/2027
f
133,038
165,000
4.000%, 
7/15/2028
f
140,346
30,000
4.125%, 
7/1/2030
f
24,385
Sprint
Capital
Corporation
251,000
6.875%, 
11/15/2028
257,903
200,000
8.750%, 
3/15/2032
231,750
Sprint
Corporation
444,000
7.625%, 
2/15/2025
455,134
Take-Two
Interactive
Software,
Inc.
90,000
3.300%, 
3/28/2024
87,721
TEGNA,
Inc.
211,000
4.625%, 
3/15/2028
194,806
Telesat
Canada
70,000
4.875%, 
6/1/2027
f
32,875
25,000
6.500%, 
10/15/2027
f
9,250
T-Mobile
USA,
Inc.
50,000
3.500%, 
4/15/2025
47,788
84,000
3.875%, 
4/15/2030
74,509
20,000
2.875%, 
2/15/2031
16,117
Twitter,
Inc.
31,000
3.875%, 
12/15/2027
f
29,069
Twitter,
Inc.,
Convertible
123,000
Zero
Coupon, 
3/15/2026
112,597
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
310
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Communications
Services
(4.8%)
-
continued
United
States
Cellular
Corporation
$
125,000
6.700%, 
12/15/2033
$
112,536
Uniti
Fiber
Holdings,
Inc.,
Convertible
21,000
4.000%, 
6/15/2024
f
19,359
Uniti
Group,
LP
35,000
4.750%, 
4/15/2028
f
27,649
Univision
Communications,
Inc.
201,000
6.625%, 
6/1/2027
f
189,686
Verizon
Communications,
Inc.
84,000
2.100%, 
3/22/2028
70,914
63,000
3.150%, 
3/22/2030
53,587
42,000
2.550%, 
3/21/2031
33,534
94,000
2.355%, 
3/15/2032
72,082
Viasat,
Inc.
35,000
6.500%, 
7/15/2028
f
23,275
Vodafone
Group
plc
48,000
7.000%, 
4/4/2079
b
45,677
VTR
Finance
NV
80,000
6.375%, 
7/15/2028
f
44,200
VZ
Secured
Financing
BV
207,000
5.000%, 
1/15/2032
f
154,649
Walt
Disney
Company
42,000
3.800%, 
3/22/2030
38,188
YPSO
Finance
BIS
SA
62,000
10.500%, 
5/15/2027
f
48,562
Zayo
Group
Holdings,
Inc.
82,000
4.000%, 
3/1/2027
f
65,801
Total
9,045,102
Consumer
Cyclical
(6.0%)
1011778
B.C.,
ULC
205,000
4.375%, 
1/15/2028
f
177,633
Allied
Universal
Holdco,
LLC
60,000
6.625%, 
7/15/2026
f
53,475
190,000
4.625%, 
6/1/2028
f
146,361
109,000
6.000%, 
6/1/2029
f
70,346
Allison
Transmission,
Inc.
27,000
4.750%, 
10/1/2027
f
23,778
190,000
3.750%, 
1/30/2031
f
145,652
Amazon.com,
Inc.
93,000
3.300%, 
4/13/2027
87,803
84,000
1.650%, 
5/12/2028
71,350
42,000
1.500%, 
6/3/2030
33,133
American
Axle
&
Manufacturing,
Inc.
249,000
6.500%, 
4/1/2027
i
211,027
Arko
Corporation
88,000
5.125%, 
11/15/2029
f
68,640
Ashton
Woods
USA,
LLC
80,000
4.625%, 
8/1/2029
f
58,084
30,000
4.625%, 
4/1/2030
f
21,484
Best
Buy
Company,
Inc.
42,000
1.950%, 
10/1/2030
31,450
Bloomin'
Brands,
Inc.,
Convertible
2,000
5.000%, 
5/1/2025
3,395
Boyd
Gaming
Corporation
105,000
4.750%, 
6/15/2031
f
85,019
Boyne
USA,
Inc.
80,000
4.750%, 
5/15/2029
f
67,019
Brookfield
Residential
Properties,
Inc.
225,000
6.250%, 
9/15/2027
f
188,872
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Cyclical
(6.0%)
-
continued
Burlington
Stores,
Inc.,
Convertible
$
51,000
2.250%, 
4/15/2025
$
48,450
Caesars
Entertainment,
Inc.
195,000
6.250%, 
7/1/2025
f
187,931
55,000
8.125%, 
7/1/2027
f
52,530
136,000
4.625%, 
10/15/2029
f
103,915
Carnival
Corporation
19,000
10.500%, 
2/1/2026
f
18,799
143,000
7.625%, 
3/1/2026
f
108,680
274,000
5.750%, 
3/1/2027
f
191,951
Cedar
Fair,
LP
65,000
5.375%, 
4/15/2027
60,378
139,000
5.250%, 
7/15/2029
119,275
Churchill
Downs,
Inc.
75,000
4.750%, 
1/15/2028
f
64,881
Cinemark
USA,
Inc.
168,000
5.875%, 
3/15/2026
f,i
140,478
Clarios
Global,
LP
55,000
8.500%, 
5/15/2027
f
52,497
Cushman
&
Wakefield
US
Borrower,
LLC
76,000
6.750%, 
5/15/2028
f
70,494
D.R.
Horton,
Inc.
21,000
2.600%, 
10/15/2025
19,281
Daimler
Finance
North
America,
LLC
63,000
1.450%, 
3/2/2026
f
55,356
Dana,
Inc.
155,000
5.625%, 
6/15/2028
127,898
Dick's
Sporting
Goods,
Inc.,
Convertible
16,000
3.250%, 
4/15/2025
52,216
Empire
Communities
Corporation
99,000
7.000%, 
12/15/2025
f
82,149
Expedia
Group,
Inc.
72,000
4.625%, 
8/1/2027
67,615
73,000
3.250%, 
2/15/2030
59,204
Expedia
Group,
Inc.,
Convertible
23,000
Zero
Coupon, 
2/15/2026
19,893
Ford
Motor
Company
222,000
3.250%, 
2/12/2032
159,913
127,000
6.100%, 
8/19/2032
111,963
Ford
Motor
Company,
Convertible
116,000
Zero
Coupon, 
3/15/2026
106,082
Ford
Motor
Credit
Company,
LLC
200,000
2.300%, 
2/10/2025
177,259
220,000
4.134%, 
8/4/2025
199,661
384,000
2.700%, 
8/10/2026
318,486
80,000
2.900%, 
2/10/2029
60,600
Forestar
Group,
Inc.
97,000
3.850%, 
5/15/2026
f
79,784
FTI
Consulting,
Inc.,
Convertible
35,000
2.000%, 
8/15/2023
57,736
General
Motors
Company
41,000
6.125%, 
10/1/2025
41,018
63,000
6.800%, 
10/1/2027
63,668
General
Motors
Financial
Company,
Inc.
80,000
3.950%, 
4/13/2024
78,026
38,000
1.200%, 
10/15/2024
34,881
81,000
2.900%, 
2/26/2025
75,679
41,000
2.750%, 
6/20/2025
37,767
44,000
5.700%, 
9/30/2030
b,j
37,713
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
311
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Cyclical
(6.0%)
-
continued
Goodyear
Tire
&
Rubber
Company
$
70,000
5.000%, 
7/15/2029
$
57,145
55,000
5.250%, 
7/15/2031
44,000
Guitar
Center
Escrow
Issuer
II,
Inc.
41,000
8.500%, 
1/15/2026
f
36,321
Hanesbrands,
Inc.
118,000
4.875%, 
5/15/2026
f
106,076
Hilton
Domestic
Operating
Company,
Inc.
262,000
4.875%, 
1/15/2030
227,940
57,000
3.625%, 
2/15/2032
f
43,656
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
175,000
5.000%, 
6/1/2029
f
141,243
Home
Depot,
Inc.
68,000
3.250%, 
4/15/2032
58,877
Hyundai
Capital
America
34,000
1.800%, 
10/15/2025
f
30,238
63,000
3.000%, 
2/10/2027
f
55,946
40,000
2.100%, 
9/15/2028
f
31,414
International
Game
Technology
plc
182,000
5.250%, 
1/15/2029
f
161,210
Jacobs
Entertainment,
Inc.
83,000
6.750%, 
2/15/2029
f
71,016
KB
Home
100,000
4.800%, 
11/15/2029
80,508
Kohl's
Corporation
39,000
3.375%, 
5/1/2031
24,086
L
Brands,
Inc.
252,000
6.625%, 
10/1/2030
f
219,240
30,000
6.875%, 
11/1/2035
25,061
Lennar
Corporation
20,000
5.875%, 
11/15/2024
20,161
41,000
4.750%, 
5/30/2025
40,371
Lowe's
Companies,
Inc.
62,000
4.000%, 
4/15/2025
60,744
98,000
4.500%, 
4/15/2030
91,617
Macy's
Retail
Holdings,
LLC
120,000
5.875%, 
4/1/2029
f
96,300
43,000
6.125%, 
3/15/2032
f
32,924
Magic
MergerCo,
Inc.
100,000
5.250%, 
5/1/2028
f
70,198
Marriott
International,
Inc.
41,000
5.000%, 
10/15/2027
39,595
62,000
4.625%, 
6/15/2030
56,028
Marriott
Vacations
Worldwide
Corporation,  Convertible
26,000
Zero
Coupon, 
1/15/2026
23,892
Mattamy
Group
Corporation
115,000
5.250%, 
12/15/2027
f
95,321
McDonald's
Corporation
56,000
3.800%, 
4/1/2028
52,602
MGM
Resorts
International
95,000
6.000%, 
3/15/2023
95,029
205,000
5.750%, 
6/15/2025
195,912
NCL
Corporation,
Ltd.
151,000
3.625%, 
12/15/2024
f
126,984
62,000
5.875%, 
2/15/2027
f
51,615
Nissan
Motor
Company,
Ltd.
70,000
3.043%, 
9/15/2023
f
68,051
O'Reilly
Automotive,
Inc.
63,000
3.900%, 
6/1/2029
57,404
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Cyclical
(6.0%)
-
continued
PENN
Entertainment,
Inc.
$
170,000
4.125%, 
7/1/2029
f
$
130,127
PetSmart,
Inc./PetSmart
Finance
Corporation
195,000
4.750%, 
2/15/2028
f
166,879
117,000
7.750%, 
2/15/2029
f
104,591
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
244,000
5.750%, 
4/15/2026
f
229,589
108,000
6.250%, 
1/15/2028
f
92,164
Realogy
Group,
LLC
165,000
5.750%, 
1/15/2029
f
119,006
Rite
Aid
Corporation
55,000
7.500%, 
7/1/2025
f
41,845
Royal
Caribbean
Cruises,
Ltd.
229,000
9.125%, 
6/15/2023
f
233,008
59,000
11.500%, 
6/1/2025
f
62,688
142,000
4.250%, 
7/1/2026
f
104,382
143,000
9.250%, 
1/15/2029
e,f
140,906
Scientific
Games
International,
Inc.
217,000
7.250%, 
11/15/2029
f
201,964
SeaWorld
Parks
and
Entertainment,
Inc.
61,000
5.250%, 
8/15/2029
f
50,654
Six
Flags
Theme
Parks,
Inc.
38,000
7.000%, 
7/1/2025
f
37,984
Staples,
Inc.
118,000
7.500%, 
4/15/2026
f
99,074
124,000
10.750%, 
4/15/2027
f
91,915
Station
Casinos,
LLC
107,000
4.625%, 
12/1/2031
f
80,816
Tapestry,
Inc.
45,000
3.050%, 
3/15/2032
33,573
Target
Corporation
42,000
2.350%, 
2/15/2030
35,052
Tenneco,
Inc.
160,000
5.000%, 
7/15/2026
155,600
Toll
Brothers
Finance
Corporation
62,000
4.350%, 
2/15/2028
54,043
Toyota
Motor
Credit
Corporation
41,000
4.400%, 
9/20/2024
40,741
63,000
1.900%, 
4/6/2028
53,602
50,000
4.450%, 
6/29/2029
48,240
Travel
+
Leisure
Company
100,000
6.625%, 
7/31/2026
f
93,674
TripAdvisor,
Inc.
30,000
7.000%, 
7/15/2025
f
29,166
Uber
Technologies,
Inc.
135,000
6.250%, 
1/15/2028
f,i
125,550
Vail
Resorts,
Inc.,
Convertible
36,000
Zero
Coupon, 
1/1/2026
31,343
VICI
Properties,
LP/VICI
Note
Company,
Inc.
58,000
4.625%, 
6/15/2025
f
54,580
45,000
4.500%, 
9/1/2026
f
41,095
202,000
5.750%, 
2/1/2027
f
190,341
129,000
3.750%, 
2/15/2027
f
112,986
Volkswagen
Group
of
America
Finance,
LLC
99,000
4.250%, 
11/13/2023
f
97,959
21,000
3.350%, 
5/13/2025
f
19,919
Wabash
National
Corporation
141,000
4.500%, 
10/15/2028
f
109,304
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
312
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Cyclical
(6.0%)
-
continued
Walmart,
Inc.
$
84,000
3.950%, 
9/9/2027
$
81,549
Wyndham
Hotels
&
Resorts,
Inc.
60,000
4.375%, 
8/15/2028
f
52,742
Yum!
Brands,
Inc.
192,000
4.750%, 
1/15/2030
f
167,791
Total
11,193,795
Consumer
Non-Cyclical
(4.7%)
1375209
BC,
Ltd.
107,000
9.000%, 
1/30/2028
f
106,198
AbbVie,
Inc.
168,000
3.600%, 
5/14/2025
161,258
Albertson's
Companies,
Inc.
184,000
4.625%, 
1/15/2027
f
164,463
188,000
3.500%, 
3/15/2029
f
151,528
Altria
Group,
Inc.
52,000
4.400%, 
2/14/2026
50,040
42,000
4.800%, 
2/14/2029
38,769
Anheuser-Busch
InBev
Worldwide,
Inc.
90,000
4.000%, 
4/13/2028
85,496
84,000
4.750%, 
1/23/2029
81,829
Aramark
Services,
Inc.
189,000
5.000%, 
2/1/2028
f
168,344
AstraZeneca
Finance,
LLC
98,000
1.750%, 
5/28/2028
82,363
AstraZeneca
plc
85,000
0.700%, 
4/8/2026
73,453
Avantor
Funding,
Inc.
195,000
4.625%, 
7/15/2028
f
173,539
B&G
Foods,
Inc.
59,000
5.250%, 
9/15/2027
47,802
BAT
Capital
Corporation
59,000
3.222%, 
8/15/2024
56,773
BAT
International
Finance
plc
41,000
1.668%, 
3/25/2026
35,441
Bausch
Health
Companies,
Inc.
55,000
5.500%, 
11/1/2025
f,i
43,692
120,000
4.875%, 
6/1/2028
f
77,364
191,000
11.000%, 
9/30/2028
f
153,755
38,000
14.000%, 
10/15/2030
f
20,710
Baxter
International,
Inc.
45,000
2.539%, 
2/1/2032
35,029
Becton,
Dickinson
and
Company
63,000
2.823%, 
5/20/2030
52,727
BioMarin
Pharmaceutical,
Inc.,
Convertible
87,000
1.250%, 
5/15/2027
86,400
Bio-Rad
Laboratories,
Inc.
70,000
3.300%, 
3/15/2027
63,535
Bristol-Myers
Squibb
Company
69,000
2.950%, 
3/15/2032
58,947
Bunge,
Ltd.
Finance
Corporation
97,000
2.750%, 
5/14/2031
76,303
Callaway
Golf
Company,
Convertible
45,000
2.750%, 
5/1/2026
58,050
Cargill,
Inc.
67,000
3.625%, 
4/22/2027
f
63,655
42,000
2.125%, 
11/10/2031
f
32,819
Central
Garden
&
Pet
Company
145,000
4.125%, 
10/15/2030
115,416
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Non-Cyclical
(4.7%)
-
continued
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
$
150,000
4.625%, 
11/15/2028
f
$
127,581
Community
Health
Systems,
Inc.
36,000
8.000%, 
12/15/2027
f
28,485
75,000
6.000%, 
1/15/2029
f
55,124
112,000
6.875%, 
4/15/2029
f
54,100
Conagra
Brands,
Inc.
38,000
4.300%, 
5/1/2024
37,399
Constellation
Brands,
Inc.
84,000
3.150%, 
8/1/2029
72,160
Coty,
Inc.
110,000
5.000%, 
4/15/2026
f
100,150
CVS
Health
Corporation
33,000
4.100%, 
3/25/2025
32,287
33,000
4.300%, 
3/25/2028
31,124
Diageo
Capital
plc
50,000
1.375%, 
9/29/2025
45,335
39,000
2.000%, 
4/29/2030
31,251
Edgewell
Personal
Care
Company
80,000
5.500%, 
6/1/2028
f
71,531
Embecta
Corporation
48,000
6.750%, 
2/15/2030
f
44,314
Encompass
Health
Corporation
235,000
4.500%, 
2/1/2028
201,276
Energizer
Holdings,
Inc.
25,000
4.750%, 
6/15/2028
f
19,807
130,000
4.375%, 
3/31/2029
f
96,431
Estee
Lauder
Companies,
Inc.
42,000
1.950%, 
3/15/2031
33,326
Gilead
Sciences,
Inc.
63,000
2.950%, 
3/1/2027
57,432
HCA,
Inc.
244,000
5.375%, 
2/1/2025
241,115
88,000
5.875%, 
2/1/2029
85,570
HFC
Prestige
Products,
Inc.
174,000
4.750%, 
1/15/2029
f
147,202
HLF
Financing
SARL,
LLC
291,000
4.875%, 
6/1/2029
f
207,671
Imperial
Brands
Finance
plc
34,000
3.125%, 
7/26/2024
f
32,521
Ionis
Pharmaceuticals,
Inc.,
Convertible
24,000
0.125%, 
12/15/2024
21,704
Jazz
Investments
I,
Ltd.,
Convertible
87,000
2.000%, 
6/15/2026
93,090
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
76,000
2.500%, 
1/15/2027
f
64,932
49,000
3.625%, 
1/15/2032
f
38,281
Johnson
&
Johnson
56,000
4.375%, 
12/5/2033
53,945
Kraft
Heinz
Foods
Company
113,000
3.875%, 
5/15/2027
105,607
Kroger
Company
42,000
4.500%, 
1/15/2029
39,957
Mattel,
Inc.
297,000
3.375%, 
4/1/2026
f
265,054
McKesson
Corporation
41,000
0.900%, 
12/3/2025
35,909
62,000
1.300%, 
8/15/2026
53,548
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
313
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Non-Cyclical
(4.7%)
-
continued
Mozart
Debt
Merger
Sub,
Inc.
$
122,000
3.875%, 
4/1/2029
f
$
97,806
96,000
5.250%, 
10/1/2029
f
72,480
Mylan,
Inc.
34,000
4.200%, 
11/29/2023
33,583
Newell
Brands,
Inc.
111,000
4.450%, 
4/1/2026
102,120
Organon
&
Company
138,000
4.125%, 
4/30/2028
f
117,990
Owens
&
Minor,
Inc.
103,000
6.625%, 
4/1/2030
f
90,640
PepsiCo,
Inc.
81,000
3.600%, 
2/18/2028
76,525
90,000
1.950%, 
10/21/2031
71,585
Performance
Food
Group,
Inc.
87,000
4.250%, 
8/1/2029
f
72,436
Perrigo
Finance
Unlimited
Company
225,000
4.375%, 
3/15/2026
206,438
Pilgrim's
Pride
Corporation
120,000
3.500%, 
3/1/2032
f
90,464
Post
Holdings,
Inc.
105,000
5.750%, 
3/1/2027
f
100,150
75,000
5.625%, 
1/15/2028
f
68,454
56,000
5.500%, 
12/15/2029
f
48,412
119,000
4.500%, 
9/15/2031
f
95,795
Post
Holdings,
Inc.,
Convertible
33,000
2.500%, 
8/15/2027
f
32,588
Primo
Water
Holdings,
Inc.
119,000
4.375%, 
4/30/2029
f
96,798
Procter
&
Gamble
Company
42,000
1.200%, 
10/29/2030
32,413
Roche
Holdings,
Inc.
39,000
1.930%, 
12/13/2028
f
32,786
68,000
2.076%, 
12/13/2031
f
54,480
Royalty
Pharma
plc
97,000
1.200%, 
9/2/2025
85,748
Scotts
Miracle-Gro
Company
89,000
4.500%, 
10/15/2029
64,525
SEG
Holding,
LLC
195,000
5.625%, 
10/15/2028
f
178,910
Simmons
Foods,
Inc.
248,000
4.625%, 
3/1/2029
f
202,740
Spectrum
Brands,
Inc.
95,000
5.000%, 
10/1/2029
f
75,572
60,000
5.500%, 
7/15/2030
f
46,916
Stryker
Corporation
85,000
3.650%, 
3/7/2028
79,986
Syneos
Health,
Inc.
145,000
3.625%, 
1/15/2029
f
115,461
Sysco
Corporation
42,000
5.950%, 
4/1/2030
42,512
Takeda
Pharmaceutical
Company,
Ltd.
75,000
5.000%, 
11/26/2028
72,602
Tenet
Healthcare
Corporation
45,000
4.625%, 
7/15/2024
43,514
102,000
6.250%, 
2/1/2027
f
95,181
435,000
5.125%, 
11/1/2027
f
390,320
55,000
6.125%, 
10/1/2028
f
48,185
Teva
Pharmaceutical
Finance
Netherlands
III
BV
205,000
3.150%, 
10/1/2026
168,203
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Consumer
Non-Cyclical
(4.7%)
-
continued
TreeHouse
Foods,
Inc.
$
196,000
4.000%, 
9/1/2028
$
156,288
United
Natural
Foods,
Inc.
87,000
6.750%, 
10/15/2028
f
79,570
Winnebago
Industries,
Inc.,
Convertible
45,000
1.500%, 
4/1/2025
47,053
Zoetis,
Inc.
110,000
3.900%, 
8/20/2028
101,849
Total
8,729,995
Energy
(4.9%)
Antero
Resources
Corporation
135,000
5.375%, 
3/1/2030
f
121,374
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
167,000
6.250%, 
4/1/2028
f
146,792
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
82,000
6.625%, 
7/15/2026
f
76,465
BP
Capital
Markets
America,
Inc.
134,000
4.234%, 
11/6/2028
125,811
BP
Capital
Markets
plc
74,000
4.875%, 
3/22/2030
b,j
63,640
Buckeye
Partners,
LP
130,000
3.950%, 
12/1/2026
113,383
Callon
Petroleum
Company
117,000
8.250%, 
7/15/2025
113,745
63,000
7.500%, 
6/15/2030
f,i
55,157
Canadian
Natural
Resources,
Ltd.
105,000
2.050%, 
7/15/2025
95,732
Cheniere
Corpus
Christi
Holdings,
LLC
86,000
5.875%, 
3/31/2025
86,344
Cheniere
Energy
Partners,
LP
102,000
4.500%, 
10/1/2029
89,800
91,000
3.250%, 
1/31/2032
69,875
Cheniere
Energy,
Inc.
139,000
4.625%, 
10/15/2028
127,509
Chesapeake
Energy
Corporation
212,000
6.750%, 
4/15/2029
f
203,227
CNX
Resources
Corporation
97,000
6.000%, 
1/15/2029
f
88,513
CNX
Resources
Corporation,
Convertible
64,000
2.250%, 
5/1/2026
88,608
Comstock
Resources,
Inc.
62,000
6.750%, 
3/1/2029
f
57,183
95,000
5.875%, 
1/15/2030
f
82,741
Continental
Resources,
Inc.
63,000
4.375%, 
1/15/2028
56,541
40,000
5.750%, 
1/15/2031
f
36,154
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
113,000
5.500%, 
6/15/2031
f
95,657
CrownRock
Finance,
Inc.
144,000
5.625%, 
10/15/2025
f
137,861
Devon
Energy
Corporation
83,000
4.500%, 
1/15/2030
75,547
Diamondback
Energy,
Inc.
21,000
3.125%, 
3/24/2031
17,034
DT
Midstream,
Inc.
190,000
4.125%, 
6/15/2029
f
160,550
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
314
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Energy
(4.9%)
-
continued
$
35,000
4.375%, 
6/15/2031
f
$
28,865
Enbridge,
Inc.
90,000
7.375%, 
1/15/2083
b
86,694
50,000
7.625%, 
1/15/2083
b
48,209
78,000
2.150%, 
2/16/2024
74,953
42,000
3.700%, 
7/15/2027
38,916
Endeavor
Energy
Resources,
LP
130,000
5.750%, 
1/30/2028
f
123,646
Energy
Transfer,
LP
42,000
4.200%, 
9/15/2023
41,548
116,000
5.875%, 
1/15/2024
116,237
50,000
6.750%, 
5/15/2025
b,j
43,203
48,000
6.500%, 
11/15/2026
b,j
41,813
63,000
3.750%, 
5/15/2030
53,346
EnLink
Midstream
Partners,
LP
205,000
4.850%, 
7/15/2026
188,269
Enterprise
Products
Operating,
LLC
42,000
4.150%, 
10/16/2028
39,048
53,000
4.875%, 
(LIBOR
3M
+
2.986%),
8/16/2077
b
48,363
EQM
Midstream
Partners,
LP
99,000
4.750%, 
1/15/2031
f
78,581
EQT
Corporation
40,000
3.900%, 
10/1/2027
36,400
EQT
Corporation,
Convertible
38,000
1.750%, 
5/1/2026
104,717
Equinor
ASA
43,000
2.875%, 
4/6/2025
41,015
Ferrellgas,
LP
102,000
5.375%, 
4/1/2026
f
89,760
Halliburton
Company
42,000
2.920%, 
3/1/2030
34,956
Harvest
Midstream,
LP
236,000
7.500%, 
9/1/2028
f
220,579
Hess
Corporation
27,000
3.500%, 
7/15/2024
26,099
Hess
Midstream
Operations,
LP
120,000
5.625%, 
2/15/2026
f
113,911
72,000
5.500%, 
10/15/2030
f
61,808
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
115,000
5.750%, 
2/1/2029
f
100,540
181,000
6.250%, 
4/15/2032
f
160,332
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
141,000
6.375%, 
4/15/2027
f
134,655
Howard
Midstream
Energy
Partners,
LLC
152,000
6.750%, 
1/15/2027
f
135,427
ITT
Holdings,
LLC
132,000
6.500%, 
8/1/2029
f
102,402
Laredo
Petroleum,
Inc.
222,000
7.750%, 
7/31/2029
f,i
204,549
Marathon
Oil
Corporation
42,000
4.400%, 
7/15/2027
39,215
Marathon
Petroleum
Corporation
117,000
4.700%, 
5/1/2025
114,872
MEG
Energy
Corporation
131,000
7.125%, 
2/1/2027
f
132,965
MPLX,
LP
70,000
6.875%, 
2/15/2023
b,j
68,775
105,000
1.750%, 
3/1/2026
91,873
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Energy
(4.9%)
-
continued
Murphy
Oil
Corporation
$
107,000
5.875%, 
12/1/2027
$
100,017
Nabors
Industries,
Ltd.
160,000
7.250%, 
1/15/2026
f
139,219
National
Fuel
Gas
Company
92,000
5.500%, 
1/15/2026
90,351
NuStar
Logistics,
LP
150,000
5.750%, 
10/1/2025
139,016
Oasis
Petroleum,
Inc.
90,000
6.375%, 
6/1/2026
f
85,500
Occidental
Petroleum
Corporation
40,000
8.500%, 
7/15/2027
42,808
64,000
6.375%, 
9/1/2028
63,740
80,000
6.450%, 
9/15/2036
80,000
ONEOK,
Inc.
63,000
2.200%, 
9/15/2025
57,278
Ovintiv
Exploration,
Inc.
42,000
5.375%, 
1/1/2026
41,540
Pioneer
Natural
Resources
Company
63,000
1.900%, 
8/15/2030
48,166
Pioneer
Natural
Resources
Company,
Convertible
39,000
0.250%, 
5/15/2025
84,474
Plains
All
American
Pipeline,
LP
2,000
6.125%, 
11/15/2022
b,j
1,630
103,000
4.650%, 
10/15/2025
99,156
Precision
Drilling
Corporation
117,000
6.875%, 
1/15/2029
f
103,300
Range
Resources
Corporation
125,000
4.750%, 
2/15/2030
f,i
108,404
Sabine
Pass
Liquefaction,
LLC
63,000
4.200%, 
3/15/2028
57,453
Schlumberger
Holdings
Corporation
27,000
4.300%, 
5/1/2029
f
24,741
SM
Energy
Company
135,000
6.625%, 
1/15/2027
129,584
55,000
6.500%, 
7/15/2028
i
52,268
Southwestern
Energy
Company
70,000
5.375%, 
2/1/2029
63,476
133,000
5.375%, 
3/15/2030
119,840
71,000
4.750%, 
2/1/2032
59,505
Suburban
Propane
Partners,
LP
155,000
5.875%, 
3/1/2027
146,227
85,000
5.000%, 
6/1/2031
f
69,768
Sunoco,
LP
145,000
5.875%, 
3/15/2028
131,579
95,000
4.500%, 
4/30/2030
77,663
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
232,000
5.500%, 
1/15/2028
f
198,025
Targa
Resources
Partners,
LP
115,000
4.875%, 
2/1/2031
98,900
Teine
Energy,
Ltd.
95,000
6.875%, 
4/15/2029
f
85,338
TransCanada
Trust
25,000
5.600%, 
3/7/2082
b
21,681
90,000
5.875%, 
8/15/2076
b
83,765
Transocean
Proteus,
Ltd.
33,750
6.250%, 
12/1/2024
f
31,725
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
315
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Energy
(4.9%)
-
continued
Transocean,
Inc.
$
97,000
11.500%, 
1/30/2027
f
$
89,719
USA
Compression
Partners,
LP
139,000
6.875%, 
4/1/2026
127,880
Valero
Energy
Corporation
90,000
2.800%, 
12/1/2031
71,583
Venture
Global
Calcasieu
Pass,
LLC
184,000
3.875%, 
8/15/2029
f
157,850
70,000
4.125%, 
8/15/2031
f
58,063
W&T
Offshore,
Inc.
52,000
9.750%, 
11/1/2023
f
50,970
Weatherford
International,
Ltd.
141,000
8.625%, 
4/30/2030
f
122,789
Western
Midstream
Operating,
LP
204,000
3.950%, 
6/1/2025
191,760
65,000
5.500%, 
8/15/2048
52,569
Williams
Companies,
Inc.
42,000
2.600%, 
3/15/2031
32,932
Total
9,144,036
Financials
(11.8%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
40,000
7.000%, 
11/15/2025
f
36,536
AerCap
Holdings
NV
50,000
5.875%, 
10/10/2079
b
44,633
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
70,000
3.150%, 
2/15/2024
67,228
63,000
6.500%, 
7/15/2025
62,886
108,000
3.000%, 
10/29/2028
86,612
Air
Lease
Corporation
40,000
2.300%, 
2/1/2025
36,805
11,000
3.375%, 
7/1/2025
10,249
108,000
4.650%, 
6/15/2026
b,j
90,167
52,000
3.125%, 
12/1/2030
40,943
Aircastle,
Ltd.
81,000
5.250%, 
6/15/2026
b,f,j
60,758
51,000
2.850%, 
1/26/2028
f
39,592
Alliant
Holdings
Intermediate,
LLC
70,000
6.750%, 
10/15/2027
f
60,325
Ally
Financial,
Inc.
227,000
5.750%, 
11/20/2025
220,166
96,000
4.700%, 
5/15/2026
b,j
74,833
53,000
4.700%, 
5/15/2028
b,j
37,762
42,000
8.000%, 
11/1/2031
44,031
American
Express
Company
59,000
3.950%, 
8/1/2025
57,145
50,000
3.550%, 
9/15/2026
b,j
38,534
69,000
2.550%, 
3/4/2027
61,459
American
Homes
4
Rent,
LP
50,000
2.375%, 
7/15/2031
37,699
AmWINS
Group,
Inc.
80,000
4.875%, 
6/30/2029
f
66,405
Aon
Corporation/Aon
Global
Holdings
plc
44,000
2.600%, 
12/2/2031
34,402
Ares
Capital
Corporation
21,000
4.250%, 
3/1/2025
19,838
90,000
2.150%, 
7/15/2026
75,427
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
Ares
Capital
Corporation,
Convertible
$
27,000
4.625%, 
3/1/2024
$
27,557
Australia
and
New
Zealand
Banking
Group,
Ltd.
96,000
2.950%, 
7/22/2030
b,f
87,232
Aviation
Capital
Group,
LLC
73,000
5.500%, 
12/15/2024
f
70,668
41,000
4.875%, 
10/1/2025
f
38,082
Avolon
Holdings
Funding,
Ltd.
96,000
4.250%, 
4/15/2026
f
86,080
BAC
Capital
Trust
XIV
42,000
4.000%, 
(LIBOR
3M
+
0.400%),
10/19/2022
b,j
30,763
Banco
Santander
Mexico
SA
26,000
5.375%, 
4/17/2025
f
25,279
Banco
Santander
SA
55,000
4.750%, 
11/12/2026
b,j
38,025
Bank
of
America
Corporation
73,000
3.004%, 
12/20/2023
b
72,612
117,000
3.550%, 
3/5/2024
b
116,079
78,000
3.864%, 
7/23/2024
b
76,939
87,000
4.200%, 
8/26/2024
85,574
213,000
6.250%, 
9/5/2024
b,j
205,811
36,000
3.458%, 
3/15/2025
b
34,862
44,000
6.100%, 
3/17/2025
b,j
42,179
102,000
1.319%, 
6/19/2026
b
90,535
111,000
1.197%, 
10/24/2026
b
96,853
85,000
4.375%, 
1/27/2027
b,j
68,212
70,000
6.125%, 
4/27/2027
b,j
66,150
61,000
1.734%, 
7/22/2027
b
52,334
86,000
5.875%, 
3/15/2028
b,j
73,745
89,000
4.376%, 
4/27/2028
b
83,396
126,000
3.593%, 
7/21/2028
b
113,799
59,000
4.948%, 
7/22/2028
b
56,689
168,000
3.974%, 
2/7/2030
b
149,544
84,000
2.687%, 
4/22/2032
b
65,582
62,000
2.572%, 
10/20/2032
b
47,419
92,000
2.972%, 
2/4/2033
b
71,921
45,000
3.846%, 
3/8/2037
b
36,306
Bank
of
Montreal
63,000
4.700%, 
9/14/2027
60,794
46,000
3.088%, 
1/10/2037
b
34,302
Bank
of
New
York
Mellon
Corporation
22,000
4.700%, 
9/20/2025
b,j
21,065
59,000
4.596%, 
7/26/2030
b
55,908
Bank
of
Nova
Scotia
116,000
4.900%, 
6/4/2025
b,j
103,555
41,000
1.050%, 
3/2/2026
35,732
Barclays
plc
99,000
4.338%, 
5/16/2024
b
97,864
41,000
4.375%, 
9/11/2024
39,687
49,000
2.852%, 
5/7/2026
b
44,480
50,000
5.501%, 
8/9/2028
b
46,872
64,000
4.972%, 
5/16/2029
b
57,594
Berkshire
Hathaway
Finance
Corporation
124,000
2.875%, 
3/15/2032
104,233
Blackstone
Mortgage
Trust,
Inc.,
Convertible
51,000
5.500%, 
3/15/2027
43,382
Blackstone
Private
Credit
Fund
67,000
4.000%, 
1/15/2029
53,670
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
316
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
BNP
Paribas
SA
$
58,000
2.819%, 
11/19/2025
b,f
$
54,058
66,000
3.132%, 
1/20/2033
b,f
50,067
Boston
Properties,
LP
42,000
2.550%, 
4/1/2032
30,968
BPCE
SA
40,000
2.375%, 
1/14/2025
f
36,929
Brixmor
Operating
Partnership,
LP
83,000
2.250%, 
4/1/2028
66,998
Brookfield
Property
REIT,
Inc.
83,000
5.750%, 
5/15/2026
f
75,033
Canadian
Imperial
Bank
of
Commerce
59,000
3.945%, 
8/4/2025
56,988
46,000
3.600%, 
4/7/2032
38,876
Capital
One
Bank
USA
NA
60,000
2.280%, 
1/28/2026
b
55,812
Capital
One
Financial
Corporation
24,000
3.950%, 
9/1/2026
b,j
18,840
69,000
3.273%, 
3/1/2030
b
57,693
Centene
Corporation
285,000
4.250%, 
12/15/2027
260,689
105,000
4.625%, 
12/15/2029
94,353
284,000
3.000%, 
10/15/2030
224,911
Charles
Schwab
Corporation
96,000
5.375%, 
6/1/2025
b,j
93,360
96,000
4.000%, 
6/1/2026
b,j
78,740
25,000
5.000%, 
6/1/2027
b,j
22,469
63,000
2.000%, 
3/20/2028
54,226
105,000
4.000%, 
12/1/2030
b,j
77,131
45,000
2.900%, 
3/3/2032
37,066
Citigroup,
Inc.
88,000
5.950%, 
1/30/2023
b,j
86,955
84,000
5.000%, 
9/12/2024
b,j
74,750
105,000
3.352%, 
4/24/2025
b
101,258
42,000
5.950%, 
5/15/2025
b,j
38,012
100,000
5.500%, 
9/13/2025
99,844
44,000
4.000%, 
12/10/2025
b,j
37,070
140,000
3.875%, 
2/18/2026
b,j
115,448
45,000
4.150%, 
11/15/2026
b,j
35,775
148,000
1.122%, 
1/28/2027
b
126,615
83,000
1.462%, 
6/9/2027
b
70,666
98,000
3.070%, 
2/24/2028
b
87,343
168,000
4.075%, 
4/23/2029
b
152,062
62,000
4.910%, 
5/24/2033
b
57,040
Citizens
Financial
Group,
Inc.
48,000
4.000%, 
10/6/2026
b,j
38,446
CNA
Financial
Corporation
36,000
3.950%, 
5/15/2024
35,305
Coinbase
Global,
Inc.
40,000
3.625%, 
10/1/2031
f
22,178
Coinbase
Global,
Inc.,
Convertible
156,000
0.500%, 
6/1/2026
102,258
Comerica,
Inc.
22,000
5.625%, 
7/1/2025
b,j
21,576
Commerzbank
AG
89,000
8.125%, 
9/19/2023
f
87,708
Commonwealth
Bank
of
Australia
51,000
2.688%, 
3/11/2031
f
38,287
Cooperatieve
Rabobank
UA
41,000
1.339%, 
6/24/2026
b,f
36,336
Corebridge
Financial,
Inc.
38,000
6.875%, 
12/15/2052
b,f
34,749
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
$
68,000
3.850%, 
4/5/2029
f
$
59,931
Corporate
Office
Properties,
LP
82,000
2.250%, 
3/15/2026
71,870
Credit
Acceptance
Corporation
184,000
5.125%, 
12/31/2024
*
171,236
Credit
Agricole
SA
44,000
8.125%, 
12/23/2025
b,f,j
42,352
42,000
3.250%, 
1/14/2030
f
33,208
Credit
Suisse
Group
AG
59,000
6.500%, 
8/8/2023
f
58,233
54,000
7.500%, 
12/11/2023
b,f,j
49,612
39,000
2.593%, 
9/11/2025
b,f
35,481
24,000
7.250%, 
9/12/2025
b,f,j
18,358
43,000
3.869%, 
1/12/2029
b,f
35,071
Dai-ichi
Life
Insurance
Company,
Ltd.
110,000
5.100%, 
10/28/2024
b,f,j
106,529
Deutsche
Bank
AG
143,000
2.129%, 
11/24/2026
b
121,419
90,000
2.311%, 
11/16/2027
b
73,005
40,000
4.296%, 
5/24/2028
b
35,673
68,000
3.742%, 
1/7/2033
b
44,079
Discover
Bank
84,000
4.682%, 
8/9/2028
b
80,548
Drawbridge
Special
Opportunities
Fund,
LP
170,000
3.875%, 
2/15/2026
f
154,307
Duke
Realty,
LP
27,000
3.375%, 
12/15/2027
24,336
Elevance
Health,
Inc.
63,000
2.550%, 
3/15/2031
50,794
EPR
Properties
62,000
3.600%, 
11/15/2031
44,296
Fifth
Third
Bancorp
40,000
4.500%, 
9/30/2025
b,j
36,797
40,000
4.772%, 
7/28/2030
b
37,357
Fifth
Third
Bank
NA
42,000
3.850%, 
3/15/2026
39,671
First
Horizon
Bank
62,000
5.750%, 
5/1/2030
60,147
First-Citizens
Bank
&
Trust
Company
95,000
6.125%, 
3/9/2028
94,298
FNB
Corporation
81,000
2.200%, 
2/24/2023
79,870
Fortress
Transportation
and
Infrastructure
Investors,
LLC
57,000
6.500%, 
10/1/2025
f
53,547
51,000
9.750%, 
8/1/2027
f
49,868
FS
KKR
Capital
Corporation
41,000
3.400%, 
1/15/2026
36,176
42,000
2.625%, 
1/15/2027
33,913
Genworth
Mortgage
Holdings,
Inc.
78,000
6.500%, 
8/15/2025
f
74,544
Global
Net
Lease,
Inc.
180,000
3.750%, 
12/15/2027
f
140,403
Goldman
Sachs
Group,
Inc.
82,000
0.627%, 
11/17/2023
b
81,504
111,000
5.500%, 
8/10/2024
b,j
106,560
72,000
4.400%, 
2/10/2025
b,j
60,013
44,000
3.500%, 
4/1/2025
42,029
61,000
4.250%, 
10/21/2025
58,878
62,000
0.855%, 
2/12/2026
b
55,316
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
317
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
$
75,000
3.650%, 
8/10/2026
b,j
$
57,562
45,000
4.125%, 
11/10/2026
b,j
35,775
135,000
1.948%, 
10/21/2027
b
115,447
45,000
2.640%, 
2/24/2028
b
39,044
50,000
3.615%, 
3/15/2028
b
45,503
86,000
4.482%, 
8/23/2028
b
80,711
84,000
3.814%, 
4/23/2029
b
74,474
42,000
3.800%, 
3/15/2030
36,417
42,000
2.615%, 
4/22/2032
b
32,555
42,000
2.383%, 
7/21/2032
b
31,667
Hartford
Financial
Services
Group,
Inc.
42,000
2.800%, 
8/19/2029
35,432
64,000
5.030%, 
(LIBOR
3M
+
2.125%),
2/12/2047
b,f
52,691
HAT
Holdings,
LLC,
Convertible
24,000
Zero
Coupon, 
5/1/2025
f
21,451
HSBC
Holdings
plc
49,000
3.803%, 
3/11/2025
b
47,363
24,000
6.375%, 
3/30/2025
b,j
21,623
49,000
2.633%, 
11/7/2025
b
45,494
37,000
1.645%, 
4/18/2026
b
32,903
49,000
1.589%, 
5/24/2027
b
40,951
106,000
2.251%, 
11/22/2027
b
89,060
42,000
6.500%, 
3/23/2028
b,j
35,150
57,000
5.210%, 
8/11/2028
b
53,288
118,000
4.583%, 
6/19/2029
b
105,183
111,000
4.600%, 
12/17/2030
b,j
76,977
50,000
2.804%, 
5/24/2032
b
36,738
72,000
6.500%, 
9/15/2037
67,742
HUB
International,
Ltd.
56,000
7.000%, 
5/1/2026
f
53,111
92,000
5.625%, 
12/1/2029
f
76,820
Humana,
Inc.
42,000
2.150%, 
2/3/2032
31,915
Huntington
Bancshares,
Inc.
66,000
4.450%, 
10/15/2027
b,j
58,740
Icahn
Enterprises,
LP
168,000
4.750%, 
9/15/2024
157,174
115,000
6.375%, 
12/15/2025
108,971
202,000
5.250%, 
5/15/2027
176,853
ING
Groep
NV
84,000
1.726%, 
4/1/2027
b
72,013
Intercontinental
Exchange,
Inc.
67,000
4.350%, 
6/15/2029
63,412
Intesa
Sanpaolo
SPA
40,000
5.017%, 
6/26/2024
f
37,297
Invitation
Homes
Operating
Partnership,
LP
72,000
2.000%, 
8/15/2031
51,651
iStar,
Inc.
140,000
4.250%, 
8/1/2025
135,807
J.P.
Morgan
Chase
&
Company
48,000
5.150%, 
5/1/2023
b,j
46,318
44,000
6.000%, 
8/1/2023
b,j
42,900
44,000
6.750%, 
2/1/2024
b,j
43,601
49,000
1.514%, 
6/1/2024
b
47,837
234,000
5.000%, 
8/1/2024
b,j
211,009
176,000
4.023%, 
12/5/2024
b
173,178
66,000
4.600%, 
2/1/2025
b,j
57,493
44,000
2.083%, 
4/22/2026
b
40,088
50,000
3.650%, 
6/1/2026
b,j
40,491
129,000
1.045%, 
11/19/2026
b
111,577
84,000
1.578%, 
4/22/2027
b
72,518
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
$
105,000
2.947%, 
2/24/2028
b
$
92,843
126,000
4.005%, 
4/23/2029
b
113,603
41,000
2.069%, 
6/1/2029
b
33,239
168,000
4.493%, 
3/24/2031
b
152,820
45,000
2.963%, 
1/25/2033
b
35,374
39,000
4.912%, 
7/25/2033
b
35,964
42,000
5.717%, 
9/14/2033
b
39,717
Jefferies
Finance,
LLC
86,000
5.000%, 
8/15/2028
f
63,425
KeyBank
NA
63,000
3.900%, 
4/13/2029
55,278
Kilroy
Realty,
LP
83,000
4.375%, 
10/1/2025
79,831
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
14,000
6.125%, 
5/15/2023
13,825
Life
Storage,
LP
41,000
2.400%, 
10/15/2031
30,775
Lincoln
National
Corporation
40,000
5.299%, 
(LIBOR
3M
+
2.358%),
11/17/2022
b
31,140
42,000
3.800%, 
3/1/2028
38,793
Lloyds
Banking
Group
plc
75,000
3.900%, 
3/12/2024
73,393
46,000
7.500%, 
6/27/2024
b,j
42,699
76,000
4.716%, 
8/11/2026
b
73,014
84,000
1.627%, 
5/11/2027
b
71,354
69,000
3.369%, 
12/14/2046
b
42,606
LPL
Holdings,
Inc.
90,000
4.000%, 
3/15/2029
f
77,191
M&T
Bank
Corporation
55,000
3.500%, 
9/1/2026
b,j
41,007
Macquarie
Group,
Ltd.
83,000
1.629%, 
9/23/2027
b,f
69,467
Marsh
&
McLennan
Companies,
Inc.
45,000
2.375%, 
12/15/2031
35,360
MetLife,
Inc.
54,000
3.850%, 
9/15/2025
b,j
48,308
99,000
5.875%, 
3/15/2028
b,j
90,346
Mid-America
Apartments,
LP
84,000
4.200%, 
6/15/2028
78,289
Mitsubishi
UFJ
Financial
Group,
Inc.
49,000
1.412%, 
7/17/2025
43,926
81,000
1.538%, 
7/20/2027
b
69,004
63,000
3.741%, 
3/7/2029
56,334
Mizuho
Financial
Group,
Inc.
61,000
1.554%, 
7/9/2027
b
51,877
84,000
2.564%, 
9/13/2031
61,687
Molina
Healthcare,
Inc.
160,000
4.375%, 
6/15/2028
f
144,400
Morgan
Stanley
41,000
0.560%, 
11/10/2023
b
40,775
36,000
2.720%, 
7/22/2025
b
34,150
82,000
1.164%, 
10/21/2025
b
74,733
29,000
5.000%, 
11/24/2025
28,627
115,000
2.630%, 
2/18/2026
b
107,143
89,000
2.188%, 
4/28/2026
b
81,638
61,000
0.985%, 
12/10/2026
b
52,600
84,000
1.593%, 
5/4/2027
b
72,583
82,000
1.512%, 
7/20/2027
b
69,838
126,000
3.622%, 
4/1/2031
b
108,893
45,000
2.943%, 
1/21/2033
b
35,575
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
318
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
$
40,000
4.889%, 
7/20/2033
b
$
37,062
MPT
Operating
Partnership,
LP
70,000
5.250%, 
8/1/2026
64,097
80,000
4.625%, 
8/1/2029
64,366
National
Retail
Properties,
Inc.
42,000
2.500%, 
4/15/2030
33,702
Nationstar
Mortgage
Holdings,
Inc.
104,000
6.000%, 
1/15/2027
f
88,790
NatWest
Group
plc
58,000
4.269%, 
3/22/2025
b
56,391
42,000
4.892%, 
5/18/2029
b
38,233
63,000
3.754%, 
11/1/2029
b
58,170
50,000
4.600%, 
6/28/2031
b,j
31,250
Navient
Corporation
97,000
5.500%, 
1/25/2023
96,461
40,000
5.000%, 
3/15/2027
32,716
Necessity
Retail
REIT,
Inc.
178,000
4.500%, 
9/30/2028
f
132,656
Nippon
Life
Insurance
Company
125,000
2.900%, 
9/16/2051
b,f
96,630
123,000
5.100%, 
10/16/2044
b,f
119,539
73,000
3.400%, 
1/23/2050
b,f
61,302
Nomura
Holdings,
Inc.
62,000
2.172%, 
7/14/2028
49,551
Nordea
Bank
Abp
60,000
5.375%, 
9/22/2027
f
58,478
Northern
Trust
Corporation
63,000
4.000%, 
5/10/2027
60,749
Omega
Healthcare
Investors,
Inc.
43,000
4.750%, 
1/15/2028
39,421
42,000
3.375%, 
2/1/2031
32,021
OneMain
Finance
Corporation
130,000
6.875%, 
3/15/2025
122,180
198,000
7.125%, 
3/15/2026
178,478
79,000
6.625%, 
1/15/2028
67,782
Owl
Rock
Capital
Corporation
41,000
4.250%, 
1/15/2026
37,496
Owl
Rock
Core
Income
Corporation
68,000
4.700%, 
2/8/2027
59,560
Owl
Rock
Technology
Finance
Corporation
20,000
4.750%, 
12/15/2025
f
18,003
63,000
3.750%, 
6/17/2026
f
54,509
Park
Intermediate
Holdings,
LLC
45,000
4.875%, 
5/15/2029
f
36,450
Pebblebrook
Hotel
Trust,
Convertible
85,000
1.750%, 
12/15/2026
72,505
PennyMac
Financial
Services,
Inc.
75,000
4.250%, 
2/15/2029
f
53,423
Pine
Street
Trust
I
42,000
4.572%, 
2/15/2029
f
38,677
PNC
Bank
NA
42,000
2.700%, 
10/22/2029
34,523
PNC
Financial
Services
Group,
Inc.
50,000
3.400%, 
9/15/2026
b,j
37,314
40,000
6.000%, 
5/15/2027
b,j
37,100
50,000
6.200%, 
9/15/2027
b,j
47,250
PRA
Group,
Inc.
77,000
7.375%, 
9/1/2025
f
74,493
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
Principal
Life
Global
Funding
II
$
62,000
1.250%, 
8/16/2026
f
$
53,174
Provident
Financing
Trust
I
22,000
7.405%, 
3/15/2038
23,010
Prudential
Financial,
Inc.
45,000
5.125%, 
3/1/2052
b
39,012
95,000
5.625%, 
6/15/2043
b
93,600
129,000
5.200%, 
3/15/2044
b
123,968
22,000
3.700%, 
10/1/2050
b
17,376
QBE
Insurance
Group,
Ltd.
44,000
5.875%, 
5/12/2025
b,f,j
40,786
Radian
Group,
Inc.
97,000
4.875%, 
3/15/2027
85,990
Realty
Income
Corporation
41,000
4.875%, 
6/1/2026
40,301
63,000
3.950%, 
8/15/2027
59,163
Regions
Financial
Corporation
44,000
5.750%, 
6/15/2025
b,j
43,340
Reinsurance
Group
of
America,
Inc.
57,000
4.700%, 
9/15/2023
56,804
RLJ
Lodging
Trust,
LP
49,000
3.750%, 
7/1/2026
f
41,849
Rocket
Mortgage
Co-Issuer,
Inc.
95,000
3.625%, 
3/1/2029
f
73,117
Royal
Bank
of
Canada
82,000
0.750%, 
10/7/2024
75,279
81,000
4.240%, 
8/3/2027
77,269
Santander
Holdings
USA,
Inc.
84,000
3.450%, 
6/2/2025
78,630
47,000
2.490%, 
1/6/2028
b
39,194
Santander
UK
Group
Holdings
plc
81,000
1.673%, 
6/14/2027
b
67,341
63,000
3.823%, 
11/3/2028
b
54,118
Service
Properties
Trust
47,000
4.650%, 
3/15/2024
43,475
139,000
7.500%, 
9/15/2025
129,965
80,000
5.500%, 
12/15/2027
64,982
Simon
Property
Group,
LP
82,000
2.650%, 
7/15/2030
66,130
SLM
Corporation
50,000
4.200%, 
10/29/2025
44,759
Societe
Generale
SA
48,000
2.625%, 
10/16/2024
f
44,991
44,000
8.000%, 
9/29/2025
b,f,j
41,951
49,000
1.488%, 
12/14/2026
b,f
41,470
Spirit
Realty,
LP
93,000
2.100%, 
3/15/2028
73,899
Standard
Chartered
plc
62,000
1.319%, 
10/14/2023
b,f
61,938
49,000
0.991%, 
1/12/2025
b,f
45,885
60,000
6.000%, 
7/26/2025
b,f,j
53,231
66,000
2.608%, 
1/12/2028
b,f
55,869
Starwood
Property
Trust,
Inc.,
Convertible
22,000
4.375%, 
4/1/2023
21,326
State
Street
Corporation
41,000
2.354%, 
11/1/2025
b
38,753
42,000
4.421%, 
5/13/2033
b
38,751
Sumitomo
Life
Insurance
Company
125,000
3.375%, 
4/15/2081
b,f
101,250
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
319
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
Sumitomo
Mitsui
Financial
Group,
Inc.
$
48,000
2.448%, 
9/27/2024
$
45,363
66,000
2.174%, 
1/14/2027
57,492
63,000
3.544%, 
1/17/2028
56,928
63,000
2.142%, 
9/23/2030
47,147
Sumitomo
Mitsui
Trust
Bank,
Ltd.
41,000
1.050%, 
9/12/2025
f
36,225
Summit
Hotel
Properties,
Inc.,
Convertible
34,000
1.500%, 
2/15/2026
28,186
SVB
Financial
Group
100,000
4.000%, 
5/15/2026
b,j
75,922
54,000
4.250%, 
11/15/2026
b,j
39,751
Synchrony
Financial
42,000
4.250%, 
8/15/2024
40,952
84,000
3.700%, 
8/4/2026
76,772
Toronto-Dominion
Bank
42,000
4.456%, 
6/8/2032
38,350
Truist
Bank
42,000
2.250%, 
3/11/2030
32,921
Truist
Financial
Corporation
109,000
4.950%, 
9/1/2025
b,j
104,726
42,000
1.887%, 
6/7/2029
b
34,360
45,000
5.100%, 
3/1/2030
b,j
39,899
U.S.
Bancorp
60,000
3.700%, 
1/15/2027
b,j
45,291
59,000
4.548%, 
7/22/2028
b
56,856
UBS
Group
AG
49,000
1.364%, 
1/30/2027
b,f
41,856
UDR,
Inc.
94,000
3.000%, 
8/15/2031
74,842
United
Wholesale
Mortgage,
LLC
78,000
5.500%, 
4/15/2029
f
59,280
UnitedHealth
Group,
Inc.
85,000
4.200%, 
5/15/2032
78,943
USB
Realty
Corporation
109,000
3.659%, 
(LIBOR
3M
+
1.147%),
1/15/2027
b,f,j
82,295
USIS
Merger
Sub,
Inc.
40,000
6.875%, 
5/1/2025
f
38,451
Ventas
Realty,
LP
34,000
3.750%, 
5/1/2024
33,212
Wells
Fargo
&
Company
80,000
2.406%, 
10/30/2025
b
74,683
65,000
3.900%, 
3/15/2026
b,j
54,966
106,000
2.188%, 
4/30/2026
b
96,807
50,000
3.012%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
46,778
46,000
3.526%, 
3/24/2028
b
41,663
99,000
3.584%, 
5/22/2028
b
89,541
59,000
4.808%, 
7/25/2028
b
56,270
99,000
4.478%, 
4/4/2031
b
90,555
Welltower,
Inc.
41,000
2.050%, 
1/15/2029
32,932
63,000
2.800%, 
6/1/2031
49,762
Westpac
Banking
Corporation
63,000
4.110%, 
7/24/2034
b
53,613
Willis
North
America,
Inc.
84,000
4.500%, 
9/15/2028
77,909
XHR,
LP
40,000
6.375%, 
8/15/2025
f
38,389
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Financials
(11.8%)
-
continued
$
56,000
4.875%, 
6/1/2029
f
$
46,173
Total
22,154,671
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
74,000
2.625%, 
5/5/2031
f
58,885
Total
58,885
Mortgage-Backed
Securities
(8.7%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
993,926
2.500%, 
5/1/2051
841,063
1,476,573
3.500%, 
6/1/2052
1,331,426
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
587,497
2.500%, 
7/1/2030
545,164
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
500,000
4.000%, 
10/1/2037
e
482,344
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
304,952
3.500%, 
5/1/2040
e
282,451
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1,327,462
3.000%, 
1/1/2052
1,160,681
532,564
2.500%, 
2/1/2051
449,932
1,124,838
2.000%, 
3/1/2051
916,064
1,306,352
3.000%, 
3/1/2052
1,140,685
809,813
2.000%, 
4/1/2051
659,175
611,058
2.500%, 
4/1/2051
516,511
792,157
3.000%, 
4/1/2051
693,818
838,792
3.000%, 
5/1/2050
737,836
792,063
2.500%, 
7/1/2051
668,678
1,322,669
2.000%, 
8/1/2051
1,076,530
546,548
3.500%, 
9/1/2052
493,687
525,000
2.500%, 
10/1/2052
e
440,374
950,000
4.000%, 
10/1/2048
e
881,459
1,200,000
4.500%, 
10/1/2048
e
1,143,094
500,000
5.000%, 
10/1/2048
e
487,034
550,000
3.000%, 
10/1/2049
e
478,607
600,000
3.500%, 
10/1/2049
e
539,953
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
423,756
3.500%, 
7/1/2061
383,181
Total
16,349,747
Technology
(2.9%)
Advanced
Micro
Devices,
Inc.
42,000
3.924%, 
6/1/2032
38,064
Akamai
Technologies,
Inc.,
Convertible
39,000
0.125%, 
5/1/2025
39,624
49,000
0.375%, 
9/1/2027
45,594
Analog
Devices,
Inc.
20,000
2.100%, 
10/1/2031
15,846
Apple,
Inc.
125,000
2.200%, 
9/11/2029
106,484
90,000
1.650%, 
2/8/2031
70,975
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
320
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Technology
(2.9%)
-
continued
$
64,000
3.350%, 
8/8/2032
$
57,000
Baidu,
Inc.
52,000
3.075%, 
4/7/2025
49,325
Black
Knight
InfoServ,
LLC
152,000
3.625%, 
9/1/2028
f
128,981
Block,
Inc.,
Convertible
44,000
0.500%, 
5/15/2023
45,056
8,000
0.250%, 
11/1/2027
5,720
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
63,000
3.875%, 
1/15/2027
57,952
Broadcom,
Inc.
46,000
4.000%, 
4/15/2029
f
40,546
CommScope
Technologies
Finance,
LLC
123,000
6.000%, 
6/15/2025
f
109,279
CommScope,
Inc.
80,000
7.125%, 
7/1/2028
f
61,753
Dell
International,
LLC
24,000
5.450%, 
6/15/2023
24,062
63,000
5.850%, 
7/15/2025
63,484
32,000
5.300%, 
10/1/2029
29,816
Fiserv,
Inc.
68,000
2.750%, 
7/1/2024
65,221
99,000
4.200%, 
10/1/2028
91,568
Gartner,
Inc.
190,000
3.625%, 
6/15/2029
f
158,175
115,000
3.750%, 
10/1/2030
f
94,144
Global
Payments,
Inc.
17,000
2.650%, 
2/15/2025
15,888
65,000
4.950%, 
8/15/2027
61,928
42,000
3.200%, 
8/15/2029
34,995
InterDigital,
Inc.,
Convertible
44,000
3.500%, 
6/1/2027
f
38,236
Iron
Mountain,
Inc.
165,000
4.875%, 
9/15/2027
f
147,780
120,000
5.000%, 
7/15/2028
f
103,200
119,000
4.875%, 
9/15/2029
f
97,757
170,000
4.500%, 
2/15/2031
f
131,441
Jabil,
Inc.
44,000
4.250%, 
5/15/2027
41,014
Lam
Research
Corporation
46,000
1.900%, 
6/15/2030
36,450
Lumentum
Holdings,
Inc.,
Convertible
64,000
0.250%, 
3/15/2024
78,656
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
82,000
0.250%, 
3/15/2026
76,977
Marvell
Technology,
Inc.
42,000
2.950%, 
4/15/2031
32,582
Mastercard,
Inc.
46,000
2.000%, 
11/18/2031
36,398
Microchip
Technology,
Inc.,
Convertible
20,000
0.125%, 
11/15/2024
20,251
Minerva
Merger
Sub,
Inc.
145,000
6.500%, 
2/15/2030
f
114,633
Moody's
Corporation
43,000
4.250%, 
8/8/2032
38,969
MSCI,
Inc.
120,000
4.000%, 
11/15/2029
f
103,644
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Technology
(2.9%)
-
continued
NCR
Corporation
$
292,000
6.125%, 
9/1/2029
f
$
251,417
Nielsen
Finance,
LLC
140,000
4.500%, 
7/15/2029
f
139,381
NVIDIA
Corporation
21,000
2.850%, 
4/1/2030
17,998
NXP
BV/NXP
Funding,
LLC
44,000
4.875%, 
3/1/2024
43,479
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
21,000
2.700%, 
5/1/2025
19,472
42,000
4.300%, 
6/18/2029
37,609
ON
Semiconductor
Corporation,
Convertible
9,000
Zero
Coupon, 
5/1/2027
11,867
Open
Text
Corporation
175,000
4.125%, 
2/15/2030
f
139,757
Oracle
Corporation
105,000
2.500%, 
4/1/2025
97,845
105,000
2.950%, 
4/1/2030
84,637
PayPal
Holdings,
Inc.
43,000
3.900%, 
6/1/2027
41,199
42,000
2.850%, 
10/1/2029
35,927
Progress
Software
Corporation,
Convertible
14,000
1.000%, 
4/15/2026
13,132
PTC,
Inc.
65,000
3.625%, 
2/15/2025
f
60,549
85,000
4.000%, 
2/15/2028
f
74,340
Qorvo,
Inc.
125,000
3.375%, 
4/1/2031
f
93,644
Rackspace
Technology
Global,
Inc.
125,000
5.375%, 
12/1/2028
f
58,743
S&P
Global,
Inc.
46,000
2.900%, 
3/1/2032
f
38,377
Sabre
GLBL,
Inc.,
Convertible
42,000
4.000%, 
4/15/2025
39,849
Salesforce.com,
Inc.
41,000
1.950%, 
7/15/2031
32,276
Seagate
HDD
Cayman
220,000
3.125%, 
7/15/2029
161,201
187,000
3.375%, 
7/15/2031
130,563
Sensata
Technologies,
Inc.
113,000
3.750%, 
2/15/2031
f
89,011
Shift4
Payments,
LLC
40,000
4.625%, 
11/1/2026
f
36,475
SS&C
Technologies,
Inc.
317,000
5.500%, 
9/30/2027
f
289,166
Switch,
Ltd.
210,000
3.750%, 
9/15/2028
f
208,688
Verint
Systems,
Inc.,
Convertible
46,000
0.250%, 
4/15/2026
38,157
VeriSign,
Inc.
85,000
4.750%, 
7/15/2027
81,769
Viavi
Solutions,
Inc.
106,000
3.750%, 
10/1/2029
f
84,808
Viavi
Solutions,
Inc.,
Convertible
41,000
1.000%, 
3/1/2024
45,859
Vishay
Intertechnology,
Inc.,
Convertible
43,000
2.250%, 
6/15/2025
39,964
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
321
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Technology
(2.9%)
-
continued
VMware,
Inc.
$
82,000
1.400%, 
8/15/2026
$
70,128
61,000
2.200%, 
8/15/2031
44,400
Xilinx,
Inc.
24,000
2.375%, 
6/1/2030
19,794
Ziff
Davis,
Inc.,
Convertible
85,000
1.750%, 
11/1/2026
f
78,497
Total
5,359,446
Transportation
(1.2%)
Air
Canada
Pass
Through
Trust
7,056
3.875%, 
3/15/2023
f
6,970
Air
Transport
Services
Group,
Inc.,
Convertible
28,000
1.125%, 
10/15/2024
27,930
Allegiant
Travel
Company
89,000
7.250%, 
8/15/2027
f
83,882
American
Airlines,
Inc.
268,000
11.750%, 
7/15/2025
f
279,883
309,000
5.500%, 
4/20/2026
f
290,204
Avis
Budget
Car
Rental,
LLC
95,000
5.375%, 
3/1/2029
f,i
78,009
Canadian
Pacific
Railway
Company
89,000
1.750%, 
12/2/2026
77,931
45,000
2.450%, 
12/2/2031
35,996
CSX
Corporation
42,000
4.250%, 
3/15/2029
39,584
Delta
Air
Lines,
Inc.
62,000
7.000%, 
5/1/2025
f
62,400
95,073
4.500%, 
10/20/2025
f
92,283
26,000
7.375%, 
1/15/2026
26,283
91,000
4.375%, 
4/19/2028
76,694
Hawaiian
Brand
Intellectual
Property,
Ltd.
29,000
5.750%, 
1/20/2026
f
25,578
Hertz
Corporation
92,000
4.625%, 
12/1/2026
f
74,737
110,000
5.000%, 
12/1/2029
f
81,812
JetBlue
Airways
Corporation,
Convertible
70,000
0.500%, 
4/1/2026
49,700
Mileage
Plus
Holdings,
LLC
119,700
6.500%, 
6/20/2027
f
117,160
Penske
Truck
Leasing
Company,
LP
41,000
1.200%, 
11/15/2025
f
35,622
42,000
1.700%, 
6/15/2026
f
36,120
Ryder
System,
Inc.
51,000
2.850%, 
3/1/2027
45,717
Southwest
Airlines
Company
42,000
5.125%, 
6/15/2027
41,119
50,000
2.625%, 
2/10/2030
40,109
Southwest
Airlines
Company,
Convertible
92,000
1.250%, 
5/1/2025
105,018
Union
Pacific
Corporation
42,000
2.150%, 
2/5/2027
37,483
United
Airlines
Pass
Through
Trust
35,000
3.700%, 
12/1/2022
34,866
United
Airlines,
Inc.
112,000
4.375%, 
4/15/2026
f
99,960
96,000
4.625%, 
4/15/2029
f
79,434
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Transportation
(1.2%)
-
continued
VistaJet
Malta
Finance
plc
$
127,000
6.375%, 
2/1/2030
f
$
103,823
XPO
Logistics,
Inc.
36,000
6.250%, 
5/1/2025
f
36,101
Total
2,222,408
Utilities
(2.0%)
AEP
Texas,
Inc.
43,000
4.700%, 
5/15/2032
39,591
AES
Corporation
81,000
3.950%, 
7/15/2030
f
69,360
Algonquin
Power
&
Utilities
Corporation
65,000
4.750%, 
1/18/2082
b
53,090
Ameren
Corporation
52,000
1.750%, 
3/15/2028
42,922
American
Electric
Power
Company,
Inc.
50,000
3.875%, 
2/15/2062
b
39,188
67,000
2.031%, 
3/15/2024
64,123
42,000
2.300%, 
3/1/2030
33,451
Berkshire
Hathaway
Energy
Company
59,000
4.050%, 
4/15/2025
57,997
Calpine
Corporation
116,000
4.500%, 
2/15/2028
f
102,195
CenterPoint
Energy,
Inc.
34,000
2.500%, 
9/1/2024
32,351
62,000
1.450%, 
6/1/2026
54,266
63,000
2.650%, 
6/1/2031
50,321
Dominion
Energy,
Inc.
34,000
3.071%, 
8/15/2024
32,605
89,000
4.650%, 
12/15/2024
b,j
78,387
70,000
4.350%, 
1/15/2027
b,j
59,385
52,000
3.375%, 
4/1/2030
44,719
DTE
Energy
Company
64,000
4.220%, 
11/1/2024
62,748
Duke
Energy
Corporation
50,000
3.250%, 
1/15/2082
b
36,653
24,000
4.875%, 
9/16/2024
b,j
21,510
98,000
3.150%, 
8/15/2027
88,671
52,000
2.450%, 
6/1/2030
41,550
43,000
4.500%, 
8/15/2032
38,886
Edison
International
58,000
4.950%, 
4/15/2025
56,824
145,000
5.000%, 
12/15/2026
b,j
114,550
Enel
Finance
International
NV
81,000
1.375%, 
7/12/2026
f
68,431
Entergy
Corporation
41,000
0.900%, 
9/15/2025
36,072
42,000
1.900%, 
6/15/2028
34,461
Evergy,
Inc.
35,000
2.450%, 
9/15/2024
33,106
Eversource
Energy
73,000
4.600%, 
7/1/2027
70,455
Exelon
Corporation
42,000
4.050%, 
4/15/2030
38,067
Fells
Point
Funding
Trust
100,000
3.046%, 
1/31/2027
f
89,086
ITC
Holdings
Corporation
42,000
4.950%, 
9/22/2027
f
40,974
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
322
Principal
Amount
Long-Term
Fixed
Income
(70.2%)
Value
Utilities
(2.0%)
-
continued
Jersey
Central
Power
&
Light
Company
$
21,000
2.750%, 
3/1/2032
f
$
16,662
National
Rural
Utilities
Cooperative
Finance
Corporation
66,000
3.450%, 
6/15/2025
63,673
NextEra
Energy
Capital
Holdings,
Inc.
65,000
3.800%, 
3/15/2082
b
51,018
65,000
4.255%, 
9/1/2024
64,066
42,000
2.250%, 
6/1/2030
33,507
NextEra
Energy
Operating
Partners,
LP
195,000
3.875%, 
10/15/2026
f
177,450
NextEra
Energy
Partners,
LP,
Convertible
96,000
Zero
Coupon, 
11/15/2025
f
95,804
NiSource,
Inc.
48,000
5.650%, 
6/15/2023
b,j
44,280
42,000
2.950%, 
9/1/2029
35,449
NRG
Energy,
Inc.
53,000
2.000%, 
12/2/2025
f
46,809
270,000
3.375%, 
2/15/2029
f
218,603
60,000
5.250%, 
6/15/2029
f
52,500
NRG
Energy,
Inc.,
Convertible
37,000
2.750%, 
6/1/2048
39,387
PG&E
Corporation
130,000
5.000%, 
7/1/2028
111,794
Public
Service
Enterprise
Group,
Inc.
42,000
1.600%, 
8/15/2030
31,498
Sempra
Energy
65,000
4.125%, 
4/1/2052
b
51,025
44,000
4.875%, 
10/15/2025
b,j
40,920
63,000
3.400%, 
2/1/2028
56,965
Southern
Company
42,000
4.475%, 
8/1/2024
41,472
125,000
4.000%, 
1/15/2051
b
112,025
92,000
3.750%, 
9/15/2051
b
74,602
TerraForm
Power
Operating,
LLC
235,000
5.000%, 
1/31/2028
f
207,042
Vistra
Operations
Company,
LLC
86,000
5.125%, 
5/13/2025
f
83,261
160,000
5.000%, 
7/31/2027
f
144,520
Xcel
Energy,
Inc.
51,000
4.000%, 
6/15/2028
47,771
65,000
4.600%, 
6/1/2032
60,242
Total
3,728,340
Total
Long-Term
Fixed
Income
(cost
$148,923,096)
131,498,515
Shares
Registered
Investment
Companies
(
12
.3
%
)
Value
Unaffiliated  (0.9%)
27,984
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
70,520
10,675
AllianceBernstein
Global
High
Income
Fund,
Inc.
94,794
15,014
Allspring
Income
Opportunities
Fund
93,087
7,371
BlackRock
Core
Bond
Trust
73,710
8,529
BlackRock
Corporate
High
Yield
Fund,
Inc.
72,923
Shares
Registered
Investment
Companies
(12.3%)
Value
Unaffiliated  (0.9%)-
continued
9,015
BlackRock
Credit
Allocation
Income
Trust
$
86,003
900
BlackRock
Debt
Strategies
Fund,
Inc.
8,028
450
BlackRock
Enhanced
Equity
Dividend
Trust
3,649
8,249
BlackRock
Enhanced
Global
Dividend
Trust
72,674
2,550
BlackRock
Enhanced
International
Dividend
Trust
11,398
450
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
4,954
5,100
BlackRock
Income
Trust,
Inc.
21,114
4,866
BlackRock
Multi-Sector
Income
Trust
69,292
5,167
Blackstone
Strategic
Credit
Fund
i
54,925
9,014
Eaton
Vance
Limited
Duration
Income
Fund
83,019
1,102
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
7,990
7,187
First
Trust
High
Income
Long/Short
Fund
77,907
3,179
Invesco
Dynamic
Credit
Opportunities
Fund
c
33,337
20,025
Nuveen
Credit
Strategies
Income
Fund
102,328
2,550
Nuveen
Preferred
Income
Opportunities
Fund
17,722
3,000
Nuveen
Quality
Preferred
Income
Fund
II
19,710
9,550
PGIM
Global
High
Yield
Fund,
Inc.
101,039
8,521
PGIM
High
Yield
Bond
Fund,
Inc.
98,332
3,002
Pimco
Dynamic
Income
Fund
58,179
1,750
SPDR
Bloomberg
High
Yield
Bond
ETF
i
153,738
1,262
Tri-Continental
Corporation
32,257
5,300
Virtus
AllianzGI
Convertible
&
Income
Fund
16,960
850
Virtus
AllianzGI
Equity
&
Convertible
Income
Fund
17,264
5,605
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
59,861
8,264
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
41,320
19,203
Western
Asset
High
Income
Opportunity
Fund,
Inc.
70,667
Total
1,728,701
Affiliated  (11.4%)
3,004,974
Thrivent
Core
Emerging
Markets
Debt
Fund
21,275,219
Total
21,275,219
Total
Registered
Investment
Companies
(cost
$31,042,008)
23,003,920
Shares
Preferred
Stock
(
1
.4
%
)
Value
Communications
Services
(0.1%)
6,550
AT&T,
Inc.,
4.750%
j
123,009
599
Paramount
Global,
Convertible,
5.750%
18,509
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
323
Shares
Preferred
Stock
(1.4%)
Value
Communications
Services
(0.1%)
-
continued
3,500
Telephone
and
Data
Systems,
Inc.,
6.000%
j
$
65,100
Total
206,618
Consumer
Non-Cyclical
(0.1%)
1,960
Becton,
Dickinson
and
Company,
Convertible,
6.000%
92,394
602
Boston
Scientific
Corporation,
Convertible,
5.500%
60,935
850
CHS,
Inc.,
7.100%
b,j
21,131
Total
174,460
Energy
(0.1%)
6,153
Crestwood
Equity
Partners,
LP,
9.250%
j
55,192
825
Energy
Transfer,
LP,
7.600%
b,j
19,957
1,736
NuStar
Logistics,
LP,
9.246%
b
42,376
131
UGI
Corporation,
Convertible,
7.250%
10,447
Total
127,972
Financials
(0.9%)
1,750
Aegon
Funding
Corporation
II,
5.100%
36,522
3,700
Allstate
Corporation,
5.100%
j
77,663
1,000
American
International
Group,
Inc.,
5.850%
j
24,060
2,700
Bank
of
America
Corporation,
4.250%
j
46,845
2,200
Bank
of
America
Corporation,
5.000%
j
45,034
1,000
Bank
of
America
Corporation,
5.375%
j
21,720
65
Bank
of
America
Corporation,
Convertible,
7.250%
j
76,245
3,050
Capital
One
Financial
Corporation,
5.000%
j
59,871
1,445
Cobank
ACB,
6.250%
b,c,j
144,500
4,275
Equitable
Holdings,
Inc.,
5.250%
j
89,048
70
First
Horizon
Bank,
3.750%
b,f,j
56,000
1,150
First
Horizon
Corporation,
6.500%
j
28,463
4,000
First
Republic
Bank,
4.500%
j
74,120
3,700
J.P.
Morgan
Chase
&
Company,
4.200%
j
66,748
4,050
J.P.
Morgan
Chase
&
Company,
4.750%
j
85,293
1,750
J.P.
Morgan
Chase
&
Company,
5.750%
j
43,243
1,099
KKR
&
Company,
Inc.,
Convertible,
6.000%
59,808
3,080
Morgan
Stanley,
5.850%
b,j
74,628
3,700
Morgan
Stanley,
7.125%
b,j
94,498
2,000
Public
Storage,
3.950%
j
32,940
3,200
Public
Storage,
4.125%
j
58,400
668
Public
Storage,
4.625%
j
13,460
175
Public
Storage,
4.700%
j
3,574
800
Regions
Financial
Corporation,
5.700%
b,j
17,952
425
Synovus
Financial
Corporation,
5.875%
b,j
10,417
2,650
Truist
Financial
Corporation,
4.750%
j
52,576
3,500
Wells
Fargo
&
Company,
4.250%
j
60,165
Shares
Preferred
Stock
(1.4%)
Value
Financials
(0.9%)
-
continued
241
Wells
Fargo
&
Company,
Convertible,
7.500%
j
$
290,164
Total
1,743,957
Utilities
(0.2%)
1,257
AES
Corporation,
Convertible,
6.875%
111,081
770
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
38,115
5,025
CMS
Energy
Corporation,
4.200%
j
85,927
759
NextEra
Energy,
Inc.,
Convertible,
5.279%
37,783
89
NiSource,
Inc.,
Convertible,
7.750%
8,953
3,525
Southern
Company,
4.950%
72,756
Total
354,615
Total
Preferred
Stock
(cost
$3,104,552)
2,607,622
Shares
Collateral
Held
for
Securities
Loaned
(
1
.0
%
)
Value
1,944,003
Thrivent
Cash
Management
Trust
1,944,003
Total
Collateral
Held
for
Securities
Loaned
(cost
$1,944,003)
1,944,003
Shares
Common
Stock
(
0
.6
%
)
Value
Communications
Services
(0.1%)
1,013
AT&T,
Inc.
15,539
151
Charter
Communications,
Inc.
l
45,806
349
Twitter,
Inc.
l
15,300
306
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
l
4,667
Total
81,312
Consumer
Discretionary
(<0.1%)
659
Bloomin'
Brands,
Inc.
12,080
19
Booking
Holdings,
Inc.
l
31,221
288
Dick's
Sporting
Goods,
Inc.
30,136
Total
73,437
Energy
(<0.1%)
257
EQT
Corporation
10,473
143
Pioneer
Natural
Resources
Company
30,964
Total
41,437
Financials
(<0.1%)
8,529
BlackRock
Corporate
High
Yield
Fund,
Inc.,
Rights
l
17
800
BlackRock
TCP
Capital
Corporation
8,744
258
Encore
Capital
Group,
Inc.
l
11,734
309
FS
KKR
Capital
Corporation
5,237
1,005
Golub
Capital
BDC,
Inc.
12,452
Total
38,184
Health
Care
(0.2%)
139
BioMarin
Pharmaceutical,
Inc.
l
11,783
517
Danaher
Corporation
133,536
296
Elevance
Health,
Inc.
134,455
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
324
Shares
Common
Stock
(0.6%)
Value
Health
Care
(0.2%)
-
continued
1,316
Ionis
Pharmaceuticals,
Inc.
l
$
58,207
Total
337,981
Industrials
(0.1%)
776
Chart
Industries,
Inc.
l
143,055
656
FTI
Consulting,
Inc.
l
108,706
93
SunPower
Corporation
l
2,143
Total
253,904
Information
Technology
(0.1%)
1,067
Microchip
Technology,
Inc.
65,119
1,401
ON
Semiconductor
Corporation
l
87,324
132
Teradyne,
Inc.
9,920
Total
162,363
Utilities
(0.1%)
201
American
Electric
Power
Company,
Inc.
17,376
772
NextEra
Energy,
Inc.
60,532
1,351
NiSource,
Inc.
34,032
102
NRG
Energy,
Inc.
3,904
Total
115,844
Total
Common
Stock
(cost
$1,056,739)
1,104,462
Shares
or
Principal
Amount
Short-Term
Investments
(
5
.6
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
2.910%,
11/18/2022
m,n
199,197
Thrivent
Core
Short-Term
Reserve
Fund
1,011,351
3.170%
10,113,504
U.S.
Treasury
Bills
100,000
2.380%,
10/27/2022
m,o
99,828
100,000
2.801%,
11/17/2022
m,o
99,644
Total
Short-Term
Investments
(cost
$10,507,962)
10,512,173
Total
Investments
(cost
$222,456,727)
103.7%
$
194,293,254
Other
Assets
and
Liabilities,
Net
(3.7%)
(
6,934,297
)
Total
Net
Assets
100.0%
$
187,358,957
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,
2022.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
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,
2022,
the
value
of
these
investments
was
$64,075,376
or
34.2%
of
total
net
assets.
g
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
September
30,
2022.
h
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
i
All
or
a
portion
of
the
security
is
on
loan.
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
Non-income
producing
security.
m
The
interest
rate
shown
reflects
the
yield.
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
Opportunity
Income
Plus
Portfolio
as
of
September
30,
2022
was
$262,825
or
0.14%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
September
30,
2022.
Security
Acquisition
Date
Cost
College
Avenue
Student
Loans,
LLC,
11/26/2046
7/11/2017
$
92,974
Credit
Acceptance
Corporation,
12/31/2024
5/29/2020
182,628
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,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
1,333,561
Common
Stock
544,819
Total
lending
$1,878,380
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$1,944,003
Net
amounts
due
to
counterparty
$65,623
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
325
Definitions:
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
SOFRRATE
-
Secured
Overnight
Financing
Rate
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
326
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
3,179,506
2,071,374
1,108,132
Capital
Goods
3,215,101
2,045,756
1,169,345
Communications
Services
5,319,843
4,848,953
470,890
Consumer
Cyclical
2,585,388
2,585,388
Consumer
Non-Cyclical
3,142,776
3,076,370
66,406
Energy
511,788
511,788
Financials
1,510,471
1,417,971
92,500
Technology
1,862,424
1,672,904
189,520
Transportation
1,995,069
1,931,327
63,742
Utilities
300,193
300,193
Long-Term
Fixed
Income
Asset-Backed
Securities
17,882,865
17,544,937
337,928
Basic
Materials
3,503,765
3,503,765
Capital
Goods
6,399,470
6,399,470
Collateralized
Mortgage
Obligations
13,564,798
13,294,944
269,854
Commercial
Mortgage-Backed
Securities
2,161,192
2,161,192
Communications
Services
9,045,102
9,045,102
Consumer
Cyclical
11,193,795
11,193,795
Consumer
Non-Cyclical
8,729,995
8,729,995
Energy
9,144,036
9,144,036
Financials
22,154,671
22,154,671
Foreign
Government
58,885
58,885
Mortgage-Backed
Securities
16,349,747
16,349,747
Technology
5,359,446
5,359,446
Transportation
2,222,408
2,222,408
Utilities
3,728,340
3,728,340
Preferred
Stock
Communications
Services
206,618
206,618
Consumer
Non-Cyclical
174,460
174,460
Energy
127,972
127,972
Financials
1,743,957
1,543,457
56,000
144,500
Utilities
354,615
354,615
Registered
Investment
Companies
Unaffiliated
1,728,701
1,695,364
33,337
Common
Stock
Communications
Services
81,312
76,645
4,667
Consumer
Discretionary
73,437
73,437
Energy
41,437
41,437
Financials
38,184
38,184
Health
Care
337,981
337,981
Industrials
253,904
253,904
Information
Technology
162,363
162,363
Utilities
115,844
115,844
Short-Term
Investments
398,669
398,669
Subtotal
Investments
in
Securities
$
160,960,528
$
5,202,281
$
151,812,093
$
3,946,154
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
21,275,219
Affiliated
Short-Term
Investments
10,113,504
Collateral
Held
for
Securities
Loaned
1,944,003
Subtotal
Other
Investments
$
33,332,726
Total
Investments
at
Value
$
194,293,254
*
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.  
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
327
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
194,030
194,030
Total
Asset
Derivatives
$
194,030
$
194,030
$
$
Liability
Derivatives
Futures
Contracts
247,391
247,391
Credit
Default
Swaps
6,949
6,949
Total
Liability
Derivatives
$
254,340
$
247,391
$
6,949
$
The
following
table
presents
Opportunity
Income
Plus
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$199,197
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
2
December
2022
$
235,460
(
$
11,334
)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
22
December
2022
3,250,057
(
236,057
)
Total
Futures
Long
Contracts
$
3,485,517
(
$
247,391
)
CBOT
2-Yr.
U.S.
Treasury
Note
(
8
)
December
2022
(
$
1,669,917
)
$
26,792
CBOT
5-Yr.
U.S.
Treasury
Note
(
31
)
December
2022
(
3,453,028
)
120,286
Ultra
10-Yr.
U.S.
Treasury
Note
(
6
)
December
2022
(
757,859
)
46,952
Total
Futures
Short
Contracts
(
$
5,880,804
)
$
194,030
Total
Futures
Contracts
(
$
2,395,287
)
(
$
53,361
)
The
following
table
presents
Opportunity
Income
Plus
Portfolio's
swaps
contracts
held
as
of
September
30,
2022.
Investments
totaling
$199,472
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
39,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2027
$
2,460,000
$
(
$
6,949
)
(
$
6,949
)
Total
Credit
Default
Swaps
$
(
$
6,949
)
(
$
6,949
)
1
As
the
buyer
of
protection,
Opportunity
Income
Plus
Portfolio
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Opportunity
Income
Plus
Portfolio
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Opportunity
Income
Plus
Portfolio
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
Opportunity
Income
Plus
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
328
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
30,605
$
1,058
$
2,500
$
21,275
3,005
11.4%
Total
Affiliated
Registered
Investment
Companies
30,605
21,275
11.4
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
34,985
60,012
84,883
10,114
1,011
5.4
Total
Affiliated
Short-Term
Investments
34,985
10,114
5.4
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
6,114
40,547
44,717
1,944
1,944
1.0
Total
Collateral
Held
for
Securities
Loaned
6,114
1,944
1.0
Total
Value
$
71,704
$
33,333
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($611)
($7,277)
$
$
1,058
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
0
0
201
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
1,259
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
33
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
33
Total
Value
($611)
($7,277)
$
Partner
Emerging
Markets
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
329
Shares
Common
Stock
(
94.4%
)
Value
Bermuda
(0.6%)
2,916
Credicorp
Ltd.
$
358,085
Total
358,085
Brazil
(6.4%)
297,898
B3
SA
-
Brasil
Bolsa
Balcao
726,197
409,371
Banco
Bradesco
SA
ADR
1,506,485
137,872
Raia
Drogasil
SA
581,458
201,785
Rumo
SA
693,895
89,020
WEG
SA
528,903
Total
4,036,938
Cayman
Islands
(15.8%)
258,400
Alibaba
Group
Holding,
Ltd.
a
2,578,661
359,200
Budweiser
Brewing
Company
APAC,
Ltd.
b
935,378
182,000
China
Resources
Land,
Ltd.
712,873
55,009
JD.com,
Inc.
1,387,777
87,800
Tencent
Holdings,
Ltd.
2,965,561
131,500
WuXi
Biologics
(Cayman),
Inc.
a,b
782,799
139,000
Zhongsheng
Group
Holdings,
Ltd.
551,182
Total
9,914,231
Chile
(0.9%)
38,827
Banco
Santander
Chile
SA
ADR
543,966
Total
543,966
China
(13.5%)
24,299
China
International
Travel
Service
Corporation,
Ltd.
671,384
244,500
China
Merchants
Bank
Company,
Ltd.,
Class
H
1,131,512
16,400
China
Tourism
Group
Duty
Free
Corporation,
Ltd.
a,b
412,212
63,916
Foshan
Haitian
Flavouring
and
Food
Company,
Ltd.
744,484
3,595
Kweichow
Moutai
Company,
Ltd.
946,136
123,972
LONGi
Green
Energy
Technology
Company,
Ltd.
831,725
106,425
Midea
Group
Company,
Ltd.
737,776
238,388
NARI
Technology
Company,
Ltd.
831,347
18,000
Shenzhen
Mindray
Bio-Medical
Electronics
Company,
Ltd.
757,143
35,020
Sungrow
Power
Supply
Company,
Ltd.
542,482
121,300
Yonyou
Network
Technology
Company,
Ltd.
299,225
22,099
Yunnan
Energy
New
Material
Company,
Ltd.
540,654
Total
8,446,080
Hong
Kong
(2.9%)
137,000
AIA
Group,
Ltd.
1,140,649
20,030
Hong
Kong
Exchanges
&
Clearing,
Ltd.
684,674
Total
1,825,323
India
(16.3%)
39,782
Hindustan
Unilever,
Ltd.
1,311,982
86,633
Housing
Development
Finance
Corporation
2,417,020
62,787
Kotak
Mahindra
Bank,
Ltd.
1,393,525
5,847
Maruti
Suzuki
India,
Ltd.
631,164
342,231
Power
Grid
Corporation
of
India,
Ltd.
888,606
Shares
Common
Stock
(94.4%)
Value
India
(16.3%)
-
continued
107,750
SBI
Life
Insurance
Company,
Ltd.
b
$
1,646,714
30,304
Tata
Consultancy
Services,
Ltd.
1,110,608
10,261
Ultra
Tech
Cement,
Ltd.
784,895
Total
10,184,514
Indonesia
(5.3%)
2,904,100
Bank
Central
Asia
Tbk
PT
1,621,183
3,439,296
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,006,588
2,477,400
PT
Telkom
Indonesia
(Persero)
Tbk
722,028
Total
3,349,799
Luxembourg
(0.9%)
3,057
Globant
SA
a
571,904
Total
571,904
Mexico
(7.2%)
16,083
Fomento
Economico
Mexicano
SAB
de
CV
ADR
1,009,208
32,560
Grupo
Aeroportuario
del
Sureste,
SAB
de
CV
640,222
249,950
Grupo
Financiero
Banorte
SAB
de
CV
ADR
1,601,135
371,786
Grupo
Mexico,
SAB
de
CV
1,255,686
Total
4,506,251
Netherlands
(1.7%)
2,121
ASM
International
NV
474,905
1,354
ASML
Holding
NV
560,932
Total
1,035,837
Philippines
(0.6%)
260,636
Bank
of
the
Philippine
Islands
396,985
Total
396,985
Russian
Federation
(<0.1%)
22,154
LUKOIL
PJSC
c
0
78,093
NovaTek
PJSC
c,d
0
136,926
Sberbank
of
Russia
PJSC
a,c
0
Total
0
South
Africa
(3.3%)
15,560
Anglo
American
Platinum,
Ltd.
1,103,585
240,545
Sanlam,
Ltd.
680,391
38,058
Vodacom
Group
255,715
Total
2,039,691
South
Korea
(3.3%)
3,144
LG
Chem,
Ltd.
1,160,876
57,136
Samsung
Engineering
Company,
Ltd.
a
899,425
Total
2,060,301
Taiwan
(10.0%)
91,000
Delta
Electronics,
Inc.
722,824
320,000
Hon
Hai
Precision
Industry
Company,
Ltd.
1,024,678
341,499
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
4,526,703
Total
6,274,205
Thailand
(3.2%)
173,600
Kasikornbank
Public
Company,
Ltd.
669,099
Partner
Emerging
Markets
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
330
Shares
Common
Stock
(94.4%)
Value
Thailand
(3.2%)
-
continued
309,700
PTT
Exploration
&
Production
pcl
$
1,320,627
Total
1,989,726
United
Kingdom
(1.5%)
60,906
Mondi
plc
940,142
Total
940,142
United
States
(1.0%)
747
Mercadolibre,
Inc.
a
618,352
Total
618,352
Total
Common
Stock
(cost
$61,044,998)
59,092,330
Shares
Preferred
Stock
(
5.5%
)
South
Korea
(5.5%)
105,993
Samsung
Electronics
Company,
Ltd.
3,442,960
Total
3,442,960
Total
Preferred
Stock
(cost
$1,048,520)
3,442,960
Shares
Short-Term
Investments
(
0.6%
)
Thrivent
Core
Short-Term
Reserve
Fund
35,688
3.170%
356,879
Total
Short-Term
Investments
(cost
$356,879)
356,879
Total
Investments
(cost
$62,450,397)
100.5%
$62,892,169
Other
Assets
and
Liabilities,
Net
(0.5%)
(307,100)
Total
Net
Assets
100.0%
$62,585,069
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,
2022,
the
value
of
these
investments
was
$3,777,103
or
6.0%
of
total
net
assets.
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
and
its
allied
nations
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Partner
Emerging
Markets
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
331
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Partner
Emerging
Markets
Equity
Portfolio as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Located
on
the
Statement
of
Operations,
Change
in
net
unrealized
appreciation/(depreciation)
on
investments.
^
Located
on
the
Statement
of
Operations,
Net
realized
gains/(losses)
on
investments.
#
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
@
Transferred
from
Level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's Level
3
securities'
fair
value
is
calculated
by
a
vendor
using
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
liquidity spread
of
the
issuer.
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
A
significant
increase
or
decrease
in
the
inputs
in
isolation
would
have
resulted
in
a
significantly
lower
or
higher
fair
value
measurement.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
3,943,304
3,943,304
Consumer
Discretionary
7,588,508
618,352
6,970,156
Consumer
Staples
5,528,646
1,009,208
4,519,438
Energy^
1,320,627
1,320,627
0
Financials^
17,524,208
2,408,536
15,115,672
0
Health
Care
1,539,942
1,539,942
Industrials
4,136,274
4,136,274
Information
Technology
10,123,504
571,904
9,551,600
Materials
5,785,838
5,785,838
Real
Estate
712,873
712,873
Utilities
888,606
888,606
Preferred
Stock
Information
Technology
3,442,960
3,442,960
Subtotal
Investments
in
Securities
$62,535,290
$4,608,000
$57,927,290
$0
Other
Investments  *
Total
Affiliated
Short-Term
Investments
356,879
Subtotal
Other
Investments
$356,879
Total
Investments
at
Value
$62,892,169
*
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.  
Investments
in
Securities 
Beginning
Value
12/31/2021
Realized
Gain/
(Loss)^ 
Change
in
Unrealized
Appreciation/
(Depreciation)
Purchases 
Sales 
Transfers
Into
Level
3 #
Transfers
Out
of
Level
3 @
Ending
Value 
9/
30/2022
Common
Stock
 Energy
$-
$-  
($1,782,964)
$-
$- 
$1,782,964
$- 
$0
Financials
(196,178)
(549,595)
(387,093)
1,132,866
-
0
Total 
$-
($196,178)  
($2,332,559) 
$-
($387,093) 
$2,915,830
$-
$0
Partner
Emerging
Markets
Equity
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
332
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$503
$13,166
$13,312
$357
36
0.6%
Total
Affiliated
Short-Term
Investments
503
357
0.6
Total
Value
$503
$357
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$10
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$10
Total
Value
$–
$–
$
Partner
Healthcare
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
333
Shares
Common
Stock
(
95.3%
)
Value
Biotechnology
(18.9%)
56,048
AbbVie,
Inc.
$
7,522,202
10,643
Alkermes
plc
a
237,658
7,622
Alnylam
Pharmaceuticals,
Inc.
a
1,525,620
13,777
Ambrx
Biopharma,
Inc.
ADR
a
14,879
33,219
Amgen,
Inc.
7,487,563
22,375
Arcutis
Biotherapeutics,
Inc.
a
427,586
3,584
Argenx
SE
ADR
a
1,265,331
9,980
Biogen,
Inc.
a
2,664,660
14,985
BioMarin
Pharmaceutical,
Inc.
a
1,270,278
6,855
Blueprint
Medicines
Corporation
a
451,676
8,933
Cerevel
Therapeutics
Holdings
a
252,447
13,043
Decibel
Therapeutics,
Inc.
a
45,129
7,165
Design
Therapeutics,
Inc.
a
119,799
1,605
Enanta
Pharmaceuticals,
Inc.
a
83,251
8,063
Exact
Sciences
Corporation
a
261,967
1,269
Genmab
AS
a
408,242
8,464
Genmab
AS
ADR
a
271,948
77,445
Gilead
Sciences,
Inc.
4,777,582
11,087
Horizon
Therapeutics
plc
a
686,174
12,538
Imago
BioSciences,
Inc.
a
188,697
7,361
Immuneering
Corporation
a
105,410
5,022
Immunocore
Holdings
plc
ADR
a
235,733
14,002
Incyte
Corporation
a
933,093
9,080
Ionis
Pharmaceuticals,
Inc.
a
401,608
1,780
Karuna
Therapeutics,
Inc.
a
400,375
6,933
Legend
Biotech
Corporation
ADR
a
282,866
14,462
Moderna,
Inc.
a
1,710,132
14,609
Monte
Rosa
Therapeutics,
Inc.
a
119,356
6,199
MoonLake
Immunotherapeutics
a
49,344
12,097
Neurocrine
Biosciences,
Inc.
a
1,284,822
9,352
PMV
Pharmaceuticals,
Inc.
a
111,289
14,300
POINT
Biopharma
Global,
Inc.
a
110,539
4,245
Prothena
Corporation
plc
a
257,374
4,120
PTC
Therapeutics,
Inc.
a
206,824
5,202
Regeneron
Pharmaceuticals,
Inc.
a
3,583,502
9,317
Revolution
Medicines,
Inc.
a
183,731
23,307
Rhythm
Pharmaceuticals,
Inc.
a
571,022
10,535
Sage
Therapeutics,
Inc.
a
412,551
9,180
Sarepta
Therapeutics,
Inc.
a
1,014,757
10,256
Seagen,
Inc.
a
1,403,329
12,792
Tenaya
Therapeutics,
Inc.
a
37,097
15,222
TScan
Therapeutics,
Inc.
a
46,427
3,015
Ultragenyx
Pharmaceutical,
Inc.
a
124,851
21,834
Vertex
Pharmaceuticals,
Inc.
a
6,321,816
Total
49,870,537
Financials
(0.3%)
47,585
Health
Assurance
Acquisition
Corporation
a
474,898
9,147
Health
Assurance
Acquisition
Corporation,
Warrants
(Expires
11/12/2025)
a
274
7,296
Health
Sciences
Acquisitions
Corporation
2
a
72,267
22,420
MedTech
Acquisition
Corporation
a
222,631
Total
770,070
Health
Care
Distributors
(2.9%)
26,560
AmerisourceBergen
Corporation
3,594,365
4,017
Henry
Schein,
Inc.
a
264,198
11,519
McKesson
Corporation
3,914,962
Total
7,773,525
Health
Care
Equipment
(16.6%)
94,739
Abbott
Laboratories
9,166,946
Shares
Common
Stock
(95.3%)
Value
Health
Care
Equipment
(16.6%)
-
continued
7,266
ABIOMED,
Inc.
a
$
1,784,966
35,015
Baxter
International,
Inc.
1,885,908
186,663
Boston
Scientific
Corporation
a
7,229,458
25,533
DexCom,
Inc.
a
2,056,428
20,736
Edwards
Lifesciences
Corporation
a
1,713,416
2,370
Glaukos
Corporation
a
126,179
4,218
Insulet
Corporation
a
967,609
16,236
Intuitive
Surgical,
Inc.
a
3,043,276
1,115
iRhythm
Technologies,
Inc.
a
139,687
61,115
Medtronic
plc
4,935,036
21,425
Nevro
Corporation
a
998,405
5,400
Novocure,
Ltd.
a
410,292
3,382
Omnicell,
Inc.
a
294,335
5,165
Penumbra,
Inc.
a
979,284
10,231
ResMed,
Inc.
2,233,427
25,600
Stryker
Corporation
5,185,024
7,170
Zimmer
Biomet
Holdings,
Inc.
749,623
Total
43,899,299
Health
Care
Facilities
(0.7%)
22,882
Encompass
Health
Corporation
1,034,953
3,982
HCA
Healthcare,
Inc.
731,852
Total
1,766,805
Health
Care
Services
(5.6%)
38,829
Agiliti,
Inc.
a
555,643
11,222
Amedisys,
Inc.
a
1,086,177
2,241
CareMax,
Inc.,
Warrants
(Expires
07/16/2025)
a
3,675
23,667
Cigna
Holding
Company
6,566,883
17,875
CVS
Health
Corporation
1,704,739
5,968
Guardant
Health,
Inc.
a
321,257
10,781
LHC
Group,
Inc.
a
1,764,418
21,998
Quest
Diagnostics,
Inc.
2,698,935
Total
14,701,727
Health
Care
Supplies
(1.2%)
26,326
Alcon,
Inc.
1,531,646
1,835
Align
Technology,
Inc.
a
380,047
37,985
Bausch
+
Lomb
Corporation
a
582,690
2,502
Cooper
Companies,
Inc.
660,278
Total
3,154,661
Life
Sciences
Tools
&
Services
(11.3%)
5,110
10X
Genomics,
Inc.
a
145,533
30,480
Agilent
Technologies,
Inc.
3,704,844
38,704
Avantor,
Inc.
a
758,599
35,346
Danaher
Corporation
9,129,519
4,000
ICON
plc
a
735,120
12,023
IQVIA
Holding,
Inc.
a
2,177,846
15,485
IsoPlexis
Corporation
a
26,634
8,560
Nautilus
Biotechnology,
Inc.
a
18,147
12,432
Qiagen
NV
a
513,193
10,426
Rapid
Micro
Biosystems,
Inc.
a
33,676
21,269
Thermo
Fisher
Scientific,
Inc.
10,787,424
5,270
Waters
Corporation
a
1,420,423
1,465
West
Pharmaceutical
Services,
Inc.
360,507
Total
29,811,465
Managed
Health
Care
(14.2%)
35,132
Centene
Corporation
a
2,733,621
17,629
Elevance
Health,
Inc.
8,007,797
Partner
Healthcare
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
334
a
Shares
Common
Stock
(95.3%)
Value
Managed
Health
Care
(14.2%)
-
continued
52,723
UnitedHealth
Group,
Inc.
$
26,627,224
Total
37,368,642
Pharmaceuticals
(23.6%)
36,252
AstraZeneca
plc
3,985,146
12,178
AstraZeneca
plc
ADR
667,841
32,848
Bristol-Myers
Squibb
Company
2,335,164
7,455
Catalent,
Inc.
a
539,444
52,700
Daiichi
Sankyo
Company,
Ltd.
1,473,011
43,542
Eli
Lilly
and
Company
14,079,306
494,505
Hansoh
Pharmaceutical
Group
Company,
Ltd.
b
780,637
84,289
Johnson
&
Johnson
13,769,451
105,747
Merck
&
Company,
Inc.
9,106,932
2,146
Nuvation
Bio,
Inc.,
Warrants
(Expires
07/07/2027)
a
343
178,809
Pfizer,
Inc.
7,824,682
4,158
Roche
Holding
AG,
Participation
Certificates
1,353,565
11,948
Sanofi
909,795
36,585
Zoetis,
Inc.
5,425,190
Total
62,250,507
Total
Common
Stock
(cost
$206,044,739)
251,367,238
Shares
Short-Term
Investments
(
4.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,078,776
3.170%
10,787,755
Total
Short-Term
Investments
(cost
$10,785,250)
10,787,755
Total
Investments
(cost
$216,829,989)
99.4%
$262,154,993
Other
Assets
and
Liabilities,
Net
0.6%
1,688,730
Total
Net
Assets
100.0%
$263,843,723
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,
2022,
the
value
of
these
investments
was
$780,637
or
0.3%
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
335
Currency:
USD
-
United
States
Dollar
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
in
valuing
Partner
Healthcare
Portfolio's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Biotechnology
49,870,537
49,462,295
408,242
Financials
770,070
770,070
Health
Care
Distributors
7,773,525
7,773,525
Health
Care
Equipment
43,899,299
43,899,299
Health
Care
Facilities
1,766,805
1,766,805
Health
Care
Services
14,701,727
14,701,727
Health
Care
Supplies
3,154,661
3,154,661
Life
Sciences
Tools
&
Services
29,811,465
29,811,465
Managed
Health
Care
37,368,642
37,368,642
Pharmaceuticals
62,250,507
53,748,353
8,502,154
Subtotal
Investments
in
Securities
$251,367,238
$242,456,842
$8,910,396
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
10,787,755
Subtotal
Other
Investments
$10,787,755
Total
Investments
at
Value
$262,154,993
*
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
Foreign
Currency
Forward
Contracts
123,081
123,081
Total
Asset
Derivatives
$123,081
$–
$123,081
$–
Liability
Derivatives
Foreign
Currency
Forward
Contracts
24,978
24,978
Total
Liability
Derivatives
$24,978
$–
$24,978
$–
The
following
table
presents
Partner
Healthcare
Portfolio's
foreign
currency
forward
contracts
held
as
of
September
30,
2022.  
Foreign
Currency
Forward
Contracts
Counterparty
Currency
to
Deliver
Contracts
to  
Deliver
Currency
to  
Receive
In
Exchange
for
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
Deutsche
Bank
British
Pound
2,991,000
USD
$
3,342,229
12/15/2022
$
36,903
J.P.
Morgan
Euro
1,562,200
USD
1,539,991
12/15/2022
52,697
Deutsche
Bank
Swiss
Franc
231,500
USD
236,582
12/15/2022
8,503
Total
$98,103
Net
Unrealized
Appreciation/(Depreciation)
on
Foreign
Currency
Forward
Contracts
$98,103
Partner
Healthcare
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
336
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$12,050
$49,416
$50,678
$10,788
1,079
4.1%
Total
Affiliated
Short-Term
Investments
12,050
10,788
4.1
Total
Value
$12,050
$10,788
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$106
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$106
Total
Value
$–
$–
$
Real
Estate
Securities
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
337
Shares
Common
Stock
(
99.4%
)
Value
Diversified
REITs
(1.7%)
9,354
American
Assets
Trust,
Inc.
$
240,585
33,437
Essential
Properties
Realty
Trust,
Inc.
650,350
26,597
Store
Capital
Corporation
833,284
14,708
WP
Carey,
Inc.
1,026,618
Total
2,750,837
Health
Care
REITs
(7.8%)
81,387
Healthcare
Realty
Trust,
Inc.
1,696,919
97,500
Healthpeak
Properties,
Inc.
2,234,700
51,760
Medical
Properties
Trust,
Inc.
613,874
20,914
Omega
Healthcare
Investors,
Inc.
616,754
61,898
Ventas,
Inc.
2,486,443
72,170
Welltower,
Inc.
4,641,974
Total
12,290,664
Hotel
&
Resort
REITs
(3.2%)
64,412
Apple
Hospitality
REIT,
Inc.
905,633
121,451
Host
Hotels
&
Resorts,
Inc.
1,928,642
29,295
Park
Hotels
&
Resorts,
Inc.
329,862
23,585
Pebblebrook
Hotel
Trust
342,218
39,554
RLJ
Lodging
Trust
400,286
9,256
Ryman
Hospitality
Properties
681,149
29,757
Sunstone
Hotel
Investors,
Inc.
280,311
16,266
Xenia
Hotels
&
Resorts,
Inc.
224,308
Total
5,092,409
Industrial
REITs
(13.8%)
30,492
Americold
Realty
Trust
750,103
85,270
Duke
Realty
Corporation
4,110,014
4,751
EastGroup
Properties,
Inc.
685,759
35,396
First
Industrial
Realty
Trust,
Inc.
1,586,095
31,444
LXP
Industrial
Trust
288,027
97,854
Prologis,
Inc.
9,941,966
56,784
Rexford
Industrial
Realty,
Inc.
2,952,768
25,105
STAG
Industrial,
Inc.
713,735
14,245
Terreno
Realty
Corporation
754,843
Total
21,783,310
Office
REITs
(5.7%)
26,767
Alexandria
Real
Estate
Equities,
Inc.
3,752,466
17,483
Boston
Properties,
Inc.
1,310,700
11,046
Corporate
Office
Properties
Trust
256,599
35,967
Cousins
Properties,
Inc.
839,829
22,790
Douglas
Emmett,
Inc.
408,625
25,312
Highwoods
Properties,
Inc.
682,411
16,972
Hudson
Pacific
Properties,
Inc.
185,843
21,691
Kilroy
Realty
Corporation
913,408
10,911
SL
Green
Realty
Corporation
438,186
10,454
Vornado
Realty
Trust
242,115
Total
9,030,182
Real
Estate
Services
(0.7%)
11,500
CBRE
Group,
Inc.
a
776,365
2,181
Jones
Lang
LaSalle,
Inc.
a
329,484
Total
1,105,849
Residential
REITs
(22.5%)
98,961
American
Homes
4
Rent
3,246,910
28,612
Apartment
Income
REIT
Corporation
1,104,996
27,879
AvalonBay
Communities,
Inc.
5,135,033
26,831
Camden
Property
Trust
3,204,963
Shares
Common
Stock
(99.4%)
Value
Residential
REITs
(22.5%)
-
continued
40,803
Equity
Lifestyle
Properties,
Inc.
$
2,564,061
45,566
Equity
Residential
3,062,947
11,752
Essex
Property
Trust,
Inc.
2,846,687
41,974
Independence
Realty
Trust,
Inc.
702,225
117,746
Invitation
Homes,
Inc.
3,976,282
17,608
Mid-America
Apartment
Communities,
Inc.
2,730,473
3,087
NexPoint
Residential
Trust,
Inc.
142,650
27,501
Sun
Communities,
Inc.
3,721,710
74,524
UDR,
Inc.
3,108,396
Total
35,547,333
Retail
REITs
(12.2%)
22,897
Agree
Realty
Corporation
1,547,379
83,271
Brixmor
Property
Group,
Inc.
1,538,015
10,556
Federal
Realty
Investment
Trust
951,307
112,697
Kimco
Realty
Corporation
2,074,752
40,808
Kite
Realty
Group
Trust
702,714
12,125
Macerich
Company
96,272
23,571
National
Retail
Properties,
Inc.
939,540
27,707
NetSTREIT
Corporation
493,462
17,321
Phillips
Edison
and
Company,
Inc.
485,854
45,800
Realty
Income
Corporation
2,665,560
33,707
Regency
Centers
Corporation
1,815,122
26,028
Retail
Opportunity
Investments
Corporation
358,145
46,540
Simon
Property
Group,
Inc.
4,176,965
37,885
SITE
Centers
Corporation
405,748
23,174
Spirit
Realty
Capital,
Inc.
837,972
19,449
Urban
Edge
Properties
259,450
Total
19,348,257
Specialized
REITs
(31.8%)
36,567
American
Tower
Corporation
7,850,935
31,743
Crown
Castle,
Inc.
4,588,451
48,286
CubeSmart
1,934,337
29,818
Digital
Realty
Trust,
Inc.
2,957,349
11,418
Equinix,
Inc.
6,495,015
22,582
Extra
Space
Storage,
Inc.
3,900,137
17,473
Four
Corners
Property
Trust,
Inc.
422,672
41,542
Gaming
and
Leisure
Properties,
Inc.
1,837,818
17,800
Iron
Mountain,
Inc.
782,666
4,600
Lamar
Advertising
Company
379,454
24,709
Life
Storage,
Inc.
2,736,769
18,865
National
Storage
Affiliates
Trust
784,407
20,104
Public
Storage,
Inc.
5,886,652
11,268
SBA
Communications
Corporation
3,207,436
174,849
VICI
Properties,
Inc.
5,219,243
47,089
Weyerhaeuser
Company
1,344,862
Total
50,328,203
Total
Common
Stock
(cost
$125,353,881)
157,277,044
Real
Estate
Securities
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
338
Shares
Short-Term
Investments
(
0.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
26,641
3.170%
$
266,408
Total
Short-Term
Investments
(cost
$266,408)
266,408
Total
Investments
(cost
$125,620,289)
99.6%
$157,543,452
Other
Assets
and
Liabilities,
Net
0.4%
641,713
Total
Net
Assets
100.0%
$158,185,165
a
Non-income
producing
security.
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,
2022,
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
2,750,837
2,750,837
Health
Care
REITs
12,290,664
12,290,664
Hotel
&
Resort
REITs
5,092,409
5,092,409
Industrial
REITs
21,783,310
21,783,310
Office
REITs
9,030,182
9,030,182
Real
Estate
Services
1,105,849
1,105,849
Residential
REITs
35,547,333
35,547,333
Retail
REITs
19,348,257
19,348,257
Specialized
REITs
50,328,203
50,328,203
Subtotal
Investments
in
Securities
$157,277,044
$157,277,044
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
266,408
Subtotal
Other
Investments
$266,408
Total
Investments
at
Value
$157,543,452
*
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
339
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$1,869
$15,828
$17,431
$266
27
0.2%
Total
Affiliated
Short-Term
Investments
1,869
266
0.2
Total
Value
$1,869
$266
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$3
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$3
Total
Value
$–
$–
$
Small
Cap
Growth
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
340
Shares
Common
Stock
(
97
.7
%
)
Value
Consumer
Discretionary
(12.0%)
35,462
Cooper-Standard
Holdings,
Inc.
a
$
207,098
67,521
Duluth
Holdings,
Inc.
a
475,348
147,570
Everi
Holdings,
Inc.
a
2,393,585
6,467
Five
Below,
Inc.
a
890,312
3,744
Lithia
Motors,
Inc.
803,275
13,352
Papa
John's
International,
Inc.
934,774
12,978
Planet
Fitness,
Inc.
a
748,312
22,831
Skyline
Champion
Corporation
a
1,207,075
64,249
ThredUp,
Inc.
a
118,218
8,517
Wingstop,
Inc.
1,068,202
26,704
Xometry,
Inc.
a,b
1,516,520
Total
10,362,719
Consumer
Staples
(5.9%)
13,053
Celsius
Holdings,
Inc.
a
1,183,646
73,134
e.l.f.
Beauty,
Inc.
a
2,751,301
5,453
Freshpet,
Inc.
a
273,141
39,000
Turning
Point
Brands,
Inc.
827,970
Total
5,036,058
Energy
(1.1%)
12,099
Matador
Resources
Company
591,883
17,935
Nine
Energy
Service,
Inc.
a
47,349
17,894
Talos
Energy,
Inc.
a
297,935
Total
937,167
Financials
(9.9%)
16,536
Ameris
Bancorp
739,325
25,348
Hamilton
Lane,
Inc.
1,510,994
14,664
Houlihan
Lokey,
Inc.
1,105,372
9,118
Kinsale
Capital
Group,
Inc.
2,328,920
17,955
Seacoast
Banking
Corporation
of
Florida
542,780
19,351
Triumph
Bancorp,
Inc.
a
1,051,727
19,321
Western
Alliance
Bancorp
1,270,162
Total
8,549,280
Health
Care
(21.2%)
20,909
Adaptive
Biotechnologies
Corporation
a
148,872
31,007
Agiliti,
Inc.
a
443,710
36,504
Agilon
Health,
Inc.
a
854,924
2,395
Argenx
SE
ADR
a
845,555
4,478
Ascendis
Pharma
AS
ADR
a,b
462,398
31,380
Axonics,
Inc.
a
2,210,407
21,979
BioLife
Solutions,
Inc.
a
500,022
9,558
Enovis
Corporation
a
440,337
17,015
Halozyme
Therapeutics,
Inc.
a
672,773
7,651
Immunocore
Holdings
plc
ADR
a
359,138
18,538
Inari
Medical,
Inc.
a
1,346,600
29,677
Inotiv,
Inc.
a
500,057
8,117
Inspire
Medical
Systems,
Inc.
a
1,439,712
16,983
Lantheus
Holdings,
Inc.
a
1,194,414
12,085
Natera,
Inc.
a
529,565
9,527
Omnicell,
Inc.
a
829,135
53,810
Progyny,
Inc.
a
1,994,199
7,168
Repligen
Corporation
a
1,341,205
5,084
Sarepta
Therapeutics,
Inc.
a
561,985
27,775
Silk
Road
Medical,
Inc.
a
1,249,875
11,995
Travere
Therapeutics,
Inc.
a
295,557
21,914
Vor
BioPharma,
Inc.
a,b
87,218
Total
18,307,658
Shares
Common
Stock
(97.7%)
Value
Industrials
(23.4%)
27,084
Altra
Industrial
Motion
Corporation
$
910,564
15,442
ASGN,
Inc.
a
1,395,493
12,041
Chart
Industries,
Inc.
a
2,219,758
27,644
Driven
Brands
Holdings,
Inc.
a
773,479
82,826
First
Advantage
Corporation
a
1,062,658
11,387
Forward
Air
Corporation
1,027,791
26,361
IAA,
Inc.
a
839,598
10,734
Lincoln
Electric
Holdings,
Inc.
1,349,478
12,116
Mercury
Systems,
Inc.
a
491,910
13,775
Middleby
Corporation
a
1,765,542
3,060
RBC
Bearings,
Inc.
a
635,899
17,042
Regal
Rexnord
Corporation
2,392,015
3,715
Saia,
Inc.
a
705,850
67,944
Sun
Country
Airlines
Holdings,
Inc.
a
924,718
32,131
Upwork,
Inc.
a
437,624
18,514
Vicor
Corporation
a
1,094,918
51,953
WillScot
Mobile
Mini
Holdings
Corporation
a
2,095,264
Total
20,122,559
Information
Technology
(17.5%)
37,159
Calix,
Inc.
a
2,271,901
22,763
Cognex
Corporation
943,526
12,213
Descartes
Systems
Group,
Inc.
a
775,892
6,117
Dolby
Laboratories,
Inc.
398,523
5,942
Endava
plc
ADR
a
479,103
16,633
Five9,
Inc.
a
1,247,142
38,226
Lattice
Semiconductor
Corporation
a
1,881,101
14,026
LiveRamp
Holding,
Inc.
a
254,712
1,829
Monolithic
Power
Systems,
Inc.
664,659
7,545
Nova,
Ltd.
a
643,589
5,124
SiTime
Corporation
a
403,413
44,213
Sprout
Social,
Inc.
a
2,682,845
4,600
Universal
Display
Corporation
434,010
26,025
Workiva,
Inc.
a
2,024,745
Total
15,105,161
Materials
(3.8%)
17,930
Compass
Minerals
International,
Inc.
690,843
4,293
Quaker
Chemical
Corporation
619,823
65,357
Ranpak
Holdings
Corporation
a
223,521
71,758
Summit
Materials,
Inc.
a
1,719,322
Total
3,253,509
Real
Estate
(2.9%)
34,010
Cushman
&
Wakefield
plc
a
389,414
5,857
FirstService
Corporation
697,042
39,608
Pebblebrook
Hotel
Trust
574,712
16,789
Rexford
Industrial
Realty,
Inc.
873,028
Total
2,534,196
Total
Common
Stock
(cost
$84,623,380)
84,208,307
Shares
Collateral
Held
for
Securities
Loaned
(
0
.8
%
)
Value
710,795
Thrivent
Cash
Management
Trust
710,795
Total
Collateral
Held
for
Securities
Loaned
(cost
$710,795)
710,795
Small
Cap
Growth
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
341
Shares
Short-Term
Investments
(
4
.1
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
349,928
3.170%
$
3,499,276
Total
Short-Term
Investments
(cost
$3,499,276)
3,499,276
Total
Investments
(cost
$88,833,451)
102.6%
$
88,418,378
Other
Assets
and
Liabilities,
Net
(2.6%)
(
2,238,512
)
Total
Net
Assets
100.0%
$
86,179,866
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
696,463
Total
lending
$696,463
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$710,795
Net
amounts
due
to
counterparty
$14,332
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Small
Cap
Growth
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
342
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
10,362,719
10,362,719
Consumer
Staples
5,036,058
5,036,058
Energy
937,167
937,167
Financials
8,549,280
8,549,280
Health
Care
18,307,658
18,307,658
Industrials
20,122,559
20,122,559
Information
Technology
15,105,161
15,105,161
Materials
3,253,509
3,253,509
Real
Estate
2,534,196
2,534,196
Subtotal
Investments
in
Securities
$
84,208,307
$
84,208,307
$
$
Other
Investments  *
Total
Affiliated
Short-Term
Investments
3,499,276
Collateral
Held
for
Securities
Loaned
710,795
Subtotal
Other
Investments
$
4,210,071
Total
Investments
at
Value
$
88,418,378
*
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$
1,224
$
21,786
$
19,511
$
3,499
350
4.1%
Total
Affiliated
Short-Term
Investments
1,224
3,499
4.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,249
22,056
22,594
711
711
0.8
Total
Collateral
Held
for
Securities
Loaned
1,249
711
0.8
Total
Value
$
2,473
$
4,210
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$0
$0
$
$
22
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
22
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
10
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
10
Total
Value
$0
$0
$
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
343
Shares
Common
Stock
(
98.9%
)
Value
Communications
Services
(2.1%)
28,919
AMC
Networks,
Inc.
a
$
587,056
11,068
ATN
International,
Inc.
426,893
65,241
Cars.com,
Inc.
a
750,272
110,915
Cinemark
Holdings,
Inc.
a
1,343,181
44,101
Cogent
Communications
Holdings
2,300,308
76,343
Consolidated
Communications
Holdings,
Inc.
a
317,587
59,853
E.W.
Scripps
Company
a
674,543
146,178
Gannett
Company,
Inc.
a
223,652
67,844
Gogo,
Inc.
a
822,269
25,217
Marcus
Corporation
350,264
53,256
QuinStreet,
Inc.
a
559,188
31,240
Scholastic
Corporation
960,942
51,765
Shenandoah
Telecommunications
Company
881,040
24,911
Shutterstock,
Inc.
1,249,785
28,062
TechTarget,
Inc.
a
1,661,270
103,513
Telephone
&
Data
Systems,
Inc.
1,438,831
31,683
Thryv
Holdings,
Inc.
a
723,323
72,643
Yelp,
Inc.
a
2,463,324
Total
17,733,728
Consumer
Discretionary
(12.5%)
31,815
Aaron's
Company,
Inc.
309,242
52,148
Abercrombie
&
Fitch
Company
a
810,901
87,966
Academy
Sports
and
Outdoors,
Inc.
3,710,406
46,728
Adtalem
Global
Education,
Inc.
a
1,703,236
118,413
American
Axle
&
Manufacturing
Holdings,
Inc.
a
808,761
162,855
American
Eagle
Outfitters,
Inc.
1,584,579
6,147
America's
Car-Mart,
Inc.
a
375,090
22,878
Asbury
Automotive
Group,
Inc.
a
3,456,866
71,909
Bed
Bath
&
Beyond,
Inc.
a,b
437,926
29,892
Big
Lots,
Inc.
466,614
24,245
BJ's
Restaurants,
Inc.
a
578,243
92,308
Bloomin'
Brands,
Inc.
1,692,006
30,811
Boot
Barn
Holdings,
Inc.
a
1,801,211
45,319
Brinker
International,
Inc.
a
1,132,069
30,553
Buckle,
Inc.
967,308
37,977
Caleres,
Inc.
919,803
16,771
Cato
Corporation
159,995
8,551
Cavco
Industries,
Inc.
a
1,759,454
29,691
Century
Communities,
Inc.
1,270,181
50,210
Cheesecake
Factory,
Inc.
1,470,149
129,362
Chico's
FAS,
Inc.
a
626,112
13,618
Children's
Place,
Inc.
a
420,660
19,481
Chuy's
Holdings,
Inc.
a
451,570
13,279
Conn's,
Inc.
a
94,015
44,009
Dave
&
Buster's
Entertainment,
Inc.
a
1,365,599
58,259
Designer
Brands,
Inc.
891,945
16,210
Dine
Brands
Global,
Inc.
1,030,308
29,243
Dorman
Products,
Inc.
a
2,401,435
20,273
El
Pollo
Loco
Holdings,
Inc.
a
180,835
23,558
Ethan
Allen
Interiors,
Inc.
498,016
84,237
Frontdoor,
Inc.
a
1,717,592
13,482
Genesco,
Inc.
a
530,112
34,283
Gentherm,
Inc.
a
1,704,894
44,866
G-III
Apparel
Group,
Ltd.
a
670,747
22,689
Golden
Entertainment,
Inc.
a
791,619
28,079
Green
Brick
Partners,
Inc.
a
600,329
16,320
Group
1
Automotive,
Inc.
2,331,638
34,498
Guess
?,
Inc.
b
506,086
13,848
Haverty
Furniture
Companies,
Inc.
344,815
Shares
Common
Stock
(98.9%)
Value
Consumer
Discretionary
(12.5%)
-
continued
13,371
Hibbet,
Inc.
$
666,010
24,366
Installed
Building
Products,
Inc.
1,973,402
28,148
iRobot
Corporation
a,b
1,585,577
21,767
Jack
in
the
Box,
Inc.
1,612,282
50,955
Kontoor
Brands,
Inc.
1,712,598
44,857
La-Z-Boy,
Inc.
1,012,422
26,287
LCI
Industries
2,667,079
153,251
Leslie's,
Inc.
a
2,254,322
21,171
LGI
Homes,
Inc.
a
1,722,684
27,956
Liquidity
Services,
Inc.
a
454,565
30,326
LL
Flooring
Holdings,
Inc.
a
210,159
58,844
M.D.C.
Holdings,
Inc.
1,613,502
28,697
M/I
Homes,
Inc.
a
1,039,692
22,260
MarineMax,
Inc.
a
663,125
37,800
Meritage
Homes
Corporation
a
2,656,206
81,679
Mister
Car
Wash,
Inc.
a
700,806
13,667
Monarch
Casino
&
Resort,
Inc.
a
767,265
33,283
Monro,
Inc.
1,446,479
19,875
Motorcar
Parts
of
America,
Inc.
a
302,498
16,573
Movado
Group,
Inc.
467,027
81,547
National
Vision
Holdings,
Inc.
a
2,662,510
44,227
ODP
Corporation
a
1,554,579
15,478
Oxford
Industries,
Inc.
1,389,615
22,453
Patrick
Industries,
Inc.
984,340
70,041
Perdoceo
Education
Corporation
a
721,422
21,722
PetMed
Express,
Inc.
424,013
55,075
Rent-A-Center,
Inc.
964,363
31,857
Ruth's
Hospitality
Group,
Inc.
537,109
110,625
Sally
Beauty
Holdings,
Inc.
a
1,393,875
38,569
Shake
Shack,
Inc.
a
1,734,834
17,681
Shoe
Carnival,
Inc.
379,081
48,082
Signet
Jewelers,
Ltd.
2,749,810
76,461
Six
Flags
Entertainment
Corporation
a
1,353,360
22,705
Sleep
Number
Corporation
a
767,656
19,145
Sonic
Automotive,
Inc.
828,979
131,542
Sonos,
Inc.
a
1,828,434
19,254
Standard
Motor
Products,
Inc.
625,755
76,764
Steven
Madden,
Ltd.
2,047,296
23,176
Strategic
Education,
Inc.
1,423,238
42,002
Stride,
Inc.
a
1,765,344
18,265
Sturm,
Ruger
&
Company,
Inc.
927,679
105,065
Tri
Pointe
Homes,
Inc.
a
1,587,532
39,985
Tupperware
Brands
Corporation
a
261,902
13,371
Unifi,
Inc.
a
127,158
12,427
Universal
Electronics,
Inc.
a
244,439
62,263
Urban
Outfitters,
Inc.
a
1,223,468
58,436
Vista
Outdoor,
Inc.
a
1,421,164
32,825
Winnebago
Industries,
Inc.
1,746,618
81,391
Wolverine
World
Wide,
Inc.
1,252,607
55,295
WW
International,
Inc.
a
217,309
20,268
XPEL,
Inc.
a
1,306,070
16,093
Zumiez,
Inc.
a
346,482
Total
104,898,108
Consumer
Staples
(4.9%)
32,902
Andersons,
Inc.
1,020,949
74,086
B&G
Foods,
Inc.
1,221,678
18,340
Calavo
Growers,
Inc.
582,295
39,240
Cal-Maine
Foods,
Inc.
2,181,352
10,059
Central
Garden
&
Pet
Company
a
362,526
42,846
Central
Garden
&
Pet
Company,
Class
A
a
1,463,619
35,200
Chefs'
Warehouse,
Inc.
a
1,019,744
51,482
e.l.f.
Beauty,
Inc.
a
1,936,753
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
344
Shares
Common
Stock
(98.9%)
Value
Consumer
Staples
(4.9%)
-
continued
53,573
Edgewell
Personal
Care
Company
$
2,003,630
31,645
Fresh
Del
Monte
Produce,
Inc.
735,430
92,820
Hain
Celestial
Group,
Inc.
a
1,566,802
141,099
Hostess
Brands,
Inc.
a
3,279,141
18,443
Inter
Parfums,
Inc.
1,391,709
15,474
J
&
J
Snack
Foods
Corporation
2,003,419
9,230
John
B.
Sanfilippo
&
Son,
Inc.
698,988
11,389
Medifast,
Inc.
1,234,112
15,914
MGP
Ingredients,
Inc.
1,689,430
24,121
National
Beverage
Corporation
929,623
25,900
PriceSmart,
Inc.
1,491,581
5,790
Seneca
Foods
Corporation
a
292,048
88,192
Simply
Good
Foods
Company
a
2,821,262
37,344
SpartanNash
Company
1,083,723
18,366
Tootsie
Roll
Industries,
Inc.
611,220
52,139
TreeHouse
Foods,
Inc.
a
2,211,736
60,257
United
Natural
Foods,
Inc.
a
2,071,033
25,431
Universal
Corporation
1,170,843
11,510
USANA
Health
Sciences,
Inc.
a
645,135
136,013
Vector
Group,
Ltd.
1,198,275
14,086
WD-40
Company
2,475,474
Total
41,393,530
Energy
(4.6%)
138,350
Archrock,
Inc.
888,207
24,257
Bristow
Group,
Inc.
a
569,797
52,946
Callon
Petroleum
Company
a
1,853,639
53,618
Civitas
Resources,
Inc.
3,077,137
33,881
CONSOL
Energy,
Inc.
2,179,226
47,887
Core
Laboratories
NV
645,517
19,177
DMC
Global,
Inc.
a
306,448
32,777
Dorian
LPG,
Ltd.
444,784
35,533
Dril-Quip,
Inc.
a
693,604
60,051
Green
Plains,
Inc.
a
1,745,683
147,434
Helix
Energy
Solutions
Group,
Inc.
a
569,095
108,840
Helmerich
&
Payne,
Inc.
4,023,815
17,681
Laredo
Petroleum
Holdings,
Inc.
a
1,111,251
9,249
Nabors
Industries,
Ltd.
a
938,311
103,640
Oceaneering
International,
Inc.
a
824,974
66,053
Oil
States
International,
Inc.
a
256,946
57,231
Par
Pacific
Holdings,
Inc.
a
939,161
224,132
Patterson-UTI
Energy,
Inc.
2,617,862
110,911
PBF
Energy,
Inc.
a
3,899,631
90,604
ProPetro
Holding
Corporation
a
729,362
20,478
Ranger
Oil
Corporation,
Class
A
644,033
16,249
REX
American
Resources
Corporation
a
453,672
86,015
RPC,
Inc.
596,084
126,727
SM
Energy
Company
4,766,203
67,406
Talos
Energy,
Inc.
a
1,122,310
78,103
U.S.
Silica
Holdings,
Inc.
a
855,228
64,005
World
Fuel
Services
Corporation
1,500,277
Total
38,252,257
Financials
(18.6%)
46,479
Ambac
Financial
Group,
Inc.
a
592,607
73,380
American
Equity
Investment
Life
Holding
Company
2,736,340
67,397
Ameris
Bancorp
3,013,320
19,934
AMERISAFE,
Inc.
931,516
133,709
Apollo
Commercial
Real
Estate
Finance,
Inc.
1,109,785
118,500
ARMOUR
Residential
REIT,
Inc.
577,095
63,993
Assured
Guaranty,
Ltd.
3,100,461
54,996
Axos
Financial,
Inc.
a
1,882,513
Shares
Common
Stock
(98.9%)
Value
Financials
(18.6%)
-
continued
16,377
B.
Riley
Financial,
Inc.
$
729,104
57,668
Banc
of
California,
Inc.
920,958
17,964
BancFirst
Corporation
1,607,239
58,464
Bancorp,
Inc.
a
1,285,039
80,550
BankUnited,
Inc.
2,752,393
35,344
Banner
Corporation
2,088,124
47,332
Berkshire
Hills
Bancorp,
Inc.
1,292,164
49,356
Blucora,
Inc.
a
954,545
33,408
BrightSphere
Investment
Group
498,113
79,269
Brookline
Bancorp,
Inc.
923,484
133,488
Capitol
Federal
Financial,
Inc.
1,107,950
46,419
CBTX,
Inc.
1,357,756
28,306
Central
Pacific
Financial
Corporation
585,651
15,356
City
Holding
Company
1,361,924
81,301
Columbia
Banking
System,
Inc.
2,348,786
55,544
Community
Bank
System,
Inc.
3,337,084
31,530
Customers
Bancorp,
Inc.
a
929,504
135,840
CVB
Financial
Corporation
3,439,469
33,515
Dime
Community
Bancshares,
Inc.
981,319
26,417
Donnelley
Financial
Solutions,
Inc.
a
976,636
33,167
Eagle
Bancorp,
Inc.
1,486,545
58,881
Ellington
Financial,
Inc.
b
669,477
28,226
Employers
Holdings,
Inc.
973,515
24,686
Encore
Capital
Group,
Inc.
a
1,122,719
33,090
Enova
International,
Inc.
a
968,544
55,495
EZCORP,
Inc.
a
427,866
36,349
FB
Financial
Corporation
1,388,895
194,324
First
Bancorp
2,658,352
36,887
First
Bancorp/Southern
Pines
NC
1,349,326
96,527
First
Commonwealth
Financial
Corporation
1,239,407
98,073
First
Financial
Bancorp
2,067,379
132,004
First
Hawaiian,
Inc.
3,251,259
55,128
Flagstar
Bancorp,
Inc.
1,841,275
86,602
Franklin
BSP
Realty
Trust,
Inc.
b
932,704
520,699
Genworth
Financial,
Inc.
a
1,822,446
54,116
Granite
Point
Mortgage
Trust,
Inc.
348,507
49,450
Green
Dot
Corporation
a
938,561
31,513
Hanmi
Financial
Corporation
746,228
7,386
HCI
Group,
Inc.
289,531
36,288
Heritage
Financial
Corporation
960,543
47,395
Hilltop
Holdings,
Inc.
1,177,766
18,381
HomeStreet,
Inc.
529,557
123,504
Hope
Bancorp,
Inc.
1,561,091
42,276
Horace
Mann
Educators
Corporation
1,491,920
47,448
Independent
Bank
Corporation
3,536,299
36,599
Independent
Bank
Group,
Inc.
2,246,813
34,137
Invesco
Mortgage
Capital,
Inc.
378,921
38,713
James
River
Group
Holdings,
Ltd.
883,044
60,134
KKR
Real
Estate
Finance
Trust,
Inc.
977,177
26,207
Lakeland
Financial
Corporation
1,908,132
11,235
LendingTree,
Inc.
a
268,067
27,474
Mercury
General
Corporation
780,811
74,066
Mr.
Cooper
Group,
Inc.
a
2,999,673
31,092
National
Bank
Holdings
Corporation
1,150,093
44,283
NBT
Bancorp,
Inc.
1,680,540
390,458
New
York
Mortgage
Trust,
Inc.
913,672
87,559
NMI
Holdings,
Inc.
a
1,783,577
44,036
Northfield
Bancorp,
Inc.
630,155
131,154
Northwest
Bancshares,
Inc.
1,771,891
49,157
OFG
Bancorp
1,235,315
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
345
Shares
Common
Stock
(98.9%)
Value
Financials
(18.6%)
-
continued
98,163
Pacific
Premier
Bancorp,
Inc.
$
3,039,126
26,097
Palomar
Holdings,
Inc.
a
2,184,841
14,954
Park
National
Corporation
1,861,474
30,034
Pathward
Financial,
Inc.
989,921
93,625
PennyMac
Mortgage
Investment
Trust
1,102,902
14,171
Piper
Sandler
Companies
1,484,271
40,290
PRA
Group,
Inc.
a
1,323,929
14,086
Preferred
Bank
918,830
55,782
ProAssurance
Corporation
1,088,307
52,171
PROG
Holdings,
Inc.
a
781,522
77,570
Provident
Financial
Services,
Inc.
1,512,615
105,251
Ready
Capital
Corporation
1,067,245
120,703
Redwood
Trust,
Inc.
692,835
57,835
Renasant
Corporation
1,809,079
40,466
S&T
Bancorp,
Inc.
1,186,058
15,237
Safety
Insurance
Group,
Inc.
1,242,730
63,480
Seacoast
Banking
Corporation
of
Florida
1,919,000
127,459
SelectQuote,
Inc.
a
93,045
50,526
ServisFirst
Bancshares,
Inc.
4,042,080
132,644
Simmons
First
National
Corporation
2,890,313
87,821
SiriusPoint,
Ltd.
a
434,714
31,527
Southside
Bancshares,
Inc.
1,114,795
28,023
Stewart
Information
Services
Corporation
1,222,924
17,803
StoneX
Group,
Inc.
a
1,476,581
13,032
Tompkins
Financial
Corporation
946,384
23,772
Triumph
Bancorp,
Inc.
a
1,292,008
36,223
Trupanion,
Inc.
a,b
2,152,733
19,772
TrustCo
Bank
Corporation
NY
621,236
63,264
Trustmark
Corporation
1,937,776
356,054
Two
Harbors
Investment
Corporation
1,182,099
109,639
United
Community
Banks,
Inc.
3,629,051
22,392
United
Fire
Group,
Inc.
643,322
28,576
Universal
Insurance
Holdings,
Inc.
281,474
55,797
Veritex
Holdings,
Inc.
1,483,642
7,069
Virtus
Investment
Partners,
Inc.
1,127,647
31,754
Walker
&
Dunlop,
Inc.
2,658,762
27,818
Westamerica
Bancorporation
1,454,603
115,161
WisdomTree
Investments,
Inc.
538,953
3,766
World
Acceptance
Corporation
a
364,624
65,654
WSFS
Financial
Corporation
3,050,285
Total
155,652,208
Health
Care
(12.5%)
79,251
AdaptHealth
Corporation
a
1,488,334
16,622
Addus
HomeCare
Corporation
a
1,583,079
114,528
Allscripts
Healthcare
Solutions,
Inc.
a
1,744,261
44,732
AMN
Healthcare
Services,
Inc.
a
4,739,803
39,521
Amphastar
Pharmaceuticals,
Inc.
a
1,110,540
40,284
AngioDynamics,
Inc.
a
824,211
12,472
ANI
Pharmaceuticals,
Inc.
a
400,850
15,092
Anika
Therapeutics,
Inc.
a
359,190
40,557
Apollo
Medical
Holdings,
Inc.
a,b
1,581,723
53,707
Arcus
Biosciences,
Inc.
a
1,404,975
41,675
Artivion,
Inc.
a
576,782
48,054
Avanos
Medical,
Inc.
a
1,046,616
63,920
Avid
Bioservices,
Inc.
a
1,222,150
35,233
BioLife
Solutions,
Inc.
a
801,551
46,651
Cara
Therapeutics,
Inc.
a
436,653
42,160
Cardiovascular
Systems,
Inc.
a
584,338
Shares
Common
Stock
(98.9%)
Value
Health
Care
(12.5%)
-
continued
97,784
Catalyst
Pharmaceuticals,
Inc.
a
$
1,254,569
66,687
Coherus
Biosciences,
Inc.
a
640,862
35,277
Collegium
Pharmaceutical,
Inc.
a
565,137
129,507
Community
Health
Systems,
Inc.
a
278,440
15,262
Computer
Programs
and
Systems,
Inc.
a
425,505
31,493
CONMED
Corporation
2,524,794
98,537
Corcept
Therapeutics,
Inc.
a
2,526,489
9,536
CorVel
Corporation
a
1,320,068
108,518
Covetrus,
Inc.
a
2,265,856
37,544
Cross
Country
Healthcare,
Inc.
a
1,065,123
18,414
Cutera,
Inc.
a
839,678
97,318
Cytokinetics,
Inc.
a
4,715,057
121,586
Dynavax
Technologies
Corporation
a
1,269,358
10,986
Eagle
Pharmaceuticals,
Inc.
a
290,250
59,747
Embecta
Corporation
1,720,116
45,873
Emergent
Biosolutions,
Inc.
a
962,874
20,138
Enanta
Pharmaceuticals,
Inc.
a
1,044,558
51,291
Enhabit,
Inc.
a
720,126
57,154
Ensign
Group,
Inc.
4,543,743
20,962
Fulgent
Genetics,
Inc.
a
799,071
49,202
Glaukos
Corporation
a
2,619,514
30,578
Harmony
Biosciences
Holdings,
Inc.
a
1,354,300
24,965
HealthStream,
Inc.
a
530,756
10,513
Heska
Corporation
a
766,608
64,851
Innoviva,
Inc.
a
752,920
23,637
Inogen,
Inc.
a
573,906
34,240
Integer
Holdings
Corporation
a
2,130,755
137,806
Ironwood
Pharmaceuticals,
Inc.
a
1,427,670
25,374
iTeos
Therapeutics,
Inc.
a
483,375
14,984
Joint
Corporation
a
235,399
71,060
Lantheus
Holdings,
Inc.
a
4,997,650
19,979
LeMaitre
Vascular,
Inc.
1,012,536
16,580
Ligand
Pharmaceuticals,
Inc.
a
1,427,704
45,223
Meridian
Bioscience,
Inc.
a
1,425,881
58,678
Merit
Medical
Systems,
Inc.
a
3,315,894
5,166
Mesa
Laboratories,
Inc.
727,528
13,072
ModivCare,
Inc.
a
1,303,017
83,354
Myriad
Genetics,
Inc.
a
1,590,394
193,723
Nektar
Therapeutics
a
619,914
130,037
NeoGenomics,
Inc.
a
1,119,619
56,953
NextGen
Healthcare,
Inc.
a
1,008,068
18,631
OptimizeRx
Corporation
a
276,111
75,067
OraSure
Technologies,
Inc.
a
284,504
73,062
Organogenesis
Holdings,
Inc.
a
236,721
20,678
Orthofix
Medical,
Inc.
a
395,157
78,819
Owens
&
Minor,
Inc.
1,899,538
47,369
Pacira
Pharmaceuticals,
Inc.
a
2,519,557
87,198
Pediatrix
Medical
Group,
Inc.
a
1,439,639
29,020
Pennant
Group,
Inc.
a
302,098
21,024
Phibro
Animal
Health
Corporation
279,409
51,441
Prestige
Consumer
Healthcare,
Inc.
a
2,563,305
50,356
RadNet,
Inc.
a
1,024,745
38,878
REGENXBIO,
Inc.
a
1,027,545
106,732
Select
Medical
Holdings
Corporation
2,358,777
16,525
Simulations
Plus,
Inc.
802,123
55,299
Supernus
Pharmaceuticals,
Inc.
a
1,871,871
14,477
Surmodics,
Inc.
a
440,101
13,442
U.S.
Physical
Therapy,
Inc.
1,021,861
42,508
uniQure
NV
a
797,450
58,468
Vanda
Pharmaceuticals,
Inc.
a
577,664
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
346
Shares
Common
Stock
(98.9%)
Value
Health
Care
(12.5%)
-
continued
41,245
Varex
Imaging
Corporation
a
$
871,919
48,769
Vericel
Corporation
a
1,131,441
78,153
Vir
Biotechnology,
Inc.
a
1,506,790
61,711
Xencor,
Inc.
a
1,603,252
21,571
ZimVie,
Inc.
a
212,906
23,027
Zynex,
Inc.
b
208,855
Total
104,753,477
Industrials
(16.0%)
134,673
3D
Systems
Corporation
a
1,074,691
43,411
AAON,
Inc.
2,338,985
34,769
AAR
Corporation
a
1,245,426
69,040
ABM
Industries,
Inc.
2,639,399
78,161
Aerojet
Rocketdyne
Holdings,
Inc.
a
3,125,658
25,834
AeroVironment,
Inc.
a
2,153,522
10,638
Alamo
Group,
Inc.
1,300,708
32,149
Albany
International
Corporation
2,534,306
15,975
Allegiant
Travel
Company
a
1,165,855
17,153
American
Woodmark
Corporation
a
752,331
22,904
Apogee
Enterprises,
Inc.
875,391
39,740
Applied
Industrial
Technologies,
Inc.
4,084,477
25,356
ArcBest
Corporation
1,844,142
49,987
Arcosa,
Inc.
2,858,257
23,636
Astec
Industries,
Inc.
737,207
26,642
Atlas
Air
Worldwide
Holdings,
Inc.
a
2,546,176
25,625
AZZ,
Inc.
935,569
52,221
Barnes
Group,
Inc.
1,508,142
40,778
Boise
Cascade
Company
2,424,660
48,261
Brady
Corporation
2,013,932
21,047
CIRCOR
International,
Inc.
a
347,065
36,982
Comfort
Systems
USA,
Inc.
3,599,458
121,585
CoreCivic,
Inc.
a
1,074,811
44,538
Deluxe
Corporation
741,558
16,365
DXP
Enterprises,
Inc.
a
387,523
19,771
Encore
Wire
Corporation
2,284,341
60,102
Enerpac
Tool
Group
Corporation
1,071,619
21,503
EnPro
Industries,
Inc.
1,827,325
26,725
ESCO
Technologies,
Inc.
1,962,684
52,840
Exponent,
Inc.
4,632,483
62,671
Federal
Signal
Corporation
2,338,882
11,576
Forrester
Research,
Inc.
a
416,852
27,756
Forward
Air
Corporation
2,505,257
40,196
Franklin
Electric
Company,
Inc.
3,284,415
128,274
GEO
Group,
Inc.
a
987,710
32,694
Gibraltar
Industries,
Inc.
a
1,338,165
44,085
GMS,
Inc.
a
1,763,841
45,571
Granite
Construction,
Inc.
1,157,048
33,687
Greenbrier
Companies,
Inc.
817,583
48,960
Griffon
Corporation
1,445,299
82,110
Harsco
Corporation
a
307,091
53,118
Hawaiian
Holdings,
Inc.
a
698,502
76,551
Healthcare
Services
Group,
Inc.
925,502
48,142
Heartland
Express,
Inc.
688,912
20,402
Heidrick
&
Struggles
International,
Inc.
530,248
71,799
Hillenbrand,
Inc.
2,636,459
42,727
HNI
Corporation
1,132,693
35,134
Hub
Group,
Inc.
a
2,423,543
20,164
Insteel
Industries,
Inc.
534,951
60,743
Interface,
Inc.
546,080
32,936
John
Bean
Technologies
Corporation
2,832,496
28,954
Kaman
Corporation
808,685
119,735
KAR
Auction
Services,
Inc.
a
1,337,440
Shares
Common
Stock
(98.9%)
Value
Industrials
(16.0%)
-
continued
35,755
Kelly
Services,
Inc.
$
485,910
56,449
Korn
Ferry
2,650,281
11,349
Lindsay
Corporation
1,626,085
59,463
Marten
Transport,
Ltd.
1,139,311
40,295
Matson,
Inc.
2,478,948
31,638
Matthews
International
Corporation
709,008
29,937
Moog,
Inc.
2,106,068
58,595
Mueller
Industries,
Inc.
3,482,887
17,219
MYR
Group,
Inc.
a
1,458,966
5,250
National
Presto
Industries,
Inc.
341,512
114,588
NOW,
Inc.
a
1,151,609
12,859
NV5
Global,
Inc.
a
1,592,201
20,090
Park
Aerospace
Corporation
221,794
61,968
PGT
Innovations,
Inc.
a
1,298,849
167,158
Pitney
Bowes,
Inc.
389,478
9,378
Powell
Industries,
Inc.
197,688
28,430
Proto
Labs,
Inc.
a
1,035,705
34,441
Quanex
Building
Products
Corporation
625,449
150,599
Resideo
Technologies,
Inc.
a
2,870,417
32,857
Resources
Connection,
Inc.
593,726
52,294
SkyWest,
Inc.
a
850,300
46,737
SPX
Technologies,
Inc.
a
2,580,817
12,368
Standex
International
Corporation
1,009,847
33,658
Sun
Country
Airlines
Holdings,
Inc.
a
458,085
19,217
Tennant
Company
1,086,914
52,587
Titan
International,
Inc.
a
638,406
84,773
Trinity
Industries,
Inc.
1,809,904
67,160
Triumph
Group,
Inc.
a
576,904
33,788
TrueBlue,
Inc.
a
644,675
63,701
UFP
Industries,
Inc.
4,596,664
15,602
UniFirst
Corporation
2,624,724
14,436
Veritiv
Corporation
a
1,411,408
21,316
Viad
Corporation
a
673,159
50,187
Wabash
National
Corporation
780,910
Total
133,743,964
Information
Technology
(12.4%)
124,010
8x8,
Inc.
a
427,835
68,504
A10
Networks,
Inc.
909,048
72,827
Adtran
Holdings,
Inc.
1,425,953
38,619
Advanced
Energy
Industries,
Inc.
2,989,497
20,443
Agilysys,
Inc.
a
1,131,520
51,417
Alarm.com
Holdings,
Inc.
a
3,334,907
22,918
Alpha
and
Omega
Semiconductor,
Ltd.
a
704,958
90,587
Arlo
Technologies,
Inc.
a
420,324
35,069
Avid
Technology,
Inc.
a
815,705
34,148
Axcelis
Technologies,
Inc.
a
2,068,003
30,256
Badger
Meter,
Inc.
2,795,352
36,345
Benchmark
Electronics,
Inc.
900,629
40,711
Cerence,
Inc.
a
641,198
24,015
CEVA,
Inc.
a
629,913
11,821
Clearfield,
Inc.
a
1,236,949
49,853
Cohu,
Inc.
a
1,285,210
28,437
Comtech
Telecommunications
Corporation
284,654
18,241
Consensus
Cloud
Solutions,
Inc.
a
862,799
39,609
Corsair
Gaming,
Inc.
a
449,562
33,164
CSG
Systems
International,
Inc.
1,753,712
32,939
CTS
Corporation
1,371,909
76,824
Diebold
Nixdorf,
Inc.
a
187,451
36,268
Digi
International,
Inc.
a
1,253,785
92,980
Digital
Turbine,
Inc.
a
1,339,842
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
347
Shares
Common
Stock
(98.9%)
Value
Information
Technology
(12.4%)
-
continued
47,014
Diodes,
Inc.
a
$
3,051,679
24,280
Ebix,
Inc.
b
460,592
27,799
ePlus,
Inc.
a
1,154,770
68,199
EVERTEC,
Inc.
2,138,039
133,621
Extreme
Networks,
Inc.
a
1,746,426
38,025
Fabrinet
a
3,629,486
18,895
FARO
Technologies,
Inc.
a
518,479
79,734
FormFactor,
Inc.
a
1,997,337
108,602
Harmonic,
Inc.
a
1,419,428
29,709
Ichor
Holdings,
Ltd.
a
719,255
31,562
Insight
Enterprises,
Inc.
a
2,601,024
30,657
InterDigital,
Inc.
1,239,156
46,661
Itron,
Inc.
a
1,964,895
94,731
Knowles
Corporation
a
1,152,876
60,026
Kulicke
and
Soffa
Industries,
Inc.
2,312,802
71,778
LivePerson,
Inc.
a
676,149
69,406
LiveRamp
Holding,
Inc.
a
1,260,413
74,497
MaxLinear,
Inc.
a
2,430,092
37,988
Methode
Electronics,
Inc.
1,411,254
29,703
NETGEAR,
Inc.
a
595,248
70,199
NetScout
Systems,
Inc.
a
2,198,633
36,428
OneSpan,
Inc.
a
313,645
51,356
Onto
Innovation,
Inc.
a
3,289,352
16,385
OSI
Systems,
Inc.
a
1,180,703
11,679
PC
Connection,
Inc.
526,606
30,442
PDF
Solutions,
Inc.
a
746,742
35,770
Perficient,
Inc.
a
2,325,765
63,678
Photronics,
Inc.
a
930,972
28,646
Plexus
Corporation
a
2,508,244
44,927
Progress
Software
Corporation
1,911,644
114,255
Rambus,
Inc.
a
2,904,362
19,361
Rogers
Corporation
a
4,683,039
59,753
Sanmina
Corporation
a
2,753,418
26,083
ScanSource,
Inc.
a
688,852
51,677
SMART
Global
Holdings,
Inc.
a
820,114
37,229
SPS
Commerce,
Inc.
a
4,624,959
19,520
TTEC
Holdings,
Inc.
864,931
105,639
TTM
Technologies,
Inc.
a
1,392,322
46,963
Ultra
Clean
Holdings,
Inc.
a
1,209,297
70,071
Unisys
Corporation
a
529,036
53,159
Veeco
Instruments,
Inc.
a
973,873
235,512
Viavi
Solutions,
Inc.
a
3,073,432
107,708
Xperi
Holding
Corporation
1,522,991
Total
103,673,047
Materials
(5.5%)
28,951
AdvanSix,
Inc.
929,327
134,282
Allegheny
Technologies,
Inc.
a
3,573,244
29,996
American
Vanguard
Corporation
560,925
106,125
Arconic
Corporation
a
1,808,370
33,204
Balchem
Corporation
4,036,942
49,907
Carpenter
Technology
Corporation
1,554,104
52,885
Century
Aluminum
Company
a
279,233
17,305
Clearwater
Paper
Corporation
a
650,668
35,313
Compass
Minerals
International,
Inc.
1,360,610
26,691
FutureFuel
Corporation
161,214
54,955
H.B.
Fuller
Company
3,302,795
19,544
Hawkins,
Inc.
762,021
12,882
Haynes
International,
Inc.
452,416
25,627
Innospec,
Inc.
2,195,465
16,478
Kaiser
Aluminum
Corporation
1,010,925
21,602
Koppers
Holdings,
Inc.
448,890
185,288
Livent
Corporation
a
5,679,077
21,216
Materion
Corporation
1,697,280
Shares
Common
Stock
(98.9%)
Value
Materials
(5.5%)
-
continued
56,518
Mativ,
Inc.
$
1,247,917
41,723
Mercer
International,
Inc.
513,193
33,694
Minerals
Technologies,
Inc.
1,664,821
37,698
Myers
Industries,
Inc.
620,886
160,966
O-I
Glass,
Inc.
a
2,084,510
9,893
Olympic
Steel,
Inc.
225,659
14,085
Quaker
Chemical
Corporation
2,033,592
66,128
Rayonier
Advanced
Materials,
Inc.
a
208,303
21,904
Stepan
Company
2,051,748
86,203
SunCoke
Energy,
Inc.
500,839
34,211
Sylvamo
Corporation
1,159,753
42,527
TimkenSteel
Corporation
a
637,480
25,994
Tredegar
Corporation
245,383
36,152
Trinseo
plc
662,305
53,396
Warrior
Met
Coal,
Inc.
1,518,582
Total
45,838,477
Real
Estate
(7.6%)
98,133
Acadia
Realty
Trust
1,238,438
82,525
Agree
Realty
Corporation
5,577,040
75,151
Alexander
&
Baldwin,
Inc.
1,246,004
53,809
American
Assets
Trust,
Inc.
1,383,968
118,232
Anywhere
Real
Estate,
Inc.
a
958,862
69,990
Armada
Hoffler
Properties,
Inc.
726,496
177,354
Brandywine
Realty
Trust
1,197,140
100,300
CareTrust
REIT,
Inc.
1,816,433
15,890
Centerspace
1,069,715
50,453
Chatham
Lodging
Trust
a
497,971
24,129
Community
Healthcare
Trust,
Inc.
790,225
218,034
DiamondRock
Hospitality
Company
1,637,435
247,185
Diversified
Healthcare
Trust
244,738
69,733
Douglas
Elliman,
Inc.
285,905
93,879
Easterly
Government
Properties,
Inc.
1,480,472
145,983
Essential
Properties
Realty
Trust,
Inc.
2,839,369
84,206
Four
Corners
Property
Trust,
Inc.
2,036,943
94,978
Franklin
Street
Properties
Corporation
249,792
43,962
Getty
Realty
Corporation
1,182,138
107,184
Global
Net
Lease,
Inc.
1,141,510
33,972
Hersha
Hospitality
Trust
271,097
133,255
Hudson
Pacific
Properties,
Inc.
1,459,142
67,633
Industrial
Logistics
Properties
Trust
371,982
28,916
Innovative
Industrial
Properties,
Inc.
2,559,066
88,255
iStar,
Inc.
817,241
41,871
LTC
Properties,
Inc.
1,568,069
289,332
LXP
Industrial
Trust
2,650,281
26,026
Marcus
and
Millichap,
Inc.
853,132
23,596
NexPoint
Residential
Trust,
Inc.
1,090,371
50,089
Office
Properties
Income
Trust
703,750
58,544
Orion
Office
REIT,
Inc.
512,260
150,923
Outfront
Media,
Inc.
2,292,520
19,404
RE/MAX
Holdings,
Inc.
366,930
128,741
Retail
Opportunity
Investments
Corporation
1,771,476
88,046
RPT
Realty
665,628
17,999
Safehold,
Inc.
476,254
13,331
Saul
Centers,
Inc.
499,913
170,706
Service
Properties
Trust
885,964
192,495
SITE
Centers
Corporation
2,061,621
35,319
St.
Joe
Company
1,131,268
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
348
/
Shares
Common
Stock
(98.9%)
Value
Real
Estate
(7.6%)
-
continued
110,503
Summit
Hotel
Properties,
Inc.
$
742,580
219,474
Sunstone
Hotel
Investors,
Inc.
2,067,445
107,890
Tanger
Factory
Outlet
Centers,
Inc.
1,475,935
245,250
Uniti
Group,
Inc.
1,704,488
13,125
Universal
Health
Realty
Income
Trust
567,131
121,403
Urban
Edge
Properties
1,619,516
31,179
Urstadt
Biddle
Properties,
Inc.
483,586
81,911
Veris
Residential,
Inc.
a
931,328
90,349
Washington
REIT
1,586,528
47,972
Whitestone
REIT
405,843
118,208
Xenia
Hotels
&
Resorts,
Inc.
1,630,088
Total
63,823,027
Utilities
(2.2%)
38,203
American
States
Water
Company
2,977,924
75,437
Avista
Corporation
2,794,941
56,189
California
Water
Service
Group
2,960,598
18,336
Chesapeake
Utilities
Corporation
2,115,791
18,204
Middlesex
Water
Company
1,405,349
35,991
Northwest
Natural
Holding
Company
1,561,290
126,594
South
Jersey
Industries,
Inc.
4,230,771
16,576
Unitil
Corporation
769,955
Total
18,816,619
Total
Common
Stock
(cost
$773,987,150)
828,578,442
Shares
Registered
Investment
Companies
(
1.0%
)
Value
Unaffiliated  (1.0%)
91,679
iShares
Core
S&P
Small-Cap
ETF
7,993,492
Total
7,993,492
Total
Registered
Investment
Companies
(cost
$6,147,165)
7,993,492
Shares
Collateral
Held
for
Securities
Loaned
(
0.7%
)
Value
5,707,746
Thrivent
Cash
Management
Trust
5,707,746
Total
Collateral
Held
for
Securities
Loaned
(cost
$5,707,746)
5,707,746
Shares
or
Principal
Amount
Short-Term
Investments
(
<0.1%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
2.430%,
10/14/2022
c,d
99,908
Thrivent
Core
Short-Term
Reserve
Fund
5,656
3.170%
56,557
Total
Short-Term
Investments
(cost
$156,470)
156,465
Total
Investments
(cost
$785,998,531)
100.6%
$842,436,145
Other
Assets
and
Liabilities,
Net
(0.6%)
(5,046,902)
Total
Net
Assets
100.0%
$837,389,243
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
The
interest
rate
shown
reflects
the
yield.
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,
2022:
Securities
Lending
Transactions
Common
Stock
$
5,507,649
Total
lending
$5,507,649
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$5,707,746
Net
amounts
due
to
counterparty
$200,097
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,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
349
Reference
Description:
CME
-
Chicago
Mercantile
Exchange
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
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
17,733,728
17,733,728
Consumer
Discretionary
104,898,108
104,898,108
Consumer
Staples
41,393,530
41,393,530
Energy
38,252,257
38,252,257
Financials
155,652,208
155,652,208
Health
Care
104,753,477
104,753,477
Industrials
133,743,964
133,743,964
Information
Technology
103,673,047
103,673,047
Materials
45,838,477
45,838,477
Real
Estate
63,823,027
63,823,027
Utilities
18,816,619
18,816,619
Registered
Investment
Companies
Unaffiliated
7,993,492
7,993,492
Short-Term
Investments
99,908
99,908
Subtotal
Investments
in
Securities
$836,671,842
$836,571,934
$99,908
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
56,557
Collateral
Held
for
Securities
Loaned
5,707,746
Subtotal
Other
Investments
$5,764,303
Total
Investments
at
Value
$842,436,145
*
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
91,203
91,203
Total
Liability
Derivatives
$91,203
$91,203
$–
$–
The
following
table
presents
Small
Cap
Index
Portfolio's
futures
contracts
held
as
of
September
30,
2022.
Investments
and/or
cash
totaling
$99,908
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
2022
$
926,103
(
$
91,203)
Total
Futures
Long
Contracts
$
926,103
(
$
91,203)
Total
Futures
Contracts
$
926,103
($91,203)
Small
Cap
Index
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
350
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$134
$209,758
$209,835
$57
6
<0.1%
Total
Affiliated
Short-Term
Investments
134
57
<0.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
10,321
67,606
72,219
5,708
5,708
0.7%
Total
Collateral
Held
for
Securities
Loaned
10,321
5,708
0.7
Total
Value
$10,455
$5,765
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$38
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$38
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
31
Total
Affiliated
Income
from
Securities
Loaned,
Net
$31
Total
Value
$–
$–
$
Small
Cap
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
351
Shares
Common
Stock
(
98.6%
)
Value
Communications
Services
(1.2%)
901,871
QuinStreet,
Inc.
a
$
9,469,645
Total
9,469,645
Consumer
Discretionary
(9.8%)
243,053
Cedar
Fair,
LP
10,001,631
448,660
Clarus
Corporation
6,043,450
821,100
Cooper-Standard
Holdings,
Inc.
a
4,795,224
756,390
Everi
Holdings,
Inc.
a
12,268,646
98,647
Grand
Canyon
Education,
Inc.
a
8,113,715
105,894
Papa
John's
International,
Inc.
7,413,639
211,190
Sleep
Number
Corporation
a
7,140,334
333,190
Sonos,
Inc.
a
4,631,341
369,982
Stoneridge,
Inc.
a
6,271,195
1,351,207
ThredUp,
Inc.
a
2,486,221
355,175
Zumiez,
Inc.
a
7,646,918
Total
76,812,314
Consumer
Staples
(4.2%)
194,720
John
B.
Sanfilippo
&
Son,
Inc.
14,746,146
942,200
Primo
Water
Corporation
11,824,610
296,918
Turning
Point
Brands,
Inc.
6,303,569
Total
32,874,325
Energy
(3.6%)
184,334
Devon
Energy
Corporation
11,084,003
186,801
Helmerich
&
Payne,
Inc.
6,906,033
613,540
NOV,
Inc.
9,927,077
Total
27,917,113
Financials
(17.5%)
254,155
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
8,249,871
590,820
Bridgewater
Bancshares,
Inc.
a
9,730,805
479,576
Byline
Bancorp,
Inc.
9,711,414
535,136
Columbia
Banking
System,
Inc.
15,460,079
261,814
Enterprise
Financial
Services
Corporation
11,530,289
208,454
Federated
Hermes,
Inc.
6,903,997
144,504
Glacier
Bancorp,
Inc.
7,099,482
421,195
Heartland
Financial
USA,
Inc.
18,263,015
134,973
Houlihan
Lokey,
Inc.
10,174,265
129,617
RLI
Corporation
13,270,188
341,558
Seacoast
Banking
Corporation
of
Florida
10,325,298
182,386
Triumph
Bancorp,
Inc.
a
9,912,679
107,098
Western
Alliance
Bancorp
7,040,623
Total
137,672,005
Health
Care
(11.2%)
251,289
Agiliti,
Inc.
a
3,595,946
199,842
Enovis
Corporation
a
9,206,721
274,522
Halozyme
Therapeutics,
Inc.
a
10,854,600
223,888
Ionis
Pharmaceuticals,
Inc.
a
9,902,566
143,256
Lantheus
Holdings,
Inc.
a
10,075,195
111,822
NuVasive,
Inc.
a
4,898,922
342,505
Progyny,
Inc.
a
12,693,235
209,629
Syneos
Health,
Inc.
a
9,884,007
120,454
UFP
Technologies,
Inc.
a
10,339,771
1,113,420
Viemed
Healthcare,
Inc.
a
6,680,520
Total
88,131,483
Industrials
(22.1%)
415,492
Air
Lease
Corporation
12,884,407
125,892
ASGN,
Inc.
a
11,376,860
Shares
Common
Stock
(98.6%)
Value
Industrials
(22.1%)
-
continued
642,411
Badger
Infrastructure
Solutions,
Ltd.
$
13,091,446
299,602
Barnes
Group,
Inc.
8,652,506
308,307
Cimpress
plc
a
7,547,355
202,102
Crane
Holdings,
Company
17,692,009
61,766
Curtiss-Wright
Corporation
8,595,357
149,765
Forward
Air
Corporation
13,517,789
229,311
Greenbrier
Companies,
Inc.
5,565,378
187,181
Helios
Technologies,
Inc.
9,471,359
339,855
IAA,
Inc.
a
10,824,382
883,949
Janus
International
Group,
Inc.
a
7,884,825
64,704
Lincoln
Electric
Holdings,
Inc.
8,134,587
177,033
ManpowerGroup,
Inc.
11,452,265
70,213
Middleby
Corporation
a
8,999,200
233,601
Miller
Industries,
Inc.
4,973,365
361,843
Sun
Country
Airlines
Holdings,
Inc.
a
4,924,683
144,303
Tennant
Company
8,161,778
Total
173,749,551
Information
Technology
(13.9%)
81,835
Advanced
Energy
Industries,
Inc.
6,334,847
138,847
Agilysys,
Inc.
a
7,685,182
360,776
BigCommerce
Holdings,
Inc.
a
5,339,485
147,723
Ciena
Corporation
a
5,972,441
15,523
Computer
Services,
Inc.
865,407
99,480
Dolby
Laboratories,
Inc.
6,481,122
825,208
Gilat
Satellite
Networks,
Ltd.
a
4,398,359
654,341
Knowles
Corporation
a
7,963,330
37,957
Littelfuse,
Inc.
7,541,676
247,912
NAPCO
Security
Technologies,
Inc.
a
7,209,281
267,015
National
Instruments
Corporation
10,077,146
18,013
Plexus
Corporation
a
1,577,218
157,466
TTEC
Holdings,
Inc.
6,977,319
1,651,191
TTM
Technologies,
Inc.
a
21,762,697
118,710
Workiva,
Inc.
a
9,235,638
Total
109,421,148
Materials
(7.8%)
172,106
Ashland,
Inc.
16,344,907
364,968
Carpenter
Technology
Corporation
11,365,103
233,516
Ingevity
Corporation
a
14,158,075
1,416,319
Ivanhoe
Mines,
Ltd.
a
9,115,051
96,988
United
States
Lime
&
Minerals,
Inc.
9,912,174
Total
60,895,310
Real
Estate
(4.6%)
149,490
Agree
Realty
Corporation
10,102,534
271,840
Healthcare
Realty
Trust,
Inc.
5,667,864
491,913
Independence
Realty
Trust,
Inc.
8,229,705
141,181
National
Storage
Affiliates
Trust
5,870,306
434,622
Pebblebrook
Hotel
Trust
6,306,365
Total
36,176,774
Utilities
(2.7%)
55,235
Black
Hills
Corporation
3,741,066
77,074
NorthWestern
Corporation
3,798,207
159,542
Portland
General
Electric
Company
6,933,695
Small
Cap
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
352
Shares
Common
Stock
(98.6%)
Value
Utilities
(2.7%)
-
continued
106,166
Spire,
Inc.
$
6,617,327
Total
21,090,295
Total
Common
Stock
(cost
$812,501,717)
774,209,963
Shares
Short-Term
Investments
(
1.7%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,308,530
3.170%
13,085,298
Total
Short-Term
Investments
(cost
$13,084,041)
13,085,298
Total
Investments
(cost
$825,585,758)
100.3%
$787,295,261
Other
Assets
and
Liabilities,
Net
(0.3%)
(2,223,917)
Total
Net
Assets
100.0%
$785,071,344
a
Non-income
producing
security.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
September
30,
2022,
in
valuing
Small
Cap
Stock
Portfolio's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
9,469,645
9,469,645
Consumer
Discretionary
76,812,314
76,812,314
Consumer
Staples
32,874,325
32,874,325
Energy
27,917,113
27,917,113
Financials
137,672,005
137,672,005
Health
Care
88,131,483
88,131,483
Industrials
173,749,551
160,658,105
13,091,446
Information
Technology
109,421,148
109,421,148
Materials
60,895,310
51,780,259
9,115,051
Real
Estate
36,176,774
36,176,774
Utilities
21,090,295
21,090,295
Subtotal
Investments
in
Securities
$774,209,963
$752,003,466
$22,206,497
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
13,085,298
Subtotal
Other
Investments
$13,085,298
Total
Investments
at
Value
$787,295,261
*
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.  
Small
Cap
Stock
Portfolio
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
The
accompanying
Notes
to
Schedule
of
Investments
are
an
integral
part
of
this
schedule.
353
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
12/31/2021
Gross
Purchases
Gross
Sales
Value
9/30/2022
Shares
Held
at
9/30/2022
%
of
Net
Assets
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$12,391
$141,173
$140,479
$13,085
1,309
1.7%
Total
Affiliated
Short-Term
Investments
12,391
13,085
1.7
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
31
20,147
20,178
Total
Collateral
Held
for
Securities
Loaned
31
Total
Value
$12,422
$13,085
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2022
-
9/30/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.170%
$–
$–
$
$
158
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$158
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
7
Total
Affiliated
Income
from
Securities
Loaned,
Net
$7
Total
Value
$–
$–
$
Notes
to
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
354
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.
Thrivent
Money
Market Portfolio
seeks
to
maintain
a
stable
net
asset
value
of
$1.00
per
share,
pursuant
to
procedures
established
by
the
Board,
and
generally
utilizes
the
amortized
cost
method.
Valuing
securities
held
by
Thrivent
Money
Market Portfolio
on
the
basis
of
amortized
cost
(which
approximates
market
value)
involves
a
constant
amortization
of
premium
or
accretion
of
discount
to
maturity.
The
Thrivent
Money
Market Portfolio
will
not
value
a
security
at
amortized
cost,
but
will
instead
make
a
fair
value
determination
of
each
security,
if
it
determines
that
amortized
cost
is
not
approximately
the
same
as
the
fair
value
of
the
security.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Portfolios'
securities to
the
Portfolios'
Investment
Adviser. 
The
Adviser
has
formed
a
Valuation
Committee
(the
“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
Notes
to
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
355
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
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.
Notes
to
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
356
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Portfolio’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Portfolio’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Portfolio’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Portfolio’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
the
Portfolio
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Portfolio
or
sell
to
the
Portfolio
the
underlying
asset
as
required.
In
the
case
where
the
Portfolio
has
written
an
option,
the
Portfolio
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-
counter
options
is
partially
mitigated
by
the
Portfolio’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Portfolio,
the
Portfolio
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
During
the nine
months
ended
September
30,
2022,
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. 
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 nine
months
ended
September
30,
2022,
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 nine
months
ended
September
30,
2022,
Aggressive
Allocation,
Balanced
Income
Plus,
Diversified
Income
Plus, 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.
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 nine
months
ended September
30,
2022,
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
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
Notes
to
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
357
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 seller
or
the
protection
buyer.
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 nine
months
ended
September
30,
2022, Balanced
Income
Plus,
Diversified
Income
Plus,
High
Yield,
Income,
Moderate
Allocation,
Moderately
Aggressive
Allocation, Moderately
Conservative
Allocation,
and
Opportunity
Income
Plus
used
CDX
indices
(comprised
of
credit
default
swaps)
to
help
manage
credit
risk
exposure
within
the
Portfolio.
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.
Securities
Lending
The
Fund
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as Goldman
Sachs
Agency
Lending
("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Portfolios.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value of
U.S.
securities
and
105%
of
the
market
value
of
non-U.S.
securities. 
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received. 
Any
additional
collateral
is
adjusted
and
settled on
the
next
business
day. 
The
Fund
has
the ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell the
loaned
securities.  All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Portfolios receive
dividends
and
interest that
would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent Cash
Management Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations. 
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Portfolio
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Portfolio
could
lose
money. 
Generally,
in
the
event
of
borrower
default, a Portfolio
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred. 
However,
in
the
event
Notes
to
Schedule
of
Investments
as
of
September
30,
2022
(unaudited)
358
a
Portfolio
is delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss. 
Some
of
these
losses
may
be
indemnified
by
the
lending
agent. 
As
of
September
30,
2022,
the
value
of
securities
on
loan
is
as
follows: 
    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.
Portfolio
Securities
on
Loan
Aggressive
Allocation
$
13,955,334
All
Cap
365,988
Balanced
Income
Plus
4,567,462
Diversified
Income
Plus
7,106,004
Global
Stock
6,627,709
High
Yield
53,156,877
Income
5,597,299
International
Allocation
442,488
International
Index
45,363
Large
Cap
Index
363,664
Limited
Maturity
Bond
3,001,060
Mid
Cap
Growth
268,476
Mid
Cap
Index
2,449,135
Moderate
Allocation
78,855,866
Moderately
Aggressive
Allocation
24,889,101
Moderately
Conservative
Allocation
36,432,035
Multidimensional
Income
3,505,187
Opportunity
Income
Plus
1,878,380
Small
Cap
Growth
696,463
Small
Cap
Index
5,507,649