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