Thrivent Series Fund NPORT-P Thrivent High Yield Portfolio (Mar 2021 report)

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

(

50.7%

)

Value

Communications

Services

(3.3%)

25,464

Activision

Blizzard,

Inc.

$

2,368,152

7,125

Alphabet,

Inc.,

Class

A

a

14,695,455

1,529

Alphabet,

Inc.,

Class

C

a

3,162,935

8,958

AMC

Networks,

Inc.

a

476,207

2,880

ANGI

Homeservices,

Inc.

a

37,440

22,512

AT&T,

Inc.

681,438

437

Cardlytics,

Inc.

a

47,939

1,816

Cars.com

Inc.

a

23,535

1,080

Charter

Communications,

Inc.

a

666,382

67,552

Comcast

Corporation

3,655,239

879

Consolidated

Communications

Holdings,

Inc.

a

6,329

14,541

Discovery,

Inc.,

Class

A

a,b

631,952

15,267

DISH

Network

Corporation

a

552,665

1,698

EchoStar

Corporation

a

40,752

5,801

Entercom

Communications

Corporation

a

30,455

31,287

Facebook,

Inc.

a

9,214,960

5,450

Gannett

Company,

Inc.

a

29,321

3,964

Gray

Television,

Inc.

72,938

770

Hemisphere

Media

Group,

Inc.

a

8,970

5,412

Interpublic

Group

of

Companies,

Inc.

158,030

33,846

Live

Nation

Entertainment,

Inc.

a

2,865,064

13,888

Lumen

Technologies,

Inc.

185,405

17,026

Match

Group,

Inc.

a

2,339,032

2,179

Omnicom

Group,

Inc.

161,573

98,296

QuinStreet,

Inc.

a

1,995,409

7,774

RingCentral,

Inc.

a

2,315,719

54

Roku,

Inc.

a

17,591

663

Scholastic

Corporation

19,963

5,530

Take-Two

Interactive

Software,

Inc.

a

977,151

6,756

Telephone

&

Data

Systems,

Inc.

155,118

56,451

Twitter,

Inc.

a

3,591,977

75,815

Uber

Technologies,

Inc.

a

4,132,676

1,098

United

States

Cellular

Corporation

a

40,055

61,544

Verizon

Communications,

Inc.

3,578,784

6,361

Walt

Disney

Company

a

1,173,732

2,998

WideOpenWest,

Inc.

a

40,743

5,100

Zillow

Group,

Inc.

a

670,038

Total

60,821,124

Consumer

Discretionary

(7.0%)

1,308

Aaron's

Company,

Inc.

33,589

4,065

Adient

plc

a

179,673

7,440

Amazon.com,

Inc.

a

23,019,955

6,589

American

Axle

&

Manufacturing

Holdings,

Inc.

a

63,650

6,277

American

Eagle

Outfitters,

Inc.

b

183,539

47,182

Aptiv

plc

a

6,506,398

10,405

At

Home

Group,

Inc.

a

298,623

2,673

AutoNation,

Inc.

a

249,177

1,160

AutoZone,

Inc.

a

1,628,988

11,761

Bally's

Corporation

a

764,230

2,141

Beazer

Homes

USA,

Inc.

a

44,790

1,398

Bed

Bath

&

Beyond,

Inc.

a

40,752

1,688

Big

5

Sporting

Goods

Corporation

26,502

2,444

Big

Lots,

Inc.

166,925

1,866

BJ's

Restaurants,

Inc.

a

108,377

1,339

Booking

Holdings,

Inc.

a

3,119,656

4,028

Bright

Horizons

Family

Solutions,

Inc.

a

690,601

841

Brinker

International,

Inc.

a

59,761

1,217

Brunswick

Corporation

116,065

Shares

Common

Stock

(50.7%)

Value

Consumer

Discretionary

(7.0%)

-

continued

6,207

Burlington

Stores,

Inc.

a

$

1,854,652

22,673

Caesars

Entertainment,

Inc.

a

1,982,754

454

Camping

World

Holdings,

Inc.

16,517

5,821

Carnival

Corporation

a

154,489

5,294

Carvana

Company

a

1,389,146

53

Cavco

Industries,

Inc.

a

11,957

32,930

Cedar

Fair,

LP

a

1,635,962

479

Century

Casinos,

Inc.

a

4,919

13,670

Chegg,

Inc.

a

1,170,972

19,486

Chewy,

Inc.

a,b

1,650,659

28,137

Chico's

FAS,

Inc.

a

93,133

1,885

Children's

Place,

Inc.

a

131,385

3,251

Chipotle

Mexican

Grill,

Inc.

a

4,619,086

10,956

Choice

Hotels

International,

Inc.

1,175,469

490

Churchill

Downs,

Inc.

111,436

90,517

Cooper-Standard

Holdings,

Inc.

a

3,287,577

1,864

Cracker

Barrel

Old

Country

Store,

Inc.

322,248

17,961

Crocs,

Inc.

a

1,444,962

3,948

Culp,

Inc.

60,760

13,649

D.R.

Horton,

Inc.

1,216,399

6,482

Dana,

Inc.

157,707

2,012

Darden

Restaurants,

Inc.

285,704

592

Deckers

Outdoor

Corporation

a

195,609

3,111

Designer

Brands,

Inc.

a

54,131

9,049

Dick's

Sporting

Goods,

Inc.

689,081

2,678

Dillard's,

Inc.

258,614

5,557

Domino's

Pizza,

Inc.

2,043,809

1,014

Dorman

Products,

Inc.

a

104,077

108,152

Duluth

Holdings,

Inc.

a,b

1,832,095

8,455

Emerald

Holding,

Inc.

a

46,672

834

Ethan

Allen

Interiors,

Inc.

23,027

2,231

Etsy,

Inc.

a

449,926

4,128

Expedia

Group,

Inc.

a

710,511

15,889

Farfetch,

Ltd.

a,b

842,435

12,389

Five

Below,

Inc.

a

2,363,697

3,550

Foot

Locker,

Inc.

199,688

262

Fox

Factory

Holding

Corporation

a

33,290

12,354

Gap,

Inc.

a

367,902

1,458

Garmin,

Ltd.

192,237

16,779

Gentex

Corporation

598,507

3,532

Genuine

Parts

Company

408,264

4,423

G-III

Apparel

Group,

Ltd.

a

133,309

6,481

Goodyear

Tire

&

Rubber

Company

a

113,871

125

Graham

Holdings

Company

70,305

2,200

Grand

Canyon

Education,

Inc.

a

235,620

1,728

Group

1

Automotive,

Inc.

272,661

7,385

Guess

?,

Inc.

173,548

17,805

Hanesbrands,

Inc.

350,224

19,823

Harley-Davidson,

Inc.

794,902

1,070

Helen

of

Troy,

Ltd.

a

225,406

5,942

Home

Depot,

Inc.

1,813,796

6,538

IAA,

Inc.

a

360,505

2,884

KB

Home

134,193

5,765

Knoll,

Inc.

95,180

25,034

Kohl's

Corporation

1,492,277

5,047

L

Brands,

Inc.

a

312,207

5,565

Lear

Corporation

1,008,656

43,754

Leggett

&

Platt,

Inc.

1,997,370

6,571

Lithia

Motors,

Inc.

2,563,281

18,691

Lowe's

Companies,

Inc.

3,554,654

3,271

Lululemon

Athletica,

Inc.

a

1,003,248

1,965

M.D.C.

Holdings,

Inc.

116,721

1,441

M/I

Homes,

Inc.

a

85,120

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock

(50.7%)

Value

Consumer

Discretionary

(7.0%)

-

continued

46,572

Macy's,

Inc.

a

$

754,001

4,356

Magnite,

Inc.

a

181,253

382

Marriott

Vacations

Worldwide

Corporation

a

66,537

22,992

Mattel,

Inc.

a

458,001

3,897

McDonald's

Corporation

873,474

318

Mercadolibre,

Inc.

a

468,141

1,424

Meritage

Homes

Corporation

a

130,894

30,324

Miller

Industries,

Inc.

1,400,666

4,313

Mohawk

Industries,

Inc.

a

829,433

2,382

Nautilus,

Inc.

a

37,254

6,844

NIKE,

Inc.

909,499

600

Noodles

&

Company

a

6,210

20,451

Nordstrom,

Inc.

a

774,479

12,428

Norwegian

Cruise

Line

Holdings,

Ltd.

a

342,889

827

NVR,

Inc.

a

3,895,939

10,642

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

925,854

4,702

Overstock.com,

Inc.

a

311,555

20,067

Park

Hotels

&

Resorts,

Inc.

a

433,046

6,383

Penn

National

Gaming,

Inc.

a

669,194

33,892

Planet

Fitness,

Inc.

a

2,619,852

3,147

Playa

Hotels

and

Resorts

NV

a

22,973

723

Pool

Corporation

249,609

5,800

PulteGroup,

Inc.

304,152

973

Purple

Innovation,

Inc.

a

30,795

535

PVH

Corporation

a

56,550

35,602

Qurate

Retail,

Inc.

418,680

169

Revolve

Group,

Inc.

a

7,593

1,033

RH

a

616,288

4,413

Ross

Stores,

Inc.

529,163

1,976

Royal

Caribbean

Cruises,

Ltd.

a

169,165

5,128

Ruth's

Hospitality

Group,

Inc.

a

127,328

29,166

Skyline

Corporation

a

1,320,053

11,233

Sleep

Number

Corporation

a

1,611,823

18,268

Sony

Corporation

ADR

1,936,591

3,880

Standard

Motor

Products,

Inc.

161,330

976

Stitch

Fix,

Inc.

a

48,351

42,595

Stoneridge,

Inc.

a

1,354,947

1,005

Strategic

Education,

Inc.

92,370

25,465

Taylor

Morrison

Home

Corporation

a

784,577

9,289

Tenneco,

Inc.

a

99,578

9,158

Tesla,

Inc.

a

6,116,903

15,508

Texas

Roadhouse,

Inc.

a

1,487,838

1,475

Thor

Industries,

Inc.

198,742

9,296

Toll

Brothers,

Inc.

527,362

376

TopBuild

Corporation

a

78,746

12,201

Tri

Pointe

Homes,

Inc.

a

248,412

3,179

TripAdvisor,

Inc.

a

170,998

10,954

Tupperware

Brands

Corporation

a

289,295

4,807

Ulta

Beauty,

Inc.

a

1,486,180

844

Vail

Resorts,

Inc.

a

246,161

627

Whirlpool

Corporation

138,159

327

Williams-Sonoma,

Inc.

58,598

11,542

Wingstop,

Inc.

1,467,796

42

Winmark

Corporation

7,830

3,418

Workhorse

Group,

Inc.

a,b

47,066

15,342

Wyndham

Hotels

&

Resorts,

Inc.

1,070,565

601

YETI

Holdings,

Inc.

a

43,398

32,143

Zumiez,

Inc.

a

1,378,935

Total

129,492,841

Consumer

Staples

(1.5%)

2,363

Altria

Group,

Inc.

120,891

Shares

Common

Stock

(50.7%)

Value

Consumer

Staples

(1.5%)

-

continued

19,440

BJ's

Wholesale

Club

Holdings,

Inc.

a

$

872,078

136

Boston

Beer

Company,

Inc.

a

164,054

906

Casey's

General

Stores,

Inc.

195,868

79

Church

&

Dwight

Company,

Inc.

6,901

6,926

Colgate-Palmolive

Company

545,977

3,270

Costco

Wholesale

Corporation

1,152,610

26,314

Coty,

Inc.

a

237,089

6,856

Darling

Ingredients,

Inc.

a

504,464

76,006

e.l.f.

Beauty,

Inc.

a

2,039,241

614

Edgewell

Personal

Care

Company

24,314

2,545

Flowers

Foods,

Inc.

60,571

26,473

Hain

Celestial

Group,

Inc.

a

1,154,223

1,533

Hershey

Company

242,459

1,533

Ingredion,

Inc.

137,847

9,959

John

B.

Sanfilippo

&

Son,

Inc.

899,995

5,967

Kimberly-Clark

Corporation

829,711

34,538

Lamb

Weston

Holdings,

Inc.

2,676,004

314

Medifast,

Inc.

66,511

9,073

Monster

Beverage

Corporation

a

826,460

9,660

NewAge,

Inc.

a,b

27,628

695

PepsiCo,

Inc.

98,308

2,601

Performance

Food

Group

Company

a

149,844

33,131

Philip

Morris

International,

Inc.

2,940,045

127,654

Primo

Water

Corporation

2,075,654

5,420

Procter

&

Gamble

Company

734,031

925

Seneca

Foods

Corporation

a

43,558

888

Spectrum

Brands

Holdings,

Inc.

75,480

304

Tootsie

Roll

Industries,

Inc.

10,072

77,947

Turning

Point

Brands,

Inc.

4,066,495

386

United

Natural

Foods,

Inc.

a

12,715

3,333

US

Foods

Holding

Corporation

a

127,054

783

Utz

Brands,

Inc.

19,411

991

Vector

Group,

Ltd.

13,824

26,937

Wal-Mart

Stores,

Inc.

3,658,853

23

WD-40

Company

7,042

Total

26,817,282

Energy

(1.1%)

16,071

Antero

Midstream

Corporation

145,121

33,100

Antero

Resources

Corporation

a

337,620

86

APA

Corporation

1,539

16,424

Archrock,

Inc.

155,864

371

Bonanza

Creek

Energy,

Inc.

a

13,256

45,960

BP

plc

ADR

1,119,126

25,807

Centennial

Resource

Development,

Inc.

a,b

108,389

2,501

Chevron

Corporation

262,080

11,875

Cimarex

Energy

Company

705,256

768

Clean

Energy

Fuels

Corporation

a

10,552

4,489

CNX

Resources

Corporation

a

65,988

23,127

ConocoPhillips

1,225,037

1,471

CONSOL

Energy,

Inc.

a

14,298

5,817

Continental

Resources,

Inc.

a

150,486

7,229

Core

Laboratories

NV

208,123

48

Delek

US

Holdings,

Inc.

1,045

143,652

Devon

Energy

Corporation

3,138,796

6,698

Diamondback

Energy,

Inc.

492,236

3,645

Dorian

LPG,

Ltd.

a

47,859

14,913

EnLink

Midstream,

LLC

63,977

38,207

Enterprise

Products

Partners,

LP

841,318

6,745

EOG

Resources,

Inc.

489,215

685

Evolution

Petroleum

Corporation

2,315

6,246

Exterran

Corporation

a

20,987

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock

(50.7%)

Value

Energy

(1.1%)

-

continued

12,745

Exxon

Mobil

Corporation

$

711,553

18,793

Gevo,

Inc.

a,b

184,359

20,227

Gran

Tierra

Energy,

Inc.

a,b

14,155

38,074

Halliburton

Company

817,068

18,378

Helix

Energy

Solutions

Group,

Inc.

a

92,809

77,274

Helmerich

&

Payne,

Inc.

2,083,307

9,074

HollyFrontier

Corporation

324,668

50,106

Kinder

Morgan,

Inc.

834,265

3,293

Liberty

Oilfield

Services,

Inc.

a

37,178

23,302

Marathon

Oil

Corporation

248,865

22,516

Marathon

Petroleum

Corporation

1,204,381

956

Nabors

Industries,

Ltd.

a

89,338

83,092

Nine

Energy

Service,

Inc.

a

191,112

13,071

Occidental

Petroleum

Corporation

347,950

4,013

Oceaneering

International,

Inc.

a

45,829

14,463

Patterson-UTI

Energy,

Inc.

103,121

9,806

Pioneer

Natural

Resources

Company

1,557,389

3,047

Plains

GP

Holdings,

LP

a

28,642

4,442

ProPetro

Holding

Corporation

a

47,352

1,397

Renewable

Energy

Group,

Inc.

a

92,258

3,800

Ring

Energy,

Inc.

a,b

8,778

19,528

Talos

Energy,

Inc.

a

235,117

2,234

Targa

Resources

Corporation

70,930

30,639

Transocean,

Ltd.

a

108,768

241

TravelCenters

of

America,

Inc.

a

6,538

6,991

Valero

Energy

Corporation

500,556

Total

19,606,769

Financials

(7.4%)

137

1st

Source

Corporation

6,518

1,654

AG

Mortgage

Investment

Trust,

Inc.

6,666

47,162

Air

Lease

Corporation

2,310,938

1,336

Alleghany

Corporation

a

836,723

23,470

Ally

Financial,

Inc.

1,061,079

15,276

American

Equity

Investment

Life

Holding

Company

481,652

18,234

American

Express

Company

2,579,017

9,484

American

Financial

Group,

Inc.

1,082,124

169

American

National

Group,

Inc.

18,230

1,262

Ameriprise

Financial,

Inc.

293,352

16,120

Ameris

Bancorp

846,461

32,323

Annaly

Capital

Management,

Inc.

277,978

9,539

Apollo

Commercial

Real

Estate

Finance,

Inc.

133,260

34,340

Arch

Capital

Group,

Ltd.

a

1,317,626

1,069

Argo

Group

International

Holdings,

Ltd.

53,792

13,118

Arthur

J.

Gallagher

&

Company

1,636,733

3,062

Artisan

Partners

Asset

Management,

Inc.

159,745

26,060

Associated

Banc-Corp

556,120

58,297

Assured

Guaranty,

Ltd.

2,464,797

1,606

Bancorp,

Inc.

a

33,276

111,099

Bank

of

America

Corporation

4,298,420

1,690

Bank

of

Marin

Bancorp

66,180

34,458

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,316,985

3,849

BankFinancial

Corporation

39,722

9,226

Banner

Corporation

492,023

3,456

Berkshire

Hathaway,

Inc.

a

882,904

19,414

Berkshire

Hills

Bancorp,

Inc.

433,321

1,418

BlackRock,

Inc.

1,069,115

1,752

Blackstone

Mortgage

Trust,

Inc.

54,312

89

BM

Technologies,

Inc.

a,c

985

Shares

Common

Stock

(50.7%)

Value

Financials

(7.4%)

-

continued

518

BOK

Financial

Corporation

$

46,268

76,909

Bridgewater

Bancshares,

Inc.

a

1,242,080

7,581

Brighthouse

Financial,

Inc.

a

335,459

14,726

BrightSphere

Investment

Group

300,116

1,317

Broadmark

Realty

Capital,

Inc.

13,776

9,054

Brookline

Bancorp,

Inc.

135,810

1,441

Brown

&

Brown,

Inc.

65,868

2,423

Byline

Bancorp,

Inc.

51,246

21,741

Capital

One

Financial

Corporation

2,766,107

10,066

Central

Pacific

Financial

Corporation

268,561

66,779

Charles

Schwab

Corporation

4,352,655

21,466

Chimera

Investment

Corporation

272,618

9,961

Chubb,

Ltd.

1,573,539

7,099

Cincinnati

Financial

Corporation

731,836

35,117

Citigroup,

Inc.

2,554,762

6,133

Citizens

Financial

Group,

Inc.

270,772

3,534

CME

Group,

Inc.

721,749

6,878

CNO

Financial

Group,

Inc.

167,067

53,047

Columbia

Banking

System,

Inc.

2,285,795

16,585

Comerica,

Inc.

1,189,808

598

Commerce

Bancshares,

Inc.

45,813

10,573

Community

Trust

Bancorp,

Inc.

465,529

747

Cowen,

Inc.

26,257

900

Cullen/Frost

Bankers,

Inc.

97,884

2,691

Customers

Bancorp,

Inc.

a

85,628

234

Diamond

Hill

Investment

Group,

Inc.

36,506

1,347

Dime

Community

Bancshares,

Inc.

40,599

13,373

Discover

Financial

Services

1,270,301

4,687

East

West

Bancorp,

Inc.

345,901

3,993

Ellington

Residential

Mortgage

REIT

49,154

428

Employers

Holdings,

Inc.

18,430

808

Encore

Capital

Group,

Inc.

a

32,506

2,834

Enova

International,

Inc.

a

100,550

191

Enstar

Group,

Ltd.

a

47,125

1,195

Enterprise

Financial

Services

Corporation

59,081

74,787

Equitable

Holdings,

Inc.

2,439,552

3,449

Essent

Group,

Ltd.

163,793

15,737

Evercore,

Inc.

2,073,192

223,721

Everi

Holdings,

Inc.

a

3,156,703

30,844

F.N.B.

Corporation

391,719

1,877

FactSet

Research

Systems,

Inc.

579,223

361

Federal

Agricultural

Mortgage

Corporation

36,360

6,281

Financial

Institutions,

Inc.

190,252

946

First

American

Financial

Corporation

53,591

12,456

First

Bancorp/Puerto

Rico

140,255

11,717

First

Busey

Corporation

300,541

15,933

First

Financial

Bancorp

382,392

3,660

First

Financial

Corporation

164,737

3,735

First

Horizon

Corporation

63,159

503

First

Mid-Illinois

Bancshares,

Inc.

22,097

11,586

First

Midwest

Bancorp,

Inc.

253,849

486

First

of

Long

Island

Corporation

10,328

9,955

First

Republic

Bank

1,659,996

20,132

Flagstar

Bancorp,

Inc.

907,953

1,255

Flushing

Financial

Corporation

26,644

45,768

Fulton

Financial

Corporation

779,429

19,608

Glacier

Bancorp,

Inc.

1,119,225

2,448

Goldman

Sachs

Group,

Inc.

800,496

11,239

Granite

Point

Mortgage

Trust,

Inc.

134,531

9,594

Great

Southern

Bancorp,

Inc.

543,692

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock

(50.7%)

Value

Financials

(7.4%)

-

continued

8,085

Great

Western

Bancorp,

Inc.

$

244,895

11,075

Hamilton

Lane,

Inc.

980,802

29,109

Hancock

Whitney

Corporation

1,222,869

6,573

Hanmi

Financial

Corporation

129,685

5,390

Hanover

Insurance

Group,

Inc.

697,789

56,456

Heartland

Financial

USA,

Inc.

2,837,479

12,649

Heritage

Commerce

Corporation

154,571

795

Hilltop

Holdings,

Inc.

27,133

227

HomeStreet,

Inc.

10,004

6,969

Hometrust

Bancshares,

Inc.

169,695

54,251

Hope

Bancorp,

Inc.

817,020

7,310

Horizon

Bancorp,

Inc.

135,820

8,319

Independent

Bank

Corporation

196,661

11,823

Invesco

Mortgage

Capital.

Inc.

47,410

20,693

Invesco,

Ltd.

521,877

33,852

J.P.

Morgan

Chase

&

Company

5,153,290

29,449

James

River

Group

Holdings,

Ltd.

1,343,463

8,764

Jefferies

Financial

Group,

Inc.

263,796

45,577

KeyCorp

910,628

16,054

Kinsale

Capital

Group,

Inc.

2,645,699

459

KKR

Real

Estate

Finance

Trust,

Inc.

8,441

8,137

Ladder

Capital

Corporation

96,017

2,976

Lakeland

Bancorp,

Inc.

51,872

10,216

Lincoln

National

Corporation

636,150

3,327

Loews

Corporation

170,609

110

Markel

Corporation

a

125,358

156

MarketAxess

Holdings,

Inc.

77,676

8,103

Marsh

&

McLennan

Companies,

Inc.

986,945

2,936

Mercantile

Bank

Corporation

95,332

14,391

Meridian

Bancorp,

Inc.

265,082

8,175

MetLife,

Inc.

496,958

68,619

MFA

Financial,

Inc.

279,279

4,593

Midland

States

Bancorp,

Inc.

127,410

11,264

MidWestOne

Financial

Group,

Inc.

348,846

1,238

Moody's

Corporation

369,679

35,221

Morgan

Stanley

2,735,263

4,967

Mr.

Cooper

Group,

Inc.

a

172,653

3,735

MSCI,

Inc.

1,566,011

171

National

Western

Life

Group,

Inc.

42,579

14,985

Navient

Corporation

214,435

354

NBT

Bancorp,

Inc.

14,125

43,585

New

York

Community

Bancorp,

Inc.

550,043

7,867

New

York

Mortgage

Trust,

Inc.

35,166

3,930

NMI

Holdings,

Inc.

a

92,905

5,157

Northern

Trust

Corporation

542,052

3,998

OFG

Bancorp

90,435

10,800

Old

National

Bancorp

208,872

4,590

Old

Republic

International

Corporation

100,246

3,248

Old

Second

Bancorp,

Inc.

42,906

1,030

OneMain

Holdings,

Inc.

55,332

559

Oppenheimer

Holdings,

Inc.

22,388

14,295

PacWest

Bancorp

545,354

278

Peapack-Gladstone

Financial

Corporation

8,585

1,935

PennyMac

Mortgage

Investment

Trust

37,926

1,361

Peoples

Bancorp,

Inc.

45,144

20,696

Popular,

Inc.

1,455,343

12,040

Premier

Financial

Corporation

400,450

12,915

Primerica,

Inc.

1,909,095

2,829

PROG

Holdings,

Inc.

122,467

1,875

Prosperity

Bancshares,

Inc.

140,419

Shares

Common

Stock

(50.7%)

Value

Financials

(7.4%)

-

continued

7,684

QCR

Holdings,

Inc.

$

362,838

43,775

Radian

Group,

Inc.

1,017,769

17,272

Raymond

James

Financial,

Inc.

2,116,856

14,968

Redwood

Trust,

Inc.

155,817

5,379

Reinsurance

Group

of

America,

Inc.

678,023

1,529

RenaissanceRe

Holdings,

Ltd.

245,022

378

RLI

Corporation

42,173

9,577

S&P

Global,

Inc.

3,379,436

1,331

Safety

Insurance

Group,

Inc.

112,137

64,232

Seacoast

Banking

Corporation

of

Florida

a

2,327,768

8,673

SEI

Investments

Company

528,446

9,460

Selective

Insurance

Group,

Inc.

686,228

6,230

Signature

Bank

1,408,603

3,447

Simmons

First

National

Corporation

102,273

969

Southside

Bancshares,

Inc.

37,316

6,454

Starwood

Property

Trust,

Inc.

159,672

3,451

Sterling

Bancorp

79,442

1,112

Stifel

Financial

Corporation

71,235

38,266

Synovus

Financial

Corporation

1,750,670

3,937

T.

Rowe

Price

Group,

Inc.

675,589

1,384

Territorial

Bancorp,

Inc.

36,621

8,478

TMX

Group,

Ltd.

880,992

65

Tompkins

Financial

Corporation

5,376

6,415

Torchmark

Corporation

619,881

2,308

Towne

Bank

70,163

10,456

TPG

RE

Finance

Trust,

Inc.

117,107

2,774

TriCo

Bancshares

131,404

25,119

Triumph

Bancorp,

Inc.

a

1,943,959

28,175

Truist

Financial

Corporation

1,643,166

10,038

TrustCo

Bank

Corporation

73,980

2,951

Trustmark

Corporation

99,331

17,966

Two

Harbors

Investment

Corporation

131,691

55,287

Umpqua

Holdings

Corporation

970,287

8,077

United

Bankshares,

Inc.

311,611

550

Universal

Insurance

Holdings,

Inc.

7,887

887

Univest

Financial

Corporation

25,359

28,988

Unum

Group

806,736

18,147

Valley

National

Bancorp

249,340

4,361

Voya

Financial,

Inc.

277,534

203

Walker

&

Dunlop,

Inc.

20,856

1,644

Washington

Trust

Bancorp,

Inc.

84,880

1,022

Webster

Financial

Corporation

56,322

89,004

Wells

Fargo

&

Company

3,477,386

4,234

WesBanco,

Inc.

152,678

163

Westamerica

Bancorporation

10,233

76,641

Western

Alliance

Bancorp

7,237,976

13,531

Western

Asset

Mortgage

Capital

Corporation

43,164

170

Westwood

Holdings

Group,

Inc.

2,458

8,479

Wintrust

Financial

Corporation

642,708

43,311

Zions

Bancorporations

NA

2,380,373

3,726

Zurich

Insurance

Group

AG

1,585,978

Total

137,102,103

Health

Care

(6.9%)

5,093

Abbott

Laboratories

610,345

8,951

AbbVie,

Inc.

968,677

65,096

ACADIA

Pharmaceuticals,

Inc.

a

1,679,477

401

Acceleron

Pharma,

Inc.

a

54,380

32,724

Adaptive

Biotechnologies

Corporation

a

1,317,468

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock

(50.7%)

Value

Health

Care

(6.9%)

-

continued

1,328

ADMA

Biologics,

Inc.

a

$

2,337

2,317

Adverum

Biotechnologies,

Inc.

a

22,846

1,078

Align

Technology,

Inc.

a

583,769

204

Allakos,

Inc.

a

23,415

1,421

Altimmune,

Inc.

a

20,079

2,684

Amedisys,

Inc.

a

710,696

12,985

Amgen,

Inc.

3,230,798

22,466

AMN

Healthcare

Services,

Inc.

a

1,655,744

656

AnaptysBio,

Inc.

a

14,137

6,110

Anthem,

Inc.

2,193,185

152,905

Ardelyx,

Inc.

a

1,012,231

5,124

Arena

Pharmaceuticals,

Inc.

a

355,554

6,720

Argenx

SE

ADR

a

1,850,621

2,347

Arrowhead

Research

Corporation

a

155,630

12,651

Ascendis

Pharma

AS

ADR

a

1,630,461

1,579

Atara

Biotherapeutics,

Inc.

a

22,674

72

Atrion

Corporation

46,174

24,669

Axonics

Modulation

Technologies,

Inc.

a

1,477,426

3,609

Becton,

Dickinson

and

Company

877,528

3,928

Biogen,

Inc.

a

1,098,858

28,466

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

1,945,651

173

Bio-Rad

Laboratories,

Inc.

a

98,812

7,325

Bio-Techne

Corporation

2,797,637

731

BioXcel

Therapeutics,

Inc.

a,b

31,550

641

Bruker

Corporation

41,203

14,885

Catalent,

Inc.

a

1,567,539

16,284

Centene

Corporation

a

1,040,710

26,059

Cerner

Corporation

1,873,121

2,770

Charles

River

Laboratories

International,

Inc.

a

802,829

551

Chemed

Corporation

253,361

8,817

Cigna

Holding

Company

2,131,422

232

Co-Diagnostics,

Inc.

a,b

2,213

173

Cooper

Companies,

Inc.

66,448

2,933

CryoLife,

Inc.

a

66,227

15,649

CVS

Health

Corporation

1,177,274

1,227

CytomX

Therapeutics,

Inc.

a

9,485

550

Danaher

Corporation

123,794

10,417

Dexcom,

Inc.

a

3,743,766

1,203

Editas

Medicine,

Inc.

a,b

50,526

29,261

Edwards

Lifesciences

Corporation

a

2,447,390

4,057

Envista

Holdings

Corporation

a

165,526

48

Fate

Therapeutics,

Inc.

a

3,958

22,709

GlaxoSmithKline

plc

ADR

b

810,484

3,792

Global

Blood

Therapeutics,

Inc.

a

154,524

32,282

GoodRx

Holdings,

Inc.

a,b

1,259,644

25,009

Guardant

Health,

Inc.

a

3,817,624

3,295

Haemonetics

Corporation

a

365,778

30,046

Halozyme

Therapeutics,

Inc.

a

1,252,618

8,506

HCA

Healthcare,

Inc.

1,602,020

2,543

HealthEquity,

Inc.

a

172,924

4,259

Hill-Rom

Holdings,

Inc.

470,534

5,118

Humana,

Inc.

2,145,722

20

ICU

Medical,

Inc.

a

4,109

1,939

Illumina,

Inc.

a

744,692

24,319

Immunocore

Holdings

plc

ADR

a

1,035,260

2,038

ImmunoGen,

Inc.

a

16,508

18,921

InMode,

Ltd.

a

1,369,313

9,314

Inspire

Medical

Systems,

Inc.

a

1,927,905

8,578

Insulet

Corporation

a

2,238,172

1,451

Integra

LifeSciences

Holdings

Corporation

a

100,250

3,398

Intuitive

Surgical,

Inc.

a

2,510,918

Shares

Common

Stock

(50.7%)

Value

Health

Care

(6.9%)

-

continued

2,497

Invitae

Corporation

a,b

$

95,410

9,442

Ionis

Pharmaceuticals,

Inc.

a

424,512

4,029

IQVIA

Holding,

Inc.

a

778,161

3,474

iRhythm

Technologies,

Inc.

a

482,400

27,485

Johnson

&

Johnson

4,517,160

1,582

Kura

Oncology,

Inc.

a

44,723

1,298

Laboratory

Corporation

of

America

Holdings

a

331,029

1,120

Lannett

Company,

Inc.

a

5,914

45,546

Lantheus

Holdings,

Inc.

a

973,318

30,335

LHC

Group,

Inc.

a

5,800,355

34,372

Medtronic

plc

4,060,364

40,080

Merck

&

Company,

Inc.

3,089,767

281

Mettler-Toledo

International,

Inc.

a

324,749

164

Mirati

Therapeutics,

Inc.

a

28,093

2,346

Moderna,

Inc.

a

307,209

3,766

Molina

Healthcare,

Inc.

a

880,340

19,215

Natera,

Inc.

a

1,951,091

3,525

National

Healthcare

Corporation

274,633

1,208

Neogen

Corporation

a

107,379

19,495

Nevro

Corporation

a

2,719,553

1,879

Novavax,

Inc.

a

340,682

20,454

Novo

Nordisk

AS

ADR

1,379,009

13,624

NuVasive,

Inc.

a

893,189

2,710

Olink

Holding

AB

ADR

a

97,560

1,795

Omnicell,

Inc.

a

233,117

10,378

OPKO

Health,

Inc.

a

44,522

571

Orthifix

Medical,

Inc.

a

24,753

510

Owens

&

Minor,

Inc.

19,171

885

Precigen,

Inc.

a,b

6,098

3,272

Premier,

Inc.

110,757

17,231

Pulmonx

Corporation

a

788,146

2,998

Quidel

Corporation

a

383,534

1,958

Reata

Pharmaceuticals,

Inc.

a

195,213

7,118

Repligen

Corporation

a

1,383,810

271

Replimune

Group,

Inc.

a

8,268

704

Sage

Therapeutics,

Inc.

a

52,694

3,580

Sarepta

Therapeutics,

Inc.

a

266,817

141

Seres

Therapeutics,

Inc.

a

2,903

27,530

Silk

Road

Medical,

Inc.

a

1,394,395

10,719

Stryker

Corporation

2,610,934

278

Surmodics,

Inc.

a

15,587

35,991

Syneos

Health,

Inc.

a

2,729,917

49,304

Tactile

Systems

Technology,

Inc.

a

2,686,575

8,028

Teladoc

Health,

Inc.

a

1,459,089

6,162

Teleflex,

Inc.

2,560,065

2,126

Tenet

Healthcare

Corporation

a

110,552

8,943

Thermo

Fisher

Scientific,

Inc.

4,081,406

17,864

Travere

Therapeutics,

Inc.

a

446,064

698

U.S.

Physical

Therapy,

Inc.

72,662

28

Ultragenyx

Pharmaceutical,

Inc.

a

3,188

984

United

Therapeutics

Corporation

a

164,594

3,611

UnitedHealth

Group,

Inc.

1,343,545

27,196

Vaxart,

Inc.

a,b

164,536

11,206

VBI

Vaccines,

Inc.

a,b

34,851

13,782

Veeva

Systems,

Inc.

a

3,600,410

32,984

Viatris,

Inc.

a

460,786

77,524

Viemed

Healthcare,

Inc.

a

784,543

1,276

ViewRay,

Inc.

a

5,551

478

Vocera

Communications,

Inc.

a

18,384

22,583

Vor

BioPharma,

Inc.

a

973,327

543

Waters

Corporation

a

154,304

3,805

Zimmer

Biomet

Holdings,

Inc.

609,104

25,038

Zoetis,

Inc.

3,942,984

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(50.7%)

Value

Health

Care

(6.9%)

-

continued

23,111

Zymeworks,

Inc.

a

$

729,845

Total

128,637,552

Industrials

(7.4%)

8,731

Advanced

Drainage

Systems,

Inc.

902,698

6,210

AECOM

a

398,123

2,114

Allegion

plc

265,561

68,562

Altra

Industrial

Motion

Corporation

3,792,850

8,811

AMETEK,

Inc.

1,125,429

1,406

Apogee

Enterprises,

Inc.

57,477

1,441

Armstrong

World

Industries,

Inc.

129,820

46,855

ASGN,

Inc.

a

4,471,841

2,062

Axon

Enterprise,

Inc.

a

293,670

10,136

AZZ,

Inc.

510,348

61,929

Badger

Daylighting,

Ltd.

2,112,593

6,448

Blink

Charging

Company

a,b

265,013

3,915

Bloom

Energy

Corporation

a

105,901

2,570

Boeing

Company

a

654,630

9,237

Carlisle

Companies,

Inc.

1,520,225

12,754

CBIZ,

Inc.

a

416,546

23,732

Chart

Industries,

Inc.

a

3,378,250

77

Copart,

Inc.

a

8,363

1,603

CRA

International,

Inc.

119,648

26,536

Crane

Company

2,491,996

6,054

CSW

Industrials,

Inc.

817,290

10,661

CSX

Corporation

1,027,934

54

Cummins,

Inc.

13,992

26,313

Curtiss-Wright

Corporation

3,120,722

36,723

Delta

Air

Lines,

Inc.

a

1,772,986

476

Diamond

S

Shipping,

Inc.

a

4,774

930

Douglas

Dynamics,

Inc.

42,919

721

Dycom

Industries,

Inc.

a

66,945

4,730

Eaton

Corporation

plc

654,064

5,739

EMCOR

Group,

Inc.

643,686

6,961

Emerson

Electric

Company

628,021

9,391

Encore

Wire

Corporation

630,418

1,581

Expeditors

International

of

Washington,

Inc.

170,258

9,343

Forrester

Research,

Inc.

a

396,891

31,633

Forward

Air

Corporation

2,809,327

17,125

FuelCell

Energy,

Inc.

a

246,771

3,188

GATX

Corporation

295,655

6,320

Generac

Holdings,

Inc.

a

2,069,484

13,342

General

Dynamics

Corporation

2,422,374

4,888

Gorman-Rupp

Company

161,842

1,955

Greenbrier

Companies,

Inc.

92,315

5,014

Heico

Corporation

630,761

24,581

Helios

Technologies,

Inc.

1,791,217

15,248

Honeywell

International,

Inc.

3,309,883

105,490

Howmet

Aerospace,

Inc.

a

3,389,394

6,148

Hubbell,

Inc.

1,149,000

718

ICF

International,

Inc.

62,753

10,683

IDEX

Corporation

2,236,166

545

Illinois

Tool

Works,

Inc.

120,728

149

Insperity,

Inc.

12,477

967

International

Seaways,

Inc.

18,740

283

JB

Hunt

Transport

Services,

Inc.

47,564

7,249

JetBlue

Airways

Corporation

a

147,445

260

John

Bean

Technologies

Corporation

34,668

43,765

Johnson

Controls

International

plc

2,611,458

6,202

Kansas

City

Southern

1,636,832

628

Kimball

International,

Inc.

8,792

11,223

L3Harris

Technologies,

Inc.

2,274,678

6,323

Landstar

System,

Inc.

1,043,674

Shares

Common

Stock

(50.7%)

Value

Industrials

(7.4%)

-

continued

972

Lennox

International,

Inc.

$

302,865

33,322

Lincoln

Electric

Holdings,

Inc.

4,096,607

7,122

Lockheed

Martin

Corporation

2,631,579

28,023

Manpower,

Inc.

2,771,475

1,193

Masonite

International

Corporation

a

137,481

29,624

Mercury

Systems,

Inc.

a

2,092,936

130,034

Meritor,

Inc.

a

3,825,600

3,529

Mesa

Air

Group,

Inc.

a

47,465

30,934

Middleby

Corporation

a

5,127,310

7,636

MSC

Industrial

Direct

Company,

Inc.

688,691

39,399

NAPCO

Security

Technologies,

Inc.

a

1,372,267

944

Nordson

Corporation

187,554

8,153

Norfolk

Southern

Corporation

2,189,244

2,412

Northrop

Grumman

Corporation

780,620

13,154

Nutrien,

Ltd.

708,869

9,308

Old

Dominion

Freight

Line,

Inc.

2,237,736

9,419

Otis

Worldwide

Corporation

644,731

6,614

Parker-Hannifin

Corporation

2,086,254

24,334

Pitney

Bowes,

Inc.

200,512

1,884

Primoris

Services

Corporation

62,417

2,541

Quad/Graphics,

Inc.

a

8,970

24,049

Ranpak

Holdings

Corporation

a

482,423

56,410

Raven

Industries,

Inc.

2,162,195

17,333

Raytheon

Technologies

Corporation

1,339,321

5,786

RBC

Bearings,

Inc.

a

1,138,511

36,070

Regal-Beloit

Corporation

5,146,468

44,794

Ritchie

Brothers

Auctioneers,

Inc.

2,622,689

31,117

Rush

Enterprises,

Inc.

1,550,560

2,326

Ryder

System,

Inc.

175,962

5,162

Saia,

Inc.

a

1,190,254

10,151

Simpson

Manufacturing

Company,

Inc.

1,052,963

2,602

SkyWest,

Inc.

a

141,757

15,730

Smith

&

Wesson

Brands,

Inc.

274,488

1,291

Snap-On,

Inc.

297,885

15,986

Southwest

Airlines

Company

a

976,105

9,456

Spirit

Airlines,

Inc.

a,b

348,926

10,680

Standex

International

Corporation

1,020,688

1,185

Sterling

Construction

Company,

Inc.

a

27,492

64,950

Summit

Materials,

Inc.

a

1,819,899

25,199

Sun

Country

Airlines

Holdings,

Inc.

a

863,822

448

Sunrun,

Inc.

a

27,095

2,248

Technip

Energies

N.V.

ADR

a

33,653

679

Teledyne

Technologies,

Inc.

a

280,868

1,306

Tetra

Tech,

Inc.

177,250

1,004

Thermon

Group

Holdings,

Inc.

a

19,568

11,600

Timken

Company

941,572

34

Toro

Company

3,507

411

Trane

Technologies

plc

68,045

24,584

TransUnion

2,212,560

11,727

Trex

Company,

Inc.

a

1,073,490

10,210

TriMas

Corporation

a

309,567

7,102

Tutor

Perini

Corporation

a

134,583

642

UniFirst

Corporation

143,622

4,027

Union

Pacific

Corporation

887,591

9,807

United

Parcel

Service,

Inc.

1,667,092

18,813

United

Rentals,

Inc.

a

6,195,309

3,530

Valmont

Industries,

Inc.

838,975

2,127

Verisk

Analytics,

Inc.

375,820

2,224

Waste

Connections,

Inc.

240,148

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(50.7%)

Value

Industrials

(7.4%)

-

continued

2,179

Watsco,

Inc.

$

568,174

250

Watts

Water

Technologies,

Inc.

29,703

1,040

Welbilt,

Inc.

a

16,900

4,731

Werner

Enterprises,

Inc.

223,161

23,560

WESCO

International,

Inc.

a

2,038,647

18,182

Willdan

Group,

Inc.

a

746,371

2,343

Woodward,

Inc.

282,636

4,834

XPO

Logistics,

Inc.

a

596,032

2,228

Xylem,

Inc.

234,341

Total

136,835,751

Information

Technology

(11.2%)

1,471

3D

Systems

Corporation

a

40,364

3,823

Accenture

plc

1,056,104

11,947

Adobe,

Inc.

a

5,679,245

74

ADTRAN,

Inc.

1,234

11,151

Advanced

Energy

Industries,

Inc.

1,217,355

33,034

Agilysys,

Inc.

a

1,584,311

8,796

Alliance

Data

Systems

Corporation

985,944

857

Ambarella,

Inc.

a

86,034

26,137

Amphenol

Corporation

1,724,258

814

Analog

Devices,

Inc.

126,235

58,118

Anaplan,

Inc.

a

3,129,654

2,535

ANSYS,

Inc.

a

860,785

158,436

Apple,

Inc.

19,352,957

1,349

Aspen

Technology,

Inc.

a

194,701

5,629

Atlassian

Corporation

plc

a

1,186,368

13,232

Avalara,

Inc.

a

1,765,546

22,710

Axcelis

Technologies,

Inc.

a

933,154

26,876

Bandwidth,

Inc.

a,b

3,406,264

3,092

Belden,

Inc.

137,192

5,065

Benchmark

Electronics,

Inc.

156,610

65,196

BigCommerce

Holdings,

Inc.

a

3,768,329

941

Bill.com

Holdings,

Inc.

a

136,915

6,945

Blackline,

Inc.

a

752,838

107

Broadcom,

Ltd.

49,612

623

Broadridge

Financial

Solutions,

Inc.

95,381

170

CACI

International,

Inc.

a

41,932

31,136

Calix,

Inc.

a

1,079,174

5,647

CDK

Global,

Inc.

305,277

2,863

CDW

Corporation

474,542

1,132

Ceridian

HCM

Holding,

Inc.

a

95,394

32,086

Ciena

Corporation

a

1,755,746

81,658

Cisco

Systems,

Inc.

4,222,535

9,794

Cognex

Corporation

812,804

22,720

Computer

Services,

Inc.

1,340,480

427

Concentrix

Corporation

a

63,930

6,173

Coupa

Software,

Inc.

a

1,570,905

4,062

Cree,

Inc.

a

439,224

1,472

CTS

Corporation

45,720

15,450

Descartes

Systems

Group,

Inc.

a

941,059

2,511

Diebold

Nixdorf,

Inc.

a

35,480

8,219

DocuSign,

Inc.

a

1,663,937

38,247

Dolby

Laboratories,

Inc.

3,775,744

18

Domo,

Inc.

a

1,013

22,817

Dropbox,

Inc.

a

608,301

977

DSP

Group,

Inc.

a

13,922

29,185

Elastic

NV

a

3,245,372

18,058

Endava

plc

ADR

a

1,529,332

5,000

Enphase

Energy,

Inc.

a

810,800

3,090

EPAM

Systems,

Inc.

a

1,225,772

3,015

ePlus,

Inc.

a

300,415

18,636

Euronet

Worldwide,

Inc.

a

2,577,359

912

ExlService

Holdings,

Inc.

a

82,226

Shares

Common

Stock

(50.7%)

Value

Information

Technology

(11.2%)

-

continued

2,874

eXp

World

Holdings,

Inc.

a,b

$

130,911

2,350

F5

Networks,

Inc.

a

490,257

6,159

Fastly,

Inc.

a,b

414,378

3,862

First

Solar,

Inc.

a

337,153

13,211

Five9,

Inc.

a

2,065,276

2,051

FleetCor

Technologies,

Inc.

a

550,960

11,371

Global

Payments,

Inc.

2,292,166

16,346

Health

Catalyst,

Inc.

a,b

764,502

2,240

Intuit,

Inc.

858,054

66

IPG

Photonics

Corporation

a

13,922

5,562

Jack

Henry

&

Associates,

Inc.

843,867

1,059

KLA-Tencor

Corporation

349,894

2,369

Lam

Research

Corporation

1,410,124

27,120

Lattice

Semiconductor

Corporation

a

1,220,942

5,160

Littelfuse,

Inc.

1,364,510

20,887

LivePerson,

Inc.

a

1,101,580

26,434

Lumentum

Holdings,

Inc.

a

2,414,746

1,217

Manhattan

Associates,

Inc.

a

142,851

19,753

Mastercard,

Inc.

7,033,056

1,876

MAXIMUS,

Inc.

167,039

274

MaxLinear,

Inc.

a

9,338

92,293

Medallia,

Inc.

a

2,574,052

96,889

Microsoft

Corporation

22,843,520

31

MicroStrategy,

Inc.

a

21,043

19,266

MKS

Instruments,

Inc.

3,572,302

12,678

Monolithic

Power

Systems,

Inc.

4,477,996

2,974

Motorola

Solutions,

Inc.

559,261

36,176

National

Instruments

Corporation

1,562,261

270

NetApp,

Inc.

19,621

6,852

Nice,

Ltd.

ADR

a

1,493,530

6,451

Nova

Measuring

Instruments,

Ltd.

a

587,106

5,333

Novanta,

Inc.

a

703,369

72,260

Nuance

Communications,

Inc.

a

3,153,426

10,565

NVIDIA

Corporation

5,640,970

5,759

Okta,

Inc.

a

1,269,456

25,866

Oracle

Corporation

1,815,017

5,847

Palo

Alto

Networks,

Inc.

a

1,883,085

4,086

Paychex,

Inc.

400,510

1,707

Paylocity

Holding

Corporation

a

306,970

36,556

PayPal

Holdings,

Inc.

a

8,877,259

4,053

Plantronics,

Inc.

a

157,702

13,052

Plexus

Corporation

a

1,198,696

3,187

Plug

Power,

Inc.

a

114,222

465

Progress

Software

Corporation

20,488

10,386

Q2

Holdings,

Inc.

a

1,040,677

3,666

QAD,

Inc.

244,082

5,880

Qorvo,

Inc.

a

1,074,276

35,721

QUALCOMM,

Inc.

4,736,247

6,853

Rogers

Corporation

a

1,289,803

20,027

SailPoint

Technologies

Holdings,

Inc.

a

1,014,167

21,917

Salesforce.com,

Inc.

a

4,643,555

1,520

Samsung

Electronics

Company,

Ltd.

GDR

2,771,237

2,366

ScanSource,

Inc.

a

70,862

5,803

Semtech

Corporation

a

400,407

8,847

ServiceNow,

Inc.

a

4,424,473

47,551

Sierra

Wireless,

Inc.

a

702,328

1,141

Silicon

Laboratories,

Inc.

a

160,961

4,075

SiTime

Corporation

a

401,795

395

Solaredge

Technology,

Ltd.

a

113,539

18,145

Sprout

Social,

Inc.

a

1,048,055

24,287

Square,

Inc.

a

5,514,363

43,310

STMicroelectronics

NV

ADR

b

1,660,072

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(50.7%)

Value

Information

Technology

(11.2%)

-

continued

639

SunPower

Corporation

a,b

$

21,375

2,050

SYNNEX

Corporation

235,422

1,654

TE

Connectivity,

Ltd.

213,548

19,515

Texas

Instruments,

Inc.

3,688,140

964

Trade

Desk,

Inc.

a

628,200

111,524

TTM

Technologies,

Inc.

a

1,617,098

543

Tyler

Technologies,

Inc.

a

230,520

1,335

Unisys

Corporation

a

33,936

1,224

ViaSat,

Inc.

a,b

58,838

3,859

Visa,

Inc.

817,066

3,858

VMware,

Inc.

a,b

580,436

372

Western

Union

Company

9,174

30,984

Workiva,

Inc.

a

2,734,648

6,654

Xerox

Holdings

Corporation

161,493

6,639

Zscaler,

Inc.

a

1,139,717

Total

208,193,683

Materials

(1.7%)

1,389

AdvanSix,

Inc.

a

37,253

4,416

Allegheny

Technologies,

Inc.

a

93,001

3,259

AptarGroup,

Inc.

461,702

1,182

Avery

Dennison

Corporation

217,074

40,472

Axalta

Coating

Systems,

Ltd.

a

1,197,162

146

Balchem

Corporation

18,310

9,400

Ball

Corporation

796,556

2,775

Cabot

Corporation

145,521

49,601

Carpenter

Technology

Corporation

2,041,081

1,648

Celanese

Corporation

246,887

38,711

CF

Industries

Holdings,

Inc.

1,756,705

10,511

Chemours

Company

293,362

5,752

Cleveland-Cliffs,

Inc.

b

115,673

13,006

Coeur

Mining,

Inc.

a

117,444

2,097

Eagle

Materials,

Inc.

281,858

18,919

Eastman

Chemical

Company

2,083,360

3,197

Ecolab,

Inc.

684,382

96,901

Element

Solutions,

Inc.

1,772,319

8,150

Ferroglobe

Representation

&

Warranty

Insurance

Trust

a,c

1

2,176

FMC

Corporation

240,687

2,562

Ingevity

Corporation

a

193,508

16,070

Innospec,

Inc.

1,650,228

198,692

Ivanhoe

Mines,

Ltd.

a

1,022,947

7,408

Kaiser

Aluminum

Corporation

818,584

1,037

Koppers

Holdings,

Inc.

a

36,046

7,015

LyondellBasell

Industries

NV

729,911

9,090

Martin

Marietta

Materials,

Inc.

3,052,604

2,214

Materion

Corporation

146,655

3,818

Minerals

Technologies,

Inc.

287,572

6,341

Myers

Industries,

Inc.

125,298

5,491

Neenah,

Inc.

282,128

123

NewMarket

Corporation

46,760

22,659

Nucor

Corporation

1,818,838

1,521

O-I

Glass,

Inc.

a

22,419

9,113

Olin

Corporation

346,021

737

Olympic

Steel,

Inc.

21,705

103

PPG

Industries,

Inc.

15,477

9,207

Quaker

Chemical

Corporation

2,244,390

189

Reliance

Steel

&

Aluminum

Company

28,783

852

RPM

International,

Inc.

78,256

3,883

Ryerson

Holding

Corporation

a

66,166

370

Scotts

Miracle-Gro

Company

90,639

5,677

Sensient

Technologies

Corporation

442,806

19,992

Steel

Dynamics,

Inc.

1,014,794

8,556

SunCoke

Energy,

Inc.

59,977

Shares

Common

Stock

(50.7%)

Value

Materials

(1.7%)

-

continued

26,066

UFP

Technologies,

Inc.

a

$

1,298,608

12,770

United

States

Lime

&

Minerals,

Inc.

1,707,477

1,821

United

States

Steel

Corporation

47,656

25,945

W.

R.

Grace

&

Company

1,553,068

Total

31,849,659

Real

Estate

(2.4%)

28,138

Agree

Realty

Corporation

1,893,969

4,056

Alexandria

Real

Estate

Equities,

Inc.

666,401

61,328

American

Campus

Communities,

Inc.

2,647,530

759

Apartment

Income

REIT

Corporation

32,455

21,559

Apartment

Investment

&

Management

Company

132,372

2,711

Armada

Hoffler

Properties,

Inc.

33,996

4,484

AvalonBay

Communities,

Inc.

827,343

347

Bluegreen

Vacations

Holding

Corporations

a

6,433

19,858

Camden

Property

Trust

2,182,593

14,771

CareTrust

REIT,

Inc.

343,943

34,424

CBRE

Group,

Inc.

a

2,723,283

3,066

Cedar

Realty

Trust,

Inc.

45,683

736

Centerspace

50,048

16,586

Colliers

International

Group,

Inc.

1,629,409

3,131

Colony

Credit

Real

Estate,

Inc.

26,676

1,605

Community

Healthcare

Trust,

Inc.

74,023

1,442

Corepoint

Lodging,

Inc.

a

13,021

2,262

CoStar

Group,

Inc.

a

1,859,115

1,636

CubeSmart

61,890

70,267

Cushman

and

Wakefield

plc

a

1,146,757

3,971

Digital

Realty

Trust,

Inc.

559,276

2,163

Diversified

Healthcare

Trust

10,339

13,722

Douglas

Emmett,

Inc.

430,871

13,021

Duke

Realty

Corporation

545,971

3,673

EastGroup

Properties,

Inc.

526,267

7,661

EPR

Properties

356,926

36,335

Essential

Properties

Realty

Trust,

Inc.

829,528

957

Essex

Property

Trust,

Inc.

260,151

2,166

Extra

Space

Storage,

Inc.

287,103

2,323

Farmland

Partners,

Inc.

26,041

25,255

First

Industrial

Realty

Trust,

Inc.

1,156,426

7,626

FirstService

Corporation

1,130,097

27,168

Four

Corners

Property

Trust,

Inc.

744,403

795

Gaming

and

Leisure

Properties,

Inc.

33,732

3,374

Getty

Realty

Corporation

95,552

1,795

Gladstone

Commercial

Corporation

35,110

5,523

Gladstone

Land

Corporation

101,071

1,623

Global

Medical

REIT,

Inc.

21,278

20,434

Healthcare

Realty

Trust,

Inc.

619,559

21,494

Healthcare

Trust

of

America,

Inc.

592,804

770

Highwoods

Properties,

Inc.

33,064

77,250

Host

Hotels

&

Resorts,

Inc.

a

1,301,662

66,788

Independence

Realty

Trust,

Inc.

1,015,178

8,254

Industrial

Logistics

Properties

Trust

190,915

3,557

Innovative

Industrial

Properties,

Inc.

640,829

741

Iron

Mountain,

Inc.

27,424

3,087

Jones

Lang

LaSalle,

Inc.

a

552,696

19,432

Kilroy

Realty

Corporation

1,275,322

3,356

Lexington

Realty

Trust

37,285

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(50.7%)

Value

Real

Estate

(2.4%)

-

continued

5,772

Life

Storage,

Inc.

$

496,103

24,434

Medical

Properties

Trust,

Inc.

519,956

38,659

MGIC

Investment

Corporation

535,427

466

National

Health

Investors,

Inc.

33,682

13,299

National

Retail

Properties,

Inc.

586,087

52,916

National

Storage

Affiliates

Trust

2,112,936

32,212

New

Residential

Investment

Corporation

362,385

3,598

New

Senior

Investment

Group,

Inc.

22,416

11,476

NexPoint

Residential

Trust,

Inc.

528,929

6,801

Omega

Healthcare

Investors,

Inc.

249,121

2,287

One

Liberty

Properties,

Inc.

50,931

508

Plymouth

Industrial

REIT,

Inc.

8,560

3,368

Preferred

Apartment

Communities,

Inc.

33,175

3,540

Public

Storage,

Inc.

873,530

19,080

Rayonier,

Inc.

REIT

615,330

9,821

Realty

Income

Corporation

623,633

1,558

Redfin

Corporation

a

103,747

36,870

Rexford

Industrial

Realty,

Inc.

1,858,248

246

RMR

Group,

Inc.

10,039

18,502

Sabra

Health

Care

REIT,

Inc.

321,195

4,252

SBA

Communications

Corporation

1,180,143

60,600

Service

Properties

Trust

718,716

3,422

SL

Green

Realty

Corporation

239,506

6,062

Spirit

Realty

Capital,

Inc.

257,635

8,559

STAG

Industrial,

Inc.

287,668

5,862

Store

Capital

Corporation

196,377

128,535

Sunstone

Hotel

Investors,

Inc.

a

1,601,546

10,903

UDR,

Inc.

478,206

1,485

UMH

Properties,

Inc.

28,467

23

Universal

Health

Realty

Income

Trust

1,559

2,142

WP

Carey,

Inc.

151,568

Total

44,920,641

Utilities

(0.8%)

9,229

AES

Corporation

247,429

2,489

ALLETE,

Inc.

167,236

18,829

Alliant

Energy

Corporation

1,019,779

7,601

American

Electric

Power

Company,

Inc.

643,805

1,316

American

States

Water

Company

99,516

2,346

Artesian

Resources

Corporation

92,385

3,694

Black

Hills

Corporation

246,648

31,898

CenterPoint

Energy,

Inc.

722,490

289

Chesapeake

Utilities

Corporation

33,547

1,994

Consolidated

Water

Company,

Ltd.

26,819

1,827

DTE

Energy

Company

243,247

16,380

Duke

Energy

Corporation

1,581,161

21,250

Entergy

Corporation

2,113,737

1,199

Essential

Utilities,

Inc.

53,655

3,999

Evergy,

Inc.

238,060

23,498

Exelon

Corporation

1,027,803

36,245

FirstEnergy

Corporation

1,257,339

2,156

Hawaiian

Electric

Industries,

Inc.

95,791

711

IDACORP,

Inc.

71,079

2,732

MDU

Resources

Group,

Inc.

86,359

1,395

National

Fuel

Gas

Company

69,736

2,343

New

Jersey

Resources

Corporation

93,415

174

NiSource,

Inc.

4,195

1,248

Northwest

Natural

Holding

Company

67,330

Shares

Common

Stock

(50.7%)

Value

Utilities

(0.8%)

-

continued

12,263

NorthWestern

Corporation

$

799,548

18,236

OGE

Energy

Corporation

590,117

1,250

Otter

Tail

Corporation

57,713

376

Pinnacle

West

Capital

Corporation

30,588

21,715

Portland

General

Electric

Company

1,030,811

737

PPL

Corporation

21,255

3,204

Sempra

Energy

424,786

2,226

Southwest

Gas

Holdings,

Inc.

152,948

16,402

Spire,

Inc.

1,211,944

11,236

UGI

Corporation

460,788

1,172

Unitil

Corporation

53,549

3,040

WEC

Energy

Group,

Inc.

284,514

Total

15,421,122

Total

Common

Stock

(cost

$631,969,473)

939,698,527

Shares

Registered

Investment

Companies

(

38.0%

)

Value

Unaffiliated  (0.5%)

3,661

ProShares

Ultra

S&P

500

b

374,557

257

ProShares

UltraPro

QQQ

23,453

21,130

SPDR

S&P

500

ETF

Trust

8,374,453

5,726

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

465,753

Total

9,238,216

Affiliated  (37.5%)

4,821,872

Thrivent

Core

Emerging

Markets

Equity

Fund

59,164,369

5,201,410

Thrivent

Core

International

Equity

Fund

52,846,326

5,326,790

Thrivent

Core

Low

Volatility

Equity

Fund

69,248,275

4,700,959

Thrivent

Global

Stock

Portfolio

70,064,976

2,232,622

Thrivent

High

Yield

Portfolio

10,335,030

546,539

Thrivent

Income

Portfolio

5,972,741

13,123,673

Thrivent

International

Allocation

Portfolio

138,603,050

842,958

Thrivent

International

Index

Portfolio

11,023,871

3,884,006

Thrivent

Large

Cap

Value

Portfolio

84,645,689

1,033,388

Thrivent

Limited

Maturity

Bond

Portfolio

10,394,853

4,586,424

Thrivent

Mid

Cap

Stock

Portfolio

114,001,995

2,946,745

Thrivent

Small

Cap

Stock

Portfolio

70,418,957

Total

696,720,132

Total

Registered

Investment

Companies

(cost

$548,411,659)

705,958,348

Principal

Amount

Long-Term

Fixed

Income

(

3.3%

)

Value

Asset-Backed

Securities

(<0.1%)

Cent

CLO,

LP

$

25,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

d,e

25,004

MRA

Issuance

Trust

125,000

1.456%, 

(LIBOR

1M

+

1.350%),

7/15/2021,

Ser.

2020-12,

Class

A1X

d,e

125,023

Total

150,027

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income

(3.3%)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

MASTR

Alternative

Loans

Trust

$

16,997

0.559%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

e

$

2,502

Sequoia

Mortgage

Trust

42,867

3.114%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

e

33,363

WaMu

Mortgage

Pass

Through

Certificates

20,821

3.017%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

e

20,281

31,210

3.035%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

e

31,286

Total

87,432

Mortgage-Backed

Securities

(1.4%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

947,769

3.000%, 

3/25/2050

989,164

347,779

3.000%, 

4/1/2050

363,198

293,906

3.500%, 

7/1/2047

312,011

Federal

National

Mortgage

Association

313,125

4.500%, 

5/1/2048

341,778

454,592

3.500%, 

10/1/2048

480,153

183,923

3.500%, 

6/1/2049

194,676

518,703

3.500%, 

8/1/2049

548,928

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,748,000

1.500%, 

4/1/2036

f

1,755,892

2,000,000

2.000%, 

4/1/2036

f

2,052,545

1,500,000

2.500%, 

4/1/2036

f

1,560,644

4,242,000

2.000%, 

5/1/2036

f

4,348,102

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,050,000

2.000%, 

4/1/2051

f,g

2,046,156

4,400,000

2.500%, 

4/1/2051

f

4,515,156

3,225,000

2.000%, 

5/1/2051

f,g

3,213,032

2,100,000

2.500%, 

5/1/2051

f

2,150,449

880,055

4.000%, 

7/1/2048

944,582

Total

25,816,466

U.S.

Government

&

Agencies

(1.9%)

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,566,569

920,000

2.250%, 

11/15/2027

973,870

5,000,000

2.875%, 

5/15/2028

5,496,289

170,000

5.250%, 

11/15/2028

216,445

125,000

0.875%, 

11/15/2030

115,605

90,000

1.125%, 

2/15/2031

85,036

3,030,000

1.375%, 

11/15/2040

2,577,394

120,000

3.000%, 

5/15/2042

134,011

2,413,000

2.500%, 

5/15/2046

2,458,998

U.S.

Treasury

Notes

8,300,000

0.125%, 

12/31/2022

8,296,434

100,000

0.125%, 

10/15/2023

99,672

500,000

2.125%, 

7/31/2024

527,754

2,330,000

2.250%, 

11/15/2024

2,472,621

2,040,000

2.125%, 

11/30/2024

2,156,423

640,000

2.625%, 

1/31/2026

692,850

6,630,000

2.500%, 

2/28/2026

7,138,904

Principal

Amount

Long-Term

Fixed

Income

(3.3%)

Value

U.S.

Government

&

Agencies

(1.9%)

-

continued

$

300,000

0.750%, 

1/31/2028

$

287,625

Total

35,296,500

Total

Long-Term

Fixed

Income

(cost

$60,435,916)

61,350,425

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

12,337,300

Thrivent

Cash

Management

Trust

12,337,300

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,337,300)

12,337,300

Shares

or

Principal

Amount

Short-Term

Investments

(

9.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

4,000,000

0.085%,

4/7/2021

h,i

4,000,000

4,000,000

0.085%,

4/8/2021

h,i

4,000,000

2,100,000

0.061%,

4/14/2021

h,i

2,100,000

1,900,000

0.002%,

4/28/2021

h,i

1,900,000

5,900,000

0.040%,

5/4/2021

h,i

5,899,946

200,000

0.030%,

5/18/2021

h,i

199,998

800,000

0.020%,

6/16/2021

h,i

799,966

5,800,000

3.000%,

7/7/2021

h,i

5,799,531

Thrivent

Core

Short-Term

Reserve

Fund

14,551,607

0.180%

145,516,073

Total

Short-Term

Investments

(cost

$170,134,033)

170,215,514

Contracts

Options

Purchased

(

<0.1%

)

Value

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

17

$132.50,

expires

5/21/2021

32,937

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

17

$160.00,

expires

5/21/2021

99,875

Total

Options

Purchased

(cost

$65,969)

132,812

Total

Investments

(cost

$1,423,354,350)

101.9%

$1,889,692,926

Other

Assets

and

Liabilities,

Net

(1.9%)

(35,409,037)

Total

Net

Assets

100.0%

$1,854,283,889

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$150,027

or

0.0%

of

total

net

assets.

e

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

h

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

12,257,305

Total

lending

$12,257,305

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,337,300

Net

amounts

due

to

counterparty

$79,995

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

60,821,124

60,821,124

–

–

Consumer

Discretionary

129,492,841

129,492,841

–

–

Consumer

Staples

26,817,282

26,817,282

–

–

Energy

19,606,769

19,606,769

–

–

Financials

137,102,103

134,634,148

2,466,970

985

Health

Care

128,637,552

128,637,552

–

–

Industrials

136,835,751

134,723,158

2,112,593

–

Information

Technology

208,193,683

205,422,446

2,771,237

–

Materials

31,849,659

30,826,711

1,022,947

1

Real

Estate

44,920,641

44,920,641

–

–

Utilities

15,421,122

15,421,122

–

–

Registered

Investment

Companies

Unaffiliated

9,238,216

9,238,216

–

–

Affiliated

515,461,162

515,461,162

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

150,027

–

150,027

–

Collateralized

Mortgage

Obligations

87,432

–

87,432

–

Mortgage-Backed

Securities

25,816,466

–

25,816,466

–

U.S.

Government

&

Agencies

35,296,500

–

35,296,500

–

Short-Term

Investments

24,699,441

–

24,699,441

–

Options

Purchased

132,812

132,812

–

–

Subtotal

Investments

in

Securities

$1,550,580,583

$1,456,155,984

$94,423,613

$986

Other

Investments  *

Total

Affiliated

Short-Term

Investments

145,516,073

Affiliated

Registered

Investment

Companies

181,258,970

Collateral

Held

for

Securities

Loaned

12,337,300

Subtotal

Other

Investments

$339,112,343

Total

Investments

at

Value

$1,889,692,926

*

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

13,329,324

13,329,324

–

–

Total

Asset

Derivatives

$13,329,324

$13,329,324

$–

$–

Liability

Derivatives

Futures

Contracts

994,995

994,995

–

–

Call

Options

Written

45,142

43,031

–

2,111

Total

Liability

Derivatives

$1,040,137

$1,038,026

$–

$2,111

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Counterparty:

CCM

-

CCM

Futures,

LLC

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$24,847,941

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

61

June

2021

$

8,220,423

(

$

233,235)

CME

E-mini

S&P

500

Index

1,536

June

2021

299,938,990

4,757,330

CME

Euro

Foreign

Exchange

Currency

228

June

2021

33,879,050

(

414,351)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

12

June

2021

2,284,431

(

109,806)

Eurex

Euro

STOXX

50

Index

742

June

2021

32,865,318

826,754

ICE

mini

MSCI

EAFE

Index

686

June

2021

75,282,816

(

97,216)

ICE

US

mini

MSCI

Emerging

Markets

Index

269

June

2021

17,928,012

(

140,387)

Total

Futures

Long

Contracts

$

470,399,040

$

4,589,089

CBOT

2-Yr.

U.S.

Treasury

Note

(13)

June

2021

(

$

2,872,161)

$

2,716

CBOT

5-Yr.

U.S.

Treasury

Note

(41)

June

2021

(

5,120,708)

61,372

CBOT

U.S.

Long

Bond

(3)

June

2021

(

488,850)

25,068

CME

E-mini

Russell

2000

Index

(789)

June

2021

(

92,439,431)

4,761,806

CME

E-mini

S&P

Mid-Cap

400

Index

(735)

June

2021

(

194,357,009)

2,867,458

Ultra

10-Yr.

U.S.

Treasury

Note

(5)

June

2021

(

745,257)

26,820

Total

Futures

Short

Contracts

(

$

296,023,416)

$7,745,240

Total

Futures

Contracts

$

174,375,624

$12,334,329

The

following

table

presents

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

March

31,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

17.00

$

132.50

May

2021

2,225,937

$

32,937

$

14,832

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

17.00

160.00

May

2021

2,628,094

99,875

52,011

Total

Options

Purchased

Contracts

$132,812

$66,843

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(1.00)

$

102.72

April

2021

(998,125)

(

$

1)

$

5,468

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(1.00)

100.83

May

2021

(996,289)

(

2,110)

3,788

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

(17.00)

130.50

May

2021

(2,225,937)

(

14,609)

(

5,621)

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

(17.00)

153.00

May

2021

(2,628,094)

(

28,422)

(

12,536)

Total

Options

Written

Contracts

($45,142)

($8,900)

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$56,850

$–

$–

$59,164

4,822

3.2%

Core

International

Equity

56,481

–

5,600

52,846

5,201

2.8

Core

Low

Volatility

Equity

101,212

–

34,000

69,248

5,327

3.7

Global

Stock

66,525

–

–

70,065

4,701

3.8

High

Yield

10,300

118

–

10,335

2,233

0.5

Income

6,210

43

–

5,973

547

0.3

International

Allocation

132,993

–

–

138,603

13,124

7.5

International

Index

10,668

–

–

11,024

843

0.6

Large

Cap

Value

74,500

–

–

84,646

3,884

4.6

Limited

Maturity

Bond

10,400

42

–

10,395

1,033

0.6

Mid

Cap

Stock

104,051

–

–

114,002

4,586

6.1

Small

Cap

Stock

61,665

–

–

70,419

2,947

3.8

Total

Affiliated

Registered

Investment

Companies

691,855

696,720

37.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

102,777

187,020

144,281

145,516

14,552

7.9

Total

Affiliated

Short-Term

Investments

102,777

145,516

7.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

18,861

63,583

70,107

12,337

12,337

0.7

Total

Collateral

Held

for

Securities

Loaned

18,861

12,337

0.7

Total

Value

$813,493

$854,573

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$2,314

–

$–

Core

International

Equity

11

1,954

–

–

Core

Low

Volatility

Equity

1,208

828

–

–

Global

Stock

–

3,540

–

–

High

Yield

–

(83)

–

119

Income

–

(280)

–

43

International

Allocation

–

5,610

–

–

International

Index

–

356

–

–

Large

Cap

Value

–

10,146

–

–

Limited

Maturity

Bond

–

(47)

–

42

Mid

Cap

Stock

–

9,951

–

–

Small

Cap

Stock

–

8,754

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

–

–

–

53

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$256

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

12

Total

Affiliated

Income

from

Securities

Loaned,

Net

$12

Total

Value

$1,219

$43,043

$–

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(

96.1%

)

Value

Communications

Services

(4.4%)

28,700

Comcast

Corporation

$

1,552,957

12,490

Facebook,

Inc.

a

3,678,680

21,250

QuinStreet

,

Inc.

a

431,375

16,840

Verizon

Communications,

Inc.

979,246

Total

6,642,258

Consumer

Discretionary

(14.0%)

1,555

Amazon.com,

Inc.

a

4,811,294

10,700

Aptiv

plc

a

1,475,530

1,140

AutoZone,

Inc.

a

1,600,902

630

Booking

Holdings,

Inc.

a

1,467,799

3,800

Burlington

Stores,

Inc.

a

1,135,440

8,500

Canada

Goose

Holdings,

Inc.

a,b

333,625

800

Chipotle

Mexican

Grill,

Inc.

a

1,136,656

10,660

Dollar

Tree,

Inc.

a

1,220,144

2,210

Domino's

Pizza,

Inc.

812,816

6,930

Home

Depot,

Inc.

2,115,383

2,940

Lear

Corporation

532,875

2,470

Netflix,

Inc.

a

1,288,500

220

NVR,

Inc.

a

1,036,405

15,830

Sony

Corporation

ADR

1,678,138

3,753

Wingstop

,

Inc.

477,269

Total

21,122,776

Consumer

Staples

(4.0%)

4,110

Casey's

General

Stores,

Inc.

888,541

3,150

Costco

Wholesale

Corporation

1,110,312

18,420

Philip

Morris

International,

Inc.

1,634,591

18,610

Sysco

Corporation

1,465,352

16,220

Turning

Point

Brands,

Inc.

846,197

Total

5,944,993

Energy

(2.5%)

21,680

BP

plc

ADR

527,908

37,368

Devon

Energy

Corporation

816,491

17,610

Helmerich

&

Payne,

Inc.

474,765

7,400

Pioneer

Natural

Resources

Company

1,175,268

10,480

Valero

Energy

Corporation

750,368

Total

3,744,800

Financials

(14.3%)

19,900

Ally

Financial,

Inc.

899,679

5,940

American

Express

Company

840,154

4,300

Ameriprise

Financial,

Inc.

999,535

26,130

Arch

Capital

Group,

Ltd.

a

1,002,608

54,820

Bank

of

America

Corporation

2,120,986

8,360

Chubb,

Ltd.

1,320,629

27,570

Equitable

Holdings,

Inc.

899,333

15,450

Essent

Group,

Ltd.

733,721

62,221

Everi

Holdings,

Inc.

a

877,938

6,270

First

Republic

Bank

1,045,522

14,850

J.P.

Morgan

Chase

&

Company

2,260,615

6,460

James

River

Group

Holdings,

Ltd.

294,705

3,990

Kinsale

Capital

Group,

Inc.

657,552

19,770

Morgan

Stanley

1,535,338

2,950

S&P

Global,

Inc.

1,040,967

2,130

SVB

Financial

Group

a

1,051,496

9,800

Torchmark

Corporation

946,974

13,650

Western

Alliance

Bancorp

1,289,106

17,730

Zions

Bancorporations

NA

974,441

1,660

Zurich

Insurance

Group

AG

706,582

Total

21,497,881

Shares

Common

Stock

(96.1%)

Value

Health

Care

(11.9%)

9,020

Abbott

Laboratories

$

1,080,957

9,430

AbbVie,

Inc.

1,020,515

14,580

ACADIA

Pharmaceuticals,

Inc.

a

376,164

3,360

Anthem,

Inc.

1,206,072

5,370

Catalent

,

Inc.

a

565,515

10,560

Cigna

Holding

Company

2,552,774

2,240

Dexcom

,

Inc.

a

805,034

14,620

Edwards

Lifesciences

Corporation

a

1,222,817

3,470

Guardant

Health,

Inc.

a

529,695

12,770

Johnson

&

Johnson

2,098,749

3,550

LHC

Group,

Inc.

a

678,795

19,760

Medtronic

plc

2,334,249

25,160

Merck

&

Company,

Inc.

1,939,584

8,620

Silk

Road

Medical,

Inc.

a

436,603

11,750

Syneos

Health,

Inc.

a

891,238

4,530

Zymeworks

,

Inc.

a

143,057

Total

17,881,818

Industrials

(11.0%)

14,280

Altra

Industrial

Motion

Corporation

789,970

4,010

Carlisle

Companies,

Inc.

659,966

7,340

Crane

Company

689,299

11,040

Delta

Air

Lines,

Inc.

a

533,011

4,940

Honeywell

International,

Inc.

1,072,326

25,500

Howmet

Aerospace,

Inc.

a

819,315

10,370

Kansas

City

Southern

2,736,850

20,770

Meritor,

Inc.

a

611,053

5,910

Parker-Hannifin

Corporation

1,864,191

14,090

Raven

Industries,

Inc.

540,070

5,740

Regal-Beloit

Corporation

818,983

15,770

Ritchie

Brothers

Auctioneers,

Inc.

923,334

23,900

Summit

Materials,

Inc.

a

669,678

8,340

Timken

Company

676,958

8,660

United

Parcel

Service,

Inc.

1,472,113

2,470

Valmont

Industries,

Inc.

587,045

6,230

Waste

Connections,

Inc.

672,715

12,050

Willdan

Group,

Inc.

a

494,653

Total

16,631,530

Information

Technology

(23.1%)

4,010

Adobe,

Inc.

a

1,906,234

6,110

Advanced

Energy

Industries,

Inc.

667,029

4,890

Akamai

Technologies,

Inc.

a

498,291

1,320

ANSYS,

Inc.

a

448,219

36,390

Apple,

Inc.

4,445,038

3,620

ASML

Holding

NV

GDR

2,234,843

6,160

Atlassian

Corporation

plc

a

1,298,282

4,810

Blackline,

Inc.

a,b

521,404

10,290

Ciena

Corporation

a

563,069

22,330

Cisco

Systems,

Inc.

1,154,684

9,400

Dolby

Laboratories,

Inc.

927,968

3,240

Euronet

Worldwide,

Inc.

a

448,092

5,050

F5

Networks,

Inc.

a

1,053,531

5,780

Five9,

Inc.

a

903,587

25,920

Juniper

Networks,

Inc.

656,554

16,000

Lattice

Semiconductor

Corporation

a

720,320

5,070

Mastercard

,

Inc.

1,805,174

4,030

Microsoft

Corporation

950,153

16,560

National

Instruments

Corporation

715,144

21,860

Nuance

Communications,

Inc.

a

953,970

3,560

NVIDIA

Corporation

1,900,791

9,790

PayPal

Holdings,

Inc.

a

2,377,404

5,640

ServiceNow

,

Inc.

a

2,820,620

1,260

Shopify

Inc.

a

1,394,190

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Shares

Common

Stock

(96.1%)

Value

Information

Technology

(23.1%)

-

continued

24,180

Snap,

Inc.

a

$

1,264,372

4,715

Snowflake,

Inc.

a

1,081,055

4,760

Square,

Inc.

a

1,080,758

Total

34,790,776

Materials

(4.4%)

53,420

Axalta

Coating

Systems,

Ltd.

a

1,580,164

5,210

Ball

Corporation

441,496

14,910

Berry

Plastics

Group,

Inc.

a

915,474

20,290

CF

Industries

Holdings,

Inc.

920,760

18,460

Element

Solutions,

Inc.

337,633

17,760

LyondellBasell

Industries

NV

1,847,928

12,240

Steel

Dynamics,

Inc.

621,302

Total

6,664,757

Real

Estate

(3.6%)

7,550

Agree

Realty

Corporation

508,190

4,480

Alexandria

Real

Estate

Equities,

Inc.

736,064

3,360

American

Tower

Corporation

803,242

7,520

Camden

Property

Trust

826,523

19,510

Duke

Realty

Corporation

818,054

840

Equinix

,

Inc.

570,856

5,180

Prologis,

Inc.

549,080

8,550

QTS

Realty

Trust,

Inc.

530,442

Total

5,342,451

Utilities

(2.9%)

28,260

CenterPoint

Energy,

Inc.

640,089

10,600

Duke

Energy

Corporation

1,023,218

5,000

Entergy

Corporation

497,350

9,340

Evergy

,

Inc.

556,010

15,844

NextEra

Energy,

Inc.

1,197,965

7,830

NorthWestern

Corporation

510,516

Total

4,425,148

Total

Common

Stock

(cost

$106,169,761)

144,689,188

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

798,225

Thrivent

Cash

Management

Trust

798,225

Total

Collateral

Held

for

Securities

Loaned

(cost

$798,225)

798,225

Shares

Registered

Investment

Companies

(

0.4%

)

Value

Unaffiliated  (0.4%)

7,740

SPDR

S&P

Homebuilders

ETF

544,664

Total

544,664

Total

Registered

Investment

Companies

(cost

$314,103)

544,664

Shares

Short-Term

Investments

(

3.5%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

520,355

0.180%

$

5,203,550

Total

Short-Term

Investments

(cost

$5,202,819)

5,203,550

Total

Investments

(cost

$112,484,908)

100.5%

$151,235,627

Other

Assets

and

Liabilities,

Net

(0.5%)

(698,649)

Total

Net

Assets

100.0%

$150,536,978

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

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

793,950

Total

lending

$793,950

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$798,225

Net

amounts

due

to

counterparty

$4,275

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

All

Cap

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,642,258

6,642,258

–

–

Consumer

Discretionary

21,122,776

21,122,776

–

–

Consumer

Staples

5,944,993

5,944,993

–

–

Energy

3,744,800

3,744,800

–

–

Financials

21,497,881

20,791,299

706,582

–

Health

Care

17,881,818

17,881,818

–

–

Industrials

16,631,530

16,631,530

–

–

Information

Technology

34,790,776

34,790,776

–

–

Materials

6,664,757

6,664,757

–

–

Real

Estate

5,342,451

5,342,451

–

–

Utilities

4,425,148

4,425,148

–

–

Registered

Investment

Companies

Unaffiliated

544,664

544,664

–

–

Subtotal

Investments

in

Securities

$145,233,852

$144,527,270

$706,582

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

5,203,550

Collateral

Held

for

Securities

Loaned

798,225

Subtotal

Other

Investments

$6,001,775

Total

Investments

at

Value

$151,235,627

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

All

Cap

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$2,660

$4,836

$2,292

$5,204

520

3.5%

Total

Affiliated

Short-Term

Investments

2,660

5,204

3.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

105

3,234

2,541

798

798

0.5

Total

Collateral

Held

for

Securities

Loaned

105

798

0.5

Total

Value

$2,765

$6,002

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$0

$0

–

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$0

$0

$–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Bank

Loans

(

10.7%

)

a

Value

Basic

Materials

(0.8%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

204,225

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

202,914

Hexion,

Inc.,

Term

Loan

344,914

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

344,700

INEOS

US

Petrochem,

LLC,

Term

Loan

530,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

528,012

Innophos

Holdings,

Inc.,

Term

Loan

346,500

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

345,201

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

331,102

3.360%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

325,308

Nouryon

USA,

LLC,

Term

Loan

860,916

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

847,107

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

604,398

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

603,770

Venator

Finance

SARL,

Term

Loan

413,928

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

407,893

Total

3,604,905

Capital

Goods

(1.2%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

694,895

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

682,735

Gemini

HDPE,

LLC,

Term

Loan

520,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

517,078

GFL

Environmental,

Inc.,

Term

Loan

533,663

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

533,663

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

496,158

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

484,994

Natgasoline,

LLC,

Term

Loan

425,212

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

420,960

Navistar,

Inc.,

Term

Loan

751,750

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

751,562

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

122,630

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

122,036

448,875

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

443,489

TransDigm,

Inc.,

Term

Loan

1,214,625

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,188,304

Principal

Amount

Bank

Loans

(10.7%)

a

Value

Capital

Goods

(1.2%)

-

continued

TricorBraun

Holdings,

Inc.,

Delayed

Draw

$

113,849

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,d,e

$

112,662

TricorBraun

Holdings,

Inc.,

Term

Loan

506,152

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,d,e

500,878

Total

5,758,361

Communications

Services

(2.6%)

Altice

France

SA,

Term

Loan

336,875

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

329,956

Cablevision

Lightpath,

LLC,

Term

Loan

518,700

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

517,403

CCI

Buyer,

Inc.,

Term

Loan

135,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

135,127

CommScope,

Inc.,

Term

Loan

901,275

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

894,560

CSC

Holdings,

LLC,

Term

Loan

370,812

2.356%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b,d,e

365,328

Diamond

Sports

Group,

LLC,

Term

Loan

515,349

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

351,726

E.W.

Scripps

Company,

Term

Loan

244,387

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

243,280

Eagle

Broadband

Investments,

LLC,

Term

Loan

862,837

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

859,964

Entercom

Media

Corporation,

Term

Loan

465,954

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

455,120

GCI,

LLC,

Term

Loan

661,276

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,d,e

657,421

HCP

Acquisition,

LLC,

Term

Loan

684,443

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

682,937

iHeartCommunications,

Inc.,

Term

Loan

400,940

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

395,740

Intermediate

Dutch

Holdings,

Term

Loan

305,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,d,e

303,627

Lumen

Technologies,

Inc.,

Term

Loan

424,008

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

419,051

Meredith

Corporation,

Term

Loan

447,744

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

453,995

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Bank

Loans

(10.7%)

a

Value

Communications

Services

(2.6%)

-

continued

NEP

Group,

Inc.,

Term

Loan

$

703,800

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

$

681,412

Nexstar

Broadcasting,

Inc.,

Term

Loan

772,374

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

765,909

Nielsen

Finance,

LLC,

Term

Loan

219,110

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

219,487

Radiate

Holdco,

LLC,

Term

Loan

1,231,912

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,230,656

Terrier

Media

Buyer,

Inc.,

Term

Loan

304,238

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

301,238

TNS,

Inc.,

Term

Loan

274,037

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

272,552

WideOpenWest

Finance,

LLC,

Term

Loan

651,197

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

648,878

Xplornet

Communications,

Inc.,

Term

Loan

536,783

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

536,365

Ziggo

Financing

Partnership,

Term

Loan

320,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,d,e

316,509

Total

12,038,241

Consumer

Cyclical

(1.8%)

1011778

B.C.,

LLC,

Term

Loan

815,862

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,d,e

800,312

Caesars

Resort

Collection,

LLC,

Term

Loan

691,525

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

692,389

Carnival

Corporation,

Term

Loan

348,246

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

358,693

Cengage

Learning,

Inc.,

Term

Loan

340,592

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

336,549

City

Brewing

Company,

LLC,

Term

Loan

75,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,d,e

74,625

CP

Atlas

Buyer,

Inc.,

Term

Loan

410,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

406,990

Golden

Entertainment,

Inc.,

Term

Loan

1,037,550

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,021,987

Golden

Nugget,

LLC,

Term

Loan

514,108

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

505,497

Principal

Amount

Bank

Loans

(10.7%)

a

Value

Consumer

Cyclical

(1.8%)

-

continued

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

$

673,312

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

$

672,087

LCPR

Loan

Financing,

LLC,

Term

Loan

315,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,d,e

315,394

Michaels

Stores,

Inc.,

Term

Loan

492,525

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

491,786

Scientific

Games

International,

Inc.,

Term

Loan

1,796,333

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,760,280

Staples,

Inc.,

Term

Loan

191,091

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

187,667

322,693

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

314,358

Tenneco,

Inc.,

Term

Loan

258,677

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

251,628

Truck

Hero,

Inc.,

Term

Loan

115,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

114,633

Total

8,304,875

Consumer

Non-Cyclical

(1.7%)

Adient

US,

LLC,

Term

Loan

208,937

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

208,676

Bausch

Health

Americas,

Inc.,

Term

Loan

1,007,084

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,003,267

Chobani,

LLC,

Term

Loan

268,650

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

268,247

CNT

Holdings

I

Corporation,

Term

Loan

350,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

349,016

95,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,c

95,950

Dole

Food

Company,

Inc.,

Term

Loan

403,859

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

403,467

Endo

Luxembourg

Finance

Company,

Term

Loan

235,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,d,e

232,356

Global

Medical

Response,

Inc.,

Term

Loan

1,750,613

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,743,610

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,243,926

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,236,438

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Bank

Loans

(10.7%)

a

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

Ortho-Clinical

Diagnostics

SA,

Term

Loan

$

765,948

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

$

764,225

PetSmart,

Inc.,

Term

Loan

785,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

783,195

Plantronics,

Inc.,

Term

Loan

195,648

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

192,854

Precision

Medicine

Group,

LLC,

Delayed

Draw

64,038

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

63,518

Precision

Medicine

Group,

LLC,

Term

Loan

489,734

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

485,757

Sotera

Health

Holdings,

LLC,

Term

Loan

318,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

316,808

Total

8,147,384

Financials

(0.7%)

Asurion,

LLC,

Term

Loan

214,463

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

212,970

700,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,d,e

694,603

440,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

447,700

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

318,618

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

317,283

MoneyGram

International,

Inc.,

Term

Loan

398,207

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

398,008

NCR

Corporation,

Term

Loan

601,163

2.720%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b,c

593,648

Newco

Financing

Partnership,

Term

Loan

100,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

99,679

Northriver

Midstream

Finance,

LP,

Term

Loan

582,550

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

573,906

UPC

Financing

Partnership,

Term

Loan

100,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

99,679

Total

3,437,476

Technology

(0.9%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

550,879

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

528,386

Principal

Amount

Bank

Loans

(10.7%)

a

Value

Technology

(0.9%)

-

continued

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

$

340,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

$

338,157

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,475,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,468,082

Rackspace

Technology

Global,

Inc.,

Term

Loan

950,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

940,795

SS&C

Technologies,

Inc.,

Term

Loan

51,358

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

50,764

39,932

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

39,469

Zayo

Group

Holdings,

Inc.,

Term

Loan

988,776

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

980,105

Total

4,345,758

Transportation

(0.5%)

American

Airlines,

Inc.,

Term

Loan

840,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,d,e

859,690

SkyMiles

IP,

Ltd.,

Term

Loan

695,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

729,055

United

Airlines,

Inc.,

Term

Loan

513,316

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

497,824

Total

2,086,569

Utilities

(0.5%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

61,427

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

61,427

Core

and

Main,

LP,

Term

Loan

478,912

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

476,614

EnergySolutions,

LLC,

Term

Loan

340,375

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

338,248

Exgen

Renewables

IV,

LLC,

Term

Loan

378,263

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,d,e

378,421

PG&E

Corporation,

Term

Loan

842,877

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

841,031

Talen

Energy

Supply,

LLC,

Term

Loan

247,225

3.859%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

239,808

Total

2,335,549

Total

Bank

Loans

(cost

$50,199,535)

50,059,118

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(

38.2%

)

Value

Communications

Services

(3.3%)

5,468

Activision

Blizzard,

Inc.

$

508,524

1,803

Alphabet,

Inc.,

Class

A

f

3,718,724

580

Alphabet,

Inc.,

Class

C

f

1,199,805

11,319

AT&T,

Inc.

342,626

1,146

Charter

Communications,

Inc.

f

707,105

20,344

Comcast

Corporation

1,100,814

4,390

Discovery,

Inc.,

Class

A

f,g

190,789

7,498

DISH

Network

Corporation

f

271,428

7,734

Facebook,

Inc.

f

2,277,895

808

Gray

Television,

Inc.

14,867

6,104

Live

Nation

Entertainment,

Inc.

f

516,704

7,152

Lumen

Technologies,

Inc.

95,479

1,964

Match

Group,

Inc.

f

269,814

17,872

QuinStreet,

Inc.

f

362,802

27

Roku,

Inc.

f

8,796

1,075

Telephone

&

Data

Systems,

Inc.

24,682

16,101

Twitter,

Inc.

f

1,024,507

17,025

Uber

Technologies,

Inc.

f

928,033

175

United

States

Cellular

Corporation

f

6,384

18,555

Verizon

Communications,

Inc.

1,078,973

3,252

Walt

Disney

Company

f

600,059

316

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f

4,055

2,511

Zillow

Group,

Inc.

f

329,895

Total

15,582,760

Consumer

Discretionary

(5.1%)

1,976

Amazon.com,

Inc.

f

6,113,902

9,901

Aptiv

plc

f

1,365,348

298

AutoZone,

Inc.

f

418,481

1,247

Big

Lots,

Inc.

85,170

4,045

Bloomin'

Brands,

Inc.

f

109,417

393

Booking

Holdings,

Inc.

f

915,627

50

Burlington

Stores,

Inc.

f

14,940

3,528

Caesars

Entertainment,

Inc.

f

308,524

4,675

Callaway

Golf

Company

125,056

1,139

Carvana

Company

f

298,874

5,985

Cedar

Fair,

LP

f

297,335

1,221

Chewy,

Inc.

f

103,431

484

Chipotle

Mexican

Grill,

Inc.

f

687,677

9,070

Cooper-Standard

Holdings,

Inc.

f

329,422

3,267

Crocs,

Inc.

f

262,830

4,133

D.R.

Horton,

Inc.

368,333

70

Dick's

Sporting

Goods,

Inc.

5,330

1,265

Domino's

Pizza,

Inc.

465,254

54

Dorman

Products,

Inc.

f

5,543

1,009

Emerald

Holding,

Inc.

f

5,570

2,028

Expedia

Group,

Inc.

f

349,059

423

Garmin,

Ltd.

55,773

25

Graham

Holdings

Company

14,061

8,180

Harley-Davidson,

Inc.

328,018

3,022

Home

Depot,

Inc.

922,466

2,732

Kohl's

Corporation

162,855

8,012

Leggett

&

Platt,

Inc.

365,748

9,232

Libbey,

Inc.

f

13,617

5,806

Lowe's

Companies,

Inc.

1,104,185

1,606

Lululemon

Athletica,

Inc.

f

492,576

9,571

Macy's,

Inc.

f

154,954

5,679

Mattel,

Inc.

f

113,126

1,970

McDonald's

Corporation

441,556

162

Mercadolibre,

Inc.

f

238,487

5,521

Miller

Industries,

Inc.

255,015

1,145

Mohawk

Industries,

Inc.

f

220,195

3,460

NIKE,

Inc.

459,799

3,984

Nordstrom,

Inc.

f

150,874

Shares

Common

Stock

(38.2%)

Value

Consumer

Discretionary

(5.1%)

-

continued

178

NVR,

Inc.

f

$

838,546

1,813

Overstock.com,

Inc.

f

120,129

2,927

Qurate

Retail,

Inc.

34,422

87

Revolve

Group,

Inc.

f

3,909

508

RH

f

303,073

2,242

Ross

Stores,

Inc.

268,838

2,041

Sleep

Number

Corporation

f

292,863

5,438

Sony

Corporation

ADR

576,482

509

Stitch

Fix,

Inc.

f

25,216

7,743

Stoneridge,

Inc.

f

246,305

144

Strategic

Education,

Inc.

13,235

1,509

Taylor

Morrison

Home

Corporation

f

46,492

2,651

Tesla,

Inc.

f

1,770,682

2,819

Texas

Roadhouse,

Inc.

f

270,455

19,010

Under

Armour,

Inc.,

Class

C

f

350,925

1,760

Workhorse

Group,

Inc.

f,g

24,235

5,557

Zumiez,

Inc.

f

238,395

Total

23,552,630

Consumer

Staples

(1.4%)

1,195

Altria

Group,

Inc.

61,136

4,206

BJ's

Wholesale

Club

Holdings,

Inc.

f

188,681

3,813

Bunge,

Ltd.

302,257

3,502

Colgate-Palmolive

Company

276,063

1,653

Costco

Wholesale

Corporation

582,649

12,460

Hain

Celestial

Group,

Inc.

f

543,256

1,820

John

B.

Sanfilippo

&

Son,

Inc.

164,473

1,813

Kimberly-Clark

Corporation

252,098

5,535

Lamb

Weston

Holdings,

Inc.

428,852

4,587

Monster

Beverage

Corporation

f

417,830

352

PepsiCo,

Inc.

49,790

12,624

Philip

Morris

International,

Inc.

1,120,254

23,210

Primo

Water

Corporation

377,395

2,740

Procter

&

Gamble

Company

371,078

7,315

Turning

Point

Brands,

Inc.

381,624

8,121

Wal-Mart

Stores,

Inc.

1,103,075

Total

6,620,511

Energy

(1.2%)

7,756

Antero

Resources

Corporation

f

79,111

13,685

BP

plc

ADR

333,230

935

Cheniere

Energy,

Inc.

f

67,329

1,266

Chevron

Corporation

132,664

6,991

ConocoPhillips

370,313

445

CONSOL

Energy,

Inc.

f

4,325

980

Core

Laboratories

NV

28,214

41,091

Devon

Energy

Corporation

897,838

579

Dorian

LPG,

Ltd.

f

7,602

2,862

Enbridge,

Inc.

104,177

14,891

Enterprise

Products

Partners,

LP

327,900

3,410

EOG

Resources,

Inc.

247,327

6,626

EQT

Corporation

f

123,111

4,296

Exxon

Mobil

Corporation

239,846

9,438

Gevo,

Inc.

f,g

92,587

9,743

Halliburton

Company

209,085

2,894

Helix

Energy

Solutions

Group,

Inc.

f

14,615

12,821

Helmerich

&

Payne,

Inc.

345,654

17,547

Kinder

Morgan,

Inc.

292,158

6,818

Marathon

Petroleum

Corporation

364,695

1,300

MPLX,

LP

33,319

8,636

Nine

Energy

Service,

Inc.

f

19,863

6,641

Occidental

Petroleum

Corporation

176,783

1,846

PDC

Energy,

Inc.

f

63,502

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(38.2%)

Value

Energy

(1.2%)

-

continued

3,776

Pioneer

Natural

Resources

Company

$

599,704

2,250

SM

Energy

Company

36,833

770

TC

Energy

Corporation

35,228

3,433

Valero

Energy

Corporation

245,803

1,100

Williams

Companies,

Inc.

26,059

Total

5,518,875

Financials

(6.1%)

8,419

Air

Lease

Corporation

412,531

2

Alleghany

Corporation

f

1,253

11,540

Ally

Financial,

Inc.

521,723

3,062

American

Equity

Investment

Life

Holding

Company

96,545

3,939

American

Express

Company

557,132

16,493

Annaly

Capital

Management,

Inc.

141,840

8,225

Arch

Capital

Group,

Ltd.

f

315,593

2,443

Ares

Capital

Corporation

45,709

2,365

Arthur

J.

Gallagher

&

Company

295,081

966

Associated

Banc-Corp

20,614

15,357

Assured

Guaranty,

Ltd.

649,294

37,915

Bank

of

America

Corporation

1,466,931

308

Bank

of

Marin

Bancorp

12,061

6,282

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

240,098

1,749

Berkshire

Hathaway,

Inc.

f

446,817

2,800

BlackRock

TCP

Capital

Corporation

38,724

721

BlackRock,

Inc.

543,605

2,721

Blackstone

Mortgage

Trust,

Inc.

84,351

13,989

Bridgewater

Bancshares,

Inc.

f

225,922

190

Brighthouse

Financial,

Inc.

f

8,408

672

Broadmark

Realty

Capital,

Inc.

7,029

6,561

Capital

One

Financial

Corporation

834,756

16,019

Charles

Schwab

Corporation

1,044,118

2,943

Chimera

Investment

Corporation

37,376

3,238

Chubb,

Ltd.

511,507

1,497

Cincinnati

Financial

Corporation

154,326

12,866

Citigroup,

Inc.

936,002

395

Citizens

Financial

Group,

Inc.

17,439

1,786

CME

Group,

Inc.

364,755

9,647

Columbia

Banking

System,

Inc.

415,689

4,320

Comerica,

Inc.

309,917

1,132

Community

Trust

Bancorp,

Inc.

49,842

189

Customers

Bancorp,

Inc.

f

6,014

4,037

Discover

Financial

Services

383,475

1,999

Ellington

Residential

Mortgage

REIT

24,608

453

Enova

International,

Inc.

f

16,072

28,996

Equitable

Holdings,

Inc.

945,850

2,861

Evercore,

Inc.

376,908

18,632

Everi

Holdings,

Inc.

f

262,898

2,815

F.N.B.

Corporation

35,751

337

FactSet

Research

Systems,

Inc.

103,995

370

Financial

Institutions,

Inc.

11,207

1,922

First

Busey

Corporation

49,299

239

First

Mid-Illinois

Bancshares,

Inc.

10,499

2,147

First

Republic

Bank

358,012

3,964

Flagstar

Bancorp,

Inc.

178,776

1,200

FS

KKR

Capital

Corporation

23,796

2,600

FS

KKR

Capital

Corporation

II

50,778

3,575

Glacier

Bancorp,

Inc.

204,061

727

Goldman

Sachs

Group,

Inc.

237,729

3,222

Golub

Capital

BDC,

Inc.

47,106

535

Granite

Point

Mortgage

Trust,

Inc.

6,404

1,292

Great

Southern

Bancorp,

Inc.

73,218

Shares

Common

Stock

(38.2%)

Value

Financials

(6.1%)

-

continued

3,336

Hancock

Whitney

Corporation

$

140,145

10,071

Heartland

Financial

USA,

Inc.

506,169

934

Hometrust

Bancshares,

Inc.

22,743

7,528

Hope

Bancorp,

Inc.

113,372

433

Independent

Bank

Corporation

10,236

11,036

J.P.

Morgan

Chase

&

Company

1,680,010

5,365

James

River

Group

Holdings,

Ltd.

244,751

2,118

Jefferies

Financial

Group,

Inc.

63,752

22,383

KeyCorp

447,212

2,189

Kinsale

Capital

Group,

Inc.

360,747

4,017

KKR

&

Company,

Inc.

196,231

234

KKR

Real

Estate

Finance

Trust,

Inc.

4,303

646

Lakeland

Bancorp,

Inc.

11,260

1,935

Lincoln

National

Corporation

120,492

60

Markel

Corporation

f

68,377

79

MarketAxess

Holdings,

Inc.

39,336

2,779

Marsh

&

McLennan

Companies,

Inc.

338,482

7,288

Meridian

Bancorp,

Inc.

134,245

4,153

MetLife,

Inc.

252,461

15,351

MFA

Financial,

Inc.

62,479

2,789

MidWestOne

Financial

Group,

Inc.

86,375

626

Moody's

Corporation

186,930

10,496

Morgan

Stanley

815,119

2,399

Navient

Corporation

34,330

9,204

New

York

Community

Bancorp,

Inc.

116,155

4,014

New

York

Mortgage

Trust,

Inc.

17,943

2,342

Old

Republic

International

Corporation

51,149

266

Peapack-Gladstone

Financial

Corporation

8,214

987

PennyMac

Mortgage

Investment

Trust

19,345

2,349

Primerica,

Inc.

347,229

214

QCR

Holdings,

Inc.

10,105

13,628

Radian

Group,

Inc.

316,851

4,251

Raymond

James

Financial,

Inc.

521,003

2,469

S&P

Global,

Inc.

871,236

8,414

Seacoast

Banking

Corporation

of

Florida

f

304,923

1,511

Selective

Insurance

Group,

Inc.

109,608

1,718

Sixth

Street

Specialty

Lending,

Inc.

36,130

2,197

Starwood

Property

Trust,

Inc.

54,354

6,215

Synovus

Financial

Corporation

284,336

522

T.

Rowe

Price

Group,

Inc.

89,575

1,907

Torchmark

Corporation

184,273

4,575

Triumph

Bancorp,

Inc.

f

354,059

8,477

Truist

Financial

Corporation

494,379

5,793

Umpqua

Holdings

Corporation

101,667

281

Universal

Insurance

Holdings,

Inc.

4,030

5,384

Unum

Group

149,837

30,689

Wells

Fargo

&

Company

1,199,019

12,553

Western

Alliance

Bancorp

1,185,505

1,343

Western

Asset

Mortgage

Capital

Corporation

4,284

15,029

Zions

Bancorporations

NA

825,994

1,124

Zurich

Insurance

Group

AG

478,432

Total

28,292,636

Health

Care

(4.8%)

2,558

Abbott

Laboratories

306,551

3,201

AbbVie,

Inc.

346,412

529

Align

Technology,

Inc.

f

286,469

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(38.2%)

Value

Health

Care

(4.8%)

-

continued

1,320

Amedisys,

Inc.

f

$

349,523

4,052

Amgen,

Inc.

1,008,178

4,084

AMN

Healthcare

Services,

Inc.

f

300,991

2,483

Anthem,

Inc.

891,273

6,191

Ardelyx,

Inc.

f

40,984

1,376

Becton,

Dickinson

and

Company

334,574

1,157

Biogen,

Inc.

f

323,671

2,133

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

f

145,791

2,635

Catalent,

Inc.

f

277,492

4,835

Centene

Corporation

f

309,005

5,453

Cerner

Corporation

391,962

2,666

Cigna

Holding

Company

644,479

4,734

CVS

Health

Corporation

356,139

1,792

Danaher

Corporation

403,343

1,069

Dexcom,

Inc.

f

384,188

8,203

Edwards

Lifesciences

Corporation

f

686,099

6,824

GlaxoSmithKline

plc

ADR

g

243,549

797

Haemonetics

Corporation

f

88,475

5,477

Halozyme

Therapeutics,

Inc.

f

228,336

2,556

HCA

Healthcare,

Inc.

481,397

1,112

Humana,

Inc.

466,206

1,194

Illumina,

Inc.

f

458,568

3,450

InMode,

Ltd.

f

249,676

734

Intuitive

Surgical,

Inc.

f

542,382

2,036

IQVIA

Holding,

Inc.

f

393,233

9,405

Johnson

&

Johnson

1,545,712

8,291

Lantheus

Holdings,

Inc.

f

177,179

1,065

LHC

Group,

Inc.

f

203,639

12,257

Medtronic

plc

1,447,919

12,116

Merck

&

Company,

Inc.

934,022

143

Mettler-Toledo

International,

Inc.

f

165,264

1,180

Moderna,

Inc.

f

154,521

951

Novavax,

Inc.

f

172,426

4,424

Novo

Nordisk

AS

ADR

298,266

5,017

NuVasive,

Inc.

f

328,915

1,474

Quidel

Corporation

f

188,569

527

Reata

Pharmaceuticals,

Inc.

f

52,542

3,449

Stryker

Corporation

840,107

8,892

Syneos

Health,

Inc.

f

674,458

4,927

Tactile

Systems

Technology,

Inc.

f

268,472

1,733

Teladoc

Health,

Inc.

f

314,973

238

Teleflex,

Inc.

98,879

2,840

Thermo

Fisher

Scientific,

Inc.

1,296,119

1,828

UnitedHealth

Group,

Inc.

680,144

12,690

Vaxart,

Inc.

f,g

76,774

1,830

Veeva

Systems,

Inc.

f

478,069

14,116

Viemed

Healthcare,

Inc.

f

142,854

1,143

Zimmer

Biomet

Holdings,

Inc.

182,971

4,978

Zoetis,

Inc.

783,935

Total

22,445,675

Industrials

(4.8%)

4,288

Advanced

Drainage

Systems,

Inc.

443,336

834

Allegion

plc

104,767

9,978

Altra

Industrial

Motion

Corporation

551,983

4,459

AMETEK,

Inc.

569,548

3,100

ASGN,

Inc.

f

295,864

1,047

Axon

Enterprise,

Inc.

f

149,114

11,329

Badger

Daylighting,

Ltd.

386,468

3,238

Blink

Charging

Company

f,g

133,082

767

Boeing

Company

f

195,370

2,589

Carlisle

Companies,

Inc.

426,098

1,378

Chart

Industries,

Inc.

f

196,158

39

Copart,

Inc.

f

4,236

Shares

Common

Stock

(38.2%)

Value

Industrials

(4.8%)

-

continued

2,827

Crane

Company

$

265,484

3,165

CSX

Corporation

305,169

27

Cummins,

Inc.

6,996

4,167

Curtiss-Wright

Corporation

494,206

10,964

Delta

Air

Lines,

Inc.

f

529,342

2,391

Eaton

Corporation

plc

330,628

3,518

Emerson

Electric

Company

317,394

1,705

Encore

Wire

Corporation

114,457

685

Fortive

Corporation

48,388

3,698

Forward

Air

Corporation

328,419

8,667

FuelCell

Energy,

Inc.

f

124,891

505

GATX

Corporation

46,834

4,802

General

Dynamics

Corporation

871,851

289

Gorman-Rupp

Company

9,569

3,570

Greenbrier

Companies,

Inc.

168,575

2,463

Heico

Corporation

309,845

4,469

Helios

Technologies,

Inc.

325,656

5,027

Honeywell

International,

Inc.

1,091,211

12,070

Howmet

Aerospace,

Inc.

f

387,809

1,657

IDEX

Corporation

346,843

275

Illinois

Tool

Works,

Inc.

60,918

13,072

Johnson

Controls

International

plc

780,006

1,842

Kansas

City

Southern

486,141

2,606

L3Harris

Technologies,

Inc.

528,184

183

Landstar

System,

Inc.

30,206

2,620

Lincoln

Electric

Holdings,

Inc.

322,103

2,004

Lockheed

Martin

Corporation

740,478

4,360

Manpower,

Inc.

431,204

14,734

Meritor,

Inc.

f

433,474

1,736

Middleby

Corporation

f

287,742

811

MSC

Industrial

Direct

Company,

Inc.

73,144

7,251

NAPCO

Security

Technologies,

Inc.

f

252,552

125

Nordson

Corporation

24,835

1,749

Norfolk

Southern

Corporation

469,642

1,242

Northrop

Grumman

Corporation

401,961

6,460

Nutrien,

Ltd.

348,129

1,901

Old

Dominion

Freight

Line,

Inc.

457,019

2,819

Otis

Worldwide

Corporation

192,961

2,181

Parker-Hannifin

Corporation

687,953

3,807

Patrick

Industries,

Inc.

323,595

10,257

Raven

Industries,

Inc.

393,151

5,214

Raytheon

Technologies

Corporation

402,886

2,139

Regal-Beloit

Corporation

305,193

2,711

Ritchie

Brothers

Auctioneers,

Inc.

158,729

7,882

Southwest

Airlines

Company

f

481,275

3,620

Spirit

Airlines,

Inc.

f

133,578

837

Stanley

Black

&

Decker,

Inc.

167,124

5,697

Timken

Company

462,426

2,964

Tutor

Perini

Corporation

f

56,168

2,035

Union

Pacific

Corporation

448,534

2,960

United

Parcel

Service,

Inc.

503,170

3,834

United

Rentals,

Inc.

f

1,262,575

1,076

Verisk

Analytics,

Inc.

190,118

4,293

WESCO

International,

Inc.

f

371,473

280

Woodward,

Inc.

33,776

Total

22,582,014

Information

Technology

(8.3%)

1,942

Accenture

plc

536,478

2,581

Adobe,

Inc.

f

1,226,930

2,033

Advanced

Energy

Industries,

Inc.

221,943

6,050

Agilysys,

Inc.

f

290,158

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(38.2%)

Value

Information

Technology

(8.3%)

-

continued

3,137

Alliance

Data

Systems

Corporation

$

351,626

5,064

Amphenol

Corporation

334,072

412

Analog

Devices,

Inc.

63,893

1,245

ANSYS,

Inc.

f

422,752

48,096

Apple,

Inc.

5,874,926

4,141

Axcelis

Technologies,

Inc.

f

170,154

3,811

BigCommerce

Holdings,

Inc.

f,g

220,276

1,142

Broadcom,

Ltd.

529,500

315

Broadridge

Financial

Solutions,

Inc.

48,226

6,667

Calix,

Inc.

f

231,078

9,568

Ciena

Corporation

f

523,561

24,540

Cisco

Systems,

Inc.

1,268,963

4,131

Computer

Services,

Inc.

243,729

2,450

Dolby

Laboratories,

Inc.

241,864

11,206

Dropbox,

Inc.

f

298,752

1,636

Enphase

Energy,

Inc.

f

265,294

173

Euronet

Worldwide,

Inc.

f

23,926

3,117

Fastly,

Inc.

f,g

209,712

1,029

FleetCor

Technologies,

Inc.

f

276,420

2,505

II-VI,

Inc.

f

171,267

1,132

Intuit,

Inc.

433,624

347

Jack

Henry

&

Associates,

Inc.

52,647

533

KLA-Tencor

Corporation

176,103

372

Lam

Research

Corporation

221,429

934

Littelfuse,

Inc.

246,987

616

Lumentum

Holdings,

Inc.

f

56,272

4,441

Mastercard,

Inc.

1,581,218

2,468

Microchip

Technology,

Inc.

383,083

4,949

Micron

Technology,

Inc.

f

436,551

28,694

Microsoft

Corporation

6,765,184

1,617

Motorola

Solutions,

Inc.

304,077

6,577

National

Instruments

Corporation

284,028

1,175

Nice,

Ltd.

ADR

f

256,115

25,770

Nuance

Communications,

Inc.

f

1,124,603

2,462

NVIDIA

Corporation

1,314,536

1,440

ON

Semiconductor

Corporation

f

59,918

9,409

Oracle

Corporation

660,230

8,126

PayPal

Holdings,

Inc.

f

1,973,318

2,372

Plexus

Corporation

f

217,844

1,617

Plug

Power,

Inc.

f

57,953

9,005

QUALCOMM,

Inc.

1,193,973

16,440

Sabre

Corporation

f

243,476

4,690

Salesforce.com,

Inc.

f

993,670

456

Samsung

Electronics

Company,

Ltd.

GDR

831,371

1,661

ServiceNow,

Inc.

f

830,683

5,550

Square,

Inc.

f

1,260,128

836

TE

Connectivity,

Ltd.

107,936

343

Teradyne,

Inc.

41,736

7,765

Texas

Instruments,

Inc.

1,467,507

20,310

TTM

Technologies,

Inc.

f

294,495

142

Tyler

Technologies,

Inc.

f

60,283

1,951

Visa,

Inc.

413,085

1,157

VMware,

Inc.

f,g

174,071

809

Western

Digital

Corporation

54,001

2,923

Workiva,

Inc.

f

257,984

Total

38,875,619

Materials

(1.1%)

12,173

Axalta

Coating

Systems,

Ltd.

f

360,077

4,616

Ball

Corporation

391,160

9,040

Carpenter

Technology

Corporation

371,996

11,584

CF

Industries

Holdings,

Inc.

525,682

2,646

Eastman

Chemical

Company

291,377

Shares

Common

Stock

(38.2%)

Value

Materials

(1.1%)

-

continued

1,616

Ecolab,

Inc.

$

345,937

17,619

Element

Solutions,

Inc.

322,251

288

International

Flavors

&

Fragrances,

Inc.

40,208

36,220

Ivanhoe

Mines,

Ltd.

f

186,475

2,115

LyondellBasell

Industries

NV

220,066

1,421

Martin

Marietta

Materials,

Inc.

477,200

6,769

Nucor

Corporation

543,348

52

PPG

Industries,

Inc.

7,813

7,618

Steel

Dynamics,

Inc.

386,690

662

SunCoke

Energy,

Inc.

4,641

4,747

UFP

Technologies,

Inc.

f

236,496

2,321

United

States

Lime

&

Minerals,

Inc.

310,341

4,728

W.

R.

Grace

&

Company

283,018

Total

5,304,776

Real

Estate

(1.3%)

1,513

Agree

Realty

Corporation

101,840

1,993

Alexandria

Real

Estate

Equities,

Inc.

327,450

13,512

American

Campus

Communities,

Inc.

583,313

3,372

Apartment

Investment

&

Management

Company

20,704

1,348

AvalonBay

Communities,

Inc.

248,720

2,942

Camden

Property

Trust

323,355

3,494

CBRE

Group,

Inc.

f

276,410

3,015

Colliers

International

Group,

Inc.

296,194

40

Community

Healthcare

Trust,

Inc.

1,845

1,951

Digital

Realty

Trust,

Inc.

274,779

6,746

Douglas

Emmett,

Inc.

211,824

6,395

Duke

Realty

Corporation

268,142

440

EastGroup

Properties,

Inc.

63,043

7,528

Essential

Properties

Realty

Trust,

Inc.

171,864

104

Extra

Space

Storage,

Inc.

13,785

3,039

First

Industrial

Realty

Trust,

Inc.

139,156

5,687

Four

Corners

Property

Trust,

Inc.

155,824

2,854

Healthcare

Realty

Trust,

Inc.

86,533

29,161

Host

Hotels

&

Resorts,

Inc.

f

491,363

12,168

Independence

Realty

Trust,

Inc.

184,954

489

Innovative

Industrial

Properties,

Inc.

88,098

1,540

iSTAR

Financial,

Inc.

27,381

4,322

MGIC

Investment

Corporation

59,860

8,122

National

Storage

Affiliates

Trust

324,312

5,513

New

Residential

Investment

Corporation

62,021

1,692

Pebblebrook

Hotel

Trust

41,099

258

Plymouth

Industrial

REIT,

Inc.

4,347

1,780

Public

Storage,

Inc.

439,233

3,469

Rayonier,

Inc.

REIT

111,875

3,076

Realty

Income

Corporation

195,326

2,501

Rexford

Industrial

Realty,

Inc.

126,050

9,639

Service

Properties

Trust

114,319

23,370

Sunstone

Hotel

Investors,

Inc.

f

291,190

Total

6,126,209

Utilities

(0.8%)

9,257

Alliant

Energy

Corporation

501,359

1,558

American

Electric

Power

Company,

Inc.

131,963

211

American

States

Water

Company

15,956

15,666

CenterPoint

Energy,

Inc.

354,835

4,932

Duke

Energy

Corporation

476,086

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(38.2%)

Value

Utilities

(0.8%)

-

continued

8,630

Entergy

Corporation

$

858,426

7,093

Exelon

Corporation

310,248

9,829

FirstEnergy

Corporation

340,968

503

NextEra

Energy

Partners,

LP

36,659

914

NextEra

Energy,

Inc.

69,107

1,907

NorthWestern

Corporation

124,336

3,948

Portland

General

Electric

Company

187,411

2,629

Spire,

Inc.

194,257

256

Unitil

Corporation

11,697

1,537

WEC

Energy

Group,

Inc.

143,848

Total

3,757,156

Total

Common

Stock

(cost

$126,363,153)

178,658,861

Principal

Amount

Long-Term

Fixed

Income

(

30.0%

)

Value

Asset-Backed

Securities

(1.5%)

522

Funding

CLO,

Ltd.

$

225,000

4.051%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,h

225,684

Ares

LVII

CLO,

Ltd.

225,000

4.594%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,h

226,389

Babson

CLO,

Ltd.

300,000

3.124%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,h

291,046

Cent

CLO,

LP

850,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,h

850,128

College

Ave

Student

Loans,

LLC

162,767

1.759%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,h

165,825

Conn's

Receivables

Funding

49,769

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

h

49,933

Foundation

Finance

Trust

90,309

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

h

91,844

Harley

Marine

Financing,

LLC

432,000

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

402,946

Madison

Park

Funding

XIV,

Ltd.

500,000

1.622%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

500,022

Octagon

Investment

Partners

50,

Ltd.

275,000

4.470%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,h

275,991

OHA

Credit

Funding

1,

Ltd.

390,000

1.674%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,h

390,031

OZLM

IX,

Ltd.

425,000

1.774%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

425,079

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Asset-Backed

Securities

(1.5%)

-

continued

Palmer

Square

CLO,

Ltd.

$

400,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,h

$

398,959

Palmer

Square

Loan

Funding,

Ltd.

300,000

2.474%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,h

300,083

Sound

Point

CLO

X,

Ltd.

400,000

2.924%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,h

400,246

Sound

Point

CLO

XXI,

Ltd.

800,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

800,072

TCI-Flatiron

CLO,

Ltd.

785,000

2.436%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,h

783,689

THL

Credit

Wind

River

CLO,

Ltd.

350,000

3.091%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,h

346,597

Vericrest

Opportunity

Loan

Trust

175,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

h,i

173,876

Total

7,098,440

Basic

Materials

(0.5%)

Air

Products

and

Chemicals,

Inc.

17,000

1.500%, 

10/15/2025

17,247

Alcoa

Nederland

Holding

BV

95,000

5.500%, 

12/15/2027

h

102,258

Anglo

American

Capital

plc

45,000

2.250%, 

3/17/2028

h

44,322

BWAY

Holding

Company

90,000

5.500%, 

4/15/2024

h

91,237

Chemours

Company

50,000

5.750%, 

11/15/2028

h

52,646

Cleveland-Cliffs,

Inc.

60,000

5.875%, 

6/1/2027

62,100

40,000

4.625%, 

3/1/2029

h

39,932

40,000

4.875%, 

3/1/2031

h

39,900

Consolidated

Energy

Finance

SA

70,000

6.875%, 

6/15/2025

h

71,312

DuPont

de

Nemours,

Inc.

45,000

4.725%, 

11/15/2028

52,303

EI

du

Pont

de

Nemours

&

Company

34,000

1.700%, 

7/15/2025

34,566

First

Quantum

Minerals,

Ltd.

110,000

7.500%, 

4/1/2025

h

113,575

Freeport-McMoRan,

Inc.

90,000

4.125%, 

3/1/2028

94,608

90,000

4.250%, 

3/1/2030

95,850

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

26,813

Hudbay

Minerals,

Inc.

70,000

4.500%, 

4/1/2026

h

72,752

Ingevity

Corporation

100,000

3.875%, 

11/1/2028

h

97,000

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Basic

Materials

(0.5%)

-

continued

Kinross

Gold

Corporation

$

44,000

5.125%, 

9/1/2021

$

44,317

Kraton

Polymers,

LLC

90,000

4.250%, 

12/15/2025

h

90,338

LYB

International

Finance

III,

LLC

63,000

1.250%, 

10/1/2025

62,205

Mercer

International,

Inc.

70,000

5.125%, 

2/1/2029

h

72,520

Mosaic

Company

15,000

3.250%, 

11/15/2022

15,582

67,000

4.050%, 

11/15/2027

74,372

Norbord,

Inc.

80,000

5.750%, 

7/15/2027

h

85,264

Novelis

Corporation

70,000

5.875%, 

9/30/2026

h

73,063

40,000

4.750%, 

1/30/2030

h

41,228

Nucor

Corporation

17,000

2.000%, 

6/1/2025

17,440

Nutrien,

Ltd.

45,000

4.000%, 

12/15/2026

50,435

OCI

NV

100,000

4.625%, 

10/15/2025

h

103,375

Olin

Corporation

150,000

5.125%, 

9/15/2027

155,250

Steel

Dynamics,

Inc.

21,000

2.400%, 

6/15/2025

21,887

Syngenta

Finance

NV

71,000

3.933%, 

4/23/2021

h

71,131

Tronox

Finance

plc

50,000

5.750%, 

10/1/2025

h

52,157

United

States

Steel

Corporation

110,000

6.875%, 

3/1/2029

112,475

Venator

Finance

SARL

70,000

5.750%, 

7/15/2025

h

67,900

Westlake

Chemical

Corporation

45,000

3.600%, 

8/15/2026

48,642

Xstrata

Finance

Canada,

Ltd.

66,000

4.950%, 

11/15/2021

h

67,843

Total

2,435,845

Capital

Goods

(1.0%)

AECOM

160,000

5.125%, 

3/15/2027

174,100

Amsted

Industries,

Inc.

80,000

5.625%, 

7/1/2027

h

84,900

Ardagh

Packaging

Finance

plc

61,000

6.000%, 

2/15/2025

h

62,860

100,000

5.250%, 

8/15/2027

h

102,008

Boeing

Company

79,000

4.875%, 

5/1/2025

87,962

52,000

2.196%, 

2/4/2026

51,839

67,000

3.250%, 

3/1/2028

68,553

90,000

5.150%, 

5/1/2030

103,657

Bombardier,

Inc.

70,000

7.500%, 

3/15/2025

h

68,863

70,000

7.875%, 

4/15/2027

h

68,648

Brand

Industrial

Services,

Inc.

35,000

8.500%, 

7/15/2025

h

35,273

BWAY

Holding

Company

70,000

7.250%, 

4/15/2025

h

70,000

Carrier

Global

Corporation

67,000

2.722%, 

2/15/2030

67,609

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Capital

Goods

(1.0%)

-

continued

Caterpillar

Financial

Services

Corporation

$

53,000

1.900%, 

9/6/2022

$

54,256

48,000

1.950%, 

11/18/2022

49,239

35,000

1.450%, 

5/15/2025

35,477

Chart

Industries,

Inc.,

Convertible

117,000

1.000%, 

11/15/2024

h

290,379

Cintas

Corporation

No.

2

64,000

2.900%, 

4/1/2022

65,480

CNH

Industrial

Capital,

LLC

64,000

4.875%, 

4/1/2021

64,000

20,000

1.950%, 

7/2/2023

20,538

Cornerstone

Building

Brands,

Inc.

90,000

6.125%, 

1/15/2029

h

95,850

Covanta

Holding

Corporation

70,000

6.000%, 

1/1/2027

73,063

25,000

5.000%, 

9/1/2030

25,250

CP

Atlas

Buyer,

Inc.

60,000

7.000%, 

12/1/2028

h

63,063

Crown

Americas

Capital

Corporation

IV

80,000

4.500%, 

1/15/2023

84,150

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

60,188

General

Electric

Company

51,000

3.514%, 

(LIBOR

3M

+

3.330%),

6/15/2021

b,j

48,195

45,000

3.625%, 

5/1/2030

48,450

GFL

Environmental,

Inc.

20,000

4.000%, 

8/1/2028

h

19,350

65,000

3.500%, 

9/1/2028

h

63,050

Greenbrier

Companies,

Inc.,

Convertible

47,000

2.875%, 

2/1/2024

51,113

H&E

Equipment

Services,

Inc.

70,000

3.875%, 

12/15/2028

h

68,075

Honeywell

International,

Inc.

35,000

1.350%, 

6/1/2025

35,505

Howmet

Aerospace,

Inc.

80,000

6.875%, 

5/1/2025

92,700

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

74,322

Jeld-Wen,

Inc.

80,000

4.625%, 

12/15/2025

h

81,000

John

Deere

Capital

Corporation

47,000

1.200%, 

4/6/2023

47,745

48,000

2.050%, 

1/9/2025

49,934

67,000

1.500%, 

3/6/2028

65,245

KBR,

Inc.,

Convertible

223,000

2.500%, 

11/1/2023

351,643

Meritor,

Inc.

50,000

4.500%, 

12/15/2028

h

50,150

NESCO

Holdings

II,

Inc.

25,000

5.500%, 

4/15/2029

e,h

25,645

Otis

Worldwide

Corporation

47,000

2.056%, 

4/5/2025

48,393

Owens-Brockway

Glass

Container,

Inc.

60,000

5.875%, 

8/15/2023

h

64,275

Parker-Hannifin

Corporation

70,000

2.700%, 

6/14/2024

74,223

Patrick

Industries,

Inc.,

Convertible

78,000

1.000%, 

2/1/2023

90,968

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Capital

Goods

(1.0%)

-

continued

Raytheon

Technologies

Corporation

$

45,000

4.125%, 

11/16/2028

$

50,676

Republic

Services,

Inc.

45,000

3.950%, 

5/15/2028

50,220

Roper

Technologies,

Inc.

33,000

2.350%, 

9/15/2024

34,492

35,000

1.000%, 

9/15/2025

34,401

Siemens

Financieringsmaatschappij

NV

67,000

1.700%, 

3/11/2028

h

65,774

SRM

Escrow

Issuer,

LLC

85,000

6.000%, 

11/1/2028

h

89,080

Standard

Industries,

Inc.

120,000

4.375%, 

7/15/2030

h

121,080

Textron,

Inc.

67,000

3.650%, 

3/15/2027

72,153

Titan

Acquisition,

Ltd.

30,000

7.750%, 

4/15/2026

h

31,161

TransDigm,

Inc.

50,000

6.250%, 

3/15/2026

h

53,010

200,000

5.500%, 

11/15/2027

207,026

20,000

4.625%, 

1/15/2029

h

19,721

United

Rentals

North

America,

Inc.

100,000

4.875%, 

1/15/2028

105,337

60,000

4.000%, 

7/15/2030

61,065

United

Technologies

Corporation

68,000

3.950%, 

8/16/2025

75,523

Waste

Pro

USA,

Inc.

35,000

5.500%, 

2/15/2026

h

35,831

WESCO

Distribution,

Inc.

80,000

7.250%, 

6/15/2028

h

89,312

WW

Grainger,

Inc.

30,000

1.850%, 

2/15/2025

30,914

Total

4,703,962

Collateralized

Mortgage

Obligations

(2.7%)

Antler

Mortgage

Trust

2,404

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

h

2,405

168,029

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

h

168,328

Banc

of

America

Alternative

Loan

Trust

187,487

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

185,719

Banc

of

America

Mortgage

Securities

Trust

145,640

2.631%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

146,510

49,680

2.976%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

48,764

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

75,856

2.310%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

74,310

Bellemeade

Re,

Ltd.

298,692

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

298,785

194,111

3.509%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,h

194,776

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Collateralized

Mortgage

Obligations

(2.7%)

-

continued

$

129,421

2.409%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,h

$

129,709

Business

Jet

Securities,

LLC

110,075

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

h

111,427

CHL

Mortgage

Pass-Through

Trust

209,806

2.716%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

184,521

107,503

2.793%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

110,385

360,252

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

281,913

CIM

Trust

216,574

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,h

229,372

Citigroup

Mortgage

Loan

Trust,

Inc.

273,752

2.963%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

274,450

Countrywide

Alternative

Loan

Trust

259,871

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

135,948

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

120,122

2.669%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

114,531

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

94,358

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

93,439

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

191,849

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

194,047

129,365

1.996%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

127,831

Eagle

Re,

Ltd.

300,782

1.909%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,h

301,378

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

583,374

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

k

31,146

579,529

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

k

71,432

729,149

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

k

53,282

Federal

National

Mortgage

Association

-

REMIC

753,726

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

k

40,312

613,563

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

k

29,217

1,222,877

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

k

57,145

1,452,510

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

k

92,716

894,963

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

k

45,658

440,088

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

k

23,004

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Collateralized

Mortgage

Obligations

(2.7%)

-

continued

$

1,164,117

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

k

$

60,689

508,915

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

k

29,930

1,712,953

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

k

89,559

469,710

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

k

26,231

727,028

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

k

39,263

503,006

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

k

50,833

3,021,131

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

k

201,140

1,679,240

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

k

93,191

Genworth

Mortgage

Insurance

Corporation

175,000

2.009%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,h

175,243

GMAC

Mortgage

Corporation

Loan

Trust

98,351

3.657%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

97,967

24,852

0.609%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,l

31,843

GMACM

Mortgage

Loan

Trust

45,639

3.627%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

45,333

GSAA

Home

Equity

Trust

76,740

4.555%, 

8/25/2034,

Ser.

2004-10,

Class

M2

81,069

IndyMac

INDA

Mortgage

Loan

Trust

706,660

3.110%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

680,816

IndyMac

INDX

Mortgage

Loan

Trust

438,727

0.529%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

415,274

J.P.

Morgan

Alternative

Loan

Trust

340,016

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

272,712

Legacy

Mortgage

Asset

Trust

271,561

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

274,626

Master

Asset

Securitization

Trust

424,090

0.609%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

94,807

Merrill

Lynch

Mortgage

Investors

Trust

265,075

3.554%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

154,055

Preston

Ridge

Partners

Mortgage

Trust,

LLC

344,092

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

346,942

202,407

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,h

202,900

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Collateralized

Mortgage

Obligations

(2.7%)

-

continued

Radnor

RE,

Ltd.

$

525,000

2.809%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,h

$

529,085

RCO

Mortgage,

LLC

178,752

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

h,i

179,759

Residential

Accredit

Loans,

Inc.

Trust

141,289

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

138,145

142,933

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

142,222

118,515

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

114,845

Residential

Asset

Securitization

Trust

137,818

2.545%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

140,943

256,369

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

265,181

Residential

Funding

Mortgage

Security

I

Trust

222,823

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

213,758

Silver

Hill

Trust

193,402

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

200,132

Stanwich

Mortgage

Loan

Trust

135,360

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

h,i

136,129

Starwood

Mortgage

Residential

Trust

211,454

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,h

215,979

250,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,h

260,946

Structured

Adjustable

Rate

Mortgage

Loan

Trust

79,866

3.223%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

74,609

147,717

3.212%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

120,276

Structured

Asset

Mortgage

Investments,

Inc.

309,482

0.729%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

298,159

Toorak

Mortgage

Corporation

300,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

h,i

300,692

Vericrest

Opportunity

Loan

Transferee

200,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

h,i

198,711

250,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

h,i

249,010

250,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

h,i

249,339

250,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

c,h,i

250,000

Verus

Securitization

Trust

271,149

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,h

271,716

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Collateralized

Mortgage

Obligations

(2.7%)

-

continued

Wachovia

Asset

Securitization,

Inc.

$

199,914

0.258%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,h,l

$

186,811

WaMu

Mortgage

Pass

Through

Certificates

234,851

1.139%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

220,314

Wells

Fargo

Home

Equity

Trust

194,767

0.859%, 

(LIBOR

1M

+

0.750%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

189,483

Total

12,463,127

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

225,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

227,250

Total

227,250

Communications

Services

(1.4%)

AMC

Networks,

Inc.

80,000

4.250%, 

2/15/2029

77,800

American

Tower

Corporation

50,000

3.375%, 

5/15/2024

53,606

90,000

4.400%, 

2/15/2026

101,394

67,000

3.800%, 

8/15/2029

72,947

AT&T,

Inc.

92,000

4.450%, 

4/1/2024

100,911

90,000

1.700%, 

3/25/2026

89,968

67,000

4.300%, 

2/15/2030

75,427

CCO

Holdings,

LLC

125,000

5.500%, 

5/1/2026

h

128,912

75,000

5.125%, 

5/1/2027

h

79,299

CCOH

Safari,

LLC

164,000

5.750%, 

2/15/2026

h

169,207

Cengage

Learning,

Inc.

100,000

9.500%, 

6/15/2024

h

101,875

Charter

Communications

Operating,

LLC

50,000

4.500%, 

2/1/2024

54,687

68,000

4.908%, 

7/23/2025

77,088

67,000

5.050%, 

3/30/2029

77,011

Clear

Channel

Worldwide

Holdings,

Inc.

85,000

7.750%, 

4/15/2028

h

84,065

Comcast

Corporation

39,000

3.700%, 

4/15/2024

42,593

39,000

3.950%, 

10/15/2025

43,568

54,000

2.350%, 

1/15/2027

56,368

112,000

3.400%, 

4/1/2030

121,265

Consolidated

Communications,

Inc.

40,000

5.000%, 

10/1/2028

h

40,312

Cox

Communications,

Inc.

51,000

2.950%, 

6/30/2023

h

53,319

Crown

Castle

International

Corporation

45,000

3.800%, 

2/15/2028

49,022

CSC

Holdings,

LLC

50,000

5.500%, 

5/15/2026

h

51,550

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Communications

Services

(1.4%)

-

continued

$

130,000

5.375%, 

2/1/2028

h

$

136,662

Cumulus

Media

New

Holdings,

Inc.

60,000

6.750%, 

7/1/2026

h

61,125

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

h

35,409

Discovery

Communications,

LLC

45,000

2.950%, 

3/20/2023

47,015

DISH

DBS

Corporation

60,000

7.375%, 

7/1/2028

62,943

Embarq

Corporation

35,000

7.995%, 

6/1/2036

40,327

Entercom

Media

Corporation

60,000

6.500%, 

5/1/2027

h

62,025

Fox

Corporation

76,000

4.030%, 

1/25/2024

82,553

45,000

4.709%, 

1/25/2029

51,798

Front

Range

BidCo,

Inc.

100,000

4.000%, 

3/1/2027

h

98,250

60,000

6.125%, 

3/1/2028

h

61,575

Frontier

Communications

Corporation

60,000

5.875%, 

10/15/2027

h

63,600

25,000

6.750%, 

5/1/2029

h

26,367

GCI,

LLC

70,000

4.750%, 

10/15/2028

h

71,662

Hughes

Satellite

Systems

Corporation

40,000

6.625%, 

8/1/2026

44,324

iHeartCommunications,

Inc.

70,000

4.750%, 

1/15/2028

h

70,525

LCPR

Senior

Secured

Financing

DAC

60,000

6.750%, 

10/15/2027

h

63,969

Level

3

Financing,

Inc.

90,000

4.625%, 

9/15/2027

h

92,625

190,000

4.250%, 

7/1/2028

h

192,149

Liberty

Interactive,

LLC,

Convertible

118,000

3.500%, 

1/15/2031

117,410

Ligado

Networks,

LLC

35,000

0.000%,PIK

15.500%,

11/1/2023

c,h,m

32,794

Meredith

Corporation

70,000

6.500%, 

7/1/2025

h

75,102

Netflix,

Inc.

34,000

5.875%, 

2/15/2025

38,972

175,000

4.875%, 

4/15/2028

197,969

Nexstar

Escrow

Corporation

100,000

5.625%, 

7/15/2027

h

104,812

Nielsen

Finance,

LLC

30,000

5.625%, 

10/1/2028

h

31,537

NTT

Finance

Corporation

54,000

1.162%, 

4/3/2026

h

53,287

Omnicom

Group,

Inc.

45,000

4.200%, 

6/1/2030

50,641

Radiate

Holdco,

LLC

40,000

6.500%, 

9/15/2028

h

42,238

Scripps

Escrow

II,

Inc.

50,000

3.875%, 

1/15/2029

h

49,125

35,000

5.375%, 

1/15/2031

h

34,738

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Communications

Services

(1.4%)

-

continued

SFR

Group

SA

$

150,000

7.375%, 

5/1/2026

h

$

156,015

Sinclair

Television

Group,

Inc.

100,000

5.500%, 

3/1/2030

h

97,250

Sirius

XM

Radio,

Inc.

100,000

5.000%, 

8/1/2027

h

104,905

35,000

4.125%, 

7/1/2030

h

35,040

Sprint

Capital

Corporation

90,000

6.875%, 

11/15/2028

113,487

75,000

8.750%, 

3/15/2032

110,906

Sprint

Corporation

230,000

7.625%, 

2/15/2025

274,275

Terrier

Media

Buyer,

Inc.

50,000

8.875%, 

12/15/2027

h

53,803

T-Mobile

USA,

Inc.

52,000

3.500%, 

4/15/2025

h

56,102

68,000

3.750%, 

4/15/2027

h

74,335

89,000

3.875%, 

4/15/2030

h

96,597

55,000

2.875%, 

2/15/2031

53,158

United

States

Cellular

Corporation

60,000

6.700%, 

12/15/2033

72,671

Uniti

Group,

LP

35,000

6.500%, 

2/15/2029

h

34,563

Univision

Communications,

Inc.

120,000

6.625%, 

6/1/2027

h

128,151

VeriSign,

Inc.

60,000

4.750%, 

7/15/2027

63,675

Verizon

Communications,

Inc.

44,000

0.750%, 

3/22/2024

44,048

81,000

1.298%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

82,823

138,000

0.850%, 

11/20/2025

135,050

90,000

2.100%, 

3/22/2028

90,377

67,000

3.150%, 

3/22/2030

70,667

44,000

2.550%, 

3/21/2031

43,960

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

44,718

ViaSat,

Inc.

100,000

5.625%, 

9/15/2025

h

101,646

VTR

Finance

NV

50,000

6.375%, 

7/15/2028

h

54,000

Walt

Disney

Company

90,000

1.750%, 

1/13/2026

92,054

45,000

3.800%, 

3/22/2030

50,157

Ziggo

BV

110,000

5.500%, 

1/15/2027

h

114,538

Total

6,444,693

Consumer

Cyclical

(1.8%)

1011778

B.C.,

ULC

110,000

4.375%, 

1/15/2028

h

110,519

Allied

Universal

Holdco,

LLC

70,000

6.625%, 

7/15/2026

h

74,234

Allison

Transmission,

Inc

100,000

3.750%, 

1/30/2031

h

96,875

Amazon.com,

Inc.

45,000

1.500%, 

6/3/2030

42,880

American

Axle

&

Manufacturing,

Inc.

110,000

6.500%, 

4/1/2027

g

114,125

American

Honda

Finance

Corporation

35,000

1.200%, 

7/8/2025

34,851

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Best

Buy

Company,

Inc.

$

45,000

1.950%, 

10/1/2030

$

42,386

Bloomin'

Brands,

Inc.,

Convertible

66,000

5.000%, 

5/1/2025

h

159,307

BMW

Finance

NV

34,000

2.250%, 

8/12/2022

h

34,801

Booking

Holdings,

Inc.,

Convertible

40,000

0.900%, 

9/15/2021

46,880

Brookfield

Residential

Properties,

Inc.

150,000

6.250%, 

9/15/2027

h

156,562

Burlington

Stores,

Inc.,

Convertible

298,000

2.250%, 

4/15/2025

h

447,559

Caesars

Entertainment,

Inc.

25,000

8.125%, 

7/1/2027

h

27,569

Carnival

Corporation

70,000

11.500%, 

4/1/2023

h

80,237

50,000

10.500%, 

2/1/2026

h

58,812

20,000

7.625%, 

3/1/2026

h

21,486

80,000

5.750%, 

3/1/2027

h

82,100

Cedar

Fair,

LP

90,000

5.250%, 

7/15/2029

92,510

Cinemark

USA,

Inc.

80,000

5.875%, 

3/15/2026

h

81,915

Clarios

Global,

LP

35,000

8.500%, 

5/15/2027

h

37,669

Colt

Merger

Sub,

Inc.

150,000

6.250%, 

7/1/2025

h

159,902

D.R.

Horton,

Inc.

16,000

2.600%, 

10/15/2025

16,829

Daimler

Finance

North

America,

LLC

68,000

1.450%, 

3/2/2026

h

67,407

Dana,

Inc.

75,000

5.625%, 

6/15/2028

80,250

Darden

Restaurants,

Inc.

90,000

3.850%, 

5/1/2027

97,974

Dick's

Sporting

Goods,

Inc.,

Convertible

114,000

3.250%, 

4/15/2025

h

261,202

Empire

Communities

Corporation

70,000

7.000%, 

12/15/2025

h

73,762

Expedia

Group,

Inc.,

Convertible

158,000

Zero

Coupon, 

2/15/2026

h

172,457

Ford

Motor

Company

40,000

9.000%, 

4/22/2025

48,445

20,000

9.625%, 

4/22/2030

27,911

75,000

7.450%, 

7/16/2031

94,562

Ford

Motor

Company,

Convertible

315,000

Zero

Coupon, 

3/15/2026

h

318,150

Ford

Motor

Credit

Company,

LLC

240,000

4.063%, 

11/1/2024

251,772

190,000

4.134%, 

8/4/2025

198,726

Gap,

Inc.

40,000

8.625%, 

5/15/2025

h

44,790

General

Motors

Company

46,000

5.400%, 

10/2/2023

49,948

31,000

6.125%, 

10/1/2025

36,453

67,000

6.800%, 

10/1/2027

83,118

General

Motors

Financial

Company,

Inc.

43,000

3.150%, 

6/30/2022

44,210

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Cyclical

(1.8%)

-

continued

$

68,000

3.950%, 

4/13/2024

$

73,184

48,000

2.900%, 

2/26/2025

50,327

35,000

2.750%, 

6/20/2025

36,537

Hanesbrands,

Inc.

100,000

4.875%, 

5/15/2026

h

107,250

Harley-Davidson

Financial

Services,

Inc.

52,000

4.050%, 

2/4/2022

h

53,471

Herc

Holdings,

Inc.

60,000

5.500%, 

7/15/2027

h

63,852

Hilton

Domestic

Operating

Company,

Inc.

180,000

4.875%, 

1/15/2030

190,944

Home

Depot,

Inc.

31,000

3.750%, 

2/15/2024

33,653

45,000

2.950%, 

6/15/2029

47,710

Hyundai

Capital

America

35,000

1.800%, 

10/15/2025

h

34,964

67,000

3.000%, 

2/10/2027

h

69,707

International

Game

Technology

plc

85,000

5.250%, 

1/15/2029

h

88,655

KB

Home

80,000

4.800%, 

11/15/2029

83,800

Kohl's

Corporation

91,000

9.500%, 

5/15/2025

117,993

45,000

3.375%, 

5/1/2031

45,035

L

Brands,

Inc.

110,000

6.625%, 

10/1/2030

h

125,598

20,000

6.875%, 

11/1/2035

23,836

Landry's,

Inc.

80,000

6.750%, 

10/15/2024

h

80,894

Lennar

Corporation

20,000

4.125%, 

1/15/2022

20,310

48,000

4.875%, 

12/15/2023

52,432

14,000

5.875%, 

11/15/2024

15,890

34,000

4.750%, 

5/30/2025

37,867

Levi

Strauss

&

Company

100,000

3.500%, 

3/1/2031

h

96,500

Live

Nation

Entertainment,

Inc.

50,000

3.750%, 

1/15/2028

h

49,312

Lowe's

Companies,

Inc.

31,000

4.000%, 

4/15/2025

34,297

45,000

4.500%, 

4/15/2030

51,907

Marriott

International,

Inc.

65,000

5.750%, 

5/1/2025

74,587

69,000

3.750%, 

10/1/2025

73,703

Mattamy

Group

Corporation

100,000

5.250%, 

12/15/2027

h

104,625

McDonald's

Corporation

134,000

3.800%, 

4/1/2028

148,326

MGM

Resorts

International

60,000

6.000%, 

3/15/2023

64,275

122,000

5.750%, 

6/15/2025

132,980

Nissan

Motor

Company,

Ltd.

54,000

3.043%, 

9/15/2023

h

56,495

O'Reilly

Automotive,

Inc.

67,000

3.900%, 

6/1/2029

73,420

PetSmart,

Inc.

60,000

4.750%, 

2/15/2028

h

61,363

50,000

7.750%, 

2/15/2029

h

54,123

Prime

Security

Services

Borrower,

LLC

165,000

5.750%, 

4/15/2026

h

178,538

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Procter

&

Gamble

Company

$

45,000

1.200%, 

10/29/2030

$

41,642

Ralph

Lauren

Corporation

34,000

1.700%, 

6/15/2022

34,539

Real

Hero

Merger

Sub

2,

Inc.

50,000

6.250%, 

2/1/2029

h

51,625

Realogy

Group,

LLC

90,000

5.750%, 

1/15/2029

h

88,763

Rite

Aid

Corporation

35,000

7.500%, 

7/1/2025

h

36,356

Ross

Stores,

Inc.

45,000

1.875%, 

4/15/2031

42,214

Royal

Caribbean

Cruises,

Ltd.

100,000

9.125%, 

6/15/2023

h

110,193

40,000

11.500%, 

6/1/2025

h

46,650

35,000

5.500%, 

4/1/2028

h

35,175

Scientific

Games

International,

Inc.

110,000

5.000%, 

10/15/2025

h

113,927

80,000

7.250%, 

11/15/2029

h

86,800

SeaWorld

Parks

and

Entertainment,

Inc.

50,000

9.500%, 

8/1/2025

h

54,341

Six

Flags

Entertainment

Corporation

45,000

5.500%, 

4/15/2027

g,h

46,631

Six

Flags

Theme

Parks,

Inc.

50,000

7.000%, 

7/1/2025

h

54,063

Staples,

Inc.

130,000

7.500%, 

4/15/2026

h

137,118

Target

Corporation

45,000

2.350%, 

2/15/2030

45,623

Tenneco,

Inc.

50,000

5.000%, 

7/15/2026

g

47,125

TJX

Companies,

Inc.

31,000

3.500%, 

4/15/2025

33,794

Toll

Brothers

Finance

Corporation

68,000

5.875%, 

2/15/2022

69,700

Toyota

Motor

Credit

Corporation

52,000

0.450%, 

1/11/2024

51,858

69,000

0.800%, 

10/16/2025

67,798

Uber

Technologies,

Inc.

50,000

6.250%, 

1/15/2028

h

54,460

Under

Armour,

Inc.,

Convertible

40,000

1.500%, 

6/1/2024

h

78,375

VF

Corporation

35,000

2.050%, 

4/23/2022

35,573

Vista

Outdoor,

Inc.

80,000

4.500%, 

3/15/2029

h

79,156

Volkswagen

Group

of

America

Finance,

LLC

62,000

4.250%, 

11/13/2023

h

67,381

17,000

3.350%, 

5/13/2025

h

18,253

Wyndham

Destinations,

Inc.

60,000

6.625%, 

7/31/2026

h

68,121

Wyndham

Hotels

&

Resorts,

Inc.

35,000

4.375%, 

8/15/2028

h

35,403

Yum!

Brands,

Inc.

90,000

4.750%, 

1/15/2030

h

95,157

ZF

North

America

Capital,

Inc.

50,000

4.750%, 

4/29/2025

h

53,677

Total

8,560,996

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Non-Cyclical

(1.8%)

Abbott

Laboratories

$

90,000

3.875%, 

9/15/2025

$

99,822

AbbVie,

Inc.

44,000

2.900%, 

11/6/2022

45,633

68,000

2.300%, 

11/21/2022

69,972

35,000

2.800%, 

3/15/2023

36,291

141,000

3.600%, 

5/14/2025

153,609

90,000

3.200%, 

11/21/2029

95,739

Agilent

Technologies,

Inc

45,000

2.300%, 

3/12/2031

43,818

Albertson's

Companies,

Inc.

140,000

3.500%, 

3/15/2029

h

133,230

50,000

4.875%, 

2/15/2030

h

51,400

Altria

Group,

Inc.

55,000

4.400%, 

2/14/2026

62,021

45,000

4.800%, 

2/14/2029

51,705

Amgen,

Inc.

67,000

2.450%, 

2/21/2030

67,464

Anheuser-Busch

Companies,

LLC

35,000

3.650%, 

2/1/2026

38,482

Anheuser-Busch

InBev

Worldwide,

Inc.

56,000

4.150%, 

1/23/2025

62,233

90,000

4.750%, 

1/23/2029

105,169

Anthem,

Inc.

79,000

2.375%, 

1/15/2025

82,565

45,000

2.550%, 

3/15/2031

45,007

Aramark

Services,

Inc.

50,000

6.375%, 

5/1/2025

h

53,000

AstraZeneca

plc

90,000

0.700%, 

4/8/2026

86,682

BAT

Capital

Corporation

56,000

3.222%, 

8/15/2024

59,660

BAT

International

Finance

plc

35,000

1.668%, 

3/25/2026

34,642

Bausch

Health

Companies,

Inc.

30,000

5.000%, 

1/30/2028

h

30,375

110,000

5.000%, 

2/15/2029

h

109,244

Becton,

Dickinson

and

Company

67,000

2.823%, 

5/20/2030

68,686

Boston

Scientific

Corporation

70,000

3.450%, 

3/1/2024

75,145

Bristol-Myers

Squibb

Company

90,000

3.200%, 

6/15/2026

97,897

68,000

3.900%, 

2/20/2028

76,493

Bunge,

Ltd.

Finance

Corporation

41,000

1.630%, 

8/17/2025

41,018

Callaway

Golf

Company,

Convertible

19,000

2.750%, 

5/1/2026

h

32,514

Cargill,

Inc.

35,000

1.375%, 

7/23/2023

h

35,719

Centene

Corporation

48,000

5.375%, 

8/15/2026

h

50,635

40,000

4.250%, 

12/15/2027

42,075

20,000

4.625%, 

12/15/2029

21,646

160,000

3.000%, 

10/15/2030

159,734

Central

Garden

&

Pet

Company

80,000

4.125%, 

10/15/2030

80,800

Cigna

Corporation

75,000

4.125%, 

11/15/2025

83,625

Coca-Cola

Company

67,000

1.500%, 

3/5/2028

65,877

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

Community

Health

Systems,

Inc.

$

35,000

5.625%, 

3/15/2027

h

$

36,663

50,000

6.000%, 

1/15/2029

h

52,875

90,000

6.875%, 

4/15/2029

h

94,218

Conagra

Brands,

Inc.

37,000

4.300%, 

5/1/2024

40,800

Constellation

Brands,

Inc.

90,000

3.150%, 

8/1/2029

94,268

CVS

Health

Corporation

44,000

2.750%, 

12/1/2022

45,442

70,000

4.100%, 

3/25/2025

77,544

90,000

4.300%, 

3/25/2028

102,202

45,000

3.750%, 

4/1/2030

49,089

DaVita,

Inc.

110,000

4.625%, 

6/1/2030

h

112,075

Diageo

Capital

plc

42,000

1.375%, 

9/29/2025

42,390

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

h

52,800

Encompass

Health

Corporation

130,000

4.500%, 

2/1/2028

133,136

Endo

Finance,

LLC

50,000

9.500%, 

7/31/2027

h

54,313

Energizer

Holdings,

Inc.

85,000

4.375%, 

3/31/2029

h

85,298

Estee

Lauder

Companies,

Inc.

45,000

1.950%, 

3/15/2031

43,611

General

Mills,

Inc.

45,000

4.200%, 

4/17/2028

50,824

Gilead

Sciences,

Inc.

67,000

2.950%, 

3/1/2027

71,234

H.

J.

Heinz

Company

30,000

5.200%, 

7/15/2045

34,697

HCA,

Inc.

310,000

5.375%, 

2/1/2025

345,810

112,000

5.250%, 

6/15/2026

128,728

HLF

Financing

SARL,

LLC

70,000

7.250%, 

8/15/2026

h

73,325

Illumina,

Inc.

80,000

9.000%, 

7/1/2028

h

90,024

Illumina,

Inc.,

Convertible

24,000

0.500%, 

6/15/2021

36,090

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

h

35,931

Ionis

Pharmaceuticals,

Inc.,

Convertible

63,000

0.125%, 

12/15/2024

60,145

JBS

Investments

II

GmbH

10,000

5.750%, 

1/15/2028

h

10,550

JBS

USA,

LLC

110,000

5.500%, 

1/15/2030

h

121,742

Keurig

Dr

Pepper,

Inc.

90,000

2.250%, 

3/15/2031

88,485

Kraft

Foods

Group,

Inc.

120,000

5.000%, 

6/4/2042

135,048

Kraft

Heinz

Foods

Company

120,000

4.625%, 

1/30/2029

134,680

140,000

3.750%, 

4/1/2030

148,589

50,000

4.250%, 

3/1/2031

55,047

Kroger

Company

45,000

4.500%, 

1/15/2029

52,160

Mattel,

Inc.

95,000

3.375%, 

4/1/2026

h

98,082

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

McKesson

Corporation

$

35,000

0.900%, 

12/3/2025

$

34,272

45,000

3.950%, 

2/16/2028

50,307

Medtronic,

Inc.

10,000

3.500%, 

3/15/2025

10,968

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

h

92,606

MPH

Acquisition

Holdings,

LLC

60,000

5.750%, 

11/1/2028

g,h

58,500

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

36,680

Novartis

Capital

Corporation

30,000

1.750%, 

2/14/2025

30,888

117,000

3.000%, 

11/20/2025

126,304

Ortho-Clinical

Diagnostics,

Inc.

50,000

7.250%, 

2/1/2028

h

54,783

Par

Pharmaceutical,

Inc.

110,000

7.500%, 

4/1/2027

h

116,672

PepsiCo,

Inc.

67,000

1.625%, 

5/1/2030

64,050

Philip

Morris

International,

Inc.

97,000

1.500%, 

5/1/2025

98,319

Pilgrim's

Pride

Corporation

50,000

5.875%, 

9/30/2027

h

53,585

QBE

Insurance

Group,

Ltd.

84,000

5.875%, 

5/12/2025

b,h,j

90,405

Royalty

Pharma

plc

105,000

1.200%, 

9/2/2025

h

102,828

Scotts

Miracle-Gro

Company

110,000

4.500%, 

10/15/2029

113,405

SEG

Holding,

LLC

100,000

5.625%, 

10/15/2028

h

104,750

Simmons

Foods,

Inc.

50,000

4.625%, 

3/1/2029

h

50,439

Spectrum

Brands,

Inc.

50,000

5.000%, 

10/1/2029

h

52,750

40,000

5.500%, 

7/15/2030

h

42,800

Stryker

Corporation

45,000

3.650%, 

3/7/2028

49,711

Syneos

Health,

Inc.

80,000

3.625%, 

1/15/2029

h

77,800

Sysco

Corporation

65,000

5.650%, 

4/1/2025

75,582

45,000

5.950%, 

4/1/2030

56,231

Teleflex,

Inc.

120,000

4.625%, 

11/15/2027

127,050

Tenet

Healthcare

Corporation

60,000

4.625%, 

7/15/2024

61,241

170,000

5.125%, 

11/1/2027

h

177,769

35,000

6.125%, 

10/1/2028

h

36,531

Teva

Pharmaceutical

Finance

Netherlands

III

BV

17,000

2.200%, 

7/21/2021

16,979

125,000

2.800%, 

7/21/2023

124,444

Thermo

Fisher

Scientific,

Inc.

31,000

4.133%, 

3/25/2025

34,424

United

Natural

Foods,

Inc.

70,000

6.750%, 

10/15/2028

h

74,813

UnitedHealth

Group,

Inc.

112,000

3.850%, 

6/15/2028

125,733

Upjohn,

Inc.

35,000

1.650%, 

6/22/2025

h

35,124

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

VRX

Escrow

Corporation

$

250,000

6.125%, 

4/15/2025

h

$

256,300

Winnebago

Industries,

Inc.,

Convertible

139,000

1.500%, 

4/1/2025

192,515

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

54,191

68,000

3.900%, 

8/20/2028

75,614

Total

8,474,905

Energy

(1.5%)

Antero

Midstream

Partners,

LP

40,000

5.750%, 

3/1/2027

h

40,009

Antero

Resources

Corporation

75,000

5.000%, 

3/1/2025

75,058

Apache

Corporation

70,000

4.375%, 

10/15/2028

69,790

60,000

5.100%, 

9/1/2040

58,650

Archrock

Partners,

LP

70,000

6.250%, 

4/1/2028

h

71,106

BP

Capital

Markets

America,

Inc.

58,000

2.520%, 

9/19/2022

59,642

33,000

2.937%, 

4/6/2023

34,662

107,000

4.234%, 

11/6/2028

121,391

BP

Capital

Markets

plc

84,000

4.875%, 

3/22/2030

b,j

89,985

Buckeye

Partners,

LP

80,000

4.125%, 

3/1/2025

h

81,623

Canadian

Natural

Resources,

Ltd.

113,000

2.050%, 

7/15/2025

114,265

Cenovus

Energy,

Inc.

124,000

5.375%, 

7/15/2025

139,353

Centennial

Resource

Production,

LLC

70,000

6.875%, 

4/1/2027

h

62,300

Cheniere

Corpus

Christi

Holdings,

LLC

92,000

5.875%, 

3/31/2025

104,840

Cheniere

Energy

Partners,

LP

165,000

5.625%, 

10/1/2026

172,540

Cheniere

Energy,

Inc.,

Convertible

34,000

4.250%, 

3/15/2045

27,777

Chevron

Corporation

17,000

1.141%, 

5/11/2023

17,295

34,000

1.554%, 

5/11/2025

34,694

Chevron

USA,

Inc.

55,000

3.900%, 

11/15/2024

60,559

Cimarex

Energy

Company

90,000

4.375%, 

6/1/2024

97,881

CNX

Resources

Corporation

45,000

6.000%, 

1/15/2029

h

46,763

Comstock

Resources,

Inc.

50,000

9.750%, 

8/15/2026

54,250

Continental

Resources,

Inc.

11,000

4.500%, 

4/15/2023

11,393

40,000

4.375%, 

1/15/2028

42,060

50,000

5.750%, 

1/15/2031

h

56,493

Devon

Energy

Corporation

35,000

5.850%, 

12/15/2025

40,811

Diamondback

Energy,

Inc.

34,000

2.875%, 

12/1/2024

35,854

22,000

3.125%, 

3/24/2031

21,964

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Energy

(1.5%)

-

continued

Enagas

SA

$

105,000

5.500%, 

1/15/2028

h

$

102,548

Enbridge,

Inc.

45,000

3.700%, 

7/15/2027

48,939

267,000

6.250%, 

3/1/2078

b

279,523

Encana

Corporation

40,000

6.625%, 

8/15/2037

48,102

Endeavor

Energy

Resources,

LP

60,000

5.750%, 

1/30/2028

h

63,379

Energean

Israel

Finance,

Ltd.

70,000

4.500%, 

3/30/2024

h

70,356

Energy

Transfer

Operating,

LP

41,000

4.200%, 

9/15/2023

43,906

98,000

5.875%, 

1/15/2024

109,091

80,000

6.625%, 

2/15/2028

b,j

70,800

67,000

3.750%, 

5/15/2030

69,075

EnLink

Midstream

Partners,

LP

70,000

4.850%, 

7/15/2026

67,622

45,000

5.600%, 

4/1/2044

37,350

Enterprise

Products

Operating,

LLC

45,000

4.150%, 

10/16/2028

50,702

EOG

Resources,

Inc.

65,000

2.625%, 

3/15/2023

67,475

EQM

Midstream

Partners,

LP

80,000

6.500%, 

7/1/2027

h

86,980

40,000

6.500%, 

7/15/2048

39,900

EQT

Corporation

95,000

3.900%, 

10/1/2027

96,900

EQT

Corporation,

Convertible

117,000

1.750%, 

5/1/2026

h

171,850

Equinor

ASA

31,000

2.875%, 

4/6/2025

33,101

Exxon

Mobil

Corporation

90,000

2.992%, 

3/19/2025

96,443

Genesis

Energy,

LP

40,000

6.500%, 

10/1/2025

39,210

Harvest

Midstream,

LP

80,000

7.500%, 

9/1/2028

h

85,976

Hess

Corporation

28,000

3.500%, 

7/15/2024

29,541

Hess

Midstream

Operations,

LP

60,000

5.625%, 

2/15/2026

h

61,800

Hilcorp

Energy

I,

LP

70,000

5.750%, 

2/1/2029

h

70,612

Kinder

Morgan

Energy

Partners,

LP

68,000

3.450%, 

2/15/2023

71,193

Marathon

Oil

Corporation

45,000

4.400%, 

7/15/2027

49,537

Marathon

Petroleum

Corporation

35,000

4.750%, 

12/15/2023

38,441

34,000

4.700%, 

5/1/2025

38,213

MPLX,

LP

113,000

1.750%, 

3/1/2026

113,173

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

49,000

Nabors

Industries,

Ltd.

60,000

7.250%, 

1/15/2026

h

49,800

National

Fuel

Gas

Company

90,000

5.500%, 

1/15/2026

102,856

Newfield

Exploration

Company

97,000

5.625%, 

7/1/2024

106,635

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Energy

(1.5%)

-

continued

NGL

Energy

Operating,

LLC

$

50,000

7.500%, 

2/1/2026

h

$

51,375

NGL

Energy

Partners,

LP

50,000

7.500%, 

11/1/2023

48,250

NuStar

Logistics,

LP

90,000

5.750%, 

10/1/2025

96,347

Occidental

Petroleum

Corporation

60,000

3.450%, 

7/15/2024

60,000

140,000

2.900%, 

8/15/2024

138,466

50,000

3.400%, 

4/15/2026

48,550

25,000

8.500%, 

7/15/2027

29,625

80,000

3.500%, 

8/15/2029

75,064

50,000

6.450%, 

9/15/2036

55,188

120,000

4.400%, 

4/15/2046

102,773

ONEOK,

Inc.

68,000

2.200%, 

9/15/2025

69,236

Ovintiv,

Inc.

30,000

7.375%, 

11/1/2031

38,160

PBF

Holding

Company,

LLC

70,000

9.250%, 

5/15/2025

h

71,466

PDC

Energy,

Inc.,

Convertible

9,000

1.125%, 

9/15/2021

8,921

Pioneer

Natural

Resources

Company

68,000

1.900%, 

8/15/2030

63,108

Pioneer

Natural

Resources

Company,

Convertible

94,000

0.250%, 

5/15/2025

h

147,204

Plains

All

American

Pipeline,

LP

111,000

4.650%, 

10/15/2025

121,625

Range

Resources

Corporation

40,000

9.250%, 

2/1/2026

43,461

40,000

8.250%, 

1/15/2029

h

42,800

Sabine

Pass

Liquefaction,

LLC

67,000

4.200%, 

3/15/2028

73,504

Schlumberger

Finance

Canada,

Ltd.

35,000

1.400%, 

9/17/2025

35,030

Schlumberger

Holdings

Corporation

29,000

4.300%, 

5/1/2029

h

32,220

Shell

International

Finance

BV

31,000

2.375%, 

4/6/2025

32,676

Southwestern

Energy

Company

75,000

7.500%, 

4/1/2026

79,351

Suncor

Energy,

Inc.

34,000

3.100%, 

5/15/2025

36,310

Sunoco,

LP

90,000

5.875%, 

3/15/2028

94,197

Targa

Resources

Partners,

LP

40,000

5.375%, 

2/1/2027

41,483

20,000

5.000%, 

1/15/2028

20,825

Teine

Energy,

Ltd.

70,000

6.875%, 

4/15/2029

e,h

70,847

Transocean

Guardian,

Ltd.

50,751

5.875%, 

1/15/2024

h

44,407

Transocean

Proteus,

Ltd.

30,000

6.250%, 

12/1/2024

h

28,500

USA

Compression

Partners,

LP

40,000

6.875%, 

4/1/2026

41,025

Vine

Energy

Holdings,

LLC

45,000

6.750%, 

4/15/2029

e,h

45,000

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Energy

(1.5%)

-

continued

W&T

Offshore,

Inc.

$

75,000

9.750%, 

11/1/2023

h

$

66,352

Weatherford

International,

Ltd.

80,000

8.750%, 

9/1/2024

h

83,688

60,000

11.000%, 

12/1/2024

h

57,600

Western

Gas

Partners,

LP

44,000

4.000%, 

7/1/2022

45,101

Western

Midstream

Operating,

LP

50,000

4.350%, 

2/1/2025

51,750

70,000

3.950%, 

6/1/2025

71,891

30,000

5.500%, 

8/15/2048

29,524

Williams

Companies,

Inc.

45,000

2.600%, 

3/15/2031

43,984

Williams

Partners,

LP

50,000

4.500%, 

11/15/2023

54,449

WPX

Energy,

Inc.

35,000

5.250%, 

9/15/2024

38,806

Total

6,933,176

Financials

(4.2%)

ACE

INA

Holdings,

Inc.

65,000

2.875%, 

11/3/2022

67,230

AerCap

Ireland

Capital

DAC

59,000

3.150%, 

2/15/2024

61,475

63,000

6.500%, 

7/15/2025

73,444

Air

Lease

Corporation

64,000

4.650%, 

6/15/2026

b,j

63,200

Aircastle,

Ltd.

80,000

5.000%, 

4/1/2023

85,268

Ally

Financial,

Inc.

75,000

5.750%, 

11/20/2025

85,206

45,000

8.000%, 

11/1/2031

62,670

American

Express

Company

34,000

3.700%, 

8/3/2023

36,391

35,000

3.400%, 

2/22/2024

37,666

American

International

Group,

Inc.

90,000

4.200%, 

4/1/2028

101,073

Ares

Capital

Corporation

18,000

4.250%, 

3/1/2025

19,311

113,000

3.875%, 

1/15/2026

119,090

Ares

Capital

Corporation,

Convertible

58,000

4.625%, 

3/1/2024

63,040

Athene

Global

Funding

60,000

4.000%, 

1/25/2022

h

61,744

Australia

and

New

Zealand

Banking

Group,

Ltd.

102,000

2.950%, 

7/22/2030

b,h

105,418

Aviation

Capital

Group,

LLC

46,000

5.500%, 

12/15/2024

h

51,434

Avolon

Holdings

Funding,

Ltd.

18,000

5.250%, 

5/15/2024

h

19,442

49,000

4.250%, 

4/15/2026

h

51,323

BAC

Capital

Trust

XIV

92,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/19/2021

b,j

90,390

Banco

Santander

Mexico

SA

17,000

5.375%, 

4/17/2025

h

19,088

Bank

of

America

Corporation

55,000

3.004%, 

12/20/2023

b

57,202

115,000

3.550%, 

3/5/2024

b

121,334

143,000

3.864%, 

7/23/2024

b

153,163

70,000

4.200%, 

8/26/2024

77,207

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

$

83,000

6.100%, 

9/5/2024

b,j

$

92,130

288,000

6.250%, 

3/5/2025

b,j

318,758

35,000

3.458%, 

3/15/2025

b

37,582

85,000

1.319%, 

6/19/2026

b

84,741

141,000

1.197%, 

10/24/2026

b

139,172

62,000

5.875%, 

3/15/2028

b,j

67,622

134,000

3.593%, 

7/21/2028

b

145,430

179,000

3.974%, 

2/7/2030

b

198,670

Bank

of

Montreal

105,000

3.300%, 

2/5/2024

112,626

Bank

of

New

York

Mellon

Corporation

42,000

4.700%, 

9/20/2025

b,j

45,505

63,000

3.400%, 

1/29/2028

68,898

Bank

of

Nova

Scotia

126,000

4.900%, 

6/4/2025

b,j

133,954

45,000

1.050%, 

3/2/2026

44,284

Barclays

plc

65,000

4.610%, 

2/15/2023

b

67,157

81,000

4.338%, 

5/16/2024

b

86,733

85,000

8.000%, 

6/15/2024

b,j

94,350

34,000

4.375%, 

9/11/2024

37,161

41,000

2.852%, 

5/7/2026

b

42,920

68,000

4.972%, 

5/16/2029

b

78,189

BB&T

Corporation

34,000

2.500%, 

8/1/2024

35,797

BNP

Paribas

SA

38,000

2.819%, 

11/19/2025

b,h

40,001

Boston

Properties,

LP

45,000

2.550%, 

4/1/2032

43,140

BPCE

SA

35,000

3.000%, 

5/22/2022

h

36,006

32,000

2.375%, 

1/14/2025

h

33,060

Brixmor

Operating

Partnership,

LP

45,000

2.250%, 

4/1/2028

44,155

Burford

Capital

Global

Finance,

LLC

40,000

6.250%, 

4/15/2028

e,h

41,000

Canadian

Imperial

Bank

of

Commerce

32,000

2.250%, 

1/28/2025

33,185

CANPACK

SA

90,000

3.125%, 

11/1/2025

h

91,350

Capital

One

Bank

USA

NA

52,000

3.375%, 

2/15/2023

54,620

48,000

2.280%, 

1/28/2026

b

49,269

Cascades

USA,

Inc.

60,000

5.125%, 

1/15/2026

h

63,675

Central

Fidelity

Capital

Trust

I

135,000

1.241%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

128,997

Charles

Schwab

Corporation

128,000

5.375%, 

6/1/2025

b,j

141,398

128,000

4.000%, 

6/1/2026

b,j

129,894

66,000

2.000%, 

3/20/2028

66,293

Chobani,

LLC

100,000

4.625%, 

11/15/2028

h

102,000

CIT

Group,

Inc.

90,000

5.250%, 

3/7/2025

101,362

Citigroup,

Inc.

43,000

2.750%, 

4/25/2022

44,021

83,000

3.142%, 

1/24/2023

b

84,723

168,000

5.950%, 

1/30/2023

b,j

176,254

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

$

102,000

5.000%, 

9/12/2024

b,j

$

105,091

105,000

3.352%, 

4/24/2025

b

112,372

32,000

5.950%, 

5/15/2025

b,j

34,480

85,000

5.500%, 

9/13/2025

98,521

84,000

4.000%, 

12/10/2025

b,j

84,819

200,000

3.875%, 

2/18/2026

b,j

199,066

159,000

1.122%, 

1/28/2027

b

155,529

180,000

4.075%, 

4/23/2029

b

200,250

CNA

Financial

Corporation

40,000

3.950%, 

5/15/2024

43,453

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,j

46,252

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

h

52,435

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

86,000

3.950%, 

11/9/2022

90,550

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

b,h

34,707

Corporate

Office

Properties,

LP

35,000

2.250%, 

3/15/2026

35,566

Credit

Acceptance

Corporation

70,000

5.125%, 

12/31/2024

h

71,400

Credit

Agricole

SA

45,000

3.250%, 

1/14/2030

h

46,261

Credit

Suisse

Group

AG

49,000

6.500%, 

8/8/2023

h

53,888

22,000

7.500%, 

12/11/2023

b,h,j

23,811

34,000

2.593%, 

9/11/2025

b,h

35,257

46,000

3.869%, 

1/12/2029

b,h

49,324

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

132,000

3.800%, 

9/15/2022

137,483

Dai-ichi

Life

Insurance

Company,

Ltd.

238,000

5.100%, 

10/28/2024

b,g,h,j

263,287

Danske

Bank

AS

61,000

5.000%, 

1/12/2023

b,h

62,939

Deutsche

Bank

AG

152,000

2.129%, 

11/24/2026

b

152,382

Digital

Realty

Trust,

LP

67,000

3.700%, 

8/15/2027

73,861

Discover

Bank

90,000

4.682%, 

8/9/2028

b

95,994

Drawbridge

Special

Opportunities

Fund,

LP

100,000

3.875%, 

2/15/2026

h

102,576

Duke

Realty,

LP

67,000

4.000%, 

9/15/2028

74,318

ESH

Hospitality,

Inc.

70,000

5.250%, 

5/1/2025

h

71,400

30,000

4.625%, 

10/1/2027

h

31,729

Fidelity

National

Financial,

Inc.

57,000

5.500%, 

9/1/2022

60,861

Fifth

Third

Bancorp

84,000

4.500%, 

9/30/2025

b,j

89,208

Fifth

Third

Bank

NA

46,000

3.850%, 

3/15/2026

50,638

First

Horizon

National

Corporation

41,000

3.550%, 

5/26/2023

43,340

FNB

Corporation

64,000

2.200%, 

2/24/2023

65,249

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

Fortress

Transportation

$

50,000

6.500%, 

10/1/2025

h

$

52,250

FTI

Consulting,

Inc.,

Convertible

146,000

2.000%, 

8/15/2023

212,868

GE

Capital

Funding,

LLC

22,000

4.050%, 

5/15/2027

h

24,514

45,000

4.400%, 

5/15/2030

h

50,947

Global

Net

Lease,

Inc.

75,000

3.750%, 

12/15/2027

h

73,104

Goldman

Sachs

Group,

Inc.

67,000

0.627%, 

11/17/2023

b

67,012

70,000

3.625%, 

2/20/2024

75,330

206,000

5.500%, 

8/10/2024

b,j

222,480

31,000

3.500%, 

4/1/2025

33,586

49,000

3.272%, 

9/29/2025

b

52,580

52,000

4.250%, 

10/21/2025

58,042

51,000

0.855%, 

2/12/2026

b

50,128

90,000

3.814%, 

4/23/2029

b

98,606

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

136,000

4.125%, 

9/1/2022

280,337

Hartford

Financial

Services

Group,

Inc.

45,000

2.800%, 

8/19/2029

46,680

66,000

2.319%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,h

63,358

Healthpeak

Properties,

Inc.

46,000

4.000%, 

6/1/2025

50,846

HSBC

Holdings

plc

88,000

6.875%, 

6/1/2021

b,j

88,766

65,000

3.803%, 

3/11/2025

b

70,190

20,000

6.375%, 

3/30/2025

b,j

22,040

39,000

2.633%, 

11/7/2025

b

40,759

41,000

1.645%, 

4/18/2026

b

41,025

41,000

1.589%, 

5/24/2027

b

40,349

91,000

6.500%, 

3/23/2028

b,j

102,034

126,000

4.583%, 

6/19/2029

b

141,598

112,000

4.600%, 

12/17/2030

b,j

110,740

Huntington

Bancshares,

Inc.

126,000

4.450%, 

10/15/2027

b,j

131,191

Icahn

Enterprises,

LP

90,000

6.375%, 

12/15/2025

92,925

60,000

6.250%, 

5/15/2026

62,850

Intercontinental

Exchange,

Inc.

34,000

0.700%, 

6/15/2023

34,091

Iron

Mountain,

Inc.

80,000

4.875%, 

9/15/2027

h

81,850

iStar,

Inc.

70,000

4.250%, 

8/1/2025

70,483

iStar,

Inc.,

Convertible

76,000

3.125%, 

9/15/2022

100,130

J.P.

Morgan

Chase

&

Company

99,000

2.776%, 

4/25/2023

b

101,382

84,000

6.000%, 

8/1/2023

b,j

88,052

84,000

6.750%, 

2/1/2024

b,j

91,980

24,000

1.514%, 

6/1/2024

b

24,498

46,000

5.000%, 

8/1/2024

b,j

47,552

70,000

3.875%, 

9/10/2024

76,741

145,000

4.023%, 

12/5/2024

b

157,314

258,000

4.600%, 

2/1/2025

b,j

260,903

31,000

2.083%, 

4/22/2026

b

31,839

190,000

1.045%, 

11/19/2026

b

185,574

134,000

4.005%, 

4/23/2029

b

149,434

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

$

179,000

4.493%, 

3/24/2031

b

$

206,239

KeyBank

NA

67,000

3.900%, 

4/13/2029

73,213

Kilroy

Realty,

LP

39,000

4.375%, 

10/1/2025

42,876

Lincoln

National

Corporation

45,000

3.800%, 

3/1/2028

49,731

50,000

2.549%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

42,869

Lloyds

Banking

Group

plc

51,000

2.858%, 

3/17/2023

b

52,073

65,000

3.900%, 

3/12/2024

70,557

90,000

1.627%, 

5/11/2027

b

89,346

156,000

6.657%, 

5/21/2037

b,h,j

201,240

LPL

Holdings,

Inc.

60,000

4.000%, 

3/15/2029

h

60,450

Mastercard,

Inc.

45,000

1.900%, 

3/15/2031

44,232

MetLife,

Inc.

84,000

3.850%, 

9/15/2025

b,j

86,730

164,000

5.875%, 

3/15/2028

b,g,j

181,630

MGIC

Investment

Corporation,

Convertible

100,000

9.000%, 

4/1/2063

h

134,250

MGM

Growth

Properties

Operating

Partnership,

LP

90,000

4.625%, 

6/15/2025

h

94,923

Mid-America

Apartments,

LP

90,000

4.200%, 

6/15/2028

100,642

Mitsubishi

UFJ

Financial

Group,

Inc.

53,000

2.623%, 

7/18/2022

54,463

83,000

3.455%, 

3/2/2023

87,517

35,000

3.407%, 

3/7/2024

37,581

41,000

1.412%, 

7/17/2025

40,972

67,000

3.741%, 

3/7/2029

72,754

Mizuho

Financial

Group,

Inc.

53,000

2.721%, 

7/16/2023

b

54,443

67,000

3.153%, 

7/16/2030

b

70,047

Morgan

Stanley

10,000

4.875%, 

11/1/2022

10,662

84,000

3.125%, 

1/23/2023

87,952

66,000

4.100%, 

5/22/2023

70,576

34,000

0.560%, 

11/10/2023

b

34,011

34,000

2.720%, 

7/22/2025

b

35,867

24,000

5.000%, 

11/24/2025

27,583

69,000

2.188%, 

4/28/2026

b

71,293

103,000

0.985%, 

12/10/2026

b

100,538

134,000

3.622%, 

4/1/2031

b

145,490

MPT

Operating

Partnership,

LP

50,000

5.250%, 

8/1/2026

51,625

30,000

4.625%, 

8/1/2029

31,561

National

Retail

Properties,

Inc.

45,000

2.500%, 

4/15/2030

44,126

Natwest

Group

plc

35,000

6.125%, 

12/15/2022

37,958

35,000

6.100%, 

6/10/2023

38,733

45,000

4.892%, 

5/18/2029

b

51,266

NFP

Corporation

30,000

6.875%, 

8/15/2028

h

31,125

Nippon

Life

Insurance

Company

168,000

5.100%, 

10/16/2044

b,h

185,640

129,000

3.400%, 

1/23/2050

b,h

131,258

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

Omega

Healthcare

Investors,

Inc.

$

34,000

5.250%, 

1/15/2026

$

38,435

46,000

4.750%, 

1/15/2028

50,524

Owl

Rock

Technology

Finance

Corporation

67,000

3.750%, 

6/17/2026

h

68,518

Park

Aerospace

Holdings,

Ltd.

17,000

4.500%, 

3/15/2023

h

17,754

PayPal

Holdings,

Inc.

68,000

1.650%, 

6/1/2025

69,251

45,000

2.850%, 

10/1/2029

46,883

Pebblebrook

Hotel

Trust,

Convertible

172,000

1.750%, 

12/15/2026

201,240

PennyMac

Financial

Services,

Inc.

60,000

4.250%, 

2/15/2029

h

57,375

Pine

Street

Trust

I

45,000

4.572%, 

2/15/2029

h

50,564

Playtika

Holding

Corporation

20,000

4.250%, 

3/15/2029

h

19,704

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

45,994

Preferred

Term

Securities

XXIII,

Ltd.

40,137

0.384%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,h

33,699

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

48,397

Prudential

Financial,

Inc.

75,000

5.625%, 

6/15/2043

b

80,373

201,000

5.200%, 

3/15/2044

b

214,032

42,000

3.700%, 

10/1/2050

b

42,470

Quicken

Loans,

LLC

60,000

3.625%, 

3/1/2029

h

57,750

Regions

Financial

Corporation

41,000

3.800%, 

8/14/2023

43,977

84,000

5.750%, 

6/15/2025

b,j

92,505

Reinsurance

Group

of

America,

Inc.

64,000

4.700%, 

9/15/2023

70,105

Royal

Bank

of

Scotland

Group

plc

84,000

8.625%, 

8/15/2021

b,j

85,995

65,000

4.269%, 

3/22/2025

b

70,907

25,000

3.754%, 

11/1/2029

b

26,571

Santander

Holdings

USA,

Inc.

90,000

3.450%, 

6/2/2025

96,449

Santander

UK

Group

Holdings

plc

67,000

3.823%, 

11/3/2028

b

73,152

Service

Properties

Trust

60,000

4.500%, 

6/15/2023

60,952

20,000

4.750%, 

10/1/2026

19,500

50,000

5.500%, 

12/15/2027

52,887

Simon

Property

Group,

LP

68,000

2.000%, 

9/13/2024

70,378

45,000

2.650%, 

7/15/2030

45,107

Societe

Generale

SA

39,000

2.625%, 

10/16/2024

h

40,692

84,000

8.000%, 

9/29/2025

b,h,j

98,515

41,000

1.488%, 

12/14/2026

b,h

40,287

Springleaf

Finance

Corporation

90,000

6.875%, 

3/15/2025

102,368

100,000

7.125%, 

3/15/2026

115,335

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Financials

(4.2%)

-

continued

Standard

Chartered

plc

$

52,000

1.319%, 

10/14/2023

b,h

$

52,330

41,000

0.991%, 

1/12/2025

b,h

40,768

Starwood

Property

Trust,

Inc.,

Convertible

60,000

4.375%, 

4/1/2023

62,514

State

Street

Corporation

31,000

2.354%, 

11/1/2025

b

32,606

Sumitomo

Mitsui

Financial

Group,

Inc.

43,000

2.784%, 

7/12/2022

44,271

42,000

2.778%, 

10/18/2022

43,441

39,000

2.448%, 

9/27/2024

40,859

67,000

3.544%, 

1/17/2028

72,489

67,000

2.142%, 

9/23/2030

62,809

Sumitomo

Mitsui

Trust

Bank,

Ltd.

35,000

1.050%, 

9/12/2025

h

34,430

Summit

Hotel

Properties,

Inc.,

Convertible

79,000

1.500%, 

2/15/2026

87,048

Synchrony

Financial

38,000

4.250%, 

8/15/2024

41,337

90,000

3.700%, 

8/4/2026

96,844

Truist

Bank

42,000

2.250%, 

3/11/2030

40,982

Truist

Financial

Corporation

189,000

4.950%, 

9/1/2025

b,j

204,829

UBS

Group

AG

42,000

1.364%, 

1/30/2027

b,h

41,389

USB

Realty

Corporation

184,000

1.388%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,h,j

142,600

Ventas

Realty,

LP

35,000

3.750%, 

5/1/2024

37,764

VEREIT

Operating

Partnership,

LP

67,000

3.950%, 

8/15/2027

73,521

VICI

Properties,

LP

50,000

4.250%, 

12/1/2026

h

51,154

30,000

3.750%, 

2/15/2027

h

30,000

50,000

4.625%, 

12/1/2029

h

51,868

Wachovia

Capital

Trust

II

50,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

47,925

Wells

Fargo

&

Company

70,000

4.125%, 

8/15/2023

75,728

38,000

3.750%, 

1/24/2024

41,092

40,000

1.654%, 

6/2/2024

b

40,862

68,000

2.406%, 

10/30/2025

b

71,028

116,000

3.900%, 

3/15/2026

b,j

117,148

119,000

2.188%, 

4/30/2026

b

122,818

90,000

4.478%, 

4/4/2031

b

103,641

Welltower,

Inc.

45,000

2.800%, 

6/1/2031

44,727

Westpac

Banking

Corporation

67,000

4.110%, 

7/24/2034

b

71,543

Willis

North

America,

Inc.

90,000

4.500%, 

9/15/2028

102,349

Total

19,735,547

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

$

42,000

2.150%, 

5/13/2025

h

$

42,643

Total

42,643

Mortgage-Backed

Securities

(8.4%)

Federal

Home

Loan

Mortgage

Corporation

673,916

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

k

77,470

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

575,431

3.000%, 

3/25/2050

600,564

64,292

3.500%, 

7/1/2047

68,252

Federal

National

Mortgage

Association

174,981

4.500%, 

5/1/2048

190,993

256,265

3.500%, 

10/1/2048

270,675

45,981

3.500%, 

6/1/2049

48,669

295,085

3.500%, 

8/1/2049

312,279

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

3,850,000

1.500%, 

4/1/2036

e

3,867,381

7,650,000

2.000%, 

4/1/2036

e

7,850,985

4,950,000

2.500%, 

4/1/2036

e

5,150,127

3,260,000

2.000%, 

5/1/2036

e

3,341,540

1,000,000

2.500%, 

5/1/2036

e

1,039,961

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,050,000

2.000%, 

4/1/2051

e

2,046,156

2,325,000

2.500%, 

4/1/2051

e

2,385,850

3,725,000

2.000%, 

5/1/2051

e

3,711,177

7,750,000

2.500%, 

5/1/2051

e

7,936,182

473,876

4.000%, 

7/1/2048

508,621

Total

39,406,882

Technology

(1.3%)

Akamai

Technologies,

Inc.,

Convertible

274,000

0.375%, 

9/1/2027

297,119

Apple,

Inc.

122,000

3.450%, 

5/6/2024

132,563

34,000

0.700%, 

2/8/2026

33,347

134,000

2.200%, 

9/11/2029

135,778

Baidu,

Inc.

39,000

3.075%, 

4/7/2025

41,046

Banff

Merger

Sub,

Inc.

35,000

9.750%, 

9/1/2026

h

37,275

Broadcom

Corporation

90,000

3.125%, 

1/15/2025

95,761

67,000

3.875%, 

1/15/2027

72,756

Broadcom,

Inc.

90,000

5.000%, 

4/15/2030

102,574

CommScope

Technologies

Finance,

LLC

120,000

6.000%, 

6/15/2025

h

122,406

CommScope,

Inc.

50,000

7.125%, 

7/1/2028

h

53,104

Dell

International,

LLC

67,000

5.850%, 

7/15/2025

h

78,108

67,000

5.300%, 

10/1/2029

h

78,374

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Technology

(1.3%)

-

continued

Diamond

1

Finance

Corporation

$

97,000

5.450%, 

6/15/2023

h

$

106,007

Diamond

Sports

Group,

LLC

130,000

6.625%, 

8/15/2027

h

67,600

Fiserv,

Inc.

72,000

2.750%, 

7/1/2024

76,084

89,000

4.200%, 

10/1/2028

100,288

Gartner,

Inc.

20,000

4.500%, 

7/1/2028

h

20,625

75,000

3.750%, 

10/1/2030

h

74,380

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

17,862

45,000

3.200%, 

8/15/2029

47,395

Hewlett

Packard

Enterprise

Company

33,000

2.250%, 

4/1/2023

33,991

28,000

4.450%, 

10/2/2023

30,424

Intuit,

Inc.

35,000

0.950%, 

7/15/2025

34,728

Iron

Mountain,

Inc.

120,000

5.000%, 

7/15/2028

h

122,700

J2

Global,

Inc.,

Convertible

199,000

1.750%, 

11/1/2026

h

233,203

91,000

3.250%, 

6/15/2029

160,899

Lumentum

Holdings,

Inc.,

Convertible

134,000

0.250%, 

3/15/2024

214,662

Marvell

Technology

Group,

Ltd.

41,000

4.200%, 

6/22/2023

43,869

Microchip

Technology,

Inc.,

Convertible

73,000

1.625%, 

2/15/2027

166,075

Micron

Technology,

Inc.

45,000

4.975%, 

2/6/2026

51,493

NCR

Corporation

140,000

6.125%, 

9/1/2029

h

148,225

NortonLifeLock,

Inc.,

Convertible

27,000

2.000%, 

8/15/2022

h

31,441

Nuance

Communications,

Inc.,

Convertible

232,000

1.250%, 

4/1/2025

527,081

NVIDIA

Corporation

22,000

2.850%, 

4/1/2030

23,104

NXP

Funding,

LLC

48,000

4.875%, 

3/1/2024

h

53,350

17,000

2.700%, 

5/1/2025

h

17,829

45,000

4.300%, 

6/18/2029

h

50,329

ON

Semiconductor

Corporation,

Convertible

269,000

1.625%, 

10/15/2023

557,671

Open

Text

Corporation

65,000

4.125%, 

2/15/2030

h

65,890

Oracle

Corporation

30,000

2.500%, 

5/15/2022

30,586

112,000

2.500%, 

4/1/2025

117,680

45,000

2.950%, 

4/1/2030

46,402

Panasonic

Corporation

53,000

2.536%, 

7/19/2022

h

54,241

PTC,

Inc.

40,000

3.625%, 

2/15/2025

h

41,050

Qorvo,

Inc.

70,000

3.375%, 

4/1/2031

h

68,592

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Technology

(1.3%)

-

continued

Rackspace

Technology

Global,

Inc.

$

60,000

5.375%, 

12/1/2028

g,h

$

61,009

Seagate

HDD

Cayman

34,000

4.250%, 

3/1/2022

g

34,935

90,000

3.375%, 

7/15/2031

h

86,531

Sensata

Technologies,

Inc.

120,000

3.750%, 

2/15/2031

h

118,313

Shift4

Payments,

LLC

20,000

4.625%, 

11/1/2026

h

20,750

SS&C

Technologies,

Inc.

150,000

5.500%, 

9/30/2027

h

159,758

Switch,

Ltd.

70,000

3.750%, 

9/15/2028

h

68,930

Tencent

Holdings,

Ltd.

41,000

1.810%, 

1/26/2026

h

41,127

Teradyne,

Inc.,

Convertible

63,000

1.250%, 

12/15/2023

242,314

Texas

Instruments,

Inc.

76,000

1.375%, 

3/12/2025

77,326

Verint

Systems,

Inc.,

Convertible

159,000

1.500%, 

6/1/2021

179,081

Vishay

Intertechnology,

Inc.,

Convertible

130,000

2.250%, 

6/15/2025

141,375

Total

5,947,416

Transportation

(0.5%)

AerCap

Holdings

NV

34,000

5.875%, 

10/10/2079

b

34,976

Air

Canada

Pass

Through

Trust

14,643

3.875%, 

3/15/2023

h

14,620

Air

Lease

Corporation

32,000

2.300%, 

2/1/2025

32,685

24,000

3.375%, 

7/1/2025

25,351

45,000

3.125%, 

12/1/2030

44,867

Air

Transport

Services

Group,

Inc.,

Convertible

66,000

1.125%, 

10/15/2024

73,755

American

Airlines,

Inc.

70,000

11.750%, 

7/15/2025

h

86,589

105,000

5.500%, 

4/20/2026

h

109,272

15,000

5.750%, 

4/20/2029

h

15,955

Avis

Budget

Car

Rental,

LLC

60,000

5.375%, 

3/1/2029

h

62,065

Boeing

Company

35,000

1.950%, 

2/1/2024

35,860

CSX

Corporation

45,000

4.250%, 

3/15/2029

51,108

Delta

Air

Lines,

Inc.

70,000

7.000%, 

5/1/2025

h

80,637

95,882

4.500%, 

10/20/2025

h

102,344

Hawaiian

Brand

Intellectual

Property,

Ltd.

80,000

5.750%, 

1/20/2026

h

85,008

J.B.

Hunt

Transport

Services,

Inc.

65,000

3.300%, 

8/15/2022

67,084

Meritor,

Inc.,

Convertible

268,000

3.250%, 

10/15/2037

314,062

Mileage

Plus

Holdings,

LLC

70,000

6.500%, 

6/20/2027

h

76,738

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Transportation

(0.5%)

-

continued

Penske

Truck

Leasing

Company,

LP

$

35,000

3.375%, 

2/1/2022

h

$

35,646

35,000

1.200%, 

11/15/2025

h

34,380

Southwest

Airlines

Company

17,000

4.750%, 

5/4/2023

18,355

42,000

5.125%, 

6/15/2027

48,286

Southwest

Airlines

Company,

Convertible

241,000

1.250%, 

5/1/2025

413,767

Union

Pacific

Corporation

62,000

3.750%, 

7/15/2025

68,103

45,000

2.150%, 

2/5/2027

46,220

United

Airlines

Pass

Through

Trust

65,000

3.700%, 

12/1/2022

65,894

XPO

Logistics,

Inc.

110,000

6.750%, 

8/15/2024

h

115,363

Total

2,158,990

U.S.

Government

&

Agencies

(2.7%)

U.S.

Treasury

Bonds

715,000

1.125%, 

2/15/2031

675,563

U.S.

Treasury

Notes

1,510,000

0.375%, 

3/31/2022

1,514,483

2,190,000

0.125%, 

2/28/2023

2,188,631

2,830,000

0.125%, 

2/15/2024

2,814,745

1,550,000

0.500%, 

3/31/2025

1,540,131

1,590,000

0.500%, 

2/28/2026

1,558,945

870,000

0.500%, 

4/30/2027

833,229

1,550,000

1.125%, 

2/29/2028

1,522,875

Total

12,648,602

Utilities

(0.6%)

Ameren

Corporation

45,000

1.750%, 

3/15/2028

43,496

Berkshire

Hathaway

Energy

Company

64,000

4.050%, 

4/15/2025

70,617

Calpine

Corporation

115,000

4.500%, 

2/15/2028

h

115,966

CenterPoint

Energy

Houston

Electric,

LLC

45,000

2.350%, 

4/1/2031

45,013

CenterPoint

Energy,

Inc.

43,000

2.500%, 

9/1/2022

44,158

34,000

2.500%, 

9/1/2024

35,649

Dominion

Energy,

Inc.

35,000

3.071%, 

8/15/2024

37,274

135,000

4.650%, 

12/15/2024

b,j

142,128

45,000

3.375%, 

4/1/2030

47,912

DTE

Energy

Company

45,000

3.800%, 

3/15/2027

49,561

Duke

Energy

Corporation

22,000

4.875%, 

9/16/2024

b,j

23,243

90,000

3.150%, 

8/15/2027

95,873

Edison

International

54,000

4.950%, 

4/15/2025

60,276

Entergy

Corporation

34,000

0.900%, 

9/15/2025

33,201

45,000

1.900%, 

6/15/2028

43,950

Evergy,

Inc.

34,000

2.450%, 

9/15/2024

35,598

Principal

Amount

Long-Term

Fixed

Income

(30.0%)

Value

Utilities

(0.6%)

-

continued

Exelon

Corporation

$

45,000

4.050%, 

4/15/2030

$

50,143

FirstEnergy

Corporation

66,000

2.850%, 

7/15/2022

66,990

Florida

Power

&

Light

Company

31,000

2.850%, 

4/1/2025

33,087

Georgia

Power

Company

32,000

2.100%, 

7/30/2023

33,030

NextEra

Energy

Operating

Partners,

LP

100,000

3.875%, 

10/15/2026

h

104,875

NextEra

Energy

Partners,

LP,

Convertible

136,000

Zero

Coupon, 

11/15/2025

h

145,775

NiSource,

Inc.

43,000

5.650%, 

6/15/2023

b,j

44,397

45,000

2.950%, 

9/1/2029

46,319

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

h

33,994

105,000

3.375%, 

2/15/2029

h

102,506

Pacific

Gas

and

Electric

Company

67,000

3.750%, 

2/15/2024

71,252

67,000

2.100%, 

8/1/2027

65,598

PG&E

Corporation

50,000

5.000%, 

7/1/2028

52,824

40,000

5.250%, 

7/1/2030

42,400

PPL

Capital

Funding,

Inc.

47,000

3.950%, 

3/15/2024

50,748

45,000

4.125%, 

4/15/2030

50,577

Public

Service

Enterprise

Group,

Inc.

45,000

1.600%, 

8/15/2030

41,443

Sempra

Energy

84,000

4.875%, 

10/15/2025

b,j

89,880

67,000

3.400%, 

2/1/2028

71,853

Southern

Company

119,000

4.000%, 

1/15/2051

b

125,575

Suburban

Propane

Partners,

LP

90,000

5.875%, 

3/1/2027

93,600

Talen

Energy

Supply,

LLC

65,000

7.625%, 

6/1/2028

h

65,813

TerraForm

Power

Operating,

LLC

90,000

5.000%, 

1/31/2028

h

97,115

TransCanada

Trust

175,000

5.875%, 

8/15/2076

b

190,750

Vistra

Operations

Company,

LLC

90,000

5.000%, 

7/31/2027

h

92,702

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

49,971

Total

2,837,132

Total

Long-Term

Fixed

Income

(cost

$137,164,871)

140,119,606

Shares

Registered

Investment

Companies

(

15.8%

)

Value

Unaffiliated  (1.3%)

13,445

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

54,990

7,675

AllianceBernstein

Global

High

Income

Fund,

Inc.

90,949

7,392

BlackRock

Core

Bond

Trust

116,054

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Registered

Investment

Companies

(15.8%)

Value

Unaffiliated  (1.3%)-

continued

6,415

BlackRock

Corporate

High

Yield

Fund,

Inc.

$

75,312

6,648

BlackRock

Credit

Allocation

Income

Trust

97,593

4,793

BlackRock

Enhanced

Equity

Dividend

Trust

45,342

7,409

BlackRock

Enhanced

Global

Dividend

Trust

85,129

4,735

BlackRock

Multi-Sector

Income

Trust

85,325

2,700

Brookfield

Real

Assets

Income

Fund,

Inc.

55,890

2,379

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

33,116

4,342

Eaton

Vance

Limited

Duration

Income

Fund

54,839

6,704

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

62,347

5,539

Invesco

Dynamic

Credit

Opportunities

Fund

62,978

8,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

g

307,200

6,651

Liberty

All-Star

Equity

Fund

50,747

12,050

Nuveen

Credit

Strategies

Income

Fund

78,325

5,067

PGIM

Global

High

Yield

Fund,

Inc.

75,600

4,669

PGIM

High

Yield

Bond

Fund,

Inc.

73,117

2,493

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

55,519

4,506

Royce

Micro-Cap

Trust,

Inc.

50,918

4,025

Royce

Value

Trust,

Inc.

72,893

31,804

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

869,203

1,883

Tri-Continental

Corporation

61,066

30,000

Vanguard

Intermediate-Term

Corporate

Bond

ETF

2,790,900

14,077

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

193,981

9,794

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

55,826

7,170

Wells

Fargo

Income

Opportunities

Fund

60,515

16,372

Western

Asset

High

Income

Opportunity

Fund,

Inc.

83,170

Total

5,798,844

Affiliated  (14.5%)

3,048,831

Thrivent

Core

Emerging

Markets

Debt

Fund

29,482,198

3,773,318

Thrivent

Core

International

Equity

Fund

38,336,906

Total

67,819,104

Total

Registered

Investment

Companies

(cost

$70,964,817)

73,617,948

Shares

Preferred

Stock

(

1.0%

)

Value

Communications

Services

(0.1%)

8,625

AT&T,

Inc.,

4.750%

j

217,954

2,375

AT&T,

Inc.,

5.000%

j

62,629

Total

280,583

Shares

Preferred

Stock

(1.0%)

Value

Consumer

Discretionary

(<0.1%)

1,261

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

$

61,839

Total

61,839

Consumer

Staples

(<0.1%)

1,250

CHS,

Inc.,

7.100%

b,j

34,513

Total

34,513

Energy

(<0.1%)

6,964

Crestwood

Equity

Partners,

LP,

9.250%

j

60,169

1,600

Energy

Transfer

Operating,

LP,

7.600%

b,j

38,256

1,536

Nustar

Logistics,

LP,

6.975%

b

37,862

Total

136,287

Financials

(0.6%)

2,750

Aegon

Funding

Corporation

II,

5.100%

71,363

3,174

Agribank

FCB,

6.875%

b,j

342,792

5,700

Allstate

Corporation,

5.100%

j

153,957

5,000

Bank

of

America

Corporation,

5.000%

j

132,350

2,000

Bank

of

America

Corporation,

5.375%

j

54,160

72

Bank

of

America

Corporation,

Convertible,

7.250%

j

100,656

5,525

Capital

One

Financial

Corporation,

5.000%

j

142,269

2,485

Cobank

ACB,

6.250%

b,j

261,546

5,875

Equitable

Holdings,

Inc.,

5.250%

j

154,395

140

First

Horizon

Bank,

3.750%

b,h,j

116,200

1,046

GMAC

Capital

Trust

I,

5.983%

b

26,652

3,650

J.P.

Morgan

Chase

&

Company,

4.750%

j

96,433

3,350

J.P.

Morgan

Chase

&

Company,

5.750%

j

90,819

3,350

Legg

Mason,

Inc.,

5.450%

85,425

5,880

Morgan

Stanley,

5.850%

b,j

167,462

3,100

Morgan

Stanley,

7.125%

b,g,j

89,466

775

Synovus

Financial

Corporation,

5.875%

b,j

20,832

5,025

Truist

Financial

Corporation,

4.750%

j

129,394

328

Wells

Fargo

&

Company,

Convertible,

7.500%

j

464,910

Total

2,701,081

Health

Care

(<0.1%)

89

Danaher

Corporation,

Convertible,

5.000%

115,273

Total

115,273

Industrials

(0.1%)

243

Fortive

Corporation,

Convertible,

5.000%

241,921

1,957

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

230,887

Total

472,808

Real

Estate

(0.1%)

6,150

Public

Storage,

4.125%

j

158,731

1,300

Public

Storage,

4.625%

j

34,918

325

Public

Storage,

4.700%

j

8,713

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Preferred

Stock

(1.0%)

Value

Real

Estate

(0.1%)

-

continued

511

Public

Storage,

4.875%

j

$

13,685

Total

216,047

Utilities

(0.1%)

736

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

35,519

2,505

NextEra

Energy,

Inc.,

Convertible,

4.872%

143,812

6,725

Southern

Company,

4.950%

177,002

2,044

Southern

Company,

Convertible,

6.750%

104,101

Total

460,434

Total

Preferred

Stock

(cost

$4,243,468)

4,478,865

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

2,487,819

Thrivent

Cash

Management

Trust

2,487,819

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,487,819)

2,487,819

Shares

or

Principal

Amount

Short-Term

Investments

(

11.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.085%,

4/7/2021

n,o

300,000

200,000

0.080%,

4/14/2021

n,o

200,000

500,000

0.035%,

4/28/2021

n,o

500,000

500,000

0.040%,

5/4/2021

n,o

499,995

400,000

0.028%,

5/19/2021

n,o

399,995

200,000

0.035%,

6/2/2021

n,o

199,993

100,000

0.000%,

7/7/2021

o

99,992

Thrivent

Core

Short-Term

Reserve

Fund

5,155,865

0.180%

51,558,653

Total

Short-Term

Investments

(cost

$53,740,014)

53,758,628

Total

Investments

(cost

$445,163,677)

107.7%

$503,180,845

Other

Assets

and

Liabilities,

Net

(7.7%)

(36,135,424)

Total

Net

Assets

100.0%

$467,045,421

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

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

Non-income

producing

security.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$37,039,084

or

7.9%

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

March

31,

2021.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

l

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

m

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2021.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Balanced

Income

Plus

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

665,651

Common

Stock

1,647,723

Total

lending

$2,313,374

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,487,819

Net

amounts

due

to

counterparty

$174,445

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

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

x

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Balanced

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

3,604,905

–

3,604,905

–

Capital

Goods

5,758,361

–

5,337,401

420,960

Communications

Services

12,038,241

–

12,038,241

–

Consumer

Cyclical

8,304,875

–

8,304,875

–

Consumer

Non-Cyclical

8,147,384

–

8,051,434

95,950

Financials

3,437,476

–

2,843,828

593,648

Technology

4,345,758

–

4,345,758

–

Transportation

2,086,569

–

2,086,569

–

Utilities

2,335,549

–

2,335,549

–

Common

Stock

Communications

Services

15,582,760

15,578,705

4,055

–

Consumer

Discretionary

23,552,630

23,539,013

13,617

–

Consumer

Staples

6,620,511

6,620,511

–

–

Energy

5,518,875

5,518,875

–

–

Financials

28,292,636

27,814,204

478,432

–

Health

Care

22,445,675

22,445,675

–

–

Industrials

22,582,014

22,195,546

386,468

–

Information

Technology

38,875,619

38,044,248

831,371

–

Materials

5,304,776

5,118,301

186,475

–

Real

Estate

6,126,209

6,126,209

–

–

Utilities

3,757,156

3,757,156

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

7,098,440

–

7,098,440

–

Basic

Materials

2,435,845

–

2,435,845

–

Capital

Goods

4,703,962

–

4,703,962

–

Collateralized

Mortgage

Obligations

12,463,127

–

12,213,127

250,000

Commercial

Mortgage-Backed

Securities

227,250

–

227,250

–

Communications

Services

6,444,693

–

6,411,899

32,794

Consumer

Cyclical

8,560,996

–

8,560,996

–

Consumer

Non-Cyclical

8,474,905

–

8,474,905

–

Energy

6,933,176

–

6,933,176

–

Financials

19,735,547

–

19,735,547

–

Foreign

Government

42,643

–

42,643

–

Mortgage-Backed

Securities

39,406,882

–

39,406,882

–

Technology

5,947,416

–

5,947,416

–

Transportation

2,158,990

–

2,158,990

–

U.S.

Government

&

Agencies

12,648,602

–

12,648,602

–

Utilities

2,837,132

–

2,837,132

–

Registered

Investment

Companies

Unaffiliated

5,798,844

5,798,844

–

–

Preferred

Stock

Communications

Services

280,583

280,583

–

–

Consumer

Discretionary

61,839

61,839

–

–

Consumer

Staples

34,513

34,513

–

–

Energy

136,287

136,287

–

–

Financials

2,701,081

2,584,881

116,200

–

Health

Care

115,273

115,273

–

–

Industrials

472,808

472,808

–

–

Real

Estate

216,047

216,047

–

–

Utilities

460,434

460,434

–

–

Short-Term

Investments

2,199,975

–

2,199,975

–

Subtotal

Investments

in

Securities

$381,315,269

$186,919,952

$193,001,965

$1,393,352

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

67,819,104

Affiliated

Short-Term

Investments

51,558,653

Collateral

Held

for

Securities

Loaned

2,487,819

Subtotal

Other

Investments

$121,865,576

Total

Investments

at

Value

$503,180,845

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

49,773

49,773

–

–

Total

Asset

Derivatives

$49,773

$49,773

$–

$–

Liability

Derivatives

Futures

Contracts

298,567

298,567

–

–

Total

Liability

Derivatives

$298,567

$298,567

$–

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$2,099,975

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

20

June

2021

$

2,624,742

(

$

5,992)

CBOT

5-Yr.

U.S.

Treasury

Note

14

June

2021

1,730,021

(

2,443)

CBOT

U.S.

Long

Bond

3

June

2021

465,569

(

1,788)

CME

E-mini

S&P

500

Index

24

June

2021

4,756,478

4,401

CME

Ultra

Long

Term

U.S.

Treasury

Bond

11

June

2021

2,086,405

(

92,999)

ICE

mini

MSCI

EAFE

Index

27

June

2021

2,953,883

5,317

Total

Futures

Long

Contracts

$

14,617,098

(

$

93,504)

CBOT

2-Yr.

U.S.

Treasury

Note

(12)

June

2021

(

$

2,651,225)

$

2,507

CME

E-mini

Russell

2000

Index

(125)

June

2021

(

13,695,280)

(

195,345)

Ultra

10-Yr.

U.S.

Treasury

Note

(7)

June

2021

(

1,043,360)

37,548

Total

Futures

Short

Contracts

(

$

17,389,865)

($155,290)

Total

Futures

Contracts

(

$

2,772,767)

($248,794)

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$31,280

$321

$–

$29,482

3,049

6.3%

Core

International

Equity

48,941

–

12,100

38,337

3,773

8.2

Total

Affiliated

Registered

Investment

Companies

80,221

67,819

14.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

37,558

119,651

105,650

51,559

5,156

11.0

Total

Affiliated

Short-Term

Investments

37,558

51,559

11.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,697

16,993

17,202

2,488

2,488

0.5

Total

Collateral

Held

for

Securities

Loaned

2,697

2,488

0.5

Total

Value

$120,476

$121,866

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(2,119)

–

$321

Core

International

Equity

491

1,005

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

4

(4)

–

22

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$343

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$495

$(1,118)

$–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Bank

Loans

(

9.1%

)

a

Value

Basic

Materials

(0.6%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

136,150

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

135,276

Chemours

Company,

Term

Loan

431,650

1.860%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

418,342

Hexion,

Inc.,

Term

Loan

492,809

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

492,504

INEOS

US

Petrochem,

LLC,

Term

Loan

760,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

757,150

Innophos

Holdings,

Inc.,

Term

Loan

495,000

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

493,144

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

456,863

3.360%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

448,867

Nouryon

USA,

LLC,

Term

Loan

1,182,255

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

1,163,292

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

863,613

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

862,714

Venator

Finance

SARL,

Term

Loan

568,527

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

560,238

Total

5,331,527

Capital

Goods

(1.0%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

988,294

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

970,999

195,000

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

192,350

Gemini

HDPE,

LLC,

Term

Loan

715,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

710,982

GFL

Environmental,

Inc.,

Term

Loan

768,075

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

768,075

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

702,521

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

686,714

Natgasoline,

LLC,

Term

Loan

586,500

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

580,635

Navistar,

Inc.,

Term

Loan

994,250

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

994,001

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

347,148

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

345,468

498,750

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

492,765

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Capital

Goods

(1.0%)

-

continued

TransDigm,

Inc.,

Term

Loan

$

1,742,938

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

$

1,705,168

TricorBraun

Holdings,

Inc.,

Delayed

Draw

163,428

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,d,e

161,725

TricorBraun

Holdings,

Inc.,

Term

Loan

726,573

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,d,e

719,002

Total

8,327,884

Communications

Services

(2.1%)

Altice

France

SA,

Term

Loan

433,125

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

424,229

Cablevision

Lightpath,

LLC,

Term

Loan

713,213

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

711,429

CCI

Buyer,

Inc.,

Term

Loan

185,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

185,174

CommScope,

Inc.,

Term

Loan

1,250,950

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,241,630

CSC

Holdings,

LLC,

Term

Loan

474,062

2.356%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b,d,e

467,051

Diamond

Sports

Group,

LLC,

Term

Loan

737,656

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

503,450

E.W.

Scripps

Company,

Term

Loan

354,113

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

352,508

Eagle

Broadband

Investments,

LLC,

Term

Loan

1,192,013

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

1,188,043

Entercom

Media

Corporation,

Term

Loan

663,830

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

648,396

GCI,

LLC,

Term

Loan

884,952

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,d,e

879,792

HCP

Acquisition,

LLC,

Term

Loan

937,184

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

935,122

iHeartCommunications,

Inc.,

Term

Loan

569,236

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

561,853

Intermediate

Dutch

Holdings,

Term

Loan

440,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,d,e

438,020

Lumen

Technologies,

Inc.,

Term

Loan

806,261

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

796,836

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Communications

Services

(2.1%)

-

continued

Meredith

Corporation,

Term

Loan

$

616,892

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

$

625,504

NEP

Group,

Inc.,

Term

Loan

982,449

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

951,198

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,109,164

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,099,881

Nielsen

Finance,

LLC,

Term

Loan

316,927

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

317,472

Radiate

Holdco,

LLC,

Term

Loan

1,690,762

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,689,038

Terrier

Media

Buyer,

Inc.,

Term

Loan

927,675

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

918,528

TNS,

Inc.,

Term

Loan

729,217

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

725,265

WideOpenWest

Finance,

LLC,

Term

Loan

1,227,014

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,222,646

Xplornet

Communications,

Inc.,

Term

Loan

735,569

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

734,996

Ziggo

Financing

Partnership,

Term

Loan

470,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,d,e

464,872

Total

18,082,933

Consumer

Cyclical

(1.6%)

1011778

B.C.,

LLC,

Term

Loan

1,085,368

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,d,e

1,064,681

Caesars

Resort

Collection,

LLC,

Term

Loan

945,250

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

946,431

Carnival

Corporation,

Term

Loan

472,619

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

486,798

Cengage

Learning,

Inc.,

Term

Loan

469,984

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

464,406

City

Brewing

Company,

LLC,

Term

Loan

120,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,d,e

119,400

CP

Atlas

Buyer,

Inc.,

Term

Loan

585,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

580,706

Golden

Entertainment,

Inc.,

Term

Loan

1,425,125

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,403,748

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Consumer

Cyclical

(1.6%)

-

continued

Golden

Nugget,

LLC,

Term

Loan

$

704,645

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

$

692,842

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

922,687

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

921,008

LCPR

Loan

Financing,

LLC,

Term

Loan

600,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,d,e

600,750

Michaels

Stores,

Inc.,

Term

Loan

676,600

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

675,585

Scientific

Games

International,

Inc.,

Term

Loan

2,495,612

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

2,445,525

Staples,

Inc.,

Term

Loan

265,573

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

260,814

440,574

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

429,194

Stars

Group

Holdings

BV,

Term

Loan

585,002

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

585,329

Tenneco,

Inc.,

Term

Loan

708,327

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

689,025

Truck

Hero,

Inc.,

Term

Loan

160,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

159,490

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

521,625

1.859%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

515,684

Total

13,041,416

Consumer

Non-Cyclical

(1.4%)

Adient

US,

LLC,

Term

Loan

283,557

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

283,202

Bausch

Health

Americas,

Inc.,

Term

Loan

1,445,881

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,440,401

Chobani,

LLC,

Term

Loan

368,150

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

367,598

CNT

Holdings

I

Corporation,

Term

Loan

475,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

473,665

135,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,c

136,350

Dole

Food

Company,

Inc.,

Term

Loan

970,919

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

969,977

Endo

Luxembourg

Finance

Company,

Term

Loan

450,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,d,e

444,937

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Consumer

Non-Cyclical

(1.4%)

-

continued

Global

Medical

Response,

Inc.,

Term

Loan

$

237,038

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

$

235,388

2,164,575

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

2,155,917

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,730,718

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,720,300

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,092,385

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,089,927

PetSmart,

Inc.,

Term

Loan

1,125,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,122,412

Plantronics,

Inc.,

Term

Loan

200,825

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

197,958

Precision

Medicine

Group,

LLC,

Delayed

Draw

91,731

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

90,986

Precision

Medicine

Group,

LLC,

Term

Loan

701,511

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

695,815

Sotera

Health

Holdings,

LLC,

Term

Loan

457,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

455,286

Total

11,880,119

Energy

(0.1%)

Calpine

Corporation,

Term

Loan

922,688

2.610%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

916,266

Lealand

Finance

Company

BV,

Term

Loan

209,996

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

114,097

Total

1,030,363

Financials

(0.6%)

Asurion,

LLC,

Term

Loan

309,225

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

307,073

1,000,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,d,e

992,290

630,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

641,025

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

392,088

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

390,445

Blackstone

CQP

Holdco,

LP,

Term

Loan

289,838

3.687%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

288,933

MoneyGram

International,

Inc.,

Term

Loan

552,765

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

552,489

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Financials

(0.6%)

-

continued

NCR

Corporation,

Term

Loan

$

830,875

2.720%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b,c

$

820,489

Newco

Financing

Partnership,

Term

Loan

140,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

139,550

Northriver

Midstream

Finance,

LP,

Term

Loan

829,394

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

817,086

UPC

Financing

Partnership,

Term

Loan

140,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

139,551

Total

5,088,931

Technology

(0.8%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

760,415

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

729,367

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

485,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

482,371

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,115,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

2,105,081

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,360,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,346,822

SS&C

Technologies,

Inc.,

Term

Loan

118,307

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

116,938

82,617

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

81,661

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,416,355

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,403,934

Total

6,266,174

Transportation

(0.5%)

American

Airlines,

Inc.,

Term

Loan

1,590,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,d,e

1,627,270

Genesee

&

Wyoming,

Inc.,

Term

Loan

985,050

2.203%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

981,051

SkyMiles

IP,

Ltd.,

Term

Loan

950,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

996,550

United

Airlines,

Inc.,

Term

Loan

735,424

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

713,229

Total

4,318,100

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Bank

Loans

(9.1%)

a

Value

Utilities

(0.4%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

$

85,315

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

$

85,315

Core

and

Main,

LP,

Term

Loan

624,037

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

621,042

EnergySolutions,

LLC,

Term

Loan

423,038

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

420,394

Exgen

Renewables

IV,

LLC,

Term

Loan

947,625

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,d,e

948,023

PG&E

Corporation,

Term

Loan

1,211,947

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

1,209,293

Talen

Energy

Supply,

LLC,

Term

Loan

341,000

3.859%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

330,770

Total

3,614,837

Total

Bank

Loans

(cost

$77,276,065)

76,982,284

Principal

Amount

Long-Term

Fixed

Income

(

54.4%

)

Value

Asset-Backed

Securities

(2.4%)

522

Funding

CLO,

Ltd.

1,000,000

2.624%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,g

999,482

950,000

4.051%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,g

952,886

Ares

LVII

CLO,

Ltd.

950,000

4.594%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,g

955,863

Babson

CLO,

Ltd.

1,500,000

3.124%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

1,455,231

Benefit

Street

Partners

CLO

II,

Ltd.

750,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,g

739,664

Cent

CLO,

LP

2,950,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

2,950,445

Conn's

Receivables

Funding

199,077

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

g

199,731

Dryden

36

Senior

Loan

Fund

750,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

750,052

Foundation

Finance

Trust

245,841

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

250,019

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Asset-Backed

Securities

(2.4%)

-

continued

Galaxy

XIX

CLO,

Ltd.

$

350,000

2.033%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,g

$

350,036

Harley

Marine

Financing,

LLC

1,227,788

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,145,216

Octagon

Investment

Partners

50,

Ltd.

1,200,000

4.470%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,g

1,204,324

Palmer

Square

CLO,

Ltd.

1,500,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,g

1,496,097

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

2.474%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

1,000,277

Saxon

Asset

Securities

Trust

399,056

3.672%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

385,452

Sound

Point

CLO

X,

Ltd.

1,150,000

2.924%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

1,150,707

TCI-Flatiron

CLO,

Ltd.

2,435,000

2.436%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,g

2,430,934

THL

Credit

Wind

River

CLO,

Ltd.

1,250,000

3.091%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

1,237,848

VCAT

Asset

Securitization,

LLC

250,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

249,483

Vericrest

Opportunity

Loan

Trust

725,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

g,h

720,342

Total

20,624,089

Basic

Materials

(1.1%)

Air

Products

and

Chemicals,

Inc.

55,000

1.500%, 

10/15/2025

55,799

Alcoa

Nederland

Holding

BV

370,000

5.500%, 

12/15/2027

g

398,268

Anglo

American

Capital

plc

98,000

2.250%, 

3/17/2028

g

96,524

BWAY

Holding

Company

380,000

5.500%, 

4/15/2024

g

385,225

Chemours

Company

200,000

5.750%, 

11/15/2028

g

210,583

Cleveland-Cliffs,

Inc.

250,000

5.875%, 

6/1/2027

258,750

160,000

4.625%, 

3/1/2029

g

159,728

160,000

4.875%, 

3/1/2031

g

159,600

Consolidated

Energy

Finance

SA

285,000

6.875%, 

6/15/2025

g

290,344

DuPont

de

Nemours,

Inc.

97,000

4.725%, 

11/15/2028

112,743

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Basic

Materials

(1.1%)

-

continued

EI

du

Pont

de

Nemours

&

Company

$

78,000

1.700%, 

7/15/2025

$

79,299

First

Quantum

Minerals,

Ltd.

460,000

7.500%, 

4/1/2025

g

474,950

Freeport-McMoRan,

Inc.

360,000

4.125%, 

3/1/2028

378,432

390,000

4.250%, 

3/1/2030

415,350

Hecla

Mining

Company

120,000

7.250%, 

2/15/2028

128,700

Hudbay

Minerals,

Inc.

280,000

4.500%, 

4/1/2026

g

291,007

Ingevity

Corporation

430,000

3.875%, 

11/1/2028

g

417,100

Kinross

Gold

Corporation

108,000

5.125%, 

9/1/2021

108,779

Kraton

Polymers,

LLC

380,000

4.250%, 

12/15/2025

g

381,425

LYB

International

Finance

III,

LLC

137,000

1.250%, 

10/1/2025

135,271

Mercer

International,

Inc.

270,000

5.125%, 

2/1/2029

g

279,720

Mosaic

Company

55,000

3.250%, 

11/15/2022

57,134

147,000

4.050%, 

11/15/2027

163,175

Norbord,

Inc.

320,000

5.750%, 

7/15/2027

g

341,056

Novelis

Corporation

270,000

5.875%, 

9/30/2026

g

281,812

160,000

4.750%, 

1/30/2030

g

164,912

Nucor

Corporation

56,000

2.000%, 

6/1/2025

57,450

Nutrien,

Ltd.

98,000

4.000%, 

12/15/2026

109,837

OCI

NV

420,000

4.625%, 

10/15/2025

g

434,175

Olin

Corporation

500,000

5.125%, 

9/15/2027

517,500

Steel

Dynamics,

Inc.

67,000

2.400%, 

6/15/2025

69,831

Syngenta

Finance

NV

200,000

3.933%, 

4/23/2021

g

200,370

Tronox

Finance

plc

220,000

5.750%, 

10/1/2025

g

229,489

United

States

Steel

Corporation

450,000

6.875%, 

3/1/2029

460,125

Venator

Finance

SARL

290,000

5.750%, 

7/15/2025

g

281,300

Westlake

Chemical

Corporation

98,000

3.600%, 

8/15/2026

105,930

Xstrata

Finance

Canada,

Ltd.

163,000

4.950%, 

11/15/2021

g

167,551

Total

8,859,244

Capital

Goods

(1.9%)

AECOM

715,000

5.125%, 

3/15/2027

778,009

Amsted

Industries,

Inc.

315,000

5.625%, 

7/1/2027

g

334,294

Ardagh

Packaging

Finance

plc

259,000

6.000%, 

2/15/2025

g

266,899

400,000

5.250%, 

8/15/2027

g

408,032

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Capital

Goods

(1.9%)

-

continued

Boeing

Company

$

255,000

4.875%, 

5/1/2025

$

283,929

166,000

2.196%, 

2/4/2026

165,485

147,000

3.250%, 

3/1/2028

150,407

196,000

5.150%, 

5/1/2030

225,742

Bombardier,

Inc.

290,000

7.500%, 

3/15/2025

g

285,287

290,000

7.875%, 

4/15/2027

g

284,400

Brand

Industrial

Services,

Inc.

140,000

8.500%, 

7/15/2025

g

141,092

BWAY

Holding

Company

290,000

7.250%, 

4/15/2025

g

290,000

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

148,337

Caterpillar

Financial

Services

Corporation

65,000

1.900%, 

9/6/2022

66,541

171,000

1.950%, 

11/18/2022

175,415

111,000

1.450%, 

5/15/2025

112,514

Chart

Industries,

Inc.,

Convertible

232,000

1.000%, 

11/15/2024

g

575,795

Cintas

Corporation

No.

2

162,000

2.900%, 

4/1/2022

165,747

CNH

Industrial

Capital,

LLC

165,000

4.875%, 

4/1/2021

165,000

67,000

1.950%, 

7/2/2023

68,801

Cornerstone

Building

Brands,

Inc.

390,000

6.125%, 

1/15/2029

g

415,350

Covanta

Holding

Corporation

280,000

6.000%, 

1/1/2027

292,250

95,000

5.000%, 

9/1/2030

95,950

CP

Atlas

Buyer,

Inc.

250,000

7.000%, 

12/1/2028

g

262,763

Crown

Americas

Capital

Corporation

IV

70,000

4.500%, 

1/15/2023

73,631

Crown

Cork

&

Seal

Company,

Inc.

410,000

7.375%, 

12/15/2026

493,538

General

Electric

Company

495,000

3.514%, 

(LIBOR

3M

+

3.330%),

6/15/2021

b,i

467,775

98,000

3.625%, 

5/1/2030

105,513

GFL

Environmental,

Inc.

100,000

4.000%, 

8/1/2028

g

96,750

280,000

3.500%, 

9/1/2028

g

271,600

Greenbrier

Companies,

Inc.,

Convertible

89,000

2.875%, 

2/1/2024

96,788

H&E

Equipment

Services,

Inc.

310,000

3.875%, 

12/15/2028

g

301,475

Honeywell

International,

Inc.

111,000

1.350%, 

6/1/2025

112,602

Howmet

Aerospace,

Inc.

360,000

6.875%, 

5/1/2025

417,150

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

163,064

Jeld-Wen,

Inc.

340,000

4.625%, 

12/15/2025

g

344,250

John

Deere

Capital

Corporation

90,000

1.200%, 

4/6/2023

91,427

171,000

2.050%, 

1/9/2025

177,889

147,000

1.500%, 

3/6/2028

143,150

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Capital

Goods

(1.9%)

-

continued

KBR,

Inc.,

Convertible

$

501,000

2.500%, 

11/1/2023

$

790,014

Meritor,

Inc.

200,000

4.500%, 

12/15/2028

g

200,600

NESCO

Holdings

II,

Inc.

95,000

5.500%, 

4/15/2029

e,g

97,451

Otis

Worldwide

Corporation

172,000

2.056%, 

4/5/2025

177,099

Owens-Brockway

Glass

Container,

Inc.

250,000

5.875%, 

8/15/2023

g

267,813

Parker-Hannifin

Corporation

225,000

2.700%, 

6/14/2024

238,573

Patrick

Industries,

Inc.,

Convertible

149,000

1.000%, 

2/1/2023

173,771

Raytheon

Technologies

Corporation

98,000

4.125%, 

11/16/2028

110,361

Republic

Services,

Inc.

98,000

3.950%, 

5/15/2028

109,369

Roper

Technologies,

Inc.

117,000

2.350%, 

9/15/2024

122,291

111,000

1.000%, 

9/15/2025

109,099

Siemens

Financieringsmaatschappij

NV

147,000

1.700%, 

3/11/2028

g

144,310

SRM

Escrow

Issuer,

LLC

355,000

6.000%, 

11/1/2028

g

372,040

Standard

Industries,

Inc.

530,000

4.375%, 

7/15/2030

g

534,770

Textron,

Inc.

147,000

3.650%, 

3/15/2027

158,306

Titan

Acquisition,

Ltd.

125,000

7.750%, 

4/15/2026

g

129,838

TransDigm,

Inc.

220,000

6.250%, 

3/15/2026

g

233,244

770,000

5.500%, 

11/15/2027

797,050

70,000

4.625%, 

1/15/2029

g

69,024

United

Rentals

North

America,

Inc.

390,000

4.875%, 

1/15/2028

410,814

240,000

4.000%, 

7/15/2030

244,260

United

Technologies

Corporation

146,000

3.950%, 

8/16/2025

162,153

Waste

Pro

USA,

Inc.

140,000

5.500%, 

2/15/2026

g

143,325

WESCO

Distribution,

Inc.

330,000

7.250%, 

6/15/2028

g

368,410

WW

Grainger,

Inc.

115,000

1.850%, 

2/15/2025

118,503

Total

15,797,129

Collateralized

Mortgage

Obligations

(5.8%)

Alternative

Loan

Trust

478,060

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

382,049

Antler

Mortgage

Trust

7,513

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

g

7,515

493,802

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

g

494,679

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Collateralized

Mortgage

Obligations

(5.8%)

-

continued

Banc

of

America

Alternative

Loan

Trust

$

680,680

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

$

674,261

Banc

of

America

Mortgage

Securities

Trust

582,562

2.631%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

586,042

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

41,932

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

42,744

Bellemeade

Re,

Ltd.

896,075

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

896,355

873,500

3.509%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,g

876,490

582,396

2.409%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,g

583,691

Business

Jet

Securities,

LLC

440,301

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

g

445,708

CHL

Mortgage

Pass-Through

Trust

841,442

2.716%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

740,034

351,175

2.793%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

360,592

1,125,789

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

880,979

CIM

Trust

601,596

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

637,145

Citigroup

Mortgage

Loan

Trust,

Inc.

121,437

3.315%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

108,185

1,117,823

2.963%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

1,120,670

Countrywide

Alternative

Loan

Trust

532,203

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

527,634

228,656

2.746%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

219,348

213,280

2.889%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

210,661

284,485

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

273,595

866,239

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

453,160

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

352,359

2.669%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

335,956

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

799,370

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

808,530

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Collateralized

Mortgage

Obligations

(5.8%)

-

continued

Eagle

Re,

Ltd.

$

812,112

1.909%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

$

813,719

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

607,454

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

j

9,122

531,081

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

j

22,696

1,838,250

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

98,144

1,442,150

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

86,966

2,223,357

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

j

136,019

671,206

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

j

35,369

1,542,696

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

j

86,177

2,187,739

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

j

120,364

2,124,939

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

261,919

1,227,944

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

127,270

2,467,783

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

180,332

Federal

National

Mortgage

Association

-

REMIC

3,104,323

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

166,030

1,994,079

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

94,957

3,821,489

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

178,579

1,955,377

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

j

123,786

5,248,878

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

335,044

2,684,888

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

136,973

1,408,280

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

73,613

3,575,502

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

186,403

1,034,227

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

j

46,089

1,913,205

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

112,520

683,615

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

j

42,509

2,635,751

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

142,341

1,631,921

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

164,919

13,803,862

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

j

919,028

7,704,750

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

j

427,581

First

Horizon

Alternative

Mortgage

Securities

Trust

242,370

2.423%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

231,975

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Collateralized

Mortgage

Obligations

(5.8%)

-

continued

$

227,269

2.504%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

$

221,828

Genworth

Mortgage

Insurance

Corporation

700,000

2.009%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,g

700,973

GMAC

Mortgage

Corporation

Loan

Trust

524,538

3.657%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

522,489

Government

National

Mortgage

Association

602,334

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

j

36,376

IndyMac

IMJA

Mortgage

Loan

Trust

624,951

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

405,670

IndyMac

INDX

Mortgage

Loan

Trust

1,822,406

0.529%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

1,724,982

J.P.

Morgan

Alternative

Loan

Trust

553,469

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

443,914

J.P.

Morgan

Mortgage

Trust

105,033

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

113,745

423,517

2.945%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

373,932

Legacy

Mortgage

Asset

Trust

1,267,285

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

1,281,589

Master

Asset

Securitization

Trust

678,544

0.609%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

151,692

MASTR

Alternative

Loans

Trust

237,957

0.559%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

35,031

Merrill

Lynch

Alternative

Note

Asset

Trust

326,726

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

203,311

Merrill

Lynch

Mortgage

Investors

Trust

747,030

3.554%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

434,154

Oaktown

Re

II,

Ltd.

413,106

1.659%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,g

413,239

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,335,886

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

1,346,951

991,794

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

994,210

690,955

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

698,628

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Collateralized

Mortgage

Obligations

(5.8%)

-

continued

Radnor

RE,

Ltd.

$

103,037

1.509%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,g

$

103,052

1,700,000

2.809%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,g

1,713,229

RCO

Mortgage,

LLC

754,730

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

758,983

Renaissance

Home

Equity

Loan

Trust

1,163,574

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

652,556

Residential

Accredit

Loans,

Inc.

Trust

529,835

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

518,044

247,385

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

246,153

316,039

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

306,253

511,266

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

487,060

313,291

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

305,512

Residential

Asset

Securitization

Trust

413,454

2.545%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

422,829

1,107,049

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,145,100

Residential

Funding

Mortgage

Security

I

Trust

703,006

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

674,406

Sequoia

Mortgage

Trust

600,127

3.114%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

467,076

Silver

Hill

Trust

889,648

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

920,605

Stanwich

Mortgage

Loan

Trust

541,438

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

544,518

Starwood

Mortgage

Residential

Trust

803,523

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,g

820,721

1,175,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

1,226,446

Structured

Adjustable

Rate

Mortgage

Loan

Trust

220,320

3.223%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

205,817

139,408

3.212%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

113,511

Structured

Asset

Mortgage

Investments,

Inc.

522,643

0.729%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

503,522

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Collateralized

Mortgage

Obligations

(5.8%)

-

continued

Toorak

Mortgage

Corporation

$

1,700,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

$

1,718,465

1,250,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

1,252,885

Vericrest

Opportunity

Loan

Transferee

950,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

g,h

943,878

1,150,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

g,h

1,145,448

1,750,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

g,h

1,745,370

400,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

c,g,h

400,000

Verus

Securitization

Trust

1,016,809

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

1,018,934

WaMu

Mortgage

Pass

Through

Certificates

626,270

1.139%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

587,505

654,876

1.707%, 

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

636,254

Washington

Mutual

Mortgage

Pass

Through

Certificates

715,746

7.000%, 

4/25/2037,

Ser.

2007-2,

Class

1A1

409,122

Washington

Mutual

Mortgage

Pass-Through

Certificates

361,103

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

355,738

Total

49,478,173

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

950,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

959,501

Total

959,501

Communications

Services

(2.6%)

AMC

Networks,

Inc.

340,000

4.250%, 

2/15/2029

330,650

American

Tower

Corporation

96,000

3.375%, 

5/15/2024

102,923

195,000

4.400%, 

2/15/2026

219,686

147,000

3.800%, 

8/15/2029

160,047

AT&T,

Inc.

190,000

4.450%, 

4/1/2024

208,402

195,000

1.700%, 

3/25/2026

194,932

147,000

4.300%, 

2/15/2030

165,488

CCO

Holdings,

LLC

700,000

5.500%, 

5/1/2026

g

721,910

460,000

5.125%, 

5/1/2027

g

486,365

565,000

4.750%, 

3/1/2030

g

585,481

Cengage

Learning,

Inc.

410,000

9.500%, 

6/15/2024

g,k

417,687

Charter

Communications

Operating,

LLC

170,000

4.500%, 

2/1/2024

185,936

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Communications

Services

(2.6%)

-

continued

$

104,000

4.908%, 

7/23/2025

$

117,899

147,000

5.050%, 

3/30/2029

168,965

Clear

Channel

Worldwide

Holdings,

Inc.

350,000

7.750%, 

4/15/2028

g

346,150

Comcast

Corporation

38,000

3.700%, 

4/15/2024

41,501

117,000

3.950%, 

10/15/2025

130,705

117,000

2.350%, 

1/15/2027

122,130

245,000

3.400%, 

4/1/2030

265,268

Consolidated

Communications,

Inc.

160,000

5.000%, 

10/1/2028

g

161,248

Cox

Communications,

Inc.

123,000

2.950%, 

6/30/2023

g

128,593

Crown

Castle

International

Corporation

98,000

3.800%, 

2/15/2028

106,760

CSC

Holdings,

LLC

205,000

5.500%, 

5/15/2026

g

211,355

520,000

5.375%, 

2/1/2028

g

546,650

Cumulus

Media

New

Holdings,

Inc.

260,000

6.750%, 

7/1/2026

g

264,875

Deutsche

Telekom

International

Finance

BV

105,000

2.485%, 

9/19/2023

g

109,352

Discovery

Communications,

LLC

114,000

2.950%, 

3/20/2023

119,104

DISH

DBS

Corporation

250,000

7.375%, 

7/1/2028

262,262

Embarq

Corporation

160,000

7.995%, 

6/1/2036

184,354

Entercom

Media

Corporation

250,000

6.500%, 

5/1/2027

g,k

258,437

Fox

Corporation

157,000

4.030%, 

1/25/2024

170,537

97,000

4.709%, 

1/25/2029

111,654

Front

Range

BidCo,

Inc.

380,000

4.000%, 

3/1/2027

g

373,350

250,000

6.125%, 

3/1/2028

g

256,563

Frontier

Communications

Corporation

230,000

5.875%, 

10/15/2027

g

243,800

95,000

6.750%, 

5/1/2029

g

100,196

GCI,

LLC

290,000

4.750%, 

10/15/2028

g

296,887

Hughes

Satellite

Systems

Corporation

150,000

6.625%, 

8/1/2026

166,215

iHeartCommunications,

Inc.

290,000

4.750%, 

1/15/2028

g

292,175

LCPR

Senior

Secured

Financing

DAC

250,000

6.750%, 

10/15/2027

g

266,537

Level

3

Financing,

Inc.

480,000

4.625%, 

9/15/2027

g

494,002

610,000

4.250%, 

7/1/2028

g

616,899

Liberty

Interactive,

LLC,

Convertible

172,000

3.500%, 

1/15/2031

171,140

Ligado

Networks,

LLC

140,000

0.000%,PIK

15.500%,

11/1/2023

c,f,g

131,176

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Communications

Services

(2.6%)

-

continued

Meredith

Corporation

$

300,000

6.500%, 

7/1/2025

g

$

321,864

Netflix,

Inc.

111,000

5.875%, 

2/15/2025

127,234

735,000

4.875%, 

4/15/2028

831,469

Nexstar

Escrow

Corporation

400,000

5.625%, 

7/15/2027

g

419,248

Nielsen

Finance,

LLC

130,000

5.625%, 

10/1/2028

g

136,662

NTT

Finance

Corporation

117,000

1.162%, 

4/3/2026

g

115,455

Omnicom

Group,

Inc.

97,000

4.200%, 

6/1/2030

109,160

Radiate

Holdco,

LLC

155,000

6.500%, 

9/15/2028

g

163,672

Scripps

Escrow

II,

Inc.

200,000

3.875%, 

1/15/2029

g

196,500

150,000

5.375%, 

1/15/2031

g

148,875

SFR

Group

SA

650,000

7.375%, 

5/1/2026

g

676,065

Sinclair

Television

Group,

Inc.

430,000

5.500%, 

3/1/2030

g

418,175

Sirius

XM

Radio,

Inc.

445,000

5.000%, 

8/1/2027

g

466,827

Sprint

Capital

Corporation

400,000

6.875%, 

11/15/2028

504,388

295,000

8.750%, 

3/15/2032

436,231

Sprint

Corporation

960,000

7.625%, 

2/15/2025

1,144,800

Terrier

Media

Buyer,

Inc.

210,000

8.875%, 

12/15/2027

g

225,970

T-Mobile

USA,

Inc.

113,000

3.500%, 

4/15/2025

g

121,913

146,000

3.750%, 

4/15/2027

g

159,601

196,000

3.875%, 

4/15/2030

g

212,731

130,000

2.875%, 

2/15/2031

125,645

United

States

Cellular

Corporation

250,000

6.700%, 

12/15/2033

302,797

Uniti

Group,

LP

140,000

6.500%, 

2/15/2029

g

138,250

Univision

Communications,

Inc.

520,000

6.625%, 

6/1/2027

g

555,321

VeriSign,

Inc.

210,000

4.750%, 

7/15/2027

222,863

Verizon

Communications,

Inc.

98,000

0.750%, 

3/22/2024

98,108

133,000

1.298%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

135,993

222,000

0.850%, 

11/20/2025

217,255

195,000

2.100%, 

3/22/2028

195,817

147,000

3.150%, 

3/22/2030

155,045

98,000

2.550%, 

3/21/2031

97,911

Viacom,

Inc.

118,000

5.875%, 

2/28/2057

b

119,925

ViaSat,

Inc.

410,000

5.625%, 

9/15/2025

g

416,749

VTR

Finance

NV

190,000

6.375%, 

7/15/2028

g,k

205,200

Walt

Disney

Company

195,000

1.750%, 

1/13/2026

199,449

97,000

3.800%, 

3/22/2030

108,117

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Communications

Services

(2.6%)

-

continued

Ziggo

BV

$

374,000

5.500%, 

1/15/2027

g

$

389,428

Total

21,636,959

Consumer

Cyclical

(3.4%)

1011778

B.C.,

ULC

440,000

4.375%, 

1/15/2028

g

442,077

Allied

Universal

Holdco,

LLC

300,000

6.625%, 

7/15/2026

g

318,144

Allison

Transmission,

Inc

410,000

3.750%, 

1/30/2031

g

397,187

Amazon.com,

Inc.

98,000

1.500%, 

6/3/2030

93,382

American

Axle

&

Manufacturing,

Inc.

480,000

6.500%, 

4/1/2027

k

498,000

American

Honda

Finance

Corporation

49,000

1.200%, 

7/8/2025

48,792

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

92,307

Bloomin'

Brands,

Inc.,

Convertible

149,000

5.000%, 

5/1/2025

g

359,649

BMW

Finance

NV

109,000

2.250%, 

8/12/2022

g

111,567

Booking

Holdings,

Inc.,

Convertible

74,000

0.900%, 

9/15/2021

86,728

Brookfield

Residential

Properties,

Inc.

620,000

6.250%, 

9/15/2027

g

647,125

Burlington

Stores,

Inc.,

Convertible

581,000

2.250%, 

4/15/2025

g

872,589

Caesars

Entertainment,

Inc.

95,000

8.125%, 

7/1/2027

g

104,761

Carnival

Corporation

300,000

11.500%, 

4/1/2023

g

343,875

210,000

10.500%, 

2/1/2026

g

247,012

100,000

7.625%, 

3/1/2026

g

107,430

320,000

5.750%, 

3/1/2027

g

328,400

Cedar

Fair,

LP

380,000

5.250%, 

7/15/2029

390,598

Cinemark

USA,

Inc.

330,000

5.875%, 

3/15/2026

g

337,900

Clarios

Global,

LP

140,000

8.500%, 

5/15/2027

g

150,675

Colt

Merger

Sub,

Inc.

620,000

6.250%, 

7/1/2025

g

660,929

D.R.

Horton,

Inc.

56,000

2.600%, 

10/15/2025

58,901

Daimler

Finance

North

America,

LLC

150,000

1.450%, 

3/2/2026

g

148,692

Dana,

Inc.

305,000

5.625%, 

6/15/2028

326,350

Darden

Restaurants,

Inc.

195,000

3.850%, 

5/1/2027

212,277

Dick's

Sporting

Goods,

Inc.,

Convertible

232,000

3.250%, 

4/15/2025

g

531,570

Empire

Communities

Corporation

290,000

7.000%, 

12/15/2025

g

305,587

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Cyclical

(3.4%)

-

continued

Expedia

Group,

Inc.,

Convertible

$

351,000

Zero

Coupon, 

2/15/2026

g

$

383,116

Ford

Motor

Company

170,000

9.000%, 

4/22/2025

205,890

100,000

9.625%, 

4/22/2030

139,554

355,000

7.450%, 

7/16/2031

447,595

Ford

Motor

Company,

Convertible

630,000

Zero

Coupon, 

3/15/2026

g

636,300

Ford

Motor

Credit

Company,

LLC

990,000

4.063%, 

11/1/2024

1,038,559

720,000

4.134%, 

8/4/2025

753,066

Gap,

Inc.

190,000

8.625%, 

5/15/2025

g

212,752

General

Motors

Company

111,000

6.125%, 

10/1/2025

130,526

147,000

6.800%, 

10/1/2027

182,363

General

Motors

Financial

Company,

Inc.

108,000

3.150%, 

6/30/2022

111,040

233,000

3.950%, 

4/13/2024

250,764

43,000

2.900%, 

2/26/2025

45,085

111,000

2.750%, 

6/20/2025

115,873

196,000

5.700%, 

9/30/2030

b,i

211,680

Hanesbrands,

Inc.

405,000

4.875%, 

5/15/2026

g

434,362

Harley-Davidson

Financial

Services,

Inc.

180,000

4.050%, 

2/4/2022

g

185,090

Herc

Holdings,

Inc.

260,000

5.500%, 

7/15/2027

g

276,692

Hilton

Domestic

Operating

Company,

Inc.

760,000

4.875%, 

1/15/2030

806,208

Home

Depot,

Inc.

111,000

3.750%, 

2/15/2024

120,501

98,000

2.950%, 

6/15/2029

103,901

Hyundai

Capital

America

78,000

1.800%, 

10/15/2025

g

77,921

147,000

3.000%, 

2/10/2027

g

152,938

International

Game

Technology

plc

315,000

5.250%, 

1/15/2029

g

328,545

KB

Home

330,000

4.800%, 

11/15/2029

345,675

Kohl's

Corporation

199,000

9.500%, 

5/15/2025

258,028

98,000

3.375%, 

5/1/2031

98,077

L

Brands,

Inc.

420,000

6.625%, 

10/1/2030

g

479,556

100,000

6.875%, 

11/1/2035

119,179

Landry's,

Inc.

320,000

6.750%, 

10/15/2024

g

323,574

Lennar

Corporation

65,000

4.125%, 

1/15/2022

66,007

6,000

4.875%, 

12/15/2023

6,554

58,000

5.875%, 

11/15/2024

65,830

110,000

4.750%, 

5/30/2025

122,512

Levi

Strauss

&

Company

420,000

3.500%, 

3/1/2031

g

405,300

Live

Nation

Entertainment,

Inc.

200,000

3.750%, 

1/15/2028

g

197,250

Lowe's

Companies,

Inc.

111,000

4.000%, 

4/15/2025

122,806

98,000

4.500%, 

4/15/2030

113,043

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Cyclical

(3.4%)

-

continued

Marriott

International,

Inc.

$

71,000

5.750%, 

5/1/2025

$

81,472

223,000

3.750%, 

10/1/2025

238,199

Mattamy

Group

Corporation

430,000

5.250%, 

12/15/2027

g

449,887

McDonald's

Corporation

294,000

3.800%, 

4/1/2028

325,432

MGM

Resorts

International

575,000

5.750%, 

6/15/2025

626,750

Nissan

Motor

Company,

Ltd.

116,000

3.043%, 

9/15/2023

g

121,361

O'Reilly

Automotive,

Inc.

147,000

3.900%, 

6/1/2029

161,085

PetSmart,

Inc.

230,000

4.750%, 

2/15/2028

g

235,223

210,000

7.750%, 

2/15/2029

g

227,314

Prime

Security

Services

Borrower,

LLC

650,000

5.750%, 

4/15/2026

g

703,332

Procter

&

Gamble

Company

98,000

1.200%, 

10/29/2030

90,688

Ralph

Lauren

Corporation

111,000

1.700%, 

6/15/2022

112,761

Real

Hero

Merger

Sub

2,

Inc.

210,000

6.250%, 

2/1/2029

g

216,825

Realogy

Group,

LLC

350,000

5.750%, 

1/15/2029

g

345,187

Rite

Aid

Corporation

140,000

7.500%, 

7/1/2025

g

145,425

Ross

Stores,

Inc.

98,000

1.875%, 

4/15/2031

91,933

Royal

Caribbean

Cruises,

Ltd.

400,000

9.125%, 

6/15/2023

g

440,772

150,000

11.500%, 

6/1/2025

g

174,938

150,000

5.500%, 

4/1/2028

g

150,750

Scientific

Games

International,

Inc.

470,000

5.000%, 

10/15/2025

g

486,779

350,000

7.250%, 

11/15/2029

g

379,750

SeaWorld

Parks

and

Entertainment,

Inc.

200,000

9.500%, 

8/1/2025

g

217,365

Six

Flags

Entertainment

Corporation

195,000

5.500%, 

4/15/2027

g,k

202,069

Six

Flags

Theme

Parks,

Inc.

190,000

7.000%, 

7/1/2025

g

205,438

Staples,

Inc.

520,000

7.500%, 

4/15/2026

g

548,470

Target

Corporation

98,000

2.350%, 

2/15/2030

99,357

Tenneco,

Inc.

200,000

5.000%, 

7/15/2026

k

188,500

TJX

Companies,

Inc.

111,000

3.500%, 

4/15/2025

121,004

Toll

Brothers

Finance

Corporation

222,000

5.875%, 

2/15/2022

227,550

Toyota

Motor

Credit

Corporation

112,000

0.450%, 

1/11/2024

111,693

151,000

0.800%, 

10/16/2025

148,370

Uber

Technologies,

Inc.

210,000

6.250%, 

1/15/2028

g

228,732

Under

Armour,

Inc.,

Convertible

74,000

1.500%, 

6/1/2024

g

144,994

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Cyclical

(3.4%)

-

continued

VF

Corporation

$

116,000

2.050%, 

4/23/2022

$

117,901

Vista

Outdoor,

Inc.

350,000

4.500%, 

3/15/2029

g

346,309

Volkswagen

Group

of

America

Finance,

LLC

200,000

4.250%, 

11/13/2023

g

217,358

56,000

3.350%, 

5/13/2025

g

60,128

Wyndham

Destinations,

Inc.

250,000

6.625%, 

7/31/2026

g

283,838

Wyndham

Hotels

&

Resorts,

Inc.

150,000

4.375%, 

8/15/2028

g

151,725

Yum!

Brands,

Inc.

390,000

4.750%, 

1/15/2030

g

412,347

ZF

North

America

Capital,

Inc.

200,000

4.750%, 

4/29/2025

g

214,706

Total

28,349,933

Consumer

Non-Cyclical

(3.2%)

Abbott

Laboratories

195,000

3.875%, 

9/15/2025

216,282

AbbVie,

Inc.

108,000

2.900%, 

11/6/2022

112,008

107,000

2.800%, 

3/15/2023

110,946

457,000

3.600%, 

5/14/2025

497,868

195,000

3.200%, 

11/21/2029

207,436

Agilent

Technologies,

Inc

98,000

2.300%, 

3/12/2031

95,426

Albertson's

Companies,

Inc.

610,000

3.500%, 

3/15/2029

g

580,500

190,000

4.875%, 

2/15/2030

g

195,320

Altria

Group,

Inc.

119,000

4.400%, 

2/14/2026

134,190

98,000

4.800%, 

2/14/2029

112,603

Amgen,

Inc.

147,000

2.450%, 

2/21/2030

148,018

Anheuser-Busch

Companies,

LLC

113,000

3.650%, 

2/1/2026

124,242

Anheuser-Busch

InBev

Worldwide,

Inc.

106,000

4.150%, 

1/23/2025

117,798

195,000

4.750%, 

1/23/2029

227,867

Anthem,

Inc.

166,000

2.375%, 

1/15/2025

173,490

98,000

2.550%, 

3/15/2031

98,016

Aramark

Services,

Inc.

180,000

6.375%, 

5/1/2025

g

190,800

AstraZeneca

plc

194,000

0.700%, 

4/8/2026

186,847

BAT

Capital

Corporation

89,000

3.222%, 

8/15/2024

94,817

BAT

International

Finance

plc

111,000

1.668%, 

3/25/2026

109,865

Bausch

Health

Companies,

Inc.

120,000

5.000%, 

1/30/2028

g

121,500

450,000

5.000%, 

2/15/2029

g

446,906

Becton,

Dickinson

and

Company

147,000

2.823%, 

5/20/2030

150,698

Boston

Scientific

Corporation

144,000

3.450%, 

3/1/2024

154,584

Bristol-Myers

Squibb

Company

195,000

3.200%, 

6/15/2026

212,111

146,000

3.900%, 

2/20/2028

164,235

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Non-Cyclical

(3.2%)

-

continued

Bunge,

Ltd.

Finance

Corporation

$

94,000

1.630%, 

8/17/2025

$

94,041

Callaway

Golf

Company,

Convertible

44,000

2.750%, 

5/1/2026

g

75,295

Cargill,

Inc.

114,000

1.375%, 

7/23/2023

g

116,342

Centene

Corporation

172,000

5.375%, 

8/15/2026

g

181,443

150,000

4.250%, 

12/15/2027

157,781

165,000

4.625%, 

12/15/2029

178,580

610,000

3.000%, 

10/15/2030

608,987

Central

Garden

&

Pet

Company

350,000

4.125%, 

10/15/2030

353,500

Cigna

Corporation

156,000

4.125%, 

11/15/2025

173,941

Coca-Cola

Company

147,000

1.500%, 

3/5/2028

144,536

Community

Health

Systems,

Inc.

140,000

5.625%, 

3/15/2027

g

146,650

200,000

6.000%, 

1/15/2029

g

211,500

370,000

6.875%, 

4/15/2029

g

387,342

Conagra

Brands,

Inc.

118,000

4.300%, 

5/1/2024

130,119

Constellation

Brands,

Inc.

195,000

3.150%, 

8/1/2029

204,248

CVS

Health

Corporation

108,000

2.750%, 

12/1/2022

111,540

149,000

4.100%, 

3/25/2025

k

165,057

196,000

4.300%, 

3/25/2028

222,574

98,000

3.750%, 

4/1/2030

106,905

DaVita,

Inc.

470,000

4.625%, 

6/1/2030

g

478,864

Diageo

Capital

plc

133,000

1.375%, 

9/29/2025

134,235

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

g

211,200

Encompass

Health

Corporation

550,000

4.500%, 

2/1/2028

563,266

Endo

Finance,

LLC

190,000

9.500%, 

7/31/2027

g

206,388

Energizer

Holdings,

Inc.

335,000

4.375%, 

3/31/2029

g

336,173

Estee

Lauder

Companies,

Inc.

98,000

1.950%, 

3/15/2031

94,975

General

Mills,

Inc.

97,000

4.200%, 

4/17/2028

109,555

Gilead

Sciences,

Inc.

147,000

2.950%, 

3/1/2027

156,290

H.

J.

Heinz

Company

100,000

5.200%, 

7/15/2045

115,656

HCA,

Inc.

1,160,000

5.375%, 

2/1/2025

1,293,997

244,000

5.250%, 

6/15/2026

280,443

HLF

Financing

SARL,

LLC

300,000

7.250%, 

8/15/2026

g

314,250

Illumina,

Inc.

350,000

9.000%, 

7/1/2028

g

393,855

Illumina,

Inc.,

Convertible

44,000

0.500%, 

6/15/2021

66,165

Imperial

Brands

Finance

plc

105,000

3.125%, 

7/26/2024

g

110,964

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Non-Cyclical

(3.2%)

-

continued

Ionis

Pharmaceuticals,

Inc.,

Convertible

$

119,000

0.125%, 

12/15/2024

$

113,607

JBS

Investments

II

GmbH

90,000

5.750%, 

1/15/2028

g

94,950

JBS

USA,

LLC

430,000

5.500%, 

1/15/2030

g

475,900

Keurig

Dr

Pepper,

Inc.

195,000

2.250%, 

3/15/2031

191,718

Kraft

Foods

Group,

Inc.

500,000

5.000%, 

6/4/2042

562,701

Kraft

Heinz

Foods

Company

500,000

4.625%, 

1/30/2029

561,166

550,000

3.750%, 

4/1/2030

583,741

230,000

4.250%, 

3/1/2031

253,215

Kroger

Company

98,000

4.500%, 

1/15/2029

113,594

Mattel,

Inc.

375,000

3.375%, 

4/1/2026

g

387,165

McKesson

Corporation

111,000

0.900%, 

12/3/2025

108,693

97,000

3.950%, 

2/16/2028

108,440

Medtronic,

Inc.

40,000

3.500%, 

3/15/2025

43,873

Molina

Healthcare,

Inc.

350,000

4.375%, 

6/15/2028

g

360,136

MPH

Acquisition

Holdings,

LLC

220,000

5.750%, 

11/1/2028

g,k

214,500

Mylan,

Inc.

73,000

4.200%, 

11/29/2023

78,755

Novartis

Capital

Corporation

114,000

1.750%, 

2/14/2025

117,376

209,000

3.000%, 

11/20/2025

225,620

Ortho-Clinical

Diagnostics,

Inc.

210,000

7.250%, 

2/1/2028

g

230,089

Par

Pharmaceutical,

Inc.

470,000

7.500%, 

4/1/2027

g

498,506

PepsiCo,

Inc.

147,000

1.625%, 

5/1/2030

140,528

Philip

Morris

International,

Inc.

209,000

1.500%, 

5/1/2025

211,842

Pilgrim's

Pride

Corporation

200,000

5.875%, 

9/30/2027

g

214,340

QBE

Insurance

Group,

Ltd.

240,000

5.875%, 

5/12/2025

b,g,i

258,300

Royalty

Pharma

plc

222,000

1.200%, 

9/2/2025

g

217,408

Scotts

Miracle-Gro

Company

480,000

4.500%, 

10/15/2029

494,856

SEG

Holding,

LLC

400,000

5.625%, 

10/15/2028

g

419,000

Simmons

Foods,

Inc.

200,000

4.625%, 

3/1/2029

g

201,754

Spectrum

Brands,

Inc.

240,000

5.000%, 

10/1/2029

g

253,200

150,000

5.500%, 

7/15/2030

g

160,500

Stryker

Corporation

97,000

3.650%, 

3/7/2028

107,154

Syneos

Health,

Inc.

310,000

3.625%, 

1/15/2029

g

301,475

Sysco

Corporation

175,000

5.650%, 

4/1/2025

203,491

98,000

5.950%, 

4/1/2030

122,459

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Consumer

Non-Cyclical

(3.2%)

-

continued

Teleflex,

Inc.

$

725,000

4.875%, 

6/1/2026

$

743,125

Tenet

Healthcare

Corporation

240,000

4.625%, 

7/15/2024

244,966

700,000

5.125%, 

11/1/2027

g

731,990

140,000

6.125%, 

10/1/2028

g

146,125

Teva

Pharmaceutical

Finance

Netherlands

III

BV

52,000

2.200%, 

7/21/2021

51,935

440,000

2.800%, 

7/21/2023

438,042

Thermo

Fisher

Scientific,

Inc.

112,000

4.133%, 

3/25/2025

124,370

United

Natural

Foods,

Inc.

290,000

6.750%, 

10/15/2028

g

309,938

UnitedHealth

Group,

Inc.

245,000

3.850%, 

6/15/2028

275,040

Upjohn,

Inc.

111,000

1.650%, 

6/22/2025

g

111,392

VRX

Escrow

Corporation

1,075,000

6.125%, 

4/15/2025

g

1,102,090

Winnebago

Industries,

Inc.,

Convertible

308,000

1.500%, 

4/1/2025

426,580

Zoetis,

Inc.

109,000

3.250%, 

2/1/2023

113,592

146,000

3.900%, 

8/20/2028

162,348

Total

27,232,615

Energy

(2.7%)

Antero

Midstream

Partners,

LP

150,000

5.750%, 

3/1/2027

g

150,033

Antero

Resources

Corporation

285,000

5.000%, 

3/1/2025

k

285,219

Apache

Corporation

310,000

4.375%, 

10/15/2028

309,070

240,000

5.100%, 

9/1/2040

234,600

Archrock

Partners,

LP

290,000

6.250%, 

4/1/2028

g

294,582

BP

Capital

Markets

America,

Inc.

79,000

2.520%, 

9/19/2022

81,237

114,000

2.937%, 

4/6/2023

119,740

235,000

4.234%, 

11/6/2028

266,607

BP

Capital

Markets

plc

240,000

4.875%, 

3/22/2030

b,i

257,100

Buckeye

Partners,

LP

120,000

4.125%, 

3/1/2025

g

122,435

280,000

3.950%, 

12/1/2026

276,769

Canadian

Natural

Resources,

Ltd.

244,000

2.050%, 

7/15/2025

246,731

Cenovus

Energy,

Inc.

267,000

5.375%, 

7/15/2025

300,058

Centennial

Resource

Production,

LLC

290,000

6.875%, 

4/1/2027

g,k

258,100

Cheniere

Corpus

Christi

Holdings,

LLC

200,000

5.875%, 

3/31/2025

227,912

Cheniere

Energy

Partners,

LP

720,000

5.625%, 

10/1/2026

752,904

Cheniere

Energy,

Inc.,

Convertible

77,000

4.250%, 

3/15/2045

62,907

Chevron

Corporation

56,000

1.141%, 

5/11/2023

56,972

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Energy

(2.7%)

-

continued

$

111,000

1.554%, 

5/11/2025

$

113,265

Chevron

USA,

Inc.

115,000

3.900%, 

11/15/2024

126,624

Cimarex

Energy

Company

195,000

4.375%, 

6/1/2024

212,076

CNX

Resources

Corporation

175,000

6.000%, 

1/15/2029

g

181,856

Comstock

Resources,

Inc.

200,000

9.750%, 

8/15/2026

217,000

Continental

Resources,

Inc.

36,000

4.500%, 

4/15/2023

37,285

150,000

4.375%, 

1/15/2028

k

157,725

200,000

5.750%, 

1/15/2031

g

225,972

Devon

Energy

Corporation

69,000

5.850%, 

12/15/2025

80,456

Diamondback

Energy,

Inc.

74,000

2.875%, 

12/1/2024

78,036

49,000

3.125%, 

3/24/2031

48,919

Enagas

SA

430,000

5.500%, 

1/15/2028

g

419,960

Enbridge,

Inc.

98,000

3.700%, 

7/15/2027

106,578

887,000

6.250%, 

3/1/2078

b

928,602

Encana

Corporation

150,000

6.625%, 

8/15/2037

180,384

Endeavor

Energy

Resources,

LP

210,000

5.750%, 

1/30/2028

g

221,827

Energean

Israel

Finance,

Ltd.

290,000

4.500%, 

3/30/2024

g

291,473

Energy

Transfer

Operating,

LP

80,000

4.200%, 

9/15/2023

85,670

220,000

5.875%, 

1/15/2024

244,898

264,000

6.625%, 

2/15/2028

b,i

233,640

147,000

3.750%, 

5/15/2030

151,552

EnLink

Midstream

Partners,

LP

310,000

4.850%, 

7/15/2026

299,469

185,000

5.600%, 

4/1/2044

153,550

Enterprise

Products

Operating,

LLC

97,000

4.150%, 

10/16/2028

109,291

430,000

4.875%, 

8/16/2077

b

404,379

EOG

Resources,

Inc.

74,000

2.625%, 

3/15/2023

76,818

EQM

Midstream

Partners,

LP

350,000

6.500%, 

7/1/2027

g

380,538

150,000

6.500%, 

7/15/2048

149,625

EQT

Corporation

445,000

3.900%, 

10/1/2027

453,900

EQT

Corporation,

Convertible

223,000

1.750%, 

5/1/2026

g

327,542

Equinor

ASA

70,000

2.875%, 

4/6/2025

74,744

Exxon

Mobil

Corporation

195,000

2.992%, 

3/19/2025

208,959

Genesis

Energy,

LP

150,000

6.500%, 

10/1/2025

147,038

Harvest

Midstream,

LP

370,000

7.500%, 

9/1/2028

g

397,639

Hess

Corporation

74,000

3.500%, 

7/15/2024

78,072

Hess

Midstream

Operations,

LP

250,000

5.625%, 

2/15/2026

g

257,500

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Energy

(2.7%)

-

continued

Hilcorp

Energy

I,

LP

$

300,000

5.750%, 

2/1/2029

g

$

302,625

Kinder

Morgan

Energy

Partners,

LP

145,000

3.450%, 

2/15/2023

151,810

Marathon

Oil

Corporation

98,000

4.400%, 

7/15/2027

107,880

Marathon

Petroleum

Corporation

53,000

4.750%, 

12/15/2023

58,211

111,000

4.700%, 

5/1/2025

124,754

MPLX,

LP

243,000

1.750%, 

3/1/2026

243,371

Murphy

Oil

Corporation

280,000

5.875%, 

12/1/2027

274,400

Nabors

Industries,

Ltd.

235,000

7.250%, 

1/15/2026

g

195,050

National

Fuel

Gas

Company

195,000

5.500%, 

1/15/2026

222,854

Newfield

Exploration

Company

372,000

5.625%, 

7/1/2024

408,949

NGL

Energy

Operating,

LLC

200,000

7.500%, 

2/1/2026

g

205,500

NGL

Energy

Partners,

LP

200,000

7.500%, 

11/1/2023

193,000

NuStar

Logistics,

LP

360,000

5.750%, 

10/1/2025

385,387

Occidental

Petroleum

Corporation

180,000

3.450%, 

7/15/2024

180,000

590,000

2.900%, 

8/15/2024

583,534

210,000

3.400%, 

4/15/2026

203,910

95,000

8.500%, 

7/15/2027

112,575

360,000

3.500%, 

8/15/2029

337,788

200,000

6.450%, 

9/15/2036

220,752

500,000

4.400%, 

4/15/2046

428,220

ONEOK,

Inc.

146,000

2.200%, 

9/15/2025

148,654

Ovintiv,

Inc.

100,000

7.375%, 

11/1/2031

127,199

PBF

Holding

Company,

LLC

290,000

9.250%, 

5/15/2025

g

296,076

PDC

Energy,

Inc.,

Convertible

17,000

1.125%, 

9/15/2021

16,851

Pioneer

Natural

Resources

Company

146,000

1.900%, 

8/15/2030

135,497

Pioneer

Natural

Resources

Company,

Convertible

186,000

0.250%, 

5/15/2025

g

291,276

Plains

All

American

Pipeline,

LP

110,000

6.125%, 

11/15/2022

b,i

89,382

238,000

4.650%, 

10/15/2025

260,781

Range

Resources

Corporation

150,000

9.250%, 

2/1/2026

162,978

150,000

8.250%, 

1/15/2029

g

160,500

Sabine

Pass

Liquefaction,

LLC

147,000

4.200%, 

3/15/2028

161,271

Schlumberger

Finance

Canada,

Ltd.

111,000

1.400%, 

9/17/2025

111,094

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

g

67,774

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Energy

(2.7%)

-

continued

Shell

International

Finance

BV

$

71,000

2.375%, 

4/6/2025

$

74,838

Southwestern

Energy

Company

330,000

7.500%, 

4/1/2026

k

349,147

Suncor

Energy,

Inc.

112,000

3.100%, 

5/15/2025

119,609

Sunoco,

LP

370,000

5.875%, 

3/15/2028

387,253

Targa

Resources

Partners,

LP

160,000

5.375%, 

2/1/2027

165,930

100,000

5.000%, 

1/15/2028

104,125

Teine

Energy,

Ltd.

280,000

6.875%, 

4/15/2029

e,g

283,388

Transocean

Guardian,

Ltd.

242,875

5.875%, 

1/15/2024

g

212,516

Transocean

Proteus,

Ltd.

108,000

6.250%, 

12/1/2024

g

102,600

USA

Compression

Partners,

LP

150,000

6.875%, 

4/1/2026

153,844

Vine

Energy

Holdings,

LLC

185,000

6.750%, 

4/15/2029

e,g

185,000

W&T

Offshore,

Inc.

340,000

9.750%, 

11/1/2023

g

300,798

Weatherford

International,

Ltd.

300,000

8.750%, 

9/1/2024

g

313,830

250,000

11.000%, 

12/1/2024

g

240,000

Western

Gas

Partners,

LP

110,000

4.000%, 

7/1/2022

112,753

Western

Midstream

Operating,

LP

210,000

4.350%, 

2/1/2025

217,350

300,000

3.950%, 

6/1/2025

308,103

160,000

5.500%, 

8/15/2048

157,459

Williams

Companies,

Inc.

98,000

2.600%, 

3/15/2031

95,788

Williams

Partners,

LP

90,000

4.500%, 

11/15/2023

98,009

WPX

Energy,

Inc.

111,000

5.250%, 

9/15/2024

123,071

Total

23,241,152

Financials

(6.5%)

ACE

INA

Holdings,

Inc.

70,000

2.875%, 

11/3/2022

72,401

AerCap

Ireland

Capital

DAC

90,000

3.150%, 

2/15/2024

93,775

150,000

6.500%, 

7/15/2025

174,867

Air

Lease

Corporation

220,000

4.650%, 

6/15/2026

b,i

217,250

Aircastle,

Ltd.

185,000

5.000%, 

4/1/2023

197,183

Ally

Financial,

Inc.

430,000

5.750%, 

11/20/2025

488,513

98,000

8.000%, 

11/1/2031

136,482

American

Express

Company

55,000

3.700%, 

8/3/2023

58,868

113,000

3.400%, 

2/22/2024

121,606

American

International

Group,

Inc.

196,000

4.200%, 

4/1/2028

220,114

Ares

Capital

Corporation

57,000

4.250%, 

3/1/2025

61,151

226,000

3.875%, 

1/15/2026

238,179

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Ares

Capital

Corporation,

Convertible

$

158,000

4.625%, 

3/1/2024

$

171,730

Athene

Global

Funding

165,000

4.000%, 

1/25/2022

g,k

169,796

Australia

and

New

Zealand

Banking

Group,

Ltd.

216,000

2.950%, 

7/22/2030

b,g

223,238

Aviation

Capital

Group,

LLC

150,000

5.500%, 

12/15/2024

g

167,721

Avolon

Holdings

Funding,

Ltd.

57,000

5.250%, 

5/15/2024

g

61,567

89,000

4.250%, 

4/15/2026

g

93,220

BAC

Capital

Trust

XIV

248,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/19/2021

b,i,k

243,660

Banco

Santander

Mexico

SA

67,000

5.375%, 

4/17/2025

g

75,228

Bank

of

America

Corporation

200,000

3.004%, 

12/20/2023

b

208,009

328,000

3.550%, 

3/5/2024

b

346,064

244,000

4.200%, 

8/26/2024

269,121

240,000

6.100%, 

9/5/2024

b,i

266,400

800,000

6.250%, 

3/5/2025

b,i

885,440

113,000

3.458%, 

3/15/2025

b

121,336

279,000

1.319%, 

6/19/2026

b

278,149

223,000

1.197%, 

10/24/2026

b

220,109

480,000

5.875%, 

3/15/2028

b,i

523,522

294,000

3.593%, 

7/21/2028

b

319,078

392,000

3.974%, 

2/7/2030

b

435,075

Bank

of

Montreal

247,000

3.300%, 

2/5/2024

264,940

Bank

of

New

York

Mellon

Corporation

120,000

4.700%, 

9/20/2025

b,i

130,014

150,000

3.400%, 

1/29/2028

164,042

Bank

of

Nova

Scotia

360,000

4.900%, 

6/4/2025

b,i

382,727

98,000

1.050%, 

3/2/2026

96,442

Barclays

plc

283,000

4.338%, 

5/16/2024

b

303,031

195,000

8.000%, 

6/15/2024

b,i

216,450

111,000

4.375%, 

9/11/2024

121,321

134,000

2.852%, 

5/7/2026

b

140,277

145,000

4.972%, 

5/16/2029

b

166,727

BB&T

Corporation

105,000

2.500%, 

8/1/2024

110,548

BNP

Paribas

SA

141,000

2.819%, 

11/19/2025

b,g

148,425

Boston

Properties,

LP

98,000

2.550%, 

4/1/2032

93,950

BPCE

SA

110,000

3.000%, 

5/22/2022

g

113,161

114,000

2.375%, 

1/14/2025

g

117,777

Brixmor

Operating

Partnership,

LP

98,000

2.250%, 

4/1/2028

96,159

Burford

Capital

Global

Finance,

LLC

160,000

6.250%, 

4/15/2028

e,g

164,000

Canadian

Imperial

Bank

of

Commerce

114,000

2.250%, 

1/28/2025

118,220

CANPACK

SA

390,000

3.125%, 

11/1/2025

g

395,850

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Capital

One

Bank

USA

NA

$

165,000

3.375%, 

2/15/2023

$

173,314

171,000

2.280%, 

1/28/2026

b

175,522

Cascades

USA,

Inc.

280,000

5.125%, 

1/15/2026

g

297,150

Central

Fidelity

Capital

Trust

I

445,000

1.241%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

425,213

Charles

Schwab

Corporation

440,000

5.375%, 

6/1/2025

b,i

486,055

440,000

4.000%, 

6/1/2026

b,i

446,512

147,000

2.000%, 

3/20/2028

147,653

Chobani,

LLC

400,000

4.625%, 

11/15/2028

g

408,000

CIT

Group,

Inc.

195,000

5.250%, 

3/7/2025

219,619

Citigroup,

Inc.

108,000

2.750%, 

4/25/2022

110,564

480,000

5.950%, 

1/30/2023

b,i

503,583

496,000

5.000%, 

9/12/2024

b,i

511,029

336,000

3.352%, 

4/24/2025

b

359,590

91,000

5.950%, 

5/15/2025

b,i

98,052

274,000

5.500%, 

9/13/2025

317,586

230,000

4.000%, 

12/10/2025

b,i

232,242

575,000

3.875%, 

2/18/2026

b,i

572,315

338,000

1.122%, 

1/28/2027

b

330,622

391,000

4.075%, 

4/23/2029

b

434,988

CNA

Financial

Corporation

126,000

3.950%, 

5/15/2024

136,876

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,i

132,150

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

g

113,608

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

216,000

3.950%, 

11/9/2022

227,429

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

b,g

110,070

Corporate

Office

Properties,

LP

111,000

2.250%, 

3/15/2026

112,795

Credit

Acceptance

Corporation

310,000

5.125%, 

12/31/2024

g

316,200

Credit

Agricole

SA

196,000

8.125%, 

12/23/2025

b,g,i

236,180

98,000

3.250%, 

1/14/2030

g

100,745

Credit

Suisse

Group

AG

160,000

6.500%, 

8/8/2023

g

175,960

110,000

7.500%, 

12/11/2023

b,g,i

119,056

117,000

2.593%, 

9/11/2025

b,g

121,326

115,000

2.193%, 

6/5/2026

b,g

116,870

96,000

3.869%, 

1/12/2029

b,g

102,938

Dai-ichi

Life

Insurance

Company,

Ltd.

693,000

5.100%, 

10/28/2024

b,g,i,k

766,631

Danske

Bank

AS

177,000

5.000%, 

1/12/2023

b,g

182,626

Deutsche

Bank

AG

200,000

6.000%, 

10/30/2025

b,i

202,500

332,000

2.129%, 

11/24/2026

b

332,835

Digital

Realty

Trust,

LP

147,000

3.700%, 

8/15/2027

162,052

Discover

Bank

196,000

4.682%, 

8/9/2028

b

209,054

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Drawbridge

Special

Opportunities

Fund,

LP

$

410,000

3.875%, 

2/15/2026

g

$

420,560

Duke

Realty,

LP

147,000

4.000%, 

9/15/2028

163,057

ESH

Hospitality,

Inc.

280,000

5.250%, 

5/1/2025

g

285,600

150,000

4.625%, 

10/1/2027

g

158,646

Fidelity

National

Financial,

Inc.

180,000

5.500%, 

9/1/2022

192,191

Fifth

Third

Bancorp

240,000

4.500%, 

9/30/2025

b,i

254,880

Fifth

Third

Bank

NA

97,000

3.850%, 

3/15/2026

106,780

First

Horizon

National

Corporation

134,000

3.550%, 

5/26/2023

141,649

FNB

Corporation

229,000

2.200%, 

2/24/2023

233,469

Fortress

Transportation

200,000

6.500%, 

10/1/2025

g

209,000

FTI

Consulting,

Inc.,

Convertible

322,000

2.000%, 

8/15/2023

469,476

GE

Capital

Funding,

LLC

200,000

3.450%, 

5/15/2025

g

216,236

49,000

4.050%, 

5/15/2027

g

54,599

98,000

4.400%, 

5/15/2030

g

110,951

Global

Net

Lease,

Inc.

280,000

3.750%, 

12/15/2027

g

272,923

Goldman

Sachs

Group,

Inc.

222,000

0.627%, 

11/17/2023

b

222,040

623,000

5.500%, 

8/10/2024

b,i

672,840

111,000

3.500%, 

4/1/2025

120,259

176,000

3.272%, 

9/29/2025

b

188,860

167,000

4.250%, 

10/21/2025

186,406

166,000

0.855%, 

2/12/2026

b

163,162

196,000

3.814%, 

4/23/2029

b

214,742

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

260,000

4.125%, 

9/1/2022

535,938

Hartford

Financial

Services

Group,

Inc.

98,000

2.800%, 

8/19/2029

101,660

Healthpeak

Properties,

Inc.

97,000

4.000%, 

6/1/2025

107,219

HSBC

Holdings

plc

216,000

6.875%, 

6/1/2021

b,i

217,879

109,000

3.803%, 

3/11/2025

b

117,704

110,000

6.375%, 

3/30/2025

b,i

121,220

141,000

2.633%, 

11/7/2025

b

147,360

133,000

1.589%, 

5/24/2027

b

130,888

248,000

6.500%, 

3/23/2028

b,i

278,070

273,000

4.583%, 

6/19/2029

b

306,797

360,000

4.600%, 

12/17/2030

b,i

355,950

Huntington

Bancshares,

Inc.

360,000

4.450%, 

10/15/2027

b,i

374,832

Icahn

Enterprises,

LP

430,000

6.375%, 

12/15/2025

443,975

200,000

6.250%, 

5/15/2026

209,500

ING

Groep

NV

200,000

1.726%, 

4/1/2027

b,e

200,116

Intercontinental

Exchange,

Inc.

111,000

0.700%, 

6/15/2023

111,298

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Iron

Mountain,

Inc.

$

855,000

4.875%, 

9/15/2027

g

$

874,772

iStar,

Inc.

300,000

4.250%, 

8/1/2025

302,070

iStar,

Inc.,

Convertible

159,000

3.125%, 

9/15/2022

209,482

J.P.

Morgan

Chase

&

Company

238,000

5.150%, 

5/1/2023

b,i

246,187

240,000

6.000%, 

8/1/2023

b,i

251,576

240,000

6.750%, 

2/1/2024

b,i

262,800

97,000

1.514%, 

6/1/2024

b

99,013

382,000

5.000%, 

8/1/2024

b,i

394,892

245,000

3.875%, 

9/10/2024

268,594

476,000

4.023%, 

12/5/2024

b

516,423

726,000

4.600%, 

2/1/2025

b,i

734,168

111,000

2.083%, 

4/22/2026

b

114,004

277,000

1.045%, 

11/19/2026

b

270,548

294,000

4.005%, 

4/23/2029

b

327,863

392,000

4.493%, 

3/24/2031

b

451,652

KeyBank

NA

147,000

3.900%, 

4/13/2029

160,632

Kilroy

Realty,

LP

125,000

4.375%, 

10/1/2025

137,424

Lincoln

National

Corporation

98,000

3.800%, 

3/1/2028

108,302

235,000

2.549%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

201,484

Lloyds

Banking

Group

plc

225,000

3.900%, 

3/12/2024

244,235

100,000

7.500%, 

6/27/2024

b,i

111,500

195,000

1.627%, 

5/11/2027

b

193,582

590,000

6.657%, 

5/21/2037

b,g,i

761,100

LPL

Holdings,

Inc.

240,000

4.000%, 

3/15/2029

g

241,800

Mastercard,

Inc.

98,000

1.900%, 

3/15/2031

96,327

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,i

247,800

480,000

5.875%, 

3/15/2028

b,i

531,600

MGIC

Investment

Corporation,

Convertible

393,000

9.000%, 

4/1/2063

g

527,603

MGM

Growth

Properties

Operating

Partnership,

LP

420,000

4.625%, 

6/15/2025

g

442,974

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

219,176

Mitsubishi

UFJ

Financial

Group,

Inc.

163,000

2.623%, 

7/18/2022

167,500

113,000

3.407%, 

3/7/2024

121,331

134,000

1.412%, 

7/17/2025

133,908

147,000

3.741%, 

3/7/2029

159,625

Mizuho

Financial

Group,

Inc.

163,000

2.721%, 

7/16/2023

b

167,439

147,000

3.153%, 

7/16/2030

b

153,685

Morgan

Stanley

64,000

4.875%, 

11/1/2022

68,234

234,000

4.100%, 

5/22/2023

250,223

111,000

0.560%, 

11/10/2023

b

111,036

114,000

2.720%, 

7/22/2025

b

120,261

78,000

5.000%, 

11/24/2025

89,644

226,000

2.188%, 

4/28/2026

b

233,510

111,000

0.985%, 

12/10/2026

b

108,346

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

$

294,000

3.622%, 

4/1/2031

b

$

319,209

MPT

Operating

Partnership,

LP

270,000

5.250%, 

8/1/2026

278,775

60,000

4.625%, 

8/1/2029

63,122

National

Retail

Properties,

Inc.

98,000

2.500%, 

4/15/2030

96,096

Natwest

Group

plc

110,000

6.125%, 

12/15/2022

119,298

26,000

6.100%, 

6/10/2023

28,773

98,000

4.892%, 

5/18/2029

b

111,646

NFP

Corporation

120,000

6.875%, 

8/15/2028

g

124,500

Nippon

Life

Insurance

Company

480,000

5.100%, 

10/16/2044

b,g

530,400

363,000

3.400%, 

1/23/2050

b,g

369,353

Omega

Healthcare

Investors,

Inc.

110,000

5.250%, 

1/15/2026

124,349

95,000

4.750%, 

1/15/2028

104,344

Owl

Rock

Technology

Finance

Corporation

147,000

3.750%, 

6/17/2026

g

150,330

Park

Aerospace

Holdings,

Ltd.

57,000

4.500%, 

3/15/2023

g

59,530

PayPal

Holdings,

Inc.

144,000

1.650%, 

6/1/2025

146,650

97,000

2.850%, 

10/1/2029

101,058

Pebblebrook

Hotel

Trust,

Convertible

382,000

1.750%, 

12/15/2026

446,940

PennyMac

Financial

Services,

Inc.

250,000

4.250%, 

2/15/2029

g

239,063

Pine

Street

Trust

I

98,000

4.572%, 

2/15/2029

g

110,117

Playtika

Holding

Corporation

90,000

4.250%, 

3/15/2029

g

88,668

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

100,164

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

129,058

Prudential

Financial,

Inc.

245,000

5.625%, 

6/15/2043

b

262,552

589,000

5.200%, 

3/15/2044

b

627,188

120,000

3.700%, 

10/1/2050

b

121,344

Quicken

Loans,

LLC

240,000

3.625%, 

3/1/2029

g

231,000

Regions

Financial

Corporation

112,000

3.800%, 

8/14/2023

120,131

240,000

5.750%, 

6/15/2025

b,i

264,300

Reinsurance

Group

of

America,

Inc.

162,000

4.700%, 

9/15/2023

177,453

Royal

Bank

of

Scotland

Group

plc

240,000

8.625%, 

8/15/2021

b,i

245,700

135,000

4.269%, 

3/22/2025

b

147,267

94,000

3.754%, 

11/1/2029

b

99,906

Santander

Holdings

USA,

Inc.

196,000

3.450%, 

6/2/2025

210,044

Santander

UK

Group

Holdings

plc

147,000

3.823%, 

11/3/2028

b

160,498

Service

Properties

Trust

250,000

4.500%, 

6/15/2023

253,965

130,000

4.750%, 

10/1/2026

126,750

200,000

5.500%, 

12/15/2027

211,547

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Simon

Property

Group,

LP

$

155,000

2.000%, 

9/13/2024

$

160,420

98,000

2.650%, 

7/15/2030

98,232

Societe

Generale

SA

141,000

2.625%, 

10/16/2024

g

147,117

240,000

8.000%, 

9/29/2025

b,g,i

281,472

133,000

1.488%, 

12/14/2026

b,g

130,688

Springleaf

Finance

Corporation

770,000

6.875%, 

3/15/2025

875,817

Standard

Chartered

plc

167,000

1.319%, 

10/14/2023

b,g

168,060

133,000

0.991%, 

1/12/2025

b,g

132,248

Starwood

Property

Trust,

Inc.,

Convertible

134,000

4.375%, 

4/1/2023

139,615

State

Street

Corporation

118,000

2.354%, 

11/1/2025

b

124,115

Sumitomo

Mitsui

Financial

Group,

Inc.

108,000

2.784%, 

7/12/2022

111,193

141,000

2.448%, 

9/27/2024

147,719

147,000

3.544%, 

1/17/2028

159,044

147,000

2.142%, 

9/23/2030

137,804

Sumitomo

Mitsui

Trust

Bank,

Ltd.

111,000

1.050%, 

9/12/2025

g

109,191

Summit

Hotel

Properties,

Inc.,

Convertible

176,000

1.500%, 

2/15/2026

193,930

Synchrony

Financial

115,000

4.250%, 

8/15/2024

125,098

195,000

3.700%, 

8/4/2026

209,828

Truist

Bank

99,000

2.250%, 

3/11/2030

96,599

Truist

Financial

Corporation

540,000

4.950%, 

9/1/2025

b,i

585,225

UBS

Group

AG

92,000

1.364%, 

1/30/2027

b,g

90,661

USB

Realty

Corporation

496,000

1.388%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

384,400

Ventas

Realty,

LP

110,000

3.750%, 

5/1/2024

118,688

VEREIT

Operating

Partnership,

LP

147,000

3.950%, 

8/15/2027

161,308

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

g

184,155

110,000

3.750%, 

2/15/2027

g

110,000

180,000

4.625%, 

12/1/2029

g

186,725

Wachovia

Capital

Trust

II

220,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

210,869

Wells

Fargo

&

Company

220,000

4.125%, 

8/15/2023

238,002

100,000

1.654%, 

6/2/2024

b

102,154

233,000

2.406%, 

10/30/2025

b

243,376

335,000

3.900%, 

3/15/2026

b,i

338,317

169,000

2.188%, 

4/30/2026

b

174,422

196,000

4.478%, 

4/4/2031

b

225,707

Welltower,

Inc.

98,000

2.800%, 

6/1/2031

97,405

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

156,968

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Financials

(6.5%)

-

continued

Willis

North

America,

Inc.

$

196,000

4.500%, 

9/15/2028

$

222,893

Total

55,464,033

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

133,000

2.150%, 

5/13/2025

g

135,035

Total

135,035

Mortgage-Backed

Securities

(18.8%)

Federal

Home

Loan

Mortgage

Corporation

2,274,467

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

261,462

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,384,889

3.000%, 

3/25/2050

3,532,729

2,025,299

3.000%, 

4/1/2050

2,115,094

863,349

3.500%, 

7/1/2047

916,531

Federal

National

Mortgage

Association

764,393

4.500%, 

5/1/2048

834,340

1,337,035

3.500%, 

10/1/2048

1,412,216

540,273

3.500%, 

6/1/2049

571,860

1,521,530

3.500%, 

8/1/2049

1,610,190

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

12,850,000

1.500%, 

4/1/2036

e

12,908,014

28,650,000

2.000%, 

4/1/2036

e

29,402,707

21,000,000

2.500%, 

4/1/2036

e

21,849,023

500,000

1.500%, 

5/1/2036

e

501,471

14,350,000

2.000%, 

5/1/2036

e

14,708,925

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

9,125,000

2.000%, 

4/1/2051

e

9,107,891

25,538,000

2.500%, 

4/1/2051

e

26,206,377

14,675,000

2.000%, 

5/1/2051

e

14,620,542

16,627,000

2.500%, 

5/1/2051

e

17,026,438

1,719,493

4.000%, 

7/1/2048

1,845,568

Total

159,431,378

Technology

(1.8%)

Akamai

Technologies,

Inc.,

Convertible

625,000

0.375%, 

9/1/2027

677,734

Apple,

Inc.

259,000

3.450%, 

5/6/2024

281,424

111,000

0.700%, 

2/8/2026

108,869

294,000

2.200%, 

9/11/2029

297,901

Baidu,

Inc.

137,000

3.075%, 

4/7/2025

144,188

Banff

Merger

Sub,

Inc.

140,000

9.750%, 

9/1/2026

g

149,100

Broadcom

Corporation

196,000

3.125%, 

1/15/2025

208,547

147,000

3.875%, 

1/15/2027

159,628

Broadcom,

Inc.

195,000

5.000%, 

4/15/2030

222,245

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Technology

(1.8%)

-

continued

CommScope

Technologies

Finance,

LLC

$

438,000

6.000%, 

6/15/2025

g

$

446,782

CommScope,

Inc.

210,000

7.125%, 

7/1/2028

g

223,037

Dell

International,

LLC

147,000

5.850%, 

7/15/2025

g

171,372

147,000

5.300%, 

10/1/2029

g

171,955

Diamond

1

Finance

Corporation

210,000

5.450%, 

6/15/2023

g

229,500

Diamond

Sports

Group,

LLC

530,000

6.625%, 

8/15/2027

g

275,600

Fiserv,

Inc.

156,000

2.750%, 

7/1/2024

164,848

196,000

4.200%, 

10/1/2028

220,859

Gartner,

Inc.

100,000

4.500%, 

7/1/2028

g

103,125

315,000

3.750%, 

10/1/2030

g

312,395

Global

Payments,

Inc.

52,000

2.650%, 

2/15/2025

54,635

98,000

3.200%, 

8/15/2029

103,215

Hewlett

Packard

Enterprise

Company

106,000

2.250%, 

4/1/2023

109,183

92,000

4.450%, 

10/2/2023

99,965

Intuit,

Inc.

111,000

0.950%, 

7/15/2025

110,138

J2

Global,

Inc.,

Convertible

309,000

1.750%, 

11/1/2026

g

362,109

283,000

3.250%, 

6/15/2029

500,379

Lumentum

Holdings,

Inc.,

Convertible

308,000

0.250%, 

3/15/2024

493,402

Marvell

Technology

Group,

Ltd.

112,000

4.200%, 

6/22/2023

119,838

Microchip

Technology,

Inc.,

Convertible

152,000

1.625%, 

2/15/2027

345,800

Micron

Technology,

Inc.

98,000

4.975%, 

2/6/2026

112,141

NCR

Corporation

550,000

6.125%, 

9/1/2029

g

582,313

NortonLifeLock,

Inc.,

Convertible

62,000

2.000%, 

8/15/2022

g

72,199

Nuance

Communications,

Inc.,

Convertible

468,000

1.250%, 

4/1/2025

1,063,249

NVIDIA

Corporation

49,000

2.850%, 

4/1/2030

51,460

NXP

Funding,

LLC

92,000

4.875%, 

3/1/2024

g

102,254

56,000

2.700%, 

5/1/2025

g

58,731

98,000

4.300%, 

6/18/2029

g

109,606

ON

Semiconductor

Corporation,

Convertible

630,000

1.625%, 

10/15/2023

1,306,069

Open

Text

Corporation

270,000

4.125%, 

2/15/2030

g

273,696

Oracle

Corporation

60,000

2.500%, 

5/15/2022

61,171

245,000

2.500%, 

4/1/2025

257,426

98,000

2.950%, 

4/1/2030

101,052

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Technology

(1.8%)

-

continued

Panasonic

Corporation

$

163,000

2.536%, 

7/19/2022

g

$

166,816

PTC,

Inc.

160,000

3.625%, 

2/15/2025

g

164,200

Qorvo,

Inc.

250,000

3.375%, 

4/1/2031

g

244,973

Rackspace

Technology

Global,

Inc.

250,000

5.375%, 

12/1/2028

g,k

254,206

Seagate

HDD

Cayman

116,000

4.250%, 

3/1/2022

k

119,190

380,000

3.375%, 

7/15/2031

g

365,351

Sensata

Technologies,

Inc.

530,000

3.750%, 

2/15/2031

g

522,548

Shift4

Payments,

LLC

100,000

4.625%, 

11/1/2026

g

103,750

SS&C

Technologies,

Inc.

620,000

5.500%, 

9/30/2027

g

660,331

Switch,

Ltd.

310,000

3.750%, 

9/15/2028

g

305,263

Tencent

Holdings,

Ltd.

134,000

1.810%, 

1/26/2026

g

134,415

Teradyne,

Inc.,

Convertible

148,000

1.250%, 

12/15/2023

569,245

Texas

Instruments,

Inc.

167,000

1.375%, 

3/12/2025

169,914

Verint

Systems,

Inc.,

Convertible

282,000

1.500%, 

6/1/2021

317,616

Vishay

Intertechnology,

Inc.,

Convertible

286,000

2.250%, 

6/15/2025

311,025

Total

15,427,983

Transportation

(0.7%)

AerCap

Holdings

NV

220,000

5.875%, 

10/10/2079

b

226,315

Air

Lease

Corporation

114,000

2.300%, 

2/1/2025

116,440

98,000

3.125%, 

12/1/2030

97,709

Air

Transport

Services

Group,

Inc.,

Convertible

150,000

1.125%, 

10/15/2024

167,625

American

Airlines,

Inc.

260,000

11.750%, 

7/15/2025

g

321,617

430,000

5.500%, 

4/20/2026

g

447,497

70,000

5.750%, 

4/20/2029

g

74,456

Avis

Budget

Car

Rental,

LLC

250,000

5.375%, 

3/1/2029

g

258,606

Boeing

Company

10,000

1.950%, 

2/1/2024

10,246

CSX

Corporation

98,000

4.250%, 

3/15/2029

111,301

Delta

Air

Lines,

Inc.

285,000

7.000%, 

5/1/2025

g

328,308

222,697

4.500%, 

10/20/2025

g

237,706

Hawaiian

Brand

Intellectual

Property,

Ltd.

320,000

5.750%, 

1/20/2026

g

340,032

J.B.

Hunt

Transport

Services,

Inc.

70,000

3.300%, 

8/15/2022

72,245

Meritor,

Inc.,

Convertible

609,000

3.250%, 

10/15/2037

713,672

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Transportation

(0.7%)

-

continued

Mileage

Plus

Holdings,

LLC

$

300,000

6.500%, 

6/20/2027

g

$

328,875

Penske

Truck

Leasing

Company,

LP

113,000

3.375%, 

2/1/2022

g

115,086

111,000

1.200%, 

11/15/2025

g

109,033

Southwest

Airlines

Company

56,000

4.750%, 

5/4/2023

60,463

100,000

5.125%, 

6/15/2027

114,967

Southwest

Airlines

Company,

Convertible

463,000

1.250%, 

5/1/2025

794,913

Union

Pacific

Corporation

124,000

3.750%, 

7/15/2025

136,205

98,000

2.150%, 

2/5/2027

100,657

United

Airlines

Pass

Through

Trust

70,000

3.700%, 

12/1/2022

70,963

XPO

Logistics,

Inc.

300,000

6.125%, 

9/1/2023

g

305,244

129,000

6.750%, 

8/15/2024

g

135,289

Total

5,795,470

U.S.

Government

&

Agencies

(2.4%)

U.S.

Treasury

Bonds

775,000

1.125%, 

2/15/2031

732,254

U.S.

Treasury

Notes

1,780,000

0.375%, 

3/31/2022

1,785,284

2,490,000

0.125%, 

2/28/2023

2,488,444

2,070,000

0.125%, 

2/15/2024

2,058,841

9,250,000

0.500%, 

3/31/2025

9,191,103

1,680,000

0.500%, 

2/28/2026

1,647,188

1,010,000

0.500%, 

4/30/2027

967,312

1,360,000

1.125%, 

2/29/2028

1,336,200

Total

20,206,626

Utilities

(1.0%)

Ameren

Corporation

98,000

1.750%, 

3/15/2028

94,724

Berkshire

Hathaway

Energy

Company

136,000

4.050%, 

4/15/2025

150,061

Calpine

Corporation

450,000

4.500%, 

2/15/2028

g

453,780

CenterPoint

Energy

Houston

Electric,

LLC

98,000

2.350%, 

4/1/2031

98,028

CenterPoint

Energy,

Inc.

110,000

2.500%, 

9/1/2022

112,963

105,000

2.500%, 

9/1/2024

110,094

Dominion

Energy,

Inc.

110,000

3.071%, 

8/15/2024

117,147

375,000

4.650%, 

12/15/2024

b,i

394,800

98,000

3.375%, 

4/1/2030

104,343

DTE

Energy

Company

98,000

3.800%, 

3/15/2027

107,933

Duke

Energy

Corporation

110,000

4.875%, 

9/16/2024

b,i

116,215

195,000

3.150%, 

8/15/2027

207,725

Edison

International

118,000

4.950%, 

4/15/2025

131,713

Entergy

Corporation

111,000

0.900%, 

9/15/2025

108,393

97,000

1.900%, 

6/15/2028

94,736

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income

(54.4%)

Value

Utilities

(1.0%)

-

continued

Evergy,

Inc.

$

106,000

2.450%, 

9/15/2024

$

110,981

Exelon

Corporation

98,000

4.050%, 

4/15/2030

109,199

FirstEnergy

Corporation

163,000

2.850%, 

7/15/2022

165,445

Florida

Power

&

Light

Company

111,000

2.850%, 

4/1/2025

118,473

Georgia

Power

Company

72,000

2.100%, 

7/30/2023

74,317

NextEra

Energy

Operating

Partners,

LP

420,000

3.875%, 

10/15/2026

g

440,475

NextEra

Energy

Partners,

LP,

Convertible

310,000

Zero

Coupon, 

11/15/2025

g

332,281

NiSource,

Inc.

220,000

5.650%, 

6/15/2023

b,i

227,150

98,000

2.950%, 

9/1/2029

100,874

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

g

110,981

440,000

3.375%, 

2/15/2029

g

429,550

Pacific

Gas

and

Electric

Company

147,000

3.750%, 

2/15/2024

156,329

147,000

2.100%, 

8/1/2027

143,924

PG&E

Corporation

200,000

5.000%, 

7/1/2028

211,295

180,000

5.250%, 

7/1/2030

190,800

PPL

Capital

Funding,

Inc.

94,000

3.950%, 

3/15/2024

101,496

97,000

4.125%, 

4/15/2030

109,022

Public

Service

Enterprise

Group,

Inc.

98,000

1.600%, 

8/15/2030

90,254

Sempra

Energy

240,000

4.875%, 

10/15/2025

b,i

256,800

147,000

3.400%, 

2/1/2028

157,648

Southern

Company

351,000

4.000%, 

1/15/2051

b

370,393

Suburban

Propane

Partners,

LP

380,000

5.875%, 

3/1/2027

395,200

Talen

Energy

Supply,

LLC

295,000

7.625%, 

6/1/2028

g

298,688

TerraForm

Power

Operating,

LLC

395,000

5.000%, 

1/31/2028

g

426,225

TransCanada

Trust

468,000

5.875%, 

8/15/2076

b

510,120

Vistra

Operations

Company,

LLC

380,000

5.000%, 

7/31/2027

g

391,408

Xcel

Energy,

Inc.

98,000

4.000%, 

6/15/2028

108,825

Total

8,540,808

Total

Long-Term

Fixed

Income

(cost

$453,248,962)

461,180,128

Shares

Common

Stock

(

17.3%

)

Value

Communications

Services

(1.4%)

3,916

Activision

Blizzard,

Inc.

364,188

1,288

Alphabet,

Inc.,

Class

A

l

2,656,526

426

Alphabet,

Inc.,

Class

C

l

881,236

8,070

AT&T,

Inc.

244,279

1,746

Charter

Communications,

Inc.

l

1,077,317

Shares

Common

Stock

(17.3%)

Value

Communications

Services

(1.4%)

-

continued

15,040

Comcast

Corporation

$

813,814

3,253

Discovery,

Inc.,

Class

A

k,l

141,375

6,353

DISH

Network

Corporation

l

229,979

5,509

Facebook,

Inc.

l

1,622,566

573

Gray

Television,

Inc.

10,543

4,351

Live

Nation

Entertainment,

Inc.

l

368,312

5,101

Lumen

Technologies,

Inc.

68,098

1,391

Match

Group,

Inc.

l

191,096

15,517

QuinStreet,

Inc.

l

314,995

19

Roku,

Inc.

l

6,190

762

Telephone

&

Data

Systems,

Inc.

17,496

17,338

Twitter,

Inc.

l

1,103,217

11,680

Uber

Technologies,

Inc.

l

636,677

124

United

States

Cellular

Corporation

l

4,524

13,734

Verizon

Communications,

Inc.

798,632

2,297

Walt

Disney

Company

l

423,842

4,674

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

l

59,981

2,111

Zillow

Group,

Inc.

l

277,343

Total

12,312,226

Consumer

Discretionary

(2.3%)

1,395

Amazon.com,

Inc.

l

4,316,242

7,505

Aptiv

plc

l

1,034,939

220

AutoZone,

Inc.

l

308,946

884

Big

Lots,

Inc.

60,377

8,704

Bloomin'

Brands,

Inc.

l

235,443

450

Booking

Holdings,

Inc.

l

1,048,428

397

Burlington

Stores,

Inc.

l

118,624

2,989

Caesars

Entertainment,

Inc.

l

261,388

10,601

Callaway

Golf

Company

283,577

810

Carvana

Company

l

212,544

5,198

Cedar

Fair,

LP

l

258,237

870

Chewy,

Inc.

l

73,698

345

Chipotle

Mexican

Grill,

Inc.

l

490,183

7,874

Cooper-Standard

Holdings,

Inc.

l

285,984

2,836

Crocs,

Inc.

l

228,156

3,057

D.R.

Horton,

Inc.

272,440

743

Dick's

Sporting

Goods,

Inc.

56,579

1,072

Domino's

Pizza,

Inc.

394,271

38

Dorman

Products,

Inc.

l

3,900

748

Emerald

Holding,

Inc.

l

4,129

1,718

Expedia

Group,

Inc.

l

295,702

300

Garmin,

Ltd.

39,555

18

Graham

Holdings

Company

10,124

6,931

Harley-Davidson,

Inc.

277,933

2,152

Home

Depot,

Inc.

656,898

1,939

Kohl's

Corporation

115,584

6,992

Leggett

&

Platt,

Inc.

319,185

8,228

Libbey,

Inc.

l

12,136

4,282

Lowe's

Companies,

Inc.

814,351

1,361

Lululemon

Athletica,

Inc.

l

417,432

6,793

Macy's,

Inc.

l

109,979

4,031

Mattel,

Inc.

l

80,298

1,396

McDonald's

Corporation

312,899

115

Mercadolibre,

Inc.

l

169,296

4,794

Miller

Industries,

Inc.

221,435

853

Mohawk

Industries,

Inc.

l

164,040

2,451

NIKE,

Inc.

325,713

2,828

Nordstrom,

Inc.

l

107,096

145

NVR,

Inc.

l

683,085

1,291

Overstock.com,

Inc.

l

85,542

2,075

Qurate

Retail,

Inc.

24,402

62

Revolve

Group,

Inc.

l

2,786

430

RH

l

256,538

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Shares

Common

Stock

(17.3%)

Value

Consumer

Discretionary

(2.3%)

-

continued

1,591

Ross

Stores,

Inc.

$

190,777

1,773

Sleep

Number

Corporation

l

254,408

4,023

Sony

Corporation

ADR

426,478

363

Stitch

Fix,

Inc.

l

17,983

6,724

Stoneridge,

Inc.

l

213,890

103

Strategic

Education,

Inc.

9,467

1,071

Taylor

Morrison

Home

Corporation

l

32,998

1,874

Tesla,

Inc.

l

1,251,701

2,447

Texas

Roadhouse,

Inc.

l

234,765

44,580

Under

Armour,

Inc.,

Class

C

l

822,947

1,255

Workhorse

Group,

Inc.

k,l

17,281

4,825

Zumiez,

Inc.

l

206,992

Total

19,129,781

Consumer

Staples

(0.6%)

847

Altria

Group,

Inc.

43,333

2,986

BJ's

Wholesale

Club

Holdings,

Inc.

l

133,952

8,348

Bunge,

Ltd.

661,746

2,481

Colgate-Palmolive

Company

195,577

1,171

Costco

Wholesale

Corporation

412,754

10,557

Hain

Celestial

Group,

Inc.

l

460,285

1,584

John

B.

Sanfilippo

&

Son,

Inc.

143,146

1,339

Kimberly-Clark

Corporation

186,188

4,474

Lamb

Weston

Holdings,

Inc.

346,646

3,250

Monster

Beverage

Corporation

l

296,042

249

PepsiCo,

Inc.

35,221

9,142

Philip

Morris

International,

Inc.

811,261

20,150

Primo

Water

Corporation

327,639

1,941

Procter

&

Gamble

Company

262,870

6,350

Turning

Point

Brands,

Inc.

331,280

6,009

Wal-Mart

Stores,

Inc.

816,202

Total

5,464,142

Energy

(0.6%)

5,499

Antero

Resources

Corporation

l

56,090

10,129

BP

plc

ADR

246,641

2,124

Cheniere

Energy,

Inc.

l

152,949

897

Chevron

Corporation

93,997

5,174

ConocoPhillips

274,067

316

CONSOL

Energy,

Inc.

l

3,072

694

Core

Laboratories

NV

19,980

32,377

Devon

Energy

Corporation

707,437

410

Dorian

LPG,

Ltd.

l

5,383

5,199

Enbridge,

Inc.

189,244

15,180

Enterprise

Products

Partners,

LP

334,264

2,416

EOG

Resources,

Inc.

175,232

16,357

EQT

Corporation

l

303,913

3,151

Exxon

Mobil

Corporation

175,920

6,687

Gevo,

Inc.

k,l

65,599

7,164

Halliburton

Company

153,739

2,052

Helix

Energy

Solutions

Group,

Inc.

l

10,363

11,131

Helmerich

&

Payne,

Inc.

300,092

18,503

Kinder

Morgan,

Inc.

308,075

5,042

Marathon

Petroleum

Corporation

269,697

86,887

McDermott

International,

Inc.

l

69,510

4,000

MPLX,

LP

102,520

7,500

Nine

Energy

Service,

Inc.

l

17,250

4,714

Occidental

Petroleum

Corporation

125,487

4,176

PDC

Energy,

Inc.

l

143,654

4,305

Pioneer

Natural

Resources

Company

683,720

5,115

SM

Energy

Company

83,733

2,200

TC

Energy

Corporation

100,650

2,909

Valero

Energy

Corporation

208,284

Shares

Common

Stock

(17.3%)

Value

Energy

(0.6%)

-

continued

5,200

Williams

Companies,

Inc.

$

123,188

Total

5,503,750

Financials

(2.7%)

7,143

Air

Lease

Corporation

350,007

1

Alleghany

Corporation

l

626

9,775

Ally

Financial,

Inc.

441,928

2,171

American

Equity

Investment

Life

Holding

Company

68,452

2,796

American

Express

Company

395,466

11,693

Annaly

Capital

Management,

Inc.

100,560

6,969

Arch

Capital

Group,

Ltd.

l

267,401

3,702

Ares

Capital

Corporation

69,264

1,676

Arthur

J.

Gallagher

&

Company

209,114

689

Associated

Banc-Corp

14,703

13,040

Assured

Guaranty,

Ltd.

551,331

33,062

Bank

of

America

Corporation

1,279,169

229

Bank

of

Marin

Bancorp

8,968

5,450

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

208,299

1,245

Berkshire

Hathaway,

Inc.

l

318,060

9,900

BlackRock

TCP

Capital

Corporation

136,917

511

BlackRock,

Inc.

385,274

6,058

Blackstone

Mortgage

Trust,

Inc.

187,798

12,145

Bridgewater

Bancshares,

Inc.

l

196,142

136

Brighthouse

Financial,

Inc.

l

6,018

476

Broadmark

Realty

Capital,

Inc.

4,979

4,856

Capital

One

Financial

Corporation

617,829

11,589

Charles

Schwab

Corporation

755,371

2,086

Chimera

Investment

Corporation

26,492

2,384

Chubb,

Ltd.

376,600

1,063

Cincinnati

Financial

Corporation

109,585

9,345

Citigroup,

Inc.

679,849

280

Citizens

Financial

Group,

Inc.

12,362

1,266

CME

Group,

Inc.

258,555

8,376

Columbia

Banking

System,

Inc.

360,922

3,200

Comerica,

Inc.

229,568

802

Community

Trust

Bancorp,

Inc.

35,312

135

Customers

Bancorp,

Inc.

l

4,296

2,987

Discover

Financial

Services

283,735

1,416

Ellington

Residential

Mortgage

REIT

17,431

321

Enova

International,

Inc.

l

11,389

22,975

Equitable

Holdings,

Inc.

749,444

2,484

Evercore,

Inc.

327,242

16,177

Everi

Holdings,

Inc.

l

228,257

1,996

F.N.B.

Corporation

25,349

239

FactSet

Research

Systems,

Inc.

73,753

276

Financial

Institutions,

Inc.

8,360

1,362

First

Busey

Corporation

34,935

177

First

Mid-Illinois

Bancshares,

Inc.

7,776

1,524

First

Republic

Bank

254,127

2,826

Flagstar

Bancorp,

Inc.

127,453

2,050

FS

KKR

Capital

Corporation

40,651

8,700

FS

KKR

Capital

Corporation

II

169,911

3,107

Glacier

Bancorp,

Inc.

177,348

544

Goldman

Sachs

Group,

Inc.

177,888

11,286

Golub

Capital

BDC,

Inc.

165,001

379

Granite

Point

Mortgage

Trust,

Inc.

4,537

915

Great

Southern

Bancorp,

Inc.

51,853

2,380

Hancock

Whitney

Corporation

99,984

8,745

Heartland

Financial

USA,

Inc.

439,524

662

Hometrust

Bancshares,

Inc.

16,120

5,337

Hope

Bancorp,

Inc.

80,375

322

Independent

Bank

Corporation

7,612

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Shares

Common

Stock

(17.3%)

Value

Financials

(2.7%)

-

continued

8,103

J.P.

Morgan

Chase

&

Company

$

1,233,520

4,658

James

River

Group

Holdings,

Ltd.

212,498

1,502

Jefferies

Financial

Group,

Inc.

45,210

18,965

KeyCorp

378,921

1,855

Kinsale

Capital

Group,

Inc.

305,704

8,915

KKR

&

Company,

Inc.

435,498

166

KKR

Real

Estate

Finance

Trust,

Inc.

3,053

481

Lakeland

Bancorp,

Inc.

8,384

1,372

Lincoln

National

Corporation

85,434

40

Markel

Corporation

l

45,585

56

MarketAxess

Holdings,

Inc.

27,884

2,033

Marsh

&

McLennan

Companies,

Inc.

247,619

5,164

Meridian

Bancorp,

Inc.

95,121

2,948

MetLife,

Inc.

179,209

10,944

MFA

Financial,

Inc.

44,542

1,976

MidWestOne

Financial

Group,

Inc.

61,197

444

Moody's

Corporation

132,583

7,771

Morgan

Stanley

603,496

1,701

Navient

Corporation

24,341

6,565

New

York

Community

Bancorp,

Inc.

82,850

2,846

New

York

Mortgage

Trust,

Inc.

12,722

1,661

Old

Republic

International

Corporation

36,276

198

Peapack-Gladstone

Financial

Corporation

6,114

700

PennyMac

Mortgage

Investment

Trust

13,720

2,038

Primerica,

Inc.

301,257

160

QCR

Holdings,

Inc.

7,555

11,282

Radian

Group,

Inc.

262,306

3,145

Raymond

James

Financial,

Inc.

385,451

1,760

S&P

Global,

Inc.

621,051

7,305

Seacoast

Banking

Corporation

of

Florida

l

264,733

1,313

Selective

Insurance

Group,

Inc.

95,245

4,947

Sixth

Street

Specialty

Lending,

Inc.

104,035

4,986

Starwood

Property

Trust,

Inc.

123,354

5,395

Synovus

Financial

Corporation

246,821

370

T.

Rowe

Price

Group,

Inc.

63,492

1,411

Torchmark

Corporation

136,345

3,976

Triumph

Bancorp,

Inc.

l

307,703

6,284

Truist

Financial

Corporation

366,483

4,130

Umpqua

Holdings

Corporation

72,481

199

Universal

Insurance

Holdings,

Inc.

2,854

3,817

Unum

Group

106,227

26,802

Wells

Fargo

&

Company

1,047,154

10,738

Western

Alliance

Bancorp

1,014,097

952

Western

Asset

Mortgage

Capital

Corporation

3,037

12,080

Zions

Bancorporations

NA

663,917

832

Zurich

Insurance

Group

AG

354,142

Total

23,118,493

Health

Care

(2.1%)

1,812

Abbott

Laboratories

217,150

2,330

AbbVie,

Inc.

252,153

448

Align

Technology,

Inc.

l

242,605

1,118

Amedisys,

Inc.

l

296,035

2,870

Amgen,

Inc.

714,085

3,545

AMN

Healthcare

Services,

Inc.

l

261,266

2,825

Anthem,

Inc.

1,014,034

5,376

Ardelyx,

Inc.

l

35,589

Shares

Common

Stock

(17.3%)

Value

Health

Care

(2.1%)

-

continued

994

Becton,

Dickinson

and

Company

$

241,691

862

Biogen,

Inc.

l

241,144

1,852

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

l

126,584

2,233

Catalent,

Inc.

l

235,157

3,579

Centene

Corporation

l

228,734

3,869

Cerner

Corporation

278,104

1,968

Cigna

Holding

Company

475,744

3,503

CVS

Health

Corporation

263,531

3,754

Danaher

Corporation

844,950

759

Dexcom,

Inc.

l

272,777

6,318

Edwards

Lifesciences

Corporation

l

528,438

5,049

GlaxoSmithKline

plc

ADR

k

180,199

566

Haemonetics

Corporation

l

62,832

4,756

Halozyme

Therapeutics,

Inc.

l

198,278

1,896

HCA

Healthcare,

Inc.

357,093

793

Humana,

Inc.

332,465

1,219

Illumina,

Inc.

l

468,169

2,997

InMode,

Ltd.

l

216,893

524

Intuitive

Surgical,

Inc.

l

387,205

1,443

IQVIA

Holding,

Inc.

l

278,701

6,881

Johnson

&

Johnson

1,130,892

7,216

Lantheus

Holdings,

Inc.

l

154,206

924

LHC

Group,

Inc.

l

176,678

8,926

Medtronic

plc

1,054,428

8,966

Merck

&

Company,

Inc.

691,189

102

Mettler-Toledo

International,

Inc.

l

117,880

841

Moderna,

Inc.

l

110,129

677

Novavax,

Inc.

l

122,747

3,140

Novo

Nordisk

AS

ADR

211,699

4,251

NuVasive,

Inc.

l

278,696

1,248

Quidel

Corporation

l

159,657

374

Reata

Pharmaceuticals,

Inc.

l

37,288

2,445

Stryker

Corporation

595,553

7,641

Syneos

Health,

Inc.

l

579,570

4,279

Tactile

Systems

Technology,

Inc.

l

233,163

1,226

Teladoc

Health,

Inc.

l

222,826

170

Teleflex,

Inc.

70,628

2,035

Thermo

Fisher

Scientific,

Inc.

928,733

1,304

UnitedHealth

Group,

Inc.

485,179

9,033

Vaxart,

Inc.

k,l

54,650

1,305

Veeva

Systems,

Inc.

l

340,918

12,286

Viemed

Healthcare,

Inc.

l

124,334

848

Zimmer

Biomet

Holdings,

Inc.

135,748

3,553

Zoetis,

Inc.

559,526

Total

17,827,923

Industrials

(2.3%)

3,633

Advanced

Drainage

Systems,

Inc.

375,616

591

Allegion

plc

74,241

8,557

Altra

Industrial

Motion

Corporation

473,373

3,174

AMETEK,

Inc.

405,415

2,692

ASGN,

Inc.

l

256,924

743

Axon

Enterprise,

Inc.

l

105,818

9,890

Badger

Daylighting,

Ltd.

337,379

2,295

Blink

Charging

Company

k,l

94,324

568

Boeing

Company

l

144,681

1,914

Carlisle

Companies,

Inc.

315,006

3,642

Chart

Industries,

Inc.

l

518,439

28

Copart,

Inc.

l

3,041

2,454

Crane

Company

230,455

2,350

CSX

Corporation

226,587

20

Cummins,

Inc.

5,182

3,419

Curtiss-Wright

Corporation

405,493

8,111

Delta

Air

Lines,

Inc.

l

391,599

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Shares

Common

Stock

(17.3%)

Value

Industrials

(2.3%)

-

continued

1,694

Eaton

Corporation

plc

$

234,246

2,493

Emerson

Electric

Company

224,918

1,482

Encore

Wire

Corporation

99,487

1,709

Fortive

Corporation

120,724

3,211

Forward

Air

Corporation

285,169

6,169

FuelCell

Energy,

Inc.

l

88,895

358

GATX

Corporation

33,201

3,502

General

Dynamics

Corporation

635,823

215

Gorman-Rupp

Company

7,119

8,059

Greenbrier

Companies,

Inc.

380,546

2,087

Heico

Corporation

262,545

3,880

Helios

Technologies,

Inc.

282,736

3,575

Honeywell

International,

Inc.

776,025

10,224

Howmet

Aerospace,

Inc.

l

328,497

1,174

IDEX

Corporation

245,742

195

Illinois

Tool

Works,

Inc.

43,196

9,679

Johnson

Controls

International

plc

577,546

1,365

Kansas

City

Southern

360,251

1,927

L3Harris

Technologies,

Inc.

390,564

130

Landstar

System,

Inc.

21,458

2,274

Lincoln

Electric

Holdings,

Inc.

279,566

1,430

Lockheed

Martin

Corporation

528,385

3,786

Manpower,

Inc.

374,435

16,379

Meritor,

Inc.

l

481,870

1,509

Middleby

Corporation

l

250,117

575

MSC

Industrial

Direct

Company,

Inc.

51,859

6,346

NAPCO

Security

Technologies,

Inc.

l

221,031

89

Nordson

Corporation

17,683

1,250

Norfolk

Southern

Corporation

335,650

872

Northrop

Grumman

Corporation

282,214

5,474

Nutrien,

Ltd.

294,994

1,611

Old

Dominion

Freight

Line,

Inc.

387,301

2,086

Otis

Worldwide

Corporation

142,787

1,600

Parker-Hannifin

Corporation

504,688

7,908

Patrick

Industries,

Inc.

672,180

8,905

Raven

Industries,

Inc.

341,329

3,857

Raytheon

Technologies

Corporation

298,030

1,813

Regal-Beloit

Corporation

258,679

2,353

Ritchie

Brothers

Auctioneers,

Inc.

137,768

8,692

Southwest

Airlines

Company

l

530,734

2,569

Spirit

Airlines,

Inc.

l

94,796

1,645

Stanley

Black

&

Decker,

Inc.

328,457

4,827

Timken

Company

391,808

4,202

Tutor

Perini

Corporation

l

79,628

1,442

Union

Pacific

Corporation

317,831

2,190

United

Parcel

Service,

Inc.

372,278

3,114

United

Rentals,

Inc.

l

1,025,471

762

Verisk

Analytics,

Inc.

134,638

3,726

WESCO

International,

Inc.

l

322,411

200

Woodward,

Inc.

24,126

Total

19,245,005

Information

Technology

(3.8%)

1,378

Accenture

plc

380,673

1,835

Adobe,

Inc.

l

872,304

1,765

Advanced

Energy

Industries,

Inc.

192,685

5,280

Agilysys,

Inc.

l

253,229

2,657

Alliance

Data

Systems

Corporation

297,823

3,604

Amphenol

Corporation

237,756

292

Analog

Devices,

Inc.

45,283

1,055

ANSYS,

Inc.

l

358,236

34,287

Apple,

Inc.

4,188,157

Shares

Common

Stock

(17.3%)

Value

Information

Technology

(3.8%)

-

continued

3,598

Axcelis

Technologies,

Inc.

l

$

147,842

3,310

BigCommerce

Holdings,

Inc.

l

191,318

2,451

Broadcom,

Ltd.

1,136,431

224

Broadridge

Financial

Solutions,

Inc.

34,294

5,646

Calix,

Inc.

l

195,690

8,182

Ciena

Corporation

l

447,719

18,158

Cisco

Systems,

Inc.

938,950

3,586

Computer

Services,

Inc.

211,574

2,128

Dolby

Laboratories,

Inc.

210,076

9,494

Dropbox,

Inc.

l

253,110

1,376

Enphase

Energy,

Inc.

l

223,132

392

Euronet

Worldwide,

Inc.

l

54,214

2,219

Fastly,

Inc.

k,l

149,294

730

FleetCor

Technologies,

Inc.

l

196,100

5,704

II-VI,

Inc.

l

389,983

802

Intuit,

Inc.

307,214

246

Jack

Henry

&

Associates,

Inc.

37,323

380

KLA-Tencor

Corporation

125,552

264

Lam

Research

Corporation

157,143

812

Littelfuse,

Inc.

214,725

1,360

Lumentum

Holdings,

Inc.

l

124,236

3,167

Mastercard,

Inc.

1,127,610

5,559

Microchip

Technology,

Inc.

862,868

10,971

Micron

Technology,

Inc.

l

967,752

20,589

Microsoft

Corporation

4,854,269

2,926

Motorola

Solutions,

Inc.

550,234

5,709

National

Instruments

Corporation

246,543

996

Nice,

Ltd.

ADR

l

217,098

21,953

Nuance

Communications,

Inc.

l

958,029

1,753

NVIDIA

Corporation

935,979

296

ON

Semiconductor

Corporation

l

12,317

6,854

Oracle

Corporation

480,945

5,787

PayPal

Holdings,

Inc.

l

1,405,315

2,060

Plexus

Corporation

l

189,190

1,154

Plug

Power,

Inc.

l

41,359

6,532

QUALCOMM,

Inc.

866,078

37,317

Sabre

Corporation

l

552,665

3,328

Salesforce.com,

Inc.

l

705,103

337

Samsung

Electronics

Company,

Ltd.

GDR

614,412

1,314

ServiceNow,

Inc.

l

657,145

3,972

Square,

Inc.

l

901,843

592

TE

Connectivity,

Ltd.

76,433

539

Teradyne,

Inc.

65,586

5,617

Texas

Instruments,

Inc.

1,061,557

17,649

TTM

Technologies,

Inc.

l

255,911

100

Tyler

Technologies,

Inc.

l

42,453

1,382

Visa,

Inc.

292,611

856

VMware,

Inc.

k,l

128,785

1,834

Western

Digital

Corporation

122,420

2,538

Workiva,

Inc.

l

224,004

Total

31,988,580

Materials

(0.5%)

9,007

Axalta

Coating

Systems,

Ltd.

l

266,427

3,911

Ball

Corporation

331,418

7,847

Carpenter

Technology

Corporation

322,904

8,576

CF

Industries

Holdings,

Inc.

389,179

1,958

Eastman

Chemical

Company

215,615

1,145

Ecolab,

Inc.

245,110

15,296

Element

Solutions,

Inc.

279,764

655

International

Flavors

&

Fragrances,

Inc.

91,445

31,426

Ivanhoe

Mines,

Ltd.

l

161,794

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Shares

Common

Stock

(17.3%)

Value

Materials

(0.5%)

-

continued

1,565

LyondellBasell

Industries

NV

$

162,838

1,025

Martin

Marietta

Materials,

Inc.

344,215

5,013

Nucor

Corporation

402,393

37

PPG

Industries,

Inc.

5,560

6,455

Steel

Dynamics,

Inc.

327,656

470

SunCoke

Energy,

Inc.

3,295

4,121

UFP

Technologies,

Inc.

l

205,308

2,015

United

States

Lime

&

Minerals,

Inc.

269,426

4,104

W.

R.

Grace

&

Company

245,665

Total

4,270,012

Real

Estate

(0.6%)

1,314

Agree

Realty

Corporation

88,445

1,688

Alexandria

Real

Estate

Equities,

Inc.

277,338

10,961

American

Campus

Communities,

Inc.

473,186

2,390

Apartment

Investment

&

Management

Company

14,675

1,000

AvalonBay

Communities,

Inc.

184,510

2,493

Camden

Property

Trust

274,006

2,589

CBRE

Group,

Inc.

l

204,816

2,618

Colliers

International

Group,

Inc.

257,192

28

Community

Healthcare

Trust,

Inc.

1,291

1,653

Digital

Realty

Trust,

Inc.

232,809

5,715

Douglas

Emmett,

Inc.

179,451

5,418

Duke

Realty

Corporation

227,177

312

EastGroup

Properties,

Inc.

44,703

5,373

Essential

Properties

Realty

Trust,

Inc.

122,666

74

Extra

Space

Storage,

Inc.

9,809

2,163

First

Industrial

Realty

Trust,

Inc.

99,044

4,030

Four

Corners

Property

Trust,

Inc.

110,422

2,477

Healthcare

Realty

Trust,

Inc.

75,103

23,250

Host

Hotels

&

Resorts,

Inc.

l

391,762

10,562

Independence

Realty

Trust,

Inc.

160,542

347

Innovative

Industrial

Properties,

Inc.

62,516

3,425

iSTAR

Financial,

Inc.

60,896

3,064

MGIC

Investment

Corporation

42,436

6,311

National

Storage

Affiliates

Trust

251,998

3,908

New

Residential

Investment

Corporation

43,965

3,757

Pebblebrook

Hotel

Trust

91,258

183

Plymouth

Industrial

REIT,

Inc.

3,084

1,269

Public

Storage,

Inc.

313,138

3,011

Rayonier,

Inc.

REIT

97,105

2,179

Realty

Income

Corporation

138,366

1,772

Rexford

Industrial

Realty,

Inc.

89,309

6,830

Service

Properties

Trust

81,004

20,290

Sunstone

Hotel

Investors,

Inc.

l

252,813

Total

4,956,835

Utilities

(0.4%)

7,841

Alliant

Energy

Corporation

424,669

1,104

American

Electric

Power

Company,

Inc.

93,509

150

American

States

Water

Company

11,343

13,273

CenterPoint

Energy,

Inc.

300,633

3,648

Duke

Energy

Corporation

352,141

7,005

Entergy

Corporation

696,787

5,255

Exelon

Corporation

229,854

6,977

FirstEnergy

Corporation

242,032

1,141

NextEra

Energy

Partners,

LP

83,156

2,066

NextEra

Energy,

Inc.

156,210

Shares

Common

Stock

(17.3%)

Value

Utilities

(0.4%)

-

continued

1,656

NorthWestern

Corporation

$

107,971

3,430

Portland

General

Electric

Company

162,822

2,283

Spire,

Inc.

168,691

181

Unitil

Corporation

8,270

1,089

WEC

Energy

Group,

Inc.

101,920

Total

3,140,008

Total

Common

Stock

(cost

$102,376,472)

146,956,755

Shares

Registered

Investment

Companies

(

12.9%

)

Value

Unaffiliated  (1.3%)

38,518

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

157,539

20,475

AllianceBernstein

Global

High

Income

Fund,

Inc.

242,629

18,728

BlackRock

Core

Bond

Trust

294,029

17,154

BlackRock

Corporate

High

Yield

Fund,

Inc.

201,388

17,855

BlackRock

Credit

Allocation

Income

Trust

262,111

24,029

BlackRock

Enhanced

Equity

Dividend

Trust

227,314

14,914

BlackRock

Enhanced

Global

Dividend

Trust

171,362

14,641

BlackRock

Multi-Sector

Income

Trust

263,831

13,700

Brookfield

Real

Assets

Income

Fund,

Inc.

283,590

7,548

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

105,068

12,716

Eaton

Vance

Limited

Duration

Income

Fund

160,603

21,095

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

196,184

17,243

Invesco

Dynamic

Credit

Opportunities

Fund

196,053

5,028

Invesco

Senior

Loan

ETF

111,270

26,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

k

998,400

20,819

Liberty

All-Star

Equity

Fund

158,849

34,950

Nuveen

Credit

Strategies

Income

Fund

227,175

14,035

PGIM

Global

High

Yield

Fund,

Inc.

209,402

11,860

PGIM

High

Yield

Bond

Fund,

Inc.

185,728

7,843

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

174,664

18,284

Royce

Micro-Cap

Trust,

Inc.

206,609

15,057

Royce

Value

Trust,

Inc.

272,682

2,013

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

k

219,014

81,343

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

2,223,104

5,923

Tri-Continental

Corporation

192,083

28,000

Vanguard

Intermediate-Term

Corporate

Bond

ETF

2,604,840

12,821

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

176,673

48,564

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

276,815

32,550

Wells

Fargo

Income

Opportunities

Fund

274,722

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Shares

Registered

Investment

Companies

(12.9%)

Value

Unaffiliated  (1.3%)-

continued

21,001

Western

Asset

High

Income

Opportunity

Fund,

Inc.

$

106,685

Total

11,380,416

Affiliated  (11.6%)

7,354,933

Thrivent

Core

Emerging

Markets

Debt

Fund

71,122,204

2,684,002

Thrivent

Core

International

Equity

Fund

27,269,462

Total

98,391,666

Total

Registered

Investment

Companies

(cost

$107,221,516)

109,772,082

Shares

Preferred

Stock

(

1.4%

)

Value

Communications

Services

(0.1%)

24,475

AT&T,

Inc.,

4.750%

i

618,483

6,825

AT&T,

Inc.,

5.000%

i

179,976

Total

798,459

Consumer

Discretionary

(<0.1%)

2,858

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

140,156

Total

140,156

Consumer

Staples

(<0.1%)

4,150

CHS,

Inc.,

6.750%

b,i

114,623

Total

114,623

Energy

(0.1%)

28,205

Crestwood

Equity

Partners,

LP,

9.250%

i

243,691

5,300

Energy

Transfer

Operating,

LP,

7.600%

b,i

126,723

5,109

Nustar

Logistics,

LP,

6.975%

b

125,937

Total

496,351

Financials

(0.9%)

7,525

Aegon

Funding

Corporation

II,

5.100%

195,274

6,475

Agribank

FCB,

6.875%

b,i

699,300

15,500

Allstate

Corporation,

5.100%

i

418,655

13,200

Bank

of

America

Corporation,

5.000%

i

349,404

5,800

Bank

of

America

Corporation,

5.375%

i

157,064

218

Bank

of

America

Corporation,

Convertible,

7.250%

i

304,764

14,875

Capital

One

Financial

Corporation,

5.000%

i

383,031

8,650

Cobank

ACB,

6.250%

b,i

910,412

16,200

Equitable

Holdings,

Inc.,

5.250%

i

425,736

425

First

Horizon

Bank,

3.750%

b,g,i

352,750

8,462

GMAC

Capital

Trust

I,

5.983%

b

215,612

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

i

262,219

9,600

J.P.

Morgan

Chase

&

Company,

5.750%

i

260,256

9,600

Legg

Mason,

Inc.,

5.450%

244,800

16,800

Morgan

Stanley,

5.850%

b,i

478,464

11,100

Morgan

Stanley,

7.125%

b,i

320,346

2,675

Synovus

Financial

Corporation,

5.875%

b,i

71,904

Shares

Preferred

Stock

(1.4%)

Value

Financials

(0.9%)

-

continued

14,400

Truist

Financial

Corporation,

4.750%

i

$

370,800

915

Wells

Fargo

&

Company,

Convertible,

7.500%

i

1,296,930

Total

7,717,721

Health

Care

(<0.1%)

156

Danaher

Corporation,

Convertible,

5.000%

k

202,051

Total

202,051

Industrials

(0.1%)

518

Fortive

Corporation,

Convertible,

5.000%

515,700

4,686

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

k

552,854

Total

1,068,554

Real

Estate

(0.1%)

17,650

Public

Storage,

4.125%

i

455,546

3,775

Public

Storage,

4.625%

i

101,397

958

Public

Storage,

4.700%

i,k

25,684

1,475

Public

Storage,

4.875%

i

39,501

Total

622,128

Utilities

(0.1%)

1,668

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

80,498

5,664

NextEra

Energy,

Inc.,

Convertible,

4.872%

325,170

19,200

Southern

Company,

4.950%

505,344

4,864

Southern

Company,

Convertible,

6.750%

247,723

Total

1,158,735

Total

Preferred

Stock

(cost

$11,759,096)

12,318,778

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

6,451,818

Thrivent

Cash

Management

Trust

6,451,818

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,451,818)

6,451,818

Shares

or

Principal

Amount

Short-Term

Investments

(

21.6%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.080%,

4/21/2021

m,n

200,000

1,600,000

0.035%,

4/28/2021

m,n

1,600,000

1,500,000

0.040%,

5/4/2021

m,n

1,499,986

400,000

0.030%,

5/18/2021

m,n

399,995

300,000

0.020%,

6/16/2021

m,n

299,987

100,000

0.000%,

7/7/2021

n

99,992

Thrivent

Core

Short-Term

Reserve

Fund

17,789,470

0.180%

177,894,699

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Shares

or

Principal

Amount

Short-Term

Investments

(21.6%)

Value

U.S.

Treasury

Bills

400,000

0.022%,

4/20/2021

m,o

$

399,996

700,000

0.030%,

5/13/2021

m,o

699,984

Total

Short-Term

Investments

(cost

$183,082,004)

183,094,639

Total

Investments

(cost

$941,415,933)

117.5%

$996,756,484

Other

Assets

and

Liabilities,

Net

(17.5%)

(148,710,873)

Total

Net

Assets

100.0%

$848,045,611

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

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

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

March

31,

2021.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$133,124,070

or

15.7%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

All

or

a

portion

of

the

security

is

on

loan.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

At

March

31,

2021,

$599,991

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,611,369

Common

Stock

2,593,362

Total

lending

$6,204,731

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,451,818

Net

amounts

due

to

counterparty

$247,087

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

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

COF

11

-

11th

District

Cost

of

Funds

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Diversified

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

5,331,527

–

5,331,527

–

Capital

Goods

8,327,884

–

7,747,249

580,635

Communications

Services

18,082,933

–

18,082,933

–

Consumer

Cyclical

13,041,416

–

13,041,416

–

Consumer

Non-Cyclical

11,880,119

–

11,743,769

136,350

Energy

1,030,363

–

1,030,363

–

Financials

5,088,931

–

4,268,442

820,489

Technology

6,266,174

–

6,266,174

–

Transportation

4,318,100

–

4,318,100

–

Utilities

3,614,837

–

3,614,837

–

Long-Term

Fixed

Income

Asset-Backed

Securities

20,624,089

–

20,624,089

–

Basic

Materials

8,859,244

–

8,859,244

–

Capital

Goods

15,797,129

–

15,797,129

–

Collateralized

Mortgage

Obligations

49,478,173

–

49,078,173

400,000

Commercial

Mortgage-Backed

Securities

959,501

–

959,501

–

Communications

Services

21,636,959

–

21,505,783

131,176

Consumer

Cyclical

28,349,933

–

28,349,933

–

Consumer

Non-Cyclical

27,232,615

–

27,232,615

–

Energy

23,241,152

–

23,241,152

–

Financials

55,464,033

–

55,464,033

–

Foreign

Government

135,035

–

135,035

–

Mortgage-Backed

Securities

159,431,378

–

159,431,378

–

Technology

15,427,983

–

15,427,983

–

Transportation

5,795,470

–

5,795,470

–

U.S.

Government

&

Agencies

20,206,626

–

20,206,626

–

Utilities

8,540,808

–

8,540,808

–

Common

Stock

Communications

Services

12,312,226

12,252,245

59,981

–

Consumer

Discretionary

19,129,781

19,117,645

12,136

–

Consumer

Staples

5,464,142

5,464,142

–

–

Energy

5,503,750

5,503,750

–

–

Financials

23,118,493

22,764,351

354,142

–

Health

Care

17,827,923

17,827,923

–

–

Industrials

19,245,005

18,907,626

337,379

–

Information

Technology

31,988,580

31,374,168

614,412

–

Materials

4,270,012

4,108,218

161,794

–

Real

Estate

4,956,835

4,956,835

–

–

Utilities

3,140,008

3,140,008

–

–

Preferred

Stock

Communications

Services

798,459

798,459

–

–

Consumer

Discretionary

140,156

140,156

–

–

Consumer

Staples

114,623

114,623

–

–

Energy

496,351

496,351

–

–

Financials

7,717,721

7,364,971

352,750

–

Health

Care

202,051

202,051

–

–

Industrials

1,068,554

1,068,554

–

–

Real

Estate

622,128

622,128

–

–

Utilities

1,158,735

1,158,735

–

–

Registered

Investment

Companies

Unaffiliated

11,380,416

11,380,416

–

–

Short-Term

Investments

5,199,940

–

5,199,940

–

Subtotal

Investments

in

Securities

$714,018,301

$168,763,355

$543,186,296

$2,068,650

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

98,391,666

Affiliated

Short-Term

Investments

177,894,699

Collateral

Held

for

Securities

Loaned

6,451,818

Subtotal

Other

Investments

$282,738,183

Total

Investments

at

Value

$996,756,484

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

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

516,554

516,554

–

–

Total

Asset

Derivatives

$516,554

$516,554

$–

$–

Liability

Derivatives

Futures

Contracts

146,792

146,792

–

–

Total

Liability

Derivatives

$146,792

$146,792

$–

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$2,799,964

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

123

June

2021

$

27,176,651

(

$

27,284)

CBOT

5-Yr.

U.S.

Treasury

Note

30

June

2021

3,749,375

(

47,422)

CBOT

U.S.

Long

Bond

8

June

2021

1,292,397

(

55,647)

CME

E-mini

S&P

500

Index

8

June

2021

1,585,493

1,467

CME

Ultra

Long

Term

U.S.

Treasury

Bond

11

June

2021

2,009,846

(

16,439)

ICE

mini

MSCI

EAFE

Index

18

June

2021

1,969,255

3,545

Total

Futures

Long

Contracts

$

37,783,017

(

$

141,780)

CBOT

10-Yr.

U.S.

Treasury

Note

(98)

June

2021

(

$

13,154,654)

$

322,779

CME

E-mini

Russell

2000

Index

(198)

June

2021

(

22,094,962)

92,212

Ultra

10-Yr.

U.S.

Treasury

Note

(18)

June

2021

(

2,682,927)

96,551

Total

Futures

Short

Contracts

(

$

37,932,543)

$511,542

Total

Futures

Contracts

(

$

149,526)

$369,762

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Diversified

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$41,977

$32,646

$–

$71,122

7,355

8.4%

Core

International

Equity

51,404

–

25,400

27,269

2,684

3.2

Total

Affiliated

Registered

Investment

Companies

93,381

98,391

11.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

109,523

284,200

215,828

177,895

17,789

21.0

Total

Affiliated

Short-Term

Investments

109,523

177,895

21.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,933

40,515

38,996

6,452

6,452

0.8

Total

Collateral

Held

for

Securities

Loaned

4,933

6,452

0.8

Total

Value

$207,837

$282,738

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(3,501)

–

$546

Core

International

Equity

1,638

(373)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

0

0

–

63

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$609

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$1,638

$(3,874)

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Shares

Common

Stock

(

91.9%

)

Value

Communications

Services

(9.6%)

202

Alphabet,

Inc.,

Class

A

a

$

416,629

199

Alphabet,

Inc.,

Class

C

a

411,657

108

Discovery,

Inc.,

Class

A

a

4,694

207

Discovery,

Inc.,

Class

C

a

7,636

195

Electronic

Arts,

Inc.

26,397

30

John

Wiley

and

Sons,

Inc.

1,626

110

Liberty

Global

plc,

Class

A

a

2,823

249

Liberty

Global

plc,

Class

C

a

6,360

628

Lumen

Technologies,

Inc.

8,384

95

New

York

Times

Company

4,809

145

Omnicom

Group,

Inc.

10,752

17

Scholastic

Corporation

512

2,783

Verizon

Communications,

Inc.

161,831

1,218

Walt

Disney

Company

a

224,745

Total

1,288,855

Consumer

Discretionary

(10.8%)

182

Aptiv

plc

a

25,098

154

Aramark

5,818

56

Autoliv

,

Inc.

a

5,197

39

AutoNation,

Inc.

a

3,636

156

Best

Buy

Company,

Inc.

17,910

27

Booking

Holdings,

Inc.

a

62,906

165

BorgWarner,

Inc.

7,649

21

Buckle,

Inc.

825

61

Callaway

Golf

Company

1,632

97

Capri

Holdings,

Ltd.

a

4,947

110

CarMax,

Inc.

a

14,593

24

Choice

Hotels

International,

Inc.

2,575

20

Columbia

Sportswear

Company

2,113

88

Darden

Restaurants,

Inc.

12,496

19

Deckers

Outdoor

Corporation

a

6,278

26

Domino's

Pizza,

Inc.

9,563

14

Ethan

Allen

Interiors,

Inc.

387

67

Foot

Locker,

Inc.

3,769

39

GameStop

Corporation

a

7,403

150

Gap,

Inc.

a

4,467

97

Garmin,

Ltd.

12,789

235

Hanesbrands,

Inc.

4,622

102

Harley-Davidson,

Inc.

4,090

88

Hasbro,

Inc.

8,459

186

Hilton

Worldwide

Holdings,

Inc.

a

22,491

724

Home

Depot,

Inc.

221,001

15

Jack

in

the

Box,

Inc.

1,647

30

Knoll,

Inc.

495

106

Kohl's

Corporation

6,319

30

La-Z-Boy,

Inc.

1,274

195

LKQ

Corporation

a

8,254

493

Lowe's

Companies,

Inc.

93,759

185

Marriott

International,

Inc.

a

27,400

234

Mattel,

Inc.

a

4,661

501

McDonald's

Corporation

112,294

26

Meritage

Homes

Corporation

a

2,390

40

Mohawk

Industries,

Inc.

a

7,692

272

Newell

Brands,

Inc.

7,284

844

NIKE,

Inc.

112,159

73

Nordstrom,

Inc.

a

2,764

36

Office

Depot,

Inc.

a

1,558

27

Pool

Corporation

9,321

48

PVH

Corporation

a

5,074

154

Royal

Caribbean

Cruises,

Ltd.

a

13,184

35

Signet

Jewelers,

Ltd.

a

2,029

789

Starbucks

Corporation

86,214

337

Target

Corporation

66,750

510

Tesla,

Inc.

a

340,644

Shares

Common

Stock

(91.9%)

Value

Consumer

Discretionary

(10.8%)

-

continued

78

Tractor

Supply

Company

$

13,812

36

Ulta

Beauty,

Inc.

a

11,130

127

Under

Armour

,

Inc.,

Class

A

a

2,814

134

Under

Armour

,

Inc.,

Class

C

a

2,474

27

Vail

Resorts,

Inc.

a

7,875

223

VF

Corporation

17,822

42

Whirlpool

Corporation

9,255

55

Wolverine

World

Wide,

Inc.

2,108

Total

1,453,170

Consumer

Staples

(6.7%)

374

Archer-Daniels-Midland

Company

21,318

94

Bunge,

Ltd.

7,451

122

Campbell

Soup

Company

6,133

85

Clorox

Company

16,395

2,745

Coca-Cola

Company

144,689

548

Colgate-Palmolive

Company

43,199

328

Conagra

Brands,

Inc.

12,333

109

Darling

Ingredients,

Inc.

a

8,020

152

Estee

Lauder

Companies,

Inc.

44,209

412

General

Mills,

Inc.

25,264

54

Hain

Celestial

Group,

Inc.

a

2,354

200

Hormel

Foods

Corporation

9,556

45

Ingredion,

Inc.

4,046

77

J.M.

Smucker

Company

9,743

173

Kellogg

Company

10,951

379

Keurig

Dr

Pepper,

Inc.

13,026

228

Kimberly-Clark

Corporation

31,703

453

Kraft

Heinz

Company

18,120

520

Kroger

Company

18,715

98

Lamb

Weston

Holdings,

Inc.

7,593

167

McCormick

&

Company,

Inc.

14,890

962

Mondelez

International,

Inc.

56,306

929

PepsiCo,

Inc.

131,407

1,667

Procter

&

Gamble

Company

225,762

325

Sysco

Corporation

25,591

38

United

Natural

Foods,

Inc.

a

1,252

Total

910,026

Energy

(1.9%)

253

APA

Corporation

4,529

461

Baker

Hughes

Company

9,962

153

Cheniere

Energy,

Inc.

a

11,018

912

ConocoPhillips

48,309

31

Core

Laboratories

NV

892

407

Devon

Energy

Corporation

8,893

185

EQT

Corporation

a

3,437

186

Hess

Corporation

13,161

529

Marathon

Oil

Corporation

5,650

438

Marathon

Petroleum

Corporation

23,429

260

NOV,

Inc.

a

3,567

626

Occidental

Petroleum

Corporation

16,664

299

ONEOK,

Inc.

15,147

294

Phillips

66

23,973

139

Pioneer

Natural

Resources

Company

22,076

936

Schlumberger,

Ltd.

25,450

454

Southwestern

Energy

Company

a

2,111

289

TechnipFMC

plc

a

2,231

275

Valero

Energy

Corporation

19,690

Total

260,189

Financials

(7.9%)

72

Air

Lease

Corporation

3,528

205

Allstate

Corporation

23,555

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock

(91.9%)

Value

Financials

(7.9%)

-

continued

251

Ally

Financial,

Inc.

$

11,348

461

American

Express

Company

65,204

79

Ameriprise

Financial,

Inc.

18,364

130

Arthur

J.

Gallagher

&

Company

16,220

27

Bank

of

Hawaii

Corporation

2,416

536

Bank

of

New

York

Mellon

Corporation

25,347

103

BlackRock,

Inc.

77,658

51

Cathay

General

Bancorp

2,080

1,029

Charles

Schwab

Corporation

67,070

303

Chubb,

Ltd.

47,865

66

CIT

Group,

Inc.

3,400

288

Citizens

Financial

Group,

Inc.

12,715

241

CME

Group,

Inc.

49,219

94

Comerica,

Inc.

6,744

270

Equitable

Holdings,

Inc.

8,807

26

FactSet

Research

Systems,

Inc.

8,023

117

First

Republic

Bank

19,510

204

Franklin

Resources,

Inc.

6,038

241

Hartford

Financial

Services

Group,

Inc.

16,096

21

Heartland

Financial

USA,

Inc.

1,055

684

Huntington

Bancshares,

Inc.

10,753

377

Intercontinental

Exchange,

Inc.

42,103

36

International

Bancshares

Corporation

1,671

264

Invesco,

Ltd.

6,658

657

KeyCorp

13,127

130

Lincoln

National

Corporation

8,095

166

Loews

Corporation

8,512

87

M&T

Bank

Corporation

13,190

341

Marsh

&

McLennan

Companies,

Inc.

41,534

114

Moody's

Corporation

34,042

313

New

York

Community

Bancorp,

Inc.

3,950

133

Northern

Trust

Corporation

13,980

77

Old

National

Bancorp

1,489

287

People's

United

Financial,

Inc.

5,137

285

PNC

Financial

Services

Group,

Inc.

49,992

185

Principal

Financial

Group,

Inc.

11,093

394

Progressive

Corporation

37,670

266

Prudential

Financial,

Inc.

24,233

645

Regions

Financial

Corporation

13,326

162

S&P

Global,

Inc.

57,165

237

State

Street

Corporation

19,910

35

SVB

Financial

Group

a

17,278

152

T.

Rowe

Price

Group,

Inc.

26,083

170

Travelers

Companies,

Inc.

25,568

906

Truist

Financial

Corporation

52,838

147

Umpqua

Holdings

Corporation

2,580

85

Voya

Financial,

Inc.

5,409

87

Willis

Towers

Watson

plc

19,913

110

Zions

Bancorporations

NA

6,046

Total

1,065,607

Health

Care

(9.5%)

1,188

AbbVie,

Inc.

128,565

30

ABIOMED,

Inc.

a

9,562

207

Agilent

Technologies,

Inc.

26,318

50

Align

Technology,

Inc.

a

27,077

103

AmerisourceBergen

Corporation

12,161

392

Amgen,

Inc.

97,534

195

Becton,

Dickinson

and

Company

47,414

Shares

Common

Stock

(91.9%)

Value

Health

Care

(9.5%)

-

continued

104

Biogen,

Inc.

a

$

29,094

122

BioMarin

Pharmaceutical,

Inc.

a

9,212

26

Bio-

Techne

Corporation

9,930

1,520

Bristol-Myers

Squibb

Company

95,958

198

Cardinal

Health,

Inc.

12,029

390

Centene

Corporation

a

24,925

206

Cerner

Corporation

14,807

243

Cigna

Holding

Company

58,743

36

Cooper

Companies,

Inc.

13,827

52

DaVita,

Inc.

a

5,604

147

Dentsply

Sirona,

Inc.

9,380

65

Dexcom

,

Inc.

a

23,360

419

Edwards

Lifesciences

Corporation

a

35,045

843

Gilead

Sciences,

Inc.

54,483

182

HCA

Healthcare,

Inc.

34,278

95

Henry

Schein,

Inc.

a

6,578

173

Hologic

,

Inc.

a

12,868

89

Humana,

Inc.

37,313

58

IDEXX

Laboratories,

Inc.

a

28,380

98

Illumina,

Inc.

a

37,638

129

IQVIA

Holding,

Inc.

a

24,915

38

Jazz

Pharmaceuticals,

Inc.

a

6,246

65

Laboratory

Corporation

of

America

Holdings

a

16,577

58

Mednax

,

Inc.

a

1,477

1,702

Merck

&

Company,

Inc.

131,207

16

Mettler

-Toledo

International,

Inc.

a

18,491

57

Patterson

Companies,

Inc.

1,821

91

Quest

Diagnostics,

Inc.

11,679

97

ResMed

,

Inc.

18,820

72

Select

Medical

Holdings

Corporation

a

2,455

78

Teladoc

Health,

Inc.

a

14,177

62

Varian

Medical

Systems,

Inc.

a

10,945

175

Vertex

Pharmaceuticals,

Inc.

a

37,606

42

Waters

Corporation

a

11,935

49

West

Pharmaceutical

Services,

Inc.

13,807

319

Zoetis,

Inc.

50,236

Total

1,274,477

Industrials

(9.4%)

388

3M

Company

74,760

91

A.O.

Smith

Corporation

6,153

53

Acco

Brands

Corporation

447

25

Acuity

Brands,

Inc.

4,125

43

AGCO

Corporation

6,177

62

Allegion

plc

7,788

7

AMERCO

4,288

26

Applied

Industrial

Technologies,

Inc.

2,370

18

ArcBest

Corporation

1,267

36

ASGN,

Inc.

a

3,436

37

Avis

Budget

Group,

Inc.

a

2,684

131

Builders

FirstSource

,

Inc.

a

6,075

91

C.H.

Robinson

Worldwide,

Inc.

8,684

365

Caterpillar,

Inc.

84,633

143

Copart

,

Inc.

a

15,531

514

CSX

Corporation

49,560

100

Cummins,

Inc.

25,911

201

Deere

&

Company

75,202

107

Delta

Air

Lines,

Inc.

a

5,166

27

Deluxe

Corporation

1,133

97

Dover

Corporation

13,302

269

Eaton

Corporation

plc

37,197

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock

(91.9%)

Value

Industrials

(9.4%)

-

continued

10

Echo

Global

Logistics,

Inc.

a

$

314

37

EMCOR

Group,

Inc.

4,150

114

Expeditors

International

of

Washington,

Inc.

12,277

35

Exponent,

Inc.

3,411

386

Fastenal

Company

19,408

88

Flowserve

Corporation

3,415

204

Fortive

Corporation

14,411

94

Fortune

Brands

Home

and

Security,

Inc.

9,007

112

Graco

,

Inc.

8,022

32

Granite

Construction,

Inc.

1,288

19

H&E

Equipment

Services,

Inc.

722

11

Heidrick

&

Struggles

International,

Inc.

393

29

HNI

Corporation

1,147

13

ICF

International,

Inc.

1,136

51

IDEX

Corporation

10,675

254

IHS

Markit

,

Ltd.

24,582

213

Illinois

Tool

Works,

Inc.

47,184

35

Interface,

Inc.

437

487

Johnson

Controls

International

plc

29,059

63

Kansas

City

Southern

16,627

19

Kelly

Services,

Inc.

a

423

23

Lennox

International,

Inc.

7,167

38

Lincoln

Electric

Holdings,

Inc.

4,672

353

Linde

Public

Limited

Company

98,889

39

Manpower,

Inc.

3,857

176

Masco

Corporation

10,542

47

Meritor,

Inc.

a

1,383

37

Middleby

Corporation

a

6,133

171

Norfolk

Southern

Corporation

45,917

72

Owens

Corning,

Inc.

6,631

233

PACCAR,

Inc.

21,650

87

Parker-Hannifin

Corporation

27,442

94

Quanta

Services,

Inc.

8,270

18

Resources

Connection,

Inc.

244

77

Robert

Half

International,

Inc.

6,011

78

Rockwell

Automation,

Inc.

20,704

71

Roper

Industries,

Inc.

28,637

36

Ryder

System,

Inc.

2,723

35

Snap-On,

Inc.

8,076

100

Southwest

Airlines

Company

a

6,106

71

Spirit

Aerosystems

Holdings,

Inc.

3,454

108

Stanley

Black

&

Decker,

Inc.

21,564

49

Steelcase,

Inc.

705

11

Tennant

Company

879

36

Tetra

Tech,

Inc.

4,886

46

Timken

Company

3,734

162

Trane

Technologies

plc

26,821

129

TransUnion

11,610

22

TrueBlue

,

Inc.

a

484

454

Union

Pacific

Corporation

100,066

481

United

Parcel

Service,

Inc.

81,765

49

United

Rentals,

Inc.

a

16,136

30

W.W.

Grainger,

Inc.

12,028

122

Wabtec

Corporation

9,658

121

Xylem,

Inc.

12,727

Total

1,265,548

Information

Technology

(29.5%)

426

Accenture

plc

117,683

322

Adobe,

Inc.

a

153,069

809

Advanced

Micro

Devices,

Inc.

a

63,506

249

Analog

Devices,

Inc.

38,615

Shares

Common

Stock

(91.9%)

Value

Information

Technology

(29.5%)

-

continued

58

ANSYS,

Inc.

a

$

19,694

614

Applied

Materials,

Inc.

82,030

147

Autodesk,

Inc.

a

40,741

289

Automatic

Data

Processing,

Inc.

54,468

188

Cadence

Design

Systems,

Inc.

a

25,754

2,842

Cisco

Systems,

Inc.

146,960

78

Citrix

Systems,

Inc.

10,948

117

Cognex

Corporation

9,710

360

Cognizant

Technology

Solutions

Corporation

28,123

134

CommScope

Holding

Company,

Inc.

a

2,058

514

Corning,

Inc.

22,364

166

Dell,

Inc.

a

14,633

42

F5

Networks,

Inc.

a

8,762

337

Flextronics

International,

Ltd.

a

6,170

93

Fortinet,

Inc.

a

17,151

866

Hewlett

Packard

Enterprise

Company

13,631

923

HP,

Inc.

29,305

2,756

Intel

Corporation

176,384

599

International

Business

Machines

Corporation

79,823

176

Intuit,

Inc.

67,419

26

Itron

,

Inc.

a

2,305

124

Keysight

Technologies,

Inc.

a

17,782

97

Lam

Research

Corporation

57,738

598

Mastercard

,

Inc.

212,918

175

Microchip

Technology,

Inc.

27,164

4,830

Microsoft

Corporation

1,138,769

114

Motorola

Solutions,

Inc.

21,438

379

NortonLifeLock

,

Inc.

8,058

416

NVIDIA

Corporation

222,115

81

Okta

,

Inc.

a

17,855

276

ON

Semiconductor

Corporation

a

11,484

1,316

Oracle

Corporation

92,344

33

Paycom

Software,

Inc.

a

12,212

749

PayPal

Holdings,

Inc.

a

181,887

24

Plantronics,

Inc.

a

934

612

Salesforce.com,

Inc.

a

129,664

105

Sensata

Technologies

Holding

plc

a

6,085

131

ServiceNow

,

Inc.

a

65,514

111

Skyworks

Solutions,

Inc.

20,366

309

Slack

Technologies,

Inc.

a

12,555

108

Splunk

,

Inc.

a

14,632

222

TE

Connectivity,

Ltd.

28,662

74

Teradata

Corporation

a

2,852

617

Texas

Instruments,

Inc.

116,607

168

Trimble,

Inc.

a

13,069

1,138

Visa,

Inc.

240,949

58

VMware,

Inc.

a

8,726

276

Western

Union

Company

6,806

121

Workday,

Inc.

a

30,060

113

Xerox

Holdings

Corporation

2,743

36

Zebra

Technologies

Corporation

a

17,466

Total

3,970,760

Materials

(2.2%)

149

Air

Products

and

Chemicals,

Inc.

41,920

78

Albemarle

Corporation

11,397

1,056

Amcor

plc

12,334

56

Avery

Dennison

Corporation

10,284

143

Axalta

Coating

Systems,

Ltd.

a

4,230

220

Ball

Corporation

18,643

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock

(91.9%)

Value

Materials

(2.2%)

-

continued

23

Compass

Minerals

International,

Inc.

$

1,443

37

Domtar

Corporation

1,367

173

Ecolab,

Inc.

37,034

35

H.B.

Fuller

Company

2,202

150

International

Flavors

&

Fragrances,

Inc.

20,941

23

Minerals

Technologies,

Inc.

1,732

243

Mosaic

Company

7,681

540

Newmont

Mining

Corporation

32,546

204

Nucor

Corporation

16,375

159

PPG

Industries,

Inc.

23,891

15

Schnitzer

Steel

Industries,

Inc.

627

104

Sealed

Air

Corporation

4,765

55

Sherwin-Williams

Company

40,591

68

Sonoco

Products

Company

4,304

Total

294,307

Real

Estate

(2.8%)

299

American

Tower

Corporation

71,479

94

AvalonBay

Communities,

Inc.

17,344

100

Boston

Properties,

Inc.

10,126

226

CBRE

Group,

Inc.

a

17,879

74

Corporate

Office

Properties

Trust

1,948

188

Digital

Realty

Trust,

Inc.

26,478

250

Duke

Realty

Corporation

10,483

59

Equinix

,

Inc.

40,096

250

Equity

Residential

17,908

48

Federal

Realty

Investment

Trust

4,870

363

Healthpeak

Properties,

Inc.

11,522

473

Host

Hotels

&

Resorts,

Inc.

a

7,970

194

Iron

Mountain,

Inc.

7,180

35

Jones

Lang

LaSalle,

Inc.

a

6,266

66

Macerich

Company

772

45

PotlatchDeltic

Corporation

2,381

497

Prologis,

Inc.

52,682

77

Realogy

Holdings

Corporation

a

1,165

75

SBA

Communications

Corporation

20,816

221

Simon

Property

Group,

Inc.

25,143

198

UDR,

Inc.

8,684

502

Weyerhaeuser

Company

17,871

Total

381,063

Utilities

(1.6%)

447

AES

Corporation

11,984

167

Alliant

Energy

Corporation

9,045

121

American

Water

Works

Company,

Inc.

18,140

85

Atmos

Energy

Corporation

8,402

46

Avista

Corporation

2,196

367

CenterPoint

Energy,

Inc.

8,313

192

CMS

Energy

Corporation

11,754

226

Consolidated

Edison,

Inc.

16,905

156

Essential

Utilities,

Inc.

6,981

231

Eversource

Energy

20,002

365

FirstEnergy

Corporation

12,662

134

MDU

Resources

Group,

Inc.

4,236

65

New

Jersey

Resources

Corporation

2,592

258

NiSource,

Inc.

6,220

20

Northwest

Natural

Holding

Company

1,079

135

OGE

Energy

Corporation

4,369

30

Ormat

Technologies,

Inc.

2,356

518

PPL

Corporation

14,939

Shares

Common

Stock

(91.9%)

Value

Utilities

(1.6%)

-

continued

194

Sempra

Energy

$

25,721

141

UGI

Corporation

5,782

212

WEC

Energy

Group,

Inc.

19,841

Total

213,519

Total

Common

Stock

(cost

$10,406,947)

12,377,521

Shares

Registered

Investment

Companies

(

7.4%

)

Value

Unaffiliated  (7.4%)

12,979

iShares

MSCI

KLD

400

Social

ETF

991,076

Total

991,076

Total

Registered

Investment

Companies

(cost

$947,702)

991,076

Shares

Short-Term

Investments

(

0.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,404

0.180%

24,045

Total

Short-Term

Investments

(cost

$24,044)

24,045

Total

Investments

(cost

$11,378,693)

99.5%

$13,392,642

Other

Assets

and

Liabilities,

Net

0.5%

72,942

Total

Net

Assets

100.0%

$13,465,584

a

Non-income

producing

security.

Definitions:

ETF

-

Exchange

Traded

Fund

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

ESG

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,288,855

1,288,855

–

–

Consumer

Discretionary

1,453,170

1,453,170

–

–

Consumer

Staples

910,026

910,026

–

–

Energy

260,189

260,189

–

–

Financials

1,065,607

1,065,607

–

–

Health

Care

1,274,477

1,274,477

–

–

Industrials

1,265,548

1,265,548

–

–

Information

Technology

3,970,760

3,970,760

–

–

Materials

294,307

294,307

–

–

Real

Estate

381,063

381,063

–

–

Utilities

213,519

213,519

–

–

Registered

Investment

Companies

Unaffiliated

991,076

991,076

–

–

Subtotal

Investments

in

Securities

$13,368,597

$13,368,597

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

24,045

Subtotal

Other

Investments

$24,045

Total

Investments

at

Value

$13,392,642

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$90

$2,305

$2,371

$24

2

0.2%

Total

Affiliated

Short-Term

Investments

90

24

0.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

22

22

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$90

$24

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Shares

Common

Stock

(

83.5%

)

Value

Communications

Services

(6.5%)

38,149

Activision

Blizzard,

Inc.

$

3,547,857

9,278

Alphabet,

Inc.,

Class

A

a

19,136,061

1,623

Alphabet,

Inc.,

Class

C

a

3,357,386

8,847

AMC

Networks,

Inc.

a

470,307

3,494

ANGI

Homeservices,

Inc.

a

45,422

443,185

Auto

Trader

Group

plc

a,b

3,388,622

37,522

BCE,

Inc.

1,693,820

524

Cardlytics,

Inc.

a

57,483

2,202

Cars.com

Inc.

a

28,538

84,245

Carsales.com,

Ltd.

1,145,658

112,110

Cineworld

Group

plc

a,c

149,033

110,517

Comcast

Corporation

5,980,075

1,477

Consolidated

Communications

Holdings,

Inc.

a

10,634

81,288

Deutsche

Telekom

AG

1,638,238

10,200

DIP

Corporation

268,349

24,701

Discovery,

Inc.,

Class

A

a,c

1,073,505

2,010

EchoStar

Corporation

a

48,240

7,034

Entercom

Communications

Corporation

a

36,928

41,741

Facebook,

Inc.

a

12,293,977

6,608

Gannett

Company,

Inc.

a

35,551

1,955

Gray

Television,

Inc.

35,972

1,188

Hemisphere

Media

Group,

Inc.

a

13,840

6,596

Interpublic

Group

of

Companies,

Inc.

192,603

8,758

Ipsos

SA

330,422

25,900

KDDI

Corporation

797,997

45,968

Live

Nation

Entertainment,

Inc.

a

3,891,191

8,471

Match

Group,

Inc.

a

1,163,746

137,048

Mediaset

Espana

Comunicacion

SA

a

814,030

100,400

Nippon

Telegraph

&

Telephone

Corporation

2,590,513

1,781

Omnicom

Group,

Inc.

132,061

13,144

REA

Group,

Ltd.

1,422,361

4,239

Rightmove

plc

a

34,017

5,010

RingCentral,

Inc.

a

1,492,379

804

Scholastic

Corporation

24,208

106,200

SoftBank

Corporation

1,381,616

21,700

SoftBank

Group

Corporation

1,847,487

27,573

Spark

New

Zealand,

Ltd.

86,363

1,249

Stroeer

SE

101,766

3,563

Take-Two

Interactive

Software,

Inc.

a

629,582

4,378

Telephone

&

Data

Systems,

Inc.

100,519

79,000

TV

Asahi

Holdings

Corporation

1,488,829

84,855

Twitter,

Inc.

a

5,399,324

113,748

Uber

Technologies,

Inc.

a

6,200,403

712

United

States

Cellular

Corporation

a

25,974

3,700

Vector,

Inc.

a

43,493

104,399

Verizon

Communications,

Inc.

6,070,802

2,831

WideOpenWest,

Inc.

a

38,473

Total

90,755,655

Consumer

Discretionary

(11.0%)

1,163

Aaron's

Company,

Inc.

29,866

6,200

ABC-MART,

Inc.

350,114

3,679

Adient

plc

a

162,612

9,231

Amazon.com,

Inc.

a

28,561,452

7,989

American

Axle

&

Manufacturing

Holdings,

Inc.

a

77,174

5,070

American

Eagle

Outfitters,

Inc.

c

148,247

53,606

Aptiv

plc

a

7,392,267

14,779

ARB

Corporation,

Ltd.

388,534

Shares

Common

Stock

(83.5%)

Value

Consumer

Discretionary

(11.0%)

-

continued

57,694

Aristocrat

Leisure,

Ltd.

$

1,513,638

10,717

At

Home

Group,

Inc.

a

307,578

2,185

AutoNation,

Inc.

a

203,686

1,817

AutoZone,

Inc.

a

2,551,613

198,879

B&M

European

Value

Retail

SA

1,446,962

7,113

Bally's

Corporation

a

462,203

6,300

Bandai

Namco

Holdings,

Inc.

450,371

2,197

Basic-Fit

NV

a,b

84,442

2,053

Beazer

Homes

USA,

Inc.

a

42,949

1,687

Bed

Bath

&

Beyond,

Inc.

a

49,176

2,033

Big

5

Sporting

Goods

Corporation

31,918

2,263

BJ's

Restaurants,

Inc.

a

131,435

2,014

Booking

Holdings,

Inc.

a

4,692,298

9,798

Breville

Group,

Ltd.

201,697

3,035

Bright

Horizons

Family

Solutions,

Inc.

a

520,351

1,011

Brinker

International,

Inc.

a

71,842

958

Brunswick

Corporation

91,364

4,001

Burlington

Stores,

Inc.

a

1,195,499

11,052

Caesars

Entertainment,

Inc.

a

966,497

553

Camping

World

Holdings,

Inc.

20,118

4,625

Carnival

Corporation

a

122,747

7,961

Carvana

Company

a

2,088,966

62

Cavco

Industries,

Inc.

a

13,988

583

Century

Casinos,

Inc.

a

5,987

8,810

Chegg,

Inc.

a

754,665

10,995

Chewy,

Inc.

a,c

931,386

28,214

Chico's

FAS,

Inc.

a

93,388

2,286

Children's

Place,

Inc.

a

159,334

4,028

Chipotle

Mexican

Grill,

Inc.

a

5,723,063

14,500

Chiyoda

Company,

Ltd.

130,089

6,634

Choice

Hotels

International,

Inc.

711,762

430

Churchill

Downs,

Inc.

97,791

24,230

Cooper-Standard

Holdings,

Inc.

a

880,034

12,452

Corporate

Travel

Management,

Ltd.

a

186,436

1,547

Cracker

Barrel

Old

Country

Store,

Inc.

267,445

4,584

Culp,

Inc.

70,548

23,255

D.R.

Horton,

Inc.

2,072,486

26,487

Daimler

AG

2,363,967

5,909

Dana,

Inc.

143,766

1,965

Darden

Restaurants,

Inc.

279,030

697

Deckers

Outdoor

Corporation

a

230,303

53,200

Denso

Corporation

3,546,531

3,902

Designer

Brands,

Inc.

a

67,895

7,398

Dick's

Sporting

Goods,

Inc.

563,358

2,529

Dillard's,

Inc.

244,226

53,916

Dollarama,

Inc.

2,381,966

29,104

Dometic

Group

AB

a,b

423,042

7,760

Domino's

Pizza

Enterprises,

Ltd.

569,558

1,923

Domino's

Pizza,

Inc.

707,260

1,099

Dorman

Products,

Inc.

a

112,801

55,414

Duluth

Holdings,

Inc.

a,c

938,713

6,232

Emerald

Holding,

Inc.

a

34,401

59,794

Entain

plc

a

1,250,461

980

Ethan

Allen

Interiors,

Inc.

27,058

1,438

Etsy,

Inc.

a

290,001

9,247

Evolution

Gaming

Group

AB

b

1,361,760

10,241

Farfetch,

Ltd.

a,c

542,978

2,600

Fast

Retailing

Company,

Ltd.

2,078,382

9,587

Ferrari

NV

2,005,450

7,593

Five

Below,

Inc.

a

1,448,668

3,006

Foot

Locker,

Inc.

169,087

295

Fox

Factory

Holding

Corporation

a

37,483

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Shares

Common

Stock

(83.5%)

Value

Consumer

Discretionary

(11.0%)

-

continued

292,000

Galaxy

Entertainment

Group,

Ltd.

a

$

2,639,778

13,023

Gap,

Inc.

a

387,825

514

Garmin,

Ltd.

67,771

16,599

Gentex

Corporation

592,086

2,919

Genuine

Parts

Company

337,407

3,616

G-III

Apparel

Group,

Ltd.

a

108,986

5,310

Goodyear

Tire

&

Rubber

Company

a

93,297

62

Graham

Holdings

Company

34,871

1,785

Grand

Canyon

Education,

Inc.

a

191,174

1,649

Group

1

Automotive,

Inc.

260,196

6,648

Guess

?,

Inc.

156,228

14,557

Hanesbrands,

Inc.

286,336

2,560

Harley-Davidson,

Inc.

102,656

1,007

Helen

of

Troy,

Ltd.

a

212,135

1,818

Hermes

International

2,010,710

3,400

Hikari

Tsushin,

Inc.

685,497

30,507

Howden

Joinery

Group

plc

308,263

109,954

Husqvarna

AB

1,585,166

6,116

IAA,

Inc.

a

337,236

45,842

Industria

de

Diseno

Textil

SA

1,514,623

16,141

InterContinental

Hotels

Group

plc

a

1,110,012

5,200

Izumi

Company,

Ltd.

204,193

5,139

JD

Sports

Fashion

plc

a

58,419

2,292

KB

Home

106,647

4,865

Knoll,

Inc.

80,321

17,647

Kohl's

Corporation

1,051,938

5,000

KOMEDA

Holdings

Company,

Ltd.

91,197

6,178

L

Brands,

Inc.

a

382,171

5,184

Lear

Corporation

939,600

4,193

Lithia

Motors,

Inc.

1,635,647

30,639

Lowe's

Companies,

Inc.

5,826,925

2,252

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,504,232

1,608

M.D.C.

Holdings,

Inc.

95,515

1,358

M/I

Homes,

Inc.

a

80,217

26,959

Macy's,

Inc.

a

436,466

5,297

Magnite,

Inc.

a

220,408

470

Marriott

Vacations

Worldwide

Corporation

a

81,865

9,600

Marui

Group

Company,

Ltd.

180,938

9,633

Mattel,

Inc.

a

191,889

1,537

Meritage

Homes

Corporation

a

141,281

6,823

Mohawk

Industries,

Inc.

a

1,312,131

106,551

Moneysupermarket.com

Group

plc

391,740

1,947

Nautilus,

Inc.

a

30,451

7,299

Next

plc

a

791,086

42,100

NHK

Spring

Company,

Ltd.

316,831

5,800

Nihon

Unisys,

Ltd.

179,373

123,300

Nissan

Motor

Company,

Ltd.

a

688,834

900

Nitori

Holdings

Company,

Ltd.

174,334

728

Noodles

&

Company

a

7,535

12,012

Nordstrom,

Inc.

a

454,894

11,822

Norwegian

Cruise

Line

Holdings,

Ltd.

a

326,169

311

NVR,

Inc.

a

1,465,099

6,560

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

570,720

1,263

Overstock.com,

Inc.

a

83,686

16,363

Park

Hotels

&

Resorts,

Inc.

a

353,114

5,480

Penn

National

Gaming,

Inc.

a

574,523

21,234

Planet

Fitness,

Inc.

a

1,641,388

3,867

Playa

Hotels

and

Resorts

NV

a

28,229

9,559

Playtech

plc

a

58,244

10,000

PLENUS

Company,

Ltd.

a

171,004

Shares

Common

Stock

(83.5%)

Value

Consumer

Discretionary

(11.0%)

-

continued

5,650

Pointsbet

Holdings,

Ltd.

a

$

53,571

868

Pool

Corporation

299,668

6,137

Premier

Investments,

Ltd.

121,760

5,639

PulteGroup,

Inc.

295,709

1,177

Purple

Innovation,

Inc.

a

37,252

425

PVH

Corporation

a

44,923

27,073

Qurate

Retail,

Inc.

318,378

13,316

Restaurant

Brands

International,

Inc.

865,540

11,800

Rinnai

Corporation

1,323,511

1,623

Royal

Caribbean

Cruises,

Ltd.

a

138,945

5,792

Ruth's

Hospitality

Group,

Inc.

a

143,815

40,400

Sands

China,

Ltd.

a

202,490

24,800

Sangetsu

Company,

Ltd.

376,697

20,900

Sekisui

House,

Ltd.

449,562

17,657

Skyline

Corporation

a

799,156

13,000

Sony

Corporation

1,375,835

30,538

Sony

Corporation

ADR

3,237,333

3,677

Standard

Motor

Products,

Inc.

152,890

592

Strategic

Education,

Inc.

54,411

177,700

Sumitomo

Electric

Industries,

Ltd.

2,672,038

107,432

Tabcorp

Holdings,

Ltd.

383,830

4,000

Takara

Standard

Company,

Ltd.

60,337

20,628

Taylor

Morrison

Home

Corporation

a

635,549

9,864

Tenneco,

Inc.

a

105,742

10,261

Tesla,

Inc.

a

6,853,630

1,217

Thor

Industries,

Inc.

c

163,979

20,472

Thule

Group

AB

a,b

889,990

9,093

Toll

Brothers,

Inc.

515,846

411

TopBuild

Corporation

a

86,076

13,600

Toyota

Motor

Corporation

1,058,352

10,021

Tri

Pointe

Homes,

Inc.

a

204,028

3,726

TripAdvisor,

Inc.

a

200,422

10,723

Tupperware

Brands

Corporation

a

283,194

3,098

Ulta

Beauty,

Inc.

a

957,809

13,500

USS

Company,

Ltd.

264,780

958

Vail

Resorts,

Inc.

a

279,410

507

Whirlpool

Corporation

111,717

395

Williams-Sonoma,

Inc.

70,784

6,792

Wingstop,

Inc.

863,739

33

Winmark

Corporation

6,152

10,221

Wyndham

Hotels

&

Resorts,

Inc.

713,221

675

YETI

Holdings,

Inc.

a

48,742

1,286

Zumiez,

Inc.

a

55,169

Total

152,001,652

Consumer

Staples

(3.7%)

20,023

Anheuser-Busch

InBev

NV

1,258,707

11,700

Arcs

Company,

Ltd.

253,208

18,400

Asahi

Group

Holdings,

Ltd.

778,886

29,171

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,308,611

166

Boston

Beer

Company,

Inc.

a

200,242

54,992

British

American

Tobacco

plc

2,090,282

71,900

Budweiser

Brewing

Company

APAC,

Ltd.

b

215,223

21,494

Carlsberg

AS

3,296,311

537

Casey's

General

Stores,

Inc.

116,094

1

Chocoladefabriken

Lindt

and

Spruengli

AG

91,369

65

Church

&

Dwight

Company,

Inc.

5,678

21,524

Coty,

Inc.

a

193,931

5,605

Darling

Ingredients,

Inc.

a

412,416

81,054

Diageo

plc

3,329,838

44,132

e.l.f.

Beauty,

Inc.

a

1,184,062

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

(83.5%)

Value

Consumer

Staples

(3.7%)

-

continued

503

Edgewell

Personal

Care

Company

$

19,919

2,084

Flowers

Foods,

Inc.

49,599

21,277

ForFarmers

BV

146,729

5,160

Glanbia

plc

76,582

901

Hain

Celestial

Group,

Inc.

a

39,284

1,253

Hershey

Company

198,174

1,254

Ingredion,

Inc.

112,760

132,000

Japan

Tobacco,

Inc.

2,535,774

29,600

Kao

Corporation

1,958,593

7,900

Kewpie

Corporation

179,686

9,676

Kimberly-Clark

Corporation

1,345,448

5,800

Kobe

Bussan

Company,

Ltd.

155,511

24,581

Lamb

Weston

Holdings,

Inc.

1,904,536

155

Lindt

&

Spruengli

AG

1,350,236

9,023

L'Oreal

SA

3,456,554

361

Medifast,

Inc.

76,467

5,200

Ministop

Company,

Ltd.

68,528

89

Molson

Coors

Beverage

Company

a

4,552

65,685

Nestle

SA

7,322,327

7,881

NewAge,

Inc.

a,c

22,540

9,286

Orkla

ASA

91,068

2,174

Performance

Food

Group

Company

a

125,244

34,396

Philip

Morris

International,

Inc.

3,052,301

68

PriceSmart,

Inc.

6,579

6,399

Royal

Unibrew

AS

668,911

1,172

Seneca

Foods

Corporation

a

55,189

26,600

Seven

&

I

Holdings

Company,

Ltd.

1,074,146

726

Spectrum

Brands

Holdings,

Inc.

61,710

8,100

Sugi

Holdings

Company,

Ltd.

642,778

13,100

Sundrug

Company,

Ltd.

479,939

367

Tootsie

Roll

Industries,

Inc.

12,159

22,286

Turning

Point

Brands,

Inc.

1,162,661

24,187

Unilever

NV

1,349,568

464

United

Natural

Foods,

Inc.

a

15,284

2,726

US

Foods

Holding

Corporation

a

103,915

959

Utz

Brands,

Inc.

23,774

1,190

Vector

Group,

Ltd.

16,600

45,741

Wal-Mart

Stores,

Inc.

6,213,000

28

WD-40

Company

8,573

17,424

Wesfarmers,

Ltd.

699,723

9,777

Woolworths,

Ltd.

304,497

Total

51,926,276

Energy

(2.9%)

12,626

Antero

Midstream

Corporation

114,013

21,332

Antero

Resources

Corporation

a

217,586

104

APA

Corporation

1,862

19,075

Archrock,

Inc.

181,022

447

Bonanza

Creek

Energy,

Inc.

a

15,971

493,465

BP

plc

2,004,443

76,656

BP

plc

ADR

1,866,574

12,139

Canadian

Natural

Resources,

Ltd.

375,269

31,310

Centennial

Resource

Development,

Inc.

a

131,502

12,279

Cimarex

Energy

Company

729,250

934

Clean

Energy

Fuels

Corporation

a

12,833

5,459

CNX

Resources

Corporation

a

80,247

39,275

ConocoPhillips

2,080,397

720

CONSOL

Energy,

Inc.

a

6,998

5,873

Continental

Resources,

Inc.

a

151,934

5,625

Core

Laboratories

NV

161,944

58

Delek

US

Holdings,

Inc.

1,263

104,708

Devon

Energy

Corporation

2,287,870

Shares

Common

Stock

(83.5%)

Value

Energy

(2.9%)

-

continued

6,492

Diamondback

Energy,

Inc.

$

477,097

2,366

Dorian

LPG,

Ltd.

a

31,066

77,987

Eni

SPA

960,976

17,997

EnLink

Midstream,

LLC

77,207

63,968

Enterprise

Products

Partners,

LP

1,408,575

72,487

Equinor

ASA

1,414,928

6,976

Exterran

Corporation

a

23,439

17,083

Exxon

Mobil

Corporation

953,744

1,523

Gaztransport

Et

Technigaz

SA

121,342

15,836

Gran

Tierra

Energy,

Inc.

a,c

11,082

51,292

Halliburton

Company

1,100,726

11,981

Helix

Energy

Solutions

Group,

Inc.

a

60,504

5,805

Helmerich

&

Payne,

Inc.

156,503

7,399

HollyFrontier

Corporation

264,736

60,185

John

Wood

Group

plc

a

224,387

15,809

Kinder

Morgan,

Inc.

263,220

3,617

Liberty

Oilfield

Services,

Inc.

a

40,836

24,586

Marathon

Oil

Corporation

262,578

38,353

Marathon

Petroleum

Corporation

2,051,502

782

Nabors

Industries,

Ltd.

a

73,078

34,423

Neste

Oil

Oyj

1,828,065

21,175

Nine

Energy

Service,

Inc.

a

48,702

4,881

Oceaneering

International,

Inc.

a

55,741

14,770

OMV

AG

748,506

17,432

Patterson-UTI

Energy,

Inc.

124,290

16,393

Pioneer

Natural

Resources

Company

2,603,536

3,662

Plains

GP

Holdings,

LP

a

34,423

5,361

ProPetro

Holding

Corporation

a

57,148

1,142

Renewable

Energy

Group,

Inc.

a

75,418

4,577

Ring

Energy,

Inc.

a,c

10,573

127,713

Royal

Dutch

Shell

plc,

Class

A

2,482,621

206,124

Royal

Dutch

Shell

plc,

Class

B

3,794,237

2,353

Suncor

Energy,

Inc.

49,187

11,517

Talos

Energy,

Inc.

a

138,665

2,708

Targa

Resources

Corporation

85,979

26,759

TC

Energy

Corporation

1,226,694

74,516

Tenaris

SA

ADR

1,690,768

76,404

Total

SE

3,561,950

37,148

Transocean,

Ltd.

a

131,875

291

TravelCenters

of

America,

Inc.

a

7,895

6,801

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

163,725

44,784

Woodside

Petroleum,

Ltd.

818,557

Total

40,137,059

Financials

(13.5%)

93

1st

Source

Corporation

4,425

77,857

AB

Industrivarden,

Class

C

a

2,732,302

2,007

AG

Mortgage

Investment

Trust,

Inc.

8,088

227,800

AIA

Group,

Ltd.

2,787,536

4,287

Air

Lease

Corporation

210,063

1,205

Alleghany

Corporation

a

754,679

30,741

Allianz

SE

7,819,159

8,146

American

Equity

Investment

Life

Holding

Company

256,843

27,222

American

Express

Company

3,850,280

8,605

American

Financial

Group,

Inc.

981,830

159

American

National

Group,

Inc.

17,151

1,020

Ameriprise

Financial,

Inc.

237,099

9,660

Ameris

Bancorp

507,247

10,682

Apollo

Commercial

Real

Estate

Finance,

Inc.

149,228

11,338

Arch

Capital

Group,

Ltd.

a

435,039

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

(83.5%)

Value

Financials

(13.5%)

-

continued

1,210

Argo

Group

International

Holdings,

Ltd.

$

60,887

5,439

Arthur

J.

Gallagher

&

Company

678,624

3,653

Artisan

Partners

Asset

Management,

Inc.

190,577

22,737

Associated

Banc-Corp

485,208

4,182

Assured

Guaranty,

Ltd.

176,815

11,684

ASX,

Ltd.

632,449

28,972

Australia

and

New

Zealand

Banking

Group,

Ltd.

622,042

17,229

Baloise

Holding

AG

2,929,822

200,783

Banco

Bilbao

Vizcaya

Argentaria

SA

1,046,316

233,833

Banco

Santander

SA

a

797,562

2,177

Bancorp,

Inc.

a

45,107

180,538

Bank

of

America

Corporation

6,985,015

814

Bank

of

Marin

Bancorp

31,876

4,632

BankFinancial

Corporation

47,802

8,805

Banner

Corporation

469,571

18,546

Berkshire

Hills

Bancorp,

Inc.

413,947

1,962

Blackstone

Mortgage

Trust,

Inc.

60,822

72

BM

Technologies,

Inc.

a,d

797

28,360

BNP

Paribas

SA

a

1,727,962

424

BOK

Financial

Corporation

37,872

6,454

Brighthouse

Financial,

Inc.

a

285,589

14,761

BrightSphere

Investment

Group

300,829

8,870

Brookline

Bancorp,

Inc.

133,050

1,769

Brown

&

Brown,

Inc.

80,861

2,409

Byline

Bancorp,

Inc.

50,950

36,862

Capital

One

Financial

Corporation

4,689,952

9,332

Central

Pacific

Financial

Corporation

248,978

103,822

Charles

Schwab

Corporation

6,767,118

15,586

Chimera

Investment

Corporation

197,942

15,076

Chubb,

Ltd.

2,381,556

156,129

CI

Financial

Corporation

2,254,907

3,426

Cincinnati

Financial

Corporation

353,186

40,834

Citigroup,

Inc.

2,970,673

4,355

Citizens

Financial

Group,

Inc.

192,273

5,623

CNO

Financial

Group,

Inc.

136,583

4,926

CNP

Assurances

93,431

26,978

Comerica,

Inc.

1,935,402

721

Commerce

Bancshares,

Inc.

55,236

62,259

Commonwealth

Bank

of

Australia

4,085,107

7,408

Community

Trust

Bancorp,

Inc.

326,174

900

Cowen,

Inc.

31,635

840

Cullen/Frost

Bankers,

Inc.

91,358

2,594

Customers

Bancorp,

Inc.

a

82,541

182,000

DBS

Group

Holdings,

Ltd.

3,902,333

12,294

Deutsche

Boerse

AG

2,042,888

24,618

Deutsche

Pfandbriefbank

AG

a,b

286,761

221

Diamond

Hill

Investment

Group,

Inc.

34,478

1,103

Dime

Community

Bancshares,

Inc.

33,244

22,673

Discover

Financial

Services

2,153,708

181,859

DnB

ASA

3,877,767

3,907

East

West

Bancorp,

Inc.

288,337

350

Employers

Holdings,

Inc.

15,071

740

Encore

Capital

Group,

Inc.

a

29,770

1,832

Enova

International,

Inc.

a

64,999

180

Enstar

Group,

Ltd.

a

44,411

1,450

Enterprise

Financial

Services

Corporation

71,688

58,472

Equitable

Holdings,

Inc.

1,907,357

4,201

Essent

Group,

Ltd.

199,505

32,997

Euronext

NV

b

3,321,150

Shares

Common

Stock

(83.5%)

Value

Financials

(13.5%)

-

continued

71,817

Everi

Holdings,

Inc.

a

$

1,013,338

20,775

F.N.B.

Corporation

263,842

987

FactSet

Research

Systems,

Inc.

304,578

481

Federal

Agricultural

Mortgage

Corporation

48,446

5,580

Financial

Institutions,

Inc.

169,018

752

First

American

Financial

Corporation

42,601

10,087

First

Bancorp/Puerto

Rico

113,580

8,532

First

Busey

Corporation

218,846

15,591

First

Financial

Bancorp

374,184

3,925

First

Financial

Corporation

176,664

4,501

First

Horizon

Corporation

76,112

11,935

First

Midwest

Bancorp,

Inc.

261,496

747

First

of

Long

Island

Corporation

15,874

14,967

First

Republic

Bank

2,495,747

11,804

Flagstar

Bancorp,

Inc.

532,360

1,109

Flushing

Financial

Corporation

23,544

43,108

Fulton

Financial

Corporation

734,129

4,102

Goldman

Sachs

Group,

Inc.

1,341,354

11,528

Granite

Point

Mortgage

Trust,

Inc.

137,990

6,995

Great

Southern

Bancorp,

Inc.

396,407

7,883

Great

Western

Bancorp,

Inc.

238,776

13,085

Groupe

Bruxelles

Lambert

SA

1,353,596

6,535

Hamilton

Lane,

Inc.

578,740

20,909

Hancock

Whitney

Corporation

878,387

5,505

Hanmi

Financial

Corporation

108,614

5,874

Hanover

Insurance

Group,

Inc.

760,448

1,240

Heartland

Financial

USA,

Inc.

62,322

11,455

Heritage

Commerce

Corporation

139,980

969

Hilltop

Holdings,

Inc.

33,072

275

HomeStreet,

Inc.

12,119

5,458

Hometrust

Bancshares,

Inc.

132,902

6,100

Hong

Kong

Exchanges

&

Clearing,

Ltd.

361,888

38,178

Hope

Bancorp,

Inc.

574,961

8,231

Horizon

Bancorp,

Inc.

152,932

186,110

HSBC

Holdings

plc

1,084,780

161,282

Humm

Group,

Ltd.

a

118,302

8,070

Independent

Bank

Corporation

190,775

90,756

ING

Groep

NV

1,108,506

1,434

Intact

Financial

Corporation

175,727

27,677

Intermediate

Capital

Group

plc

702,705

14,378

Invesco

Mortgage

Capital.

Inc.

57,656

19,605

Invesco,

Ltd.

494,438

50,852

J.P.

Morgan

Chase

&

Company

7,741,200

123,200

Japan

Post

Bank

Company,

Ltd.

1,184,724

8,200

Japan

Post

Holdings

Company,

Ltd.

73,080

3,789

Jefferies

Financial

Group,

Inc.

114,049

3,135

KBC

Groep

NV

228,108

10,348

Kinnevik

AB

502,934

7,338

Kinsale

Capital

Group,

Inc.

1,209,302

4,623

L

E

Lundbergforetagen

AB

a

252,484

7,528

Ladder

Capital

Corporation

88,830

1,818

Lakeland

Bancorp,

Inc.

31,688

50,078

Laurentian

Bank

of

Canada

c

1,595,148

6,165

Lincoln

National

Corporation

383,895

2,711

Loews

Corporation

139,020

10,990

Marsh

&

McLennan

Companies,

Inc.

1,338,582

99,380

Mediobanca

SPA

a

1,101,259

2,485

Mercantile

Bank

Corporation

80,688

41,173

MFA

Financial,

Inc.

167,574

3,524

Midland

States

Bancorp,

Inc.

97,756

6,571

MidWestOne

Financial

Group,

Inc.

203,504

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock

(83.5%)

Value

Financials

(13.5%)

-

continued

259,500

Mitsubishi

UFJ

Financial

Group,

Inc.

$

1,387,622

105,600

Mitsubishi

UFJ

Lease

&

Finance

Company,

Ltd.

638,346

20,269

Mizrahi

Tefahot

Bank,

Ltd.

a

528,529

58,993

Morgan

Stanley

4,581,396

5,982

Mr.

Cooper

Group,

Inc.

a

207,934

6,300

MS

and

AD

Insurance

Group

Holdings,

Inc.

185,321

2,407

MSCI,

Inc.

1,009,207

38

Nasdaq,

Inc.

5,603

32,776

National

Australia

Bank,

Ltd.

649,374

182

National

Western

Life

Group,

Inc.

45,318

54,840

Natixis

a

262,129

9,680

Navient

Corporation

138,521

433

NBT

Bancorp,

Inc.

17,277

28,461

New

York

Community

Bancorp,

Inc.

359,178

4,007

NMI

Holdings,

Inc.

a

94,725

4,186

Northern

Trust

Corporation

439,990

4,069

OFG

Bancorp

92,041

10,958

Old

National

Bancorp

211,928

4,109

Old

Second

Bancorp,

Inc.

54,280

1,211

OneMain

Holdings,

Inc.

65,055

7,402

Onex

Corporation

460,365

526

Oppenheimer

Holdings,

Inc.

21,066

88,000

ORIX

Corporation

1,488,325

13,380

PacWest

Bancorp

510,447

13,422

Paragon

Banking

Group

plc

84,676

2,214

Partners

Group

Holding

AG

2,829,328

1,536

Peoples

Bancorp,

Inc.

50,949

20,548

Popular,

Inc.

1,444,935

10,980

Premier

Financial

Corporation

365,195

32

Primerica,

Inc.

4,730

2,617

PROG

Holdings,

Inc.

113,290

2,284

Prosperity

Bancshares,

Inc.

171,049

6,731

QCR

Holdings,

Inc.

317,838

17,455

Radian

Group,

Inc.

405,829

26,260

Raymond

James

Financial,

Inc.

3,218,426

16,427

Redwood

Trust,

Inc.

171,005

4,767

Reinsurance

Group

of

America,

Inc.

600,880

1,458

RenaissanceRe

Holdings,

Ltd.

233,645

309

RLI

Corporation

34,475

51,034

Royal

Bank

of

Canada

4,705,427

12,294

S&P

Global,

Inc.

4,338,184

1,143

Safety

Insurance

Group,

Inc.

96,298

10,707

Seacoast

Banking

Corporation

of

Florida

a

388,022

9,227

SEI

Investments

Company

562,201

894

Selective

Insurance

Group,

Inc.

64,851

4,114

Signature

Bank

930,175

2,956

Simmons

First

National

Corporation

87,705

1,180

Southside

Bancshares,

Inc.

45,442

16,425

St.

James's

Place

plc

288,364

7,749

Starwood

Property

Trust,

Inc.

191,710

2,814

Sterling

Bancorp

64,778

909

Stifel

Financial

Corporation

58,231

63,500

Sumitomo

Mitsui

Financial

Group,

Inc.

2,301,704

27,193

Sun

Life

Financial,

Inc.

1,374,256

3,987

Swiss

Life

Holding

AG

1,959,358

3,328

Synovus

Financial

Corporation

152,256

2,383

T.

Rowe

Price

Group,

Inc.

408,923

1,625

Territorial

Bancorp,

Inc.

42,997

Shares

Common

Stock

(83.5%)

Value

Financials

(13.5%)

-

continued

6,983

TMX

Group,

Ltd.

$

725,639

16,400

Tokio

Marine

Holdings,

Inc.

780,494

78

Tompkins

Financial

Corporation

6,451

375

Topdanmark

AS

17,104

10,825

Torchmark

Corporation

1,046,020

55,509

Toronto-Dominion

Bank

3,620,210

2,163

Towne

Bank

65,755

10,751

TPG

RE

Finance

Trust,

Inc.

120,411

3,369

TriCo

Bancshares

159,590

47,778

Truist

Financial

Corporation

2,786,413

11,644

TrustCo

Bank

Corporation

85,816

3,292

Trustmark

Corporation

110,809

16,812

Two

Harbors

Investment

Corporation

123,232

41,653

Umpqua

Holdings

Corporation

731,010

7,524

United

Bankshares,

Inc.

290,276

920

Univest

Financial

Corporation

26,303

18,404

Unum

Group

512,183

14,886

Valley

National

Bancorp

204,534

44,174

Virgin

Money

UK

plc

a

115,929

549

Vontobel

Holding

AG

41,902

3,565

Voya

Financial,

Inc.

226,877

244

Walker

&

Dunlop,

Inc.

25,069

2,004

Washington

Trust

Bancorp,

Inc.

103,467

844

Webster

Financial

Corporation

46,513

142,395

Wells

Fargo

&

Company

5,563,373

3,702

WesBanco,

Inc.

133,494

198

Westamerica

Bancorporation

12,430

20,972

Western

Alliance

Bancorp

1,980,596

12,380

Western

Asset

Mortgage

Capital

Corporation

39,492

79,599

Westpac

Banking

Corporation

1,476,477

214

Westwood

Holdings

Group,

Inc.

3,094

8,266

Wintrust

Financial

Corporation

626,563

37,715

Zions

Bancorporations

NA

2,072,816

6,320

Zurich

Insurance

Group

AG

2,690,118

Total

186,937,970

Health

Care

(10.6%)

10,992

AbbVie,

Inc.

1,189,554

40,296

ACADIA

Pharmaceuticals,

Inc.

a

1,039,637

458

Acceleron

Pharma,

Inc.

a

62,109

20,324

Adaptive

Biotechnologies

Corporation

a

818,244

1,599

ADMA

Biologics,

Inc.

a

2,814

2,816

Adverum

Biotechnologies,

Inc.

a

27,766

249

Allakos,

Inc.

a

28,580

1,720

Altimmune,

Inc.

a

24,304

13,041

Amgen,

Inc.

3,244,731

13,896

Amplifon

SPA

a

517,081

796

AnaptysBio,

Inc.

a

17,154

10,403

Anthem,

Inc.

3,734,157

68,914

Ardelyx,

Inc.

a

456,211

3,011

Arena

Pharmaceuticals,

Inc.

a

208,933

4,196

Argenx

SE

ADR

a

1,155,536

2,860

Arrowhead

Research

Corporation

a

189,647

7,864

Ascendis

Pharma

AS

ADR

a

1,013,512

85,300

Astellas

Pharmaceutical,

Inc.

1,313,987

1,902

Atara

Biotherapeutics,

Inc.

a

27,313

88

Atrion

Corporation

56,435

14,615

Axonics

Modulation

Technologies,

Inc.

a

875,292

3,780

Becton,

Dickinson

and

Company

919,107

6,592

Biogen,

Inc.

a

1,844,112

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock

(83.5%)

Value

Health

Care

(10.6%)

-

continued

10,291

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

$

703,390

210

Bio-Rad

Laboratories,

Inc.

a

119,946

4,556

Bio-Techne

Corporation

1,740,073

885

BioXcel

Therapeutics,

Inc.

a,c

38,197

687

Bruker

Corporation

44,160

6,135

Catalent,

Inc.

a

646,077

27,231

Centene

Corporation

a

1,740,333

38,561

Cerner

Corporation

2,771,765

2,590

Charles

River

Laboratories

International,

Inc.

a

750,660

664

Chemed

Corporation

305,320

52,300

Chugai

Pharmaceutical

Company,

Ltd.

2,125,150

14,956

Cigna

Holding

Company

3,615,463

281

Co-Diagnostics,

Inc.

a,c

2,681

142

Cooper

Companies,

Inc.

54,541

3,597

CryoLife,

Inc.

a

81,220

22,605

CSL,

Ltd.

4,568,555

26,640

CVS

Health

Corporation

2,004,127

1,488

CytomX

Therapeutics,

Inc.

a

11,502

59,700

Daiichi

Sankyo

Company,

Ltd.

1,741,794

4,977

Dechra

Pharmaceuticals

plc

235,343

10,970

Dexcom,

Inc.

a

3,942,508

1,490

Editas

Medicine,

Inc.

a,c

62,580

33,422

Edwards

Lifesciences

Corporation

a

2,795,416

3,321

Envista

Holdings

Corporation

a

135,497

557

Eurofins

Scientific

SE

a

53,238

58

Fate

Therapeutics,

Inc.

a

4,782

2,294

Genus

plc

153,617

989

Gerresheimer

AG

98,225

38,521

GlaxoSmithKline

plc

ADR

c

1,374,815

2,227

Global

Blood

Therapeutics,

Inc.

a

90,750

20,807

GoodRx

Holdings,

Inc.

a,c

811,889

15,586

Guardant

Health,

Inc.

a

2,379,203

1,510

Haemonetics

Corporation

a

167,625

14,437

HCA

Healthcare,

Inc.

2,719,065

2,082

HealthEquity,

Inc.

a

141,576

4,028

Hill-Rom

Holdings,

Inc.

445,013

7,698

Humana,

Inc.

3,227,387

22

ICU

Medical,

Inc.

a

4,520

13,648

Immunocore

Holdings

plc

ADR

a

580,995

2,476

ImmunoGen,

Inc.

a

20,056

5,477

Inspire

Medical

Systems,

Inc.

a

1,133,684

5,528

Insulet

Corporation

a

1,442,366

1,187

Integra

LifeSciences

Holdings

Corporation

a

82,010

5,084

Intuitive

Surgical,

Inc.

a

3,756,771

3,077

Invitae

Corporation

a,c

117,572

6,085

Ionis

Pharmaceuticals,

Inc.

a

273,582

2,057

iRhythm

Technologies,

Inc.

a

285,635

36,042

Johnson

&

Johnson

5,923,503

1,928

Kura

Oncology,

Inc.

a

54,505

1,060

Laboratory

Corporation

of

America

Holdings

a

270,332

1,357

Lannett

Company,

Inc.

a

7,165

15,016

LHC

Group,

Inc.

a

2,871,209

2,275

LNA

Sante

122,208

2,130

Lonza

Group

AG

1,191,308

25,200

M3,

Inc.

1,729,931

42,607

Medtronic

plc

5,033,165

68,067

Merck

&

Company,

Inc.

5,247,285

6,075

Merck

KGaA

1,039,157

186

Mirati

Therapeutics,

Inc.

a

31,862

3,086

Molina

Healthcare,

Inc.

a

721,383

Shares

Common

Stock

(83.5%)

Value

Health

Care

(10.6%)

-

continued

11,976

Natera,

Inc.

a

$

1,216,043

3,893

National

Healthcare

Corporation

303,304

1,183

Neogen

Corporation

a

105,157

12,042

Nevro

Corporation

a

1,679,859

101,063

Novartis

AG

8,638,938

85,871

Novo

Nordisk

AS

5,786,300

30,712

Novo

Nordisk

AS

ADR

2,070,603

3,140

NuVasive,

Inc.

a

205,858

1,594

Olink

Holding

AB

ADR

a

57,384

1,467

Omnicell,

Inc.

a

190,519

12,621

OPKO

Health,

Inc.

a

54,144

694

Orthifix

Medical,

Inc.

a

30,085

619

Owens

&

Minor,

Inc.

23,268

1,063

Precigen,

Inc.

a,c

7,324

3,405

Premier,

Inc.

115,259

10,210

Pulmonx

Corporation

a

467,005

1,108

Reata

Pharmaceuticals,

Inc.

a

110,468

44,622

Recordati

SPA

2,399,756

4,194

Repligen

Corporation

a

815,356

328

Replimune

Group,

Inc.

a

10,007

2,224

Roche

Holding

AG

720,450

854

Sage

Therapeutics,

Inc.

a

63,922

2,308

Sarepta

Therapeutics,

Inc.

a

172,015

477

Sartorius

Aktiengesellschaft

237,813

342

Sartorius

Stedim

Biotech

140,750

6,500

Sawai

Pharmaceutical

Company,

Ltd.

d

312,957

242

Seres

Therapeutics,

Inc.

a

4,983

16,147

Silk

Road

Medical,

Inc.

a

817,846

4,854

Sonic

Healthcare,

Ltd.

129,803

9,312

Sonova

Holding

AG

a

2,468,380

10,221

Stryker

Corporation

2,489,631

227

Surmodics,

Inc.

a

12,728

1,300

Sysmex

Corporation

140,327

13,150

Tactile

Systems

Technology,

Inc.

a

716,544

36,100

Takeda

Pharmaceutical

Company,

Ltd.

1,315,923

4,318

Tecan

Group

AG

1,915,637

12,064

Teladoc

Health,

Inc.

a

2,192,632

3,754

Teleflex,

Inc.

1,559,637

1,738

Tenet

Healthcare

Corporation

a

90,376

7,600

Terumo

Corporation

275,031

8,687

Thermo

Fisher

Scientific,

Inc.

3,964,573

10,621

Travere

Therapeutics,

Inc.

a

265,206

692

U.S.

Physical

Therapy,

Inc.

72,037

807

United

Therapeutics

Corporation

a

134,987

2,548

Vaxart,

Inc.

a,c

15,415

13,587

VBI

Vaccines,

Inc.

a,c

42,256

16,150

Veeva

Systems,

Inc.

a

4,219,026

27,091

Viatris,

Inc.

a

378,461

1,540

ViewRay,

Inc.

a

6,699

582

Vocera

Communications,

Inc.

a

22,384

10,931

Vor

BioPharma,

Inc.

a

471,126

446

Waters

Corporation

a

126,740

6,453

Zimmer

Biomet

Holdings,

Inc.

1,032,996

24,126

Zoetis,

Inc.

3,799,362

14,243

Zymeworks,

Inc.

a

449,794

Total

147,674,987

Industrials

(10.9%)

326

A.P.

Moller

-

Maersk

AS,

Class

B

756,815

28,323

Aalberts

NV

1,432,401

5,075

AECOM

a

325,358

10,258

AerCap

Holdings

NV

a

602,555

560

Allegion

plc

70,347

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

(83.5%)

Value

Industrials

(10.9%)

-

continued

18,223

Altra

Industrial

Motion

Corporation

$

1,008,096

1,150

Apogee

Enterprises,

Inc.

47,012

1,179

Armstrong

World

Industries,

Inc.

106,216

18,330

ASGN,

Inc.

a

1,749,415

29,699

Assa

Abloy

AB

854,749

84,127

Atlas

Copco

AB,

Class

A

5,128,992

25,040

Atlas

Copco

AB,

Class

B

1,305,021

10,119

AZZ,

Inc.

509,492

4,748

Bloom

Energy

Corporation

a

128,433

4,310

Boeing

Company

a

1,097,843

31,828

Canadian

National

Railway

Company

3,693,639

7,438

Canadian

Pacific

Railway,

Ltd.

2,840,964

15,325

Carlisle

Companies,

Inc.

2,522,188

12,866

CBIZ,

Inc.

a

420,204

14,688

Chart

Industries,

Inc.

a

2,090,837

11,154

CIA

De

Distribucion

Integral

221,316

1,667

CRA

International,

Inc.

124,425

10,242

Crane

Company

961,826

4,373

Credit

Corporation

Group,

Ltd.

109,315

6,144

CSW

Industrials,

Inc.

829,440

17,795

CSX

Corporation

1,715,794

7,585

Curtiss-Wright

Corporation

899,581

4,800

Daikin

Industries,

Ltd.

970,362

61,462

Delta

Air

Lines,

Inc.

a

2,967,385

10,606

Deutsche

Post

AG

581,856

574

Diamond

S

Shipping,

Inc.

a

5,757

1,120

Douglas

Dynamics,

Inc.

51,688

3,958

DSV

AS

776,337

595

Dycom

Industries,

Inc.

a

55,246

5,516

EMCOR

Group,

Inc.

618,675

1,293

Expeditors

International

of

Washington,

Inc.

139,243

52,779

Experian

plc

1,818,298

1,400

FANUC

Corporation

336,570

8,986

Forrester

Research,

Inc.

a

381,725

6,686

Forward

Air

Corporation

593,784

2,071

GATX

Corporation

192,065

4,074

Generac

Holdings,

Inc.

a

1,334,031

16,214

General

Dynamics

Corporation

2,943,814

3,628

Gorman-Rupp

Company

120,123

1,599

Greenbrier

Companies,

Inc.

75,505

180,112

GWA

Group,

Ltd.

392,024

8,000

Hanwa

Company,

Ltd.

246,165

13,631

Honeywell

International,

Inc.

2,958,881

52,167

Howmet

Aerospace,

Inc.

a

1,676,126

5,869

Hubbell,

Inc.

1,096,857

844

ICF

International,

Inc.

73,766

5,146

IDEX

Corporation

1,077,161

39,100

Inaba

Denki

Sangyo

Company,

Ltd.

944,963

122

Insperity,

Inc.

10,216

911

International

Seaways,

Inc.

17,655

231

JB

Hunt

Transport

Services,

Inc.

38,824

6,719

Jet2

plc

a

117,453

5,990

JetBlue

Airways

Corporation

a

121,837

315

John

Bean

Technologies

Corporation

42,002

73,458

Johnson

Controls

International

plc

4,383,239

32,900

Kamigumi

Company,

Ltd.

624,142

10,382

Kansas

City

Southern

2,740,017

513

Kimball

International,

Inc.

7,182

42,000

Kinden

Corporation

716,163

8,846

KONE

Oyj

723,041

16,543

L3Harris

Technologies,

Inc.

3,352,935

Shares

Common

Stock

(83.5%)

Value

Industrials

(10.9%)

-

continued

5,640

Landstar

System,

Inc.

$

930,938

57,955

Legrand

SA

5,390,910

915

Lennox

International,

Inc.

285,105

15,239

Lincoln

Electric

Holdings,

Inc.

1,873,483

8,298

Lockheed

Martin

Corporation

3,066,111

3,334

Manpower,

Inc.

329,733

85,900

Marubeni

Corporation

717,443

968

Masonite

International

Corporation

a

111,552

18,212

Mercury

Systems,

Inc.

a

1,286,678

36,781

Meritor,

Inc.

a

1,082,097

3,321

Mesa

Air

Group,

Inc.

a

44,667

13,339

Middleby

Corporation

a

2,210,939

6,000

MISUMI

Group,

Inc.

174,777

84,600

Mitsubishi

Corporation

2,398,330

65,800

Mitsubishi

Electric

Corporation

1,005,625

14,000

Mitsuboshi

Belting,

Ltd.

225,640

129,700

Mitsui

&

Company,

Ltd.

2,706,884

5,353

MSC

Industrial

Direct

Company,

Inc.

482,787

19,400

Nidec

Corporation

2,365,400

1,800

Nihon

M&A

Center,

Inc.

48,822

23,300

Nitto

Kogyo

Corporation

427,784

27,302

Nobina

AB

a,b

228,993

563

Nordson

Corporation

111,857

12,218

Norfolk

Southern

Corporation

3,280,777

3,528

Old

Dominion

Freight

Line,

Inc.

848,166

15,828

Otis

Worldwide

Corporation

1,083,427

93,351

PageGroup

plc

a

605,600

9,711

Parker-Hannifin

Corporation

3,063,141

23,077

Pitney

Bowes,

Inc.

190,154

1,541

Primoris

Services

Corporation

51,053

2,886

Quad/Graphics,

Inc.

a

10,188

13,745

Ranpak

Holdings

Corporation

a

275,725

29,301

Raytheon

Technologies

Corporation

2,264,088

3,420

RBC

Bearings,

Inc.

a

672,953

42,500

Recruit

Holdings

Company,

Ltd.

2,087,014

23,378

Redde

Northgate

plc

99,319

21,951

Regal-Beloit

Corporation

3,131,969

179,123

RELX

plc

4,492,570

17,663

Ritchie

Brothers

Auctioneers,

Inc.

1,034,169

18,658

Rush

Enterprises,

Inc.

929,728

1,878

Ryder

System,

Inc.

142,071

3,065

Saia,

Inc.

a

706,728

1,900

Sankyu

Inc.

83,599

47,242

Schneider

Electric

SE

7,196,644

70,968

SEEK,

Ltd.

a

1,546,875

153

SGS

SA

434,734

2,200

SHO-BOND

Holdings

Company,

Ltd.

94,959

8,849

Signify

NV

a,b

455,134

6,036

Simpson

Manufacturing

Company,

Inc.

626,114

36,000

SITC

International

Holdings

Company,

Ltd.

122,519

101

Sixt

SE

a

13,355

2,128

SkyWest,

Inc.

a

115,933

12,861

Smith

&

Wesson

Brands,

Inc.

224,424

1,124

Snap-On,

Inc.

259,352

206,800

Sojitz

Corporation

584,311

8,240

Spirax-Sarco

Engineering

plc

1,294,660

1,852

Spirit

Airlines,

Inc.

a,c

68,339

10,430

Standex

International

Corporation

996,795

969

Sterling

Construction

Company,

Inc.

a

22,481

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Shares

Common

Stock

(83.5%)

Value

Industrials

(10.9%)

-

continued

83,600

Sumitomo

Corporation

$

1,196,454

37,994

Summit

Materials,

Inc.

a

1,064,592

14,926

Sun

Country

Airlines

Holdings,

Inc.

a,c

511,663

365

Sunrun,

Inc.

a

22,075

2,500

Taikisha,

Ltd.

68,621

6,800

Taisei

Corporation

262,353

2,144

Technip

Energies

N.V.

ADR

a

32,096

801

Teledyne

Technologies,

Inc.

a

331,334

1,071

Tetra

Tech,

Inc.

145,356

1,110

Thermon

Group

Holdings,

Inc.

a

21,634

14,200

Toppan

Forms

Company,

Ltd.

143,631

41

Toro

Company

4,229

336

Trane

Technologies

plc

55,628

15,844

TransUnion

1,425,960

71,998

Transurban

Group

a

731,947

7,557

Trex

Company,

Inc.

a

691,768

10,616

TriMas

Corporation

a

321,877

14,800

Tsubakimoto

Chain

Company

408,389

4,679

Tutor

Perini

Corporation

a

88,667

633

UniFirst

Corporation

141,608

16,629

United

Parcel

Service,

Inc.

2,826,764

13,200

United

Rentals,

Inc.

a

4,346,892

3,521

Valmont

Industries,

Inc.

836,836

1,819

Waste

Connections,

Inc.

196,416

2,306

Watsco,

Inc.

601,289

307

Watts

Water

Technologies,

Inc.

36,475

1,222

Welbilt,

Inc.

a

19,858

3,868

Werner

Enterprises,

Inc.

182,454

10,337

Willdan

Group,

Inc.

a

424,334

1,656

Woodward,

Inc.

199,763

4,005

XPO

Logistics,

Inc.

a

493,817

1,815

Xylem,

Inc.

190,902

9,700

Yuasa

Trading

Company,

Ltd.

274,146

Total

151,790,838

Information

Technology

(16.5%)

1,205

3D

Systems

Corporation

a,c

33,065

17,939

Adobe,

Inc.

a

8,527,662

91

ADTRAN,

Inc.

1,518

4,800

Advantest

Corporation

421,595

2,607

Alliance

Data

Systems

Corporation

292,219

1,040

Ambarella,

Inc.

a

104,406

10,398

Amphenol

Corporation

685,956

18,494

AMS

AG

a

368,229

36,010

Anaplan,

Inc.

a

1,939,138

165,788

Apple,

Inc.

20,251,004

13,707

ASML

Holding

NV

8,410,224

1,648

Aspen

Technology,

Inc.

a

237,856

3,628

Atlassian

Corporation

plc

a

764,637

7,820

Avalara,

Inc.

a

1,043,423

16,599

Bandwidth,

Inc.

a,c

2,103,757

800

Bechtle

AG

150,077

2,920

Belden,

Inc.

129,560

5,810

Benchmark

Electronics,

Inc.

179,645

27,402

BigCommerce

Holdings,

Inc.

a,c

1,583,836

1,144

Bill.com

Holdings,

Inc.

a

166,452

4,167

Blackline,

Inc.

a,c

451,703

206

CACI

International,

Inc.

a

50,812

9,799

Calix,

Inc.

a

339,633

26,900

Canon,

Inc.

611,545

416

Capgemini

SA

70,731

5,063

CDK

Global,

Inc.

273,706

2,348

CDW

Corporation

389,181

914

Ceridian

HCM

Holding,

Inc.

a

77,023

Shares

Common

Stock

(83.5%)

Value

Information

Technology

(16.5%)

-

continued

64,689

CGI,

Inc.

a

$

5,388,434

138,079

Cisco

Systems,

Inc.

7,140,065

5,788

Cognex

Corporation

480,346

1,487

CompuGroup

Medical

SE

and

Company

KGaA

125,679

88,052

Computershare,

Ltd.

1,010,350

10,005

Computershare,

Ltd.,

Rights

a

11,551

349

Concentrix

Corporation

a

52,252

89

Constellation

Software,

Inc.

124,293

3,911

Coupa

Software,

Inc.

a

995,271

3,323

Cree,

Inc.

a

359,316

1,793

CTS

Corporation

55,691

9,259

Descartes

Systems

Group,

Inc.

a

563,966

3,044

Diebold

Nixdorf,

Inc.

a

43,012

5,298

DocuSign,

Inc.

a

1,072,580

18,195

Dolby

Laboratories,

Inc.

1,796,210

21

Domo,

Inc.

a

1,182

1,193

DSP

Group,

Inc.

a

17,000

18,811

Elastic

NV

a

2,091,783

10,647

Endava

plc

ADR

a

901,694

1,370

Enphase

Energy,

Inc.

a

222,159

1,992

EPAM

Systems,

Inc.

a

790,206

2,806

ePlus,

Inc.

a

279,590

11,543

Euronet

Worldwide,

Inc.

a

1,596,397

1,106

ExlService

Holdings,

Inc.

a

99,717

3,487

eXp

World

Holdings,

Inc.

a,c

158,833

2,273

F5

Networks,

Inc.

a

474,193

3,406

First

Solar,

Inc.

a

297,344

7,800

Five9,

Inc.

a

1,219,374

19,700

Fuji

Soft,

Inc.

1,022,694

7,328

Global

Payments,

Inc.

1,477,178

157,166

Halma

plc

5,141,977

9,647

Health

Catalyst,

Inc.

a,c

451,190

11,200

Hoya

Corporation

1,318,205

17,101

Infineon

Technologies

AG

727,609

81

IPG

Photonics

Corporation

a

17,086

13,200

ITOCHU

Techno-Solutions

Corporation

426,556

4,297

Jack

Henry

&

Associates,

Inc.

651,941

7,200

Keyence

Corporation

3,281,445

1,896

Kinaxis,

Inc.

a

221,268

1,052

Lam

Research

Corporation

626,192

2,900

Lasertec

Corporation

382,978

16,245

Lattice

Semiconductor

Corporation

a

731,350

23

Littelfuse,

Inc.

6,082

12,378

LivePerson,

Inc.

a

652,816

16,478

Lumentum

Holdings,

Inc.

a

1,505,265

1,479

Manhattan

Associates,

Inc.

a

173,605

28,623

Mastercard,

Inc.

10,191,219

1,531

MAXIMUS,

Inc.

136,320

333

MaxLinear,

Inc.

a

11,349

56,027

Medallia,

Inc.

a,c

1,562,593

115,201

Microsoft

Corporation

27,160,940

37

MicroStrategy,

Inc.

a

25,116

11,958

MKS

Instruments,

Inc.

2,217,252

8,417

Monolithic

Power

Systems,

Inc.

2,972,969

1,109

Motorola

Solutions,

Inc.

208,547

3,700

Murata

Manufacturing

Company,

Ltd.

297,833

36,900

NEC

Networks

&

System

Integration

Corporation

650,972

212

NetApp,

Inc.

15,406

2,875

Nice,

Ltd.

ADR

a

626,664

3,814

Nova

Measuring

Instruments,

Ltd.

a

347,112

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

(83.5%)

Value

Information

Technology

(16.5%)

-

continued

3,150

Novanta,

Inc.

a

$

415,454

14,969

NVIDIA

Corporation

7,992,398

1,500

OBIC

Company,

Ltd.

275,237

3,712

Okta,

Inc.

a

818,236

30,702

Oracle

Corporation

2,154,359

8,200

Oracle

Corporation

Japan

802,742

5,400

OUTSOURCING

Inc.

87,627

3,769

Palo

Alto

Networks,

Inc.

a

1,213,844

3,337

Paychex,

Inc.

327,093

1,748

Paylocity

Holding

Corporation

a

314,343

53,431

PayPal

Holdings,

Inc.

a

12,975,184

4,914

Plantronics,

Inc.

a

191,204

566

Progress

Software

Corporation

24,938

6,129

Q2

Holdings,

Inc.

a

614,126

3,338

QAD,

Inc.

222,244

3,790

Qorvo,

Inc.

a

692,433

56,527

QUALCOMM,

Inc.

7,494,915

102,000

Renesas

Electronics

Corporation

a

1,116,779

4,061

Rogers

Corporation

a

764,321

400

Rohm

Company,

Ltd.

39,230

8,200

Ryoyo

Electro

Corporation

c

198,149

11,771

SailPoint

Technologies

Holdings,

Inc.

a

596,083

32,839

Salesforce.com,

Inc.

a

6,957,599

2,567

Samsung

Electronics

Company,

Ltd.

GDR

4,680,109

3,649

SAP

SE

447,576

2,887

ScanSource,

Inc.

a

86,466

5,337

Semtech

Corporation

a

368,253

11,980

ServiceNow,

Inc.

a

5,991,318

3,621

Shopify

Inc.

a

4,006,637

28,158

Sierra

Wireless,

Inc.

a,c

415,894

1,394

Silicon

Laboratories,

Inc.

a

196,652

2,415

SiTime

Corporation

a

238,119

480

Solaredge

Technology,

Ltd.

a

137,971

10,750

Sprout

Social,

Inc.

a

620,920

34,935

Square,

Inc.

a

7,931,992

27,914

STMicroelectronics

NV

ADR

c

1,069,944

775

SunPower

Corporation

a,c

25,924

1,675

SYNNEX

Corporation

192,357

17,685

Texas

Instruments,

Inc.

3,342,288

26,742

Thomson

Reuters

Corporation

2,342,665

5,500

Tokyo

Electron,

Ltd.

2,390,485

621

Trade

Desk,

Inc.

a

404,681

1,100

Trend

Micro,

Inc.

55,218

216

Tyler

Technologies,

Inc.

a

91,698

1,619

Unisys

Corporation

a

41,155

1,007

ViaSat,

Inc.

a,c

48,406

6,516

VMware,

Inc.

a,c

980,332

452

Western

Union

Company

11,146

2,118

Wix.com,

Ltd.

a

591,388

8,847

Workiva,

Inc.

a

780,836

15,782

Xero,

Ltd.

a

1,527,474

5,441

Xerox

Holdings

Corporation

132,053

4,279

Zscaler,

Inc.

a

734,576

Total

228,439,881

Materials

(3.6%)

900

AdvanSix,

Inc.

a

24,138

21,352

Air

Liquide

SA

3,486,281

30,300

Air

Water,

Inc.

531,570

5,355

Allegheny

Technologies,

Inc.

a

112,776

3,535

AptarGroup,

Inc.

500,803

1,438

Avery

Dennison

Corporation

264,089

68,569

Axalta

Coating

Systems,

Ltd.

a

2,028,271

Shares

Common

Stock

(83.5%)

Value

Materials

(3.6%)

-

continued

166

Balchem

Corporation

$

20,818

44,434

BHP

Group,

Ltd.

1,541,388

2,713

Cabot

Corporation

142,270

1,346

Celanese

Corporation

201,644

65,077

CF

Industries

Holdings,

Inc.

2,953,194

8,695

Chemours

Company

242,677

6,942

Cleveland-Cliffs,

Inc.

c

139,604

15,779

Coeur

Mining,

Inc.

a

142,484

14,732

Croda

International

plc

1,289,002

1,714

Eagle

Materials,

Inc.

230,379

24,606

Eastman

Chemical

Company

2,709,613

360

EMS-CHEMIE

Holding

AG

321,594

1,774

FMC

Corporation

196,222

97,709

Granges

AB

a

1,270,492

104,890

Hexpol

AB

1,184,462

5,717

Holmen

AB

250,963

2,419

Ingevity

Corporation

a

182,707

11,885

Innospec,

Inc.

1,220,471

7,246

Kaiser

Aluminum

Corporation

800,683

28,373

Koninklijke

DSM

NV

4,796,708

848

Koppers

Holdings,

Inc.

a

29,476

36,000

Kyoei

Steel,

Ltd.

540,299

2,800

Lintec

Corporation

63,419

11,881

LyondellBasell

Industries

NV

1,236,218

6,876

Martin

Marietta

Materials,

Inc.

2,309,098

2,439

Materion

Corporation

161,559

3,571

Minerals

Technologies,

Inc.

268,968

7,796

Myers

Industries,

Inc.

154,049

5,153

Neenah,

Inc.

264,761

102

NewMarket

Corporation

38,776

800

Nissan

Chemical

Industries,

Ltd.

42,802

38,019

Nucor

Corporation

3,051,785

1,248

O-I

Glass,

Inc.

a

18,396

7,531

Olin

Corporation

285,952

1,133

Olympic

Steel,

Inc.

33,367

6,022

Quaker

Chemical

Corporation

1,467,983

232

Reliance

Steel

&

Aluminum

Company

35,331

14,758

Rio

Tinto

plc

1,125,867

17,613

Rio

Tinto,

Ltd.

1,488,599

1,033

RPM

International,

Inc.

94,881

4,581

Ryerson

Holding

Corporation

a

78,060

105,215

Sandfire

Resources,

Ltd.

428,996

449

Scotts

Miracle-Gro

Company

109,992

5,202

Sensient

Technologies

Corporation

405,756

11,000

Shin-Etsu

Chemical

Company,

Ltd.

1,863,404

11,185

Sika

AG

3,198,400

3,619

Steel

Dynamics,

Inc.

183,700

6,462

SunCoke

Energy,

Inc.

45,299

22,975

Symrise

AG

2,787,602

6,900

Taiyo

Holdings

Company,

Ltd.

376,860

31,600

Toagosei

Company,

Ltd.

370,860

5,300

Ube

Industries,

Ltd.

113,076

1,494

United

States

Steel

Corporation

39,098

2,944

Wacker

Chemie

AG

418,846

6,550

Yara

International

ASA

341,219

Total

50,258,057

Real

Estate

(3.0%)

19,002

Agree

Realty

Corporation

1,279,025

37,217

Alstria

Office

REIT

AG

601,479

34,015

American

Campus

Communities,

Inc.

1,468,428

921

Apartment

Income

REIT

Corporation

39,382

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock

(83.5%)

Value

Real

Estate

(3.0%)

-

continued

14,108

Apartment

Investment

&

Management

Company

$

86,623

3,433

Armada

Hoffler

Properties,

Inc.

43,050

577,932

Ascendas

REIT

1,312,837

7,610

AvalonBay

Communities,

Inc.

1,404,121

293

Bluegreen

Vacations

Holding

Corporations

a

5,432

11,120

Camden

Property

Trust

1,222,199

10,102

Canadian

Apartment

Properties

REIT

432,954

14,147

CareTrust

REIT,

Inc.

329,413

29,880

Castellum

AB

659,330

34,406

CBRE

Group,

Inc.

a

2,721,859

2,811

Cedar

Realty

Trust,

Inc.

41,884

952

Centerspace

64,736

6,218

Choice

Properties

REIT

67,093

3,242

Colony

Credit

Real

Estate,

Inc.

27,622

1,806

Community

Healthcare

Trust,

Inc.

83,293

2,204

Corepoint

Lodging,

Inc.

a

19,902

1,459

CoStar

Group,

Inc.

a

1,199,137

1,985

CubeSmart

75,093

41,552

Cushman

and

Wakefield

plc

a

678,129

300

Daito

Trust

Construction

Company,

Ltd.

34,858

7

Daiwa

Office

Investment

Corporation

49,332

7,936

Deutsche

Wohnen

AG

370,203

2,605

Diversified

Healthcare

Trust

12,452

3,016

EastGroup

Properties,

Inc.

432,132

6,657

EPR

Properties

310,150

20,934

Essential

Properties

Realty

Trust,

Inc.

477,923

774

Essex

Property

Trust,

Inc.

210,404

1,618

Extra

Space

Storage,

Inc.

214,466

2,915

Farmland

Partners,

Inc.

32,677

18,407

First

Industrial

Realty

Trust,

Inc.

842,857

4,499

FirstService

Corporation

666,707

1,377

FirstService

Corporation

204,397

15,469

Four

Corners

Property

Trust,

Inc.

423,851

964

Gaming

and

Leisure

Properties,

Inc.

40,903

3,445

Getty

Realty

Corporation

97,562

1,585

Gladstone

Commercial

Corporation

31,003

5,569

Gladstone

Land

Corporation

101,913

1,969

Global

Medical

REIT,

Inc.

25,814

4,540

Healthcare

Realty

Trust,

Inc.

137,653

20,172

Healthcare

Trust

of

America,

Inc.

556,344

628

Highwoods

Properties,

Inc.

26,966

76,259

Host

Hotels

&

Resorts,

Inc.

a

1,284,964

32,000

Hysan

Development

Company,

Ltd.

125,221

7,966

Industrial

Logistics

Properties

Trust

184,254

19,927

Ingenia

Communities

Group

76,897

2,456

Innovative

Industrial

Properties,

Inc.

442,473

327

Invesco

Office

J-Reit,

Inc.

51,649

909

Iron

Mountain,

Inc.

33,642

380

Japan

Hotel

REIT

Investment

Corporation

214,822

72

Japan

Rental

Housing

Investments,

Inc.

70,712

319

Japan

Retail

Fund

Investment

Corporation

326,807

2,496

Jones

Lang

LaSalle,

Inc.

a

446,884

81

Kenedix

Retail

REIT

Corporation

196,993

Shares

Common

Stock

(83.5%)

Value

Real

Estate

(3.0%)

-

continued

18,470

Kilroy

Realty

Corporation

$

1,212,186

5,950

LEG

Immobilien

AG

782,647

3,796

Lexington

Realty

Trust

42,174

5,328

Life

Storage,

Inc.

457,942

14,021

LondonMetric

Property

plc

41,281

23,237

Medical

Properties

Trust,

Inc.

494,483

27,211

MGIC

Investment

Corporation

376,872

137

Mori

Hills

REIT

Investment

Corporation

189,965

591

National

Health

Investors,

Inc.

42,717

12,813

National

Retail

Properties,

Inc.

564,669

24,247

National

Storage

Affiliates

Trust

968,183

25,984

New

Residential

Investment

Corporation

292,320

4,019

New

Senior

Investment

Group,

Inc.

25,038

6,963

NexPoint

Residential

Trust,

Inc.

320,925

42

Nippon

Building

Fund,

Inc.

247,497

20

Nippon

REIT

Investment

Corporation

76,437

5,559

Omega

Healthcare

Investors,

Inc.

203,626

2,375

One

Liberty

Properties,

Inc.

52,891

3,807

Preferred

Apartment

Communities,

Inc.

37,499

21,738

PSP

Swiss

Property

AG

2,648,298

39,673

Quebecor,

Inc.

1,065,144

2,990

Realty

Income

Corporation

189,865

1,880

Redfin

Corporation

a

125,189

24,477

Rexford

Industrial

Realty,

Inc.

1,233,641

377

RMR

Group,

Inc.

15,385

115,000

Road

King

Infrastructure,

Ltd.

150,909

16,934

Sabra

Health

Care

REIT,

Inc.

293,974

2,741

SBA

Communications

Corporation

760,765

38,636

Service

Properties

Trust

458,223

3,038

SL

Green

Realty

Corporation

212,630

6,310

Spirit

Realty

Capital,

Inc.

268,175

8,293

STAG

Industrial,

Inc.

278,728

7,045

Store

Capital

Corporation

236,007

106,658

TAG

Immobilien

AG

3,044,452

162,144

Tritax

Big

Box

REIT

plc

401,238

10,762

UDR,

Inc.

472,021

1,789

UMH

Properties,

Inc.

34,295

100

Universal

Health

Realty

Income

Trust

6,778

704

Vonovia

SE

46,006

198,370

Wing

Tai

Holdings,

Ltd.

283,260

1,756

WP

Carey,

Inc.

124,255

Total

41,397,496

Utilities

(1.3%)

7,546

AES

Corporation

202,308

2,030

ALLETE,

Inc.

136,396

3,717

American

Electric

Power

Company,

Inc.

314,830

855

American

States

Water

Company

64,655

2,850

Artesian

Resources

Corporation

112,233

3,910

Black

Hills

Corporation

261,071

4,647

Boralex,

Inc.

146,136

302

Chesapeake

Utilities

Corporation

35,056

2,000

CLP

Holdings,

Ltd.

19,473

2,531

Consolidated

Water

Company,

Ltd.

34,042

55,837

Contact

Energy,

Ltd.

273,954

1,495

DTE

Energy

Company

199,044

27,720

Duke

Energy

Corporation

2,675,812

48,178

Electricite

de

France

a

646,273

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock

(83.5%)

Value

Utilities

(1.3%)

-

continued

19,950

Enagas

SA

$

434,330

6,105

Encavis

AG

115,715

1,800

Endesa

SA

47,704

365,797

Enel

SPA

3,638,726

16,146

Entergy

Corporation

1,606,043

1,080

Essential

Utilities,

Inc.

48,330

3,271

Evergy,

Inc.

194,723

39,910

Exelon

Corporation

1,745,663

13,815

FirstEnergy

Corporation

479,242

1,766

Hawaiian

Electric

Industries,

Inc.

78,463

21,213

Iberdrola

SA

273,796

865

IDACORP,

Inc.

86,474

2,235

MDU

Resources

Group,

Inc.

70,648

54,057

Meridian

Energy,

Ltd.

203,786

1,097

National

Fuel

Gas

Company

54,839

1,920

New

Jersey

Resources

Corporation

76,550

212

NiSource,

Inc.

5,111

1,021

Northwest

Natural

Holding

Company

55,083

1,450

NorthWestern

Corporation

94,540

15,452

OGE

Energy

Corporation

500,027

8,165

Orsted

AS

b

1,318,365

1,598

Otter

Tail

Corporation

73,780

452

Pinnacle

West

Capital

Corporation

36,770

602

PPL

Corporation

17,362

2,625

Sempra

Energy

348,023

1,825

Southwest

Gas

Holdings,

Inc.

125,396

1,508

Spire,

Inc.

111,426

9,190

UGI

Corporation

376,882

843

Unitil

Corporation

38,517

Total

17,377,597

Total

Common

Stock

(cost

$837,994,334)

1,158,697,468

Shares

Registered

Investment

Companies

(

4.0%

)

Value

Unaffiliated  (0.6%)

1,493

Invesco

QQQ

Trust

Series

1

476,461

17,468

SPDR

S&P

500

ETF

Trust

6,923,093

3,692

SPDR

S&P

Oil

&

Gas

Exploration

ETF

c

300,307

Total

7,699,861

Affiliated  (3.4%)

3,854,779

Thrivent

Core

Emerging

Markets

Equity

Fund

47,298,139

Total

47,298,139

Total

Registered

Investment

Companies

(cost

$44,822,673)

54,998,000

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

15,253,107

Thrivent

Cash

Management

Trust

15,253,107

Total

Collateral

Held

for

Securities

Loaned

(cost

$15,253,107)

15,253,107

Shares

Preferred

Stock

(

<0.1%

)

Value

Consumer

Discretionary

(<0.1%)

1,246

Volkswagen

AG

$

348,782

Total

348,782

Total

Preferred

Stock

(cost

$221,794)

348,782

Shares

or

Principal

Amount

Short-Term

Investments

(

12.6%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,900,000

0.083%,

4/7/2021

e,f

1,900,000

700,000

0.085%,

4/8/2021

e,f

700,000

1,100,000

0.080%,

4/14/2021

e,f

1,100,000

2,800,000

0.040%,

5/4/2021

e,f

2,799,974

800,000

0.030%,

5/13/2021

e,f

799,991

5,900,000

0.030%,

5/18/2021

e,f

5,899,923

2,500,000

0.035%,

6/2/2021

e,f

2,499,914

700,000

0.020%,

6/16/2021

e,f

699,970

1,800,000

0.010%,

6/21/2021

e,f

1,799,919

3,600,000

0.000%,

7/7/2021

f

3,599,709

Thrivent

Core

Short-Term

Reserve

Fund

15,276,395

0.180%

152,763,952

Total

Short-Term

Investments

(cost

$174,444,305)

174,563,352

Total

Investments

(cost

$1,072,736,213)

101.2%

$1,403,860,709

Other

Assets

and

Liabilities,

Net

(1.2%)

(16,328,333)

Total

Net

Assets

100.0%

$1,387,532,376

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

March

31,

2021,

the

value

of

these

investments

was

$11,973,482

or

0.9%

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,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

14,355,867

Total

lending

$14,355,867

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$15,253,107

Net

amounts

due

to

counterparty

$897,240

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Global

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

90,755,655

71,533,041

19,222,614

–

Consumer

Discretionary

152,001,652

107,371,025

44,630,627

–

Consumer

Staples

51,926,276

18,051,302

33,874,974

–

Energy

40,137,059

20,362,172

19,774,887

–

Financials

186,937,970

107,523,441

79,413,732

797

Health

Care

147,674,987

108,303,328

39,058,702

312,957

Industrials

151,790,838

89,312,810

62,478,028

–

Information

Technology

228,439,881

184,312,345

44,127,536

–

Materials

50,258,057

22,425,348

27,832,709

–

Real

Estate

41,397,496

27,624,778

13,772,718

–

Utilities

17,377,597

10,259,339

7,118,258

–

Registered

Investment

Companies

Unaffiliated

7,699,861

7,699,861

–

–

Preferred

Stock

Consumer

Discretionary

348,782

–

348,782

–

Short-Term

Investments

21,799,400

–

21,799,400

–

Subtotal

Investments

in

Securities

$1,188,545,511

$774,778,790

$413,452,967

$313,754

Other

Investments  *

Total

Affiliated

Short-Term

Investments

152,763,952

Affiliated

Registered

Investment

Companies

47,298,139

Collateral

Held

for

Securities

Loaned

15,253,107

Subtotal

Other

Investments

$215,315,198

Total

Investments

at

Value

$1,403,860,709

*

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

8,895,895

8,895,895

–

–

Total

Asset

Derivatives

$8,895,895

$8,895,895

$–

$–

Liability

Derivatives

Futures

Contracts

1,049,367

1,049,367

–

–

Total

Liability

Derivatives

$1,049,367

$1,049,367

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

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

March

31,

2021.

Investments

and/or

cash

totaling

$21,665,400

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

805

June

2021

$

157,268,554

$

2,419,296

CME

Euro

Foreign

Exchange

Currency

439

June

2021

65,232,170

(

797,945)

Eurex

Euro

STOXX

50

Index

1,428

June

2021

63,250,234

1,591,111

ICE

mini

MSCI

EAFE

Index

50

June

2021

5,486,607

(

6,607)

ICE

US

mini

MSCI

Emerging

Markets

Index

468

June

2021

31,191,315

(

244,815)

Total

Futures

Long

Contracts

$

322,428,880

$

2,961,040

CME

E-mini

Russell

2000

Index

(789)

June

2021

(

$

92,442,883)

$

4,765,258

ICE

mini

MSCI

EAFE

Index

(123)

June

2021

(

13,601,030)

120,230

Total

Futures

Short

Contracts

(

$

106,043,913)

$4,885,488

Total

Futures

Contracts

$

216,384,967

$7,846,528

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$45,448

$–

$–

$47,298

3,855

3.4%

Total

Affiliated

Registered

Investment

Companies

45,448

47,298

3.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

153,894

97,465

98,595

152,764

15,276

11.0

Total

Affiliated

Short-Term

Investments

153,894

152,764

11.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

14,445

51,238

50,430

15,253

15,253

1.1

Total

Collateral

Held

for

Securities

Loaned

14,445

15,253

1.1

Total

Value

$213,787

$215,315

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$1,850

–

$–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

–

–

–

69

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$69

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

Value

$–

$1,850

$–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income

(

99.3%

)

Value

Asset-Backed

Securities

(7.3%)

Arkansas

Student

Loan

Authority

$

1,375,552

1.088%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

a

$

1,376,206

Brazos

Higher

Education

Authority,

Inc.

134,923

1.068%, 

(LIBOR

3M

+

0.850%),

7/25/2029,

Ser.

2011-2,

Class

A2

a

135,314

ECMC

Group

Student

Loan

Trust

1,029,794

1.259%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,b

1,040,309

672,362

1.109%, 

(LIBOR

1M

+

1.000%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

679,860

Goodgreen

1,474,288

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

b

1,547,280

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

1,750,000

1.650%, 

3/25/2051,

Ser.

2021-1

1,760,782

Missouri

Higher

Education

Loan

Auth.

1,700,000

1.530%, 

1/25/2061,

Ser.

2021-1

1,640,782

Nationstar

HECM

Loan

Trust

979,098

1.269%, 

9/25/2030,

Ser.

2020-1A,

Class

A1

a,b

980,792

Navient

Student

Loan

Trust

1,700,000

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

b

1,664,249

955,221

1.159%, 

(LIBOR

1M

+

1.050%),

6/25/2069,

Ser.

2020-1A,

Class

A1B

a,b

975,130

1,258,214

1.009%, 

(LIBOR

1M

+

0.900%),

8/26/2069,

Ser.

2020-2A,

Class

A1B

a,b

1,276,787

New

Hampshire

Higher

Education

Loan

Corporation

1,038,686

1.309%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

a

1,072,269

Seasoned

Loans

Structured

Transaction

Trust

1,637,578

2.000%, 

9/25/2030,

Ser.

2020-2,

Class

A1C

c

1,675,394

SLM

Student

Loan

Trust

500,436

0.509%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

a

491,979

Total

16,317,133

Collateralized

Mortgage

Obligations

(12.3%)

Cascade

Funding

Mortgage

Trust

919,293

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,b

919,529

1,694,795

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,b

1,692,522

Principal

Amount

Long-Term

Fixed

Income

(99.3%)

Value

Collateralized

Mortgage

Obligations

(12.3%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

$

1,600,000

3.000%, 

10/15/2034,

Ser.

4369,

Class

GV

$

1,634,496

444,696

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

456,201

1,823,701

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

1,854,409

791,722

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

800,013

877,857

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

927,474

869,932

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

916,152

1,759,735

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

1,855,627

1,700,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

d

1,701,062

1,613,708

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

1,650,768

Federal

National

Mortgage

Association

-

REMIC

657,469

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

685,898

694,813

3.000%, 

11/25/2037,

Ser.

2013-88,

Class

EA

699,619

1,100,673

3.000%, 

6/25/2042,

Ser.

2016-24,

Class

LJ

1,132,356

779,480

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

805,900

955,828

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

1,023,533

1,000,534

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

1,026,392

448,887

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

470,197

Finance

of

America

HECM

Buyout

2021-HB1

1,668,881

0.875%, 

2/25/2031,

Ser.

2021-HB1,

Class

A

a,b

1,668,508

GMAC

Mortgage

Corporation

Loan

Trust

24,852

0.609%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,c

31,843

Seasoned

Credit

Risk

Transfer

Trust

1,499,366

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

c

1,586,635

1,606,022

2.500%, 

8/25/2059,

Ser.

2020-1,

Class

MT

c

1,653,746

1,793,297

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

1,795,215

Wachovia

Asset

Securitization,

Inc.

266,552

0.258%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,b,c

249,081

Total

27,237,176

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income

(99.3%)

Value

Commercial

Mortgage-Backed

Securities

(2.5%)

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

1,484,409

1.238%, 

1/25/2035,

Ser.

K-1516,

Class

A1

c

$

1,389,793

974,396

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,007,933

Federal

National

Mortgage

Association

-

ACES

265,153

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

a

266,558

1,250,000

2.961%, 

2/25/2027,

Ser.

2017-M7,

Class

A2

a

1,345,654

FRESB

Multifamily

Mortgage

Pass-

Through

Trust

1,433,436

2.950%, 

8/25/2027,

Ser.

2017-SB40,

Class

A10F

a,c

1,469,636

Total

5,479,574

Energy

(0.1%)

Petroleos

Mexicanos

135,000

2.378%, 

4/15/2025

139,717

Total

139,717

Financials

(2.3%)

HSBC

Bank

Canada

750,000

0.950%, 

5/14/2023

b

757,881

Nationwide

Building

Society

750,000

1.700%, 

2/13/2023

b

768,644

Oesterreichische

Kontrollbank

AG

2,000,000

2.875%, 

9/7/2021

2,022,683

Preferred

Term

Securities

XXIII,

Ltd.

40,136

0.384%, 

(LIBOR

3M

+

0.200%),

12/22/2036

a,b

33,699

Santander

UK

plc

700,000

1.625%, 

2/12/2023

b

715,918

Westpac

Banking

Corporation

750,000

2.000%, 

1/16/2025

b

780,240

Total

5,079,065

Foreign

Government

(4.6%)

CPPIB

Capital,

Inc.

2,000,000

3.125%, 

9/25/2023

b

2,134,780

Development

Bank

of

Japan,

Inc.

750,000

2.125%, 

9/1/2022

b

767,272

Export

Development

Canada

2,000,000

2.500%, 

1/24/2023

2,082,060

Kommunalbanken

AS

2,000,000

2.500%, 

1/11/2023

b

2,078,820

Province

of

British

Columbia

Canada

1,550,000

1.750%, 

9/27/2024

1,611,783

Province

of

Ontario

Canada

1,000,000

3.400%, 

10/17/2023

1,075,105

Province

of

Quebec

400,000

7.500%, 

7/15/2023

e

462,613

Total

10,212,433

Principal

Amount

Long-Term

Fixed

Income

(99.3%)

Value

Mortgage-Backed

Securities

(27.7%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

3,018,856

3.000%, 

2/1/2050

$

3,183,828

1,692,445

3.000%, 

3/25/2050

1,766,364

2,119,403

3.000%, 

4/1/2050

2,213,371

918,457

3.500%, 

7/1/2047

975,033

Federal

National

Mortgage

Association

791,079

3.500%, 

10/1/2048

835,561

899,086

3.500%, 

8/1/2049

951,476

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

5,730,000

1.500%, 

4/1/2036

f

5,755,869

10,400,000

2.000%, 

4/1/2036

f

10,673,234

4,300,000

2.500%, 

4/1/2036

f

4,473,848

2,250,000

2.000%, 

5/1/2036

f

2,306,278

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,575,000

2.000%, 

4/1/2051

f,g

6,562,672

6,100,000

2.500%, 

4/1/2051

f

6,259,648

4,470,000

2.000%, 

5/1/2051

f,g

4,453,412

9,750,000

2.500%, 

5/1/2051

f

9,984,229

1,164,381

4.000%, 

7/1/2048

1,249,754

Total

61,644,577

U.S.

Government

&

Agencies

(42.5%)

Federal

Farm

Credit

Bank

400,000

2.210%, 

8/1/2024

423,283

Federal

Home

Loan

Bank

2,500,000

2.500%, 

2/13/2024

2,658,419

Federal

Home

Loan

Mortgage

Corporation

1,000,000

0.250%, 

8/24/2023

1,000,228

Federal

National

Mortgage

Association

1,500,000

0.750%, 

10/8/2027

1,444,378

500,000

5.960%, 

9/11/2028

653,142

875,000

0.875%, 

8/5/2030

809,039

Tennessee

Valley

Authority

1,115,000

5.250%, 

9/15/2039

1,529,124

U.S.

Treasury

Bonds

2,240,000

1.375%, 

8/15/2050

1,747,900

1,375,000

2.250%, 

11/15/2027

1,455,513

1,500,000

5.250%, 

11/15/2028

1,909,805

8,840,000

2.625%, 

2/15/2029

9,561,703

11,860,000

1.500%, 

2/15/2030

11,714,066

1,100,000

1.125%, 

2/15/2031

1,039,328

630,000

1.125%, 

5/15/2040

514,041

1,115,000

3.000%, 

5/15/2042

1,245,185

4,180,000

2.500%, 

5/15/2046

4,259,681

4,150,000

2.875%, 

5/15/2049

4,557,219

U.S.

Treasury

Bonds,

TIPS

2,120,660

0.500%, 

1/15/2028

2,361,692

1,110,578

0.875%, 

2/15/2047

1,336,756

U.S.

Treasury

Notes

1,150,000

1.125%, 

2/28/2022

1,161,051

1,500,000

0.125%, 

7/31/2022

1,500,117

1,500,000

1.875%, 

7/31/2022

1,535,098

6,770,000

0.125%, 

10/31/2022

6,769,207

225,000

2.000%, 

11/30/2022

231,935

3,020,000

1.375%, 

2/15/2023

3,088,776

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income

(99.3%)

Value

U.S.

Government

&

Agencies

(42.5%)

-

continued

$

275,000

2.750%, 

7/31/2023

$

291,199

1,175,000

0.125%, 

1/15/2024

1,169,125

350,000

2.500%, 

1/31/2024

371,520

250,000

2.125%, 

7/31/2024

263,877

3,500,000

1.250%, 

8/31/2024

3,590,918

6,850,000

2.250%, 

11/15/2024

7,269,295

1,450,000

1.375%, 

1/31/2025

1,491,914

1,000,000

2.875%, 

7/31/2025

1,090,781

900,000

0.250%, 

8/31/2025

879,047

2,275,000

2.625%, 

1/31/2026

2,462,865

750,000

1.750%, 

12/31/2026

776,191

650,000

0.500%, 

4/30/2027

622,527

2,000,000

0.625%, 

11/30/2027

1,907,188

U.S.

Treasury

Notes,

TIPS

2,268,187

0.125%, 

10/15/2024

2,453,363

4,838,400

0.125%, 

10/15/2025

5,270,706

Total

94,417,202

Total

Long-Term

Fixed

Income

(cost

$217,989,839)

220,526,877

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

359,250

Thrivent

Cash

Management

Trust

359,250

Total

Collateral

Held

for

Securities

Loaned

(cost

$359,250)

359,250

Shares

or

Principal

Amount

Short-Term

Investments

(

24.4%

)

Value

Federal

Farm

Credit

Discount

Notes

100,000

0.025%,

4/1/2021

h

100,000

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.040%,

5/4/2021

h

199,998

100,000

0.030%,

5/6/2021

h,i

99,999

100,000

0.030%,

5/13/2021

h

99,999

100,000

0.015%,

6/16/2021

h,i

99,996

Thrivent

Core

Short-Term

Reserve

Fund

5,341,407

0.180%

53,414,074

U.S.

Treasury

Bills

300,000

0.022%,

4/20/2021

h,j

299,997

Total

Short-Term

Investments

(cost

$54,276,700)

54,314,063

Contracts

Options

Purchased

(

0.1%

)

Value

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

30

$132.50,

expires

5/21/2021

58,125

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

Contracts

Options

Purchased

(0.1%)

Value

29

$160.00,

expires

5/21/2021

$

170,375

Total

Options

Purchased

(cost

$113,601)

228,500

Total

Investments

(cost

$272,739,390)

124.0%

$275,428,690

Other

Assets

and

Liabilities,

Net

(24.0%)

(53,373,753)

Total

Net

Assets

100.0%

$222,054,937

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$20,731,301

or

9.3%

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

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

h

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

j

At

March

31,

2021,

$299,997

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Government

Bond

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

346,959

Total

lending

$346,959

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$359,250

Net

amounts

due

to

counterparty

$12,291

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

FNMA

-

Federal

National

Mortgage

Association

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

TIPS

-

Treasury

Inflation

Protected

Security

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Government

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

16,317,133

–

16,317,133

–

Collateralized

Mortgage

Obligations

27,237,176

–

25,536,114

1,701,062

Commercial

Mortgage-Backed

Securities

5,479,574

–

5,479,574

–

Energy

139,717

–

139,717

–

Financials

5,079,065

–

5,079,065

–

Foreign

Government

10,212,433

–

10,212,433

–

Mortgage-Backed

Securities

61,644,577

–

61,644,577

–

U.S.

Government

&

Agencies

94,417,202

–

94,417,202

–

Short-Term

Investments

899,989

–

899,989

–

Options

Purchased

228,500

228,500

–

–

Subtotal

Investments

in

Securities

$221,655,366

$228,500

$219,725,804

$1,701,062

Other

Investments  *

Total

Affiliated

Short-Term

Investments

53,414,074

Collateral

Held

for

Securities

Loaned

359,250

Subtotal

Other

Investments

$53,773,324

Total

Investments

at

Value

$275,428,690

*

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

600,341

600,341

–

–

Total

Asset

Derivatives

$600,341

$600,341

$–

$–

Liability

Derivatives

Futures

Contracts

557,613

557,613

–

–

Call

Options

Written

79,541

74,265

–

5,276

Total

Liability

Derivatives

$637,154

$631,878

$–

$5,276

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Counterparty:

CCM

-

CCM

Futures,

LLC

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$199,995

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

36

June

2021

$

4,499,250

(

$

56,907)

CBOT

U.S.

Long

Bond

33

June

2021

5,254,582

(

152,989)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

38

June

2021

7,234,030

(

347,717)

Total

Futures

Long

Contracts

$

16,987,862

(

$

557,613)

CBOT

10-Yr.

U.S.

Treasury

Note

(82)

June

2021

(

$

10,960,554)

$

223,679

CBOT

2-Yr.

U.S.

Treasury

Note

(64)

June

2021

(

14,134,044)

7,545

Ultra

10-Yr.

U.S.

Treasury

Note

(85)

June

2021

(

12,582,555)

369,117

Total

Futures

Short

Contracts

(

$

37,677,153)

$600,341

Total

Futures

Contracts

(

$

20,689,291)

$42,728

The

following

table

presents

Government

Bond

Portfolio's

options

contracts

held

as

of

March

31,

2021.

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

30.00

$

132.50

May

2021

3,928,125

$

58,125

$

26,174

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

29.00

160.00

May

2021

4,483,219

170,375

88,725

Total

Options

Purchased

Contracts

$228,500

$114,899

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(1.75)

$

102.72

April

2021

(1,746,719)

(

$

2)

$

9,568

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(2.50)

100.83

May

2021

(2,490,722)

(

5,274)

9,472

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

(30.00)

130.50

May

2021

(3,928,125)

(

25,781)

(

9,919)

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

(29.00)

153.00

May

2021

(4,483,219)

(

48,484)

(

21,384)

Total

Options

Written

Contracts

($79,541)

($12,263)

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$49,567

$38,940

$35,093

$53,414

5,341

24.0%

Total

Affiliated

Short-Term

Investments

49,567

53,414

24.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,375

3

1,019

359

359

0.2

Total

Collateral

Held

for

Securities

Loaned

1,375

359

0.2

Total

Value

$50,942

$53,773

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$0

–

$24

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$24

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$0

$–

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Principal

Amount

Bank

Loans

(

4.0%

)

a

Value

Capital

Goods

(1.1%)

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

$

2,594,565

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

$

2,536,187

Navistar,

Inc.,

Term

Loan

4,173,939

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

4,172,896

Vertiv

Group

Corporation,

Term

Loan

3,685,763

2.869%, 

(LIBOR

3M

+

2.750%),

3/2/2027

b

3,654,286

Total

10,363,369

Communications

Services

(0.6%)

NEP

Group,

Inc.,

Term

Loan

2,578,406

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b,c,d

2,496,386

Peraton

Corporation,

Delayed

Draw

1,989,527

0.000%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b,c,d

1,987,876

Peraton

Corporation,

Term

Loan

1,130,473

4.500%, 

(LIBOR

3M

+

3.750%),

2/1/2028

b

1,129,535

Total

5,613,797

Consumer

Cyclical

(1.0%)

Cengage

Learning,

Inc.,

Term

Loan

4,058,778

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

4,010,600

Golden

Nugget,

LLC,

Term

Loan

1,257,608

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

1,236,543

Staples,

Inc.,

Term

Loan

3,632,874

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

3,539,037

Total

8,786,180

Consumer

Non-Cyclical

(0.5%)

Bellring

Brands,

LLC,

Term

Loan

2,394,181

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

2,405,147

Endo

Luxembourg

Finance

Company,

Term

Loan

1,775,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,c,d

1,755,031

Total

4,160,178

Technology

(0.4%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

2,573,468

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

2,468,394

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,550,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,534,980

Total

4,003,374

Principal

Amount

Bank

Loans

(4.0%)

a

Value

Transportation

(0.4%)

American

Airlines,

Inc.,

Term

Loan

$

3,165,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,c,d

$

3,239,188

Total

3,239,188

Total

Bank

Loans

(cost

$36,289,125)

36,166,086

Principal

Amount

Long-Term

Fixed

Income

(

91.1%

)

Value

Basic

Materials

(6.1%)

Alcoa,

Inc.

1,605,000

5.125%, 

10/1/2024

1,765,339

Big

River

Steel,

LLC

1,540,000

6.625%, 

1/31/2029

e

1,677,365

Chemours

Company

2,590,000

5.750%, 

11/15/2028

e

2,727,050

Cleveland-Cliffs,

Inc.

1,550,000

5.750%, 

3/1/2025

f

1,598,360

1,550,000

4.625%, 

3/1/2029

e

1,547,365

1,550,000

4.875%, 

3/1/2031

e

1,546,125

Consolidated

Energy

Finance

SA

2,590,000

6.875%, 

6/15/2025

e

2,638,562

First

Quantum

Minerals,

Ltd.

3,925,000

7.250%, 

4/1/2023

e

3,993,687

2,140,000

6.875%, 

3/1/2026

e

2,214,900

Freeport-McMoRan,

Inc.

1,585,000

4.125%, 

3/1/2028

1,666,152

3,640,000

4.250%, 

3/1/2030

3,876,600

Grinding

Media,

Inc.

3,250,000

7.375%, 

12/15/2023

e

3,321,338

Hecla

Mining

Company

895,000

7.250%, 

2/15/2028

959,888

Hudbay

Minerals,

Inc.

775,000

4.500%, 

4/1/2026

e

805,465

Kraton

Polymers,

LLC

1,450,000

4.250%, 

12/15/2025

e

1,455,438

Mercer

International,

Inc.

1,565,000

5.500%, 

1/15/2026

1,604,125

520,000

5.125%, 

2/1/2029

e

538,720

Methanex

Corporation

1,280,000

5.125%, 

10/15/2027

1,308,800

Midwest

Vanadium,

Pty.

Ltd.

3,197,756

11.500%, 

2/15/2018

*,

g,h

5,596

Norbord,

Inc.

1,570,000

5.750%, 

7/15/2027

e

1,673,306

Novelis

Corporation

2,240,000

5.875%, 

9/30/2026

e

2,338,000

2,340,000

4.750%, 

1/30/2030

e

2,411,838

OCI

NV

3,330,000

4.625%, 

10/15/2025

e

3,442,388

Olin

Corporation

2,650,000

5.625%, 

8/1/2029

2,858,224

Taseko

Mines,

Ltd.

2,580,000

7.000%, 

2/15/2026

e

2,626,440

United

States

Steel

Corporation

2,330,000

6.875%, 

3/1/2029

2,382,425

Venator

Finance

SARL

2,050,000

5.750%, 

7/15/2025

e

1,988,500

Total

54,971,996

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Capital

Goods

(10.4%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

$

3,963,662

0.000%,PIK

1.500%,

4/26/2024

*,

h,i

$

59,455

Advanced

Drainage

Systems,

Inc.

2,640,000

5.000%, 

9/30/2027

e

2,765,585

AECOM

3,195,000

5.125%, 

3/15/2027

3,476,559

Amsted

Industries,

Inc.

2,125,000

5.625%, 

7/1/2027

e

2,255,156

2,630,000

4.625%, 

5/15/2030

e

2,662,875

ARD

Finance

SA

2,600,000

6.500%, 

6/30/2027

e

2,730,000

Ardagh

Packaging

Finance

plc

5,295,000

5.250%, 

8/15/2027

e

5,401,324

Berry

Global,

Inc.

1,740,000

4.500%, 

2/15/2026

e,f

1,783,500

Bombardier,

Inc.

2,945,000

7.500%, 

3/15/2025

e

2,897,144

2,050,000

7.875%, 

4/15/2027

e

2,010,414

Brand

Industrial

Services,

Inc.

790,000

8.500%, 

7/15/2025

e

796,162

BWAY

Holding

Company

3,205,000

7.250%, 

4/15/2025

e

3,205,000

Clean

Harbors,

Inc.

3,330,000

5.125%, 

7/15/2029

e

3,535,228

Cornerstone

Building

Brands,

Inc.

3,170,000

6.125%, 

1/15/2029

e

3,376,050

Covanta

Holding

Corporation

1,060,000

6.000%, 

1/1/2027

1,106,375

1,030,000

5.000%, 

9/1/2030

1,040,300

CP

Atlas

Buyer,

Inc.

2,065,000

7.000%, 

12/1/2028

e

2,170,418

Crown

Cork

&

Seal

Company,

Inc.

3,210,000

7.375%, 

12/15/2026

3,864,037

Flex

Acquisition

Company,

Inc.

3,205,000

6.875%, 

1/15/2025

e

3,253,716

1,300,000

7.875%, 

7/15/2026

e

1,363,375

GFL

Environmental,

Inc.

4,115,000

4.000%, 

8/1/2028

e

3,981,262

H&E

Equipment

Services,

Inc.

5,500,000

3.875%, 

12/15/2028

e

5,348,750

Howmet

Aerospace,

Inc.

2,500,000

6.875%, 

5/1/2025

2,896,875

1,605,000

5.900%, 

2/1/2027

1,821,675

IAA

Spinco

,

Inc.

1,250,000

5.500%, 

6/15/2027

e

1,310,937

Jeld-Wen

,

Inc.

1,150,000

6.250%, 

5/15/2025

e

1,221,875

2,670,000

4.875%, 

12/15/2027

e

2,760,914

NESCO

Holdings

II,

Inc.

1,055,000

5.500%, 

4/15/2029

d,e

1,082,219

Owens-Brockway

Glass

Container,

Inc.

3,070,000

5.875%, 

8/15/2023

e

3,288,738

SRM

Escrow

Issuer,

LLC

2,565,000

6.000%, 

11/1/2028

e

2,688,120

Stericycle,

Inc.

515,000

3.875%, 

1/15/2029

e

508,563

Summit

Materials,

LLC

1,000,000

5.250%, 

1/15/2029

e

1,043,750

TransDigm

,

Inc.

4,945,000

6.250%, 

3/15/2026

e

5,242,689

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Capital

Goods

(10.4%)

-

continued

$

640,000

4.625%, 

1/15/2029

e

$

631,072

U.S.

Concrete,

Inc.

2,560,000

5.125%, 

3/1/2029

e

2,636,800

United

Rentals

North

America,

Inc.

4,240,000

5.875%, 

9/15/2026

4,436,100

1,790,000

3.875%, 

2/15/2031

1,798,950

WESCO

Distribution,

Inc.

1,280,000

7.250%, 

6/15/2028

e

1,428,986

Total

93,880,948

Communications

Services

(12.3%)

C&W

Senior

Financing

DAC

525,000

6.875%, 

9/15/2027

e

559,781

CBS

Radio,

Inc.

2,635,000

7.250%, 

11/1/2024

e,f

2,727,225

CCO

Holdings,

LLC

3,700,000

5.375%, 

6/1/2029

e

3,968,250

4,190,000

4.750%, 

3/1/2030

e

4,341,887

2,640,000

4.500%, 

8/15/2030

e

2,690,688

CCOH

Safari,

LLC

2,350,000

5.750%, 

2/15/2026

e

2,424,612

Cengage

Learning,

Inc.

3,180,000

9.500%, 

6/15/2024

e

3,239,625

Clear

Channel

Worldwide

Holdings,

Inc.

1,055,000

9.250%, 

2/15/2024

1,097,517

2,380,000

7.750%, 

4/15/2028

e

2,353,820

Cumulus

Media

New

Holdings,

Inc.

2,308,000

6.750%, 

7/1/2026

e,f

2,351,275

DISH

DBS

Corporation

1,800,000

7.375%, 

7/1/2028

1,888,290

Embarq

Corporation

3,695,000

7.995%, 

6/1/2036

4,257,416

Entercom

Media

Corporation

3,835,000

6.500%, 

5/1/2027

e,f

3,964,431

Front

Range

BidCo

,

Inc.

2,080,000

6.125%, 

3/1/2028

e

2,134,600

Frontier

Communications

Corporation

2,055,000

5.000%, 

5/1/2028

e

2,092,771

GCI,

LLC

3,210,000

4.750%, 

10/15/2028

e

3,286,238

Gogo

Intermediate

Holdings,

LLC

1,055,000

9.875%, 

5/1/2024

e

1,110,388

iHeartCommunications

,

Inc.

790,000

8.375%, 

5/1/2027

847,275

LCPR

Senior

Secured

Financing

DAC

2,500,000

6.750%, 

10/15/2027

e

2,665,375

Ligado

Networks,

LLC

525,000

0.000%,PIK

15.500%,

11/1/2023

e,i,j

492,030

Lions

Gate

Capital

Holdings,

LLC

2,050,000

5.875%, 

11/1/2024

e

2,110,229

Meredith

Corporation

2,382,000

6.875%, 

2/1/2026

f

2,449,708

Netflix,

Inc.

3,325,000

4.875%, 

4/15/2028

3,761,406

Nielsen

Finance,

LLC

1,795,000

5.625%, 

10/1/2028

e

1,886,994

Radiate

Holdco,

LLC

1,055,000

6.500%, 

9/15/2028

e

1,114,027

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Communications

Services

(12.3%)

-

continued

Scripps

Escrow,

Inc.

$

2,560,000

5.875%, 

7/15/2027

e

$

2,649,600

SFR

Group

SA

2,650,000

7.375%, 

5/1/2026

e

2,756,265

Sirius

XM

Radio,

Inc.

3,750,000

4.625%, 

7/15/2024

e

3,862,875

Sprint

Capital

Corporation

2,395,000

6.875%, 

11/15/2028

3,020,023

Sprint

Corporation

2,040,000

7.125%, 

6/15/2024

2,348,550

8,590,000

7.625%, 

2/15/2025

10,243,575

TEGNA,

Inc.

3,075,000

4.625%, 

3/15/2028

3,128,813

Terrier

Media

Buyer,

Inc.

1,590,000

8.875%, 

12/15/2027

e

1,710,920

United

States

Cellular

Corporation

2,746,000

6.700%, 

12/15/2033

3,325,928

Uniti

Group,

LP

790,000

6.500%, 

2/15/2029

e

780,125

Univision

Communications,

Inc.

4,870,000

6.625%, 

6/1/2027

e

5,200,795

Viasat

,

Inc.

1,055,000

6.500%, 

7/15/2028

e

1,110,978

VTR

Comunicaciones

SPA

916,000

5.125%, 

1/15/2028

e

957,495

YPSO

Finance

BIS

SA

2,910,000

10.500%, 

5/15/2027

e

3,272,935

Ziggo

BV

3,185,000

5.500%, 

1/15/2027

e

3,316,381

3,975,000

4.875%, 

1/15/2030

e

4,062,987

Total

111,564,103

Consumer

Cyclical

(17.7%)

1011778

B.C.,

ULC

4,190,000

4.375%, 

1/15/2028

e

4,209,777

Allied

Universal

Holdco,

LLC

1,535,000

6.625%, 

7/15/2026

e

1,627,837

Allison

Transmission,

Inc

4,360,000

3.750%, 

1/30/2031

e

4,223,750

American

Axle

&

Manufacturing,

Inc.

2,055,000

6.500%, 

4/1/2027

f

2,132,062

Brookfield

Residential

Properties,

Inc.

3,440,000

6.250%, 

9/15/2027

e

3,590,500

Caesars

Entertainment,

Inc.

1,055,000

8.125%, 

7/1/2027

e

1,163,396

Carnival

Corporation

1,540,000

11.500%, 

4/1/2023

e

1,765,225

260,000

10.500%, 

2/1/2026

e

305,825

2,555,000

7.625%, 

3/1/2026

e

2,744,836

3,880,000

5.750%, 

3/1/2027

e

3,981,850

Cedar

Fair,

LP

2,850,000

5.250%, 

7/15/2029

2,929,486

Cinemark

USA,

Inc.

3,435,000

5.875%, 

3/15/2026

e

3,517,234

Colt

Merger

Sub,

Inc.

4,475,000

6.250%, 

7/1/2025

e

4,770,417

Dana

Financing

Luxembourg

SARL

3,925,000

6.500%, 

6/1/2026

e

4,072,187

Empire

Communities

Corporation

2,585,000

7.000%, 

12/15/2025

e

2,723,944

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Consumer

Cyclical

(17.7%)

-

continued

Ford

Motor

Company

$

1,000,000

9.625%, 

4/22/2030

$

1,395,540

5,640,000

7.450%, 

7/16/2031

7,111,081

Ford

Motor

Company,

Convertible

1,585,000

Zero

Coupon, 

3/15/2026

e

1,600,850

Ford

Motor

Credit

Company,

LLC

3,600,000

5.125%, 

6/16/2025

3,888,000

2,610,000

4.134%, 

8/4/2025

2,729,864

3,600,000

3.375%, 

11/13/2025

3,661,200

Hanesbrands,

Inc.

3,235,000

4.875%, 

5/15/2026

e

3,469,537

Herc

Holdings,

Inc.

5,330,000

5.500%, 

7/15/2027

e

5,672,186

Hilton

Domestic

Operating

Company,

Inc.

660,000

3.750%, 

5/1/2029

e

653,400

2,050,000

4.875%, 

1/15/2030

2,174,640

International

Game

Technology

plc

1,600,000

6.250%, 

1/15/2027

e

1,772,712

575,000

5.250%, 

1/15/2029

e

599,725

KAR

Auction

Services,

Inc.

2,670,000

5.125%, 

6/1/2025

e

2,718,194

KB

Home

2,130,000

6.875%, 

6/15/2027

2,495,061

1,635,000

4.800%, 

11/15/2029

1,712,663

L

Brands,

Inc.

1,280,000

6.875%, 

7/1/2025

e

1,422,336

2,045,000

5.250%, 

2/1/2028

2,193,263

2,310,000

6.625%, 

10/1/2030

e

2,637,558

1,030,000

6.875%, 

11/1/2035

1,227,544

Landry's,

Inc.

1,460,000

6.750%, 

10/15/2024

e

1,476,308

Levi

Strauss

&

Company

2,195,000

3.500%, 

3/1/2031

e

2,118,175

Live

Nation

Entertainment,

Inc.

1,545,000

3.750%, 

1/15/2028

e

1,523,756

Macy's

Retail

Holdings,

LLC

1,585,000

5.875%, 

4/1/2029

e,f

1,625,346

Mattamy

Group

Corporation

3,685,000

5.250%, 

12/15/2027

e

3,855,431

1,800,000

4.625%, 

3/1/2030

e

1,787,904

New

Red

Finance,

Inc.

2,300,000

4.000%, 

10/15/2030

e

2,219,500

PetSmart,

Inc.

2,515,000

7.750%, 

2/15/2029

e

2,722,362

PGT

Escrow

Issuer,

Inc.

3,195,000

6.750%, 

8/1/2026

e

3,394,688

Prime

Security

Services

Borrower,

LLC

4,770,000

5.750%, 

4/15/2026

e

5,161,379

1,790,000

3.375%, 

8/31/2027

e

1,736,300

Real

Hero

Merger

Sub

2,

Inc.

1,130,000

6.250%, 

2/1/2029

e

1,166,725

Realogy

Group,

LLC

3,095,000

5.750%, 

1/15/2029

e

3,052,444

Royal

Caribbean

Cruises,

Ltd.

2,565,000

9.125%, 

6/15/2023

e

2,826,450

515,000

3.700%, 

3/15/2028

f

474,665

1,190,000

5.500%, 

4/1/2028

e

1,195,950

Scientific

Games

International,

Inc.

2,650,000

5.000%, 

10/15/2025

e

2,744,605

3,050,000

7.250%, 

11/15/2029

e

3,309,250

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Consumer

Cyclical

(17.7%)

-

continued

SeaWorld

Parks

and

Entertainment,

Inc.

$

2,050,000

9.500%, 

8/1/2025

e

$

2,227,991

Service

Properties

Trust

2,245,000

7.500%, 

9/15/2025

2,551,268

Six

Flags

Entertainment

Corporation

2,035,000

4.875%, 

7/31/2024

e

2,054,577

Six

Flags

Theme

Parks,

Inc.

1,000,000

7.000%, 

7/1/2025

e

1,081,250

Staples,

Inc.

2,875,000

7.500%, 

4/15/2026

e

3,032,406

Stars

Group

Holdings

BV

2,550,000

7.000%, 

7/15/2026

e,f

2,664,750

Tenneco,

Inc.

1,530,000

5.000%, 

7/15/2026

f

1,442,025

900,000

7.875%, 

1/15/2029

e

1,009,980

Uber

Technologies,

Inc.

1,540,000

6.250%, 

1/15/2028

e

1,677,368

Wyndham

Destinations,

Inc.

2,830,000

6.625%, 

7/31/2026

e

3,213,041

Wyndham

Hotels

&

Resorts,

Inc.

1,540,000

4.375%, 

8/15/2028

e

1,557,710

Yum!

Brands,

Inc.

2,090,000

5.250%, 

6/1/2026

e

2,153,912

Total

159,951,196

Consumer

Non-Cyclical

(13.6%)

Albertson's

Companies,

Inc.

1,930,000

4.625%, 

1/15/2027

e

2,000,339

4,410,000

5.875%, 

2/15/2028

e

4,702,162

2,800,000

3.500%, 

3/15/2029

e

2,664,592

Bausch

Health

Companies,

Inc.

3,915,000

5.000%, 

1/30/2028

e

3,963,937

2,840,000

6.250%, 

2/15/2029

e

3,018,808

2,125,000

7.250%, 

5/30/2029

e

2,372,031

625,000

5.250%, 

1/30/2030

e

628,250

1,540,000

5.250%, 

2/15/2031

e

1,532,639

Centene

Corporation

2,130,000

5.375%, 

6/1/2026

e

2,227,341

1,400,000

4.250%, 

12/15/2027

1,472,627

2,045,000

4.625%, 

12/15/2029

2,213,314

920,000

3.375%, 

2/15/2030

928,620

Community

Health

Systems,

Inc.

1,795,000

5.625%, 

3/15/2027

e

1,880,262

3,095,000

6.875%, 

4/15/2029

e

3,240,063

1,545,000

4.750%, 

2/15/2031

e

1,509,310

Cooke

Omega

Investments,

Inc.

2,555,000

8.500%, 

12/15/2022

e

2,625,262

DaVita,

Inc.

4,590,000

4.625%, 

6/1/2030

e

4,676,567

1,055,000

3.750%, 

2/15/2031

e

1,006,185

Dole

Food

Company,

Inc.

3,064,000

7.250%, 

6/15/2025

e

3,144,752

Edgewell

Personal

Care

Company

1,540,000

5.500%, 

6/1/2028

e

1,626,240

Encompass

Health

Corporation

3,415,000

4.500%, 

2/1/2028

3,497,370

Endo

Finance,

LLC

1,585,000

9.500%, 

7/31/2027

e

1,721,706

Energizer

Holdings,

Inc.

3,940,000

4.750%, 

6/15/2028

e

4,063,125

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Consumer

Non-Cyclical

(13.6%)

-

continued

HCA,

Inc.

$

3,705,000

5.375%, 

2/1/2025

$

4,132,983

2,380,000

5.875%, 

2/1/2029

2,772,700

Herbalife

Nutrition,

Ltd.

2,320,000

7.875%, 

9/1/2025

e

2,523,000

Illumina,

Inc.

2,565,000

9.000%, 

7/1/2028

e

2,886,395

JBS

Investments

II

GmbH

2,560,000

5.750%, 

1/15/2028

e

2,700,800

Kraft

Heinz

Foods

Company

3,380,000

3.875%, 

5/15/2027

3,681,142

2,610,000

3.750%, 

4/1/2030

2,770,115

2,560,000

4.875%, 

10/1/2049

2,871,328

Mattel,

Inc.

2,640,000

3.375%, 

4/1/2026

e

2,725,642

1,075,000

5.875%, 

12/15/2027

e

1,180,157

Molina

Healthcare,

Inc.

1,430,000

4.375%, 

6/15/2028

e

1,471,413

MPH

Acquisition

Holdings,

LLC

1,540,000

5.750%, 

11/1/2028

e,f

1,501,500

Ortho-Clinical

Diagnostics,

Inc.

1,572,000

7.250%, 

2/1/2028

e

1,722,378

Par

Pharmaceutical,

Inc.

2,650,000

7.500%, 

4/1/2027

e

2,810,723

SEG

Holding,

LLC

3,080,000

5.625%, 

10/15/2028

e

3,226,300

Simmons

Foods,

Inc.

1,655,000

4.625%, 

3/1/2029

e

1,669,514

Spectrum

Brands,

Inc.

210,000

5.750%, 

7/15/2025

216,563

930,000

5.000%, 

10/1/2029

e

981,150

770,000

5.500%, 

7/15/2030

e

823,900

Syneos

Health,

Inc.

1,845,000

3.625%, 

1/15/2029

e

1,794,263

Tenet

Healthcare

Corporation

8,180,000

4.875%, 

1/1/2026

e

8,505,237

4,490,000

5.125%, 

11/1/2027

e

4,695,193

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2,945,000

3.150%, 

10/1/2026

2,816,156

United

Natural

Foods,

Inc.

2,570,000

6.750%, 

10/15/2028

e

2,746,688

VRX

Escrow

Corporation

3,225,000

6.125%, 

4/15/2025

e

3,306,270

Total

123,247,012

Energy

(11.7%)

Antero

Midstream

Partners,

LP

515,000

5.375%, 

9/15/2024

519,506

515,000

5.750%, 

3/1/2027

e

515,113

Antero

Resources

Corporation

1,285,000

8.375%, 

7/15/2026

e

1,416,712

Apache

Corporation

1,595,000

4.625%, 

11/15/2025

1,643,328

1,535,000

4.375%, 

10/15/2028

1,530,395

2,300,000

5.100%, 

9/1/2040

2,248,250

Archrock

Partners,

LP

1,030,000

6.250%, 

4/1/2028

e

1,046,274

Buckeye

Partners,

LP

2,825,000

4.125%, 

12/1/2027

2,789,687

1,570,000

4.500%, 

3/1/2028

e

1,573,925

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Energy

(11.7%)

-

continued

Centennial

Resource

Production,

LLC

$

1,850,000

5.375%, 

1/15/2026

e,f

$

1,628,000

Cheniere

Energy

Partners,

LP

3,205,000

5.625%, 

10/1/2026

3,351,468

4,290,000

4.500%, 

10/1/2029

4,448,816

Chesapeake

Escrow

Issuer,

LLC

1,320,000

5.500%, 

2/1/2026

e

1,373,981

CNX

Resources

Corporation

2,055,000

6.000%, 

1/15/2029

e

2,135,515

Comstock

Resources,

Inc.

1,540,000

9.750%, 

8/15/2026

1,670,900

260,000

6.750%, 

3/1/2029

e

266,500

Continental

Resources,

Inc.

1,374,000

4.500%, 

4/15/2023

1,423,052

2,570,000

5.750%, 

1/15/2031

e

2,903,740

CrownRock

Finance,

Inc.

1,790,000

5.625%, 

10/15/2025

e

1,826,194

Enagas

SA

2,620,000

5.500%, 

1/15/2028

e

2,558,823

Endeavor

Energy

Resources,

LP

1,020,000

6.625%, 

7/15/2025

e

1,090,115

1,020,000

5.750%, 

1/30/2028

e

1,077,446

EnLink

Midstream

Partners,

LP

2,805,000

5.600%, 

4/1/2044

2,328,150

EnLink

Midstream,

LLC

2,575,000

5.625%, 

1/15/2028

e

2,489,973

EQM

Midstream

Partners,

LP

1,030,000

4.500%, 

1/15/2029

e

1,003,694

2,565,000

6.500%, 

7/15/2048

2,558,587

EQT

Corporation

1,055,000

7.625%, 

2/1/2025

1,214,184

1,025,000

3.900%, 

10/1/2027

1,045,500

640,000

5.000%, 

1/15/2029

684,800

Genesis

Energy,

LP

1,030,000

6.500%, 

10/1/2025

1,009,657

Harvest

Midstream,

LP

3,380,000

7.500%, 

9/1/2028

e

3,632,486

Hess

Midstream

Operations,

LP

790,000

5.625%, 

2/15/2026

e

813,700

Hilcorp

Energy

I,

LP

515,000

6.250%, 

11/1/2028

e

530,450

MEG

Energy

Corporation

1,850,000

6.500%, 

1/15/2025

e

1,910,957

Murphy

Oil

Corporation

1,535,000

5.875%, 

12/1/2027

1,504,300

Newfield

Exploration

Company

3,875,000

5.375%, 

1/1/2026

4,270,350

NGL

Energy

Operating,

LLC

905,000

7.500%, 

2/1/2026

e

929,888

NGL

Energy

Partners,

LP

1,545,000

7.500%, 

4/15/2026

1,317,113

NuStar

Logistics,

LP

515,000

5.750%, 

10/1/2025

551,318

Oasis

Midstream

Partners,

LP

450,000

8.000%, 

4/1/2029

e

461,250

Occidental

Petroleum

Corporation

823,000

2.700%, 

8/15/2022

823,309

1,790,000

2.700%, 

2/15/2023

1,785,919

1,740,000

3.450%, 

7/15/2024

1,740,000

2,900,000

3.500%, 

6/15/2025

2,871,000

2,045,000

8.000%, 

7/15/2025

2,347,517

2,045,000

8.875%, 

7/15/2030

2,578,745

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Energy

(11.7%)

-

continued

$

2,555,000

4.300%, 

8/15/2039

$

2,166,666

2,555,000

4.400%, 

4/15/2046

2,188,204

PBF

Holding

Company,

LLC

1,585,000

9.250%, 

5/15/2025

e

1,618,206

Precision

Drilling

Corporation

1,180,000

7.750%, 

12/15/2023

1,184,425

Range

Resources

Corporation

1,805,000

8.250%, 

1/15/2029

e

1,931,350

Sanchez

Energy

Corporation

3,740,000

0.000%, 

2/15/2023

g,h,j

4

SM

Energy

Company

1,055,000

10.000%, 

1/15/2025

e

1,186,875

Southwestern

Energy

Company

2,145,000

7.500%, 

4/1/2026

f

2,269,453

Sunoco,

LP

1,090,000

5.500%, 

2/15/2026

1,119,746

1,025,000

4.500%, 

5/15/2029

e

1,021,156

Targa

Resources

Partners,

LP

1,040,000

6.500%, 

7/15/2027

1,130,147

Teine

Energy,

Ltd.

1,585,000

6.875%, 

4/15/2029

d,e

1,604,179

Transocean

Pontus,

Ltd.

387,875

6.125%, 

8/1/2025

e,f

366,542

Transocean,

Inc.

3,037,000

11.500%, 

1/30/2027

e

2,604,896

Valaris

plc

3,745,000

4.750%, 

1/15/2024

g,h

486,850

Vine

Energy

Holdings,

LLC

1,580,000

6.750%, 

4/15/2029

d,e

1,580,000

W&T

Offshore,

Inc.

1,320,000

9.750%, 

11/1/2023

e

1,167,804

Weatherford

International,

Ltd.

1,055,000

8.750%, 

9/1/2024

e

1,103,636

Western

Gas

Partners,

LP

1,580,000

4.650%, 

7/1/2026

1,666,458

WPX

Energy,

Inc.

325,000

5.250%, 

10/15/2027

346,294

Total

106,183,478

Financials

(8.4%)

Alliant

Holdings

Intermediate,

LLC

525,000

6.750%, 

10/15/2027

e

558,794

Ally

Financial,

Inc.

4,000,000

5.750%, 

11/20/2025

4,544,309

Burford

Capital

Global

Finance,

LLC

525,000

6.250%, 

4/15/2028

d,e

538,125

CANPACK

SA

1,000,000

3.125%, 

11/1/2025

e

1,015,000

Charles

Schwab

Corporation

2,110,000

4.000%, 

6/1/2026

b,k

2,141,228

Chobani

,

LLC

2,055,000

4.625%, 

11/15/2028

e

2,096,100

Credit

Acceptance

Corporation

1,580,000

5.125%, 

12/31/2024

e

1,611,600

2,020,000

6.625%, 

3/15/2026

2,126,050

Diversified

Healthcare

Trust

3,875,000

4.375%, 

3/1/2031

3,782,310

Drawbridge

Special

Opportunities

Fund,

LP

5,500,000

3.875%, 

2/15/2026

e

5,641,659

ESH

Hospitality,

Inc.

2,560,000

4.625%, 

10/1/2027

e

2,707,558

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Financials

(8.4%)

-

continued

Fortress

Transportation

$

1,500,000

6.500%, 

10/1/2025

e

$

1,567,500

Genworth

Holdings,

Inc.

525,000

4.900%, 

8/15/2023

515,786

Global

Net

Lease,

Inc.

4,500,000

3.750%, 

12/15/2027

e

4,386,260

Icahn

Enterprises,

LP

2,900,000

4.750%, 

9/15/2024

3,011,461

2,770,000

6.250%, 

5/15/2026

2,901,575

3,405,000

5.250%, 

5/15/2027

3,515,663

MGM

Growth

Properties

Operating

Partnership,

LP

2,350,000

5.750%, 

2/1/2027

2,590,722

MPT

Operating

Partnership,

LP

2,650,000

4.625%, 

8/1/2029

2,787,880

Navient

Corporation

1,580,000

6.750%, 

6/25/2025

1,715,485

NFP

Corporation

790,000

6.875%, 

8/15/2028

e

819,625

OneMain

Finance

Corporation

2,635,000

4.000%, 

9/15/2030

2,562,538

Park

Aerospace

Holdings,

Ltd.

4,285,000

4.500%, 

3/15/2023

e

4,475,167

PennyMac

Financial

Services,

Inc.

1,295,000

4.250%, 

2/15/2029

e

1,238,344

Playtika

Holding

Corporation

685,000

4.250%, 

3/15/2029

e

674,862

Service

Properties

Trust

1,025,000

4.500%, 

6/15/2023

1,041,256

1,055,000

4.750%, 

10/1/2026

1,028,625

Springleaf

Finance

Corporation

780,000

7.125%, 

3/15/2026

899,613

2,090,000

6.625%, 

1/15/2028

2,368,618

Trivium

Packaging

Finance

1,060,000

5.500%, 

8/15/2026

e

1,111,675

530,000

8.500%, 

8/15/2027

e

575,156

United

Wholesale

Mortgage,

LLC

2,265,000

5.500%, 

4/15/2029

d,e

2,265,000

VICI

Properties,

LP

1,050,000

4.250%, 

12/1/2026

e

1,074,239

2,340,000

3.750%, 

2/15/2027

e

2,340,000

1,300,000

4.625%, 

12/1/2029

e

1,348,568

2,090,000

4.125%, 

8/15/2030

e

2,108,183

Total

75,686,534

Technology

(5.2%)

Banff

Merger

Sub,

Inc.

790,000

9.750%, 

9/1/2026

e

841,350

Black

Knight

InfoServ

,

LLC

770,000

3.625%, 

9/1/2028

e

756,610

CDW,

LLC

1,750,000

4.125%, 

5/1/2025

1,820,000

CommScope

Technologies

Finance,

LLC

2,852,000

6.000%, 

6/15/2025

e

2,909,183

CommScope

,

Inc.

2,615,000

5.500%, 

3/1/2024

e

2,696,719

2,030,000

7.125%, 

7/1/2028

e

2,156,022

Diamond

Sports

Group,

LLC

3,425,000

6.625%, 

8/15/2027

e

1,781,000

Iron

Mountain,

Inc.

3,745,000

5.250%, 

3/15/2028

e

3,890,119

890,000

5.000%, 

7/15/2028

e

910,025

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Technology

(5.2%)

-

continued

$

1,020,000

5.250%, 

7/15/2030

e

$

1,052,436

NCR

Corporation

2,090,000

8.125%, 

4/15/2025

e

2,288,550

4,490,000

5.750%, 

9/1/2027

e

4,750,981

Presidio

Holdings,

Inc.

520,000

8.250%, 

2/1/2028

e

565,500

PTC,

Inc.

390,000

3.625%, 

2/15/2025

e

400,237

1,045,000

4.000%, 

2/15/2028

e

1,060,675

Qorvo

,

Inc.

2,615,000

4.375%, 

10/15/2029

2,791,539

Rackspace

Technology

Global,

Inc.

1,035,000

3.500%, 

2/15/2028

e

994,790

2,200,000

5.375%, 

12/1/2028

e,f

2,237,015

Seagate

HDD

Cayman

2,776,000

4.091%, 

6/1/2029

e

2,828,813

Shift4

Payments,

LLC

1,000,000

4.625%, 

11/1/2026

e

1,037,500

SS&C

Technologies,

Inc.

4,460,000

5.500%, 

9/30/2027

e

4,750,123

Switch,

Ltd.

2,690,000

3.750%, 

9/15/2028

e

2,648,897

Unisys

Corporation

1,540,000

6.875%, 

11/1/2027

e

1,686,300

Total

46,854,384

Transportation

(2.4%)

AerCap

Holdings

NV

2,640,000

5.875%, 

10/10/2079

b

2,715,781

American

Airlines,

Inc.

530,000

5.500%, 

4/20/2026

e

551,566

Avis

Budget

Car

Rental,

LLC

2,750,000

5.375%, 

3/1/2029

e

2,844,669

Delta

Air

Lines,

Inc.

3,310,000

7.000%, 

5/1/2025

e

3,812,979

1,540,000

4.750%, 

10/20/2028

e

1,674,589

Mileage

Plus

Holdings,

LLC

1,660,000

6.500%, 

6/20/2027

e

1,819,775

Spirit

Loyalty

Cayman,

Ltd.

750,000

8.000%, 

9/20/2025

e

847,500

XPO

Logistics,

Inc.

2,670,000

6.125%, 

9/1/2023

e

2,716,672

2,130,000

6.750%, 

8/15/2024

e

2,233,837

2,300,000

6.250%, 

5/1/2025

e

2,475,007

Total

21,692,375

Utilities

(3.3%)

Calpine

Corporation

4,805,000

4.500%, 

2/15/2028

e

4,845,362

GFL

Environmental,

Inc.

636,000

8.500%, 

5/1/2027

e

700,395

NextEra

Energy

Operating

Partners,

LP

5,790,000

3.875%, 

10/15/2026

e

6,072,262

NRG

Energy,

Inc.

1,680,000

7.250%, 

5/15/2026

1,747,200

1,285,000

3.375%, 

2/15/2029

e

1,254,481

1,330,000

5.250%, 

6/15/2029

e

1,423,100

PG&E

Corporation

770,000

5.000%, 

7/1/2028

813,486

Suburban

Propane

Partners,

LP

3,195,000

5.875%, 

3/1/2027

3,322,800

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Principal

Amount

Long-Term

Fixed

Income

(91.1%)

Value

Utilities

(3.3%)

-

continued

Talen

Energy

Supply,

LLC

$

2,140,000

6.500%, 

6/1/2025

$

1,718,688

1,590,000

7.250%, 

5/15/2027

e

1,625,552

Terraform

Global

Operating,

LLC

2,660,000

6.125%, 

3/1/2026

e

2,726,500

TerraForm

Power

Operating,

LLC

2,940,000

5.000%, 

1/31/2028

e

3,172,407

Total

29,422,233

Total

Long-Term

Fixed

Income

(cost

$798,145,927)

823,454,259

Shares

Collateral

Held

for

Securities

Loaned

(

2.8%

)

Value

25,311,680

Thrivent

Cash

Management

Trust

25,311,680

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,311,680)

25,311,680

Shares

Preferred

Stock

(

0.8%

)

Value

Financials

(0.8%)

92,627

Bank

of

America

Corporation,

5.000%

k

2,451,837

520

Bank

of

America

Corporation,

Convertible,

7.250%

k

726,960

60,760

J.P.

Morgan

Chase

&

Company,

4.750%

k

1,605,279

1,524

Wells

Fargo

&

Company,

Convertible,

7.500%

k

2,160,133

Total

6,944,209

Total

Preferred

Stock

(cost

$6,363,091)

6,944,209

Shares

Common

Stock

(

0.2%

)

Value

Communications

Services

(0.1%)

85,655

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

l

1,099,210

Total

1,099,210

Energy

(0.1%)

5,598

California

Resources

Corporation

l

134,688

12,877

California

Resources

Corporation,

Warrants

(Expires

10/27/2024)

l

58,590

2,486

Noble

Corporation

f,l

42,138

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

l

59,367

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

l

48,171

6,838

Pacific

Drilling

Reorg

Equity

j,l

752,180

806

Pacific

Drilling

Reorg,

Warrants

(Expires

12/31/27)

j,l

16,418

1,094

Vantage

Drilling

International

l

2,188

Total

1,113,740

Total

Common

Stock

(cost

$5,058,556)

2,212,950

Shares

or

Principal

Amount

Short-Term

Investments

(

3.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.080%,

4/7/2021

m,n

$

200,000

200,000

0.010%,

6/21/2021

m,n

199,991

Thrivent

Core

Short-Term

Reserve

Fund

3,137,348

0.180%

31,373,477

U.S.

Treasury

Bills

1,200,000

0.006%,

6/24/2021

m,o

1,199,965

Total

Short-Term

Investments

(cost

$32,940,897)

32,973,433

Total

Investments

(cost

$904,109,276)

102.6%

$927,062,617

Other

Assets

and

Liabilities,

Net

(2.6%)

(23,495,356)

Total

Net

Assets

100.0%

$903,567,261

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$569,791,932

or

63.1%

of

total

net

assets.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

In

bankruptcy.  Interest

is

not

being

accrued.

i

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

March

31,

2021.

j

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

*

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

March

31,

2021

was

$65,051

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

March

31,

2021.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

Convertible,

4/26/2024

4/26/2019

$

563,723

Midwest

Vanadium,

Pty.

Ltd.,

2/15/2018

2/9/2011

3,028,997

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

23,909,279

Common

Stock

1,695

Total

lending

$23,910,974

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,311,680

Net

amounts

due

to

counterparty

$1,400,706

Definitions:

PIK

-

Payment-In-Kind

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

High

Yield

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Capital

Goods

10,363,369

–

10,363,369

–

Communications

Services

5,613,797

–

5,613,797

–

Consumer

Cyclical

8,786,180

–

8,786,180

–

Consumer

Non-Cyclical

4,160,178

–

4,160,178

–

Technology

4,003,374

–

4,003,374

–

Transportation

3,239,188

–

3,239,188

–

Long-Term

Fixed

Income

Basic

Materials

54,971,996

–

54,971,996

–

Capital

Goods

93,880,948

–

93,880,948

–

Communications

Services

111,564,103

–

111,072,073

492,030

Consumer

Cyclical

159,951,196

–

159,951,196

–

Consumer

Non-Cyclical

123,247,012

–

123,247,012

–

Energy

106,183,478

–

106,183,474

4

Financials

75,686,534

–

75,686,534

–

Technology

46,854,384

–

46,854,384

–

Transportation

21,692,375

–

21,692,375

–

Utilities

29,422,233

–

29,422,233

–

Preferred

Stock

Financials

6,944,209

6,944,209

–

–

Common

Stock

Communications

Services

1,099,210

–

1,099,210

–

Energy

1,113,740

237,604

107,538

768,598

Short-Term

Investments

1,599,956

–

1,599,956

–

Subtotal

Investments

in

Securities

$870,377,460

$7,181,813

$861,935,015

$1,260,632

Other

Investments  *

Total

Affiliated

Short-Term

Investments

31,373,477

Collateral

Held

for

Securities

Loaned

25,311,680

Subtotal

Other

Investments

$56,685,157

Total

Investments

at

Value

$927,062,617

*

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

435,539

435,539

–

–

Credit

Default

Swaps

41,631

–

41,631

–

Total

Asset

Derivatives

$477,170

$435,539

$41,631

$–

The

following

table

presents

High

Yield

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$399,991

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

(326)

June

2021

(

$

43,121,164)

$

435,539

Total

Futures

Short

Contracts

(

$

43,121,164)

$435,539

Total

Futures

Contracts

(

$

43,121,164)

$435,539

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

The

following

table

presents

High

Yield

Portfolio's

swaps

contracts

held

as

of

March

31,

2021.

Investments

totaling

$1,199,965

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

36,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2026

(

$

10,600,000)

$

–

$

41,631

$

41,631

Total

Credit

Default

Swaps

$–

$41,631

$41,631

1

As

the

buyer

of

protection,

High

Yield

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

High

Yield

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

High

Yield

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$30,257

$101,155

$100,039

$31,373

3,137

3.5%

Total

Affiliated

Short-Term

Investments

30,257

31,373

3.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

20,946

29,519

25,153

25,312

25,312

2.8

Total

Collateral

Held

for

Securities

Loaned

20,946

25,312

2.8

Total

Value

$51,203

$56,685

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$19

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$19

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$–

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Bank

Loans

(

0.4%

)

a

Value

Basic

Materials

(<0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

97,250

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

96,626

Total

96,626

Communications

Services

(0.2%)

Altice

France

SA,

Term

Loan

192,500

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

188,546

Eagle

Broadband

Investments,

LLC,

Term

Loan

748,125

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

745,634

GCI,

LLC,

Term

Loan

586,651

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,c,d

583,231

HCP

Acquisition,

LLC,

Term

Loan

318,102

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

317,402

Radiate

Holdco,

LLC,

Term

Loan

618,450

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

617,819

TNS,

Inc.,

Term

Loan

334,418

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

332,605

WideOpenWest

Finance,

LLC,

Term

Loan

124,924

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

124,479

Total

2,909,716

Consumer

Cyclical

(0.1%)

Golden

Entertainment,

Inc.,

Term

Loan

593,475

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

584,573

LCPR

Loan

Financing,

LLC,

Term

Loan

375,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,c,d

375,468

Scientific

Games

International,

Inc.,

Term

Loan

873,000

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

855,479

Stars

Group

Holdings

BV,

Term

Loan

84,208

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

84,255

Tenneco,

Inc.,

Term

Loan

497,455

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

483,900

Total

2,383,675

Consumer

Non-Cyclical

(0.1%)

Bausch

Health

Americas,

Inc.,

Term

Loan

290,624

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

289,523

Endo

Luxembourg

Finance

Company,

Term

Loan

375,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,c,d

370,781

Principal

Amount

Bank

Loans

(0.4%)

a

Value

Consumer

Non-Cyclical

(0.1%)

-

continued

Global

Medical

Response,

Inc.,

Term

Loan

$

188,663

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

$

187,349

553,613

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

551,398

MPH

Acquisition

Holdings,

LLC,

Term

Loan

350,120

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

348,013

Total

1,747,064

Financials

(<0.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

124,850

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

124,327

Total

124,327

Technology

(<0.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

405,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

403,101

Total

403,101

Total

Bank

Loans

(cost

$7,670,452)

7,664,509

Principal

Amount

Long-Term

Fixed

Income

(

94.4%

)

Value

Asset-Backed

Securities

(3.1%)

522

Funding

CLO,

Ltd.

3,200,000

4.051%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,e

3,209,722

Atrium

IX

3,600,000

2.191%, 

(LIBOR

3M

+

2.000%),

5/28/2030,

Ser.

9A,

Class

CR2

b,e

3,600,349

Benefit

Street

Partners

CLO

II,

Ltd.

3,600,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,e

3,550,388

CarVal

CLO

II,

Ltd.

3,600,000

2.194%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,e

3,591,004

Galaxy

XXIII

CLO,

Ltd.

1,200,000

1.882%, 

(LIBOR

3M

+

1.700%),

4/24/2029,

Ser.

2017-23A,

Class

C1R

b,e

1,197,412

Goldentree

Loan

Management,

Ltd.

2,100,000

2.124%, 

(LIBOR

3M

+

1.900%),

4/20/2031,

Ser.

2020-7A,

Class

A

b,e

2,101,323

Magnetite

XII,

Ltd.

3,200,000

1.341%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,e

3,200,179

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Asset-Backed

Securities

(3.1%)

-

continued

Neuberger

Berman

CLO

XIV,

Ltd.

$

3,200,000

1.249%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,e

$

3,199,866

Octagon

Credit

Partners

46,

Ltd.

3,200,000

2.441%, 

(LIBOR

3M

+

2.200%),

7/15/2033,

Ser.

2020-2A,

Class

B

b,e

3,204,768

Octagon

Investment

Partners

50,

Ltd.

3,500,000

2.670%, 

(LIBOR

3M

+

2.500%),

10/15/2033,

Ser.

2020-4A,

Class

C

b,e

3,503,965

Octagon

Investment

Partners

XVI,

Ltd.

2,600,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,e

2,600,211

Octogon

Investment

Partners

31,

LLC

3,200,000

3.624%, 

(LIBOR

3M

+

3.400%),

7/20/2030,

Ser.

2017-1A,

Class

DR

b,e

3,180,490

Palmer

Square

CLO,

Ltd.

3,200,000

2.224%, 

(LIBOR

3M

+

2.000%),

4/20/2029,

Ser.

2020-1A,

Class

A1

b,e

3,202,390

Palmer

Square

Loan

Funding,

Ltd.

4,700,000

2.488%, 

(LIBOR

3M

+

2.300%),

11/25/2028,

Ser.

2020-4A,

Class

B

b,e

4,715,801

Shackleton

CLO,

Ltd.

2,150,000

1.411%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,e

2,150,030

Sound

Point

CLO

X,

Ltd.

3,200,000

2.924%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,e

3,201,968

Sound

Point

CLO

XV,

Ltd.

6,400,000

1.685%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

b,d,e

6,400,000

THL

Credit

Wind

River

CLO,

Ltd.

4,325,000

3.091%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,e

4,282,952

Total

60,092,818

Basic

Materials

(2.7%)

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

e

258,336

Anglo

American

Capital

plc

3,200,000

3.625%, 

9/11/2024

e

3,461,042

2,550,000

4.750%, 

4/10/2027

e

2,923,816

Cleveland-Cliffs,

Inc.

160,000

4.625%, 

3/1/2029

e

159,728

160,000

4.875%, 

3/1/2031

e

159,600

Freeport-McMoRan,

Inc.

320,000

4.125%, 

3/1/2028

336,384

Glencore

Funding,

LLC

909,000

4.125%, 

5/30/2023

e

972,057

5,059,000

4.000%, 

3/27/2027

e

5,575,365

3,200,000

2.500%, 

9/1/2030

e

3,077,230

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Basic

Materials

(2.7%)

-

continued

Ingevity

Corporation

$

320,000

3.875%, 

11/1/2028

e

$

310,400

Kinross

Gold

Corporation

640,000

5.950%, 

3/15/2024

719,861

LYB

International

Finance

III,

LLC

3,100,000

3.375%, 

10/1/2040

3,065,738

Mosaic

Company

3,100,000

4.875%, 

11/15/2041

3,421,305

Novelis

Corporation

640,000

5.875%, 

9/30/2026

e

668,000

OCI

NV

320,000

4.625%, 

10/15/2025

e

330,800

Olin

Corporation

320,000

5.125%, 

9/15/2027

331,200

Steel

Dynamics,

Inc.

3,100,000

3.250%, 

10/15/2050

2,892,803

1,900,000

3.250%, 

1/15/2031

2,010,829

Syngenta

Finance

NV

3,175,000

4.441%, 

4/24/2023

e

3,326,266

3,100,000

5.182%, 

4/24/2028

e

3,351,348

Teck

Resources,

Ltd.

3,270,000

6.125%, 

10/1/2035

4,008,759

Tronox

Finance

plc

260,000

5.750%, 

10/1/2025

e

271,214

Vale

Overseas,

Ltd.

1,920,000

6.250%, 

8/10/2026

2,283,840

3,000,000

3.750%, 

7/8/2030

3,131,670

Westlake

Chemical

Corporation

3,200,000

3.600%, 

8/15/2026

3,458,953

WestRock

Company

1,270,000

3.750%, 

3/15/2025

1,385,865

Total

51,892,409

Capital

Goods

(3.5%)

Amsted

Industries,

Inc.

260,000

5.625%, 

7/1/2027

e

275,925

BAE

Systems

plc

3,050,000

3.400%, 

4/15/2030

e

3,237,453

2,600,000

1.900%, 

2/15/2031

e

2,439,709

Boeing

Company

2,400,000

5.930%, 

5/1/2060

3,079,501

3,100,000

5.040%, 

5/1/2027

3,534,210

1,600,000

5.150%, 

5/1/2030

1,842,793

5,000,000

5.705%, 

5/1/2040

6,118,632

Carrier

Global

Corporation

1,800,000

3.577%, 

4/5/2050

1,767,594

3,000,000

2.722%, 

2/15/2030

3,027,279

2,550,000

2.700%, 

2/15/2031

2,549,236

3,100,000

3.377%, 

4/5/2040

3,093,895

CNH

Industrial

NV

2,560,000

3.850%, 

11/15/2027

2,830,887

Crown

Cork

&

Seal

Company,

Inc.

640,000

7.375%, 

12/15/2026

770,400

General

Electric

Company

5,200,000

3.514%, 

(LIBOR

3M

+

3.330%),

6/15/2021

b,f

4,914,000

800,000

3.450%, 

5/1/2027

868,764

GFL

Environmental,

Inc.

320,000

3.500%, 

9/1/2028

e

310,400

Howmet

Aerospace,

Inc.

260,000

6.875%, 

5/1/2025

301,275

Huntington

Ingalls

Industries,

Inc.

1,900,000

3.844%, 

5/1/2025

2,073,007

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Capital

Goods

(3.5%)

-

continued

Northrop

Grumman

Corporation

$

2,250,000

3.250%, 

1/15/2028

$

2,413,665

Owens-Brockway

Glass

Container,

Inc.

450,000

5.875%, 

8/15/2023

e

482,062

Parker-Hannifin

Corporation

3,250,000

4.000%, 

6/14/2049

3,637,988

Raytheon

Technologies

Corporation

4,200,000

4.125%, 

11/16/2028

4,729,761

Roper

Technologies,

Inc.

2,240,000

3.800%, 

12/15/2026

2,485,658

SRM

Escrow

Issuer,

LLC

160,000

6.000%, 

11/1/2028

e

167,680

Textron,

Inc.

1,280,000

4.300%, 

3/1/2024

1,386,693

630,000

3.875%, 

3/1/2025

680,320

2,560,000

3.650%, 

3/15/2027

2,756,892

United

Rentals

North

America,

Inc.

640,000

4.000%, 

7/15/2030

651,360

United

Technologies

Corporation

1,925,000

3.950%, 

8/16/2025

2,137,971

1,925,000

4.450%, 

11/16/2038

2,230,253

Total

66,795,263

Collateralized

Mortgage

Obligations

(<0.1%)

GMAC

Mortgage

Corporation

Loan

Trust

99,406

0.609%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,g

127,369

Wachovia

Mortgage

Loan

Trust,

LLC

303,730

2.689%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

312,684

Total

440,053

Communications

Services

(8.5%)

AMC

Networks,

Inc.

320,000

4.250%, 

2/15/2029

311,200

American

Tower

Corporation

2,560,000

3.125%, 

1/15/2027

2,722,528

3,100,000

1.875%, 

10/15/2030

2,900,099

AT&T,

Inc.

5,208,000

3.650%, 

9/15/2059

e

4,760,469

2,481,000

4.300%, 

2/15/2030

2,793,039

3,250,000

2.750%, 

6/1/2031

3,236,957

5,987,000

2.550%, 

12/1/2033

e

5,684,003

3,190,000

4.300%, 

12/15/2042

3,477,507

4,650,000

3.100%, 

2/1/2043

4,338,734

3,200,000

4.500%, 

3/9/2048

3,509,855

CCO

Holdings,

LLC

380,000

5.500%, 

5/1/2026

e

391,894

640,000

4.750%, 

3/1/2030

e

663,200

260,000

4.500%, 

8/15/2030

e

264,992

Charter

Communications

Operating,

LLC

4,500,000

4.800%, 

3/1/2050

4,827,219

3,300,000

4.908%, 

7/23/2025

3,741,034

2,450,000

6.384%, 

10/23/2035

3,172,731

3,000,000

3.500%, 

6/1/2041

2,845,148

8,025,000

6.484%, 

10/23/2045

10,448,641

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Communications

Services

(8.5%)

-

continued

Comcast

Corporation

$

1,920,000

3.375%, 

8/15/2025

$

2,090,741

1,700,000

3.300%, 

4/1/2027

1,853,351

605,000

6.400%, 

5/15/2038

864,983

3,150,000

4.600%, 

10/15/2038

3,802,329

3,200,000

4.650%, 

7/15/2042

3,866,836

Cox

Communications,

Inc.

3,200,000

3.350%, 

9/15/2026

e

3,452,667

560,000

4.800%, 

2/1/2035

e

658,202

2,405,000

4.700%, 

12/15/2042

e

2,783,499

CSC

Holdings,

LLC

500,000

4.125%, 

12/1/2030

e

496,640

Cumulus

Media

New

Holdings,

Inc.

250,000

6.750%, 

7/1/2026

e

254,687

Discovery

Communications,

LLC

4,500,000

4.650%, 

5/15/2050

4,962,179

1,600,000

4.900%, 

3/11/2026

1,823,249

Fox

Corporation

3,200,000

5.476%, 

1/25/2039

3,991,826

Front

Range

BidCo,

Inc.

320,000

4.000%, 

3/1/2027

e

314,400

GCI,

LLC

100,000

4.750%, 

10/15/2028

e

102,375

Level

3

Financing,

Inc.

640,000

4.250%, 

7/1/2028

e

647,238

Meredith

Corporation

150,000

6.500%, 

7/1/2025

e

160,932

Nexstar

Escrow

Corporation

640,000

5.625%, 

7/15/2027

e

670,797

Nielsen

Finance,

LLC

150,000

5.625%, 

10/1/2028

e

157,687

Omnicom

Group,

Inc.

940,000

3.650%, 

11/1/2024

1,021,946

1,300,000

4.200%, 

6/1/2030

1,462,963

SBA

Communications

Corporation

320,000

3.125%, 

2/1/2029

e

307,568

SFR

Group

SA

320,000

7.375%, 

5/1/2026

e

332,832

Sinclair

Television

Group,

Inc.

640,000

5.875%, 

3/15/2026

e

651,200

Sirius

XM

Radio,

Inc.

640,000

4.125%, 

7/1/2030

e

640,736

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

290,023

4,800,000

8.750%, 

3/15/2032

7,098,000

Sprint

Corporation

5,852,000

7.125%, 

6/15/2024

6,737,115

600,000

7.625%, 

2/15/2025

715,500

Time

Warner

Entertainment

Company,

LP

1,720,000

8.375%, 

3/15/2023

1,971,762

T-Mobile

USA,

Inc.

6,450,000

3.750%, 

4/15/2027

e

7,050,882

1,250,000

2.550%, 

2/15/2031

e

1,224,613

1,800,000

3.000%, 

2/15/2041

e

1,670,670

VeriSign,

Inc.

640,000

4.750%, 

7/15/2027

679,200

Verizon

Communications,

Inc.

2,600,000

4.000%, 

3/22/2050

2,798,198

2,400,000

3.700%, 

3/22/2061

2,371,482

2,292,000

2.987%, 

10/30/2056

e

2,023,246

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Communications

Services

(8.5%)

-

continued

$

4,400,000

1.298%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

$

4,499,000

2,400,000

2.100%, 

3/22/2028

2,410,057

1,591,000

1.680%, 

10/30/2030

e

1,476,028

3,850,000

4.272%, 

1/15/2036

4,351,593

4,200,000

3.400%, 

3/22/2041

4,263,778

Viacom,

Inc.

3,200,000

4.375%, 

3/15/2043

3,453,008

ViaSat,

Inc.

140,000

5.625%, 

9/15/2025

e

142,304

Vodafone

Group

plc

2,150,000

5.000%, 

5/30/2038

2,592,055

VTR

Finance

NV

70,000

6.375%, 

7/15/2028

e

75,600

Walt

Disney

Company

1,900,000

7.625%, 

11/30/2028

2,594,095

3,900,000

3.500%, 

5/13/2040

4,123,822

Total

162,073,144

Consumer

Cyclical

(6.5%)

American

Honda

Finance

Corporation

2,600,000

2.150%, 

9/10/2024

2,710,203

Brookfield

Residential

Properties,

Inc.

400,000

6.250%, 

9/15/2027

e

417,500

Carnival

Corporation

320,000

11.500%, 

4/1/2023

e

366,800

Cedar

Fair,

LP

320,000

5.250%, 

7/15/2029

328,925

Choice

Hotels

International,

Inc.

3,100,000

3.700%, 

1/15/2031

3,259,464

Colt

Merger

Sub,

Inc.

320,000

6.250%, 

7/1/2025

e

341,125

CVS

Health

Corporation

1,950,000

4.250%, 

4/1/2050

2,188,883

1,300,000

3.625%, 

4/1/2027

1,426,842

Daimler

Finance

North

America,

LLC

1,900,000

1.750%, 

3/10/2023

e

1,942,256

Darden

Restaurants,

Inc.

3,600,000

3.850%, 

5/1/2027

3,918,953

Ford

Motor

Company

640,000

7.450%, 

7/16/2031

806,931

Ford

Motor

Credit

Company,

LLC

1,900,000

3.470%, 

4/5/2021

1,900,000

2,575,000

4.250%, 

9/20/2022

2,663,580

5,150,000

4.125%, 

8/17/2027

5,317,375

1,900,000

4.000%, 

11/13/2030

1,884,781

General

Motors

Company

1,300,000

6.125%, 

10/1/2025

1,528,681

6,425,000

6.800%, 

10/1/2027

7,970,614

1,230,000

5.000%, 

4/1/2035

1,416,768

General

Motors

Financial

Company,

Inc.

3,100,000

1.700%, 

8/18/2023

3,157,135

2,510,000

4.000%, 

1/15/2025

2,726,438

Hanesbrands,

Inc.

640,000

4.625%, 

5/15/2024

e

678,979

Home

Depot,

Inc.

3,250,000

2.500%, 

4/15/2027

3,420,822

3,180,000

4.250%, 

4/1/2046

3,742,245

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Consumer

Cyclical

(6.5%)

-

continued

Hyundai

Capital

America

$

1,225,000

1.250%, 

9/18/2023

e

$

1,233,860

2,800,000

2.375%, 

10/15/2027

e

2,808,524

3,500,000

1.800%, 

1/10/2028

e

3,346,781

Hyundai

Capital

Services,

Inc.

1,920,000

3.000%, 

3/6/2022

e

1,958,727

Kohl's

Corporation

4,400,000

9.500%, 

5/15/2025

5,705,140

3,900,000

3.375%, 

5/1/2031

3,903,052

3,100,000

5.550%, 

7/17/2045

h

3,512,067

L

Brands,

Inc.

320,000

6.625%, 

10/1/2030

e

365,376

Lennar

Corporation

1,900,000

4.500%, 

4/30/2024

2,066,763

3,700,000

4.750%, 

5/30/2025

4,120,875

Levi

Strauss

&

Company

400,000

3.500%, 

3/1/2031

e

386,000

Lowe's

Companies,

Inc.

1,900,000

5.000%, 

4/15/2040

2,329,895

Marriott

International

1,900,000

4.625%, 

6/15/2030

2,125,522

Marriott

International,

Inc.

2,700,000

5.750%, 

5/1/2025

3,098,231

Mastercard,

Inc.

1,900,000

3.850%, 

3/26/2050

2,152,985

McDonald's

Corporation

3,175,000

4.450%, 

3/1/2047

3,690,034

MDC

Holdings,

Inc.

4,800,000

2.500%, 

1/15/2031

4,524,000

Nissan

Motor

Company,

Ltd.

1,900,000

3.522%, 

9/17/2025

e

2,012,729

Owl

Rock

Capital

Corporation

4,850,000

3.400%, 

7/15/2026

4,912,463

Royal

Caribbean

Cruises,

Ltd.

320,000

9.125%, 

6/15/2023

e

352,618

Six

Flags

Entertainment

Corporation

110,000

5.500%, 

4/15/2027

e

113,988

Six

Flags

Theme

Parks,

Inc.

70,000

7.000%, 

7/1/2025

e

75,688

Staples,

Inc.

320,000

7.500%, 

4/15/2026

e

337,520

Toll

Brothers

Finance

Corporation

1,150,000

4.375%, 

4/15/2023

1,201,750

1,745,000

4.350%, 

2/15/2028

1,886,781

2,400,000

3.800%, 

11/1/2029

h

2,535,000

ViacomCBS,

Inc.

3,200,000

4.200%, 

5/19/2032

3,576,972

Volkswagen

Group

of

America

Finance,

LLC

2,800,000

4.250%, 

11/13/2023

e

3,043,010

3,000,000

3.350%, 

5/13/2025

e

3,221,136

Wyndham

Destinations,

Inc.

320,000

6.625%, 

7/31/2026

e

363,312

Total

125,076,099

Consumer

Non-Cyclical

(11.6%)

Abbott

Laboratories

2,901,000

3.750%, 

11/30/2026

3,256,259

1,440,000

4.750%, 

11/30/2036

1,781,894

2,500,000

6.000%, 

4/1/2039

3,549,621

AbbVie,

Inc.

4,460,000

3.200%, 

5/14/2026

4,818,207

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Consumer

Non-Cyclical

(11.6%)

-

continued

$

2,550,000

2.950%, 

11/21/2026

$

2,714,936

3,200,000

3.200%, 

11/21/2029

3,404,071

3,100,000

4.300%, 

5/14/2036

3,573,684

3,200,000

4.050%, 

11/21/2039

3,582,740

1,900,000

4.850%, 

6/15/2044

2,308,122

Altria

Group,

Inc.

2,750,000

5.800%, 

2/14/2039

3,355,767

Amgen,

Inc.

3,200,000

3.375%, 

2/21/2050

3,198,647

Anheuser-Busch

Companies,

LLC

3,210,000

4.700%, 

2/1/2036

3,760,414

Anheuser-Busch

InBev

Worldwide,

Inc.

3,825,000

4.000%, 

4/13/2028

4,262,861

4,500,000

3.500%, 

6/1/2030

4,873,303

2,550,000

4.600%, 

4/15/2048

2,919,189

3,200,000

4.439%, 

10/6/2048

3,594,119

4,800,000

5.550%, 

1/23/2049

6,193,968

AstraZeneca

plc

3,500,000

1.375%, 

8/6/2030

3,210,282

BAT

Capital

Corporation

2,550,000

3.222%, 

8/15/2024

2,716,677

3,250,000

4.700%, 

4/2/2027

3,658,350

5,000,000

2.259%, 

3/25/2028

4,922,758

Bausch

Health

Companies,

Inc.

50,000

5.000%, 

1/30/2028

e

50,625

320,000

5.000%, 

2/15/2029

e

317,800

Baxalta,

Inc.

1,511,000

4.000%, 

6/23/2025

1,674,852

Becton,

Dickinson

and

Company

6,200,000

3.794%, 

5/20/2050

6,587,166

3,850,000

3.700%, 

6/6/2027

4,246,623

Boston

Scientific

Corporation

1,950,000

3.750%, 

3/1/2026

2,152,998

Cargill,

Inc.

3,250,000

3.250%, 

5/23/2029

e

3,484,760

Centene

Corporation

1,900,000

5.375%, 

6/1/2026

e

1,986,830

160,000

4.250%, 

12/15/2027

168,300

480,000

4.625%, 

12/15/2029

519,506

7,105,000

3.375%, 

2/15/2030

7,171,574

3,000,000

2.500%, 

3/1/2031

2,865,060

Cigna

Corporation

3,200,000

4.125%, 

11/15/2025

3,568,013

3,850,000

2.400%, 

3/15/2030

3,817,387

3,200,000

4.800%, 

8/15/2038

3,824,632

Constellation

Brands,

Inc.

1,700,000

4.400%, 

11/15/2025

1,916,071

640,000

3.500%, 

5/9/2027

698,125

3,300,000

5.250%, 

11/15/2048

4,184,322

CVS

Health

Corporation

1,600,000

3.875%, 

7/20/2025

1,768,571

5,210,000

5.050%, 

3/25/2048

6,396,003

DENTSPLY

SIRONA,

Inc.

2,500,000

3.250%, 

6/1/2030

2,613,893

Encompass

Health

Corporation

350,000

4.500%, 

2/1/2028

358,442

HCA,

Inc.

510,000

5.375%, 

2/1/2025

568,913

6,000,000

5.875%, 

2/15/2026

6,877,500

1,800,000

5.500%, 

6/15/2047

2,238,830

HLF

Financing

SARL,

LLC

250,000

7.250%, 

8/15/2026

e

261,875

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Consumer

Non-Cyclical

(11.6%)

-

continued

Imperial

Brands

Finance

plc

$

3,200,000

3.500%, 

7/26/2026

e

$

3,419,320

Imperial

Tobacco

Finance

plc

2,190,000

3.750%, 

7/21/2022

e

2,262,178

JBS

USA,

LLC

320,000

6.500%, 

4/15/2029

e

361,440

Keurig

Dr.

Pepper,

Inc.

3,250,000

3.800%, 

5/1/2050

3,454,280

Kraft

Foods

Group,

Inc.

230,000

5.000%, 

6/4/2042

258,842

Kraft

Heinz

Foods

Company

1,900,000

5.500%, 

6/1/2050

2,325,983

1,184,000

3.000%, 

6/1/2026

1,245,977

450,000

3.750%, 

4/1/2030

477,606

Kroger

Company

3,200,000

2.650%, 

10/15/2026

3,375,310

Mylan,

Inc.

2,500,000

4.550%, 

4/15/2028

2,823,238

3,200,000

5.200%, 

4/15/2048

3,680,411

Nestle

Holdings,

Inc.

3,850,000

3.900%, 

9/24/2038

e

4,417,364

Par

Pharmaceutical,

Inc.

640,000

7.500%, 

4/1/2027

e

678,816

Perrigo

Finance

Unlimited

Company

1,900,000

3.150%, 

6/15/2030

1,865,634

QBE

Insurance

Group,

Ltd.

2,575,000

5.875%, 

5/12/2025

b,e,f,h

2,771,344

Reckitt

Benckiser

Treasury

Services

plc

2,880,000

2.750%, 

6/26/2024

e

3,047,398

Reynolds

American,

Inc.

1,560,000

5.850%, 

8/15/2045

1,838,811

Royalty

Pharma

plc

2,550,000

1.750%, 

9/2/2027

e

2,476,280

2,450,000

2.200%, 

9/2/2030

e

2,338,011

3,000,000

3.300%, 

9/2/2040

e

2,892,000

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

3,200,000

2.875%, 

9/23/2023

3,362,433

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

e

1,193,388

Sysco

Corporation

3,700,000

6.600%, 

4/1/2050

5,344,172

1,768,000

4.850%, 

10/1/2045

2,094,425

Teleflex,

Inc.

400,000

4.250%, 

6/1/2028

e

414,500

Tenet

Healthcare

Corporation

640,000

5.125%, 

11/1/2027

e

669,248

Thermo

Fisher

Scientific,

Inc.

1,280,000

2.950%, 

9/19/2026

1,370,443

Tyson

Foods,

Inc.

1,280,000

3.550%, 

6/2/2027

1,397,556

UnitedHealth

Group,

Inc.

3,200,000

2.950%, 

10/15/2027

3,434,913

1,240,000

4.750%, 

7/15/2045

1,562,578

3,225,000

4.450%, 

12/15/2048

3,954,446

Upjohn,

Inc.

1,900,000

4.000%, 

6/22/2050

e

1,936,198

VRX

Escrow

Corporation

320,000

6.125%, 

4/15/2025

e

328,064

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Consumer

Non-Cyclical

(11.6%)

-

continued

Zimmer

Biomet

Holdings,

Inc.

$

3,900,000

3.550%, 

3/20/2030

$

4,169,503

Total

223,216,650

Energy

(9.7%)

Antero

Resources

Corporation

105,000

5.000%, 

3/1/2025

105,081

Apache

Corporation

270,000

4.875%, 

11/15/2027

276,750

Baker

Hughes,

LLC

2,575,000

4.486%, 

5/1/2030

2,933,410

BP

Capital

Markets

America,

Inc.

3,200,000

3.000%, 

2/24/2050

2,933,075

2,560,000

3.017%, 

1/16/2027

2,736,142

1,950,000

3.543%, 

4/6/2027

2,134,327

BP

Capital

Markets

plc

2,490,000

3.814%, 

2/10/2024

2,714,083

Buckeye

Partners,

LP

350,000

4.125%, 

3/1/2025

e

357,102

Canadian

Natural

Resources,

Ltd.

3,200,000

2.950%, 

7/15/2030

3,191,723

Cenovus

Energy,

Inc.

2,400,000

5.375%, 

7/15/2025

2,697,155

Cheniere

Corpus

Christi

Holdings,

LLC

3,250,000

3.700%, 

11/15/2029

3,425,366

Cheniere

Energy

Partners,

LP

4,560,000

4.500%, 

10/1/2029

4,728,811

Chevron

USA,

Inc.

3,240,000

3.900%, 

11/15/2024

3,567,495

Cimarex

Energy

Company

3,600,000

4.375%, 

6/1/2024

3,915,250

CNX

Resources

Corporation

320,000

6.000%, 

1/15/2029

e

332,538

Continental

Resources,

Inc.

2,419,000

4.500%, 

4/15/2023

2,505,358

Devon

Energy

Corporation

2,290,000

7.950%, 

4/15/2032

3,070,998

Devon

Financing

Corporation,

ULC

1,900,000

7.875%, 

9/30/2031

2,545,807

Diamondback

Energy,

Inc.

4,600,000

3.500%, 

12/1/2029

4,774,104

1,050,000

3.125%, 

3/24/2031

1,048,263

El

Paso

Pipeline

Partners

Operating

Company,

LLC

1,280,000

4.700%, 

11/1/2042

1,377,485

Enagas

SA

320,000

5.500%, 

1/15/2028

e

312,528

Enbridge,

Inc.

1,850,000

5.750%, 

7/15/2080

b

1,979,500

Energy

Transfer

Operating,

LP

4,150,000

3.750%, 

5/15/2030

4,278,517

1,500,000

6.000%, 

6/15/2048

1,725,491

Energy

Transfer

Partners,

LP

4,480,000

4.200%, 

4/15/2027

4,882,183

Enterprise

Products

Operating,

LLC

3,700,000

3.200%, 

2/15/2052

3,375,110

2,490,000

3.700%, 

2/15/2026

2,732,193

3,200,000

4.875%, 

8/16/2077

b

3,009,331

EOG

Resources,

Inc.

900,000

4.950%, 

4/15/2050

1,097,878

3,500,000

4.375%, 

4/15/2030

4,018,056

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Energy

(9.7%)

-

continued

EQM

Midstream

Partners,

LP

$

320,000

5.500%, 

7/15/2028

$

335,917

EQT

Corporation

640,000

3.900%, 

10/1/2027

652,800

Equinor

ASA

3,900,000

3.000%, 

4/6/2027

4,176,553

2,575,000

3.125%, 

4/6/2030

2,722,798

Marathon

Petroleum

Corporation

2,560,000

4.750%, 

12/15/2023

2,811,706

3,220,000

6.500%, 

3/1/2041

4,280,817

MPLX,

LP

2,550,000

3.500%, 

12/1/2022

2,660,848

2,550,000

4.875%, 

6/1/2025

2,872,183

3,250,000

4.800%, 

2/15/2029

3,726,728

1,920,000

5.200%, 

3/1/2047

2,196,182

Murphy

Oil

Corporation

250,000

5.875%, 

12/1/2027

245,000

National

Fuel

Gas

Company

5,186,000

5.500%, 

1/15/2026

5,926,777

Newfield

Exploration

Company

2,320,000

5.625%, 

7/1/2024

2,550,435

4,756,000

5.375%, 

1/1/2026

5,241,235

ONEOK,

Inc.

1,900,000

2.200%, 

9/15/2025

1,934,532

5,000,000

6.350%, 

1/15/2031

6,278,019

Petroleos

Mexicanos

5,100,000

6.500%, 

3/13/2027

5,329,500

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,701,749

Plains

All

American

Pipeline,

LP

3,200,000

4.500%, 

12/15/2026

3,511,194

1,200,000

3.550%, 

12/15/2029

1,196,471

3,200,000

3.800%, 

9/15/2030

3,258,962

Sabine

Pass

Liquefaction,

LLC

1,910,000

5.750%, 

5/15/2024

2,155,143

1,300,000

4.500%, 

5/15/2030

1,458,844

Schlumberger

Holdings

Corporation

3,250,000

3.900%, 

5/17/2028

e

3,537,550

Suncor

Energy,

Inc.

1,920,000

3.600%, 

12/1/2024

2,087,517

2,900,000

3.100%, 

5/15/2025

3,097,007

Sunoco

Logistics

Partners

Operations,

LP

4,500,000

4.000%, 

10/1/2027

4,839,486

Sunoco,

LP

640,000

6.000%, 

4/15/2027

669,600

Weatherford

International,

Ltd.

320,000

8.750%, 

9/1/2024

e

334,752

Western

Gas

Partners,

LP

6,800,000

4.650%, 

7/1/2026

7,172,096

Williams

Companies,

Inc.

3,200,000

7.500%, 

1/15/2031

4,237,994

Williams

Partners,

LP

1,930,000

4.500%, 

11/15/2023

2,101,747

1,600,000

3.750%, 

6/15/2027

1,744,122

3,000,000

4.850%, 

3/1/2048

3,330,655

WPX

Energy,

Inc.

3,062,000

5.250%, 

9/15/2024

3,394,992

3,185,000

4.500%, 

1/15/2030

3,429,576

Total

185,982,597

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

AerCap

Ireland

Capital

DAC

$

2,400,000

6.500%, 

7/15/2025

$

2,797,868

2,500,000

4.625%, 

10/15/2027

2,742,382

3,800,000

3.875%, 

1/23/2028

h

3,981,759

AIA

Group,

Ltd.

3,100,000

3.200%, 

9/16/2040

e

3,049,797

Air

Lease

Corporation

2,510,000

3.750%, 

2/1/2022

2,562,686

1,260,000

4.250%, 

9/15/2024

1,376,482

4,100,000

4.650%, 

6/15/2026

b,f

4,048,750

1,850,000

3.625%, 

4/1/2027

1,946,093

Aircastle,

Ltd.

1,850,000

5.250%, 

8/11/2025

e

2,019,898

3,500,000

2.850%, 

1/26/2028

e

3,348,528

Ally

Financial,

Inc.

2,750,000

5.750%, 

11/20/2025

3,124,213

5,000,000

8.000%, 

11/1/2031

6,963,369

American

International

Group,

Inc.

2,700,000

4.200%, 

4/1/2028

3,032,183

Ares

Capital

Corporation

3,600,000

3.875%, 

1/15/2026

3,794,008

2,950,000

2.150%, 

7/15/2026

2,872,780

Associated

Banc-Corporation

3,150,000

4.250%, 

1/15/2025

3,393,772

Australia

and

New

Zealand

Banking

Group,

Ltd.

3,200,000

2.950%, 

7/22/2030

b,e

3,307,232

2,500,000

2.570%, 

11/25/2035

b,e

2,349,850

Aviation

Capital

Group,

LLC

2,800,000

5.500%, 

12/15/2024

e

3,130,792

Avolon

Holdings

Funding,

Ltd.

1,300,000

5.250%, 

5/15/2024

e

1,404,166

1,800,000

5.500%, 

1/15/2026

e

1,991,515

1,500,000

4.250%, 

4/15/2026

e

1,571,125

6,400,000

4.375%, 

5/1/2026

e

6,690,520

Banco

Bilbao

Vizcaya

Argentaria

SA

2,600,000

6.500%, 

3/5/2025

b,f

2,812,160

Banco

del

Estado

de

Chile

3,850,000

2.704%, 

1/9/2025

e

4,013,210

Banco

Santander

SA

3,200,000

2.746%, 

5/28/2025

3,343,453

1,800,000

4.379%, 

4/12/2028

2,005,877

2,000,000

3.490%, 

5/28/2030

2,082,187

Bank

of

America

Corporation

2,830,000

4.200%, 

8/26/2024

3,121,364

2,860,000

6.500%, 

10/23/2024

b,f,h

3,203,200

3,200,000

4.000%, 

1/22/2025

3,504,352

2,750,000

3.950%, 

4/21/2025

3,015,260

9,400,000

3.705%, 

4/24/2028

b

10,281,673

2,550,000

4.271%, 

7/23/2029

b

2,866,984

3,970,000

3.194%, 

7/23/2030

b

4,167,421

6,200,000

1.922%, 

10/24/2031

b

5,834,607

1,800,000

4.244%, 

4/24/2038

b

2,047,631

1,860,000

2.831%, 

10/24/2051

b

1,707,629

Bank

of

New

York

Mellon

Corporation

1,925,000

4.700%, 

9/20/2025

b,f

2,085,641

Bank

of

Nova

Scotia

4,250,000

4.900%, 

6/4/2025

b,f

4,518,303

Barclays

Bank

plc

1,910,000

10.179%, 

6/12/2021

e

1,942,796

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

-

continued

Barclays

plc

$

3,200,000

7.875%, 

3/15/2022

b,f

$

3,364,000

650,000

8.000%, 

6/15/2024

b,f

721,500

3,100,000

6.125%, 

12/15/2025

b,f

3,385,200

1,280,000

4.836%, 

5/9/2028

1,426,774

2,400,000

4.972%, 

5/16/2029

b

2,759,617

3,100,000

2.645%, 

6/24/2031

b

3,045,861

Berkshire

Hathaway

Finance

Corporation

3,100,000

2.850%, 

10/15/2050

2,857,245

1,950,000

4.250%, 

1/15/2049

2,257,472

Boston

Properties,

LP

1,900,000

3.250%, 

1/30/2031

1,966,965

BPCE

SA

1,265,000

5.700%, 

10/22/2023

e

1,413,442

2,190,000

5.150%, 

7/21/2024

e

2,451,624

Brandywine

Operating

Partnership,

LP

3,100,000

3.950%, 

11/15/2027

3,291,933

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,471,822

CANPACK

SA

320,000

3.125%, 

11/1/2025

e

324,800

Capital

One

Bank

USA

NA

2,000,000

3.375%, 

2/15/2023

2,100,781

Capital

One

Financial

Corporation

3,190,000

4.200%, 

10/29/2025

3,530,787

Charles

Schwab

Corporation

2,550,000

5.375%, 

6/1/2025

b,f

2,816,909

1,750,000

4.000%, 

6/1/2026

b,f

1,775,900

3,100,000

4.000%, 

12/1/2030

b,f

3,047,300

CIT

Group,

Inc.

1,930,000

5.250%, 

3/7/2025

2,173,663

3,600,000

6.125%, 

3/9/2028

4,311,000

Citigroup,

Inc.

3,200,000

4.700%, 

1/30/2025

b,f

3,222,400

4,370,000

4.400%, 

6/10/2025

4,856,042

3,305,000

5.500%, 

9/13/2025

3,830,732

3,700,000

4.000%, 

12/10/2025

b,f

3,736,075

2,490,000

4.450%, 

9/29/2027

2,810,180

2,500,000

3.668%, 

7/24/2028

b

2,734,057

3,749,000

3.520%, 

10/27/2028

b

4,055,256

3,000,000

4.075%, 

4/23/2029

b

3,337,501

CNA

Financial

Corporation

1,870,000

7.250%, 

11/15/2023

2,182,711

650,000

3.950%, 

5/15/2024

706,109

3,250,000

3.450%, 

8/15/2027

3,541,316

Comerica,

Inc.

2,100,000

5.625%, 

7/1/2025

b,f

2,312,625

Commerzbank

AG

3,200,000

8.125%, 

9/19/2023

e

3,661,120

CoreStates

Capital

III

2,440,000

0.768%, 

(LIBOR

3M

+

0.570%),

2/15/2027

b,e

2,359,474

Corporate

Office

Properties,

LP

2,175,000

2.250%, 

3/15/2026

2,210,172

Credit

Acceptance

Corporation

160,000

5.125%, 

12/31/2024

e

163,200

Credit

Agricole

SA

3,800,000

3.250%, 

1/14/2030

e

3,906,446

Credit

Suisse

Group

AG

3,950,000

7.500%, 

7/17/2023

b,e,f

4,176,572

3,850,000

2.193%, 

6/5/2026

b,e

3,912,600

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

-

continued

$

3,700,000

5.250%, 

2/11/2027

b,e,f

$

3,737,000

3,100,000

4.282%, 

1/9/2028

e

3,408,168

Danske

Bank

AS

5,600,000

5.000%, 

1/12/2023

b,e

5,777,995

1,950,000

3.244%, 

12/20/2025

b,e

2,076,263

Deutsche

Bank

AG

7,000,000

6.000%, 

10/30/2025

b,f

7,087,500

2,600,000

3.961%, 

11/26/2025

b

2,815,233

Discover

Bank

1,635,000

4.200%, 

8/8/2023

1,764,130

2,600,000

2.450%, 

9/12/2024

2,721,525

4,490,000

4.682%, 

8/9/2028

b

4,789,034

Diversified

Healthcare

Trust

320,000

4.375%, 

3/1/2031

312,346

Drawbridge

Special

Opportunities

Fund,

LP

480,000

3.875%, 

2/15/2026

e

492,363

Duke

Realty,

LP

1,750,000

1.750%, 

2/1/2031

1,625,523

Fidelity

National

Financial,

Inc.

1,250,000

5.500%, 

9/1/2022

1,334,660

First

Horizon

National

Corporation

3,900,000

4.000%, 

5/26/2025

4,280,085

Five

Corners

Funding

Trust

5,110,000

4.419%, 

11/15/2023

e

5,605,493

GE

Capital

Funding,

LLC

3,900,000

4.050%, 

5/15/2027

e

4,345,627

1,900,000

4.400%, 

5/15/2030

e

2,151,090

GE

Capital

International

Funding

Company

5,200,000

4.418%, 

11/15/2035

5,952,752

General

Electric

Capital

Corporation

2,400,000

5.875%, 

1/14/2038

3,105,760

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

i

0

Global

Net

Lease,

Inc.

320,000

3.750%, 

12/15/2027

e

311,912

Goldman

Sachs

Group,

Inc.

3,200,000

4.950%, 

2/10/2025

b,f

3,384,960

2,490,000

4.250%, 

10/21/2025

2,779,340

3,100,000

3.691%, 

6/5/2028

b

3,391,905

4,250,000

3.814%, 

4/23/2029

b

4,656,401

3,100,000

4.223%, 

5/1/2029

b

3,477,630

Healthpeak

Properties,

Inc.

1,950,000

2.875%, 

1/15/2031

1,965,844

HSBC

Holdings

plc

1,280,000

6.875%, 

6/1/2021

b,f

1,291,136

3,200,000

1.189%, 

(LIBOR

3M

+

1.000%),

5/18/2024

b

3,233,016

2,560,000

4.300%, 

3/8/2026

2,865,696

1,800,000

4.000%, 

3/9/2026

b,f

1,791,000

1,600,000

6.000%, 

5/22/2027

b,f

1,751,600

1,920,000

4.041%, 

3/13/2028

b

2,101,925

2,100,000

4.600%, 

12/17/2030

b,f

2,076,375

Icahn

Enterprises,

LP

640,000

6.250%, 

5/15/2026

670,400

ING

Groep

NV

4,500,000

4.100%, 

10/2/2023

4,871,766

J.P.

Morgan

Chase

&

Company

1,850,000

5.150%, 

5/1/2023

b,f

1,913,640

1,250,000

6.000%, 

8/1/2023

b,f

1,310,291

1,270,000

6.750%, 

2/1/2024

b,f

1,390,650

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

-

continued

$

5,000,000

5.000%, 

8/1/2024

b,f

$

5,168,750

3,200,000

4.600%, 

2/1/2025

b,f

3,236,000

3,200,000

2.950%, 

10/1/2026

3,422,778

3,200,000

2.956%, 

5/13/2031

b

3,259,172

2,600,000

3.882%, 

7/24/2038

b

2,885,218

3,150,000

5.500%, 

10/15/2040

4,126,414

Kilroy

Realty,

LP

2,550,000

4.250%, 

8/15/2029

2,799,055

Kimco

Realty

Corporation

5,100,000

3.300%, 

2/1/2025

5,464,361

Liberty

Mutual

Group,

Inc.

1,935,000

4.950%, 

5/1/2022

e

2,024,543

Lloyds

Bank

plc

1,910,000

4.650%, 

3/24/2026

2,138,700

Lloyds

Banking

Group

plc

1,950,000

7.500%, 

6/27/2024

b,f

2,174,250

1,300,000

7.500%, 

9/27/2025

b,f

1,485,250

1,900,000

2.438%, 

2/5/2026

b

1,967,715

LPL

Holdings,

Inc.

320,000

4.000%, 

3/15/2029

e

322,400

Marsh

&

McLennan

Companies,

Inc.

1,700,000

4.375%, 

3/15/2029

1,949,094

MetLife,

Inc.

2,550,000

3.850%, 

9/15/2025

b,f

2,632,875

MGM

Growth

Properties

Operating

Partnership,

LP

640,000

4.500%, 

9/1/2026

669,818

Mizuho

Financial

Group,

Inc.

3,100,000

1.979%, 

9/8/2031

b

2,923,742

Morgan

Stanley

3,100,000

4.051%, 

(LIBOR

3M

+

3.810%),

4/15/2021

b,f

3,100,000

2,000,000

2.720%, 

7/22/2025

b

2,109,838

1,870,000

4.000%, 

7/23/2025

2,075,242

1,860,000

5.300%, 

12/15/2025

b,f

1,911,150

1,280,000

3.125%, 

7/27/2026

1,377,638

2,510,000

4.350%, 

9/8/2026

2,835,937

4,600,000

3.622%, 

4/1/2031

b

4,994,425

3,100,000

1.794%, 

2/13/2032

b

2,893,412

1,570,000

4.300%, 

1/27/2045

1,839,379

MPT

Operating

Partnership,

LP

640,000

5.000%, 

10/15/2027

673,283

Nationwide

Building

Society

2,490,000

3.900%, 

7/21/2025

e

2,752,573

1,920,000

4.000%, 

9/14/2026

e

2,103,288

Nationwide

Mutual

Insurance

Company

3,225,000

4.350%, 

4/30/2050

e

3,385,209

Natwest

Group

plc

5,100,000

3.032%, 

11/28/2035

b

4,865,808

Nippon

Life

Insurance

Company

1,750,000

5.100%, 

10/16/2044

b,e

1,933,750

2,550,000

3.400%, 

1/23/2050

b,e

2,594,625

Omega

Healthcare

Investors,

Inc.

5,600,000

3.375%, 

2/1/2031

5,554,458

Owl

Rock

Technology

Finance

Corporation

1,500,000

3.750%, 

6/17/2026

e

1,533,980

Park

Aerospace

Holdings,

Ltd.

1,300,000

4.500%, 

3/15/2023

e

1,357,694

Peachtree

Corners

Funding

Trust

2,800,000

3.976%, 

2/15/2025

e

3,062,793

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

-

continued

Preferred

Term

Securities

XXIII,

Ltd.

$

187,303

0.384%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,e

$

157,263

Prudential

Financial,

Inc.

3,800,000

3.700%, 

3/13/2051

4,022,748

1,200,000

5.200%, 

3/15/2044

b

1,277,801

2,750,000

3.700%, 

10/1/2050

b

2,780,800

Realty

Income

Corporation

3,830,000

3.875%, 

7/15/2024

4,187,653

Regency

Centers,

LP

2,560,000

3.600%, 

2/1/2027

2,770,936

Regions

Financial

Corporation

2,600,000

5.750%, 

6/15/2025

b,f,h

2,863,250

Reinsurance

Group

of

America,

Inc.

3,050,000

4.700%, 

9/15/2023

3,340,942

Royal

Bank

of

Scotland

Group

plc

1,920,000

8.625%, 

8/15/2021

b,f

1,965,600

2,750,000

4.269%, 

3/22/2025

b

2,999,892

3,900,000

6.000%, 

12/29/2025

b,f,h

4,279,080

1,000,000

3.754%, 

11/1/2029

b

1,062,830

Santander

Holdings

USA,

Inc.

2,400,000

3.450%, 

6/2/2025

2,571,963

Santander

UK

Group

Holdings

plc

2,500,000

4.750%, 

9/15/2025

e

2,770,670

Service

Properties

Trust

240,000

4.750%, 

10/1/2026

234,000

Societe

Generale

SA

3,100,000

5.375%, 

11/18/2030

b,e,f,h

3,189,125

Spirit

Realty,

LP

3,750,000

3.400%, 

1/15/2030

3,889,112

1,850,000

3.200%, 

2/15/2031

1,851,858

Standard

Chartered

plc

2,700,000

2.744%, 

9/10/2022

b,e

2,723,892

3,250,000

1.374%, 

(LIBOR

3M

+

1.150%),

1/20/2023

b,e

3,271,348

1,800,000

4.750%, 

1/14/2031

b,e,f,h

1,793,700

Synchrony

Financial

1,950,000

4.250%, 

8/15/2024

2,121,224

1,950,000

3.950%, 

12/1/2027

2,101,038

Truist

Financial

Corporation

1,450,000

4.950%, 

9/1/2025

b,f

1,571,438

UBS

Group

Funding

Jersey,

Ltd.

2,490,000

4.125%, 

9/24/2025

e

2,763,785

UBS

Group

Funding

Switzerland

AG

2,560,000

4.253%, 

3/23/2028

e

2,888,738

Ventas

Realty,

LP

1,280,000

3.500%, 

2/1/2025

1,382,120

VEREIT

Operating

Partnership,

LP

1,250,000

4.625%, 

11/1/2025

1,410,947

3,100,000

3.400%, 

1/15/2028

3,268,857

1,850,000

2.850%, 

12/15/2032

1,791,637

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

e

184,155

180,000

4.625%, 

12/1/2029

e

186,725

Wells

Fargo

&

Company

3,300,000

3.900%, 

3/15/2026

b,f

3,332,670

2,560,000

3.000%, 

4/22/2026

2,735,649

3,200,000

2.393%, 

6/2/2028

b

3,279,660

4,250,000

4.478%, 

4/4/2031

b

4,894,167

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Financials

(28.6%)

-

continued

Welltower,

Inc.

$

2,200,000

4.000%, 

6/1/2025

$

2,418,425

Westpac

Banking

Corporation

2,900,000

2.894%, 

2/4/2030

b

2,987,029

3,150,000

2.963%, 

11/16/2040

2,930,401

Total

548,738,478

Foreign

Government

(0.2%)

Dominican

Republic

Government

International

Bond

950,000

6.000%, 

7/19/2028

e

1,070,175

Qatar

Government

International

Bond

1,900,000

4.500%, 

4/23/2028

e

2,213,804

Total

3,283,979

Mortgage-Backed

Securities

(2.3%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

6,363,592

3.000%, 

3/25/2050

6,641,530

1,309,284

3.000%, 

4/1/2050

1,367,334

3,049,277

3.500%, 

7/1/2047

3,237,110

Federal

National

Mortgage

Association

718,345

4.500%, 

5/1/2048

784,078

2,428,947

3.500%, 

10/1/2048

2,565,526

1,919,693

3.500%, 

6/1/2049

2,031,927

2,812,526

3.500%, 

8/1/2049

2,976,411

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

2,000,000

1.500%, 

4/1/2036

d

2,009,029

2,550,000

2.000%, 

4/1/2036

d

2,616,995

2,500,000

2.500%, 

4/1/2036

d

2,601,074

3,125,000

2.000%, 

5/1/2036

d

3,203,163

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,500,000

2.000%, 

4/1/2051

d

2,495,313

2,800,000

2.000%, 

5/1/2051

d

2,789,609

6,325,000

2.500%, 

5/1/2051

d

6,476,948

2,179,829

4.000%, 

7/1/2048

2,339,657

Total

44,135,704

Technology

(4.8%)

Apple,

Inc.

4,450,000

3.250%, 

2/23/2026

4,860,363

1,920,000

3.750%, 

9/12/2047

2,123,673

Baidu,

Inc.

1,900,000

2.375%, 

10/9/2030

h

1,832,461

Broadcom

Corporation

3,618,000

3.875%, 

1/15/2027

3,928,805

3,200,000

3.500%, 

1/15/2028

3,397,494

Broadcom,

Inc.

7,882,000

3.469%, 

4/15/2034

e

7,908,949

3,200,000

5.000%, 

4/15/2030

3,647,092

Dell

International,

LLC/

EMC

Corporation

1,300,000

6.100%, 

7/15/2027

e

1,562,796

Diamond

1

Finance

Corporation

187,000

5.875%, 

6/15/2021

e

187,234

6,725,000

6.020%, 

6/15/2026

e

7,961,370

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Technology

(4.8%)

-

continued

Diamond

Sports

Group,

LLC

$

320,000

6.625%, 

8/15/2027

e

$

166,400

Fiserv,

Inc.

3,225,000

3.200%, 

7/1/2026

3,480,866

7,000,000

2.650%, 

6/1/2030

7,049,866

Gartner,

Inc.

320,000

3.750%, 

10/1/2030

e

317,354

Hewlett

Packard

Enterprise

Company

2,600,000

4.650%, 

10/1/2024

2,902,388

Iron

Mountain,

Inc.

640,000

4.875%, 

9/15/2029

e

647,968

Lam

Research

Corporation

3,250,000

4.000%, 

3/15/2029

3,680,421

Marvell

Technology

Group,

Ltd.

1,900,000

4.875%, 

6/22/2028

2,177,972

Micron

Technology,

Inc.

3,250,000

5.327%, 

2/6/2029

3,823,405

NXP

Funding,

LLC

3,250,000

4.875%, 

3/1/2024

e

3,612,232

3,250,000

5.350%, 

3/1/2026

e

3,793,194

1,900,000

3.150%, 

5/1/2027

e

2,019,021

Oracle

Corporation

3,900,000

2.800%, 

4/1/2027

4,107,256

3,200,000

4.300%, 

7/8/2034

3,600,244

Panasonic

Corporation

2,900,000

3.113%, 

7/19/2029

e

3,019,813

SK

Hynix,

Inc.

4,200,000

2.375%, 

1/19/2031

e

3,971,503

Switch,

Ltd.

265,000

3.750%, 

9/15/2028

e

260,951

Teledyne

Technologies,

Inc.

3,000,000

2.250%, 

4/1/2028

2,985,540

Texas

Instruments,

Inc.

3,200,000

4.150%, 

5/15/2048

3,807,040

Total

92,833,671

Transportation

(2.3%)

AerCap

Holdings

NV

3,200,000

5.875%, 

10/10/2079

b

3,291,856

Aircastle,

Ltd.

1,515,000

4.400%, 

9/25/2023

1,613,501

Boeing

Company

1,600,000

5.805%, 

5/1/2050

2,014,321

6,200,000

3.250%, 

2/1/2028

6,413,034

Burlington

Northern

Santa

Fe,

LLC

2,500,000

4.700%, 

9/1/2045

3,055,296

3,200,000

4.050%, 

6/15/2048

3,586,869

CSX

Corporation

1,900,000

2.400%, 

2/15/2030

1,910,525

Delta

Air

Lines,

Inc.

1,182,882

4.250%, 

7/30/2023

1,208,998

500,000

7.000%, 

5/1/2025

e

575,979

3,000,000

7.375%, 

1/15/2026

3,507,885

3,650,000

4.750%, 

10/20/2028

e

3,968,995

ERAC

USA

Finance,

LLC

4,030,000

4.200%, 

11/1/2046

e

4,494,280

Southwest

Airlines

Company

2,725,000

5.250%, 

5/4/2025

3,100,555

3,800,000

5.125%, 

6/15/2027

4,368,744

United

Airlines

Pass

Through

Trust

1,097,815

3.750%, 

9/3/2026

1,139,031

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Transportation

(2.3%)

-

continued

XPO

Logistics,

Inc.

$

640,000

6.125%, 

9/1/2023

e

$

651,187

Total

44,901,056

U.S.

Government

&

Agencies

(3.4%)

U.S.

Treasury

Bonds

23,000,000

1.875%, 

2/15/2051

20,412,500

43,000,000

1.625%, 

11/15/2050

35,831,094

8,000,000

1.500%, 

2/15/2030

7,901,562

Total

64,145,156

Utilities

(7.2%)

Ameren

Illinois

Company

1,950,000

4.500%, 

3/15/2049

2,347,308

American

Water

Capital

Corporation

3,200,000

3.450%, 

5/1/2050

3,235,607

Arizona

Public

Service

Company

3,200,000

3.500%, 

12/1/2049

3,262,287

Baltimore

Gas

and

Electric

Company

2,560,000

2.400%, 

8/15/2026

2,676,038

Berkshire

Hathaway

Energy

Company

2,575,000

4.450%, 

1/15/2049

3,017,576

CenterPoint

Energy

Resources

Corporation

2,800,000

1.750%, 

10/1/2030

2,570,684

CenterPoint

Energy,

Inc.

3,250,000

2.950%, 

3/1/2030

3,334,952

CMS

Energy

Corporation

2,560,000

3.450%, 

8/15/2027

2,813,063

Consolidated

Edison

Company

of

New

York,

Inc.

1,280,000

2.900%, 

12/1/2026

1,362,172

3,250,000

4.125%, 

5/15/2049

3,613,508

Dominion

Energy,

Inc.

2,900,000

3.071%, 

8/15/2024

3,088,429

2,250,000

4.650%, 

12/15/2024

b,f

2,368,800

Duke

Energy

Corporation

3,840,000

3.150%, 

8/15/2027

4,090,588

3,200,000

3.750%, 

9/1/2046

3,218,164

Edison

International

6,600,000

5.750%, 

6/15/2027

7,699,240

Entergy

Corporation

3,000,000

2.400%, 

6/15/2031

2,898,509

Exelon

Corporation

1,620,000

3.950%, 

6/15/2025

1,770,265

FirstEnergy

Corporation

4,480,000

3.900%, 

7/15/2027

4,816,000

1,300,000

4.850%, 

7/15/2047

1,460,124

FirstEnergy

Transmission,

LLC

4,300,000

2.866%, 

9/15/2028

e

4,334,854

3,150,000

5.450%, 

7/15/2044

e

3,639,385

Georgia

Power

Company

3,000,000

3.250%, 

3/15/2051

2,863,836

3,200,000

2.650%, 

9/15/2029

3,264,887

National

Rural

Utilities

Cooperative

Finance

Corporation

2,600,000

4.400%, 

11/1/2048

3,047,156

Nevada

Power

Company

2,800,000

6.750%, 

7/1/2037

3,929,168

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income

(94.4%)

Value

Utilities

(7.2%)

-

continued

NextEra

Energy

Operating

Partners,

LP

$

640,000

3.875%, 

10/15/2026

e

$

671,200

NiSource

Finance

Corporation

1,920,000

4.375%, 

5/15/2047

2,151,566

NiSource,

Inc.

3,200,000

3.600%, 

5/1/2030

3,468,351

NRG

Energy,

Inc.

1,200,000

2.450%, 

12/2/2027

e

1,192,761

4,950,000

3.375%, 

2/15/2029

e

4,832,437

Oncor

Electric

Delivery

Company,

LLC

2,490,000

3.750%, 

4/1/2045

2,674,614

Pacific

Gas

and

Electric

Company

1,270,000

2.950%, 

3/1/2026

1,308,573

1,900,000

3.300%, 

12/1/2027

1,984,254

1,800,000

3.250%, 

6/1/2031

1,792,040

3,000,000

4.200%, 

6/1/2041

2,985,054

1,900,000

3.950%, 

12/1/2047

1,748,671

PPL

Capital

Funding,

Inc.

3,190,000

3.950%, 

3/15/2024

3,444,401

3,100,000

4.125%, 

4/15/2030

3,484,197

PPL

Electric

Utilities

Corporation

3,800,000

3.000%, 

10/1/2049

3,607,268

San

Diego

Gas

and

Electric

Company

3,200,000

4.150%, 

5/15/2048

3,607,261

Sempra

Energy

3,200,000

3.250%, 

6/15/2027

3,423,388

Southern

California

Edison

Company

3,200,000

3.650%, 

2/1/2050

3,165,542

Southern

Company

7,630,000

3.250%, 

7/1/2026

8,166,973

3,100,000

4.000%, 

1/15/2051

b

3,271,275

TerraForm

Power

Operating,

LLC

640,000

5.000%, 

1/31/2028

e

690,592

Total

138,393,018

Total

Long-Term

Fixed

Income

(cost

$1,734,499,080)

1,812,000,095

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

21,062,570

Thrivent

Cash

Management

Trust

21,062,570

Total

Collateral

Held

for

Securities

Loaned

(cost

$21,062,570)

21,062,570

Shares

Registered

Investment

Companies

(

0.3%

)

Value

Unaffiliated  (0.3%)

60,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

6,532,800

Total

6,532,800

Total

Registered

Investment

Companies

(cost

$6,074,928)

6,532,800

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

22,500

Cobank

ACB,

6.250%

b,f

$

2,368,125

Total

2,368,125

Total

Preferred

Stock

(cost

$2,250,000)

2,368,125

Shares

Common

Stock

(

<0.1%

)

Value

Communications

Services

(<0.1%)

426

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

j

5,467

Total

5,467

Financials

(<0.1%)

2,247

Glitnir

HoldCo

ehf.

i,j

0

Total

0

Total

Common

Stock

(cost

$192,205)

5,467

Shares

or

Principal

Amount

Short-Term

Investments

(

5.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.085%,

4/7/2021

k,l

300,000

300,000

0.080%,

4/14/2021

k,l

300,000

200,000

0.040%,

5/4/2021

k,l

199,998

100,000

0.035%,

6/2/2021

k,l

99,997

Thrivent

Core

Short-Term

Reserve

Fund

10,121,757

0.180%

101,217,569

U.S.

Treasury

Bills

500,000

0.048%,

8/26/2021

k,m

499,954

Total

Short-Term

Investments

(cost

$102,506,260)

102,617,518

Total

Investments

(cost

$1,874,255,495)

101.7%

$1,952,251,084

Other

Assets

and

Liabilities,

Net

(1.7%)

(32,770,666)

Total

Net

Assets

100.0%

$1,919,480,418

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$382,317,756

or

19.9%

of

total

net

assets.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

m

At

March

31,

2021,

$259,976

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

20,432,484

Total

lending

$20,432,484

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$21,062,570

Net

amounts

due

to

counterparty

$630,086

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

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

March

31,

2021

(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

March

31,

2021,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

96,626

–

96,626

–

Communications

Services

2,909,716

–

2,909,716

–

Consumer

Cyclical

2,383,675

–

2,383,675

–

Consumer

Non-Cyclical

1,747,064

–

1,747,064

–

Financials

124,327

–

124,327

–

Technology

403,101

–

403,101

–

Long-Term

Fixed

Income

Asset-Backed

Securities

60,092,818

–

60,092,818

–

Basic

Materials

51,892,409

–

51,892,409

–

Capital

Goods

66,795,263

–

66,795,263

–

Collateralized

Mortgage

Obligations

440,053

–

440,053

–

Communications

Services

162,073,144

–

162,073,144

–

Consumer

Cyclical

125,076,099

–

125,076,099

–

Consumer

Non-Cyclical

223,216,650

–

223,216,650

–

Energy

185,982,597

–

185,982,597

–

Financials^

548,738,478

–

548,738,478

0

Foreign

Government

3,283,979

–

3,283,979

–

Mortgage-Backed

Securities

44,135,704

–

44,135,704

–

Technology

92,833,671

–

92,833,671

–

Transportation

44,901,056

–

44,901,056

–

U.S.

Government

&

Agencies

64,145,156

–

64,145,156

–

Utilities

138,393,018

–

138,393,018

–

Registered

Investment

Companies

Unaffiliated

6,532,800

6,532,800

–

–

Preferred

Stock

Financials

2,368,125

2,368,125

–

–

Common

Stock

Communications

Services

5,467

–

5,467

–

Financials^

0

–

–

0

Short-Term

Investments

1,399,949

–

1,399,949

–

Subtotal

Investments

in

Securities

$1,829,970,945

$8,900,925

$1,821,070,020

$0

Other

Investments  *

Total

Affiliated

Short-Term

Investments

101,217,569

Collateral

Held

for

Securities

Loaned

21,062,570

Subtotal

Other

Investments

$122,280,139

Total

Investments

at

Value

$1,952,251,084

*

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

1,432,915

1,432,915

–

–

Total

Liability

Derivatives

$1,432,915

$1,432,915

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(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

March

31,

2021.

Investments

and/or

cash

totaling

$899,995

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

206

June

2021

$

33,279,228

(

$

1,432,915)

Total

Futures

Long

Contracts

$

33,279,228

(

$

1,432,915)

Total

Futures

Contracts

$

33,279,228

($1,432,915)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$69,786

$165,460

$134,028

$101,218

10,122

5.3%

Total

Affiliated

Short-Term

Investments

69,786

101,218

5.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

16,432

63,740

59,109

21,063

21,063

1.1

Total

Collateral

Held

for

Securities

Loaned

16,432

21,063

1.1

Total

Value

$86,218

$122,281

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$36

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$36

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$–

$–

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Shares

Common

Stock

(

91.9%

)

Value

Argentina

(<0.1%)

4,718

Telecom

Argentina

SA

ADR

$

26,043

Total

26,043

Australia

(6.0%)

57,772

ARB

Corporation,

Ltd.

1,518,802

207,890

Aristocrat

Leisure,

Ltd.

5,454,123

42,535

ASX,

Ltd.

2,302,399

104,755

Australia

and

New

Zealand

Banking

Group,

Ltd.

2,249,138

10,376

Bega

Cheese,

Ltd.

50,094

48,131

Bendigo

and

Adelaide

Bank,

Ltd.

368,636

159,818

BHP

Group,

Ltd.

5,543,989

67,032

Breville

Group,

Ltd.

1,379,886

92,637

BWP

Trust

278,792

362,948

Carsales.com,

Ltd.

4,935,772

5,425

Champion

Iron,

Ltd.

a

22,714

224,506

Charter

Hall

Group

2,208,452

46,396

Codan

Limited

545,629

225,111

Commonwealth

Bank

of

Australia

14,770,595

307,331

Computershare,

Ltd.

3,526,462

34,923

Computershare,

Ltd.,

Rights

a

40,319

46,561

Corporate

Travel

Management,

Ltd.

a

697,127

15,921

Credit

Corporation

Group,

Ltd.

397,990

81,812

CSL,

Ltd.

16,534,511

117,953

Data#

3,

Ltd.

467,311

27,907

Domino's

Pizza

Enterprises,

Ltd.

2,048,282

11,268

Elders,

Ltd.

106,626

654,626

GWA

Group,

Ltd.

1,424,832

29,365

Harvey

Norman

Holdings,

Ltd.

128,341

603,941

Humm

Group,

Ltd.

a

442,998

79,320

Ingenia

Communities

Group

306,091

57,536

JB

Hi-Fi,

Ltd.

2,270,800

14,539

Jumbo

Interactive,

Ltd.

140,523

297,595

Metcash,

Ltd.

835,100

67,376

Mineral

Resources,

Ltd.

1,955,830

118,510

National

Australia

Bank,

Ltd.

2,347,978

17,766

Netwealth

Group,

Ltd.

182,770

5,720

Nick

Scali,

Ltd.

43,408

20,430

Pointsbet

Holdings,

Ltd.

a

193,709

69,572

Premier

Investments,

Ltd.

1,380,334

17,713

Pro

Medicus,

Ltd.

558,374

47,599

REA

Group,

Ltd.

5,150,863

8,302

Redbubble,

Ltd.

a

31,781

63,350

Rio

Tinto,

Ltd.

5,354,154

560,618

Sandfire

Resources,

Ltd.

2,285,823

257,008

SEEK,

Ltd.

a

5,601,949

9,114

Seven

Group

Holdings,

Ltd.

156,540

18,131

Sonic

Healthcare,

Ltd.

484,847

386,346

Tabcorp

Holdings,

Ltd.

1,380,325

260,939

Transurban

Group

a

2,652,760

24,458

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

588,793

63,809

Wesfarmers,

Ltd.

2,562,481

287,809

Westpac

Banking

Corporation

5,338,552

157,261

Woodside

Petroleum,

Ltd.

2,874,398

35,158

Woolworths,

Ltd.

1,094,968

50,590

WorleyParsons,

Ltd.

405,236

Total

113,622,207

Austria

(0.3%)

67,324

AMS

AG

a

1,340,470

18,721

BAWAG

Group

AG

b

965,650

53,531

OMV

AG

2,712,814

Shares

Common

Stock

(91.9%)

Value

Austria

(0.3%)

-

continued

3,745

Schoeller-Bleckmann

Oilfield

Equipment

AG

$

167,923

6,235

Semperit

Aktiengesellschaft

Holding

a

277,376

12,289

Zumtobel

AG

112,985

Total

5,577,218

Belgium

(0.8%)

72,007

Anheuser-Busch

InBev

NV

4,526,581

13,670

bpost

SA

130,561

4,044

Cofinimmo

SA

588,778

47,149

Groupe

Bruxelles

Lambert

SA

4,877,395

11,711

KBC

Groep

NV

852,112

13,722

NV

Bekaert

SA

573,792

13,315

SA

D'Ieteren

NV

1,302,077

3,178

Tessenderlo

Group

a

139,498

62,342

Warehouses

De

Pauw

SCA

2,059,939

Total

15,050,733

Bermuda

(0.2%)

78,725

Golden

Ocean

Group,

Ltd.

a

546,803

72,213

Johnson

Electric

Holdings,

Ltd.

194,764

598,000

K

Wah

International

Holdings,

Ltd.

310,673

189,500

Kerry

Logistics

Network,

Ltd.

568,160

234,500

Luye

Pharma

Group,

Ltd.

b

150,199

50,000

Nine

Dragons

Paper

(Holdings),

Ltd.

73,508

2,179,000

Pacific

Basin

Shipping,

Ltd.

590,127

374,000

Road

King

Infrastructure,

Ltd.

490,782

182,400

Shanghai

Industrial

Urban

Development

Group,

Ltd.

17,845

482,000

Yuexiu

Transport

Infrastructure,

Ltd.

304,645

Total

3,247,506

Brazil

(0.3%)

34,800

Ambev

SA

94,718

23,000

Atacadao

SA

94,801

5,200

Azul

SA

a

35,014

1,900

B2W

-

Companhia

Digital

a

20,544

24,700

B3

SA

-

Brasil

Bolsa

Balcao

239,906

30,400

Banco

ABC

Brasil

SA

78,584

73,308

Banco

Bradesco

SA

ADR

344,547

30,700

Banco

do

Brasil

SA

166,518

1,200

Banco

Inter

SA

33,327

25,484

Banco

Santander

Brasil

SA

ADR

179,662

13,800

BB

Seguridade

Participacoes

SA

59,455

8,100

BRF

SA

a

36,250

16,300

CCR

SA

37,299

7,022

Centrais

Eletricas

Brasileiras

SA

ADR

42,834

4,000

Cia

Brasileira

de

Distribuicao

23,437

11,400

Companhia

Hering

32,547

7,929

Companhia

Siderurgica

Nacional

SA

ADR

53,124

41,000

EDP

-

Energias

do

Brasil

SA

144,955

9,400

Enauta

Participacoes

SA

26,303

32,755

Gerdau

SA

ADR

174,912

3,800

Hypera

SA

21,671

82,102

Itau

Unibanco

Holding

SA

ADR

407,226

165,500

Itausa

SA

301,676

41,300

JBS

SA

220,858

15,200

Klabin

SA

a

74,317

6,300

Localiza

Rent

a

Car

SA

67,089

7,500

Locaweb

Servicos

de

Internet

SA

b

30,514

5,000

Lojas

Americanas

SA

19,792

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Shares

Common

Stock

(91.9%)

Value

Brazil

(0.3%)

-

continued

50,600

Magazine

Luiza

SA

$

180,514

40,000

Metalurgica

Gerdau

SA

95,582

9,500

Natura

&

Company

Holding

SA

a

81,065

3,700

Petro

Rio

SA

a

60,180

35,600

Petrobras

Distribuidora

SA

139,145

87,878

Petroleo

Brasileiro

SA

377,669

29,424

Petroleo

Brasileiro

SA

ADR

249,516

53,800

Raia

Drogasil

SA

240,486

8,900

Rumo

SA

a

31,861

4,000

Sendas

Distribuidora

SA

a

52,474

9,600

Suzano

SA

a

117,360

2,100

Telefonica

Brasil

SA

16,565

18,235

Telefonica

Brasil

SA

ADR

143,509

35,600

TIM

SA

80,325

3,343

TIM

SA

ADR

37,943

16,700

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

50,943

43,251

Vale

SA

ADR

751,702

17,500

WEG

SA

232,840

Total

6,001,559

Canada

(7.9%)

135,896

BCE,

Inc.

6,134,623

16,818

Boralex,

Inc.

528,883

33,284

Canadian

Apartment

Properties

REIT

1,426,495

114,646

Canadian

National

Railway

Company

13,304,665

43,963

Canadian

Natural

Resources,

Ltd.

1,359,086

26,809

Canadian

Pacific

Railway,

Ltd.

10,239,771

232,736

CGI,

Inc.

a

19,386,333

22,520

Choice

Properties

REIT

242,994

564,517

CI

Financial

Corporation

8,153,086

322

Constellation

Software,

Inc.

449,688

193,891

Dollarama,

Inc.

8,565,949

4,988

FirstService

Corporation

740,401

5,363

Intact

Financial

Corporation

657,199

6,863

Kinaxis,

Inc.

a

800,929

181,068

Laurentian

Bank

of

Canada

c

5,767,607

26,806

Onex

Corporation

1,667,190

143,687

Quebecor,

Inc.

3,857,722

48,505

Restaurant

Brands

International,

Inc.

3,152,825

184,711

Royal

Bank

of

Canada

17,030,686

13,092

Shopify

Inc.

a

14,486,298

98,322

Sun

Life

Financial,

Inc.

4,968,911

8,797

Suncor

Energy,

Inc.

183,892

96,850

TC

Energy

Corporation

4,439,825

96,170

Thomson

Reuters

Corporation

8,424,728

7,578

TMX

Group,

Ltd.

787,468

199,622

Toronto-Dominion

Bank

13,019,033

Total

149,776,287

Cayman

Islands

(1.4%)

199,000

3SBio,

Inc.

a,b

176,196

6,710

Baidu.com,

Inc.

ADR

a

1,459,760

6,204

Baozun,

Inc.

ADR

a

236,620

68,000

Bizlink

Holding,

Inc.

639,195

260,000

Budweiser

Brewing

Company

APAC,

Ltd.

b

778,276

68,000

China

Medical

System

Holdings,

Ltd.

135,130

18,000

China

Meidong

Auto

Holdings,

Ltd.

83,595

223,334

China

Resources

Land,

Ltd.

1,088,490

Shares

Common

Stock

(91.9%)

Value

Cayman

Islands

(1.4%)

-

continued

35,000

China

Resources

Medical

Holdings

Company,

Ltd.

$

27,687

141,000

Consun

Pharmaceutical

Group,

Ltd.

72,650

40,900

ENN

Energy

Holdings,

Ltd.

659,688

111,000

Geely

Automobile

Holdings,

Ltd.

285,499

71,000

Goodbaby

International

Holdings,

Ltd.

a

13,107

407,000

IGG,

Inc.

526,173

2,583

JOYY,

Inc.

ADR

242,105

44,000

Kingboard

Holdings,

Ltd.

238,145

146,000

LifeTech

Scientific

Corporation

a

67,441

81,000

Longfor

Group

Holdings,

Ltd.

b

537,241

44,900

Meituan

Dianping

a,b

1,752,186

16,072

NetEase,

Inc.

ADR

1,659,595

42,686

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

597,604

8,222

NIO,

Inc.

ADR

a

320,494

1,667

Noah

Holdings,

Ltd.

ADR

a

74,015

2,759

Pinduoduo,

Inc.

ADR

a

369,375

77,355

Qudian,

Inc.

ADR

a

176,369

146,000

Sands

China,

Ltd.

a

731,770

1,196,500

Shui

On

Land,

Ltd.

183,195

839,000

SITC

International

Holdings

Company,

Ltd.

2,855,374

97,224

Tencent

Holdings,

Ltd.

7,759,210

124,000

Tingyi

(Cayman

Islands)

Holding

Corporation

228,002

129,000

Want

Want

China

Holdings,

Ltd.

96,921

30,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

384,628

221,000

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

b

449,017

54,000

Yihai

International

Holding,

Ltd.

563,400

135,500

Zhongsheng

Group

Holdings,

Ltd.

959,914

Total

26,428,067

Chile

(0.1%)

4,252

Banco

de

Chile

ADR

100,432

2,643

Banco

de

Credito

e

Inversiones

SA

139,714

5,887

CAP

SA

95,316

11,292

Cencosud

SA

24,137

8,835

Cia

Cervecerias

Unidas

SA

ADR

156,114

671,728

Colbun

SA

130,640

35,571

Embotelladora

Andina

SA

94,284

34,886

Empresas

CMPC

SA

112,003

2,294

Empresas

Copec

SA

28,336

9,193

Enel

Chile

SA

ADR

36,037

52,717

SMU

SA

8,631

596

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

31,630

156

Sociedad

Quimica

y

Minera

de

Chile

SA,

Rights

a

484

Total

957,758

China

(1.5%)

795,000

Agricultural

Bank

of

China,

Ltd.

318,685

10,987

Aier

Eye

Hospital

Group

Company,

Ltd.

99,817

33,157

Alibaba

Group

Holding,

Ltd.

ADR

a

7,517,687

85,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

558,334

8,414

Autohome,

Inc.

ADR

784,774

176,000

Bank

of

China,

Ltd.

67,132

284,700

Bank

of

Hangzhou

Company,

Ltd.

734,420

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock

(91.9%)

Value

China

(1.5%)

-

continued

10,088

Bank

of

Hangzhou

Company,

Ltd.,

Rights

a,d

$

0

192,400

Bank

of

Jiangsu

Company,

Ltd.

190,151

30,000

Beijing

North

Star

Company,

Ltd.

5,608

11,195

BYD

Company,

Ltd.,

Class

A

284,243

24,500

BYD

Company,

Ltd.,

Class

H

530,101

528,000

China

Cinda

Asset

Management

Company,

Ltd.

110,144

987,000

China

Construction

Bank

Corporation

831,959

168,800

China

International

Capital

Corporation,

Ltd.

a,b

410,661

35,000

China

Longyuan

Power

Group

Corporation,

Ltd.

47,802

18,000

China

Merchants

Bank

Company,

Ltd.

137,901

67,800

China

Pacific

Insurance

(Group)

Company,

Ltd.

268,357

9,809

China

Petroleum

&

Chemical

Corporation

ADR

517,229

24,072

China

Resources

Sanjiu

Medical

and

Pharmaceutical

Company,

Ltd.

89,943

29,386

China

Shenhua

Energy

Company,

Ltd.,

Class

A

90,351

325,000

China

Shenhua

Energy

Company,

Ltd.,

Class

H

671,923

119,600

China

Vanke

Company,

Ltd.,

Class

H

469,978

42,393

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

A

a

88,129

265,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

a

343,634

226,000

GF

Securities

Company,

Ltd.

347,438

128,588

Henan

Shuanghui

Investment

&

Development

Company,

Ltd.

807,270

94,886

Huadong

Medicine

Company,

Ltd.

536,534

800,400

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

677,044

1,774,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

1,276,039

193,094

Industrial

Bank

Company,

Ltd.

711,527

17,497

JD.com,

Inc.

ADR

a

1,475,522

80,000

Jiangxi

Copper

Company,

Ltd.

153,633

28,100

Kingfa

Science

&

Technology

Company,

Ltd.

93,505

3,592

Kweichow

Moutai

Company,

Ltd.

1,104,721

19,700

Livzon

Pharmaceutical

Group,

Inc.

125,648

380,000

Metallurgical

Corporation

of

China,

Ltd.

198,773

84,200

Oceanwide

Holdings

Company,

Ltd.

35,417

20,000

Offcn

Education

Technology

Company,

Ltd.

86,311

131,278

Ping

An

Insurance

Company

of

China,

Ltd.

1,570,263

766,000

Postal

Savings

Bank

of

China

Company,

Ltd.

b

574,074

79,177

S.

F.

Holding

Company,

Ltd.

983,739

45,600

Shandong

Sun

Paper

Industry

Joint

Stock

Company,

Ltd.

109,802

5,200

Shanghai

Haohai

Biological

Technology

Company,

Ltd.

b

39,712

13,600

Shenzhou

International

Group

Holdings,

Ltd.

284,465

Shares

Common

Stock

(91.9%)

Value

China

(1.5%)

-

continued

212,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

$

144,838

2,000

Tsingtao

Brewery

Company,

Ltd.

17,800

21,712

Vipshop

Holdings,

Ltd.

ADR

a

648,320

4,971

WuXi

AppTec

Company,

Ltd.

106,960

57,000

YiChang

HEC

ChangJiang

Pharmaceutical

Company,

Ltd.

b

60,742

9,500

Yunnan

Baiyao

Group

Company,

Ltd.

175,248

464,000

Zijin

Mining

Group

Company,

Ltd.

573,833

Total

28,088,141

Colombia

(<0.1%)

5,375

Bancolombia

SA

ADR

171,946

5,809

Interconexion

Electrica

SA

35,695

Total

207,641

Cyprus

(<0.1%)

618

TCS

Group

Holding

plc

GDR

36,122

Total

36,122

Czech

Republic

(<0.1%)

10,187

CEZ

AS

251,761

6,555

Komercni

Banka

AS

202,294

24,012

Moneta

Money

Bank

AS

b

89,496

63

Philip

Morris

CR

44,441

Total

587,992

Denmark

(2.5%)

1,180

A.P.

Moller

-

Maersk

AS,

Class

B

2,739,392

1,203

Aktieselskabet

Schouw

&

Company

125,830

77,184

Carlsberg

AS

11,836,907

21,431

Dampskibsselskabet

Norden

AS

496,257

2,061

DFDS

AS

a

105,386

14,262

DSV

AS

2,797,400

310,770

Novo

Nordisk

AS

20,940,812

29,572

Orsted

AS

b

4,774,854

9,428

Per

Aarsleff

Holding

AS

409,443

23,176

Royal

Unibrew

AS

2,422,672

13,269

Scandinavian

Tobacco

Group

AS

a,b

254,699

1,415

Topdanmark

AS

64,538

Total

46,968,190

Egypt

(<0.1%)

55,192

Commercial

International

Bank

Egypt

SAE

GDR

196,760

195,635

EFG

Hermes

Holding

Company

a

181,309

Total

378,069

Finland

(0.7%)

1,363

Kemira

Oyj

20,938

31,974

KONE

Oyj

2,613,442

1,846

Konecranes

Oyj

82,272

50,474

Metsa

Board

Oyj

549,885

8,148

Neles

Oyj

103,445

124,661

Neste

Oil

Oyj

6,620,236

14,133

Nokian

Tyres

plc

511,931

158

Revenio

Group

Oyj

9,381

4,740

Rovio

Entertainment

Oyj

b

36,881

47,238

Tokmanni

Group

Corporation

1,107,073

30,012

Uponor

Oyj

666,136

Total

12,321,620

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock

(91.9%)

Value

France

(6.1%)

76,827

Air

Liquide

SA

$

12,544,046

3,324

Albioma

SA

162,906

102,646

BNP

Paribas

SA

a

6,254,173

1,553

Capgemini

SA

264,053

17,935

CNP

Assurances

340,172

22,083

Coface

SA

a

243,993

164,085

Electricite

de

France

a

2,201,081

5,486

Gaztransport

Et

Technigaz

SA

437,087

6,589

Hermes

International

7,287,443

42,187

Ipsos

SA

1,591,632

208,706

Legrand

SA

19,413,601

6,103

LNA

Sante

327,838

32,387

L'Oreal

SA

12,406,897

8,139

LVMH

Moet

Hennessy

Louis

Vuitton

SE

5,436,477

18,151

Mercialys

SA

199,855

3,408

Mersen

a

118,614

34,939

Metropole

Television

SA

a

746,160

199,640

Natixis

a

954,256

10,053

Nexans

SA

889,526

14,317

Nexity

SA

705,562

5,508

Quadient

SAS

132,226

124,210

Rexel

SA

a

2,458,638

833

Rubis

SCA

39,422

1,276

Sartorius

Stedim

Biotech

525,138

171,203

Schneider

Electric

SE

26,080,330

69,486

Television

Francaise

1

SA

631,899

274,246

Total

SE

12,785,331

2,609

Trigano

487,649

Total

115,666,005

Germany

(5.6%)

24,841

Aareal

Bank

AG

705,176

21,815

Aixtron

SE

a

495,849

111,405

Allianz

SE

28,336,534

199,161

Alstria

Office

REIT

AG

3,218,721

23,021

Aurubis

AG

1,907,910

2,958

Bechtle

AG

554,909

742

Cewe

Stiftung

&

Company

KGaA

104,766

5,562

CompuGroup

Medical

SE

and

Company

KGaA

470,091

95,770

Daimler

AG

8,547,479

44,265

Deutsche

Boerse

AG

7,355,493

210,018

Deutsche

Pfandbriefbank

AG

a,b

2,446,377

38,737

Deutsche

Post

AG

2,125,153

295,258

Deutsche

Telekom

AG

5,950,485

28,597

Deutsche

Wohnen

AG

1,334,010

8,337

ElringKlinger

AG

a

122,410

22,828

Encavis

AG

432,685

21,916

Gerresheimer

AG

2,176,648

62,112

Infineon

Technologies

AG

2,642,726

28,751

Klockner

&

Company

SE

a

362,091

21,548

LEG

Immobilien

AG

2,834,364

22,018

Merck

KGaA

3,766,282

658

New

Work

SE

170,918

67,199

ProSiebenSat.1

Media

AG

1,372,348

20,794

Rheinmetall

AG

2,109,004

13,279

SAP

SE

1,628,764

1,783

Sartorius

Aktiengesellschaft

888,934

3,051

Sixt

SE

a

403,436

4,668

Stroeer

SE

380,339

83,210

Symrise

AG

10,096,032

386,286

TAG

Immobilien

AG

11,026,171

39,407

Takkt

AG

a

596,537

2,551

Vonovia

SE

166,707

Shares

Common

Stock

(91.9%)

Value

Germany

(5.6%)

-

continued

10,753

Wacker

Chemie

AG

$

1,529,839

Total

106,259,188

Greece

(<0.1%)

11,273

Hellenic

Telecommnications

Organization

SA

180,880

21,327

Mytilineos

SA

351,476

3,162

OPAP

SA

42,718

838

Sarantis

SA

8,510

Total

583,584

Hong

Kong

(1.3%)

825,271

AIA

Group,

Ltd.

10,098,652

100,000

CITIC,

Ltd.

95,003

8,000

CLP

Holdings,

Ltd.

77,894

139,440

CSPC

Pharmaceutical

Group,

Ltd.

169,531

97,000

Far

East

Horizon,

Ltd.

116,538

1,056,000

Galaxy

Entertainment

Group,

Ltd.

a

9,546,596

241,778

Hang

Lung

Group,

Ltd.

612,884

22,200

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,317,035

120,000

Hysan

Development

Company,

Ltd.

469,579

115,000

Luk

Fook

Holdings

International,

Ltd.

317,194

126,000

Shanghai

Industrial

Holdings,

Ltd.

188,334

55,000

Sun

Hung

Kai

&

Company,

Ltd.

28,016

178,000

United

Laboratories

International

Holdings

131,840

1,280,000

Yuexiu

Property

Company,

Ltd.

290,485

Total

23,459,581

Hungary

(<0.1%)

2,262

OTP

Bank

Nyrt

a

96,693

2,567

Richter

Gedeon

Nyrt

75,683

Total

172,376

India

(0.7%)

8,290

ACC,

Ltd.

216,470

20,116

Adani

Ports

and

Special

Economic

Zone,

Ltd.

a

193,699

40,685

Aditya

Birla

Capital,

Ltd.

a

66,714

62,633

Amara

Raja

Batteries,

Ltd.

733,458

93,754

Ambuja

Cements,

Ltd.

397,104

7,420

APL

Apollo

Tubes,

Ltd.

a

142,585

4,106

Apollo

Hospitals

Enterprise,

Ltd.

163,385

7,552

Aurobindo

Pharma,

Ltd.

91,264

20,035

Bajaj

Auto,

Ltd.

a

1,008,227

252

Blue

Dart

Express,

Ltd.

a

19,271

27,084

Cipla,

Ltd.

a

302,591

8,980

Cummins

India,

Ltd.

113,078

8,090

Cyient,

Ltd.

a

71,851

1,210

Dixon

Technologies,

Ltd.

a

60,899

1,571

Dr.

Lal

PathLabs,

Ltd.

b

58,244

1,417

Endurance

Technologies,

Ltd.

a,b

28,315

40,746

Glenmark

Pharmaceuticals,

Ltd.

259,736

9,423

Granules

India,

Ltd.

39,198

19,694

Graphite

India,

Ltd.

a

138,174

4,541

Gujarat

Gas,

Ltd.

34,202

81,594

HCL

Technologies,

Ltd.

1,099,737

3,043

HEG,

Ltd.

a

61,129

29,549

Heidelberg

Cement

India,

Ltd.

94,476

15,336

Hero

Motocorp,

Ltd.

613,172

5,200

Housing

Development

Finance

Corporation

178,669

96,581

Infosys,

Ltd.

ADR

1,807,996

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock

(91.9%)

Value

India

(0.7%)

-

continued

11,107

InterGlobe

Aviation,

Ltd.

a,b

$

248,529

56,063

Jindal

Saw,

Ltd.

57,110

1,366

JK

Cement,

Ltd.

a

54,400

25,783

JSW

Steel,

Ltd.

166,024

4,709

Jubilant

FoodWorks,

Ltd.

a

188,097

1,996

Jubilant

Pharmova,

Ltd.

a

18,655

2,783

Kalpataru

Power

Transmission,

Ltd.

14,380

1,162

L&T

Technology

Services,

Ltd.

b

42,297

8,681

Laurus

Labs,

Ltd.

b

43,082

4,563

Mahanagar

Gas,

Ltd.

73,123

69,348

Motherson

Sumi

Systems,

Ltd.

a

192,151

492,641

Oil

and

Natural

Gas

Corporation,

Ltd.

690,571

5,338

Persistent

Systems,

Ltd.

140,775

15,374

Piramal

Enterprises,

Ltd.

370,164

18,546

PNB

Housing

Finance,

Ltd.

a,b

95,432

5,882

Polycab

India,

Ltd.

a

111,342

3,778

Prestige

Estates

Projects,

Ltd.

a

15,858

19,529

Reliance

Industries,

Ltd.

536,974

1,149

Supreme

Industries,

Ltd.

32,156

15,689

Tata

Consultancy

Services,

Ltd.

683,599

13,378

Tata

Elxsi,

Ltd.

493,816

6,172

Tech

Mahindra,

Ltd.

83,938

58,673

UPL,

Ltd.

517,515

125,171

Wipro,

Ltd.

ADR

793,584

Total

13,657,216

Indonesia

(<0.1%)

961,400

Mitra

Adiperkasa

Tbk

PT

a

48,964

43,000

PT

Charoen

Pokphand

Indonesia

Tbk

20,749

39,600

PT

Indosat

Tbk

a

17,153

294,700

PT

Japfa

Comfeed

Indonesia

Tbk

39,067

13,963

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

330,085

Total

456,018

Ireland

(<0.1%)

21,183

Glanbia

plc

314,386

21,778

Grafton

Group

plc

307,392

Total

621,778

Isle

of

Man

(0.3%)

217,542

Entain

plc

a

4,549,415

Total

4,549,415

Israel

(0.3%)

2,751

First

International

Bank

of

Israel,

Ltd.

a

76,684

74,029

Mizrahi

Tefahot

Bank,

Ltd.

a

1,930,361

96,131

Plus500,

Ltd.

1,855,673

7,658

Wix.com,

Ltd.

a

2,138,267

Total

6,000,985

Italy

(1.9%)

49,974

Amplifon

SPA

a

1,859,572

51,189

Azimut

Holding

SPA

1,166,096

17,218

Banca

Mediolanum

SPA

a

162,423

53,916

Banco

BPM

SPA

153,795

23,662

Biesse

SPA

a

678,325

8,006

Buzzi

Unicem

SPA

207,957

1,964

De'Longhi

SPA

79,326

1,316,707

Enel

SPA

13,097,800

281,900

Eni

SPA

3,473,644

1,876

Gruppo

MutuiOnline

SPA

98,848

Shares

Common

Stock

(91.9%)

Value

Italy

(1.9%)

-

continued

8,815

Hera SPA

$

33,801

15,204

Interpump

Group

SPA

766,278

359,694

Mediobanca

SPA

a

3,985,873

65,666

Piaggio

&

C.

SPA

249,194

160,595

Recordati

SPA

8,636,743

10,011

Reply

SPA

1,266,947

20,425

Unipol

Gruppo

SPA

113,770

Total

36,030,392

Japan

(20.1%)

22,100

ABC-MART,

Inc.

1,247,988

67

Activia

Properties,

Inc.

294,413

17,300

Advantest

Corporation

1,519,497

4,700

Aichi

Steel

Corporation

157,924

110,600

Air

Water,

Inc.

1,940,317

68,900

Alps

Electric

Company,

Ltd.

913,784

15,700

AOKI

Holdings,

Inc.

87,776

45,500

Arcs

Company,

Ltd.

984,696

12,300

ASAHI

Company,

Ltd.

178,412

66,300

Asahi

Group

Holdings,

Ltd.

2,806,530

304,400

Astellas

Pharmaceutical,

Inc.

4,689,068

37,800

Autobacs

Seven

Company,

Ltd.

513,274

22,800

Bandai

Namco

Holdings,

Inc.

1,629,914

11,300

Bunka

Shutter

Company,

Ltd.

107,722

5,200

Canon

Electronics,

Inc.

81,085

97,800

Canon,

Inc.

2,223,386

1,500

Central

Glass

Company,

Ltd.

31,975

55,600

Chiyoda

Company,

Ltd.

498,822

188,100

Chugai

Pharmaceutical

Company,

Ltd.

7,643,225

4,400

Cosmo

Energy

Holdings

Company,

Ltd.

105,075

140,400

Daicel

Corporation

1,081,788

4,000

Daido

Steel

Company,

Ltd.

185,582

214,700

Daiichi

Sankyo

Company,

Ltd.

6,264,039

17,400

Daikin

Industries,

Ltd.

3,517,563

1,000

Daito

Trust

Construction

Company,

Ltd.

116,194

27

Daiwa

Office

Investment

Corporation

190,282

95,400

Dena

Company,

Ltd.

1,866,091

190,200

Denso

Corporation

12,679,516

4,200

Dexerials

Corporation

72,007

9,100

DIC

Corporation

236,027

36,300

DIP

Corporation

955,006

16,500

Doshisha

Company,

Ltd.

279,290

15,700

DOWA

Holdings

Company,

Ltd.

655,085

1,700

Eagle

Industry

Company,

Ltd.

18,337

53,000

Ebara

Corporation

2,162,538

28,700

EDION

Corporation

321,745

7,300

Eiken

Chemical

Company,

Ltd.

142,852

29,600

EPS

Holdings,

Inc.

302,715

36,300

Exedy

Corporation

550,029

5,000

FANUC

Corporation

1,202,036

9,300

Fast

Retailing

Company,

Ltd.

7,434,214

23,100

Ferrotec

Holdings

Corporation

464,192

77,200

Financial

Products

Group

Company,

Ltd.

505,762

33

Frontier

Real

Estate

Investment

Corporation

140,917

70,900

Fuji

Soft,

Inc.

3,680,660

3,400

Fujibo

Holdings,

Inc.

123,201

96,300

Fujikura,

Ltd.

a

474,095

700

Fukuyama

Transporting

Company,

Ltd.

28,902

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock

(91.9%)

Value

Japan

(20.1%)

-

continued

3,800

Furukawa

Electric

Company,

Ltd.

$

102,221

57,600

Glory,

Ltd.

1,241,150

12,500

GMO

Internet,

Inc.

359,519

114,900

Gree,

Inc.

581,760

46,100

H.U.

Group

Holdings,

Inc.

1,549,353

65

Hankyu

REIT,

Inc.

88,770

25,800

Hanwa

Company,

Ltd.

793,882

639

Heiwa

Real

Estate

REIT,

Inc.

898,439

12,000

Hikari

Tsushin,

Inc.

2,419,402

1,800

Hitachi

Transport

System,

Ltd.

60,600

15,900

Hogy

Medical

Company,

Ltd.

485,100

44,400

Hokuetsu

Corporation

208,259

16,100

Hokuto

Corporation

303,614

300

Horiba,

Ltd.

18,984

89

Hoshino

Resorts

REIT,

Inc.

514,381

18,600

Hosiden

Corporation

194,665

40,300

Hoya

Corporation

4,743,182

11,100

IDOM,

Inc.

72,597

28,900

Iino

Kaiun

Kaisha,

Ltd.

138,565

141,300

Inaba

Denki

Sangyo

Company,

Ltd.

3,414,916

8,600

Inabata

&

Company,

Ltd.

129,007

1,179

Invesco

Office

J-Reit,

Inc.

186,221

5,045

Invincible

Investment

Corporation

1,910,697

47,500

ITOCHU

Techno-Solutions

Corporation

1,534,953

14,100

Itoham

Yonekyu

Holdings,

Inc.

93,028

19,200

Izumi

Company,

Ltd.

753,944

2,100

Jaccs

Company,

Ltd.

43,135

3,200

JAFCO

Company,

Ltd.

191,121

15,000

Japan

Aviation

Electronics

Industry,

Ltd.

244,191

3,711

Japan

Hotel

REIT

Investment

Corporation

2,097,911

43

Japan

Logistics

Fund,

Inc.

121,313

439,600

Japan

Post

Bank

Company,

Ltd.

4,227,311

33,300

Japan

Post

Holdings

Company,

Ltd.

296,778

255

Japan

Rental

Housing

Investments,

Inc.

250,440

1,148

Japan

Retail

Fund

Investment

Corporation

1,176,094

470,800

Japan

Tobacco,

Inc.

9,044,260

24,300

JGC

Corporation

298,719

117,400

Kamigumi

Company,

Ltd.

2,227,183

24,500

Kanematsu

Corporation

329,463

3,400

Kanematsu

Electronics,

Ltd.

114,773

105,629

Kao

Corporation

6,989,331

94,100

KDDI

Corporation

2,899,286

384

Kenedix

Retail

REIT

Corporation

933,894

29,200

Kewpie

Corporation

664,157

25,900

Keyence

Corporation

11,804,087

151,400

Kinden

Corporation

2,581,597

6,700

Kintetsu

World

Express,

Inc.

174,153

21,200

Kobe

Bussan

Company,

Ltd.

568,420

57,800

Kobe

Steel,

Ltd.

391,812

34,500

Kokuyo

Company,

Ltd.

535,297

17,700

KOMEDA

Holdings

Company,

Ltd.

322,837

350,100

Konica

Minolta

Holdings,

Inc.

1,906,760

84,400

K's

Holdings

Corporation

1,161,840

12,100

Kureha

Corporation

837,069

130,100

Kyoei

Steel,

Ltd.

1,952,580

6,900

Kyokuto

Kaihatsu

Kogyo

Company,

Ltd.

103,233

10,500

Lasertec

Corporation

1,386,645

11,200

Lintec

Corporation

253,676

90,600

M3,

Inc.

6,219,515

Shares

Common

Stock

(91.9%)

Value

Japan

(20.1%)

-

continued

12,400

Mabuchi

Motor

Company,

Ltd.

$

546,681

18,500

Macnica

Fuji

Electronics

Holdings,

Inc.

370,682

49,100

Maeda

Corporation

424,034

313,600

Marubeni

Corporation

2,619,212

34,100

Marui

Group

Company,

Ltd.

642,706

100

Marvelous,

Inc.

779

28,900

Maxell

Holdings,

Ltd.

a

366,275

21,500

Ministop

Company,

Ltd.

283,335

21,900

MISUMI

Group,

Inc.

637,937

305,100

Mitsubishi

Corporation

8,649,298

239,700

Mitsubishi

Electric

Corporation

3,663,348

41,300

Mitsubishi

Materials

Corporation

967,144

7,800

Mitsubishi

Research

Institute,

Inc.

290,860

930,700

Mitsubishi

UFJ

Financial

Group,

Inc.

4,976,724

379,800

Mitsubishi

UFJ

Lease

&

Finance

Company,

Ltd.

2,295,870

50,600

Mitsuboshi

Belting,

Ltd.

815,527

466,500

Mitsui

&

Company,

Ltd.

9,736,016

31,400

Mitsui

Mining

and

Smelting

Company,

Ltd.

1,092,681

10,600

Mitsui

O.S.K.

Lines,

Ltd.

372,988

3,200

Mitsui

Sugar

Company,

Ltd.

56,745

11,500

Modec,

Inc.

235,861

492

Mori

Hills

REIT

Investment

Corporation

682,209

23,800

MS

and

AD

Insurance

Group

Holdings,

Inc.

700,101

13,500

Murata

Manufacturing

Company,

Ltd.

1,086,689

3,400

Nagase

&

Company,

Ltd.

53,251

239,600

NEC

Networks

&

System

Integration

Corporation

4,226,908

155,700

NHK

Spring

Company,

Ltd.

1,171,749

70,200

Nidec

Corporation

8,559,334

7,000

Nihon

M&A

Center,

Inc.

189,865

21,500

Nihon

Unisys,

Ltd.

664,916

28,600

Nikkon

Holdings

Company,

Ltd.

575,428

150

Nippon

Building

Fund,

Inc.

883,918

80,500

Nippon

Electric

Glass

Company,

Ltd.

1,871,192

77,930

Nippon

Light

Metal

Holdings

Company,

Ltd.

1,564,916

119

Nippon

REIT

Investment

Corporation

454,799

358,300

Nippon

Telegraph

&

Telephone

Corporation

9,244,828

3,000

Nissan

Chemical

Industries,

Ltd.

160,507

443,605

Nissan

Motor

Company,

Ltd.

a

2,478,267

27,800

Nisshin

Oillio

Group,

Ltd.

819,870

3,300

Nitori

Holdings

Company,

Ltd.

639,224

84,000

Nitto

Kogyo

Corporation

1,542,225

6,100

Nojima

Corporation

155,351

16,900

NOK

Corporation

230,189

5,400

OBIC

Company,

Ltd.

990,855

28,100

Okamura

Corporation

330,287

4,377

Okinawa

Electric

Power

Company,

Inc.

61,409

10,700

Open

House

Company,

Ltd.

457,703

2,300

OPT

Holdings,

Inc.

41,761

29,800

Oracle

Corporation

Japan

2,917,282

316,400

ORIX

Corporation

5,351,205

500

Osaka

Soda

Company,

Ltd.

11,920

19,300

OUTSOURCING

Inc.

313,186

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock

(91.9%)

Value

Japan

(20.1%)

-

continued

13,600

Paramount

Bed

Holdings

Company,

Ltd.

$

289,861

30,300

Pasona

Group,

Inc.

512,597

37,300

PLENUS

Company,

Ltd.

a

637,845

20,300

Prima

Meat

Packers,

Ltd.

641,022

11,000

Proto

Corporation

116,701

151,684

Recruit

Holdings

Company,

Ltd.

7,448,627

368,400

Renesas

Electronics

Corporation

a

4,033,544

15,600

Resorttrust,

Inc.

261,360

42,200

Rinnai

Corporation

4,733,233

101,600

Riso

Kyoiku

Corporation,

Ltd.

311,278

1,500

Rohm

Company,

Ltd.

147,111

1,300

Ryobi,

Ltd.

19,574

30,300

Ryoyo

Electro

Corporation

732,185

400

S

Foods,

Inc.

13,704

2,100

Saizeriya

Company,

Ltd.

43,201

89,600

Sangetsu

Company,

Ltd.

1,360,968

13,000

Sankyu

Inc.

571,990

7,900

Sanyo

Special

Steel

Company,

Ltd.

a

116,776

15,600

Sato

Holdings

Corporation

407,351

50,100

Sawai

Pharmaceutical

Company,

Ltd.

d

2,412,178

11,800

SCREEN

Holdings

Company,

Ltd.

1,044,707

50,100

Seino

Holdings

Company,

Ltd.

699,076

5,400

SEIREN

Company,

Ltd.

95,204

76,200

Sekisui

House,

Ltd.

1,639,073

30,000

Senko

Group

Holdings

Company,

Ltd.

284,413

96,300

Seven

&

I

Holdings

Company,

Ltd.

3,888,730

40,000

Shin-Etsu

Chemical

Company,

Ltd.

6,776,015

13,500

Shin-Etsu

Polymer

Company,

Ltd.

121,199

32,500

Shinko

Electric

Industries

Company,

Ltd.

1,011,485

8,100

SHO-BOND

Holdings

Company,

Ltd.

349,621

298,100

SKY

Perfect

JSAT

Holdings,

Inc.

1,326,570

41,800

Sodick

Company,

Ltd.

390,316

383,800

SoftBank

Corporation

4,993,072

78,400

SoftBank

Group

Corporation

6,674,791

1,217,800

Sojitz

Corporation

3,440,879

46,800

Sony

Corporation

4,953,007

139

Star

Asia

Investment

Corporation

REIT

66,235

29,300

Sugi

Holdings

Company,

Ltd.

2,325,111

298,500

Sumitomo

Corporation

4,272,029

640,200

Sumitomo

Electric

Industries,

Ltd.

9,626,554

18,100

Sumitomo

Heavy

Industries,

Ltd.

503,272

228,400

Sumitomo

Mitsui

Financial

Group,

Inc.

8,278,884

32,000

Sumitomo

Osaka

Cement

Company,

Ltd.

1,019,239

24,800

Sumitomo

Rubber

Industries,

Ltd.

293,595

3,600

Sumitomo

Seika

Chemicals

Company,

Ltd.

131,554

47,802

Sundrug

Company,

Ltd.

1,751,301

4,800

Sysmex

Corporation

518,130

10,200

Taikisha,

Ltd.

279,976

25,100

Taisei

Corporation

968,391

25,100

Taiyo

Holdings

Company,

Ltd.

1,370,896

12,100

Takara

Standard

Company,

Ltd.

182,520

128,400

Takeda

Pharmaceutical

Company,

Ltd.

4,680,459

18,400

Tamura

Corporation

85,263

27,700

Terumo

Corporation

1,002,417

700

Toa

Corporation

15,467

Shares

Common

Stock

(91.9%)

Value

Japan

(20.1%)

-

continued

115,200

Toagosei

Company,

Ltd.

$

1,351,996

11,400

Tokai

Rika

Company,

Ltd.

193,879

59,700

Tokio

Marine

Holdings,

Inc.

2,841,190

19,900

Tokyo

Electron,

Ltd.

8,649,209

23,800

Tokyo

Seimitsu

Company,

Ltd.

1,088,827

5,900

Tokyo

Tatemono

Company,

Ltd.

89,951

18,900

Tokyotokeiba

Company,

Ltd.

956,152

54,900

Toppan

Forms

Company,

Ltd.

555,305

11,500

Towa

Pharmaceutical

Company,

Ltd.

254,129

25,400

Toyo

Tanso

Company,

Ltd.

493,538

6,700

Toyo

Tire

&

Rubber

Company,

Ltd.

119,013

11,900

Toyobo

Company,

Ltd.

153,523

49,600

Toyota

Motor

Corporation

3,859,873

37,900

Transcosmos,

Inc.

1,025,233

3,900

Trend

Micro,

Inc.

195,773

7,200

TS

Tech

Company,

Ltd.

107,578

66,800

Tsubakimoto

Chain

Company

1,843,268

15,900

Tsukui

Corporation

132,779

198,400

TV

Asahi

Holdings

Corporation

3,739,033

7,400

UACJ

Corporation

a

178,908

16,900

Ube

Industries,

Ltd.

360,563

13,900

Universal

Entertainment

Corporation

a

339,530

116,800

Ushio,

Inc.

1,544,155

48,200

USS

Company,

Ltd.

945,363

2,100

V

Technology

Company,

Ltd.

103,780

23,300

Valor

Company,

Ltd.

524,572

13,500

Vector,

Inc.

a

158,691

13,300

Wakita

&

Company,

Ltd.

120,210

8,500

Yellow

Hat,

Ltd.

145,660

4,200

Yokohama

Rubber

Company,

Ltd.

75,449

35,200

Yuasa

Trading

Company,

Ltd.

994,839

20,400

ZIGExN

Company,

Ltd.

80,816

Total

379,021,027

Jersey

(0.5%)

185,094

boohoo

group

plc

a

866,692

190,041

Experian

plc

6,547,135

737,944

Man

Group

plc

1,637,593

Total

9,051,420

Luxembourg

(0.7%)

6,505

Allegro.eu

SA

a,b

91,568

29,275

APERAM

1,316,164

715,206

B&M

European

Value

Retail

SA

5,203,547

2,149

Eurofins

Scientific

SE

a

205,403

268,505

Tenaris

SA

ADR

6,092,378

Total

12,909,060

Malaysia

(<0.1%)

6,600

AEON

Credit

Service

(M)

Berhad

19,566

82,727

Berjaya

Sports

Toto

Berhad

42,088

42,500

Bursa

Malaysia

Berhad

91,740

124,100

Mah

Sing

Group

Berhad

25,342

196,100

Serba

Dinamik

Holdings

Berhad

80,488

17,200

TIME

dotCom

Berhad

59,318

175,800

V.S.

Industry

Berhad

121,241

52,400

Yinson

Holdings

Berhad

68,182

Total

507,965

Malta

(0.1%)

1,581

Kambi

Group

plc

a

83,976

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

(91.9%)

Value

Malta

(0.1%)

-

continued

131,111

Kindred

Group

plc

SDR

a

$

2,303,879

Total

2,387,855

Mexico

(0.1%)

19,182

America

Movil

SAB

de

CV

ADR

260,492

1,335

Coca-Cola

FEMSA

SAB

de

CV

ADR

61,677

41,600

Controladora

Nemak,

SAB

de

CV

a

5,210

25,800

Corporacion

Inmobiliaria

Vesta,

SAB

de

CV

54,025

20,700

Fibra

Uno

Administracion

SA

de

CV

24,235

1,587

Fomento

Economico

Mexicano

SAB

de

CV

ADR

119,549

2,545

Grupo

Aeroportuario

del

Sureste,

SAB

de

CV

a

45,198

65,033

Grupo

Financiero

Banorte

SAB

de

CV

ADR

a

366,695

22,900

Grupo

Financiero

Inbursa,

SAB

de

CV

a

20,738

63,800

Grupo

Mexico,

SAB

de

CV

336,300

2,265

Industrias

Penoles,

SAB

de

CV

a

29,232

33,000

Megacable

Holdings

SAB

de

CV

118,102

4,500

Regional

SA

a

21,149

210,600

Wal-Mart

de

Mexico,

SAB

de

CV

665,096

Total

2,127,698

Netherlands

(4.9%)

107,251

Aalberts

NV

5,424,087

37,089

AerCap

Holdings

NV

a

2,178,608

7,983

Arcadis

NV

325,003

49,624

ASML

Holding

NV

30,447,869

7,997

Basic-Fit

NV

a,b

307,365

29,780

BE

Semiconductor

Industries

NV

2,487,615

9,541

Brunel

International

NV

123,025

118,900

Euronext

NV

b

11,967,294

34,722

Ferrari

NV

7,263,296

44,437

Flow

Traders

b

1,858,294

80,507

ForFarmers

BV

555,187

328,148

ING

Groep

NV

4,008,043

102,084

Koninklijke

DSM

NV

17,258,208

9,351

RHI

Magnesita

NV

543,694

41,932

Signify

NV

a,b

2,156,704

78

TKH

Group

NV

3,734

88,213

Unilever

NV

4,922,044

5,118

Van

Lanschot

Kempen

NV

143,129

3,065

Yandex

NV

a

199,435

Total

92,172,634

New

Zealand

(0.4%)

200,798

Contact

Energy,

Ltd.

985,179

195,916

Meridian

Energy,

Ltd.

738,571

99,862

Spark

New

Zealand,

Ltd.

312,784

56,757

Xero,

Ltd.

a

5,493,274

Total

7,529,808

Norway

(1.2%)

653,582

DnB

ASA

13,936,283

262,090

Equinor

ASA

5,115,930

157,914

Europris

ASA

b

946,202

20,335

Kongsberg

Gruppen

ASA

466,688

33,804

Orkla

ASA

331,517

5,463

Selvaag

Bolig

ASA

40,303

40,932

SpareBank

1

SMN

514,687

4,742

TGS

Nopec

Geophysical

Company

ASA

75,373

26,515

Veidekke

ASA

368,081

Shares

Common

Stock

(91.9%)

Value

Norway

(1.2%)

-

continued

61,605

Wallenius

Wilhelmsen

ASA

$

200,080

23,721

Yara

International

ASA

1,235,734

Total

23,230,878

Peru

(<0.1%)

12,993

Cia

de

Minas

Buenaventura

SA

ADR

a

130,320

Total

130,320

Philippines

(<0.1%)

2,235

Globe

Telecom,

Inc.

86,664

28,100

Jollibee

Foods

Corporation

102,534

15,160

Manila

Electric

Company

84,995

102,000

Puregold

Price

Club,

Inc.

82,671

Total

356,864

Poland

(0.1%)

23,868

Asseco

Poland

SA

408,121

282

Bank

Handlowy

w

Warszawie

SA

a

2,797

3,608

Bank

Pekao

SA

a

64,376

2,329

CCC

Spolka

Akcyjna

a

53,788

2,363

CD

Projekt

SA

114,321

11,049

Cyfrowy

Polsat

SA

82,646

3,351

Jastrzebska

Spolka

Weglowa

SA

a

25,057

1,127

KGHM

Polska

Miedz

SA

a

54,147

245

Mercator

Medical

Spolka

Akcyjna

21,513

18,000

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

148,947

Total

975,713

Russian

Federation

(0.2%)

79,510

Alrosa

PJSC

111,276

68,336

Gazprom

PJSC

ADR

407,024

5,220

Lukoil

ADR

421,826

13,838

M.Video

PJSC

133,161

2,255

Magnit

OJSC

GDR

33,806

4,726

Mechel

PJSC

ADR

a

8,176

6,641

MMC

Norilsk

Nickel

PJSC

ADR

206,962

859

Novatek

PJSC

GDR

169,581

1,485

Novolipetsk

Steel

OJSC

GDR

47,326

167

PAO

Transneft

323,536

31,220

PJSC

Rostelecom

44,472

53,109

Rosneft

Oil

Company

PJSC

GDR

401,332

335,900

Sberbank

of

Russia

PJSC

1,288,819

13,796

Severstal

PJSC

280,845

553,400

Surgutneftegas

PJSC

307,200

52,394

Surgutneftegas

PJSC

ADR

235,119

Total

4,420,461

Saudi

Arabia

(0.2%)

1,070

Abdullah

Al

Othaim

Markets

Company

36,063

2,443

Advanced

Petrochemical

Company

47,576

31,837

Al

Rajhi

Bank

839,094

6,988

Arab

National

Bank

38,984

14,537

Arabian

Cement

Company

168,616

18,696

Arriyadh

Development

Company

108,777

5,537

Aseer

Trading,

Tourism

and

Manufacturing

Company

a

36,113

8,509

Banque

Saudi

Fransi

75,806

9,861

Eastern

Province

Cement

Company

136,465

7,166

Jarir

Marketing

Company

347,762

5,861

Najran

Cement

Company

35,913

43,925

National

Commercial

Bank

622,466

1,846

National

Medical

Care

Company

26,383

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock

(91.9%)

Value

Saudi

Arabia

(0.2%)

-

continued

3,451

Qassim

Cement

Company

$

78,308

61,209

Riyad

Bank

366,469

7,477

Sahara

International

Petrochemical

Company

44,111

19,794

Saudi

Arabian

Oil

Company

b

190,007

16,269

Saudi

Basic

Industries

Corporation

509,777

20,058

Saudi

British

Bank

140,930

9,207

Saudi

Industrial

Investment

Group

Company

79,905

4,356

Saudi

Industrial

Services

Company

44,694

4,225

Saudi

Telecom

Company

142,941

5,629

Southern

Province

Cement

Company

132,083

9,520

United

International

Transportation

Company

111,439

10,025

Yanbu

Cement

Company

115,345

Total

4,476,027

Singapore

(1.2%)

2,092,900

Ascendas

REIT

4,754,256

2,286

China

Yuchai

International,

Ltd.

35,387

654,200

DBS

Group

Holdings,

Ltd.

14,026,958

182,000

Fortune

Real

Estate

Investment

Trust

a

174,782

19,000

Parkway

Life

REIT

57,673

143,600

Wing

Tai

Holdings,

Ltd.

205,052

1,978,000

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,887,235

585,500

Yanlord

Land

Group,

Ltd.

541,026

Total

21,682,369

South

Africa

(0.3%)

47,588

AECI,

Ltd.

333,279

3,088

African

Rainbow

Minerals,

Ltd.

57,997

1,777

Anglo

American

Platinum,

Ltd.

259,168

3,666

AngloGold

Ashanti,

Ltd.

ADR

80,542

25,466

Barloworld,

Ltd.

a

155,747

740

Capitec

Bank

Holdings,

Ltd.

a

71,138

3,467

Clicks

Group,

Ltd.

56,468

44,724

DataTec,

Ltd.

a

78,742

46,439

FirstRand,

Ltd.

162,291

9,139

Gold

Fields,

Ltd.

ADR

86,729

2,362

Harmony

Gold

Mining

Company,

Ltd.

ADR

a

10,298

13,397

Impala

Platinum

Holdings,

Ltd.

247,329

14,385

Investec,

Ltd.

42,271

4,416

Kumba

Iron

Ore,

Ltd.

181,861

109,278

Momentum

Metropolitan

Holdings

128,898

11,845

Motus

Holdings,

Ltd.

69,088

7,448

Mr

Price

Group,

Ltd.

97,558

22,579

MTN

Group,

Ltd.

132,617

11,561

MultiChoice

Group,

Ltd.

100,681

7,998

Naspers,

Ltd.

1,915,605

63,026

Ninety

One,

Ltd.

204,962

3,341

Northam

Platinum,

Ltd.

a

58,048

19,308

Old

Mutual,

Ltd.

16,522

10,226

Pick

n

Pay

Stores,

Ltd.

37,221

9,484

Sasol,

Ltd.

a

137,038

8,808

Shoprite

Holdings,

Ltd.

93,700

46,837

Sibanye

Stillwater,

Ltd.

208,509

6,565

Spar

Group,

Ltd.

84,429

16,631

Standard

Bank

Group

141,194

14,782

Telkom

SA

SOC,

Ltd.

42,377

Total

5,292,307

Shares

Common

Stock

(91.9%)

Value

South

Korea

(1.0%)

1,132

Binggrae

Company,

Ltd.

$

59,965

10,957

Cheil

Worldwide,

Inc.

206,371

4,289

Chong

Kun

Dang

Pharmaceutical

Corporation

526,405

5,915

Daou

Technology,

Inc.

142,164

1,505

DB

HiTek

Company,

Ltd.

75,260

8,319

DongKook

Pharmaceutical

Company,

Ltd.

206,353

2,025

Green

Cross

Holdings

Corporation

62,740

2,556

Hancom,

Inc.

a

40,060

2,698

Hankook

Tire

&

Technology

Company,

Ltd.

117,433

2,338

Hansol

Chemical

Company,

Ltd.

500,479

328

Hanwha

Aerospace

Company,

Ltd.

11,929

132,610

Hanwha

Life

Insurance

Corporation,

Ltd.

375,687

162

Hugel,

Inc.

a

25,623

758

Hyundai

Glovis

Company,

Ltd.

126,287

3,923

Hyundai

Green

Food

Company,

Ltd.

36,675

258

Hyundai

Home

Shopping

Network

Corporation

18,492

550

Hyundai

Motor

Company

106,594

552

IS

Dongseo

Company,

Ltd.

27,739

14,427

JB

Financial

Group

Corporation,

Ltd.

83,539

8,763

Kia

Motors

Corporation

644,117

445

Korea

Electric

Terminal

Company,

Ltd.

28,468

1,293

Korea

Investment

Holdings

Company,

Ltd.

98,236

13

Korea

Petrochemical

Industrial

Company,

Ltd.

3,760

466

Korea

Zinc

Company,

Ltd.

168,730

1,159

LG

Chem,

Ltd.

829,407

800

LG

Electronics,

Inc.

106,804

9,100

LG

International

Corporation

257,334

5,168

LS

Electric

Company,

Ltd.

279,324

450

Medy-Tox,

Inc.

75,489

6,062

Meritz

Fire

&

Marine

Insurance

Company,

Ltd.

103,808

15,986

Mirae

Asset

Daewoo

Company,

Ltd.

139,841

877

NAVER

Corporation

293,622

1,252

NCSoft

Corporation

967,725

1,776

Poongsan

Corporation

52,845

3,908

POSCO

1,107,356

33

S-1

Corporation

2,382

1,985

Samsung

Electro-Mechanics

Company,

Ltd.

331,329

90,362

Samsung

Electronics

Company,

Ltd.

6,537,205

596

Samsung

SDI

Company,

Ltd.

350,461

18,428

Samsung

Securities

Corporation,

Ltd.

645,071

706

Sebang

Global

Battery

Company,

Ltd.

48,859

4,878

Sillicon

Works

Company,

Ltd.

327,854

2,156

SK

Holdings

Company,

Ltd.

540,473

14,692

SK

Hynix,

Inc.

1,734,563

234

Taekwang

Industrial

Corporation,

Ltd.

190,658

251

UNID

Company,

Ltd.

15,023

Total

18,630,539

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Shares

Common

Stock

(91.9%)

Value

Spain

(1.4%)

147,178

Acerinox

SA

$

1,927,866

92,099

Applus

Services

SA

a

956,384

722,053

Banco

Bilbao

Vizcaya

Argentaria

SA

3,762,746

849,302

Banco

Santander

SA

a

2,896,815

210,490

Bankinter

SA

1,464,810

111,740

CIA

De

Distribucion

Integral

2,217,130

72,206

Enagas

SA

1,571,993

6,730

Endesa

SA

178,361

22,502

Gestamp

Automocion

SA

a,b

114,263

76,495

Iberdrola

SA

987,319

164,856

Industria

de

Diseno

Textil

SA

5,446,855

8,997

Let's

GOWEX

SA

a,d,e

1

353,974

Liberbank

SA

a

126,852

568,073

Mediaset

Espana

Comunicacion

SA

a

3,374,210

9,850

Pharma

Mar

SA

1,145,332

9,487

Viscofan

SA

655,739

Total

26,826,676

Sweden

(4.2%)

282,785

AB

Industrivarden,

Class

C

a

9,924,013

194,262

Arjo

AB

1,446,256

107,554

Assa

Abloy

AB

3,095,447

302,534

Atlas

Copco

AB,

Class

A

18,444,666

91,245

Atlas

Copco

AB,

Class

B

4,755,456

203,195

Betsson

AB

1,884,981

4,747

Bilia

AB

a

70,268

55,872

Biotage

AB

a

984,871

30,511

Boozt

AB

a,b

634,888

108,528

Castellum

AB

2,394,772

105,233

Dometic

Group

AB

a,b

1,529,617

3,225

Dustin

Group

AB

b

32,929

33,252

Evolution

Gaming

Group

AB

b

4,896,857

5,743

Fabege

AB

77,463

9,784

Getinge

AB

271,730

351,843

Granges

AB

a

4,574,951

472,025

Hexpol

AB

5,330,304

20,855

Holmen

AB

915,487

400,674

Husqvarna

AB

5,776,369

59,896

Inwido

AB

a

987,979

37,286

Kinnevik

AB

1,812,176

16,715

L

E

Lundbergforetagen

AB

a

912,887

221,202

LeoVegas

AB

b

1,297,085

32,280

Lindab

International

AB

653,127

35,401

Nobia

AB

a

270,027

201,936

Nobina

AB

a,b

1,693,717

181

Nolato

AB

a

16,118

27,743

Nordic

Entertainment

Group

AB

a

1,233,680

37,023

Resurs

Holding

AB

b

202,519

68,556

SSAB

AB

362,510

74,001

Thule

Group

AB

a,b

3,217,084

13,384

Trelleborg

AB

340,400

Total

80,040,634

Switzerland

(7.8%)

195

Allreal

Holding

AG

39,283

4,906

ALSO

Holding

AG

1,410,298

12,696

Ascom

Holding

AG

a

195,226

3,061

Bachem

Holding

AG

1,310,656

62,099

Baloise

Holding

AG

10,560,046

17

Belimo

Holding

AG

137,444

1,837

Bucher

Industries

AG

936,077

2

Chocoladefabriken

Lindt

and

Spruengli

AG

182,738

Shares

Common

Stock

(91.9%)

Value

Switzerland

(7.8%)

-

continued

1,314

EMS-CHEMIE

Holding

AG

$

1,173,818

225,513

Ferrexpo

plc

1,164,464

193

Forbo

Holding

AG

350,336

167

Gurit

Holding

AG

423,609

13,204

Huber

&

Suhner

AG

1,023,137

6

Inficon

Holding

AG

6,308

205

Interroll

Holding

AG

725,293

562

Lindt

&

Spruengli

AG

4,895,694

7,674

Lonza

Group

AG

4,292,064

236,216

Nestle

SA

26,332,507

365,787

Novartis

AG

31,267,735

42,172

OC

Oerlikon

Corporation

AG

488,081

7,962

Partners

Group

Holding

AG

10,174,846

78,447

PSP

Swiss

Property

AG

9,557,043

8,098

Roche

Holding

AG

2,623,294

554

SGS

SA

1,574,135

40,303

Sika

AG

11,524,821

33,487

Sonova

Holding

AG

a

8,876,571

14,451

Swiss

Life

Holding

AG

7,101,751

19,982

Tecan

Group

AG

8,864,812

1,985

Vontobel

Holding

AG

151,504

2,552

Zehnder

Group

AG

203,463

Total

147,567,054

Taiwan

(1.0%)

204,000

Capital

Securities

Corporation

111,926

13,000

Chicony

Electronics

Company,

Ltd.

46,406

2,404,000

China

Development

Financial

Holding

Corporation

886,798

98,000

Compal

Electronics,

Inc.

92,013

465,000

CTBC

Financial

Holding

Company,

Ltd.

360,867

143,000

Delta

Electronics,

Inc.

1,458,400

22,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

55,024

364,000

Fubon

Financial

Holding

Company,

Ltd.

726,369

23,000

Greatek

Electronics,

Inc.

57,421

6,000

Holtek

Semiconductor,

Inc.

19,726

12,000

Hon

Hai

Precision

Industry

Company,

Ltd.

52,641

50,000

Huaku

Development

Company,

Ltd.

163,631

346,566

IBF

Financial

Holdings

Company,

Ltd.

205,359

108,000

King

Yuan

Electronics

Company,

Ltd.

156,835

11,000

King's

Town

Bank

Company,

Ltd.

15,202

70,354

Makalot

Industrial

Company,

Ltd.

607,797

2,000

MediaTek,

Inc.

68,794

31,000

Namchow

Holdings

Company,

Ltd.

51,695

20,000

Nantex

Industry

Company,

Ltd.

77,028

24,000

President

Securities

Corporation

19,804

64,000

SerComm

Corporation

166,685

156,000

Shinkong

Synthetic

Fibers

Corporation

95,769

224,645

Sigurd

Microelectronics

Corporation

414,103

39,000

Sinbon

Electronics

Company,

Ltd.

362,440

19,000

Sitronix

Technology

Corporation

160,693

14,000

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

26,077

51,000

Syncmold

Enterprise

Corporation

156,687

52,000

Systex

Corporation

160,038

517,737

Taichung

Commercial

Bank

Company,

Ltd.

208,670

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Shares

Common

Stock

(91.9%)

Value

Taiwan

(1.0%)

-

continued

22,000

Taiwan

Paiho,

Ltd.

$

62,858

484,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

10,203,504

108,000

Topco

Scientific

Company,

Ltd.

518,817

17,000

Transcend

Information,

Inc.

38,964

105,000

Tung

Ho

Steel

Enterprise

Corporation

163,821

637,000

United

Microelectronics

Corporation

1,142,561

74,000

USI

Corporation

66,244

26,000

Wah

Lee

Industrial

Corporation

74,972

Total

19,256,639

Thailand

(0.1%)

24,700

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

137,375

5,800

AEON

Thana

Sinsap

(Thailand)

Public

Company,

Ltd.

NVDR

39,877

239,400

AP

(Thailand)

Public

Company,

Ltd.

NVDR

63,003

54,300

Bangkok

Bank

Public

Company,

Ltd.

NVDR

219,525

84,100

Com7

Public

Company,

Ltd.

NVDR

172,961

116,600

Eastern

Polymer

Group

Public

Company,

Ltd.

NVDR

38,092

130,000

Intouch

Holdings

Public

Company,

Ltd.

NVDR

241,967

110,000

Kasikornbank

pcl

NVDR

511,425

161,700

Ratchthani

Leasing

Public

Company,

Ltd.

NVDR

23,426

196,000

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

199,478

Total

1,647,129

Turkey

(<0.1%)

31,129

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

AS

79,575

3,118

Ford

Otomotiv

Sanayi

AS

72,992

49,371

Haci

Omer

Sabanci

Holding

AS

51,568

13,412

Is

Yatirim

Menkul

Degerler

AS

25,523

1,466

Koza

Altin

Isletmeleri

AS

a

21,170

24,442

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

a

41,408

5,549

Migros

Ticaret

AS

a

23,564

12,654

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

AS

16,106

36,400

TAV

Havalimanlari

Holding

AS

a

90,010

3,289

Turkcell

Iletisim

Hizmetleri

AS

ADR

15,360

58,625

Turkiye

Garanti

Bankasi

AS

a

47,498

6,696

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

30,514

Total

515,288

United

Kingdom

(8.4%)

1,599,185

Auto

Trader

Group

plc

a,b

12,227,476

4,984

Bank

of

Georgia

Group

plc

a

75,579

1,565

Bellway

plc

73,403

1,786,037

BP

plc

7,254,841

199,153

British

American

Tobacco

plc

7,569,936

38,578

Central

Asia

Metals

plc

132,960

408,126

Cineworld

Group

plc

a,c

542,540

29,750

CMC

Markets

plc

b

198,095

30,203

Computacenter

plc

986,688

20,834

Crest

Nicholson

Holdings

plc

a

116,961

53,744

Croda

International

plc

4,702,425

Shares

Common

Stock

(91.9%)

Value

United

Kingdom

(8.4%)

-

continued

17,922

Dechra

Pharmaceuticals

plc

$

847,464

290,937

Diageo

plc

11,952,192

267,294

Eurasia

Mining

plc

a

110,179

136,507

FirstGroup

plc

a

173,228

2,064

Frasers

Group

plc

a

13,105

8,742

Games

Workshop

Group

plc

1,201,058

21,873

Gamesys

Group

plc

582,580

1,027

GB

Group

plc

12,006

8,249

Genus

plc

552,391

3,232

Go-Ahead

Group

plc

a

60,552

178,907

Grainger

plc

657,905

119,928

Halfords

Group

plc

a

628,268

565,979

Halma

plc

18,517,053

5,578

Hill

&

Smith

Holdings

plc

113,172

109,707

Howden

Joinery

Group

plc

1,108,554

669,285

HSBC

Holdings

plc

3,901,065

140,888

IG

Group

Holdings

plc

1,749,484

47,989

IMI

plc

882,183

173,198

Inchcape

plc

a

1,796,941

58,455

InterContinental

Hotels

Group

plc

a

4,019,934

102,426

Intermediate

Capital

Group

plc

2,600,544

1,467,140

ITV

plc

2,428,741

18,600

JD

Sports

Fashion

plc

a

211,442

27,766

Jet2

plc

a

485,370

204,379

John

Wood

Group

plc

a

761,983

49,783

Just

Group

plc

a

69,285

25,511

Kainos

Group

plc

524,731

50,683

LondonMetric

Property

plc

149,224

24,264

Marshalls

plc

a

228,929

33,641

Marston's

plc

a

45,610

715,178

Moneysupermarket.com

Group

plc

2,629,385

15,934

Morgan

Sindall

Group

plc

387,817

26,248

Next

plc

a

2,844,830

79,628

OSB

Group

plc

a

467,741

392,897

PageGroup

plc

a

2,548,859

183,458

Paragon

Banking

Group

plc

1,157,395

54,312

Pennon

Group

plc

729,834

161,274

Playtech

plc

a

982,652

3,987

Provident

Financial

plc

11,928

89,894

Redde

Northgate

plc

381,907

648,734

RELX

plc

16,270,846

1,580

Renishaw

plc

139,501

10,074

Rightmove

plc

a

80,841

53,360

Rio

Tinto

plc

4,070,757

459,655

Royal

Dutch

Shell

plc,

Class

A

8,935,262

741,648

Royal

Dutch

Shell

plc,

Class

B

13,651,921

75,723

Safestore

Holdings

plc

830,440

56,585

Savills

plc

891,070

10,654

Softcat

plc

266,288

29,997

Spirax-Sarco

Engineering

plc

4,713,097

221,113

Spirent

Communications

plc

726,867

61,320

St.

James's

Place

plc

1,076,558

138,611

Stagecoach

Group

plc

a

192,047

194,626

Tate

&

Lyle

plc

2,053,272

946

Travis

Perkins

plc

20,114

583,097

Tritax

Big

Box

REIT

plc

1,442,919

8,976

Vesuvius

plc

66,736

160,812

Virgin

Money

UK

plc

a

422,029

5,916

Vistry

Group

plc

88,840

Total

158,347,830

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Shares

Common

Stock

(91.9%)

Value

United

States

(0.1%)

23,842

Yum

China

Holding,

Inc.

$

1,411,685

Total

1,411,685

Total

Common

Stock

(cost

$1,499,942,027)

1,737,247,571

Shares

Preferred

Stock

(

0.2%

)

Brazil

(<0.1%)

12,900

Bradespar

SA

157,106

Total

157,106

Germany

(0.1%)

3,490

Sixt

SE

272,830

4,481

Volkswagen

AG

1,254,329

Total

1,527,159

South

Korea

(0.1%)

909

LG

Chem,

Ltd.

310,983

23,917

Samsung

Electronics

Company,

Ltd.

1,549,061

Total

1,860,044

Total

Preferred

Stock

(cost

$1,851,546)

3,544,309

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

2,243,200

Thrivent

Cash

Management

Trust

2,243,200

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,243,200)

2,243,200

Principal

Amount

Long-Term

Fixed

Income

(

<0.1%

)

Venezuela

(<0.1%)

Petroleos

de

Venezuela

SA

$

11,370,000

6.000%, 

10/28/2022

f

312,675

7,010,000

6.000%, 

5/16/2024

f

304,935

1,326,000

6.000%, 

11/15/2026

f

57,681

1,410,000

5.375%, 

4/12/2027

f

61,335

210,000

5.500%, 

4/12/2037

f

9,135

Total

745,761

Total

Long-Term

Fixed

Income

(cost

$7,583,707)

745,761

Shares

or

Principal

Amount

Short-Term

Investments

(

7.0%

)

Federal

Home

Loan

Bank

Discount

Notes

2,500,000

0.082%,

 4/7/2021

g,h

2,500,000

100,000

0.050%,

 4/8/2021

g,h

100,000

1,200,000

0.080%,

 4/14/2021

g,h

1,200,000

100,000

0.080%,

 4/21/2021

g,h

100,000

2,700,000

0.040%,

 5/4/2021

g,h

2,699,975

500,000

0.030%,

 5/18/2021

g,h

499,994

400,000

0.035%,

 6/2/2021

g,h

399,986

6,900,000

0.016%,

 6/16/2021

g,h

6,899,709

1,200,000

0.010%,

 6/21/2021

g,h

1,199,946

7,500,000

0.015%,

 6/23/2021

g,h

7,499,654

Federal

National

Mortgage

Association

Discount

Notes

100,000

0.010%,

 6/16/2021

g,h

99,996

Shares

or

Principal

Amount

Short-Term

Investments

(7.0%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

10,820,809

0.180%

$

108,208,088

Total

Short-Term

Investments

(cost

$131,281,260)

131,407,348

Total

Investments

(cost

$1,642,901,740)

99.2%

$1,875,188,189

Other

Assets

and

Liabilities,

Net

0.8%

16,050,843

Total

Net

Assets

100.0%

$1,891,239,032

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

March

31,

2021,

the

value

of

these

investments

was

$57,989,266

or

3.1%

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

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

f

Defaulted

security.  Interest

is

not

being

accrued.

g

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

International

Allocation

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

1,589,272

Total

lending

$1,589,272

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,243,200

Net

amounts

due

to

counterparty

$653,928

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.

SDR

-

Swedish

Depository

Receipt

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

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

March

31,

2021,

in

valuing

International

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

95,277,560

2,969,986

92,307,573

1

Consumer

Discretionary

219,376,279

15,493,512

203,882,767

–

Consumer

Staples

135,628,004

390,464

135,237,540

–

Energy

84,130,456

6,859,123

77,271,333

–

Financials^

319,769,349

1,454,197

318,315,152

0

Health

Care

157,495,399

–

155,083,221

2,412,178

Industrials

284,845,918

2,246,109

282,599,809

–

Information

Technology

212,491,733

21,158,397

191,333,336

–

Materials

133,486,770

1,242,679

132,244,091

–

Real

Estate

66,723,411

–

66,723,411

–

Utilities

28,022,692

42,834

27,979,858

–

Preferred

Stock

Consumer

Discretionary

1,254,329

–

1,254,329

–

Financials

157,106

–

157,106

–

Industrials

272,830

–

272,830

–

Information

Technology

1,549,061

–

1,549,061

–

Materials

310,983

–

310,983

–

Long-Term

Fixed

Income

Energy

745,761

–

745,761

–

Short-Term

Investments

23,199,260

–

23,199,260

–

Subtotal

Investments

in

Securities

$1,764,736,901

$51,857,301

$1,710,467,421

$2,412,179

Other

Investments  *

Total

Affiliated

Short-Term

Investments

108,208,088

Collateral

Held

for

Securities

Loaned

2,243,200

Subtotal

Other

Investments

$110,451,288

Total

Investments

at

Value

$1,875,188,189

*

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

Asset

Derivatives

Futures

Contracts

528,540

528,540

–

–

Total

Asset

Derivatives

$528,540

$528,540

$–

$–

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$23,199,260

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

1,141

June

2021

$

124,525,060

$

528,540

Total

Futures

Long

Contracts

$

124,525,060

$

528,540

Total

Futures

Contracts

$

124,525,060

$528,540

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$114,217

$77,709

$83,718

$108,208

10,821

5.7%

Total

Affiliated

Short-Term

Investments

114,217

108,208

5.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

6,000

31,013

34,770

2,243

2,243

<0.1

Total

Collateral

Held

for

Securities

Loaned

6,000

2,243

<0.1

Total

Value

$120,217

$110,451

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$0

$0

–

$50

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$50

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$0

$0

$–

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Common

Stock

(

94.6%

)

Value

Australia

(6.5%)

1,855

Afterpay,

Ltd.

a

$

144,883

5,437

AGL

Energy,

Ltd.

39,969

29,985

AMP,

Ltd.

28,910

2,179

Ampol,

Ltd.

40,792

10,295

APA

Group

78,608

5,014

Aristocrat

Leisure,

Ltd.

131,545

1,689

ASX,

Ltd.

91,425

16,375

Aurizon

Holdings,

Ltd.

48,662

16,340

AusNet

Services,

Ltd.

22,839

24,746

Australia

and

New

Zealand

Banking

Group,

Ltd.

531,308

25,652

BHP

Group,

Ltd.

889,852

4,386

BlueScope

Steel,

Ltd.

64,723

12,886

Brambles,

Ltd.

103,947

814

CIMIC

Group,

Ltd.

a

10,901

4,422

Coca-Cola

Amatil,

Ltd.

45,220

574

Cochlear,

Ltd.

92,331

11,639

Coles

Group,

Ltd.

141,932

15,446

Commonwealth

Bank

of

Australia

1,013,485

4,247

Computershare,

Ltd.

48,732

482

Computershare,

Ltd.,

Rights

a

557

3,243

Crown

Resorts,

Ltd.

a

29,070

3,965

CSL,

Ltd.

801,341

9,521

DEXUS

Property

Group

70,795

14,161

Evolution

Mining,

Ltd.

44,117

14,776

Fortescue

Metals

Group,

Ltd.

225,195

14,479

Goodman

Group

199,931

16,996

GPT

Group

59,622

21,288

Insurance

Australia

Group,

Ltd.

75,835

6,005

Lendlease

Corporation,

Ltd.

59,206

2,997

Macquarie

Group,

Ltd.

349,386

1,122

Magellan

Financial

Group,

Ltd.

38,727

24,029

Medibank

Private,

Ltd.

51,218

34,352

Mirvac

Group

65,530

28,651

National

Australia

Bank,

Ltd.

567,648

7,120

Newcrest

Mining,

Ltd.

134,510

9,592

Northern

Star

Resources,

Ltd.

69,482

3,541

Orica,

Ltd.

37,643

15,367

Origin

Energy,

Ltd.

55,056

8,064

Qantas

Airways,

Ltd.

a

31,297

12,819

QBE

Insurance

Group,

Ltd.

93,880

1,598

Ramsay

Health

Care,

Ltd.

81,619

460

REA

Group,

Ltd.

49,778

3,239

Rio

Tinto,

Ltd.

273,751

15,449

Santos,

Ltd.

83,620

45,287

Scentre

Group

97,507

2,926

SEEK,

Ltd.

a

63,777

3,949

Sonic

Healthcare,

Ltd.

105,602

42,285

South32,

Ltd.

90,750

20,809

Stockland

69,854

11,165

Suncorp

Group,

Ltd.

84,118

11,538

Sydney

Airport,

Ltd.

a

54,520

19,307

Tabcorp

Holdings,

Ltd.

68,980

36,320

Telstra

Corporation,

Ltd.

94,045

3,112

TPG

Telecom,

Ltd.

15,035

23,874

Transurban

Group

a

242,708

6,291

Treasury

Wine

Estates,

Ltd.

49,586

33,762

Vicinity

Centres

42,680

938

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

22,581

9,873

Wesfarmers,

Ltd.

396,486

31,450

Westpac

Banking

Corporation

583,364

1,271

Wisetech

Global,

Ltd.

28,282

8,379

Woodside

Petroleum,

Ltd.

153,150

Shares

Common

Stock

(94.6%)

Value

Australia

(6.5%)

-

continued

11,021

Woolworths,

Ltd.

$

343,241

Total

9,725,144

Austria

(0.2%)

2,438

Erste

Group

Bank

AG

a

82,596

1,285

OMV

AG

65,121

1,289

Raiffeisen

Bank

International

AG

a

28,297

594

Verbund

AG

43,148

1,011

Voestalpine

AG

41,868

Total

261,030

Belgium

(0.8%)

1,528

Ageas

SA

NV

92,270

6,635

Anheuser-Busch

InBev

NV

417,096

464

Colruyt

SA

27,663

269

Elia

System

Operator

SA

29,625

370

Galapagos

NV

a

28,551

986

Groupe

Bruxelles

Lambert

SA

101,998

2,180

KBC

Groep

NV

158,621

1,325

Proximus

SA

28,829

134

Sofina

SA

45,303

647

Solvay

SA

80,523

1,103

UCB

SA

104,856

1,720

Umicore

SA

91,254

Total

1,206,589

Bermuda

(0.2%)

6,000

CK

Infrastructure

Holdings,

Ltd.

35,770

10,200

Hongkong

Land

Holdings,

Ltd.

50,166

1,900

Jardine

Matheson

Holdings,

Ltd.

124,241

1,900

Jardine

Strategic

Holdings,

Ltd.

62,778

Total

272,955

Cayman

Islands

(0.3%)

2,700

ASM

Pacific

Technology,

Ltd.

34,554

15,000

Budweiser

Brewing

Company

APAC,

Ltd.

b

44,900

16,000

ESR

Cayman,

Ltd.

a,b

52,623

1,869

Melco

Resorts

&

Entertainment.

Ltd.

ADR

a

37,212

21,200

Sands

China,

Ltd.

a

106,257

83,500

WH

Group,

Ltd.

b

67,838

15,000

Wharf

Real

Estate

Investment

Company,

Ltd.

84,351

13,600

Wynn

Macau,

Ltd.

a

26,459

Total

454,194

Denmark

(2.3%)

28

A.P.

Moller

-

Maersk

AS,

Class

A

60,930

53

A.P.

Moller

-

Maersk

AS,

Class

B

123,040

1,426

Ambu

AS

66,969

899

Carlsberg

AS

137,870

920

Christian

Hansen

Holding

AS

a

83,568

1,037

Coloplast

AS

155,910

6,018

Danske

Bank

AS

112,581

943

Demant

AS

a

39,918

1,806

DSV

AS

354,235

571

Genmab

AS

a

187,798

1,117

GN

Store

Nord

AS

87,918

607

H.

Lundbeck

AS

20,727

14,994

Novo

Nordisk

AS

1,010,350

1,816

Novozymes

AS

116,200

1,651

Orsted

AS

b

266,579

873

Pandora

AS

a

93,367

70

Rockwool

International

AS

29,463

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock

(94.6%)

Value

Denmark

(2.3%)

-

continued

2,855

TRYG

AS

$

67,289

1,718

Vestas

Wind

Systems

AS

354,401

Total

3,369,113

Finland

(1.1%)

1,241

Elisa

Oyj

74,440

3,875

Fortum

Oyj

103,498

2,383

Kesko

Oyj

72,878

2,966

KONE

Oyj

242,430

3,691

Neste

Oil

Oyj

196,014

49,332

Nokia

Oyj

a

197,015

28,269

Nordea

Bank

Abp

278,739

924

Orion

Oyj

37,022

4,110

Sampo

Oyj

185,321

5,076

Stora

Enso

Oyj

94,693

4,657

UPM-Kymmene

Oyj

167,363

3,872

Wartsila

Corporation

40,590

Total

1,690,003

France

(9.7%)

1,589

Accor

SA

a

59,867

259

Aeroports

de

Paris

SA

a

30,899

4,124

Air

Liquide

SA

673,352

2,312

Alstom

SA

a

115,200

529

Amundi

SA

b

42,279

603

Arkema

SA

73,027

864

AtoS

a

67,362

16,843

AXA

SA

452,139

361

bioMerieux

45,926

9,795

BNP

Paribas

SA

a

596,805

7,697

Bollore

SA

37,145

1,990

Bouygues

SA

79,709

2,563

Bureau

Veritas

SA

a

72,935

1,405

Capgemini

SA

238,889

5,350

Carrefour

SA

96,866

1,475

Cie

Generale

des

Etablissements

Michelin

220,912

1,495

CNP

Assurances

28,356

4,431

Compagnie

de

Saint-Gobain

a

261,658

453

Covivio

38,744

10,068

Credit

Agricole

SA

145,807

5,381

Danone

SA

368,320

22

Dassault

Aviation

a

24,465

1,153

Dassault

Systemes

SE

246,442

2,152

Edenred

112,364

725

Eiffage

SA

72,492

5,416

Electricite

de

France

a

72,652

15,936

Engie

226,377

2,482

EssilorLuxottica

404,337

344

Eurazeo

SE

a

26,170

1,027

Faurecia

a

54,648

400

Gecina

SA

55,061

3,839

Groupe

Eurotunnel

SA

58,850

276

Hermes

International

305,256

129

Iliad

SA

24,504

328

Ipsen

SA

28,118

661

Kering

SA

456,130

1,698

Klepierre

SA

39,522

748

La

Francaise

des

Jeux

SAEM

b

33,991

2,330

Legrand

SA

216,734

2,194

L'Oreal

SA

840,483

2,417

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,614,445

8,244

Natixis

a

39,405

17,407

Orange

SA

214,210

Shares

Common

Stock

(94.6%)

Value

France

(9.7%)

-

continued

451

Orpea

a

$

52,225

1,824

Pernod-Ricard

SA

341,416

1,942

Publicis

Groupe

SA

118,428

197

Remy

Cointreau

SA

36,386

1,677

Renault

SA

a

72,517

2,790

Safran

SA

a

379,518

9,867

Sanofi

975,693

241

Sartorius

Stedim

Biotech

99,184

4,691

Schneider

Electric

SE

714,607

1,383

SCOR

SE

47,109

217

SEB

SA

38,229

7,074

Societe

Generale

184,949

772

Sodexo

SA

a

73,964

3,015

SUEZ

63,855

512

Teleperformance

SA

186,674

930

Thales

SA

92,302

21,948

Total

SE

1,023,214

799

UbiSoft

Entertainment

SA

a

60,729

1,998

Valeo

SA

67,787

4,702

Veolia

Environnement

SA

120,628

4,542

Vinci

SA

465,202

7,241

Vivendi

SA

237,677

234

Wendel

SA

29,040

2,066

Worldline

SA

a,b

172,960

Total

14,567,146

Germany

(8.5%)

1,658

Adidas

AG

a

517,946

3,590

Allianz

SE

913,138

7,998

BASF

SE

664,660

8,555

Bayer

AG

542,157

2,889

Bayerische

Motoren

Werke

AG

299,812

238

Bechtle

AG

44,648

880

Beiersdorf

AG

92,982

1,348

Brenntag

AG

115,159

351

Carl

Zeiss

Meditec

AG

52,908

8,742

Commerzbank

AG

a

53,646

960

Continental

AG

127,080

1,601

Covestro

AG

b

107,717

7,453

Daimler

AG

665,181

1,129

Delivery

Hero

AG

a,b

146,338

17,131

Deutsche

Bank

AG

a

204,905

1,658

Deutsche

Boerse

AG

275,509

2,603

Deutsche

Lufthansa

AG

a

34,524

8,631

Deutsche

Post

AG

473,506

29,023

Deutsche

Telekom

AG

584,915

2,983

Deutsche

Wohnen

AG

139,153

19,589

E.ON

SE

228,291

1,830

Evonik

Industries

AG

64,755

1,860

Fresenius

Medical

Care

AG

&

Company

KGaA

137,011

3,648

Fresenius

SE

&

Company

KGaA

162,557

605

FUCHS

PETROLUB

SE

28,991

1,339

GEA

Group

AG

54,920

526

Hannover

Rueckversicherung

SE

96,052

1,298

HeidelbergCement

AG

117,934

1,289

HelloFresh

SE

a

96,041

907

Henkel

AG

&

Company

KGaA

89,859

207

Hochtief

AG

18,532

11,372

Infineon

Technologies

AG

483,853

628

KION

Group

AG

62,050

633

Knorr-Bremse

AG

78,994

725

Lanxess

AG

53,508

623

LEG

Immobilien

AG

81,948

1,128

Merck

KGaA

192,950

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock

(94.6%)

Value

Germany

(8.5%)

-

continued

463

MTU

Aero

Engines

AG

$

109,068

1,222

Muenchener

Rueckversicherungs-

Gesellschaft

AG

376,340

504

Nemetschek

SE

32,172

1,336

Porsche

Automobil

Holding

SE

141,751

855

PUMA

SE

a

83,826

45

RATIONAL

AG

34,956

5,605

RWE

AG

219,951

9,093

SAP

SE

1,115,321

310

Sartorius

Aktiengesellschaft

154,554

939

Scout24

AG

b

71,236

6,662

Siemens

AG

1,094,648

3,487

Siemens

Energy

AG

a

125,171

2,345

Siemens

Healthineers

AG

b

127,104

1,123

Symrise

AG

136,256

1,401

TeamViewer

AG

a,b

59,916

9,066

Telefonica

Deutschland

Holding

AG

26,595

1,756

Uniper

SE

63,608

931

United

Internet

AG

37,376

283

Volkswagen

AG

102,669

4,681

Vonovia

SE

305,901

1,335

Zalando

SE

a,b

130,814

Total

12,653,363

Hong

Kong

(2.7%)

105,400

AIA

Group,

Ltd.

1,289,755

11,400

Bank

of

East

Asia,

Ltd.

24,283

32,000

BOC

Hong

Kong

(Holdings),

Ltd.

111,949

22,500

CK

Asset

Holdings,

Ltd.

136,971

23,500

CK

Hutchison

Holdings,

Ltd.

187,749

14,500

CLP

Holdings,

Ltd.

141,182

19,000

Galaxy

Entertainment

Group,

Ltd.

a

171,766

18,000

Hang

Lung

Properties,

Ltd.

46,984

6,700

Hang

Seng

Bank,

Ltd.

130,102

13,000

Henderson

Land

Development

Company,

Ltd.

58,671

23,000

HK

Electric

Investments,

Ltd.

22,853

33,000

HKT

Trust

and

HKT,

Ltd.

47,103

93,250

Hong

Kong

and

China

Gas

Company,

Ltd.

147,856

10,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

622,922

18,000

Link

REIT

164,227

13,500

MTR

Corporation,

Ltd.

76,781

13,000

New

World

Development

Company,

Ltd.

67,531

36,612

PCCW,

Ltd.

20,676

12,000

Power

Assets

Holdings,

Ltd.

71,028

28,000

Sino

Land

Company,

Ltd.

39,076

17,000

SJM

Holdings,

Ltd.

22,309

11,500

Sun

Hung

Kai

Properties,

Ltd.

174,131

4,500

Swire

Pacific,

Ltd.

33,898

10,200

Swire

Properties,

Ltd.

31,661

12,000

Techtronic

Industries

Company,

Ltd.

205,726

16,000

Xinyi

Glass

Holdings

Company,

Ltd.

52,561

Total

4,099,751

Ireland

(0.8%)

6,849

CRH

plc

320,512

860

DCC

plc

74,597

1,419

Flutter

Entertainment

plc

304,389

3,868

James

Hardie

Industries

plc

116,905

1,387

Kerry

Group

plc

173,222

Shares

Common

Stock

(94.6%)

Value

Ireland

(0.8%)

-

continued

1,345

Kingspan

Group

plc

$

113,786

2,138

Smurfit

Kappa

Group

plc

100,316

Total

1,203,727

Isle

of

Man

(0.1%)

5,092

Entain

plc

a

106,488

Total

106,488

Israel

(0.6%)

370

Azrieli

Group,

Ltd.

22,864

9,908

Bank

Hapoalim,

Ltd.

a

77,055

12,677

Bank

Leumi

Le-Israel

BM

a

83,504

979

Check

Point

Software

Technologies,

Ltd.

a

109,618

338

CyberArk

Software,

Ltd.

a

43,717

231

Elbit

Systems,

Ltd.

32,737

6,133

Israel

Chemicals,

Ltd.

35,954

10,156

Israel

Discount

Bank,

Ltd.

a

42,222

1,222

Mizrahi

Tefahot

Bank,

Ltd.

a

31,865

547

Nice,

Ltd.

a

118,919

9,561

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

110,334

485

Wix.com,

Ltd.

a

135,422

Total

844,211

Italy

(1.8%)

1,086

Amplifon

SPA

a

40,411

9,626

Assicurazioni

Generali

SPA

192,320

4,323

Atlantia

SPA

a

80,902

5,068

Davide

Campari-Milano

NV

56,724

220

DiaSorin

SPA

35,298

70,824

Enel

SPA

704,514

21,978

Eni

SPA

270,818

5,319

Finecobank

Banca

Fineco

SPA

a

87,018

2,932

Infrastrutture

Wireless

Italiane

SPA

b

32,655

143,818

Intesa

Sanpaolo

SPA

a

389,687

5,419

Mediobanca

SPA

a

60,049

1,691

Moncler

SPA

a

96,842

3,834

Nexi

Spa

a,b

66,893

4,558

Poste

Italiane

SPA

b

57,885

2,106

Prysmian

SPA

68,382

912

Recordati

SPA

49,047

17,595

Snam

SPA

97,546

17,595

Snam

SPA,

Rights

a,c

18

72,958

Telecom

Italia

SPA

39,469

52,489

Telecom

Italia

SPA

Savings

Shares

30,183

12,276

Terna

Rete

Elettrica

Nazionale

SPA

92,710

18,545

UniCredit

SPA

195,889

Total

2,745,260

Japan

(23.7%)

300

ABC-MART,

Inc.

16,941

3,500

ACOM

Company,

Ltd.

16,302

1,700

Advantest

Corporation

149,315

5,700

Aeon

Company,

Ltd.

170,260

900

AEON

Mall

Company,

Ltd.

15,702

1,700

AGC,

Inc.

71,358

1,600

Air

Water,

Inc.

28,070

1,400

Aisin

Seiki

Company,

Ltd.

53,321

4,100

Ajinomoto

Company,

Inc.

84,045

1,600

Alfresca

Holdings

Corporation

30,890

1,400

All

Nippon

Airways

Company,

Ltd.

a

32,575

2,800

Amada

Holdings

Company,

Ltd.

31,269

4,007

Asahi

Group

Holdings,

Ltd.

169,619

1,700

Asahi

Intecc

Company,

Ltd.

46,925

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

10,900

Asahi

Kasei

Corporation

$

125,826

16,200

Astellas

Pharmaceutical,

Inc.

249,550

1,100

Azbil

Corporation

47,426

1,700

Bandai

Namco

Holdings,

Inc.

121,529

500

Bank

of

Kyoto,

Ltd.

30,802

4,700

Bridgestone

Corporation

191,078

1,900

Brother

Industries,

Ltd.

42,200

800

Calbee,

Inc.

20,393

8,700

Canon,

Inc.

197,786

1,600

Capcom

Company,

Ltd.

52,050

1,700

Casio

Computer

Company,

Ltd.

32,126

1,300

Central

Japan

Railway

Company

194,637

400

Century

Tokyo

Leasing

Corporation

26,952

4,600

Chiba

Bank,

Ltd.

30,113

5,600

Chubu

Electric

Power

Company,

Inc.

72,159

5,800

Chugai

Pharmaceutical

Company,

Ltd.

235,676

2,500

Chugoku

Electric

Power

Company,

Inc.

30,717

1,100

Coca-Cola

Bottlers

Japan,

Inc.

19,198

9,000

Concordia

Financial

Group,

Ltd.

36,505

200

COSMOS

Pharmaceutical

Corporation

31,200

3,600

CyberAgent,

Inc.

64,982

2,100

Dai

Nippon

Printing

Company,

Ltd.

44,049

900

Daifuku

Company,

Ltd.

88,442

9,400

Dai-Ichi

Mutual

Life

Insurance

Company,

Ltd.

161,585

14,800

Daiichi

Sankyo

Company,

Ltd.

431,801

2,200

Daikin

Industries,

Ltd.

444,749

600

Daito

Trust

Construction

Company,

Ltd.

69,716

4,900

Daiwa

House

Industry

Company,

Ltd.

143,811

17

Daiwa

House

REIT

Investment

Corporation

45,681

12,600

Daiwa

Securities

Group,

Inc.

65,268

3,800

Denso

Corporation

253,324

1,900

Dentsu

Group,

Inc.

61,162

300

DISCO

Corporation

94,801

2,600

East

Japan

Railway

Company

184,879

2,200

Eisai

Company,

Ltd.

147,871

26,800

Eneos

Holdings,

Inc.

121,588

1,700

FANUC

Corporation

408,692

500

Fast

Retailing

Company,

Ltd.

399,689

1,100

Fuji

Electric

Company,

Ltd.

46,025

3,100

FUJIFILM

Holdings

NPV

184,414

1,700

Fujitsu,

Ltd.

247,373

1,500

Fukuoka

Financial

Group,

Inc.

28,461

36

GLP

J-Reit

59,156

400

GMO

Payment

Gateway,

Inc.

53,151

2,000

Hakuhodo

Dy

Holdings,

Inc.

33,404

1,200

Hamamatsu

Photonics

KK

71,093

2,000

Hankyu

Hanshin

Holdings,

Inc.

64,170

400

Harmonic

Drive

Systems,

Inc.

27,120

200

Hikari

Tsushin,

Inc.

40,323

2,500

Hino

Motors,

Ltd.

21,502

300

Hirose

Electric

Company,

Ltd.

46,247

400

Hisamitsu

Pharmaceutical

Company,

Inc.

26,100

900

Hitachi

Construction

Machinery

Company,

Ltd.

28,841

1,900

Hitachi

Metals,

Ltd.

a

31,363

8,400

Hitachi,

Ltd.

380,758

14,200

Honda

Motor

Company,

Ltd.

428,067

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

400

Hoshizaki

Corporation

$

35,768

3,300

Hoya

Corporation

388,399

2,600

Hulic

Company,

Ltd.

30,735

900

IBIDEN

Company,

Ltd.

41,582

1,700

Idemitsu

Kosan

Company,

Ltd.

43,886

1,300

Iida

Group

Holdings

Company,

Ltd.

31,500

8,900

Inpex

Corporation

60,857

4,800

Isuzu

Motors,

Ltd.

51,551

500

ITO

EN,

Ltd.

30,669

11,700

ITOCHU

Corporation

379,852

800

ITOCHU

Techno-Solutions

Corporation

25,852

1,200

Japan

Airlines

Company,

Ltd.

a

26,875

500

Japan

Airport

Terminal

Company,

Ltd.

a

24,660

4,400

Japan

Exchange

Group,

Inc.

103,358

3,500

Japan

Post

Bank

Company,

Ltd.

33,657

13,700

Japan

Post

Holdings

Company,

Ltd.

122,098

2,000

Japan

Post

Insurance

Company,

Ltd.

41,085

11

Japan

Real

Estate

Investment

Corporation

65,003

61

Japan

Retail

Fund

Investment

Corporation

62,493

10,400

Japan

Tobacco,

Inc.

199,788

4,300

JFE

Holdings,

Inc.

53,054

1,800

JSR

Corporation

54,475

3,900

Kajima

Corporation

55,471

1,200

Kakaku.com,

Inc.

32,847

6,100

Kansai

Electric

Power

Company,

Inc.

66,135

1,500

Kansai

Paint

Company,

Ltd.

40,123

4,200

Kao

Corporation

277,908

14,000

KDDI

Corporation

431,350

800

Keihan

Holdings

Company,

Ltd.

33,304

1,900

Keikyu

Corporation

28,728

900

Keio

Corporation

60,595

1,100

Keisei

Electric

Railway

Company,

Ltd.

36,015

1,600

Keyence

Corporation

729,210

1,300

Kikkoman

Corporation

77,525

1,500

Kintetsu

Group

Holdings

Company,

Ltd.

a

57,278

7,200

Kirin

Holdings

Company,

Ltd.

138,155

400

Kobayashi

Pharmaceutical

Company,

Ltd.

37,360

1,100

Kobe

Bussan

Company,

Ltd.

29,493

520

Koei

Tecmo

Holdings

Company,

Ltd.

23,411

900

Koito

Manufacturing

Company,

Ltd.

60,554

7,600

Komatsu,

Ltd.

235,519

800

Konami

Holdings

Corporation

47,760

300

KOSE

Corporation

42,519

8,900

Kubota

Corporation

203,027

2,800

Kuraray

Company,

Ltd.

32,030

900

Kurita

Water

Industries,

Ltd.

38,668

2,800

Kyocera

Corporation

178,164

2,400

Kyowa

Hakko

Kirin

Company,

Ltd.

71,874

3,300

Kyushu

Electric

Power

Company,

Inc.

32,587

1,300

Kyushu

Railway

Company

30,282

700

Lasertec

Corporation

92,443

400

Lawson,

Inc.

19,628

2,000

Lion

Corporation

38,988

2,300

LIXIL

Group

Corporation

64,007

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

3,800

M3,

Inc.

$

260,863

2,000

Makita

Corporation

85,904

14,400

Marubeni

Corporation

120,270

1,700

Marui

Group

Company,

Ltd.

32,041

5,000

Mazda

Motor

Corporation

a

40,967

600

McDonald's

Holdings

Company

(Japan),

Ltd.

27,656

1,600

Medipal

Holdings

Corporation

30,754

1,000

MEIJI

Holdings

Company,

Ltd.

64,306

800

Mercari,

Inc.

a

36,523

3,200

Minebea

Company,

Ltd.

82,133

2,500

MISUMI

Group,

Inc.

72,824

11,200

Mitsubishi

Chemical

Holdings

Corporation

84,119

11,600

Mitsubishi

Corporation

328,849

15,900

Mitsubishi

Electric

Corporation

243,001

10,300

Mitsubishi

Estate

Company,

Ltd.

180,368

1,400

Mitsubishi

Gas

Chemical

Company,

Inc.

34,437

2,800

Mitsubishi

Heavy

Industries,

Ltd.

87,186

106,400

Mitsubishi

UFJ

Financial

Group,

Inc.

568,952

5,800

Mitsubishi

UFJ

Lease

&

Finance

Company,

Ltd.

35,061

14,200

Mitsui

&

Company,

Ltd.

296,359

1,600

Mitsui

Chemicals,

Inc.

50,636

8,000

Mitsui

Fudosan

Company,

Ltd.

182,364

800

Miura

Company,

Ltd.

43,286

21,030

Mizuho

Financial

Group,

Inc.

304,102

2,200

MonotaRO

Company,

Ltd.

59,682

3,900

MS

and

AD

Insurance

Group

Holdings,

Inc.

114,722

5,000

Murata

Manufacturing

Company,

Ltd.

402,477

1,000

Nabtesco

Corporation

45,758

1,600

Nagoya

Railroad

Company,

Ltd.

a

38,118

2,300

NEC

Corporation

135,805

4,200

NEXON

Company,

Ltd.

136,282

2,200

NGK

Insulators,

Ltd.

40,376

1,300

NGK

Spark

Plug

Company,

Ltd.

22,522

700

NH

Foods,

Ltd.

30,041

3,900

Nidec

Corporation

475,519

2,600

Nihon

M&A

Center,

Inc.

70,521

1,000

Nintendo

Company,

Ltd.

563,635

13

Nippon

Building

Fund,

Inc.

76,606

600

Nippon

Express

Company,

Ltd.

44,755

6,500

Nippon

Paint

Holdings

Company,

Ltd.

93,884

18

Nippon

Prologis

REIT,

Inc.

57,880

1,300

Nippon

Sanso

Holdings

Corporation

24,786

400

Nippon

Shinyaku

Company,

Ltd.

29,781

7,000

Nippon

Steel

Corporation

119,474

11,200

Nippon

Telegraph

&

Telephone

Corporation

288,981

1,300

Nippon

Yusen

Kabushiki

Kaisha

44,461

1,100

Nissan

Chemical

Industries,

Ltd.

58,853

20,300

Nissan

Motor

Company,

Ltd.

a

113,409

1,700

Nisshin

Seifun

Group,

Inc.

28,406

600

Nissin

Foods

Holdings

Company,

Ltd.

44,485

700

Nitori

Holdings

Company,

Ltd.

135,593

1,400

Nitto

Denko

Corporation

120,009

27,400

Nomura

Holdings,

Inc.

145,178

1,000

Nomura

Real

Estate

Holdings,

Inc.

24,172

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

37

Nomura

Real

Estate

Master

Fund,

Inc.

$

55,707

2,800

Nomura

Research

Institute,

Ltd.

86,990

3,100

NSK,

Ltd.

31,874

5,500

NTT

Data

Corporation

85,299

5,700

Obayashi

Corporation

52,320

600

OBIC

Company,

Ltd.

110,095

2,600

Odakyu

Electric

Railway

Company,

Ltd.

71,141

7,500

Oji

Holdings

Corporation

48,630

10,100

Olympus

Corporation

209,513

1,600

OMRON

Corporation

125,332

3,200

Ono

Pharmaceutical

Company,

Ltd.

83,687

300

Oracle

Corporation

Japan

29,369

1,700

Oriental

Land

Company,

Ltd.

255,818

11,400

ORIX

Corporation

192,806

23

ORIX

JREIT,

Inc.

40,059

3,300

Osaka

Gas

Company,

Ltd.

64,398

900

Otsuka

Corporation

42,200

3,400

Otsuka

Holdings

Company,

Ltd.

144,190

3,600

Pan

Pacific

International

Holdings

Company

84,976

19,200

Panasonic

Corporation

248,630

800

PeptiDream,

Inc.

a

36,647

1,500

Persol

Holdings

Company,

Ltd.

29,485

1,000

Pigeon

Corporation

37,919

800

Pola

Orbis

Holdings,

Inc.

19,294

7,500

Rakuten,

Inc.

89,601

11,800

Recruit

Holdings

Company,

Ltd.

579,453

6,800

Renesas

Electronics

Corporation

a

74,452

18,600

Resona

Holdings,

Inc.

78,129

5,800

Ricoh

Company,

Ltd.

59,120

300

Rinnai

Corporation

33,649

800

Rohm

Company,

Ltd.

78,459

2,100

Ryohin

Keikaku

Company,

Ltd.

49,846

3,100

Santen

Pharmaceutical

Company,

Ltd.

42,753

2,100

SBI

Holdings,

Inc.

57,066

500

SCSK

Corporation

29,715

1,800

Secom

Company,

Ltd.

151,743

1,500

Sega

Sammy

Holdings,

Inc.

23,445

1,800

Seibu

Holdings,

Inc.

a

19,878

2,400

Seiko

Epson

Corporation

39,180

3,100

Sekisui

Chemical

Company,

Ltd.

59,692

5,400

Sekisui

House,

Ltd.

116,155

6,600

Seven

&

I

Holdings

Company,

Ltd.

266,517

2,800

SG

Holdings

Company,

Ltd.

64,286

1,900

Sharp

Corporation

32,898

1,900

Shimadzu

Corporation

68,895

200

SHIMAMURA

Company,

Ltd.

23,111

600

Shimano,

Inc.

143,304

4,800

Shimizu

Corporation

38,866

3,100

Shin-Etsu

Chemical

Company,

Ltd.

525,141

1,400

Shinsei

Bank,

Ltd.

22,625

2,300

Shionogi

&

Company,

Ltd.

124,165

3,500

Shiseido

Company,

Ltd.

235,390

3,600

Shizuoka

Bank,

Ltd.

28,301

500

SMC

Corporation

291,190

25,000

SoftBank

Corporation

325,239

13,600

SoftBank

Group

Corporation

1,157,872

600

Sohgo

Security

Services

Company,

Ltd.

28,392

2,900

Sompo

Holdings,

Inc.

111,117

11,000

Sony

Corporation

1,164,168

800

Square

Enix

Holdings

Company,

Ltd.

44,495

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

1,100

Stanley

Electric

Company,

Ltd.

$

32,854

900

Start

Today

Company,

Ltd.

26,662

5,400

Subaru

Corporation

107,928

2,300

Sumco

Corporation

52,710

13,000

Sumitomo

Chemical

Company,

Ltd.

67,448

10,400

Sumitomo

Corporation

148,841

1,600

Sumitomo

Dainippon

Pharma

Company,

Ltd.

27,911

6,600

Sumitomo

Electric

Industries,

Ltd.

99,243

2,000

Sumitomo

Metal

Mining

Company,

Ltd.

86,670

11,400

Sumitomo

Mitsui

Financial

Group,

Inc.

413,219

2,900

Sumitomo

Mitsui

Trust

Holdings,

Inc.

101,180

2,700

Sumitomo

Realty

&

Development

Company,

Ltd.

95,643

600

Sundrug

Company,

Ltd.

21,982

1,200

Suntory

Beverage

and

Food,

Ltd.

44,749

600

Suzuken

Company,

Ltd.

23,475

3,200

Suzuki

Motor

Corporation

145,758

1,500

Sysmex

Corporation

161,915

4,700

T&D

Holdings,

Inc.

60,478

1,000

Taiheiyo

Cement

Corporation

26,349

1,700

Taisei

Corporation

65,588

300

Taisho

Pharmaceutical

Holdings

Company,

Ltd.

19,386

13,700

Takeda

Pharmaceutical

Company,

Ltd.

499,395

1,100

TDK

Corporation

153,128

1,600

Teijin,

Ltd.

27,606

5,600

Terumo

Corporation

202,655

1,000

THK

Company,

Ltd.

34,695

1,900

TIS,

Inc.

45,488

1,600

Tobu

Railway

Company,

Ltd.

43,097

1,000

Toho

Company,

Ltd.

40,629

600

Toho

Gas

Company,

Ltd.

37,025

3,700

Tohoku

Electric

Power

Company,

Inc.

34,986

5,500

Tokio

Marine

Holdings,

Inc.

261,751

12,600

Tokyo

Electric

Power

Company,

Inc.

a

42,120

1,300

Tokyo

Electron,

Ltd.

565,024

3,300

Tokyo

Gas

Company,

Ltd.

73,520

4,400

Tokyu

Corporation

58,679

5,300

Tokyu

Fudosan

Holdings

Corporation

31,512

2,300

Toppan

Printing

Company,

Ltd.

38,992

12,100

Toray

Industries,

Inc.

78,120

3,400

Toshiba

Corporation

115,081

2,300

Tosoh

Corporation

44,051

1,200

TOTO,

Ltd.

73,855

800

Toyo

Suisan

Kaisha,

Ltd.

33,575

600

Toyoda

Gosei

Company,

Ltd.

15,818

1,300

Toyota

Industries

Corporation

116,167

18,500

Toyota

Motor

Corporation

1,439,670

1,800

Toyota

Tsusho

Corporation

75,799

1,200

Trend

Micro,

Inc.

60,238

300

TSURUHA

Holdings,

Inc.

38,711

3,500

Unicharm

Corporation

146,967

26

United

Urban

Investment

Corporation

34,991

1,900

USS

Company,

Ltd.

37,265

800

Welcia

Holdings

Company,

Ltd.

27,448

1,400

West

Japan

Railway

Company

77,680

1,075

Yakult

Honsha

Company,

Ltd.

54,393

Shares

Common

Stock

(94.6%)

Value

Japan

(23.7%)

-

continued

6,300

Yamada

Denki

Company,

Ltd.

$

34,047

1,200

Yamaha

Corporation

65,392

2,400

Yamaha

Motor

Company,

Ltd.

59,065

2,500

Yamato

Holdings

Company,

Ltd.

68,653

1,100

Yamazaki

Baking

Company,

Ltd.

17,773

2,100

Yaskawa

Electric

Corporation

104,921

2,000

Yokogawa

Electric

Corporation

36,946

23,100

Z

Holdings

Corporation

115,227

Total

35,340,291

Jersey

(0.3%)

7,996

Experian

plc

275,472

10,691

WPP

plc

136,241

Total

411,713

Luxembourg

(0.3%)

6,254

Arcelor

Mittal

180,000

8,717

Aroundtown

SA

62,081

1,157

Eurofins

Scientific

SE

a

110,587

3,339

SES

SA

26,489

4,112

Tenaris

SA

46,498

Total

425,655

Netherlands

(5.1%)

3,691

ABN

AMRO

Group

NV

b

44,809

158

Adyen

NV

a,b

352,563

15,613

Aegon

NV

74,182

5,121

Airbus

Group

NV

a

580,812

1,684

Akzo

Nobel

NV

188,013

394

Argenx

SE

a

108,340

412

ASM

International

NV

119,457

3,707

ASML

Holding

NV

2,274,510

8,929

CNH

Industrial

NV

a

138,223

946

EXOR

NV

79,788

1,100

Ferrari

NV

230,103

1,005

Heineken

Holding

NV

89,302

2,262

Heineken

NV

232,213

33,966

ING

Groep

NV

414,865

654

JDE

Peet's

BV

a

23,976

1,103

Just

Eat

Takeaway.com

NV

a,b

101,494

31,170

Koninklijke

(Royal)

KPN

NV

105,730

9,604

Koninklijke

Ahold

Delhaize

NV

267,884

1,504

Koninklijke

DSM

NV

254,265

7,933

Koninklijke

Philips

NV

a

452,384

590

Koninklijke

Vopak

NV

29,357

2,588

NN

Group

NV

126,247

4,244

Prosus

NV

472,269

2,014

Qiagen

NV

a

97,476

1,040

Randstad

Holding

NV

73,003

17,862

Stellantis

NV

315,962

5,561

STMicroelectronics

NV

212,461

2,329

Wolters

Kluwer

NV

202,286

Total

7,661,974

New

Zealand

(0.3%)

6,476

a2

Milk

Company,

Ltd.

a

39,094

10,921

Auckland

International

Airport,

Ltd.

a

59,963

5,016

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

112,622

5,931

Mercury

NZ,

Ltd.

26,954

11,180

Meridian

Energy,

Ltd.

42,147

3,490

Ryman

Healthcare,

Ltd.

37,356

16,029

Spark

New

Zealand,

Ltd.

50,206

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock

(94.6%)

Value

New

Zealand

(0.3%)

-

continued

1,059

Xero,

Ltd.

a

$

102,496

Total

470,838

Norway

(0.6%)

2,092

Adevinta

ASA

a

30,824

8,100

DnB

ASA

172,716

8,527

Equinor

ASA

166,445

1,745

Gjensidige

Forsikring

ASA

40,924

3,835

Mowi

ASA

95,249

11,734

Norsk

Hydro

ASA

75,367

6,553

Orkla

ASA

64,265

660

Schibsted

ASA,

Class

A

27,740

853

Schibsted

ASA,

Class

B

a

30,574

6,093

Telenor

ASA

107,345

1,521

Yara

International

ASA

79,236

Total

890,685

Papua

New

Guinea

(<0.1%)

17,223

Oil

Search,

Ltd.

53,849

Total

53,849

Portugal

(0.1%)

24,232

EDP

-

Energias

de

Portugal

SA

138,406

4,374

Galp

Energia

SGPS

SA

50,704

2,196

Jeronimo

Martins

SGPS

SA

36,955

Total

226,065

Singapore

(1.1%)

28,054

Ascendas

REIT

63,728

39,478

CapitaLand

Integrated

Commercial

Trust

63,879

23,000

CapitaLand,

Ltd.

64,444

4,000

City

Developments,

Ltd.

23,791

15,600

DBS

Group

Holdings,

Ltd.

334,486

52,700

Genting

Singapore,

Ltd.

36,107

12,700

Keppel

Corporation,

Ltd.

50,316

18,800

Mapletree

Commercial

Trust

a

29,704

25,223

Mapletree

Logistics

Trust

36,268

29,263

Oversea-Chinese

Banking

Corporation,

Ltd.

256,022

11,700

Singapore

Airlines,

Ltd.

a

48,316

7,000

Singapore

Exchange,

Ltd.

51,917

13,600

Singapore

Technologies

Engineering,

Ltd.

39,393

71,200

Singapore

Telecommunications,

Ltd.

129,375

17,200

Suntec

REIT

19,992

10,300

United

Overseas

Bank,

Ltd.

198,605

3,900

United

Overseas

Land,

Ltd.

22,935

2,400

Venture

Corporation,

Ltd.

35,838

16,800

Wilmar

International,

Ltd.

67,849

Total

1,572,965

Spain

(2.3%)

2,061

ACS

Actividades

de

Construccion

y

Servicios,

SA

68,499

589

Aena

SA

b

95,559

3,931

Amadeus

IT

Holding

SA

a

279,998

58,179

Banco

Bilbao

Vizcaya

Argentaria

SA

303,181

151,000

Banco

Santander

SA

a

515,034

38,799

CaixaBank

SA

120,463

2,760

Cellnex

Telecom

SA

b

159,110

2,172

Enagas

SA

47,287

2,771

Endesa

SA

73,438

Shares

Common

Stock

(94.6%)

Value

Spain

(2.3%)

-

continued

4,247

Ferrovial

SA

$

110,978

2,603

Grifols

SA

68,126

53,281

Iberdrola

SA

687,697

9,518

Industria

de

Diseno

Textil

SA

314,476

2,533

Naturgy

Energy

Group

SA

62,192

3,777

Red

Electrica

Corporacion

SA

66,996

13,071

Repsol

SA

162,237

2,080

Siemens

Gamesa

Renewable

Energy

SA

80,672

44,167

Telefonica

SA

198,570

Total

3,414,513

Supranational

(0.1%)

1,208

Unibail-Rodamco-Westfield

a

96,517

Total

96,517

Sweden

(3.2%)

932

AB

Industrivarden,

Class

A

a

34,289

1,393

AB

Industrivarden,

Class

C

a

48,886

2,745

Alfa

Laval

AB

82,963

8,745

Assa

Abloy

AB

251,685

5,859

Atlas

Copco

AB,

Class

A

357,207

3,405

Atlas

Copco

AB,

Class

B

177,460

2,386

Boliden

AB

88,528

1,968

Electrolux

AB

54,713

5,750

Epiroc

AB,

Class

A

130,262

3,403

Epiroc

AB,

Class

B

70,890

2,079

EQT

AB

68,448

5,310

Essity

Aktiebolag

167,823

1,396

Evolution

Gaming

Group

AB

b

205,582

884

Fastighets

AB

Balder

a

43,765

7,010

Hennes

&

Mauritz

AB

a

157,981

2,456

Hexagon

AB

226,709

3,647

Husqvarna

AB

52,577

878

ICA

Gruppen

AB

42,935

1,289

Investment

AB

Latour

33,400

3,974

Investor

AB

317,085

2,111

Kinnevik

AB

102,599

663

L

E

Lundbergforetagen

AB

a

36,210

1,622

Lundin

Energy

AB

51,015

2,721

NIBE

Industrier

AB

84,387

9,850

Sandvik

AB

a

269,515

2,732

Securitas

AB

46,465

14,200

Skandinaviska

Enskilda

Banken

AB

173,219

2,968

Skanska

AB

74,436

3,322

SKF

AB

94,526

5,286

Svenska

Cellulosa

AB

SCA

93,563

13,575

Svenska

Handelsbanken

AB

147,576

7,902

Swedbank

AB

139,327

1,415

Swedish

Match

AB

110,386

4,357

Tele2

AB

58,776

25,467

Telefonaktiebolaget

LM

Ericsson

337,572

21,410

Telia

Company

AB

92,829

12,401

Volvo

AB

314,056

Total

4,839,645

Switzerland

(9.1%)

16,048

ABB,

Ltd.

488,204

1,352

Adecco

SA

91,195

4,290

Alcon,

Inc.

a

301,052

405

Baloise

Holding

AG

68,871

262

Banque

Cantonale

Vaudoise

25,564

26

Barry

Callebaut

AG

58,866

1

Chocoladefabriken

Lindt

and

Spruengli

AG

91,369

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock

(94.6%)

Value

Switzerland

(9.1%)

-

continued

1,738

Clariant

AG

$

35,067

1,747

Coca-Cola

HBC

AG

55,528

4,545

Compagnie

Financiere

Richemont

SA

436,426

21,357

Credit

Suisse

Group

AG

225,944

71

EMS-CHEMIE

Holding

AG

63,425

1,962

Ferguson

plc

234,372

323

Geberit

AG

205,572

80

Givaudan

SA

308,580

87,194

Glencore

Xstrata

plc

a

342,361

1,953

Julius

Baer

Group,

Ltd.

124,803

471

Kuehne

&

Nagel

International

AG

134,530

4,568

LafargeHolcim,

Ltd.

268,621

9

Lindt

&

Spruengli

AG

78,401

1,435

Logitech

International

SA

150,495

648

Lonza

Group

AG

362,426

25,087

Nestle

SA

2,796,608

19,335

Novartis

AG

1,652,769

163

Partners

Group

Holding

AG

208,302

279

Roche

 Holding 

AG-BR

95,578

6,118

Roche

Holding

AG

1,981,886

176

Schindler

Holding

AG

50,499

355

Schindler

Holding

AG,

Participation

Certificate

104,302

53

SGS

SA

150,594

1,237

Sika

AG

353,726

478

Sonova

Holding

AG

a

126,706

90

Straumann

Holding

AG

112,367

252

Swatch

Group

AG,

Bearer

Shares

72,495

458

Swatch

Group

AG,

Registered

Shares

25,538

265

Swiss

Life

Holding

AG

130,231

663

Swiss

Prime

Site

AG

61,207

2,493

Swiss

Re

AG

245,169

226

Swisscom

AG

121,253

582

Temenos

AG

83,976

31,924

UBS

Group

AG

493,912

397

Vifor

Pharma

AG

54,029

1,310

Zurich

Insurance

Group

AG

557,604

Total

13,630,423

United

Kingdom

(12.8%)

8,491

3i

Group

plc

134,944

1,668

Admiral

Group

plc

71,292

10,682

Anglo

American

plc

418,393

3,441

Antofagasta

plc

80,152

3,920

Ashtead

Group

plc

234,008

3,108

Associated

British

Foods

plc

a

103,259

11,427

AstraZeneca

plc

1,140,518

8,428

Auto

Trader

Group

plc

a,b

64,441

1,002

Aveva

Group

plc

47,266

34,270

Aviva

plc

193,170

28,067

BAE

Systems

plc

195,462

151,361

Barclays

plc

387,625

8,885

Barratt

Developments

plc

a

91,392

1,097

Berkeley

Group

Holdings

plc

67,161

18,392

BHP

Group

plc

529,546

176,496

BP

plc

716,923

19,978

British

American

Tobacco

plc

759,377

7,681

British

Land

Company

plc

53,438

77,876

BT

Group

plc

a

166,135

2,939

Bunzl

plc

94,071

3,531

Burberry

Group

plc

a

92,371

1,783

Coca-Cola

European

Partners

plc

93,001

15,565

Compass

Group

plc

a

314,473

Shares

Common

Stock

(94.6%)

Value

United

Kingdom

(12.8%)

-

continued

1,217

Croda

International

plc

$

106,484

20,365

Diageo

plc

836,629

11,906

Direct

Line

Insurance

Group

plc

51,396

4,440

Evraz

plc

35,359

1,607

Fresnillo

plc

19,141

43,691

GlaxoSmithKline

plc

773,458

3,313

Halma

plc

108,391

2,897

Hargreaves

Lansdown

plc

61,555

1,508

Hikma

Pharmaceuticals

plc

47,306

177,358

HSBC

Holdings

plc

1,033,768

8,258

Imperial

Brands

plc

169,298

13,107

Informa

plc

a

101,202

1,514

InterContinental

Hotels

Group

plc

a

104,117

1,408

Intertek

Group

plc

108,721

15,519

J

Sainsbury

plc

51,896

4,499

JD

Sports

Fashion

plc

a

51,144

1,689

Johnson

Matthey

plc

70,161

18,411

Kingfisher

plc

a

80,696

6,146

Land

Securities

Group

plc

58,440

52,062

Legal

&

General

Group

plc

199,894

617,643

Lloyds

TSB

Group

plc

a

362,326

2,754

London

Stock

Exchange

Group

plc

263,283

22,685

M&G

plc

64,827

42,390

Melrose

Industries

plc

97,476

4,237

Mondi

plc

108,016

30,715

National

Grid

plc

364,607

42,317

Natwest

Group

plc

114,503

1,160

Next

plc

a

125,724

4,242

Ocado

Group

plc

a

118,934

6,557

Pearson

plc

69,917

2,783

Persimmon

plc

112,728

4,795

Phoenix

Group

Holdings

plc

48,478

22,718

Prudential

plc

483,954

6,197

Reckitt

Benckiser

Group

plc

554,698

16,823

RELX

plc

421,936

16,180

Rentokil

Initial

plc

108,025

9,771

Rio

Tinto

plc

745,415

73,010

Rolls-Royce

Holdings

plc

106,026

35,713

Royal

Dutch

Shell

plc,

Class

A

694,227

32,273

Royal

Dutch

Shell

plc,

Class

B

594,067

9,027

RSA

Insurance

Group

plc

84,684

9,519

Sage

Group

plc

80,419

1,085

Schroders

plc

52,348

10,391

SEGRO

plc

134,285

2,083

Severn

Trent

plc

66,255

7,640

Smith

&

Nephew

plc

145,046

3,457

Smiths

Group

plc

73,235

643

Spirax-Sarco

Engineering

plc

101,027

9,071

SSE

plc

181,883

4,684

St.

James's

Place

plc

82,234

23,408

Standard

Chartered

plc

161,178

19,199

Standard

Life

Aberdeen

plc

76,701

31,798

Taylor

Wimpey

plc

a

79,060

67,461

Tesco

plc

212,991

22,895

Unilever

plc

1,277,543

5,950

United

Utilities

Group

plc

76,032

234,046

Vodafone

Group

plc

426,803

1,761

Whitbread

plc

a

83,129

21,012

William

Morrison

Supermarkets

plc

52,847

Total

19,124,341

Total

Common

Stock

(cost

$105,848,056)

141,358,448

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Preferred

Stock

(

0.5%

)

Value

Germany

(0.5%)

495

Bayerische

Motoren

Werke

AG

$

39,406

1,555

Henkel

AG

&

Company

KGaA

174,835

1,619

Volkswagen

AG

453,193

Total

667,434

Total

Preferred

Stock

(cost

$380,427)

667,434

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

33,682

Thrivent

Cash

Management

Trust

33,682

Total

Collateral

Held

for

Securities

Loaned

(cost

$33,682)

33,682

Shares

or

Principal

Amount

Short-Term

Investments

(

4.5%

)

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.080%,

 4/7/2021

d,e

200,000

200,000

0.040%,

 5/4/2021

d,e

199,998

100,000

0.030%,

 5/19/2021

d,e

99,999

Thrivent

Core

Short-Term

Reserve

Fund

623,659

0.180%

6,236,591

Total

Short-Term

Investments

(cost

$6,736,577)

6,736,588

Total

Investments

(cost

$112,998,742)

99.6%

$148,796,152

Other

Assets

and

Liabilities,

Net

0.4%

605,045

Total

Net

Assets

100.0%

$149,401,197

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

March

31,

2021,

the

value

of

these

investments

was

$2,505,286

or

1.7%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

e

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

–

Total

lending

$–

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$33,682

Net

amounts

due

to

counterparty

$33,682

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

International

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

7,226,063

–

7,226,063

–

Consumer

Discretionary

16,998,453

37,212

16,961,241

–

Consumer

Staples

14,863,477

93,001

14,770,476

–

Energy

4,822,429

–

4,822,429

–

Financials

25,325,173

–

25,325,173

–

Health

Care

16,496,151

110,334

16,385,817

–

Industrials

21,599,563

–

21,599,563

–

Information

Technology

13,358,653

288,757

13,069,896

–

Materials

10,985,000

–

10,985,000

–

Real

Estate

4,475,215

–

4,475,215

–

Utilities

5,208,271

–

5,208,253

18

Preferred

Stock

Consumer

Discretionary

492,599

–

492,599

–

Consumer

Staples

174,835

–

174,835

–

Short-Term

Investments

499,997

–

499,997

–

Subtotal

Investments

in

Securities

$142,525,879

$529,304

$141,996,557

$18

Other

Investments  *

Total

Affiliated

Short-Term

Investments

6,236,591

Collateral

Held

for

Securities

Loaned

33,682

Subtotal

Other

Investments

$6,270,273

Total

Investments

at

Value

$148,796,152

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(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

*

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

6,768

6,768

–

–

Total

Liability

Derivatives

$6,768

$6,768

$–

$–

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$499,997

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

65

June

2021

$

7,130,768

(

$

6,768)

Total

Futures

Long

Contracts

$

7,130,768

(

$

6,768)

Total

Futures

Contracts

$

7,130,768

($6,768)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$1,935

$4,887

$585

$6,237

624

4.2%

Total

Affiliated

Short-Term

Investments

1,935

6,237

4.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

188

154

34

34

<0.1

Total

Collateral

Held

for

Securities

Loaned

–

34

<0.1

Total

Value

$1,935

$6,271

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock

(

98.7%

)

Value

Communications

Services

(18.5%)

340,143

Activision

Blizzard,

Inc.

$

31,633,299

82,317

Alphabet,

Inc.,

Class

A

a

169,780,459

368,074

Facebook,

Inc.

a

108,408,835

380,295

Live

Nation

Entertainment,

Inc.

a

32,191,971

750,541

Twitter,

Inc.

a

47,756,924

1,020,176

Uber

Technologies,

Inc.

a

55,609,794

Total

445,381,282

Consumer

Discretionary

(18.6%)

81,875

Amazon.com,

Inc.

a

253,327,800

221,033

Aptiv

plc

a

30,480,451

17,854

Booking

Holdings,

Inc.

a

41,596,963

70,964

Carvana

Company

a

18,620,953

30,157

Chipotle

Mexican

Grill,

Inc.

a

42,847,669

90,658

Tesla,

Inc.

a

60,553,198

Total

447,427,034

Consumer

Staples

(0.5%)

260,839

BJ's

Wholesale

Club

Holdings,

Inc.

a

11,701,238

Total

11,701,238

Financials

(5.7%)

244,685

American

Express

Company

34,608,246

640,055

Charles

Schwab

Corporation

41,718,785

132,701

First

Republic

Bank

22,127,892

109,175

S&P

Global,

Inc.

38,524,582

Total

136,979,505

Health

Care

(13.1%)

116,179

Amgen,

Inc.

28,906,497

337,396

Cerner

Corporation

24,252,024

65,501

Dexcom

,

Inc.

a

23,540,404

296,300

Edwards

Lifesciences

Corporation

a

24,782,532

68,810

Humana,

Inc.

28,848,593

45,233

Intuitive

Surgical,

Inc.

a

33,424,473

274,000

Novo

Nordisk

AS

ADR

18,473,080

91,333

Stryker

Corporation

22,246,892

106,996

Teladoc

Health,

Inc.

a,b

19,446,523

77,263

Thermo

Fisher

Scientific,

Inc.

35,261,288

112,782

Veeva

Systems,

Inc.

a

29,463,170

169,087

Zoetis,

Inc.

26,627,821

Total

315,273,297

Industrials

(3.5%)

120,265

Honeywell

International,

Inc.

26,105,924

73,463

Lockheed

Martin

Corporation

27,144,579

108,468

Norfolk

Southern

Corporation

29,125,827

Total

82,376,330

Information

Technology

(38.8%)

159,328

Adobe,

Inc.

a

75,739,751

1,471,802

Apple,

Inc.

179,780,614

253,336

Mastercard

,

Inc.

90,200,283

784,557

Microsoft

Corporation

184,975,004

133,997

NVIDIA

Corporation

71,545,018

470,853

PayPal

Holdings,

Inc.

a

114,341,943

273,113

QUALCOMM,

Inc.

36,212,053

287,976

Salesforce.com,

Inc.

a

61,013,475

97,727

ServiceNow

,

Inc.

a

48,874,250

Shares

Common

Stock

(98.7%)

Value

Information

Technology

(38.8%)

-

continued

311,161

Square,

Inc.

a

$

70,649,105

Total

933,331,496

Total

Common

Stock

(cost

$1,233,417,136)

2,372,470,182

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

5,436,625

Thrivent

Cash

Management

Trust

5,436,625

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,436,625)

5,436,625

Shares

Preferred

Stock

(

0.1%

)

Value

Consumer

Discretionary

(0.1%)

5,886

Airbnb,

Inc.,

Series

D,

Convertible

a,c

1,050,904

Total

1,050,904

Total

Preferred

Stock

(cost

$119,818)

1,050,904

Shares

Short-Term

Investments

(

1.3%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,180,348

0.180%

31,803,476

Total

Short-Term

Investments

(cost

$31,781,004)

31,803,476

Total

Investments

(cost

$1,270,754,583)

100.3%

$2,410,761,187

Other

Assets

and

Liabilities,

Net

(0.3%)

(6,685,992)

Total

Net

Assets

100.0%

$2,404,075,195

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Growth

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

5,543,375

Total

lending

$5,543,375

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,436,625

Net

amounts

due

to

counterparty

$(106,750)

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Large

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

445,381,282

445,381,282

–

–

Consumer

Discretionary

447,427,034

447,427,034

–

–

Consumer

Staples

11,701,238

11,701,238

–

–

Financials

136,979,505

136,979,505

–

–

Health

Care

315,273,297

315,273,297

–

–

Industrials

82,376,330

82,376,330

–

–

Information

Technology

933,331,496

933,331,496

–

–

Preferred

Stock

Consumer

Discretionary

1,050,904

–

–

1,050,904

Subtotal

Investments

in

Securities

$2,373,521,086

$2,372,470,182

$–

$1,050,904

Other

Investments  *

Total

Affiliated

Short-Term

Investments

31,803,476

Collateral

Held

for

Securities

Loaned

5,436,625

Subtotal

Other

Investments

$37,240,101

Total

Investments

at

Value

$2,410,761,187

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$37,066

$154,028

$159,291

$31,803

3,180

1.3%

Total

Affiliated

Short-Term

Investments

37,066

31,803

1.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

8,370

52,445

55,378

5,437

5,437

0.2

Total

Collateral

Held

for

Securities

Loaned

8,370

5,437

0.2

Total

Value

$45,436

$37,240

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$8

$(8)

–

$17

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$17

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$8

$(8)

$–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Shares

Common

Stock

(

99.4%

)

Value

Communications

Services

(10.2%)

33,217

Activision

Blizzard,

Inc.

$

3,089,181

12,894

Alphabet,

Inc.,

Class

A

a

26,594,133

12,358

Alphabet,

Inc.,

Class

C

a

25,564,129

305,765

AT&T,

Inc.

9,255,506

6,063

Charter

Communications,

Inc.

a

3,740,992

195,985

Comcast

Corporation

10,604,748

6,967

Discovery,

Inc.,

Class

A

a,b

302,786

12,420

Discovery,

Inc.,

Class

C

a

458,174

10,609

DISH

Network

Corporation

a

384,046

12,332

Electronic

Arts,

Inc.

1,669,383

103,131

Facebook,

Inc.

a

30,375,173

14,335

Fox

Corporation,

Class

A

517,637

6,590

Fox

Corporation,

Class

B

230,189

16,750

Interpublic

Group

of

Companies,

Inc.

489,100

6,153

Live

Nation

Entertainment,

Inc.

a

520,851

42,323

Lumen

Technologies,

Inc.

565,012

16,768

News

Corporation,

Class

A

426,410

5,221

News

Corporation,

Class

B

122,485

9,218

Omnicom

Group,

Inc.

683,515

4,938

Take-Two

Interactive

Software,

Inc.

a

872,545

25,043

T-Mobile

US,

Inc.

a

3,137,637

34,220

Twitter,

Inc.

a

2,177,419

177,418

Verizon

Communications,

Inc.

10,316,857

25,190

ViacomCBS,

Inc.

1,136,069

77,827

Walt

Disney

Company

a

14,360,638

Total

147,594,615

Consumer

Discretionary

(13.1%)

2,809

Advance

Auto

Parts,

Inc.

515,423

18,351

Amazon.com,

Inc.

a

56,779,462

11,577

Aptiv

plc

a

1,596,468

951

AutoZone,

Inc.

a

1,335,489

9,881

Best

Buy

Company,

Inc.

1,134,438

1,756

Booking

Holdings,

Inc.

a

4,091,199

10,248

BorgWarner,

Inc.

475,097

8,930

Caesars

Entertainment,

Inc.

a

780,928

6,969

CarMax,

Inc.

a

924,508

34,205

Carnival

Corporation

a

907,801

1,207

Chipotle

Mexican

Grill,

Inc.

a

1,714,930

14,190

D.R.

Horton,

Inc.

1,264,613

5,588

Darden

Restaurants,

Inc.

793,496

10,504

Dollar

General

Corporation

2,128,320

10,084

Dollar

Tree,

Inc.

a

1,154,215

1,664

Domino's

Pizza,

Inc.

612,003

27,715

eBay,

Inc.

1,697,267

5,404

Etsy,

Inc.

a

1,089,825

5,931

Expedia

Group,

Inc.

a

1,020,844

167,544

Ford

Motor

Company

a

2,052,414

8,820

Gap,

Inc.

a

262,660

6,406

Garmin,

Ltd.

844,631

54,364

General

Motors

Company

a

3,123,755

6,191

Genuine

Parts

Company

715,618

14,955

Hanesbrands,

Inc.

294,165

5,477

Hasbro,

Inc.

526,449

11,902

Hilton

Worldwide

Holdings,

Inc.

a

1,439,190

46,158

Home

Depot,

Inc.

14,089,729

10,016

L

Brands,

Inc.

a

619,590

14,082

Las

Vegas

Sands

Corporation

a

855,622

5,702

Leggett

&

Platt,

Inc.

260,296

11,769

Lennar

Corporation

1,191,376

11,964

LKQ

Corporation

a

506,436

31,341

Lowe's

Companies,

Inc.

5,960,431

11,405

Marriott

International,

Inc.

a

1,689,195

Shares

Common

Stock

(99.4%)

Value

Consumer

Discretionary

(13.1%)

-

continued

31,965

McDonald's

Corporation

$

7,164,635

17,609

MGM

Resorts

International

668,966

2,529

Mohawk

Industries,

Inc.

a

486,352

18,989

Netflix,

Inc.

a

9,905,802

16,202

Newell

Brands,

Inc.

433,890

54,513

NIKE,

Inc.

7,244,233

15,572

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

429,631

148

NVR,

Inc.

a

697,218

3,010

O'Reilly

Automotive,

Inc.

a

1,526,822

6,374

Penn

National

Gaming,

Inc.

a

668,250

1,725

Pool

Corporation

595,539

11,400

PulteGroup,

Inc.

597,816

3,048

PVH

Corporation

a

322,174

2,068

Ralph

Lauren

Corporation

a

254,695

15,263

Ross

Stores,

Inc.

1,830,186

9,386

Royal

Caribbean

Cruises,

Ltd.

a

803,535

50,475

Starbucks

Corporation

5,515,403

11,912

Tapestry,

Inc.

a

490,894

21,474

Target

Corporation

4,253,355

32,922

Tesla,

Inc.

a

21,989,591

51,476

TJX

Companies,

Inc.

3,405,137

4,986

Tractor

Supply

Company

882,921

2,415

Ulta

Beauty,

Inc.

a

746,646

8,087

Under

Armour,

Inc.,

Class

A

a

179,208

8,355

Under

Armour,

Inc.,

Class

C

a

154,233

13,771

VF

Corporation

1,100,578

2,691

Whirlpool

Corporation

592,962

4,511

Wynn

Resorts,

Ltd.

a

565,544

12,864

Yum!

Brands,

Inc.

1,391,628

Total

189,345,727

Consumer

Staples

(6.1%)

79,689

Altria

Group,

Inc.

4,076,889

23,941

Archer-Daniels-Midland

Company

1,364,637

7,831

Brown-Forman

Corporation

540,104

8,702

Campbell

Soup

Company

437,450

10,508

Church

&

Dwight

Company,

Inc.

917,874

5,393

Clorox

Company

1,040,202

166,281

Coca-Cola

Company

8,764,672

36,381

Colgate-Palmolive

Company

2,867,914

20,947

Conagra

Brands,

Inc.

787,607

7,290

Constellation

Brands,

Inc.

1,662,120

18,978

Costco

Wholesale

Corporation

6,689,365

9,850

Estee

Lauder

Companies,

Inc.

2,864,872

26,215

General

Mills,

Inc.

1,607,504

6,283

Hershey

Company

993,719

12,042

Hormel

Foods

Corporation

575,367

4,698

J.M.

Smucker

Company

594,438

10,912

Kellogg

Company

690,730

14,492

Kimberly-Clark

Corporation

2,015,113

27,794

Kraft

Heinz

Company

1,111,760

32,642

Kroger

Company

1,174,786

6,275

Lamb

Weston

Holdings,

Inc.

486,187

10,673

McCormick

&

Company,

Inc.

951,605

8,070

Molson

Coors

Beverage

Company

a

412,780

60,543

Mondelez

International,

Inc.

3,543,582

15,850

Monster

Beverage

Corporation

a

1,443,776

59,149

PepsiCo,

Inc.

8,366,626

66,768

Philip

Morris

International,

Inc.

5,924,992

105,576

Procter

&

Gamble

Company

14,298,158

21,883

Sysco

Corporation

1,723,067

12,636

Tyson

Foods,

Inc.

938,855

30,747

Walgreens

Boots

Alliance,

Inc.

1,688,010

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Shares

Common

Stock

(99.4%)

Value

Consumer

Staples

(6.1%)

-

continued

59,438

Wal-Mart

Stores,

Inc.

$

8,073,464

Total

88,628,225

Energy

(2.8%)

16,200

APA

Corporation

289,980

31,253

Baker

Hughes

Company

675,377

17,125

Cabot

Oil

&

Gas

Corporation

321,607

82,591

Chevron

Corporation

8,654,711

58,083

ConocoPhillips

3,076,656

25,395

Devon

Energy

Corporation

554,881

7,752

Diamondback

Energy,

Inc.

569,694

25,020

EOG

Resources,

Inc.

1,814,701

181,505

Exxon

Mobil

Corporation

10,133,424

38,099

Halliburton

Company

817,605

11,714

Hess

Corporation

828,883

6,406

HollyFrontier

Corporation

229,207

83,469

Kinder

Morgan,

Inc.

1,389,759

33,844

Marathon

Oil

Corporation

361,454

27,923

Marathon

Petroleum

Corporation

1,493,601

16,644

NOV,

Inc.

a

228,356

35,945

Occidental

Petroleum

Corporation

956,856

19,078

ONEOK,

Inc.

966,491

18,727

Phillips

66

1,527,000

8,821

Pioneer

Natural

Resources

Company

1,400,951

59,949

Schlumberger,

Ltd.

1,630,013

17,517

Valero

Energy

Corporation

1,254,217

52,040

Williams

Companies,

Inc.

1,232,828

Total

40,408,252

Financials

(11.3%)

27,456

Aflac,

Inc.

1,405,198

12,985

Allstate

Corporation

1,491,977

27,976

American

Express

Company

3,956,925

37,077

American

International

Group,

Inc.

1,713,328

5,006

Ameriprise

Financial,

Inc.

1,163,645

9,689

Aon

plc

2,229,536

8,306

Arthur

J.

Gallagher

&

Company

1,036,340

2,483

Assurant,

Inc.

352,015

325,721

Bank

of

America

Corporation

12,602,145

34,590

Bank

of

New

York

Mellon

Corporation

1,635,761

81,747

Berkshire

Hathaway,

Inc.

a

20,883,906

6,086

BlackRock,

Inc.

4,588,601

19,689

Capital

One

Financial

Corporation

2,505,031

4,596

Cboe

Global

Markets,

Inc.

453,579

64,162

Charles

Schwab

Corporation

4,182,079

19,303

Chubb,

Ltd.

3,049,295

6,428

Cincinnati

Financial

Corporation

662,663

89,491

Citigroup,

Inc.

6,510,470

18,226

Citizens

Financial

Group,

Inc.

804,678

15,392

CME

Group,

Inc.

3,143,508

5,967

Comerica,

Inc.

428,073

13,149

Discover

Financial

Services

1,249,024

1,715

Everest

Re

Group,

Ltd.

424,994

30,485

Fifth

Third

Bancorp

1,141,663

7,545

First

Republic

Bank

1,258,129

11,701

Franklin

Resources,

Inc.

346,350

14,751

Goldman

Sachs

Group,

Inc.

4,823,577

15,328

Hartford

Financial

Services

Group,

Inc.

1,023,757

43,613

Huntington

Bancshares,

Inc.

685,596

24,082

Intercontinental

Exchange,

Inc.

2,689,478

16,139

Invesco,

Ltd.

407,026

130,829

J.P.

Morgan

Chase

&

Company

19,916,099

Shares

Common

Stock

(99.4%)

Value

Financials

(11.3%)

-

continued

41,537

KeyCorp

$

829,909

7,736

Lincoln

National

Corporation

481,721

9,732

Loews

Corporation

499,057

5,515

M&T

Bank

Corporation

836,129

1,629

MarketAxess

Holdings,

Inc.

811,112

21,788

Marsh

&

McLennan

Companies,

Inc.

2,653,778

32,230

MetLife,

Inc.

1,959,262

6,899

Moody's

Corporation

2,060,110

64,338

Morgan

Stanley

4,996,489

3,540

MSCI,

Inc.

1,484,251

4,946

Nasdaq,

Inc.

729,337

8,931

Northern

Trust

Corporation

938,737

18,244

People's

United

Financial,

Inc.

326,568

18,179

PNC

Financial

Services

Group,

Inc.

3,188,778

10,870

Principal

Financial

Group,

Inc.

651,765

25,113

Progressive

Corporation

2,401,054

17,021

Prudential

Financial,

Inc.

1,550,613

5,255

Raymond

James

Financial,

Inc.

644,053

41,188

Regions

Financial

Corporation

850,944

10,320

S&P

Global,

Inc.

3,641,618

15,082

State

Street

Corporation

1,267,039

2,314

SVB

Financial

Group

a

1,142,329

23,286

Synchrony

Financial

946,809

9,773

T.

Rowe

Price

Group,

Inc.

1,677,047

4,074

Torchmark

Corporation

393,671

10,813

Travelers

Companies,

Inc.

1,626,275

57,759

Truist

Financial

Corporation

3,368,505

58,606

U.S.

Bancorp

3,241,498

8,735

Unum

Group

243,095

6,007

W.R.

Berkley

Corporation

452,627

177,245

Wells

Fargo

&

Company

6,924,962

5,529

Willis

Towers

Watson

plc

1,265,478

7,040

Zions

Bancorporations

NA

386,918

Total

163,235,984

Health

Care

(12.9%)

75,952

Abbott

Laboratories

9,102,088

75,710

AbbVie,

Inc.

8,193,336

1,939

ABIOMED,

Inc.

a

618,017

13,064

Agilent

Technologies,

Inc.

1,660,957

9,426

Alexion

Pharmaceuticals,

Inc.

a

1,441,330

3,087

Align

Technology,

Inc.

a

1,671,703

6,319

AmerisourceBergen

Corporation

746,084

24,762

Amgen,

Inc.

6,161,033

10,500

Anthem,

Inc.

3,768,975

21,656

Baxter

International,

Inc.

1,826,467

12,457

Becton,

Dickinson

and

Company

3,028,920

6,531

Biogen,

Inc.

a

1,827,047

924

Bio-Rad

Laboratories,

Inc.

a

527,761

60,759

Boston

Scientific

Corporation

a

2,348,335

96,058

Bristol-Myers

Squibb

Company

6,064,142

12,591

Cardinal

Health,

Inc.

764,903

7,298

Catalent,

Inc.

a

768,552

24,935

Centene

Corporation

a

1,593,596

13,132

Cerner

Corporation

943,928

15,085

Cigna

Holding

Company

3,646,648

2,107

Cooper

Companies,

Inc.

809,278

56,223

CVS

Health

Corporation

4,229,656

27,176

Danaher

Corporation

6,116,774

3,096

DaVita,

Inc.

a

333,656

9,391

Dentsply

Sirona,

Inc.

599,240

4,123

Dexcom,

Inc.

a

1,481,765

26,775

Edwards

Lifesciences

Corporation

a

2,239,461

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Shares

Common

Stock

(99.4%)

Value

Health

Care

(12.9%)

-

continued

34,106

Eli

Lilly

and

Company

$

6,371,683

53,875

Gilead

Sciences,

Inc.

3,481,941

11,367

HCA

Healthcare,

Inc.

2,140,861

6,108

Henry

Schein,

Inc.

a

422,918

11,047

Hologic,

Inc.

a

821,676

5,525

Humana,

Inc.

2,316,356

3,663

IDEXX

Laboratories,

Inc.

a

1,792,343

6,255

Illumina,

Inc.

a

2,402,295

8,012

Incyte

Corporation

a

651,135

5,047

Intuitive

Surgical,

Inc.

a

3,729,430

8,201

IQVIA

Holding,

Inc.

a

1,583,941

112,701

Johnson

&

Johnson

18,522,409

4,184

Laboratory

Corporation

of

America

Holdings

a

1,067,045

6,817

McKesson

Corporation

1,329,588

57,797

Medtronic

plc

6,827,560

108,484

Merck

&

Company,

Inc.

8,363,032

1,004

Mettler-Toledo

International,

Inc.

a

1,160,313

4,805

PerkinElmer,

Inc.

616,433

5,706

Perrigo

Company

plc

230,922

239,134

Pfizer,

Inc.

8,663,825

5,722

Quest

Diagnostics,

Inc.

734,361

4,514

Regeneron

Pharmaceuticals,

Inc.

a

2,135,754

6,239

ResMed,

Inc.

1,210,491

3,659

STERIS

plc

696,966

14,032

Stryker

Corporation

3,417,915

2,002

Teleflex,

Inc.

831,751

16,883

Thermo

Fisher

Scientific,

Inc.

7,705,064

40,529

UnitedHealth

Group,

Inc.

15,079,625

3,337

Universal

Health

Services,

Inc.

445,122

3,937

Varian

Medical

Systems,

Inc.

a

694,999

11,145

Vertex

Pharmaceuticals,

Inc.

a

2,394,949

51,752

Viatris,

Inc.

a

722,975

2,666

Waters

Corporation

a

757,597

3,177

West

Pharmaceutical

Services,

Inc.

895,215

8,912

Zimmer

Biomet

Holdings,

Inc.

1,426,633

20,372

Zoetis,

Inc.

3,208,183

Total

187,366,958

Industrials

(9.3%)

24,828

3M

Company

4,783,859

5,806

A.O.

Smith

Corporation

392,544

5,326

Alaska

Air

Group,

Inc.

a

368,612

3,890

Allegion

plc

488,662

27,425

American

Airlines

Group,

Inc.

a

655,457

9,885

AMETEK,

Inc.

1,262,611

23,521

Boeing

Company

a

5,991,269

5,737

C.H.

Robinson

Worldwide,

Inc.

547,482

35,033

Carrier

Global

Corporation

1,479,093

23,379

Caterpillar,

Inc.

5,420,889

3,783

Cintas

Corporation

1,291,176

8,916

Copart,

Inc.

a

968,367

31,901

Corteva,

Inc.

1,487,225

32,691

CSX

Corporation

3,152,066

6,346

Cummins,

Inc.

1,644,312

13,438

Deere

&

Company

5,027,693

27,360

Delta

Air

Lines,

Inc.

a

1,320,941

6,159

Dover

Corporation

844,584

17,068

Eaton

Corporation

plc

2,360,163

25,726

Emerson

Electric

Company

2,321,000

5,222

Equifax,

Inc.

945,861

7,262

Expeditors

International

of

Washington,

Inc.

782,045

24,624

Fastenal

Company

1,238,095

Shares

Common

Stock

(99.4%)

Value

Industrials

(9.3%)

-

continued

10,455

FedEx

Corporation

$

2,969,638

14,494

Fortive

Corporation

1,023,856

5,945

Fortune

Brands

Home

and

Security,

Inc.

569,650

2,695

Generac

Holdings,

Inc.

a

882,478

9,941

General

Dynamics

Corporation

1,804,888

375,915

General

Electric

Company

4,935,764

29,819

Honeywell

International,

Inc.

6,472,810

16,732

Howmet

Aerospace,

Inc.

a

537,599

1,726

Huntington

Ingalls

Industries,

Inc.

355,297

3,254

IDEX

Corporation

681,127

15,983

IHS

Markit,

Ltd.

1,546,835

12,355

Illinois

Tool

Works,

Inc.

2,736,880

15,979

Ingersoll

-

Rand,

Inc.

a

786,327

5,577

Jacobs

Engineering

Group,

Inc.

720,939

3,580

JB

Hunt

Transport

Services,

Inc.

601,691

30,881

Johnson

Controls

International

plc

1,842,669

3,895

Kansas

City

Southern

1,027,968

8,813

L3Harris

Technologies,

Inc.

1,786,219

22,416

Linde

Public

Limited

Company

6,279,618

10,568

Lockheed

Martin

Corporation

3,904,876

11,025

Masco

Corporation

660,397

15,340

Nielsen

Holdings

plc

385,801

10,800

Norfolk

Southern

Corporation

2,900,016

6,647

Northrop

Grumman

Corporation

2,151,235

4,111

Old

Dominion

Freight

Line,

Inc.

988,326

17,478

Otis

Worldwide

Corporation

1,196,369

14,874

PACCAR,

Inc.

1,382,092

5,534

Parker-Hannifin

Corporation

1,745,590

7,120

Pentair,

Ltd.

443,718

5,932

Quanta

Services,

Inc.

521,897

65,146

Raytheon

Technologies

Corporation

5,033,831

9,024

Republic

Services,

Inc.

896,534

4,850

Robert

Half

International,

Inc.

378,639

4,980

Rockwell

Automation,

Inc.

1,321,891

9,495

Rollins,

Inc.

326,818

4,499

Roper

Industries,

Inc.

1,814,627

2,324

Snap-On,

Inc.

536,240

25,325

Southwest

Airlines

Company

a

1,546,345

6,898

Stanley

Black

&

Decker,

Inc.

1,377,324

1,587

Teledyne

Technologies,

Inc.

a

656,463

9,729

Textron,

Inc.

545,602

10,222

Trane

Technologies

plc

1,692,354

2,345

TransDigm

Group,

Inc.

a

1,378,672

28,718

Union

Pacific

Corporation

6,329,734

13,654

United

Airlines

Holdings,

Inc.

a

785,651

30,848

United

Parcel

Service,

Inc.

5,243,852

3,095

United

Rentals,

Inc.

a

1,019,214

6,980

Verisk

Analytics,

Inc.

1,233,296

1,886

W.W.

Grainger,

Inc.

756,154

7,613

Wabtec

Corporation

602,645

16,691

Waste

Management,

Inc.

2,153,473

7,733

Xylem,

Inc.

813,357

Total

135,059,292

Information

Technology

(26.5%)

27,192

Accenture

plc

7,511,790

20,551

Adobe,

Inc.

a

9,769,329

51,955

Advanced

Micro

Devices,

Inc.

a

4,078,468

6,998

Akamai

Technologies,

Inc.

a

713,096

25,688

Amphenol

Corporation

1,694,637

15,816

Analog

Devices,

Inc.

2,452,745

3,719

ANSYS,

Inc.

a

1,262,824

676,582

Apple,

Inc.

82,644,491

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock

(99.4%)

Value

Information

Technology

(26.5%)

-

continued

39,344

Applied

Materials,

Inc.

$

5,256,358

2,356

Arista

Networks,

Inc.

a

711,253

9,427

Autodesk,

Inc.

a

2,612,693

18,347

Automatic

Data

Processing,

Inc.

3,457,859

17,502

Broadcom,

Ltd.

8,114,977

4,965

Broadridge

Financial

Solutions,

Inc.

760,142

11,961

Cadence

Design

Systems,

Inc.

a

1,638,537

6,045

CDW

Corporation

1,001,959

181,004

Cisco

Systems,

Inc.

9,359,717

5,272

Citrix

Systems,

Inc.

739,978

22,749

Cognizant

Technology

Solutions

Corporation

1,777,152

32,943

Corning,

Inc.

1,433,350

10,915

DXC

Technology

Company

a

341,203

5,532

Enphase

Energy,

Inc.

a

897,069

2,643

F5

Networks,

Inc.

a

551,383

26,630

Fidelity

National

Information

Services,

Inc.

3,744,444

24,684

Fiserv,

Inc.

a

2,938,383

3,576

FleetCor

Technologies,

Inc.

a

960,621

5,627

FLIR

Systems,

Inc.

317,757

5,807

Fortinet,

Inc.

a

1,070,927

3,804

Gartner,

Inc.

a

694,420

12,658

Global

Payments,

Inc.

2,551,600

55,785

Hewlett

Packard

Enterprise

Company

878,056

53,701

HP,

Inc.

1,705,007

174,196

Intel

Corporation

11,148,544

38,312

International

Business

Machines

Corporation

5,105,457

11,741

Intuit,

Inc.

4,497,507

1,538

IPG

Photonics

Corporation

a

324,426

3,262

Jack

Henry

&

Associates,

Inc.

494,911

14,070

Juniper

Networks,

Inc.

356,393

7,978

Keysight

Technologies,

Inc.

a

1,144,045

6,606

KLA-Tencor

Corporation

2,182,622

6,127

Lam

Research

Corporation

3,647,036

5,719

Leidos

Holdings,

Inc.

550,625

37,591

Mastercard,

Inc.

13,384,276

11,492

Maxim

Integrated

Products,

Inc.

1,050,024

11,544

Microchip

Technology,

Inc.

1,791,860

47,962

Micron

Technology,

Inc.

a

4,230,728

323,363

Microsoft

Corporation

76,239,295

1,839

Monolithic

Power

Systems,

Inc.

649,553

7,247

Motorola

Solutions,

Inc.

1,362,798

9,544

NetApp,

Inc.

693,563

24,948

NortonLifeLock,

Inc.

530,394

26,582

NVIDIA

Corporation

14,192,927

11,876

NXP

Semiconductors

NV

2,391,114

79,520

Oracle

Corporation

5,579,918

13,761

Paychex,

Inc.

1,348,853

2,104

Paycom

Software,

Inc.

a

778,606

50,213

PayPal

Holdings,

Inc.

a

12,193,725

4,856

Qorvo,

Inc.

a

887,191

48,705

QUALCOMM,

Inc.

6,457,796

39,347

Salesforce.com,

Inc.

a

8,336,449

8,612

Seagate

Technology

plc

660,971

8,408

ServiceNow,

Inc.

a

4,204,925

7,070

Skyworks

Solutions,

Inc.

1,297,204

6,533

Synopsys,

Inc.

a

1,618,747

14,186

TE

Connectivity,

Ltd.

1,831,554

7,147

Teradyne,

Inc.

869,647

39,454

Texas

Instruments,

Inc.

7,456,411

10,760

Trimble,

Inc.

a

837,020

Shares

Common

Stock

(99.4%)

Value

Information

Technology

(26.5%)

-

continued

1,740

Tyler

Technologies,

Inc.

a

$

738,682

4,267

VeriSign,

Inc.

a

848,109

72,719

Visa,

Inc.

15,396,794

13,124

Western

Digital

Corporation

876,027

17,618

Western

Union

Company

434,460

10,537

Xilinx,

Inc.

1,305,534

2,292

Zebra

Technologies

Corporation

a

1,112,033

Total

384,680,979

Materials

(2.1%)

9,487

Air

Products

and

Chemicals,

Inc.

2,669,073

5,000

Albemarle

Corporation

730,550

66,968

Amcor

plc

782,186

3,559

Avery

Dennison

Corporation

653,610

14,059

Ball

Corporation

1,191,360

4,895

Celanese

Corporation

733,320

9,175

CF

Industries

Holdings,

Inc.

416,362

31,951

Dow,

Inc.

2,042,947

23,082

DuPont

de

Nemours,

Inc.

1,783,777

5,825

Eastman

Chemical

Company

641,449

10,662

Ecolab,

Inc.

2,282,414

5,546

FMC

Corporation

613,443

62,531

Freeport-McMoRan,

Inc.

a

2,059,146

10,664

International

Flavors

&

Fragrances,

Inc.

1,488,801

16,853

International

Paper

Company

911,242

11,031

LyondellBasell

Industries

NV

1,147,776

2,670

Martin

Marietta

Materials,

Inc.

896,639

14,790

Mosaic

Company

467,512

34,312

Newmont

Mining

Corporation

2,067,984

12,778

Nucor

Corporation

1,025,690

4,066

Packaging

Corporation

of

America

546,796

10,159

PPG

Industries,

Inc.

1,526,491

6,642

Sealed

Air

Corporation

304,336

3,457

Sherwin-Williams

Company

2,551,301

5,683

Vulcan

Materials

Company

959,006

11,298

WestRock

Company

588,061

Total

31,081,272

Real

Estate

(2.4%)

5,450

Alexandria

Real

Estate

Equities,

Inc.

895,435

19,052

American

Tower

Corporation

4,554,571

5,982

AvalonBay

Communities,

Inc.

1,103,739

6,079

Boston

Properties,

Inc.

615,560

14,388

CBRE

Group,

Inc.

a

1,138,235

18,492

Crown

Castle

International

Corporation

3,183,028

12,053

Digital

Realty

Trust,

Inc.

1,697,544

16,025

Duke

Realty

Corporation

671,928

3,828

Equinix,

Inc.

2,601,471

14,699

Equity

Residential

1,052,889

2,787

Essex

Property

Trust,

Inc.

757,618

5,661

Extra

Space

Storage,

Inc.

750,366

2,994

Federal

Realty

Investment

Trust

303,741

23,095

Healthpeak

Properties,

Inc.

733,035

30,242

Host

Hotels

&

Resorts,

Inc.

a

509,578

12,366

Iron

Mountain,

Inc.

457,666

18,540

Kimco

Realty

Corporation

347,625

4,904

Mid-America

Apartment

Communities,

Inc.

707,941

31,705

Prologis,

Inc.

3,360,730

6,520

Public

Storage,

Inc.

1,608,875

16,009

Realty

Income

Corporation

1,016,571

6,772

Regency

Centers

Corporation

384,040

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock

(99.4%)

Value

Real

Estate

(2.4%)

-

continued

4,687

SBA

Communications

Corporation

$

1,300,877

14,084

Simon

Property

Group,

Inc.

1,602,337

12,726

UDR,

Inc.

558,162

16,063

Ventas,

Inc.

856,800

6,727

Vornado

Realty

Trust

305,339

17,895

Welltower,

Inc.

1,281,819

32,060

Weyerhaeuser

Company

1,141,336

Total

35,498,856

Utilities

(2.7%)

28,644

AES

Corporation

767,946

10,713

Alliant

Energy

Corporation

580,216

10,862

Ameren

Corporation

883,732

21,291

American

Electric

Power

Company,

Inc.

1,803,348

7,779

American

Water

Works

Company,

Inc.

1,166,228

5,495

Atmos

Energy

Corporation

543,181

23,648

CenterPoint

Energy,

Inc.

535,627

12,388

CMS

Energy

Corporation

758,393

14,681

Consolidated

Edison,

Inc.

1,098,139

34,541

Dominion

Energy,

Inc.

2,623,734

8,308

DTE

Energy

Company

1,106,127

32,956

Duke

Energy

Corporation

3,181,243

16,261

Edison

International,

Inc.

952,895

8,595

Entergy

Corporation

854,945

9,730

Evergy,

Inc.

579,227

14,706

Eversource

Energy

1,273,393

41,859

Exelon

Corporation

1,830,913

23,290

FirstEnergy

Corporation

807,930

84,027

NextEra

Energy,

Inc.

6,353,281

16,801

NiSource,

Inc.

405,072

10,491

NRG

Energy,

Inc.

395,825

4,832

Pinnacle

West

Capital

Corporation

393,083

32,969

PPL

Corporation

950,826

21,655

Public

Service

Enterprise

Group,

Inc.

1,303,848

12,973

Sempra

Energy

1,719,960

45,301

Southern

Company

2,815,910

13,524

WEC

Energy

Group,

Inc.

1,265,711

23,051

Xcel

Energy,

Inc.

1,533,122

Total

38,483,855

Total

Common

Stock

(cost

$606,489,007)

1,441,384,015

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

701,625

Thrivent

Cash

Management

Trust

701,625

Total

Collateral

Held

for

Securities

Loaned

(cost

$701,625)

701,625

Shares

or

Principal

Amount

Short-Term

Investments

(

0.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

0.055%,

5/5/2021

c,d

799,993

200,000

0.030%,

5/18/2021

c,d

199,997

Shares

or

Principal

Amount

Short-Term

Investments

(0.5%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

688,821

0.180%

$

6,888,208

Total

Short-Term

Investments

(cost

$7,888,159)

7,888,198

Total

Investments

(cost

$615,078,791)

100.0%

$1,449,973,838

Other

Assets

and

Liabilities,

Net

(<0.1%)

(42,362)

Total

Net

Assets

100.0%

$1,449,931,476

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Index

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

692,409

Total

lending

$692,409

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$701,625

Net

amounts

due

to

counterparty

$9,216

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

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

March

31,

2021,

in

valuing

Large

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

147,594,615

147,594,615

–

–

Consumer

Discretionary

189,345,727

189,345,727

–

–

Consumer

Staples

88,628,225

88,628,225

–

–

Energy

40,408,252

40,408,252

–

–

Financials

163,235,984

163,235,984

–

–

Health

Care

187,366,958

187,366,958

–

–

Industrials

135,059,292

135,059,292

–

–

Information

Technology

384,680,979

384,680,979

–

–

Materials

31,081,272

31,081,272

–

–

Real

Estate

35,498,856

35,498,856

–

–

Utilities

38,483,855

38,483,855

–

–

Short-Term

Investments

999,990

–

999,990

–

Subtotal

Investments

in

Securities

$1,442,384,005

$1,441,384,015

$999,990

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

6,888,208

Collateral

Held

for

Securities

Loaned

701,625

Subtotal

Other

Investments

$7,589,833

Total

Investments

at

Value

$1,449,973,838

*

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

102,261

102,261

–

–

Total

Asset

Derivatives

$102,261

$102,261

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$599,993

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

44

June

2021

$

8,626,019

$

102,261

Total

Futures

Long

Contracts

$

8,626,019

$

102,261

Total

Futures

Contracts

$

8,626,019

$102,261

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$7,873

$18,376

$19,361

$6,888

689

0.5%

Total

Affiliated

Short-Term

Investments

7,873

6,888

0.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,529

3,971

5,798

702

702

0.1

Total

Collateral

Held

for

Securities

Loaned

2,529

702

0.1

Total

Value

$10,402

$7,590

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Shares

Common

Stock

(

98.1%

)

Value

Communications

Services

(6.8%)

14,194

Alphabet,

Inc.

a

$

29,362,134

967,573

Comcast

Corporation

52,355,375

217,977

Discovery,

Inc.

a,b

9,473,281

914,573

Verizon

Communications,

Inc.

53,182,420

Total

144,373,210

Consumer

Discretionary

(7.3%)

180,003

Aptiv

plc

a

24,822,414

14,783

AutoZone,

Inc.

a

20,759,767

202,855

D.R.

Horton,

Inc.

18,078,438

267,680

Lowe's

Companies,

Inc.

50,907,382

56,736

Mohawk

Industries,

Inc.

a

10,910,900

267,659

Sony

Corporation

ADR

28,374,530

Total

153,853,431

Consumer

Staples

(4.7%)

84,750

Kimberly-Clark

Corporation

11,784,487

98,797

Lamb

Weston

Holdings,

Inc.

7,654,792

303,166

Philip

Morris

International,

Inc.

26,902,951

401,027

Wal-Mart

Stores,

Inc.

54,471,497

Total

100,813,727

Energy

(5.7%)

671,076

BP

plc

ADR

16,340,700

344,881

ConocoPhillips

18,268,346

801,288

Devon

Energy

Corporation

17,508,143

560,448

Enterprise

Products

Partners,

LP

12,341,065

149,606

Exxon

Mobil

Corporation

8,352,503

387,421

Halliburton

Company

8,314,055

334,612

Marathon

Petroleum

Corporation

17,898,396

143,545

Pioneer

Natural

Resources

Company

22,797,817

Total

121,821,025

Financials

(23.5%)

1,585,275

Bank

of

America

Corporation

61,334,290

323,060

Capital

One

Financial

Corporation

41,102,924

280,592

Charles

Schwab

Corporation

18,288,986

132,861

Chubb,

Ltd.

20,988,052

358,554

Citigroup,

Inc.

26,084,803

214,205

Comerica,

Inc.

15,367,067

198,712

Discover

Financial

Services

18,875,653

490,114

Equitable

Holdings,

Inc.

15,987,519

35,949

Goldman

Sachs

Group,

Inc.

11,755,323

444,623

J.P.

Morgan

Chase

&

Company

67,684,959

96,861

Marsh

&

McLennan

Companies,

Inc.

11,797,670

516,663

Morgan

Stanley

40,124,049

208,749

Raymond

James

Financial,

Inc.

25,584,277

94,005

Torchmark

Corporation

9,083,703

418,930

Truist

Financial

Corporation

24,431,998

1,248,300

Wells

Fargo

&

Company

48,771,081

296,402

Zions

Bancorporations

NA

16,290,254

55,364

Zurich

Insurance

Group

AG

23,565,775

Total

497,118,383

Health

Care

(15.0%)

96,754

AbbVie,

Inc.

10,470,718

91,121

Anthem,

Inc.

32,707,883

33,117

Becton,

Dickinson

and

Company

8,052,399

57,944

Biogen,

Inc.

a

16,209,834

238,638

Centene

Corporation

a

15,251,355

131,085

Cigna

Holding

Company

31,688,488

232,669

CVS

Health

Corporation

17,503,689

Shares

Common

Stock

(98.1%)

Value

Health

Care

(15.0%)

-

continued

337,992

GlaxoSmithKline

plc

ADR

b

$

12,062,934

126,607

HCA

Healthcare,

Inc.

23,845,162

315,667

Johnson

&

Johnson

51,879,871

373,561

Medtronic

plc

44,128,761

597,531

Merck

&

Company,

Inc.

46,063,665

56,737

Zimmer

Biomet

Holdings,

Inc.

9,082,459

Total

318,947,218

Industrials

(13.6%)

37,695

Boeing

Company

a

9,601,670

128,394

Carlisle

Companies,

Inc.

21,131,085

155,777

CSX

Corporation

15,020,018

538,226

Delta

Air

Lines,

Inc.

a

25,985,551

142,895

General

Dynamics

Corporation

25,944,016

643,646

Johnson

Controls

International

plc

38,406,357

91,062

Kansas

City

Southern

24,033,083

126,586

L3Harris

Technologies,

Inc.

25,656,451

139,083

Otis

Worldwide

Corporation

9,520,231

85,289

Parker-Hannifin

Corporation

26,902,709

258,507

Raytheon

Technologies

Corporation

19,974,836

145,742

United

Parcel

Service,

Inc.

24,774,683

62,877

United

Rentals,

Inc.

a

20,706,025

Total

287,656,715

Information

Technology

(11.6%)

1,211,880

Cisco

Systems,

Inc.

62,666,315

237,445

Microsoft

Corporation

55,982,408

270,211

Oracle

Corporation

18,960,706

226,723

QUALCOMM,

Inc.

30,061,202

22,530

Samsung

Electronics

Company,

Ltd.

GDR

41,076,297

155,668

Texas

Instruments,

Inc.

29,419,695

57,348

VMware,

Inc.

a,b

8,628,007

Total

246,794,630

Materials

(5.0%)

601,895

Axalta

Coating

Systems,

Ltd.

a

17,804,054

570,559

CF

Industries

Holdings,

Inc.

25,891,968

130,139

Eastman

Chemical

Company

14,330,907

104,061

LyondellBasell

Industries

NV

10,827,547

29,427

Martin

Marietta

Materials,

Inc.

9,882,175

333,238

Nucor

Corporation

26,749,014

Total

105,485,665

Real

Estate

(2.4%)

298,135

American

Campus

Communities,

Inc.

12,870,488

66,927

AvalonBay

Communities,

Inc.

12,348,701

172,248

CBRE

Group,

Inc.

a

13,626,539

669,057

Host

Hotels

&

Resorts,

Inc.

a

11,273,610

Total

50,119,338

Utilities

(2.5%)

244,298

Duke

Energy

Corporation

23,582,086

141,840

Entergy

Corporation

14,108,825

352,054

Exelon

Corporation

15,398,842

Total

53,089,753

Total

Common

Stock

(cost

$1,379,551,188)

2,080,073,095

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Shares

Collateral

Held

for

Securities

Loaned

(

1.4%

)

Value

29,505,355

Thrivent

Cash

Management

Trust

$

29,505,355

Total

Collateral

Held

for

Securities

Loaned

(cost

$29,505,355)

29,505,355

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,723,174

0.180%

37,231,737

Total

Short-Term

Investments

(cost

$37,221,632)

37,231,737

Total

Investments

(cost

$1,446,278,175)

101.3%

$2,146,810,187

Other

Assets

and

Liabilities,

Net

(1.3%)

(27,556,172)

Total

Net

Assets

100.0%

$2,119,254,015

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Value

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

28,637,190

Total

lending

$28,637,190

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$29,505,355

Net

amounts

due

to

counterparty

$868,165

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Large

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

144,373,210

144,373,210

–

–

Consumer

Discretionary

153,853,431

153,853,431

–

–

Consumer

Staples

100,813,727

100,813,727

–

–

Energy

121,821,025

121,821,025

–

–

Financials

497,118,383

473,552,608

23,565,775

–

Health

Care

318,947,218

318,947,218

–

–

Industrials

287,656,715

287,656,715

–

–

Information

Technology

246,794,630

205,718,333

41,076,297

–

Materials

105,485,665

105,485,665

–

–

Real

Estate

50,119,338

50,119,338

–

–

Utilities

53,089,753

53,089,753

–

–

Subtotal

Investments

in

Securities

$2,080,073,095

$2,015,431,023

$64,642,072

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

37,231,737

Collateral

Held

for

Securities

Loaned

29,505,355

Subtotal

Other

Investments

$66,737,092

Total

Investments

at

Value

$2,146,810,187

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$36,041

$67,145

$65,954

$37,232

3,723

1.8%

Total

Affiliated

Short-Term

Investments

36,041

37,232

1.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

24,924

92,259

87,678

29,505

29,505

1.4

Total

Collateral

Held

for

Securities

Loaned

24,924

29,505

1.4

Total

Value

$60,965

$66,737

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$19

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$19

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

8

Total

Affiliated

Income

from

Securities

Loaned,

Net

$8

Total

Value

$–

$–

$–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Principal

Amount

Long-Term

Fixed

Income

(

97.9%

)

Value

Asset-Backed

Securities

(16.8%)

Affirm

Asset

Securitization

Trust

$

3,000,000

0.880%, 

8/15/2025,

Ser.

2021-A,

Class

A

a

$

3,002,371

Aimco

CLO

11,

Ltd.

5,000,000

1.605%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

a,b

5,009,010

Apidos

CLO

XXVI

2,250,000

1.573%, 

(LIBOR

3M

+

1.350%),

7/18/2029,

Ser.

2017-26A,

Class

A1B

a,b

2,250,018

Ares

XXXVII

CLO,

Ltd.

3,400,000

1.411%, 

(LIBOR

3M

+

1.170%),

10/15/2030,

Ser.

2015-4A,

Class

A1R

a,b

3,400,034

Arkansas

Student

Loan

Authority

3,383,414

1.088%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

b

3,385,022

Assurant

CLO

III,

Ltd.

4,500,000

1.454%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-3A,

Class

A

a,b

4,500,162

Atrium

IX

2,000,000

1.181%, 

(LIBOR

3M

+

0.990%),

5/28/2030,

Ser.

9A,

Class

AR2

a,b

2,000,194

Axis

Equipment

Finance

Receivables

Trust

1,346,980

2.630%, 

6/20/2024,

Ser.

2019-1A,

Class

A2

a

1,369,157

Benefit

Street

Partners

CLO

II,

Ltd.

3,000,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2029,

Ser.

2013-IIA,

Class

A2R2

a,b

2,998,836

Benefit

Street

Partners

CLO

IV,

Ltd.

4,500,000

1.404%, 

(LIBOR

3M

+

1.180%),

1/20/2032,

Ser.

2014-IVA,

Class

ARRR

a,b

4,499,995

BlueMountain

CLO,

Ltd.

3,898,815

1.454%, 

(LIBOR

3M

+

1.230%),

1/20/2029,

Ser.

2013-1A,

Class

A1R2

a,b

3,899,259

1,350,000

1.224%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-3A,

Class

A1R

a,b

1,344,399

CarVal

CLO

II,

Ltd.

4,500,000

1.304%, 

(LIBOR

3M

+

1.110%),

4/20/2032,

Ser.

2019-1A,

Class

ANR

a,b

4,501,251

CBAM,

Ltd.

5,000,000

1.521%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

a,b

5,000,195

Commonbond

Student

Loan

Trust

71,366

3.200%, 

6/25/2032,

Ser.

2015-A,

Class

A

a

71,589

567,057

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

581,626

1,411,598

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

1,402,005

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Asset-Backed

Securities

(16.8%)

-

continued

Conn's

Receivables

Funding

$

1,128,100

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

a

$

1,131,810

CoreVest

American

Finance

Trust

1,290,087

3.804%, 

6/15/2051,

Ser.

2018-1,

Class

A

a

1,349,283

Earnest

Student

Loan

Program,

LLC

517,336

2.650%, 

1/25/2041,

Ser.

2017-A,

Class

A2

a

521,014

ECMC

Group

Student

Loan

Trust

4,680,882

1.259%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,b

4,728,679

Education

Funding

Trust

2,826,054

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

2,902,587

Flatiron

CLO,

Ltd.

3,500,000

1.648%, 

(LIBOR

3M

+

1.450%),

5/15/2030,

Ser.

2017-1A,

Class

BR

a,b

3,492,464

Freedom

ABS

Trust

926,748

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

a

933,029

Galaxy

XX

CLO,

Ltd.

3,750,000

1.224%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

a,b

3,745,114

Galaxy

XXIII

CLO,

Ltd.

3,800,000

1.532%, 

(LIBOR

3M

+

1.350%),

4/24/2029,

Ser.

2017-23A,

Class

B1R

a,b

3,798,526

Garrison

BSL

CLO,

Ltd.

4,738,961

1.193%, 

(LIBOR

3M

+

0.970%),

7/17/2028,

Ser.

2018-3A,

Class

A1

a,b

4,739,179

Genesis

Private

Label

Amortizing

Trust

1,431,177

2.080%, 

7/20/2030,

Ser.

2020-1,

Class

A

a

1,432,993

Genesis

Sales

Finance

Master

Trust

3,500,000

1.650%, 

9/22/2025,

Ser.

2020-AA,

Class

A

a

3,520,541

GoldenTree

Loan

Opportunities,

Ltd.

3,000,000

1.512%, 

(LIBOR

3M

+

1.300%),

10/29/2029,

Ser.

2014-9A,

Class

AJR2

a,b

3,000,690

Golub

Capital

Partners,

Ltd.

5,903,334

1.374%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

a,b

5,903,618

Invitation

Homes

Trust

5,940,088

1.208%, 

(LIBOR

1M

+

1.100%),

1/17/2038,

Ser.

2018-SFR4,

Class

A

a,b

5,956,640

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

1,600,000

0.912%, 

(LIBOR

1M

+

0.780%),

5/25/2021

b

1,600,992

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Asset-Backed

Securities

(16.8%)

-

continued

Madison

Park

Funding

XI,

Ltd.

$

2,000,000

1.555%, 

(LIBOR

3M

+

1.450%),

7/23/2029,

Ser.

2013-11A,

Class

BR2

a,b

$

2,000,206

Madison

Park

Funding

XXV,

Ltd.

5,000,000

1.835%, 

(LIBOR

3M

+

1.650%),

4/25/2029,

Ser.

2017-25A,

Class

A2R

a,b,c

5,000,000

Madison

Park

Funding,

Ltd.

3,500,000

1.800%, 

(LIBOR

3M

+

1.600%),

1/20/2029,

Ser.

2012-10A,

Class

BR3

a,b

3,500,077

Marlette

Funding

Trust

489,216

3.440%, 

4/16/2029,

Ser.

2019-1A,

Class

A

a

491,983

Mercury

Financial

Credit

Card

Master

Trust

2,500,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

a

2,500,378

MRA

Issuance

Trust

5,800,000

1.456%, 

(LIBOR

1M

+

1.350%),

7/15/2021,

Ser.

2020-12,

Class

A1X

a,b

5,801,053

National

Collegiate

Trust

1,111,792

0.404%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

1,091,736

Nationstar

HECM

Loan

Trust

2,002,541

2.272%, 

11/25/2029,

Ser.

2019-2A,

Class

A

a,b

2,006,193

Navient

Student

Loan

Trust

1,823,706

0.709%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

a,b

1,827,658

811,092

0.859%, 

(LIBOR

1M

+

0.750%),

7/26/2066,

Ser.

2017-1A,

Class

A2

a,b

811,602

Neuberger

Berman

CLO

XIV,

Ltd.

2,500,000

1.249%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

a,b

2,499,895

Neuberger

Berman

CLO,

Ltd.

3,000,000

1.252%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

a,b

3,000,633

New

Hampshire

Higher

Education

Loan

Corporation

3,729,827

1.309%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

3,850,421

Northstar

Education

Finance,

Inc.

664,742

0.809%, 

(LIBOR

1M

+

0.700%),

12/26/2031,

Ser.

2012-1,

Class

A

a,b

667,796

Octagon

Investment

Partners

XVII,

Ltd.

2,500,000

1.218%, 

(LIBOR

3M

+

1.000%),

1/25/2031,

Ser.

2013-1A,

Class

A1R2

a,b

2,496,628

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,507,409

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Asset-Backed

Securities

(16.8%)

-

continued

OZLM

VIII,

Ltd.

$

4,067,983

1.393%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

a,b

$

4,068,276

OZLM

XI,

Ltd.

2,967,561

1.455%, 

(LIBOR

3M

+

1.250%),

10/30/2030,

Ser.

2015-11A,

Class

A1R

a,b

2,959,311

Palmer

Square

CLO,

Ltd.

2,250,000

1.641%, 

(LIBOR

3M

+

1.400%),

5/21/2029,

Ser.

2015-1A,

Class

A2R3

a,b

2,248,252

Preston

Ridge

Partners

Mortgage

Trust,

LLC

3,085,660

2.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a,d

3,092,919

Progress

Residential

Trust

2,997,040

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

a

3,063,389

2,000,000

2.078%, 

6/18/2037,

Ser.

2020-SFR2,

Class

A

a

2,042,979

SLM

Student

Loan

Trust

2,474,240

0.509%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

2,432,428

Small

Business

Lending

Trust

260,894

2.850%, 

7/15/2026,

Ser.

2019-A,

Class

A

a

260,515

627,098

2.620%, 

12/15/2026,

Ser.

2020-A,

Class

A

a

629,466

SoFi

Consumer

Loan

Program

Trust

725,947

3.010%, 

4/25/2028,

Ser.

2019-2,

Class

A

a

731,203

420,935

2.020%, 

1/25/2029,

Ser.

2020-1,

Class

A

a

424,991

SoFi

Professional

Loan

Program,

LLC

320,360

2.510%, 

8/25/2033,

Ser.

2015-C,

Class

A2

a

321,076

134,678

0.959%, 

(LIBOR

1M

+

0.850%),

7/25/2039,

Ser.

2016-E,

Class

A1

a,b

134,959

Sound

Point

CLO

XIV,

Ltd.

4,500,000

1.671%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2016-3A,

Class

B1R

a,b

4,498,461

Sound

Point

CLO

XV,

Ltd.

6,000,000

1.685%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

a,b,c

6,000,000

Sound

Point

CLO

XX,

Ltd.

4,000,000

1.315%, 

(LIBOR

3M

+

1.100%),

7/26/2031,

Ser.

2018-2A,

Class

A

a,b

4,000,104

TCW

CLO

2019-1

AMR,

Ltd.

2,500,000

1.869%, 

(LIBOR

3M

+

1.675%),

2/15/2029,

Ser.

2019-1A,

Class

B

a,b

2,500,415

THL

Credit

Wind

River

CLO,

Ltd.

1,500,000

1.654%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

a,b

1,506,540

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Asset-Backed

Securities

(16.8%)

-

continued

Upstart

Securitization

Trust

$

753,752

2.897%, 

9/20/2029,

Ser.

2019-2,

Class

A

a

$

757,336

1,334,306

2.684%, 

1/21/2030,

Ser.

2019-3,

Class

A

a

1,343,865

1,902,387

2.322%, 

4/22/2030,

Ser.

2020-1,

Class

A

a

1,921,076

2,008,421

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

a

2,024,288

2,899,980

0.870%, 

3/20/2031,

Ser.

2021-1,

Class

A

a

2,902,256

VCAT

Asset

Securitization,

LLC

2,908,698

2.289%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A1

a,d

2,913,649

Voya

CLO,

Ltd.

1,248,051

1.441%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

a,b

1,248,068

Whitebox

CLO

II,

Ltd.

2,250,000

2.192%, 

(LIBOR

3M

+

1.950%),

10/24/2031,

Ser.

2020-2A,

Class

A2

a,b

2,260,316

Total

195,312,088

Basic

Materials

(1.0%)

Air

Products

and

Chemicals,

Inc.

775,000

1.500%, 

10/15/2025

786,261

DowDuPont,

Inc.

2,000,000

4.205%, 

11/15/2023

2,172,591

EI

du

Pont

de

Nemours

&

Company

700,000

1.700%, 

7/15/2025

711,660

Freeport-McMoRan,

Inc.

1,090,000

4.550%, 

11/14/2024

1,191,626

Glencore

Funding,

LLC

1,500,000

3.000%, 

10/27/2022

a

1,547,883

Kinross

Gold

Corporation

1,000,000

5.950%, 

3/15/2024

1,124,782

LYB

International

Finance

III,

LLC

1,100,000

1.250%, 

10/1/2025

1,086,115

Mosaic

Company

650,000

3.250%, 

11/15/2022

675,224

Nucor

Corporation

800,000

2.000%, 

6/1/2025

820,718

Steel

Dynamics,

Inc.

775,000

2.400%, 

6/15/2025

807,744

Syngenta

Finance

NV

1,000,000

4.892%, 

4/24/2025

a

1,070,491

Total

11,995,095

Capital

Goods

(2.1%)

Boeing

Company

2,350,000

4.875%, 

5/1/2025

2,616,603

1,750,000

2.196%, 

2/4/2026

1,744,573

Caterpillar

Financial

Services

Corporation

1,420,000

1.950%, 

11/18/2022

1,456,662

925,000

0.450%, 

9/14/2023

925,320

1,300,000

0.800%, 

11/13/2025

1,276,337

CNH

Industrial

Capital,

LLC

1,020,000

1.950%, 

7/2/2023

1,047,413

General

Electric

Company

795,000

3.450%, 

5/15/2024

853,917

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Capital

Goods

(2.1%)

-

continued

Honeywell

International,

Inc.

$

925,000

1.350%, 

6/1/2025

$

938,353

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

763,740

John

Deere

Capital

Corporation

1,100,000

0.400%, 

10/10/2023

1,101,566

750,000

0.700%, 

1/15/2026

735,340

Otis

Worldwide

Corporation

1,875,000

2.056%, 

4/5/2025

1,930,588

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,314,995

1,250,000

0.875%, 

11/15/2025

1,223,498

Roper

Technologies,

Inc.

1,250,000

3.650%, 

9/15/2023

1,339,412

750,000

2.350%, 

9/15/2024

783,919

675,000

1.000%, 

9/15/2025

663,441

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

2,159,746

WW

Grainger,

Inc.

875,000

1.850%, 

2/15/2025

901,650

Total

23,777,073

Collateralized

Mortgage

Obligations

(14.4%)

Antler

Mortgage

Trust

15,026

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

a

15,031

445,793

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

a

446,585

Banc

of

America

Funding

Trust

374,756

2.365%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

389,820

1,195,112

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

1,218,361

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

175,948

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

179,351

531,736

4.753%, 

10/25/2036,

Ser.

2006-4,

Class

1A1

b

524,404

Bellemeade

Re,

Ltd.

3,000,000

2.109%, 

(LIBOR

1M

+

2.000%),

10/25/2030,

Ser.

2020-3A,

Class

M1A

a,b

3,011,556

2,900,000

1.767%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

a,b

2,899,232

BRAVO

Residential

Funding

Trust

1,149,879

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

a

1,181,975

Business

Jet

Securities,

LLC

2,377,625

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

a

2,406,822

Cascade

Funding

Mortgage

Trust

3,355,421

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,b

3,356,279

2,421,135

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,b

2,417,889

3,270,302

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

3,268,268

2,111,122

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,b

2,198,841

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Collateralized

Mortgage

Obligations

(14.4%)

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

990,336

2.879%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

$

986,410

Countrywide

Alternative

Loan

Trust

214,898

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

196,194

242,977

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

233,675

Credit

Suisse

Mortgage

Trust

1,194,831

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

a

1,193,200

3,590,613

2.688%, 

3/25/2059,

Ser.

2020-RPL6,

Class

A1

a,b

3,637,451

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

879,615

3.000%, 

8/15/2040,

Ser.

4364,

Class

A

893,792

Federal

National

Mortgage

Association

-

REMIC

1,667,442

4.000%, 

3/25/2029,

Ser.

2012-74,

Class

V

1,695,506

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

2,279

2.250%, 

6/25/2025,

Ser.

2010-58,

Class

PT

2,284

Finance

of

America

HECM

Buyout

2021-HB1

1,472,542

0.875%, 

2/25/2031,

Ser.

2021-HB1,

Class

A

a,b

1,472,213

Foundation

Finance

Trust

3,000,000

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

2,982,553

FWD

Securitization

Trust

2,590,275

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

a,b

2,681,577

GCT

Commercial

Mortgage

Trust

2,000,000

1.356%, 

(LIBOR

1M

+

1.250%),

2/15/2038,

Ser.

2021-GCT,

Class

B

a,b

2,001,126

Genworth

Mortgage

Insurance

Corporation

2,000,000

2.009%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

a,b

2,002,781

GMAC

Mortgage

Corporation

Loan

Trust

29,822

0.609%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,e

38,211

214,173

5.750%, 

10/25/2036,

Ser.

2006-HE3,

Class

A2

b

225,718

GS

Mortgage-Backed

Securities

Trust

2,428,619

3.750%, 

10/25/2057,

Ser.

2018-RPL1,

Class

A1A

a

2,567,873

746,363

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

a,b

757,905

1,293,871

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

1,303,666

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Collateralized

Mortgage

Obligations

(14.4%)

-

continued

GSAA

Home

Equity

Trust

$

844,141

4.555%, 

8/25/2034,

Ser.

2004-10,

Class

M2

$

891,759

Homeward

Opportunities

Fund

I

Trust

2,531,915

3.454%, 

1/25/2059,

Ser.

2019-1,

Class

A1

a,b

2,557,748

Homeward

Opportunities

Fund

Trust

4,500,000

3.228%, 

8/25/2025,

Ser.

2020-BPL1,

Class

A1

a,d

4,507,033

J.P.

Morgan

Alternative

Loan

Trust

896,478

3.120%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

856,926

Legacy

Mortgage

Asset

Trust

1,357,806

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

a,d

1,373,132

LHOME

Mortgage

Trust

2,000,000

3.844%, 

3/25/2024,

Ser.

2019-RTL2,

Class

A1

a

2,013,572

3,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

2,998,068

Long

Beach

Mortgage

Loan

Trust

303,860

0.979%, 

(LIBOR

1M

+

0.870%),

2/25/2035,

Ser.

2005-1,

Class

M3

b

303,998

Master

Asset

Securitization

Trust

763,362

0.609%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

170,653

Mello

Warehouse

Securitization

Trust

4,500,000

1.009%, 

(LIBOR

1M

+

0.900%),

10/25/2053,

Ser.

2020-1,

Class

A

a,b

4,500,872

2,300,000

0.909%, 

(LIBOR

1M

+

0.800%),

11/25/2053,

Ser.

2020-2,

Class

A

a,b

2,302,046

4,000,000

1.009%, 

(LIBOR

1M

+

0.900%),

2/25/2055,

Ser.

2021-1,

Class

B

a,b

3,999,436

Merrill

Lynch

Mortgage

Investors

Trust

193,653

1.294%, 

(LIBOR

1M

+

1.185%),

7/25/2035,

Ser.

2004-WMC5,

Class

M3

b

193,753

Mortgage

Equity

Conversion

Asset

Trust

2,331,866

0.570%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,b

2,269,477

2,327,926

0.550%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,b

2,267,743

MRA

Issuance

Trust

2,500,000

1.853%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

a,b,f

2,500,000

6,000,000

1.259%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

a,b,f

6,000,000

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Collateralized

Mortgage

Obligations

(14.4%)

-

continued

New

Residential

Mortgage,

LLC

$

2,050,171

3.790%, 

7/25/2054,

Ser.

2018-FNT2,

Class

A

a

$

2,050,743

New

York

Mortgage

Trust

2,546,380

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

a,b

2,556,187

Oak

Street

Investment

2,187,211

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

2,196,058

Oaktown

Re

II,

Ltd.

206,553

1.659%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

a,b

206,619

Palmer

Square

Loan

Funding,

Ltd.

5,000,000

1.435%, 

(LIBOR

3M

+

1.250%),

5/20/2029,

Ser.

2021-2A,

Class

A2

a,b,c

5,000,520

Preston

Ridge

Partners

Mortgage

Trust,

LLC

3,238,511

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

a,b

3,265,336

3,632,982

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

a,d

3,658,927

2,782,121

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

a,b

2,781,807

Pretium

Mortgage

Credit

Partners,

LLC

2,000,000

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

a,d,f

2,000,000

Radnor

RE,

Ltd.

176,634

1.509%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

a,b

176,660

RCO

Mortgage,

LLC

3,773,648

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

a,d

3,794,912

Residential

Funding

Mortgage

Security

I

Trust

97,357

5.500%, 

10/25/2021,

Ser.

2006-S10,

Class

2A1

82,315

Silver

Hill

Trust

3,481,232

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

a,b

3,602,369

Specialty

Underwriting

and

Residential

Finance

Trust

3,069,670

1.109%, 

(LIBOR

1M

+

1.000%),

7/25/2035,

Ser.

2004-BC3,

Class

A2C

b

3,050,392

3,027,529

1.089%, 

(LIBOR

1M

+

0.980%),

10/25/2035,

Ser.

2004-BC4,

Class

A2C

b

3,016,377

Stanwich

Mortgage

Loan

Trust

2,707,190

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

a,d

2,722,589

Starwood

Mortgage

Residential

Trust

1,691,628

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

a,b

1,727,834

1,881,688

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

a,b

1,913,856

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Collateralized

Mortgage

Obligations

(14.4%)

-

continued

Terwin

Mortgage

Trust

$

1,402,919

1.609%, 

(LIBOR

1M

+

1.500%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

$

1,409,529

Toorak

Mortgage

Corporation

2,092,302

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

a,d

2,097,535

5,250,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

a,d

5,307,023

1,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

1,521,312

2,500,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

a,d

2,505,770

TVC

Mortgage

Trust

2,800,000

3.474%, 

9/25/2024,

Ser.

2020-RTL1,

Class

A1

a

2,819,354

Vericrest

Opportunity

Loan

Transferee

3,378,969

1.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a,d

3,378,478

4,694,633

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,d

4,669,892

3,333,200

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

a,d

3,330,624

2,818,883

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,d

2,815,782

Verus

Securitization

Trust

2,326,808

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

a,b

2,370,892

1,215,734

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

a,b

1,233,776

Wachovia

Asset

Securitization,

Inc.

333,190

0.258%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,b,e

311,351

Wachovia

Mortgage

Loan

Trust,

LLC

184,079

2.689%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

189,505

WaMu

Mortgage

Pass

Through

Certificates

1,558,557

1.139%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

1,462,086

Total

167,319,175

Commercial

Mortgage-Backed

Securities

(0.4%)

BFLD

Trust

3,000,000

1.256%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

a,b

3,026,421

Federal

National

Mortgage

Association

-

ACES

430,874

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

b

433,157

GSAA

Home

Equity

Trust

891,242

2.059%, 

(LIBOR

1M

+

1.950%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

969,463

Total

4,429,041

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Communications

Services

(2.9%)

American

Tower

Corporation

$

1,500,000

3.375%, 

5/15/2024

$

1,608,175

1,000,000

4.400%, 

2/15/2026

1,126,595

AT&T,

Inc.

2,000,000

1.084%, 

(LIBOR

3M

+

0.890%),

2/15/2023

b

2,018,459

1,200,000

4.125%, 

2/17/2026

1,344,107

Bell

Canada

2,250,000

0.750%, 

3/17/2024

2,247,024

British

Sky

Broadcasting

Group

plc

1,503,000

3.750%, 

9/16/2024

a

1,650,735

Charter

Communications

Operating,

LLC

1,875,000

4.500%, 

2/1/2024

2,050,763

1,000,000

4.908%, 

7/23/2025

1,133,647

Cox

Communications,

Inc.

1,500,000

3.150%, 

8/15/2024

a

1,601,611

Crown

Castle

International

Corporation

1,000,000

3.200%, 

9/1/2024

1,073,867

Discovery

Communications,

LLC

1,050,000

2.950%, 

3/20/2023

1,097,008

Fox

Corporation

1,000,000

3.666%, 

1/25/2022

1,026,278

940,000

3.050%, 

4/7/2025

999,800

Netflix,

Inc.

1,800,000

5.875%, 

2/15/2025

2,063,250

NTT

Finance

Corporation

775,000

0.583%, 

3/1/2024

a

772,111

Omnicom

Group,

Inc.

1,242,000

3.625%, 

5/1/2022

1,284,769

Sprint

Corporation

2,450,000

7.125%, 

6/15/2024

2,820,563

T-Mobile

USA,

Inc.

1,900,000

3.500%, 

4/15/2025

a

2,049,872

Verizon

Communications,

Inc.

630,000

0.750%, 

3/22/2024

630,692

2,600,000

0.850%, 

11/20/2025

2,544,423

ViacomCBS,

Inc.

1,250,000

3.700%, 

8/15/2024

1,355,305

Walt

Disney

Company

1,165,000

1.750%, 

1/13/2026

1,191,583

Total

33,690,637

Consumer

Cyclical

(5.1%)

7-Eleven,

Inc.

1,950,000

0.950%, 

2/10/2026

a

1,899,495

Alibaba

Group

Holding,

Ltd.

500,000

2.800%, 

6/6/2023

521,526

American

Honda

Finance

Corporation

950,000

1.950%, 

5/10/2023

977,751

910,000

0.650%, 

9/8/2023

911,795

1,000,000

0.550%, 

7/12/2024

992,772

930,000

1.200%, 

7/8/2025

926,045

BMW

U.S.

Capital,

LLC

2,000,000

3.150%, 

4/18/2024

a

2,136,072

D.R.

Horton,

Inc.

800,000

2.600%, 

10/15/2025

841,436

Daimler

Finance

North

America,

LLC

875,000

1.750%, 

3/10/2023

a

894,460

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Consumer

Cyclical

(5.1%)

-

continued

$

1,000,000

1.032%, 

(LIBOR

3M

+

0.840%),

5/4/2023

a,b

$

1,010,979

1,000,000

0.750%, 

3/1/2024

a

994,920

Ford

Motor

Credit

Company,

LLC

1,000,000

1.429%, 

(LIBOR

3M

+

1.235%),

2/15/2023

b

990,057

1,840,000

3.370%, 

11/17/2023

1,886,000

1,250,000

3.810%, 

1/9/2024

1,289,063

1,100,000

3.375%, 

11/13/2025

1,118,700

General

Motors

Company

1,000,000

6.125%, 

10/1/2025

1,175,908

General

Motors

Financial

Company,

Inc.

1,900,000

3.950%, 

4/13/2024

2,044,853

1,420,000

2.900%, 

2/26/2025

1,488,853

925,000

2.750%, 

6/20/2025

965,610

Harley-Davidson

Financial

Services,

Inc.

511,000

4.050%, 

2/4/2022

a

525,451

Hyundai

Capital

America

900,000

0.800%, 

1/8/2024

a

892,199

1,140,000

1.800%, 

10/15/2025

a

1,138,842

Hyundai

Capital

Services,

Inc.

1,000,000

3.000%, 

3/6/2022

a

1,020,170

1,500,000

3.000%, 

8/29/2022

a

1,545,094

750,000

1.250%, 

2/8/2026

a

731,420

Kohl's

Corporation

2,286,000

9.500%, 

5/15/2025

2,964,079

Lennar

Corporation

990,000

4.875%, 

12/15/2023

1,081,407

550,000

5.875%, 

11/15/2024

624,250

1,100,000

4.750%, 

5/30/2025

1,225,125

Lowe's

Companies,

Inc.

700,000

4.000%, 

4/15/2025

774,449

Marriott

International,

Inc.

1,150,000

3.600%, 

4/15/2024

1,223,652

686,000

3.750%, 

10/1/2025

732,756

Nissan

Motor

Company,

Ltd.

2,075,000

3.043%, 

9/15/2023

a

2,170,889

Owl

Rock

Capital

Corporation

1,000,000

3.400%, 

7/15/2026

1,012,879

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

2,041,856

Ralph

Lauren

Corporation

700,000

1.700%, 

6/15/2022

711,103

Starbucks

Corporation

900,000

1.300%, 

5/7/2022

909,225

Target

Corporation

940,000

2.250%, 

4/15/2025

984,851

TJX

Companies,

Inc.

1,175,000

3.500%, 

4/15/2025

1,280,901

Toll

Brothers

Finance

Corporation

1,250,000

5.875%, 

2/15/2022

1,281,250

1,700,000

4.375%, 

4/15/2023

1,776,500

Toyota

Motor

Credit

Corporation

1,375,000

0.500%, 

8/14/2023

1,375,616

1,000,000

0.450%, 

1/11/2024

997,260

925,000

1.800%, 

2/13/2025

950,360

875,000

0.800%, 

10/16/2025

859,758

VF

Corporation

900,000

2.050%, 

4/23/2022

914,746

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Consumer

Cyclical

(5.1%)

-

continued

Volkswagen

Group

of

America

Finance,

LLC

$

1,000,000

0.750%, 

11/23/2022

a

$

1,002,852

2,000,000

4.250%, 

11/13/2023

a

2,173,579

1,500,000

2.850%, 

9/26/2024

a

1,591,852

Total

59,580,666

Consumer

Non-Cyclical

(5.3%)

Abbott

Laboratories

1,263,000

2.550%, 

3/15/2022

1,290,994

AbbVie,

Inc.

1,900,000

2.300%, 

11/21/2022

1,955,093

2,000,000

3.850%, 

6/15/2024

2,177,267

1,920,000

3.600%, 

5/14/2025

2,091,698

Amgen,

Inc.

1,320,000

1.900%, 

2/21/2025

1,363,266

Anheuser-Busch

InBev

Worldwide,

Inc.

1,250,000

4.150%, 

1/23/2025

1,389,131

Anthem,

Inc.

1,025,000

2.375%, 

1/15/2025

1,071,251

AstraZeneca

plc

1,550,000

0.700%, 

4/8/2026

1,492,851

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,474,445

Boston

Scientific

Corporation

1,840,000

3.450%, 

3/1/2024

1,975,241

Bristol-Myers

Squibb

Company

1,300,000

0.537%, 

11/13/2023

1,299,856

Bunge,

Ltd.

Finance

Corporation

1,100,000

1.630%, 

8/17/2025

1,100,479

Cargill,

Inc.

1,000,000

3.250%, 

3/1/2023

a

1,054,672

800,000

1.375%, 

7/23/2023

a

816,437

Centene

Corporation

1,825,000

5.375%, 

8/15/2026

a

1,925,192

CK

Hutchison

International,

Ltd.

2,000,000

2.750%, 

3/29/2023

a

2,080,720

Coca-Cola

Company

900,000

2.950%, 

3/25/2025

971,060

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,929,735

Constellation

Brands,

Inc.

1,000,000

2.700%, 

5/9/2022

1,021,729

500,000

3.200%, 

2/15/2023

523,192

CVS

Health

Corporation

755,000

3.700%, 

3/9/2023

801,257

241,000

4.100%, 

3/25/2025

266,971

Diageo

Capital

plc

600,000

1.375%, 

9/29/2025

605,571

General

Mills,

Inc.

1,500,000

1.233%, 

(LIBOR

3M

+

1.010%),

10/17/2023

b

1,521,727

Gilead

Sciences,

Inc.

1,375,000

0.750%, 

9/29/2023

1,376,597

HCA,

Inc.

2,000,000

5.875%, 

5/1/2023

2,177,650

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

a

1,849,398

Imperial

Tobacco

Finance

plc

1,500,000

3.750%, 

7/21/2022

a

1,549,437

Keurig

Dr

Pepper,

Inc.

2,000,000

0.750%, 

3/15/2024

2,000,640

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Consumer

Non-Cyclical

(5.3%)

-

continued

McKesson

Corporation

$

1,500,000

0.900%, 

12/3/2025

$

1,468,820

Mylan

NV

975,000

3.150%, 

6/15/2021

978,078

Nestle

Holdings,

Inc.

1,145,000

0.375%, 

1/15/2024

a

1,140,201

Novartis

Capital

Corporation

2,100,000

1.750%, 

2/14/2025

2,162,183

PepsiCo,

Inc.

1,400,000

2.250%, 

3/19/2025

1,474,290

Philip

Morris

International,

Inc.

900,000

1.125%, 

5/1/2023

913,146

1,350,000

0.875%, 

5/1/2026

1,310,919

Royalty

Pharma

plc

2,675,000

1.200%, 

9/2/2025

a

2,619,670

Smithfield

Foods,

Inc.

2,000,000

2.650%, 

10/3/2021

a

2,015,020

Thermo

Fisher

Scientific,

Inc.

700,000

4.133%, 

3/25/2025

777,313

Unilever

Capital

Corporation

915,000

0.375%, 

9/14/2023

917,784

UnitedHealth

Group,

Inc.

1,000,000

3.500%, 

2/15/2024

1,082,839

Upjohn,

Inc.

700,000

1.650%, 

6/22/2025

a

702,473

Zoetis,

Inc.

1,450,000

3.250%, 

2/1/2023

1,511,093

Total

61,227,386

Energy

(4.3%)

BP

Capital

Markets

America,

Inc.

1,500,000

0.840%, 

(LIBOR

3M

+

0.650%),

9/19/2022

b

1,507,729

1,000,000

3.790%, 

2/6/2024

1,084,802

Canadian

Natural

Resources,

Ltd.

1,400,000

2.050%, 

7/15/2025

1,415,667

Cenovus

Energy,

Inc.

2,000,000

5.375%, 

7/15/2025

2,247,629

Cheniere

Corpus

Christi

Holdings,

LLC

1,766,000

5.875%, 

3/31/2025

2,012,463

Chevron

Corporation

1,275,000

1.141%, 

5/11/2023

1,297,132

Chevron

USA,

Inc.

1,015,000

3.900%, 

11/15/2024

1,117,595

Cimarex

Energy

Company

2,500,000

4.375%, 

6/1/2024

2,718,923

Continental

Resources,

Inc.

1,900,000

4.500%, 

4/15/2023

1,967,830

Devon

Energy

Corporation

1,150,000

5.850%, 

12/15/2025

1,340,929

Diamondback

Energy,

Inc.

1,100,000

0.900%, 

3/24/2023

1,100,705

950,000

2.875%, 

12/1/2024

1,001,813

Encana

Corporation

1,000,000

3.900%, 

11/15/2021

1,010,922

Energy

Transfer

Operating,

LP

1,660,000

4.200%, 

9/15/2023

1,777,657

950,000

2.900%, 

5/15/2025

988,587

EOG

Resources,

Inc.

1,025,000

2.625%, 

3/15/2023

1,064,037

Equinor

ASA

925,000

2.875%, 

4/6/2025

987,689

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Energy

(4.3%)

-

continued

Exxon

Mobil

Corporation

$

1,100,000

2.992%, 

3/19/2025

$

1,178,742

Hess

Corporation

1,824,000

3.500%, 

7/15/2024

1,924,360

Marathon

Oil

Corporation

340,000

2.800%, 

11/1/2022

348,742

Marathon

Petroleum

Corporation

1,000,000

4.700%, 

5/1/2025

1,123,913

MPLX,

LP

500,000

3.500%, 

12/1/2022

521,735

1,500,000

4.875%, 

6/1/2025

1,689,520

1,100,000

1.750%, 

3/1/2026

1,101,680

National

Fuel

Gas

Company

750,000

5.200%, 

7/15/2025

841,678

1,370,000

5.500%, 

1/15/2026

1,565,693

Newfield

Exploration

Company

1,000,000

5.750%, 

1/30/2022

1,032,771

550,000

5.625%, 

7/1/2024

604,629

ONEOK,

Inc.

1,000,000

2.750%, 

9/1/2024

1,049,074

Petroleos

Mexicanos

983,250

2.378%, 

4/15/2025

1,017,604

Pioneer

Natural

Resources

Company

1,700,000

1.125%, 

1/15/2026

1,669,011

Plains

All

American

Pipeline,

LP

2,000,000

3.850%, 

10/15/2023

2,115,783

750,000

4.650%, 

10/15/2025

821,789

Schlumberger

Finance

Canada,

Ltd.

225,000

1.400%, 

9/17/2025

225,191

Schlumberger

Holdings

Corporation

1,500,000

3.750%, 

5/1/2024

a

1,617,272

Suncor

Energy,

Inc.

930,000

2.800%, 

5/15/2023

971,464

Transcontinental

Gas

Pipe

Line

Company,

LLC

600,000

7.850%, 

2/1/2026

759,368

Western

Midstream

Operating,

LP

750,000

4.350%, 

2/1/2025

776,250

Williams

Partners,

LP

1,325,000

3.600%, 

3/15/2022

1,356,964

WPX

Energy,

Inc.

1,100,000

5.250%, 

9/15/2024

1,219,625

Total

50,174,967

Financials

(20.2%)

AerCap

Ireland

Capital

DAC

1,000,000

3.300%, 

1/23/2023

1,036,830

1,375,000

3.150%, 

2/15/2024

1,432,673

1,300,000

6.500%, 

7/15/2025

1,515,512

1,200,000

1.750%, 

1/30/2026

1,165,517

Aircastle,

Ltd.

800,000

5.250%, 

8/11/2025

a

873,469

Allstate

Corporation

1,300,000

0.750%, 

12/15/2025

1,277,459

Ally

Financial,

Inc.

2,750,000

5.750%, 

11/20/2025

3,124,213

American

International

Group,

Inc.

1,050,000

2.500%, 

6/30/2025

1,101,681

Ares

Capital

Corporation

924,000

4.250%, 

3/1/2025

991,295

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Financials

(20.2%)

-

continued

$

1,350,000

3.875%, 

1/15/2026

$

1,422,753

800,000

2.150%, 

7/15/2026

779,059

Athene

Global

Funding

2,000,000

1.468%, 

(LIBOR

3M

+

1.230%),

7/1/2022

a,b

2,021,293

1,100,000

1.200%, 

10/13/2023

a

1,110,185

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,b

1,953,334

Aviation

Capital

Group,

LLC

1,200,000

5.500%, 

12/15/2024

a

1,341,768

Avolon

Holdings

Funding,

Ltd.

1,644,000

5.500%, 

1/15/2026

a

1,818,917

1,000,000

2.125%, 

2/21/2026

a

956,513

450,000

4.250%, 

4/15/2026

a

471,337

Banco

Bilbao

Vizcaya

Argentaria

SA

1,400,000

0.875%, 

9/18/2023

1,403,733

Banco

Santander

Mexico

SA

320,000

5.375%, 

4/17/2025

a

359,296

Banco

Santander

SA

800,000

1.344%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

811,250

1,000,000

1.849%, 

3/25/2026

998,084

Bank

of

America

Corporation

500,000

2.816%, 

7/21/2023

b

514,724

1,775,000

4.200%, 

8/26/2024

1,957,746

1,800,000

0.810%, 

10/24/2024

b

1,804,461

1,000,000

3.458%, 

3/15/2025

b

1,073,770

1,125,000

0.981%, 

9/25/2025

b

1,122,075

1,900,000

2.456%, 

10/22/2025

b

1,991,561

1,275,000

1.319%, 

6/19/2026

b

1,271,111

Bank

of

Montreal

1,500,000

3.300%, 

2/5/2024

1,608,946

Bank

of

New

York

Mellon

Corporation

1,885,000

1.850%, 

1/27/2023

1,939,364

900,000

1.600%, 

4/24/2025

917,201

700,000

4.700%, 

9/20/2025

b,g

758,415

Bank

of

New

Zealand

875,000

2.000%, 

2/21/2025

a

898,172

Bank

of

Nova

Scotia

1,175,000

1.950%, 

2/1/2023

1,207,903

1,050,000

1.625%, 

5/1/2023

1,076,503

935,000

4.900%, 

6/4/2025

b,g

994,027

Barclays

plc

1,000,000

3.684%, 

1/10/2023

1,022,835

2,000,000

1.574%, 

(LIBOR

3M

+

1.380%),

5/16/2024

b

2,028,574

1,500,000

4.375%, 

9/11/2024

1,639,467

1,600,000

1.007%, 

12/10/2024

b

1,598,683

BNP

Paribas

SA

960,000

2.819%, 

11/19/2025

a,b

1,010,550

1,300,000

1.323%, 

1/13/2027

a,b

1,271,389

BPCE

SA

1,000,000

1.402%, 

(LIBOR

3M

+

1.220%),

5/22/2022

a,b

1,010,400

950,000

2.375%, 

1/14/2025

a

981,472

Branch

Banking

and

Trust

Company

1,800,000

2.150%, 

12/6/2024

1,884,273

Canadian

Imperial

Bank

of

Commerce

1,875,000

2.250%, 

1/28/2025

1,944,410

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Financials

(20.2%)

-

continued

Capital

One

Bank

USA

NA

$

1,875,000

2.014%, 

1/27/2023

b

$

1,897,274

Capital

One

Financial

Corporation

1,500,000

3.900%, 

1/29/2024

1,621,768

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

b,g

441,868

1,250,000

4.000%, 

6/1/2026

b,g

1,268,500

CIT

Group,

Inc.

2,650,000

5.250%, 

3/7/2025

2,984,562

Citigroup,

Inc.

1,500,000

1.178%, 

(LIBOR

3M

+

0.960%),

4/25/2022

b

1,512,221

1,890,000

2.312%, 

11/4/2022

b

1,910,113

1,800,000

4.000%, 

8/5/2024

1,965,676

2,500,000

0.776%, 

10/30/2024

b

2,498,301

925,000

3.106%, 

4/8/2026

b

987,403

1,150,000

1.122%, 

1/28/2027

b

1,124,896

Comerica,

Inc.

750,000

3.700%, 

7/31/2023

801,940

585,000

5.625%, 

7/1/2025

b,g

644,231

Compass

Bank

1,500,000

2.875%, 

6/29/2022

1,542,503

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,b

1,611,380

Corporate

Office

Properties,

LP

450,000

2.250%, 

3/15/2026

457,277

Credit

Agricole

SA

935,000

1.907%, 

6/16/2026

a,b

947,965

750,000

1.247%, 

1/26/2027

a,b

733,537

Credit

Suisse

AG

675,000

2.800%, 

4/8/2022

689,184

Credit

Suisse

Group

AG

1,500,000

6.500%, 

8/8/2023

a

1,649,625

990,000

7.500%, 

12/11/2023

a,b,g

1,071,505

1,050,000

2.193%, 

6/5/2026

a,b

1,067,073

1,600,000

1.305%, 

2/2/2027

a,b

1,549,181

Danske

Bank

AS

915,000

1.171%, 

12/8/2023

a,b

920,003

1,500,000

5.375%, 

1/12/2024

a

1,672,635

Deutsche

Bank

AG

1,200,000

3.700%, 

5/30/2024

1,283,174

910,000

2.222%, 

9/18/2024

b

934,086

1,600,000

4.500%, 

4/1/2025

1,709,902

1,100,000

2.129%, 

11/24/2026

b

1,102,768

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,308,426

Equitable

Financial

Life

Global

Funding

1,200,000

0.500%, 

11/17/2023

a

1,198,294

Fifth

Third

Bancorp

1,900,000

2.375%, 

1/28/2025

1,980,983

First

Horizon

National

Corporation

1,325,000

3.550%, 

5/26/2023

1,400,637

First

Republic

Bank

940,000

1.912%, 

2/12/2024

b

962,032

FNB

Corporation

1,315,000

2.200%, 

2/24/2023

1,340,661

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,198,335

GE

Capital

Funding,

LLC

875,000

3.450%, 

5/15/2025

a

946,033

Goldman

Sachs

Group,

Inc.

2,100,000

0.481%, 

1/27/2023

2,097,121

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Financials

(20.2%)

-

continued

$

1,700,000

0.627%, 

11/17/2023

b

$

1,700,306

1,500,000

0.673%, 

3/8/2024

b

1,498,823

940,000

3.500%, 

4/1/2025

1,018,408

1,915,000

3.272%, 

9/29/2025

b

2,054,929

272,000

4.250%, 

10/21/2025

303,607

1,700,000

0.855%, 

2/12/2026

b

1,670,934

HSBC

Holdings

plc

2,000,000

3.262%, 

3/13/2023

b

2,050,237

1,500,000

6.250%, 

3/23/2023

b,g

1,585,800

1,325,000

1.645%, 

4/18/2026

b

1,325,813

1,000,000

1.589%, 

5/24/2027

b

984,120

ING

Groep

NV

1,600,000

1.343%, 

(LIBOR

3M

+

1.150%),

3/29/2022

b

1,615,536

500,000

4.625%, 

1/6/2026

a

566,751

1,250,000

1.726%, 

4/1/2027

b,c

1,250,722

Intercontinental

Exchange,

Inc.

1,150,000

0.700%, 

6/15/2023

1,153,082

J.P.

Morgan

Chase

&

Company

925,000

1.514%, 

6/1/2024

b

944,196

1,750,000

3.875%, 

9/10/2024

1,918,530

1,500,000

1.075%, 

(LIBOR

3M

+

0.850%),

1/10/2025

b

1,520,620

700,000

0.563%, 

2/16/2025

b

694,796

800,000

2.005%, 

3/13/2026

b

822,680

900,000

2.083%, 

4/22/2026

b

924,358

2,500,000

1.045%, 

11/19/2026

b

2,441,766

725,000

1.040%, 

2/4/2027

b

707,118

1,250,000

4.005%, 

(LIBOR

3M

+

3.800%),

12/29/2049

b,g

1,252,375

KeyBank

NA

1,250,000

0.423%, 

1/3/2024

b

1,248,917

Kilroy

Realty,

LP

750,000

3.800%, 

1/15/2023

782,597

450,000

4.375%, 

10/1/2025

494,726

Lincoln

National

Corporation

1,000,000

4.000%, 

9/1/2023

1,080,805

Lloyds

Banking

Group

plc

1,500,000

2.858%, 

3/17/2023

b

1,531,548

2,000,000

2.907%, 

11/7/2023

b

2,072,198

925,000

7.500%, 

6/27/2024

b,g

1,031,375

350,000

4.582%, 

12/10/2025

390,787

Macquarie

Group,

Ltd.

1,500,000

1.210%, 

(LIBOR

3M

+

1.020%),

11/28/2023

a,b

1,511,129

Mitsubishi

UFJ

Financial

Group,

Inc.

1,400,000

1.102%, 

(LIBOR

3M

+

0.920%),

2/22/2022

b

1,410,301

875,000

2.193%, 

2/25/2025

902,562

Mizuho

Financial

Group

Cayman

3,

Ltd.

825,000

4.600%, 

3/27/2024

a

902,252

Mizuho

Financial

Group,

Inc.

1,500,000

2.555%, 

9/13/2025

b

1,568,913

Morgan

Stanley

1,000,000

3.851%, 

(LIBOR

3M

+

3.610%),

7/15/2021

b,g

1,001,495

1,800,000

4.100%, 

5/22/2023

1,924,794

600,000

0.560%, 

11/10/2023

b

600,193

2,000,000

0.529%, 

1/25/2024

b

1,996,355

750,000

2.720%, 

7/22/2025

b

791,189

1,300,000

0.864%, 

10/21/2025

b

1,292,987

1,750,000

5.000%, 

11/24/2025

2,011,244

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Financials

(20.2%)

-

continued

$

1,000,000

0.985%, 

12/10/2026

b

$

976,093

National

Bank

of

Canada

950,000

2.100%, 

2/1/2023

976,596

National

Securities

Clearing

Corporation

1,350,000

1.200%, 

4/23/2023

a

1,370,833

Nationwide

Building

Society

2,000,000

3.766%, 

3/8/2024

a,b

2,112,638

New

York

Life

Global

Funding

950,000

2.000%, 

1/22/2025

a

978,278

Nomura

Holdings,

Inc.

1,890,000

2.648%, 

1/16/2025

1,954,894

Omega

Healthcare

Investors,

Inc.

380,000

4.950%, 

4/1/2024

414,075

800,000

4.500%, 

1/15/2025

864,659

Owl

Rock

Technology

Finance

Corporation

750,000

3.750%, 

6/17/2026

a

766,990

PayPal

Holdings,

Inc.

1,000,000

2.200%, 

9/26/2022

1,026,204

1,000,000

2.400%, 

10/1/2024

1,050,790

Peachtree

Corners

Funding

Trust

1,375,000

3.976%, 

2/15/2025

a

1,504,050

Principal

Life

Global

Funding

II

900,000

0.875%, 

1/12/2026

a

874,060

Protective

Life

Global

Funding

1,350,000

0.631%, 

10/13/2023

a

1,353,394

Regions

Financial

Corporation

925,000

2.250%, 

5/18/2025

959,827

Reinsurance

Group

of

America,

Inc.

2,000,000

4.700%, 

9/15/2023

2,190,782

Royal

Bank

of

Canada

1,900,000

1.950%, 

1/17/2023

1,951,737

900,000

1.600%, 

4/17/2023

921,700

Royal

Bank

of

Scotland

Group

plc

2,000,000

1.664%, 

(LIBOR

3M

+

1.470%),

5/15/2023

b

2,023,140

1,000,000

3.498%, 

5/15/2023

b

1,030,788

Santander

Holdings

USA,

Inc.

1,000,000

3.400%, 

1/18/2023

1,044,056

350,000

3.450%, 

6/2/2025

375,078

Santander

UK

Group

Holdings

plc

925,000

1.532%, 

8/21/2026

b

917,286

Santander

UK

plc

749,000

2.100%, 

1/13/2023

769,928

Siemens

Financieringsmaatschappij

NV

1,250,000

0.650%, 

3/11/2024

a

1,249,498

Simon

Property

Group,

LP

1,250,000

3.300%, 

1/15/2026

1,338,443

Skandinaviska

Enskilda

Banken

AB

1,155,000

0.550%, 

9/1/2023

a

1,154,630

Societe

Generale

SA

1,800,000

2.625%, 

10/16/2024

a

1,878,085

1,400,000

1.488%, 

12/14/2026

a,b

1,375,667

Stadshypotek

AB

2,000,000

2.500%, 

4/5/2022

a

2,043,944

Standard

Chartered

plc

1,175,000

3.950%, 

1/11/2023

a

1,229,628

1,000,000

1.319%, 

10/14/2023

a,b

1,006,350

900,000

0.991%, 

1/12/2025

a,b

894,913

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Financials

(20.2%)

-

continued

$

500,000

1.214%, 

3/23/2025

a,b

$

500,993

State

Street

Corporation

250,000

2.825%, 

3/30/2023

b

256,133

1,415,000

2.354%, 

11/1/2025

b

1,488,326

Sumitomo

Mitsui

Financial

Group,

Inc.

1,700,000

2.448%, 

9/27/2024

1,781,012

750,000

0.948%, 

1/12/2026

730,798

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,150,000

0.800%, 

9/12/2023

a

1,153,202

1,000,000

0.850%, 

3/25/2024

a

998,754

Synchrony

Financial

250,000

2.850%, 

7/25/2022

256,725

1,485,000

4.250%, 

8/15/2024

1,615,394

Synovus

Bank

940,000

2.289%, 

2/10/2023

b

947,975

Toronto-Dominion

Bank

1,375,000

0.750%, 

9/11/2025

1,347,013

Truist

Financial

Corporation

675,000

4.950%, 

9/1/2025

b,g

731,531

U.S.

Bank

NA

1,800,000

2.050%, 

1/21/2025

1,866,801

UBS

AG

450,000

1.750%, 

4/21/2022

a

456,225

1,650,000

5.125%, 

5/15/2024

1,815,000

UBS

Group

AG

1,375,000

1.008%, 

7/30/2024

a,b

1,382,994

USB

Realty

Corporation

95,000

1.388%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,g

73,625

VEREIT

Operating

Partnership,

LP

200,000

4.600%, 

2/6/2024

218,813

440,000

4.625%, 

11/1/2025

496,653

Voya

Financial,

Inc.

500,000

5.650%, 

5/15/2053

b

534,811

Wells

Fargo

&

Company

750,000

3.450%, 

2/13/2023

790,049

1,500,000

3.750%, 

1/24/2024

1,622,048

1,525,000

1.654%, 

6/2/2024

b

1,557,855

1,890,000

2.406%, 

10/30/2025

b

1,974,166

Westpac

Banking

Corporation

945,000

2.000%, 

1/13/2023

972,737

500,000

2.000%, 

1/16/2025

a

520,160

940,000

2.894%, 

2/4/2030

b

968,209

Total

234,716,186

Foreign

Government

(0.2%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

2,050,000

2.150%, 

5/13/2025

a

2,081,365

Total

2,081,365

Mortgage-Backed

Securities

(10.7%)

CIM

Trust

2,500,000

2.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,d,f

2,500,000

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,353,956

3.000%, 

3/25/2050

1,413,092

Federal

National

Mortgage

Association

401,111

3.500%, 

10/1/2048

423,665

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Mortgage-Backed

Securities

(10.7%)

-

continued

$

461,070

3.500%, 

8/1/2049

$

487,936

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

10,200,000

1.500%, 

4/1/2036

c

10,246,050

52,025,000

2.000%, 

4/1/2036

c

53,391,827

14,500,000

2.500%, 

4/1/2036

c

15,086,231

25,975,000

2.000%, 

5/1/2036

c

26,624,692

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,000,000

2.500%, 

4/1/2051

c

7,183,203

5,900,000

2.500%, 

5/1/2051

c

6,041,738

205,279

1.940%, 

(LIBOR

12M

+

1.485%),

1/1/2043

b

213,622

920,673

4.000%, 

7/1/2048

988,178

Total

124,600,234

Technology

(2.8%)

Apple,

Inc.

1,850,000

0.700%, 

2/8/2026

1,814,488

Baidu,

Inc.

880,000

3.075%, 

4/7/2025

h

926,170

Broadcom

Corporation

2,000,000

3.125%, 

1/15/2025

2,128,025

Broadcom,

Inc.

1,750,000

4.250%, 

4/15/2026

1,942,376

Dell

International,

LLC

1,500,000

4.000%, 

7/15/2024

a

1,627,825

1,750,000

5.850%, 

7/15/2025

a

2,040,138

Fidelity

National

Information

Services,

Inc.

1,200,000

0.600%, 

3/1/2024

1,193,051

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

2,113,433

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

919,344

Hewlett

Packard

Enterprise

Company

1,750,000

3.500%, 

10/5/2021

1,773,049

950,000

4.450%, 

10/2/2023

1,032,245

Intel

Corporation

900,000

3.400%, 

3/25/2025

979,403

Intuit,

Inc.

1,625,000

0.950%, 

7/15/2025

1,612,382

Marvell

Technology

Group,

Ltd.

1,000,000

4.200%, 

6/22/2023

1,069,986

Micron

Technology,

Inc.

1,050,000

2.497%, 

4/24/2023

1,089,784

NXP

Funding,

LLC

1,342,000

2.700%, 

5/1/2025

a

1,407,442

Oracle

Corporation

1,055,000

2.500%, 

4/1/2025

1,108,507

Panasonic

Corporation

1,000,000

2.536%, 

7/19/2022

a

1,023,413

1,000,000

2.679%, 

7/19/2024

a

1,055,220

Seagate

HDD

Cayman

1,232,000

4.750%, 

1/1/2025

1,336,289

SK

Hynix,

Inc.

500,000

1.000%, 

1/19/2024

a

499,200

Tencent

Holdings,

Ltd.

875,000

1.810%, 

1/26/2026

a

877,708

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Technology

(2.8%)

-

continued

Texas

Instruments,

Inc.

$

500,000

1.375%, 

3/12/2025

$

508,725

Total

System

Services,

Inc.

925,000

3.750%, 

6/1/2023

981,474

VMware,

Inc.

1,000,000

2.950%, 

8/21/2022

1,031,246

Total

32,090,923

Transportation

(2.2%)

Air

Canada

Pass

Through

Trust

872,722

3.875%, 

3/15/2023

a

871,371

Air

Lease

Corporation

1,750,000

3.500%, 

1/15/2022

1,789,528

1,500,000

4.250%, 

2/1/2024

1,627,700

Aircastle,

Ltd.

1,500,000

4.400%, 

9/25/2023

1,597,526

Avolon

Holdings

Funding,

Ltd.

1,500,000

3.950%, 

7/1/2024

a

1,568,102

Boeing

Company

1,575,000

1.950%, 

2/1/2024

1,613,713

British

Airways

plc

891,645

4.625%, 

6/20/2024

a

924,992

Continental

Airlines,

Inc.

2,050,294

4.150%, 

4/11/2024

2,141,608

Delta

Air

Lines,

Inc.

2,150,000

4.500%, 

10/20/2025

a

2,294,906

ERAC

USA

Finance,

LLC

1,600,000

2.600%, 

12/1/2021

a

1,620,198

J.B.

Hunt

Transport

Services,

Inc.

1,175,000

3.300%, 

8/15/2022

1,212,681

Penske

Truck

Leasing

Company,

LP

750,000

3.650%, 

7/29/2021

a

755,699

1,000,000

2.700%, 

11/1/2024

a

1,052,795

1,000,000

3.950%, 

3/10/2025

a

1,091,683

800,000

1.200%, 

11/15/2025

a

785,822

Ryder

System,

Inc.

1,000,000

3.400%, 

3/1/2023

1,049,507

Southwest

Airlines

Company

1,975,000

4.750%, 

5/4/2023

2,132,398

TTX

Company

800,000

4.125%, 

10/1/2023

a

867,769

Total

24,997,998

U.S.

Government

&

Agencies

(6.0%)

U.S.

Treasury

Notes

1,585,000

2.000%, 

11/30/2022

1,633,850

14,500,000

0.125%, 

1/31/2023

14,493,203

7,350,000

2.750%, 

7/31/2023

7,782,961

20,000,000

0.125%, 

10/15/2023

19,934,375

14,850,000

0.125%, 

1/15/2024

14,775,750

9,970,000

2.500%, 

1/31/2024

10,583,000

Total

69,203,139

Utilities

(3.5%)

Alexander

Funding

Trust

1,750,000

1.841%, 

11/15/2023

a

1,773,271

Ameren

Corporation

750,000

2.500%, 

9/15/2024

788,499

American

Electric

Power

Company,

Inc.

1,075,000

1.000%, 

11/1/2025

1,053,403

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Principal

Amount

Long-Term

Fixed

Income

(97.9%)

Value

Utilities

(3.5%)

-

continued

Berkshire

Hathaway

Energy

Company

$

1,575,000

4.050%, 

4/15/2025

$

1,737,841

CenterPoint

Energy

Resources

Corporation

1,000,000

0.700%, 

3/2/2023

999,686

CenterPoint

Energy,

Inc.

1,175,000

3.850%, 

2/1/2024

1,272,811

Dominion

Energy,

Inc.

1,650,000

1.450%, 

4/15/2026

c

1,643,396

DTE

Energy

Company

1,500,000

3.700%, 

8/1/2023

1,597,970

1,500,000

2.529%, 

10/1/2024

1,571,806

Duke

Energy

Corporation

915,000

0.900%, 

9/15/2025

895,152

Edison

International

1,420,000

2.950%, 

3/15/2023

1,467,309

Enel

Finance

International

NV

2,000,000

2.750%, 

4/6/2023

a

2,079,538

Entergy

Corporation

870,000

0.900%, 

9/15/2025

849,566

Exelon

Corporation

1,250,000

3.497%, 

6/1/2022

1,289,286

Florida

Power

&

Light

Company

1,150,000

2.850%, 

4/1/2025

1,227,421

Georgia

Power

Company

950,000

2.100%, 

7/30/2023

980,578

ITC

Holdings

Corporation

1,500,000

2.700%, 

11/15/2022

1,548,176

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,639,199

National

Rural

Utilities

Cooperative

Finance

Corporation

1,150,000

4.750%, 

4/30/2043

b

1,180,421

NextEra

Energy

Capital

Holdings,

Inc.

1,500,000

0.650%, 

3/1/2023

1,504,796

NiSource,

Inc.

1,250,000

5.650%, 

6/15/2023

b,g

1,290,625

920,000

0.950%, 

8/15/2025

902,499

PPL

Capital

Funding,

Inc.

1,580,000

3.500%, 

12/1/2022

1,644,641

Public

Service

Enterprise

Group,

Inc.

2,000,000

2.875%, 

6/15/2024

2,118,863

Sempra

Energy

1,875,000

3.550%, 

6/15/2024

2,014,624

Southern

California

Edison

Company

1,000,000

1.100%, 

4/1/2024

c

999,986

Southern

Company

1,500,000

2.950%, 

7/1/2023

1,570,946

900,000

4.000%, 

1/15/2051

b

949,725

WEC

Energy

Group,

Inc.

1,140,000

0.550%, 

9/15/2023

1,137,656

Xcel

Energy,

Inc.

1,350,000

0.500%, 

10/15/2023

1,348,701

Total

41,078,391

Total

Long-Term

Fixed

Income

(cost

$1,119,372,489)

1,136,274,364

Shares

Preferred

Stock

(

0.2%

)

Value

Financials

(0.2%)

66,000

Citigroup

Capital

XIII,

6.582%

b

$

1,775,400

Total

1,775,400

Total

Preferred

Stock

(cost

$1,821,600)

1,775,400

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

291,450

Thrivent

Cash

Management

Trust

291,450

Total

Collateral

Held

for

Securities

Loaned

(cost

$291,450)

291,450

Shares

or

Principal

Amount

Short-Term

Investments

(

14.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

0.085%,

4/7/2021

i,j

500,000

100,000

0.075%,

4/21/2021

i,j

100,000

100,000

0.035%,

5/19/2021

i,j

99,999

100,000

0.031%,

5/26/2021

i,j

99,998

700,000

0.035%,

6/2/2021

i,j

699,976

Federal

National

Mortgage

Association

Discount

Notes

200,000

0.005%,

6/16/2021

i,j

199,992

Thrivent

Core

Short-Term

Reserve

Fund

16,679,104

0.180%

166,791,042

U.S.

Treasury

Bills

500,000

0.022%,

4/20/2021

i,k

499,995

600,000

0.028%,

4/22/2021

i,k

599,996

500,000

0.048%,

8/26/2021

i,k

499,954

Total

Short-Term

Investments

(cost

$170,016,198)

170,090,952

Total

Investments

(cost

$1,291,501,737)

112.8%

$1,308,432,166

Other

Assets

and

Liabilities,

Net

(12.8%)

(148,081,112)

Total

Net

Assets

100.0%

$1,160,351,054

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

March

31,

2021,

the

value

of

these

investments

was

$470,797,848

or

40.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

All

or

a

portion

of

the

security

is

on

loan.

i

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

j

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

k

At

March

31,

2021,

$1,309,966

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Limited

Maturity

Bond

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

282,061

Total

lending

$282,061

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$291,450

Net

amounts

due

to

counterparty

$9,389

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

LIBOR

12M

-

ICE

Libor

USD

Rate

12

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Limited

Maturity

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

195,312,088

–

195,312,088

–

Basic

Materials

11,995,095

–

11,995,095

–

Capital

Goods

23,777,073

–

23,777,073

–

Collateralized

Mortgage

Obligations

167,319,175

–

156,819,175

10,500,000

Commercial

Mortgage-Backed

Securities

4,429,041

–

4,429,041

–

Communications

Services

33,690,637

–

33,690,637

–

Consumer

Cyclical

59,580,666

–

59,580,666

–

Consumer

Non-Cyclical

61,227,386

–

61,227,386

–

Energy

50,174,967

–

50,174,967

–

Financials

234,716,186

–

234,716,186

–

Foreign

Government

2,081,365

–

2,081,365

–

Mortgage-Backed

Securities

124,600,234

–

122,100,234

2,500,000

Technology

32,090,923

–

32,090,923

–

Transportation

24,997,998

–

24,997,998

–

U.S.

Government

&

Agencies

69,203,139

–

69,203,139

–

Utilities

41,078,391

–

41,078,391

–

Preferred

Stock

Financials

1,775,400

1,775,400

–

–

Short-Term

Investments

3,299,910

–

3,299,910

–

Subtotal

Investments

in

Securities

$1,141,349,674

$1,775,400

$1,126,574,274

$13,000,000

Other

Investments  *

Total

Affiliated

Short-Term

Investments

166,791,042

Collateral

Held

for

Securities

Loaned

291,450

Subtotal

Other

Investments

$167,082,492

Total

Investments

at

Value

$1,308,432,166

*

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

1,720,892

1,720,892

–

–

Total

Asset

Derivatives

$1,720,892

$1,720,892

$–

$–

Liability

Derivatives

Futures

Contracts

102,037

102,037

–

–

Total

Liability

Derivatives

$102,037

$102,037

$–

$–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Limited

Maturity

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$1,699,965

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

460

June

2021

$

101,636,255

(

$

102,037)

Total

Futures

Long

Contracts

$

101,636,255

(

$

102,037)

CBOT

10-Yr.

U.S.

Treasury

Note

(130)

June

2021

(

$

17,295,341)

$

273,466

CBOT

5-Yr.

U.S.

Treasury

Note

(1,195)

June

2021

(

148,790,320)

1,329,184

CBOT

U.S.

Long

Bond

(20)

June

2021

(

3,107,445)

15,570

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(6)

June

2021

(

1,166,277)

78,965

Ultra

10-Yr.

U.S.

Treasury

Note

(70)

June

2021

(

10,081,832)

23,707

Total

Futures

Short

Contracts

(

$

180,441,215)

$1,720,892

Total

Futures

Contracts

(

$

78,804,960)

$1,618,855

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

Limited

Maturity

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$158,253

$138,041

$129,503

$166,791

16,679

14.4%

Total

Affiliated

Short-Term

Investments

158,253

166,791

14.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,840

1,956

3,505

291

291

<0.1

Total

Collateral

Held

for

Securities

Loaned

1,840

291

<0.1

Total

Value

$160,093

$167,082

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$83

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$83

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock

(

98.6%

)

Value

Communications

Services

(10.7%)

15

Alphabet,

Inc.,

Class

A

a

$

30,938

6,556

AT&T,

Inc.

198,450

8,486

BCE,

Inc.

383,075

3,052

Carsales.com,

Ltd.

41,505

2,728

Comcast

Corporation

147,612

15,428

Deutsche

Telekom

AG

310,928

319

Electronic

Arts,

Inc.

43,183

2,603

Elisa

Oyj

156,138

39,500

HKBN,

Ltd.

57,535

141,000

HKT

Trust

and

HKT,

Ltd.

201,258

6,300

KDDI

Corporation

194,107

38,485

Koninklijke

(Royal)

KPN

NV

130,544

1,337

Match

Group,

Inc.

a

183,677

16,500

Nippon

Telegraph

&

Telephone

Corporation

425,732

6,164

Orange

SA

75,854

503,804

PCCW,

Ltd.

284,514

1,481

Rogers

Communications,

Inc.

68,293

19,500

SKY

Perfect

JSAT

Holdings,

Inc.

86,777

65,700

SoftBank

Corporation

854,729

31,139

Spark

New

Zealand,

Ltd.

97,532

12,969

Telefonica

Deutschland

Holding

AG

38,044

228

T-Mobile

US,

Inc.

a

28,566

15,858

Verizon

Communications,

Inc.

922,143

Total

4,961,134

Consumer

Discretionary

(5.4%)

500

ABC-MART,

Inc.

28,235

20,000

Cafe

de

Coral

Holdings,

Ltd.

43,470

900

Canon

Marketing

Japan,

Inc.

20,032

503

Dollar

General

Corporation

101,918

5,734

Dollarama

,

Inc.

253,324

6,919

Domino's

Pizza

Group

plc

33,100

220

Domino's

Pizza,

Inc.

80,914

3,000

Galaxy

Entertainment

Group,

Ltd.

a

27,121

92

Hermes

International

101,752

1,567

Home

Depot,

Inc.

478,327

3,482

McDonald's

Corporation

780,455

15

Mercadolibre

,

Inc.

a

22,082

15,400

Nippon

Parking

Development

Company,

Ltd.

21,307

15,500

Nissan

Motor

Company,

Ltd.

a

86,593

1,000

Ohsho

Food

Service

Corporation

52,644

200

Pan

Pacific

International

Holdings

Company

4,721

4,200

Sangetsu

Company,

Ltd.

63,795

1,400

Sankyo

Company,

Ltd.

37,128

3,100

T-GAIA

Corporation

53,799

8,800

USS

Company,

Ltd.

172,597

162

Yum!

Brands,

Inc.

17,525

Total

2,480,839

Consumer

Staples

(14.2%)

918

Altria

Group,

Inc.

46,965

1,277

Church

&

Dwight

Company,

Inc.

111,546

8,074

Colgate-Palmolive

Company

636,473

893

Costco

Wholesale

Corporation

314,765

2,795

Hershey

Company

442,057

3,348

Hormel

Foods

Corporation

159,967

24,400

Japan

Tobacco,

Inc.

468,734

2,500

Kao

Corporation

165,422

713

Kellogg

Company

45,133

553

Kerry

Group

plc

69,064

1,146

Kimberly-Clark

Corporation

159,351

Shares

Common

Stock

(98.6%)

Value

Consumer

Staples

(14.2%)

-

continued

7,620

Koninklijke

Ahold

Delhaize

NV

$

212,544

30

Lindt

&

Spruengli

AG

261,336

2,885

McCormick

&

Company,

Inc.

257,227

854

Monster

Beverage

Corporation

a

77,791

4,076

Nestle

SA

454,378

1,500

Noevir

Holdings

Company,

Ltd.

68,145

3,402

Orkla

ASA

33,364

4,775

PepsiCo,

Inc.

675,424

1,251

Philip

Morris

International,

Inc.

111,014

5,320

Procter

&

Gamble

Company

720,488

645

Royal

Unibrew

AS

67,424

1,600

San-A

Company,

Ltd.

66,672

5,900

Seven

&

I

Holdings

Company,

Ltd.

238,250

4,321

Wal-Mart

Stores,

Inc.

586,921

2,850

Winpak

,

Ltd.

102,212

1,500

Woolworths,

Ltd.

46,716

Total

6,599,383

Energy

(0.8%)

39,200

Eneos

Holdings,

Inc.

177,845

736

Koninklijke

Vopak

NV

36,622

1,000

Nippon

Gas

Company,

Ltd.

17,419

6,313

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

151,977

Total

383,863

Financials

(6.9%)

130

Alleghany

Corporation

a

81,418

218

Allstate

Corporation

25,048

991

Aon

plc

228,039

2,552

Arthur

J.

Gallagher

&

Company

318,413

376

ASX,

Ltd.

20,353

1,375

Berkshire

Hathaway,

Inc.

a

351,271

349

Cboe

Global

Markets,

Inc.

34,443

62

Chubb,

Ltd.

9,794

567

Cincinnati

Financial

Corporation

58,452

1,089

CME

Group,

Inc.

222,407

246

Deutsche

Boerse

AG

40,878

175

Erie

Indemnity

Company

38,659

293

FactSet

Research

Systems,

Inc.

90,417

282

Intact

Financial

Corporation

34,557

29,500

Japan

Post

Bank

Company,

Ltd.

283,680

9,100

Japan

Post

Holdings

Company,

Ltd.

81,101

5,794

Laurentian

Bank

of

Canada

b

184,558

59

MarketAxess

Holdings,

Inc.

29,377

2,544

Marsh

&

McLennan

Companies,

Inc.

309,859

1,931

Mizrahi

Tefahot

Bank,

Ltd.

a

50,352

1,117

Ringkjoebing

Landbobank

AS

109,178

17,200

Singapore

Exchange,

Ltd.

127,568

157

St.

Galler

Kantonalbank

AG

70,817

5,400

Sumitomo

Mitsui

Financial

Group,

Inc.

195,735

12,671

Umpqua

Holdings

Corporation

222,376

Total

3,218,750

Health

Care

(18.1%)

3,775

Abbott

Laboratories

452,396

264

Abcam

plc

a

5,063

1,203

Amgen,

Inc.

299,318

575

Amplifon

SPA

a

21,396

4,600

Astellas

Pharmaceutical,

Inc.

70,860

2,134

Baxter

International,

Inc.

179,981

345

Becton,

Dickinson

and

Company

83,887

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Shares

Common

Stock

(98.6%)

Value

Health

Care

(18.1%)

-

continued

5,500

Chugai

Pharmaceutical

Company,

Ltd.

$

223,486

2,165

Coloplast

AS

325,501

1,814

Danaher

Corporation

408,295

2,333

Dechra

Pharmaceuticals

plc

110,319

822

DiaSorin

SPA

131,886

2,192

Eli

Lilly

and

Company

409,509

8,098

Gilead

Sciences,

Inc.

523,374

81

Illumina,

Inc.

a

31,109

667

Incyte

Corporation

a

54,207

4,776

Johnson

&

Johnson

784,936

102

Masimo

Corporation

a

23,425

4,109

Medtronic

plc

485,396

6,064

Merck

&

Company,

Inc.

467,474

23

Mettler

-Toledo

International,

Inc.

a

26,581

152

Moderna

,

Inc.

a

19,904

2,121

Novartis

AG

181,305

4,833

Novo

Nordisk

AS

325,665

2,231

Qiagen

NV

a

107,979

1,503

Regeneron

Pharmaceuticals,

Inc.

a

711,129

1,244

Roche

Holding

AG

402,986

4,000

Sawai

Pharmaceutical

Company,

Ltd.

c

192,589

354

Sonova

Holding

AG

a

93,837

708

Stryker

Corporation

172,455

100

Sysmex

Corporation

10,794

895

Tecan

Group

AG

397,058

800

UnitedHealth

Group,

Inc.

297,656

1,451

Vertex

Pharmaceuticals,

Inc.

a

311,805

222

Zoetis,

Inc.

34,961

Total

8,378,522

Industrials

(9.4%)

3,169

Canadian

National

Railway

Company

367,762

78

Canadian

Pacific

Railway,

Ltd.

29,792

676

Geberit

AG

430,237

365

IDEX

Corporation

76,402

13,300

Kamigumi

Company,

Ltd.

252,313

41,400

Kandenko

Company,

Ltd.

362,761

546

Kuehne

&

Nagel

International

AG

155,952

323

L3Harris

Technologies,

Inc.

65,466

387

Landstar

System,

Inc.

63,878

359

Lockheed

Martin

Corporation

132,650

8,500

Marubeni

Corporation

70,993

1,900

Max

Company,

Ltd.

28,139

4,000

Mitsubishi

Corporation

113,396

15,400

Nikkon

Holdings

Company,

Ltd.

309,846

3,300

Nishimatsu

Construction

Company,

Ltd.

83,760

5,629

Republic

Services,

Inc.

559,241

41

Rockwell

Automation,

Inc.

10,883

1,300

Sumitomo

Corporation

18,605

17,900

Takasago

Thermal

Engineering

Company,

Ltd.

279,174

2,014

Verisk

Analytics,

Inc.

355,854

1,168

Waste

Connections,

Inc.

126,121

3,461

Waste

Management,

Inc.

446,538

Total

4,339,763

Information

Technology

(18.3%)

1,816

Accenture

plc

501,670

897

Adobe,

Inc.

a

426,407

4,900

Amphenol

Corporation

323,253

932

Apple,

Inc.

113,844

Shares

Common

Stock

(98.6%)

Value

Information

Technology

(18.3%)

-

continued

299

Arista

Networks,

Inc.

a

$

90,265

1,087

Automatic

Data

Processing,

Inc.

204,867

636

Broadridge

Financial

Solutions,

Inc.

97,372

1,700

Canon

Electronics,

Inc.

26,509

11,800

Canon,

Inc.

268,261

4,460

CGI,

Inc.

a

371,507

2,827

Cisco

Systems,

Inc.

146,184

790

Citrix

Systems,

Inc.

110,884

544

Fiserv,

Inc.

a

64,758

8,000

IGG,

Inc.

10,342

680

Intuit,

Inc.

260,481

3,803

Jack

Henry

&

Associates,

Inc.

576,991

200

Kanematsu

Electronics,

Ltd.

6,751

200

Keyence

Corporation

91,151

1,573

Keysight

Technologies,

Inc.

a

225,568

1,661

Mastercard

,

Inc.

591,399

1,721

Microsoft

Corporation

405,760

2,843

Motorola

Solutions,

Inc.

534,626

700

NSD

Company,

Ltd.

11,679

100

OBIC

Company,

Ltd.

18,349

5,598

Paychex,

Inc.

548,716

3,000

Ryosan

Company,

Ltd.

61,357

5,000

SUNeVision

Holdings,

Ltd.

5,181

531

Synopsys,

Inc.

a

131,571

3,018

Texas

Instruments,

Inc.

570,372

3,760

Thomson

Reuters

Corporation

329,385

1,618

Tyler

Technologies,

Inc.

a

686,890

1,692

VeriSign,

Inc.

a

336,302

1,291

Visa,

Inc.

273,343

206

Zoom

Video

Communications,

Inc.

a

66,186

Total

8,488,181

Materials

(4.5%)

19,442

Barrick

Gold

Corporation

385,684

169

Croda

International

plc

14,787

4,388

Franco-Nevada

Corporation

549,772

23

Givaudan

SA

88,717

1,156

Kirkland

Lake

Gold,

Ltd.

39,039

10,670

Newmont

Mining

Corporation

643,081

1,600

Nippon

Paint

Holdings

Company,

Ltd.

23,110

6,500

Nippon

Steel

Trading

Corporation

238,893

484

Symrise

AG

58,725

1,190

Wheaton

Precious

Metals

Corporation

45,470

Total

2,087,278

Real

Estate

(4.2%)

312

American

Tower

Corporation

74,587

144

Bachem

Holding

AG

61,658

634

Camden

Property

Trust

69,683

1,032

Canadian

Apartment

Properties

REIT

44,230

3,714

Extra

Space

Storage,

Inc.

492,291

36,700

Link

REIT

334,841

58,300

Mapletree

Commercial

Trust

a

92,113

2,782

Public

Storage,

Inc.

686,486

3,001

Quebecor,

Inc.

80,571

Total

1,936,460

Utilities

(6.1%)

5,451

American

Electric

Power

Company,

Inc.

461,700

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Shares

Common

Stock

(98.6%)

Value

Utilities

(6.1%)

-

continued

637

American

Water

Works

Company,

Inc.

$

95,499

7,524

Consolidated

Edison,

Inc.

562,795

1,283

Dominion

Energy,

Inc.

97,457

273

DTE

Energy

Company

36,347

1,093

Duke

Energy

Corporation

105,507

13,141

Enel

SPA

130,719

593

Eversource

Energy

51,348

119,500

HK

Electric

Investments,

Ltd.

118,734

21,000

Hong

Kong

and

China

Gas

Company,

Ltd.

33,297

3,979

Iberdrola

SA

51,357

6,862

NextEra

Energy,

Inc.

518,836

2,593

Southern

Company

161,181

1,471

WEC

Energy

Group,

Inc.

137,671

4,147

Xcel

Energy,

Inc.

275,817

Total

2,838,265

Total

Common

Stock

(cost

$40,181,833)

45,712,438

Shares

Collateral

Held

for

Securities

Loaned

(

1.0%

)

Value

449,903

Thrivent

Cash

Management

Trust

449,903

Total

Collateral

Held

for

Securities

Loaned

(cost

$449,903)

449,903

Shares

Short-Term

Investments

(

0.3%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

12,076

0.180%

120,759

Total

Short-Term

Investments

(cost

$120,759)

120,759

Total

Investments

(cost

$40,752,495)

99.9%

$46,283,100

Other

Assets

and

Liabilities,

Net

0.1%

67,373

Total

Net

Assets

100.0%

$46,350,473

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Low

Volatility

Equity

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

154,393

Total

lending

$154,393

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$449,903

Net

amounts

due

to

counterparty

$295,510

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Low

Volatility

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

4,961,134

1,554,569

3,406,565

–

Consumer

Discretionary

2,480,839

1,481,221

999,618

–

Consumer

Staples

6,599,383

4,345,122

2,254,261

–

Energy

383,863

–

383,863

–

Financials

3,218,750

2,019,973

1,198,777

–

Health

Care

8,378,522

5,777,798

2,408,135

192,589

Industrials

4,339,763

1,837,033

2,502,730

–

Information

Technology

8,488,181

7,287,709

1,200,472

–

Materials

2,087,278

1,238,323

848,955

–

Real

Estate

1,936,460

1,323,047

613,413

–

Utilities

2,838,265

2,504,158

334,107

–

Subtotal

Investments

in

Securities

$45,712,438

$29,368,953

$16,150,896

$192,589

Other

Investments  *

Total

Affiliated

Short-Term

Investments

120,759

Collateral

Held

for

Securities

Loaned

449,903

Subtotal

Other

Investments

$570,662

Total

Investments

at

Value

$46,283,100

*

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

1,273

1,273

–

–

Total

Asset

Derivatives

$1,273

$1,273

$–

$–

The

following

table

presents

Low

Volatility

Equity

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$20,462

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

Eurex

MSCI

World

Index

3

June

2021

$

251,177

$

1,273

Total

Futures

Long

Contracts

$

251,177

$

1,273

Total

Futures

Contracts

$

251,177

$1,273

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(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

Low

Volatility

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$1,886

$1,765

$121

12

0.3%

Total

Affiliated

Short-Term

Investments

–

121

0.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

159

396

105

450

450

1.0

Total

Collateral

Held

for

Securities

Loaned

159

450

1.0

Total

Value

$159

$571

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$

0

Total

Value

$–

$–

$–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Shares

Common

Stock

(

98.2%

)

Value

Communications

Services

(4.5%)

1,763

Live

Nation

Entertainment,

Inc.

a

$

149,238

4,059

Match

Group,

Inc.

a

557,625

2,401

RingCentral,

Inc.

a

715,210

1,707

Take-Two

Interactive

Software,

Inc.

a

301,627

Total

1,723,700

Consumer

Discretionary

(16.0%)

4,002

Aptiv

plc

a

551,876

906

Bright

Horizons

Family

Solutions,

Inc.

a

155,334

1,917

Burlington

Stores,

Inc.

a

572,800

4,210

Caesars

Entertainment,

Inc.

a

368,164

4,221

Chegg

,

Inc.

a

361,571

5,268

Chewy,

Inc.

a,b

446,252

311

Chipotle

Mexican

Grill,

Inc.

a

441,875

921

Domino's

Pizza,

Inc.

338,735

689

Etsy,

Inc.

a

138,951

4,907

Farfetch

,

Ltd.

a

260,169

1,680

Five

Below,

Inc.

a

320,527

1,082

Lithia

Motors,

Inc.

422,077

126

NVR,

Inc.

a

593,577

4,892

Planet

Fitness,

Inc.

a

378,152

1,484

Ulta

Beauty,

Inc.

a

458,808

4,140

Wyndham

Hotels

&

Resorts,

Inc.

288,889

Total

6,097,757

Consumer

Staples

(1.3%)

6,357

Lamb

Weston

Holdings,

Inc.

492,540

Total

492,540

Financials

(5.7%)

5,433

Arch

Capital

Group,

Ltd.

a

208,464

2,606

Arthur

J.

Gallagher

&

Company

325,151

1,800

Kinsale

Capital

Group,

Inc.

296,640

1,153

MSCI,

Inc.

483,430

1,752

Signature

Bank

396,127

5,045

Western

Alliance

Bancorp

476,450

Total

2,186,262

Health

Care

(19.4%)

10,152

ACADIA

Pharmaceuticals,

Inc.

a

261,922

5,256

Adaptive

Biotechnologies

Corporation

a

211,607

1,318

Argenx

SE

ADR

a

362,964

2,198

Ascendis

Pharma

AS

ADR

a

283,278

2,323

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

158,777

1,323

Bio-

Techne

Corporation

505,293

2,939

Catalent

,

Inc.

a

309,506

1,686

Dexcom

,

Inc.

a

605,932

9,970

GoodRx

Holdings,

Inc.

a,b

389,030

4,577

Guardant

Health,

Inc.

a

698,679

2,188

Immunocore

Holdings

plc

ADR

a

93,143

2,649

Insulet

Corporation

a

691,177

2,915

Ionis

Pharmaceuticals,

Inc.

a

131,058

3,128

LHC

Group,

Inc.

a

598,105

2,932

Nevro

Corporation

a

409,014

1,106

Sarepta

Therapeutics,

Inc.

a

82,430

1,606

Teleflex,

Inc.

667,229

1,647

Veeva

Systems,

Inc.

a

430,262

2,431

Zoetis,

Inc.

382,834

3,354

Zymeworks

,

Inc.

a

105,919

Total

7,378,159

Shares

Common

Stock

(98.2%)

Value

Industrials

(16.3%)

4,237

ASGN,

Inc.

a

$

404,379

3,126

Chart

Industries,

Inc.

a

444,986

1,951

Generac

Holdings,

Inc.

a

638,855

25,000

Howmet

Aerospace,

Inc.

a

803,250

1,666

IDEX

Corporation

348,727

4,319

Mercury

Systems,

Inc.

a

305,138

2,144

Middleby

Corporation

a

355,368

1,635

Old

Dominion

Freight

Line,

Inc.

393,070

3,866

Regal-Beloit

Corporation

551,601

7,592

TransUnion

683,280

3,621

Trex

Company,

Inc.

a

331,466

2,892

United

Rentals,

Inc.

a

952,365

Total

6,212,485

Information

Technology

(28.3%)

4,982

Amphenol

Corporation

328,663

9,363

Anaplan,

Inc.

a

504,198

1,738

Atlassian

Corporation

plc

a

366,301

4,039

Bandwidth,

Inc.

a

511,903

6,989

BigCommerce

Holdings,

Inc.

a

403,964

1,494

Coupa

Software,

Inc.

a

380,193

2,538

DocuSign,

Inc.

a

513,818

9,014

Elastic

NV

a

1,002,357

954

EPAM

Systems,

Inc.

a

378,442

2,983

Euronet

Worldwide,

Inc.

a

412,549

3,511

Global

Payments,

Inc.

707,747

503

Lam

Research

Corporation

299,406

4,849

Lumentum

Holdings,

Inc.

a

442,956

13,671

Medallia

,

Inc.

a

381,284

2,845

MKS

Instruments,

Inc.

527,520

1,971

Monolithic

Power

Systems,

Inc.

696,177

1,377

Nice,

Ltd.

ADR

a

300,145

1,778

Okta

,

Inc.

a

391,925

1,805

Palo

Alto

Networks,

Inc.

a

581,318

1,816

Qorvo

,

Inc.

a

331,783

478

ServiceNow

,

Inc.

a

239,053

13,376

STMicroelectronics

NV

ADR

512,702

299

Trade

Desk,

Inc.

a

194,846

2,050

Zscaler

,

Inc.

a

351,923

Total

10,761,173

Materials

(2.3%)

1,695

Martin

Marietta

Materials,

Inc.

569,215

1,225

Quaker

Chemical

Corporation

298,618

Total

867,833

Real

Estate

(4.4%)

1,762

Camden

Property

Trust

193,661

7,059

CBRE

Group,

Inc.

a

558,438

698

CoStar

Group,

Inc.

a

573,679

1,313

SBA

Communications

Corporation

364,423

Total

1,690,201

Total

Common

Stock

(cost

$33,273,338)

37,410,110

Shares

Collateral

Held

for

Securities

Loaned

(

2.1%

)

Value

816,670

Thrivent

Cash

Management

Trust

816,670

Total

Collateral

Held

for

Securities

Loaned

(cost

$816,670)

816,670

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Registered

Investment

Companies

(

0.4%

)

Value

Unaffiliated  (0.4%)

1,768

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

$

143,809

Total

143,809

Total

Registered

Investment

Companies

(cost

$112,912)

143,809

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

67,072

0.180%

670,720

Total

Short-Term

Investments

(cost

$670,720)

670,720

Total

Investments

(cost

$34,873,640)

102.5%

$39,041,309

Other

Assets

and

Liabilities,

Net

(2.5%)

(939,693)

Total

Net

Assets

100.0%

$38,101,616

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

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

829,646

Total

lending

$829,646

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$816,670

Net

amounts

due

to

counterparty

$(12,976)

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

March

31,

2021,

in

valuing

Mid

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,723,700

1,723,700

–

–

Consumer

Discretionary

6,097,757

6,097,757

–

–

Consumer

Staples

492,540

492,540

–

–

Financials

2,186,262

2,186,262

–

–

Health

Care

7,378,159

7,378,159

–

–

Industrials

6,212,485

6,212,485

–

–

Information

Technology

10,761,173

10,761,173

–

–

Materials

867,833

867,833

–

–

Real

Estate

1,690,201

1,690,201

–

–

Registered

Investment

Companies

Unaffiliated

143,809

143,809

–

–

Subtotal

Investments

in

Securities

$37,553,919

$37,553,919

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

670,720

Collateral

Held

for

Securities

Loaned

816,670

Subtotal

Other

Investments

$1,487,390

Total

Investments

at

Value

$39,041,309

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$887

$9,310

$9,526

$671

67

1.8%

Total

Affiliated

Short-Term

Investments

887

671

1.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

949

2,711

2,843

817

817

2.1

Total

Collateral

Held

for

Securities

Loaned

949

817

2.1

Total

Value

$1,836

$1,488

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$

0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Shares

Common

Stock

(

99.2%

)

Value

Communications

Services

(1.7%)

1,444

Cable

One,

Inc.

$

2,640,152

28,688

Cinemark

Holdings,

Inc.

a,b

585,522

31,414

Iridium

Communications,

Inc.

b

1,295,827

11,575

John

Wiley

and

Sons,

Inc.

627,365

38,546

New

York

Times

Company

1,951,199

58,395

Tegna,

Inc.

1,099,578

26,476

Telephone

&

Data

Systems,

Inc.

607,889

12,425

World

Wrestling

Entertainment,

Inc.

674,180

18,725

Yelp,

Inc.

b

730,275

Total

10,211,987

Consumer

Discretionary

(15.3%)

25,001

Adient

plc

b

1,105,044

13,333

Adtalem

Global

Education,

Inc.

b

527,187

39,762

American

Eagle

Outfitters,

Inc.

a

1,162,641

14,647

AutoNation,

Inc.

b

1,365,393

21,412

Boyd

Gaming

Corporation

b

1,262,452

20,676

Brunswick

Corporation

1,971,870

40,155

Capri

Holdings,

Ltd.

b

2,047,905

11,711

Carter's,

Inc.

b

1,041,459

7,677

Choice

Hotels

International,

Inc.

823,665

9,206

Churchill

Downs,

Inc.

2,093,629

8,118

Columbia

Sportswear

Company

857,504

6,307

Cracker

Barrel

Old

Country

Store,

Inc.

1,090,354

38,461

Dana,

Inc.

935,756

7,489

Deckers

Outdoor

Corporation

b

2,474,515

17,475

Dick's

Sporting

Goods,

Inc.

1,330,721

14,854

Five

Below,

Inc.

b

2,833,995

27,705

Foot

Locker,

Inc.

1,558,406

11,113

Fox

Factory

Holding

Corporation

b

1,412,018

64,778

Gentex

Corporation

2,310,631

62,023

Goodyear

Tire

&

Rubber

Company

b

1,089,744

1,073

Graham

Holdings

Company

603,498

12,461

Grand

Canyon

Education,

Inc.

b

1,334,573

24,792

GrubHub,

Inc.

b

1,487,520

48,761

H&R

Block,

Inc.

1,062,990

40,758

Harley-Davidson,

Inc.

1,634,396

6,486

Helen

of

Troy,

Ltd.

b

1,366,341

35,771

IAA,

Inc.

b

1,972,413

6,069

Jack

in

the

Box,

Inc.

666,255

23,651

KB

Home

1,100,481

41,912

Kohl's

Corporation

2,498,374

14,543

Lear

Corporation

2,635,919

7,080

Lithia

Motors,

Inc.

2,761,837

10,952

Marriott

Vacations

Worldwide

Corporation

b

1,907,619

92,561

Mattel,

Inc.

b

1,843,815

6,737

Murphy

USA,

Inc.

973,901

28,946

Nordstrom,

Inc.

b

1,096,185

15,130

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

1,316,310

8,754

Papa

John's

International,

Inc.

775,955

62,841

Park

Hotels

&

Resorts,

Inc.

b

1,356,109

15,486

Polaris,

Inc.

2,067,381

4,339

RH

b

2,588,647

14,962

Scientific

Games

Corporation

b

576,336

45,042

Service

Corporation

International

2,299,394

20,152

Six

Flags

Entertainment

Corporation

b

936,463

36,350

Skechers

USA,

Inc.

b

1,516,158

6,489

Strategic

Education,

Inc.

596,404

34,249

Taylor

Morrison

Home

Corporation

b

1,055,212

Shares

Common

Stock

(99.2%)

Value

Consumer

Discretionary

(15.3%)

-

continued

50,769

Tempur

Sealy

International,

Inc.

$

1,856,115

17,398

Texas

Roadhouse,

Inc.

b

1,669,164

14,719

Thor

Industries,

Inc.

1,983,238

29,786

Toll

Brothers,

Inc.

1,689,760

8,778

TopBuild

Corporation

b

1,838,377

22,845

Travel

+

Leisure

Company

1,397,200

31,691

Tri

Pointe

Homes,

Inc.

b

645,229

25,629

TripAdvisor,

Inc.

b

1,378,584

18,197

Urban

Outfitters,

Inc.

b

676,746

7,421

Visteon

Corporation

b

904,991

12,654

Weight

Watchers

International,

Inc.

b

395,817

47,606

Wendy's

Company

964,498

20,361

Williams-Sonoma,

Inc.

3,648,691

7,893

Wingstop,

Inc.

1,003,753

24,769

Wyndham

Hotels

&

Resorts,

Inc.

1,728,381

19,931

YETI

Holdings,

Inc.

b

1,439,218

Total

92,545,137

Consumer

Staples

(3.6%)

36,496

BJ's

Wholesale

Club

Holdings,

Inc.

b

1,637,211

2,447

Boston

Beer

Company,

Inc.

b

2,951,767

9,822

Casey's

General

Stores,

Inc.

2,123,418

75,425

Coty,

Inc.

b

679,579

43,227

Darling

Ingredients,

Inc.

b

3,180,643

15,449

Energizer

Holdings,

Inc.

733,210

52,341

Flowers

Foods,

Inc.

1,245,716

23,043

Grocery

Outlet

Holding

Corporation

b

850,056

21,779

Hain

Celestial

Group,

Inc.

b

949,564

17,841

Ingredion,

Inc.

1,604,263

5,200

Lancaster

Colony

Corporation

911,872

13,517

Nu

Skin

Enterprises,

Inc.

714,914

12,948

Pilgrim's

Pride

Corporation

b

308,033

15,914

Post

Holdings,

Inc.

b

1,682,428

5,283

Sanderson

Farms,

Inc.

822,986

31,358

Sprouts

Farmers

Markets,

Inc.

b

834,750

4,739

Tootsie

Roll

Industries,

Inc.

a

157,003

14,859

TreeHouse

Foods,

Inc.

b

776,234

Total

22,163,647

Energy

(1.3%)

76,071

Antero

Midstream

Corporation

686,921

49,563

ChampionX

Corporation

b

1,077,004

27,331

Cimarex

Energy

Company

1,623,188

58,409

CNX

Resources

Corporation

b

858,612

74,133

EQT

Corporation

b

1,377,391

108,438

Equitrans

Midstream

Corporation

884,854

38,384

Murphy

Oil

Corporation

629,882

16,782

World

Fuel

Services

Corporation

590,727

Total

7,728,579

Financials

(15.4%)

11,331

Affiliated

Managers

Group,

Inc.

1,688,659

3,720

Alleghany

Corporation

b

2,329,799

18,605

American

Financial

Group,

Inc.

2,122,830

40,630

Associated

Banc-Corp

867,044

25,634

BancorpSouth

Bank

832,592

10,670

Bank

of

Hawaii

Corporation

954,858

32,137

Bank

OZK

1,312,796

23,230

Brighthouse

Financial,

Inc.

b

1,027,927

62,244

Brown

&

Brown,

Inc.

2,845,173

19,869

Cathay

General

Bancorp

810,258

26,241

CIT

Group,

Inc.

1,351,674

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

Common

Stock

(99.2%)

Value

Financials

(15.4%)

-

continued

35,795

CNO

Financial

Group,

Inc.

$

869,461

28,013

Commerce

Bancshares,

Inc.

2,146,076

14,945

Cullen/Frost

Bankers,

Inc.

1,625,418

37,635

East

West

Bancorp,

Inc.

2,777,463

29,999

Essent

Group,

Ltd.

1,424,652

11,172

Evercore,

Inc.

1,471,799

85,477

F.N.B.

Corporation

1,085,558

10,097

FactSet

Research

Systems,

Inc.

3,115,833

25,016

Federated

Hermes,

Inc.

783,001

29,203

First

American

Financial

Corporation

1,654,350

37,816

First

Financial

Bankshares,

Inc.

1,767,142

147,671

First

Horizon

Corporation

2,497,117

10,910

FirstCash,

Inc.

716,460

43,161

Fulton

Financial

Corporation

735,032

134,522

Genworth

Financial,

Inc.

b

446,613

25,369

Glacier

Bancorp,

Inc.

1,448,063

23,062

Hancock

Whitney

Corporation

968,835

9,673

Hanover

Insurance

Group,

Inc.

1,252,267

40,391

Home

BancShares,

Inc.

1,092,577

21,479

Interactive

Brokers

Group,

Inc.

1,568,826

14,809

International

Bancshares

Corporation

687,434

45,361

Janus

Henderson

Group

plc

1,412,995

53,832

Jefferies

Financial

Group,

Inc.

1,620,343

16,357

Kemper

Corporation

1,303,980

5,691

Kinsale

Capital

Group,

Inc.

937,877

2,897

LendingTree,

Inc.

a,b

617,061

7,064

Mercury

General

Corporation

429,562

48,856

Navient

Corporation

699,129

123,806

New

York

Community

Bancorp,

Inc.

1,562,432

75,206

Old

Republic

International

Corporation

1,642,499

31,053

PacWest

Bancorp

1,184,672

20,202

Pinnacle

Financial

Partners,

Inc.

1,791,109

10,460

Primerica,

Inc.

1,546,197

18,005

PROG

Holdings,

Inc.

779,436

24,706

Prosperity

Bancshares,

Inc.

1,850,232

18,071

Reinsurance

Group

of

America,

Inc.

2,277,850

13,483

RenaissanceRe

Holdings,

Ltd.

2,160,651

10,562

RLI

Corporation

1,178,402

31,668

SEI

Investments

Company

1,929,531

15,920

Selective

Insurance

Group,

Inc.

1,154,837

15,172

Signature

Bank

3,430,389

89,099

SLM

Corporation

1,601,109

51,431

Sterling

Bancorp

1,183,942

27,907

Stifel

Financial

Corporation

1,787,722

39,517

Synovus

Financial

Corporation

1,807,903

40,570

TCF

Financial

Corporation

1,884,882

13,418

Texas

Capital

Bancshares,

Inc.

b

951,605

16,857

Trustmark

Corporation

567,407

11,528

UMB

Financial

Corporation

1,064,380

58,596

Umpqua

Holdings

Corporation

1,028,360

34,288

United

Bankshares,

Inc.

1,322,831

107,832

Valley

National

Bancorp

1,481,612

19,720

Washington

Federal,

Inc.

607,376

24,004

Webster

Financial

Corporation

1,322,860

15,124

Wintrust

Financial

Corporation

1,146,399

Total

93,545,159

Health

Care

(11.1%)

23,671

Acadia

Healthcare

Company,

Inc.

b

1,352,561

8,733

Amedisys,

Inc.

b

2,312,411

Shares

Common

Stock

(99.2%)

Value

Health

Care

(11.1%)

-

continued

27,593

Arrowhead

Research

Corporation

b

$

1,829,692

12,751

Avanos

Medical,

Inc.

b

557,729

10,315

Bio-Techne

Corporation

3,939,608

10,000

Cantel

Medical

Corporation

b

798,400

13,231

Charles

River

Laboratories

International,

Inc.

b

3,834,741

4,262

Chemed

Corporation

1,959,753

12,044

Emergent

Biosolutions,

Inc.

b

1,119,008

26,390

Encompass

Health

Corporation

2,161,341

82,942

Exelixis,

Inc.

b

1,873,660

20,546

Globus

Medical,

Inc.

b

1,267,072

13,511

Haemonetics

Corporation

b

1,499,856

33,805

Halozyme

Therapeutics,

Inc.

b

1,409,331

22,044

HealthEquity,

Inc.

b

1,498,992

17,642

Hill-Rom

Holdings,

Inc.

1,949,088

5,226

ICU

Medical,

Inc.

b

1,073,629

18,841

Integra

LifeSciences

Holdings

Corporation

b

1,301,725

14,974

Jazz

Pharmaceuticals,

Inc.

b

2,461,276

8,399

LHC

Group,

Inc.

b

1,605,973

4,416

Ligand

Pharmaceuticals,

Inc.

a,b

673,219

12,937

LivaNova

plc

b

953,845

13,517

Masimo

Corporation

b

3,104,314

7,315

Medpace

Holdings,

Inc.

b

1,200,026

15,419

Molina

Healthcare,

Inc.

b

3,604,345

48,433

Nektar

Therapeutics

b

968,660

14,155

Neogen

Corporation

b

1,258,238

24,975

Neurocrine

Biosciences,

Inc.

b

2,428,819

13,659

NuVasive,

Inc.

b

895,484

23,121

Patterson

Companies,

Inc.

738,716

9,012

Penumbra,

Inc.

a,b

2,438,467

17,159

PRA

Health

Sciences,

Inc.

b

2,630,990

10,238

Quidel

Corporation

b

1,309,747

13,542

Repligen

Corporation

b

2,632,700

12,379

STAAR

Surgical

Company

b

1,304,870

21,974

Syneos

Health,

Inc.

b

1,666,728

28,232

Tenet

Healthcare

Corporation

b

1,468,064

11,842

United

Therapeutics

Corporation

b

1,980,811

Total

67,063,889

Industrials

(17.3%)

9,578

Acuity

Brands,

Inc.

1,580,370

39,269

AECOM

b

2,517,536

16,398

AGCO

Corporation

2,355,573

14,090

ASGN,

Inc.

b

1,344,750

13,740

Avis

Budget

Group,

Inc.

b

996,700

16,957

Axon

Enterprise,

Inc.

b

2,415,016

13,163

Brink's

Company

1,042,904

54,880

Builders

FirstSource,

Inc.

b

2,544,786

14,167

Carlisle

Companies,

Inc.

2,331,605

13,402

Clean

Harbors,

Inc.

b

1,126,572

30,656

Colfax

Corporation

b

1,343,039

13,144

Crane

Company

1,234,353

10,883

Curtiss-Wright

Corporation

1,290,724

33,530

Donaldson

Company,

Inc.

1,950,105

8,139

Dycom

Industries,

Inc.

b

755,706

14,568

EMCOR

Group,

Inc.

1,633,947

11,348

EnerSys

1,030,398

34,634

Flowserve

Corporation

1,344,146

33,304

Fluor

Corporation

b

768,989

9,103

FTI

Consulting,

Inc.

b

1,275,421

9,331

GATX

Corporation

865,357

44,867

Graco,

Inc.

3,213,375

19,863

Healthcare

Services

Group,

Inc.

556,760

15,680

Herman

Miller,

Inc.

645,232

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Shares

Common

Stock

(99.2%)

Value

Industrials

(17.3%)

-

continued

22,225

Hexcel

Corporation

b

$

1,244,600

14,435

Hubbell,

Inc.

2,697,757

9,448

Insperity,

Inc.

791,176

22,996

ITT

Corporation

2,090,566

84,016

JetBlue

Airways

Corporation

b

1,708,885

34,481

KAR

Auction

Services,

Inc.

b

517,215

37,443

KBR,

Inc.

1,437,437

22,207

Kennametal,

Inc.

887,614

15,974

Kirby

Corporation

b

962,913

32,588

Knight-Swift

Transportation

Holdings,

Inc.

1,567,157

10,205

Landstar

System,

Inc.

1,684,437

9,129

Lennox

International,

Inc.

2,844,505

15,861

Lincoln

Electric

Holdings,

Inc.

1,949,951

14,620

Manpower,

Inc.

1,445,918

14,994

MasTec,

Inc.

b

1,404,938

14,925

Mercury

Systems,

Inc.

b

1,054,451

14,791

Middleby

Corporation

b

2,451,608

9,664

MSA

Safety,

Inc.

1,449,793

12,420

MSC

Industrial

Direct

Company,

Inc.

1,120,160

14,367

Nordson

Corporation

2,854,436

44,711

nVent

Electric

plc

1,247,884

18,180

Oshkosh

Corporation

2,157,239

27,894

Owens

Corning,

Inc.

2,568,758

10,799

Regal-Beloit

Corporation

1,540,801

14,276

Ryder

System,

Inc.

1,079,979

11,521

Simpson

Manufacturing

Company,

Inc.

1,195,073

24,354

Stericycle,

Inc.

b

1,644,139

42,547

Sunrun,

Inc.

b

2,573,243

18,450

Terex

Corporation

849,991

14,417

Tetra

Tech,

Inc.

1,956,675

18,115

Timken

Company

1,470,395

28,611

Toro

Company

2,950,939

30,785

Trex

Company,

Inc.

b

2,818,059

21,831

Trinity

Industries,

Inc.

621,965

45,032

Univar,

Inc.

b

969,989

5,640

Valmont

Industries,

Inc.

1,340,459

44,808

Vontier

Corporation

b

1,356,338

8,738

Watsco,

Inc.

2,278,433

15,188

Werner

Enterprises,

Inc.

716,418

15,587

Woodward,

Inc.

1,880,260

27,171

XPO

Logistics,

Inc.

b

3,350,184

Total

104,896,102

Information

Technology

(14.7%)

31,142

ACI

Worldwide,

Inc.

b

1,184,953

13,211

Alliance

Data

Systems

Corporation

1,480,821

28,465

Amkor

Technology,

Inc.

674,905

19,833

Arrow

Electronics,

Inc.

b

2,197,893

26,440

Avnet,

Inc.

1,097,524

11,872

Belden,

Inc.

526,761

12,862

Blackbaud,

Inc.

b

914,231

19,731

Brooks

Automation,

Inc.

1,611,036

6,708

CACI

International,

Inc.

b

1,654,595

32,369

CDK

Global,

Inc.

1,749,868

34,812

Ceridian

HCM

Holding,

Inc.

b

2,933,607

41,249

Ciena

Corporation

b

2,257,145

15,431

Cirrus

Logic,

Inc.

b

1,308,394

7,754

CMC

Materials,

Inc.

1,370,830

46,797

Cognex

Corporation

3,883,683

6,500

Coherent,

Inc.

b

1,643,785

12,494

CommVault

Systems,

Inc.

b

805,863

11,054

Concentrix

Corporation

b

1,655,005

Shares

Common

Stock

(99.2%)

Value

Information

Technology

(14.7%)

-

continued

19,447

CoreLogic,

Inc.

$

1,541,175

30,636

Cree,

Inc.

b

3,312,671

7,772

Fair

Isaac

Corporation

b

3,777,581

22,540

First

Solar,

Inc.

b

1,967,742

27,851

II-VI,

Inc.

b

1,904,173

8,196

InterDigital,

Inc.

520,036

11,288

j2

Global,

Inc.

b

1,352,980

36,003

Jabil,

Inc.

1,877,916

6,523

Littelfuse,

Inc.

1,724,942

17,790

LiveRamp

Holding,

Inc.

b

922,945

20,125

Lumentum

Holdings,

Inc.

b

1,838,419

16,962

Manhattan

Associates,

Inc.

b

1,991,000

16,337

MAXIMUS,

Inc.

1,454,646

14,681

MKS

Instruments,

Inc.

2,722,151

34,988

National

Instruments

Corporation

1,510,957

34,587

NCR

Corporation

b

1,312,577

19,524

NetScout

Systems,

Inc.

b

549,796

9,974

Paylocity

Holding

Corporation

b

1,793,624

36,397

Perspecta,

Inc.

1,057,333

27,948

PTC,

Inc.

b

3,847,042

8,964

Qualys,

Inc.

b

939,248

84,361

Sabre

Corporation

b

1,249,386

24,307

SailPoint

Technologies

Holdings,

Inc.

b

1,230,906

15,479

Science

Applications

International

Corporation

1,293,890

17,281

Semtech

Corporation

b

1,192,389

11,677

Silicon

Laboratories,

Inc.

b

1,647,274

13,713

Solaredge

Technology,

Ltd.

b

3,941,665

9,286

Synaptics,

Inc.

b

1,257,510

10,974

SYNNEX

Corporation

1,260,254

28,978

Teradata

Corporation

b

1,116,812

11,397

Universal

Display

Corporation

2,698,468

17,301

ViaSat,

Inc.

a,b

831,659

35,261

Vishay

Intertechnology,

Inc.

849,085

11,748

WEX,

Inc.

b

2,457,917

44,362

Xerox

Holdings

Corporation

1,076,666

Total

88,973,734

Materials

(6.4%)

17,324

AptarGroup,

Inc.

2,454,291

14,515

Ashland

Global

Holdings,

Inc.

1,288,497

24,270

Avient

Corporation

1,147,243

15,052

Cabot

Corporation

789,327

43,911

Chemours

Company

1,225,556

122,018

Cleveland-Cliffs,

Inc.

2,453,782

31,920

Commercial

Metals

Company

984,413

9,032

Compass

Minerals

International,

Inc.

566,487

14,640

Domtar

Corporation

540,948

11,149

Eagle

Materials,

Inc.

1,498,537

7,052

Greif,

Inc.

401,964

10,775

Ingevity

Corporation

b

813,836

28,315

Louisiana-Pacific

Corporation

1,570,350

8,998

Minerals

Technologies,

Inc.

677,729

1,945

NewMarket

Corporation

739,411

37,960

Olin

Corporation

1,441,341

16,909

Reliance

Steel

&

Aluminum

Company

2,575,072

17,442

Royal

Gold,

Inc.

1,877,108

34,588

RPM

International,

Inc.

3,176,908

10,810

Scotts

Miracle-Gro

Company

2,648,126

11,277

Sensient

Technologies

Corporation

879,606

20,774

Silgan

Holdings,

Inc.

873,131

26,710

Sonoco

Products

Company

1,690,743

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Shares

Common

Stock

(99.2%)

Value

Materials

(6.4%)

-

continued

53,291

Steel

Dynamics,

Inc.

$

2,705,051

69,778

United

States

Steel

Corporation

a

1,826,090

48,231

Valvoline,

Inc.

1,257,382

9,159

Worthington

Industries,

Inc.

614,477

Total

38,717,406

Real

Estate

(9.0%)

36,592

American

Campus

Communities,

Inc.

1,579,677

39,576

Apartment

Income

REIT

Corporation

1,692,270

78,895

Brixmor

Property

Group,

Inc.

1,596,046

25,937

Camden

Property

Trust

2,850,736

11,370

CoreSite

Realty

Corporation

1,362,694

29,823

Corporate

Office

Properties

Trust

785,240

39,496

Cousins

Properties,

Inc.

1,396,184

32,024

CyrusOne,

Inc.

2,168,665

43,848

Douglas

Emmett,

Inc.

1,376,827

10,544

EastGroup

Properties,

Inc.

1,510,744

19,877

EPR

Properties

926,069

34,328

First

Industrial

Realty

Trust,

Inc.

1,571,879

37,152

Healthcare

Realty

Trust,

Inc.

1,126,449

27,627

Highwoods

Properties,

Inc.

1,186,303

40,132

Hudson

Pacific

Properties,

Inc.

1,088,781

29,388

JBG

SMITH

Properties

934,245

13,588

Jones

Lang

LaSalle,

Inc.

b

2,432,796

28,152

Kilroy

Realty

Corporation

1,847,616

22,994

Lamar

Advertising

Company

2,159,596

20,061

Life

Storage,

Inc.

1,724,243

30,859

Macerich

Company

361,050

154,192

Medical

Properties

Trust,

Inc.

3,281,206

90,009

MGIC

Investment

Corporation

1,246,625

46,596

National

Retail

Properties,

Inc.

2,053,486

61,617

Omega

Healthcare

Investors,

Inc.

2,257,031

34,910

Pebblebrook

Hotel

Trust

847,964

55,985

Physicians

Realty

Trust

989,255

17,790

PotlatchDeltic

Corporation

941,447

5,335

PS

Business

Parks,

Inc.

824,684

36,641

Rayonier,

Inc.

REIT

1,181,672

34,941

Rexford

Industrial

Realty,

Inc.

1,761,026

56,020

Sabra

Health

Care

REIT,

Inc.

972,507

43,818

Service

Properties

Trust

519,681

18,437

SL

Green

Realty

Corporation

1,290,406

30,536

Spirit

Realty

Capital,

Inc.

1,297,780

63,770

Store

Capital

Corporation

2,136,295

29,243

Urban

Edge

Properties

483,094

31,923

Weingarten

Realty

Investors

859,048

Total

54,621,317

Utilities

(3.4%)

13,817

ALLETE,

Inc.

928,364

16,694

Black

Hills

Corporation

1,114,658

59,366

Essential

Utilities,

Inc.

2,656,629

29,026

Hawaiian

Electric

Industries,

Inc.

1,289,625

13,417

IDACORP,

Inc.

1,341,298

53,309

MDU

Resources

Group,

Inc.

1,685,097

24,236

National

Fuel

Gas

Company

1,211,558

25,588

New

Jersey

Resources

Corporation

1,020,194

13,456

NorthWestern

Corporation

877,331

53,175

OGE

Energy

Corporation

1,720,743

14,155

ONE

Gas,

Inc.

1,088,661

22,819

PNM

Resources,

Inc.

1,119,272

15,213

Southwest

Gas

Holdings,

Inc.

1,045,285

13,735

Spire,

Inc.

1,014,879

Shares

Common

Stock

(99.2%)

Value

Utilities

(3.4%)

-

continued

55,444

UGI

Corporation

$

2,273,758

Total

20,387,352

Total

Common

Stock

(cost

$404,316,491)

600,854,309

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

6,541,400

Thrivent

Cash

Management

Trust

6,541,400

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,541,400)

6,541,400

Shares

or

Principal

Amount

Short-Term

Investments

(

0.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

0.085%,

4/7/2021

c,d

700,000

Thrivent

Core

Short-Term

Reserve

Fund

362,529

0.180%

3,625,295

Total

Short-Term

Investments

(cost

$4,325,285)

4,325,295

Total

Investments

(cost

$415,183,176)

101.0%

$611,721,004

Other

Assets

and

Liabilities,

Net

(1.0%)

(6,140,758)

Total

Net

Assets

100.0%

$605,580,246

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

6,558,403

Total

lending

$6,558,403

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,541,400

Net

amounts

due

to

counterparty

$(17,003)

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

I

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

10,211,987

10,211,987

–

–

Consumer

Discretionary

92,545,137

92,545,137

–

–

Consumer

Staples

22,163,647

22,163,647

–

–

Energy

7,728,579

7,728,579

–

–

Financials

93,545,159

93,545,159

–

–

Health

Care

67,063,889

67,063,889

–

–

Industrials

104,896,102

104,896,102

–

–

Information

Technology

88,973,734

88,973,734

–

–

Materials

38,717,406

38,717,406

–

–

Real

Estate

54,621,317

54,621,317

–

–

Utilities

20,387,352

20,387,352

–

–

Short-Term

Investments

700,000

–

700,000

–

Subtotal

Investments

in

Securities

$601,554,309

$600,854,309

$700,000

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,625,295

Collateral

Held

for

Securities

Loaned

6,541,400

Subtotal

Other

Investments

$10,166,695

Total

Investments

at

Value

$611,721,004

*

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

16,472

16,472

–

–

Total

Liability

Derivatives

$16,472

$16,472

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$500,000

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

Mid-Cap

400

Index

18

June

2021

$

4,706,012

(

$

16,472)

Total

Futures

Long

Contracts

$

4,706,012

(

$

16,472)

Total

Futures

Contracts

$

4,706,012

($16,472)

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$6,420

$14,631

$17,426

$3,625

363

0.6%

Total

Affiliated

Short-Term

Investments

6,420

3,625

0.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

5,987

15,542

14,988

6,541

6,541

1.1

Total

Collateral

Held

for

Securities

Loaned

5,987

6,541

1.1

Total

Value

$12,407

$10,166

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$–

$–

$–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Shares

Common

Stock

(

96.8%

)

Value

Communications

Services

(2.5%)

802,842

DISH

Network

Corporation

a

$

29,062,880

254,928

Zillow

Group,

Inc.

a

33,492,441

Total

62,555,321

Consumer

Discretionary

(14.1%)

286,386

Aptiv

plc

a

39,492,629

376,665

Caesars

Entertainment,

Inc.

a

32,939,354

134,667

Domino's

Pizza,

Inc.

49,529,176

215,583

Expedia

Group,

Inc.

a

37,106,146

875,906

Harley-Davidson,

Inc.

35,123,831

171,984

Lululemon

Athletica

,

Inc.

a

52,749,213

14,222

NVR,

Inc.

a

66,998,846

54,143

RH

a,b

32,301,714

Total

346,240,909

Consumer

Staples

(3.6%)

1,334,108

Hain

Celestial

Group,

Inc.

a

58,167,109

379,225

Lamb

Weston

Holdings,

Inc.

29,382,353

Total

87,549,462

Energy

(2.2%)

1,282,623

Devon

Energy

Corporation

28,025,312

367,613

Valero

Energy

Corporation

26,321,091

Total

54,346,403

Financials

(17.2%)

1,231,124

Ally

Financial,

Inc.

55,659,116

867,446

Arch

Capital

Group,

Ltd.

a

33,283,903

852,722

Assured

Guaranty,

Ltd.

36,053,086

1,604,165

Equitable

Holdings,

Inc.

52,327,862

2,396,703

KeyCorp

47,886,126

230,838

Kinsale

Capital

Group,

Inc.

38,042,103

1,253,743

Radian

Group,

Inc.

29,149,525

819,255

Western

Alliance

Bancorp

77,370,442

960,559

Zions

Bancorporations

NA

52,792,323

Total

422,564,486

Health

Care

(8.6%)

55,947

Align

Technology,

Inc.

a

30,296,979

140,871

Amedisys

,

Inc.

a

37,301,232

282,165

Catalent

,

Inc.

a

29,714,796

365,340

Edwards

Lifesciences

Corporation

a

30,557,037

532,862

NuVasive

,

Inc.

a

34,934,433

157,297

Quidel

Corporation

a

20,123,005

394,236

Syneos

Health,

Inc.

a

29,902,801

Total

212,830,283

Industrials

(18.7%)

455,661

Advanced

Drainage

Systems,

Inc.

47,110,791

528,494

Altra

Industrial

Motion

Corporation

29,236,288

263,682

Heico

Corporation

33,171,196

1,287,715

Howmet

Aerospace,

Inc.

a

41,374,283

691,714

Nutrien

,

Ltd.

37,276,467

203,596

Old

Dominion

Freight

Line,

Inc.

48,946,514

227,481

Regal-Beloit

Corporation

32,456,989

838,479

Southwest

Airlines

Company

a

51,197,528

609,981

Timken

Company

49,512,158

274,024

United

Rentals,

Inc.

a

90,238,843

Total

460,521,057

Information

Technology

(13.0%)

334,588

Alliance

Data

Systems

Corporation

37,503,969

133,325

ANSYS,

Inc.

a

45,271,837

712,300

Calix,

Inc.

a

24,688,318

Shares

Common

Stock

(96.8%)

Value

Information

Technology

(13.0%)

-

continued

634,580

Ciena

Corporation

a

$

34,724,218

1,199,837

Dropbox,

Inc.

a

31,987,654

166,322

Enphase

Energy,

Inc.

a

26,970,776

125,826

Nice,

Ltd.

ADR

a,b

27,426,293

2,119,110

Nuance

Communications,

Inc.

a

92,477,960

Total

321,051,025

Materials

(3.4%)

494,304

Ball

Corporation

41,887,321

815,685

Steel

Dynamics,

Inc.

41,404,171

Total

83,291,492

Real

Estate

(7.3%)

213,106

Alexandria

Real

Estate

Equities,

Inc.

35,013,316

315,064

Camden

Property

Trust

34,628,684

208,744

Digital

Realty

Trust,

Inc.

29,399,505

719,837

Douglas

Emmett,

Inc.

22,602,882

684,714

Duke

Realty

Corporation

28,710,058

1,665,874

Host

Hotels

&

Resorts,

Inc.

a

28,069,977

Total

178,424,422

Utilities

(6.2%)

986,972

Alliant

Energy

Corporation

53,454,403

1,656,372

CenterPoint

Energy,

Inc.

37,516,826

612,134

Entergy

Corporation

60,888,969

Total

151,860,198

Total

Common

Stock

(cost

$1,561,987,834)

2,381,235,058

Shares

Collateral

Held

for

Securities

Loaned

(

1.5%

)

Value

36,834,975

Thrivent

Cash

Management

Trust

36,834,975

Total

Collateral

Held

for

Securities

Loaned

(cost

$36,834,975)

36,834,975

Shares

Short-Term

Investments

(

3.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

7,950,144

0.180%

79,501,440

Total

Short-Term

Investments

(cost

$79,472,453)

79,501,440

Total

Investments

(cost

$1,678,295,262)

101.5%

$2,497,571,473

Other

Assets

and

Liabilities,

Net

(1.5%)

(36,080,538)

Total

Net

Assets

100.0%

$2,461,490,935

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Stock

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

36,166,787

Total

lending

$36,166,787

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$36,834,975

Net

amounts

due

to

counterparty

$668,188

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

March

31,

2021,

in

valuing

Mid

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

62,555,321

62,555,321

–

–

Consumer

Discretionary

346,240,909

346,240,909

–

–

Consumer

Staples

87,549,462

87,549,462

–

–

Energy

54,346,403

54,346,403

–

–

Financials

422,564,486

422,564,486

–

–

Health

Care

212,830,283

212,830,283

–

–

Industrials

460,521,057

460,521,057

–

–

Information

Technology

321,051,025

321,051,025

–

–

Materials

83,291,492

83,291,492

–

–

Real

Estate

178,424,422

178,424,422

–

–

Utilities

151,860,198

151,860,198

–

–

Subtotal

Investments

in

Securities

$2,381,235,058

$2,381,235,058

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

79,501,440

Collateral

Held

for

Securities

Loaned

36,834,975

Subtotal

Other

Investments

$116,336,415

Total

Investments

at

Value

$2,497,571,473

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$54,297

$142,794

$117,590

$79,501

7,950

3.2%

Total

Affiliated

Short-Term

Investments

54,297

79,501

3.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

61,951

22,727

47,843

36,835

36,835

1.5

Total

Collateral

Held

for

Securities

Loaned

61,951

36,835

1.5

Total

Value

$116,248

$116,336

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$36

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$36

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

6

Total

Affiliated

Income

from

Securities

Loaned,

Net

$6

Total

Value

$–

$–

$–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Shares

Common

Stock

(

95.7%

)

Value

Communications

Services

(5.6%)

4,163

Discovery,

Inc.,

Class

A

a

$

180,924

9,864

Imax

Corporation

198,266

7,873

Interpublic

Group

of

Companies,

Inc.

229,892

4,264

Playtika

Holding

Corporation

a

116,023

Total

725,105

Consumer

Discretionary

(13.1%)

989

Aptiv

plc

a

136,383

2,317

Cedar

Fair,

LP

a

115,108

2,484

Dollar

Tree,

Inc.

a

284,319

2,513

eBay,

Inc.

153,896

1,469

Lear

Corporation

266,256

1,089

Mohawk

Industries,

Inc.

a

209,426

1,502

Polaris,

Inc.

200,517

5,096

Tapestry,

Inc.

a

210,006

1,860

Wyndham

Hotels

&

Resorts,

Inc.

129,791

Total

1,705,702

Consumer

Staples

(4.5%)

8,782

Albertsons

Companies,

Inc.

b

167,473

1,201

Church

&

Dwight

Company,

Inc.

104,907

3,985

Hain

Celestial

Group,

Inc.

a

173,746

1,809

Sysco

Corporation

142,441

Total

588,567

Energy

(5.5%)

5,379

Enterprise

Products

Partners,

LP

118,445

6,664

Helmerich

&

Payne,

Inc.

179,661

2,624

Marathon

Petroleum

Corporation

140,358

1,780

Pioneer

Natural

Resources

Company

282,700

Total

721,164

Financials

(19.5%)

2,217

Capital

One

Financial

Corporation

282,069

1,677

Cboe

Global

Markets,

Inc.

165,503

2,706

Comerica,

Inc.

194,129

5,807

Equitable

Holdings,

Inc.

189,424

4,858

Hartford

Financial

Services

Group,

Inc.

324,466

1,731

Raymond

James

Financial,

Inc.

212,151

3,082

Selective

Insurance

Group,

Inc.

223,568

4,854

Trustmark

Corporation

163,386

3,232

Voya

Financial,

Inc.

205,685

4,469

Wintrust

Financial

Corporation

338,750

4,314

Zions

Bancorporations

NA

237,097

Total

2,536,228

Health

Care

(7.4%)

2,117

Acadia

Healthcare

Company,

Inc.

a

120,965

2,642

Centene

Corporation

a

168,850

1,597

Ionis

Pharmaceuticals,

Inc.

a

71,801

3,154

NuVasive

,

Inc.

a

206,776

2,354

Syneos

Health,

Inc.

a

178,551

1,357

Zimmer

Biomet

Holdings,

Inc.

217,229

Total

964,172

Industrials

(12.8%)

1,720

AGCO

Corporation

247,078

1,677

Carlisle

Companies,

Inc.

276,001

3,274

Crane

Company

307,461

1,007

JB

Hunt

Transport

Services,

Inc.

169,247

836

Lincoln

Electric

Holdings,

Inc.

102,778

Shares

Common

Stock

(95.7%)

Value

Industrials

(12.8%)

-

continued

4,881

Meritor,

Inc.

a

$

143,599

2,558

Robert

Half

International,

Inc.

199,703

3,534

Southwest

Airlines

Company

a

215,786

Total

1,661,653

Information

Technology

(9.4%)

3,819

Jabil,

Inc.

199,199

8,136

Juniper

Networks,

Inc.

206,085

5,335

NCR

Corporation

a

202,463

6,478

ON

Semiconductor

Corporation

a

269,550

1,387

PTC,

Inc.

a

190,920

2,237

Western

Digital

Corporation

149,320

Total

1,217,537

Materials

(7.5%)

9,056

Axalta

Coating

Systems,

Ltd.

a

267,877

4,932

Berry

Plastics

Group,

Inc.

a

302,825

2,724

CF

Industries

Holdings,

Inc.

123,615

1,488

LyondellBasell

Industries

NV

154,826

1,536

Nucor

Corporation

123,295

Total

972,438

Real

Estate

(6.4%)

1,173

Camden

Property

Trust

128,925

3,049

CBRE

Group,

Inc.

a

241,206

3,341

Highwoods

Properties,

Inc.

143,463

12,171

Host

Hotels

&

Resorts,

Inc.

a

205,081

3,476

Rayonier,

Inc.

REIT

112,101

Total

830,776

Utilities

(4.0%)

2,426

Alliant

Energy

Corporation

131,392

8,541

CenterPoint

Energy,

Inc.

193,454

3,348

Evergy

,

Inc.

199,306

Total

524,152

Total

Common

Stock

(cost

$10,183,435)

12,447,494

Shares

Collateral

Held

for

Securities

Loaned

(

1.3%

)

Value

171,275

Thrivent

Cash

Management

Trust

171,275

Total

Collateral

Held

for

Securities

Loaned

(cost

$171,275)

171,275

Shares

Registered

Investment

Companies

(

1.1%

)

Value

Unaffiliated  (1.1%)

3,418

Fidelity

US

Utilities

ETF

141,813

Total

141,813

Total

Registered

Investment

Companies

(cost

$133,191)

141,813

Total

Investments

(cost

$10,487,901)

98.1%

$12,760,582

Other

Assets

and

Liabilities,

Net

1.9%

240,894

Total

Net

Assets

100.0%

$13,001,476

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

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

Value

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

162,095

Total

lending

$162,095

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$171,275

Net

amounts

due

to

counterparty

$9,180

Definitions:

ETF

-

Exchange

Traded

Fund

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

March

31,

2021,

in

valuing

Mid

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

725,105

725,105

–

–

Consumer

Discretionary

1,705,702

1,705,702

–

–

Consumer

Staples

588,567

588,567

–

–

Energy

721,164

721,164

–

–

Financials

2,536,228

2,536,228

–

–

Health

Care

964,172

964,172

–

–

Industrials

1,661,653

1,661,653

–

–

Information

Technology

1,217,537

1,217,537

–

–

Materials

972,438

972,438

–

–

Real

Estate

830,776

830,776

–

–

Utilities

524,152

524,152

–

–

Registered

Investment

Companies

Unaffiliated

141,813

141,813

–

–

Subtotal

Investments

in

Securities

$12,589,307

$12,589,307

$–

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

171,275

Subtotal

Other

Investments

$171,275

Total

Investments

at

Value

$12,760,582

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

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

Mid

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$91

$5,253

$5,344

$–

–

–

Total

Affiliated

Short-Term

Investments

91

–

–

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

199

926

954

171

171

1.3%

Total

Collateral

Held

for

Securities

Loaned

199

171

1.3

Total

Value

$290

$171

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Principal

Amount

Bank

Loans

(

1.3%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

695,337

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

690,873

Chemours

Company,

Term

Loan

982,975

1.860%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

952,670

Hexion,

Inc.,

Term

Loan

821,637

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

821,128

INEOS

US

Petrochem,

LLC,

Term

Loan

1,330,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

1,325,012

Innophos

Holdings,

Inc.,

Term

Loan

821,700

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

818,619

Nouryon

USA,

LLC,

Term

Loan

1,943,226

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

1,912,056

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

958,371

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

957,374

PQ

Corporation,

Term

Loan

695,462

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

695,170

Venator

Finance

SARL,

Term

Loan

937,571

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

923,901

Total

9,096,803

Capital

Goods

(0.2%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,788,401

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,757,104

750,000

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

739,808

Gemini

HDPE,

LLC,

Term

Loan

1,175,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

1,168,396

GFL

Environmental,

Inc.,

Term

Loan

1,221,938

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

1,221,937

Graham

Packaging

Company,

Inc.,

Term

Loan

1,240,000

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

1,231,407

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,266,506

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

1,238,010

MI

Windows

and

Doors,

Inc.,

Term

Loan

1,102,238

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

1,105,687

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

290,549

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

289,143

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Capital

Goods

(0.2%)

-

continued

$

997,500

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

$

985,530

TransDigm,

Inc.,

Term

Loan

2,881,068

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,818,636

TricorBraun

Holdings,

Inc.,

Delayed

Draw

284,621

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

281,656

TricorBraun

Holdings,

Inc.,

Term

Loan

1,265,379

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,c,d

1,252,194

Vertiv

Group

Corporation,

Term

Loan

4,284,263

2.869%, 

(LIBOR

3M

+

2.750%),

3/2/2027

b

4,247,675

Total

18,337,183

Communications

Services

(0.3%)

Altice

France

SA,

Term

Loan

851,812

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

834,316

Cablevision

Lightpath,

LLC,

Term

Loan

1,172,063

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

1,169,132

CCI

Buyer,

Inc.,

Term

Loan

300,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

300,282

CommScope,

Inc.,

Term

Loan

1,563,098

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,551,453

Diamond

Sports

Group,

LLC,

Term

Loan

1,232,292

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

841,039

E.W.

Scripps

Company,

Term

Loan

1,147,125

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

1,141,929

Eagle

Broadband

Investments,

LLC,

Term

Loan

1,955,100

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

1,948,590

Entercom

Media

Corporation,

Term

Loan

1,108,994

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

1,083,210

GCI,

LLC,

Term

Loan

1,466,677

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,c,d

1,458,127

HCP

Acquisition,

LLC,

Term

Loan

1,540,133

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

1,536,745

iHeartCommunications,

Inc.,

Term

Loan

955,326

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

942,935

Intermediate

Dutch

Holdings,

Term

Loan

1,095,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,c,d

1,090,072

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Communications

Services

(0.3%)

-

continued

Lumen

Technologies,

Inc.,

Term

Loan

$

1,437,252

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,c,d

$

1,420,451

Meredith

Corporation,

Term

Loan

1,009,912

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

1,024,011

NEP

Group,

Inc.,

Term

Loan

1,324,512

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,282,380

195,000

7.109%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

178,587

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,863,576

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,847,978

Nielsen

Finance,

LLC,

Term

Loan

528,212

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

529,120

Peraton

Corporation,

Delayed

Draw

1,020,000

0.000%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b,c,d

1,019,153

Peraton

Corporation,

Term

Loan

580,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/1/2028

b

579,519

Radiate

Holdco,

LLC,

Term

Loan

2,778,038

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

2,775,204

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,625,925

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,609,893

TNS,

Inc.,

Term

Loan

1,477,013

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

1,469,007

WideOpenWest

Finance,

LLC,

Term

Loan

1,506,148

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,500,786

Xplornet

Communications,

Inc.,

Term

Loan

1,206,261

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

1,205,320

Ziggo

Financing

Partnership,

Term

Loan

785,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,c,d

776,436

Total

31,115,675

Consumer

Cyclical

(0.2%)

1011778

B.C.,

LLC,

Term

Loan

1,714,359

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,c,d

1,681,684

Caesars

Resort

Collection,

LLC,

Term

Loan

1,557,175

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

1,559,121

Carnival

Corporation,

Term

Loan

781,065

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

804,497

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Consumer

Cyclical

(0.2%)

-

continued

Cengage

Learning,

Inc.,

Term

Loan

$

771,207

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

$

762,053

City

Brewing

Company,

LLC,

Term

Loan

220,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,c,d

218,900

CP

Atlas

Buyer,

Inc.,

Term

Loan

1,065,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

1,057,183

Golden

Entertainment,

Inc.,

Term

Loan

2,692,350

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

2,651,965

Golden

Nugget,

LLC,

Term

Loan

813,492

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

799,866

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

1,516,200

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

1,513,441

LCPR

Loan

Financing,

LLC,

Term

Loan

1,070,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,c,d

1,071,337

Michaels

Stores,

Inc.,

Term

Loan

1,109,425

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

1,107,761

Penn

National

Gaming,

Inc.,

Term

Loan

1,668,051

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,658,927

Scientific

Games

International,

Inc.,

Term

Loan

5,236,131

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

5,131,042

Staples,

Inc.,

Term

Loan

273,413

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

268,513

886,652

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

863,750

Stars

Group

Holdings

BV,

Term

Loan

1,416,960

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

1,417,753

Tenneco,

Inc.,

Term

Loan

1,167,092

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,135,288

Truck

Hero,

Inc.,

Term

Loan

285,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

284,091

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

901,875

1.859%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

891,603

Total

24,878,775

Consumer

Non-Cyclical

(0.2%)

Adient

US,

LLC,

Term

Loan

935,241

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

934,071

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Consumer

Non-Cyclical

(0.2%)

-

continued

Bausch

Health

Americas,

Inc.,

Term

Loan

$

2,421,775

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

$

2,412,596

Bellring

Brands,

LLC,

Term

Loan

1,148,068

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

1,153,326

Chobani,

LLC,

Term

Loan

601,975

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

601,072

CNT

Holdings

I

Corporation,

Term

Loan

785,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

782,794

220,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,e

222,200

Dole

Food

Company,

Inc.,

Term

Loan

1,624,708

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

1,623,132

Endo

Luxembourg

Finance

Company,

Term

Loan

1,880,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,c,d

1,858,850

Gainwell

Acquistion

Corporation,

Term

Loan

2,170,000

0.000%, 

(LIBOR

1M

+

4.000%),

10/1/2027

b,c,d

2,159,150

Global

Medical

Response,

Inc.,

Term

Loan

3,950,100

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

3,934,300

MPH

Acquisition

Holdings,

LLC,

Term

Loan

3,628,118

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

3,606,277

Ortho-Clinical

Diagnostics

SA,

Term

Loan

2,469,474

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

2,463,918

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,390,000

0.000%, 

(LIBOR

1M

+

3.250%),

3/4/2028

b,c,d

1,383,703

PetSmart,

Inc.,

Term

Loan

1,970,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,965,469

Plantronics,

Inc.,

Term

Loan

474,434

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

467,659

Precision

Medicine

Group,

LLC,

Delayed

Draw

161,538

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

160,227

Precision

Medicine

Group,

LLC,

Term

Loan

1,235,365

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

1,225,334

Sotera

Health

Holdings,

LLC,

Term

Loan

802,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

798,992

Total

27,753,070

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

$

1,516,200

2.610%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

$

1,505,647

Energizer

Holdings,

Inc.,

Term

Loan

315,000

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

313,293

Lealand

Finance

Company

BV,

Term

Loan

362,609

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

197,016

Total

2,015,956

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

1,695,750

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,683,948

600,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,c,d

595,374

1,095,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

1,114,162

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

748,057

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

744,923

Digicel

International

Finance,

Ltd.,

Term

Loan

1,017,365

3.510%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

964,798

MoneyGram

International,

Inc.,

Term

Loan

1,164,263

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

1,163,680

Newco

Financing

Partnership,

Term

Loan

225,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

224,278

Northriver

Midstream

Finance,

LP,

Term

Loan

1,125,606

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

1,108,902

Tronox

Finance,

LLC,

Term

Loan

1,020,000

2.648%, 

(LIBOR

3M

+

2.500%),

3/11/2028

b

1,013,839

UPC

Financing

Partnership,

Term

Loan

225,000

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

224,278

Total

8,838,182

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,316,013

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

1,262,281

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,975,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,958,875

Prime

Security

Services

Borrower,

LLC,

Term

Loan

3,705,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

3,687,624

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Technology

(0.1%)

-

continued

Rackspace

Technology

Global,

Inc.,

Term

Loan

$

2,385,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

$

2,361,889

SS&C

Technologies,

Inc.,

Term

Loan

93,267

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

92,187

71,696

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

70,867

Verscend

Holding

Corporation,

Term

Loan

540,000

0.000%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b,c,d

539,390

Zayo

Group

Holdings,

Inc.,

Term

Loan

2,550,046

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

2,527,682

Total

13,500,795

Transportation

(0.1%)

American

Airlines,

Inc.,

Term

Loan

2,850,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,c,d

2,916,804

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,643,400

2.203%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,636,728

Mileage

Plus

Holdings,

LLC,

Term

Loan

900,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

955,269

SkyMiles

IP,

Ltd.,

Term

Loan

965,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

1,012,285

United

Airlines,

Inc.,

Term

Loan

1,228,998

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

1,191,906

Total

7,712,992

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

283,246

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

283,246

Core

and

Main,

LP,

Term

Loan

1,697,364

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

1,689,217

EnergySolutions,

LLC,

Term

Loan

1,011,400

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

1,005,079

Exgen

Renewables

IV,

LLC,

Term

Loan

1,561,088

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,c,d

1,561,743

PG&E

Corporation,

Term

Loan

2,124,648

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

2,119,995

Total

6,659,280

Total

Bank

Loans

(cost

$149,953,435)

149,908,711

Shares

Registered

Investment

Companies

(

40.6%

)

Value

Unaffiliated  (0.8%)

1,260,400

Invesco

Senior

Loan

ETF

$

27,892,652

21,017

ProShares

Ultra

S&P

500

g

2,150,249

1,458

ProShares

UltraPro

QQQ

133,057

177,055

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

4,838,913

119,611

SPDR

S&P

500

ETF

Trust

47,405,428

15,418

SPDR

S&P

Oil

&

Gas

Exploration

ETF

g

1,254,100

Total

83,674,399

Affiliated  (39.8%)

25,514,609

Thrivent

Core

Emerging

Markets

Debt

Fund

246,726,264

6,661,625

Thrivent

Core

Emerging

Markets

Equity

Fund

81,738,136

2,288,539

Thrivent

Core

International

Equity

Fund

23,251,551

21,289,214

Thrivent

Core

Low

Volatility

Equity

Fund

276,759,787

30,844,699

Thrivent

Global

Stock

Portfolio

459,721,727

44,089,500

Thrivent

High

Yield

Portfolio

204,094,705

59,894,787

Thrivent

Income

Portfolio

654,548,197

52,944,850

Thrivent

International

Allocation

Portfolio

559,166,441

4,741,640

Thrivent

International

Index

Portfolio

62,009,274

37,121,101

Thrivent

Large

Cap

Value

Portfolio

808,995,007

34,658,329

Thrivent

Limited

Maturity

Bond

Portfolio

348,628,136

21,359,982

Thrivent

Mid

Cap

Stock

Portfolio

530,932,251

6,427,004

Thrivent

Small

Cap

Stock

Portfolio

153,587,394

Total

4,410,158,870

Total

Registered

Investment

Companies

(cost

$3,481,469,177)

4,493,833,269

Shares

Common

Stock

(

28.5%

)

Value

Communications

Services

(2.4%)

134,391

Activision

Blizzard,

Inc.

12,498,363

37,462

Alphabet,

Inc.,

Class

A

h

77,266,124

4,806

Alphabet,

Inc.,

Class

C

h

9,941,836

48,501

AMC

Networks,

Inc.

h

2,578,313

24,147

ANGI

Homeservices,

Inc.

h

313,911

115,463

AT&T,

Inc.

3,495,065

3,791

Cardlytics,

Inc.

h

415,873

15,655

Cars.com

Inc.

h

202,889

5,539

Charter

Communications,

Inc.

h

3,417,674

137,461

Comcast

Corporation

7,438,015

8,755

Consolidated

Communications

Holdings,

Inc.

h

63,036

28,833

Discovery,

Inc.,

Class

A

g,h

1,253,082

33,550

DISH

Network

Corporation

h

1,214,510

13,751

EchoStar

Corporation

h

330,024

50,016

Entercom

Communications

Corporation

h

262,584

164,591

Facebook,

Inc.

h

48,476,987

46,987

Gannett

Company,

Inc.

h

252,790

15,244

Gray

Television,

Inc.

280,489

7,769

Hemisphere

Media

Group,

Inc.

h

90,509

47,295

Interpublic

Group

of

Companies,

Inc.

1,381,014

163,981

Live

Nation

Entertainment,

Inc.

h

13,880,992

71,235

Lumen

Technologies,

Inc.

950,987

55,309

Match

Group,

Inc.

h

7,598,350

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Shares

Common

Stock

(28.5%)

Value

Communications

Services

(2.4%)

-

continued

6,462

Omnicom

Group,

Inc.

$

479,157

116,426

QuinStreet,

Inc.

h

2,363,448

20,932

RingCentral,

Inc.

h

6,235,224

274

Roku,

Inc.

h

89,261

5,717

Scholastic

Corporation

172,139

14,887

Take-Two

Interactive

Software,

Inc.

h

2,630,533

32,984

Telephone

&

Data

Systems,

Inc.

757,313

298,120

Twitter,

Inc.

h

18,969,375

400,381

Uber

Technologies,

Inc.

h

21,824,768

5,365

United

States

Cellular

Corporation

h

195,715

121,812

Verizon

Communications,

Inc.

7,083,368

32,632

Walt

Disney

Company

h

6,021,257

14,386

WideOpenWest,

Inc.

h

195,506

11,378

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

h

146,014

11,910

Zillow

Group,

Inc.

h

1,564,736

Total

262,331,231

Consumer

Discretionary

(4.3%)

5,703

Aaron's

Company,

Inc.

146,453

19,446

Adient

plc

h

859,513

39,110

Amazon.com,

Inc.

h

121,009,469

56,804

American

Axle

&

Manufacturing

Holdings,

Inc.

h

548,727

18,685

American

Eagle

Outfitters,

Inc.

g

546,349

158,163

Aptiv

plc

h

21,810,678

62,629

At

Home

Group,

Inc.

h

1,797,452

7,928

AutoNation,

Inc.

h

739,048

2,467

AutoZone,

Inc.

h

3,464,408

31,914

Bally's

Corporation

h

2,073,772

10,760

Beazer

Homes

USA,

Inc.

h

225,099

12,155

Bed

Bath

&

Beyond,

Inc.

h

354,318

14,595

Big

5

Sporting

Goods

Corporation

g

229,141

12,533

Big

Lots,

Inc.

856,004

16,280

BJ's

Restaurants,

Inc.

h

945,542

7,081

Booking

Holdings,

Inc.

h

16,497,597

14,933

Bright

Horizons

Family

Solutions,

Inc.

h

2,560,263

7,317

Brinker

International,

Inc.

h

519,946

3,500

Brunswick

Corporation

333,795

16,713

Burlington

Stores,

Inc.

h

4,993,844

68,764

Caesars

Entertainment,

Inc.

h

6,013,412

3,974

Camping

World

Holdings,

Inc.

144,574

16,766

Carnival

Corporation

h

444,970

27,974

Carvana

Company

h

7,340,378

457

Cavco

Industries,

Inc.

h

103,104

39,004

Cedar

Fair,

LP

h

1,937,719

4,109

Century

Casinos,

Inc.

h

42,199

36,803

Chegg,

Inc.

h

3,152,545

58,381

Chewy,

Inc.

g,h

4,945,454

138,586

Chico's

FAS,

Inc.

h

458,720

16,253

Children's

Place,

Inc.

h

1,132,834

14,564

Chipotle

Mexican

Grill,

Inc.

h

20,692,822

29,511

Choice

Hotels

International,

Inc.

3,166,235

1,928

Churchill

Downs,

Inc.

438,466

169,762

Cooper-Standard

Holdings,

Inc.

h

6,165,756

5,590

Cracker

Barrel

Old

Country

Store,

Inc.

966,399

21,273

Crocs,

Inc.

h

1,711,413

33,393

Culp,

Inc.

513,918

27,021

D.R.

Horton,

Inc.

2,408,111

29,962

Dana,

Inc.

728,975

10,817

Darden

Restaurants,

Inc.

1,536,014

4,796

Deckers

Outdoor

Corporation

h

1,584,694

Shares

Common

Stock

(28.5%)

Value

Consumer

Discretionary

(4.3%)

-

continued

27,578

Designer

Brands,

Inc.

h

$

479,857

27,062

Dick's

Sporting

Goods,

Inc.

2,060,771

12,853

Dillard's,

Inc.

1,241,214

13,687

Domino's

Pizza,

Inc.

5,033,942

8,338

Dorman

Products,

Inc.

h

855,812

269,784

Duluth

Holdings,

Inc.

g,h

4,570,141

48,719

Emerald

Holding,

Inc.

h

268,929

7,115

Ethan

Allen

Interiors,

Inc.

196,445

6,007

Etsy,

Inc.

h

1,211,432

9,072

Expedia

Group,

Inc.

h

1,561,473

42,778

Farfetch,

Ltd.

g,h

2,268,090

32,502

Five

Below,

Inc.

h

6,201,057

11,008

Foot

Locker,

Inc.

619,200

2,184

Fox

Factory

Holding

Corporation

h

277,499

78,788

Gap,

Inc.

h

2,346,307

6,143

Garmin,

Ltd.

809,955

89,702

Gentex

Corporation

3,199,670

10,510

Genuine

Parts

Company

1,214,851

13,227

G-III

Apparel

Group,

Ltd.

h

398,662

19,419

Goodyear

Tire

&

Rubber

Company

h

341,192

480

Graham

Holdings

Company

269,971

6,576

Grand

Canyon

Education,

Inc.

h

704,290

8,537

Group

1

Automotive,

Inc.

1,347,053

30,781

Guess

?,

Inc.

723,353

52,697

Hanesbrands,

Inc.

1,036,550

46,022

Harley-Davidson,

Inc.

1,845,482

5,148

Helen

of

Troy,

Ltd.

h

1,084,478

30,480

Home

Depot,

Inc.

9,304,020

30,477

IAA,

Inc.

h

1,680,502

8,307

KB

Home

386,525

21,090

Knoll,

Inc.

348,196

108,814

Kohl's

Corporation

6,486,403

43,810

L

Brands,

Inc.

h

2,710,087

25,314

Lear

Corporation

4,588,162

52,081

Leggett

&

Platt,

Inc.

2,377,498

18,405

Lithia

Motors,

Inc.

7,179,606

39,122

Lowe's

Companies,

Inc.

7,440,222

7,187

Lululemon

Athletica,

Inc.

h

2,204,325

5,884

M.D.C.

Holdings,

Inc.

349,510

6,874

M/I

Homes,

Inc.

h

406,047

240,593

Macy's,

Inc.

h

3,895,201

37,355

Magnite,

Inc.

h

1,554,342

3,304

Marriott

Vacations

Worldwide

Corporation

h

575,491

92,508

Mattel,

Inc.

h

1,842,759

19,989

McDonald's

Corporation

4,480,334

1,629

Mercadolibre,

Inc.

h

2,398,116

9,732

Meritage

Homes

Corporation

h

894,565

35,911

Miller

Industries,

Inc.

1,658,729

8,954

Mohawk

Industries,

Inc.

h

1,721,944

7,123

Nautilus,

Inc.

h

111,404

35,106

NIKE,

Inc.

4,665,236

5,175

Noodles

&

Company

h

53,561

102,148

Nordstrom,

Inc.

h

3,868,345

60,743

Norwegian

Cruise

Line

Holdings,

Ltd.

g,h

1,675,899

2,321

NVR,

Inc.

h

10,934,068

27,925

Ollie's

Bargain

Outlet

Holdings,

Inc.

h

2,429,475

26,929

Overstock.com,

Inc.

h

1,784,316

59,754

Park

Hotels

&

Resorts,

Inc.

h

1,289,491

22,939

Penn

National

Gaming,

Inc.

h

2,404,925

89,558

Planet

Fitness,

Inc.

h

6,922,833

27,541

Playa

Hotels

and

Resorts

NV

h

201,049

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Shares

Common

Stock

(28.5%)

Value

Consumer

Discretionary

(4.3%)

-

continued

6,278

Pool

Corporation

$

2,167,417

29,852

PulteGroup,

Inc.

1,565,439

8,435

Purple

Innovation,

Inc.

h

266,968

1,817

PVH

Corporation

h

192,057

157,555

Qurate

Retail,

Inc.

1,852,847

869

Revolve

Group,

Inc.

h

39,044

2,268

RH

h

1,353,089

22,619

Ross

Stores,

Inc.

2,712,244

5,911

Royal

Caribbean

Cruises,

Ltd.

h

506,041

37,805

Ruth's

Hospitality

Group,

Inc.

h

938,698

79,055

Skyline

Corporation

h

3,578,029

13,304

Sleep

Number

Corporation

h

1,908,991

36,176

Sony

Corporation

ADR

3,835,018

18,750

Standard

Motor

Products,

Inc.

779,625

5,004

Stitch

Fix,

Inc.

h

247,898

50,450

Stoneridge,

Inc.

h

1,604,814

3,608

Strategic

Education,

Inc.

331,611

114,313

Taylor

Morrison

Home

Corporation

h

3,521,983

60,146

Tenneco,

Inc.

h

644,765

48,056

Tesla,

Inc.

h

32,098,044

18,364

Texas

Roadhouse,

Inc.

h

1,761,842

4,390

Thor

Industries,

Inc.

591,509

48,201

Toll

Brothers,

Inc.

2,734,443

2,723

TopBuild

Corporation

h

570,278

36,501

Tri

Pointe

Homes,

Inc.

h

743,160

25,830

TripAdvisor,

Inc.

h

1,389,396

57,944

Tupperware

Brands

Corporation

h

1,530,301

12,942

Ulta

Beauty,

Inc.

h

4,001,278

6,386

Vail

Resorts,

Inc.

h

1,862,541

1,857

Whirlpool

Corporation

409,190

2,843

Williams-Sonoma,

Inc.

509,466

29,651

Wingstop,

Inc.

3,770,718

114

Winmark

Corporation

21,253

17,532

Workhorse

Group,

Inc.

g,h

241,416

41,836

Wyndham

Hotels

&

Resorts,

Inc.

2,919,316

5,047

YETI

Holdings,

Inc.

h

364,444

40,912

Zumiez,

Inc.

h

1,755,125

Total

474,451,290

Consumer

Staples

(0.7%)

12,122

Altria

Group,

Inc.

620,162

102,628

BJ's

Wholesale

Club

Holdings,

Inc.

h

4,603,892

1,193

Boston

Beer

Company,

Inc.

h

1,439,092

2,323

Casey's

General

Stores,

Inc.

502,209

236

Church

&

Dwight

Company,

Inc.

20,615

35,528

Colgate-Palmolive

Company

2,800,672

16,772

Costco

Wholesale

Corporation

5,911,795

78,189

Coty,

Inc.

h

704,483

20,503

Darling

Ingredients,

Inc.

h

1,508,611

194,574

e.l.f.

Beauty,

Inc.

h

5,220,420

1,841

Edgewell

Personal

Care

Company

72,904

7,511

Flowers

Foods,

Inc.

178,762

59,021

Hain

Celestial

Group,

Inc.

h

2,573,316

4,582

Hershey

Company

724,689

4,554

Ingredion,

Inc.

409,496

11,781

John

B.

Sanfilippo

&

Son,

Inc.

1,064,649

12,326

Kimberly-Clark

Corporation

1,713,930

84,704

Lamb

Weston

Holdings,

Inc.

6,562,866

2,514

Medifast,

Inc.

532,515

46,544

Monster

Beverage

Corporation

h

4,239,693

28,734

NewAge,

Inc.

g,h

82,179

3,564

PepsiCo,

Inc.

504,128

8,371

Performance

Food

Group

Company

h

482,253

Shares

Common

Stock

(28.5%)

Value

Consumer

Staples

(0.7%)

-

continued

106,221

Philip

Morris

International,

Inc.

$

9,426,052

249

PriceSmart,

Inc.

24,091

151,199

Primo

Water

Corporation

2,458,496

27,803

Procter

&

Gamble

Company

3,765,360

8,220

Seneca

Foods

Corporation

h

387,080

2,638

Spectrum

Brands

Holdings,

Inc.

224,230

2,648

Tootsie

Roll

Industries,

Inc.

g

87,728

144,947

Turning

Point

Brands,

Inc.

7,561,885

3,425

United

Natural

Foods,

Inc.

h

112,819

9,903

US

Foods

Holding

Corporation

h

377,502

6,875

Utz

Brands,

Inc.

170,431

8,600

Vector

Group,

Ltd.

119,970

53,331

Wal-Mart

Stores,

Inc.

7,243,950

201

WD-40

Company

61,542

Total

74,494,467

Energy

(0.5%)

46,189

Antero

Midstream

Corporation

417,087

225,309

Antero

Resources

Corporation

h

2,298,152

128,754

Archrock,

Inc.

1,221,876

3,208

Bonanza

Creek

Energy,

Inc.

h

114,622

90,925

BP

plc

ADR

2,214,024

216,392

Centennial

Resource

Development,

Inc.

g,h

908,846

12,828

Chevron

Corporation

1,344,246

71,478

Cimarex

Energy

Company

4,245,078

6,587

Clean

Energy

Fuels

Corporation

h

90,505

38,503

CNX

Resources

Corporation

h

565,994

45,848

ConocoPhillips

2,428,569

9,647

CONSOL

Energy,

Inc.

h

93,769

31,573

Continental

Resources,

Inc.

h

816,794

43,001

Core

Laboratories

NV

1,237,999

317,046

Devon

Energy

Corporation

6,927,455

34,568

Diamondback

Energy,

Inc.

2,540,402

17,820

Dorian

LPG,

Ltd.

h

233,977

129,692

EnLink

Midstream,

LLC

556,379

75,620

Enterprise

Products

Partners,

LP

1,665,152

34,601

EOG

Resources,

Inc.

2,509,611

4,618

Evolution

Petroleum

Corporation

15,609

51,881

Exterran

Corporation

h

174,320

33,099

Exxon

Mobil

Corporation

1,847,917

96,402

Gevo,

Inc.

g,h

945,704

68,722

Gran

Tierra

Energy,

Inc.

g,h

48,092

95,451

Halliburton

Company

2,048,378

89,913

Helix

Energy

Solutions

Group,

Inc.

h

454,061

108,411

Helmerich

&

Payne,

Inc.

2,922,761

27,021

HollyFrontier

Corporation

966,811

215,634

Kinder

Morgan,

Inc.

3,590,306

26,482

Liberty

Oilfield

Services,

Inc.

h

298,982

146,986

Marathon

Oil

Corporation

1,569,811

44,525

Marathon

Petroleum

Corporation

2,381,642

150,030

McDermott

International,

Inc.

h

120,024

2,860

Nabors

Industries,

Ltd.

h

267,267

148,098

Nine

Energy

Service,

Inc.

h

340,625

66,999

Occidental

Petroleum

Corporation

1,783,513

34,421

Oceaneering

International,

Inc.

h

393,088

124,475

Patterson-UTI

Energy,

Inc.

887,507

19,415

Pioneer

Natural

Resources

Company

3,083,490

26,353

Plains

GP

Holdings,

LP

h

247,718

38,632

ProPetro

Holding

Corporation

h

411,817

4,179

Renewable

Energy

Group,

Inc.

h

275,981

32,865

Ring

Energy,

Inc.

g,h

75,918

50,379

Talos

Energy,

Inc.

h

606,563

18,888

Targa

Resources

Corporation

599,694

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Shares

Common

Stock

(28.5%)

Value

Energy

(0.5%)

-

continued

264,148

Transocean,

Ltd.

g,h

$

937,725

2,087

TravelCenters

of

America,

Inc.

h

56,620

15,362

Valero

Energy

Corporation

1,099,919

Total

60,882,400

Financials

(3.8%)

808

1st

Source

Corporation

38,445

14,275

AG

Mortgage

Investment

Trust,

Inc.

57,528

80,244

Air

Lease

Corporation

3,931,956

5,500

Alleghany

Corporation

h

3,444,595

51,567

Ally

Financial,

Inc.

2,331,344

66,328

American

Equity

Investment

Life

Holding

Company

2,091,322

96,282

American

Express

Company

13,618,126

40,347

American

Financial

Group,

Inc.

4,603,593

803

American

National

Group,

Inc.

86,620

3,754

Ameriprise

Financial,

Inc.

872,617

41,700

Ameris

Bancorp

2,189,667

165,784

Annaly

Capital

Management,

Inc.

1,425,742

73,237

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,023,121

84,168

Arch

Capital

Group,

Ltd.

h

3,229,526

8,979

Argo

Group

International

Holdings,

Ltd.

451,823

46,721

Arthur

J.

Gallagher

&

Company

5,829,379

25,253

Artisan

Partners

Asset

Management,

Inc.

1,317,449

123,689

Associated

Banc-Corp

2,639,523

108,195

Assured

Guaranty,

Ltd.

4,574,485

14,575

Bancorp,

Inc.

h

301,994

235,308

Bank

of

America

Corporation

9,104,067

6,324

Bank

of

Marin

Bancorp

247,648

40,762

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,557,924

33,146

BankFinancial

Corporation

342,067

44,309

Banner

Corporation

2,362,999

17,729

Berkshire

Hathaway,

Inc.

h

4,529,228

95,632

Berkshire

Hills

Bancorp,

Inc.

2,134,506

7,269

BlackRock,

Inc.

5,480,535

14,573

Blackstone

Mortgage

Trust,

Inc.

451,763

153

BM

Technologies,

Inc.

e,h

1,693

1,527

BOK

Financial

Corporation

136,392

91,076

Bridgewater

Bancshares,

Inc.

h

1,470,877

31,314

Brighthouse

Financial,

Inc.

h

1,385,644

83,834

BrightSphere

Investment

Group

1,708,537

6,755

Broadmark

Realty

Capital,

Inc.

70,657

47,678

Brookline

Bancorp,

Inc.

715,170

12,623

Brown

&

Brown,

Inc.

576,997

12,764

Byline

Bancorp,

Inc.

269,959

43,098

Capital

One

Financial

Corporation

5,483,359

45,726

Central

Pacific

Financial

Corporation

1,219,970

290,424

Charles

Schwab

Corporation

18,929,836

116,312

Chimera

Investment

Corporation

1,477,162

23,160

Chubb,

Ltd.

3,658,585

27,463

Cincinnati

Financial

Corporation

2,831,161

104,456

Citigroup,

Inc.

7,599,174

19,931

Citizens

Financial

Group,

Inc.

879,954

18,128

CME

Group,

Inc.

3,702,281

20,569

CNO

Financial

Group,

Inc.

499,621

62,832

Columbia

Banking

System,

Inc.

2,707,431

47,816

Comerica,

Inc.

3,430,320

5,146

Commerce

Bancshares,

Inc.

394,235

44,929

Community

Trust

Bancorp,

Inc.

1,978,224

6,462

Cowen,

Inc.

227,139

Shares

Common

Stock

(28.5%)

Value

Financials

(3.8%)

-

continued

4,278

Cullen/Frost

Bankers,

Inc.

$

465,275

18,305

Customers

Bancorp,

Inc.

h

582,465

769

Diamond

Hill

Investment

Group,

Inc.

119,972

4,367

Dime

Community

Bancshares,

Inc.

131,621

26,510

Discover

Financial

Services

2,518,185

14,054

East

West

Bancorp,

Inc.

1,037,185

20,483

Ellington

Residential

Mortgage

REIT

252,146

1,276

Employers

Holdings,

Inc.

54,945

3,428

Encore

Capital

Group,

Inc.

h

137,908

13,834

Enova

International,

Inc.

h

490,830

912

Enstar

Group,

Ltd.

h

225,018

10,020

Enterprise

Financial

Services

Corporation

495,389

181,898

Equitable

Holdings,

Inc.

5,933,513

29,794

Essent

Group,

Ltd.

1,414,917

18,640

Evercore,

Inc.

2,455,634

432,212

Everi

Holdings,

Inc.

h

6,098,511

103,868

F.N.B.

Corporation

1,319,124

7,028

FactSet

Research

Systems,

Inc.

2,168,771

3,312

Federal

Agricultural

Mortgage

Corporation

333,585

36,480

Financial

Institutions,

Inc.

1,104,979

2,726

First

American

Financial

Corporation

154,428

36,909

First

Bancorp/Puerto

Rico

415,595

72,377

First

Busey

Corporation

1,856,470

82,482

First

Financial

Bancorp

1,979,568

23,990

First

Financial

Corporation

1,079,790

32,141

First

Horizon

Corporation

543,504

2,581

First

Mid-Illinois

Bancshares,

Inc.

113,383

70,898

First

Midwest

Bancorp,

Inc.

1,553,375

4,884

First

of

Long

Island

Corporation

103,785

52,581

First

Republic

Bank

8,767,882

103,845

Flagstar

Bancorp,

Inc.

4,683,409

4,945

Flushing

Financial

Corporation

104,982

214,830

Fulton

Financial

Corporation

3,658,555

23,193

Glacier

Bancorp,

Inc.

1,323,856

4,867

Goldman

Sachs

Group,

Inc.

1,591,509

82,497

Granite

Point

Mortgage

Trust,

Inc.

987,489

51,113

Great

Southern

Bancorp,

Inc.

2,896,574

42,063

Great

Western

Bancorp,

Inc.

1,274,088

28,568

Hamilton

Lane,

Inc.

2,529,982

135,286

Hancock

Whitney

Corporation

5,683,365

21,379

Hanmi

Financial

Corporation

421,808

37,661

Hanover

Insurance

Group,

Inc.

4,875,593

73,579

Heartland

Financial

USA,

Inc.

3,698,081

52,282

Heritage

Commerce

Corporation

638,886

6,871

Hilltop

Holdings,

Inc.

234,507

1,900

HomeStreet,

Inc.

83,733

43,160

Hometrust

Bancshares,

Inc.

1,050,946

277,299

Hope

Bancorp,

Inc.

4,176,123

56,773

Horizon

Bancorp,

Inc.

1,054,842

53,260

Independent

Bank

Corporation

1,259,066

101,399

Invesco

Mortgage

Capital.

Inc.

406,610

100,192

Invesco,

Ltd.

2,526,842

79,472

J.P.

Morgan

Chase

&

Company

12,098,023

34,864

James

River

Group

Holdings,

Ltd.

1,590,496

35,092

Jefferies

Financial

Group,

Inc.

1,056,269

100,156

KeyCorp

2,001,117

41,869

Kinsale

Capital

Group,

Inc.

6,900,011

2,353

KKR

Real

Estate

Finance

Trust,

Inc.

43,272

37,605

Ladder

Capital

Corporation

443,739

20,698

Lakeland

Bancorp,

Inc.

360,766

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Shares

Common

Stock

(28.5%)

Value

Financials

(3.8%)

-

continued

51,963

Lincoln

National

Corporation

$

3,235,736

9,885

Loews

Corporation

506,903

570

Markel

Corporation

h

649,583

801

MarketAxess

Holdings,

Inc.

398,834

21,205

Marsh

&

McLennan

Companies,

Inc.

2,582,769

9,788

Mercantile

Bank

Corporation

317,816

73,823

Meridian

Bancorp,

Inc.

1,359,820

41,904

MetLife,

Inc.

2,547,344

409,514

MFA

Financial,

Inc.

1,666,722

13,706

Midland

States

Bancorp,

Inc.

380,204

72,179

MidWestOne

Financial

Group,

Inc.

2,235,384

6,351

Moody's

Corporation

1,896,472

69,715

Morgan

Stanley

5,414,067

42,954

Mr.

Cooper

Group,

Inc.

h

1,493,081

10,058

MSCI,

Inc.

4,217,118

1,005

National

Western

Life

Group,

Inc.

250,245

73,087

Navient

Corporation

1,045,875

3,094

NBT

Bancorp,

Inc.

123,451

273,504

New

York

Community

Bancorp,

Inc.

3,451,620

40,348

New

York

Mortgage

Trust,

Inc.

180,356

22,921

NMI

Holdings,

Inc.

h

541,852

15,129

Northern

Trust

Corporation

1,590,209

23,211

OFG

Bancorp

525,033

62,225

Old

National

Bancorp

1,203,432

23,543

Old

Republic

International

Corporation

514,179

29,427

Old

Second

Bancorp,

Inc.

388,731

8,789

OneMain

Holdings,

Inc.

472,145

2,661

Oppenheimer

Holdings,

Inc.

106,573

65,890

PacWest

Bancorp

2,513,704

1,424

Peapack-Gladstone

Financial

Corporation

43,973

9,923

PennyMac

Mortgage

Investment

Trust

194,491

9,669

Peoples

Bancorp,

Inc.

320,721

114,400

Popular,

Inc.

8,044,608

50,391

Premier

Financial

Corporation

1,676,005

15,299

Primerica,

Inc.

2,261,498

13,456

PROG

Holdings,

Inc.

582,510

16,199

Prosperity

Bancshares,

Inc.

1,213,143

35,201

QCR

Holdings,

Inc.

1,662,191

179,470

Radian

Group,

Inc.

4,172,678

37,100

Raymond

James

Financial,

Inc.

4,546,976

103,471

Redwood

Trust,

Inc.

1,077,133

21,271

Reinsurance

Group

of

America,

Inc.

2,681,210

7,280

RenaissanceRe

Holdings,

Ltd.

1,166,620

1,126

RLI

Corporation

125,628

50,352

S&P

Global,

Inc.

17,767,710

4,960

Safety

Insurance

Group,

Inc.

417,880

100,861

Seacoast

Banking

Corporation

of

Florida

h

3,655,203

58,268

SEI

Investments

Company

3,550,269

13,125

Selective

Insurance

Group,

Inc.

952,088

16,943

Signature

Bank

3,830,812

11,827

Simmons

First

National

Corporation

350,907

8,369

Southside

Bancshares,

Inc.

322,290

56,018

Starwood

Property

Trust,

Inc.

1,385,885

10,288

Sterling

Bancorp

236,830

3,314

Stifel

Financial

Corporation

212,295

52,615

Synovus

Financial

Corporation

2,407,136

13,994

T.

Rowe

Price

Group,

Inc.

2,401,370

12,288

Territorial

Bancorp,

Inc.

325,140

Shares

Common

Stock

(28.5%)

Value

Financials

(3.8%)

-

continued

21,799

TMX

Group,

Ltd.

$

2,265,243

557

Tompkins

Financial

Corporation

46,064

13,236

Torchmark

Corporation

1,278,995

6,869

Towne

Bank

208,818

61,879

TPG

RE

Finance

Trust,

Inc.

693,045

23,190

TriCo

Bancshares

1,098,510

29,795

Triumph

Bancorp,

Inc.

h

2,305,835

55,772

Truist

Financial

Corporation

3,252,623

80,233

TrustCo

Bank

Corporation

591,317

21,204

Trustmark

Corporation

713,727

87,804

Two

Harbors

Investment

Corporation

643,603

268,696

Umpqua

Holdings

Corporation

4,715,615

38,108

United

Bankshares,

Inc.

1,470,207

2,821

Universal

Insurance

Holdings,

Inc.

40,453

3,791

Univest

Financial

Corporation

108,385

156,735

Unum

Group

4,361,935

54,151

Valley

National

Bancorp

744,035

13,042

Voya

Financial,

Inc.

829,993

1,765

Walker

&

Dunlop,

Inc.

181,336

14,393

Washington

Trust

Bancorp,

Inc.

743,111

3,043

Webster

Financial

Corporation

167,700

192,127

Wells

Fargo

&

Company

7,506,402

17,180

WesBanco,

Inc.

619,511

1,407

Westamerica

Bancorporation

88,331

155,346

Western

Alliance

Bancorp

14,670,876

105,819

Western

Asset

Mortgage

Capital

Corporation

337,563

1,614

Westwood

Holdings

Group,

Inc.

23,338

44,320

Wintrust

Financial

Corporation

3,359,456

94,463

Zions

Bancorporations

NA

5,191,686

7,388

Zurich

Insurance

Group

AG

3,144,714

Total

425,983,147

Health

Care

(3.7%)

26,127

Abbott

Laboratories

3,131,060

25,468

AbbVie,

Inc.

2,756,147

171,306

ACADIA

Pharmaceuticals,

Inc.

h

4,419,695

3,381

Acceleron

Pharma,

Inc.

h

458,497

86,086

Adaptive

Biotechnologies

Corporation

h

3,465,822

11,483

ADMA

Biologics,

Inc.

g,h

20,210

20,204

Adverum

Biotechnologies,

Inc.

h

199,211

2,368

Align

Technology,

Inc.

h

1,282,343

1,787

Allakos,

Inc.

h

205,112

12,324

Altimmune,

Inc.

h

174,138

5,899

Amedisys,

Inc.

h

1,561,996

67,935

Amgen,

Inc.

16,902,907

26,608

AMN

Healthcare

Services,

Inc.

h

1,961,010

5,659

AnaptysBio,

Inc.

h

121,951

12,125

Anthem,

Inc.

4,352,269

346,031

Ardelyx,

Inc.

h

2,290,725

13,156

Arena

Pharmaceuticals,

Inc.

h

912,895

17,820

Argenx

SE

ADR

h

4,907,450

20,550

Arrowhead

Research

Corporation

h

1,362,670

33,345

Ascendis

Pharma

AS

ADR

h

4,297,504

13,658

Atara

Biotherapeutics,

Inc.

h

196,129

628

Atrion

Corporation

402,743

63,240

Axonics

Modulation

Technologies,

Inc.

h

3,787,444

11,585

Becton,

Dickinson

and

Company

2,816,893

7,792

Biogen,

Inc.

h

2,179,812

57,908

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

h

3,958,012

283

BioLife

Solutions,

Inc.

h

10,188

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Shares

Common

Stock

(28.5%)

Value

Health

Care

(3.7%)

-

continued

1,506

Bio-Rad

Laboratories,

Inc.

h

$

860,182

19,379

Bio-Techne

Corporation

7,401,421

6,340

BioXcel

Therapeutics,

Inc.

g,h

273,634

5,228

Bruker

Corporation

336,056

37,418

Catalent,

Inc.

h

3,940,490

32,247

Centene

Corporation

h

2,060,906

135,666

Cerner

Corporation

9,751,672

12,916

Charles

River

Laboratories

International,

Inc.

h

3,743,444

4,741

Chemed

Corporation

2,180,007

17,433

Cigna

Holding

Company

4,214,253

1,999

Co-Diagnostics,

Inc.

g,h

19,070

520

Cooper

Companies,

Inc.

199,727

25,657

CryoLife,

Inc.

h

579,335

30,963

CVS

Health

Corporation

2,329,346

10,286

CytomX

Therapeutics,

Inc.

h

79,511

2,817

Danaher

Corporation

634,050

40,885

Dexcom,

Inc.

h

14,693,660

10,475

Editas

Medicine,

Inc.

h

439,950

133,035

Edwards

Lifesciences

Corporation

h

11,127,047

11,971

Envista

Holdings

Corporation

h

488,417

411

Fate

Therapeutics,

Inc.

h

33,887

44,991

GlaxoSmithKline

plc

ADR

g

1,605,729

9,736

Global

Blood

Therapeutics,

Inc.

h

396,742

86,916

GoodRx

Holdings,

Inc.

g,h

3,391,462

66,012

Guardant

Health,

Inc.

h

10,076,732

14,542

Haemonetics

Corporation

h

1,614,307

35,590

Halozyme

Therapeutics,

Inc.

h

1,483,747

16,832

HCA

Healthcare,

Inc.

3,170,139

7,504

HealthEquity,

Inc.

h

510,272

20,176

Hill-Rom

Holdings,

Inc.

2,229,044

27,032

Humana,

Inc.

11,333,166

171

ICU

Medical,

Inc.

h

35,130

9,936

Illumina,

Inc.

h

3,816,020

62,305

Immunocore

Holdings

plc

ADR

h

2,652,324

17,769

ImmunoGen,

Inc.

h

143,929

22,381

InMode,

Ltd.

h

1,619,713

23,928

Inspire

Medical

Systems,

Inc.

h

4,952,857

23,094

Insulet

Corporation

h

6,025,686

4,280

Integra

LifeSciences

Holdings

Corporation

h

295,705

17,920

Intuitive

Surgical,

Inc.

h

13,241,805

21,935

Invitae

Corporation

g,h

838,136

25,420

Ionis

Pharmaceuticals,

Inc.

h

1,142,883

20,667

IQVIA

Holding,

Inc.

h

3,991,624

8,909

iRhythm

Technologies,

Inc.

h

1,237,104

72,951

Johnson

&

Johnson

11,989,497

13,815

Kura

Oncology,

Inc.

h

390,550

3,892

Laboratory

Corporation

of

America

Holdings

h

992,577

9,652

Lannett

Company,

Inc.

h

50,963

54,019

Lantheus

Holdings,

Inc.

h

1,154,386

71,228

LHC

Group,

Inc.

h

13,619,506

97,232

Medtronic

plc

11,486,016

79,455

Merck

&

Company,

Inc.

6,125,186

1,440

Mettler-Toledo

International,

Inc.

h

1,664,194

1,381

Mirati

Therapeutics,

Inc.

h

236,565

12,031

Moderna,

Inc.

h

1,575,459

11,286

Molina

Healthcare,

Inc.

h

2,638,215

56,080

Natera,

Inc.

h

5,694,363

24,224

National

Healthcare

Corporation

1,887,292

6,338

Neogen

Corporation

h

563,385

51,202

Nevro

Corporation

h

7,142,679

9,638

Novavax,

Inc.

h

1,747,466

108,015

Novo

Nordisk

AS

ADR

7,282,371

Shares

Common

Stock

(28.5%)

Value

Health

Care

(3.7%)

-

continued

37,584

NuVasive,

Inc.

h

$

2,464,007

6,965

Olink

Holding

AB

ADR

h

250,740

5,346

Omnicell,

Inc.

h

694,285

89,010

OPKO

Health,

Inc.

g,h

381,853

4,898

Orthifix

Medical,

Inc.

h

212,328

4,275

Owens

&

Minor,

Inc.

160,697

7,650

Precigen,

Inc.

h

52,709

19,573

Premier,

Inc.

662,546

44,175

Pulmonx

Corporation

h

2,020,565

6,588

Quidel

Corporation

h

842,803

13,276

Reata

Pharmaceuticals,

Inc.

h

1,323,617

18,355

Repligen

Corporation

h

3,568,396

2,333

Replimune

Group,

Inc.

h

71,180

6,073

Sage

Therapeutics,

Inc.

h

454,564

9,638

Sarepta

Therapeutics,

Inc.

h

718,320

1,404

Seres

Therapeutics,

Inc.

h

28,908

70,780

Silk

Road

Medical,

Inc.

h

3,585,007

56,013

Stryker

Corporation

13,643,647

831

Surmodics,

Inc.

h

46,594

50,319

Syneos

Health,

Inc.

h

3,816,696

89,006

Tactile

Systems

Technology,

Inc.

h

4,849,937

42,413

Teladoc

Health,

Inc.

h

7,708,563

17,874

Teleflex,

Inc.

7,425,932

6,354

Tenet

Healthcare

Corporation

h

330,408

46,720

Thermo

Fisher

Scientific,

Inc.

21,322,074

45,850

Travere

Therapeutics,

Inc.

h

1,144,875

3,828

U.S.

Physical

Therapy,

Inc.

398,495

165

Ultragenyx

Pharmaceutical,

Inc.

h

18,787

2,935

United

Therapeutics

Corporation

h

490,937

18,525

UnitedHealth

Group,

Inc.

6,892,597

146,973

Vaxart,

Inc.

g,h

889,187

96,610

VBI

Vaccines,

Inc.

g,h

300,457

58,991

Veeva

Systems,

Inc.

h

15,410,809

98,678

Viatris,

Inc.

h

1,378,532

91,980

Viemed

Healthcare,

Inc.

h

930,838

11,099

ViewRay,

Inc.

h

48,281

4,102

Vocera

Communications,

Inc.

h

157,763

55,847

Vor

BioPharma,

Inc.

h

2,407,006

1,625

Waters

Corporation

h

461,776

7,579

Zimmer

Biomet

Holdings,

Inc.

1,213,246

111,116

Zoetis,

Inc.

17,498,548

60,843

Zymeworks,

Inc.

h

1,921,422

Total

413,765,756

Industrials

(3.5%)

19,186

Advanced

Drainage

Systems,

Inc.

1,983,641

18,419

AECOM

h

1,180,842

12,479

Allegion

plc

1,567,612

134,416

Altra

Industrial

Motion

Corporation

7,435,893

45,199

AMETEK,

Inc.

5,773,268

4,206

Apogee

Enterprises,

Inc.

171,941

4,302

Armstrong

World

Industries,

Inc.

387,567

98,617

ASGN,

Inc.

h

9,412,006

10,567

Axon

Enterprise,

Inc.

h

1,504,952

56,655

AZZ,

Inc.

2,852,579

73,898

Badger

Daylighting,

Ltd.

2,520,894

33,077

Blink

Charging

Company

g,h

1,359,465

33,758

Bloom

Energy

Corporation

h

913,154

5,112

Boeing

Company

h

1,302,129

22,537

Carlisle

Companies,

Inc.

3,709,139

72,652

CBIZ,

Inc.

h

2,372,814

62,290

Chart

Industries,

Inc.

h

8,866,981

395

Copart,

Inc.

h

42,901

9,804

CRA

International,

Inc.

731,771

68,288

Crane

Company

6,412,926

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Shares

Common

Stock

(28.5%)

Value

Industrials

(3.5%)

-

continued

35,594

CSW

Industrials,

Inc.

$

4,805,190

21,109

CSX

Corporation

2,035,330

276

Cummins,

Inc.

71,514

72,836

Curtiss-Wright

Corporation

8,638,350

72,686

Delta

Air

Lines,

Inc.

h

3,509,280

4,120

Diamond

S

Shipping,

Inc.

h

41,324

8,045

Douglas

Dynamics,

Inc.

371,277

2,147

Dycom

Industries,

Inc.

h

199,349

24,263

Eaton

Corporation

plc

3,355,088

29,350

EMCOR

Group,

Inc.

3,291,896

35,706

Emerson

Electric

Company

3,221,395

11,125

Encore

Wire

Corporation

746,821

4,698

Expeditors

International

of

Washington,

Inc.

505,928

45,530

Forrester

Research,

Inc.

h

1,934,114

53,041

Forward

Air

Corporation

4,710,571

87,849

FuelCell

Energy,

Inc.

h

1,265,904

15,622

GATX

Corporation

1,448,784

17,015

Generac

Holdings,

Inc.

h

5,571,562

38,394

General

Dynamics

Corporation

6,970,815

20,031

Gorman-Rupp

Company

663,226

5,847

Greenbrier

Companies,

Inc.

276,095

11,019

Heico

Corporation

1,386,190

29,115

Helios

Technologies,

Inc.

2,121,610

79,344

Honeywell

International,

Inc.

17,223,202

271,859

Howmet

Aerospace,

Inc.

h

8,734,830

30,711

Hubbell,

Inc.

5,739,579

6,126

ICF

International,

Inc.

535,412

37,368

IDEX

Corporation

7,821,870

2,794

Illinois

Tool

Works,

Inc.

618,927

445

Insperity,

Inc.

37,264

4,605

International

Seaways,

Inc.

89,245

841

JB

Hunt

Transport

Services,

Inc.

141,347

21,568

JetBlue

Airways

Corporation

h

438,693

2,180

John

Bean

Technologies

Corporation

290,681

86,616

Johnson

Controls

International

plc

5,168,377

12,291

Kansas

City

Southern

3,243,841

1,874

Kimball

International,

Inc.

26,236

25,017

L3Harris

Technologies,

Inc.

5,070,446

30,735

Landstar

System,

Inc.

5,073,119

4,570

Lennox

International,

Inc.

1,423,966

98,321

Lincoln

Electric

Holdings,

Inc.

12,087,584

37,368

Lockheed

Martin

Corporation

13,807,476

40,515

Manpower,

Inc.

4,006,933

3,567

Masonite

International

Corporation

h

411,061

77,841

Mercury

Systems,

Inc.

h

5,499,467

240,638

Meritor,

Inc.

h

7,079,570

16,809

Mesa

Air

Group,

Inc.

h

226,081

67,562

Middleby

Corporation

h

11,198,401

32,153

MSC

Industrial

Direct

Company,

Inc.

2,899,879

47,549

NAPCO

Security

Technologies,

Inc.

h

1,656,132

3,343

Nordson

Corporation

664,187

43,031

Norfolk

Southern

Corporation

11,554,684

12,373

Northrop

Grumman

Corporation

4,004,398

28,906

Nutrien,

Ltd.

1,557,744

23,182

Old

Dominion

Freight

Line,

Inc.

5,573,185

18,633

Otis

Worldwide

Corporation

1,275,429

15,927

Parker-Hannifin

Corporation

5,023,854

118,142

Pitney

Bowes,

Inc.

973,490

5,635

Primoris

Services

Corporation

186,688

21,390

Quad/Graphics,

Inc.

h

75,507

Shares

Common

Stock

(28.5%)

Value

Industrials

(3.5%)

-

continued

61,285

Ranpak

Holdings

Corporation

h

$

1,229,377

66,813

Raven

Industries,

Inc.

2,560,942

34,261

Raytheon

Technologies

Corporation

2,647,347

14,926

RBC

Bearings,

Inc.

h

2,936,989

109,983

Regal-Beloit

Corporation

15,692,374

94,723

Ritchie

Brothers

Auctioneers,

Inc.

5,546,032

80,146

Rush

Enterprises,

Inc.

3,993,675

6,923

Ryder

System,

Inc.

523,725

13,263

Saia,

Inc.

h

3,058,183

26,056

Simpson

Manufacturing

Company,

Inc.

2,702,789

7,782

SkyWest,

Inc.

h

423,963

47,042

Smith

&

Wesson

Brands,

Inc.

820,883

4,892

Snap-On,

Inc.

1,128,780

35,123

Southwest

Airlines

Company

h

2,144,610

43,232

Spirit

Airlines,

Inc.

g,h

1,595,261

56,024

Standex

International

Corporation

5,354,214

3,544

Sterling

Construction

Company,

Inc.

h

82,221

167,197

Summit

Materials,

Inc.

h

4,684,860

64,604

Sun

Country

Airlines

Holdings,

Inc.

h

2,214,625

1,333

Sunrun,

Inc.

h

80,620

11,879

Technip

Energies

N.V.

ADR

g,h

177,829

5,505

Teledyne

Technologies,

Inc.

h

2,277,143

3,955

Tetra

Tech,

Inc.

536,773

8,367

Thermon

Group

Holdings,

Inc.

h

163,073

25,490

Timken

Company

2,069,023

345

Toro

Company

35,583

1,224

Trane

Technologies

plc

202,645

66,188

TransUnion

5,956,920

31,572

Trex

Company,

Inc.

h

2,890,101

63,592

TriMas

Corporation

h

1,928,109

34,349

Tutor

Perini

Corporation

h

650,914

3,464

UniFirst

Corporation

774,931

20,656

Union

Pacific

Corporation

4,552,789

19,442

United

Parcel

Service,

Inc.

3,304,946

45,061

United

Rentals,

Inc.

h

14,839,038

19,291

Valmont

Industries,

Inc.

4,584,892

10,913

Verisk

Analytics,

Inc.

1,928,218

6,607

Waste

Connections,

Inc.

713,424

13,772

Watsco,

Inc.

3,591,049

2,187

Watts

Water

Technologies,

Inc.

259,837

8,874

Welbilt,

Inc.

h

144,203

14,152

Werner

Enterprises,

Inc.

667,550

27,890

WESCO

International,

Inc.

h

2,413,322

46,469

Willdan

Group,

Inc.

h

1,907,552

10,515

Woodward,

Inc.

1,268,424

14,382

XPO

Logistics,

Inc.

h

1,773,301

6,621

Xylem,

Inc.

696,397

Total

388,812,329

Information

Technology

(7.0%)

4,408

3D

Systems

Corporation

h

120,956

19,594

Accenture

plc

5,412,843

63,113

Adobe,

Inc.

h

30,002,027

639

ADTRAN,

Inc.

10,659

13,205

Advanced

Energy

Industries,

Inc.

1,441,590

39,321

Agilysys,

Inc.

h

1,885,835

30,578

Alliance

Data

Systems

Corporation

3,427,488

7,470

Ambarella,

Inc.

h

749,913

94,757

Amphenol

Corporation

6,251,119

4,178

Analog

Devices,

Inc.

647,924

152,880

Anaplan,

Inc.

h

8,232,588

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Shares

Common

Stock

(28.5%)

Value

Information

Technology

(7.0%)

-

continued

5,572

ANSYS,

Inc.

h

$

1,892,028

829,258

Apple,

Inc.

101,293,865

11,785

Aspen

Technology,

Inc.

h

1,700,929

15,154

Atlassian

Corporation

plc

h

3,193,857

34,132

Avalara,

Inc.

h

4,554,233

634

Avnet,

Inc.

26,317

26,864

Axcelis

Technologies,

Inc.

h

1,103,842

70,587

Bandwidth,

Inc.

g,h

8,946,196

14,838

Belden,

Inc.

658,362

39,104

Benchmark

Electronics,

Inc.

1,209,096

141,463

BigCommerce

Holdings,

Inc.

h

8,176,561

8,071

Bill.com

Holdings,

Inc.

h

1,174,330

17,879

Blackline,

Inc.

h

1,938,084

551

Broadcom,

Ltd.

255,477

3,196

Broadridge

Financial

Solutions,

Inc.

489,308

1,426

CACI

International,

Inc.

h

351,737

74,474

Calix,

Inc.

h

2,581,269

22,954

CDK

Global,

Inc.

1,240,893

8,584

CDW

Corporation

1,422,798

3,350

Ceridian

HCM

Holding,

Inc.

h

282,305

50,236

Ciena

Corporation

h

2,748,914

161,611

Cisco

Systems,

Inc.

8,356,905

25,260

Cognex

Corporation

2,096,327

26,910

Computer

Services,

Inc.

1,587,690

1,277

Concentrix

Corporation

h

191,192

16,448

Coupa

Software,

Inc.

h

4,185,687

12,127

Cree,

Inc.

h

1,311,293

12,848

CTS

Corporation

399,059

39,944

Descartes

Systems

Group,

Inc.

h

2,432,989

21,646

Diebold

Nixdorf,

Inc.

h

305,858

22,130

DocuSign,

Inc.

h

4,480,219

105,263

Dolby

Laboratories,

Inc.

10,391,563

153

Domo,

Inc.

h

8,612

50,140

Dropbox,

Inc.

h

1,336,732

8,607

DSP

Group,

Inc.

h

122,650

78,578

Elastic

NV

h

8,737,874

46,466

Endava

plc

ADR

h

3,935,206

12,749

Enphase

Energy,

Inc.

h

2,067,378

8,320

EPAM

Systems,

Inc.

h

3,300,461

13,783

ePlus,

Inc.

h

1,373,338

49,019

Euronet

Worldwide,

Inc.

h

6,779,328

7,862

ExlService

Holdings,

Inc.

h

708,838

24,100

eXp

World

Holdings,

Inc.

g,h

1,097,755

12,024

F5

Networks,

Inc.

h

2,508,447

31,593

Fastly,

Inc.

g,h

2,125,577

14,423

First

Solar,

Inc.

h

1,259,128

34,075

Five9,

Inc.

h

5,326,945

10,456

FleetCor

Technologies,

Inc.

h

2,808,795

30,612

Global

Payments,

Inc.

6,170,767

42,161

Health

Catalyst,

Inc.

g,h

1,971,870

11,490

Intuit,

Inc.

4,401,359

581

IPG

Photonics

Corporation

h

122,556

22,439

Jack

Henry

&

Associates,

Inc.

3,404,445

5,433

KLA-Tencor

Corporation

1,795,063

8,173

Lam

Research

Corporation

4,864,897

70,146

Lattice

Semiconductor

Corporation

h

3,157,973

6,253

Littelfuse,

Inc.

1,653,543

53,546

LivePerson,

Inc.

h

2,824,016

69,786

Lumentum

Holdings,

Inc.

h

6,374,951

10,610

Manhattan

Associates,

Inc.

h

1,245,402

104,169

Mastercard,

Inc.

37,089,372

5,580

MAXIMUS,

Inc.

496,843

2,389

MaxLinear,

Inc.

h

81,417

Shares

Common

Stock

(28.5%)

Value

Information

Technology

(7.0%)

-

continued

242,360

Medallia,

Inc.

h

$

6,759,420

455,514

Microsoft

Corporation

107,396,536

267

MicroStrategy,

Inc.

h

181,240

50,876

MKS

Instruments,

Inc.

9,433,428

37,870

Monolithic

Power

Systems,

Inc.

13,376,063

12,350

Motorola

Solutions,

Inc.

2,322,418

42,849

National

Instruments

Corporation

1,850,434

914

NetApp,

Inc.

66,420

17,265

Nice,

Ltd.

ADR

h

3,763,252

16,635

Nova

Measuring

Instruments,

Ltd.

h

1,513,951

13,759

Novanta,

Inc.

h

1,814,675

126,965

Nuance

Communications,

Inc.

h

5,540,753

55,678

NVIDIA

Corporation

29,728,155

15,504

Okta,

Inc.

h

3,417,547

75,292

Oracle

Corporation

5,283,240

15,742

Palo

Alto

Networks,

Inc.

h

5,069,869

12,119

Paychex,

Inc.

1,187,904

10,079

Paylocity

Holding

Corporation

h

1,812,507

192,791

PayPal

Holdings,

Inc.

h

46,817,366

34,945

Plantronics,

Inc.

h

1,359,710

15,461

Plexus

Corporation

h

1,419,938

16,350

Plug

Power,

Inc.

h

585,984

4,059

Progress

Software

Corporation

178,840

26,791

Q2

Holdings,

Inc.

h

2,684,458

16,738

QAD,

Inc.

1,114,416

15,831

Qorvo,

Inc.

h

2,892,324

138,194

QUALCOMM,

Inc.

18,323,142

17,568

Rogers

Corporation

h

3,306,473

51,430

SailPoint

Technologies

Holdings,

Inc.

h

2,604,415

115,674

Salesforce.com,

Inc.

h

24,507,850

3,013

Samsung

Electronics

Company,

Ltd.

GDR

5,493,248

20,702

ScanSource,

Inc.

h

620,025

25,752

Semtech

Corporation

h

1,776,888

42,740

ServiceNow,

Inc.

h

21,374,701

121,904

Sierra

Wireless,

Inc.

h

1,800,522

9,984

Silicon

Laboratories,

Inc.

h

1,408,443

10,449

SiTime

Corporation

h

1,030,271

3,442

Solaredge

Technology,

Ltd.

h

989,368

46,515

Sprout

Social,

Inc.

h

2,686,706

128,107

Square,

Inc.

h

29,086,694

116,604

STMicroelectronics

NV

ADR

g

4,469,431

5,358

SunPower

Corporation

g,h

179,225

6,080

SYNNEX

Corporation

698,227

8,483

TE

Connectivity,

Ltd.

1,095,240

67,204

Texas

Instruments,

Inc.

12,700,884

2,597

Trade

Desk,

Inc.

h

1,692,361

132,285

TTM

Technologies,

Inc.

h

1,918,133

2,226

Tyler

Technologies,

Inc.

h

945,004

11,511

Unisys

Corporation

h

292,610

3,670

ViaSat,

Inc.

g,h

176,417

19,795

Visa,

Inc.

4,191,195

7,604

VMware,

Inc.

g,h

1,144,022

3,244

Western

Union

Company

79,997

58,148

Workiva,

Inc.

h

5,132,142

19,901

Xerox

Holdings

Corporation

482,997

17,874

Zscaler,

Inc.

h

3,068,430

Total

769,159,572

Materials

(0.8%)

3,268

AdvanSix,

Inc.

h

87,648

38,074

Allegheny

Technologies,

Inc.

h

801,838

22,324

AptarGroup,

Inc.

3,162,641

10,384

Avery

Dennison

Corporation

1,907,022

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Shares

Common

Stock

(28.5%)

Value

Materials

(0.8%)

-

continued

80,104

Axalta

Coating

Systems,

Ltd.

h

$

2,369,476

1,221

Balchem

Corporation

153,126

20,656

Ball

Corporation

1,750,389

13,683

Cabot

Corporation

717,536

58,730

Carpenter

Technology

Corporation

2,416,739

4,943

Celanese

Corporation

740,511

76,642

CF

Industries

Holdings,

Inc.

3,478,014

31,568

Chemours

Company

881,063

50,027

Cleveland-Cliffs,

Inc.

g

1,006,043

109,056

Coeur

Mining,

Inc.

h

984,776

6,270

Eagle

Materials,

Inc.

842,751

69,126

Eastman

Chemical

Company

7,612,155

16,402

Ecolab,

Inc.

3,511,176

114,773

Element

Solutions,

Inc.

2,099,198

90,800

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,h

9

6,485

FMC

Corporation

717,306

12,621

Ingevity

Corporation

h

953,264

57,687

Innospec,

Inc.

5,923,878

235,035

Ivanhoe

Mines,

Ltd.

h

1,210,055

38,458

Kaiser

Aluminum

Corporation

4,249,609

3,102

Koppers

Holdings,

Inc.

h

107,826

13,910

LyondellBasell

Industries

NV

1,447,335

27,034

Martin

Marietta

Materials,

Inc.

9,078,558

15,587

Materion

Corporation

1,032,483

18,756

Minerals

Technologies,

Inc.

1,412,702

55,271

Myers

Industries,

Inc.

1,092,155

25,954

Neenah,

Inc.

1,333,517

367

NewMarket

Corporation

139,519

44,882

Nucor

Corporation

3,602,678

4,555

O-I

Glass,

Inc.

h

67,141

27,117

Olin

Corporation

1,029,632

7,412

Olympic

Steel,

Inc.

218,283

527

PPG

Industries,

Inc.

79,187

27,117

Quaker

Chemical

Corporation

6,610,311

1,658

Reliance

Steel

&

Aluminum

Company

252,497

7,444

RPM

International,

Inc.

683,731

32,997

Ryerson

Holding

Corporation

h

562,269

3,194

Scotts

Miracle-Gro

Company

782,434

25,010

Sensient

Technologies

Corporation

1,950,780

47,426

Steel

Dynamics,

Inc.

2,407,344

35,564

SunCoke

Energy,

Inc.

249,304

30,869

UFP

Technologies,

Inc.

h

1,537,894

15,127

United

States

Lime

&

Minerals,

Inc.

2,022,631

5,481

United

States

Steel

Corporation

g

143,438

30,726

W.

R.

Grace

&

Company

1,839,258

Total

87,259,130

Real

Estate

(1.4%)

109,087

Agree

Realty

Corporation

7,342,646

8,913

Alexandria

Real

Estate

Equities,

Inc.

1,464,406

88,798

American

Campus

Communities,

Inc.

3,833,410

6,367

Apartment

Income

REIT

Corporation

272,253

105,623

Apartment

Investment

&

Management

Company

648,525

24,575

Armada

Hoffler

Properties,

Inc.

308,171

8,906

AvalonBay

Communities,

Inc.

1,643,246

1,456

Bluegreen

Vacations

Holding

Corporations

h

26,994

63,971

Camden

Property

Trust

7,031,053

74,868

CareTrust

REIT,

Inc.

1,743,301

Shares

Common

Stock

(28.5%)

Value

Real

Estate

(1.4%)

-

continued

84,435

CBRE

Group,

Inc.

h

$

6,679,653

15,676

Cedar

Realty

Trust,

Inc.

233,572

6,171

Centerspace

419,628

19,646

Colliers

International

Group,

Inc.

1,930,023

19,273

Colony

Credit

Real

Estate,

Inc.

164,206

12,869

Community

Healthcare

Trust,

Inc.

593,518

14,455

Corepoint

Lodging,

Inc.

h

130,529

6,091

CoStar

Group,

Inc.

h

5,006,132

13,721

CubeSmart

519,065

181,258

Cushman

and

Wakefield

plc

h

2,958,131

8,728

Digital

Realty

Trust,

Inc.

1,229,252

18,708

Diversified

Healthcare

Trust

89,424

30,151

Douglas

Emmett,

Inc.

946,741

28,613

Duke

Realty

Corporation

1,199,743

22,817

EastGroup

Properties,

Inc.

3,269,220

28,434

EPR

Properties

1,324,740

184,220

Essential

Properties

Realty

Trust,

Inc.

4,205,743

2,849

Essex

Property

Trust,

Inc.

774,472

6,891

Extra

Space

Storage,

Inc.

913,402

19,685

Farmland

Partners,

Inc.

220,669

128,125

First

Industrial

Realty

Trust,

Inc.

5,866,844

19,670

FirstService

Corporation

2,914,897

141,223

Four

Corners

Property

Trust,

Inc.

3,869,510

6,665

Gaming

and

Leisure

Properties,

Inc.

282,796

20,052

Getty

Realty

Corporation

567,873

7,095

Gladstone

Commercial

Corporation

138,778

30,543

Gladstone

Land

Corporation

558,937

13,607

Global

Medical

REIT,

Inc.

178,388

42,564

Healthcare

Realty

Trust,

Inc.

1,290,541

99,853

Healthcare

Trust

of

America,

Inc.

2,753,946

2,293

Highwoods

Properties,

Inc.

98,461

159,758

Host

Hotels

&

Resorts,

Inc.

h

2,691,922

79,062

Independence

Realty

Trust,

Inc.

1,201,742

43,178

Industrial

Logistics

Properties

Trust

998,707

17,505

Innovative

Industrial

Properties,

Inc.

3,153,701

6,482

Iron

Mountain,

Inc.

239,899

9,087

Jones

Lang

LaSalle,

Inc.

h

1,626,937

93,206

Kilroy

Realty

Corporation

6,117,110

28,180

Lexington

Realty

Trust

313,080

26,285

Life

Storage,

Inc.

2,259,196

115,880

Medical

Properties

Trust,

Inc.

2,465,926

169,417

MGIC

Investment

Corporation

2,346,425

4,230

National

Health

Investors,

Inc.

305,744

67,115

National

Retail

Properties,

Inc.

2,957,758

198,213

National

Storage

Affiliates

Trust

7,914,645

240,177

New

Residential

Investment

Corporation

2,701,991

27,777

New

Senior

Investment

Group,

Inc.

173,051

31,494

NexPoint

Residential

Trust,

Inc.

1,451,558

20,174

Omega

Healthcare

Investors,

Inc.

738,974

13,998

One

Liberty

Properties,

Inc.

311,735

2,603

Plymouth

Industrial

REIT,

Inc.

43,861

28,081

Preferred

Apartment

Communities,

Inc.

276,598

18,158

Public

Storage,

Inc.

4,480,668

22,601

Rayonier,

Inc.

REIT

728,882

42,366

Realty

Income

Corporation

2,690,241

13,548

Redfin

Corporation

h

902,161

140,956

Rexford

Industrial

Realty,

Inc.

7,104,182

2,467

RMR

Group,

Inc.

100,678

82,603

Sabra

Health

Care

REIT,

Inc.

1,433,988

11,448

SBA

Communications

Corporation

3,177,392

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Shares

Common

Stock

(28.5%)

Value

Real

Estate

(1.4%)

-

continued

290,707

Service

Properties

Trust

$

3,447,785

13,338

SL

Green

Realty

Corporation

933,527

38,002

Spirit

Realty

Capital,

Inc.

1,615,085

44,315

STAG

Industrial,

Inc.

1,489,427

49,083

Store

Capital

Corporation

1,644,281

152,241

Sunstone

Hotel

Investors,

Inc.

h

1,896,923

56,912

UDR,

Inc.

2,496,160

12,842

UMH

Properties,

Inc.

246,181

232

Universal

Health

Realty

Income

Trust

15,725

6,422

WP

Carey,

Inc.

454,421

Total

150,791,106

Utilities

(0.4%)

27,505

AES

Corporation

737,409

7,412

ALLETE,

Inc.

498,012

41,372

Alliant

Energy

Corporation

2,240,708

29,354

American

Electric

Power

Company,

Inc.

2,486,284

6,515

American

States

Water

Company

492,664

133

American

Water

Works

Company,

Inc.

19,939

20,474

Artesian

Resources

Corporation

806,266

23,182

Black

Hills

Corporation

1,547,862

70,096

CenterPoint

Energy,

Inc.

1,587,674

1,860

Chesapeake

Utilities

Corporation

215,909

18,105

Consolidated

Water

Company,

Ltd.

243,512

5,429

DTE

Energy

Company

722,817

32,381

Duke

Energy

Corporation

3,125,738

44,646

Entergy

Corporation

4,440,938

3,949

Essential

Utilities,

Inc.

176,718

11,883

Evergy,

Inc.

707,395

46,595

Exelon

Corporation

2,038,065

149,702

FirstEnergy

Corporation

5,193,162

6,460

Hawaiian

Electric

Industries,

Inc.

287,018

6,100

IDACORP,

Inc.

609,817

8,956

MDU

Resources

Group,

Inc.

283,099

4,010

National

Fuel

Gas

Company

200,460

7,022

New

Jersey

Resources

Corporation

279,967

1,516

NiSource,

Inc.

36,551

3,709

Northwest

Natural

Holding

Company

200,101

17,731

NorthWestern

Corporation

1,156,061

62,156

OGE

Energy

Corporation

2,011,368

10,406

Otter

Tail

Corporation

480,445

3,503

Pinnacle

West

Capital

Corporation

284,969

25,726

Portland

General

Electric

Company

1,221,213

2,187

PPL

Corporation

63,073

9,600

Sempra

Energy

1,272,768

6,673

Southwest

Gas

Holdings,

Inc.

458,502

22,700

Spire,

Inc.

1,677,303

33,386

UGI

Corporation

1,369,160

8,894

Unitil

Corporation

406,367

15,596

WEC

Energy

Group,

Inc.

1,459,630

Total

41,038,944

Total

Common

Stock

(cost

$2,047,043,220)

3,148,969,372

Principal

Amount

Long-Term

Fixed

Income

(

23.7%

)

Value

Asset-Backed

Securities

(1.5%)

522

Funding

CLO,

Ltd.

$

3,000,000

1.824%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,i

$

3,000,003

Access

Group,

Inc.

308,523

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,i

305,547

Aimco

CLO

10,

Ltd.

3,100,000

1.542%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,i

3,101,736

Aimco

CLO

11,

Ltd.

4,600,000

1.605%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,i

4,608,289

Ares

CLO,

Ltd.

4,250,000

1.623%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,i

4,250,370

Ares

XXXIIR

CLO,

Ltd.

2,750,000

1.134%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,i

2,750,030

3,450,000

2.194%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,i

3,452,001

Buttermilk

Park

CLO,

Ltd.

7,100,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,i

7,100,483

Carlyle

Global

Market

Strategies

CLO,

Ltd.

4,650,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,i

4,650,219

CarVal

CLO

II,

Ltd.

2,775,000

1.694%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,i

2,774,886

1,600,000

2.194%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,i

1,596,002

CBAM,

Ltd.

4,500,000

1.521%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,i

4,500,175

Cent

CLO,

LP

1,025,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,i

1,025,155

CIFC

Funding,

Ltd.

1,625,000

1.805%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,i

1,628,999

Colony

American

Finance

Trust

4,797,174

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

i

5,045,901

Commonbond

Student

Loan

Trust

559,312

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,i

555,511

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Asset-Backed

Securities

(1.5%)

-

continued

CoreVest

American

Finance

Trust

$

4,948,514

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

i

$

5,155,117

Dryden

36

Senior

Loan

Fund

2,325,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,i

2,325,163

Dryden

Senior

Loan

Fund

3,950,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,i

3,950,363

Earnest

Student

Loan

Program

2016-D,

LLC

389,208

2.720%, 

1/25/2041,

Ser.

2016-D,

Class

A2

i

390,142

ECMC

Group

Student

Loan

Trust

2,808,529

1.259%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,i

2,837,208

Flatiron

CLO,

Ltd.

1,625,000

1.998%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,i

1,634,037

Galaxy

XIX

CLO,

Ltd.

2,175,000

2.033%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,i

2,175,224

Galaxy

XX

CLO,

Ltd.

4,500,000

1.224%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,i

4,494,136

Golub

Capital

Partners,

Ltd.

2,500,000

1.404%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,i

2,494,262

3,683,000

1.424%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,i

3,675,700

Goodgreen

3,427,719

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

i

3,597,426

Home

Partners

of

America

Trust

5,398,798

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

i

5,465,161

5,271,852

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

i

5,331,635

Laurel

Road

Prime

Student

Loan

Trust

844,533

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

i

857,939

2,554,068

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,i

2,647,474

Madison

Park

Funding

XIV,

Ltd.

3,125,000

1.622%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

3,125,141

Madison

Park

Funding,

Ltd.

2,700,000

2.300%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,i

2,700,235

Magnetite

XII,

Ltd.

4,425,000

1.341%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,i

4,425,248

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Asset-Backed

Securities

(1.5%)

-

continued

Mercury

Financial

Credit

Card

Master

Trust

$

2,300,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

i

$

2,300,348

Mountain

View

CLO,

Ltd.

3,175,000

1.361%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,i

3,169,444

MRA

Issuance

Trust

5,675,000

1.456%, 

(LIBOR

1M

+

1.350%),

7/15/2021,

Ser.

2020-12,

Class

A1X

b,i

5,676,030

National

Collegiate

Trust

1,400,858

0.404%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,i

1,375,587

Neuberger

Berman

CLO,

Ltd.

1,350,000

1.252%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,i

1,350,285

Octagon

Investment

Partners

32,

Ltd.

3,400,000

2.235%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,d,i

3,400,000

1,450,000

2.491%, 

(LIBOR

3M

+

2.250%),

7/15/2029,

Ser.

2017-1A,

Class

C

b,i

1,450,155

Octagon

Investment

Partners

XVI,

Ltd.

750,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,i

750,061

OZLM

IX,

Ltd.

1,650,000

1.774%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,i

1,650,305

OZLM

VIII,

Ltd.

1,289,848

1.393%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,i

1,289,941

Palmer

Square

CLO,

Ltd.

3,600,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,i

3,590,633

Palmer

Square

Loan

Funding,

Ltd.

2,259,349

1.074%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,i

2,259,520

2,200,000

1.874%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,i

2,200,297

Pretium

Mortgage

Credit

Partners,

LLC

2,573,302

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

i,j

2,595,644

Saxon

Asset

Securities

Trust

1,204,048

3.672%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

1,163,002

Shackleton

CLO,

Ltd.

3,000,000

1.411%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,i

3,000,042

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Asset-Backed

Securities

(1.5%)

-

continued

SLM

Student

Loan

Trust

$

1,186,034

0.509%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

$

1,165,991

Sound

Point

CLO

XIV,

Ltd.

3,400,000

2.221%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,i

3,388,477

Sound

Point

CLO

XV,

Ltd.

3,400,000

2.235%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,d,i

3,400,000

Sound

Point

CLO

XXI,

Ltd.

2,000,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,i

2,000,180

THL

Credit

Wind

River

CLO,

Ltd.

1,225,000

1.654%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,i

1,230,341

U.S.

Small

Business

Administration

122,941

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

126,534

Upstart

Securitization

Trust

1,928,084

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

i

1,943,317

VCAT

Asset

Securitization,

LLC

1,450,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

i,j

1,447,002

Vericrest

Opportunity

Loan

Trust

3,500,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

i,j

3,477,514

Voya

CLO,

Ltd.

2,096,725

1.441%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,i

2,096,754

Whitebox

CLO

II,

Ltd.

1,900,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,i

1,903,990

Total

167,028,312

Basic

Materials

(0.3%)

Air

Products

and

Chemicals,

Inc.

1,500,000

2.700%, 

5/15/2040

1,434,762

Alcoa

Nederland

Holding

BV

700,000

5.500%, 

12/15/2027

i

753,480

Anglo

American

Capital

plc

1,115,000

4.875%, 

5/14/2025

i

1,259,307

BWAY

Holding

Company

640,000

5.500%, 

4/15/2024

i

648,800

Chemours

Company

360,000

5.750%, 

11/15/2028

i

379,049

Cleveland-Cliffs,

Inc.

450,000

5.875%, 

6/1/2027

465,750

290,000

4.625%, 

3/1/2029

i

289,507

290,000

4.875%, 

3/1/2031

i

289,275

Consolidated

Energy

Finance

SA

510,000

6.875%, 

6/15/2025

i

519,563

Dow

Chemical

Company

650,000

4.800%, 

11/30/2028

762,286

DowDuPont,

Inc.

575,000

4.493%, 

11/15/2025

649,838

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Basic

Materials

(0.3%)

-

continued

First

Quantum

Minerals,

Ltd.

$

950,000

7.500%, 

4/1/2025

i

$

980,875

Freeport-McMoRan,

Inc.

660,000

4.125%, 

3/1/2028

693,792

710,000

4.250%, 

3/1/2030

756,150

Glencore

Funding,

LLC

217,000

4.125%, 

5/30/2023

i

232,053

1,343,000

4.000%, 

3/27/2027

i

1,480,078

Hecla

Mining

Company

220,000

7.250%, 

2/15/2028

235,950

Hudbay

Minerals,

Inc.

510,000

4.500%, 

4/1/2026

i

530,048

Ingevity

Corporation

770,000

3.875%, 

11/1/2028

i

746,900

International

Paper

Company

1,888,000

4.350%, 

8/15/2048

2,182,126

Kinross

Gold

Corporation

770,000

5.950%, 

3/15/2024

866,082

360,000

4.500%, 

7/15/2027

405,479

Kraton

Polymers,

LLC

680,000

4.250%, 

12/15/2025

i

682,550

Mercer

International,

Inc.

500,000

5.125%, 

2/1/2029

i

518,000

Norbord,

Inc.

610,000

5.750%, 

7/15/2027

i

650,138

Novelis

Corporation

485,000

5.875%, 

9/30/2026

i

506,219

290,000

4.750%, 

1/30/2030

i

298,903

OCI

NV

770,000

4.625%, 

10/15/2025

i

795,988

Olin

Corporation

925,000

5.125%, 

9/15/2027

957,375

Steel

Dynamics,

Inc.

1,500,000

1.650%, 

10/15/2027

1,468,617

Syngenta

Finance

NV

1,375,000

3.933%, 

4/23/2021

i

1,377,541

Teck

Resources,

Ltd.

1,267,000

6.125%, 

10/1/2035

1,553,241

Tronox

Finance

plc

410,000

5.750%, 

10/1/2025

i

427,683

United

States

Steel

Corporation

810,000

6.875%, 

3/1/2029

828,225

Vale

Overseas,

Ltd.

1,135,000

6.250%, 

8/10/2026

1,350,083

514,000

6.875%, 

11/21/2036

683,139

Venator

Finance

SARL

520,000

5.750%, 

7/15/2025

i

504,400

Total

29,163,252

Capital

Goods

(0.4%)

AECOM

860,000

5.125%, 

3/15/2027

935,787

Amsted

Industries,

Inc.

570,000

5.625%, 

7/1/2027

i

604,912

Ardagh

Packaging

Finance

plc

499,000

6.000%, 

2/15/2025

i

514,219

730,000

5.250%, 

8/15/2027

i

744,658

BAE

Systems

plc

1,850,000

1.900%, 

2/15/2031

i

1,735,947

Boeing

Company

580,000

5.930%, 

5/1/2060

744,213

895,000

5.040%, 

5/1/2027

1,020,361

712,000

5.150%, 

5/1/2030

820,043

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Capital

Goods

(0.4%)

-

continued

$

1,475,000

5.705%, 

5/1/2040

$

1,804,997

Bombardier,

Inc.

495,000

7.500%, 

3/15/2025

i

486,956

495,000

7.875%, 

4/15/2027

i

485,442

Brand

Industrial

Services,

Inc.

255,000

8.500%, 

7/15/2025

i

256,989

BWAY

Holding

Company

515,000

7.250%, 

4/15/2025

i

515,000

Carrier

Global

Corporation

720,000

3.577%, 

4/5/2050

707,037

1,050,000

2.700%, 

2/15/2031

1,049,686

Cintas

Corporation

No.

2

1,125,000

3.700%, 

4/1/2027

1,249,246

CNH

Industrial

NV

915,000

3.850%, 

11/15/2027

1,011,821

Cornerstone

Building

Brands,

Inc.

695,000

6.125%, 

1/15/2029

i

740,175

Covanta

Holding

Corporation

510,000

6.000%, 

1/1/2027

532,313

180,000

5.000%, 

9/1/2030

181,800

CP

Atlas

Buyer,

Inc.

465,000

7.000%, 

12/1/2028

i

488,738

Crown

Cork

&

Seal

Company,

Inc.

780,000

7.375%, 

12/15/2026

938,925

Emerson

Electric

Company

1,500,000

1.800%, 

10/15/2027

1,505,859

GFL

Environmental,

Inc.

180,000

4.000%, 

8/1/2028

i

174,150

515,000

3.500%, 

9/1/2028

i

499,550

H&E

Equipment

Services,

Inc.

570,000

3.875%, 

12/15/2028

i

554,325

Howmet

Aerospace,

Inc.

660,000

6.875%, 

5/1/2025

764,775

Ingersoll-Rand

Luxembourg

Finance

SA

775,000

3.500%, 

3/21/2026

841,241

Jeld-Wen,

Inc.

650,000

4.625%, 

12/15/2025

i

658,125

L3Harris

Technologies,

Inc.

2,150,000

3.950%, 

5/28/2024

2,333,263

Lockheed

Martin

Corporation

544,000

4.500%, 

5/15/2036

656,457

374,000

6.150%, 

9/1/2036

521,119

Meritor,

Inc.

360,000

4.500%, 

12/15/2028

i

361,080

NESCO

Holdings

II,

Inc.

170,000

5.500%, 

4/15/2029

d,i

174,386

Northrop

Grumman

Corporation

2,575,000

3.850%, 

4/15/2045

2,770,922

Owens-Brockway

Glass

Container,

Inc.

460,000

5.875%, 

8/15/2023

i

492,775

Raytheon

Technologies

Corporation

720,000

4.125%, 

11/16/2028

810,816

Republic

Services,

Inc.

1,100,000

2.900%, 

7/1/2026

1,173,074

Roper

Technologies,

Inc.

668,000

4.200%, 

9/15/2028

752,615

945,000

1.750%, 

2/15/2031

877,520

SRM

Escrow

Issuer,

LLC

650,000

6.000%, 

11/1/2028

i

681,200

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Capital

Goods

(0.4%)

-

continued

Standard

Industries,

Inc.

$

980,000

4.375%, 

7/15/2030

i

$

988,820

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

1,061,596

Titan

Acquisition,

Ltd.

220,000

7.750%, 

4/15/2026

i

228,514

TransDigm,

Inc.

500,000

6.250%, 

3/15/2026

i

530,100

1,410,000

5.500%, 

11/15/2027

1,459,533

140,000

4.625%, 

1/15/2029

i

138,047

United

Rentals

North

America,

Inc.

710,000

4.875%, 

1/15/2028

747,893

430,000

4.000%, 

7/15/2030

437,633

United

Technologies

Corporation

900,000

4.450%, 

11/16/2038

1,042,716

1,200,000

3.750%, 

11/1/2046

1,279,007

Waste

Pro

USA,

Inc.

255,000

5.500%, 

2/15/2026

i

261,056

WESCO

Distribution,

Inc.

560,000

7.250%, 

6/15/2028

i

625,181

Total

42,972,613

Collateralized

Mortgage

Obligations

(1.1%)

Alternative

Loan

Trust

681,236

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

544,420

Bellemeade

Re,

Ltd.

634,720

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

634,918

1,152,833

1.209%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,i

1,153,304

2,750,000

1.767%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,i

2,749,272

BRAVO

Residential

Funding

Trust

321,966

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

i

330,953

Business

Jet

Securities,

LLC

2,553,745

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

i

2,585,105

Citicorp

Mortgage

Securities,

Inc.

2,463,959

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

2,453,328

Countrywide

Alternative

Loan

Trust

757,831

2.746%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

726,983

1,899,215

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

1,002,182

Countrywide

Home

Loans,

Inc.

446,749

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

324,429

Credit

Suisse

Mortgage

Trust

1,147,038

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

i

1,145,472

3,369,761

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,i

3,573,310

7,792,255

3.471%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,i

7,883,120

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

$

165,864

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

$

145,521

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

33,437,173

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

k

4,275,260

1,641,906

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

k

85,937

1,964,710

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

203,632

3,588,352

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

k

414,842

Federal

National

Mortgage

Association

44,810,512

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

k

2,508,878

Federal

National

Mortgage

Association

-

REMIC

5,913,411

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

k

338,426

Foundation

Finance

Trust

2,900,000

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

i

2,883,135

FWD

Securitization

Trust

2,779,808

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,i

2,877,790

Galton

Funding

Mortgage

Trust

2017-1

822,913

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,i

831,762

GS

Mortgage-Backed

Securities

Trust

758,803

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,i

770,537

J.P.

Morgan

Alternative

Loan

Trust

1,003,462

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

804,833

Legacy

Mortgage

Asset

Trust

696,102

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

i,j

703,959

LHOME

Mortgage

Trust

2,900,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,i

2,898,132

MASTR

Alternative

Loans

Trust

1,240,776

0.559%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

182,662

Merrill

Lynch

Alternative

Note

Asset

Trust

408,407

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

254,139

MRA

Issuance

Trust

2,100,000

1.853%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,e,i

2,100,000

5,750,000

1.259%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,e,i

5,750,000

New

York

Mortgage

Trust

2,829,311

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,i

2,840,208

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Oak

Street

Investment

$

2,286,630

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

i

$

2,295,878

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,590,809

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,i

2,612,269

3,836,068

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

i,j

3,863,464

2,831,802

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,i

2,831,482

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

e,i,j

1,900,000

RCO

Mortgage,

LLC

4,349,626

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

i,j

4,374,136

Renaissance

Home

Equity

Loan

Trust

3,385,880

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

j

1,795,341

Residential

Accredit

Loans,

Inc.

Trust

1,177,410

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

1,151,208

Sequoia

Mortgage

Trust

1,028,789

3.114%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

800,701

Silver

Hill

Trust

1,392,493

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,i

1,440,947

Starwood

Mortgage

Residential

Trust

925,163

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,i

940,979

Toorak

Mortgage

Corporation

2,750,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,j

2,779,869

8,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

8,620,771

1,750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

i,j

1,754,039

Vericrest

Opportunity

Loan

Transferee

2,347,317

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

i,j

2,334,946

1,571,366

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

i,j

1,570,151

1,925,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

i,j

1,912,595

1,700,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

i,j

1,693,271

2,624,477

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

i,j

2,621,590

1,800,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

i,j

1,795,725

1,800,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

i,j

1,795,410

1,900,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

e,i,j

1,900,000

Verus

Securitization

Trust

1,016,809

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,i

1,018,934

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

$

2,617,659

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,i

$

2,667,253

2,085,722

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,i

2,123,821

1,539,930

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,i

1,562,783

4,985,291

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,i

5,076,784

WaMu

Mortgage

Pass

Through

Certificates

105,998

3.017%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

103,248

426,124

3.035%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

427,166

Total

121,741,210

Commercial

Mortgage-Backed

Securities

(0.2%)

BBCMS

Mortgage

Trust

18,970,600

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,k

2,568,541

BFLD

Trust

3,000,000

1.256%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,i

3,026,422

1,100,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,i

1,111,002

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,186,221

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,227,049

GS

Mortgage

Securities

Trust

6,600,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

7,030,267

Morgan

Stanley

Capital

I

Trust

19,968,179

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,k

2,724,982

Total

17,688,263

Communications

Services

(0.7%)

AMC

Networks,

Inc.

640,000

4.250%, 

2/15/2029

622,400

American

Tower

Corporation

900,000

2.900%, 

1/15/2030

914,896

1,500,000

2.100%, 

6/15/2030

1,427,390

AT&T,

Inc.

1,532,000

3.500%, 

9/15/2053

i

1,415,776

1,500,000

2.300%, 

6/1/2027

1,533,014

825,000

4.350%, 

3/1/2029

933,222

1,475,000

5.250%, 

3/1/2037

1,779,553

1,460,000

4.900%, 

8/15/2037

1,728,044

575,000

5.550%, 

8/15/2041

715,793

CCO

Holdings,

LLC

900,000

5.125%, 

5/1/2027

i

951,583

940,000

4.750%, 

3/1/2030

i

974,075

CCOH

Safari,

LLC

906,000

5.750%, 

2/15/2026

i

934,765

Cengage

Learning,

Inc.

745,000

9.500%, 

6/15/2024

i

758,969

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Communications

Services

(0.7%)

-

continued

Charter

Communications

Operating,

LLC

$

700,000

4.500%, 

2/1/2024

$

765,618

1,000,000

4.200%, 

3/15/2028

1,102,286

1,400,000

3.500%, 

6/1/2041

1,327,736

1,425,000

6.484%, 

10/23/2045

1,855,366

Clear

Channel

Worldwide

Holdings,

Inc.

640,000

7.750%, 

4/15/2028

i

632,960

Comcast

Corporation

800,000

4.049%, 

11/1/2052

904,009

900,000

3.950%, 

10/15/2025

1,005,426

1,500,000

4.250%, 

10/15/2030

1,723,545

640,000

4.400%, 

8/15/2035

748,455

1,305,000

4.750%, 

3/1/2044

1,603,894

550,000

4.600%, 

8/15/2045

664,938

Consolidated

Communications,

Inc.

290,000

5.000%, 

10/1/2028

i

292,262

Cox

Communications,

Inc.

1,065,000

3.350%, 

9/15/2026

i

1,149,091

Crown

Castle

International

Corporation

1,121,000

3.200%, 

9/1/2024

1,203,805

CSC

Holdings,

LLC

1,280,000

5.375%, 

2/1/2028

i

1,345,600

Cumulus

Media

New

Holdings,

Inc.

480,000

6.750%, 

7/1/2026

g,i

489,000

Discovery

Communications,

LLC

1,850,000

4.900%, 

3/11/2026

2,108,132

DISH

DBS

Corporation

450,000

7.375%, 

7/1/2028

472,072

Embarq

Corporation

380,000

7.995%, 

6/1/2036

437,840

Entercom

Media

Corporation

470,000

6.500%, 

5/1/2027

g,i

485,862

Fox

Corporation

900,000

3.500%, 

4/8/2030

957,509

Front

Range

BidCo,

Inc.

660,000

4.000%, 

3/1/2027

i

648,450

465,000

6.125%, 

3/1/2028

i

477,206

Frontier

Communications

Corporation

410,000

5.875%, 

10/15/2027

i

434,600

170,000

6.750%, 

5/1/2029

i

179,299

GCI,

LLC

520,000

4.750%, 

10/15/2028

i

532,350

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

299,187

iHeartCommunications,

Inc.

520,000

4.750%, 

1/15/2028

i

523,900

LCPR

Senior

Secured

Financing

DAC

450,000

6.750%, 

10/15/2027

i

479,768

Level

3

Financing,

Inc.

910,000

4.625%, 

9/15/2027

i

936,545

980,000

4.250%, 

7/1/2028

i

991,084

Ligado

Networks,

LLC

255,000

0.000%,PIK

15.500%,

11/1/2023

e,f,i

238,928

Meredith

Corporation

750,000

6.500%, 

7/1/2025

i

804,660

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Communications

Services

(0.7%)

-

continued

Netflix,

Inc.

$

1,340,000

4.875%, 

4/15/2028

$

1,515,875

Nexstar

Escrow

Corporation

750,000

5.625%, 

7/15/2027

i

786,090

Nielsen

Finance,

LLC

230,000

5.625%, 

10/1/2028

i

241,788

Omnicom

Group,

Inc.

750,000

3.600%, 

4/15/2026

821,873

435,000

4.200%, 

6/1/2030

489,530

Radiate

Holdco,

LLC

285,000

6.500%, 

9/15/2028

i

300,946

Scripps

Escrow

II,

Inc.

360,000

3.875%, 

1/15/2029

i

353,700

260,000

5.375%, 

1/15/2031

i

258,050

SFR

Group

SA

1,250,000

7.375%, 

5/1/2026

i

1,300,125

Sinclair

Television

Group,

Inc.

780,000

5.500%, 

3/1/2030

i

758,550

Sirius

XM

Radio,

Inc.

780,000

5.000%, 

8/1/2027

i

818,259

Sprint

Capital

Corporation

760,000

6.875%, 

11/15/2028

958,337

555,000

8.750%, 

3/15/2032

820,706

Sprint

Corporation

1,680,000

7.625%, 

2/15/2025

2,003,400

Terrier

Media

Buyer,

Inc.

385,000

8.875%, 

12/15/2027

i

414,279

T-Mobile

USA,

Inc.

1,450,000

3.750%, 

4/15/2027

i

1,585,082

255,000

2.875%, 

2/15/2031

246,458

1,100,000

4.375%, 

4/15/2040

i

1,222,166

United

States

Cellular

Corporation

460,000

6.700%, 

12/15/2033

557,147

Uniti

Group,

LP

255,000

6.500%, 

2/15/2029

i

251,813

Univision

Communications,

Inc.

980,000

6.625%, 

6/1/2027

i

1,046,567

VeriSign,

Inc.

400,000

4.750%, 

7/15/2027

424,500

Verizon

Communications,

Inc.

720,000

3.700%, 

3/22/2061

711,445

480,000

2.100%, 

3/22/2028

482,011

3,065,000

4.272%, 

1/15/2036

3,464,320

1,750,000

2.650%, 

11/20/2040

1,599,239

Viacom,

Inc.

1,140,000

5.850%, 

9/1/2043

1,456,017

ViaSat,

Inc.

740,000

5.625%, 

9/15/2025

i

752,180

Vodafone

Group

plc

700,000

4.875%, 

6/19/2049

831,730

VTR

Finance

NV

350,000

6.375%, 

7/15/2028

g,i

378,000

Walt

Disney

Company

1,400,000

2.200%, 

1/13/2028

1,430,565

1,000,000

2.650%, 

1/13/2031

1,020,735

1,700,000

3.500%, 

5/13/2040

1,797,564

Ziggo

BV

717,000

5.500%, 

1/15/2027

i

746,576

Total

74,356,486

Consumer

Cyclical

(0.6%)

1011778

B.C.,

ULC

780,000

4.375%, 

1/15/2028

i

783,682

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

Allied

Universal

Holdco,

LLC

$

570,000

6.625%, 

7/15/2026

i

$

604,474

Allison

Transmission,

Inc

740,000

3.750%, 

1/30/2031

i

716,875

Amazon.com,

Inc.

1,870,000

3.875%, 

8/22/2037

2,142,611

1,122,000

4.050%, 

8/22/2047

1,313,173

American

Axle

&

Manufacturing,

Inc.

820,000

6.500%, 

4/1/2027

g

850,750

American

Honda

Finance

Corporation

200,000

2.150%, 

9/10/2024

208,477

Brookfield

Residential

Properties,

Inc.

1,125,000

6.250%, 

9/15/2027

i

1,174,219

Caesars

Entertainment,

Inc.

170,000

8.125%, 

7/1/2027

i

187,467

Carnival

Corporation

550,000

11.500%, 

4/1/2023

i

630,437

390,000

10.500%, 

2/1/2026

i

458,737

180,000

7.625%, 

3/1/2026

i

193,374

580,000

5.750%, 

3/1/2027

i

595,225

Cedar

Fair,

LP

720,000

5.250%, 

7/15/2029

740,081

Cinemark

USA,

Inc.

600,000

5.875%, 

3/15/2026

i

614,364

Clarios

Global,

LP

255,000

8.500%, 

5/15/2027

i

274,444

Colt

Merger

Sub,

Inc.

1,180,000

6.250%, 

7/1/2025

i

1,257,898

CVS

Health

Corporation

1,500,000

3.625%, 

4/1/2027

1,646,356

D.R.

Horton,

Inc.

700,000

2.600%, 

10/15/2025

736,257

Dana,

Inc.

590,000

5.625%, 

6/15/2028

631,300

Empire

Communities

Corporation

540,000

7.000%, 

12/15/2025

i

569,025

Ford

Motor

Company

340,000

9.000%, 

4/22/2025

411,779

190,000

9.625%, 

4/22/2030

265,153

700,000

7.450%, 

7/16/2031

882,581

Ford

Motor

Credit

Company,

LLC

1,940,000

4.063%, 

11/1/2024

2,035,157

1,060,000

4.134%, 

8/4/2025

1,108,680

Gap,

Inc.

350,000

8.625%, 

5/15/2025

i

391,912

General

Motors

Company

1,425,000

6.125%, 

10/1/2025

1,675,669

1,500,000

6.800%, 

10/1/2027

1,860,844

General

Motors

Financial

Company,

Inc.

760,000

3.950%, 

4/13/2024

817,941

Hanesbrands,

Inc.

730,000

4.875%, 

5/15/2026

i

782,925

Herc

Holdings,

Inc.

480,000

5.500%, 

7/15/2027

i

510,816

Hilton

Domestic

Operating

Company,

Inc.

1,340,000

4.875%, 

1/15/2030

1,421,472

Home

Depot,

Inc.

505,000

5.400%, 

9/15/2040

669,018

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

$

1,140,000

4.250%, 

4/1/2046

$

1,341,560

970,000

3.900%, 

6/15/2047

1,090,175

Hyundai

Capital

America

945,000

1.250%, 

9/18/2023

i

951,835

1,150,000

1.800%, 

1/10/2028

i

1,099,657

International

Game

Technology

plc

600,000

5.250%, 

1/15/2029

i

625,800

KB

Home

650,000

4.800%, 

11/15/2029

680,875

Kohl's

Corporation

825,000

9.500%, 

5/15/2025

1,069,714

825,000

5.550%, 

7/17/2045

934,663

L

Brands,

Inc.

780,000

6.625%, 

10/1/2030

i

890,604

180,000

6.875%, 

11/1/2035

214,522

Landry's,

Inc.

580,000

6.750%, 

10/15/2024

i

586,479

Lennar

Corporation

650,000

4.875%, 

12/15/2023

710,014

1,450,000

4.750%, 

5/30/2025

1,614,937

Levi

Strauss

&

Company

750,000

3.500%, 

3/1/2031

i

723,750

Live

Nation

Entertainment,

Inc.

360,000

3.750%, 

1/15/2028

i

355,050

Marriott

International,

Inc.

775,000

5.750%, 

5/1/2025

889,307

Mastercard,

Inc.

1,070,000

3.950%, 

2/26/2048

1,210,633

Mattamy

Group

Corporation

780,000

5.250%, 

12/15/2027

i

816,075

McDonald's

Corporation

1,500,000

2.125%, 

3/1/2030

1,464,545

755,000

4.450%, 

3/1/2047

877,473

MGM

Resorts

International

1,260,000

6.000%, 

3/15/2023

1,349,775

Owl

Rock

Capital

Corporation

1,425,000

3.400%, 

7/15/2026

1,443,352

PetSmart,

Inc.

400,000

4.750%, 

2/15/2028

i

409,084

440,000

7.750%, 

2/15/2029

i

476,278

Prime

Security

Services

Borrower,

LLC

1,260,000

5.750%, 

4/15/2026

i

1,363,383

Real

Hero

Merger

Sub

2,

Inc.

385,000

6.250%, 

2/1/2029

i

397,512

Realogy

Group,

LLC

630,000

5.750%, 

1/15/2029

i

621,337

Rite

Aid

Corporation

255,000

7.500%, 

7/1/2025

i

264,881

Royal

Caribbean

Cruises,

Ltd.

740,000

9.125%, 

6/15/2023

i

815,428

280,000

11.500%, 

6/1/2025

i

326,550

270,000

5.500%, 

4/1/2028

i

271,350

Scientific

Games

International,

Inc.

910,000

5.000%, 

10/15/2025

i

942,487

610,000

7.250%, 

11/15/2029

i

661,850

SeaWorld

Parks

and

Entertainment,

Inc.

360,000

9.500%, 

8/1/2025

i

391,257

Six

Flags

Entertainment

Corporation

380,000

5.500%, 

4/15/2027

g,i

393,775

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

Six

Flags

Theme

Parks,

Inc.

$

360,000

7.000%, 

7/1/2025

i

$

389,250

Staples,

Inc.

970,000

7.500%, 

4/15/2026

i

1,023,108

Target

Corporation

1,300,000

2.250%, 

4/15/2025

1,362,028

Tenneco,

Inc.

360,000

5.000%, 

7/15/2026

g

339,300

TJX

Companies,

Inc.

875,000

3.875%, 

4/15/2030

974,250

Uber

Technologies,

Inc.

385,000

6.250%, 

1/15/2028

i

419,342

ViacomCBS,

Inc.

1,400,000

4.200%, 

5/19/2032

1,564,925

Visa,

Inc.

1,500,000

2.700%, 

4/15/2040

1,468,998

Vista

Outdoor,

Inc.

630,000

4.500%, 

3/15/2029

i

623,357

Walmart,

Inc.

1,300,000

3.250%, 

7/8/2029

1,422,172

Wyndham

Destinations,

Inc.

470,000

6.625%, 

7/31/2026

i

533,615

Wyndham

Hotels

&

Resorts,

Inc.

280,000

4.375%, 

8/15/2028

i

283,220

Yum!

Brands,

Inc.

630,000

4.750%, 

1/15/2030

i

666,099

ZF

North

America

Capital,

Inc.

370,000

4.750%, 

4/29/2025

i

397,206

Total

68,906,010

Consumer

Non-Cyclical

(0.8%)

Abbott

Laboratories

1,445,000

4.750%, 

11/30/2036

1,788,081

AbbVie,

Inc.

875,000

2.950%, 

11/21/2026

931,596

1,475,000

4.300%, 

5/14/2036

1,700,382

550,000

4.850%, 

6/15/2044

668,141

726,000

4.700%, 

5/14/2045

859,854

1,700,000

4.875%, 

11/14/2048

2,047,496

Albertson's

Companies,

Inc.

340,000

7.500%, 

3/15/2026

i

375,569

935,000

3.500%, 

3/15/2029

i

889,783

Altria

Group,

Inc.

960,000

5.800%, 

2/14/2039

1,171,468

Amgen,

Inc.

1,500,000

3.375%, 

2/21/2050

1,499,366

100,000

3.125%, 

5/1/2025

107,470

Anheuser-Busch

Companies,

LLC

1,040,000

4.700%, 

2/1/2036

1,218,327

Anheuser-Busch

InBev

Worldwide,

Inc.

2,125,000

4.750%, 

4/15/2058

2,449,351

1,740,000

4.375%, 

4/15/2038

1,977,749

Anthem,

Inc.

1,185,000

3.125%, 

5/15/2050

1,130,781

820,000

4.625%, 

5/15/2042

968,188

Aramark

Services,

Inc.

390,000

6.375%, 

5/1/2025

g,i

413,400

AstraZeneca

plc

1,050,000

1.375%, 

8/6/2030

963,084

BAT

Capital

Corporation

1,496,000

4.540%, 

8/15/2047

1,506,304

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Bausch

Health

Companies,

Inc.

$

230,000

5.000%, 

1/30/2028

i

$

232,875

820,000

5.000%, 

2/15/2029

i

814,362

Baxalta,

Inc.

721,000

4.000%, 

6/23/2025

799,185

Becton,

Dickinson

and

Company

725,000

3.794%, 

5/20/2050

770,273

900,000

3.700%, 

6/6/2027

992,717

Campbell

Soup

Company

450,000

2.375%, 

4/24/2030

440,127

Cargill,

Inc.

650,000

3.250%, 

5/23/2029

i

696,952

Centene

Corporation

530,000

4.625%, 

12/15/2029

573,622

730,000

3.000%, 

10/15/2030

728,788

300,000

2.500%, 

3/1/2031

286,506

Central

Garden

&

Pet

Company

650,000

4.125%, 

10/15/2030

656,500

Cigna

Corporation

1,500,000

4.800%, 

8/15/2038

1,792,796

Community

Health

Systems,

Inc.

255,000

5.625%, 

3/15/2027

i

267,112

360,000

6.000%, 

1/15/2029

i

380,700

680,000

6.875%, 

4/15/2029

i

711,872

Conagra

Brands,

Inc.

1,210,000

4.300%, 

5/1/2024

1,334,274

Constellation

Brands,

Inc.

1,450,000

3.600%, 

2/15/2028

1,576,895

600,000

2.875%, 

5/1/2030

613,064

CVS

Health

Corporation

2,560,000

4.875%, 

7/20/2035

3,012,346

DaVita,

Inc.

910,000

4.625%, 

6/1/2030

i

927,163

DENTSPLY

SIRONA,

Inc.

210,000

3.250%, 

6/1/2030

219,567

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

i

401,280

Encompass

Health

Corporation

1,030,000

4.500%, 

2/1/2028

1,054,844

Endo

Finance,

LLC

340,000

9.500%, 

7/31/2027

i

369,325

Energizer

Holdings,

Inc.

590,000

4.750%, 

6/15/2028

i

608,437

General

Mills,

Inc.

715,000

2.875%, 

4/15/2030

738,136

H.

J.

Heinz

Company

180,000

5.200%, 

7/15/2045

208,180

HCA,

Inc.

2,100,000

5.375%, 

2/1/2025

2,342,582

1,375,000

5.500%, 

6/15/2047

1,710,217

HLF

Financing

SARL,

LLC

550,000

7.250%, 

8/15/2026

i

576,125

Illumina,

Inc.

610,000

9.000%, 

7/1/2028

i

686,433

Imperial

Brands

Finance

plc

1,600,000

3.875%, 

7/26/2029

i

1,701,306

JBS

Investments

II

GmbH

190,000

5.750%, 

1/15/2028

i

200,450

JBS

USA,

LLC

640,000

5.500%, 

1/15/2030

i

708,317

Keurig

Dr

Pepper,

Inc.

775,000

3.350%, 

3/15/2051

771,882

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Keurig

Dr.

Pepper,

Inc.

$

1,125,000

3.200%, 

5/1/2030

$

1,190,392

Kimberly-Clark

Corporation

845,000

3.100%, 

3/26/2030

910,316

900,000

3.900%, 

5/4/2047

1,033,745

Kraft

Foods

Group,

Inc.

910,000

5.000%, 

6/4/2042

1,024,115

Kraft

Heinz

Foods

Company

1,140,000

4.625%, 

1/30/2029

1,279,460

1,010,000

3.750%, 

4/1/2030

1,071,960

90,000

4.250%, 

3/1/2031

99,084

Mattel,

Inc.

605,000

3.375%, 

4/1/2026

i

624,626

Medtronic,

Inc.

105,000

4.625%, 

3/15/2045

132,413

Molina

Healthcare,

Inc.

670,000

4.375%, 

6/15/2028

i

689,403

Mondelez

International,

Inc.

425,000

2.750%, 

4/13/2030

433,898

MPH

Acquisition

Holdings,

LLC

400,000

5.750%, 

11/1/2028

g,i

390,000

Mylan,

Inc.

1,570,000

4.550%, 

4/15/2028

1,772,994

Ortho-Clinical

Diagnostics,

Inc.

385,000

7.250%, 

2/1/2028

i

421,829

Par

Pharmaceutical,

Inc.

910,000

7.500%, 

4/1/2027

i

965,192

Pilgrim's

Pride

Corporation

370,000

5.875%, 

9/30/2027

i

396,529

Quest

Diagnostics,

Inc.

1,400,000

2.800%, 

6/30/2031

1,422,995

Reynolds

American,

Inc.

759,000

5.700%, 

8/15/2035

900,215

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

i

1,359,247

Royalty

Pharma

plc

1,050,000

3.550%, 

9/2/2050

i

1,000,597

Scotts

Miracle-Gro

Company

620,000

4.500%, 

10/15/2029

639,189

SEG

Holding,

LLC

740,000

5.625%, 

10/15/2028

i

775,150

Simmons

Foods,

Inc.

360,000

4.625%, 

3/1/2029

i

363,157

Smithfield

Foods,

Inc.

60,000

2.650%, 

10/3/2021

i

60,451

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

i

327,050

280,000

5.500%, 

7/15/2030

i

299,600

Syneos

Health,

Inc.

560,000

3.625%, 

1/15/2029

i

544,600

Sysco

Corporation

1,300,000

6.600%, 

4/1/2040

1,813,540

Teleflex,

Inc.

770,000

4.250%, 

6/1/2028

i

797,913

Tenet

Healthcare

Corporation

510,000

4.625%, 

7/15/2024

520,552

1,340,000

5.125%, 

11/1/2027

i

1,401,238

255,000

6.125%, 

10/1/2028

i

266,156

Teva

Pharmaceutical

Finance

Netherlands

III

BV

820,000

2.800%, 

7/21/2023

816,351

Thermo

Fisher

Scientific,

Inc.

900,000

4.133%, 

3/25/2025

999,402

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Consumer

Non-Cyclical

(0.8%)

-

continued

Tyson

Foods,

Inc.

$

748,000

3.550%, 

6/2/2027

$

816,697

United

Natural

Foods,

Inc.

515,000

6.750%, 

10/15/2028

i

550,406

UnitedHealth

Group,

Inc.

815,000

2.950%, 

10/15/2027

874,829

1,450,000

4.625%, 

7/15/2035

1,770,302

VRX

Escrow

Corporation

1,940,000

6.125%, 

4/15/2025

i

1,988,888

Zoetis,

Inc.

740,000

4.700%, 

2/1/2043

892,893

Total

86,208,974

Energy

(0.6%)

Antero

Midstream

Partners,

LP

270,000

5.750%, 

3/1/2027

i

270,059

Antero

Resources

Corporation

540,000

5.000%, 

3/1/2025

g

540,416

Apache

Corporation

620,000

4.375%, 

10/15/2028

618,140

460,000

5.100%, 

9/1/2040

449,650

Archrock

Partners,

LP

570,000

6.250%, 

4/1/2028

i

579,006

BP

Capital

Markets

America,

Inc.

1,700,000

2.939%, 

6/4/2051

1,516,204

700,000

3.543%, 

4/6/2027

766,169

Buckeye

Partners,

LP

380,000

4.125%, 

3/1/2025

i

387,711

380,000

3.950%, 

12/1/2026

375,615

Canadian

Natural

Resources,

Ltd.

440,000

2.050%, 

7/15/2025

444,924

525,000

2.950%, 

7/15/2030

523,642

Cenovus

Energy,

Inc.

240,000

5.375%, 

7/15/2025

269,715

Centennial

Resource

Production,

LLC

520,000

6.875%, 

4/1/2027

g,i

462,800

Cheniere

Energy

Partners,

LP

1,290,000

5.625%, 

10/1/2026

1,348,953

Chevron

USA,

Inc.

1,850,000

5.050%, 

11/15/2044

2,346,693

Cimarex

Energy

Company

1,050,000

4.375%, 

6/1/2024

1,141,948

CNX

Resources

Corporation

330,000

6.000%, 

1/15/2029

i

342,929

Comstock

Resources,

Inc.

400,000

9.750%, 

8/15/2026

434,000

ConocoPhillips

1,870,000

6.500%, 

2/1/2039

2,669,025

Continental

Resources,

Inc.

81,000

4.500%, 

4/15/2023

83,892

270,000

4.375%, 

1/15/2028

283,905

360,000

5.750%, 

1/15/2031

i

406,750

Diamondback

Energy,

Inc.

1,250,000

3.500%, 

12/1/2029

1,297,311

Enagas

SA

790,000

5.500%, 

1/15/2028

i

771,553

Encana

Corporation

270,000

6.625%, 

8/15/2037

324,692

Endeavor

Energy

Resources,

LP

380,000

5.750%, 

1/30/2028

i

401,402

Energean

Israel

Finance,

Ltd.

515,000

4.500%, 

3/30/2024

i

517,616

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Energy

(0.6%)

-

continued

Energy

Transfer

Operating,

LP

$

1,100,000

6.000%, 

6/15/2048

$

1,265,360

Energy

Transfer

Partners,

LP

970,000

4.900%, 

3/15/2035

1,022,762

800,000

5.150%, 

2/1/2043

817,204

EnLink

Midstream

Partners,

LP

580,000

4.850%, 

7/15/2026

560,297

360,000

5.600%, 

4/1/2044

298,800

EOG

Resources,

Inc.

1,150,000

4.375%, 

4/15/2030

1,320,218

EQM

Midstream

Partners,

LP

660,000

6.500%, 

7/1/2027

i

717,585

270,000

6.500%, 

7/15/2048

269,325

EQT

Corporation

850,000

3.900%, 

10/1/2027

867,000

Equinor

ASA

750,000

3.000%, 

4/6/2027

803,183

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,464,285

Genesis

Energy,

LP

270,000

6.500%, 

10/1/2025

264,667

Harvest

Midstream,

LP

670,000

7.500%, 

9/1/2028

i

720,049

Hess

Midstream

Operations,

LP

450,000

5.625%, 

2/15/2026

i

463,500

Hilcorp

Energy

I,

LP

540,000

5.750%, 

2/1/2029

i

544,725

Kinder

Morgan

Energy

Partners,

LP

1,870,000

6.500%, 

9/1/2039

2,421,030

Magellan

Midstream

Partners,

LP

1,070,000

5.000%, 

3/1/2026

1,226,488

Marathon

Oil

Corporation

1,175,000

4.400%, 

7/15/2027

1,293,462

Marathon

Petroleum

Corporation

994,000

4.750%, 

12/15/2023

1,091,733

846,000

6.500%, 

3/1/2041

1,124,712

MPLX,

LP

575,000

4.875%, 

12/1/2024

645,384

944,000

4.875%, 

6/1/2025

1,063,271

Murphy

Oil

Corporation

350,000

5.875%, 

12/1/2027

343,000

Nabors

Industries,

Ltd.

425,000

7.250%, 

1/15/2026

i

352,750

National

Fuel

Gas

Company

1,000,000

5.500%, 

1/15/2026

1,142,842

Newfield

Exploration

Company

1,185,000

5.625%, 

7/1/2024

1,302,701

700,000

5.375%, 

1/1/2026

771,418

NGL

Energy

Operating,

LLC

360,000

7.500%, 

2/1/2026

i

369,900

NGL

Energy

Partners,

LP

360,000

7.500%, 

11/1/2023

347,400

NuStar

Logistics,

LP

560,000

5.750%, 

10/1/2025

599,491

Occidental

Petroleum

Corporation

1,150,000

2.900%, 

8/15/2024

1,137,396

600,000

3.400%, 

4/15/2026

582,600

185,000

8.500%, 

7/15/2027

219,225

690,000

3.500%, 

8/15/2029

647,427

380,000

6.450%, 

9/15/2036

419,429

960,000

4.400%, 

4/15/2046

822,182

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Energy

(0.6%)

-

continued

ONEOK,

Inc.

$

1,070,000

2.200%, 

9/15/2025

$

1,089,447

Ovintiv,

Inc.

180,000

7.375%, 

11/1/2031

228,959

PBF

Holding

Company,

LLC

505,000

9.250%, 

5/15/2025

i

515,580

Pioneer

Natural

Resources

Company

750,000

4.450%, 

1/15/2026

844,200

Plains

All

American

Pipeline,

LP

800,000

4.500%, 

12/15/2026

877,799

775,000

3.550%, 

12/15/2029

772,721

Range

Resources

Corporation

270,000

9.250%, 

2/1/2026

293,360

270,000

8.250%, 

1/15/2029

i

288,900

Sabine

Pass

Liquefaction,

LLC

1,500,000

5.750%, 

5/15/2024

1,692,521

Schlumberger

Holdings

Corporation

995,000

4.000%, 

12/21/2025

i

1,100,723

Southwestern

Energy

Company

590,000

7.500%, 

4/1/2026

g

624,232

Suncor

Energy,

Inc.

990,000

3.600%, 

12/1/2024

1,076,376

Sunoco

Logistics

Partners

Operations,

LP

950,000

4.000%, 

10/1/2027

1,021,669

Sunoco,

LP

545,000

5.875%, 

3/15/2028

570,413

Targa

Resources

Partners,

LP

430,000

5.375%, 

2/1/2027

445,938

Teine

Energy,

Ltd.

510,000

6.875%, 

4/15/2029

d,i

516,171

Transocean

Guardian,

Ltd.

456,750

5.875%, 

1/15/2024

i

399,656

Transocean

Proteus,

Ltd.

192,000

6.250%, 

12/1/2024

i

182,400

USA

Compression

Partners,

LP

270,000

6.875%, 

4/1/2026

276,919

Vine

Energy

Holdings,

LLC

340,000

6.750%, 

4/15/2029

d,i

340,000

W&T

Offshore,

Inc.

610,000

9.750%, 

11/1/2023

i

539,667

Weatherford

International,

Ltd.

540,000

8.750%, 

9/1/2024

i

564,894

430,000

11.000%, 

12/1/2024

i

412,800

Western

Gas

Partners,

LP

1,496,000

4.000%, 

7/1/2022

1,533,437

Western

Midstream

Operating,

LP

180,000

4.350%, 

2/1/2025

186,300

570,000

3.950%, 

6/1/2025

585,396

320,000

5.500%, 

8/15/2048

314,918

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,344,239

Williams

Partners,

LP

935,000

4.500%, 

11/15/2023

1,018,204

WPX

Energy,

Inc.

1,056,000

4.500%, 

1/15/2030

1,137,090

Total

69,692,450

Financials

(1.3%)

ACE

INA

Holdings,

Inc.

1,115,000

4.350%, 

11/3/2045

1,319,238

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Financials

(1.3%)

-

continued

AerCap

Ireland

Capital

DAC

$

1,240,000

3.500%, 

1/15/2025

$

1,300,310

1,250,000

3.875%, 

1/23/2028

1,309,789

Aircastle,

Ltd.

700,000

5.000%, 

4/1/2023

746,099

1,050,000

2.850%, 

1/26/2028

i

1,004,558

Ally

Financial,

Inc.

615,000

5.750%, 

11/20/2025

698,688

American

International

Group,

Inc.

60,000

4.125%, 

2/15/2024

65,663

845,000

3.750%, 

7/10/2025

922,659

835,000

3.900%, 

4/1/2026

922,074

Ares

Capital

Corporation

1,100,000

3.875%, 

1/15/2026

1,159,280

550,000

2.150%, 

7/15/2026

535,603

Australia

and

New

Zealand

Banking

Group,

Ltd.

700,000

2.950%, 

7/22/2030

b,i

723,457

850,000

2.570%, 

11/25/2035

b,i

798,949

Aviation

Capital

Group,

LLC

1,300,000

2.875%, 

1/20/2022

i

1,318,842

Avolon

Holdings

Funding,

Ltd.

800,000

5.250%, 

5/15/2024

i

864,102

275,000

4.250%, 

4/15/2026

i

288,040

Banco

Santander

Mexico

SA

875,000

5.375%, 

4/17/2025

i

982,450

Banco

Santander

SA

400,000

1.344%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

405,625

Bank

of

America

Corporation

1,050,000

4.200%, 

8/26/2024

1,158,103

970,000

4.000%, 

1/22/2025

1,062,257

1,800,000

3.458%, 

3/15/2025

b

1,932,786

800,000

3.824%, 

1/20/2028

b

878,890

1,500,000

2.496%, 

2/13/2031

b

1,486,189

900,000

2.592%, 

4/29/2031

b

898,121

1,475,000

1.922%, 

10/24/2031

b

1,388,072

1,375,000

4.244%, 

4/24/2038

b

1,564,162

Barclays

Bank

plc

386,000

10.179%, 

6/12/2021

i

392,628

Barclays

plc

1,290,000

4.972%, 

5/16/2029

b

1,483,294

1,475,000

3.564%, 

9/23/2035

b

1,477,124

BPCE

SA

1,091,000

3.500%, 

10/23/2027

i

1,180,135

Burford

Capital

Global

Finance,

LLC

305,000

6.250%, 

4/15/2028

d,i

312,625

Camden

Property

Trust

1,975,000

3.150%, 

7/1/2029

2,088,681

CANPACK

SA

700,000

3.125%, 

11/1/2025

i

710,500

Capital

One

Financial

Corporation

1,100,000

4.200%, 

10/29/2025

1,217,513

Cascades

USA,

Inc.

570,000

5.125%, 

1/15/2026

i

604,912

Chobani,

LLC

720,000

4.625%, 

11/15/2028

i

734,400

CIT

Group,

Inc.

310,000

5.250%, 

3/7/2025

349,137

Citigroup,

Inc.

1,515,000

4.400%, 

6/10/2025

1,683,502

745,000

3.200%, 

10/21/2026

800,561

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Financials

(1.3%)

-

continued

$

1,094,000

3.668%, 

7/24/2028

b

$

1,196,423

490,000

4.125%, 

7/25/2028

542,247

915,000

3.520%, 

10/27/2028

b

989,746

978,000

4.650%, 

7/23/2048

1,200,072

CNA

Financial

Corporation

650,000

3.900%, 

5/1/2029

716,644

Comerica,

Inc.

45,000

3.700%, 

7/31/2023

48,116

Commerzbank

AG

1,850,000

8.125%, 

9/19/2023

i

2,116,585

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

988,000

4.625%, 

12/1/2023

1,082,763

Credit

Acceptance

Corporation

620,000

5.125%, 

12/31/2024

i

632,400

Credit

Agricole

SA

1,125,000

3.250%, 

1/14/2030

i

1,156,514

Credit

Suisse

Group

AG

900,000

7.250%, 

9/12/2025

b,i,l

976,320

1,800,000

2.193%, 

6/5/2026

b,i

1,829,267

Danske

Bank

AS

1,225,000

3.244%, 

12/20/2025

b,i

1,304,319

Deutsche

Bank

AG

975,000

3.547%, 

9/18/2031

b

1,006,772

1,175,000

3.729%, 

1/14/2032

b

1,139,319

Discover

Bank

900,000

2.450%, 

9/12/2024

942,066

1,670,000

4.682%, 

8/9/2028

b

1,781,222

Drawbridge

Special

Opportunities

Fund,

LP

750,000

3.875%, 

2/15/2026

i

769,317

Duke

Realty,

LP

925,000

2.875%, 

11/15/2029

949,262

ERP

Operating,

LP

337,000

3.375%, 

6/1/2025

365,157

ESH

Hospitality,

Inc.

590,000

5.250%, 

5/1/2025

i

601,800

290,000

4.625%, 

10/1/2027

i

306,716

First

Horizon

National

Corporation

1,785,000

4.000%, 

5/26/2025

1,958,962

Fortress

Transportation

360,000

6.500%, 

10/1/2025

i

376,200

GE

Capital

Funding,

LLC

3,225,000

4.400%, 

5/15/2030

i

3,651,192

GE

Capital

International

Funding

Company

1,630,000

4.418%, 

11/15/2035

1,865,959

Global

Net

Lease,

Inc.

520,000

3.750%, 

12/15/2027

i

506,857

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,076,150

275,000

1.992%, 

1/27/2032

b

260,987

1,130,000

4.750%, 

10/21/2045

1,391,787

HCP,

Inc.

660,000

3.400%, 

2/1/2025

709,200

Healthpeak

Properties,

Inc.

875,000

2.875%, 

1/15/2031

882,110

HSBC

Holdings

plc

1,475,000

6.875%, 

6/1/2021

b,l

1,487,832

1,850,000

3.803%, 

3/11/2025

b

1,997,722

710,000

3.900%, 

5/25/2026

782,874

1,400,000

4.950%, 

3/31/2030

1,634,613

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Financials

(1.3%)

-

continued

Icahn

Enterprises,

LP

$

1,215,000

6.375%, 

12/15/2025

$

1,254,488

iStar,

Inc.

550,000

4.250%, 

8/1/2025

553,795

J.P.

Morgan

Chase

&

Company

1,550,000

3.875%, 

9/10/2024

1,699,270

445,000

3.125%, 

1/23/2025

476,765

850,000

1.040%, 

2/4/2027

b

829,035

1,475,000

4.203%, 

7/23/2029

b

1,668,643

900,000

2.522%, 

4/22/2031

b

898,105

1,100,000

1.953%, 

2/4/2032

b

1,042,538

1,740,000

3.882%, 

7/24/2038

b

1,930,877

Kimco

Realty

Corporation

1,142,000

3.300%, 

2/1/2025

1,223,588

Lloyds

Banking

Group

plc

1,950,000

3.870%, 

7/9/2025

b

2,122,109

LPL

Holdings,

Inc.

410,000

4.000%, 

3/15/2029

i

413,075

MGM

Growth

Properties

Operating

Partnership,

LP

410,000

4.625%, 

6/15/2025

i

432,427

340,000

5.750%, 

2/1/2027

374,828

Mitsubishi

UFJ

Financial

Group,

Inc.

1,870,000

3.287%, 

7/25/2027

2,038,851

1,750,000

2.048%, 

7/17/2030

1,684,352

Mizuho

Financial

Group,

Inc.

1,500,000

1.979%, 

9/8/2031

b

1,414,714

Morgan

Stanley

760,000

4.051%, 

(LIBOR

3M

+

3.810%),

4/15/2021

b,l

760,000

600,000

2.188%, 

4/28/2026

b

619,939

1,925,000

4.350%, 

9/8/2026

2,174,971

1,244,000

3.591%, 

7/22/2028

b

1,356,191

190,000

3.772%, 

1/24/2029

b

207,811

1,600,000

3.622%, 

4/1/2031

b

1,737,191

825,000

2.802%, 

1/25/2052

b

759,385

MPT

Operating

Partnership,

LP

630,000

4.625%, 

8/1/2029

662,779

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

705,036

55,000

3.850%, 

6/30/2026

60,713

Nationwide

Building

Society

950,000

3.622%, 

4/26/2023

b,i

979,901

Natwest

Group

plc

850,000

3.032%, 

11/28/2035

b

810,968

NFP

Corporation

225,000

6.875%, 

8/15/2028

i

233,438

Omega

Healthcare

Investors,

Inc.

875,000

3.375%, 

2/1/2031

867,884

Park

Aerospace

Holdings,

Ltd.

800,000

4.500%, 

3/15/2023

i

835,504

PennyMac

Financial

Services,

Inc.

450,000

4.250%, 

2/15/2029

i

430,313

Playtika

Holding

Corporation

170,000

4.250%, 

3/15/2029

i

167,484

Prudential

Financial,

Inc.

1,250,000

3.700%, 

3/13/2051

1,323,272

Quicken

Loans,

LLC

440,000

3.625%, 

3/1/2029

i

423,500

Realty

Income

Corporation

1,475,000

4.125%, 

10/15/2026

1,668,371

575,000

1.800%, 

3/15/2033

528,019

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Financials

(1.3%)

-

continued

Regency

Centers,

LP

$

1,100,000

4.125%, 

3/15/2028

$

1,202,353

Reinsurance

Group

of

America,

Inc.

1,100,000

4.700%, 

9/15/2023

1,204,930

Royal

Bank

of

Scotland

Group

plc

1,050,000

6.000%, 

12/29/2025

b,l

1,152,060

1,375,000

4.445%, 

5/8/2030

b

1,531,447

Service

Properties

Trust

540,000

4.500%, 

6/15/2023

548,564

260,000

4.750%, 

10/1/2026

253,500

360,000

5.500%, 

12/15/2027

380,784

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

i

1,245,917

Springleaf

Finance

Corporation

910,000

6.875%, 

3/15/2025

1,035,057

540,000

6.625%, 

1/15/2028

611,987

Sumitomo

Mitsui

Financial

Group,

Inc.

1,140,000

3.010%, 

10/19/2026

1,217,358

850,000

1.710%, 

1/12/2031

789,809

Synchrony

Financial

590,000

4.250%, 

8/15/2024

641,806

925,000

3.950%, 

12/1/2027

996,646

UBS

Group

Funding

Jersey,

Ltd.

1,158,000

4.125%, 

9/24/2025

i

1,285,327

UDR,

Inc.

875,000

2.100%, 

8/1/2032

812,985

VEREIT

Operating

Partnership,

LP

1,100,000

2.850%, 

12/15/2032

1,065,297

VICI

Properties,

LP

340,000

4.250%, 

12/1/2026

i

347,849

200,000

3.750%, 

2/15/2027

i

200,000

290,000

4.625%, 

12/1/2029

i

300,834

Voya

Financial,

Inc.

1,018,000

3.125%, 

7/15/2024

1,087,895

Wells

Fargo

&

Company

1,320,000

3.000%, 

2/19/2025

1,404,515

125,000

3.000%, 

4/22/2026

133,577

1,475,000

3.000%, 

10/23/2026

1,574,283

1,400,000

2.393%, 

6/2/2028

b

1,434,851

1,180,000

4.900%, 

11/17/2045

1,416,242

Westpac

Banking

Corporation

2,000,000

2.668%, 

11/15/2035

b

1,897,800

Total

142,148,313

Mortgage-Backed

Securities

(7.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

36,218,318

3.000%, 

3/25/2050

37,800,198

26,594,829

3.000%, 

4/1/2050

27,773,961

13,593,162

3.500%, 

7/1/2047

14,430,491

Federal

National

Mortgage

Association

8,583,306

4.500%, 

5/1/2048

9,368,730

14,829,950

3.500%, 

10/1/2048

15,663,828

8,609,878

3.500%, 

6/1/2049

9,113,252

17,171,293

3.500%, 

8/1/2049

18,171,862

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

64,125,000

1.500%, 

4/1/2036

d

64,414,505

101,100,000

2.000%, 

4/1/2036

d

103,756,151

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Mortgage-Backed

Securities

(7.1%)

-

continued

$

35,000,000

2.500%, 

4/1/2036

d

$

36,415,039

44,400,000

2.000%, 

5/1/2036

d

45,510,542

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

48,700,000

2.000%, 

4/1/2051

d,m

48,608,688

119,715,000

2.500%, 

4/1/2051

d

122,848,167

122,875,000

2.000%, 

5/1/2051

d,m

122,419,019

77,078,000

2.500%, 

5/1/2051

d

78,929,679

25,914,873

4.000%, 

7/1/2048

27,814,979

Total

783,039,091

Technology

(0.4%)

Apple,

Inc.

1,405,000

3.000%, 

11/13/2027

1,523,197

2,570,000

3.750%, 

9/12/2047

2,842,625

Applied

Materials,

Inc.

736,000

3.300%, 

4/1/2027

800,865

Baidu,

Inc.

1,200,000

3.425%, 

4/7/2030

1,257,139

Banff

Merger

Sub,

Inc.

255,000

9.750%, 

9/1/2026

i

271,575

Broadcom

Corporation

542,000

3.875%, 

1/15/2027

588,561

1,350,000

3.500%, 

1/15/2028

1,433,318

Broadcom,

Inc.

604,000

3.469%, 

4/15/2034

i

606,065

600,000

5.000%, 

4/15/2030

683,830

CDW,

LLC

380,000

4.250%, 

4/1/2028

393,300

CommScope

Technologies

Finance,

LLC

620,000

6.000%, 

6/15/2025

i

632,431

CommScope,

Inc.

385,000

7.125%, 

7/1/2028

i

408,901

Diamond

1

Finance

Corporation

2,360,000

6.020%, 

6/15/2026

i

2,793,879

Diamond

Sports

Group,

LLC

980,000

6.625%, 

8/15/2027

i

509,600

Fiserv,

Inc.

1,000,000

2.250%, 

6/1/2027

1,022,210

1,150,000

2.650%, 

6/1/2030

1,158,192

Gartner,

Inc.

50,000

4.500%, 

7/1/2028

i

51,562

605,000

3.750%, 

10/1/2030

i

599,997

Hewlett

Packard

Enterprise

Company

850,000

4.650%, 

10/1/2024

948,858

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

i

577,096

750,000

5.250%, 

7/15/2030

i

773,850

KLA

Corporation

1,800,000

3.300%, 

3/1/2050

1,728,883

Lam

Research

Corporation

1,500,000

2.875%, 

6/15/2050

1,429,862

Micron

Technology,

Inc.

600,000

2.497%, 

4/24/2023

622,734

Microsoft

Corporation

2,400,000

4.200%, 

11/3/2035

2,867,744

2,250,000

3.700%, 

8/8/2046

2,522,166

NCR

Corporation

1,020,000

6.125%, 

9/1/2029

i

1,079,925

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Technology

(0.4%)

-

continued

NVIDIA

Corporation

$

1,500,000

3.500%, 

4/1/2040

$

1,613,515

NXP

Funding,

LLC

1,500,000

4.875%, 

3/1/2024

i

1,667,184

Open

Text

Corporation

675,000

4.125%, 

2/15/2030

i

684,241

Oracle

Corporation

1,800,000

2.800%, 

4/1/2027

1,895,656

1,815,000

3.850%, 

7/15/2036

1,930,303

1,500,000

3.600%, 

4/1/2040

1,506,478

PTC,

Inc.

300,000

3.625%, 

2/15/2025

i

307,875

270,000

4.000%, 

2/15/2028

i

274,050

Qorvo,

Inc.

460,000

3.375%, 

4/1/2031

i

450,749

Rackspace

Technology

Global,

Inc.

540,000

5.375%, 

12/1/2028

g,i

549,085

Seagate

HDD

Cayman

670,000

3.375%, 

7/15/2031

i

644,171

Sensata

Technologies,

Inc.

980,000

3.750%, 

2/15/2031

i

966,221

Shift4

Payments,

LLC

190,000

4.625%, 

11/1/2026

i

197,125

SS&C

Technologies,

Inc.

1,120,000

5.500%, 

9/30/2027

i

1,192,856

Switch,

Ltd.

570,000

3.750%, 

9/15/2028

i

561,290

Teledyne

Technologies,

Inc.

720,000

2.250%, 

4/1/2028

716,530

Texas

Instruments,

Inc.

1,630,000

4.150%, 

5/15/2048

1,939,211

Tyco

Electronics

Group

SA

374,000

3.450%, 

8/1/2024

402,948

748,000

3.125%, 

8/15/2027

802,409

VMware,

Inc.

825,000

4.650%, 

5/15/2027

935,150

Total

49,365,412

Transportation

(0.1%)

Air

Canada

Pass

Through

Trust

310,431

3.875%, 

3/15/2023

i

309,951

American

Airlines,

Inc.

420,000

11.750%, 

7/15/2025

i

519,536

765,000

5.500%, 

4/20/2026

i

796,128

125,000

5.750%, 

4/20/2029

i

132,956

Avis

Budget

Car

Rental,

LLC

450,000

5.375%, 

3/1/2029

i

465,491

Boeing

Company

712,000

5.805%, 

5/1/2050

896,373

Burlington

Northern

Santa

Fe,

LLC

1,120,000

5.750%, 

5/1/2040

1,499,159

575,000

4.450%, 

3/15/2043

678,744

CSX

Corporation

900,000

3.800%, 

4/15/2050

955,000

Delta

Air

Lines,

Inc.

515,000

7.000%, 

5/1/2025

i

593,258

1,100,000

4.750%, 

10/20/2028

i

1,196,136

Hawaiian

Brand

Intellectual

Property,

Ltd.

580,000

5.750%, 

1/20/2026

i

616,308

Mileage

Plus

Holdings,

LLC

570,000

6.500%, 

6/20/2027

i

624,863

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Transportation

(0.1%)

-

continued

Southwest

Airlines

Company

$

475,000

4.750%, 

5/4/2023

$

512,855

1,050,000

5.125%, 

6/15/2027

1,207,153

United

Parcel

Service,

Inc.

1,200,000

4.450%, 

4/1/2030

1,402,561

XPO

Logistics,

Inc.

923,000

6.750%, 

8/15/2024

i

967,996

Total

13,374,468

U.S.

Government

&

Agencies

(8.2%)

U.S.

Treasury

Bonds

9,660,000

1.625%, 

11/15/2050

8,049,497

7,285,000

2.250%, 

11/15/2027

7,711,571

72,550,000

2.875%, 

5/15/2028

79,751,154

19,150,000

5.250%, 

11/15/2028

24,381,840

13,650,000

1.625%, 

8/15/2029

13,698,521

3,250,000

1.500%, 

2/15/2030

3,210,010

3,750,000

0.875%, 

11/15/2030

3,468,164

270,000

1.125%, 

2/15/2031

255,108

2,975,000

4.375%, 

5/15/2040

3,988,243

44,475,000

1.375%, 

11/15/2040

37,831,547

1,340,000

3.000%, 

5/15/2042

1,496,455

68,726,000

2.500%, 

5/15/2046

70,036,089

46,100,000

2.875%, 

5/15/2049

50,623,562

U.S.

Treasury

Notes

4,300,000

2.500%, 

1/15/2022

4,382,641

5,080,000

1.125%, 

2/28/2022

5,128,816

78,270,000

0.125%, 

6/30/2022

78,288,345

22,660,000

1.875%, 

7/31/2022

23,190,209

14,960,000

0.125%, 

10/31/2022

14,958,247

16,300,000

2.000%, 

11/30/2022

16,802,371

106,955,000

0.125%, 

1/31/2023

106,904,865

4,910,000

2.500%, 

3/31/2023

5,138,814

22,900,000

0.125%, 

10/15/2023

22,824,859

82,550,000

2.500%, 

1/31/2024

87,625,535

25,885,000

2.125%, 

7/31/2024

27,321,820

28,665,000

2.250%, 

11/15/2024

30,419,611

19,170,000

2.125%, 

11/30/2024

20,264,038

52,575,000

2.625%, 

1/31/2026

56,916,545

90,300,000

2.500%, 

2/28/2026

97,231,230

1,500,000

0.750%, 

1/31/2028

1,438,125

Total

903,337,832

Utilities

(0.4%)

Ameren

Illinois

Company

830,000

4.500%, 

3/15/2049

999,111

American

Water

Capital

Corporation

1,500,000

2.800%, 

5/1/2030

1,542,660

Appalachian

Power

Company

750,000

3.300%, 

6/1/2027

807,069

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,350,468

Calpine

Corporation

960,000

4.500%, 

2/15/2028

i

968,064

CenterPoint

Energy,

Inc.

600,000

2.500%, 

9/1/2024

629,107

900,000

4.250%, 

11/1/2028

1,009,395

CMS

Energy

Corporation

490,000

2.950%, 

2/15/2027

517,774

Commonwealth

Edison

Company

1,300,000

3.700%, 

3/1/2045

1,382,463

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Utilities

(0.4%)

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

1,250,000

4.125%, 

5/15/2049

$

1,389,811

Consolidated

Edison,

Inc.

579,000

4.500%, 

12/1/2045

668,853

Consumers

Energy

Company

1,200,000

4.350%, 

4/15/2049

1,435,820

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

1,020,496

475,000

3.700%, 

6/1/2046

504,253

Duke

Energy

Carolinas,

LLC

1,190,000

3.700%, 

12/1/2047

1,264,101

Duke

Energy

Corporation

770,000

3.750%, 

9/1/2046

774,371

Duke

Energy

Florida,

LLC

1,030,000

3.200%, 

1/15/2027

1,113,510

Duke

Energy

Indiana,

LLC

1,550,000

3.750%, 

5/15/2046

1,620,315

Edison

International

725,000

5.750%, 

6/15/2027

845,750

Exelon

Corporation

585,000

4.700%, 

4/15/2050

700,717

1,158,000

4.450%, 

4/15/2046

1,327,460

FirstEnergy

Corporation

460,000

2.850%, 

7/15/2022

466,900

ITC

Holdings

Corporation

294,000

4.050%, 

7/1/2023

313,873

760,000

5.300%, 

7/1/2043

930,636

Mississippi

Power

Company

1,040,000

3.950%, 

3/30/2028

1,146,371

Monongahela

Power

Company

990,000

5.400%, 

12/15/2043

i

1,219,177

National

Rural

Utilities

Cooperative

Finance

Corporation

550,000

3.900%, 

11/1/2028

614,056

1,050,000

3.700%, 

3/15/2029

1,149,618

NextEra

Energy

Operating

Partners,

LP

740,000

3.875%, 

10/15/2026

i

776,075

NiSource

Finance

Corporation

900,000

5.650%, 

2/1/2045

1,156,355

NiSource,

Inc.

1,125,000

3.600%, 

5/1/2030

1,219,342

NRG

Energy,

Inc.

820,000

3.375%, 

2/15/2029

i

800,525

Pacific

Gas

and

Electric

Company

900,000

3.300%, 

12/1/2027

939,910

480,000

3.250%, 

6/1/2031

477,877

900,000

3.950%, 

12/1/2047

828,318

PG&E

Corporation

380,000

5.000%, 

7/1/2028

401,460

300,000

5.250%, 

7/1/2030

318,000

PPL

Capital

Funding,

Inc.

800,000

5.000%, 

3/15/2044

953,509

PPL

Electric

Utilities

Corporation

1,122,000

3.950%, 

6/1/2047

1,236,401

Public

Service

Electric

&

Gas

Company

400,000

3.000%, 

5/15/2027

429,343

San

Diego

Gas

and

Electric

Company

1,540,000

4.150%, 

5/15/2048

1,735,994

Principal

Amount

Long-Term

Fixed

Income

(23.7%)

Value

Utilities

(0.4%)

-

continued

South

Carolina

Electric

&

Gas

Company

$

650,000

5.100%, 

6/1/2065

$

861,689

Southern

California

Edison

Company

1,500,000

4.000%, 

4/1/2047

1,545,170

Southern

Company

843,000

3.250%, 

7/1/2026

902,327

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

685,680

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

645,851

Suburban

Propane

Partners,

LP

740,000

5.875%, 

3/1/2027

769,600

Talen

Energy

Supply,

LLC

590,000

7.625%, 

6/1/2028

i

597,375

TerraForm

Power

Operating,

LLC

750,000

5.000%, 

1/31/2028

i

809,287

Virginia

Electric

and

Power

Company

850,000

4.600%, 

12/1/2048

1,044,104

Vistra

Operations

Company,

LLC

550,000

5.000%, 

7/31/2027

i

566,511

Total

47,412,902

Total

Long-Term

Fixed

Income

(cost

$2,554,180,248)

2,616,435,588

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

41,125,358

Thrivent

Cash

Management

Trust

41,125,358

Total

Collateral

Held

for

Securities

Loaned

(cost

$41,125,358)

41,125,358

Shares

or

Principal

Amount

Short-Term

Investments

(

11.6%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

16,800,000

0.085%,

4/7/2021

n,o

16,800,000

19,600,000

0.085%,

4/8/2021

n,o

19,600,000

100,000

0.025%,

4/16/2021

n

100,000

6,000,000

0.002%,

4/28/2021

n,o

6,000,000

2,500,000

0.040%,

5/4/2021

n,o

2,499,977

1,000,000

0.030%,

5/6/2021

n,o

999,990

100,000

0.040%,

5/12/2021

n,o

99,999

1,000,000

0.030%,

5/13/2021

n

999,988

21,700,000

0.010%,

5/18/2021

n,o

21,699,717

3,100,000

0.020%,

6/16/2021

n,o

3,099,869

100,000

0.015%,

6/23/2021

n,o

99,995

6,500,000

0.000%,

7/7/2021

o

6,499,475

Thrivent

Core

Short-Term

Reserve

Fund

119,323,005

0.180%

1,193,230,053

U.S.

Treasury

Bills

800,000

0.022%,

4/20/2021

n,p

799,993

5,400,000

0.031%,

4/22/2021

n,p

5,399,969

4,200,000

0.048%,

8/26/2021

n,p

4,199,614

Total

Short-Term

Investments

(cost

$1,282,004,685)

1,282,128,639

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Contracts

Options

Purchased

(

<0.1%

)

Value

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

399

$132.50,

expires

5/21/2021

$

773,063

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

387

$160.00,

expires

5/21/2021

2,273,625

Total

Options

Purchased

(cost

$1,514,549)

3,046,688

Total

Investments

(cost

$9,557,290,672)

106.1%

$11,735,447,625

Other

Assets

and

Liabilities,

Net

(6.1%)

(679,523,087)

Total

Net

Assets

100.0%

$11,055,924,538

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

i

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$440,005,249

or

4.0%

of

total

net

assets.

j

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

k

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

At

March

31,

2021,

$5,562,694

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,503,158

Common

Stock

35,690,986

Total

lending

$40,194,144

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$41,125,358

Net

amounts

due

to

counterparty

$931,214

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Moderate

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

9,096,803

–

9,096,803

–

Capital

Goods

18,337,183

–

18,337,183

–

Communications

Services

31,115,675

–

31,115,675

–

Consumer

Cyclical

24,878,775

–

24,878,775

–

Consumer

Non-Cyclical

27,753,070

–

27,530,870

222,200

Energy

2,015,956

–

2,015,956

–

Financials

8,838,182

–

8,838,182

–

Technology

13,500,795

–

13,500,795

–

Transportation

7,712,992

–

7,712,992

–

Utilities

6,659,280

–

6,659,280

–

Registered

Investment

Companies

Unaffiliated

83,674,399

83,674,399

–

–

Affiliated

3,781,683,132

3,781,683,132

–

–

Common

Stock

Communications

Services

262,331,231

262,185,217

146,014

–

Consumer

Discretionary

474,451,290

474,451,290

–

–

Consumer

Staples

74,494,467

74,494,467

–

–

Energy

60,882,400

60,882,400

–

–

Financials

425,983,147

420,571,497

5,409,957

1,693

Health

Care

413,765,756

413,765,756

–

–

Industrials

388,812,329

386,291,435

2,520,894

–

Information

Technology

769,159,572

763,666,324

5,493,248

–

Materials

87,259,130

86,049,066

1,210,055

9

Real

Estate

150,791,106

150,791,106

–

–

Utilities

41,038,944

41,038,944

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

167,028,312

–

167,028,312

–

Basic

Materials

29,163,252

–

29,163,252

–

Capital

Goods

42,972,613

–

42,972,613

–

Collateralized

Mortgage

Obligations

121,741,210

–

110,091,210

11,650,000

Commercial

Mortgage-Backed

Securities

17,688,263

–

17,688,263

–

Communications

Services

74,356,486

–

74,117,558

238,928

Consumer

Cyclical

68,906,010

–

68,906,010

–

Consumer

Non-Cyclical

86,208,974

–

86,208,974

–

Energy

69,692,450

–

69,692,450

–

Financials

142,148,313

–

142,148,313

–

Mortgage-Backed

Securities

783,039,091

–

783,039,091

–

Technology

49,365,412

–

49,365,412

–

Transportation

13,374,468

–

13,374,468

–

U.S.

Government

&

Agencies

903,337,832

–

903,337,832

–

Utilities

47,412,902

–

47,412,902

–

Short-Term

Investments

88,898,586

–

88,898,586

–

Options

Purchased

3,046,688

3,046,688

–

–

Subtotal

Investments

in

Securities

$9,872,616,476

$7,002,591,721

$2,857,911,925

$12,112,830

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,193,230,053

Affiliated

Registered

Investment

Companies

628,475,738

Collateral

Held

for

Securities

Loaned

41,125,358

Subtotal

Other

Investments

$1,862,831,149

Total

Investments

at

Value

$11,735,447,625

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

47,059,518

47,059,518

–

–

Total

Asset

Derivatives

$47,059,518

$47,059,518

$–

$–

Liability

Derivatives

Futures

Contracts

6,287,433

6,287,433

–

–

Call

Options

Written

1,056,385

989,907

–

66,478

Total

Liability

Derivatives

$7,343,818

$7,277,340

$–

$66,478

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$60,499,025

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

194

June

2021

$

26,143,640

(

$

741,765)

CBOT

2-Yr.

U.S.

Treasury

Note

644

June

2021

142,290,757

(

142,852)

CBOT

5-Yr.

U.S.

Treasury

Note

712

June

2021

88,985,176

(

1,125,487)

CBOT

U.S.

Long

Bond

187

June

2021

29,910,867

(

1,001,836)

CME

E-mini

S&P

500

Index

5,606

June

2021

1,094,868,336

17,193,884

CME

Ultra

Long

Term

U.S.

Treasury

Bond

229

June

2021

43,089,255

(

1,590,161)

ICE

mini

MSCI

EAFE

Index

1,547

June

2021

169,942,578

(

391,378)

Total

Futures

Long

Contracts

$

1,595,230,609

$

12,200,405

CME

E-mini

Russell

2000

Index

(3,294)

June

2021

(

$

385,932,719)

$

19,886,969

CME

E-mini

S&P

Mid-Cap

400

Index

(2,208)

June

2021

(

583,836,350)

8,586,110

CME

Euro

Foreign

Exchange

Currency

(236)

June

2021

(

35,232,224)

593,324

Eurex

Euro

STOXX

50

Index

(768)

June

2021

(

33,972,342)

(

900,314)

ICE

US

mini

MSCI

Emerging

Markets

Index

(697)

June

2021

(

45,695,485)

(

393,640)

Ultra

10-Yr.

U.S.

Treasury

Note

(149)

June

2021

(

22,208,669)

799,231

Total

Futures

Short

Contracts

(

$

1,106,877,789)

$28,571,680

Total

Futures

Contracts

$

488,352,820

$40,772,085

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Counterparty:

CCM

-

CCM

Futures,

LLC

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderate

Allocation

Portfolio's

options

contracts

held

as

of

March

31,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

399.00

$

132.50

May

2021

52,244,063

$

773,063

$

348,120

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

387.00

160.00

May

2021

59,827,781

2,273,625

1,184,019

Total

Options

Purchased

Contracts

$3,046,688

$1,532,139

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(33.50)

$

102.72

April

2021

(33,375,684)

(

$

33)

$

183,170

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(31.50)

100.83

May

2021

(31,440,938)

(

66,445)

119,356

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

(399.00)

130.50

May

2021

(52,244,062)

(

342,891)

(

131,928)

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

(387.00)

153.00

May

2021

(59,827,781)

(

647,016)

(

285,372)

Total

Options

Written

Contracts

($1,056,385)

($114,774)

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$261,775

$2,684

$–

$246,726

25,515

2.2%

Core

Emerging

Markets

Equity

78,541

–

–

81,738

6,662

0.7

Core

International

Equity

57,326

–

35,800

23,252

2,289

0.2

Core

Low

Volatility

Equity

448,746

–

180,000

276,760

21,289

2.5

Global

Stock

436,493

–

–

459,722

30,845

4.2

High

Yield

203,397

2,341

–

204,095

44,090

1.8

Income

680,517

4,731

–

654,548

59,895

5.9

International

Allocation

536,533

–

–

559,166

52,945

5.0

International

Index

60,008

–

–

62,009

4,742

0.6

Large

Cap

Value

712,027

–

–

808,995

37,121

7.3

Limited

Maturity

Bond

348,789

1,413

–

348,628

34,658

3.2

Mid

Cap

Stock

484,590

–

–

530,932

21,360

4.8

Small

Cap

Stock

134,494

–

–

153,587

6,427

1.4

Total

Affiliated

Registered

Investment

Companies

4,443,236

4,410,158

39.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

934,266

848,108

589,144

1,193,230

119,323

10.8

Total

Affiliated

Short-Term

Investments

934,266

1,193,230

10.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

69,785

274,953

303,613

41,125

41,125

0.4

Total

Collateral

Held

for

Securities

Loaned

69,785

41,125

0.4

Total

Value

$5,447,287

$5,644,513

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(17,733)

–

$2,685

Core

Emerging

Markets

Equity

–

3,198

–

–

Core

International

Equity

899

827

–

–

Core

Low

Volatility

Equity

17,856

(9,842)

–

–

Global

Stock

–

23,229

–

–

High

Yield

–

(1,643)

–

2,337

Income

–

(30,700)

–

4,732

International

Allocation

–

22,634

–

–

International

Index

–

2,001

–

–

Large

Cap

Value

–

96,968

–

–

Limited

Maturity

Bond

–

(1,574)

–

1,412

Mid

Cap

Stock

–

46,343

–

–

Small

Cap

Stock

–

19,093

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

(74)

74

–

454

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$11,620

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

51

Total

Affiliated

Income

from

Securities

Loaned,

Net

$51

Total

Value

$18,681

$152,875

$–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Bank

Loans

(

0.8%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

218,812

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

217,408

Chemours

Company,

Term

Loan

360,736

1.860%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

349,614

Hexion,

Inc.,

Term

Loan

301,927

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

301,740

INEOS

US

Petrochem,

LLC,

Term

Loan

485,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

483,181

Innophos

Holdings,

Inc.,

Term

Loan

301,950

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

300,818

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

332,085

3.360%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

326,274

Nouryon

USA,

LLC,

Term

Loan

711,992

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

700,571

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

534,309

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

533,753

PQ

Corporation,

Term

Loan

258,866

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

258,758

Venator

Finance

SARL,

Term

Loan

344,108

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

339,091

Total

3,811,208

Capital

Goods

(0.1%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

652,153

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

640,740

275,000

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

271,263

Gemini

HDPE,

LLC,

Term

Loan

430,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

427,583

GFL

Environmental,

Inc.,

Term

Loan

443,888

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

443,888

Graham

Packaging

Company,

Inc.,

Term

Loan

455,000

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

451,847

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

467,711

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

457,188

MI

Windows

and

Doors,

Inc.,

Term

Loan

403,988

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

405,252

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Capital

Goods

(0.1%)

-

continued

Navistar,

Inc.,

Term

Loan

$

106,700

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

$

106,673

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

105,655

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

105,144

364,087

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

359,718

TransDigm,

Inc.,

Term

Loan

1,059,354

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,036,398

TricorBraun

Holdings,

Inc.,

Delayed

Draw

104,667

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

103,576

TricorBraun

Holdings,

Inc.,

Term

Loan

465,332

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,c,d

460,483

Vertiv

Group

Corporation,

Term

Loan

1,556,100

2.869%, 

(LIBOR

3M

+

2.750%),

3/2/2027

b

1,542,811

Total

6,812,564

Communications

Services

(0.2%)

Altice

France

SA,

Term

Loan

298,375

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

292,246

Cablevision

Lightpath,

LLC,

Term

Loan

428,925

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

427,853

CCI

Buyer,

Inc.,

Term

Loan

115,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

115,108

CommScope,

Inc.,

Term

Loan

575,617

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

571,329

CSC

Holdings,

LLC,

Term

Loan

56,625

2.356%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b,c,d

55,788

Diamond

Sports

Group,

LLC,

Term

Loan

454,579

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

310,250

E.W.

Scripps

Company,

Term

Loan

418,950

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

417,052

Eagle

Broadband

Investments,

LLC,

Term

Loan

713,213

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

710,837

Entercom

Media

Corporation,

Term

Loan

408,479

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

398,981

GCI,

LLC,

Term

Loan

536,951

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,c,d

533,820

HCP

Acquisition,

LLC,

Term

Loan

579,244

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

577,970

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Communications

Services

(0.2%)

-

continued

iHeartCommunications,

Inc.,

Term

Loan

$

351,441

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

$

346,883

Intermediate

Dutch

Holdings,

Term

Loan

400,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,c,d

398,200

Lumen

Technologies,

Inc.,

Term

Loan

521,618

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,c,d

515,520

Meredith

Corporation,

Term

Loan

373,120

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

378,329

NEP

Group,

Inc.,

Term

Loan

703,800

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

681,412

70,000

7.109%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

64,108

Nexstar

Broadcasting,

Inc.,

Term

Loan

687,053

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

681,303

Nielsen

Finance,

LLC,

Term

Loan

195,634

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

195,971

Peraton

Corporation,

Delayed

Draw

380,000

0.000%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b,c,d

379,685

Peraton

Corporation,

Term

Loan

210,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/1/2028

b

209,826

Radiate

Holdco,

LLC,

Term

Loan

1,017,450

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,016,412

Terrier

Media

Buyer,

Inc.,

Term

Loan

593,513

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

587,660

TNS,

Inc.,

Term

Loan

376,220

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

374,181

WideOpenWest

Finance,

LLC,

Term

Loan

757,724

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

755,027

Xplornet

Communications,

Inc.,

Term

Loan

441,787

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

441,442

Ziggo

Financing

Partnership,

Term

Loan

295,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,c,d

291,782

Total

11,728,975

Consumer

Cyclical

(0.1%)

1011778

B.C.,

LLC,

Term

Loan

639,234

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,c,d

627,050

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Caesars

Resort

Collection,

LLC,

Term

Loan

$

572,125

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

$

572,840

Carnival

Corporation,

Term

Loan

288,546

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

297,203

Cengage

Learning,

Inc.,

Term

Loan

279,200

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

275,886

City

Brewing

Company,

LLC,

Term

Loan

80,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,c,d

79,600

CP

Atlas

Buyer,

Inc.,

Term

Loan

375,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

372,247

Golden

Entertainment,

Inc.,

Term

Loan

936,050

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

922,009

Golden

Nugget,

LLC,

Term

Loan

300,745

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

295,708

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

553,612

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

552,605

LCPR

Loan

Financing,

LLC,

Term

Loan

390,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,c,d

390,488

Michaels

Stores,

Inc.,

Term

Loan

407,950

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

407,338

Penn

National

Gaming,

Inc.,

Term

Loan

328,357

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

326,560

Scientific

Games

International,

Inc.,

Term

Loan

1,797,432

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,761,357

Staples,

Inc.,

Term

Loan

98,002

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

96,246

327,117

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

318,668

Stars

Group

Holdings

BV,

Term

Loan

443,306

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

443,554

Tenneco,

Inc.,

Term

Loan

427,600

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

415,948

Truck

Hero,

Inc.,

Term

Loan

105,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

104,665

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

$

302,250

1.859%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

$

298,807

Total

8,558,779

Consumer

Non-Cyclical

(0.1%)

Adient

US,

LLC,

Term

Loan

343,253

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

342,824

Bausch

Health

Americas,

Inc.,

Term

Loan

715,202

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

712,492

Bellring

Brands,

LLC,

Term

Loan

419,155

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

421,074

Chobani,

LLC,

Term

Loan

223,875

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

223,539

CNT

Holdings

I

Corporation,

Term

Loan

290,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

289,185

80,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,e

80,800

Dole

Food

Company,

Inc.,

Term

Loan

597,635

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

597,055

Endo

Luxembourg

Finance

Company,

Term

Loan

695,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,c,d

687,181

Gainwell

Acquistion

Corporation,

Term

Loan

790,000

0.000%, 

(LIBOR

1M

+

4.000%),

10/1/2027

b,c,d

786,050

Global

Medical

Response,

Inc.,

Term

Loan

53,212

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

52,842

1,391,513

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,385,946

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,243,926

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,236,438

Ortho-Clinical

Diagnostics

SA,

Term

Loan

772,166

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

770,429

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

510,000

0.000%, 

(LIBOR

1M

+

3.250%),

3/4/2028

b,c,d

507,690

PetSmart,

Inc.,

Term

Loan

720,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

718,344

Plantronics,

Inc.,

Term

Loan

183,586

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

180,964

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Consumer

Non-Cyclical

(0.1%)

-

continued

Precision

Medicine

Group,

LLC,

Delayed

Draw

$

59,423

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

$

58,941

Precision

Medicine

Group,

LLC,

Term

Loan

454,438

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

450,748

Sotera

Health

Holdings,

LLC,

Term

Loan

291,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

289,909

Total

9,792,451

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

553,612

2.610%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

549,760

Energizer

Holdings,

Inc.,

Term

Loan

135,000

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

134,268

Lealand

Finance

Company

BV,

Term

Loan

120,870

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

65,672

Total

749,700

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

613,463

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

609,193

225,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,c,d

223,265

400,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

407,000

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

240,410

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

239,403

Blackstone

CQP

Holdco,

LP,

Term

Loan

707,400

3.687%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

705,193

Digicel

International

Finance,

Ltd.,

Term

Loan

374,031

3.510%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

354,705

MoneyGram

International,

Inc.,

Term

Loan

397,991

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

397,792

Newco

Financing

Partnership,

Term

Loan

82,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

82,235

Northriver

Midstream

Finance,

LP,

Term

Loan

547,992

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

539,860

Tronox

Finance,

LLC,

Term

Loan

375,000

2.648%, 

(LIBOR

3M

+

2.500%),

3/11/2028

b

372,735

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Financials

(0.1%)

-

continued

UPC

Financing

Partnership,

Term

Loan

$

82,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

$

82,235

Total

4,013,616

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

473,227

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

453,905

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

1,085,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

1,079,119

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,350,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,343,669

Rackspace

Technology

Global,

Inc.,

Term

Loan

870,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

861,570

SS&C

Technologies,

Inc.,

Term

Loan

56,139

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

55,490

43,435

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

42,932

Verscend

Holding

Corporation,

Term

Loan

200,000

0.000%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b,c,d

199,774

Zayo

Group

Holdings,

Inc.,

Term

Loan

932,974

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

924,791

Total

4,961,250

Transportation

(<0.1%)

American

Airlines,

Inc.,

Term

Loan

1,040,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,c,d

1,064,378

Genesee

&

Wyoming,

Inc.,

Term

Loan

603,900

2.203%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

601,448

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

355,572

SkyMiles

IP,

Ltd.,

Term

Loan

130,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

136,370

United

Airlines,

Inc.,

Term

Loan

227,044

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

220,192

Total

2,377,960

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

105,791

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

105,791

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Utilities

(<0.1%)

-

continued

Core

and

Main,

LP,

Term

Loan

$

618,103

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

$

615,136

EnergySolutions,

LLC,

Term

Loan

316,062

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

314,087

Exgen

Renewables

IV,

LLC,

Term

Loan

573,562

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,c,d

573,803

PG&E

Corporation,

Term

Loan

773,053

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

771,360

Talen

Energy

Supply,

LLC,

Term

Loan

247,225

3.859%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

239,808

Total

2,619,985

Total

Bank

Loans

(cost

$55,500,484)

55,426,488

Shares

Registered

Investment

Companies

(

47.1%

)

Value

Unaffiliated  (0.8%)

606,450

Invesco

Senior

Loan

ETF

13,420,739

17,169

ProShares

Ultra

S&P

500

g

1,756,560

1,201

ProShares

UltraPro

QQQ

109,603

62,707

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

1,713,782

98,696

SPDR

S&P

500

ETF

Trust

39,116,186

13,777

SPDR

S&P

Oil

&

Gas

Exploration

ETF

g

1,120,621

Total

57,237,491

Affiliated  (46.3%)

9,148,618

Thrivent

Core

Emerging

Markets

Debt

Fund

88,467,141

6,068,384

Thrivent

Core

Emerging

Markets

Equity

Fund

74,459,067

10,919,938

Thrivent

Core

International

Equity

Fund

110,946,574

18,198,850

Thrivent

Core

Low

Volatility

Equity

Fund

236,585,054

33,286,811

Thrivent

Global

Stock

Portfolio

496,119,946

13,726,851

Thrivent

High

Yield

Portfolio

63,542,966

17,768,370

Thrivent

Income

Portfolio

194,178,083

54,722,469

Thrivent

International

Allocation

Portfolio

577,940,411

3,371,833

Thrivent

International

Index

Portfolio

44,095,484

26,680,566

Thrivent

Large

Cap

Value

Portfolio

581,460,250

10,445,951

Thrivent

Limited

Maturity

Bond

Portfolio

105,075,816

25,857,777

Thrivent

Mid

Cap

Stock

Portfolio

642,731,254

6,600,208

Thrivent

Small

Cap

Stock

Portfolio

157,726,488

Total

3,373,328,534

Total

Registered

Investment

Companies

(cost

$2,563,766,477)

3,430,566,025

Shares

Common

Stock

(

32.0%

)

Value

Communications

Services

(2.4%)

97,635

Activision

Blizzard,

Inc.

9,080,055

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Shares

Common

Stock

(32.0%)

Value

Communications

Services

(2.4%)

-

continued

26,556

Alphabet,

Inc.,

Class

A

h

$

54,772,281

2,069

Alphabet,

Inc.,

Class

C

h

4,279,995

33,876

AMC

Networks,

Inc.

h

1,800,848

15,960

ANGI

Homeservices,

Inc.

h

207,480

67,625

AT&T,

Inc.

2,047,009

2,506

Cardlytics,

Inc.

h

274,908

10,348

Cars.com

Inc.

h

134,110

3,272

Charter

Communications,

Inc.

h

2,018,889

28,249

Comcast

Corporation

1,528,553

5,763

Consolidated

Communications

Holdings,

Inc.

h

41,494

5,354

Discovery,

Inc.,

Class

A

g,h

232,685

5,012

DISH

Network

Corporation

h

181,434

9,156

EchoStar

Corporation

h

219,744

33,061

Entercom

Communications

Corporation

h

173,570

117,207

Facebook,

Inc.

h

34,520,978

31,059

Gannett

Company,

Inc.

h

167,097

10,377

Gray

Television,

Inc.

190,937

5,135

Hemisphere

Media

Group,

Inc.

h

59,823

31,263

Interpublic

Group

of

Companies,

Inc.

912,880

121,679

Live

Nation

Entertainment,

Inc.

h

10,300,127

41,977

Lumen

Technologies,

Inc.

560,393

43,386

Match

Group,

Inc.

h

5,960,369

5,056

Omnicom

Group,

Inc.

374,902

196,619

QuinStreet,

Inc.

h

3,991,366

18,704

RingCentral,

Inc.

h

5,571,548

162

Roku,

Inc.

h

52,775

3,779

Scholastic

Corporation

113,786

13,302

Take-Two

Interactive

Software,

Inc.

h

2,350,463

22,210

Telephone

&

Data

Systems,

Inc.

509,942

216,476

Twitter,

Inc.

h

13,774,368

290,152

Uber

Technologies,

Inc.

h

15,816,186

3,612

United

States

Cellular

Corporation

h

131,766

22,780

Verizon

Communications,

Inc.

1,324,657

19,274

Walt

Disney

Company

h

3,556,438

10,234

WideOpenWest,

Inc.

h

139,080

5,129

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

h

65,820

2,324

Zillow

Group,

Inc.

h

305,327

Total

177,744,083

Consumer

Discretionary

(4.9%)

4,106

Aaron's

Company,

Inc.

105,442

13,840

Adient

plc

h

611,728

27,519

Amazon.com,

Inc.

h

85,145,988

37,547

American

Axle

&

Manufacturing

Holdings,

Inc.

h

362,704

14,597

American

Eagle

Outfitters,

Inc.

g

426,816

100,655

Aptiv

plc

h

13,880,325

43,110

At

Home

Group,

Inc.

h

1,237,257

6,203

AutoNation,

Inc.

h

578,244

754

AutoZone,

Inc.

h

1,058,842

35,699

Bally's

Corporation

h

2,319,721

7,616

Beazer

Homes

USA,

Inc.

h

159,327

8,035

Bed

Bath

&

Beyond,

Inc.

h

234,220

9,648

Big

5

Sporting

Goods

Corporation

g

151,474

7,396

Big

Lots,

Inc.

505,147

10,761

BJ's

Restaurants,

Inc.

h

624,999

5,139

Booking

Holdings,

Inc.

h

11,973,048

11,860

Bright

Horizons

Family

Solutions,

Inc.

h

2,033,397

4,837

Brinker

International,

Inc.

h

343,717

Shares

Common

Stock

(32.0%)

Value

Consumer

Discretionary

(4.9%)

-

continued

2,758

Brunswick

Corporation

$

263,030

14,934

Burlington

Stores,

Inc.

h

4,462,279

45,918

Caesars

Entertainment,

Inc.

h

4,015,529

2,627

Camping

World

Holdings,

Inc.

95,570

13,136

Carnival

Corporation

h

348,629

20,324

Carvana

Company

h

5,333,018

302

Cavco

Industries,

Inc.

h

68,134

65,869

Cedar

Fair,

LP

h

3,272,372

2,715

Century

Casinos,

Inc.

h

27,883

32,885

Chegg,

Inc.

h

2,816,929

48,332

Chewy,

Inc.

g,h

4,094,204

97,869

Chico's

FAS,

Inc.

h

323,946

10,743

Children's

Place,

Inc.

h

748,787

11,037

Chipotle

Mexican

Grill,

Inc.

h

15,681,590

33,170

Choice

Hotels

International,

Inc.

3,558,809

1,420

Churchill

Downs,

Inc.

322,936

222,045

Cooper-Standard

Holdings,

Inc.

h

8,064,674

4,365

Cracker

Barrel

Old

Country

Store,

Inc.

754,621

35,944

Crocs,

Inc.

h

2,891,695

22,073

Culp,

Inc.

339,703

5,049

D.R.

Horton,

Inc.

449,967

21,452

Dana,

Inc.

521,927

7,570

Darden

Restaurants,

Inc.

1,074,940

3,195

Deckers

Outdoor

Corporation

h

1,055,692

18,229

Designer

Brands,

Inc.

h

317,185

21,109

Dick's

Sporting

Goods,

Inc.

1,607,450

9,143

Dillard's,

Inc.

882,940

8,018

Domino's

Pizza,

Inc.

2,948,940

5,473

Dorman

Products,

Inc.

h

561,749

315,040

Duluth

Holdings,

Inc.

g,h

5,336,778

32,059

Emerald

Holding,

Inc.

h

176,966

4,703

Ethan

Allen

Interiors,

Inc.

129,850

5,367

Etsy,

Inc.

h

1,082,363

1,352

Expedia

Group,

Inc.

h

232,706

38,225

Farfetch,

Ltd.

g,h

2,026,689

33,671

Five

Below,

Inc.

h

6,424,090

8,476

Foot

Locker,

Inc.

476,775

1,444

Fox

Factory

Holding

Corporation

h

183,475

53,866

Gap,

Inc.

h

1,604,129

3,983

Garmin,

Ltd.

525,159

62,772

Gentex

Corporation

2,239,077

8,239

Genuine

Parts

Company

952,346

10,317

G-III

Apparel

Group,

Ltd.

h

310,954

15,144

Goodyear

Tire

&

Rubber

Company

h

266,080

327

Graham

Holdings

Company

183,918

5,132

Grand

Canyon

Education,

Inc.

h

549,637

6,045

Group

1

Automotive,

Inc.

953,841

22,425

Guess

?,

Inc.

526,987

41,010

Hanesbrands,

Inc.

806,667

12,826

Harley-Davidson,

Inc.

514,323

3,672

Helen

of

Troy,

Ltd.

h

773,544

18,003

Home

Depot,

Inc.

5,495,416

21,833

IAA,

Inc.

h

1,203,872

6,509

KB

Home

302,864

15,633

Knoll,

Inc.

258,101

75,586

Kohl's

Corporation

4,505,681

28,959

L

Brands,

Inc.

h

1,791,404

18,202

Lear

Corporation

3,299,112

87,861

Leggett

&

Platt,

Inc.

4,010,855

2,007

Libbey,

Inc.

h

2,960

18,012

Lithia

Motors,

Inc.

7,026,301

8,717

Lowe's

Companies,

Inc.

1,657,799

1,072

Lululemon

Athletica,

Inc.

h

328,793

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Shares

Common

Stock

(32.0%)

Value

Consumer

Discretionary

(4.9%)

-

continued

4,591

M.D.C.

Holdings,

Inc.

$

272,705

4,907

M/I

Homes,

Inc.

h

289,856

158,330

Macy's,

Inc.

h

2,563,363

24,685

Magnite,

Inc.

h

1,027,143

2,184

Marriott

Vacations

Worldwide

Corporation

h

380,409

61,378

Mattel,

Inc.

h

1,222,650

11,807

McDonald's

Corporation

2,646,421

964

Mercadolibre,

Inc.

h

1,419,143

6,599

Meritage

Homes

Corporation

h

606,580

60,687

Miller

Industries,

Inc.

2,803,133

2,442

Mohawk

Industries,

Inc.

h

469,621

5,556

Nautilus,

Inc.

h

86,896

20,736

NIKE,

Inc.

2,755,607

3,420

Noodles

&

Company

h

35,397

67,689

Nordstrom,

Inc.

h

2,563,382

42,943

Norwegian

Cruise

Line

Holdings,

Ltd.

g,h

1,184,797

1,476

NVR,

Inc.

h

6,953,333

30,901

Ollie's

Bargain

Outlet

Holdings,

Inc.

h

2,688,387

16,582

Overstock.com,

Inc.

h

1,098,723

46,626

Park

Hotels

&

Resorts,

Inc.

h

1,006,189

17,189

Penn

National

Gaming,

Inc.

h

1,802,095

91,618

Planet

Fitness,

Inc.

h

7,082,071

18,204

Playa

Hotels

and

Resorts

NV

h

132,889

4,150

Pool

Corporation

1,432,746

21,033

PulteGroup,

Inc.

1,102,971

5,575

Purple

Innovation,

Inc.

h

176,449

1,320

PVH

Corporation

h

139,524

110,248

Qurate

Retail,

Inc.

1,296,516

512

Revolve

Group,

Inc.

h

23,004

340

RH

h

202,844

13,379

Ross

Stores,

Inc.

1,604,276

4,634

Royal

Caribbean

Cruises,

Ltd.

h

396,717

25,428

Ruth's

Hospitality

Group,

Inc.

h

631,377

88,438

Skyline

Corporation

h

4,002,704

22,469

Sleep

Number

Corporation

h

3,224,077

6,767

Sony

Corporation

ADR

717,370

13,325

Standard

Motor

Products,

Inc.

554,054

2,930

Stitch

Fix,

Inc.

h

145,152

85,202

Stoneridge,

Inc.

h

2,710,276

2,532

Strategic

Education,

Inc.

232,716

80,711

Taylor

Morrison

Home

Corporation

h

2,486,706

41,017

Tenneco,

Inc.

h

439,702

33,207

Tesla,

Inc.

h

22,179,952

31,028

Texas

Roadhouse,

Inc.

h

2,976,826

3,433

Thor

Industries,

Inc.

462,562

33,935

Toll

Brothers,

Inc.

1,925,133

1,822

TopBuild

Corporation

h

381,581

28,617

Tri

Pointe

Homes,

Inc.

h

582,642

17,194

TripAdvisor,

Inc.

h

924,865

40,609

Tupperware

Brands

Corporation

h

1,072,484

11,564

Ulta

Beauty,

Inc.

h

3,575,242

4,282

Vail

Resorts,

Inc.

h

1,248,888

1,458

Whirlpool

Corporation

321,270

1,879

Williams-Sonoma,

Inc.

336,717

34,185

Wingstop,

Inc.

4,347,306

82

Winmark

Corporation

15,287

10,331

Workhorse

Group,

Inc.

g,h

142,258

36,706

Wyndham

Hotels

&

Resorts,

Inc.

2,561,345

3,336

YETI

Holdings,

Inc.

h

240,893

64,820

Zumiez,

Inc.

h

2,780,778

Total

353,503,036

Shares

Common

Stock

(32.0%)

Value

Consumer

Staples

(0.7%)

7,160

Altria

Group,

Inc.

$

366,306

74,507

BJ's

Wholesale

Club

Holdings,

Inc.

h

3,342,384

788

Boston

Beer

Company,

Inc.

h

950,549

2,681

Casey's

General

Stores,

Inc.

579,605

152

Church

&

Dwight

Company,

Inc.

13,277

20,985

Colgate-Palmolive

Company

1,654,248

9,907

Costco

Wholesale

Corporation

3,492,019

61,165

Coty,

Inc.

h

551,097

15,992

Darling

Ingredients,

Inc.

h

1,176,691

225,436

e.l.f.

Beauty,

Inc.

h

6,048,448

1,436

Edgewell

Personal

Care

Company

56,866

5,885

Flowers

Foods,

Inc.

140,063

10,866

Hain

Celestial

Group,

Inc.

h

473,758

3,550

Hershey

Company

561,468

3,563

Ingredion,

Inc.

320,385

19,918

John

B.

Sanfilippo

&

Son,

Inc.

1,799,990

2,645

Kimberly-Clark

Corporation

367,787

54,599

Lamb

Weston

Holdings,

Inc.

4,230,331

1,680

Medifast,

Inc.

355,858

27,491

Monster

Beverage

Corporation

h

2,504,155

22,457

NewAge,

Inc.

g,h

64,227

2,105

PepsiCo,

Inc.

297,752

6,427

Performance

Food

Group

Company

h

370,259

46,475

Philip

Morris

International,

Inc.

4,124,191

255,344

Primo

Water

Corporation

4,151,893

16,422

Procter

&

Gamble

Company

2,224,031

5,434

Seneca

Foods

Corporation

h

255,887

2,063

Spectrum

Brands

Holdings,

Inc.

175,355

1,750

Tootsie

Roll

Industries,

Inc.

g

57,978

192,997

Turning

Point

Brands,

Inc.

10,068,653

2,262

United

Natural

Foods,

Inc.

h

74,510

7,747

US

Foods

Holding

Corporation

h

295,316

4,545

Utz

Brands,

Inc.

112,671

5,685

Vector

Group,

Ltd.

79,306

9,975

Wal-Mart

Stores,

Inc.

1,354,904

133

WD-40

Company

40,722

Total

52,732,940

Energy

(0.5%)

36,149

Antero

Midstream

Corporation

326,426

143,787

Antero

Resources

Corporation

h

1,466,627

85,960

Archrock,

Inc.

815,760

2,121

Bonanza

Creek

Energy,

Inc.

h

75,783

17,037

BP

plc

ADR

414,851

143,025

Centennial

Resource

Development,

Inc.

g,h

600,705

7,577

Chevron

Corporation

793,994

49,261

Cimarex

Energy

Company

2,925,611

4,353

Clean

Energy

Fuels

Corporation

h

59,810

25,444

CNX

Resources

Corporation

h

374,027

8,543

ConocoPhillips

452,523

6,060

CONSOL

Energy,

Inc.

h

58,903

22,116

Continental

Resources,

Inc.

h

572,141

28,501

Core

Laboratories

NV

820,544

177,940

Devon

Energy

Corporation

3,887,989

24,362

Diamondback

Energy,

Inc.

1,790,363

11,998

Dorian

LPG,

Ltd.

h

157,534

85,727

EnLink

Midstream,

LLC

367,769

14,150

Enterprise

Products

Partners,

LP

311,583

20,437

EOG

Resources,

Inc.

1,482,296

3,052

Evolution

Petroleum

Corporation

10,316

34,294

Exterran

Corporation

h

115,228

11,376

Exxon

Mobil

Corporation

635,122

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock

(32.0%)

Value

Energy

(0.5%)

-

continued

56,940

Gevo,

Inc.

g,h

$

558,581

49,823

Gran

Tierra

Energy,

Inc.

g,h

34,866

40,203

Halliburton

Company

862,756

60,565

Helix

Energy

Solutions

Group,

Inc.

h

305,853

159,624

Helmerich

&

Payne,

Inc.

4,303,463

21,084

HollyFrontier

Corporation

754,386

137,795

Kinder

Morgan,

Inc.

2,294,287

17,552

Liberty

Oilfield

Services,

Inc.

h

198,162

100,362

Marathon

Oil

Corporation

1,071,866

8,338

Marathon

Petroleum

Corporation

446,000

50,010

McDermott

International,

Inc.

h

40,008

2,231

Nabors

Industries,

Ltd.

h

208,487

201,284

Nine

Energy

Service,

Inc.

h

462,953

39,630

Occidental

Petroleum

Corporation

1,054,951

22,746

Oceaneering

International,

Inc.

h

259,759

82,279

Patterson-UTI

Energy,

Inc.

586,649

3,633

Pioneer

Natural

Resources

Company

576,993

17,420

Plains

GP

Holdings,

LP

h

163,748

25,536

ProPetro

Holding

Corporation

h

272,214

3,260

Renewable

Energy

Group,

Inc.

h

215,290

21,724

Ring

Energy,

Inc.

g,h

50,182

58,150

Talos

Energy,

Inc.

h

700,126

12,481

Targa

Resources

Corporation

396,272

174,601

Transocean,

Ltd.

g,h

619,834

1,380

TravelCenters

of

America,

Inc.

h

37,439

2,295

Valero

Energy

Corporation

164,322

Total

35,155,352

Financials

(4.0%)

534

1st

Source

Corporation

25,408

9,436

AG

Mortgage

Investment

Trust,

Inc.

38,027

102,817

Air

Lease

Corporation

5,038,033

4,036

Alleghany

Corporation

h

2,527,706

7,709

Ally

Financial,

Inc.

348,524

44,568

American

Equity

Investment

Life

Holding

Company

1,405,229

69,444

American

Express

Company

9,822,159

29,293

American

Financial

Group,

Inc.

3,342,331

574

American

National

Group,

Inc.

61,917

2,932

Ameriprise

Financial,

Inc.

681,543

48,350

Ameris

Bancorp

2,538,858

97,839

Annaly

Capital

Management,

Inc.

841,415

48,813

Apollo

Commercial

Real

Estate

Finance,

Inc.

681,918

47,796

Arch

Capital

Group,

Ltd.

h

1,833,932

5,935

Argo

Group

International

Holdings,

Ltd.

298,649

34,477

Arthur

J.

Gallagher

&

Company

4,301,695

16,788

Artisan

Partners

Asset

Management,

Inc.

875,830

87,085

Associated

Banc-Corp

1,858,394

97,768

Assured

Guaranty,

Ltd.

4,133,631

9,634

Bancorp,

Inc.

h

199,616

53,785

Bank

of

America

Corporation

2,080,942

4,490

Bank

of

Marin

Bancorp

175,828

68,918

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

2,634,046

21,910

BankFinancial

Corporation

226,111

31,494

Banner

Corporation

1,679,575

10,472

Berkshire

Hathaway,

Inc.

h

2,675,282

67,738

Berkshire

Hills

Bancorp,

Inc.

1,511,912

4,300

BlackRock,

Inc.

3,242,028

9,633

Blackstone

Mortgage

Trust,

Inc.

298,623

143

BM

Technologies,

Inc.

e,h

1,583

Shares

Common

Stock

(32.0%)

Value

Financials

(4.0%)

-

continued

1,197

BOK

Financial

Corporation

$

106,916

153,840

Bridgewater

Bancshares,

Inc.

h

2,484,516

22,707

Brighthouse

Financial,

Inc.

h

1,004,785

58,196

BrightSphere

Investment

Group

1,186,034

3,986

Broadmark

Realty

Capital,

Inc.

41,693

33,474

Brookline

Bancorp,

Inc.

502,110

8,344

Brown

&

Brown,

Inc.

381,404

8,815

Byline

Bancorp,

Inc.

186,437

8,034

Capital

One

Financial

Corporation

1,022,166

32,835

Central

Pacific

Financial

Corporation

876,038

190,804

Charles

Schwab

Corporation

12,436,605

77,976

Chimera

Investment

Corporation

990,295

6,543

Chubb,

Ltd.

1,033,598

18,599

Cincinnati

Financial

Corporation

1,917,371

42,427

Citigroup,

Inc.

3,086,564

14,774

Citizens

Financial

Group,

Inc.

652,272

10,707

CME

Group,

Inc.

2,186,691

16,044

CNO

Financial

Group,

Inc.

389,709

106,162

Columbia

Banking

System,

Inc.

4,574,521

18,117

Comerica,

Inc.

1,299,714

3,401

Commerce

Bancshares,

Inc.

260,551

31,326

Community

Trust

Bancorp,

Inc.

1,379,284

4,271

Cowen,

Inc.

150,126

3,050

Cullen/Frost

Bankers,

Inc.

331,718

12,157

Customers

Bancorp,

Inc.

h

386,836

575

Diamond

Hill

Investment

Group,

Inc.

89,706

3,362

Dime

Community

Bancshares,

Inc.

101,331

4,942

Discover

Financial

Services

469,441

10,992

East

West

Bancorp,

Inc.

811,210

12,098

Ellington

Residential

Mortgage

REIT

148,926

997

Employers

Holdings,

Inc.

42,931

2,489

Encore

Capital

Group,

Inc.

h

100,132

9,312

Enova

International,

Inc.

h

330,390

651

Enstar

Group,

Ltd.

h

160,621

6,623

Enterprise

Financial

Services

Corporation

327,441

52,658

Equitable

Holdings,

Inc.

1,717,704

19,694

Essent

Group,

Ltd.

935,268

31,480

Evercore,

Inc.

4,147,175

563,788

Everi

Holdings,

Inc.

h

7,955,049

75,772

F.N.B.

Corporation

962,304

4,836

FactSet

Research

Systems,

Inc.

1,492,341

2,189

Federal

Agricultural

Mortgage

Corporation

220,476

23,747

Financial

Institutions,

Inc.

719,297

2,176

First

American

Financial

Corporation

123,270

28,901

First

Bancorp/Puerto

Rico

325,425

47,447

First

Busey

Corporation

1,217,015

58,097

First

Financial

Bancorp

1,394,328

16,408

First

Financial

Corporation

738,524

21,245

First

Horizon

Corporation

359,253

1,557

First

Mid-Illinois

Bancshares,

Inc.

68,399

48,694

First

Midwest

Bancorp,

Inc.

1,066,885

3,228

First

of

Long

Island

Corporation

68,595

38,201

First

Republic

Bank

6,370,017

68,266

Flagstar

Bancorp,

Inc.

3,078,797

3,886

Flushing

Financial

Corporation

82,500

153,601

Fulton

Financial

Corporation

2,615,825

39,215

Glacier

Bancorp,

Inc.

2,238,392

909

Goldman

Sachs

Group,

Inc.

297,243

54,866

Granite

Point

Mortgage

Trust,

Inc.

656,746

34,344

Great

Southern

Bancorp,

Inc.

1,946,274

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock

(32.0%)

Value

Financials

(4.0%)

-

continued

29,545

Great

Western

Bancorp,

Inc.

$

894,918

32,957

Hamilton

Lane,

Inc.

2,918,672

93,078

Hancock

Whitney

Corporation

3,910,207

16,386

Hanmi

Financial

Corporation

323,296

25,431

Hanover

Insurance

Group,

Inc.

3,292,297

116,174

Heartland

Financial

USA,

Inc.

5,838,905

38,115

Heritage

Commerce

Corporation

465,765

4,542

Hilltop

Holdings,

Inc.

155,018

1,255

HomeStreet,

Inc.

55,308

28,796

Hometrust

Bancshares,

Inc.

701,183

186,995

Hope

Bancorp,

Inc.

2,816,145

37,799

Horizon

Bancorp,

Inc.

702,305

34,964

Independent

Bank

Corporation

826,549

67,006

Invesco

Mortgage

Capital.

Inc.

268,694

71,171

Invesco,

Ltd.

1,794,933

23,088

J.P.

Morgan

Chase

&

Company

3,514,686

58,926

James

River

Group

Holdings,

Ltd.

2,688,204

23,386

Jefferies

Financial

Group,

Inc.

703,919

14,962

KeyCorp

298,941

33,339

Kinsale

Capital

Group,

Inc.

5,494,267

1,389

KKR

Real

Estate

Finance

Trust,

Inc.

25,544

26,982

Ladder

Capital

Corporation

318,388

13,254

Lakeland

Bancorp,

Inc.

231,017

34,477

Lincoln

National

Corporation

2,146,883

7,735

Loews

Corporation

396,651

330

Markel

Corporation

h

376,075

473

MarketAxess

Holdings,

Inc.

235,516

7,327

Marsh

&

McLennan

Companies,

Inc.

892,429

7,469

Mercantile

Bank

Corporation

242,518

43,604

Meridian

Bancorp,

Inc.

803,186

24,787

MetLife,

Inc.

1,506,802

263,598

MFA

Financial,

Inc.

1,072,844

10,462

Midland

States

Bancorp,

Inc.

290,216

45,973

MidWestOne

Financial

Group,

Inc.

1,423,784

3,751

Moody's

Corporation

1,120,086

13,047

Morgan

Stanley

1,013,230

28,393

Mr.

Cooper

Group,

Inc.

h

986,941

8,988

MSCI,

Inc.

3,768,489

58

Nasdaq,

Inc.

8,553

697

National

Western

Life

Group,

Inc.

173,553

49,203

Navient

Corporation

704,095

2,045

NBT

Bancorp,

Inc.

81,595

176,640

New

York

Community

Bancorp,

Inc.

2,229,197

23,812

New

York

Mortgage

Trust,

Inc.

106,440

15,846

NMI

Holdings,

Inc.

h

374,599

11,852

Northern

Trust

Corporation

1,245,764

16,058

OFG

Bancorp

363,232

43,093

Old

National

Bancorp

833,419

13,894

Old

Republic

International

Corporation

303,445

19,451

Old

Second

Bancorp,

Inc.

256,948

5,809

OneMain

Holdings,

Inc.

312,059

1,900

Oppenheimer

Holdings,

Inc.

76,095

47,232

PacWest

Bancorp

1,801,901

842

Peapack-Gladstone

Financial

Corporation

26,001

5,856

PennyMac

Mortgage

Investment

Trust

114,778

6,552

Peoples

Bancorp,

Inc.

217,330

79,537

Popular,

Inc.

5,593,042

36,674

Premier

Financial

Corporation

1,219,777

26,010

Primerica,

Inc.

3,844,798

9,568

PROG

Holdings,

Inc.

414,199

Shares

Common

Stock

(32.0%)

Value

Financials

(4.0%)

-

continued

10,708

Prosperity

Bancshares,

Inc.

$

801,922

25,054

QCR

Holdings,

Inc.

1,183,050

92,538

Radian

Group,

Inc.

2,151,508

12,203

Raymond

James

Financial,

Inc.

1,495,600

69,896

Redwood

Trust,

Inc.

727,617

15,650

Reinsurance

Group

of

America,

Inc.

1,972,682

5,180

RenaissanceRe

Holdings,

Ltd.

830,095

879

RLI

Corporation

98,070

35,609

S&P

Global,

Inc.

12,565,348

3,693

Safety

Insurance

Group,

Inc.

311,135

146,155

Seacoast

Banking

Corporation

of

Florida

h

5,296,657

39,542

SEI

Investments

Company

2,409,294

19,217

Selective

Insurance

Group,

Inc.

1,394,001

14,951

Signature

Bank

3,380,421

8,954

Simmons

First

National

Corporation

265,665

5,532

Southside

Bancshares,

Inc.

213,037

37,028

Starwood

Property

Trust,

Inc.

916,073

8,031

Sterling

Bancorp

184,874

2,600

Stifel

Financial

Corporation

166,556

77,934

Synovus

Financial

Corporation

3,565,480

9,917

T.

Rowe

Price

Group,

Inc.

1,701,757

8,123

Territorial

Bancorp,

Inc.

214,935

25,215

TMX

Group,

Ltd.

2,620,217

368

Tompkins

Financial

Corporation

30,434

2,797

Torchmark

Corporation

270,274

5,769

Towne

Bank

175,378

42,725

TPG

RE

Finance

Trust,

Inc.

478,520

15,324

TriCo

Bancshares

725,898

50,310

Triumph

Bancorp,

Inc.

h

3,893,491

10,432

Truist

Financial

Corporation

608,394

53,488

TrustCo

Bank

Corporation

394,207

14,288

Trustmark

Corporation

480,934

62,253

Two

Harbors

Investment

Corporation

456,314

183,793

Umpqua

Holdings

Corporation

3,225,567

27,184

United

Bankshares,

Inc.

1,048,759

1,665

Universal

Insurance

Holdings,

Inc.

23,876

3,233

Univest

Financial

Corporation

92,431

103,328

Unum

Group

2,875,618

42,328

Valley

National

Bancorp

581,587

10,173

Voya

Financial,

Inc.

647,410

1,167

Walker

&

Dunlop,

Inc.

119,898

9,514

Washington

Trust

Bancorp,

Inc.

491,208

2,380

Webster

Financial

Corporation

131,162

46,270

Wells

Fargo

&

Company

1,807,769

12,585

WesBanco,

Inc.

453,815

930

Westamerica

Bancorporation

58,385

151,054

Western

Alliance

Bancorp

14,265,540

68,991

Western

Asset

Mortgage

Capital

Corporation

220,081

1,067

Westwood

Holdings

Group,

Inc.

15,429

31,162

Wintrust

Financial

Corporation

2,362,080

24,541

Zions

Bancorporations

NA

1,348,773

1,377

Zurich

Insurance

Group

AG

586,122

Total

294,778,909

Health

Care

(4.3%)

15,432

Abbott

Laboratories

1,849,371

9,861

AbbVie,

Inc.

1,067,157

174,835

ACADIA

Pharmaceuticals,

Inc.

h

4,510,743

2,235

Acceleron

Pharma,

Inc.

h

303,088

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock

(32.0%)

Value

Health

Care

(4.3%)

-

continued

87,416

Adaptive

Biotechnologies

Corporation

h

$

3,519,368

7,591

ADMA

Biologics,

Inc.

g,h

13,360

13,355

Adverum

Biotechnologies,

Inc.

h

131,680

352

Align

Technology,

Inc.

h

190,619

1,182

Allakos,

Inc.

h

135,670

8,146

Altimmune,

Inc.

h

115,103

881

Amedisys,

Inc.

h

233,280

46,342

Amgen,

Inc.

11,530,353

44,940

AMN

Healthcare

Services,

Inc.

h

3,312,078

3,741

AnaptysBio,

Inc.

h

80,619

2,252

Anthem,

Inc.

808,355

421,343

Ardelyx,

Inc.

h

2,789,291

15,168

Arena

Pharmaceuticals,

Inc.

h

1,052,508

17,563

Argenx

SE

ADR

h

4,836,675

13,584

Arrowhead

Research

Corporation

h

900,755

33,511

Ascendis

Pharma

AS

ADR

h

4,318,898

9,028

Atara

Biotherapeutics,

Inc.

h

129,642

415

Atrion

Corporation

266,144

72,999

Axonics

Modulation

Technologies,

Inc.

h

4,371,910

5,070

Becton,

Dickinson

and

Company

1,232,770

1,455

Biogen,

Inc.

h

407,036

68,962

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

h

4,713,553

995

Bio-Rad

Laboratories,

Inc.

h

568,314

19,356

Bio-Techne

Corporation

7,392,637

4,190

BioXcel

Therapeutics,

Inc.

g,h

180,840

3,456

Bruker

Corporation

222,152

24,660

Catalent,

Inc.

h

2,596,945

6,038

Centene

Corporation

h

385,889

98,664

Cerner

Corporation

7,091,968

9,232

Charles

River

Laboratories

International,

Inc.

h

2,675,711

3,134

Chemed

Corporation

1,441,076

3,259

Cigna

Holding

Company

787,831

1,321

Co-Diagnostics,

Inc.

g,h

12,602

405

Cooper

Companies,

Inc.

155,556

16,959

CryoLife,

Inc.

h

382,934

5,785

CVS

Health

Corporation

435,206

6,799

CytomX

Therapeutics,

Inc.

h

52,556

1,666

Danaher

Corporation

374,983

32,143

Dexcom,

Inc.

h

11,551,873

6,924

Editas

Medicine,

Inc.

h

290,808

87,817

Edwards

Lifesciences

Corporation

h

7,345,014

9,380

Envista

Holdings

Corporation

h

382,704

271

Fate

Therapeutics,

Inc.

h

22,344

8,404

GlaxoSmithKline

plc

ADR

g

299,939

11,223

Global

Blood

Therapeutics,

Inc.

h

457,337

77,664

GoodRx

Holdings,

Inc.

g,h

3,030,449

65,830

Guardant

Health,

Inc.

h

10,048,949

9,589

Haemonetics

Corporation

h

1,064,475

60,142

Halozyme

Therapeutics,

Inc.

h

2,507,320

3,149

HCA

Healthcare,

Inc.

593,083

5,880

HealthEquity,

Inc.

h

399,840

14,404

Hill-Rom

Holdings,

Inc.

1,591,354

19,622

Humana,

Inc.

8,226,523

113

ICU

Medical,

Inc.

h

23,215

5,877

Illumina,

Inc.

h

2,257,121

67,586

Immunocore

Holdings

plc

ADR

h

2,877,136

11,746

ImmunoGen,

Inc.

h

95,143

37,841

InMode,

Ltd.

h

2,738,553

27,588

Inspire

Medical

Systems,

Inc.

h

5,710,440

20,636

Insulet

Corporation

h

5,384,345

Shares

Common

Stock

(32.0%)

Value

Health

Care

(4.3%)

-

continued

3,354

Integra

LifeSciences

Holdings

Corporation

h

$

231,728

13,016

Intuitive

Surgical,

Inc.

h

9,618,043

14,499

Invitae

Corporation

g,h

554,007

22,714

Ionis

Pharmaceuticals,

Inc.

h

1,021,221

12,207

IQVIA

Holding,

Inc.

h

2,357,660

10,284

iRhythm

Technologies,

Inc.

h

1,428,036

25,851

Johnson

&

Johnson

4,248,612

9,132

Kura

Oncology,

Inc.

h

258,162

3,036

Laboratory

Corporation

of

America

Holdings

h

774,271

6,380

Lannett

Company,

Inc.

h

33,686

91,216

Lantheus

Holdings,

Inc.

h

1,949,286

78,769

LHC

Group,

Inc.

h

15,061,420

37,373

Medtronic

plc

4,414,872

14,806

Merck

&

Company,

Inc.

1,141,395

850

Mettler-Toledo

International,

Inc.

h

982,336

913

Mirati

Therapeutics,

Inc.

h

156,397

7,047

Moderna,

Inc.

h

922,805

8,801

Molina

Healthcare,

Inc.

h

2,057,322

59,961

Natera,

Inc.

h

6,088,440

16,422

National

Healthcare

Corporation

1,279,438

4,455

Neogen

Corporation

h

396,005

52,438

Nevro

Corporation

h

7,315,101

5,693

Novavax,

Inc.

h

1,032,198

78,441

Novo

Nordisk

AS

ADR

5,288,492

14,257

NuVasive,

Inc.

h

934,689

8,044

Olink

Holding

AB

ADR

h

289,584

4,176

Omnicell,

Inc.

h

542,337

58,819

OPKO

Health,

Inc.

g,h

252,333

3,237

Orthifix

Medical,

Inc.

h

140,324

2,826

Owens

&

Minor,

Inc.

106,229

5,056

Precigen,

Inc.

h

34,836

13,461

Premier,

Inc.

455,655

50,991

Pulmonx

Corporation

h

2,332,328

984

Quidel

Corporation

h

125,883

8,406

Reata

Pharmaceuticals,

Inc.

h

838,078

21,167

Repligen

Corporation

h

4,115,076

1,542

Replimune

Group,

Inc.

h

47,046

4,014

Sage

Therapeutics,

Inc.

h

300,448

8,612

Sarepta

Therapeutics,

Inc.

h

641,852

928

Seres

Therapeutics,

Inc.

h

19,108

81,784

Silk

Road

Medical,

Inc.

h

4,142,360

37,959

Stryker

Corporation

9,246,053

648

Surmodics,

Inc.

h

36,333

59,295

Syneos

Health,

Inc.

h

4,497,526

119,901

Tactile

Systems

Technology,

Inc.

h

6,533,405

30,791

Teladoc

Health,

Inc.

h

5,596,264

15,082

Teleflex,

Inc.

6,265,968

4,924

Tenet

Healthcare

Corporation

h

256,048

31,745

Thermo

Fisher

Scientific,

Inc.

14,487,783

53,019

Travere

Therapeutics,

Inc.

h

1,323,884

2,671

U.S.

Physical

Therapy,

Inc.

278,051

2,295

United

Therapeutics

Corporation

h

383,885

10,942

UnitedHealth

Group,

Inc.

4,071,190

88,100

Vaxart,

Inc.

g,h

533,005

63,859

VBI

Vaccines,

Inc.

g,h

198,601

45,257

Veeva

Systems,

Inc.

h

11,822,939

77,363

Viatris,

Inc.

h

1,080,761

155,293

Viemed

Healthcare,

Inc.

h

1,571,565

7,336

ViewRay,

Inc.

h

31,912

2,710

Vocera

Communications,

Inc.

h

104,227

65,856

Vor

BioPharma,

Inc.

h

2,838,394

1,274

Waters

Corporation

h

362,033

1,409

Zimmer

Biomet

Holdings,

Inc.

225,553

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock

(32.0%)

Value

Health

Care

(4.3%)

-

continued

81,156

Zoetis,

Inc.

$

12,780,447

62,566

Zymeworks,

Inc.

g,h

1,975,834

Total

314,905,951

Industrials

(4.3%)

2,860

Advanced

Drainage

Systems,

Inc.

295,695

14,410

AECOM

h

923,825

7,654

Allegion

plc

961,495

150,430

Altra

Industrial

Motion

Corporation

8,321,788

26,697

AMETEK,

Inc.

3,410,008

3,281

Apogee

Enterprises,

Inc.

134,127

3,359

Armstrong

World

Industries,

Inc.

302,612

114,974

ASGN,

Inc.

h

10,973,119

6,251

Axon

Enterprise,

Inc.

h

890,267

39,428

AZZ,

Inc.

1,985,200

124,503

Badger

Daylighting,

Ltd.

4,247,190

19,537

Blink

Charging

Company

g,h

802,971

22,314

Bloom

Energy

Corporation

h

603,594

964

Boeing

Company

h

245,550

6,835

Carlisle

Companies,

Inc.

1,124,904

50,464

CBIZ,

Inc.

h

1,648,154

64,828

Chart

Industries,

Inc.

h

9,228,266

233

Copart,

Inc.

h

25,306

6,760

CRA

International,

Inc.

504,566

66,961

Crane

Company

6,288,308

24,587

CSW

Industrials,

Inc.

3,319,245

3,951

CSX

Corporation

380,955

163

Cummins,

Inc.

42,235

68,483

Curtiss-Wright

Corporation

8,122,084

13,613

Delta

Air

Lines,

Inc.

h

657,236

2,723

Diamond

S

Shipping,

Inc.

h

27,312

5,318

Douglas

Dynamics,

Inc.

245,426

1,679

Dycom

Industries,

Inc.

h

155,895

14,331

Eaton

Corporation

plc

1,981,691

20,686

EMCOR

Group,

Inc.

2,320,142

21,090

Emerson

Electric

Company

1,902,740

18,788

Encore

Wire

Corporation

1,261,238

3,675

Expeditors

International

of

Washington,

Inc.

395,761

32,421

Forrester

Research,

Inc.

h

1,377,244

74,125

Forward

Air

Corporation

6,583,041

51,888

FuelCell

Energy,

Inc.

h

747,706

10,503

GATX

Corporation

974,048

15,204

Generac

Holdings,

Inc.

h

4,978,550

15,010

General

Dynamics

Corporation

2,725,216

13,423

Gorman-Rupp

Company

444,436

4,561

Greenbrier

Companies,

Inc.

215,370

1,645

Heico

Corporation

206,941

49,168

Helios

Technologies,

Inc.

3,582,872

53,378

Honeywell

International,

Inc.

11,586,762

202,787

Howmet

Aerospace,

Inc.

h

6,515,546

21,806

Hubbell,

Inc.

4,075,323

4,050

ICF

International,

Inc.

353,970

27,625

IDEX

Corporation

5,782,465

1,650

Illinois

Tool

Works,

Inc.

365,508

345

Insperity,

Inc.

28,890

3,288

International

Seaways,

Inc.

63,721

658

JB

Hunt

Transport

Services,

Inc.

110,590

16,908

JetBlue

Airways

Corporation

h

343,909

1,441

John

Bean

Technologies

Corporation

192,143

16,205

Johnson

Controls

International

plc

966,952

2,295

Kansas

City

Southern

605,696

1,463

Kimball

International,

Inc.

20,482

9,467

L3Harris

Technologies,

Inc.

1,918,772

Shares

Common

Stock

(32.0%)

Value

Industrials

(4.3%)

-

continued

21,618

Landstar

System,

Inc.

$

3,568,267

3,258

Lennox

International,

Inc.

1,015,160

96,296

Lincoln

Electric

Holdings,

Inc.

11,838,630

26,033

Lockheed

Martin

Corporation

9,619,194

57,444

Manpower,

Inc.

5,681,212

2,784

Masonite

International

Corporation

h

320,828

79,974

Mercury

Systems,

Inc.

h

5,650,163

320,229

Meritor,

Inc.

h

9,421,137

12,002

Mesa

Air

Group,

Inc.

h

161,427

78,219

Middleby

Corporation

h

12,964,799

22,470

MSC

Industrial

Direct

Company,

Inc.

2,026,569

79,848

NAPCO

Security

Technologies,

Inc.

h

2,781,106

2,369

Nordson

Corporation

470,673

31,248

Norfolk

Southern

Corporation

8,390,713

7,291

Northrop

Grumman

Corporation

2,359,659

4,318

Nutrien,

Ltd.

232,697

14,336

Old

Dominion

Freight

Line,

Inc.

3,446,518

3,490

Otis

Worldwide

Corporation

238,891

4,827

Parker-Hannifin

Corporation

1,522,581

83,884

Pitney

Bowes,

Inc.

691,204

4,396

Primoris

Services

Corporation

145,640

14,139

Quad/Graphics,

Inc.

h

49,911

70,947

Ranpak

Holdings

Corporation

h

1,423,197

112,834

Raven

Industries,

Inc.

4,324,927

6,417

Raytheon

Technologies

Corporation

495,842

17,211

RBC

Bearings,

Inc.

h

3,386,608

92,820

Regal-Beloit

Corporation

13,243,558

118,696

Ritchie

Brothers

Auctioneers,

Inc.

6,949,651

92,474

Rush

Enterprises,

Inc.

4,607,979

5,408

Ryder

System,

Inc.

409,115

15,339

Saia,

Inc.

h

3,536,867

30,130

Simpson

Manufacturing

Company,

Inc.

3,125,385

6,070

SkyWest,

Inc.

h

330,694

36,693

Smith

&

Wesson

Brands,

Inc.

640,293

3,634

Snap-On,

Inc.

838,509

5,251

Southwest

Airlines

Company

h

320,626

26,960

Spirit

Airlines,

Inc.

g,h

994,824

39,365

Standex

International

Corporation

3,762,113

2,764

Sterling

Construction

Company,

Inc.

h

64,125

192,850

Summit

Materials,

Inc.

h

5,403,657

74,574

Sun

Country

Airlines

Holdings,

Inc.

h

2,556,397

1,040

Sunrun,

Inc.

h

62,899

9,032

Technip

Energies

N.V.

ADR

g,h

135,209

3,664

Teledyne

Technologies,

Inc.

h

1,515,614

3,078

Tetra

Tech,

Inc.

417,746

5,531

Thermon

Group

Holdings,

Inc.

h

107,799

3,807

Timken

Company

309,014

222

Toro

Company

22,897

960

Trane

Technologies

plc

158,938

59,143

TransUnion

5,322,870

28,212

Trex

Company,

Inc.

h

2,582,527

43,623

TriMas

Corporation

h

1,322,649

23,112

Tutor

Perini

Corporation

h

437,972

2,422

UniFirst

Corporation

541,826

12,201

Union

Pacific

Corporation

2,689,222

3,622

United

Parcel

Service,

Inc.

615,704

25,823

United

Rentals,

Inc.

h

8,503,772

13,472

Valmont

Industries,

Inc.

3,201,890

6,446

Verisk

Analytics,

Inc.

1,138,944

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock

(32.0%)

Value

Industrials

(4.3%)

-

continued

5,169

Waste

Connections,

Inc.

$

558,149

9,430

Watsco,

Inc.

2,458,873

1,446

Watts

Water

Technologies,

Inc.

171,799

5,866

Welbilt,

Inc.

h

95,323

11,038

Werner

Enterprises,

Inc.

520,662

47,138

WESCO

International,

Inc.

h

4,078,851

53,700

Willdan

Group,

Inc.

h

2,204,385

7,242

Woodward,

Inc.

873,602

11,344

XPO

Logistics,

Inc.

h

1,398,715

5,180

Xylem,

Inc.

544,832

Total

309,499,087

Information

Technology

(8.1%)

3,438

3D

Systems

Corporation

h

94,339

11,590

Accenture

plc

3,201,738

45,756

Adobe,

Inc.

h

21,751,030

422

ADTRAN,

Inc.

7,039

22,316

Advanced

Energy

Industries,

Inc.

2,436,238

66,334

Agilysys,

Inc.

h

3,181,379

13,331

Alliance

Data

Systems

Corporation

1,494,272

4,937

Ambarella,

Inc.

h

495,625

69,125

Amphenol

Corporation

4,560,176

2,468

Analog

Devices,

Inc.

382,737

155,257

Anaplan,

Inc.

h

8,360,590

831

ANSYS,

Inc.

h

282,174

569,361

Apple,

Inc.

69,547,446

7,790

Aspen

Technology,

Inc.

h

1,124,331

13,541

Atlassian

Corporation

plc

h

2,853,901

39,391

Avalara,

Inc.

h

5,255,941

376

Avnet,

Inc.

15,608

45,420

Axcelis

Technologies,

Inc.

h

1,866,308

72,299

Bandwidth,

Inc.

g,h

9,163,175

10,555

Belden,

Inc.

468,325

26,177

Benchmark

Electronics,

Inc.

809,393

160,679

BigCommerce

Holdings,

Inc.

h

9,287,246

5,333

Bill.com

Holdings,

Inc.

h

775,952

20,654

Blackline,

Inc.

h

2,238,894

323

Broadcom,

Ltd.

149,762

1,888

Broadridge

Financial

Solutions,

Inc.

289,053

942

CACI

International,

Inc.

h

232,354

56,421

Calix,

Inc.

h

1,955,552

16,712

CDK

Global,

Inc.

903,451

6,699

CDW

Corporation

1,110,359

2,621

Ceridian

HCM

Holding,

Inc.

h

220,872

43,997

Ciena

Corporation

h

2,407,516

30,230

Cisco

Systems,

Inc.

1,563,193

29,154

Cognex

Corporation

2,419,491

45,448

Computer

Services,

Inc.

2,681,432

996

Concentrix

Corporation

h

149,121

15,589

Coupa

Software,

Inc.

h

3,967,089

9,469

Cree,

Inc.

h

1,023,883

8,493

CTS

Corporation

263,793

46,344

Descartes

Systems

Group,

Inc.

h

2,822,813

14,308

Diebold

Nixdorf,

Inc.

h

202,172

19,775

DocuSign,

Inc.

h

4,003,449

107,270

Dolby

Laboratories,

Inc.

10,589,694

101

Domo,

Inc.

h

5,685

7,490

Dropbox,

Inc.

h

199,683

5,689

DSP

Group,

Inc.

h

81,068

70,213

Elastic

NV

h

7,807,686

53,570

Endava

plc

ADR

h

4,536,843

5,424

Enphase

Energy,

Inc.

h

879,556

7,435

EPAM

Systems,

Inc.

h

2,949,390

9,891

ePlus,

Inc.

h

985,539

Shares

Common

Stock

(32.0%)

Value

Information

Technology

(8.1%)

-

continued

49,803

Euronet

Worldwide,

Inc.

h

$

6,887,755

5,197

ExlService

Holdings,

Inc.

h

468,562

15,929

eXp

World

Holdings,

Inc.

h

725,566

8,482

F5

Networks,

Inc.

h

1,769,515

18,660

Fastly,

Inc.

g,h

1,255,445

10,743

First

Solar,

Inc.

h

937,864

39,316

Five9,

Inc.

h

6,146,270

6,139

FleetCor

Technologies,

Inc.

h

1,649,120

27,353

Global

Payments,

Inc.

5,513,818

48,648

Health

Catalyst,

Inc.

g,h

2,275,267

6,786

Intuit,

Inc.

2,599,445

384

IPG

Photonics

Corporation

h

81,001

16,052

Jack

Henry

&

Associates,

Inc.

2,435,409

3,182

KLA-Tencor

Corporation

1,051,333

6,157

Lam

Research

Corporation

3,664,893

81,321

Lattice

Semiconductor

Corporation

h

3,661,071

10,396

Littelfuse,

Inc.

2,749,118

61,807

LivePerson,

Inc.

h

3,259,701

69,535

Lumentum

Holdings,

Inc.

h

6,352,022

7,013

Manhattan

Associates,

Inc.

h

823,186

75,176

Mastercard,

Inc.

26,766,415

4,361

MAXIMUS,

Inc.

388,303

1,579

MaxLinear,

Inc.

h

53,812

249,099

Medallia,

Inc.

h

6,947,371

298,762

Microsoft

Corporation

70,439,117

176

MicroStrategy,

Inc.

h

119,469

51,784

MKS

Instruments,

Inc.

9,601,789

35,484

Monolithic

Power

Systems,

Inc.

12,533,304

8,062

Motorola

Solutions,

Inc.

1,516,059

72,364

National

Instruments

Corporation

3,125,039

664

NetApp,

Inc.

48,253

11,514

Nice,

Ltd.

ADR

g,h

2,509,707

19,181

Nova

Measuring

Instruments,

Ltd.

h

1,745,663

15,878

Novanta,

Inc.

h

2,094,149

76,210

Nuance

Communications,

Inc.

h

3,325,804

40,018

NVIDIA

Corporation

21,366,811

13,853

Okta,

Inc.

h

3,053,617

29,984

Oracle

Corporation

2,103,977

14,067

Palo

Alto

Networks,

Inc.

h

4,530,418

9,401

Paychex,

Inc.

921,486

6,965

Paylocity

Holding

Corporation

h

1,252,516

139,317

PayPal

Holdings,

Inc.

h

33,831,740

23,098

Plantronics,

Inc.

h

898,743

26,111

Plexus

Corporation

h

2,398,034

9,657

Plug

Power,

Inc.

h

346,107

2,683

Progress

Software

Corporation

118,213

30,910

Q2

Holdings,

Inc.

h

3,097,182

11,938

QAD,

Inc.

794,832

14,146

Qorvo,

Inc.

h

2,584,474

84,031

QUALCOMM,

Inc.

11,141,670

20,278

Rogers

Corporation

h

3,816,522

59,290

SailPoint

Technologies

Holdings,

Inc.

h

3,002,446

83,963

Salesforce.com,

Inc.

h

17,789,241

560

Samsung

Electronics

Company,

Ltd.

GDR

1,020,982

13,684

ScanSource,

Inc.

h

409,836

18,564

Semtech

Corporation

h

1,280,916

31,758

ServiceNow,

Inc.

h

15,882,493

140,720

Sierra

Wireless,

Inc.

h

2,078,434

6,599

Silicon

Laboratories,

Inc.

h

930,921

12,061

SiTime

Corporation

h

1,189,215

2,275

Solaredge

Technology,

Ltd.

h

653,926

53,692

Sprout

Social,

Inc.

h

3,101,250

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock

(32.0%)

Value

Information

Technology

(8.1%)

-

continued

92,249

Square,

Inc.

h

$

20,945,135

104,192

STMicroelectronics

NV

ADR

g

3,993,679

3,541

SunPower

Corporation

g,h

118,446

4,757

SYNNEX

Corporation

546,294

5,011

TE

Connectivity,

Ltd.

646,970

31,373

Texas

Instruments,

Inc.

5,929,183

2,321

Trade

Desk,

Inc.

h

1,512,503

223,368

TTM

Technologies,

Inc.

h

3,238,836

1,467

Tyler

Technologies,

Inc.

h

622,786

7,609

Unisys

Corporation

h

193,421

2,877

ViaSat,

Inc.

g,h

138,297

11,692

Visa,

Inc.

2,475,547

1,430

VMware,

Inc.

g,h

215,144

2,144

Western

Union

Company

52,871

76,664

Workiva,

Inc.

h

6,766,365

15,523

Xerox

Holdings

Corporation

376,743

15,972

Zscaler,

Inc.

h

2,741,913

Total

589,685,106

Materials

(0.9%)

2,535

AdvanSix,

Inc.

h

67,989

25,167

Allegheny

Technologies,

Inc.

h

530,017

15,101

AptarGroup,

Inc.

2,139,359

6,864

Avery

Dennison

Corporation

1,260,574

14,972

Axalta

Coating

Systems,

Ltd.

h

442,872

807

Balchem

Corporation

101,206

3,085

Ball

Corporation

261,423

9,745

Cabot

Corporation

511,028

99,252

Carpenter

Technology

Corporation

4,084,220

3,856

Celanese

Corporation

577,667

14,349

CF

Industries

Holdings,

Inc.

651,158

24,651

Chemours

Company

688,009

33,068

Cleveland-Cliffs,

Inc.

g

664,997

72,081

Coeur

Mining,

Inc.

h

650,891

4,891

Eagle

Materials,

Inc.

657,399

39,572

Eastman

Chemical

Company

4,357,669

9,688

Ecolab,

Inc.

2,073,910

193,831

Element

Solutions,

Inc.

3,545,169

57,670

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,h

6

5,062

FMC

Corporation

559,908

8,944

Ingevity

Corporation

h

675,540

52,145

Innospec,

Inc.

5,354,770

397,392

Ivanhoe

Mines,

Ltd.

h

2,045,935

27,060

Kaiser

Aluminum

Corporation

2,990,130

2,420

Koppers

Holdings,

Inc.

h

84,119

2,590

LyondellBasell

Industries

NV

269,490

18,871

Martin

Marietta

Materials,

Inc.

6,337,259

10,538

Materion

Corporation

698,037

13,268

Minerals

Technologies,

Inc.

999,346

36,535

Myers

Industries,

Inc.

721,932

18,525

Neenah,

Inc.

951,814

287

NewMarket

Corporation

109,106

8,397

Nucor

Corporation

674,027

3,555

O-I

Glass,

Inc.

h

52,401

21,258

Olin

Corporation

807,166

4,899

Olympic

Steel,

Inc.

144,276

311

PPG

Industries,

Inc.

46,731

26,226

Quaker

Chemical

Corporation

6,393,112

1,096

Reliance

Steel

&

Aluminum

Company

166,910

4,920

RPM

International,

Inc.

451,902

21,811

Ryerson

Holding

Corporation

h

371,659

2,111

Scotts

Miracle-Gro

Company

517,132

18,058

Sensient

Technologies

Corporation

1,408,524

Shares

Common

Stock

(32.0%)

Value

Materials

(0.9%)

-

continued

15,512

Steel

Dynamics,

Inc.

$

787,389

25,144

SunCoke

Energy,

Inc.

176,259

52,164

UFP

Technologies,

Inc.

h

2,598,810

25,545

United

States

Lime

&

Minerals,

Inc.

3,415,622

4,275

United

States

Steel

Corporation

111,877

51,926

W.

R.

Grace

&

Company

3,108,290

Total

66,295,036

Real

Estate

(1.6%)

86,801

Agree

Realty

Corporation

5,842,575

1,331

Alexandria

Real

Estate

Equities,

Inc.

218,683

89,547

American

Campus

Communities,

Inc.

3,865,744

4,208

Apartment

Income

REIT

Corporation

179,934

71,161

Apartment

Investment

&

Management

Company

436,929

16,244

Armada

Hoffler

Properties,

Inc.

203,700

1,665

AvalonBay

Communities,

Inc.

307,209

985

Bluegreen

Vacations

Holding

Corporations

h

18,262

41,350

Camden

Property

Trust

4,544,779

52,833

CareTrust

REIT,

Inc.

1,230,216

59,281

CBRE

Group,

Inc.

h

4,689,720

10,761

Cedar

Realty

Trust,

Inc.

160,339

4,078

Centerspace

277,304

33,181

Colliers

International

Group,

Inc.

3,259,701

13,247

Colony

Credit

Real

Estate,

Inc.

112,864

8,536

Community

Healthcare

Trust,

Inc.

393,680

9,555

Corepoint

Lodging,

Inc.

h

86,282

5,442

CoStar

Group,

Inc.

h

4,472,725

9,069

CubeSmart

343,080

208,988

Cushman

and

Wakefield

plc

h

3,410,684

1,303

Digital

Realty

Trust,

Inc.

183,515

12,366

Diversified

Healthcare

Trust

59,109

4,507

Douglas

Emmett,

Inc.

141,520

4,274

Duke

Realty

Corporation

179,209

15,152

EastGroup

Properties,

Inc.

2,170,979

21,180

EPR

Properties

986,776

121,282

Essential

Properties

Realty

Trust,

Inc.

2,768,868

2,225

Essex

Property

Trust,

Inc.

604,844

5,182

Extra

Space

Storage,

Inc.

686,874

13,012

Farmland

Partners,

Inc.

145,865

86,857

First

Industrial

Realty

Trust,

Inc.

3,977,182

22,698

FirstService

Corporation

3,363,617

92,728

Four

Corners

Property

Trust,

Inc.

2,540,747

4,405

Gaming

and

Leisure

Properties,

Inc.

186,904

13,839

Getty

Realty

Corporation

391,920

5,223

Gladstone

Commercial

Corporation

102,162

21,237

Gladstone

Land

Corporation

388,637

8,994

Global

Medical

REIT,

Inc.

117,911

48,282

Healthcare

Realty

Trust,

Inc.

1,463,910

71,606

Healthcare

Trust

of

America,

Inc.

1,974,893

1,789

Highwoods

Properties,

Inc.

76,820

27,288

Host

Hotels

&

Resorts,

Inc.

h

459,803

133,624

Independence

Realty

Trust,

Inc.

2,031,085

30,278

Industrial

Logistics

Properties

Trust

700,330

11,853

Innovative

Industrial

Properties,

Inc.

2,135,436

4,285

Iron

Mountain,

Inc.

158,588

7,114

Jones

Lang

LaSalle,

Inc.

h

1,273,691

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Shares

Common

Stock

(32.0%)

Value

Real

Estate

(1.6%)

-

continued

66,584

Kilroy

Realty

Corporation

$

4,369,908

18,627

Lexington

Realty

Trust

206,946

18,868

Life

Storage,

Inc.

1,621,705

82,758

Medical

Properties

Trust,

Inc.

1,761,090

117,697

MGIC

Investment

Corporation

1,630,103

2,796

National

Health

Investors,

Inc.

202,095

47,365

National

Retail

Properties,

Inc.

2,087,376

156,474

National

Storage

Affiliates

Trust

6,248,007

154,833

New

Residential

Investment

Corporation

1,741,871

18,360

New

Senior

Investment

Group,

Inc.

114,383

35,011

NexPoint

Residential

Trust,

Inc.

1,613,657

15,783

Omega

Healthcare

Investors,

Inc.

578,131

9,515

One

Liberty

Properties,

Inc.

211,899

1,539

Plymouth

Industrial

REIT,

Inc.

25,932

18,562

Preferred

Apartment

Communities,

Inc.

182,836

10,635

Public

Storage,

Inc.

2,624,293

38,168

Rayonier,

Inc.

REIT

1,230,918

27,153

Realty

Income

Corporation

1,724,216

8,955

Redfin

Corporation

h

596,313

115,191

Rexford

Industrial

Realty,

Inc.

5,805,626

1,631

RMR

Group,

Inc.

66,561

59,494

Sabra

Health

Care

REIT,

Inc.

1,032,816

10,230

SBA

Communications

Corporation

2,839,337

195,516

Service

Properties

Trust

2,318,820

9,851

SL

Green

Realty

Corporation

689,471

26,076

Spirit

Realty

Capital,

Inc.

1,108,230

31,180

STAG

Industrial,

Inc.

1,047,960

32,583

Store

Capital

Corporation

1,091,531

257,106

Sunstone

Hotel

Investors,

Inc.

h

3,203,541

39,951

UDR,

Inc.

1,752,251

8,489

UMH

Properties,

Inc.

162,734

151

Universal

Health

Realty

Income

Trust

10,235

5,011

WP

Carey,

Inc.

354,578

Total

113,580,975

Utilities

(0.3%)

21,574

AES

Corporation

578,399

5,784

ALLETE,

Inc.

388,627

6,183

Alliant

Energy

Corporation

334,871

19,958

American

Electric

Power

Company,

Inc.

1,690,443

4,376

American

States

Water

Company

330,913

91

American

Water

Works

Company,

Inc.

13,643

13,533

Artesian

Resources

Corporation

532,930

15,836

Black

Hills

Corporation

1,057,370

10,454

CenterPoint

Energy,

Inc.

236,783

1,269

Chesapeake

Utilities

Corporation

147,306

11,968

Consolidated

Water

Company,

Ltd.

160,970

4,249

DTE

Energy

Company

565,712

6,063

Duke

Energy

Corporation

585,261

7,367

Entergy

Corporation

732,795

3,038

Essential

Utilities,

Inc.

135,950

9,296

Evergy,

Inc.

553,391

8,652

Exelon

Corporation

378,438

98,075

FirstEnergy

Corporation

3,402,222

5,038

Hawaiian

Electric

Industries,

Inc.

223,838

4,031

IDACORP,

Inc.

402,979

6,866

MDU

Resources

Group,

Inc.

217,034

3,160

National

Fuel

Gas

Company

157,968

Shares

Common

Stock

(32.0%)

Value

Utilities

(0.3%)

-

continued

5,476

New

Jersey

Resources

Corporation

$

218,328

1,002

NiSource,

Inc.

24,158

2,901

Northwest

Natural

Holding

Company

156,509

25,134

NorthWestern

Corporation

1,638,737

47,136

OGE

Energy

Corporation

1,525,321

6,972

Otter

Tail

Corporation

321,897

2,322

Pinnacle

West

Capital

Corporation

188,895

43,465

Portland

General

Electric

Company

2,063,284

1,696

PPL

Corporation

48,913

7,487

Sempra

Energy

992,626

5,208

Southwest

Gas

Holdings,

Inc.

357,842

33,300

Spire,

Inc.

2,460,537

26,117

UGI

Corporation

1,071,058

5,622

Unitil

Corporation

256,869

9,212

WEC

Energy

Group,

Inc.

862,151

Total

25,014,968

Total

Common

Stock

(cost

$1,496,052,239)

2,332,895,443

Principal

Amount

Long-Term

Fixed

Income

(

13.9%

)

Value

Asset-Backed

Securities

(0.8%)

522

Funding

CLO,

Ltd.

$

1,100,000

1.824%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,i

1,100,001

Access

Group,

Inc.

143,243

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,i

141,861

Aimco

CLO

10,

Ltd.

1,000,000

1.542%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,i

1,000,560

Aimco

CLO

11,

Ltd.

1,625,000

1.605%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,i

1,627,928

Ares

CLO,

Ltd.

1,500,000

1.623%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,i

1,500,130

Ares

XXXIIR

CLO,

Ltd.

750,000

1.134%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,i

750,008

1,250,000

2.194%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,i

1,250,725

Buttermilk

Park

CLO,

Ltd.

2,575,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,i

2,575,175

Carlyle

Global

Market

Strategies

CLO,

Ltd.

1,675,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,i

1,675,079

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Asset-Backed

Securities

(0.8%)

-

continued

CarVal

CLO

II,

Ltd.

$

1,000,000

1.694%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,i

$

999,959

600,000

2.194%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,i

598,501

CBAM,

Ltd.

1,600,000

1.521%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,i

1,600,062

Cent

CLO,

LP

350,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,i

350,053

CIFC

Funding,

Ltd.

600,000

1.805%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,i

601,477

Colony

American

Finance

Trust

1,679,011

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

i

1,766,065

Commonbond

Student

Loan

Trust

239,705

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,i

238,076

CoreVest

American

Finance

Trust

1,721,222

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

i

1,793,084

Dryden

36

Senior

Loan

Fund

850,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,i

850,060

Dryden

Senior

Loan

Fund

1,450,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,i

1,450,133

Earnest

Student

Loan

Program,

LLC

277,679

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

i

278,017

ECMC

Group

Student

Loan

Trust

1,123,412

1.259%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,i

1,134,883

Flatiron

CLO,

Ltd.

600,000

1.998%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,i

603,337

Galaxy

XIX

CLO,

Ltd.

800,000

2.033%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,i

800,082

Galaxy

XX

CLO,

Ltd.

1,200,000

1.224%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,i

1,198,436

Golub

Capital

Partners,

Ltd.

750,000

1.404%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,i

748,279

1,095,000

1.424%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,i

1,092,830

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Asset-Backed

Securities

(0.8%)

-

continued

Goodgreen

$

1,105,716

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

i

$

1,160,460

Home

Partners

of

America

Trust

1,877,843

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

i

1,900,926

1,833,688

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

i

1,854,482

Laurel

Road

Prime

Student

Loan

Trust

276,097

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

i

280,480

553,381

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,i

573,619

Madison

Park

Funding

XIV,

Ltd.

1,200,000

1.622%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

1,200,054

Madison

Park

Funding,

Ltd.

1,000,000

2.300%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,i

1,000,087

Magnetite

XII,

Ltd.

1,200,000

1.341%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,i

1,200,067

Mercury

Financial

Credit

Card

Master

Trust

850,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

i

850,129

Mountain

View

CLO,

Ltd.

850,000

1.361%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,i

848,513

MRA

Issuance

Trust

2,100,000

1.456%, 

(LIBOR

1M

+

1.350%),

7/15/2021,

Ser.

2020-12,

Class

A1X

b,i

2,100,381

National

Collegiate

Trust

494,130

0.404%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,i

485,216

Neuberger

Berman

CLO,

Ltd.

500,000

1.252%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,i

500,106

Octagon

Investment

Partners

32,

Ltd.

1,225,000

2.235%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,d,i

1,225,000

525,000

2.491%, 

(LIBOR

3M

+

2.250%),

7/15/2029,

Ser.

2017-1A,

Class

C

b,i

525,056

Octagon

Investment

Partners

XVI,

Ltd.

250,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,i

250,020

OZLM

IX,

Ltd.

600,000

1.774%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,i

600,111

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Asset-Backed

Securities

(0.8%)

-

continued

OZLM

VIII,

Ltd.

$

381,993

1.393%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,i

$

382,021

Palmer

Square

CLO,

Ltd.

1,000,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,i

997,398

Palmer

Square

Loan

Funding,

Ltd.

1,004,155

1.074%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,i

1,004,231

850,000

1.874%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,i

850,115

Pretium

Mortgage

Credit

Partners,

LLC

931,713

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

i,j

939,802

Progress

Residential

Trust

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

i

2,042,260

Saxon

Asset

Securities

Trust

430,017

3.672%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

415,358

Shackleton

CLO,

Ltd.

800,000

1.411%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,i

800,011

Sound

Point

CLO

XIV,

Ltd.

1,250,000

2.221%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,i

1,245,764

Sound

Point

CLO

XV,

Ltd.

1,225,000

2.235%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,d,i

1,225,000

Sound

Point

CLO

XXI,

Ltd.

725,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,i

725,065

THL

Credit

Wind

River

CLO,

Ltd.

500,000

1.654%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,i

502,180

U.S.

Small

Business

Administration

70,077

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

72,124

Upstart

Securitization

Trust

682,863

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

i

688,258

VCAT

Asset

Securitization,

LLC

500,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

i,j

498,966

Vericrest

Opportunity

Loan

Trust

1,225,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

i,j

1,217,130

Voya

CLO,

Ltd.

748,830

1.441%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,i

748,841

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Asset-Backed

Securities

(0.8%)

-

continued

Whitebox

CLO

II,

Ltd.

$

650,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,i

$

651,365

Total

59,285,397

Basic

Materials

(0.2%)

Air

Products

and

Chemicals,

Inc.

650,000

2.700%, 

5/15/2040

621,730

Alcoa

Nederland

Holding

BV

300,000

5.500%, 

12/15/2027

i

322,920

Anglo

American

Capital

plc

470,000

4.875%, 

5/14/2025

i

530,829

BWAY

Holding

Company

270,000

5.500%, 

4/15/2024

i

273,713

Chemours

Company

150,000

5.750%, 

11/15/2028

i

157,937

Cleveland-Cliffs,

Inc.

190,000

5.875%, 

6/1/2027

196,650

120,000

4.625%, 

3/1/2029

i

119,796

120,000

4.875%, 

3/1/2031

i

119,700

Consolidated

Energy

Finance

SA

220,000

6.875%, 

6/15/2025

i

224,125

DowDuPont,

Inc.

340,000

4.493%, 

11/15/2025

384,252

First

Quantum

Minerals,

Ltd.

410,000

7.500%, 

4/1/2025

i

423,325

Freeport-McMoRan,

Inc.

280,000

4.125%, 

3/1/2028

294,336

310,000

4.250%, 

3/1/2030

330,150

Glencore

Funding,

LLC

64,000

4.125%, 

5/30/2023

i

68,440

479,000

4.000%, 

3/27/2027

i

527,891

Hecla

Mining

Company

90,000

7.250%, 

2/15/2028

96,525

Hudbay

Minerals,

Inc.

220,000

4.500%, 

4/1/2026

i

228,648

Ingevity

Corporation

330,000

3.875%, 

11/1/2028

i

320,100

International

Paper

Company

600,000

4.350%, 

8/15/2048

693,472

Kinross

Gold

Corporation

7,000

5.125%, 

9/1/2021

7,051

218,000

5.950%, 

3/15/2024

245,203

345,000

4.500%, 

7/15/2027

388,584

Kraton

Polymers,

LLC

290,000

4.250%, 

12/15/2025

i

291,088

Mercer

International,

Inc.

210,000

5.125%, 

2/1/2029

i

217,560

Norbord,

Inc.

250,000

5.750%, 

7/15/2027

i

266,450

Novelis

Corporation

195,000

5.875%, 

9/30/2026

i

203,531

130,000

4.750%, 

1/30/2030

i

133,991

OCI

NV

320,000

4.625%, 

10/15/2025

i

330,800

Olin

Corporation

405,000

5.125%, 

9/15/2027

419,175

Sherwin-Williams

Company

540,000

3.125%, 

6/1/2024

575,227

Steel

Dynamics,

Inc.

675,000

1.650%, 

10/15/2027

660,878

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Basic

Materials

(0.2%)

-

continued

Syngenta

Finance

NV

$

525,000

3.933%, 

4/23/2021

i

$

525,970

Teck

Resources,

Ltd.

839,000

6.125%, 

10/1/2035

1,028,547

Tronox

Finance

plc

170,000

5.750%, 

10/1/2025

i

177,332

United

States

Steel

Corporation

340,000

6.875%, 

3/1/2029

347,650

Vale

Overseas,

Ltd.

340,000

6.250%, 

8/10/2026

404,430

168,000

6.875%, 

11/21/2036

223,283

Venator

Finance

SARL

220,000

5.750%, 

7/15/2025

i

213,400

WestRock

Company

470,000

3.750%, 

3/15/2025

512,879

Xstrata

Finance

Canada,

Ltd.

10,000

4.950%, 

11/15/2021

i

10,279

Total

13,117,847

Capital

Goods

(0.3%)

AECOM

370,000

5.125%, 

3/15/2027

402,606

Amsted

Industries,

Inc.

245,000

5.625%, 

7/1/2027

i

260,006

Ardagh

Packaging

Finance

plc

210,000

6.000%, 

2/15/2025

i

216,405

300,000

5.250%, 

8/15/2027

i

306,024

BAE

Systems

plc

800,000

1.900%, 

2/15/2031

i

750,680

Boeing

Company

255,000

5.930%, 

5/1/2060

327,197

395,000

5.040%, 

5/1/2027

450,327

313,000

5.150%, 

5/1/2030

360,496

650,000

5.705%, 

5/1/2040

795,422

Bombardier,

Inc.

220,000

7.500%, 

3/15/2025

i

216,425

220,000

7.875%, 

4/15/2027

i

215,752

Brand

Industrial

Services,

Inc.

105,000

8.500%, 

7/15/2025

i

105,819

BWAY

Holding

Company

230,000

7.250%, 

4/15/2025

i

230,000

Carrier

Global

Corporation

384,000

3.577%, 

4/5/2050

377,087

500,000

2.700%, 

2/15/2031

499,850

Cintas

Corporation

No.

2

10,000

2.900%, 

4/1/2022

10,231

345,000

3.700%, 

4/1/2027

383,102

CNH

Industrial

Capital,

LLC

52,000

4.875%, 

4/1/2021

52,000

CNH

Industrial

NV

300,000

3.850%, 

11/15/2027

331,745

Cornerstone

Building

Brands,

Inc.

310,000

6.125%, 

1/15/2029

i

330,150

Covanta

Holding

Corporation

210,000

6.000%, 

1/1/2027

219,187

80,000

5.000%, 

9/1/2030

80,800

CP

Atlas

Buyer,

Inc.

200,000

7.000%, 

12/1/2028

i

210,210

Crown

Americas

Capital

Corporation

IV

380,000

4.500%, 

1/15/2023

399,712

Emerson

Electric

Company

650,000

1.800%, 

10/15/2027

652,539

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Capital

Goods

(0.3%)

-

continued

GFL

Environmental,

Inc.

$

80,000

4.000%, 

8/1/2028

i

$

77,400

220,000

3.500%, 

9/1/2028

i

213,400

H&E

Equipment

Services,

Inc.

250,000

3.875%, 

12/15/2028

i

243,125

Howmet

Aerospace,

Inc.

280,000

6.875%, 

5/1/2025

324,450

Ingersoll-Rand

Luxembourg

Finance

SA

300,000

3.500%, 

3/21/2026

325,642

Jeld-Wen,

Inc.

280,000

4.625%, 

12/15/2025

i

283,500

L3Harris

Technologies,

Inc.

705,000

3.950%, 

5/28/2024

765,093

Lockheed

Martin

Corporation

448,000

4.500%, 

5/15/2036

540,612

120,000

6.150%, 

9/1/2036

167,204

Meritor,

Inc.

150,000

4.500%, 

12/15/2028

i

150,450

NESCO

Holdings

II,

Inc.

70,000

5.500%, 

4/15/2029

d,i

71,806

Northrop

Grumman

Corporation

820,000

3.850%, 

4/15/2045

882,391

Owens-Brockway

Glass

Container,

Inc.

200,000

5.875%, 

8/15/2023

i

214,250

Raytheon

Technologies

Corporation

384,000

4.125%, 

11/16/2028

432,435

Republic

Services,

Inc.

335,000

2.900%, 

7/1/2026

357,254

Roper

Technologies,

Inc.

240,000

4.200%, 

9/15/2028

270,401

400,000

1.750%, 

2/15/2031

371,437

SRM

Escrow

Issuer,

LLC

280,000

6.000%, 

11/1/2028

i

293,440

Standard

Industries,

Inc.

410,000

4.375%, 

7/15/2030

i

413,690

Textron,

Inc.

720,000

3.375%, 

3/1/2028

756,781

Titan

Acquisition,

Ltd.

95,000

7.750%, 

4/15/2026

i

98,676

TransDigm,

Inc.

210,000

6.250%, 

3/15/2026

i

222,642

600,000

5.500%, 

11/15/2027

621,078

60,000

4.625%, 

1/15/2029

i

59,163

United

Rentals

North

America,

Inc.

300,000

4.875%, 

1/15/2028

316,011

185,000

4.000%, 

7/15/2030

188,284

United

Technologies

Corporation

375,000

4.450%, 

11/16/2038

434,465

600,000

3.750%, 

11/1/2046

639,504

Waste

Pro

USA,

Inc.

110,000

5.500%, 

2/15/2026

i

112,613

WESCO

Distribution,

Inc.

230,000

7.250%, 

6/15/2028

i

256,771

Total

18,287,740

Collateralized

Mortgage

Obligations

(0.6%)

Banc

of

America

Alternative

Loan

Trust

20,020

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

19,831

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Bellemeade

Re,

Ltd.

$

224,019

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

$

224,089

314,001

1.209%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,i

314,129

1,000,000

1.767%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,i

999,735

BRAVO

Residential

Funding

Trust

183,981

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

i

189,116

Business

Jet

Securities,

LLC

1,012,692

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

i

1,025,128

Citicorp

Mortgage

Securities,

Inc.

877,721

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

873,934

Citigroup

Mortgage

Loan

Trust,

Inc.

4,416

3.315%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

3,934

Countrywide

Alternative

Loan

Trust

200,346

2.746%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

192,191

259,872

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

135,948

655,567

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

345,931

Countrywide

Home

Loans,

Inc.

198,555

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

144,191

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

15,726

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

15,573

Credit

Suisse

Mortgage

Trust

430,139

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

i

429,552

1,189,327

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,i

1,261,168

2,803,311

3.471%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,i

2,836,001

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

72,135

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

63,287

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

12,203,348

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

k

1,560,314

492,653

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

k

25,785

583,273

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

60,453

1,196,117

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

k

138,281

Federal

National

Mortgage

Association

16,560,406

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

k

927,194

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

1,858,501

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

k

$

106,362

Foundation

Finance

Trust

1,050,000

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

i

1,043,894

FWD

Securitization

Trust

947,662

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,i

981,065

Galton

Funding

Mortgage

Trust

2017-1

291,297

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,i

294,429

GS

Mortgage-Backed

Securities

Trust

970,272

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,i

985,276

J.P.

Morgan

Alternative

Loan

Trust

74,834

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

60,021

LHOME

Mortgage

Trust

1,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,i

999,356

MASTR

Alternative

Loans

Trust

416,425

0.559%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

61,304

Merrill

Lynch

Alternative

Note

Asset

Trust

175,032

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

108,917

MRA

Issuance

Trust

750,000

1.853%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,e,i

750,000

2,100,000

1.259%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,e,i

2,100,000

New

York

Mortgage

Trust

1,037,414

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,i

1,041,409

Preston

Ridge

Partners

Mortgage

Trust,

LLC

971,553

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,i

979,601

722,083

2.857%, 

9/25/2025,

Ser.

2020-3,

Class

A1

i,j

727,240

1,092,976

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,i

1,092,853

Pretium

Mortgage

Credit

Partners,

LLC

700,000

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

e,i,j

700,000

RCO

Mortgage,

LLC

1,588,905

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

i,j

1,597,858

Renaissance

Home

Equity

Loan

Trust

1,108,671

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

j

587,865

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Residential

Accredit

Loans,

Inc.

Trust

$

376,771

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

$

368,387

26,718

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

26,585

Residential

Funding

Mortgage

Security

I

Trust

85,415

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

81,940

Sequoia

Mortgage

Trust

257,197

3.114%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

200,175

Silver

Hill

Trust

502,845

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,i

520,342

Starwood

Mortgage

Residential

Trust

313,615

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,i

318,976

Structured

Adjustable

Rate

Mortgage

Loan

Trust

33,698

3.212%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

27,438

Structured

Asset

Mortgage

Investments,

Inc.

47,613

0.729%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

45,871

Toorak

Mortgage

Corporation

1,050,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,j

1,061,405

4,000,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

4,056,833

750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

i,j

751,731

Vericrest

Opportunity

Loan

Transferee

845,034

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

i,j

840,580

571,406

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

i,j

570,964

850,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

i,j

844,523

600,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

i,j

597,625

972,028

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

i,j

970,959

650,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

i,j

648,456

650,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

i,j

648,343

675,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

e,i,j

675,000

Verus

Securitization

Trust

338,936

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,i

339,645

959,808

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,i

977,993

758,444

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,i

772,299

567,343

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,i

575,762

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

$

1,787,828

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,i

$

1,820,640

WaMu

Mortgage

Pass

Through

Certificates

75,713

3.017%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

73,749

177,898

3.035%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

178,333

Total

43,997,769

Commercial

Mortgage-Backed

Securities

(0.1%)

BBCMS

Mortgage

Trust

6,989,169

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,k

946,305

BFLD

Trust

1,100,000

1.256%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,i

1,109,688

400,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,i

404,001

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

564,867

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

584,309

GS

Mortgage

Securities

Trust

2,450,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

2,609,720

Morgan

Stanley

Capital

I

Trust

7,188,544

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,k

980,993

Total

6,635,016

Communications

Services

(0.5%)

AMC

Networks,

Inc.

260,000

4.250%, 

2/15/2029

252,850

American

Tower

Corporation

525,000

2.900%, 

1/15/2030

533,689

625,000

2.100%, 

6/15/2030

594,746

AT&T,

Inc.

451,000

3.500%, 

9/15/2053

i

416,785

600,000

2.300%, 

6/1/2027

613,205

750,000

4.350%, 

3/1/2029

848,384

480,000

5.250%, 

3/1/2037

579,109

700,000

4.900%, 

8/15/2037

828,514

355,000

5.550%, 

8/15/2041

441,924

CCO

Holdings,

LLC

600,000

5.500%, 

5/1/2026

i

618,780

380,000

5.125%, 

5/1/2027

i

401,780

350,000

4.750%, 

3/1/2030

i

362,687

CCOH

Safari,

LLC

21,000

5.750%, 

2/15/2026

i

21,667

Cengage

Learning,

Inc.

310,000

9.500%, 

6/15/2024

i

315,812

Charter

Communications

Operating,

LLC

217,000

6.834%, 

10/23/2055

296,840

300,000

4.500%, 

2/1/2024

328,122

495,000

4.200%, 

3/15/2028

545,632

650,000

3.500%, 

6/1/2041

616,449

610,000

6.484%, 

10/23/2045

794,227

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Communications

Services

(0.5%)

-

continued

Clear

Channel

Worldwide

Holdings,

Inc.

$

270,000

7.750%, 

4/15/2028

i

$

267,030

Comcast

Corporation

370,000

4.049%, 

11/1/2052

418,104

420,000

3.950%, 

10/15/2025

469,199

725,000

4.250%, 

10/15/2030

833,047

485,000

4.400%, 

8/15/2035

567,189

490,000

4.750%, 

3/1/2044

602,229

250,000

4.600%, 

8/15/2045

302,245

Consolidated

Communications,

Inc.

130,000

5.000%, 

10/1/2028

i

131,014

Cox

Communications,

Inc.

475,000

3.350%, 

9/15/2026

i

512,505

Crown

Castle

International

Corporation

480,000

3.200%, 

9/1/2024

515,456

CSC

Holdings,

LLC

220,000

5.500%, 

5/15/2026

i

226,820

190,000

5.375%, 

2/1/2028

i

199,737

160,000

4.125%, 

12/1/2030

i

158,925

Cumulus

Media

New

Holdings,

Inc.

200,000

6.750%, 

7/1/2026

i

203,750

Discovery

Communications,

LLC

600,000

4.900%, 

3/11/2026

683,718

DISH

DBS

Corporation

190,000

7.375%, 

7/1/2028

199,319

Embarq

Corporation

155,000

7.995%, 

6/1/2036

178,593

Entercom

Media

Corporation

200,000

6.500%, 

5/1/2027

g,i

206,750

Fox

Corporation

400,000

3.500%, 

4/8/2030

425,559

Front

Range

BidCo,

Inc.

270,000

4.000%, 

3/1/2027

i

265,275

200,000

6.125%, 

3/1/2028

i

205,250

Frontier

Communications

Corporation

180,000

5.875%, 

10/15/2027

i

190,800

70,000

6.750%, 

5/1/2029

i

73,829

GCI,

LLC

220,000

4.750%, 

10/15/2028

i

225,225

Hughes

Satellite

Systems

Corporation

120,000

6.625%, 

8/1/2026

132,972

iHeartCommunications,

Inc.

220,000

4.750%, 

1/15/2028

i

221,650

LCPR

Senior

Secured

Financing

DAC

190,000

6.750%, 

10/15/2027

i

202,568

Level

3

Financing,

Inc.

390,000

4.625%, 

9/15/2027

i

401,376

420,000

4.250%, 

7/1/2028

i

424,750

Ligado

Networks,

LLC

110,000

0.000%,PIK

15.500%,

11/1/2023

e,f,i

103,067

Meredith

Corporation

310,000

6.500%, 

7/1/2025

i

332,593

Netflix,

Inc.

560,000

4.875%, 

4/15/2028

633,500

Nexstar

Escrow

Corporation

320,000

5.625%, 

7/15/2027

i

335,398

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Communications

Services

(0.5%)

-

continued

Nielsen

Finance,

LLC

$

100,000

5.625%, 

10/1/2028

i

$

105,125

Omnicom

Group,

Inc.

224,000

3.600%, 

4/15/2026

245,466

200,000

4.200%, 

6/1/2030

225,071

Radiate

Holdco,

LLC

120,000

6.500%, 

9/15/2028

i

126,714

Scripps

Escrow

II,

Inc.

150,000

3.875%, 

1/15/2029

i

147,375

120,000

5.375%, 

1/15/2031

i

119,100

SFR

Group

SA

540,000

7.375%, 

5/1/2026

i

561,654

Sinclair

Television

Group,

Inc.

320,000

5.500%, 

3/1/2030

i

311,200

Sirius

XM

Radio,

Inc.

345,000

5.000%, 

8/1/2027

i

361,922

Sprint

Capital

Corporation

320,000

6.875%, 

11/15/2028

403,510

235,000

8.750%, 

3/15/2032

347,506

Sprint

Corporation

695,000

7.625%, 

2/15/2025

828,787

Telefonica

Emisiones

SAU

250,000

4.570%, 

4/27/2023

269,473

Terrier

Media

Buyer,

Inc.

160,000

8.875%, 

12/15/2027

i

172,168

Time

Warner

Entertainment

Company,

LP

200,000

8.375%, 

3/15/2023

229,275

T-Mobile

USA,

Inc.

650,000

3.750%, 

4/15/2027

i

710,554

140,000

2.875%, 

2/15/2031

135,310

525,000

4.375%, 

4/15/2040

i

583,307

United

States

Cellular

Corporation

190,000

6.700%, 

12/15/2033

230,126

Uniti

Group,

LP

110,000

6.500%, 

2/15/2029

i

108,625

Univision

Communications,

Inc.

410,000

6.625%, 

6/1/2027

i

437,849

Verizon

Communications,

Inc.

384,000

3.700%, 

3/22/2061

379,437

256,000

2.100%, 

3/22/2028

257,073

1,594,000

4.272%, 

1/15/2036

1,801,673

725,000

2.650%, 

11/20/2040

662,542

Viacom,

Inc.

336,000

5.850%, 

9/1/2043

429,142

ViaSat,

Inc.

310,000

5.625%, 

9/15/2025

i

315,103

Vodafone

Group

plc

300,000

4.875%, 

6/19/2049

356,456

VTR

Finance

NV

150,000

6.375%, 

7/15/2028

g,i

162,000

Walt

Disney

Company

550,000

2.200%, 

1/13/2028

562,008

775,000

2.650%, 

1/13/2031

791,070

675,000

3.500%, 

5/13/2040

713,739

Ziggo

BV

302,000

5.500%, 

1/15/2027

i

314,458

Total

33,665,462

Consumer

Cyclical

(0.4%)

1011778

B.C.,

ULC

330,000

4.375%, 

1/15/2028

i

331,558

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Cyclical

(0.4%)

-

continued

Allied

Universal

Holdco,

LLC

$

240,000

6.625%, 

7/15/2026

i

$

254,515

Allison

Transmission,

Inc

315,000

3.750%, 

1/30/2031

i

305,156

Amazon.com,

Inc.

600,000

3.875%, 

8/22/2037

687,469

360,000

4.050%, 

8/22/2047

421,339

American

Axle

&

Manufacturing,

Inc.

360,000

6.500%, 

4/1/2027

g

373,500

American

Honda

Finance

Corporation

250,000

2.150%, 

9/10/2024

260,596

Brookfield

Residential

Properties,

Inc.

500,000

6.250%, 

9/15/2027

i

521,875

Caesars

Entertainment,

Inc.

70,000

8.125%, 

7/1/2027

i

77,192

Carnival

Corporation

240,000

11.500%, 

4/1/2023

i

275,100

160,000

10.500%, 

2/1/2026

i

188,200

80,000

7.625%, 

3/1/2026

i

85,944

250,000

5.750%, 

3/1/2027

i

256,562

Cedar

Fair,

LP

290,000

5.250%, 

7/15/2029

298,088

Cinemark

USA,

Inc.

260,000

5.875%, 

3/15/2026

i

266,224

Clarios

Global,

LP

110,000

8.500%, 

5/15/2027

i

118,387

Colt

Merger

Sub,

Inc.

500,000

6.250%, 

7/1/2025

i

533,007

CVS

Health

Corporation

600,000

3.625%, 

4/1/2027

658,542

D.R.

Horton,

Inc.

300,000

2.600%, 

10/15/2025

315,539

Dana,

Inc.

250,000

5.625%, 

6/15/2028

267,500

Empire

Communities

Corporation

230,000

7.000%, 

12/15/2025

i

242,362

Ford

Motor

Company

140,000

9.000%, 

4/22/2025

169,556

80,000

9.625%, 

4/22/2030

111,643

220,000

7.450%, 

7/16/2031

277,383

Ford

Motor

Credit

Company,

LLC

820,000

4.063%, 

11/1/2024

860,221

550,000

4.134%, 

8/4/2025

575,259

Gap,

Inc.

150,000

8.625%, 

5/15/2025

i

167,962

General

Motors

Company

650,000

6.125%, 

10/1/2025

764,340

600,000

6.800%, 

10/1/2027

744,338

General

Motors

Financial

Company,

Inc.

224,000

3.950%, 

4/13/2024

241,077

Hanesbrands,

Inc.

310,000

4.875%, 

5/15/2026

i

332,475

Herc

Holdings,

Inc.

210,000

5.500%, 

7/15/2027

i

223,482

Hilton

Domestic

Operating

Company,

Inc.

570,000

4.875%, 

1/15/2030

604,656

Home

Depot,

Inc.

275,000

5.400%, 

9/15/2040

364,317

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Cyclical

(0.4%)

-

continued

$

336,000

4.250%, 

4/1/2046

$

395,407

440,000

3.900%, 

6/15/2047

494,512

Hyundai

Capital

America

400,000

1.250%, 

9/18/2023

i

402,893

475,000

1.800%, 

1/10/2028

i

454,206

International

Game

Technology

plc

260,000

5.250%, 

1/15/2029

i

271,180

KB

Home

270,000

4.800%, 

11/15/2029

282,825

Kohl's

Corporation

360,000

9.500%, 

5/15/2025

466,784

360,000

5.550%, 

7/17/2045

407,853

L

Brands,

Inc.

340,000

6.625%, 

10/1/2030

i

388,212

80,000

6.875%, 

11/1/2035

95,343

Landry's,

Inc.

275,000

6.750%, 

10/15/2024

i

278,072

Lennar

Corporation

340,000

4.875%, 

12/15/2023

371,392

625,000

4.750%, 

5/30/2025

696,094

Levi

Strauss

&

Company

320,000

3.500%, 

3/1/2031

i

308,800

Live

Nation

Entertainment,

Inc.

150,000

3.750%, 

1/15/2028

i

147,937

Marriott

International,

Inc.

375,000

5.750%, 

5/1/2025

430,310

Mastercard,

Inc.

700,000

3.950%, 

2/26/2048

792,003

Mattamy

Group

Corporation

320,000

5.250%, 

12/15/2027

i

334,800

McDonald's

Corporation

600,000

2.125%, 

3/1/2030

585,818

575,000

4.450%, 

3/1/2047

668,274

MGM

Resorts

International

515,000

6.000%, 

3/15/2023

551,694

20,000

5.750%, 

6/15/2025

21,800

Owl

Rock

Capital

Corporation

625,000

3.400%, 

7/15/2026

633,049

PetSmart,

Inc.

180,000

4.750%, 

2/15/2028

i

184,088

170,000

7.750%, 

2/15/2029

i

184,017

Prime

Security

Services

Borrower,

LLC

520,000

5.750%, 

4/15/2026

i

562,666

Real

Hero

Merger

Sub

2,

Inc.

160,000

6.250%, 

2/1/2029

i

165,200

Realogy

Group,

LLC

270,000

5.750%, 

1/15/2029

i

266,288

Rite

Aid

Corporation

110,000

7.500%, 

7/1/2025

i

114,263

Royal

Caribbean

Cruises,

Ltd.

320,000

9.125%, 

6/15/2023

i

352,618

120,000

11.500%, 

6/1/2025

i

139,950

115,000

5.500%, 

4/1/2028

i

115,575

Scientific

Games

International,

Inc.

380,000

5.000%, 

10/15/2025

i

393,566

260,000

7.250%, 

11/15/2029

i

282,100

SeaWorld

Parks

and

Entertainment,

Inc.

150,000

9.500%, 

8/1/2025

i

163,024

Six

Flags

Entertainment

Corporation

170,000

5.500%, 

4/15/2027

g,i

176,163

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Cyclical

(0.4%)

-

continued

Six

Flags

Theme

Parks,

Inc.

$

150,000

7.000%, 

7/1/2025

i

$

162,188

Staples,

Inc.

420,000

7.500%, 

4/15/2026

i

442,995

Target

Corporation

575,000

2.250%, 

4/15/2025

602,436

Tenneco,

Inc.

150,000

5.000%, 

7/15/2026

g

141,375

TJX

Companies,

Inc.

300,000

3.750%, 

4/15/2027

334,035

400,000

3.875%, 

4/15/2030

445,371

Uber

Technologies,

Inc.

160,000

6.250%, 

1/15/2028

i

174,272

ViacomCBS,

Inc.

550,000

4.200%, 

5/19/2032

614,792

Visa,

Inc.

650,000

2.700%, 

4/15/2040

636,566

Vista

Outdoor,

Inc.

270,000

4.500%, 

3/15/2029

i

267,153

Walmart,

Inc.

600,000

3.250%, 

7/8/2029

656,387

Wyndham

Destinations,

Inc.

200,000

6.625%, 

7/31/2026

i

227,070

Wyndham

Hotels

&

Resorts,

Inc.

120,000

4.375%, 

8/15/2028

i

121,380

Yum!

Brands,

Inc.

270,000

4.750%, 

1/15/2030

i

285,471

ZF

North

America

Capital,

Inc.

150,000

4.750%, 

4/29/2025

i

161,030

Total

30,026,661

Consumer

Non-Cyclical

(0.5%)

Abbott

Laboratories

941,000

4.750%, 

11/30/2036

1,164,418

AbbVie,

Inc.

7,000

2.900%, 

11/6/2022

7,260

500,000

2.950%, 

11/21/2026

532,340

650,000

4.300%, 

5/14/2036

749,321

225,000

4.850%, 

6/15/2044

273,330

240,000

4.700%, 

5/14/2045

284,249

1,000,000

4.875%, 

11/14/2048

1,204,409

Albertson's

Companies,

Inc.

140,000

7.500%, 

3/15/2026

i

154,646

395,000

3.500%, 

3/15/2029

i

375,898

Altria

Group,

Inc.

512,000

5.800%, 

2/14/2039

624,783

Amgen,

Inc.

600,000

3.375%, 

2/21/2050

599,746

300,000

3.125%, 

5/1/2025

322,411

Anheuser-Busch

Companies,

LLC

896,000

4.700%, 

2/1/2036

1,049,636

Anheuser-Busch

InBev

Worldwide,

Inc.

900,000

4.750%, 

4/15/2058

1,037,372

575,000

4.375%, 

4/15/2038

653,566

50,000

4.600%, 

4/15/2048

57,239

Anthem,

Inc.

525,000

3.125%, 

5/15/2050

500,979

415,000

4.625%, 

5/15/2042

489,997

Aramark

Services,

Inc.

170,000

6.375%, 

5/1/2025

g,i

180,200

AstraZeneca

plc

480,000

1.375%, 

8/6/2030

440,267

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

BAT

Capital

Corporation

$

930,000

4.540%, 

8/15/2047

$

936,406

Bausch

Health

Companies,

Inc.

100,000

5.000%, 

1/30/2028

i

101,250

350,000

5.000%, 

2/15/2029

i

347,594

Baxalta,

Inc.

246,000

4.000%, 

6/23/2025

272,676

Becton,

Dickinson

and

Company

350,000

3.794%, 

5/20/2050

371,856

375,000

3.700%, 

6/6/2027

413,632

Campbell

Soup

Company

200,000

2.375%, 

4/24/2030

195,612

Cargill,

Inc.

300,000

3.250%, 

5/23/2029

i

321,670

Centene

Corporation

165,000

4.625%, 

12/15/2029

178,580

390,000

3.000%, 

10/15/2030

389,353

100,000

2.500%, 

3/1/2031

95,502

Central

Garden

&

Pet

Company

280,000

4.125%, 

10/15/2030

282,800

Cigna

Corporation

590,000

4.800%, 

8/15/2038

705,166

Community

Health

Systems,

Inc.

110,000

5.625%, 

3/15/2027

i

115,225

150,000

6.000%, 

1/15/2029

i

158,625

280,000

6.875%, 

4/15/2029

i

293,124

Conagra

Brands,

Inc.

455,000

4.300%, 

5/1/2024

501,731

Constellation

Brands,

Inc.

470,000

3.600%, 

2/15/2028

511,131

250,000

2.875%, 

5/1/2030

255,444

CVS

Health

Corporation

7,000

2.750%, 

12/1/2022

7,229

1,440,000

4.875%, 

7/20/2035

1,694,445

DaVita,

Inc.

380,000

4.625%, 

6/1/2030

i

387,167

Edgewell

Personal

Care

Company

160,000

5.500%, 

6/1/2028

i

168,960

Encompass

Health

Corporation

440,000

4.500%, 

2/1/2028

450,613

Endo

Finance,

LLC

140,000

9.500%, 

7/31/2027

i

152,075

Energizer

Holdings,

Inc.

250,000

4.750%, 

6/15/2028

i

257,812

General

Mills,

Inc.

320,000

2.875%, 

4/15/2030

330,354

H.

J.

Heinz

Company

80,000

5.200%, 

7/15/2045

92,524

HCA,

Inc.

910,000

5.375%, 

2/1/2025

1,015,119

600,000

5.500%, 

6/15/2047

746,277

HLF

Financing

SARL,

LLC

230,000

7.250%, 

8/15/2026

i

240,925

Illumina,

Inc.

260,000

9.000%, 

7/1/2028

i

292,578

Imperial

Brands

Finance

plc

825,000

3.875%, 

7/26/2029

i

877,236

JBS

Investments

II

GmbH

90,000

5.750%, 

1/15/2028

i

94,950

JBS

USA,

LLC

280,000

5.500%, 

1/15/2030

i

309,889

Keurig

Dr

Pepper,

Inc.

375,000

3.350%, 

3/15/2051

373,491

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Keurig

Dr.

Pepper,

Inc.

$

550,000

3.200%, 

5/1/2030

$

581,970

Kimberly-Clark

Corporation

450,000

3.100%, 

3/26/2030

484,784

300,000

3.900%, 

5/4/2047

344,582

Kraft

Foods

Group,

Inc.

390,000

5.000%, 

6/4/2042

438,907

Kraft

Heinz

Foods

Company

490,000

4.625%, 

1/30/2029

549,943

380,000

3.750%, 

4/1/2030

403,312

10,000

4.250%, 

3/1/2031

11,009

Mattel,

Inc.

255,000

3.375%, 

4/1/2026

i

263,272

Medtronic,

Inc.

35,000

4.625%, 

3/15/2045

44,138

Molina

Healthcare,

Inc.

280,000

4.375%, 

6/15/2028

i

288,109

Mondelez

International,

Inc.

180,000

2.750%, 

4/13/2030

183,769

MPH

Acquisition

Holdings,

LLC

170,000

5.750%, 

11/1/2028

g,i

165,750

Mylan,

Inc.

675,000

4.550%, 

4/15/2028

762,274

Ortho-Clinical

Diagnostics,

Inc.

160,000

7.250%, 

2/1/2028

i

175,306

Par

Pharmaceutical,

Inc.

390,000

7.500%, 

4/1/2027

i

413,653

Pilgrim's

Pride

Corporation

150,000

5.875%, 

9/30/2027

i

160,755

Quest

Diagnostics,

Inc.

550,000

2.800%, 

6/30/2031

559,034

Reynolds

American,

Inc.

512,000

5.700%, 

8/15/2035

607,259

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

i

394,393

Royalty

Pharma

plc

500,000

3.550%, 

9/2/2050

i

476,475

Scotts

Miracle-Gro

Company

270,000

4.500%, 

10/15/2029

278,356

SEG

Holding,

LLC

320,000

5.625%, 

10/15/2028

i

335,200

Simmons

Foods,

Inc.

150,000

4.625%, 

3/1/2029

i

151,316

Smithfield

Foods,

Inc.

350,000

2.650%, 

10/3/2021

i

352,628

Spectrum

Brands,

Inc.

130,000

5.000%, 

10/1/2029

i

137,150

120,000

5.500%, 

7/15/2030

i

128,400

Syneos

Health,

Inc.

240,000

3.625%, 

1/15/2029

i

233,400

Sysco

Corporation

600,000

6.600%, 

4/1/2040

837,019

Teleflex,

Inc.

320,000

4.250%, 

6/1/2028

i

331,600

Tenet

Healthcare

Corporation

210,000

4.625%, 

7/15/2024

214,345

570,000

5.125%, 

11/1/2027

i

596,049

110,000

6.125%, 

10/1/2028

i

114,813

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3,000

2.200%, 

7/21/2021

2,996

400,000

2.800%, 

7/21/2023

398,220

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Consumer

Non-Cyclical

(0.5%)

-

continued

Thermo

Fisher

Scientific,

Inc.

$

360,000

4.133%, 

3/25/2025

$

399,761

Tyson

Foods,

Inc.

236,000

3.550%, 

6/2/2027

257,674

United

Natural

Foods,

Inc.

230,000

6.750%, 

10/15/2028

i

245,813

UnitedHealth

Group,

Inc.

600,000

2.950%, 

10/15/2027

644,046

460,000

4.625%, 

7/15/2035

561,613

VRX

Escrow

Corporation

835,000

6.125%, 

4/15/2025

i

856,042

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

564,695

Total

39,590,918

Energy

(0.4%)

Antero

Midstream

Partners,

LP

120,000

5.750%, 

3/1/2027

i

120,026

Antero

Resources

Corporation

225,000

5.000%, 

3/1/2025

g

225,173

Apache

Corporation

260,000

4.375%, 

10/15/2028

259,220

190,000

5.100%, 

9/1/2040

185,725

Archrock

Partners,

LP

250,000

6.250%, 

4/1/2028

i

253,950

BP

Capital

Markets

America,

Inc.

750,000

2.939%, 

6/4/2051

668,914

400,000

3.543%, 

4/6/2027

437,811

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

i

204,058

150,000

3.950%, 

12/1/2026

148,269

Canadian

Natural

Resources,

Ltd.

585,000

3.450%, 

11/15/2021

591,265

195,000

2.050%, 

7/15/2025

197,182

265,000

2.950%, 

7/15/2030

264,315

Cenovus

Energy,

Inc.

100,000

5.375%, 

7/15/2025

112,381

Centennial

Resource

Production,

LLC

230,000

6.875%, 

4/1/2027

g,i

204,700

Cheniere

Energy

Partners,

LP

545,000

5.625%, 

10/1/2026

569,906

Chevron

USA,

Inc.

1,000,000

5.050%, 

11/15/2044

1,268,483

Cimarex

Energy

Company

500,000

4.375%, 

6/1/2024

543,785

CNX

Resources

Corporation

140,000

6.000%, 

1/15/2029

i

145,485

Comstock

Resources,

Inc.

190,000

9.750%, 

8/15/2026

206,150

ConocoPhillips

590,000

6.500%, 

2/1/2039

842,099

Continental

Resources,

Inc.

31,000

4.500%, 

4/15/2023

32,107

120,000

4.375%, 

1/15/2028

g

126,180

150,000

5.750%, 

1/15/2031

i

169,479

Diamondback

Energy,

Inc.

550,000

3.500%, 

12/1/2029

570,817

Enagas

SA

330,000

5.500%, 

1/15/2028

i

322,295

Encana

Corporation

120,000

6.625%, 

8/15/2037

144,307

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Energy

(0.4%)

-

continued

Endeavor

Energy

Resources,

LP

$

170,000

5.750%, 

1/30/2028

i

$

179,574

Energean

Israel

Finance,

Ltd.

220,000

4.500%, 

3/30/2024

i

221,118

Energy

Transfer

Operating,

LP

600,000

6.000%, 

6/15/2048

690,196

Energy

Transfer

Partners,

LP

265,000

4.900%, 

3/15/2035

279,414

250,000

5.150%, 

2/1/2043

255,376

EnLink

Midstream

Partners,

LP

250,000

4.850%, 

7/15/2026

241,507

145,000

5.600%, 

4/1/2044

120,350

Enterprise

Products

Operating,

LLC

172,000

5.100%, 

2/15/2045

203,768

EOG

Resources,

Inc.

525,000

4.375%, 

4/15/2030

602,708

EQM

Midstream

Partners,

LP

280,000

6.500%, 

7/1/2027

i

304,430

120,000

6.500%, 

7/15/2048

119,700

EQT

Corporation

370,000

3.900%, 

10/1/2027

377,400

Equinor

ASA

315,000

3.000%, 

4/6/2027

337,337

Exxon

Mobil

Corporation

700,000

3.452%, 

4/15/2051

706,896

Genesis

Energy,

LP

120,000

6.500%, 

10/1/2025

117,630

Harvest

Midstream,

LP

290,000

7.500%, 

9/1/2028

i

311,663

Hess

Midstream

Operations,

LP

190,000

5.625%, 

2/15/2026

i

195,700

Hilcorp

Energy

I,

LP

230,000

5.750%, 

2/1/2029

i

232,013

Kinder

Morgan

Energy

Partners,

LP

585,000

6.500%, 

9/1/2039

757,381

Magellan

Midstream

Partners,

LP

315,000

5.000%, 

3/1/2026

361,069

Marathon

Oil

Corporation

525,000

4.400%, 

7/15/2027

577,930

Marathon

Petroleum

Corporation

458,000

4.750%, 

12/15/2023

503,032

230,000

6.500%, 

3/1/2041

305,773

MPLX,

LP

325,000

4.875%, 

12/1/2024

364,782

458,000

4.875%, 

6/1/2025

515,867

Murphy

Oil

Corporation

150,000

5.875%, 

12/1/2027

147,000

Nabors

Industries,

Ltd.

180,000

7.250%, 

1/15/2026

i

149,400

National

Fuel

Gas

Company

525,000

5.500%, 

1/15/2026

599,992

Newfield

Exploration

Company

590,000

5.625%, 

7/1/2024

648,602

280,000

5.375%, 

1/1/2026

308,567

NGL

Energy

Operating,

LLC

150,000

7.500%, 

2/1/2026

i

154,125

NGL

Energy

Partners,

LP

150,000

7.500%, 

11/1/2023

144,750

NuStar

Logistics,

LP

240,000

5.750%, 

10/1/2025

256,925

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Energy

(0.4%)

-

continued

Occidental

Petroleum

Corporation

$

490,000

2.900%, 

8/15/2024

$

484,630

250,000

3.400%, 

4/15/2026

242,750

75,000

8.500%, 

7/15/2027

88,875

290,000

3.500%, 

8/15/2029

272,107

160,000

6.450%, 

9/15/2036

176,602

410,000

4.400%, 

4/15/2046

351,140

ONEOK,

Inc.

480,000

2.200%, 

9/15/2025

488,724

Ovintiv,

Inc.

80,000

7.375%, 

11/1/2031

101,760

PBF

Holding

Company,

LLC

215,000

9.250%, 

5/15/2025

i

219,504

Pioneer

Natural

Resources

Company

225,000

4.450%, 

1/15/2026

253,260

Plains

All

American

Pipeline,

LP

300,000

4.500%, 

12/15/2026

329,174

375,000

3.550%, 

12/15/2029

373,897

Range

Resources

Corporation

120,000

9.250%, 

2/1/2026

130,382

110,000

8.250%, 

1/15/2029

i

117,700

Sabine

Pass

Liquefaction,

LLC

26,000

5.625%, 

4/15/2023

28,195

480,000

5.750%, 

5/15/2024

541,607

Schlumberger

Holdings

Corporation

280,000

4.000%, 

12/21/2025

i

309,751

Southwestern

Energy

Company

265,000

7.500%, 

4/1/2026

g

280,375

Suncor

Energy,

Inc.

270,000

3.600%, 

12/1/2024

293,557

Sunoco

Logistics

Partners

Operations,

LP

475,000

4.000%, 

10/1/2027

510,835

Sunoco,

LP

285,000

5.875%, 

3/15/2028

298,290

Targa

Resources

Partners,

LP

180,000

5.375%, 

2/1/2027

186,672

Teine

Energy,

Ltd.

220,000

6.875%, 

4/15/2029

d,i

222,662

Transocean

Guardian,

Ltd.

195,750

5.875%, 

1/15/2024

i

171,281

Transocean

Proteus,

Ltd.

90,000

6.250%, 

12/1/2024

i

85,500

USA

Compression

Partners,

LP

120,000

6.875%, 

4/1/2026

123,075

Vine

Energy

Holdings,

LLC

145,000

6.750%, 

4/15/2029

d,i

145,000

W&T

Offshore,

Inc.

260,000

9.750%, 

11/1/2023

i

230,022

Weatherford

International,

Ltd.

230,000

8.750%, 

9/1/2024

i

240,603

180,000

11.000%, 

12/1/2024

i

172,800

Western

Gas

Partners,

LP

472,000

4.000%, 

7/1/2022

483,812

Western

Midstream

Operating,

LP

80,000

4.350%, 

2/1/2025

82,800

240,000

3.950%, 

6/1/2025

246,482

130,000

5.500%, 

8/15/2048

127,936

Williams

Companies,

Inc.

500,000

7.500%, 

1/15/2031

662,187

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Energy

(0.4%)

-

continued

Williams

Partners,

LP

$

300,000

4.500%, 

11/15/2023

$

326,696

WPX

Energy,

Inc.

504,000

4.500%, 

1/15/2030

542,702

Total

30,049,402

Financials

(0.9%)

ABN

AMRO

Bank

NV

450,000

4.750%, 

7/28/2025

i

503,483

ACE

INA

Holdings,

Inc.

10,000

2.875%, 

11/3/2022

10,343

335,000

4.350%, 

11/3/2045

396,363

AerCap

Ireland

Capital

DAC

420,000

3.500%, 

1/15/2025

440,428

575,000

3.875%, 

1/23/2028

602,503

Aircastle,

Ltd.

350,000

5.000%, 

4/1/2023

373,049

480,000

2.850%, 

1/26/2028

i

459,227

Ally

Financial,

Inc.

220,000

5.750%, 

11/20/2025

249,937

American

International

Group,

Inc.

336,000

4.125%, 

2/15/2024

367,712

220,000

3.750%, 

7/10/2025

240,219

650,000

3.900%, 

4/1/2026

717,782

Ares

Capital

Corporation

425,000

3.875%, 

1/15/2026

447,904

250,000

2.150%, 

7/15/2026

243,456

Athene

Global

Funding

6,000

4.000%, 

1/25/2022

i

6,174

Australia

and

New

Zealand

Banking

Group,

Ltd.

450,000

2.950%, 

7/22/2030

b,i

465,079

375,000

2.570%, 

11/25/2035

b,i

352,477

Aviation

Capital

Group,

LLC

485,000

2.875%, 

1/20/2022

i

492,030

Avolon

Holdings

Funding,

Ltd.

350,000

5.250%, 

5/15/2024

i

378,045

125,000

4.250%, 

4/15/2026

i

130,927

Banco

Santander

Mexico

SA

400,000

5.375%, 

4/17/2025

i

449,120

Banco

Santander

SA

600,000

1.344%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

608,438

Bank

of

America

Corporation

10,000

3.550%, 

3/5/2024

b

10,551

350,000

4.200%, 

8/26/2024

386,034

470,000

4.000%, 

1/22/2025

514,702

650,000

3.458%, 

3/15/2025

b

697,950

500,000

3.824%, 

1/20/2028

b

549,306

600,000

2.496%, 

2/13/2031

b

594,476

400,000

2.592%, 

4/29/2031

b

399,165

650,000

1.922%, 

10/24/2031

b

611,693

600,000

4.244%, 

4/24/2038

b

682,544

Barclays

Bank

plc

112,000

10.179%, 

6/12/2021

i

113,923

Barclays

plc

625,000

4.972%, 

5/16/2029

b

718,650

665,000

3.564%, 

9/23/2035

b

665,958

BPCE

SA

340,000

3.500%, 

10/23/2027

i

367,778

Burford

Capital

Global

Finance,

LLC

125,000

6.250%, 

4/15/2028

d,i

128,125

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Financials

(0.9%)

-

continued

Camden

Property

Trust

$

900,000

3.150%, 

7/1/2029

$

951,804

CANPACK

SA

290,000

3.125%, 

11/1/2025

i

294,350

Capital

One

Financial

Corporation

500,000

4.200%, 

10/29/2025

553,415

Cascades

USA,

Inc.

240,000

5.125%, 

1/15/2026

i

254,700

Chobani,

LLC

310,000

4.625%, 

11/15/2028

i

316,200

CIT

Group,

Inc.

160,000

5.250%, 

3/7/2025

180,200

Citigroup,

Inc.

735,000

4.400%, 

6/10/2025

816,748

348,000

3.200%, 

10/21/2026

373,953

720,000

3.668%, 

7/24/2028

b

787,408

236,000

4.125%, 

7/25/2028

261,164

500,000

3.520%, 

10/27/2028

b

540,845

348,000

4.650%, 

7/23/2048

427,020

CNA

Financial

Corporation

250,000

3.900%, 

5/1/2029

275,632

Comerica,

Inc.

180,000

3.700%, 

7/31/2023

192,465

Commerzbank

AG

600,000

8.125%, 

9/19/2023

i

686,460

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

1,416,000

4.625%, 

12/1/2023

1,551,815

Credit

Acceptance

Corporation

250,000

5.125%, 

12/31/2024

i

255,000

Credit

Agricole

SA

600,000

3.250%, 

1/14/2030

i

616,807

Credit

Suisse

Group

AG

350,000

7.250%, 

9/12/2025

b,i,l

379,680

750,000

2.193%, 

6/5/2026

b,i

762,195

Danske

Bank

AS

675,000

3.244%, 

12/20/2025

b,i

718,706

Deutsche

Bank

AG

450,000

3.547%, 

9/18/2031

b

464,664

500,000

3.729%, 

1/14/2032

b

484,817

Discover

Bank

400,000

2.450%, 

9/12/2024

418,696

600,000

4.682%, 

8/9/2028

b

639,960

Drawbridge

Special

Opportunities

Fund,

LP

320,000

3.875%, 

2/15/2026

i

328,242

Duke

Realty,

LP

450,000

2.875%, 

11/15/2029

461,803

ERP

Operating,

LP

90,000

3.375%, 

6/1/2025

97,520

ESH

Hospitality,

Inc.

240,000

5.250%, 

5/1/2025

i

244,800

120,000

4.625%, 

10/1/2027

i

126,917

First

Horizon

National

Corporation

775,000

4.000%, 

5/26/2025

850,530

Fortress

Transportation

150,000

6.500%, 

10/1/2025

i

156,750

GE

Capital

Funding,

LLC

1,450,000

4.400%, 

5/15/2030

i

1,641,621

GE

Capital

International

Funding

Company

890,000

4.418%, 

11/15/2035

1,018,836

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Financials

(0.9%)

-

continued

Global

Net

Lease,

Inc.

$

225,000

3.750%, 

12/15/2027

i

$

219,313

Goldman

Sachs

Group,

Inc.

700,000

3.625%, 

2/20/2024

753,305

120,000

1.992%, 

1/27/2032

b

113,885

790,000

4.750%, 

10/21/2045

973,019

HCP,

Inc.

176,000

3.400%, 

2/1/2025

189,120

Healthpeak

Properties,

Inc.

400,000

2.875%, 

1/15/2031

403,250

HSBC

Holdings

plc

464,000

6.875%, 

6/1/2021

b,l

468,037

750,000

3.803%, 

3/11/2025

b

809,887

425,000

3.900%, 

5/25/2026

468,622

725,000

4.950%, 

3/31/2030

846,496

Icahn

Enterprises,

LP

410,000

6.375%, 

12/15/2025

423,325

International

Lease

Finance

Corporation

58,000

5.875%, 

8/15/2022

62,022

iStar,

Inc.

230,000

4.250%, 

8/1/2025

231,587

J.P.

Morgan

Chase

&

Company

750,000

3.875%, 

9/10/2024

822,227

265,000

3.125%, 

1/23/2025

283,916

375,000

1.040%, 

2/4/2027

b

365,751

675,000

4.203%, 

7/23/2029

b

763,616

400,000

2.522%, 

4/22/2031

b

399,158

500,000

1.953%, 

2/4/2032

b

473,881

770,000

3.882%, 

7/24/2038

b

854,468

Kimco

Realty

Corporation

510,000

3.300%, 

2/1/2025

546,436

Lloyds

Banking

Group

plc

70,000

2.907%, 

11/7/2023

b

72,527

925,000

3.870%, 

7/9/2025

b

1,006,641

LPL

Holdings,

Inc.

180,000

4.000%, 

3/15/2029

i

181,350

MGM

Growth

Properties

Operating

Partnership,

LP

170,000

4.625%, 

6/15/2025

i

179,299

140,000

5.750%, 

2/1/2027

154,341

Mitsubishi

UFJ

Financial

Group,

Inc.

600,000

3.287%, 

7/25/2027

654,177

800,000

2.048%, 

7/17/2030

769,990

Mizuho

Financial

Group,

Inc.

660,000

1.979%, 

9/8/2031

b

622,474

Morgan

Stanley

224,000

4.051%, 

(LIBOR

3M

+

3.810%),

4/15/2021

b,l

224,000

250,000

2.188%, 

4/28/2026

b

258,308

540,000

4.350%, 

9/8/2026

610,122

720,000

3.591%, 

7/22/2028

b

784,934

100,000

3.772%, 

1/24/2029

b

109,374

720,000

3.622%, 

4/1/2031

b

781,736

360,000

2.802%, 

1/25/2052

b

331,368

MPT

Operating

Partnership,

LP

145,000

4.625%, 

8/1/2029

152,544

Nasdaq,

Inc.

335,000

3.250%, 

4/28/2050

314,916

295,000

3.850%, 

6/30/2026

325,640

Nationwide

Building

Society

400,000

3.622%, 

4/26/2023

b,i

412,590

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Financials

(0.9%)

-

continued

Natwest

Group

plc

$

445,000

3.032%, 

11/28/2035

b

$

424,566

NFP

Corporation

95,000

6.875%, 

8/15/2028

i

98,563

Omega

Healthcare

Investors,

Inc.

375,000

3.375%, 

2/1/2031

371,950

Park

Aerospace

Holdings,

Ltd.

350,000

4.500%, 

3/15/2023

i

365,533

PennyMac

Financial

Services,

Inc.

190,000

4.250%, 

2/15/2029

i

181,688

Playtika

Holding

Corporation

70,000

4.250%, 

3/15/2029

i

68,964

Prudential

Financial,

Inc.

675,000

3.700%, 

3/13/2051

714,567

Quicken

Loans,

LLC

190,000

3.625%, 

3/1/2029

i

182,875

Realty

Income

Corporation

475,000

4.125%, 

10/15/2026

537,272

250,000

1.800%, 

3/15/2033

229,573

Regency

Centers,

LP

720,000

4.125%, 

3/15/2028

786,995

Reinsurance

Group

of

America,

Inc.

510,000

4.700%, 

9/15/2023

558,649

Royal

Bank

of

Scotland

Group

plc

500,000

6.000%, 

12/29/2025

b,l

548,600

475,000

4.445%, 

5/8/2030

b

529,045

Service

Properties

Trust

200,000

4.500%, 

6/15/2023

203,172

110,000

4.750%, 

10/1/2026

107,250

150,000

5.500%, 

12/15/2027

158,660

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

i

393,097

Springleaf

Finance

Corporation

390,000

6.875%, 

3/15/2025

443,596

230,000

6.625%, 

1/15/2028

260,661

Sumitomo

Mitsui

Financial

Group,

Inc.

336,000

3.010%, 

10/19/2026

358,800

375,000

1.710%, 

1/12/2031

348,445

Synchrony

Financial

155,000

4.250%, 

8/15/2024

168,610

350,000

3.950%, 

12/1/2027

377,109

UBS

Group

Funding

Jersey,

Ltd.

336,000

4.125%, 

9/24/2025

i

372,945

UDR,

Inc.

400,000

2.100%, 

8/1/2032

371,650

VEREIT

Operating

Partnership,

LP

500,000

2.850%, 

12/15/2032

484,226

VICI

Properties,

LP

150,000

4.250%, 

12/1/2026

i

153,463

80,000

3.750%, 

2/15/2027

i

80,000

150,000

4.625%, 

12/1/2029

i

155,604

Voya

Financial,

Inc.

425,000

3.125%, 

7/15/2024

454,180

Wells

Fargo

&

Company

550,000

4.125%, 

8/15/2023

595,004

350,000

3.000%, 

2/19/2025

372,409

450,000

3.000%, 

4/22/2026

480,876

450,000

3.000%, 

10/23/2026

480,290

550,000

2.393%, 

6/2/2028

b

563,692

310,000

4.900%, 

11/17/2045

372,064

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Financials

(0.9%)

-

continued

Westpac

Banking

Corporation

$

900,000

2.668%, 

11/15/2035

b

$

854,010

Total

65,133,579

Mortgage-Backed

Securities

(3.9%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

13,201,069

3.000%, 

3/25/2050

13,777,642

6,587,334

3.000%, 

4/1/2050

6,879,397

4,775,976

3.500%, 

7/1/2047

5,070,172

Federal

National

Mortgage

Association

2,974,871

4.500%, 

5/1/2048

3,247,089

5,426,135

3.500%, 

10/1/2048

5,731,243

3,011,733

3.500%, 

6/1/2049

3,187,813

6,224,442

3.500%, 

8/1/2049

6,587,139

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

23,725,000

1.500%, 

4/1/2036

d

23,832,111

34,225,000

2.000%, 

4/1/2036

d

35,124,177

15,000,000

2.500%, 

4/1/2036

d

15,606,445

22,975,000

2.000%, 

5/1/2036

d

23,549,656

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

8,800,000

2.000%, 

4/1/2051

d,m

8,783,500

34,925,000

2.500%, 

4/1/2051

d

35,839,053

52,600,000

2.000%, 

5/1/2051

d,m

52,404,805

35,544,000

2.500%, 

5/1/2051

d

36,397,889

9,355,665

4.000%, 

7/1/2048

10,041,632

Total

286,059,763

Technology

(0.3%)

Apple,

Inc.

300,000

3.000%, 

2/9/2024

320,129

95,000

3.200%, 

5/11/2027

103,704

640,000

3.000%, 

6/20/2027

694,394

960,000

3.000%, 

11/13/2027

1,040,761

835,000

3.750%, 

9/12/2047

923,577

Applied

Materials,

Inc.

240,000

3.300%, 

4/1/2027

261,152

Baidu,

Inc.

500,000

3.425%, 

4/7/2030

523,808

Banff

Merger

Sub,

Inc.

110,000

9.750%, 

9/1/2026

i

117,150

Broadcom

Corporation

185,000

3.875%, 

1/15/2027

200,892

500,000

3.500%, 

1/15/2028

530,858

Broadcom,

Inc.

206,000

3.469%, 

4/15/2034

i

206,704

250,000

5.000%, 

4/15/2030

284,929

CDW,

LLC

150,000

4.250%, 

4/1/2028

155,250

CommScope

Technologies

Finance,

LLC

257,000

6.000%, 

6/15/2025

i

262,153

CommScope,

Inc.

160,000

7.125%, 

7/1/2028

i

169,933

Diamond

1

Finance

Corporation

1,300,000

6.020%, 

6/15/2026

i

1,539,001

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Technology

(0.3%)

-

continued

Diamond

Sports

Group,

LLC

$

420,000

6.625%, 

8/15/2027

i

$

218,400

Fiserv,

Inc.

775,000

2.250%, 

6/1/2027

792,212

480,000

2.650%, 

6/1/2030

483,419

Gartner,

Inc.

20,000

4.500%, 

7/1/2028

i

20,625

235,000

3.750%, 

10/1/2030

i

233,057

Hewlett

Packard

Enterprise

Company

475,000

4.650%, 

10/1/2024

530,244

Iron

Mountain,

Inc.

320,000

4.875%, 

9/15/2029

i

323,984

250,000

5.250%, 

7/15/2030

i

257,950

KLA

Corporation

720,000

3.300%, 

3/1/2050

691,553

Lam

Research

Corporation

600,000

2.875%, 

6/15/2050

571,945

Micron

Technology,

Inc.

275,000

2.497%, 

4/24/2023

285,420

Microsoft

Corporation

297,000

2.675%, 

6/1/2060

272,633

700,000

4.200%, 

11/3/2035

836,425

890,000

3.700%, 

8/8/2046

997,657

NCR

Corporation

450,000

6.125%, 

9/1/2029

i

476,437

NVIDIA

Corporation

675,000

3.500%, 

4/1/2040

726,082

NXP

Funding,

LLC

700,000

4.875%, 

3/1/2024

i

778,019

Open

Text

Corporation

290,000

4.125%, 

2/15/2030

i

293,970

Oracle

Corporation

10,000

2.500%, 

5/15/2022

10,195

332,000

2.400%, 

9/15/2023

345,423

750,000

2.800%, 

4/1/2027

789,857

600,000

3.850%, 

7/15/2036

638,117

625,000

3.600%, 

4/1/2040

627,699

PTC,

Inc.

130,000

3.625%, 

2/15/2025

i

133,412

110,000

4.000%, 

2/15/2028

i

111,650

Qorvo,

Inc.

200,000

3.375%, 

4/1/2031

i

195,978

Rackspace

Technology

Global,

Inc.

230,000

5.375%, 

12/1/2028

g,i

233,870

Seagate

HDD

Cayman

290,000

3.375%, 

7/15/2031

i

278,821

Sensata

Technologies,

Inc.

420,000

3.750%, 

2/15/2031

i

414,095

Shift4

Payments,

LLC

80,000

4.625%, 

11/1/2026

i

83,000

SS&C

Technologies,

Inc.

490,000

5.500%, 

9/30/2027

i

521,875

Switch,

Ltd.

240,000

3.750%, 

9/15/2028

i

236,333

Teledyne

Technologies,

Inc.

384,000

2.250%, 

4/1/2028

382,149

Texas

Instruments,

Inc.

580,000

4.150%, 

5/15/2048

690,026

Tyco

Electronics

Group

SA

120,000

3.450%, 

8/1/2024

129,288

240,000

3.125%, 

8/15/2027

257,457

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Technology

(0.3%)

-

continued

VMware,

Inc.

$

400,000

4.650%, 

5/15/2027

$

453,406

Total

22,657,078

Transportation

(0.1%)

Air

Canada

Pass

Through

Trust

84,930

3.875%, 

3/15/2023

i

84,798

American

Airlines,

Inc.

170,000

11.750%, 

7/15/2025

i

210,288

340,000

5.500%, 

4/20/2026

i

353,835

50,000

5.750%, 

4/20/2029

i

53,183

Avis

Budget

Car

Rental,

LLC

190,000

5.375%, 

3/1/2029

i

196,541

Boeing

Company

313,000

5.805%, 

5/1/2050

394,051

Burlington

Northern

Santa

Fe,

LLC

355,000

5.750%, 

5/1/2040

475,180

285,000

4.450%, 

3/15/2043

336,421

CSX

Corporation

360,000

3.800%, 

4/15/2050

382,000

Delta

Air

Lines,

Inc.

220,000

7.000%, 

5/1/2025

i

253,431

500,000

4.750%, 

10/20/2028

i

543,698

Hawaiian

Brand

Intellectual

Property,

Ltd.

250,000

5.750%, 

1/20/2026

i

265,650

Mileage

Plus

Holdings,

LLC

240,000

6.500%, 

6/20/2027

i

263,100

Southwest

Airlines

Company

225,000

4.750%, 

5/4/2023

242,931

500,000

5.125%, 

6/15/2027

574,835

United

Airlines

Pass

Through

Trust

10,000

3.700%, 

12/1/2022

10,138

United

Parcel

Service,

Inc.

480,000

4.450%, 

4/1/2030

561,024

XPO

Logistics,

Inc.

287,000

6.750%, 

8/15/2024

i

300,991

Total

5,502,095

U.S.

Government

&

Agencies

(4.6%)

U.S.

Treasury

Bonds

880,000

1.625%, 

11/15/2050

733,287

20,205,000

2.250%, 

11/15/2027

21,388,098

18,050,000

2.875%, 

5/15/2028

19,841,603

5,830,000

5.250%, 

11/15/2028

7,422,774

7,700,000

1.625%, 

8/15/2029

7,727,371

1,580,000

1.500%, 

2/15/2030

1,560,559

500,000

0.875%, 

11/15/2030

462,422

160,000

1.125%, 

2/15/2031

151,175

2,050,000

4.375%, 

5/15/2040

2,748,201

7,430,000

1.375%, 

11/15/2040

6,320,144

11,465,000

3.000%, 

5/15/2042

12,803,628

25,124,000

2.500%, 

5/15/2046

25,602,926

16,725,000

2.875%, 

5/15/2049

18,366,141

U.S.

Treasury

Notes

1,700,000

2.500%, 

1/15/2022

1,732,672

1,900,000

1.125%, 

2/28/2022

1,918,258

275,000

0.125%, 

6/30/2022

275,064

8,320,000

1.875%, 

7/31/2022

8,514,675

15,930,000

0.125%, 

10/31/2022

15,928,133

8,115,000

2.000%, 

11/30/2022

8,365,107

38,300,000

0.125%, 

12/31/2022

38,283,543

1,845,000

0.125%, 

1/31/2023

1,844,135

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

U.S.

Government

&

Agencies

(4.6%)

-

continued

$

11,580,000

2.500%, 

3/31/2023

$

12,119,646

350,000

0.125%, 

10/15/2023

348,852

16,710,000

2.500%, 

1/31/2024

17,737,404

1,460,000

2.125%, 

7/31/2024

1,541,041

95,000

2.250%, 

11/15/2024

100,815

13,150,000

2.125%, 

11/30/2024

13,900,475

43,700,000

2.875%, 

5/31/2025

47,610,809

12,650,000

2.625%, 

1/31/2026

13,694,613

25,060,000

2.500%, 

2/28/2026

26,983,551

300,000

0.750%, 

1/31/2028

287,625

Total

336,314,747

Utilities

(0.3%)

Ameren

Illinois

Company

450,000

4.500%, 

3/15/2049

541,686

American

Water

Capital

Corporation

650,000

2.800%, 

5/1/2030

668,486

Appalachian

Power

Company

238,000

3.300%, 

6/1/2027

256,110

Arizona

Public

Service

Company

50,000

3.500%, 

12/1/2049

50,973

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

434,700

Calpine

Corporation

380,000

4.500%, 

2/15/2028

i

383,192

CenterPoint

Energy,

Inc.

300,000

2.500%, 

9/1/2024

314,553

420,000

4.250%, 

11/1/2028

471,051

CMS

Energy

Corporation

236,000

2.950%, 

2/15/2027

249,377

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

377,519

180,000

4.350%, 

11/15/2045

208,470

Consolidated

Edison

Company

of

New

York,

Inc.

550,000

4.125%, 

5/15/2049

611,517

Consolidated

Edison,

Inc.

168,000

4.500%, 

12/1/2045

194,071

Consumers

Energy

Company

550,000

4.350%, 

4/15/2049

658,084

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

280,240

360,000

3.700%, 

6/1/2046

382,171

Duke

Energy

Carolinas,

LLC

440,000

3.700%, 

12/1/2047

467,399

Duke

Energy

Corporation

448,000

3.750%, 

9/1/2046

450,543

Duke

Energy

Florida,

LLC

320,000

3.200%, 

1/15/2027

345,945

Duke

Energy

Indiana,

LLC

450,000

3.750%, 

5/15/2046

470,414

Edison

International

675,000

5.750%, 

6/15/2027

787,422

Exelon

Corporation

375,000

4.700%, 

4/15/2050

449,178

240,000

5.100%, 

6/15/2045

297,544

336,000

4.450%, 

4/15/2046

385,170

FirstEnergy

Corporation

150,000

2.850%, 

7/15/2022

152,250

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Utilities

(0.3%)

-

continued

ITC

Holdings

Corporation

$

67,000

4.050%, 

7/1/2023

$

71,529

224,000

5.300%, 

7/1/2043

274,293

Mississippi

Power

Company

340,000

3.950%, 

3/30/2028

374,775

Monongahela

Power

Company

275,000

5.400%, 

12/15/2043

i

338,660

National

Rural

Utilities

Cooperative

Finance

Corporation

295,000

3.900%, 

11/1/2028

329,357

575,000

3.700%, 

3/15/2029

629,553

NextEra

Energy

Operating

Partners,

LP

320,000

3.875%, 

10/15/2026

i

335,600

NiSource

Finance

Corporation

415,000

5.650%, 

2/1/2045

533,208

NiSource,

Inc.

550,000

3.600%, 

5/1/2030

596,123

NRG

Energy,

Inc.

345,000

3.375%, 

2/15/2029

i

336,806

Pacific

Gas

and

Electric

Company

350,000

3.300%, 

12/1/2027

365,521

256,000

3.250%, 

6/1/2031

254,868

350,000

3.950%, 

12/1/2047

322,124

PG&E

Corporation

160,000

5.000%, 

7/1/2028

169,036

130,000

5.250%, 

7/1/2030

137,800

PPL

Capital

Funding,

Inc.

415,000

5.000%, 

3/15/2044

494,633

PPL

Electric

Utilities

Corporation

354,000

3.950%, 

6/1/2047

390,095

Public

Service

Electric

&

Gas

Company

350,000

3.000%, 

5/15/2027

375,675

San

Diego

Gas

and

Electric

Company

600,000

4.150%, 

5/15/2048

676,361

South

Carolina

Electric

&

Gas

Company

350,000

5.100%, 

6/1/2065

463,986

Southern

California

Edison

Company

485,000

4.000%, 

4/1/2047

499,605

Southern

Company

325,000

3.250%, 

7/1/2026

347,872

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

154,831

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

187,505

Suburban

Propane

Partners,

LP

310,000

5.875%, 

3/1/2027

322,400

Talen

Energy

Supply,

LLC

260,000

7.625%, 

6/1/2028

i

263,250

TerraForm

Power

Operating,

LLC

305,000

5.000%, 

1/31/2028

i

329,110

Virginia

Electric

and

Power

Company

425,000

4.600%, 

12/1/2048

522,052

Principal

Amount

Long-Term

Fixed

Income

(13.9%)

Value

Utilities

(0.3%)

-

continued

Vistra

Operations

Company,

LLC

$

220,000

5.000%, 

7/31/2027

i

$

226,604

Total

20,211,297

Total

Long-Term

Fixed

Income

(cost

$978,293,972)

1,010,534,771

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

37,183,975

Thrivent

Cash

Management

Trust

37,183,975

Total

Collateral

Held

for

Securities

Loaned

(cost

$37,183,975)

37,183,975

Shares

or

Principal

Amount

Short-Term

Investments

(

9.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

13,100,000

0.085%,

4/7/2021

n,o

13,100,000

16,600,000

0.085%,

4/8/2021

n,o

16,600,000

100,000

0.075%,

4/21/2021

n

100,000

1,800,000

0.040%,

5/4/2021

n,o

1,799,983

100,000

0.030%,

5/6/2021

n,o

99,999

100,000

0.040%,

5/12/2021

n,o

99,999

3,900,000

0.030%,

5/13/2021

n,o

3,899,954

25,500,000

0.011%,

5/18/2021

n,o

25,499,667

100,000

0.040%,

5/19/2021

n,o

99,999

3,000,000

0.035%,

6/2/2021

n,o

2,999,897

200,000

0.015%,

6/23/2021

n,o

199,991

100,000

0.000%,

7/7/2021

o

99,992

Thrivent

Core

Short-Term

Reserve

Fund

62,318,173

0.180%

623,181,734

U.S.

Treasury

Bills

900,000

0.021%,

4/20/2021

n,p

899,992

800,000

0.028%,

4/22/2021

n,p

799,995

900,000

0.030%,

5/13/2021

n,p

899,979

600,000

0.048%,

8/26/2021

n,p

599,945

Total

Short-Term

Investments

(cost

$690,911,330)

690,981,126

Contracts

Options

Purchased

(

<0.1%

)

Value

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

137

$132.50,

expires

5/21/2021

265,438

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

132

$160.00,

expires

5/21/2021

775,500

Total

Options

Purchased

(cost

$517,556)

1,040,938

Total

Investments

(cost

$5,822,226,033)

103.8%

$7,558,628,766

Other

Assets

and

Liabilities,

Net

(3.8%)

(276,706,532)

Total

Net

Assets

100.0%

$7,281,922,234

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

i

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$169,581,164

or

2.3%

of

total

net

assets.

j

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

k

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

At

March

31,

2021,

$2,252,923

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,899,549

Common

Stock

34,949,541

Total

lending

$36,849,090

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$37,183,975

Net

amounts

due

to

counterparty

$334,885

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

3,811,208

–

3,811,208

–

Capital

Goods

6,812,564

–

6,812,564

–

Communications

Services

11,728,975

–

11,728,975

–

Consumer

Cyclical

8,558,779

–

8,558,779

–

Consumer

Non-Cyclical

9,792,451

–

9,711,651

80,800

Energy

749,700

–

749,700

–

Financials

4,013,616

–

4,013,616

–

Technology

4,961,250

–

4,961,250

–

Transportation

2,377,960

–

2,377,960

–

Utilities

2,619,985

–

2,619,985

–

Registered

Investment

Companies

Unaffiliated

57,237,491

57,237,491

–

–

Affiliated

2,862,870,698

2,862,870,698

–

–

Common

Stock

Communications

Services

177,744,083

177,678,263

65,820

–

Consumer

Discretionary

353,503,036

353,500,076

2,960

–

Consumer

Staples

52,732,940

52,732,940

–

–

Energy

35,155,352

35,155,352

–

–

Financials

294,778,909

291,570,987

3,206,339

1,583

Health

Care

314,905,951

314,905,951

–

–

Industrials

309,499,087

305,251,897

4,247,190

–

Information

Technology

589,685,106

588,664,124

1,020,982

–

Materials

66,295,036

64,249,095

2,045,935

6

Real

Estate

113,580,975

113,580,975

–

–

Utilities

25,014,968

25,014,968

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

59,285,397

–

59,285,397

–

Basic

Materials

13,117,847

–

13,117,847

–

Capital

Goods

18,287,740

–

18,287,740

–

Collateralized

Mortgage

Obligations

43,997,769

–

39,772,769

4,225,000

Commercial

Mortgage-Backed

Securities

6,635,016

–

6,635,016

–

Communications

Services

33,665,462

–

33,562,395

103,067

Consumer

Cyclical

30,026,661

–

30,026,661

–

Consumer

Non-Cyclical

39,590,918

–

39,590,918

–

Energy

30,049,402

–

30,049,402

–

Financials

65,133,579

–

65,133,579

–

Mortgage-Backed

Securities

286,059,763

–

286,059,763

–

Technology

22,657,078

–

22,657,078

–

Transportation

5,502,095

–

5,502,095

–

U.S.

Government

&

Agencies

336,314,747

–

336,314,747

–

Utilities

20,211,297

–

20,211,297

–

Short-Term

Investments

67,799,392

–

67,799,392

–

Options

Purchased

1,040,938

1,040,938

–

–

Subtotal

Investments

in

Securities

$6,387,805,221

$5,243,453,755

$1,139,941,010

$4,410,456

Other

Investments  *

Total

Affiliated

Short-Term

Investments

623,181,734

Affiliated

Registered

Investment

Companies

510,457,836

Collateral

Held

for

Securities

Loaned

37,183,975

Subtotal

Other

Investments

$1,170,823,545

Total

Investments

at

Value

$7,558,628,766

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

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

48,194,819

48,194,819

–

–

Total

Asset

Derivatives

$48,194,819

$48,194,819

$–

$–

Liability

Derivatives

Futures

Contracts

2,794,347

2,794,347

–

–

Call

Options

Written

363,219

338,422

–

24,797

Total

Liability

Derivatives

$3,157,566

$3,132,769

$–

$24,797

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$64,299,483

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

291

June

2021

$

64,295,979

(

$

64,550)

CBOT

5-Yr.

U.S.

Treasury

Note

329

June

2021

41,118,150

(

520,064)

CBOT

U.S.

Long

Bond

216

June

2021

34,837,485

(

1,445,235)

CME

E-mini

S&P

500

Index

4,933

June

2021

963,579,415

14,979,795

CME

Ultra

Long

Term

U.S.

Treasury

Bond

7

June

2021

1,278,993

(

10,461)

ICE

US

mini

MSCI

Emerging

Markets

Index

297

June

2021

19,794,125

(

155,000)

Total

Futures

Long

Contracts

$

1,124,904,147

$

12,784,485

CBOT

10-Yr.

U.S.

Treasury

Note

(167)

June

2021

(

$

22,416,604)

$

550,041

CME

E-mini

Russell

2000

Index

(4,105)

June

2021

(

480,950,914)

24,782,789

CME

E-mini

S&P

Mid-Cap

400

Index

(1,796)

June

2021

(

474,908,200)

6,996,320

CME

Euro

Foreign

Exchange

Currency

(157)

June

2021

(

23,438,398)

394,723

Eurex

Euro

STOXX

50

Index

(511)

June

2021

(

22,603,993)

(

599,037)

ICE

mini

MSCI

EAFE

Index

(47)

June

2021

(

5,197,142)

45,942

Ultra

10-Yr.

U.S.

Treasury

Note

(83)

June

2021

(

12,371,272)

445,209

Total

Futures

Short

Contracts

(

$

1,041,886,523)

$32,615,987

Total

Futures

Contracts

$

83,017,624

$45,400,472

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Counterparty:

CCM

-

CCM

Futures,

LLC

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

March

31,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

137.00

$

132.50

May

2021

17,938,438

$

265,438

$

119,530

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

132.00

160.00

May

2021

20,406,375

775,500

403,851

Total

Options

Purchased

Contracts

$1,040,938

$523,382

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(12.00)

$

102.72

April

2021

(11,977,500)

(

$

12)

$

65,613

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(11.75)

100.83

May

2021

(11,706,397)

(

24,785)

44,522

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

(137.00)

130.50

May

2021

(17,938,437)

(

117,734)

(

45,298)

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

(132.00)

153.00

May

2021

(20,406,375)

(

220,688)

(

97,337)

Total

Options

Written

Contracts

($363,219)

($32,500)

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$93,863

$963

$–

$88,467

9,149

1.2%

Core

Emerging

Markets

Equity

71,546

–

–

74,459

6,068

1.0

Core

International

Equity

141,026

–

34,800

110,947

10,920

1.5

Core

Low

Volatility

Equity

361,674

–

132,000

236,585

18,199

3.3

Global

Stock

471,052

–

–

496,120

33,287

6.8

High

Yield

63,326

729

–

63,543

13,727

0.9

Income

201,882

1,403

–

194,178

17,768

2.7

International

Allocation

554,547

–

–

577,940

54,722

7.9

International

Index

42,672

–

–

44,095

3,372

0.6

Large

Cap

Value

511,765

–

–

581,460

26,681

8.0

Limited

Maturity

Bond

105,124

426

–

105,076

10,446

1.4

Mid

Cap

Stock

586,630

–

–

642,731

25,858

8.8

Small

Cap

Stock

138,119

–

–

157,726

6,600

2.2

Total

Affiliated

Registered

Investment

Companies

3,343,226

3,373,327

46.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

417,729

627,284

421,831

623,182

62,318

8.6

Total

Affiliated

Short-Term

Investments

417,729

623,182

8.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

59,725

219,437

241,978

37,184

37,184

0.5

Total

Collateral

Held

for

Securities

Loaned

59,725

37,184

0.5

Total

Value

$3,820,680

$4,033,693

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(6,359)

–

$962

Core

Emerging

Markets

Equity

–

2,913

–

–

Core

International

Equity

185

4,536

–

–

Core

Low

Volatility

Equity

7,103

(192)

–

–

Global

Stock

–

25,068

–

–

High

Yield

–

(512)

–

727

Income

–

(9,107)

–

1,404

International

Allocation

–

23,394

–

–

International

Index

–

1,423

–

–

Large

Cap

Value

–

69,695

–

–

Limited

Maturity

Bond

–

(474)

–

426

Mid

Cap

Stock

–

56,101

–

–

Small

Cap

Stock

–

19,608

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

(30)

30

–

201

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3,720

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

39

Total

Affiliated

Income

from

Securities

Loaned,

Net

$39

Total

Value

$7,258

$186,124

$–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Bank

Loans

(

2.0%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

500,837

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

497,622

Hexion,

Inc.,

Term

Loan

595,638

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

595,268

INEOS

US

Petrochem,

LLC,

Term

Loan

995,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

991,269

Innophos

Holdings,

Inc.,

Term

Loan

594,000

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

591,773

Nouryon

USA,

LLC,

Term

Loan

1,463,942

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

1,440,461

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,072,490

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,071,374

PQ

Corporation,

Term

Loan

506,142

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

505,929

Venator

Finance

SARL,

Term

Loan

708,165

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

697,840

Total

6,391,536

Capital

Goods

(0.3%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,301,498

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,278,722

595,000

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

586,914

Gemini

HDPE,

LLC,

Term

Loan

885,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

880,026

GFL

Environmental,

Inc.,

Term

Loan

912,713

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

912,713

Graham

Packaging

Company,

Inc.,

Term

Loan

928,814

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

922,377

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

922,115

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

901,368

MI

Windows

and

Doors,

Inc.,

Term

Loan

822,937

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

825,513

Navistar,

Inc.,

Term

Loan

1,493,800

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

1,493,427

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

418,844

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

416,816

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Capital

Goods

(0.3%)

-

continued

$

623,437

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

$

615,956

TransDigm,

Inc.,

Term

Loan

2,084,072

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,038,910

TricorBraun

Holdings,

Inc.,

Delayed

Draw

213,007

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,c,d

210,788

TricorBraun

Holdings,

Inc.,

Term

Loan

946,994

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,c,d

937,126

Vertiv

Group

Corporation,

Term

Loan

3,201,975

2.869%, 

(LIBOR

3M

+

2.750%),

3/2/2027

b

3,174,630

Total

15,195,286

Communications

Services

(0.4%)

Altice

France

SA,

Term

Loan

620,812

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

608,061

Cablevision

Lightpath,

LLC,

Term

Loan

882,787

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

880,581

CCI

Buyer,

Inc.,

Term

Loan

225,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

225,211

CommScope,

Inc.,

Term

Loan

1,131,385

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,122,957

Diamond

Sports

Group,

LLC,

Term

Loan

891,245

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

608,274

E.W.

Scripps

Company,

Term

Loan

877,800

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

873,824

Eagle

Broadband

Investments,

LLC,

Term

Loan

1,471,313

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

1,466,413

Entercom

Media

Corporation,

Term

Loan

801,683

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

783,044

GCI,

LLC,

Term

Loan

1,108,727

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,c,d

1,102,263

HCP

Acquisition,

LLC,

Term

Loan

1,159,801

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

1,157,249

iHeartCommunications,

Inc.,

Term

Loan

692,982

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

683,994

Intermediate

Dutch

Holdings,

Term

Loan

815,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,c,d

811,333

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Communications

Services

(0.4%)

-

continued

Lumen

Technologies,

Inc.,

Term

Loan

$

1,073,482

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,c,d

$

1,060,933

Meredith

Corporation,

Term

Loan

761,165

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

771,791

NEP

Group,

Inc.,

Term

Loan

1,476,025

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,429,073

140,000

7.109%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

128,216

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,347,163

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,335,887

Nielsen

Finance,

LLC,

Term

Loan

383,443

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

384,102

Peraton

Corporation,

Delayed

Draw

760,000

0.000%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b,c,d

759,369

Peraton

Corporation,

Term

Loan

430,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/1/2028

b

429,643

Radiate

Holdco,

LLC,

Term

Loan

2,094,750

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

2,092,613

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,211,963

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,200,013

TNS,

Inc.,

Term

Loan

534,140

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

531,245

WideOpenWest

Finance,

LLC,

Term

Loan

1,111,089

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,107,134

Xplornet

Communications,

Inc.,

Term

Loan

908,498

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

907,790

Ziggo

Financing

Partnership,

Term

Loan

560,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,c,d

553,890

Total

23,014,903

Consumer

Cyclical

(0.3%)

1011778

B.C.,

LLC,

Term

Loan

1,223,693

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,c,d

1,200,370

Caesars

Resort

Collection,

LLC,

Term

Loan

1,169,125

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

1,170,586

Carnival

Corporation,

Term

Loan

587,043

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

604,654

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Consumer

Cyclical

(0.3%)

-

continued

Cengage

Learning,

Inc.,

Term

Loan

$

580,249

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

$

573,361

City

Brewing

Company,

LLC,

Term

Loan

180,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,c,d

179,100

CP

Atlas

Buyer,

Inc.,

Term

Loan

760,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

754,422

Golden

Entertainment,

Inc.,

Term

Loan

1,992,725

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,962,834

Golden

Nugget,

LLC,

Term

Loan

586,700

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

576,873

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

1,142,138

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

1,140,059

LCPR

Loan

Financing,

LLC,

Term

Loan

800,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,c,d

801,000

Michaels

Stores,

Inc.,

Term

Loan

830,825

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

829,579

Penn

National

Gaming,

Inc.,

Term

Loan

1,024,472

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,018,868

Scientific

Games

International,

Inc.,

Term

Loan

3,763,356

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

3,687,825

Staples,

Inc.,

Term

Loan

198,931

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

195,367

675,017

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

657,581

Stars

Group

Holdings

BV,

Term

Loan

1,016,162

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

1,016,732

Tenneco,

Inc.,

Term

Loan

877,561

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

853,647

Truck

Hero,

Inc.,

Term

Loan

210,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

209,330

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

628,875

1.859%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

621,712

Total

18,053,900

Consumer

Non-Cyclical

(0.4%)

Adient

US,

LLC,

Term

Loan

701,430

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

700,554

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Bausch

Health

Americas,

Inc.,

Term

Loan

$

1,684,786

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

$

1,678,401

Bellring

Brands,

LLC,

Term

Loan

862,966

4.750%, 

(LIBOR

1M

+

4.000%),

10/21/2024

b

866,918

Chobani,

LLC,

Term

Loan

452,725

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

452,046

CNT

Holdings

I

Corporation,

Term

Loan

590,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

588,342

165,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,e

166,650

Dole

Food

Company,

Inc.,

Term

Loan

1,175,840

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

1,174,699

Endo

Luxembourg

Finance

Company,

Term

Loan

1,410,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,c,d

1,394,137

Gainwell

Acquistion

Corporation,

Term

Loan

1,620,000

0.000%, 

(LIBOR

1M

+

4.000%),

10/1/2027

b,c,d

1,611,900

Global

Medical

Response,

Inc.,

Term

Loan

2,972,550

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

2,960,660

MPH

Acquisition

Holdings,

LLC,

Term

Loan

2,608,790

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

2,593,085

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,769,454

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,765,473

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,040,000

0.000%, 

(LIBOR

1M

+

3.250%),

3/4/2028

b,c,d

1,035,289

PetSmart,

Inc.,

Term

Loan

1,465,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,461,630

Plantronics,

Inc.,

Term

Loan

347,036

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

342,080

Precision

Medicine

Group,

LLC,

Delayed

Draw

120,000

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,c,d

119,026

Precision

Medicine

Group,

LLC,

Term

Loan

917,700

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

910,248

Sotera

Health

Holdings,

LLC,

Term

Loan

607,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

604,724

Total

20,425,862

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

$

1,142,137

2.610%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

$

1,134,188

Energizer

Holdings,

Inc.,

Term

Loan

256,667

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b

255,276

Lealand

Finance

Company

BV,

Term

Loan

251,507

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

136,651

Total

1,526,115

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

1,266,825

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,258,008

445,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,c,d

441,569

820,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

834,350

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

557,274

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

554,939

Digicel

International

Finance,

Ltd.,

Term

Loan

758,037

3.510%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

718,869

MoneyGram

International,

Inc.,

Term

Loan

835,125

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

834,708

Newco

Financing

Partnership,

Term

Loan

172,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

171,946

Northriver

Midstream

Finance,

LP,

Term

Loan

819,520

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

807,359

Tronox

Finance,

LLC,

Term

Loan

765,000

2.648%, 

(LIBOR

3M

+

2.500%),

3/11/2028

b

760,379

UPC

Financing

Partnership,

Term

Loan

172,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,c,d

171,946

Total

6,554,073

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,011,199

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

969,912

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,220,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,207,968

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,765,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

2,752,032

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Technology

(0.2%)

-

continued

Rackspace

Technology

Global,

Inc.,

Term

Loan

$

1,780,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

$

1,762,752

SS&C

Technologies,

Inc.,

Term

Loan

67,090

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

66,314

51,465

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

50,870

Verscend

Holding

Corporation,

Term

Loan

405,000

0.000%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b,c,d

404,542

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,905,316

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,888,606

Total

10,102,996

Transportation

(0.1%)

American

Airlines,

Inc.,

Term

Loan

2,130,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,c,d

2,179,927

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,188,000

2.203%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,183,177

Mileage

Plus

Holdings,

LLC,

Term

Loan

655,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

695,223

SkyMiles

IP,

Ltd.,

Term

Loan

745,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

781,505

United

Airlines,

Inc.,

Term

Loan

888,432

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

861,619

Total

5,701,451

Utilities

(0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

204,756

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

204,756

Core

and

Main,

LP,

Term

Loan

1,263,834

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

1,257,768

EnergySolutions,

LLC,

Term

Loan

724,513

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

719,984

Exgen

Renewables

IV,

LLC,

Term

Loan

1,172,062

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,c,d

1,172,555

PG&E

Corporation,

Term

Loan

1,581,018

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

1,577,555

Principal

Amount

Bank

Loans

(2.0%)

a

Value

Utilities

(0.1%)

-

continued

Talen

Energy

Supply,

LLC,

Term

Loan

$

515,763

3.859%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

$

500,290

Total

5,432,908

Total

Bank

Loans

(cost

$112,425,531)

112,399,030

Principal

Amount

Long-Term

Fixed

Income

(

36.7%

)

Value

Asset-Backed

Securities

(2.2%)

522

Funding

CLO,

Ltd.

2,300,000

1.824%, 

(LIBOR

3M

+

1.600%),

4/20/2030,

Ser.

2019-4A,

Class

BR

b,g

2,300,002

Access

Group,

Inc.

429,729

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,g

425,583

Aimco

CLO

10,

Ltd.

2,150,000

1.542%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,g

2,151,204

Aimco

CLO

11,

Ltd.

3,475,000

1.605%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,g

3,481,262

Ares

CLO,

Ltd.

3,000,000

1.623%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,g

3,000,261

Ares

XXXIIR

CLO,

Ltd.

1,500,000

1.134%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,g

1,500,016

2,600,000

2.194%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,g

2,601,508

Buttermilk

Park

CLO,

Ltd.

5,250,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,g

5,250,357

Carlyle

Global

Market

Strategies

CLO,

Ltd.

3,425,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,g

3,425,161

CarVal

CLO

II,

Ltd.

2,125,000

1.694%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,g

2,124,913

1,225,000

2.194%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,g

1,221,939

CBAM,

Ltd.

3,500,000

1.521%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,g

3,500,136

Cent

CLO,

LP

775,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

775,117

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Asset-Backed

Securities

(2.2%)

-

continued

CIFC

Funding,

Ltd.

$

1,225,000

1.805%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,g

$

1,228,015

Colony

American

Finance

Trust

3,310,050

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

g

3,481,672

Commonbond

Student

Loan

Trust

585,946

0.609%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,g

581,964

CoreVest

American

Finance

Trust

3,442,444

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

g

3,586,169

Dryden

36

Senior

Loan

Fund

1,800,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

1,800,126

Dryden

Senior

Loan

Fund

3,000,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,g

3,000,276

Earnest

Student

Loan

Program

2016-D,

LLC

278,006

2.720%, 

1/25/2041,

Ser.

2016-D,

Class

A2

g

278,673

Earnest

Student

Loan

Program,

LLC

259,167

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

g

259,483

ECMC

Group

Student

Loan

Trust

1,544,691

1.259%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,g

1,560,464

Flatiron

CLO,

Ltd.

1,225,000

1.998%, 

(LIBOR

3M

+

1.750%),

11/20/2033,

Ser.

2020-1A,

Class

B

b,g

1,231,812

Galaxy

XIX

CLO,

Ltd.

1,650,000

2.033%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,g

1,650,170

Galaxy

XX

CLO,

Ltd.

2,650,000

1.224%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,g

2,646,547

Golub

Capital

Partners,

Ltd.

1,750,000

1.404%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,g

1,745,984

2,569,000

1.424%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,g

2,563,908

Goodgreen

2,469,432

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

g

2,591,694

Home

Partners

of

America

Trust

3,755,685

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

g

3,801,851

3,667,375

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

g

3,708,964

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Asset-Backed

Securities

(2.2%)

-

continued

Laurel

Road

Prime

Student

Loan

Trust

$

633,400

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

g

$

643,454

1,702,712

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,g

1,764,982

Madison

Park

Funding

XIV,

Ltd.

2,375,000

1.622%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,g

2,375,107

Madison

Park

Funding,

Ltd.

2,100,000

2.300%, 

(LIBOR

3M

+

2.100%),

1/20/2029,

Ser.

2012-10A,

Class

CR3

b,g

2,100,183

Magnetite

XII,

Ltd.

2,600,000

1.341%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,g

2,600,146

Mercury

Financial

Credit

Card

Master

Trust

1,800,000

1.540%, 

3/20/2026,

Ser.

2021-1A,

Class

A

g

1,800,272

Mountain

View

CLO,

Ltd.

1,825,000

1.361%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,g

1,821,806

MRA

Issuance

Trust

4,350,000

1.456%, 

(LIBOR

1M

+

1.350%),

7/15/2021,

Ser.

2020-12,

Class

A1X

b,g

4,350,789

National

Collegiate

Trust

1,050,026

0.404%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,g

1,031,084

Neuberger

Berman

CLO,

Ltd.

1,000,000

1.252%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,g

1,000,211

Octagon

Investment

Partners

32,

Ltd.

2,600,000

2.235%, 

(LIBOR

3M

+

2.050%),

7/15/2029,

Ser.

2017-1A,

Class

CR

b,d,g

2,600,000

1,150,000

2.491%, 

(LIBOR

3M

+

2.250%),

7/15/2029,

Ser.

2017-1A,

Class

C

b,g

1,150,123

Octagon

Investment

Partners

XVI,

Ltd.

600,000

1.623%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,g

600,049

OZLM

IX,

Ltd.

1,250,000

1.774%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

1,250,231

OZLM

VIII,

Ltd.

818,558

1.393%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,g

818,617

Palmer

Square

CLO,

Ltd.

2,500,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,g

2,493,495

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Asset-Backed

Securities

(2.2%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

1,757,271

1.074%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,g

$

1,757,405

1,700,000

1.874%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,g

1,700,229

Pretium

Mortgage

Credit

Partners,

LLC

1,952,160

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

g,h

1,969,109

Progress

Residential

Trust

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

g

2,042,260

Saxon

Asset

Securities

Trust

860,035

3.672%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

830,715

Shackleton

CLO,

Ltd.

1,750,000

1.411%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,g

1,750,024

SLM

Student

Loan

Trust

1,000,872

0.509%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

983,959

Sound

Point

CLO

XIV,

Ltd.

2,600,000

2.221%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,g

2,591,189

Sound

Point

CLO

XV,

Ltd.

2,600,000

2.235%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,d,g

2,600,000

Sound

Point

CLO

XXI,

Ltd.

1,525,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

1,525,137

THL

Credit

Wind

River

CLO,

Ltd.

950,000

1.654%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,g

954,142

U.S.

Small

Business

Administration

52,865

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

54,410

Upstart

Securitization

Trust

1,566,568

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

g

1,578,945

VCAT

Asset

Securitization,

LLC

1,150,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

1,147,622

Vericrest

Opportunity

Loan

Trust

2,650,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

g,h

2,632,975

Voya

CLO,

Ltd.

1,497,661

1.441%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,g

1,497,682

Whitebox

CLO

II,

Ltd.

1,350,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,g

1,352,835

Total

122,844,418

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Basic

Materials

(0.4%)

Air

Products

and

Chemicals,

Inc.

$

1,150,000

2.700%, 

5/15/2040

$

1,099,984

Alcoa

Nederland

Holding

BV

540,000

5.500%, 

12/15/2027

g

581,256

Anglo

American

Capital

plc

720,000

4.875%, 

5/14/2025

g

813,185

BWAY

Holding

Company

490,000

5.500%, 

4/15/2024

g

496,737

Chemours

Company

290,000

5.750%, 

11/15/2028

g

305,345

Cleveland-Cliffs,

Inc.

360,000

5.875%, 

6/1/2027

372,600

230,000

4.625%, 

3/1/2029

g

229,609

230,000

4.875%, 

3/1/2031

g

229,425

Consolidated

Energy

Finance

SA

410,000

6.875%, 

6/15/2025

g

417,687

Dow

Chemical

Company

600,000

4.800%, 

11/30/2028

703,649

DowDuPont,

Inc.

620,000

4.493%, 

11/15/2025

700,695

First

Quantum

Minerals,

Ltd.

725,000

7.500%, 

4/1/2025

g

748,562

Freeport-McMoRan,

Inc.

490,000

4.125%, 

3/1/2028

515,088

520,000

4.250%, 

3/1/2030

553,800

Glencore

Funding,

LLC

160,000

4.125%, 

5/30/2023

g

171,099

1,064,000

4.000%, 

3/27/2027

g

1,172,601

Hecla

Mining

Company

175,000

7.250%, 

2/15/2028

187,688

Hudbay

Minerals,

Inc.

410,000

4.500%, 

4/1/2026

g

426,117

Ingevity

Corporation

610,000

3.875%, 

11/1/2028

g

591,700

International

Paper

Company

1,420,000

4.350%, 

8/15/2048

1,641,218

Kinross

Gold

Corporation

470,000

5.950%, 

3/15/2024

528,648

900,000

4.500%, 

7/15/2027

1,013,698

Kraton

Polymers,

LLC

540,000

4.250%, 

12/15/2025

g

542,025

Mercer

International,

Inc.

400,000

5.125%, 

2/1/2029

g

414,400

Norbord,

Inc.

430,000

5.750%, 

7/15/2027

g

458,294

Novelis

Corporation

380,000

5.875%, 

9/30/2026

g

396,625

210,000

4.750%, 

1/30/2030

g

216,447

OCI

NV

600,000

4.625%, 

10/15/2025

g

620,250

Olin

Corporation

805,000

5.125%, 

9/15/2027

833,175

Steel

Dynamics,

Inc.

1,225,000

1.650%, 

10/15/2027

1,199,371

Syngenta

Finance

NV

1,200,000

3.933%, 

4/23/2021

g

1,202,217

Teck

Resources,

Ltd.

964,000

6.125%, 

10/1/2035

1,181,787

Tronox

Finance

plc

320,000

5.750%, 

10/1/2025

g

333,802

United

States

Steel

Corporation

650,000

6.875%, 

3/1/2029

664,625

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Basic

Materials

(0.4%)

-

continued

Vale

Overseas,

Ltd.

$

840,000

6.250%, 

8/10/2026

$

999,180

401,000

6.875%, 

11/21/2036

532,955

Venator

Finance

SARL

420,000

5.750%, 

7/15/2025

g

407,400

Total

23,502,944

Capital

Goods

(0.6%)

AECOM

860,000

5.125%, 

3/15/2027

935,787

Amsted

Industries,

Inc.

465,000

5.625%, 

7/1/2027

g

493,481

Ardagh

Packaging

Finance

plc

360,000

6.000%, 

2/15/2025

g

370,980

280,000

5.250%, 

8/15/2027

g

285,622

BAE

Systems

plc

1,450,000

1.900%, 

2/15/2031

g

1,360,607

Boeing

Company

500,000

5.930%, 

5/1/2060

641,563

750,000

5.040%, 

5/1/2027

855,051

600,000

5.150%, 

5/1/2030

691,047

1,250,000

5.705%, 

5/1/2040

1,529,658

Bombardier,

Inc.

410,000

7.500%, 

3/15/2025

g

403,337

410,000

7.875%, 

4/15/2027

g

402,083

Brand

Industrial

Services,

Inc.

205,000

8.500%, 

7/15/2025

g

206,599

BWAY

Holding

Company

420,000

7.250%, 

4/15/2025

g

420,000

Carrier

Global

Corporation

714,000

3.577%, 

4/5/2050

701,145

875,000

2.700%, 

2/15/2031

874,738

Cintas

Corporation

No.

2

840,000

3.700%, 

4/1/2027

932,770

CNH

Industrial

NV

700,000

3.850%, 

11/15/2027

774,071

Cornerstone

Building

Brands,

Inc.

560,000

6.125%, 

1/15/2029

g

596,400

Covanta

Holding

Corporation

430,000

6.000%, 

1/1/2027

448,813

135,000

5.000%, 

9/1/2030

136,350

CP

Atlas

Buyer,

Inc.

380,000

7.000%, 

12/1/2028

g

399,399

Crown

Cork

&

Seal

Company,

Inc.

630,000

7.375%, 

12/15/2026

758,363

Emerson

Electric

Company

1,150,000

1.800%, 

10/15/2027

1,154,492

GFL

Environmental,

Inc.

150,000

4.000%, 

8/1/2028

g

145,125

405,000

3.500%, 

9/1/2028

g

392,850

H&E

Equipment

Services,

Inc.

450,000

3.875%, 

12/15/2028

g

437,625

Howmet

Aerospace,

Inc.

520,000

6.875%, 

5/1/2025

602,550

Ingersoll-Rand

Luxembourg

Finance

SA

625,000

3.500%, 

3/21/2026

678,421

Jeld-Wen,

Inc.

500,000

4.625%, 

12/15/2025

g

506,250

L3Harris

Technologies,

Inc.

1,656,000

3.950%, 

5/28/2024

1,797,155

Lockheed

Martin

Corporation

1,024,000

4.500%, 

5/15/2036

1,235,684

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Capital

Goods

(0.6%)

-

continued

$

284,000

6.150%, 

9/1/2036

$

395,716

Meritor,

Inc.

290,000

4.500%, 

12/15/2028

g

290,870

NESCO

Holdings

II,

Inc.

135,000

5.500%, 

4/15/2029

d,g

138,483

Northrop

Grumman

Corporation

1,960,000

3.850%, 

4/15/2045

2,109,129

Owens-Brockway

Glass

Container,

Inc.

370,000

5.875%, 

8/15/2023

g

396,363

Raytheon

Technologies

Corporation

714,000

4.125%, 

11/16/2028

804,059

Republic

Services,

Inc.

850,000

2.900%, 

7/1/2026

906,466

Roper

Technologies,

Inc.

564,000

4.200%, 

9/15/2028

635,441

750,000

1.750%, 

2/15/2031

696,445

SRM

Escrow

Issuer,

LLC

505,000

6.000%, 

11/1/2028

g

529,240

Standard

Industries,

Inc.

750,000

4.375%, 

7/15/2030

g

756,750

Textron,

Inc.

710,000

3.375%, 

3/1/2028

746,270

Titan

Acquisition,

Ltd.

180,000

7.750%, 

4/15/2026

g

186,966

TransDigm,

Inc.

370,000

6.250%, 

3/15/2026

g

392,274

1,130,000

5.500%, 

11/15/2027

1,169,697

110,000

4.625%, 

1/15/2029

g

108,466

United

Rentals

North

America,

Inc.

570,000

4.875%, 

1/15/2028

600,421

360,000

4.000%, 

7/15/2030

366,390

United

Technologies

Corporation

775,000

4.450%, 

11/16/2038

897,894

1,000,000

3.750%, 

11/1/2046

1,065,839

Waste

Pro

USA,

Inc.

205,000

5.500%, 

2/15/2026

g

209,869

WESCO

Distribution,

Inc.

430,000

7.250%, 

6/15/2028

g

480,050

Total

35,051,114

Collateralized

Mortgage

Obligations

(1.4%)

Alternative

Loan

Trust

812,703

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

649,483

Bellemeade

Re,

Ltd.

448,038

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

448,178

605,574

1.209%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,g

605,821

2,000,000

1.767%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,g

1,999,470

BRAVO

Residential

Funding

Trust

275,971

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

g

283,674

Citicorp

Mortgage

Securities,

Inc.

1,757,509

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,749,926

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

Countrywide

Alternative

Loan

Trust

$

797,029

2.746%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

$

764,586

577,492

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

302,106

1,234,008

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

651,164

Countrywide

Home

Loans,

Inc.

248,194

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

180,238

Credit

Suisse

Mortgage

Trust

2,491,924

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,g

2,642,448

5,891,705

3.471%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,g

5,960,408

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

91,063

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

79,894

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

25,529,404

2.000%, 

11/25/2050,

Ser.

5038,

Class

NI

i

3,264,177

1,156,227

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

i

60,516

2,213,531

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

229,421

2,392,235

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

276,561

Federal

National

Mortgage

Association

35,069,096

1.500%, 

11/25/2035,

Ser.

2020-99,

Class

IG

i

1,963,470

Federal

National

Mortgage

Association

-

REMIC

4,325,238

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

247,534

Foundation

Finance

Trust

2,250,000

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

g

2,236,915

FWD

Securitization

Trust

1,895,323

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,g

1,962,129

Galton

Funding

Mortgage

Trust

2017-1

619,006

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,g

625,662

GS

Mortgage-Backed

Securities

Trust

584,651

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,g

593,692

Legacy

Mortgage

Asset

Trust

543,122

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

549,253

LHOME

Mortgage

Trust

2,200,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,g

2,198,583

MASTR

Alternative

Loans

Trust

1,019,816

0.559%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

150,133

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

221,707

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

137,961

MRA

Issuance

Trust

1,700,000

1.853%, 

(LIBOR

1M

+

1.750%),

10/8/2021,

Ser.

2021-EBO1,

Class

A1X

b,e,g

1,700,000

4,300,000

1.259%, 

(LIBOR

1M

+

1.150%),

10/15/2021,

Ser.

2021-8,

Class

A1X

b,e,g

4,300,000

New

York

Mortgage

Trust

2,121,983

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,g

2,130,156

Oak

Street

Investment

1,789,537

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

g

1,796,774

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,781,181

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

1,795,935

2,185,952

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,g

2,185,705

Pretium

Mortgage

Credit

Partners,

LLC

1,400,000

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

e,g,h

1,400,000

RCO

Mortgage,

LLC

3,217,532

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

3,235,662

Renaissance

Home

Equity

Loan

Trust

2,217,341

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

h

1,175,731

Residential

Accredit

Loans,

Inc.

Trust

824,187

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

805,846

274,872

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

273,504

Residential

Asset

Securitization

Trust

2,088,084

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

1,774,602

Sequoia

Mortgage

Trust

900,191

3.114%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

700,614

Silver

Hill

Trust

1,044,369

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

1,080,711

Starwood

Mortgage

Residential

Trust

689,952

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,g

701,747

Toorak

Mortgage

Corporation

2,450,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

2,476,611

Vericrest

Opportunity

Loan

Transferee

1,783,961

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

g,h

1,774,559

1,214,237

2.240%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A1

g,h

1,213,299

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

$

1,300,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

g,h

$

1,294,854

2,041,260

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

g,h

2,039,015

1,375,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

g,h

1,371,734

1,400,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

g,h

1,396,430

1,400,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

e,g,h

1,400,000

Verus

Securitization

Trust

779,553

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

781,183

1,890,531

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,g

1,926,349

1,516,889

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,g

1,544,597

1,215,734

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,g

1,233,776

3,747,563

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,g

3,816,341

WaMu

Mortgage

Pass

Through

Certificates

145,747

3.017%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

141,966

141,486

3.035%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

141,832

Total

78,422,936

Commercial

Mortgage-Backed

Securities

(0.2%)

BBCMS

Mortgage

Trust

14,577,409

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,i

1,973,722

BFLD

Trust

2,250,000

1.256%, 

(LIBOR

1M

+

1.150%),

10/15/2035,

Ser.

2020-EYP,

Class

A

b,g

2,269,816

825,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

833,251

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

980,044

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,013,777

GS

Mortgage

Securities

Trust

4,000,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

4,260,768

Morgan

Stanley

Capital

I

Trust

14,876,294

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,i

2,030,111

Total

12,381,445

Communications

Services

(1.1%)

AMC

Networks,

Inc.

500,000

4.250%, 

2/15/2029

486,250

American

Tower

Corporation

700,000

2.900%, 

1/15/2030

711,586

1,150,000

2.100%, 

6/15/2030

1,094,332

AT&T,

Inc.

1,129,000

3.500%, 

9/15/2053

g

1,043,349

1,200,000

2.300%, 

6/1/2027

1,226,411

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Communications

Services

(1.1%)

-

continued

$

1,550,000

4.350%, 

3/1/2029

$

1,753,327

1,100,000

5.250%, 

3/1/2037

1,327,125

1,090,000

4.900%, 

8/15/2037

1,290,115

450,000

5.550%, 

8/15/2041

560,186

CCO

Holdings,

LLC

570,000

5.500%, 

5/1/2026

g

587,841

640,000

5.125%, 

5/1/2027

g

676,682

770,000

4.750%, 

3/1/2030

g

797,912

510,000

4.500%, 

8/15/2030

g

519,792

Cengage

Learning,

Inc.

600,000

9.500%, 

6/15/2024

g,j

611,250

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

765,618

900,000

4.200%, 

3/15/2028

992,058

1,225,000

3.500%, 

6/1/2041

1,161,769

1,320,000

6.484%, 

10/23/2045

1,718,655

Clear

Channel

Worldwide

Holdings,

Inc.

515,000

7.750%, 

4/15/2028

g

509,335

Comcast

Corporation

850,000

4.049%, 

11/1/2052

960,510

750,000

3.950%, 

10/15/2025

837,855

1,250,000

4.250%, 

10/15/2030

1,436,287

690,000

4.400%, 

8/15/2035

806,928

1,115,000

4.750%, 

3/1/2044

1,370,377

550,000

4.600%, 

8/15/2045

664,938

Consolidated

Communications,

Inc.

250,000

5.000%, 

10/1/2028

g

251,950

Cox

Communications,

Inc.

875,000

3.350%, 

9/15/2026

g

944,089

Crown

Castle

International

Corporation

836,000

3.200%, 

9/1/2024

897,753

CSC

Holdings,

LLC

960,000

5.375%, 

2/1/2028

g

1,009,200

80,000

4.125%, 

12/1/2030

g

79,462

Cumulus

Media

New

Holdings,

Inc.

380,000

6.750%, 

7/1/2026

g,j

387,125

Discovery

Communications,

LLC

1,420,000

4.900%, 

3/11/2026

1,618,133

DISH

DBS

Corporation

360,000

7.375%, 

7/1/2028

377,658

Embarq

Corporation

295,000

7.995%, 

6/1/2036

339,902

Entercom

Media

Corporation

360,000

6.500%, 

5/1/2027

g,j

372,150

Fox

Corporation

680,000

3.500%, 

4/8/2030

723,451

Front

Range

BidCo,

Inc.

500,000

4.000%, 

3/1/2027

g

491,250

380,000

6.125%, 

3/1/2028

g

389,975

Frontier

Communications

Corporation

320,000

5.875%, 

10/15/2027

g

339,200

135,000

6.750%, 

5/1/2029

g

142,384

GCI,

LLC

400,000

4.750%, 

10/15/2028

g

409,500

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

299,187

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Communications

Services

(1.1%)

-

continued

iHeartCommunications,

Inc.

$

390,000

4.750%, 

1/15/2028

g

$

392,925

LCPR

Senior

Secured

Financing

DAC

360,000

6.750%, 

10/15/2027

g

383,814

Level

3

Financing,

Inc.

765,000

4.625%, 

9/15/2027

g

787,315

740,000

4.250%, 

7/1/2028

g

748,369

Ligado

Networks,

LLC

205,000

0.000%,PIK

15.500%,

11/1/2023

e,f,g

192,079

Meredith

Corporation

440,000

6.500%, 

7/1/2025

g

472,067

Netflix,

Inc.

980,000

4.875%, 

4/15/2028

1,108,625

Nexstar

Escrow

Corporation

550,000

5.625%, 

7/15/2027

g

576,466

Nielsen

Finance,

LLC

470,000

5.625%, 

10/1/2028

g

494,087

Omnicom

Group,

Inc.

530,000

3.600%, 

4/15/2026

580,790

330,000

4.200%, 

6/1/2030

371,367

Radiate

Holdco,

LLC

235,000

6.500%, 

9/15/2028

g

248,148

Scripps

Escrow

II,

Inc.

290,000

3.875%, 

1/15/2029

g

284,925

215,000

5.375%, 

1/15/2031

g

213,387

SFR

Group

SA

930,000

7.375%, 

5/1/2026

g

967,293

Sinclair

Television

Group,

Inc.

610,000

5.500%, 

3/1/2030

g

593,225

Sirius

XM

Radio,

Inc.

610,000

5.000%, 

8/1/2027

g

639,920

Sprint

Capital

Corporation

460,000

6.875%, 

11/15/2028

580,046

430,000

8.750%, 

3/15/2032

635,863

Sprint

Corporation

1,255,000

7.625%, 

2/15/2025

1,496,588

Terrier

Media

Buyer,

Inc.

310,000

8.875%, 

12/15/2027

g

333,576

Time

Warner

Entertainment

Company,

LP

800,000

8.375%, 

3/15/2023

917,099

T-Mobile

USA,

Inc.

1,100,000

3.750%, 

4/15/2027

g

1,202,476

505,000

2.875%, 

2/15/2031

488,083

900,000

4.375%, 

4/15/2040

g

999,954

United

States

Cellular

Corporation

360,000

6.700%, 

12/15/2033

436,028

Uniti

Group,

LP

205,000

6.500%, 

2/15/2029

g

202,438

Univision

Communications,

Inc.

740,000

6.625%, 

6/1/2027

g

790,265

VeriSign,

Inc.

310,000

4.750%, 

7/15/2027

328,988

Verizon

Communications,

Inc.

714,000

3.700%, 

3/22/2061

705,516

476,000

2.100%, 

3/22/2028

477,995

3,054,000

4.272%, 

1/15/2036

3,451,887

1,450,000

2.650%, 

11/20/2040

1,325,084

Viacom,

Inc.

840,000

5.850%, 

9/1/2043

1,072,855

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Communications

Services

(1.1%)

-

continued

ViaSat,

Inc.

$

590,000

5.625%, 

9/15/2025

g

$

599,711

Vodafone

Group

plc

625,000

4.875%, 

6/19/2049

742,616

VTR

Finance

NV

270,000

6.375%, 

7/15/2028

g,j

291,600

Walt

Disney

Company

1,200,000

2.200%, 

1/13/2028

1,226,198

1,650,000

2.650%, 

1/13/2031

1,684,213

1,400,000

3.500%, 

5/13/2040

1,480,347

Ziggo

BV

562,000

5.500%, 

1/15/2027

g

585,183

Total

64,092,268

Consumer

Cyclical

(1.0%)

1011778

B.C.,

ULC

640,000

4.375%, 

1/15/2028

g

643,021

Allied

Universal

Holdco,

LLC

440,000

6.625%, 

7/15/2026

g

466,611

Allison

Transmission,

Inc

590,000

3.750%, 

1/30/2031

g

571,562

Amazon.com,

Inc.

1,420,000

3.875%, 

8/22/2037

1,627,010

852,000

4.050%, 

8/22/2047

997,169

American

Axle

&

Manufacturing,

Inc.

660,000

6.500%, 

4/1/2027

j

684,750

American

Honda

Finance

Corporation

200,000

2.150%, 

9/10/2024

208,477

Brookfield

Residential

Properties,

Inc.

900,000

6.250%, 

9/15/2027

g

939,375

Caesars

Entertainment,

Inc.

135,000

8.125%, 

7/1/2027

g

148,871

Carnival

Corporation

430,000

11.500%, 

4/1/2023

g

492,887

300,000

10.500%, 

2/1/2026

g

352,875

150,000

7.625%, 

3/1/2026

g

161,145

470,000

5.750%, 

3/1/2027

g

482,337

Cedar

Fair,

LP

490,000

5.250%, 

7/15/2029

503,666

Cinemark

USA,

Inc.

480,000

5.875%, 

3/15/2026

g

491,491

Clarios

Global,

LP

205,000

8.500%, 

5/15/2027

g

220,631

Colt

Merger

Sub,

Inc.

900,000

6.250%, 

7/1/2025

g

959,413

CVS

Health

Corporation

1,200,000

3.625%, 

4/1/2027

1,317,085

D.R.

Horton,

Inc.

550,000

2.600%, 

10/15/2025

578,488

Dana,

Inc.

425,000

5.625%, 

6/15/2028

454,750

Empire

Communities

Corporation

430,000

7.000%, 

12/15/2025

g

453,112

Ford

Motor

Company

250,000

9.000%, 

4/22/2025

302,779

140,000

9.625%, 

4/22/2030

195,376

495,000

7.450%, 

7/16/2031

624,111

Ford

Motor

Credit

Company,

LLC

1,420,000

4.063%, 

11/1/2024

1,489,651

1,100,000

4.134%, 

8/4/2025

1,150,517

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Consumer

Cyclical

(1.0%)

-

continued

Gap,

Inc.

$

280,000

8.625%, 

5/15/2025

g

$

313,530

General

Motors

Company

1,200,000

6.125%, 

10/1/2025

1,411,090

1,150,000

6.800%, 

10/1/2027

1,426,647

General

Motors

Financial

Company,

Inc.

560,000

3.950%, 

4/13/2024

602,694

Hanesbrands,

Inc.

585,000

4.875%, 

5/15/2026

g

627,412

Herc

Holdings,

Inc.

350,000

5.500%, 

7/15/2027

g

372,470

Hilton

Domestic

Operating

Company,

Inc.

1,080,000

4.875%, 

1/15/2030

1,145,664

Home

Depot,

Inc.

555,000

5.400%, 

9/15/2040

735,258

840,000

4.250%, 

4/1/2046

988,518

700,000

3.900%, 

6/15/2047

786,724

Hyundai

Capital

America

750,000

1.250%, 

9/18/2023

g

755,424

1,000,000

1.800%, 

1/10/2028

g

956,223

International

Game

Technology

plc

445,000

5.250%, 

1/15/2029

g

464,135

KB

Home

490,000

4.800%, 

11/15/2029

513,275

Kohl's

Corporation

715,000

9.500%, 

5/15/2025

927,085

715,000

5.550%, 

7/17/2045

j

810,041

L

Brands,

Inc.

600,000

6.625%, 

10/1/2030

g

685,080

140,000

6.875%, 

11/1/2035

166,851

Landry's,

Inc.

460,000

6.750%, 

10/15/2024

g

465,138

Lennar

Corporation

700,000

4.875%, 

12/15/2023

764,631

1,225,000

4.750%, 

5/30/2025

1,364,344

Levi

Strauss

&

Company

590,000

3.500%, 

3/1/2031

g

569,350

Live

Nation

Entertainment,

Inc.

290,000

3.750%, 

1/15/2028

g

286,012

Marriott

International,

Inc.

710,000

5.750%, 

5/1/2025

814,720

Mastercard,

Inc.

830,000

3.950%, 

2/26/2048

939,089

Mattamy

Group

Corporation

620,000

5.250%, 

12/15/2027

g

648,675

McDonald's

Corporation

1,200,000

2.125%, 

3/1/2030

1,171,636

1,115,000

4.450%, 

3/1/2047

1,295,870

MGM

Resorts

International

1,015,000

6.000%, 

3/15/2023

1,087,319

Owl

Rock

Capital

Corporation

1,250,000

3.400%, 

7/15/2026

1,266,099

PetSmart,

Inc.

320,000

4.750%, 

2/15/2028

g

327,267

350,000

7.750%, 

2/15/2029

g

378,857

Prime

Security

Services

Borrower,

LLC

1,000,000

5.750%, 

4/15/2026

g

1,082,050

Real

Hero

Merger

Sub

2,

Inc.

310,000

6.250%, 

2/1/2029

g

320,075

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Consumer

Cyclical

(1.0%)

-

continued

Realogy

Group,

LLC

$

500,000

5.750%, 

1/15/2029

g

$

493,125

Rite

Aid

Corporation

205,000

7.500%, 

7/1/2025

g

212,944

Royal

Caribbean

Cruises,

Ltd.

590,000

9.125%, 

6/15/2023

g

650,139

210,000

11.500%, 

6/1/2025

g

244,912

220,000

5.500%, 

4/1/2028

g

221,100

Scientific

Games

International,

Inc.

650,000

5.000%, 

10/15/2025

g

673,205

490,000

7.250%, 

11/15/2029

g

531,650

SeaWorld

Parks

and

Entertainment,

Inc.

290,000

9.500%, 

8/1/2025

g

315,179

Six

Flags

Entertainment

Corporation

265,000

5.500%, 

4/15/2027

g,j

274,606

Six

Flags

Theme

Parks,

Inc.

270,000

7.000%, 

7/1/2025

g

291,938

Staples,

Inc.

710,000

7.500%, 

4/15/2026

g

748,873

Target

Corporation

1,000,000

2.250%, 

4/15/2025

1,047,714

Tenneco,

Inc.

290,000

5.000%, 

7/15/2026

j

273,325

TJX

Companies,

Inc.

675,000

3.875%, 

4/15/2030

751,564

Uber

Technologies,

Inc.

310,000

6.250%, 

1/15/2028

g

337,652

ViacomCBS,

Inc.

1,200,000

4.200%, 

5/19/2032

1,341,365

Visa,

Inc.

1,150,000

2.700%, 

4/15/2040

1,126,231

Vista

Outdoor,

Inc.

500,000

4.500%, 

3/15/2029

g

494,728

Walmart,

Inc.

825,000

3.250%, 

7/8/2029

902,532

Wyndham

Destinations,

Inc.

350,000

6.625%, 

7/31/2026

g

397,373

Wyndham

Hotels

&

Resorts,

Inc.

215,000

4.375%, 

8/15/2028

g

217,473

Yum!

Brands,

Inc.

500,000

4.750%, 

1/15/2030

g

528,650

ZF

North

America

Capital,

Inc.

290,000

4.750%, 

4/29/2025

g

311,324

Total

55,374,015

Consumer

Non-Cyclical

(1.4%)

Abbott

Laboratories

1,000,000

4.750%, 

11/30/2036

1,237,426

AbbVie,

Inc.

675,000

2.950%, 

11/21/2026

718,660

1,250,000

4.300%, 

5/14/2036

1,441,002

450,000

4.850%, 

6/15/2044

546,660

560,000

4.700%, 

5/14/2045

663,248

1,500,000

4.875%, 

11/14/2048

1,806,614

Albertson's

Companies,

Inc.

390,000

7.500%, 

3/15/2026

g

430,800

715,000

3.500%, 

3/15/2029

g

680,423

Altria

Group,

Inc.

952,000

5.800%, 

2/14/2039

1,161,706

Amgen,

Inc.

1,200,000

3.375%, 

2/21/2050

1,199,493

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Consumer

Non-Cyclical

(1.4%)

-

continued

Anheuser-Busch

Companies,

LLC

$

1,740,000

4.700%, 

2/1/2036

$

2,038,355

Anheuser-Busch

InBev

Worldwide,

Inc.

1,875,000

4.750%, 

4/15/2058

2,161,192

1,350,000

4.375%, 

4/15/2038

1,534,460

150,000

4.600%, 

4/15/2048

171,717

Anthem,

Inc.

900,000

3.125%, 

5/15/2050

858,821

725,000

4.625%, 

5/15/2042

856,020

Aramark

Services,

Inc.

280,000

6.375%, 

5/1/2025

g,j

296,800

AstraZeneca

plc

1,000,000

1.375%, 

8/6/2030

917,223

BAT

Capital

Corporation

1,486,000

4.540%, 

8/15/2047

1,496,235

Bausch

Health

Companies,

Inc.

170,000

5.000%, 

1/30/2028

g

172,125

650,000

5.000%, 

2/15/2029

g

645,531

Baxalta,

Inc.

569,000

4.000%, 

6/23/2025

630,702

Becton,

Dickinson

and

Company

650,000

3.794%, 

5/20/2050

690,590

214,000

3.734%, 

12/15/2024

233,758

865,000

3.700%, 

6/6/2027

954,111

Campbell

Soup

Company

345,000

2.375%, 

4/24/2030

337,430

Cargill,

Inc.

525,000

3.250%, 

5/23/2029

g

562,923

Centene

Corporation

210,000

4.250%, 

12/15/2027

220,894

420,000

4.625%, 

12/15/2029

454,568

580,000

3.000%, 

10/15/2030

579,037

Central

Garden

&

Pet

Company

500,000

4.125%, 

10/15/2030

505,000

Cigna

Corporation

1,325,000

4.800%, 

8/15/2038

1,583,637

Clorox

Company

1,180,000

3.100%, 

10/1/2027

1,279,385

Community

Health

Systems,

Inc.

205,000

5.625%, 

3/15/2027

g

214,737

290,000

6.000%, 

1/15/2029

g

306,675

540,000

6.875%, 

4/15/2029

g

565,310

Conagra

Brands,

Inc.

935,000

4.300%, 

5/1/2024

1,031,030

Constellation

Brands,

Inc.

1,120,000

3.600%, 

2/15/2028

1,218,015

475,000

2.875%, 

5/1/2030

485,343

CVS

Health

Corporation

2,545,000

4.875%, 

7/20/2035

2,994,696

DaVita,

Inc.

680,000

4.625%, 

6/1/2030

g

692,825

DENTSPLY

SIRONA,

Inc.

375,000

3.250%, 

6/1/2030

392,084

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

g

306,240

Encompass

Health

Corporation

770,000

4.500%, 

2/1/2028

788,572

Endo

Finance,

LLC

275,000

9.500%, 

7/31/2027

g

298,719

Energizer

Holdings,

Inc.

455,000

4.750%, 

6/15/2028

g

469,219

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Consumer

Non-Cyclical

(1.4%)

-

continued

General

Mills,

Inc.

$

550,000

2.875%, 

4/15/2030

$

567,797

H.

J.

Heinz

Company

140,000

5.200%, 

7/15/2045

161,918

HCA,

Inc.

1,750,000

5.375%, 

2/1/2025

1,952,151

1,200,000

5.500%, 

6/15/2047

1,492,553

HLF

Financing

SARL,

LLC

420,000

7.250%, 

8/15/2026

g

439,950

Illumina,

Inc.

490,000

9.000%, 

7/1/2028

g

551,397

Imperial

Brands

Finance

plc

1,200,000

3.875%, 

7/26/2029

g

1,275,980

JBS

Investments

II

GmbH

130,000

5.750%, 

1/15/2028

g

137,150

JBS

USA,

LLC

630,000

5.500%, 

1/15/2030

g

697,249

Keurig

Dr

Pepper,

Inc.

710,000

3.350%, 

3/15/2051

707,143

Keurig

Dr.

Pepper,

Inc.

875,000

3.200%, 

5/1/2030

925,861

Kimberly-Clark

Corporation

650,000

3.100%, 

3/26/2030

700,243

710,000

3.900%, 

5/4/2047

815,510

Kraft

Foods

Group,

Inc.

670,000

5.000%, 

6/4/2042

754,019

Kraft

Heinz

Foods

Company

1,090,000

4.625%, 

1/30/2029

1,223,343

740,000

3.750%, 

4/1/2030

785,397

Mattel,

Inc.

475,000

3.375%, 

4/1/2026

g

490,409

Medtronic,

Inc.

80,000

4.625%, 

3/15/2045

100,886

Molina

Healthcare,

Inc.

490,000

4.375%, 

6/15/2028

g

504,190

Mondelez

International,

Inc.

350,000

2.750%, 

4/13/2030

357,328

MPH

Acquisition

Holdings,

LLC

320,000

5.750%, 

11/1/2028

g,j

312,000

Mylan,

Inc.

1,250,000

4.550%, 

4/15/2028

1,411,619

Ortho-Clinical

Diagnostics,

Inc.

310,000

7.250%, 

2/1/2028

g

339,655

Par

Pharmaceutical,

Inc.

660,000

7.500%, 

4/1/2027

g

700,029

Pilgrim's

Pride

Corporation

290,000

5.875%, 

9/30/2027

g

310,793

Quest

Diagnostics,

Inc.

1,200,000

2.800%, 

6/30/2031

1,219,710

Reynolds

American,

Inc.

952,000

5.700%, 

8/15/2035

1,129,123

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

g

901,469

Royalty

Pharma

plc

1,025,000

3.550%, 

9/2/2050

g

976,774

Scotts

Miracle-Gro

Company

720,000

4.500%, 

10/15/2029

742,284

SEG

Holding,

LLC

560,000

5.625%, 

10/15/2028

g

586,600

Simmons

Foods,

Inc.

290,000

4.625%, 

3/1/2029

g

292,543

Smithfield

Foods,

Inc.

820,000

2.650%, 

10/3/2021

g

826,158

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Consumer

Non-Cyclical

(1.4%)

-

continued

Spectrum

Brands,

Inc.

$

250,000

5.000%, 

10/1/2029

g

$

263,750

210,000

5.500%, 

7/15/2030

g

224,700

Syneos

Health,

Inc.

450,000

3.625%, 

1/15/2029

g

437,625

Sysco

Corporation

1,200,000

6.600%, 

4/1/2040

1,674,037

Teleflex,

Inc.

630,000

4.250%, 

6/1/2028

g

652,837

Tenet

Healthcare

Corporation

350,000

4.625%, 

7/15/2024

357,241

970,000

5.125%, 

11/1/2027

g

1,014,329

205,000

6.125%, 

10/1/2028

g

213,969

Teva

Pharmaceutical

Finance

Netherlands

III

BV

690,000

2.800%, 

7/21/2023

686,930

Thermo

Fisher

Scientific,

Inc.

720,000

4.133%, 

3/25/2025

799,522

Tyson

Foods,

Inc.

560,000

3.550%, 

6/2/2027

611,431

United

Natural

Foods,

Inc.

420,000

6.750%, 

10/15/2028

g

448,875

UnitedHealth

Group,

Inc.

1,400,000

2.950%, 

10/15/2027

1,502,774

970,000

4.625%, 

7/15/2035

1,184,271

VRX

Escrow

Corporation

1,585,000

6.125%, 

4/15/2025

g

1,624,942

Zoetis,

Inc.

670,000

4.700%, 

2/1/2043

808,430

Total

75,724,905

Energy

(1.0%)

Antero

Midstream

Partners,

LP

220,000

5.750%, 

3/1/2027

g

220,048

Antero

Resources

Corporation

405,000

5.000%, 

3/1/2025

j

405,312

Apache

Corporation

460,000

4.375%, 

10/15/2028

458,620

350,000

5.100%, 

9/1/2040

342,125

Archrock

Partners,

LP

480,000

6.250%, 

4/1/2028

g

487,584

BP

Capital

Markets

America,

Inc.

1,450,000

2.939%, 

6/4/2051

1,293,233

500,000

3.543%, 

4/6/2027

547,263

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

g

204,058

480,000

3.950%, 

12/1/2026

474,461

Canadian

Natural

Resources,

Ltd.

340,000

2.050%, 

7/15/2025

343,805

430,000

2.950%, 

7/15/2030

428,888

Cenovus

Energy,

Inc.

180,000

5.375%, 

7/15/2025

202,287

Centennial

Resource

Production,

LLC

420,000

6.875%, 

4/1/2027

g,j

373,800

Cheniere

Energy

Partners,

LP

1,025,000

5.625%, 

10/1/2026

1,071,842

Chevron

USA,

Inc.

1,250,000

5.050%, 

11/15/2044

1,585,603

Cimarex

Energy

Company

960,000

4.375%, 

6/1/2024

1,044,067

CNX

Resources

Corporation

265,000

6.000%, 

1/15/2029

g

275,383

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Energy

(1.0%)

-

continued

Comstock

Resources,

Inc.

$

320,000

9.750%, 

8/15/2026

$

347,200

ConocoPhillips

1,400,000

6.500%, 

2/1/2039

1,998,201

Continental

Resources,

Inc.

61,000

4.500%, 

4/15/2023

63,178

220,000

4.375%, 

1/15/2028

j

231,330

290,000

5.750%, 

1/15/2031

g

327,659

Diamondback

Energy,

Inc.

975,000

3.500%, 

12/1/2029

1,011,902

El

Paso

Pipeline

Partners

Operating

Company,

LLC

140,000

4.300%, 

5/1/2024

153,798

Enagas

SA

640,000

5.500%, 

1/15/2028

g

625,056

Encana

Corporation

220,000

6.625%, 

8/15/2037

264,564

Endeavor

Energy

Resources,

LP

310,000

5.750%, 

1/30/2028

g

327,459

Energean

Israel

Finance,

Ltd.

415,000

4.500%, 

3/30/2024

g

417,108

Energy

Transfer

Operating,

LP

1,340,000

6.000%, 

6/15/2048

1,541,439

Energy

Transfer

Partners,

LP

765,000

4.900%, 

3/15/2035

806,611

600,000

5.150%, 

2/1/2043

612,903

EnLink

Midstream

Partners,

LP

440,000

4.850%, 

7/15/2026

425,053

265,000

5.600%, 

4/1/2044

219,950

EOG

Resources,

Inc.

875,000

4.375%, 

4/15/2030

1,004,514

EQM

Midstream

Partners,

LP

500,000

6.500%, 

7/1/2027

g

543,625

210,000

6.500%, 

7/15/2048

209,475

EQT

Corporation

645,000

3.900%, 

10/1/2027

657,900

Equinor

ASA

625,000

3.000%, 

4/6/2027

669,319

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

1,211,822

Genesis

Energy,

LP

220,000

6.500%, 

10/1/2025

215,655

Harvest

Midstream,

LP

530,000

7.500%, 

9/1/2028

g

569,591

Hess

Midstream

Operations,

LP

350,000

5.625%, 

2/15/2026

g

360,500

Hilcorp

Energy

I,

LP

430,000

5.750%, 

2/1/2029

g

433,762

Kinder

Morgan

Energy

Partners,

LP

1,400,000

6.500%, 

9/1/2039

1,812,536

Magellan

Midstream

Partners,

LP

750,000

5.000%, 

3/1/2026

859,688

Marathon

Oil

Corporation

900,000

4.400%, 

7/15/2027

990,737

Marathon

Petroleum

Corporation

680,000

4.750%, 

12/15/2023

746,859

636,000

6.500%, 

3/1/2041

845,528

MPLX,

LP

600,000

4.875%, 

12/1/2024

673,444

830,000

4.875%, 

6/1/2025

934,867

Murphy

Oil

Corporation

240,000

5.875%, 

12/1/2027

235,200

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Energy

(1.0%)

-

continued

Nabors

Industries,

Ltd.

$

345,000

7.250%, 

1/15/2026

g

$

286,350

National

Fuel

Gas

Company

975,000

5.500%, 

1/15/2026

1,114,271

Newfield

Exploration

Company

570,000

5.625%, 

7/1/2024

626,616

560,000

5.375%, 

1/1/2026

617,134

NGL

Energy

Operating,

LLC

290,000

7.500%, 

2/1/2026

g

297,975

NGL

Energy

Partners,

LP

290,000

7.500%, 

11/1/2023

279,850

NuStar

Logistics,

LP

500,000

5.750%, 

10/1/2025

535,260

Occidental

Petroleum

Corporation

860,000

2.900%, 

8/15/2024

850,574

630,000

3.400%, 

4/15/2026

611,730

130,000

8.500%, 

7/15/2027

154,050

525,000

3.500%, 

8/15/2029

492,608

280,000

6.450%, 

9/15/2036

309,053

710,000

4.400%, 

4/15/2046

608,072

ONEOK,

Inc.

860,000

2.200%, 

9/15/2025

875,630

Ovintiv,

Inc.

140,000

7.375%, 

11/1/2031

178,079

PBF

Holding

Company,

LLC

415,000

9.250%, 

5/15/2025

g

423,694

Pioneer

Natural

Resources

Company

500,000

4.450%, 

1/15/2026

562,800

Plains

All

American

Pipeline,

LP

1,000,000

4.500%, 

12/15/2026

1,097,248

710,000

3.550%, 

12/15/2029

707,912

Range

Resources

Corporation

210,000

9.250%, 

2/1/2026

228,169

220,000

8.250%, 

1/15/2029

g

235,400

Sabine

Pass

Liquefaction,

LLC

1,140,000

5.750%, 

5/15/2024

1,286,316

Schlumberger

Holdings

Corporation

880,000

4.000%, 

12/21/2025

g

973,504

Southwestern

Energy

Company

470,000

7.500%, 

4/1/2026

j

497,269

Suncor

Energy,

Inc.

780,000

3.600%, 

12/1/2024

848,054

Sunoco

Logistics

Partners

Operations,

LP

700,000

4.000%, 

10/1/2027

752,809

Sunoco,

LP

385,000

5.875%, 

3/15/2028

402,953

Targa

Resources

Partners,

LP

210,000

5.375%, 

2/1/2027

217,784

150,000

5.000%, 

1/15/2028

156,188

Teine

Energy,

Ltd.

410,000

6.875%, 

4/15/2029

d,g

414,961

Transocean

Guardian,

Ltd.

293,625

5.875%, 

1/15/2024

g

256,922

Transocean

Proteus,

Ltd.

165,000

6.250%, 

12/1/2024

g

156,750

USA

Compression

Partners,

LP

210,000

6.875%, 

4/1/2026

215,381

Vine

Energy

Holdings,

LLC

275,000

6.750%, 

4/15/2029

d,g

275,000

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Energy

(1.0%)

-

continued

W&T

Offshore,

Inc.

$

465,000

9.750%, 

11/1/2023

g

$

411,386

Weatherford

International,

Ltd.

430,000

8.750%, 

9/1/2024

g

449,823

350,000

11.000%, 

12/1/2024

g

336,000

Western

Gas

Partners,

LP

1,120,000

4.000%, 

7/1/2022

1,148,028

Western

Midstream

Operating,

LP

210,000

4.350%, 

2/1/2025

217,350

440,000

3.950%, 

6/1/2025

451,884

230,000

5.500%, 

8/15/2048

226,348

Williams

Companies,

Inc.

900,000

7.500%, 

1/15/2031

1,191,936

Williams

Partners,

LP

710,000

4.500%, 

11/15/2023

773,182

WPX

Energy,

Inc.

959,000

4.500%, 

1/15/2030

1,032,642

Total

55,891,757

Financials

(2.2%)

ACE

INA

Holdings,

Inc.

737,000

4.350%, 

11/3/2045

871,999

AerCap

Ireland

Capital

DAC

980,000

3.500%, 

1/15/2025

1,027,664

950,000

3.875%, 

1/23/2028

995,440

Aircastle,

Ltd.

565,000

5.000%, 

4/1/2023

602,208

1,000,000

2.850%, 

1/26/2028

g

956,722

Ally

Financial,

Inc.

530,000

5.750%, 

11/20/2025

602,121

American

International

Group,

Inc.

705,000

3.750%, 

7/10/2025

769,793

810,000

3.900%, 

4/1/2026

894,467

Ares

Capital

Corporation

975,000

3.875%, 

1/15/2026

1,027,544

450,000

2.150%, 

7/15/2026

438,221

Australia

and

New

Zealand

Banking

Group,

Ltd.

500,000

2.950%, 

7/22/2030

b,g

516,755

750,000

2.570%, 

11/25/2035

b,g

704,955

Aviation

Capital

Group,

LLC

1,135,000

2.875%, 

1/20/2022

g

1,151,451

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

g

756,089

250,000

4.250%, 

4/15/2026

g

261,854

Banco

Santander

Mexico

SA

675,000

5.375%, 

4/17/2025

g

757,890

Banco

Santander

SA

1,200,000

1.344%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

1,216,876

Bank

of

America

Corporation

1,000,000

4.200%, 

8/26/2024

1,102,955

830,000

4.000%, 

1/22/2025

908,941

1,450,000

3.458%, 

3/15/2025

b

1,556,966

1,210,000

3.824%, 

1/20/2028

b

1,329,320

1,200,000

2.496%, 

2/13/2031

b

1,188,952

700,000

2.592%, 

4/29/2031

b

698,539

1,250,000

1.922%, 

10/24/2031

b

1,176,332

1,200,000

4.244%, 

4/24/2038

b

1,365,087

Barclays

Bank

plc

264,000

10.179%, 

6/12/2021

g

268,533

Barclays

plc

1,185,000

4.972%, 

5/16/2029

b

1,362,561

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Financials

(2.2%)

-

continued

$

1,250,000

3.564%, 

9/23/2035

b

$

1,251,800

BPCE

SA

860,000

3.500%, 

10/23/2027

g

930,262

Burford

Capital

Global

Finance,

LLC

245,000

6.250%, 

4/15/2028

d,g

251,125

Camden

Property

Trust

1,500,000

3.150%, 

7/1/2029

1,586,340

CANPACK

SA

540,000

3.125%, 

11/1/2025

g

548,100

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

1,106,830

Cascades

USA,

Inc.

370,000

5.125%, 

1/15/2026

g

392,662

Chobani,

LLC

580,000

4.625%, 

11/15/2028

g

591,600

CIT

Group,

Inc.

230,000

5.250%, 

3/7/2025

259,037

Citigroup,

Inc.

1,240,000

4.400%, 

6/10/2025

1,377,916

620,000

3.200%, 

10/21/2026

666,239

1,404,000

3.668%, 

7/24/2028

b

1,535,446

415,000

4.125%, 

7/25/2028

459,250

700,000

3.520%, 

10/27/2028

b

757,183

828,000

4.650%, 

7/23/2048

1,016,012

CNA

Financial

Corporation

450,000

3.900%, 

5/1/2029

496,138

Commerzbank

AG

1,400,000

8.125%, 

9/19/2023

g

1,601,740

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

810,000

3.950%, 

11/9/2022

852,858

1,330,000

4.625%, 

12/1/2023

1,457,566

Credit

Acceptance

Corporation

450,000

5.125%, 

12/31/2024

g

459,000

Credit

Agricole

SA

850,000

3.250%, 

1/14/2030

g

873,810

Credit

Suisse

Group

AG

775,000

7.250%, 

9/12/2025

b,g,k

840,720

1,375,000

2.193%, 

6/5/2026

b,g

1,397,357

Danske

Bank

AS

900,000

3.244%, 

12/20/2025

b,g

958,275

Deutsche

Bank

AG

850,000

3.547%, 

9/18/2031

b

877,699

950,000

3.729%, 

1/14/2032

b

921,151

Discover

Bank

600,000

2.450%, 

9/12/2024

628,044

1,410,000

4.682%, 

8/9/2028

b

1,503,906

Drawbridge

Special

Opportunities

Fund,

LP

600,000

3.875%, 

2/15/2026

g

615,454

Duke

Realty,

LP

700,000

2.875%, 

11/15/2029

718,360

ERP

Operating,

LP

267,000

3.375%, 

6/1/2025

289,309

ESH

Hospitality,

Inc.

440,000

5.250%, 

5/1/2025

g

448,800

220,000

4.625%, 

10/1/2027

g

232,681

Fidelity

National

Financial,

Inc.

1,125,000

5.500%, 

9/1/2022

1,201,194

First

Horizon

National

Corporation

1,375,000

4.000%, 

5/26/2025

1,509,004

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Financials

(2.2%)

-

continued

Fortress

Transportation

$

290,000

6.500%, 

10/1/2025

g

$

303,050

GE

Capital

Funding,

LLC

2,675,000

4.400%, 

5/15/2030

g

3,028,508

GE

Capital

International

Funding

Company

1,615,000

4.418%, 

11/15/2035

1,848,787

Global

Net

Lease,

Inc.

415,000

3.750%, 

12/15/2027

g

404,511

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,076,150

230,000

1.992%, 

1/27/2032

b

218,280

460,000

4.750%, 

10/21/2045

566,568

HCP,

Inc.

520,000

3.400%, 

2/1/2025

558,763

Healthpeak

Properties,

Inc.

675,000

2.875%, 

1/15/2031

680,485

HSBC

Holdings

plc

1,075,000

6.875%, 

6/1/2021

b,k

1,084,352

1,525,000

3.803%, 

3/11/2025

b

1,646,771

1,040,000

3.900%, 

5/25/2026

1,146,746

1,100,000

4.950%, 

3/31/2030

1,284,339

Icahn

Enterprises,

LP

885,000

6.375%, 

12/15/2025

913,762

iStar,

Inc.

430,000

4.250%, 

8/1/2025

432,967

J.P.

Morgan

Chase

&

Company

1,200,000

3.875%, 

9/10/2024

1,315,564

565,000

3.125%, 

1/23/2025

605,331

725,000

1.040%, 

2/4/2027

b

707,118

1,350,000

4.203%, 

7/23/2029

b

1,527,232

700,000

2.522%, 

4/22/2031

b

698,526

975,000

1.953%, 

2/4/2032

b

924,068

1,475,000

3.882%, 

7/24/2038

b

1,636,806

Kimco

Realty

Corporation

1,072,000

3.300%, 

2/1/2025

1,148,587

Liberty

Mutual

Group,

Inc.

294,000

4.950%, 

5/1/2022

g

307,605

Lloyds

Banking

Group

plc

1,500,000

3.870%, 

7/9/2025

b

1,632,391

LPL

Holdings,

Inc.

340,000

4.000%, 

3/15/2029

g

342,550

MGM

Growth

Properties

Operating

Partnership,

LP

300,000

4.625%, 

6/15/2025

g

316,410

260,000

5.750%, 

2/1/2027

286,633

Mitsubishi

UFJ

Financial

Group,

Inc.

1,420,000

3.287%, 

7/25/2027

1,548,218

1,350,000

2.048%, 

7/17/2030

1,299,358

Mizuho

Financial

Group,

Inc.

1,250,000

1.979%, 

9/8/2031

b

1,178,928

Morgan

Stanley

560,000

4.051%, 

(LIBOR

3M

+

3.810%),

4/15/2021

b,k

560,000

475,000

2.188%, 

4/28/2026

b

490,785

1,350,000

4.350%, 

9/8/2026

1,525,305

1,704,000

3.591%, 

7/22/2028

b

1,857,676

1,250,000

3.622%, 

4/1/2031

b

1,357,181

700,000

2.802%, 

1/25/2052

b

644,326

MPT

Operating

Partnership,

LP

385,000

4.625%, 

8/1/2029

405,032

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Financials

(2.2%)

-

continued

Nasdaq,

Inc.

$

575,000

3.250%, 

4/28/2050

$

540,528

Nationwide

Building

Society

650,000

3.622%, 

4/26/2023

b,g

670,458

Natwest

Group

plc

750,000

3.032%, 

11/28/2035

b

715,560

NFP

Corporation

180,000

6.875%, 

8/15/2028

g

186,750

Omega

Healthcare

Investors,

Inc.

725,000

3.375%, 

2/1/2031

719,104

Park

Aerospace

Holdings,

Ltd.

700,000

4.500%, 

3/15/2023

g

731,066

PennyMac

Financial

Services,

Inc.

360,000

4.250%, 

2/15/2029

g

344,250

Playtika

Holding

Corporation

140,000

4.250%, 

3/15/2029

g

137,928

Prudential

Financial,

Inc.

900,000

3.700%, 

3/13/2051

952,756

Quicken

Loans,

LLC

340,000

3.625%, 

3/1/2029

g

327,250

Realty

Income

Corporation

1,120,000

4.125%, 

10/15/2026

1,266,831

450,000

1.800%, 

3/15/2033

413,232

Regency

Centers,

LP

1,180,000

4.125%, 

3/15/2028

1,289,797

Reinsurance

Group

of

America,

Inc.

965,000

4.700%, 

9/15/2023

1,057,052

Royal

Bank

of

Scotland

Group

plc

875,000

6.000%, 

12/29/2025

b,k

960,050

850,000

4.445%, 

5/8/2030

b

946,713

Service

Properties

Trust

360,000

4.500%, 

6/15/2023

365,710

170,000

4.750%, 

10/1/2026

165,750

290,000

5.500%, 

12/15/2027

306,743

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

g

932,772

Springleaf

Finance

Corporation

680,000

6.875%, 

3/15/2025

773,449

410,000

6.625%, 

1/15/2028

464,657

Sumitomo

Mitsui

Financial

Group,

Inc.

840,000

3.010%, 

10/19/2026

897,001

700,000

1.710%, 

1/12/2031

650,431

Synchrony

Financial

330,000

4.250%, 

8/15/2024

358,976

825,000

3.950%, 

12/1/2027

888,901

UBS

Group

Funding

Jersey,

Ltd.

768,000

4.125%, 

9/24/2025

g

852,445

UDR,

Inc.

675,000

2.100%, 

8/1/2032

627,160

VEREIT

Operating

Partnership,

LP

1,000,000

2.850%, 

12/15/2032

968,452

VICI

Properties,

LP

250,000

4.250%, 

12/1/2026

g

255,771

140,000

3.750%, 

2/15/2027

g

140,000

250,000

4.625%, 

12/1/2029

g

259,340

Voya

Financial,

Inc.

979,000

3.125%, 

7/15/2024

1,046,217

Wells

Fargo

&

Company

900,000

4.125%, 

8/15/2023

973,643

1,040,000

3.000%, 

2/19/2025

1,106,588

600,000

3.000%, 

4/22/2026

641,168

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Financials

(2.2%)

-

continued

$

1,140,000

3.000%, 

10/23/2026

$

1,216,734

1,200,000

2.393%, 

6/2/2028

b

1,229,873

930,000

4.900%, 

11/17/2045

1,116,191

Westpac

Banking

Corporation

1,750,000

2.668%, 

11/15/2035

b

1,660,575

Total

121,790,644

Mortgage-Backed

Securities

(11.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

27,417,605

3.000%, 

3/25/2050

28,615,103

18,759,583

3.000%, 

4/1/2050

19,591,325

14,408,251

3.500%, 

7/1/2047

15,295,788

Federal

National

Mortgage

Association

6,336,174

4.500%, 

5/1/2048

6,915,972

10,896,838

3.500%, 

10/1/2048

11,509,559

9,173,142

3.500%, 

6/1/2049

9,709,446

12,541,098

3.500%, 

8/1/2049

13,271,866

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

36,050,000

1.500%, 

4/1/2036

d

36,212,755

61,150,000

2.000%, 

4/1/2036

d

62,756,564

23,000,000

2.500%, 

4/1/2036

d

23,929,883

9,000,000

1.500%, 

5/1/2036

d

9,026,477

57,950,000

2.000%, 

5/1/2036

d

59,399,458

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

36,700,000

2.000%, 

4/1/2051

d,l

36,631,188

102,225,000

2.500%, 

4/1/2051

d

104,900,420

95,305,000

2.000%, 

5/1/2051

d,l

94,951,330

65,950,000

2.500%, 

5/1/2051

d

67,534,346

19,049,812

4.000%, 

7/1/2048

20,446,565

Total

620,698,045

Technology

(0.7%)

Apple,

Inc.

2,250,000

3.000%, 

11/13/2027

2,439,284

1,975,000

3.750%, 

9/12/2047

2,184,508

Applied

Materials,

Inc.

560,000

3.300%, 

4/1/2027

609,354

Baidu,

Inc.

940,000

3.425%, 

4/7/2030

984,759

Banff

Merger

Sub,

Inc.

205,000

9.750%, 

9/1/2026

g

218,325

Broadcom

Corporation

403,000

3.875%, 

1/15/2027

437,620

1,100,000

3.500%, 

1/15/2028

1,167,888

Broadcom,

Inc.

448,000

3.469%, 

4/15/2034

g

449,532

460,000

5.000%, 

4/15/2030

524,269

CDW,

LLC

280,000

4.250%, 

4/1/2028

289,800

CommScope

Technologies

Finance,

LLC

535,000

6.000%, 

6/15/2025

g

545,727

CommScope,

Inc.

310,000

7.125%, 

7/1/2028

g

329,245

Diamond

1

Finance

Corporation

2,320,000

6.020%, 

6/15/2026

g

2,746,525

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Technology

(0.7%)

-

continued

Diamond

Sports

Group,

LLC

$

790,000

6.625%, 

8/15/2027

g

$

410,800

Fiserv,

Inc.

1,650,000

2.250%, 

6/1/2027

1,686,646

960,000

2.650%, 

6/1/2030

966,839

Gartner,

Inc.

60,000

4.500%, 

7/1/2028

g

61,875

480,000

3.750%, 

10/1/2030

g

476,030

Hewlett

Packard

Enterprise

Company

650,000

4.650%, 

10/1/2024

725,597

Iron

Mountain,

Inc.

250,000

5.000%, 

7/15/2028

g

255,625

540,000

4.875%, 

9/15/2029

g

546,723

300,000

5.250%, 

7/15/2030

g

309,540

KLA

Corporation

1,440,000

3.300%, 

3/1/2050

1,383,106

Lam

Research

Corporation

1,200,000

2.875%, 

6/15/2050

1,143,889

Micron

Technology,

Inc.

450,000

2.497%, 

4/24/2023

467,050

Microsoft

Corporation

526,000

2.675%, 

6/1/2060

482,845

1,575,000

4.200%, 

11/3/2035

1,881,957

1,700,000

3.700%, 

8/8/2046

1,905,636

NCR

Corporation

820,000

6.125%, 

9/1/2029

g

868,175

NVIDIA

Corporation

1,100,000

3.500%, 

4/1/2040

1,183,245

NXP

Funding,

LLC

1,250,000

4.875%, 

3/1/2024

g

1,389,320

Open

Text

Corporation

545,000

4.125%, 

2/15/2030

g

552,461

Oracle

Corporation

1,300,000

2.800%, 

4/1/2027

1,369,085

1,400,000

3.850%, 

7/15/2036

1,488,939

1,200,000

3.600%, 

4/1/2040

1,205,183

PTC,

Inc.

220,000

3.625%, 

2/15/2025

g

225,775

210,000

4.000%, 

2/15/2028

g

213,150

Qorvo,

Inc.

350,000

3.375%, 

4/1/2031

g

342,961

Rackspace

Technology

Global,

Inc.

430,000

5.375%, 

12/1/2028

g,j

437,235

Seagate

HDD

Cayman

540,000

3.375%, 

7/15/2031

g

519,183

Sensata

Technologies,

Inc.

750,000

3.750%, 

2/15/2031

g

739,455

Shift4

Payments,

LLC

150,000

4.625%, 

11/1/2026

g

155,625

SS&C

Technologies,

Inc.

880,000

5.500%, 

9/30/2027

g

937,244

Switch,

Ltd.

440,000

3.750%, 

9/15/2028

g

433,277

Teledyne

Technologies,

Inc.

714,000

2.250%, 

4/1/2028

710,558

Texas

Instruments,

Inc.

1,380,000

4.150%, 

5/15/2048

1,641,786

Tyco

Electronics

Group

SA

284,000

3.450%, 

8/1/2024

305,982

568,000

3.125%, 

8/15/2027

609,316

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Technology

(0.7%)

-

continued

VMware,

Inc.

$

550,000

4.650%, 

5/15/2027

$

623,433

Total

41,582,382

Transportation

(0.2%)

Air

Canada

Pass

Through

Trust

181,573

3.875%, 

3/15/2023

g

181,292

American

Airlines,

Inc.

390,000

11.750%, 

7/15/2025

g

482,426

620,000

5.500%, 

4/20/2026

g

645,228

100,000

5.750%, 

4/20/2029

g

106,365

Avis

Budget

Car

Rental,

LLC

360,000

5.375%, 

3/1/2029

g

372,393

Boeing

Company

600,000

5.805%, 

5/1/2050

755,370

Burlington

Northern

Santa

Fe,

LLC

850,000

5.750%, 

5/1/2040

1,137,754

900,000

4.450%, 

3/15/2043

1,062,383

CSX

Corporation

720,000

3.800%, 

4/15/2050

764,000

Delta

Air

Lines,

Inc.

415,000

7.000%, 

5/1/2025

g

478,062

975,000

4.750%, 

10/20/2028

g

1,060,211

Hawaiian

Brand

Intellectual

Property,

Ltd.

470,000

5.750%, 

1/20/2026

g

499,422

Mileage

Plus

Holdings,

LLC

440,000

6.500%, 

6/20/2027

g

482,350

Southwest

Airlines

Company

510,000

4.750%, 

5/4/2023

550,645

875,000

5.125%, 

6/15/2027

1,005,961

United

Parcel

Service,

Inc.

960,000

4.450%, 

4/1/2030

1,122,049

XPO

Logistics,

Inc.

728,000

6.750%, 

8/15/2024

g

763,490

Total

11,469,401

U.S.

Government

&

Agencies

(12.5%)

U.S.

Treasury

Bonds

20,680,000

1.625%, 

11/15/2050

17,232,256

16,975,000

2.250%, 

11/15/2027

17,968,966

31,750,000

2.875%, 

5/15/2028

34,901,435

14,120,000

5.250%, 

11/15/2028

17,977,628

38,050,000

1.625%, 

8/15/2029

38,185,256

13,170,000

1.500%, 

2/15/2030

13,007,947

6,250,000

0.875%, 

11/15/2030

5,780,273

350,000

1.125%, 

2/15/2031

330,695

1,075,000

4.375%, 

5/15/2040

1,441,130

41,740,000

1.375%, 

11/15/2040

35,505,088

600,000

3.000%, 

5/15/2042

670,055

27,658,000

2.500%, 

5/15/2046

28,185,231

35,275,000

2.875%, 

5/15/2049

38,736,359

U.S.

Treasury

Notes

2,000,000

2.500%, 

1/15/2022

2,038,438

3,990,000

1.125%, 

2/28/2022

4,028,341

91,985,000

0.125%, 

6/30/2022

92,006,559

22,230,000

1.875%, 

7/31/2022

22,750,147

60,930,000

0.125%, 

10/31/2022

60,922,860

53,005,000

2.000%, 

11/30/2022

54,638,631

6,540,000

2.500%, 

3/31/2023

6,844,774

23,100,000

0.125%, 

10/15/2023

23,024,203

65,780,000

2.500%, 

1/31/2024

69,824,443

12,780,000

2.125%, 

7/31/2024

13,489,390

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

U.S.

Government

&

Agencies

(12.5%)

-

continued

$

15,100,000

2.250%, 

11/15/2024

$

16,024,285

8,000,000

2.125%, 

11/30/2024

8,456,562

3,700,000

1.375%, 

1/31/2025

3,806,953

6,000,000

0.250%, 

8/31/2025

5,860,313

33,790,000

2.625%, 

1/31/2026

36,580,315

22,580,000

2.500%, 

2/28/2026

24,313,191

2,350,000

0.500%, 

4/30/2027

2,250,676

4,300,000

0.750%, 

1/31/2028

4,122,625

Total

700,905,025

Utilities

(0.7%)

Ameren

Illinois

Company

720,000

4.500%, 

3/15/2049

866,698

American

Water

Capital

Corporation

1,150,000

2.800%, 

5/1/2030

1,182,706

Appalachian

Power

Company

560,000

3.300%, 

6/1/2027

602,612

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

1,043,280

Calpine

Corporation

710,000

4.500%, 

2/15/2028

g

715,964

CenterPoint

Energy,

Inc.

500,000

2.500%, 

9/1/2024

524,256

750,000

4.250%, 

11/1/2028

841,162

CMS

Energy

Corporation

440,000

2.950%, 

2/15/2027

464,940

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

1,090,019

Consolidated

Edison

Company

of

New

York,

Inc.

900,000

4.125%, 

5/15/2049

1,000,664

Consolidated

Edison,

Inc.

384,000

4.500%, 

12/1/2045

443,592

Consumers

Energy

Company

1,025,000

4.350%, 

4/15/2049

1,226,430

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

803,707

640,000

3.700%, 

6/1/2046

679,415

Duke

Energy

Carolinas,

LLC

960,000

3.700%, 

12/1/2047

1,019,779

Duke

Energy

Corporation

520,000

3.750%, 

9/1/2046

522,952

Duke

Energy

Florida,

LLC

775,000

3.200%, 

1/15/2027

837,836

Duke

Energy

Indiana,

LLC

1,085,000

3.750%, 

5/15/2046

1,134,221

Edison

International

950,000

5.750%, 

6/15/2027

1,108,224

Exelon

Corporation

575,000

4.700%, 

4/15/2050

688,739

792,000

4.450%, 

4/15/2046

907,900

FirstEnergy

Corporation

350,000

2.850%, 

7/15/2022

355,250

ITC

Holdings

Corporation

284,000

4.050%, 

7/1/2023

303,197

560,000

5.300%, 

7/1/2043

685,732

Mississippi

Power

Company

800,000

3.950%, 

3/30/2028

881,824

Monongahela

Power

Company

780,000

5.400%, 

12/15/2043

g

960,563

Principal

Amount

Long-Term

Fixed

Income

(36.7%)

Value

Utilities

(0.7%)

-

continued

National

Rural

Utilities

Cooperative

Finance

Corporation

$

500,000

3.900%, 

11/1/2028

$

558,233

1,000,000

3.700%, 

3/15/2029

1,094,874

NextEra

Energy

Operating

Partners,

LP

600,000

3.875%, 

10/15/2026

g

629,250

NiSource

Finance

Corporation

675,000

5.650%, 

2/1/2045

867,266

NiSource,

Inc.

875,000

3.600%, 

5/1/2030

948,377

NRG

Energy,

Inc.

655,000

3.375%, 

2/15/2029

g

639,444

Pacific

Gas

and

Electric

Company

800,000

3.300%, 

12/1/2027

835,475

476,000

3.250%, 

6/1/2031

473,895

800,000

3.950%, 

12/1/2047

736,282

PG&E

Corporation

290,000

5.000%, 

7/1/2028

306,378

220,000

5.250%, 

7/1/2030

233,200

PPL

Capital

Funding,

Inc.

825,000

5.000%, 

3/15/2044

983,306

PPL

Electric

Utilities

Corporation

840,000

3.950%, 

6/1/2047

925,648

Public

Service

Electric

&

Gas

Company

410,000

3.000%, 

5/15/2027

440,076

San

Diego

Gas

and

Electric

Company

1,450,000

4.150%, 

5/15/2048

1,634,540

South

Carolina

Electric

&

Gas

Company

760,000

5.100%, 

6/1/2065

1,007,513

Southern

California

Edison

Company

1,135,000

4.000%, 

4/1/2047

1,169,179

Southern

Company

665,000

3.250%, 

7/1/2026

711,800

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

663,561

Southwestern

Electric

Power

Company

460,000

3.900%, 

4/1/2045

479,180

Suburban

Propane

Partners,

LP

560,000

5.875%, 

3/1/2027

582,400

Talen

Energy

Supply,

LLC

435,000

7.625%, 

6/1/2028

g

440,437

TerraForm

Power

Operating,

LLC

510,000

5.000%, 

1/31/2028

g

550,315

Virginia

Electric

and

Power

Company

750,000

4.600%, 

12/1/2048

921,268

Vistra

Operations

Company,

LLC

560,000

5.000%, 

7/31/2027

g

576,811

Total

39,300,370

Total

Long-Term

Fixed

Income

(cost

$2,021,382,513)

2,059,031,669

Shares

Registered

Investment

Companies

(

35.6%

)

Value

Unaffiliated  (0.9%)

1,270,850

Invesco

Senior

Loan

ETF

28,123,910

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Shares

Registered

Investment

Companies

(35.6%)

Value

Unaffiliated  (0.9%)-

continued

7,337

ProShares

Ultra

S&P

500

j

$

750,648

514

ProShares

UltraPro

QQQ

46,908

15,267

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

j

1,661,050

118,734

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

3,245,000

42,246

SPDR

S&P

500

ETF

Trust

16,743,357

6,198

SPDR

S&P

Oil

&

Gas

Exploration

ETF

j

504,145

Total

51,075,018

Affiliated  (34.7%)

19,439,076

Thrivent

Core

Emerging

Markets

Debt

Fund

187,975,863

3,610,831

Thrivent

Core

Emerging

Markets

Equity

Fund

44,304,901

5,618,928

Thrivent

Core

International

Equity

Fund

57,088,313

7,975,263

Thrivent

Core

Low

Volatility

Equity

Fund

103,678,423

3,478,328

Thrivent

Global

Stock

Portfolio

51,842,399

31,030,232

Thrivent

High

Yield

Portfolio

143,642,046

41,325,791

Thrivent

Income

Portfolio

451,620,640

17,978,733

Thrivent

International

Allocation

Portfolio

189,878,796

1,580,547

Thrivent

International

Index

Portfolio

20,669,758

10,802,677

Thrivent

Large

Cap

Value

Portfolio

235,427,060

25,478,189

Thrivent

Limited

Maturity

Bond

Portfolio

256,285,102

5,379,170

Thrivent

Mid

Cap

Stock

Portfolio

133,706,805

3,003,419

Thrivent

Small

Cap

Stock

Portfolio

71,773,316

Total

1,947,893,422

Total

Registered

Investment

Companies

(cost

$1,686,313,192)

1,998,968,440

Shares

Common

Stock

(

19.4%

)

Value

Communications

Services

(1.6%)

41,108

Activision

Blizzard,

Inc.

3,823,044

11,878

Alphabet,

Inc.,

Class

A

m

24,498,613

2,518

Alphabet,

Inc.,

Class

C

m

5,208,810

14,402

AMC

Networks,

Inc.

m

765,610

5,814

ANGI

Homeservices,

Inc.

m

75,582

45,291

AT&T,

Inc.

1,370,959

911

Cardlytics,

Inc.

m

99,937

3,763

Cars.com

Inc.

m

48,768

2,180

Charter

Communications,

Inc.

m

1,345,104

97,284

Comcast

Corporation

5,264,037

2,115

Consolidated

Communications

Holdings,

Inc.

m

15,228

20,845

Discovery,

Inc.,

Class

A

j,m

905,924

8,292

DISH

Network

Corporation

m

300,170

3,404

EchoStar

Corporation

m

81,696

12,022

Entercom

Communications

Corporation

m

63,115

51,910

Facebook,

Inc.

m

15,289,052

11,294

Gannett

Company,

Inc.

m

60,762

6,200

Gray

Television,

Inc.

114,080

1,866

Hemisphere

Media

Group,

Inc.

m

21,739

11,361

Interpublic

Group

of

Companies,

Inc.

331,741

51,625

Live

Nation

Entertainment,

Inc.

m

4,370,056

28,034

Lumen

Technologies,

Inc.

374,254

Shares

Common

Stock

(19.4%)

Value

Communications

Services

(1.6%)

-

continued

22,063

Match

Group,

Inc.

m

$

3,031,015

2,732

Omnicom

Group,

Inc.

202,578

24,179

QuinStreet,

Inc.

m

490,834

8,412

RingCentral,

Inc.

m

2,505,767

108

Roku,

Inc.

m

35,183

1,374

Scholastic

Corporation

41,371

5,984

Take-Two

Interactive

Software,

Inc.

m

1,057,373

11,311

Telephone

&

Data

Systems,

Inc.

259,701

91,210

Twitter,

Inc.

m

5,803,692

122,463

Uber

Technologies,

Inc.

m

6,675,458

1,839

United

States

Cellular

Corporation

m

67,087

87,999

Verizon

Communications,

Inc.

5,117,142

12,843

Walt

Disney

Company

m

2,369,790

4,552

WideOpenWest,

Inc.

m

61,862

6,476

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

m

83,106

3,126

Zillow

Group,

Inc.

m

410,694

Total

92,640,934

Consumer

Discretionary

(2.8%)

1,864

Aaron's

Company,

Inc.

47,868

6,284

Adient

plc

m

277,753

12,538

Amazon.com,

Inc.

m

38,793,575

13,654

American

Axle

&

Manufacturing

Holdings,

Inc.

m

131,898

7,908

American

Eagle

Outfitters,

Inc.

j

231,230

61,174

Aptiv

plc

m

8,435,895

17,639

At

Home

Group,

Inc.

m

506,239

3,352

AutoNation,

Inc.

m

312,473

1,632

AutoZone,

Inc.

m

2,291,818

4,566

Bally's

Corporation

m

296,699

3,329

Beazer

Homes

USA,

Inc.

m

69,643

2,920

Bed

Bath

&

Beyond,

Inc.

m

85,118

3,506

Big

5

Sporting

Goods

Corporation

55,044

4,933

Big

Lots,

Inc.

336,924

3,911

BJ's

Restaurants,

Inc.

m

227,151

2,165

Booking

Holdings,

Inc.

m

5,044,104

5,099

Bright

Horizons

Family

Solutions,

Inc.

m

874,224

1,758

Brinker

International,

Inc.

m

124,923

1,578

Brunswick

Corporation

150,494

6,717

Burlington

Stores,

Inc.

m

2,007,040

22,566

Caesars

Entertainment,

Inc.

m

1,973,397

955

Camping

World

Holdings,

Inc.

34,743

7,033

Carnival

Corporation

m

186,656

8,555

Carvana

Company

m

2,244,832

110

Cavco

Industries,

Inc.

m

24,817

8,099

Cedar

Fair,

LP

m

402,358

994

Century

Casinos,

Inc.

m

10,208

14,792

Chegg,

Inc.

m

1,267,083

23,344

Chewy,

Inc.

j,m

1,977,470

43,351

Chico's

FAS,

Inc.

m

143,492

3,907

Children's

Place,

Inc.

m

272,318

4,714

Chipotle

Mexican

Grill,

Inc.

m

6,697,745

4,196

Choice

Hotels

International,

Inc.

450,189

684

Churchill

Downs,

Inc.

155,555

29,718

Cooper-Standard

Holdings,

Inc.

m

1,079,358

2,345

Cracker

Barrel

Old

Country

Store,

Inc.

405,404

4,432

Crocs,

Inc.

m

356,554

8,021

Culp,

Inc.

123,443

19,516

D.R.

Horton,

Inc.

1,739,266

9,910

Dana,

Inc.

241,110

3,238

Darden

Restaurants,

Inc.

459,796

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Shares

Common

Stock

(19.4%)

Value

Consumer

Discretionary

(2.8%)

-

continued

1,189

Deckers

Outdoor

Corporation

m

$

392,869

6,625

Designer

Brands,

Inc.

m

115,275

11,370

Dick's

Sporting

Goods,

Inc.

865,825

4,066

Dillard's,

Inc.

392,654

4,623

Domino's

Pizza,

Inc.

1,700,293

2,086

Dorman

Products,

Inc.

m

214,107

40,902

Duluth

Holdings,

Inc.

j,m

692,880

14,589

Emerald

Holding,

Inc.

m

80,531

1,709

Ethan

Allen

Interiors,

Inc.

47,185

2,414

Etsy,

Inc.

m

486,831

2,237

Expedia

Group,

Inc.

m

385,032

17,194

Farfetch,

Ltd.

j,m

911,626

8,280

Five

Below,

Inc.

m

1,579,741

4,472

Foot

Locker,

Inc.

251,550

525

Fox

Factory

Holding

Corporation

m

66,706

21,590

Gap,

Inc.

m

642,950

2,476

Garmin,

Ltd.

326,461

26,892

Gentex

Corporation

959,238

4,423

Genuine

Parts

Company

511,255

5,557

G-III

Apparel

Group,

Ltd.

m

167,488

8,172

Goodyear

Tire

&

Rubber

Company

m

143,582

196

Graham

Holdings

Company

110,238

2,767

Grand

Canyon

Education,

Inc.

m

296,346

2,660

Group

1

Automotive,

Inc.

419,721

10,540

Guess

?,

Inc.

247,690

21,833

Hanesbrands,

Inc.

429,455

13,030

Harley-Davidson,

Inc.

522,503

1,634

Helen

of

Troy,

Ltd.

m

344,218

11,996

Home

Depot,

Inc.

3,661,779

9,825

IAA,

Inc.

m

541,750

3,485

KB

Home

162,157

7,640

Knoll,

Inc.

126,136

38,808

Kohl's

Corporation

2,313,345

10,524

L

Brands,

Inc.

m

651,015

8,262

Lear

Corporation

1,497,488

11,181

Leggett

&

Platt,

Inc.

510,413

5,173

Lithia

Motors,

Inc.

2,017,936

27,118

Lowe's

Companies,

Inc.

5,157,301

1,776

Lululemon

Athletica,

Inc.

m

544,717

2,490

M.D.C.

Holdings,

Inc.

147,906

2,188

M/I

Homes,

Inc.

m

129,245

81,727

Macy's,

Inc.

m

1,323,160

9,037

Magnite,

Inc.

m

376,030

794

Marriott

Vacations

Worldwide

Corporation

m

138,299

37,378

Mattel,

Inc.

m

744,570

7,867

McDonald's

Corporation

1,763,309

642

Mercadolibre,

Inc.

m

945,114

2,586

Meritage

Homes

Corporation

m

237,705

7,482

Miller

Industries,

Inc.

345,594

6,096

Mohawk

Industries,

Inc.

m

1,172,322

2,993

Nautilus,

Inc.

m

46,811

13,817

NIKE,

Inc.

1,836,141

1,244

Noodles

&

Company

m

12,875

35,267

Nordstrom,

Inc.

m

1,335,561

19,118

Norwegian

Cruise

Line

Holdings,

Ltd.

j,m

527,466

841

NVR,

Inc.

m

3,961,892

4,748

Ollie's

Bargain

Outlet

Holdings,

Inc.

m

413,076

9,400

Overstock.com,

Inc.

m

622,844

25,061

Park

Hotels

&

Resorts,

Inc.

m

540,816

8,554

Penn

National

Gaming,

Inc.

m

896,801

23,928

Planet

Fitness,

Inc.

m

1,849,634

Shares

Common

Stock

(19.4%)

Value

Consumer

Discretionary

(2.8%)

-

continued

6,616

Playa

Hotels

and

Resorts

NV

m

$

48,297

1,508

Pool

Corporation

520,622

9,125

PulteGroup,

Inc.

478,515

2,026

Purple

Innovation,

Inc.

m

64,123

694

PVH

Corporation

m

73,356

54,738

Qurate

Retail,

Inc.

643,719

342

Revolve

Group,

Inc.

m

15,366

562

RH

m

335,289

8,908

Ross

Stores,

Inc.

1,068,158

2,492

Royal

Caribbean

Cruises,

Ltd.

m

213,340

9,744

Ruth's

Hospitality

Group,

Inc.

m

241,944

11,183

Skyline

Corporation

m

506,143

2,762

Sleep

Number

Corporation

m

396,319

26,137

Sony

Corporation

ADR

2,770,783

5,921

Standard

Motor

Products,

Inc.

246,195

1,971

Stitch

Fix,

Inc.

m

97,643

10,477

Stoneridge,

Inc.

m

333,273

1,484

Strategic

Education,

Inc.

136,394

38,959

Taylor

Morrison

Home

Corporation

m

1,200,327

16,362

Tenneco,

Inc.

m

175,401

15,731

Tesla,

Inc.

m

10,507,207

3,823

Texas

Roadhouse,

Inc.

m

366,779

1,864

Thor

Industries,

Inc.

251,155

14,675

Toll

Brothers,

Inc.

832,513

702

TopBuild

Corporation

m

147,020

15,392

Tri

Pointe

Homes,

Inc.

m

313,381

6,383

TripAdvisor,

Inc.

m

343,342

17,413

Tupperware

Brands

Corporation

m

459,877

5,202

Ulta

Beauty,

Inc.

m

1,608,302

1,627

Vail

Resorts,

Inc.

m

474,531

791

Whirlpool

Corporation

174,297

683

Williams-Sonoma,

Inc.

122,394

3,974

Wingstop,

Inc.

505,374

6,900

Workhorse

Group,

Inc.

j,m

95,013

16,953

Wyndham

Hotels

&

Resorts,

Inc.

1,182,980

1,212

YETI

Holdings,

Inc.

m

87,519

9,496

Zumiez,

Inc.

m

407,378

Total

157,845,634

Consumer

Staples

(0.5%)

4,771

Altria

Group,

Inc.

244,084

31,391

BJ's

Wholesale

Club

Holdings,

Inc.

m

1,408,200

286

Boston

Beer

Company,

Inc.

m

344,996

328

Casey's

General

Stores,

Inc.

70,910

13,983

Colgate-Palmolive

Company

1,102,280

6,601

Costco

Wholesale

Corporation

2,326,721

33,010

Coty,

Inc.

m

297,420

8,614

Darling

Ingredients,

Inc.

m

633,818

27,421

e.l.f.

Beauty,

Inc.

m

735,705

775

Edgewell

Personal

Care

Company

30,690

3,207

Flowers

Foods,

Inc.

76,327

15,173

Hain

Celestial

Group,

Inc.

m

661,543

1,948

Hershey

Company

308,096

1,923

Ingredion,

Inc.

172,916

2,454

John

B.

Sanfilippo

&

Son,

Inc.

221,768

8,629

Kimberly-Clark

Corporation

1,199,862

35,794

Lamb

Weston

Holdings,

Inc.

2,773,319

632

Medifast,

Inc.

133,870

18,319

Monster

Beverage

Corporation

m

1,668,678

12,130

NewAge,

Inc.

j,m

34,692

1,403

PepsiCo,

Inc.

198,454

3,353

Performance

Food

Group

Company

m

193,166

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Shares

Common

Stock

(19.4%)

Value

Consumer

Staples

(0.5%)

-

continued

55,034

Philip

Morris

International,

Inc.

$

4,883,717

31,400

Primo

Water

Corporation

510,564

10,942

Procter

&

Gamble

Company

1,481,875

1,975

Seneca

Foods

Corporation

m

93,003

1,114

Spectrum

Brands

Holdings,

Inc.

94,690

636

Tootsie

Roll

Industries,

Inc.

j

21,071

22,959

Turning

Point

Brands,

Inc.

1,197,771

838

United

Natural

Foods,

Inc.

m

27,604

4,181

US

Foods

Holding

Corporation

m

159,380

1,652

Utz

Brands,

Inc.

40,953

2,066

Vector

Group,

Ltd.

28,821

38,523

Wal-Mart

Stores,

Inc.

5,232,579

48

WD-40

Company

14,697

Total

28,624,240

Energy

(0.5%)

19,376

Antero

Midstream

Corporation

174,965

66,925

Antero

Resources

Corporation

m

682,635

32,194

Archrock,

Inc.

305,521

771

Bonanza

Creek

Energy,

Inc.

m

27,548

65,701

BP

plc

ADR

1,599,819

52,101

Centennial

Resource

Development,

Inc.

m

218,824

5,049

Chevron

Corporation

529,085

20,181

Cimarex

Energy

Company

1,198,550

1,594

Clean

Energy

Fuels

Corporation

m

21,902

8,810

CNX

Resources

Corporation

m

129,507

33,012

ConocoPhillips

1,748,646

3,004

CONSOL

Energy,

Inc.

m

29,199

9,459

Continental

Resources,

Inc.

m

244,704

12,981

Core

Laboratories

NV

373,723

144,634

Devon

Energy

Corporation

3,160,253

10,555

Diamondback

Energy,

Inc.

775,687

6,104

Dorian

LPG,

Ltd.

m

80,145

31,154

EnLink

Midstream,

LLC

133,651

54,611

Enterprise

Products

Partners,

LP

1,202,534

13,618

EOG

Resources,

Inc.

987,713

1,109

Evolution

Petroleum

Corporation

3,748

12,463

Exterran

Corporation

m

41,876

19,695

Exxon

Mobil

Corporation

1,099,572

37,941

Gevo,

Inc.

j,m

372,201

26,268

Gran

Tierra

Energy,

Inc.

j,m

18,382

55,191

Halliburton

Company

1,184,399

30,769

Helix

Energy

Solutions

Group,

Inc.

m

155,383

26,521

Helmerich

&

Payne,

Inc.

715,006

11,333

HollyFrontier

Corporation

405,495

86,686

Kinder

Morgan,

Inc.

1,443,322

6,433

Liberty

Oilfield

Services,

Inc.

m

72,629

39,938

Marathon

Oil

Corporation

426,538

32,180

Marathon

Petroleum

Corporation

1,721,308

104,062

McDermott

International,

Inc.

m

83,250

1,201

Nabors

Industries,

Ltd.

m

112,233

24,013

Nine

Energy

Service,

Inc.

m

55,230

26,387

Occidental

Petroleum

Corporation

702,422

8,327

Oceaneering

International,

Inc.

m

95,094

29,900

Patterson-UTI

Energy,

Inc.

213,187

14,030

Pioneer

Natural

Resources

Company

2,228,245

6,330

Plains

GP

Holdings,

LP

m

59,502

9,280

ProPetro

Holding

Corporation

m

98,925

1,756

Renewable

Energy

Group,

Inc.

m

115,966

7,894

Ring

Energy,

Inc.

j,m

18,235

6,762

Talos

Energy,

Inc.

m

81,414

4,569

Targa

Resources

Corporation

145,066

Shares

Common

Stock

(19.4%)

Value

Energy

(0.5%)

-

continued

63,493

Transocean,

Ltd.

j,m

$

225,400

501

TravelCenters

of

America,

Inc.

m

13,592

3,796

Valero

Energy

Corporation

271,794

Total

25,804,025

Financials

(2.8%)

194

1st

Source

Corporation

9,230

3,429

AG

Mortgage

Investment

Trust,

Inc.

13,819

21,025

Air

Lease

Corporation

1,030,225

1,895

Alleghany

Corporation

m

1,186,820

12,757

Ally

Financial,

Inc.

576,744

24,940

American

Equity

Investment

Life

Holding

Company

786,358

29,448

American

Express

Company

4,165,125

13,680

American

Financial

Group,

Inc.

1,560,888

256

American

National

Group,

Inc.

27,615

1,587

Ameriprise

Financial,

Inc.

368,898

5,581

Ameris

Bancorp

293,058

65,253

Annaly

Capital

Management,

Inc.

561,176

18,474

Apollo

Commercial

Real

Estate

Finance,

Inc.

258,082

28,096

Arch

Capital

Group,

Ltd.

m

1,078,044

2,157

Argo

Group

International

Holdings,

Ltd.

108,540

18,578

Arthur

J.

Gallagher

&

Company

2,317,977

6,211

Artisan

Partners

Asset

Management,

Inc.

324,028

40,311

Associated

Banc-Corp

860,237

27,536

Assured

Guaranty,

Ltd.

1,164,222

3,501

Bancorp,

Inc.

m

72,541

161,412

Bank

of

America

Corporation

6,245,030

2,663

Bank

of

Marin

Bancorp

104,283

8,494

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

324,641

7,962

BankFinancial

Corporation

82,168

13,956

Banner

Corporation

744,273

6,978

Berkshire

Hathaway,

Inc.

m

1,782,670

29,917

Berkshire

Hills

Bancorp,

Inc.

667,747

2,863

BlackRock,

Inc.

2,158,587

3,501

Blackstone

Mortgage

Trust,

Inc.

108,531

111

BM

Technologies,

Inc.

e,m

1,228

652

BOK

Financial

Corporation

58,237

18,925

Bridgewater

Bancshares,

Inc.

m

305,639

10,974

Brighthouse

Financial,

Inc.

m

485,599

24,380

BrightSphere

Investment

Group

496,864

2,659

Broadmark

Realty

Capital,

Inc.

27,813

14,410

Brookline

Bancorp,

Inc.

216,150

3,032

Brown

&

Brown,

Inc.

138,593

3,905

Byline

Bancorp,

Inc.

82,591

31,033

Capital

One

Financial

Corporation

3,948,329

14,923

Central

Pacific

Financial

Corporation

398,146

104,341

Charles

Schwab

Corporation

6,800,946

37,181

Chimera

Investment

Corporation

472,199

14,913

Chubb,

Ltd.

2,355,807

11,198

Cincinnati

Financial

Corporation

1,154,402

56,673

Citigroup,

Inc.

4,122,961

8,371

Citizens

Financial

Group,

Inc.

369,580

7,135

CME

Group,

Inc.

1,457,181

8,642

CNO

Financial

Group,

Inc.

209,914

13,090

Columbia

Banking

System,

Inc.

564,048

25,186

Comerica,

Inc.

1,806,844

1,236

Commerce

Bancshares,

Inc.

94,690

16,056

Community

Trust

Bancorp,

Inc.

706,946

1,552

Cowen,

Inc.

54,553

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Shares

Common

Stock

(19.4%)

Value

Financials

(2.8%)

-

continued

1,366

Cullen/Frost

Bankers,

Inc.

$

148,566

5,008

Customers

Bancorp,

Inc.

m

159,355

284

Diamond

Hill

Investment

Group,

Inc.

44,307

1,698

Dime

Community

Bancshares,

Inc.

51,178

19,088

Discover

Financial

Services

1,813,169

5,895

East

West

Bancorp,

Inc.

435,051

8,061

Ellington

Residential

Mortgage

REIT

99,231

540

Employers

Holdings,

Inc.

23,252

1,164

Encore

Capital

Group,

Inc.

m

46,828

4,747

Enova

International,

Inc.

m

168,424

291

Enstar

Group,

Ltd.

m

71,798

2,413

Enterprise

Financial

Services

Corporation

119,299

83,243

Equitable

Holdings,

Inc.

2,715,387

7,157

Essent

Group,

Ltd.

339,886

3,871

Evercore,

Inc.

509,966

68,107

Everi

Holdings,

Inc.

m

960,990

43,081

F.N.B.

Corporation

547,129

2,864

FactSet

Research

Systems,

Inc.

883,802

796

Federal

Agricultural

Mortgage

Corporation

80,173

10,584

Financial

Institutions,

Inc.

320,589

1,228

First

American

Financial

Corporation

69,566

15,609

First

Bancorp/Puerto

Rico

175,757

21,861

First

Busey

Corporation

560,735

25,143

First

Financial

Bancorp

603,432

6,612

First

Financial

Corporation

297,606

7,721

First

Horizon

Corporation

130,562

1,016

First

Mid-Illinois

Bancshares,

Inc.

44,633

19,812

First

Midwest

Bancorp,

Inc.

434,081

1,173

First

of

Long

Island

Corporation

24,926

16,083

First

Republic

Bank

2,681,840

35,151

Flagstar

Bancorp,

Inc.

1,585,310

1,753

Flushing

Financial

Corporation

37,216

69,084

Fulton

Financial

Corporation

1,176,500

4,833

Glacier

Bancorp,

Inc.

275,868

3,517

Goldman

Sachs

Group,

Inc.

1,150,059

21,699

Granite

Point

Mortgage

Trust,

Inc.

259,737

16,487

Great

Southern

Bancorp,

Inc.

934,318

12,786

Great

Western

Bancorp,

Inc.

387,288

3,835

Hamilton

Lane,

Inc.

339,628

46,438

Hancock

Whitney

Corporation

1,950,860

8,504

Hanmi

Financial

Corporation

167,784

9,815

Hanover

Insurance

Group,

Inc.

1,270,650

15,734

Heartland

Financial

USA,

Inc.

790,791

17,937

Heritage

Commerce

Corporation

219,190

1,651

Hilltop

Holdings,

Inc.

56,349

457

HomeStreet,

Inc.

20,140

13,085

Hometrust

Bancshares,

Inc.

318,620

91,658

Hope

Bancorp,

Inc.

1,380,369

14,239

Horizon

Bancorp,

Inc.

264,561

15,448

Independent

Bank

Corporation

365,191

24,529

Invesco

Mortgage

Capital.

Inc.

98,361

31,551

Invesco,

Ltd.

795,716

50,726

J.P.

Morgan

Chase

&

Company

7,722,019

7,263

James

River

Group

Holdings,

Ltd.

331,338

14,200

Jefferies

Financial

Group,

Inc.

427,420

24,756

KeyCorp

494,625

11,135

Kinsale

Capital

Group,

Inc.

1,835,048

926

KKR

Real

Estate

Finance

Trust,

Inc.

17,029

12,212

Ladder

Capital

Corporation

144,102

6,044

Lakeland

Bancorp,

Inc.

105,347

Shares

Common

Stock

(19.4%)

Value

Financials

(2.8%)

-

continued

17,689

Lincoln

National

Corporation

$

1,101,494

4,189

Loews

Corporation

214,812

220

Markel

Corporation

m

250,716

315

MarketAxess

Holdings,

Inc.

156,845

12,572

Marsh

&

McLennan

Companies,

Inc.

1,531,270

3,857

Mercantile

Bank

Corporation

125,237

29,055

Meridian

Bancorp,

Inc.

535,193

16,504

MetLife,

Inc.

1,003,278

129,774

MFA

Financial,

Inc.

528,180

5,506

Midland

States

Bancorp,

Inc.

152,736

22,284

MidWestOne

Financial

Group,

Inc.

690,135

2,500

Moody's

Corporation

746,525

50,373

Morgan

Stanley

3,911,967

10,318

Mr.

Cooper

Group,

Inc.

m

358,654

4,042

MSCI,

Inc.

1,694,730

289

National

Western

Life

Group,

Inc.

71,961

25,090

Navient

Corporation

359,038

743

NBT

Bancorp,

Inc.

29,646

83,699

New

York

Community

Bancorp,

Inc.

1,056,281

15,881

New

York

Mortgage

Trust,

Inc.

70,988

6,564

NMI

Holdings,

Inc.

m

155,173

6,496

Northern

Trust

Corporation

682,795

6,662

OFG

Bancorp

150,694

17,928

Old

National

Bancorp

346,727

9,267

Old

Republic

International

Corporation

202,391

7,069

Old

Second

Bancorp,

Inc.

93,381

2,111

OneMain

Holdings,

Inc.

113,403

847

Oppenheimer

Holdings,

Inc.

33,922

21,373

PacWest

Bancorp

815,380

561

Peapack-Gladstone

Financial

Corporation

17,324

3,906

PennyMac

Mortgage

Investment

Trust

76,558

2,591

Peoples

Bancorp,

Inc.

85,943

33,595

Popular,

Inc.

2,362,400

17,252

Premier

Financial

Corporation

573,801

3,176

Primerica,

Inc.

469,476

4,221

PROG

Holdings,

Inc.

182,727

3,891

Prosperity

Bancshares,

Inc.

291,397

11,686

QCR

Holdings,

Inc.

551,813

49,502

Radian

Group,

Inc.

1,150,921

24,156

Raymond

James

Financial,

Inc.

2,960,559

27,471

Redwood

Trust,

Inc.

285,973

7,525

Reinsurance

Group

of

America,

Inc.

948,526

2,314

RenaissanceRe

Holdings,

Ltd.

370,818

474

RLI

Corporation

52,884

16,025

S&P

Global,

Inc.

5,654,742

1,824

Safety

Insurance

Group,

Inc.

153,672

17,553

Seacoast

Banking

Corporation

of

Florida

m

636,121

15,575

SEI

Investments

Company

948,985

3,523

Selective

Insurance

Group,

Inc.

255,558

6,841

Signature

Bank

1,546,750

4,577

Simmons

First

National

Corporation

135,800

2,010

Southside

Bancshares,

Inc.

77,405

13,456

Starwood

Property

Trust,

Inc.

332,901

4,328

Sterling

Bancorp

99,631

1,403

Stifel

Financial

Corporation

89,876

13,562

Synovus

Financial

Corporation

620,461

5,745

T.

Rowe

Price

Group,

Inc.

985,842

2,952

Territorial

Bancorp,

Inc.

78,110

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Shares

Common

Stock

(19.4%)

Value

Financials

(2.8%)

-

continued

3,137

TMX

Group,

Ltd.

$

325,981

134

Tompkins

Financial

Corporation

11,082

9,193

Torchmark

Corporation

888,320

3,319

Towne

Bank

100,898

17,646

TPG

RE

Finance

Trust,

Inc.

197,635

5,610

TriCo

Bancshares

265,746

6,348

Triumph

Bancorp,

Inc.

m

491,272

40,293

Truist

Financial

Corporation

2,349,888

20,008

TrustCo

Bank

Corporation

147,459

5,504

Trustmark

Corporation

185,265

27,520

Two

Harbors

Investment

Corporation

201,722

89,992

Umpqua

Holdings

Corporation

1,579,360

12,187

United

Bankshares,

Inc.

470,174

1,110

Universal

Insurance

Holdings,

Inc.

15,917

1,429

Univest

Financial

Corporation

40,855

51,346

Unum

Group

1,428,959

22,889

Valley

National

Bancorp

314,495

5,479

Voya

Financial,

Inc.

348,684

424

Walker

&

Dunlop,

Inc.

43,562

3,457

Washington

Trust

Bancorp,

Inc.

178,485

1,292

Webster

Financial

Corporation

71,202

130,211

Wells

Fargo

&

Company

5,087,344

6,165

WesBanco,

Inc.

222,310

338

Westamerica

Bancorporation

21,220

39,107

Western

Alliance

Bancorp

3,693,265

27,489

Western

Asset

Mortgage

Capital

Corporation

87,690

388

Westwood

Holdings

Group,

Inc.

5,610

13,469

Wintrust

Financial

Corporation

1,020,950

44,897

Zions

Bancorporations

NA

2,467,539

5,320

Zurich

Insurance

Group

AG

2,264,466

Total

158,501,650

Health

Care

(2.6%)

10,283

Abbott

Laboratories

1,232,315

14,241

AbbVie,

Inc.

1,541,161

46,776

ACADIA

Pharmaceuticals,

Inc.

m

1,206,821

812

Acceleron

Pharma,

Inc.

m

110,115

23,961

Adaptive

Biotechnologies

Corporation

m

964,670

2,758

ADMA

Biologics,

Inc.

j,m

4,854

4,853

Adverum

Biotechnologies,

Inc.

m

47,851

583

Align

Technology,

Inc.

m

315,712

429

Allakos,

Inc.

m

49,241

2,960

Altimmune,

Inc.

m

41,825

1,459

Amedisys,

Inc.

m

386,329

22,714

Amgen,

Inc.

5,651,470

5,526

AMN

Healthcare

Services,

Inc.

m

407,266

1,360

AnaptysBio,

Inc.

m

29,308

8,749

Anthem,

Inc.

3,140,454

50,379

Ardelyx,

Inc.

m

333,509

1,764

Arena

Pharmaceuticals,

Inc.

m

122,404

5,468

Argenx

SE

ADR

m

1,505,832

4,936

Arrowhead

Research

Corporation

m

327,306

9,637

Ascendis

Pharma

AS

ADR

m

1,242,017

3,281

Atara

Biotherapeutics,

Inc.

m

47,115

151

Atrion

Corporation

96,838

8,705

Axonics

Modulation

Technologies,

Inc.

m

521,342

6,006

Becton,

Dickinson

and

Company

1,460,359

5,622

Biogen,

Inc.

m

1,572,754

14,210

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

m

971,253

70

BioLife

Solutions,

Inc.

m

2,520

Shares

Common

Stock

(19.4%)

Value

Health

Care

(2.6%)

-

continued

362

Bio-Rad

Laboratories,

Inc.

m

$

206,764

5,691

Bio-Techne

Corporation

2,173,564

1,523

BioXcel

Therapeutics,

Inc.

j,m

65,733

1,256

Bruker

Corporation

80,736

13,214

Catalent,

Inc.

m

1,391,566

23,319

Centene

Corporation

m

1,490,317

41,789

Cerner

Corporation

3,003,793

4,121

Charles

River

Laboratories

International,

Inc.

m

1,194,389

1,139

Chemed

Corporation

523,735

12,593

Cigna

Holding

Company

3,044,232

480

Co-Diagnostics,

Inc.

j,m

4,579

219

Cooper

Companies,

Inc.

84,116

6,163

CryoLife,

Inc.

m

139,161

22,374

CVS

Health

Corporation

1,683,196

2,477

CytomX

Therapeutics,

Inc.

m

19,147

1,109

Danaher

Corporation

249,614

13,918

Dexcom,

Inc.

m

5,001,990

2,516

Editas

Medicine,

Inc.

j,m

105,672

39,795

Edwards

Lifesciences

Corporation

m

3,328,454

5,112

Envista

Holdings

Corporation

m

208,570

99

Fate

Therapeutics,

Inc.

m

8,163

32,504

GlaxoSmithKline

plc

ADR

j

1,160,068

1,306

Global

Blood

Therapeutics,

Inc.

m

53,219

34,933

GoodRx

Holdings,

Inc.

j,m

1,363,086

19,596

Guardant

Health,

Inc.

m

2,991,329

5,541

Haemonetics

Corporation

m

615,106

7,425

Halozyme

Therapeutics,

Inc.

m

309,548

12,164

HCA

Healthcare,

Inc.

2,290,968

3,205

HealthEquity,

Inc.

m

217,940

6,444

Hill-Rom

Holdings,

Inc.

711,933

8,269

Humana,

Inc.

3,466,778

41

ICU

Medical,

Inc.

m

8,423

3,913

Illumina,

Inc.

m

1,502,827

14,847

Immunocore

Holdings

plc

ADR

m

632,037

4,268

ImmunoGen,

Inc.

m

34,571

4,663

InMode,

Ltd.

m

337,461

3,212

Inspire

Medical

Systems,

Inc.

m

664,852

9,281

Insulet

Corporation

m

2,421,598

1,828

Integra

LifeSciences

Holdings

Corporation

m

126,297

5,481

Intuitive

Surgical,

Inc.

m

4,050,130

5,269

Invitae

Corporation

j,m

201,328

10,217

Ionis

Pharmaceuticals,

Inc.

m

459,356

8,134

IQVIA

Holding,

Inc.

m

1,571,001

1,225

iRhythm

Technologies,

Inc.

m

170,103

42,776

Johnson

&

Johnson

7,030,236

3,319

Kura

Oncology,

Inc.

m

93,828

1,633

Laboratory

Corporation

of

America

Holdings

m

416,464

2,320

Lannett

Company,

Inc.

m

12,250

11,502

Lantheus

Holdings,

Inc.

m

245,798

17,367

LHC

Group,

Inc.

m

3,320,744

54,612

Medtronic

plc

6,451,316

57,208

Merck

&

Company,

Inc.

4,410,165

567

Mettler-Toledo

International,

Inc.

m

655,276

332

Mirati

Therapeutics,

Inc.

m

56,872

4,719

Moderna,

Inc.

m

617,953

4,749

Molina

Healthcare,

Inc.

m

1,110,126

8,530

Natera,

Inc.

m

866,136

6,439

National

Healthcare

Corporation

501,662

1,922

Neogen

Corporation

m

170,847

13,802

Nevro

Corporation

m

1,925,379

3,793

Novavax,

Inc.

m

687,709

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Shares

Common

Stock

(19.4%)

Value

Health

Care

(2.6%)

-

continued

33,040

Novo

Nordisk

AS

ADR

$

2,227,557

10,542

NuVasive,

Inc.

m

691,134

953

Olink

Holding

AB

ADR

m

34,308

2,253

Omnicell,

Inc.

m

292,597

21,532

OPKO

Health,

Inc.

m

92,372

1,185

Orthifix

Medical,

Inc.

m

51,370

1,029

Owens

&

Minor,

Inc.

38,680

1,838

Precigen,

Inc.

m

12,664

5,508

Premier,

Inc.

186,446

6,078

Pulmonx

Corporation

m

278,008

1,629

Quidel

Corporation

m

208,398

4,006

Reata

Pharmaceuticals,

Inc.

m

399,398

2,465

Repligen

Corporation

m

479,221

561

Replimune

Group,

Inc.

m

17,116

1,459

Sage

Therapeutics,

Inc.

m

109,206

3,874

Sarepta

Therapeutics,

Inc.

m

288,729

337

Seres

Therapeutics,

Inc.

m

6,939

9,722

Silk

Road

Medical,

Inc.

m

492,419

18,890

Stryker

Corporation

4,601,226

349

Surmodics,

Inc.

m

19,568

11,097

Syneos

Health,

Inc.

m

841,707

14,500

Tactile

Systems

Technology,

Inc.

m

790,105

12,972

Teladoc

Health,

Inc.

m

2,357,661

7,195

Teleflex,

Inc.

2,989,235

2,701

Tenet

Healthcare

Corporation

m

140,452

15,710

Thermo

Fisher

Scientific,

Inc.

7,169,730

6,311

Travere

Therapeutics,

Inc.

m

157,586

1,132

U.S.

Physical

Therapy,

Inc.

117,841

41

Ultragenyx

Pharmaceutical,

Inc.

m

4,668

1,241

United

Therapeutics

Corporation

m

207,582

7,291

UnitedHealth

Group,

Inc.

2,712,762

55,033

Vaxart,

Inc.

j,m

332,950

23,222

VBI

Vaccines,

Inc.

j,m

72,220

19,422

Veeva

Systems,

Inc.

m

5,073,803

41,610

Viatris,

Inc.

m

581,292

19,899

Viemed

Healthcare,

Inc.

m

201,378

2,666

ViewRay,

Inc.

m

11,597

992

Vocera

Communications,

Inc.

m

38,152

9,981

Vor

BioPharma,

Inc.

m

430,181

685

Waters

Corporation

m

194,656

5,471

Zimmer

Biomet

Holdings,

Inc.

875,798

38,025

Zoetis,

Inc.

5,988,177

15,988

Zymeworks,

Inc.

j,m

504,901

Total

143,594,642

Industrials

(2.3%)

4,733

Advanced

Drainage

Systems,

Inc.

489,345

7,787

AECOM

m

499,225

4,295

Allegion

plc

539,538

22,951

Altra

Industrial

Motion

Corporation

1,269,649

17,789

AMETEK,

Inc.

2,272,189

1,767

Apogee

Enterprises,

Inc.

72,235

1,819

Armstrong

World

Industries,

Inc.

163,874

24,609

ASGN,

Inc.

m

2,348,683

4,162

Axon

Enterprise,

Inc.

m

592,752

16,623

AZZ,

Inc.

836,968

16,154

Badger

Daylighting,

Ltd.

551,064

13,018

Blink

Charging

Company

j,m

535,040

8,114

Bloom

Energy

Corporation

m

219,484

3,688

Boeing

Company

m

939,407

13,619

Carlisle

Companies,

Inc.

2,241,415

21,115

CBIZ,

Inc.

m

689,616

15,839

Chart

Industries,

Inc.

m

2,254,682

155

Copart,

Inc.

m

16,834

2,651

CRA

International,

Inc.

197,871

Shares

Common

Stock

(19.4%)

Value

Industrials

(2.3%)

-

continued

20,168

Crane

Company

$

1,893,977

10,140

CSW

Industrials,

Inc.

1,368,900

15,254

CSX

Corporation

1,470,791

109

Cummins,

Inc.

28,243

21,266

Curtiss-Wright

Corporation

2,522,148

52,496

Delta

Air

Lines,

Inc.

m

2,534,507

990

Diamond

S

Shipping,

Inc.

m

9,930

1,932

Douglas

Dynamics,

Inc.

89,162

912

Dycom

Industries,

Inc.

m

84,679

9,549

Eaton

Corporation

plc

1,320,436

8,984

EMCOR

Group,

Inc.

1,007,645

14,053

Emerson

Electric

Company

1,267,862

2,309

Encore

Wire

Corporation

155,003

1,984

Expeditors

International

of

Washington,

Inc.

213,657

14,347

Forrester

Research,

Inc.

m

609,461

9,002

Forward

Air

Corporation

799,468

34,575

FuelCell

Energy,

Inc.

m

498,226

5,338

GATX

Corporation

495,046

6,839

Generac

Holdings,

Inc.

m

2,239,430

21,347

General

Dynamics

Corporation

3,875,761

6,999

Gorman-Rupp

Company

231,737

2,457

Greenbrier

Companies,

Inc.

116,019

2,722

Heico

Corporation

342,428

6,046

Helios

Technologies,

Inc.

440,572

27,010

Honeywell

International,

Inc.

5,863,061

100,931

Howmet

Aerospace,

Inc.

m

3,242,913

9,567

Hubbell,

Inc.

1,787,977

1,472

ICF

International,

Inc.

128,653

14,984

IDEX

Corporation

3,136,451

1,100

Illinois

Tool

Works,

Inc.

243,672

189

Insperity,

Inc.

15,827

1,467

International

Seaways,

Inc.

28,430

355

JB

Hunt

Transport

Services,

Inc.

59,665

9,077

JetBlue

Airways

Corporation

m

184,626

525

John

Bean

Technologies

Corporation

70,003

62,581

Johnson

Controls

International

plc

3,734,208

8,879

Kansas

City

Southern

2,343,346

792

Kimball

International,

Inc.

11,088

15,578

L3Harris

Technologies,

Inc.

3,157,349

9,831

Landstar

System,

Inc.

1,622,705

1,462

Lennox

International,

Inc.

455,545

22,585

Lincoln

Electric

Holdings,

Inc.

2,776,600

12,149

Lockheed

Martin

Corporation

4,489,055

10,978

Manpower,

Inc.

1,085,724

1,501

Masonite

International

Corporation

m

172,975

20,522

Mercury

Systems,

Inc.

m

1,449,879

38,140

Meritor,

Inc.

m

1,122,079

5,354

Mesa

Air

Group,

Inc.

m

72,011

15,892

Middleby

Corporation

m

2,634,099

11,679

MSC

Industrial

Direct

Company,

Inc.

1,053,329

10,208

NAPCO

Security

Technologies,

Inc.

m

355,545

1,376

Nordson

Corporation

273,384

13,164

Norfolk

Southern

Corporation

3,534,797

4,869

Northrop

Grumman

Corporation

1,575,803

7,144

Nutrien,

Ltd.

384,990

8,008

Old

Dominion

Freight

Line,

Inc.

1,925,203

13,461

Otis

Worldwide

Corporation

921,405

9,970

Parker-Hannifin

Corporation

3,144,837

37,148

Pitney

Bowes,

Inc.

306,099

2,368

Primoris

Services

Corporation

78,452

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Shares

Common

Stock

(19.4%)

Value

Industrials

(2.3%)

-

continued

5,138

Quad/Graphics,

Inc.

m

$

18,137

8,663

Ranpak

Holdings

Corporation

m

173,780

13,875

Raven

Industries,

Inc.

531,829

24,754

Raytheon

Technologies

Corporation

1,912,742

2,001

RBC

Bearings,

Inc.

m

393,737

30,797

Regal-Beloit

Corporation

4,394,116

14,005

Ritchie

Brothers

Auctioneers,

Inc.

819,993

10,766

Rush

Enterprises,

Inc.

536,470

2,930

Ryder

System,

Inc.

221,654

1,793

Saia,

Inc.

m

413,430

3,586

Simpson

Manufacturing

Company,

Inc.

371,976

3,270

SkyWest,

Inc.

m

178,150

19,764

Smith

&

Wesson

Brands,

Inc.

344,882

1,779

Snap-On,

Inc.

410,486

8,689

Southwest

Airlines

Company

m

530,550

17,406

Spirit

Airlines,

Inc.

j,m

642,281

17,074

Standex

International

Corporation

1,631,762

1,489

Sterling

Construction

Company,

Inc.

m

34,545

22,702

Summit

Materials,

Inc.

m

636,110

8,891

Sun

Country

Airlines

Holdings,

Inc.

j,m

304,783

559

Sunrun,

Inc.

m

33,808

3,645

Technip

Energies

N.V.

ADR

m

54,566

1,360

Teledyne

Technologies,

Inc.

m

562,564

1,650

Tetra

Tech,

Inc.

223,938

2,010

Thermon

Group

Holdings,

Inc.

m

39,175

6,299

Timken

Company

511,290

83

Toro

Company

8,561

518

Trane

Technologies

plc

85,760

26,602

TransUnion

2,394,180

12,689

Trex

Company,

Inc.

m

1,161,551

17,678

TriMas

Corporation

m

535,997

11,769

Tutor

Perini

Corporation

m

223,022

1,030

UniFirst

Corporation

230,421

8,130

Union

Pacific

Corporation

1,791,933

13,999

United

Parcel

Service,

Inc.

2,379,690

19,016

United

Rentals,

Inc.

m

6,262,159

5,716

Valmont

Industries,

Inc.

1,358,522

4,295

Verisk

Analytics,

Inc.

758,884

2,789

Waste

Connections,

Inc.

301,156

3,798

Watsco,

Inc.

990,328

525

Watts

Water

Technologies,

Inc.

62,375

2,132

Welbilt,

Inc.

m

34,645

5,945

Werner

Enterprises,

Inc.

280,426

5,805

WESCO

International,

Inc.

m

502,307

6,409

Willdan

Group,

Inc.

m

263,089

3,710

Woodward,

Inc.

447,537

6,084

XPO

Logistics,

Inc.

m

750,157

2,805

Xylem,

Inc.

295,030

Total

130,831,228

Information

Technology

(4.5%)

1,855

3D

Systems

Corporation

m

50,901

7,717

Accenture

plc

2,131,821

19,304

Adobe,

Inc.

m

9,176,542

154

ADTRAN,

Inc.

2,569

2,751

Advanced

Energy

Industries,

Inc.

300,327

8,442

Agilysys,

Inc.

m

404,878

7,874

Alliance

Data

Systems

Corporation

882,597

1,794

Ambarella,

Inc.

m

180,100

37,657

Amphenol

Corporation

2,484,232

1,644

Analog

Devices,

Inc.

254,952

Shares

Common

Stock

(19.4%)

Value

Information

Technology

(4.5%)

-

continued

42,539

Anaplan,

Inc.

m

$

2,290,725

1,376

ANSYS,

Inc.

m

467,235

275,157

Apple,

Inc.

33,610,428

2,831

Aspen

Technology,

Inc.

m

408,598

6,090

Atlassian

Corporation

plc

m

1,283,528

4,584

Avalara,

Inc.

m

611,643

5,598

Axcelis

Technologies,

Inc.

m

230,022

19,020

Bandwidth,

Inc.

j,m

2,410,595

4,695

Belden,

Inc.

208,317

9,884

Benchmark

Electronics,

Inc.

305,613

37,190

BigCommerce

Holdings,

Inc.

j,m

2,149,582

1,952

Bill.com

Holdings,

Inc.

m

284,016

2,493

Blackline,

Inc.

m

270,241

216

Broadcom,

Ltd.

100,151

1,258

Broadridge

Financial

Solutions,

Inc.

192,600

343

CACI

International,

Inc.

m

84,604

13,907

Calix,

Inc.

m

482,017

8,018

CDK

Global,

Inc.

433,453

3,601

CDW

Corporation

596,866

1,417

Ceridian

HCM

Holding,

Inc.

m

119,411

11,480

Ciena

Corporation

m

628,186

116,743

Cisco

Systems,

Inc.

6,036,781

3,393

Cognex

Corporation

281,585

5,588

Computer

Services,

Inc.

329,692

536

Concentrix

Corporation

m

80,250

5,707

Coupa

Software,

Inc.

m

1,452,317

5,127

Cree,

Inc.

m

554,383

3,086

CTS

Corporation

95,851

5,353

Descartes

Systems

Group,

Inc.

m

326,051

5,203

Diebold

Nixdorf,

Inc.

m

73,518

8,894

DocuSign,

Inc.

m

1,800,590

23,633

Dolby

Laboratories,

Inc.

2,333,050

37

Domo,

Inc.

m

2,083

12,392

Dropbox,

Inc.

m

330,371

2,067

DSP

Group,

Inc.

m

29,455

31,582

Elastic

NV

m

3,511,918

6,229

Endava

plc

ADR

m

527,534

4,146

Enphase

Energy,

Inc.

m

672,315

3,345

EPAM

Systems,

Inc.

m

1,326,928

4,480

ePlus,

Inc.

m

446,387

13,620

Euronet

Worldwide,

Inc.

m

1,883,646

1,890

ExlService

Holdings,

Inc.

m

170,402

5,803

eXp

World

Holdings,

Inc.

m

264,327

3,695

F5

Networks,

Inc.

m

770,851

12,434

Fastly,

Inc.

j,m

836,560

5,284

First

Solar,

Inc.

m

461,293

4,571

Five9,

Inc.

m

714,584

4,120

FleetCor

Technologies,

Inc.

m

1,106,756

12,304

Global

Payments,

Inc.

2,480,240

5,661

Health

Catalyst,

Inc.

j,m

264,765

4,522

Intuit,

Inc.

1,732,197

140

IPG

Photonics

Corporation

m

29,532

8,166

Jack

Henry

&

Associates,

Inc.

1,238,946

2,131

KLA-Tencor

Corporation

704,082

3,254

Lam

Research

Corporation

1,936,911

9,390

Lattice

Semiconductor

Corporation

m

422,738

1,303

Littelfuse,

Inc.

344,565

7,369

LivePerson,

Inc.

m

388,641

20,776

Lumentum

Holdings,

Inc.

m

1,897,888

2,549

Manhattan

Associates,

Inc.

m

299,202

32,161

Mastercard,

Inc.

11,450,924

2,356

MAXIMUS,

Inc.

209,778

574

MaxLinear,

Inc.

m

19,562

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Shares

Common

Stock

(19.4%)

Value

Information

Technology

(4.5%)

-

continued

65,012

Medallia,

Inc.

m

$

1,813,185

162,369

Microsoft

Corporation

38,281,739

64

MicroStrategy,

Inc.

m

43,443

13,876

MKS

Instruments,

Inc.

2,572,888

10,917

Monolithic

Power

Systems,

Inc.

3,855,994

4,968

Motorola

Solutions,

Inc.

934,232

8,898

National

Instruments

Corporation

384,260

349

NetApp,

Inc.

25,362

6,125

Nice,

Ltd.

ADR

m

1,335,066

2,229

Nova

Measuring

Instruments,

Ltd.

m

202,861

1,848

Novanta,

Inc.

m

243,733

29,845

Nuance

Communications,

Inc.

m

1,302,436

17,294

NVIDIA

Corporation

9,233,785

6,231

Okta,

Inc.

m

1,373,499

41,415

Oracle

Corporation

2,906,091

6,327

Palo

Alto

Networks,

Inc.

m

2,037,674

5,162

Paychex,

Inc.

505,979

2,870

Paylocity

Holding

Corporation

m

516,112

59,401

PayPal

Holdings,

Inc.

m

14,424,939

8,400

Plantronics,

Inc.

m

326,844

3,210

Plexus

Corporation

m

294,806

6,435

Plug

Power,

Inc.

m

230,630

975

Progress

Software

Corporation

42,958

3,597

Q2

Holdings,

Inc.

m

360,419

5,427

QAD,

Inc.

361,330

6,363

Qorvo,

Inc.

m

1,162,520

54,830

QUALCOMM,

Inc.

7,269,910

2,419

Rogers

Corporation

m

455,280

6,894

SailPoint

Technologies

Holdings,

Inc.

m

349,112

35,391

Salesforce.com,

Inc.

m

7,498,291

2,170

Samsung

Electronics

Company,

Ltd.

GDR

3,956,306

4,973

ScanSource,

Inc.

m

148,941

8,534

Semtech

Corporation

m

588,846

13,471

ServiceNow,

Inc.

m

6,736,982

16,780

Sierra

Wireless,

Inc.

j,m

247,841

2,398

Silicon

Laboratories,

Inc.

m

338,286

1,437

SiTime

Corporation

m

141,688

827

Solaredge

Technology,

Ltd.

m

237,713

6,435

Sprout

Social,

Inc.

m

371,686

39,636

Square,

Inc.

m

8,999,354

46,866

STMicroelectronics

NV

ADR

j

1,796,374

1,290

SunPower

Corporation

j,m

43,150

2,571

SYNNEX

Corporation

295,254

3,339

TE

Connectivity,

Ltd.

431,098

33,235

Texas

Instruments,

Inc.

6,281,083

1,044

Trade

Desk,

Inc.

m

680,333

28,185

TTM

Technologies,

Inc.

m

408,682

898

Tyler

Technologies,

Inc.

m

381,228

2,767

Unisys

Corporation

m

70,337

1,554

ViaSat,

Inc.

j,m

74,701

7,791

Visa,

Inc.

1,649,588

5,493

VMware,

Inc.

j,m

826,422

779

Western

Union

Company

19,210

9,322

Workiva,

Inc.

m

822,760

8,361

Xerox

Holdings

Corporation

202,921

7,184

Zscaler,

Inc.

m

1,233,277

Total

250,205,638

Materials

(0.6%)

1,751

AdvanSix,

Inc.

m

46,962

9,152

Allegheny

Technologies,

Inc.

m

192,741

5,924

AptarGroup,

Inc.

839,253

2,494

Avery

Dennison

Corporation

458,023

Shares

Common

Stock

(19.4%)

Value

Materials

(0.6%)

-

continued

57,857

Axalta

Coating

Systems,

Ltd.

m

$

1,711,410

293

Balchem

Corporation

36,745

5,105

Ball

Corporation

432,598

4,401

Cabot

Corporation

230,788

12,231

Carpenter

Technology

Corporation

503,306

2,073

Celanese

Corporation

310,556

55,372

CF

Industries

Holdings,

Inc.

2,512,781

13,228

Chemours

Company

369,193

12,017

Cleveland-Cliffs,

Inc.

j

241,662

26,257

Coeur

Mining,

Inc.

m

237,101

2,634

Eagle

Materials,

Inc.

354,036

28,346

Eastman

Chemical

Company

3,121,462

6,455

Ecolab,

Inc.

1,381,822

23,835

Element

Solutions,

Inc.

435,942

19,660

Ferroglobe

Representation

&

Warranty

Insurance

Trust

e,m

2

2,728

FMC

Corporation

301,744

3,955

Ingevity

Corporation

m

298,721

13,069

Innospec,

Inc.

1,342,056

48,981

Ivanhoe

Mines,

Ltd.

m

252,174

11,717

Kaiser

Aluminum

Corporation

1,294,728

1,303

Koppers

Holdings,

Inc.

m

45,292

10,013

LyondellBasell

Industries

NV

1,041,853

12,048

Martin

Marietta

Materials,

Inc.

4,045,959

4,099

Materion

Corporation

271,518

5,788

Minerals

Technologies,

Inc.

435,952

13,277

Myers

Industries,

Inc.

262,354

8,302

Neenah,

Inc.

426,557

156

NewMarket

Corporation

59,305

32,396

Nucor

Corporation

2,600,427

1,917

O-I

Glass,

Inc.

m

28,257

11,412

Olin

Corporation

433,314

1,780

Olympic

Steel,

Inc.

52,421

208

PPG

Industries,

Inc.

31,254

7,176

Quaker

Chemical

Corporation

1,749,294

398

Reliance

Steel

&

Aluminum

Company

60,611

1,788

RPM

International,

Inc.

164,228

7,926

Ryerson

Holding

Corporation

m

135,059

768

Scotts

Miracle-Gro

Company

188,137

8,334

Sensient

Technologies

Corporation

650,052

14,069

Steel

Dynamics,

Inc.

714,142

12,758

SunCoke

Energy,

Inc.

89,434

6,432

UFP

Technologies,

Inc.

m

320,442

3,141

United

States

Lime

&

Minerals,

Inc.

419,983

2,291

United

States

Steel

Corporation

j

59,955

6,406

W.

R.

Grace

&

Company

383,463

Total

31,575,069

Real

Estate

(0.9%)

32,772

Agree

Realty

Corporation

2,205,883

2,202

Alexandria

Real

Estate

Equities,

Inc.

361,789

39,138

American

Campus

Communities,

Inc.

1,689,587

1,533

Apartment

Income

REIT

Corporation

65,551

36,094

Apartment

Investment

&

Management

Company

221,617

5,903

Armada

Hoffler

Properties,

Inc.

74,024

6,434

AvalonBay

Communities,

Inc.

1,187,137

530

Bluegreen

Vacations

Holding

Corporations

m

9,826

21,313

Camden

Property

Trust

2,342,512

23,120

CareTrust

REIT,

Inc.

538,349

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Shares

Common

Stock

(19.4%)

Value

Real

Estate

(0.9%)

-

continued

41,277

CBRE

Group,

Inc.

m

$

3,265,423

4,652

Cedar

Realty

Trust,

Inc.

69,315

1,486

Centerspace

101,048

4,080

Colliers

International

Group,

Inc.

400,819

5,378

Colony

Credit

Real

Estate,

Inc.

45,821

3,240

Community

Healthcare

Trust,

Inc.

149,429

3,472

Corepoint

Lodging,

Inc.

m

31,352

2,448

CoStar

Group,

Inc.

m

2,011,987

3,304

CubeSmart

124,990

24,297

Cushman

and

Wakefield

plc

m

396,527

2,157

Digital

Realty

Trust,

Inc.

303,792

4,494

Diversified

Healthcare

Trust

21,481

7,458

Douglas

Emmett,

Inc.

234,181

7,071

Duke

Realty

Corporation

296,487

6,738

EastGroup

Properties,

Inc.

965,421

10,413

EPR

Properties

485,142

63,164

Essential

Properties

Realty

Trust,

Inc.

1,442,034

1,205

Essex

Property

Trust,

Inc.

327,567

2,892

Extra

Space

Storage,

Inc.

383,335

4,729

Farmland

Partners,

Inc.

53,012

42,044

First

Industrial

Realty

Trust,

Inc.

1,925,195

2,641

FirstService

Corporation

391,370

48,015

Four

Corners

Property

Trust,

Inc.

1,315,611

1,605

Gaming

and

Leisure

Properties,

Inc.

68,100

5,700

Getty

Realty

Corporation

161,424

2,508

Gladstone

Commercial

Corporation

49,057

8,950

Gladstone

Land

Corporation

163,785

3,276

Global

Medical

REIT,

Inc.

42,948

11,304

Healthcare

Realty

Trust,

Inc.

342,737

32,327

Healthcare

Trust

of

America,

Inc.

891,579

962

Highwoods

Properties,

Inc.

41,308

82,348

Host

Hotels

&

Resorts,

Inc.

m

1,387,564

16,456

Independence

Realty

Trust,

Inc.

250,131

12,923

Industrial

Logistics

Properties

Trust

298,909

5,909

Innovative

Industrial

Properties,

Inc.

1,064,565

1,557

Iron

Mountain,

Inc.

57,625

3,812

Jones

Lang

LaSalle,

Inc.

m

682,500

29,513

Kilroy

Realty

Corporation

1,936,938

6,769

Lexington

Realty

Trust

75,204

8,607

Life

Storage,

Inc.

739,772

36,984

Medical

Properties

Trust,

Inc.

787,020

60,327

MGIC

Investment

Corporation

835,529

1,016

National

Health

Investors,

Inc.

73,436

20,632

National

Retail

Properties,

Inc.

909,252

62,268

National

Storage

Affiliates

Trust

2,486,361

66,193

New

Residential

Investment

Corporation

744,671

6,688

New

Senior

Investment

Group,

Inc.

41,666

4,517

NexPoint

Residential

Trust,

Inc.

208,189

8,529

Omega

Healthcare

Investors,

Inc.

312,417

3,947

One

Liberty

Properties,

Inc.

87,900

1,025

Plymouth

Industrial

REIT,

Inc.

17,271

6,745

Preferred

Apartment

Communities,

Inc.

66,438

7,122

Public

Storage,

Inc.

1,757,425

4,693

Rayonier,

Inc.

REIT

151,349

17,027

Realty

Income

Corporation

1,081,215

3,254

Redfin

Corporation

m

216,684

39,957

Rexford

Industrial

Realty,

Inc.

2,013,833

593

RMR

Group,

Inc.

24,200

27,245

Sabra

Health

Care

REIT,

Inc.

472,973

4,602

SBA

Communications

Corporation

1,277,285

Shares

Common

Stock

(19.4%)

Value

Real

Estate

(0.9%)

-

continued

100,931

Service

Properties

Trust

$

1,197,042

4,782

SL

Green

Realty

Corporation

334,692

10,537

Spirit

Realty

Capital,

Inc.

447,823

13,495

STAG

Industrial,

Inc.

453,567

11,999

Store

Capital

Corporation

401,967

31,617

Sunstone

Hotel

Investors,

Inc.

m

393,948

17,239

UDR,

Inc.

756,103

3,085

UMH

Properties,

Inc.

59,139

60

Universal

Health

Realty

Income

Trust

4,067

2,694

WP

Carey,

Inc.

190,627

Total

49,495,849

Utilities

(0.3%)

11,640

AES

Corporation

312,068

3,109

ALLETE,

Inc.

208,894

10,232

Alliant

Energy

Corporation

554,165

11,957

American

Electric

Power

Company,

Inc.

1,012,758

2,222

American

States

Water

Company

168,028

56

American

Water

Works

Company,

Inc.

8,395

4,918

Artesian

Resources

Corporation

193,671

6,356

Black

Hills

Corporation

424,390

17,301

CenterPoint

Energy,

Inc.

391,868

509

Chesapeake

Utilities

Corporation

59,085

4,349

Consolidated

Water

Company,

Ltd.

58,494

2,292

DTE

Energy

Company

305,157

23,395

Duke

Energy

Corporation

2,258,319

19,981

Entergy

Corporation

1,987,510

1,508

Essential

Utilities,

Inc.

67,483

5,017

Evergy,

Inc.

298,662

33,686

Exelon

Corporation

1,473,426

60,288

FirstEnergy

Corporation

2,091,391

2,719

Hawaiian

Electric

Industries,

Inc.

120,805

1,476

IDACORP,

Inc.

147,556

3,825

MDU

Resources

Group,

Inc.

120,908

1,809

National

Fuel

Gas

Company

90,432

2,955

New

Jersey

Resources

Corporation

117,816

364

NiSource,

Inc.

8,776

1,566

Northwest

Natural

Holding

Company

84,486

4,818

NorthWestern

Corporation

314,133

24,042

OGE

Energy

Corporation

777,999

2,562

Otter

Tail

Corporation

118,287

897

Pinnacle

West

Capital

Corporation

72,971

5,363

Portland

General

Electric

Company

254,582

932

PPL

Corporation

26,879

4,040

Sempra

Energy

535,623

2,799

Southwest

Gas

Holdings,

Inc.

192,319

5,908

Spire,

Inc.

436,542

14,095

UGI

Corporation

578,036

2,468

Unitil

Corporation

112,763

6,138

WEC

Energy

Group,

Inc.

574,455

Total

16,559,132

Total

Common

Stock

(cost

$705,825,354)

1,085,678,041

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

23,573,000

Thrivent

Cash

Management

Trust

$

23,573,000

Total

Collateral

Held

for

Securities

Loaned

(cost

$23,573,000)

23,573,000

Shares

or

Principal

Amount

Short-Term

Investments

(

15.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

9,200,000

0.084%,

4/7/2021

n,o

9,200,000

4,900,000

0.085%,

4/8/2021

n,o

4,900,000

100,000

0.025%,

4/16/2021

n

100,000

3,500,000

0.040%,

5/4/2021

n,o

3,499,968

600,000

0.030%,

5/6/2021

n,o

599,994

1,300,000

0.040%,

5/12/2021

n,o

1,299,985

2,700,000

0.030%,

5/13/2021

n,o

2,699,968

5,900,000

0.021%,

5/18/2021

n,o

5,899,923

700,000

0.038%,

5/19/2021

n,o

699,991

1,300,000

0.035%,

6/2/2021

n,o

1,299,955

1,600,000

0.020%,

6/16/2021

n,o

1,599,932

100,000

0.014%,

6/23/2021

n,o

99,995

Thrivent

Core

Short-Term

Reserve

Fund

81,632,981

0.180%

816,329,811

U.S.

Treasury

Bills

1,000,000

0.018%,

4/15/2021

n,p

999,995

1,200,000

0.022%,

4/20/2021

n,p

1,199,989

1,600,000

0.028%,

4/22/2021

n,p

1,599,991

4,150,000

0.048%,

8/26/2021

n,p

4,149,619

Total

Short-Term

Investments

(cost

$855,998,798)

856,179,116

Contracts

Options

Purchased

(

<0.1%

)

Value

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

206

$132.50,

expires

5/21/2021

399,125

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

200

$160.00,

expires

5/21/2021

1,175,000

Total

Options

Purchased

(cost

$782,498)

1,574,125

Total

Investments

(cost

$5,406,300,886)

109.4%

$6,137,403,421

Other

Assets

and

Liabilities,

Net

(9.4%)

(528,671,630)

Total

Net

Assets

100.0%

$5,608,731,791

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2021.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$327,959,541

or

5.8%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

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

on

loan.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

At

March

31,

2021,

$4,839,707

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,941,876

Common

Stock

18,025,752

Total

lending

$22,967,628

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$23,573,000

Net

amounts

due

to

counterparty

$605,372

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

FNMA

-

Federal

National

Mortgage

Association

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

6,391,536

–

6,391,536

–

Capital

Goods

15,195,286

–

15,195,286

–

Communications

Services

23,014,903

–

23,014,903

–

Consumer

Cyclical

18,053,900

–

18,053,900

–

Consumer

Non-Cyclical

20,425,862

–

20,259,212

166,650

Energy

1,526,115

–

1,526,115

–

Financials

6,554,073

–

6,554,073

–

Technology

10,102,996

–

10,102,996

–

Transportation

5,701,451

–

5,701,451

–

Utilities

5,432,908

–

5,432,908

–

Long-Term

Fixed

Income

Asset-Backed

Securities

122,844,418

–

122,844,418

–

Basic

Materials

23,502,944

–

23,502,944

–

Capital

Goods

35,051,114

–

35,051,114

–

Collateralized

Mortgage

Obligations

78,422,936

–

69,622,936

8,800,000

Commercial

Mortgage-Backed

Securities

12,381,445

–

12,381,445

–

Communications

Services

64,092,268

–

63,900,189

192,079

Consumer

Cyclical

55,374,015

–

55,374,015

–

Consumer

Non-Cyclical

75,724,905

–

75,724,905

–

Energy

55,891,757

–

55,891,757

–

Financials

121,790,644

–

121,790,644

–

Mortgage-Backed

Securities

620,698,045

–

620,698,045

–

Technology

41,582,382

–

41,582,382

–

Transportation

11,469,401

–

11,469,401

–

U.S.

Government

&

Agencies

700,905,025

–

700,905,025

–

Utilities

39,300,370

–

39,300,370

–

Registered

Investment

Companies

Unaffiliated

51,075,018

51,075,018

–

–

Affiliated

1,554,845,922

1,554,845,922

–

–

Common

Stock

Communications

Services

92,640,934

92,557,828

83,106

–

Consumer

Discretionary

157,845,634

157,845,634

–

–

Consumer

Staples

28,624,240

28,624,240

–

–

Energy

25,804,025

25,804,025

–

–

Financials

158,501,650

155,909,975

2,590,447

1,228

Health

Care

143,594,642

143,594,642

–

–

Industrials

130,831,228

130,280,164

551,064

–

Information

Technology

250,205,638

246,249,332

3,956,306

–

Materials

31,575,069

31,322,893

252,174

2

Real

Estate

49,495,849

49,495,849

–

–

Utilities

16,559,132

16,559,132

–

–

Short-Term

Investments

39,849,305

–

39,849,305

–

Options

Purchased

1,574,125

1,574,125

–

–

Subtotal

Investments

in

Securities

$4,904,453,110

$2,685,738,779

$2,209,554,372

$9,159,959

Other

Investments  *

Total

Affiliated

Short-Term

Investments

816,329,811

Affiliated

Registered

Investment

Companies

393,047,500

Collateral

Held

for

Securities

Loaned

23,573,000

Subtotal

Other

Investments

$1,232,950,311

Total

Investments

at

Value

$6,137,403,421

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

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

16,181,561

16,181,561

–

–

Total

Asset

Derivatives

$16,181,561

$16,181,561

$–

$–

Liability

Derivatives

Futures

Contracts

8,114,769

8,114,769

–

–

Call

Options

Written

564,167

511,406

–

52,761

Total

Liability

Derivatives

$8,678,936

$8,626,175

$–

$52,761

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$27,499,725

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

208

June

2021

$

45,957,263

(

$

46,139)

CBOT

5-Yr.

U.S.

Treasury

Note

971

June

2021

121,354,784

(

1,534,899)

CBOT

U.S.

Long

Bond

740

June

2021

119,546,741

(

5,147,366)

CME

E-mini

S&P

500

Index

1,206

June

2021

235,608,273

3,625,948

ICE

US

mini

MSCI

Emerging

Markets

Index

138

June

2021

9,197,270

(

72,020)

Ultra

10-Yr.

U.S.

Treasury

Note

89

June

2021

13,239,732

(

451,544)

Total

Futures

Long

Contracts

$

544,904,063

(

$

3,626,020)

CBOT

10-Yr.

U.S.

Treasury

Note

(432)

June

2021

(

$

57,987,861)

$

1,422,861

CME

E-mini

Russell

2000

Index

(1,099)

June

2021

(

128,760,924)

6,634,549

CME

E-mini

S&P

Mid-Cap

400

Index

(401)

June

2021

(

106,042,001)

1,569,471

CME

Euro

Foreign

Exchange

Currency

(227)

June

2021

(

33,888,598)

570,673

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(128)

June

2021

(

24,880,575)

1,684,575

Eurex

Euro

STOXX

50

Index

(736)

June

2021

(

32,556,828)

(

862,801)

ICE

mini

MSCI

EAFE

Index

(689)

June

2021

(

76,187,884)

673,484

Total

Futures

Short

Contracts

(

$

460,304,671)

$11,692,812

Total

Futures

Contracts

$

84,599,392

$8,066,792

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Counterparty:

CCM

-

CCM

Futures,

LLC

JPM

-

J.P.

Morgan

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

options

contracts

held

as

of

March

31,

2021.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

206.00

$

132.50

May

2021

26,973,125

$

399,125

$

179,731

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

200.00

160.00

May

2021

30,918,750

1,175,000

611,896

Total

Options

Purchased

Contracts

$1,574,125

$791,627

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(26.25)

$

102.72

April

2021

(26,200,781)

(

$

26)

$

143,529

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

JPM

(25.00)

100.83

May

2021

(24,907,227)

(

52,735)

94,726

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Put

on

10-Yr.

U.S.

Treasury

Note

Futures

MSC

(206.00)

130.50

May

2021

(26,973,125)

(

177,031)

(

68,113)

Put

on

30-Yr.

U.S.

Treasury

Bond

Futures

CCM

(200.00)

153.00

May

2021

(30,918,750)

(

334,375)

(

147,479)

Total

Options

Written

Contracts

($564,167)

$22,663

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$198,466

$3,000

$–

$187,976

19,439

3.3%

Core

Emerging

Markets

Equity

42,572

–

–

44,305

3,611

0.8

Core

International

Equity

55,122

–

–

57,088

5,619

1.0

Core

Low

Volatility

Equity

171,686

–

71,000

103,678

7,975

1.8

Global

Stock

49,223

–

–

51,842

3,478

0.9

High

Yield

143,151

1,648

–

143,642

31,030

2.6

Income

469,539

3,264

–

451,621

41,326

8.0

International

Allocation

182,193

–

–

189,879

17,979

3.4

International

Index

20,003

–

–

20,670

1,581

0.4

Large

Cap

Value

207,208

–

–

235,427

10,803

4.2

Limited

Maturity

Bond

256,404

1,038

–

256,285

25,478

4.6

Mid

Cap

Stock

122,036

–

–

133,707

5,379

2.4

Small

Cap

Stock

62,851

–

–

71,773

3,003

1.3

Total

Affiliated

Registered

Investment

Companies

1,980,454

1,947,893

34.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

721,840

338,035

243,545

816,330

81,633

14.6

Total

Affiliated

Short-Term

Investments

721,840

816,330

14.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

26,089

150,139

152,655

23,573

23,573

0.4

Total

Collateral

Held

for

Securities

Loaned

26,089

23,573

0.4

Total

Value

$2,728,383

$2,787,796

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(13,490)

–

$2,041

Core

Emerging

Markets

Equity

–

1,733

–

–

Core

International

Equity

–

1,967

–

–

Core

Low

Volatility

Equity

5,392

(2,400)

–

–

Global

Stock

–

2,620

–

–

High

Yield

–

(1,157)

–

1,645

Income

–

(21,182)

–

3,265

International

Allocation

–

7,686

–

–

International

Index

–

667

–

–

Large

Cap

Value

–

28,219

–

–

Limited

Maturity

Bond

–

(1,157)

–

1,038

Mid

Cap

Stock

–

11,671

–

–

Small

Cap

Stock

–

8,923

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

(75)

75

–

338

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$8,327

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

21

Total

Affiliated

Income

from

Securities

Loaned,

Net

$21

Total

Value

$5,317

$24,175

$–

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Principal

Amount

Long-Term

Fixed

Income

(

52.9%

)

Value

Basic

Materials

(2.0%)

Alcoa

Nederland

Holding

BV

$

30,000

5.500%, 

12/15/2027

a

$

32,292

BWAY

Holding

Company

30,000

5.500%, 

4/15/2024

a

30,412

Chemours

Company

20,000

5.750%, 

11/15/2028

a

21,058

Cleveland-Cliffs,

Inc.

20,000

5.875%, 

6/1/2027

20,700

15,000

4.625%, 

3/1/2029

a

14,974

15,000

4.875%, 

3/1/2031

a

14,963

Consolidated

Energy

Finance

SA

25,000

6.875%, 

6/15/2025

a

25,469

First

Quantum

Minerals,

Ltd.

35,000

7.250%, 

4/1/2023

a

35,613

10,000

7.500%, 

4/1/2025

a

10,325

Freeport-McMoRan,

Inc.

30,000

4.125%, 

3/1/2028

31,536

30,000

4.250%, 

3/1/2030

31,950

10,000

4.625%, 

8/1/2030

10,882

Hecla

Mining

Company

10,000

7.250%, 

2/15/2028

10,725

Hudbay

Minerals,

Inc.

30,000

4.500%, 

4/1/2026

a

31,179

Ingevity

Corporation

30,000

3.875%, 

11/1/2028

a

29,100

Kraton

Polymers,

LLC

30,000

4.250%, 

12/15/2025

a

30,113

Mercer

International,

Inc.

30,000

5.125%, 

2/1/2029

a

31,080

Novelis

Corporation

50,000

4.750%, 

1/30/2030

a

51,535

OCI

NV

30,000

4.625%, 

10/15/2025

a

31,013

Olin

Corporation

45,000

5.125%, 

9/15/2027

46,575

Tronox

Finance

plc

15,000

5.750%, 

10/1/2025

a

15,647

United

States

Steel

Corporation

40,000

6.875%, 

3/1/2029

40,900

Venator

Finance

SARL

30,000

5.750%, 

7/15/2025

a

29,100

Total

627,141

Capital

Goods

(3.2%)

AECOM

45,000

5.125%, 

3/15/2027

48,966

Amsted

Industries,

Inc.

30,000

5.625%, 

7/1/2027

a

31,837

Ardagh

Packaging

Finance

plc

35,000

6.000%, 

2/15/2025

a

36,067

20,000

5.250%, 

8/15/2027

a

20,402

Bombardier,

Inc.

25,000

7.500%, 

3/15/2025

a

24,594

25,000

7.875%, 

4/15/2027

a

24,517

Brand

Industrial

Services,

Inc.

15,000

8.500%, 

7/15/2025

a

15,117

BWAY

Holding

Company

30,000

7.250%, 

4/15/2025

a

30,000

Chart

Industries,

Inc.,

Convertible

8,000

1.000%, 

11/15/2024

a

19,855

Cornerstone

Building

Brands,

Inc.

40,000

6.125%, 

1/15/2029

a

42,600

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Capital

Goods

(3.2%)

-

continued

Covanta

Holding

Corporation

$

30,000

6.000%, 

1/1/2027

$

31,312

5,000

5.000%, 

9/1/2030

5,050

CP

Atlas

Buyer,

Inc.

25,000

7.000%, 

12/1/2028

a

26,276

Crown

Cork

&

Seal

Company,

Inc.

40,000

7.375%, 

12/15/2026

48,150

Fortive

Corporation,

Convertible

10,000

0.875%, 

2/15/2022

10,137

General

Electric

Company

100,000

3.514%, 

(LIBOR

3M

+

3.330%),

6/15/2021

b,c

94,500

GFL

Environmental,

Inc.

10,000

4.000%, 

8/1/2028

a

9,675

25,000

3.500%, 

9/1/2028

a

24,250

Greenbrier

Companies,

Inc.,

Convertible

3,000

2.875%, 

2/1/2024

3,263

H&E

Equipment

Services,

Inc.

20,000

3.875%, 

12/15/2028

a

19,450

Howmet

Aerospace,

Inc.

20,000

6.875%, 

5/1/2025

23,175

Jeld-Wen

,

Inc.

30,000

4.625%, 

12/15/2025

a

30,375

KBR,

Inc.,

Convertible

23,000

2.500%, 

11/1/2023

36,268

Meritor,

Inc.

20,000

4.500%, 

12/15/2028

a

20,060

NESCO

Holdings

II,

Inc.

10,000

5.500%, 

4/15/2029

a,d

10,258

Owens-Brockway

Glass

Container,

Inc.

20,000

5.875%, 

8/15/2023

a

21,425

Patrick

Industries,

Inc.,

Convertible

4,000

1.000%, 

2/1/2023

4,665

SRM

Escrow

Issuer,

LLC

30,000

6.000%, 

11/1/2028

a

31,440

Standard

Industries,

Inc.

40,000

4.375%, 

7/15/2030

a

40,360

Titan

Acquisition,

Ltd.

10,000

7.750%, 

4/15/2026

a

10,387

TransDigm

,

Inc.

20,000

6.250%, 

3/15/2026

a

21,204

75,000

5.500%, 

11/15/2027

77,635

10,000

4.625%, 

1/15/2029

a

9,861

United

Rentals

North

America,

Inc.

15,000

5.500%, 

5/15/2027

15,998

40,000

4.875%, 

1/15/2028

42,135

20,000

4.000%, 

7/15/2030

20,355

Waste

Pro

USA,

Inc.

15,000

5.500%, 

2/15/2026

a

15,356

WESCO

Distribution,

Inc.

30,000

7.250%, 

6/15/2028

a

33,492

Total

1,030,467

Collateralized

Mortgage

Obligations

(0.3%)

GMACM

Mortgage

Loan

Trust

28,085

3.627%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

27,897

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Collateralized

Mortgage

Obligations

(0.3%)

-

continued

Residential

Accredit

Loans,

Inc.

Trust

$

61,233

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

$

59,336

Total

87,233

Communications

Services

(4.6%)

AMC

Networks,

Inc.

40,000

4.250%, 

2/15/2029

38,900

CCO

Holdings,

LLC

55,000

5.500%, 

5/1/2026

a

56,721

10,000

5.125%, 

5/1/2027

a

10,573

85,000

4.500%, 

8/15/2030

a

86,632

Cengage

Learning,

Inc.

40,000

9.500%, 

6/15/2024

a

40,750

Clear

Channel

Worldwide

Holdings,

Inc.

35,000

7.750%, 

4/15/2028

a

34,615

Consolidated

Communications,

Inc.

20,000

5.000%, 

10/1/2028

a

20,156

CSC

Holdings,

LLC

20,000

5.375%, 

2/1/2028

a

21,025

50,000

4.125%, 

12/1/2030

a

49,664

Cumulus

Media

New

Holdings,

Inc.

20,000

6.750%, 

7/1/2026

a

20,375

DISH

DBS

Corporation

20,000

7.375%, 

7/1/2028

20,981

Embarq

Corporation

15,000

7.995%, 

6/1/2036

17,283

Entercom

Media

Corporation

20,000

6.500%, 

5/1/2027

a

20,675

Front

Range

BidCo

,

Inc.

30,000

4.000%, 

3/1/2027

a

29,475

25,000

6.125%, 

3/1/2028

a

25,656

Frontier

Communications

Corporation

20,000

5.875%, 

10/15/2027

a

21,200

10,000

6.750%, 

5/1/2029

a

10,547

GCI,

LLC

20,000

4.750%, 

10/15/2028

a

20,475

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

22,162

iHeartCommunications

,

Inc.

25,000

4.750%, 

1/15/2028

a

25,187

LCPR

Senior

Secured

Financing

DAC

20,000

6.750%, 

10/15/2027

a

21,323

Level

3

Financing,

Inc.

65,000

4.625%, 

9/15/2027

a

66,896

40,000

4.250%, 

7/1/2028

a

40,452

Ligado

Networks,

LLC

15,000

0.000%,PIK

15.500%,

11/1/2023

a,e,f

14,055

Meredith

Corporation

20,000

6.500%, 

7/1/2025

a

21,458

Netflix,

Inc.

60,000

4.875%, 

4/15/2028

67,875

Nexstar

Escrow

Corporation

40,000

5.625%, 

7/15/2027

a

41,925

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Communications

Services

(4.6%)

-

continued

Nielsen

Finance,

LLC

$

20,000

5.625%, 

10/1/2028

a

$

21,025

Radiate

Holdco,

LLC

15,000

6.500%, 

9/15/2028

a

15,839

Scripps

Escrow

II,

Inc.

20,000

3.875%, 

1/15/2029

a

19,650

15,000

5.375%, 

1/15/2031

a

14,887

SFR

Group

SA

50,000

7.375%, 

5/1/2026

a

52,005

Sinclair

Television

Group,

Inc.

30,000

5.500%, 

3/1/2030

a

29,175

Sirius

XM

Radio,

Inc.

15,000

5.000%, 

8/1/2027

a

15,736

30,000

4.125%, 

7/1/2030

a

30,034

Sprint

Capital

Corporation

20,000

6.875%, 

11/15/2028

25,219

10,000

8.750%, 

3/15/2032

14,788

Sprint

Corporation

75,000

7.625%, 

2/15/2025

89,438

Terrier

Media

Buyer,

Inc.

20,000

8.875%, 

12/15/2027

a

21,521

T-Mobile

USA,

Inc.

55,000

2.875%, 

2/15/2031

53,158

United

States

Cellular

Corporation

20,000

6.700%, 

12/15/2033

24,224

Uniti

Group,

LP

15,000

6.500%, 

2/15/2029

a

14,813

Univision

Communications,

Inc.

40,000

6.625%, 

6/1/2027

a

42,717

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

44,718

ViaSat

,

Inc.

30,000

5.625%, 

9/15/2025

a

30,494

VTR

Finance

NV

10,000

6.375%, 

7/15/2028

a

10,800

Ziggo

BV

40,000

5.500%, 

1/15/2027

a

41,650

Total

1,478,927

Consumer

Cyclical

(6.1%)

1011778

B.C.,

ULC

45,000

4.375%, 

1/15/2028

a

45,212

Allied

Universal

Holdco,

LLC

30,000

6.625%, 

7/15/2026

a

31,814

Allison

Transmission,

Inc.

35,000

4.750%, 

10/1/2027

a

37,198

American

Axle

&

Manufacturing,

Inc.

40,000

6.500%, 

4/1/2027

g

41,500

Bloomin

'

Brands,

Inc.,

Convertible

7,000

5.000%, 

5/1/2025

a

16,896

Booking

Holdings,

Inc.,

Convertible

2,000

0.900%, 

9/15/2021

2,344

Brookfield

Residential

Properties,

Inc.

50,000

6.250%, 

9/15/2027

a

52,187

Burlington

Stores,

Inc.,

Convertible

24,000

2.250%, 

4/15/2025

a

36,045

Caesars

Entertainment,

Inc.

10,000

8.125%, 

7/1/2027

a

11,027

Carnival

Corporation

30,000

11.500%, 

4/1/2023

a

34,387

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Consumer

Cyclical

(6.1%)

-

continued

$

20,000

10.500%, 

2/1/2026

a

$

23,525

10,000

7.625%, 

3/1/2026

a

10,743

30,000

5.750%, 

3/1/2027

a

30,787

Cedar

Fair,

LP

25,000

5.250%, 

7/15/2029

25,697

Cinemark

USA,

Inc.

30,000

5.875%, 

3/15/2026

a

30,718

Clarios

Global,

LP

15,000

8.500%, 

5/15/2027

a

16,144

Colt

Merger

Sub,

Inc.

45,000

6.250%, 

7/1/2025

a

47,971

Dana,

Inc.

30,000

5.625%, 

6/15/2028

32,100

Dick's

Sporting

Goods,

Inc.,

Convertible

10,000

3.250%, 

4/15/2025

a

22,912

Empire

Communities

Corporation

30,000

7.000%, 

12/15/2025

a

31,612

Expedia

Group,

Inc.,

Convertible

18,000

Zero

Coupon, 

2/15/2026

a

19,647

Ford

Motor

Company

10,000

9.000%, 

4/22/2025

12,111

10,000

9.625%, 

4/22/2030

13,955

30,000

7.450%, 

7/16/2031

37,825

Ford

Motor

Company,

Convertible

65,000

Zero

Coupon, 

3/15/2026

a

65,650

Ford

Motor

Credit

Company,

LLC

70,000

4.063%, 

11/1/2024

73,433

60,000

4.134%, 

8/4/2025

62,755

Gap,

Inc.

20,000

8.625%, 

5/15/2025

a

22,395

General

Motors

Financial

Company,

Inc.

40,000

5.700%, 

9/30/2030

b,c

43,200

Hanesbrands,

Inc.

35,000

4.875%, 

5/15/2026

a

37,538

Herc

Holdings,

Inc.

30,000

5.500%, 

7/15/2027

a

31,926

Hilton

Domestic

Operating

Company,

Inc.

20,000

4.875%, 

1/15/2030

21,216

Hilton

Worldwide

Finance,

LLC

50,000

4.875%, 

4/1/2027

52,188

International

Game

Technology

plc

30,000

5.250%, 

1/15/2029

a

31,290

KB

Home

30,000

4.800%, 

11/15/2029

31,425

L

Brands,

Inc.

30,000

6.625%, 

10/1/2030

a

34,254

10,000

6.875%, 

11/1/2035

11,918

Landry's,

Inc.

30,000

6.750%, 

10/15/2024

a

30,335

Levi

Strauss

&

Company

40,000

3.500%, 

3/1/2031

a

38,600

Live

Nation

Entertainment,

Inc.

20,000

3.750%, 

1/15/2028

a

19,725

Mattamy

Group

Corporation

40,000

5.250%, 

12/15/2027

a

41,850

MGM

Resorts

International

55,000

5.500%, 

4/15/2027

59,125

PetSmart,

Inc.

20,000

4.750%, 

2/15/2028

a

20,454

20,000

7.750%, 

2/15/2029

a

21,649

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Consumer

Cyclical

(6.1%)

-

continued

Prime

Security

Services

Borrower,

LLC

$

55,000

5.750%, 

4/15/2026

a

$

59,513

Real

Hero

Merger

Sub

2,

Inc.

20,000

6.250%, 

2/1/2029

a

20,650

Realogy

Group,

LLC

30,000

5.750%, 

1/15/2029

a

29,588

Rite

Aid

Corporation

15,000

7.500%, 

7/1/2025

a

15,581

Royal

Caribbean

Cruises,

Ltd.

30,000

9.125%, 

6/15/2023

a

33,058

10,000

11.500%, 

6/1/2025

a

11,663

15,000

5.500%, 

4/1/2028

a

15,075

Scientific

Games

International,

Inc.

45,000

5.000%, 

10/15/2025

a

46,607

30,000

7.250%, 

11/15/2029

a

32,550

SeaWorld

Parks

and

Entertainment,

Inc.

20,000

9.500%, 

8/1/2025

a

21,737

Six

Flags

Entertainment

Corporation

10,000

5.500%, 

4/15/2027

a,g

10,363

Six

Flags

Theme

Parks,

Inc.

10,000

7.000%, 

7/1/2025

a

10,813

Staples,

Inc.

50,000

7.500%, 

4/15/2026

a

52,738

Tenneco,

Inc.

20,000

5.000%, 

7/15/2026

18,850

Uber

Technologies,

Inc.

20,000

6.250%, 

1/15/2028

a

21,784

Under

Armour

,

Inc.,

Convertible

3,000

1.500%, 

6/1/2024

a

5,878

Vista

Outdoor,

Inc.

30,000

4.500%, 

3/15/2029

a

29,684

Wyndham

Destinations,

Inc.

20,000

6.625%, 

7/31/2026

a

22,707

Wyndham

Hotels

&

Resorts,

Inc.

10,000

4.375%, 

8/15/2028

a

10,115

Yum!

Brands,

Inc.

40,000

4.750%, 

1/15/2030

a

42,292

ZF

North

America

Capital,

Inc.

20,000

4.750%, 

4/29/2025

a

21,471

Total

1,948,000

Consumer

Non-Cyclical

(4.9%)

Albertson's

Companies,

Inc.

60,000

3.500%, 

3/15/2029

a

57,098

Aramark

Services,

Inc.

20,000

6.375%, 

5/1/2025

a

21,200

Bausch

Health

Companies,

Inc.

10,000

5.000%, 

1/30/2028

a

10,125

40,000

5.000%, 

2/15/2029

a

39,725

Callaway

Golf

Company,

Convertible

2,000

2.750%, 

5/1/2026

a

3,422

Centene

Corporation

50,000

5.375%, 

6/1/2026

a

52,285

10,000

4.250%, 

12/15/2027

10,519

15,000

4.625%, 

12/15/2029

16,235

10,000

3.000%, 

10/15/2030

9,983

Central

Garden

&

Pet

Company

20,000

4.125%, 

10/15/2030

20,200

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Consumer

Non-Cyclical

(4.9%)

-

continued

Community

Health

Systems,

Inc.

$

15,000

5.625%, 

3/15/2027

a

$

15,712

20,000

6.000%, 

1/15/2029

a

21,150

40,000

6.875%, 

4/15/2029

a

41,875

DaVita,

Inc.

40,000

4.625%, 

6/1/2030

a

40,754

Edgewell

Personal

Care

Company

20,000

5.500%, 

6/1/2028

a

21,120

Encompass

Health

Corporation

50,000

4.500%, 

2/1/2028

51,206

Endo

Finance,

LLC

20,000

9.500%, 

7/31/2027

a

21,725

Energizer

Holdings,

Inc.

35,000

4.375%, 

3/31/2029

a

35,123

H.

J.

Heinz

Company

10,000

5.200%, 

7/15/2045

11,566

HCA,

Inc.

110,000

5.375%, 

2/1/2025

122,707

HLF

Financing

SARL,

LLC

20,000

7.250%, 

8/15/2026

a

20,950

Illumina,

Inc.

30,000

9.000%, 

7/1/2028

a

33,759

Illumina,

Inc.,

Convertible

2,000

0.500%, 

6/15/2021

3,008

Ionis

Pharmaceuticals,

Inc.,

Convertible

4,000

0.125%, 

12/15/2024

3,819

JBS

USA,

LLC

65,000

6.500%, 

4/15/2029

a

73,418

Kraft

Foods

Group,

Inc.

40,000

5.000%, 

6/4/2042

45,016

Kraft

Heinz

Foods

Company

40,000

4.625%, 

1/30/2029

44,893

60,000

3.750%, 

4/1/2030

63,681

20,000

4.250%, 

3/1/2031

22,019

Mattel,

Inc.

35,000

3.375%, 

4/1/2026

a

36,135

Molina

Healthcare,

Inc.

30,000

4.375%, 

6/15/2028

a

30,869

MPH

Acquisition

Holdings,

LLC

20,000

5.750%, 

11/1/2028

a,g

19,500

Ortho-Clinical

Diagnostics,

Inc.

20,000

7.250%, 

2/1/2028

a

21,913

Par

Pharmaceutical,

Inc.

40,000

7.500%, 

4/1/2027

a

42,426

Pilgrim's

Pride

Corporation

10,000

5.875%, 

9/30/2027

a

10,717

QBE

Insurance

Group,

Ltd.

40,000

5.875%, 

5/12/2025

a,b,c

43,050

Scotts

Miracle-

Gro

Company

40,000

4.500%, 

10/15/2029

41,238

SEG

Holding,

LLC

30,000

5.625%, 

10/15/2028

a

31,425

Simmons

Foods,

Inc.

20,000

4.625%, 

3/1/2029

a

20,175

Spectrum

Brands,

Inc.

10,000

5.000%, 

10/1/2029

a

10,550

10,000

5.500%, 

7/15/2030

a

10,700

Syneos

Health,

Inc.

20,000

3.625%, 

1/15/2029

a

19,450

Teleflex,

Inc.

40,000

4.250%, 

6/1/2028

a

41,450

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Consumer

Non-Cyclical

(4.9%)

-

continued

Tenet

Healthcare

Corporation

$

25,000

4.625%, 

7/15/2024

$

25,517

50,000

5.125%, 

11/1/2027

a

52,285

15,000

6.125%, 

10/1/2028

a

15,656

Teva

Pharmaceutical

Finance

Netherlands

III

BV

40,000

2.800%, 

7/21/2023

39,822

United

Natural

Foods,

Inc.

30,000

6.750%, 

10/15/2028

a

32,063

VRX

Escrow

Corporation

85,000

6.125%, 

4/15/2025

a

87,142

Winnebago

Industries,

Inc.,

Convertible

16,000

1.500%, 

4/1/2025

22,160

Total

1,588,536

Energy

(5.7%)

Antero

Midstream

Partners,

LP

10,000

5.750%, 

3/1/2027

a

10,002

Antero

Resources

Corporation

25,000

5.000%, 

3/1/2025

25,019

Apache

Corporation

20,000

4.875%, 

11/15/2027

20,500

30,000

4.375%, 

10/15/2028

29,910

Archrock

Partners,

LP

25,000

6.250%, 

4/1/2028

a

25,395

BP

Capital

Markets

plc

40,000

4.875%, 

3/22/2030

b,c

42,850

Buckeye

Partners,

LP

30,000

3.950%, 

12/1/2026

29,654

Centennial

Resource

Production,

LLC

30,000

6.875%, 

4/1/2027

a

26,700

Cheniere

Energy

Partners,

LP

60,000

5.625%, 

10/1/2026

62,742

Cheniere

Energy,

Inc.,

Convertible

3,000

4.250%, 

3/15/2045

2,451

CNX

Resources

Corporation

20,000

6.000%, 

1/15/2029

a

20,784

Comstock

Resources,

Inc.

20,000

9.750%, 

8/15/2026

21,700

Continental

Resources,

Inc.

10,000

4.375%, 

1/15/2028

10,515

20,000

5.750%, 

1/15/2031

a

22,597

Enagas

SA

35,000

5.500%, 

1/15/2028

a

34,183

Enbridge,

Inc.

137,000

6.250%, 

3/1/2078

b

143,426

48,000

5.750%, 

7/15/2080

b

51,360

Encana

Corporation

10,000

6.625%, 

8/15/2037

12,026

Endeavor

Energy

Resources,

LP

20,000

5.750%, 

1/30/2028

a

21,126

Energean

Israel

Finance,

Ltd.

30,000

4.500%, 

3/30/2024

a

30,152

Energy

Transfer

Operating,

LP

25,000

6.625%, 

2/15/2028

b,c

22,125

EnLink

Midstream

Partners,

LP

30,000

4.850%, 

7/15/2026

28,981

20,000

5.600%, 

4/1/2044

16,600

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

b

70,531

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Energy

(5.7%)

-

continued

EQM

Midstream

Partners,

LP

$

30,000

6.500%, 

7/1/2027

a

$

32,617

10,000

6.500%, 

7/15/2048

9,975

EQT

Corporation

30,000

3.900%, 

10/1/2027

30,600

EQT

Corporation,

Convertible

7,000

1.750%, 

5/1/2026

a

10,282

Genesis

Energy,

LP

10,000

6.500%, 

10/1/2025

9,802

Harvest

Midstream,

LP

30,000

7.500%, 

9/1/2028

a

32,241

Hess

Midstream

Operations,

LP

20,000

5.625%, 

2/15/2026

a

20,600

Hilcorp

Energy

I,

LP

30,000

5.750%, 

2/1/2029

a

30,262

Murphy

Oil

Corporation

25,000

5.875%, 

12/1/2027

24,500

Nabors

Industries,

Ltd.

20,000

7.250%, 

1/15/2026

a

16,600

Newfield

Exploration

Company

20,000

5.625%, 

7/1/2024

21,987

NGL

Energy

Operating,

LLC

20,000

7.500%, 

2/1/2026

a

20,550

NGL

Energy

Partners,

LP

20,000

7.500%, 

11/1/2023

19,300

NuStar

Logistics,

LP

30,000

5.750%, 

10/1/2025

32,116

Occidental

Petroleum

Corporation

10,000

3.450%, 

7/15/2024

10,000

50,000

2.900%, 

8/15/2024

49,452

20,000

3.400%, 

4/15/2026

19,420

65,000

3.500%, 

8/15/2029

60,989

20,000

6.450%, 

9/15/2036

22,075

40,000

4.400%, 

4/15/2046

34,258

Ovintiv

,

Inc.

10,000

7.375%, 

11/1/2031

12,720

PBF

Holding

Company,

LLC

25,000

9.250%, 

5/15/2025

a

25,524

PDC

Energy,

Inc.,

Convertible

1,000

1.125%, 

9/15/2021

991

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

a

10,962

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

b,c

48,754

Range

Resources

Corporation

10,000

9.250%, 

2/1/2026

10,865

10,000

8.250%, 

1/15/2029

a

10,700

Southwestern

Energy

Company

30,000

7.500%, 

4/1/2026

31,741

Sunoco,

LP

40,000

6.000%, 

4/15/2027

41,850

Targa

Resources

Partners,

LP

20,000

5.375%, 

2/1/2027

20,741

Teine

Energy,

Ltd.

25,000

6.875%, 

4/15/2029

a,d

25,302

TransCanada

Trust

100,000

5.300%, 

3/15/2077

b

104,444

Transocean

Guardian,

Ltd.

21,750

5.875%, 

1/15/2024

a

19,032

Transocean

Proteus,

Ltd.

12,000

6.250%, 

12/1/2024

a

11,400

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Energy

(5.7%)

-

continued

USA

Compression

Partners,

LP

$

10,000

6.875%, 

4/1/2026

$

10,256

Vine

Energy

Holdings,

LLC

20,000

6.750%, 

4/15/2029

a,d

20,000

W&T

Offshore,

Inc.

25,000

9.750%, 

11/1/2023

a

22,118

Weatherford

International,

Ltd.

30,000

8.750%, 

9/1/2024

a

31,383

20,000

11.000%, 

12/1/2024

a

19,200

Western

Midstream

Operating,

LP

20,000

4.350%, 

2/1/2025

20,700

20,000

3.950%, 

6/1/2025

20,540

10,000

5.500%, 

8/15/2048

9,841

Total

1,818,019

Financials

(16.1%)

Air

Lease

Corporation

64,000

4.650%, 

6/15/2026

b,c

63,200

Ally

Financial,

Inc.

45,000

5.750%, 

11/20/2025

51,123

Ares

Capital

Corporation,

Convertible

9,000

4.625%, 

3/1/2024

9,782

BAC

Capital

Trust

XIV

34,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/19/2021

b,c

33,405

Bank

of

America

Corporation

42,000

6.100%, 

9/5/2024

b,c

46,620

284,000

6.250%, 

3/5/2025

b,c

314,331

84,000

5.875%, 

3/15/2028

b,c

91,616

Bank

of

New

York

Mellon

Corporation

20,000

4.700%, 

9/20/2025

b,c

21,669

Bank

of

Nova

Scotia

60,000

4.900%, 

6/4/2025

b,c

63,788

Barclays

plc

100,000

8.000%, 

6/15/2024

b,c

111,000

Burford

Capital

Global

Finance,

LLC

15,000

6.250%, 

4/15/2028

a,d

15,375

CANPACK

SA

30,000

3.125%, 

11/1/2025

a

30,450

Cascades

USA,

Inc.

20,000

5.125%, 

1/15/2026

a

21,225

Charles

Schwab

Corporation

176,000

5.375%, 

6/1/2025

b,c

194,422

128,000

4.000%, 

6/1/2026

b,c

129,894

Chobani

,

LLC

30,000

4.625%, 

11/15/2028

a

30,600

Citigroup,

Inc.

86,000

4.672%, 

(LIBOR

3M

+

4.478%),

5/15/2021

b,c

86,328

82,000

5.950%, 

1/30/2023

b,c

86,029

68,000

5.000%, 

9/12/2024

b,c

70,060

34,000

5.950%, 

5/15/2025

b,c

36,635

45,000

4.000%, 

12/10/2025

b,c

45,439

120,000

3.875%, 

2/18/2026

b,c

119,440

Comerica,

Inc.

20,000

5.625%, 

7/1/2025

b,c

22,025

Credit

Acceptance

Corporation

25,000

5.125%, 

12/31/2024

a

25,500

Credit

Agricole

SA

40,000

8.125%, 

12/23/2025

a,b,c

48,200

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Financials

(16.1%)

-

continued

Credit

Suisse

Group

AG

$

51,000

7.500%, 

12/11/2023

a,b,c

$

55,199

Dai-ichi

Life

Insurance

Company,

Ltd.

120,000

5.100%, 

10/28/2024

a,b,c,g

132,750

Drawbridge

Special

Opportunities

Fund,

LP

40,000

3.875%, 

2/15/2026

a

41,030

ESH

Hospitality,

Inc.

30,000

5.250%, 

5/1/2025

a

30,600

10,000

4.625%, 

10/1/2027

a

10,576

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

9,115

Fifth

Third

Bancorp

46,000

4.500%, 

9/30/2025

b,c

48,852

Fortress

Transportation

20,000

6.500%, 

10/1/2025

a

20,900

FTI

Consulting,

Inc.,

Convertible

16,000

2.000%, 

8/15/2023

23,328

Global

Net

Lease,

Inc.

25,000

3.750%, 

12/15/2027

a

24,368

Goldman

Sachs

Group,

Inc.

125,000

5.500%, 

8/10/2024

b,c

135,000

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

11,000

4.125%, 

9/1/2022

22,674

Hartford

Financial

Services

Group,

Inc.

100,000

2.319%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,b

95,998

HSBC

Holdings

plc

55,000

6.375%, 

3/30/2025

b,c

60,610

36,000

6.500%, 

3/23/2028

b,c

40,365

70,000

4.600%, 

12/17/2030

b,c

69,212

Huntington

Bancshares,

Inc.

64,000

4.450%, 

10/15/2027

b,c

66,637

Icahn

Enterprises,

LP

70,000

6.375%, 

12/15/2025

72,275

Iron

Mountain,

Inc.

65,000

4.875%, 

9/15/2027

a

66,503

iStar

,

Inc.

30,000

4.250%, 

8/1/2025

30,207

iStar

,

Inc.,

Convertible

8,000

3.125%, 

9/15/2022

10,540

J.P.

Morgan

Chase

&

Company

140,000

3.558%, 

(LIBOR

3M

+

3.320%),

7/1/2021

b,c

139,370

105,000

5.150%, 

5/1/2023

b,c

108,612

40,000

6.000%, 

8/1/2023

b,c

41,929

40,000

6.750%, 

2/1/2024

b,c

43,800

168,000

5.000%, 

8/1/2024

b,c

173,670

J.P.

Morgan

Chase

Capital

XXIII

100,000

1.194%, 

(LIBOR

3M

+

1.000%),

5/15/2047

b

85,500

Lincoln

National

Corporation

100,000

2.549%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

85,738

Lloyds

Banking

Group

plc

40,000

7.500%, 

6/27/2024

b,c

44,600

100,000

6.657%, 

5/21/2037

a,b,c

129,000

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Financials

(16.1%)

-

continued

LPL

Holdings,

Inc.

$

20,000

4.000%, 

3/15/2029

a

$

20,150

MetLife,

Inc.

40,000

3.850%, 

9/15/2025

b,c

41,300

92,000

5.875%, 

3/15/2028

b,c

101,890

MGIC

Investment

Corporation,

Convertible

21,000

9.000%, 

4/1/2063

a

28,192

MGM

Growth

Properties

Operating

Partnership,

LP

35,000

4.500%, 

9/1/2026

36,631

MPT

Operating

Partnership,

LP

30,000

4.625%, 

8/1/2029

31,561

NFP

Corporation

10,000

6.875%, 

8/15/2028

a

10,375

Nippon

Life

Insurance

Company

97,000

5.100%, 

10/16/2044

a,b

107,185

72,000

3.400%, 

1/23/2050

a,b

73,260

Pebblebrook

Hotel

Trust,

Convertible

19,000

1.750%, 

12/15/2026

22,230

PennyMac

Financial

Services,

Inc.

20,000

4.250%, 

2/15/2029

a

19,125

Playtika

Holding

Corporation

10,000

4.250%, 

3/15/2029

a

9,852

Provident

Financing

Trust

I

25,000

7.405%, 

3/15/2038

28,808

Prudential

Financial,

Inc.

138,000

5.625%, 

6/15/2043

b

147,887

86,000

5.200%, 

3/15/2044

b

91,576

20,000

3.700%, 

10/1/2050

b

20,224

Quicken

Loans,

LLC

20,000

3.625%, 

3/1/2029

a

19,250

Regions

Financial

Corporation

40,000

5.750%, 

6/15/2025

b,c

44,050

Royal

Bank

of

Scotland

Group

plc

40,000

8.625%, 

8/15/2021

b,c

40,950

Service

Properties

Trust

30,000

4.750%, 

10/1/2026

29,250

20,000

5.500%, 

12/15/2027

21,155

Societe

Generale

SA

40,000

8.000%, 

9/29/2025

a,b,c

46,912

Springleaf

Finance

Corporation

20,000

6.875%, 

3/15/2025

22,749

35,000

7.125%, 

3/15/2026

40,367

10,000

6.625%, 

1/15/2028

11,333

Standard

Chartered

plc

100,000

7.500%, 

4/2/2022

a,b,c

104,500

Starwood

Property

Trust,

Inc.,

Convertible

7,000

4.375%, 

4/1/2023

7,293

Summit

Hotel

Properties,

Inc.,

Convertible

8,000

1.500%, 

2/15/2026

8,815

Truist

Financial

Corporation

110,000

4.950%, 

9/1/2025

b,c

119,213

USB

Realty

Corporation

68,000

1.388%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,c

52,700

VICI

Properties,

LP

10,000

4.250%, 

12/1/2026

a

10,231

10,000

3.750%, 

2/15/2027

a

10,000

20,000

4.625%, 

12/1/2029

a

20,747

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Financials

(16.1%)

-

continued

Wachovia

Capital

Trust

II

$

30,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

$

28,755

Wells

Fargo

&

Company

62,000

3.900%, 

3/15/2026

b,c

62,614

Total

5,178,244

Technology

(2.1%)

Akamai

Technologies,

Inc.,

Convertible

10,000

0.125%, 

5/1/2025

12,094

19,000

0.375%, 

9/1/2027

20,603

Banff

Merger

Sub,

Inc.

15,000

9.750%, 

9/1/2026

a

15,975

CommScope

Technologies

Finance,

LLC

30,000

6.000%, 

6/15/2025

a

30,601

CommScope

,

Inc.

20,000

7.125%, 

7/1/2028

a

21,242

Diamond

Sports

Group,

LLC

45,000

6.625%, 

8/15/2027

a

23,400

Gartner,

Inc.

10,000

4.500%, 

7/1/2028

a

10,312

30,000

3.750%, 

10/1/2030

a

29,752

J2

Global,

Inc.,

Convertible

23,000

1.750%, 

11/1/2026

a

26,953

10,000

3.250%, 

6/15/2029

17,681

Lumentum

Holdings,

Inc.,

Convertible

11,000

0.250%, 

3/15/2024

17,621

Microchip

Technology,

Inc.,

Convertible

13,000

1.625%, 

2/15/2027

29,575

NCR

Corporation

50,000

6.125%, 

9/1/2029

a

52,937

NortonLifeLock

,

Inc.,

Convertible

3,000

2.000%, 

8/15/2022

a

3,493

Nuance

Communications,

Inc.,

Convertible

27,000

1.250%, 

4/1/2025

61,341

ON

Semiconductor

Corporation,

Convertible

29,000

1.625%, 

10/15/2023

60,121

Open

Text

Corporation

15,000

4.125%, 

2/15/2030

a

15,205

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

10,262

Qorvo

,

Inc.

20,000

3.375%, 

4/1/2031

a

19,598

Rackspace

Technology

Global,

Inc.

20,000

5.375%, 

12/1/2028

a,g

20,337

Seagate

HDD

Cayman

30,000

3.375%, 

7/15/2031

a

28,844

Sensata

Technologies,

Inc.

40,000

3.750%, 

2/15/2031

a

39,438

Shift4

Payments,

LLC

10,000

4.625%, 

11/1/2026

a

10,375

SS&C

Technologies,

Inc.

30,000

5.500%, 

9/30/2027

a

31,952

Switch,

Ltd.

30,000

3.750%, 

9/15/2028

a

29,542

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Technology

(2.1%)

-

continued

Teradyne,

Inc.,

Convertible

$

7,000

1.250%, 

12/15/2023

$

26,924

Verint

Systems,

Inc.,

Convertible

11,000

1.500%, 

6/1/2021

12,389

Vishay

Intertechnology

,

Inc.,

Convertible

11,000

2.250%, 

6/15/2025

11,963

Total

690,530

Transportation

(1.0%)

Air

Transport

Services

Group,

Inc.,

Convertible

8,000

1.125%, 

10/15/2024

8,940

American

Airlines,

Inc.

30,000

11.750%, 

7/15/2025

a

37,110

40,000

5.500%, 

4/20/2026

a

41,628

5,000

5.750%, 

4/20/2029

a

5,318

Avis

Budget

Car

Rental,

LLC

20,000

5.375%, 

3/1/2029

a

20,688

Delta

Air

Lines,

Inc.

30,000

7.000%, 

5/1/2025

a

34,559

Hawaiian

Brand

Intellectual

Property,

Ltd.

30,000

5.750%, 

1/20/2026

a

31,878

Meritor,

Inc.,

Convertible

26,000

3.250%, 

10/15/2037

30,469

Mileage

Plus

Holdings,

LLC

30,000

6.500%, 

6/20/2027

a

32,887

Southwest

Airlines

Company,

Convertible

18,000

1.250%, 

5/1/2025

30,904

XPO

Logistics,

Inc.

50,000

6.750%, 

8/15/2024

a

52,437

Total

326,818

U.S.

Government

&

Agencies

(5.2%)

U.S.

Treasury

Bonds

406,000

1.125%, 

2/15/2031

383,606

U.S.

Treasury

Notes

1,305,000

0.375%, 

1/31/2026

1,272,681

Total

1,656,287

Utilities

(1.7%)

Calpine

Corporation

50,000

4.500%, 

2/15/2028

a

50,420

Dominion

Energy,

Inc.

56,000

4.650%, 

12/15/2024

b,c

58,957

Duke

Energy

Corporation

51,000

4.875%, 

9/16/2024

b,c

53,881

NextEra

Energy

Operating

Partners,

LP

35,000

3.875%, 

10/15/2026

a

36,706

NextEra

Energy

Partners,

LP,

Convertible

14,000

Zero

Coupon, 

11/15/2025

a

15,006

NiSource,

Inc.

77,000

5.650%, 

6/15/2023

b,c

79,502

NRG

Energy,

Inc.

35,000

3.375%, 

2/15/2029

a

34,169

PG&E

Corporation

30,000

5.250%, 

7/1/2030

31,800

Sempra

Energy

40,000

4.875%, 

10/15/2025

b,c

42,800

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income

(52.9%)

Value

Utilities

(1.7%)

-

continued

Southern

Company

$

40,000

4.000%, 

1/15/2051

b

$

42,210

Talen

Energy

Supply,

LLC

20,000

7.625%, 

6/1/2028

a

20,250

TerraForm

Power

Operating,

LLC

35,000

5.000%, 

1/31/2028

a

37,767

Vistra

Operations

Company,

LLC

30,000

5.000%, 

7/31/2027

a

30,901

Total

534,369

Total

Long-Term

Fixed

Income

(cost

$16,420,168)

16,964,571

Shares

Registered

Investment

Companies

(

32.1%

)

Value

Unaffiliated  (22.3%)

15,000

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

61,350

8,356

AllianceBernstein

Global

High

Income

Fund,

Inc.

99,019

9,648

Barings

Global

Short

Duration

High

Yield

Fund

155,140

14,801

BlackRock

Core

Bond

Trust

232,376

6,859

BlackRock

Corporate

High

Yield

Fund,

Inc.

80,525

15,183

BlackRock

Credit

Allocation

Income

Trust

222,886

12,083

BlackRock

Enhanced

Equity

Dividend

Trust

114,305

13,425

BlackRock

Enhanced

Global

Dividend

Trust

154,253

8,095

BlackRock

Multi-Sector

Income

Trust

145,872

3,629

Blackstone

Senior

Floating

Rate

Term

Fund

56,467

36,600

BNY

Mellon

High

Yield

Strategies

Fund

113,094

4,218

Brookfield

Real

Assets

Income

Fund,

Inc.

87,313

6,040

Clough

Global

Opportunities

Fund

73,990

4,374

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

60,886

8,610

Eaton

Vance

Limited

Duration

Income

Fund

108,744

180

Eaton

Vance

Senior

Floating-Rate

Trust

2,482

6,772

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

62,980

6,736

First

Trust

High

Income

Long/Short

Fund

101,848

4,971

First

Trust

Senior

Floating

Rate

Income

Fund

II

60,945

10,620

Invesco

Dynamic

Credit

Opportunities

Fund

120,749

3,500

Invesco

Variable

Rate

Preferred

ETF

g

90,475

100

iShares

International

Select

3,148

150

iShares

Mortgage

Real

Estate

Capped

ETF

5,289

40

iShares

Residential

Real

Estate

ETF

2,960

26,700

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

g

1,025,280

Shares

Registered

Investment

Companies

(32.1%)

Value

Unaffiliated  (22.3%)-

continued

13,803

Ivy

High

Income

Opportunities

Fund

$

188,273

12,310

Liberty

All-Star

Equity

Fund

93,925

11,597

Madison

Covered

Call

&

Equity

Strategy

Fund

87,673

10,239

New

America

High

Income

Fund,

Inc.

92,765

17,162

Nuveen

Credit

Strategies

Income

Fund

111,553

200

Nuveen

Floating

Rate

Income

Fund

1,932

7,743

Nuveen

Global

High

Income

Fund

119,784

10,608

Nuveen

Senior

Income

Fund

59,511

4,113

Nuveen

Short

Duration

Credit

Opportunities

Fund

58,076

14,008

PGIM

Global

High

Yield

Fund,

Inc.

208,999

10,729

PGIM

High

Yield

Bond

Fund,

Inc.

168,016

5,490

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

122,262

6,826

Pioneer

High

Income

Trust

63,960

6,233

Royce

Micro-Cap

Trust,

Inc.

70,433

5,220

Royce

Value

Trust,

Inc.

94,534

11,459

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

g

1,246,739

9,545

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

260,865

10,974

Templeton

Emerging

Markets

Income

Fund

80,878

3,876

Tri-Continental

Corporation

125,699

9,808

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

135,154

5,125

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

47,663

16,022

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

91,325

6,276

Voya

Infrastructure

Industrials

and

Materials

Fund

77,697

26,614

Wells

Fargo

Global

Dividend

Opportunity

Fund

139,990

14,463

Wells

Fargo

Income

Opportunities

Fund

122,068

7,352

Western

Asset

High

Income

Opportunity

Fund,

Inc.

37,348

Total

7,149,498

Affiliated  (9.8%)

324,614

Thrivent

Core

Emerging

Markets

Debt

Fund

3,139,016

Total

3,139,016

Total

Registered

Investment

Companies

(cost

$9,995,141)

10,288,514

Shares

Collateral

Held

for

Securities

Loaned

(

7.7%

)

Value

2,462,933

Thrivent

Cash

Management

Trust

2,462,933

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,462,933)

2,462,933

Shares

Common

Stock

(

5.7%

)

Value

Communications

Services

(0.2%)

68

Charter

Communications,

Inc.

h

41,957

472

Twitter,

Inc.

h

30,033

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Shares

Common

Stock

(5.7%)

Value

Communications

Services

(0.2%)

-

continued

31

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

h

$

398

Total

72,388

Consumer

Discretionary

(0.4%)

529

Bloomin

'

Brands,

Inc.

h

14,310

11

Booking

Holdings,

Inc.

h

25,628

38

Burlington

Stores,

Inc.

h

11,354

497

Callaway

Golf

Company

13,295

113

Dick's

Sporting

Goods,

Inc.

8,605

2,440

Under

Armour

,

Inc.,

Class

C

h

45,042

Total

118,234

Consumer

Staples

(0.1%)

325

Bunge,

Ltd.

25,763

Total

25,763

Energy

(0.9%)

87

Cheniere

Energy,

Inc.

h

6,265

1,420

Enbridge,

Inc.

51,688

1,500

Enterprise

Products

Partners,

LP

33,030

582

EQT

Corporation

h

10,814

1,700

Kinder

Morgan,

Inc.

28,305

1,800

MPLX,

LP

46,134

197

PDC

Energy,

Inc.

h

6,777

109

Pioneer

Natural

Resources

Company

17,311

230

SM

Energy

Company

3,765

1,100

TC

Energy

Corporation

50,325

1,900

Williams

Companies,

Inc.

45,011

Total

299,425

Financials

(2.1%)

5,636

AG

Mortgage

Investment

Trust,

Inc.

22,713

11,258

Annaly

Capital

Management,

Inc.

96,819

2,500

Apollo

Commercial

Real

Estate

Finance,

Inc.

34,925

136

Ares

Capital

Corporation

2,545

368

Bank

of

America

Corporation

14,238

4,300

BlackRock

TCP

Capital

Corporation

59,469

266

Blackstone

Mortgage

Trust,

Inc.

8,246

2,900

Chimera

Investment

Corporation

36,830

2,500

FS

KKR

Capital

Corporation

49,575

3,100

FS

KKR

Capital

Corporation

II

60,543

4,375

Golub

Capital

BDC,

Inc.

63,962

5,511

Granite

Point

Mortgage

Trust,

Inc.

65,967

471

KKR

&

Company,

Inc.

23,008

2,645

Sixth

Street

Specialty

Lending,

Inc.

55,624

234

Starwood

Property

Trust,

Inc.

5,789

7,047

Two

Harbors

Investment

Corporation

51,655

282

Wells

Fargo

&

Company

11,018

Total

662,926

Health

Care

(0.3%)

70

Anthem,

Inc.

25,126

207

Danaher

Corporation

46,592

29

Illumina,

Inc.

h

11,138

Total

82,856

Industrials

(0.4%)

211

Chart

Industries,

Inc.

h

30,036

Shares

Common

Stock

(5.7%)

Value

Industrials

(0.4%)

-

continued

177

Fortive

Corporation

$

12,503

364

Greenbrier

Companies,

Inc.

17,188

300

Meritor,

Inc.

h

8,826

379

Patrick

Industries,

Inc.

32,215

144

Southwest

Airlines

Company

h

8,793

73

Stanley

Black

&

Decker,

Inc.

14,576

60

Tutor

Perini

Corporation

h

1,137

Total

125,274

Information

Technology

(0.8%)

130

Broadcom,

Ltd.

60,276

307

II-VI,

Inc.

h

20,990

138

Lumentum

Holdings,

Inc.

h

12,606

210

Microchip

Technology,

Inc.

32,596

582

Micron

Technology,

Inc.

h

51,338

143

Motorola

Solutions,

Inc.

26,891

289

ON

Semiconductor

Corporation

h

12,025

1,840

Sabre

Corporation

h

27,250

10

ServiceNow

,

Inc.

h

5,001

51

Teradyne,

Inc.

6,206

90

Western

Digital

Corporation

6,008

Total

261,187

Materials

(<0.1%)

32

International

Flavors

&

Fragrances,

Inc.

4,467

Total

4,467

Real

Estate

(0.5%)

5,144

AGNC

Investment

Corporation

86,213

135

iSTAR

Financial,

Inc.

2,400

6,794

New

Residential

Investment

Corporation

76,433

192

Pebblebrook

Hotel

Trust

4,664

Total

169,710

Utilities

(<0.1%)

51

NextEra

Energy

Partners,

LP

3,717

99

NextEra

Energy,

Inc.

7,485

Total

11,202

Total

Common

Stock

(cost

$1,731,349)

1,833,432

Shares

Preferred

Stock

(

5.5%

)

Value

Communications

Services

(0.5%)

5,050

AT&T,

Inc.,

4.750%

c

127,614

1,450

AT&T,

Inc.,

5.000%

c,g

38,236

Total

165,850

Consumer

Discretionary

(<0.1%)

142

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

6,964

Total

6,964

Consumer

Staples

(0.2%)

2,000

CHS,

Inc.,

6.750%

b,c

55,240

Total

55,240

Energy

(0.4%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

c

91,022

525

Energy

Transfer

Operating,

LP,

7.600%

b,c

12,553

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Shares

Preferred

Stock

(5.5%)

Value

Energy

(0.4%)

-

continued

1,415

Nustar

Logistics,

LP,

6.975%

b

$

34,880

Total

138,455

Financials

(3.5%)

1,050

Aegon

Funding

Corporation

II,

5.100%

27,247

3,500

Allstate

Corporation,

5.100%

c

94,535

1,000

Bank

of

America

Corporation,

5.000%

c

26,470

1,089

Bank

of

America

Corporation,

5.375%

c

29,490

11

Bank

of

America

Corporation,

Convertible,

7.250%

c

15,378

2,050

Capital

One

Financial

Corporation,

5.000%

c

52,788

2,000

Citigroup

Capital

XIII,

6.582%

b

53,800

2,400

Equitable

Holdings,

Inc.,

5.250%

c

63,072

65

First

Horizon

Bank,

3.750%

a,b,c

53,950

4,300

GMAC

Capital

Trust

I,

5.983%

b

109,564

1,450

J.P.

Morgan

Chase

&

Company,

4.750%

c

38,309

1,700

J.P.

Morgan

Chase

&

Company,

5.750%

c

46,087

1,700

Legg

Mason,

Inc.,

5.450%

43,350

4,800

Morgan

Stanley,

5.850%

b,c

136,704

1,700

Morgan

Stanley,

7.125%

b,c,g

49,062

250

Synovus

Financial

Corporation,

5.875%

b,c

6,720

2,500

Truist

Financial

Corporation,

4.750%

c

64,375

146

Wells

Fargo

&

Company,

Convertible,

7.500%

c

206,942

Total

1,117,843

Health

Care

(<0.1%)

5

Danaher

Corporation,

Convertible,

5.000%

6,476

Total

6,476

Industrials

(0.1%)

11

Fortive

Corporation,

Convertible,

5.000%

10,951

230

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

27,135

Total

38,086

Real

Estate

(0.4%)

3,775

Public

Storage,

4.125%

c

97,433

800

Public

Storage,

4.625%

c

21,488

200

Public

Storage,

4.700%

c

5,362

325

Public

Storage,

4.875%

c

8,703

Total

132,986

Utilities

(0.4%)

77

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

3,716

266

NextEra

Energy,

Inc.,

Convertible,

4.872%

15,271

3,200

Southern

Company,

4.950%

84,224

Shares

Preferred

Stock

(5.5%)

Value

Utilities

(0.4%)

-

continued

262

Southern

Company,

Convertible,

6.750%

$

13,344

Total

116,555

Total

Preferred

Stock

(cost

$1,754,972)

1,778,455

Shares

Short-Term

Investments

(

3.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

123,436

0.180%

1,234,355

Total

Short-Term

Investments

(cost

$1,234,296)

1,234,355

Total

Investments

(cost

$33,598,859)

107.7%

$34,562,260

Other

Assets

and

Liabilities,

Net

(7.7%)

(2,472,432)

Total

Net

Assets

100.0%

$32,089,828

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

March

31,

2021,

the

value

of

these

investments

was

$7,322,574

or

22.8%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

March

31,

2021.

g

All

or

a

portion

of

the

security

is

on

loan.

h

Non-income

producing

security.

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

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

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

187,958

Common

Stock

2,229,893

Total

lending

$2,417,851

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,462,933

Net

amounts

due

to

counterparty

$45,082

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Multidimensional

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

627,141

–

627,141

–

Capital

Goods

1,030,467

–

1,030,467

–

Collateralized

Mortgage

Obligations

87,233

–

87,233

–

Communications

Services

1,478,927

–

1,464,872

14,055

Consumer

Cyclical

1,948,000

–

1,948,000

–

Consumer

Non-Cyclical

1,588,536

–

1,588,536

–

Energy

1,818,019

–

1,818,019

–

Financials

5,178,244

–

5,178,244

–

Technology

690,530

–

690,530

–

Transportation

326,818

–

326,818

–

U.S.

Government

&

Agencies

1,656,287

–

1,656,287

–

Utilities

534,369

–

534,369

–

Registered

Investment

Companies

Unaffiliated

7,149,498

7,149,498

–

–

Common

Stock

Communications

Services

72,388

71,990

398

–

Consumer

Discretionary

118,234

118,234

–

–

Consumer

Staples

25,763

25,763

–

–

Energy

299,425

299,425

–

–

Financials

662,926

662,926

–

–

Health

Care

82,856

82,856

–

–

Industrials

125,274

125,274

–

–

Information

Technology

261,187

261,187

–

–

Materials

4,467

4,467

–

–

Real

Estate

169,710

169,710

–

–

Utilities

11,202

11,202

–

–

Preferred

Stock

Communications

Services

165,850

165,850

–

–

Consumer

Discretionary

6,964

6,964

–

–

Consumer

Staples

55,240

55,240

–

–

Energy

138,455

138,455

–

–

Financials

1,117,843

1,063,893

53,950

–

Health

Care

6,476

6,476

–

–

Industrials

38,086

38,086

–

–

Real

Estate

132,986

132,986

–

–

Utilities

116,555

116,555

–

–

Subtotal

Investments

in

Securities

$27,725,956

$10,707,037

$17,004,864

$14,055

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

3,139,016

Affiliated

Short-Term

Investments

1,234,355

Collateral

Held

for

Securities

Loaned

2,462,933

Subtotal

Other

Investments

$6,836,304

Total

Investments

at

Value

$34,562,260

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Multidimensional

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$2,796

$547

$–

$3,139

325

9.8%

Total

Affiliated

Registered

Investment

Companies

2,796

3,139

9.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

678

7,173

6,617

1,234

123

3.8

Total

Affiliated

Short-Term

Investments

678

1,234

3.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

173

8,585

6,295

2,463

2,463

7.7

Total

Collateral

Held

for

Securities

Loaned

173

2,463

7.7

Total

Value

$3,647

$6,836

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(204)

–

$32

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

0

0

–

0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$32

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

Value

$0

$(204)

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Bank

Loans

(

21.5%

)

a

Value

Basic

Materials

(1.6%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

82,662

4.690%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

82,132

Chemours

Company,

Term

Loan

364,581

1.860%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

353,341

Hexion,

Inc.,

Term

Loan

306,877

3.740%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

306,686

INEOS

US

Petrochem,

LLC,

Term

Loan

515,000

3.250%, 

(LIBOR

3M

+

2.750%),

1/29/2026

b

513,069

Innophos

Holdings,

Inc.,

Term

Loan

306,900

3.609%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b

305,749

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

287,873

3.360%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

282,835

Nouryon

USA,

LLC,

Term

Loan

791,536

2.860%, 

(LIBOR

1M

+

2.750%),

10/1/2025

b

778,840

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

536,223

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

535,665

PQ

Corporation,

Term

Loan

258,866

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

258,758

Venator

Finance

SARL,

Term

Loan

384,005

3.109%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b

378,406

Total

3,795,481

Capital

Goods

(2.4%)

Flex

Acquisition

Company,

Inc.,

Term

Loan

606,586

3.238%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

595,970

40,000

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

39,456

Gemini

HDPE,

LLC,

Term

Loan

480,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

477,302

GFL

Environmental,

Inc.,

Term

Loan

523,688

3.500%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b

523,688

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

432,306

3.443%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

422,579

MI

Windows

and

Doors,

Inc.,

Term

Loan

294,263

4.500%, 

(LIBOR

1M

+

3.750%),

12/18/2027

b

295,184

Natgasoline,

LLC,

Term

Loan

366,562

3.625%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

362,897

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Capital

Goods

(2.4%)

-

continued

Navistar,

Inc.,

Term

Loan

$

620,800

3.620%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

$

620,645

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

430,163

2.859%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

428,082

209,475

3.359%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

206,961

TransDigm,

Inc.,

Term

Loan

1,086,250

2.359%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,062,711

TricorBraun

Holdings,

Inc.,

Delayed

Draw

110,176

0.000%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b,d,e

109,028

TricorBraun

Holdings,

Inc.,

Term

Loan

489,824

0.000%, 

(LIBOR

3M

+

3.250%),

3/3/2028

b,d,e

484,720

Total

5,629,223

Communications

Services

(4.9%)

Altice

France

SA,

Term

Loan

255,062

2.859%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

249,824

Cablevision

Lightpath,

LLC,

Term

Loan

478,800

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

477,603

CCI

Buyer,

Inc.,

Term

Loan

125,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

125,117

CommScope,

Inc.,

Term

Loan

778,150

3.359%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

772,353

CSC

Holdings,

LLC,

Term

Loan

276,812

2.356%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b,d,e

272,718

Diamond

Sports

Group,

LLC,

Term

Loan

458,979

3.360%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

313,253

E.W.

Scripps

Company,

Term

Loan

239,400

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

238,315

Eagle

Broadband

Investments,

LLC,

Term

Loan

793,013

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b

790,372

Entercom

Media

Corporation,

Term

Loan

413,286

2.609%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

403,677

GCI,

LLC,

Term

Loan

596,601

3.500%, 

(LIBOR

1M

+

2.750%),

10/15/2025

b,d,e

593,123

HCP

Acquisition,

LLC,

Term

Loan

631,323

3.750%, 

(LIBOR

1M

+

2.750%),

5/16/2024

b

629,934

iHeartCommunications,

Inc.,

Term

Loan

356,391

3.109%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

351,769

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Communications

Services

(4.9%)

-

continued

Intermediate

Dutch

Holdings,

Term

Loan

$

300,000

0.000%, 

(LIBOR

1M

+

4.000%),

3/5/2028

b,d,e

$

298,650

Lumen

Technologies,

Inc.,

Term

Loan

440,390

2.359%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,d,e

435,242

Meredith

Corporation,

Term

Loan

412,920

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

418,684

NEP

Group,

Inc.,

Term

Loan

610,999

3.359%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

591,563

Nexstar

Broadcasting,

Inc.,

Term

Loan

691,544

2.615%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

685,756

Nielsen

Finance,

LLC,

Term

Loan

195,634

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

195,971

Radiate

Holdco,

LLC,

Term

Loan

1,137,150

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

1,135,990

Terrier

Media

Buyer,

Inc.,

Term

Loan

633,413

3.609%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

627,167

TNS,

Inc.,

Term

Loan

450,535

4.110%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

448,093

WideOpenWest

Finance,

LLC,

Term

Loan

587,083

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

584,993

Xplornet

Communications,

Inc.,

Term

Loan

491,536

4.859%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

491,153

Ziggo

Financing

Partnership,

Term

Loan

290,000

2.606%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,d,e

286,836

Total

11,418,156

Consumer

Cyclical

(3.7%)

1011778

B.C.,

LLC,

Term

Loan

747,471

1.859%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b,d,e

733,224

Caesars

Resort

Collection,

LLC,

Term

Loan

636,800

4.609%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

637,596

Carnival

Corporation,

Term

Loan

318,396

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

327,948

Cengage

Learning,

Inc.,

Term

Loan

315,277

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

311,535

City

Brewing

Company,

LLC,

Term

Loan

75,000

0.000%, 

(LIBOR

1M

+

3.500%),

4/1/2028

b,d,e

74,625

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Consumer

Cyclical

(3.7%)

-

continued

CP

Atlas

Buyer,

Inc.,

Term

Loan

$

395,000

4.250%, 

(LIBOR

2M

+

3.750%),

11/23/2027

b

$

392,101

Golden

Entertainment,

Inc.,

Term

Loan

955,075

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

940,749

Golden

Nugget,

LLC,

Term

Loan

470,206

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

462,330

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

618,450

3.750%, 

(LIBOR

1M

+

3.000%),

10/19/2027

b

617,324

LCPR

Loan

Financing,

LLC,

Term

Loan

330,000

0.000%, 

(LIBOR

3M

+

3.750%),

10/23/2026

b,d,e

330,413

Michaels

Stores,

Inc.,

Term

Loan

457,700

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

457,013

Scientific

Games

International,

Inc.,

Term

Loan

1,548,286

2.859%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,517,212

Staples,

Inc.,

Term

Loan

168,563

4.705%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

165,543

302,049

5.205%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

294,246

Stars

Group

Holdings

BV,

Term

Loan

374,482

3.703%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

374,692

Tenneco,

Inc.,

Term

Loan

576,887

3.109%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

561,167

Truck

Hero,

Inc.,

Term

Loan

110,000

4.500%, 

(LIBOR

1M

+

3.750%),

2/24/2028

b

109,649

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

331,500

1.859%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

327,724

Total

8,635,091

Consumer

Non-Cyclical

(3.4%)

Adient

US,

LLC,

Term

Loan

383,051

4.380%, 

(LIBOR

1M

+

4.250%),

5/6/2024

b

382,572

Bausch

Health

Americas,

Inc.,

Term

Loan

898,163

3.109%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

894,759

Chobani,

LLC,

Term

Loan

248,750

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

248,377

CNT

Holdings

I

Corporation,

Term

Loan

320,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

319,101

90,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,c

90,900

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Dole

Food

Company,

Inc.,

Term

Loan

$

605,000

3.754%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

$

604,413

Endo

Luxembourg

Finance

Company,

Term

Loan

245,000

0.000%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b,d,e

242,244

Global

Medical

Response,

Inc.,

Term

Loan

164,475

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

163,330

1,446,375

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

1,440,589

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,072,612

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,066,155

Ortho-Clinical

Diagnostics

SA,

Term

Loan

671,906

3.359%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

670,394

PetSmart,

Inc.,

Term

Loan

760,000

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

758,252

Plantronics,

Inc.,

Term

Loan

174,734

2.650%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

172,239

Precision

Medicine

Group,

LLC,

Delayed

Draw

61,731

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

61,230

Precision

Medicine

Group,

LLC,

Term

Loan

472,086

3.750%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b

468,253

Sotera

Health

Holdings,

LLC,

Term

Loan

309,000

3.250%, 

(LIBOR

3M

+

2.750%),

12/13/2026

b

307,841

Total

7,890,649

Energy

(<0.1%)

Lealand

Finance

Company

BV,

Term

Loan

131,858

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

71,642

Total

71,642

Financials

(1.5%)

Asurion,

LLC,

Term

Loan

209,475

3.359%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

208,017

680,000

3.359%, 

(LIBOR

1M

+

3.250%),

8/3/2027

b,d,e

674,757

415,000

5.359%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

422,263

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

267,238

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

266,118

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Financials

(1.5%)

-

continued

Blackstone

CQP

Holdco,

LP,

Term

Loan

$

304,575

3.687%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

$

303,625

MoneyGram

International,

Inc.,

Term

Loan

342,715

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

342,543

NCR

Corporation,

Term

Loan

518,075

2.720%, 

(LIBOR

3M

+

2.500%),

8/28/2026

b,c

511,599

Newco

Financing

Partnership,

Term

Loan

97,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

97,187

Northriver

Midstream

Finance,

LP,

Term

Loan

508,497

3.488%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

500,952

UPC

Financing

Partnership,

Term

Loan

97,500

3.606%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

97,187

Total

3,424,248

Technology

(1.8%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

466,825

3.712%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

447,765

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

330,000

3.609%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

328,211

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,435,000

3.500%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

1,428,270

Rackspace

Technology

Global,

Inc.,

Term

Loan

925,000

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

916,037

SS&C

Technologies,

Inc.,

Term

Loan

75,942

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

75,063

56,416

1.859%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,d,e

55,763

Zayo

Group

Holdings,

Inc.,

Term

Loan

877,428

0.000%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

869,733

Total

4,120,842

Transportation

(1.2%)

American

Airlines,

Inc.,

Term

Loan

870,000

0.000%, 

(LIBOR

1M

+

4.750%),

3/24/2028

b,d,e

890,393

Genesee

&

Wyoming,

Inc.,

Term

Loan

613,800

2.203%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

611,308

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Bank

Loans

(21.5%)

a

Value

Transportation

(1.2%)

-

continued

Mileage

Plus

Holdings,

LLC,

Term

Loan

$

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

$

355,572

SkyMiles

IP,

Ltd.,

Term

Loan

420,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

440,580

United

Airlines,

Inc.,

Term

Loan

459,023

1.865%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

445,170

Total

2,743,023

Utilities

(1.0%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

105,791

2.375%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

105,791

Core

and

Main,

LP,

Term

Loan

451,234

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

449,068

EnergySolutions,

LLC,

Term

Loan

286,888

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

285,094

Exgen

Renewables

IV,

LLC,

Term

Loan

638,400

3.750%, 

(LIBOR

3M

+

3.000%),

12/11/2027

b,d,e

638,668

PG&E

Corporation,

Term

Loan

822,927

3.500%, 

(LIBOR

3M

+

3.000%),

6/23/2025

b

821,125

Total

2,299,746

Total

Bank

Loans

(cost

$50,097,295)

50,028,101

Principal

Amount

Long-Term

Fixed

Income

(

56.5%

)

Value

Asset-Backed

Securities

(3.9%)

522

Funding

CLO,

Ltd.

375,000

2.624%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,g

374,806

350,000

4.051%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,g

351,063

Ares

LVII

CLO,

Ltd.

300,000

4.594%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,g

301,852

Assurant

CLO

III,

Ltd.

450,000

1.454%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-3A,

Class

A

b,g

450,016

Babson

CLO,

Ltd.

500,000

3.124%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

485,077

Benefit

Street

Partners

CLO

II,

Ltd.

300,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,g

295,866

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Asset-Backed

Securities

(3.9%)

-

continued

Cent

CLO,

LP

$

875,000

2.518%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

$

875,132

College

Ave

Student

Loans,

LLC

137,726

1.759%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,g

140,313

Conn's

Receivables

Funding

74,654

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

g

74,899

Dryden

36

Senior

Loan

Fund

275,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

275,019

Education

Funding

Trust

489,849

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

g

503,115

Foundation

Finance

Trust

75,257

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

76,537

Freedom

ABS

Trust

168,500

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

g

169,642

Galaxy

XIX

CLO,

Ltd.

125,000

2.033%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,g

125,013

Harley

Marine

Financing,

LLC

250,105

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

233,285

Octagon

Investment

Partners

50,

Ltd.

400,000

4.470%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,g

401,441

OHA

Credit

Funding

1,

Ltd.

360,000

1.674%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

360,029

OZLM

IX,

Ltd.

550,000

1.774%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

550,102

Palmer

Square

CLO,

Ltd.

350,000

2.241%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,g

349,089

Palmer

Square

Loan

Funding,

Ltd.

250,000

2.474%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

250,069

Saxon

Asset

Securities

Trust

120,405

3.672%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

116,300

Sound

Point

CLO

X,

Ltd.

375,000

2.924%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

375,231

Sound

Point

CLO

XXI,

Ltd.

700,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

700,063

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Asset-Backed

Securities

(3.9%)

-

continued

TCI-Flatiron

CLO,

Ltd.

$

710,000

2.436%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,g

$

708,814

THL

Credit

Wind

River

CLO,

Ltd.

325,000

3.091%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

321,840

VCAT

Asset

Securitization,

LLC

100,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

99,793

Vericrest

Opportunity

Loan

Trust

180,000

4.336%, 

2/25/2050,

Ser.

2020-NPL2,

Class

A2

g,h

178,844

Total

9,143,250

Basic

Materials

(1.5%)

Air

Products

and

Chemicals,

Inc.

23,000

1.500%, 

10/15/2025

23,334

Alcoa

Nederland

Holding

BV

150,000

5.500%, 

12/15/2027

g

161,460

Anglo

American

Capital

plc

42,000

2.250%, 

3/17/2028

g

41,367

BWAY

Holding

Company

135,000

5.500%, 

4/15/2024

g

136,856

Chemours

Company

75,000

5.750%, 

11/15/2028

g

78,969

Cleveland-Cliffs,

Inc.

95,000

5.875%, 

6/1/2027

98,325

60,000

4.625%, 

3/1/2029

g

59,898

60,000

4.875%, 

3/1/2031

g

59,850

Consolidated

Energy

Finance

SA

105,000

6.875%, 

6/15/2025

g

106,969

DuPont

de

Nemours,

Inc.

42,000

4.725%, 

11/15/2028

48,816

EI

du

Pont

de

Nemours

&

Company

35,000

1.700%, 

7/15/2025

35,583

First

Quantum

Minerals,

Ltd.

130,000

7.500%, 

4/1/2025

g

134,225

70,000

6.875%, 

10/15/2027

g

75,075

Freeport-McMoRan,

Inc.

140,000

4.125%, 

3/1/2028

147,168

150,000

4.250%, 

3/1/2030

159,750

Hecla

Mining

Company

45,000

7.250%, 

2/15/2028

48,263

Hudbay

Minerals,

Inc.

110,000

4.500%, 

4/1/2026

g

114,324

Ingevity

Corporation

160,000

3.875%, 

11/1/2028

g

155,200

Kinross

Gold

Corporation

38,000

5.125%, 

9/1/2021

38,274

Kraton

Polymers,

LLC

145,000

4.250%, 

12/15/2025

g

145,544

LYB

International

Finance

III,

LLC

59,000

1.250%, 

10/1/2025

58,255

Mercer

International,

Inc.

105,000

5.125%, 

2/1/2029

g

108,780

Mosaic

Company

19,000

3.250%, 

11/15/2022

19,737

63,000

4.050%, 

11/15/2027

69,932

Norbord,

Inc.

165,000

5.750%, 

7/15/2027

g

175,857

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Basic

Materials

(1.5%)

-

continued

Novelis

Corporation

$

140,000

5.875%, 

9/30/2026

g

$

146,125

40,000

4.750%, 

1/30/2030

g

41,228

Nucor

Corporation

20,000

2.000%, 

6/1/2025

20,518

Nutrien,

Ltd.

42,000

4.000%, 

12/15/2026

47,073

OCI

NV

160,000

4.625%, 

10/15/2025

g

165,400

Olin

Corporation

195,000

5.125%, 

9/15/2027

201,825

Steel

Dynamics,

Inc.

25,000

2.400%, 

6/15/2025

26,056

Syngenta

Finance

NV

75,000

3.933%, 

4/23/2021

g

75,139

Tronox

Finance

plc

70,000

5.750%, 

10/1/2025

g

73,019

United

States

Steel

Corporation

170,000

6.875%, 

3/1/2029

173,825

Venator

Finance

SARL

100,000

5.750%, 

7/15/2025

g

97,000

Westlake

Chemical

Corporation

42,000

3.600%, 

8/15/2026

45,399

Xstrata

Finance

Canada,

Ltd.

57,000

4.950%, 

11/15/2021

g

58,592

Total

3,473,010

Capital

Goods

(2.2%)

AECOM

180,000

5.125%, 

3/15/2027

195,862

Amsted

Industries,

Inc.

120,000

5.625%, 

7/1/2027

g

127,350

Ardagh

Packaging

Finance

plc

60,000

6.000%, 

2/15/2025

g

61,830

110,000

5.250%, 

8/15/2027

g

112,209

Boeing

Company

94,000

4.875%, 

5/1/2025

104,664

61,000

2.196%, 

2/4/2026

60,811

63,000

3.250%, 

3/1/2028

64,460

84,000

5.150%, 

5/1/2030

96,747

Bombardier,

Inc.

100,000

7.500%, 

3/15/2025

g

98,375

100,000

7.875%, 

4/15/2027

g

98,069

Brand

Industrial

Services,

Inc.

55,000

8.500%, 

7/15/2025

g

55,429

BWAY

Holding

Company

110,000

7.250%, 

4/15/2025

g

110,000

Carrier

Global

Corporation

63,000

2.722%, 

2/15/2030

63,573

Caterpillar

Financial

Services

Corporation

45,000

1.900%, 

9/6/2022

46,067

60,000

1.950%, 

11/18/2022

61,549

41,000

1.450%, 

5/15/2025

41,559

Cintas

Corporation

No.

2

57,000

2.900%, 

4/1/2022

58,318

CNH

Industrial

Capital,

LLC

60,000

4.875%, 

4/1/2021

60,000

25,000

1.950%, 

7/2/2023

25,672

Cornerstone

Building

Brands,

Inc.

140,000

6.125%, 

1/15/2029

g

149,100

Covanta

Holding

Corporation

120,000

6.000%, 

1/1/2027

125,250

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Capital

Goods

(2.2%)

-

continued

$

25,000

5.000%, 

9/1/2030

$

25,250

CP

Atlas

Buyer,

Inc.

100,000

7.000%, 

12/1/2028

g

105,105

Crown

Cork

&

Seal

Company,

Inc.

170,000

7.375%, 

12/15/2026

204,637

General

Electric

Company

133,000

3.514%, 

(LIBOR

3M

+

3.330%),

6/15/2021

b,i

125,685

42,000

3.625%, 

5/1/2030

45,220

GFL

Environmental,

Inc.

40,000

4.000%, 

8/1/2028

g

38,700

105,000

3.500%, 

9/1/2028

g

101,850

H&E

Equipment

Services,

Inc.

120,000

3.875%, 

12/15/2028

g

116,700

Honeywell

International,

Inc.

41,000

1.350%, 

6/1/2025

41,592

Howmet

Aerospace,

Inc.

140,000

6.875%, 

5/1/2025

162,225

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

69,885

Jeld-Wen,

Inc.

90,000

4.625%, 

12/15/2025

g

91,125

50,000

4.875%, 

12/15/2027

g

51,703

John

Deere

Capital

Corporation

53,000

1.200%, 

4/6/2023

53,840

60,000

2.050%, 

1/9/2025

62,417

63,000

1.500%, 

3/6/2028

61,350

Meritor,

Inc.

75,000

4.500%, 

12/15/2028

g

75,225

NESCO

Holdings

II,

Inc.

35,000

5.500%, 

4/15/2029

e,g

35,903

Otis

Worldwide

Corporation

61,000

2.056%, 

4/5/2025

62,808

Owens-Brockway

Glass

Container,

Inc.

95,000

5.875%, 

8/15/2023

g

101,769

Parker-Hannifin

Corporation

71,000

2.700%, 

6/14/2024

75,283

Raytheon

Technologies

Corporation

42,000

4.125%, 

11/16/2028

47,298

Republic

Services,

Inc.

42,000

3.950%, 

5/15/2028

46,872

Roper

Technologies,

Inc.

39,000

2.350%, 

9/15/2024

40,764

41,000

1.000%, 

9/15/2025

40,298

Siemens

Financieringsmaatschappij

NV

63,000

1.700%, 

3/11/2028

g

61,847

SRM

Escrow

Issuer,

LLC

135,000

6.000%, 

11/1/2028

g

141,480

Standard

Industries,

Inc.

200,000

4.375%, 

7/15/2030

g

201,800

Textron,

Inc.

63,000

3.650%, 

3/15/2027

67,845

Titan

Acquisition,

Ltd.

45,000

7.750%, 

4/15/2026

g

46,742

TransDigm,

Inc.

105,000

6.250%, 

3/15/2026

g

111,321

300,000

5.500%, 

11/15/2027

310,539

20,000

4.625%, 

1/15/2029

g

19,721

United

Rentals

North

America,

Inc.

150,000

4.875%, 

1/15/2028

158,006

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Capital

Goods

(2.2%)

-

continued

$

100,000

4.000%, 

7/15/2030

$

101,775

United

Technologies

Corporation

63,000

3.950%, 

8/16/2025

69,970

Waste

Pro

USA,

Inc.

55,000

5.500%, 

2/15/2026

g

56,306

WESCO

Distribution,

Inc.

120,000

7.250%, 

6/15/2028

g

133,967

WW

Grainger,

Inc.

41,000

1.850%, 

2/15/2025

42,249

Total

5,223,966

Collateralized

Mortgage

Obligations

(6.8%)

Antler

Mortgage

Trust

2,104

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

g

2,104

147,455

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

g

147,717

Banc

of

America

Alternative

Loan

Trust

150,150

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

148,734

Banc

of

America

Funding

Trust

209,969

5.500%, 

1/25/2036,

Ser.

2005-8,

Class

1A1

209,201

Banc

of

America

Mortgage

Securities

Trust

183,986

2.631%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

185,084

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

134,318

2.310%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

131,581

40,884

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

41,675

Bellemeade

Re,

Ltd.

317,360

1.709%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

317,459

291,167

3.509%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,g

292,163

194,132

2.409%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,g

194,564

Business

Jet

Securities,

LLC

154,105

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

g

155,998

ChaseFlex

Trust

198,095

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

185,876

CHL

Mortgage

Pass-Through

Trust

184,932

2.716%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

162,645

119,447

2.793%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

122,650

90,547

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

67,394

CIM

Trust

161,228

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

170,755

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Collateralized

Mortgage

Obligations

(6.8%)

-

continued

Citigroup

Mortgage

Loan

Trust,

Inc.

$

449,410

2.963%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

$

450,555

Countrywide

Alternative

Loan

Trust

118,267

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

117,252

172,426

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

158,109

66,895

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

61,687

24,298

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

23,368

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

100,102

2.669%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

95,442

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

159,874

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

161,706

Eagle

Re,

Ltd.

451,174

1.909%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

452,066

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

525,214

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

28,041

432,645

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

26,090

579,529

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

71,432

690,979

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

50,493

Federal

National

Mortgage

Association

-

REMIC

391,536

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

20,941

613,563

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

29,217

917,157

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

42,859

1,367,068

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

87,262

805,466

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

41,092

352,070

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

18,403

1,039,390

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

54,187

1,549,814

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

81,030

640,513

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

35,770

768,761

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

41,516

453,311

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

45,811

4,929,951

1.500%, 

2/25/2036,

Ser.

2021-1,

Class

IY

j

328,224

2,667,029

1.500%, 

2/25/2036,

Ser.

2021-3,

Class

UI

j

148,009

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Collateralized

Mortgage

Obligations

(6.8%)

-

continued

First

Horizon

Alternative

Mortgage

Securities

Trust

$

59,808

2.504%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

$

58,376

FWD

Securitization

Trust

315,887

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,g

327,022

Genworth

Mortgage

Insurance

Corporation

250,000

2.009%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,g

250,348

GMAC

Mortgage

Corporation

Loan

Trust

76,517

3.657%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

76,218

19,882

0.609%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

25,474

11,401

3.497%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

10,729

GSAA

Home

Equity

Trust

76,740

4.555%, 

8/25/2034,

Ser.

2004-10,

Class

M2

81,069

Home

Equity

Asset

Trust

327,050

1.429%, 

(LIBOR

1M

+

1.320%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

330,124

IndyMac

IMJA

Mortgage

Loan

Trust

90,462

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

58,721

IndyMac

INDA

Mortgage

Loan

Trust

757,260

3.110%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

729,565

IndyMac

INDX

Mortgage

Loan

Trust

641,217

0.529%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

606,938

J.P.

Morgan

Alternative

Loan

Trust

76,279

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

61,180

J.P.

Morgan

Mortgage

Trust

59,519

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

64,456

66,503

2.856%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

68,427

71,762

2.810%, 

6/25/2036,

Ser.

2006-A4,

Class

2A2

b

60,736

Legacy

Mortgage

Asset

Trust

452,602

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

457,710

Long

Beach

Mortgage

Loan

Trust

303,964

1.609%, 

(LIBOR

1M

+

1.500%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

311,800

Master

Asset

Securitization

Trust

363,506

0.609%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

81,263

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Collateralized

Mortgage

Obligations

(6.8%)

-

continued

MASTR

Alternative

Loans

Trust

$

60,191

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

$

60,880

Merrill

Lynch

Alternative

Note

Asset

Trust

93,350

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

58,089

Merrill

Lynch

Mortgage

Investors

Trust

192,782

3.554%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

112,040

New

York

Mortgage

Trust

141,466

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,g

142,010

Oaktown

Re

II,

Ltd.

51,638

1.659%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,g

51,655

Oaktown

Re

III,

Ltd.

35,286

1.509%, 

(LIBOR

1M

+

1.400%),

7/25/2029,

Ser.

2019-1A,

Class

M1A

b,g

35,297

Preston

Ridge

Partners

Mortgage

Trust,

LLC

485,777

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

489,800

344,092

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

344,930

230,318

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

232,876

Radnor

RE,

Ltd.

37,289

1.509%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,g

37,295

RCO

Mortgage,

LLC

258,197

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

259,652

Renaissance

Home

Equity

Loan

Trust

222,907

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

125,011

Residential

Accredit

Loans,

Inc.

Trust

206,047

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

201,461

79,010

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

76,563

147,481

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

140,498

88,957

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

86,748

Residential

Asset

Securitization

Trust

396,207

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

409,825

Silver

Hill

Trust

309,443

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

320,211

Stanwich

Mortgage

Loan

Trust

193,371

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

194,471

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Collateralized

Mortgage

Obligations

(6.8%)

-

continued

Starwood

Mortgage

Residential

Trust

$

179,735

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,g

$

183,582

400,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

417,514

Structured

Asset

Mortgage

Investments,

Inc.

136,172

0.729%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

131,190

Toorak

Mortgage

Corporation

450,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

451,039

Vericrest

Opportunity

Loan

Transferee

350,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

g,h

347,745

400,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

g,h

398,417

400,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

g,h

398,942

250,000

4.949%, 

4/25/2051,

Ser.

2021-NPL7,

Class

A2

c,g,h

250,000

Verus

Securitization

Trust

338,936

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

339,645

Wachovia

Asset

Securitization,

Inc.

133,276

0.258%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,g,k

124,540

WaMu

Mortgage

Pass

Through

Certificates

107,363

3.035%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

107,626

265,311

1.139%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

248,888

Washington

Mutual

Mortgage

Pass-Through

Certificates

128,965

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

127,049

Wells

Fargo

Home

Equity

Trust

109,266

0.859%, 

(LIBOR

1M

+

0.750%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

106,302

Total

15,878,109

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

325,000

1.806%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

328,250

Total

328,250

Communications

Services

(3.7%)

AMC

Networks,

Inc.

135,000

4.250%, 

2/15/2029

131,287

American

Tower

Corporation

49,000

3.375%, 

5/15/2024

52,534

84,000

4.400%, 

2/15/2026

94,634

63,000

3.800%, 

8/15/2029

68,592

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Communications

Services

(3.7%)

-

continued

AT&T,

Inc.

$

86,000

4.450%, 

4/1/2024

$

94,330

84,000

1.700%, 

3/25/2026

83,971

63,000

4.300%, 

2/15/2030

70,924

CCO

Holdings,

LLC

155,000

5.500%, 

5/1/2026

g

159,851

190,000

5.125%, 

5/1/2027

g

200,890

125,000

4.750%, 

3/1/2030

g

129,531

CCOH

Safari,

LLC

129,000

5.750%, 

2/15/2026

g

133,096

Cengage

Learning,

Inc.

155,000

9.500%, 

6/15/2024

g

157,906

Charter

Communications

Operating,

LLC

60,000

4.500%, 

2/1/2024

65,624

59,000

4.908%, 

7/23/2025

66,885

63,000

5.050%, 

3/30/2029

72,413

Clear

Channel

Worldwide

Holdings,

Inc.

135,000

7.750%, 

4/15/2028

g

133,515

Comcast

Corporation

39,000

3.700%, 

4/15/2024

42,593

39,000

3.950%, 

10/15/2025

43,568

50,000

2.350%, 

1/15/2027

52,192

105,000

3.400%, 

4/1/2030

113,686

Consolidated

Communications,

Inc.

60,000

5.000%, 

10/1/2028

g

60,468

Cox

Communications,

Inc.

54,000

2.950%, 

6/30/2023

g

56,455

Crown

Castle

International

Corporation

42,000

3.800%, 

2/15/2028

45,754

CSC

Holdings,

LLC

170,000

5.500%, 

5/15/2026

g

175,270

150,000

5.375%, 

2/1/2028

g

157,687

Cumulus

Media

New

Holdings,

Inc.

100,000

6.750%, 

7/1/2026

g

101,875

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

g

35,409

Discovery

Communications,

LLC

40,000

2.950%, 

3/20/2023

41,791

DISH

DBS

Corporation

95,000

7.375%, 

7/1/2028

99,660

Embarq

Corporation

80,000

7.995%, 

6/1/2036

92,177

Entercom

Media

Corporation

100,000

6.500%, 

5/1/2027

g

103,375

Fox

Corporation

73,000

4.030%, 

1/25/2024

79,294

42,000

4.709%, 

1/25/2029

48,345

Front

Range

BidCo,

Inc.

130,000

4.000%, 

3/1/2027

g

127,725

100,000

6.125%, 

3/1/2028

g

102,625

Frontier

Communications

Corporation

85,000

5.875%, 

10/15/2027

g

90,100

35,000

6.750%, 

5/1/2029

g

36,914

GCI,

LLC

110,000

4.750%, 

10/15/2028

g

112,612

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Communications

Services

(3.7%)

-

continued

Hughes

Satellite

Systems

Corporation

$

60,000

6.625%, 

8/1/2026

$

66,486

iHeartCommunications,

Inc.

110,000

4.750%, 

1/15/2028

g

110,825

LCPR

Senior

Secured

Financing

DAC

115,000

6.750%, 

10/15/2027

g

122,607

Level

3

Financing,

Inc.

115,000

4.625%, 

9/15/2027

g

118,355

280,000

4.250%, 

7/1/2028

g

283,167

Ligado

Networks,

LLC

55,000

0.000%,PIK

15.500%,

11/1/2023

c,f,g

51,533

Meredith

Corporation

110,000

6.500%, 

7/1/2025

g

118,017

Netflix,

Inc.

41,000

5.875%, 

2/15/2025

46,996

285,000

4.875%, 

4/15/2028

322,406

Nexstar

Escrow

Corporation

155,000

5.625%, 

7/15/2027

g

162,459

Nielsen

Finance,

LLC

50,000

5.625%, 

10/1/2028

g

52,562

NTT

Finance

Corporation

51,000

1.162%, 

4/3/2026

g

50,327

Omnicom

Group,

Inc.

42,000

4.200%, 

6/1/2030

47,265

Radiate

Holdco,

LLC

65,000

6.500%, 

9/15/2028

g

68,637

Scripps

Escrow

II,

Inc.

75,000

3.875%, 

1/15/2029

g

73,687

55,000

5.375%, 

1/15/2031

g

54,587

SFR

Group

SA

265,000

7.375%, 

5/1/2026

g

275,626

Sinclair

Television

Group,

Inc.

165,000

5.500%, 

3/1/2030

g

160,463

Sirius

XM

Radio,

Inc.

145,000

5.000%, 

8/1/2027

g

152,112

30,000

4.125%, 

7/1/2030

g

30,035

Sprint

Capital

Corporation

160,000

6.875%, 

11/15/2028

201,755

115,000

8.750%, 

3/15/2032

170,056

Sprint

Corporation

355,000

7.625%, 

2/15/2025

423,338

Terrier

Media

Buyer,

Inc.

80,000

8.875%, 

12/15/2027

g

86,084

T-Mobile

USA,

Inc.

50,000

3.500%, 

4/15/2025

g

53,944

63,000

3.750%, 

4/15/2027

g

68,869

84,000

3.875%, 

4/15/2030

g

91,170

55,000

2.875%, 

2/15/2031

53,158

United

States

Cellular

Corporation

95,000

6.700%, 

12/15/2033

115,063

Uniti

Group,

LP

55,000

6.500%, 

2/15/2029

g

54,313

Univision

Communications,

Inc.

210,000

6.625%, 

6/1/2027

g

224,264

VeriSign,

Inc.

85,000

4.750%, 

7/15/2027

90,206

Verizon

Communications,

Inc.

42,000

0.750%, 

3/22/2024

42,046

73,000

1.298%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

74,643

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Communications

Services

(3.7%)

-

continued

$

128,000

0.850%, 

11/20/2025

$

125,264

84,000

2.100%, 

3/22/2028

84,352

63,000

3.150%, 

3/22/2030

66,448

42,000

2.550%, 

3/21/2031

41,962

Viacom,

Inc.

38,000

5.875%, 

2/28/2057

b

38,620

ViaSat,

Inc.

160,000

5.625%, 

9/15/2025

g

162,634

VTR

Finance

NV

50,000

6.375%, 

7/15/2028

g

54,000

Walt

Disney

Company

84,000

1.750%, 

1/13/2026

85,917

42,000

3.800%, 

3/22/2030

46,814

Ziggo

BV

150,000

5.500%, 

1/15/2027

g

156,188

Total

8,514,818

Consumer

Cyclical

(4.3%)

1011778

B.C.,

ULC

160,000

4.375%, 

1/15/2028

g

160,755

Allied

Universal

Holdco,

LLC

120,000

6.625%, 

7/15/2026

g

127,258

Allison

Transmission,

Inc

155,000

3.750%, 

1/30/2031

g

150,156

Amazon.com,

Inc.

42,000

1.500%, 

6/3/2030

40,021

American

Axle

&

Manufacturing,

Inc.

175,000

6.500%, 

4/1/2027

l

181,562

American

Honda

Finance

Corporation

41,000

1.200%, 

7/8/2025

40,826

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

39,560

BMW

Finance

NV

40,000

2.250%, 

8/12/2022

g

40,942

Brookfield

Residential

Properties,

Inc.

235,000

6.250%, 

9/15/2027

g

245,281

Caesars

Entertainment,

Inc.

35,000

8.125%, 

7/1/2027

g

38,596

Carnival

Corporation

115,000

11.500%, 

4/1/2023

g

131,819

85,000

10.500%, 

2/1/2026

g

99,981

40,000

7.625%, 

3/1/2026

g

42,972

120,000

5.750%, 

3/1/2027

g

123,150

Cedar

Fair,

LP

150,000

5.250%, 

7/15/2029

154,183

Cinemark

USA,

Inc.

120,000

5.875%, 

3/15/2026

g

122,873

Clarios

Global,

LP

55,000

8.500%, 

5/15/2027

g

59,194

Colt

Merger

Sub,

Inc.

250,000

6.250%, 

7/1/2025

g

266,504

D.R.

Horton,

Inc.

21,000

2.600%, 

10/15/2025

22,088

Daimler

Finance

North

America,

LLC

63,000

1.450%, 

3/2/2026

g

62,451

Dana,

Inc.

125,000

5.625%, 

6/15/2028

133,750

Darden

Restaurants,

Inc.

84,000

3.850%, 

5/1/2027

91,442

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Cyclical

(4.3%)

-

continued

Empire

Communities

Corporation

$

115,000

7.000%, 

12/15/2025

g

$

121,181

Ford

Motor

Company

130,000

9.000%, 

4/22/2025

157,445

40,000

9.625%, 

4/22/2030

55,822

150,000

7.450%, 

7/16/2031

189,124

Ford

Motor

Credit

Company,

LLC

410,000

4.063%, 

11/1/2024

430,110

220,000

4.134%, 

8/4/2025

230,103

Gap,

Inc.

75,000

8.625%, 

5/15/2025

g

83,981

General

Motors

Company

31,000

5.400%, 

10/2/2023

33,660

41,000

6.125%, 

10/1/2025

48,212

63,000

6.800%, 

10/1/2027

78,155

General

Motors

Financial

Company,

Inc.

38,000

3.150%, 

6/30/2022

39,070

80,000

3.950%, 

4/13/2024

86,099

60,000

2.900%, 

2/26/2025

62,909

41,000

2.750%, 

6/20/2025

42,800

44,000

5.700%, 

9/30/2030

b,i

47,520

Hanesbrands,

Inc.

155,000

4.875%, 

5/15/2026

g

166,237

Harley-Davidson

Financial

Services,

Inc.

64,000

4.050%, 

2/4/2022

g

65,810

Herc

Holdings,

Inc.

100,000

5.500%, 

7/15/2027

g

106,420

Hilton

Domestic

Operating

Company,

Inc.

280,000

4.875%, 

1/15/2030

297,024

Home

Depot,

Inc.

44,000

3.750%, 

2/15/2024

47,766

42,000

2.950%, 

6/15/2029

44,529

Hyundai

Capital

America

34,000

1.800%, 

10/15/2025

g

33,965

63,000

3.000%, 

2/10/2027

g

65,545

International

Game

Technology

plc

125,000

5.250%, 

1/15/2029

g

130,375

KB

Home

135,000

4.800%, 

11/15/2029

141,412

Kohl's

Corporation

85,000

9.500%, 

5/15/2025

110,213

42,000

3.375%, 

5/1/2031

42,033

L

Brands,

Inc.

170,000

6.625%, 

10/1/2030

g

194,106

30,000

6.875%, 

11/1/2035

35,754

Landry's,

Inc.

125,000

6.750%, 

10/15/2024

g

126,396

Lennar

Corporation

22,000

4.125%, 

1/15/2022

22,341

39,000

4.875%, 

12/15/2023

42,601

20,000

5.875%, 

11/15/2024

22,700

41,000

4.750%, 

5/30/2025

45,664

Levi

Strauss

&

Company

155,000

3.500%, 

3/1/2031

g

149,575

Live

Nation

Entertainment,

Inc.

75,000

3.750%, 

1/15/2028

g

73,969

Lowe's

Companies,

Inc.

44,000

4.000%, 

4/15/2025

48,680

42,000

4.500%, 

4/15/2030

48,447

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Cyclical

(4.3%)

-

continued

Marriott

International,

Inc.

$

46,000

5.750%, 

5/1/2025

$

52,785

81,000

3.750%, 

10/1/2025

86,521

Mattamy

Group

Corporation

165,000

5.250%, 

12/15/2027

g

172,631

McDonald's

Corporation

126,000

3.800%, 

4/1/2028

139,471

MGM

Resorts

International

125,000

6.000%, 

3/15/2023

133,906

145,000

5.750%, 

6/15/2025

158,050

Nissan

Motor

Company,

Ltd.

51,000

3.043%, 

9/15/2023

g

53,357

O'Reilly

Automotive,

Inc.

63,000

3.900%, 

6/1/2029

69,037

PetSmart,

Inc.

65,000

4.750%, 

2/15/2028

g

66,476

90,000

7.750%, 

2/15/2029

g

97,420

Prime

Security

Services

Borrower,

LLC

240,000

5.750%, 

4/15/2026

g

259,692

Procter

&

Gamble

Company

42,000

1.200%, 

10/29/2030

38,866

Ralph

Lauren

Corporation

41,000

1.700%, 

6/15/2022

41,650

Real

Hero

Merger

Sub

2,

Inc.

80,000

6.250%, 

2/1/2029

g

82,600

Realogy

Group,

LLC

130,000

5.750%, 

1/15/2029

g

128,213

Rite

Aid

Corporation

55,000

7.500%, 

7/1/2025

g

57,131

Ross

Stores,

Inc.

42,000

1.875%, 

4/15/2031

39,400

Royal

Caribbean

Cruises,

Ltd.

160,000

9.125%, 

6/15/2023

g

176,309

60,000

11.500%, 

6/1/2025

g

69,975

55,000

5.500%, 

4/1/2028

g

55,275

Scientific

Games

International,

Inc.

140,000

5.000%, 

10/15/2025

g

144,998

130,000

7.250%, 

11/15/2029

g

141,050

SeaWorld

Parks

and

Entertainment,

Inc.

75,000

9.500%, 

8/1/2025

g

81,512

Six

Flags

Entertainment

Corporation

80,000

5.500%, 

4/15/2027

g,l

82,900

Six

Flags

Theme

Parks,

Inc.

75,000

7.000%, 

7/1/2025

g

81,094

Staples,

Inc.

205,000

7.500%, 

4/15/2026

g

216,224

Target

Corporation

42,000

2.350%, 

2/15/2030

42,581

Tenneco,

Inc.

75,000

5.000%, 

7/15/2026

70,688

TJX

Companies,

Inc.

44,000

3.500%, 

4/15/2025

47,966

Toll

Brothers

Finance

Corporation

82,000

5.875%, 

2/15/2022

84,050

Toyota

Motor

Credit

Corporation

49,000

0.450%, 

1/11/2024

48,866

65,000

0.800%, 

10/16/2025

63,868

Uber

Technologies,

Inc.

80,000

6.250%, 

1/15/2028

g

87,136

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Cyclical

(4.3%)

-

continued

VF

Corporation

$

46,000

2.050%, 

4/23/2022

$

46,754

Vista

Outdoor,

Inc.

135,000

4.500%, 

3/15/2029

g

133,576

Volkswagen

Group

of

America

Finance,

LLC

63,000

4.250%, 

11/13/2023

g

68,468

21,000

3.350%, 

5/13/2025

g

22,548

Wyndham

Destinations,

Inc.

100,000

6.625%, 

7/31/2026

g

113,535

Wyndham

Hotels

&

Resorts,

Inc.

60,000

4.375%, 

8/15/2028

g

60,690

Yum!

Brands,

Inc.

150,000

4.750%, 

1/15/2030

g

158,595

ZF

North

America

Capital,

Inc.

60,000

4.750%, 

4/29/2025

g

64,412

Total

9,983,393

Consumer

Non-Cyclical

(4.4%)

Abbott

Laboratories

84,000

3.875%, 

9/15/2025

93,168

AbbVie,

Inc.

38,000

2.900%, 

11/6/2022

39,410

53,000

2.300%, 

11/21/2022

54,537

34,000

2.800%, 

3/15/2023

35,254

168,000

3.600%, 

5/14/2025

183,024

84,000

3.200%, 

11/21/2029

89,357

Agilent

Technologies,

Inc

42,000

2.300%, 

3/12/2031

40,897

Albertson's

Companies,

Inc.

25,000

7.500%, 

3/15/2026

g

27,615

195,000

3.500%, 

3/15/2029

g

185,570

50,000

4.875%, 

2/15/2030

g

51,400

Altria

Group,

Inc.

52,000

4.400%, 

2/14/2026

58,638

42,000

4.800%, 

2/14/2029

48,258

Amgen,

Inc.

63,000

2.450%, 

2/21/2030

63,436

Anheuser-Busch

Companies,

LLC

36,000

3.650%, 

2/1/2026

39,582

Anheuser-Busch

InBev

Worldwide,

Inc.

51,000

4.150%, 

1/23/2025

56,677

84,000

4.750%, 

1/23/2029

98,158

Anthem,

Inc.

74,000

2.375%, 

1/15/2025

77,339

42,000

2.550%, 

3/15/2031

42,007

Aramark

Services,

Inc.

80,000

6.375%, 

5/1/2025

g

84,800

AstraZeneca

plc

85,000

0.700%, 

4/8/2026

81,866

BAT

Capital

Corporation

59,000

3.222%, 

8/15/2024

62,856

BAT

International

Finance

plc

41,000

1.668%, 

3/25/2026

40,581

Bausch

Health

Companies,

Inc.

180,000

5.000%, 

1/30/2028

g

182,250

130,000

5.000%, 

2/15/2029

g

129,106

Becton,

Dickinson

and

Company

63,000

2.823%, 

5/20/2030

64,585

Boston

Scientific

Corporation

75,000

3.450%, 

3/1/2024

80,513

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Non-Cyclical

(4.4%)

-

continued

Bristol-Myers

Squibb

Company

$

84,000

3.200%, 

6/15/2026

$

91,371

63,000

3.900%, 

2/20/2028

70,868

Bunge,

Ltd.

Finance

Corporation

42,000

1.630%, 

8/17/2025

42,018

Cargill,

Inc.

43,000

1.375%, 

7/23/2023

g

43,883

Centene

Corporation

61,000

5.375%, 

8/15/2026

g

64,349

40,000

4.250%, 

12/15/2027

42,075

105,000

4.625%, 

12/15/2029

113,642

170,000

3.000%, 

10/15/2030

169,718

Central

Garden

&

Pet

Company

135,000

4.125%, 

10/15/2030

136,350

Cigna

Corporation

76,000

4.125%, 

11/15/2025

84,740

Coca-Cola

Company

63,000

1.500%, 

3/5/2028

61,944

Community

Health

Systems,

Inc.

55,000

5.625%, 

3/15/2027

g

57,612

75,000

6.000%, 

1/15/2029

g

79,312

145,000

6.875%, 

4/15/2029

g

151,796

Conagra

Brands,

Inc.

38,000

4.300%, 

5/1/2024

41,903

Constellation

Brands,

Inc.

84,000

3.150%, 

8/1/2029

87,984

CVS

Health

Corporation

38,000

2.750%, 

12/1/2022

39,246

69,000

4.100%, 

3/25/2025

76,436

84,000

4.300%, 

3/25/2028

95,389

42,000

3.750%, 

4/1/2030

45,816

DaVita,

Inc.

195,000

4.625%, 

6/1/2030

g

198,678

Diageo

Capital

plc

50,000

1.375%, 

9/29/2025

50,464

Edgewell

Personal

Care

Company

80,000

5.500%, 

6/1/2028

g

84,480

Encompass

Health

Corporation

215,000

4.500%, 

2/1/2028

220,186

Endo

Finance,

LLC

70,000

9.500%, 

7/31/2027

g

76,038

Energizer

Holdings,

Inc.

130,000

4.375%, 

3/31/2029

g

130,455

Estee

Lauder

Companies,

Inc.

42,000

1.950%, 

3/15/2031

40,703

General

Mills,

Inc.

42,000

4.200%, 

4/17/2028

47,436

Gilead

Sciences,

Inc.

63,000

2.950%, 

3/1/2027

66,981

H.

J.

Heinz

Company

40,000

5.200%, 

7/15/2045

46,262

HCA,

Inc.

445,000

5.375%, 

2/1/2025

496,404

105,000

5.250%, 

6/15/2026

120,683

HLF

Financing

SARL,

LLC

115,000

7.250%, 

8/15/2026

g

120,463

Illumina,

Inc.

130,000

9.000%, 

7/1/2028

g

146,289

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

g

35,931

JBS

Investments

II

GmbH

130,000

5.750%, 

1/15/2028

g

137,150

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Non-Cyclical

(4.4%)

-

continued

JBS

USA,

LLC

$

80,000

5.500%, 

1/15/2030

g

$

88,540

Keurig

Dr

Pepper,

Inc.

84,000

2.250%, 

3/15/2031

82,586

Kraft

Foods

Group,

Inc.

190,000

5.000%, 

6/4/2042

213,826

Kraft

Heinz

Foods

Company

240,000

4.625%, 

1/30/2029

269,360

245,000

3.750%, 

4/1/2030

260,030

20,000

4.250%, 

3/1/2031

22,019

Kroger

Company

42,000

4.500%, 

1/15/2029

48,683

Mattel,

Inc.

135,000

3.375%, 

4/1/2026

g

139,379

McKesson

Corporation

41,000

0.900%, 

12/3/2025

40,148

42,000

3.950%, 

2/16/2028

46,953

Medtronic,

Inc.

15,000

3.500%, 

3/15/2025

16,452

Molina

Healthcare,

Inc.

140,000

4.375%, 

6/15/2028

g

144,054

MPH

Acquisition

Holdings,

LLC

80,000

5.750%, 

11/1/2028

g,l

78,000

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

36,680

Novartis

Capital

Corporation

40,000

1.750%, 

2/14/2025

41,184

98,000

3.000%, 

11/20/2025

105,793

Ortho-Clinical

Diagnostics,

Inc.

80,000

7.250%, 

2/1/2028

g

87,653

Par

Pharmaceutical,

Inc.

195,000

7.500%, 

4/1/2027

g

206,827

PepsiCo,

Inc.

63,000

1.625%, 

5/1/2030

60,226

Philip

Morris

International,

Inc.

90,000

1.500%, 

5/1/2025

91,224

Pilgrim's

Pride

Corporation

50,000

5.875%, 

9/30/2027

g

53,585

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

b,g,i

47,355

Royalty

Pharma

plc

97,000

1.200%, 

9/2/2025

g

94,994

Scotts

Miracle-Gro

Company

130,000

4.500%, 

10/15/2029

134,024

SEG

Holding,

LLC

160,000

5.625%, 

10/15/2028

g

167,600

Simmons

Foods,

Inc.

75,000

4.625%, 

3/1/2029

g

75,658

Spectrum

Brands,

Inc.

65,000

5.000%, 

10/1/2029

g

68,575

60,000

5.500%, 

7/15/2030

g

64,200

Stryker

Corporation

42,000

3.650%, 

3/7/2028

46,397

Syneos

Health,

Inc.

110,000

3.625%, 

1/15/2029

g

106,975

Sysco

Corporation

78,000

5.650%, 

4/1/2025

90,699

42,000

5.950%, 

4/1/2030

52,482

Teleflex,

Inc.

200,000

4.875%, 

6/1/2026

205,000

Tenet

Healthcare

Corporation

110,000

4.625%, 

7/15/2024

112,276

285,000

5.125%, 

11/1/2027

g

298,025

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Consumer

Non-Cyclical

(4.4%)

-

continued

$

55,000

6.125%, 

10/1/2028

g

$

57,406

Teva

Pharmaceutical

Finance

Netherlands

III

BV

12,000

2.200%, 

7/21/2021

11,985

175,000

2.800%, 

7/21/2023

174,221

Thermo

Fisher

Scientific,

Inc.

43,000

4.133%, 

3/25/2025

47,749

United

Natural

Foods,

Inc.

110,000

6.750%, 

10/15/2028

g

117,563

UnitedHealth

Group,

Inc.

105,000

3.850%, 

6/15/2028

117,874

Upjohn,

Inc.

41,000

1.650%, 

6/22/2025

g

41,145

VRX

Escrow

Corporation

315,000

6.125%, 

4/15/2025

g

322,938

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

54,191

63,000

3.900%, 

8/20/2028

70,054

Total

10,338,527

Energy

(3.6%)

Antero

Midstream

Partners,

LP

55,000

5.750%, 

3/1/2027

g

55,012

Antero

Resources

Corporation

115,000

5.000%, 

3/1/2025

l

115,089

Apache

Corporation

50,000

4.875%, 

11/15/2027

51,250

90,000

4.375%, 

10/15/2028

89,730

70,000

5.100%, 

9/1/2040

68,425

Archrock

Partners,

LP

120,000

6.250%, 

4/1/2028

g

121,896

BP

Capital

Markets

America,

Inc.

41,000

2.520%, 

9/19/2022

42,161

44,000

2.937%, 

4/6/2023

46,215

101,000

4.234%, 

11/6/2028

114,584

BP

Capital

Markets

plc

44,000

4.875%, 

3/22/2030

b,i

47,135

Buckeye

Partners,

LP

40,000

4.125%, 

3/1/2025

g

40,812

125,000

3.950%, 

12/1/2026

123,557

Canadian

Natural

Resources,

Ltd.

105,000

2.050%, 

7/15/2025

106,175

Cenovus

Energy,

Inc.

115,000

5.375%, 

7/15/2025

129,239

Centennial

Resource

Production,

LLC

110,000

6.875%, 

4/1/2027

g

97,900

Cheniere

Corpus

Christi

Holdings,

LLC

86,000

5.875%, 

3/31/2025

98,002

Cheniere

Energy

Partners,

LP

270,000

5.625%, 

10/1/2026

282,339

Chevron

Corporation

21,000

1.141%, 

5/11/2023

21,365

41,000

1.554%, 

5/11/2025

41,837

Chevron

USA,

Inc.

65,000

3.900%, 

11/15/2024

71,570

Cimarex

Energy

Company

84,000

4.375%, 

6/1/2024

91,356

CNX

Resources

Corporation

70,000

6.000%, 

1/15/2029

g

72,743

Comstock

Resources,

Inc.

60,000

9.750%, 

8/15/2026

65,100

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Energy

(3.6%)

-

continued

Continental

Resources,

Inc.

$

13,000

4.500%, 

4/15/2023

$

13,464

60,000

4.375%, 

1/15/2028

63,090

75,000

5.750%, 

1/15/2031

g

84,739

Devon

Energy

Corporation

41,000

5.850%, 

12/15/2025

47,807

Diamondback

Energy,

Inc.

40,000

2.875%, 

12/1/2024

42,182

21,000

3.125%, 

3/24/2031

20,965

Enagas

SA

165,000

5.500%, 

1/15/2028

g

161,147

Enbridge,

Inc.

42,000

3.700%, 

7/15/2027

45,676

139,000

6.250%, 

3/1/2078

b

145,519

Encana

Corporation

55,000

6.625%, 

8/15/2037

66,141

Endeavor

Energy

Resources,

LP

90,000

5.750%, 

1/30/2028

g

95,069

Energean

Israel

Finance,

Ltd.

105,000

4.500%, 

3/30/2024

g

105,533

Energy

Transfer

Operating,

LP

42,000

4.200%, 

9/15/2023

44,977

91,000

5.875%, 

1/15/2024

101,299

43,000

6.625%, 

2/15/2028

b,i

38,055

63,000

3.750%, 

5/15/2030

64,951

EnLink

Midstream

Partners,

LP

120,000

4.850%, 

7/15/2026

115,924

75,000

5.600%, 

4/1/2044

62,250

Enterprise

Products

Operating,

LLC

42,000

4.150%, 

10/16/2028

47,322

105,000

4.875%, 

8/16/2077

b

98,744

EOG

Resources,

Inc.

45,000

2.625%, 

3/15/2023

46,714

EQM

Midstream

Partners,

LP

140,000

6.500%, 

7/1/2027

g

152,215

55,000

6.500%, 

7/15/2048

54,862

EQT

Corporation

180,000

3.900%, 

10/1/2027

183,600

Equinor

ASA

43,000

2.875%, 

4/6/2025

45,914

Exxon

Mobil

Corporation

85,000

2.992%, 

3/19/2025

91,085

Genesis

Energy,

LP

55,000

6.500%, 

10/1/2025

53,914

Harvest

Midstream,

LP

140,000

7.500%, 

9/1/2028

g

150,458

Hess

Corporation

27,000

3.500%, 

7/15/2024

28,486

Hess

Midstream

Operations,

LP

95,000

5.625%, 

2/15/2026

g

97,850

Hilcorp

Energy

I,

LP

115,000

5.750%, 

2/1/2029

g

116,006

Kinder

Morgan

Energy

Partners,

LP

64,000

3.450%, 

2/15/2023

67,006

Marathon

Oil

Corporation

42,000

4.400%, 

7/15/2027

46,234

Marathon

Petroleum

Corporation

34,000

4.750%, 

12/15/2023

37,343

41,000

4.700%, 

5/1/2025

46,080

MPLX,

LP

105,000

1.750%, 

3/1/2026

105,160

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Energy

(3.6%)

-

continued

Murphy

Oil

Corporation

$

80,000

5.875%, 

12/1/2027

$

78,400

Nabors

Industries,

Ltd.

90,000

7.250%, 

1/15/2026

g

74,700

National

Fuel

Gas

Company

84,000

5.500%, 

1/15/2026

95,999

Newfield

Exploration

Company

136,000

5.625%, 

7/1/2024

149,508

NGL

Energy

Operating,

LLC

75,000

7.500%, 

2/1/2026

g

77,062

NGL

Energy

Partners,

LP

75,000

7.500%, 

11/1/2023

72,375

NuStar

Logistics,

LP

120,000

5.750%, 

10/1/2025

128,462

Occidental

Petroleum

Corporation

50,000

3.450%, 

7/15/2024

50,000

190,000

2.900%, 

8/15/2024

187,918

125,000

3.400%, 

4/15/2026

121,375

40,000

8.500%, 

7/15/2027

47,400

140,000

3.500%, 

8/15/2029

131,362

80,000

6.450%, 

9/15/2036

88,301

205,000

4.400%, 

4/15/2046

175,570

ONEOK,

Inc.

63,000

2.200%, 

9/15/2025

64,145

Ovintiv,

Inc.

40,000

7.375%, 

11/1/2031

50,880

PBF

Holding

Company,

LLC

110,000

9.250%, 

5/15/2025

g

112,304

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

58,468

Plains

All

American

Pipeline,

LP

2,000

6.125%, 

11/15/2022

b,i

1,625

103,000

4.650%, 

10/15/2025

112,859

Range

Resources

Corporation

55,000

9.250%, 

2/1/2026

59,759

55,000

8.250%, 

1/15/2029

g

58,850

Sabine

Pass

Liquefaction,

LLC

63,000

4.200%, 

3/15/2028

69,116

Schlumberger

Finance

Canada,

Ltd.

41,000

1.400%, 

9/17/2025

41,035

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

g

29,998

Shell

International

Finance

BV

39,000

2.375%, 

4/6/2025

41,108

Southwestern

Energy

Company

95,000

7.500%, 

4/1/2026

100,512

30,000

7.750%, 

10/1/2027

32,062

Suncor

Energy,

Inc.

41,000

3.100%, 

5/15/2025

43,785

Sunoco,

LP

115,000

5.875%, 

3/15/2028

120,362

Targa

Resources

Partners,

LP

90,000

5.375%, 

2/1/2027

93,336

Teine

Energy,

Ltd.

110,000

6.875%, 

4/15/2029

e,g

111,331

Transocean

Guardian,

Ltd.

90,626

5.875%, 

1/15/2024

g

79,298

Transocean

Proteus,

Ltd.

45,000

6.250%, 

12/1/2024

g

42,750

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Energy

(3.6%)

-

continued

USA

Compression

Partners,

LP

$

40,000

6.875%, 

4/1/2026

$

41,025

Vine

Energy

Holdings,

LLC

70,000

6.750%, 

4/15/2029

e,g

70,000

W&T

Offshore,

Inc.

130,000

9.750%, 

11/1/2023

g

115,011

Weatherford

International,

Ltd.

115,000

8.750%, 

9/1/2024

g

120,302

80,000

11.000%, 

12/1/2024

g

76,800

Western

Gas

Partners,

LP

39,000

4.000%, 

7/1/2022

39,976

Western

Midstream

Operating,

LP

60,000

4.350%, 

2/1/2025

62,100

105,000

3.950%, 

6/1/2025

107,836

65,000

5.500%, 

8/15/2048

63,968

Williams

Companies,

Inc.

42,000

2.600%, 

3/15/2031

41,052

Williams

Partners,

LP

42,000

4.500%, 

11/15/2023

45,738

WPX

Energy,

Inc.

41,000

5.250%, 

9/15/2024

45,459

Total

8,412,555

Financials

(7.7%)

ACE

INA

Holdings,

Inc.

35,000

2.875%, 

11/3/2022

36,201

AerCap

Ireland

Capital

DAC

70,000

3.150%, 

2/15/2024

72,936

63,000

6.500%, 

7/15/2025

73,444

Air

Lease

Corporation

48,000

4.650%, 

6/15/2026

b,i

47,400

Aircastle,

Ltd.

78,000

5.000%, 

4/1/2023

83,137

Ally

Financial,

Inc.

130,000

5.750%, 

11/20/2025

147,690

42,000

8.000%, 

11/1/2031

58,492

American

Express

Company

34,000

3.700%, 

8/3/2023

36,391

36,000

3.400%, 

2/22/2024

38,742

American

International

Group,

Inc.

84,000

4.200%, 

4/1/2028

94,335

Ares

Capital

Corporation

21,000

4.250%, 

3/1/2025

22,529

100,000

3.875%, 

1/15/2026

105,389

Athene

Global

Funding

63,000

4.000%, 

1/25/2022

g

64,831

Australia

and

New

Zealand

Banking

Group,

Ltd.

96,000

2.950%, 

7/22/2030

b,g

99,217

Aviation

Capital

Group,

LLC

56,000

5.500%, 

12/15/2024

g

62,616

Avolon

Holdings

Funding,

Ltd.

18,000

5.250%, 

5/15/2024

g

19,442

45,000

4.250%, 

4/15/2026

g

47,134

BAC

Capital

Trust

XIV

42,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/19/2021

b,i

41,265

Banco

Santander

Mexico

SA

26,000

5.375%, 

4/17/2025

g

29,193

Bank

of

America

Corporation

73,000

3.004%, 

12/20/2023

b

75,923

117,000

3.550%, 

3/5/2024

b

123,444

78,000

3.864%, 

7/23/2024

b

83,544

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

$

87,000

4.200%, 

8/26/2024

$

95,957

44,000

6.100%, 

9/5/2024

b,i

48,840

213,000

6.250%, 

3/5/2025

b,i

235,748

36,000

3.458%, 

3/15/2025

b

38,656

102,000

1.319%, 

6/19/2026

b

101,689

111,000

1.197%, 

10/24/2026

b

109,561

86,000

5.875%, 

3/15/2028

b,i

93,798

126,000

3.593%, 

7/21/2028

b

136,748

168,000

3.974%, 

2/7/2030

b

186,461

Bank

of

Montreal

103,000

3.300%, 

2/5/2024

110,481

Bank

of

New

York

Mellon

Corporation

22,000

4.700%, 

9/20/2025

b,i

23,836

63,000

3.400%, 

1/29/2028

68,898

Bank

of

Nova

Scotia

66,000

4.900%, 

6/4/2025

b,i

70,167

41,000

1.050%, 

3/2/2026

40,348

Barclays

plc

76,000

4.610%, 

2/15/2023

b

78,522

99,000

4.338%, 

5/16/2024

b

106,007

46,000

8.000%, 

6/15/2024

b,i

51,060

41,000

4.375%, 

9/11/2024

44,812

49,000

2.852%, 

5/7/2026

b

51,295

64,000

4.972%, 

5/16/2029

b

73,590

BB&T

Corporation

34,000

2.500%, 

8/1/2024

35,797

BNP

Paribas

SA

49,000

2.819%, 

11/19/2025

b,g

51,580

Boston

Properties,

LP

42,000

2.550%, 

4/1/2032

40,264

BPCE

SA

34,000

3.000%, 

5/22/2022

g

34,977

40,000

2.375%, 

1/14/2025

g

41,325

Brixmor

Operating

Partnership,

LP

42,000

2.250%, 

4/1/2028

41,211

Burford

Capital

Global

Finance,

LLC

60,000

6.250%, 

4/15/2028

e,g

61,500

Canadian

Imperial

Bank

of

Commerce

40,000

2.250%, 

1/28/2025

41,481

CANPACK

SA

150,000

3.125%, 

11/1/2025

g

152,250

Capital

One

Bank

USA

NA

51,000

3.375%, 

2/15/2023

53,570

60,000

2.280%, 

1/28/2026

b

61,587

Cascades

USA,

Inc.

120,000

5.125%, 

1/15/2026

g

127,350

Central

Fidelity

Capital

Trust

I

175,000

1.241%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

167,219

Charles

Schwab

Corporation

96,000

5.375%, 

6/1/2025

b,i

106,048

96,000

4.000%, 

6/1/2026

b,i

97,421

63,000

2.000%, 

3/20/2028

63,280

Chobani,

LLC

150,000

4.625%, 

11/15/2028

g

153,000

CIT

Group,

Inc.

84,000

5.250%, 

3/7/2025

94,605

Citigroup,

Inc.

37,000

2.750%, 

4/25/2022

37,878

81,000

3.142%, 

1/24/2023

b

82,682

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

$

88,000

5.950%, 

1/30/2023

b,i

$

92,323

84,000

5.000%, 

9/12/2024

b,i

86,545

105,000

3.352%, 

4/24/2025

b

112,372

42,000

5.950%, 

5/15/2025

b,i

45,255

100,000

5.500%, 

9/13/2025

115,907

44,000

4.000%, 

12/10/2025

b,i

44,429

110,000

3.875%, 

2/18/2026

b,i

109,486

148,000

1.122%, 

1/28/2027

b

144,769

168,000

4.075%, 

4/23/2029

b

186,900

CNA

Financial

Corporation

36,000

3.950%, 

5/15/2024

39,108

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,i

24,227

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

g

49,522

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

74,000

3.950%, 

11/9/2022

77,915

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

b,g

40,656

Corporate

Office

Properties,

LP

41,000

2.250%, 

3/15/2026

41,663

Credit

Acceptance

Corporation

130,000

5.125%, 

12/31/2024

g

132,600

Credit

Agricole

SA

44,000

8.125%, 

12/23/2025

b,g,i

53,020

42,000

3.250%, 

1/14/2030

g

43,177

Credit

Suisse

Group

AG

59,000

6.500%, 

8/8/2023

g

64,885

24,000

7.500%, 

12/11/2023

b,g,i

25,976

39,000

2.593%, 

9/11/2025

b,g

40,442

43,000

3.869%, 

1/12/2029

b,g

46,108

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

54,000

3.800%, 

9/15/2022

56,243

Dai-ichi

Life

Insurance

Company,

Ltd.

130,000

5.100%, 

10/28/2024

b,g,i,l

143,812

Danske

Bank

AS

56,000

5.000%, 

1/12/2023

b,g

57,780

Deutsche

Bank

AG

143,000

2.129%, 

11/24/2026

b

143,360

Digital

Realty

Trust,

LP

63,000

3.700%, 

8/15/2027

69,451

Discover

Bank

84,000

4.682%, 

8/9/2028

b

89,594

Drawbridge

Special

Opportunities

Fund,

LP

170,000

3.875%, 

2/15/2026

g

174,379

Duke

Realty,

LP

63,000

4.000%, 

9/15/2028

69,881

ESH

Hospitality,

Inc.

80,000

5.250%, 

5/1/2025

g

81,600

105,000

4.625%, 

10/1/2027

g

111,052

Fidelity

National

Financial,

Inc.

62,000

5.500%, 

9/1/2022

66,199

Fifth

Third

Bancorp

40,000

4.500%, 

9/30/2025

b,i

42,480

Fifth

Third

Bank

NA

42,000

3.850%, 

3/15/2026

46,235

First

Horizon

National

Corporation

49,000

3.550%, 

5/26/2023

51,797

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

Five

Corners

Funding

Trust

$

100,000

4.419%, 

11/15/2023

g

$

109,697

FNB

Corporation

81,000

2.200%, 

2/24/2023

82,581

Fortress

Transportation

75,000

6.500%, 

10/1/2025

g

78,375

GE

Capital

Funding,

LLC

21,000

4.050%, 

5/15/2027

g

23,400

42,000

4.400%, 

5/15/2030

g

47,550

Global

Net

Lease,

Inc.

110,000

3.750%, 

12/15/2027

g

107,220

Goldman

Sachs

Group,

Inc.

82,000

0.627%, 

11/17/2023

b

82,015

68,000

3.625%, 

2/20/2024

73,178

111,000

5.500%, 

8/10/2024

b,i

119,880

44,000

3.500%, 

4/1/2025

47,670

61,000

3.272%, 

9/29/2025

b

65,457

61,000

4.250%, 

10/21/2025

68,088

62,000

0.855%, 

2/12/2026

b

60,940

84,000

3.814%, 

4/23/2029

b

92,032

Hartford

Financial

Services

Group,

Inc.

42,000

2.800%, 

8/19/2029

43,568

34,000

2.319%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,g

32,639

Healthpeak

Properties,

Inc.

42,000

4.000%, 

6/1/2025

46,425

HSBC

Holdings

plc

76,000

6.875%, 

6/1/2021

b,i

76,661

49,000

3.803%, 

3/11/2025

b

52,913

24,000

6.375%, 

3/30/2025

b,i

26,448

49,000

2.633%, 

11/7/2025

b

51,210

37,000

1.645%, 

4/18/2026

b

37,023

49,000

1.589%, 

5/24/2027

b

48,222

42,000

6.500%, 

3/23/2028

b,i

47,092

118,000

4.583%, 

6/19/2029

b

132,608

66,000

4.600%, 

12/17/2030

b,i

65,257

Huntington

Bancshares,

Inc.

66,000

4.450%, 

10/15/2027

b,i

68,719

Icahn

Enterprises,

LP

255,000

6.375%, 

12/15/2025

263,287

Intercontinental

Exchange,

Inc.

41,000

0.700%, 

6/15/2023

41,110

Iron

Mountain,

Inc.

165,000

4.875%, 

9/15/2027

g

168,816

iStar,

Inc.

115,000

4.250%, 

8/1/2025

115,793

J.P.

Morgan

Chase

&

Company

58,000

2.776%, 

4/25/2023

b

59,395

48,000

5.150%, 

5/1/2023

b,i

49,651

44,000

6.000%, 

8/1/2023

b,i

46,122

44,000

6.750%, 

2/1/2024

b,i

48,180

49,000

1.514%, 

6/1/2024

b

50,017

144,000

5.000%, 

8/1/2024

b,i

148,860

87,000

3.875%, 

9/10/2024

95,378

176,000

4.023%, 

12/5/2024

b

190,946

126,000

4.600%, 

2/1/2025

b,i

127,417

44,000

2.083%, 

4/22/2026

b

45,191

129,000

1.045%, 

11/19/2026

b

125,995

126,000

4.005%, 

4/23/2029

b

140,513

168,000

4.493%, 

3/24/2031

b

193,565

KeyBank

NA

63,000

3.900%, 

4/13/2029

68,842

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

Kilroy

Realty,

LP

$

46,000

4.375%, 

10/1/2025

$

50,572

Lincoln

National

Corporation

42,000

3.800%, 

3/1/2028

46,415

40,000

2.549%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

34,295

Lloyds

Banking

Group

plc

59,000

2.858%, 

3/17/2023

b

60,241

75,000

3.900%, 

3/12/2024

81,412

46,000

7.500%, 

6/27/2024

b,i

51,290

84,000

1.627%, 

5/11/2027

b

83,389

80,000

6.657%, 

5/21/2037

b,g,i

103,200

LPL

Holdings,

Inc.

90,000

4.000%, 

3/15/2029

g

90,675

Mastercard,

Inc.

42,000

1.900%, 

3/15/2031

41,283

MetLife,

Inc.

44,000

3.850%, 

9/15/2025

b,i

45,430

84,000

5.875%, 

3/15/2028

b,i

93,030

MGM

Growth

Properties

Operating

Partnership,

LP

110,000

4.625%, 

6/15/2025

g

116,017

50,000

5.750%, 

2/1/2027

55,122

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

93,932

Mitsubishi

UFJ

Financial

Group,

Inc.

52,000

2.623%, 

7/18/2022

53,435

63,000

3.455%, 

3/2/2023

66,429

36,000

3.407%, 

3/7/2024

38,654

49,000

1.412%, 

7/17/2025

48,966

63,000

3.741%, 

3/7/2029

68,411

Mizuho

Financial

Group,

Inc.

52,000

2.721%, 

7/16/2023

b

53,416

63,000

3.153%, 

7/16/2030

b

65,865

Morgan

Stanley

26,000

4.875%, 

11/1/2022

27,720

82,000

3.125%, 

1/23/2023

85,858

81,000

4.100%, 

5/22/2023

86,616

41,000

0.560%, 

11/10/2023

b

41,013

36,000

2.720%, 

7/22/2025

b

37,977

29,000

5.000%, 

11/24/2025

33,329

89,000

2.188%, 

4/28/2026

b

91,958

61,000

0.985%, 

12/10/2026

b

59,542

126,000

3.622%, 

4/1/2031

b

136,804

MPT

Operating

Partnership,

LP

70,000

5.250%, 

8/1/2026

72,275

60,000

4.625%, 

8/1/2029

63,122

National

Retail

Properties,

Inc.

42,000

2.500%, 

4/15/2030

41,184

Natwest

Group

plc

34,000

6.125%, 

12/15/2022

36,874

30,000

6.100%, 

6/10/2023

33,200

42,000

4.892%, 

5/18/2029

b

47,848

NFP

Corporation

45,000

6.875%, 

8/15/2028

g

46,687

Nippon

Life

Insurance

Company

88,000

5.100%, 

10/16/2044

b,g

97,240

63,000

3.400%, 

1/23/2050

b,g

64,103

Omega

Healthcare

Investors,

Inc.

41,000

5.250%, 

1/15/2026

46,348

43,000

4.750%, 

1/15/2028

47,229

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

Owl

Rock

Technology

Finance

Corporation

$

63,000

3.750%, 

6/17/2026

g

$

64,427

Park

Aerospace

Holdings,

Ltd.

18,000

4.500%, 

3/15/2023

g

18,799

PayPal

Holdings,

Inc.

64,000

1.650%, 

6/1/2025

65,178

42,000

2.850%, 

10/1/2029

43,757

PennyMac

Financial

Services,

Inc.

95,000

4.250%, 

2/15/2029

g

90,844

Pine

Street

Trust

I

42,000

4.572%, 

2/15/2029

g

47,193

Playtika

Holding

Corporation

40,000

4.250%, 

3/15/2029

g

39,408

PNC

Bank

NA

42,000

2.700%, 

10/22/2029

42,928

Provident

Financing

Trust

I

22,000

7.405%, 

3/15/2038

25,351

Prudential

Financial,

Inc.

95,000

5.625%, 

6/15/2043

b

101,806

129,000

5.200%, 

3/15/2044

b

137,364

22,000

3.700%, 

10/1/2050

b

22,246

Quicken

Loans,

LLC

95,000

3.625%, 

3/1/2029

g

91,438

Regions

Financial

Corporation

42,000

3.800%, 

8/14/2023

45,049

44,000

5.750%, 

6/15/2025

b,i

48,455

Reinsurance

Group

of

America,

Inc.

57,000

4.700%, 

9/15/2023

62,437

Royal

Bank

of

Scotland

Group

plc

44,000

8.625%, 

8/15/2021

b,i

45,045

58,000

4.269%, 

3/22/2025

b

63,270

33,000

3.754%, 

11/1/2029

b

35,073

Santander

Holdings

USA,

Inc.

84,000

3.450%, 

6/2/2025

90,019

Santander

UK

Group

Holdings

plc

63,000

3.823%, 

11/3/2028

b

68,785

Service

Properties

Trust

115,000

4.500%, 

6/15/2023

116,824

50,000

4.750%, 

10/1/2026

48,750

80,000

5.500%, 

12/15/2027

84,619

Simon

Property

Group,

LP

67,000

2.000%, 

9/13/2024

69,343

42,000

2.650%, 

7/15/2030

42,100

Societe

Generale

SA

48,000

2.625%, 

10/16/2024

g

50,082

44,000

8.000%, 

9/29/2025

b,g,i

51,603

49,000

1.488%, 

12/14/2026

b,g

48,148

Springleaf

Finance

Corporation

80,000

6.875%, 

3/15/2025

90,994

110,000

7.125%, 

3/15/2026

126,869

110,000

6.625%, 

1/15/2028

124,664

Standard

Chartered

plc

62,000

1.319%, 

10/14/2023

b,g

62,394

49,000

0.991%, 

1/12/2025

b,g

48,723

State

Street

Corporation

41,000

2.354%, 

11/1/2025

b

43,125

Sumitomo

Mitsui

Financial

Group,

Inc.

37,000

2.784%, 

7/12/2022

38,094

31,000

2.778%, 

10/18/2022

32,064

48,000

2.448%, 

9/27/2024

50,287

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Financials

(7.7%)

-

continued

$

63,000

3.544%, 

1/17/2028

$

68,162

63,000

2.142%, 

9/23/2030

59,059

Sumitomo

Mitsui

Trust

Bank,

Ltd.

41,000

1.050%, 

9/12/2025

g

40,332

Synchrony

Financial

42,000

4.250%, 

8/15/2024

45,688

84,000

3.700%, 

8/4/2026

90,388

Truist

Bank

42,000

2.250%, 

3/11/2030

40,982

Truist

Financial

Corporation

109,000

4.950%, 

9/1/2025

b,i

118,129

UBS

Group

AG

49,000

1.364%, 

1/30/2027

b,g

48,287

USB

Realty

Corporation

84,000

1.388%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

65,100

Ventas

Realty,

LP

34,000

3.750%, 

5/1/2024

36,685

VEREIT

Operating

Partnership,

LP

63,000

3.950%, 

8/15/2027

69,132

VICI

Properties,

LP

70,000

4.250%, 

12/1/2026

g

71,616

30,000

3.750%, 

2/15/2027

g

30,000

70,000

4.625%, 

12/1/2029

g

72,615

Wachovia

Capital

Trust

II

50,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

47,925

Wells

Fargo

&

Company

69,000

4.125%, 

8/15/2023

74,646

61,000

1.654%, 

6/2/2024

b

62,314

80,000

2.406%, 

10/30/2025

b

83,563

65,000

3.900%, 

3/15/2026

b,i

65,644

106,000

2.188%, 

4/30/2026

b

109,400

84,000

4.478%, 

4/4/2031

b

96,732

Welltower,

Inc.

42,000

2.800%, 

6/1/2031

41,745

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

67,272

Willis

North

America,

Inc.

84,000

4.500%, 

9/15/2028

95,525

Total

17,978,790

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

49,000

2.150%, 

5/13/2025

g

49,750

Total

49,750

Mortgage-Backed

Securities

(14.6%)

Federal

Home

Loan

Mortgage

Corporation

606,524

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

69,723

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,489,351

3.000%, 

3/25/2050

1,554,401

1,084,251

3.000%, 

4/1/2050

1,132,323

495,967

3.500%, 

7/1/2047

526,518

Federal

National

Mortgage

Association

313,125

4.500%, 

5/1/2048

341,778

555,601

3.500%, 

10/1/2048

586,842

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Mortgage-Backed

Securities

(14.6%)

-

continued

$

344,855

3.500%, 

6/1/2049

$

365,017

633,971

3.500%, 

8/1/2049

670,912

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

2,600,000

1.500%, 

4/1/2036

e

2,611,738

6,550,000

2.000%, 

4/1/2036

e

6,722,085

3,900,000

2.500%, 

4/1/2036

e

4,057,676

1,850,000

2.000%, 

5/1/2036

e

1,896,272

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,350,000

2.000%, 

4/1/2051

e

2,345,594

5,500,000

2.500%, 

4/1/2051

e

5,643,945

2,000,000

2.000%, 

5/1/2051

e

1,992,578

2,500,000

2.500%, 

5/1/2051

e

2,560,059

812,359

4.000%, 

7/1/2048

871,922

Total

33,949,383

Technology

(1.7%)

Apple,

Inc.

120,000

3.450%, 

5/6/2024

130,390

41,000

0.700%, 

2/8/2026

40,213

125,000

2.200%, 

9/11/2029

126,659

Baidu,

Inc.

52,000

3.075%, 

4/7/2025

54,728

Banff

Merger

Sub,

Inc.

55,000

9.750%, 

9/1/2026

g

58,575

Broadcom

Corporation

84,000

3.125%, 

1/15/2025

89,377

63,000

3.875%, 

1/15/2027

68,412

Broadcom,

Inc.

84,000

5.000%, 

4/15/2030

95,736

CDW,

LLC

100,000

4.250%, 

4/1/2028

103,500

CommScope

Technologies

Finance,

LLC

123,000

6.000%, 

6/15/2025

g

125,466

CommScope,

Inc.

80,000

7.125%, 

7/1/2028

g

84,966

Dell

International,

LLC

63,000

5.850%, 

7/15/2025

g

73,445

63,000

5.300%, 

10/1/2029

g

73,695

Diamond

1

Finance

Corporation

90,000

5.450%, 

6/15/2023

g

98,357

Diamond

Sports

Group,

LLC

205,000

6.625%, 

8/15/2027

g

106,600

Fiserv,

Inc.

68,000

2.750%, 

7/1/2024

71,857

84,000

4.200%, 

10/1/2028

94,654

Gartner,

Inc.

35,000

4.500%, 

7/1/2028

g

36,094

115,000

3.750%, 

10/1/2030

g

114,049

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

17,862

42,000

3.200%, 

8/15/2029

44,235

Hewlett

Packard

Enterprise

Company

35,000

2.250%, 

4/1/2023

36,051

34,000

4.450%, 

10/2/2023

36,943

Intuit,

Inc.

41,000

0.950%, 

7/15/2025

40,682

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Technology

(1.7%)

-

continued

Iron

Mountain,

Inc.

$

50,000

5.000%, 

7/15/2028

g

$

51,125

65,000

4.875%, 

9/15/2029

g

65,809

Marvell

Technology

Group,

Ltd.

42,000

4.200%, 

6/22/2023

44,939

Micron

Technology,

Inc.

42,000

4.975%, 

2/6/2026

48,060

NCR

Corporation

220,000

6.125%, 

9/1/2029

g

232,925

NVIDIA

Corporation

21,000

2.850%, 

4/1/2030

22,054

NXP

Funding,

LLC

44,000

4.875%, 

3/1/2024

g

48,904

21,000

2.700%, 

5/1/2025

g

22,024

42,000

4.300%, 

6/18/2029

g

46,974

Open

Text

Corporation

140,000

4.125%, 

2/15/2030

g

141,917

Oracle

Corporation

30,000

2.500%, 

5/15/2022

30,586

105,000

2.500%, 

4/1/2025

110,325

42,000

2.950%, 

4/1/2030

43,308

Panasonic

Corporation

52,000

2.536%, 

7/19/2022

g

53,217

PTC,

Inc.

65,000

3.625%, 

2/15/2025

g

66,706

60,000

4.000%, 

2/15/2028

g

60,900

Qorvo,

Inc.

95,000

3.375%, 

4/1/2031

g

93,090

Rackspace

Technology

Global,

Inc.

115,000

5.375%, 

12/1/2028

g,l

116,935

Seagate

HDD

Cayman

41,000

4.250%, 

3/1/2022

l

42,128

140,000

3.375%, 

7/15/2031

g

134,603

Sensata

Technologies,

Inc.

205,000

3.750%, 

2/15/2031

g

202,118

Shift4

Payments,

LLC

40,000

4.625%, 

11/1/2026

g

41,500

SS&C

Technologies,

Inc.

210,000

5.500%, 

9/30/2027

g

223,660

Switch,

Ltd.

120,000

3.750%, 

9/15/2028

g

118,166

Tencent

Holdings,

Ltd.

49,000

1.810%, 

1/26/2026

g

49,152

Texas

Instruments,

Inc.

71,000

1.375%, 

3/12/2025

72,239

Total

4,005,910

Transportation

(0.7%)

Air

Canada

Pass

Through

Trust

8,786

3.875%, 

3/15/2023

g

8,772

Air

Lease

Corporation

40,000

2.300%, 

2/1/2025

40,856

11,000

3.375%, 

7/1/2025

11,619

42,000

3.125%, 

12/1/2030

41,876

American

Airlines,

Inc.

90,000

11.750%, 

7/15/2025

g

111,329

150,000

5.500%, 

4/20/2026

g

156,104

20,000

5.750%, 

4/20/2029

g

21,273

Avis

Budget

Car

Rental,

LLC

95,000

5.375%, 

3/1/2029

g

98,270

Boeing

Company

41,000

1.950%, 

2/1/2024

42,008

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Transportation

(0.7%)

-

continued

CSX

Corporation

$

42,000

4.250%, 

3/15/2029

$

47,700

Delta

Air

Lines,

Inc.

110,000

7.000%, 

5/1/2025

g

126,715

95,073

4.500%, 

10/20/2025

g

101,481

Hawaiian

Brand

Intellectual

Property,

Ltd.

120,000

5.750%, 

1/20/2026

g

127,512

J.B.

Hunt

Transport

Services,

Inc.

35,000

3.300%, 

8/15/2022

36,123

Mileage

Plus

Holdings,

LLC

120,000

6.500%, 

6/20/2027

g

131,550

Penske

Truck

Leasing

Company,

LP

36,000

3.375%, 

2/1/2022

g

36,665

41,000

1.200%, 

11/15/2025

g

40,273

Southwest

Airlines

Company

20,000

4.750%, 

5/4/2023

21,594

42,000

5.125%, 

6/15/2027

48,286

Union

Pacific

Corporation

55,000

3.750%, 

7/15/2025

60,414

42,000

2.150%, 

2/5/2027

43,139

United

Airlines

Pass

Through

Trust

35,000

3.700%, 

12/1/2022

35,481

XPO

Logistics,

Inc.

80,000

6.125%, 

9/1/2023

g

81,398

40,000

6.750%, 

8/15/2024

g

41,950

Total

1,512,388

Utilities

(1.3%)

Ameren

Corporation

41,000

1.750%, 

3/15/2028

39,630

Berkshire

Hathaway

Energy

Company

59,000

4.050%, 

4/15/2025

65,100

Calpine

Corporation

200,000

4.500%, 

2/15/2028

g

201,680

CenterPoint

Energy

Houston

Electric,

LLC

42,000

2.350%, 

4/1/2031

42,012

CenterPoint

Energy,

Inc.

40,000

2.500%, 

9/1/2022

41,077

34,000

2.500%, 

9/1/2024

35,649

Dominion

Energy,

Inc.

34,000

3.071%, 

8/15/2024

36,209

64,000

4.650%, 

12/15/2024

b,i

67,379

42,000

3.375%, 

4/1/2030

44,718

DTE

Energy

Company

42,000

3.800%, 

3/15/2027

46,257

Duke

Energy

Corporation

24,000

4.875%, 

9/16/2024

b,i

25,356

84,000

3.150%, 

8/15/2027

89,482

Edison

International

50,000

4.950%, 

4/15/2025

55,811

Entergy

Corporation

41,000

0.900%, 

9/15/2025

40,037

42,000

1.900%, 

6/15/2028

41,020

Evergy,

Inc.

35,000

2.450%, 

9/15/2024

36,645

Exelon

Corporation

42,000

4.050%, 

4/15/2030

46,800

FirstEnergy

Corporation

59,000

2.850%, 

7/15/2022

59,885

Principal

Amount

Long-Term

Fixed

Income

(56.5%)

Value

Utilities

(1.3%)

-

continued

Florida

Power

&

Light

Company

$

44,000

2.850%, 

4/1/2025

$

46,962

Georgia

Power

Company

40,000

2.100%, 

7/30/2023

41,287

NextEra

Energy

Operating

Partners,

LP

160,000

3.875%, 

10/15/2026

g

167,800

NiSource,

Inc.

48,000

5.650%, 

6/15/2023

b,i

49,560

42,000

2.950%, 

9/1/2029

43,232

NRG

Energy,

Inc.

41,000

2.000%, 

12/2/2025

g

40,993

175,000

3.375%, 

2/15/2029

g

170,844

Pacific

Gas

and

Electric

Company

63,000

3.750%, 

2/15/2024

66,998

63,000

2.100%, 

8/1/2027

61,682

PG&E

Corporation

80,000

5.000%, 

7/1/2028

84,518

65,000

5.250%, 

7/1/2030

68,900

PPL

Capital

Funding,

Inc.

43,000

3.950%, 

3/15/2024

46,429

42,000

4.125%, 

4/15/2030

47,205

Public

Service

Enterprise

Group,

Inc.

42,000

1.600%, 

8/15/2030

38,680

Sempra

Energy

44,000

4.875%, 

10/15/2025

b,i

47,080

63,000

3.400%, 

2/1/2028

67,564

Southern

Company

85,000

4.000%, 

1/15/2051

b

89,696

Suburban

Propane

Partners,

LP

155,000

5.875%, 

3/1/2027

161,200

Talen

Energy

Supply,

LLC

125,000

7.625%, 

6/1/2028

g

126,563

TerraForm

Power

Operating,

LLC

155,000

5.000%, 

1/31/2028

g

167,253

TransCanada

Trust

90,000

5.875%, 

8/15/2076

b

98,100

Vistra

Operations

Company,

LLC

160,000

5.000%, 

7/31/2027

g

164,803

Xcel

Energy,

Inc.

42,000

4.000%, 

6/15/2028

46,639

Total

2,958,735

Total

Long-Term

Fixed

Income

(cost

$130,371,320)

131,750,834

Shares

Registered

Investment

Companies

(

16.6%

)

Value

Unaffiliated  (1.9%)

8,484

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

34,700

2,175

AllianceBernstein

Global

High

Income

Fund,

Inc.

25,774

4,688

BlackRock

Core

Bond

Trust

73,602

3,380

BlackRock

Corporate

High

Yield

Fund,

Inc.

39,681

3,761

BlackRock

Credit

Allocation

Income

Trust

55,211

3,400

BlackRock

Enhanced

Equity

Dividend

Trust

32,164

2,638

BlackRock

Enhanced

Global

Dividend

Trust

30,311

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Shares

Registered

Investment

Companies

(16.6%)

Value

Unaffiliated  (1.9%)-

continued

2,968

BlackRock

Multi-Sector

Income

Trust

$

53,483

1,900

Brookfield

Real

Assets

Income

Fund,

Inc.

39,330

871

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

12,124

1,414

Eaton

Vance

Limited

Duration

Income

Fund

17,859

2,342

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

21,780

3,779

Invesco

Dynamic

Credit

Opportunities

Fund

42,967

3,561

Invesco

Senior

Loan

ETF

78,805

20,525

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

l

788,160

2,325

Liberty

All-Star

Equity

Fund

17,740

3,825

Nuveen

Credit

Strategies

Income

Fund

24,863

2,670

PGIM

Global

High

Yield

Fund,

Inc.

39,836

2,642

PGIM

High

Yield

Bond

Fund,

Inc.

41,374

1,772

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

39,462

3,248

Royce

Micro-Cap

Trust,

Inc.

36,702

3,298

Royce

Value

Trust,

Inc.

59,727

4,350

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

l

473,280

30,916

SPDR

Bloomberg

Barclays

Short

Term

High

Yield

Bond

ETF

844,934

658

Tri-Continental

Corporation

21,339

13,500

Vanguard

Intermediate-Term

Corporate

Bond

ETF

1,255,905

6,556

Virtus

Dividend,

Interst

&

Premium

Strategy

Fund

90,342

6,843

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

39,005

4,588

Wells

Fargo

Income

Opportunities

Fund

38,723

9,544

Western

Asset

High

Income

Opportunity

Fund,

Inc.

48,484

Total

4,417,667

Affiliated  (14.7%)

3,545,348

Thrivent

Core

Emerging

Markets

Debt

Fund

34,283,510

Total

34,283,510

Total

Registered

Investment

Companies

(cost

$38,614,639)

38,701,177

Shares

Preferred

Stock

(

0.8%

)

Value

Communications

Services

(0.1%)

4,325

AT&T,

Inc.,

4.750%

i

109,293

1,250

AT&T,

Inc.,

5.000%

i

32,962

Total

142,255

Consumer

Staples

(<0.1%)

850

CHS,

Inc.,

7.100%

b,i

23,469

Total

23,469

Energy

(0.1%)

6,153

Crestwood

Equity

Partners,

LP,

9.250%

i

53,162

825

Energy

Transfer

Operating,

LP,

7.600%

b,i

19,726

Shares

Preferred

Stock

(0.8%)

Value

Energy

(0.1%)

-

continued

1,736

Nustar

Logistics,

LP,

6.975%

b

$

42,792

Total

115,680

Financials

(0.6%)

1,250

Aegon

Funding

Corporation

II,

5.100%

32,437

1,870

Agribank

FCB,

6.875%

b,i

201,960

3,700

Allstate

Corporation,

5.100%

i

99,937

2,200

Bank

of

America

Corporation,

5.000%

i

58,234

1,000

Bank

of

America

Corporation,

5.375%

i

27,080

2,500

Capital

One

Financial

Corporation,

5.000%

i

64,375

1,445

Cobank

ACB,

6.250%

b,i

152,086

2,775

Equitable

Holdings,

Inc.,

5.250%

i

72,927

70

First

Horizon

Bank,

3.750%

b,g,i

58,100

1,846

GMAC

Capital

Trust

I,

5.983%

b

47,036

1,750

J.P.

Morgan

Chase

&

Company,

4.750%

i

46,235

1,750

J.P.

Morgan

Chase

&

Company,

5.750%

i

47,443

1,750

Legg

Mason,

Inc.,

5.450%

44,625

3,080

Morgan

Stanley,

5.850%

b,i

87,718

3,700

Morgan

Stanley,

7.125%

b,i,l

106,782

425

Synovus

Financial

Corporation,

5.875%

b,i

11,424

2,650

Truist

Financial

Corporation,

4.750%

i

68,238

148

Wells

Fargo

&

Company,

Convertible,

7.500%

i

209,777

Total

1,436,414

Real

Estate

(<0.1%)

3,200

Public

Storage,

4.125%

i

82,592

668

Public

Storage,

4.625%

i

17,942

175

Public

Storage,

4.700%

i

4,692

275

Public

Storage,

4.875%

i

7,365

Total

112,591

Utilities

(<0.1%)

3,525

Southern

Company,

4.950%

92,778

Total

92,778

Total

Preferred

Stock

(cost

$1,851,774)

1,923,187

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

1,905,647

Thrivent

Cash

Management

Trust

1,905,647

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,905,647)

1,905,647

Shares

Common

Stock

(

0.1%

)

Value

Communications

Services

(<0.1%)

306

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

m

3,927

Total

3,927

Energy

(0.1%)

600

Enbridge,

Inc.

21,840

1,300

Kinder

Morgan,

Inc.

21,645

54,556

McDermott

International,

Inc.

m

43,645

1,000

MPLX,

LP

25,630

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

Shares

Common

Stock

(0.1%)

Value

Energy

(0.1%)

-

continued

570

TC

Energy

Corporation

$

26,077

800

Williams

Companies,

Inc.

18,952

Total

157,789

Financials

(<0.1%)

2,000

BlackRock

TCP

Capital

Corporation

27,660

800

FS

KKR

Capital

Corporation

15,864

1,800

FS

KKR

Capital

Corporation

II

35,154

2,307

Golub

Capital

BDC,

Inc.

33,728

948

Sixth

Street

Specialty

Lending,

Inc.

19,937

Total

132,343

Total

Common

Stock

(cost

$502,219)

294,059

Shares

or

Principal

Amount

Short-Term

Investments

(

15.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.020%,

6/16/2021

n,o

299,987

Thrivent

Core

Short-Term

Reserve

Fund

3,504,745

0.180%

35,047,449

Total

Short-Term

Investments

(cost

$35,343,172)

35,347,436

Total

Investments

(cost

$258,686,066)

111.5%

$259,950,441

Other

Assets

and

Liabilities,

Net

(11.5%)

(26,734,671)

Total

Net

Assets

100.0%

$233,215,770

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

March

31,

2021.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

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

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

March

31,

2021.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2021,

the

value

of

these

investments

was

$47,609,845

or

20.4%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2021.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

All

or

a

portion

of

the

security

is

on

loan.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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

March

31,

2021:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

570,959

Common

Stock

1,292,050

Total

lending

$1,863,009

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,905,647

Net

amounts

due

to

counterparty

$42,638

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

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

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Opportunity

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

3,795,481

–

3,795,481

–

Capital

Goods

5,629,223

–

5,266,326

362,897

Communications

Services

11,418,156

–

11,418,156

–

Consumer

Cyclical

8,635,091

–

8,635,091

–

Consumer

Non-Cyclical

7,890,649

–

7,799,749

90,900

Energy

71,642

–

71,642

–

Financials

3,424,248

–

2,912,649

511,599

Technology

4,120,842

–

4,120,842

–

Transportation

2,743,023

–

2,743,023

–

Utilities

2,299,746

–

2,299,746

–

Long-Term

Fixed

Income

Asset-Backed

Securities

9,143,250

–

9,143,250

–

Basic

Materials

3,473,010

–

3,473,010

–

Capital

Goods

5,223,966

–

5,223,966

–

Collateralized

Mortgage

Obligations

15,878,109

–

15,628,109

250,000

Commercial

Mortgage-Backed

Securities

328,250

–

328,250

–

Communications

Services

8,514,818

–

8,463,285

51,533

Consumer

Cyclical

9,983,393

–

9,983,393

–

Consumer

Non-Cyclical

10,338,527

–

10,338,527

–

Energy

8,412,555

–

8,412,555

–

Financials

17,978,790

–

17,978,790

–

Foreign

Government

49,750

–

49,750

–

Mortgage-Backed

Securities

33,949,383

–

33,949,383

–

Technology

4,005,910

–

4,005,910

–

Transportation

1,512,388

–

1,512,388

–

Utilities

2,958,735

–

2,958,735

–

Registered

Investment

Companies

Unaffiliated

4,417,667

4,417,667

–

–

Preferred

Stock

Communications

Services

142,255

142,255

–

–

Consumer

Staples

23,469

23,469

–

–

Energy

115,680

115,680

–

–

Financials

1,436,414

1,378,314

58,100

–

Real

Estate

112,591

112,591

–

–

Utilities

92,778

92,778

–

–

Common

Stock

Communications

Services

3,927

–

3,927

–

Energy

157,789

157,789

–

–

Financials

132,343

132,343

–

–

Short-Term

Investments

299,987

–

299,987

–

Subtotal

Investments

in

Securities

$188,713,835

$6,572,886

$180,874,020

$1,266,929

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

34,283,510

Affiliated

Short-Term

Investments

35,047,449

Collateral

Held

for

Securities

Loaned

1,905,647

Subtotal

Other

Investments

$71,236,606

Total

Investments

at

Value

$259,950,441

*

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

223,687

223,687

–

–

Total

Asset

Derivatives

$223,687

$223,687

$–

$–

Liability

Derivatives

Futures

Contracts

104,464

104,464

–

–

Total

Liability

Derivatives

$104,464

$104,464

$–

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$299,987

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

42

June

2021

$

9,279,832

(

$

9,317)

CBOT

5-Yr.

U.S.

Treasury

Note

33

June

2021

4,124,313

(

52,164)

CBOT

U.S.

Long

Bond

6

June

2021

931,138

(

3,576)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

11

June

2021

2,032,813

(

39,407)

Total

Futures

Long

Contracts

$

16,368,096

(

$

104,464)

CBOT

10-Yr.

U.S.

Treasury

Note

(50)

June

2021

(

$

6,711,558)

$

164,683

Ultra

10-Yr.

U.S.

Treasury

Note

(11)

June

2021

(

1,639,566)

59,004

Total

Futures

Short

Contracts

(

$

8,351,124)

$223,687

Total

Futures

Contracts

$

8,016,972

$119,223

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Opportunity

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$37,714

$379

$1,300

$34,284

3,545

14.7%

Total

Affiliated

Registered

Investment

Companies

37,714

34,284

14.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

37,613

55,356

57,922

35,047

3,505

15.0

Total

Affiliated

Short-Term

Investments

37,613

35,047

15.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

452

18,677

17,223

1,906

1,906

0.8

Total

Collateral

Held

for

Securities

Loaned

452

1,906

0.8

Total

Value

$75,779

$71,237

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(23)

$(2,486)

–

$379

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

(3)

3

–

16

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$395

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

Value

$(26)

$(2,483)

$–

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Shares

Common

Stock

(

89.6%

)

Value

Bermuda

(1.1%)

218,000

China

Resources

Gas

Group,

Ltd.

$

1,209,988

Total

1,209,988

Brazil

(4.7%)

364,434

Banco

Bradesco

SA

ADR

1,712,840

155,502

Vale

SA

ADR

2,702,625

54,562

WEG

SA

725,955

Total

5,141,420

Cayman

Islands

(19.2%)

191,800

Alibaba

Group

Holding,

Ltd.

a

5,449,541

313,200

Budweiser

Brewing

Company

APAC,

Ltd.

b

937,523

135,500

China

Conch

Venture

Holdings,

Ltd.

638,400

382,000

China

Resources

Land,

Ltd.

1,861,801

136,500

Li

Ning

Company,

Ltd.

892,981

54,800

Meituan

Dianping

a,b

2,138,526

59,550

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

833,700

315,200

Sands

China,

Ltd.

a

1,579,821

61,100

Tencent

Holdings,

Ltd.

4,876,242

143,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

1,809,643

Total

21,018,178

China

(15.6%)

8,567

Autohome

,

Inc.

ADR

799,044

32,800

China

International

Travel

Service

Corporation,

Ltd.

1,538,910

237,500

China

Merchants

Bank

Company,

Ltd.

1,819,533

19,800

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

A

456,184

9,900

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

H

b

197,154

3,895

Kweichow

Moutai

Company,

Ltd.

1,197,908

174,700

LONGi

Green

Energy

Technology

Company,

Ltd.

2,365,333

104,925

Midea

Group

Company,

Ltd.

1,322,082

303,200

NARI

Technology

Company,

Ltd.

1,446,775

168,000

Ping

An

Insurance

Company

of

China,

Ltd.

2,009,508

112,182

Shanghai

International

Airport

Company,

Ltd.

994,220

71,600

Shenzhou

International

Group

Holdings,

Ltd.

1,497,625

41,720

Sungrow

Power

Supply

Company,

Ltd.

461,266

267,400

Xinjiang

Goldwind

Science

&

Technology

Company,

Ltd.

507,347

26,599

Yunnan

Energy

New

Material

Company,

Ltd.

456,657

Total

17,069,546

Hong

Kong

(3.0%)

142,000

AIA

Group,

Ltd.

1,737,622

25,530

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,514,590

Total

3,252,212

India

(11.3%)

30,407

Hindustan

Unilever,

Ltd.

1,014,153

90,052

Housing

Development

Finance

Corporation

3,094,128

394,672

ITC,

Ltd.

1,181,005

66,878

Kotak

Mahindra

Bank,

Ltd.

a

1,610,755

Shares

Common

Stock

(89.6%)

Value

India

(11.3%)

-

continued

115,171

SBI

Life

Insurance

Company,

Ltd.

a,b

$

1,391,541

54,720

Tata

Consultancy

Services,

Ltd.

2,384,253

18,347

Ultra

Tech

Cement,

Ltd.

1,695,640

Total

12,371,475

Indonesia

(2.0%)

566,100

Bank

Central

Asia

Tbk

PT

1,212,359

3,314,800

Bank

Rakyat

Indonesia

Persero

Tbk

PT

a

1,005,658

Total

2,218,017

Luxembourg

(0.5%)

38,736

Allegro.eu

SA

a,b

545,271

Total

545,271

Mexico

(4.1%)

15,880

Fomento

Economico

Mexicano

SAB

de

CV

ADR

1,196,240

36,580

Grupo

Aeroportuario

del

Sureste

,

SAB

de

CV

a

649,651

281,773

Grupo

Financiero

Banorte

SAB

de

CV

ADR

a

1,588,803

195,264

Grupo

Mexico,

SAB

de

CV

1,029,269

Total

4,463,963

Netherlands

(2.8%)

2,675

ASML

Holding

NV

1,641,304

7,893

Prosus

NV

878,326

8,520

Yandex

NV

a

545,791

Total

3,065,421

Philippines

(1.3%)

1,297,100

Ayala

Land,

Inc.

919,717

260,636

Bank

of

the

Philippine

Islands

438,426

Total

1,358,143

Russian

Federation

(4.1%)

16,519

Lukoil

ADR

1,334,894

93,216

NovaTek

PJSC

1,841,400

335,998

Sberbank

of

Russia

PJSC

1,289,195

Total

4,465,489

South

Africa

(4.3%)

7,720

Anglo

American

Platinum,

Ltd.

1,125,930

14,995

Naspers,

Ltd.

3,591,459

Total

4,717,389

South

Korea

(3.5%)

3,144

LG

Chem

,

Ltd.

2,249,918

2,630

Samsung

SDI

Company,

Ltd.

1,546,499

Total

3,796,417

Taiwan

(10.0%)

169,000

Hon

Hai

Precision

Industry

Company,

Ltd.

741,355

484,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

10,203,167

Total

10,944,522

United

Kingdom

(1.1%)

48,300

Mondi

plc

1,241,450

Total

1,241,450

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

Shares

Common

Stock

(89.6%)

Value

United

States

(1.0%)

770

Mercadolibre

,

Inc.

a

$

1,133,548

Total

1,133,548

Total

Common

Stock

(cost

$61,805,407)

98,012,449

Shares

Preferred

Stock

(

8.9%

)

South

Korea

(8.9%)

150,645

Samsung

Electronics

Company,

Ltd.

9,757,008

Total

9,757,008

Total

Preferred

Stock

(cost

$2,720,188)

9,757,008

Shares

Short-Term

Investments

(

1.6%

)

Thrivent

Core

Short-Term

Reserve

Fund

176,147

0.180%

1,761,470

Total

Short-Term

Investments

(cost

$1,761,470)

1,761,470

Total

Investments

(cost

$66,287,065)

100.1%

$109,530,927

Other

Assets

and

Liabilities,

Net

(0.1%)

(161,437)

Total

Net

Assets

100.0%

$109,369,490

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

March

31,

2021,

the

value

of

these

investments

was

$7,019,658

or

6.4%

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Partner

Emerging

Markets

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

9,812,536

1,344,835

8,467,701

–

Consumer

Discretionary

16,932,005

1,967,248

14,964,757

–

Consumer

Staples

5,526,829

1,196,240

4,330,589

–

Energy

4,386,282

–

4,386,282

–

Financials

21,941,684

1,712,840

20,228,844

–

Health

Care

2,462,981

–

2,462,981

–

Industrials

5,200,240

–

5,200,240

–

Information

Technology

16,516,578

–

16,516,578

–

Materials

10,501,489

2,702,625

7,798,864

–

Real

Estate

919,717

–

919,717

–

Utilities

3,812,108

–

3,812,108

–

Preferred

Stock

Information

Technology

9,757,008

–

9,757,008

–

Subtotal

Investments

in

Securities

$107,769,457

$8,923,788

$98,845,669

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,761,470

Subtotal

Other

Investments

$1,761,470

Total

Investments

at

Value

$109,530,927

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Partner

Emerging

Markets

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$1,093

$10,408

$9,740

$1,761

176

1.6%

Total

Affiliated

Short-Term

Investments

1,093

1,761

1.6

Total

Value

$1,093

$1,761

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Total

Value

$–

$–

$–

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Shares

Common

Stock

(

97.1%

)

Value

Biotechnology

(18.8%)

20,110

Acceleron

Pharma,

Inc.

a

$

2,727,117

11,296

Agios

Pharmaceuticals,

Inc.

a

583,325

11,469

Allakos

,

Inc.

a

1,316,412

3,911

Allogene

Therapeutics,

Inc.

a

138,058

17,471

Alnylam

Pharmaceuticals,

Inc.

a

2,466,730

32,554

Amgen,

Inc.

8,099,761

22,375

Arcutis

Biotherapeutics

,

Inc.

a

647,309

7,817

Arena

Pharmaceuticals,

Inc.

a

542,422

2,470

Argenx

SE

ADR

a

680,213

3,724

Atreca

,

Inc.

a

57,089

5,747

Biogen,

Inc.

a

1,607,723

3,310

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

226,239

7,607

BioMarin

Pharmaceutical,

Inc.

a

574,405

5,278

Blueprint

Medicines

Corporation

a

513,180

8,561

BridgeBio

Pharma,

Inc.

a

527,358

6,700

Cerevel

Therapeutics

Holdings

a

91,991

2,233

Cerevel

Therapeutics

Holdings,

Warrants

(Expires

6/9/2027)

a

9,423

4,907

ChemoCentryx

,

Inc.

a

251,435

6,232

Connect

Biopharma

Holdings,

Ltd.

ADR

a

115,292

8,595

Cytokinetics,

Inc.

a

199,920

13,043

Decibel

Therapeutics,

Inc.

a

148,168

7,165

Design

Therapeutics,

Inc.

a

214,233

7,651

Dicerna

Pharmaceuticals,

Inc.

a

195,636

2,820

Enanta

Pharmaceuticals,

Inc.

a

139,082

7,305

EXACT

Sciences

Corporation

a

962,653

7,730

Genmab

AS

a

2,542,348

26,384

Genmab

AS

ADR

a

866,187

107,510

Gilead

Sciences,

Inc.

6,948,371

8,870

Global

Blood

Therapeutics,

Inc.

a

361,452

3,840

Guardant

Health,

Inc.

a

586,176

10,858

Halozyme

Therapeutics,

Inc.

a

452,670

5,022

Immunocore

Holdings

plc

ADR

a

213,787

12,716

Incyte

Corporation

a

1,033,429

3,280

Intellia

Therapeutics,

Inc.

a

263,236

16,200

Iovance

Biotherapeutics

,

Inc.

a

512,892

4,670

Kodiak

Sciences,

Inc.

a

529,531

1,933

Krystal

Biotech,

Inc.

a

148,918

30,019

Mersana

Therapeutics,

Inc.

a

485,707

7,479

Mirati

Therapeutics,

Inc.

a

1,281,153

11,395

Molecular

Templates,

Inc.

a

143,805

9,705

Neurocrine

Biosciences,

Inc.

a

943,811

2,146

Nuvation

Bio,

Inc.

Warrants

(Expires

07/07/2027)

a

5,730

49,226

PPD,

Inc.

a

1,862,712

11,100

Prothena

Corporation

plc

a

278,832

2,440

PTC

Therapeutics,

Inc.

a

115,534

4,421

RAPT

Therapeutics,

Inc.

a

98,146

5,995

Regeneron

Pharmaceuticals,

Inc.

a

2,836,474

5,806

Relay

Therapeutics,

Inc.

a

200,713

3,695

Sage

Therapeutics,

Inc.

a

276,571

4,632

Sarepta

Therapeutics,

Inc.

a

345,223

34,429

Seagen

,

Inc.

a

4,780,811

6,140

Seres

Therapeutics,

Inc.

a

126,423

2,277

Stoke

Therapeutics,

Inc.

a

88,439

7,235

Taysha

Gene

Therapies,

Inc.

a

146,871

5,383

TCR2

Therapeutics,

Inc.

a

118,857

11,159

Vertex

Pharmaceuticals,

Inc.

a

2,397,958

Total

54,027,941

Financials

(0.5%)

8,560

ARYA

Sciences

Acquisition

Corporation

III

a

117,957

Shares

Common

Stock

(97.1%)

Value

Financials

(0.5%)

-

continued

5,120

BCTG

Acquisition

Corporation

a

$

56,934

11,207

Deerfield

Healthcare

Technology

Acquisitions

Corporation

a

135,829

2,241

Deerfield

Healthcare

Technology

Acquisitions,

Warrants

(Expires

7/16/2025)

a

6,499

19,371

GoHealth

,

Inc.

a

226,447

47,585

Health

Assurance

Acquisition

Corporation

a

486,319

11,896

Health

Assurance

Acquisition

Corporation,

Warrants

(Expires

11/12/2025)

a

30,810

7,296

Health

Sciences

Acquisitions

Corporation

2

a

81,934

6,199

Helix

Acquisition

Corporation

a

63,292

22,420

MedTech

Acquisition

Corporation

a

216,353

7,473

MedTech

Acquisition

Corporation,

Warrants

(Expires

12/18/2025)

a

8,220

14,300

Therapeutics

Acquisition

Corporation

a

150,293

Total

1,580,887

Health

Care

Distributors

(1.7%)

7,353

AmerisourceBergen

Corporation

868,169

33,680

Cardinal

Health,

Inc.

2,046,060

17,740

Henry

Schein,

Inc.

a

1,228,317

3,196

McKesson

Corporation

623,348

Total

4,765,894

Health

Care

Equipment

(29.0%)

125,486

Abbott

Laboratories

15,038,242

5,667

ABIOMED,

Inc.

a

1,806,243

59,653

Avantor

,

Inc.

a

1,725,761

37,190

Baxter

International,

Inc.

3,136,605

16,558

Becton,

Dickinson

and

Company

4,026,078

193,878

Boston

Scientific

Corporation

a

7,493,385

19,084

Butterfly

Network,

Inc.

a

321,184

6,361

Butterfly

Network,

Inc.,

Warrants

(Expires

06/29/2025)

a

41,028

4,825

Dexcom

,

Inc.

a

1,734,057

74,692

Edwards

Lifesciences

Corporation

a

6,247,239

19,666

Envista

Holdings

Corporation

a

802,373

8,682

Intuitive

Surgical,

Inc.

a

6,415,477

11,507

Masimo

Corporation

a

2,642,698

78,441

Medtronic

plc

9,266,235

7,620

Nevro

Corporation

a

1,062,990

3,065

Novocure

,

Ltd.

a

405,132

15,382

ResMed

,

Inc.

2,984,416

4,716

Silk

Road

Medical,

Inc.

a

238,865

1,435

Straumann

Holding

AG

1,791,624

28,685

Stryker

Corporation

6,987,092

10,242

Teleflex,

Inc.

4,255,141

31,465

Zimmer

Biomet

Holdings,

Inc.

5,036,917

Total

83,458,782

Health

Care

Facilities

(0.7%)

20,769

Encompass

Health

Corporation

1,700,981

6,930

Innovage

Holding

Corporation

a

178,725

Total

1,879,706

Health

Care

Services

(5.4%)

10,198

Amedisys

,

Inc.

a

2,700,329

32,803

Cigna

Holding

Company

7,929,797

10,573

LHC

Group,

Inc.

a

2,021,663

6,684

Quest

Diagnostics,

Inc.

857,825

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

a

Shares

Common

Stock

(97.1%)

Value

Health

Care

Services

(5.4%)

-

continued

11,528

Teladoc

Health,

Inc.

a

$

2,095,214

Total

15,604,828

Health

Care

Supplies

(2.0%)

53,161

Alcon,

Inc.

a

3,730,839

29,950

Dentsply

Sirona,

Inc.

1,911,110

Total

5,641,949

Information

Technology

(0.2%)

25,722

Alignment

Healthcare,

Inc.

a

564,083

Total

564,083

Life

Sciences

Tools

&

Services

(6.3%)

7,216

Agilent

Technologies,

Inc.

917,442

7,622

Illumina,

Inc.

a

2,927,305

19,788

IQVIA

Holding,

Inc.

a

3,821,854

18,504

Thermo

Fisher

Scientific,

Inc.

8,444,856

108,572

WuXi

AppTec

Company,

Ltd.

b

2,144,005

Total

18,255,462

Managed

Health

Care

(12.7%)

18,293

Anthem,

Inc.

6,566,272

51,927

Centene

Corporation

a

3,318,655

18,826

Humana,

Inc.

7,892,801

50,392

UnitedHealth

Group,

Inc.

18,749,351

Total

36,527,079

Pharmaceuticals

(19.8%)

7,981

Apellis

Pharmaceuticals,

Inc.

a

342,465

86,569

Bristol-Myers

Squibb

Company

5,465,101

19,100

Daiichi

Sankyo

Company,

Ltd.

557,257

12,700

Eisai

Company,

Ltd.

853,618

33,750

Elanco

Animal

Health,

Inc.

a

993,937

47,255

Eli

Lilly

and

Company

8,828,179

6,233

Forma

Therapeutics

Holdings,

Inc.

a

174,649

472,505

Hansoh

Pharmaceutical

Group

Company,

Ltd.

a,b

2,266,607

10,065

Horizon

Therapeutics

plc

a

926,383

182,000

Hua

Medicine

a,b

104,179

79,169

Johnson

&

Johnson

13,011,425

37,942

Merck

&

Company,

Inc.

2,924,949

8,906

Merck

KGaA

1,523,413

12,798

Nektar

Therapeutics

a

255,960

159,225

Pfizer,

Inc.

5,768,722

4,155

Roche

Holding

AG

1,345,985

36,364

Sanofi

3,595,836

28,875

Sanofi

ADR

1,428,158

153,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

1,935,751

28,821

Zoetis,

Inc.

4,538,731

Total

56,841,305

Total

Common

Stock

(cost

$190,673,443)

279,147,916

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

785,648

0.180%

$

7,856,479

Total

Short-Term

Investments

(cost

$7,853,974)

7,856,479

Total

Investments

(cost

$198,527,417)

99.8%

$287,004,395

Other

Assets

and

Liabilities,

Net

0.2%

642,521

Total

Net

Assets

100.0%

$287,646,916

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

March

31,

2021,

the

value

of

these

investments

was

$6,450,542

or

2.2%

of

total

net

assets.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Partner

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

54,027,941

51,485,593

2,542,348

–

Financials

1,580,887

1,580,887

–

–

Health

Care

Distributors

4,765,894

4,765,894

–

–

Health

Care

Equipment

83,458,782

81,667,158

1,791,624

–

Health

Care

Facilities

1,879,706

1,879,706

–

–

Health

Care

Services

15,604,828

15,604,828

–

–

Health

Care

Supplies

5,641,949

5,641,949

–

–

Information

Technology

564,083

564,083

–

–

Life

Sciences

Tools

&

Services

18,255,462

16,111,457

2,144,005

–

Managed

Health

Care

36,527,079

36,527,079

–

–

Pharmaceuticals

56,841,305

44,658,659

12,182,646

–

Subtotal

Investments

in

Securities

$279,147,916

$260,487,293

$18,660,623

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

7,856,479

Subtotal

Other

Investments

$7,856,479

Total

Investments

at

Value

$287,004,395

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Partner

Healthcare

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$6,423

$13,381

$11,948

$7,856

786

2.7%

Total

Affiliated

Short-Term

Investments

6,423

7,856

2.7

Total

Value

$6,423

$7,856

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$2

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2

Total

Value

$–

$–

$–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Shares

Common

Stock

(

99.1%

)

Value

Diversified

REITs

(6.2%)

9,554

American

Assets

Trust,

Inc.

$

309,932

28,612

Apartment

Income

REIT

Corporation

1,223,449

42,667

Cousins

Properties,

Inc.

1,508,278

90,470

Duke

Realty

Corporation

3,793,407

23,174

Spirit

Realty

Capital,

Inc.

984,895

44,006

Store

Capital

Corporation

1,474,201

33,584

VEREIT,

Inc.

1,297,014

8,384

WP

Carey,

Inc.

593,252

Total

11,184,428

Health

Care

REITs

(9.4%)

29,462

Healthcare

Realty

Trust,

Inc.

893,288

56,225

Healthcare

Trust

of

America,

Inc.

1,550,685

122,500

Healthpeak

Properties,

Inc.

3,888,150

55,806

Medical

Properties

Trust,

Inc.

1,187,552

19,214

Omega

Healthcare

Investors,

Inc.

703,809

22,476

Physicians

Realty

Trust

397,151

54,598

Ventas,

Inc.

2,912,257

73,970

Welltower

,

Inc.

5,298,471

Total

16,831,363

Hotel

&

Resort

REITs

(4.1%)

42,536

Apple

Hospitality

REIT,

Inc.

619,750

10,400

Caesars

Entertainment,

Inc.

a

909,480

118,551

Host

Hotels

&

Resorts,

Inc.

a

1,997,584

52,858

MGM

Growth

Properties

LLC

1,724,228

26,435

Park

Hotels

&

Resorts,

Inc.

a

570,467

39,654

RLJ

Lodging

Trust

613,844

4,802

Ryman

Hospitality

Properties

a

372,203

48,357

Sunstone

Hotel

Investors,

Inc.

a

602,528

Total

7,410,084

Industrial

REITs

(13.4%)

48,892

Americold

Realty

Trust

1,880,875

4,751

EastGroup

Properties,

Inc.

680,723

35,396

First

Industrial

Realty

Trust,

Inc.

1,620,783

123,781

Prologis,

Inc.

13,120,786

54,114

Rexford

Industrial

Realty,

Inc.

2,727,346

8,988

SBA

Communications

Corporation

2,494,619

25,933

STAG

Industrial,

Inc.

871,608

10,945

Terreno

Realty

Corporation

632,293

Total

24,029,033

Office

REITs

(8.3%)

31,627

Alexandria

Real

Estate

Equities,

Inc.

5,196,316

22,383

Boston

Properties,

Inc.

2,266,503

16,946

Corporate

Office

Properties

Trust

446,188

33,690

Douglas

Emmett,

Inc.

1,057,866

25,312

Highwoods

Properties,

Inc.

1,086,897

44,572

Hudson

Pacific

Properties,

Inc.

1,209,238

19,026

JBG

SMITH

Properties

604,837

22,991

Kilroy

Realty

Corporation

1,508,899

12,523

SL

Green

Realty

Corporation

876,485

14,954

Vornado

Realty

Trust

678,762

Total

14,931,991

Real

Estate

Operating

Companies

(0.3%)

21,837

Essential

Properties

Realty

Trust,

Inc.

498,539

Total

498,539

Shares

Common

Stock

(99.1%)

Value

Real

Estate

Services

(0.2%)

4,500

CBRE

Group,

Inc.

a

$

355,995

Total

355,995

Residential

REITs

(20.4%)

21,262

American

Campus

Communities,

Inc.

917,880

102,535

American

Homes

4

Rent

3,418,517

21,379

AvalonBay

Communities,

Inc.

3,944,639

24,231

Camden

Property

Trust

2,663,229

57,803

Equity

Lifestyle

Properties,

Inc.

3,678,583

41,666

Equity

Residential

2,984,536

11,285

Essex

Property

Trust,

Inc.

3,067,714

174,246

Invitation

Homes,

Inc.

5,574,130

20,305

Mid-America

Apartment

Communities,

Inc.

2,931,230

29,401

Sun

Communities,

Inc.

4,411,326

68,124

UDR,

Inc.

2,987,919

Total

36,579,703

Retail

REITs

(8.9%)

16,497

Agree

Realty

Corporation

1,110,413

63,326

Brixmor

Property

Group,

Inc.

1,281,085

5,556

Federal

Realty

Investment

Trust

563,656

48,387

Kimco

Realty

Corporation

907,256

20,971

National

Retail

Properties,

Inc.

924,192

16,513

NetSTREIT

Corporation

305,325

28,024

Realty

Income

Corporation

1,779,524

38,507

Regency

Centers

Corporation

2,183,732

45,649

Simon

Property

Group,

Inc.

5,193,487

29,490

SITE

Centers

Corporation

399,885

25,301

Urban

Edge

Properties

417,973

36,442

Weingarten

Realty

Investors

980,654

Total

16,047,182

Specialized

REITs

(27.9%)

33,736

American

Tower

Corporation

8,064,928

7,880

CoreSite

Realty

Corporation

944,418

25,743

Crown

Castle

International

Corporation

4,431,143

49,186

CubeSmart

1,860,706

28,145

CyrusOne

,

Inc.

1,905,979

29,018

Digital

Realty

Trust,

Inc.

4,086,895

15,024

Equinix

,

Inc.

10,210,160

30,682

Extra

Space

Storage,

Inc.

4,066,899

13,973

Four

Corners

Property

Trust,

Inc.

382,860

32,244

Gaming

and

Leisure

Properties,

Inc.

1,368,113

6,006

GDS

Holdings,

Ltd.

ADR

a

487,027

22,709

Life

Storage,

Inc.

1,951,839

9,965

National

Storage

Affiliates

Trust

397,903

14,704

Public

Storage,

Inc.

3,628,359

19,694

QTS

Realty

Trust,

Inc.

1,221,816

112,945

VICI

Properties,

Inc.

3,189,567

51,789

Weyerhaeuser

Company

1,843,688

Total

50,042,300

Total

Common

Stock

(cost

$123,904,623)

177,910,618

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Shares

Registered

Investment

Companies

(

0.1%

)

Value

Unaffiliated  (<0.1%)

3,361

iShares

U.S.

Home

Construction

ETF

$

228,094

Total

228,094

Total

Registered

Investment

Companies

(cost

$215,557)

228,094

Shares

Short-Term

Investments

(

0.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

128,456

0.180%

1,284,559

Total

Short-Term

Investments

(cost

$1,284,559)

1,284,559

Total

Investments

(cost

$125,404,739)

99.9%

$179,423,271

Other

Assets

and

Liabilities,

Net

0.1%

109,855

Total

Net

Assets

100.0%

$179,533,126

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.

ETF

-

Exchange

Traded

Fund

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

March

31,

2021,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Diversified

REITs

11,184,428

11,184,428

–

–

Health

Care

REITs

16,831,363

16,831,363

–

–

Hotel

&

Resort

REITs

7,410,084

7,410,084

–

–

Industrial

REITs

24,029,033

24,029,033

–

–

Office

REITs

14,931,991

14,931,991

–

–

Real

Estate

Operating

Companies

498,539

498,539

–

–

Real

Estate

Services

355,995

355,995

–

–

Residential

REITs

36,579,703

36,579,703

–

–

Retail

REITs

16,047,182

16,047,182

–

–

Specialized

REITs

50,042,300

50,042,300

–

–

Registered

Investment

Companies

Unaffiliated

228,094

228,094

–

–

Subtotal

Investments

in

Securities

$178,138,712

$178,138,712

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,284,559

Subtotal

Other

Investments

$1,284,559

Total

Investments

at

Value

$179,423,271

*

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Real

Estate

Securities

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$338

$5,957

$5,010

$1,285

128

0.7%

Total

Affiliated

Short-Term

Investments

338

1,285

0.7

Total

Value

$338

$1,285

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Total

Value

$–

$–

$–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

Shares

Common

Stock

(

97.3%

)

Value

Consumer

Discretionary

(10.7%)

8,765

Bally's

Corporation

a

$

569,550

8,128

Choice

Hotels

International,

Inc.

872,053

28,045

Cooper-Standard

Holdings,

Inc.

a

1,018,594

70,274

Duluth

Holdings,

Inc.

a

1,190,442

5,009

Five

Below,

Inc.

a

955,667

2,201

Lithia

Motors,

Inc.

858,588

7,280

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

633,360

13,406

Planet

Fitness,

Inc.

a

1,036,284

21,848

Skyline

Corporation

a

988,840

8,703

Wingstop

,

Inc.

1,106,761

Total

9,230,139

Consumer

Staples

(3.6%)

684

Casey's

General

Stores,

Inc.

147,874

55,728

e.l.f

.

Beauty,

Inc.

a

1,495,182

28,414

Turning

Point

Brands,

Inc.

1,482,359

Total

3,125,415

Energy

(0.2%)

23,542

Nine

Energy

Service,

Inc.

a

54,147

12,579

Talos

Energy,

Inc.

a

151,451

Total

205,598

Financials

(6.2%)

11,983

Ameris

Bancorp

629,227

92,607

Everi

Holdings,

Inc.

a

1,306,685

8,199

Hamilton

Lane,

Inc.

726,104

4,188

Kinsale

Capital

Group,

Inc.

690,182

13,380

Seacoast

Banking

Corporation

of

Florida

a

484,891

2,585

TMX

Group,

Ltd.

268,620

13,197

Western

Alliance

Bancorp

1,246,325

Total

5,352,034

Health

Care

(21.2%)

24,407

ACADIA

Pharmaceuticals,

Inc.

a

629,701

11,871

Adaptive

Biotechnologies

Corporation

a

477,926

89,306

Ardelyx

,

Inc.

a

591,206

3,850

Arena

Pharmaceuticals,

Inc.

a

267,151

1,858

Argenx

SE

ADR

a

511,675

4,214

Ascendis

Pharma

AS

ADR

a

543,100

18,709

Axonics

Modulation

Technologies,

Inc.

a

1,120,482

6,848

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

468,061

2,231

Bio-

Techne

Corporation

852,086

2,788

Global

Blood

Therapeutics,

Inc.

a

113,611

7,766

Guardant

Health,

Inc.

a

1,185,480

11,422

Immunocore

Holdings

plc

ADR

a

486,235

6,889

Inspire

Medical

Systems,

Inc.

a

1,425,954

2,606

iRhythm

Technologies,

Inc.

a

361,869

10,996

LHC

Group,

Inc.

a

2,102,545

13,335

Natera

,

Inc.

a

1,354,036

7,561

Nevro

Corporation

a

1,054,759

2,015

Olink

Holding

AB

ADR

a

72,540

13,030

Pulmonx

Corporation

a

595,992

5,159

Repligen

Corporation

a

1,002,961

20,920

Silk

Road

Medical,

Inc.

a

1,059,598

16,834

Tactile

Systems

Technology,

Inc.

a

917,285

13,654

Travere

Therapeutics,

Inc.

a

340,940

12,689

Vor

BioPharma

,

Inc.

a,b

546,896

Shares

Common

Stock

(97.3%)

Value

Health

Care

(21.2%)

-

continued

9,115

Zymeworks

,

Inc.

a,b

$

287,852

Total

18,369,941

Industrials

(21.7%)

23,345

Altra

Industrial

Motion

Corporation

1,291,445

11,909

ASGN,

Inc.

a

1,136,595

9,983

Chart

Industries,

Inc.

a

1,421,080

8,285

Forward

Air

Corporation

735,791

7,372

Lincoln

Electric

Holdings,

Inc.

906,314

11,847

Mercury

Systems,

Inc.

a

836,991

48,422

Meritor,

Inc.

a

1,424,575

10,210

Middleby

Corporation

a

1,692,307

17,234

Ranpak

Holdings

Corporation

a

345,714

4,432

RBC

Bearings,

Inc.

a

872,085

9,466

Regal-Beloit

Corporation

1,350,609

22,890

Ritchie

Brothers

Auctioneers,

Inc.

1,340,209

23,902

Rush

Enterprises,

Inc.

1,191,037

3,955

Saia,

Inc.

a

911,944

7,730

Simpson

Manufacturing

Company,

Inc.

801,833

48,380

Summit

Materials,

Inc.

a

1,355,608

19,104

Sun

Country

Airlines

Holdings,

Inc.

a,b

654,885

13,070

Willdan

Group,

Inc.

a

536,523

Total

18,805,545

Information

Technology

(28.7%)

21,153

Anaplan,

Inc.

a

1,139,089

9,967

Avalara,

Inc.

a

1,329,897

10,351

Bandwidth,

Inc.

a,b

1,311,886

16,393

BigCommerce

Holdings,

Inc.

a,b

947,515

5,219

Blackline,

Inc.

a

565,740

12,696

Calix,

Inc.

a

440,043

7,554

Cognex

Corporation

626,907

1,001

Coupa

Software,

Inc.

a

254,735

11,435

Descartes

Systems

Group,

Inc.

a

696,506

11,093

Dolby

Laboratories,

Inc.

1,095,101

13,533

Endava

plc

ADR

a

1,146,110

6,835

Euronet

Worldwide,

Inc.

a

945,281

9,809

Five9,

Inc.

a

1,533,441

12,158

Health

Catalyst,

Inc.

a,b

568,630

20,793

Lattice

Semiconductor

Corporation

a

936,101

15,706

LivePerson

,

Inc.

a

828,334

8,052

Lumentum

Holdings,

Inc.

a

735,550

34,307

Medallia

,

Inc.

a

956,822

7,163

MKS

Instruments,

Inc.

1,328,163

3,823

Monolithic

Power

Systems,

Inc.

1,350,322

4,835

Nova

Measuring

Instruments,

Ltd.

a

440,033

4,000

Novanta

,

Inc.

a

527,560

7,720

Q2

Holdings,

Inc.

a

773,544

5,173

Rogers

Corporation

a

973,610

15,105

SailPoint

Technologies

Holdings,

Inc.

a

764,917

35,586

Sierra

Wireless,

Inc.

a,b

525,605

3,082

SiTime

Corporation

a

303,885

13,696

Sprout

Social,

Inc.

a

791,081

11,304

Workiva

,

Inc.

a

997,691

Total

24,834,099

Materials

(1.9%)

7,517

Innospec

,

Inc.

771,921

3,427

Quaker

Chemical

Corporation

835,400

Total

1,607,321

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock

(97.3%)

Value

Real

Estate

(3.1%)

53,057

Cushman

and

Wakefield

plc

a

$

865,890

5,628

FirstService

Corporation

834,013

8,319

NexPoint

Residential

Trust,

Inc.

383,423

11,388

Rexford

Industrial

Realty,

Inc.

573,955

Total

2,657,281

Total

Common

Stock

(cost

$65,599,220)

84,187,373

Shares

Collateral

Held

for

Securities

Loaned

(

4.5%

)

Value

3,874,750

Thrivent

Cash

Management

Trust

3,874,750

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,874,750)

3,874,750

Shares

Short-Term

Investments

(

2.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

222,431

0.180%

2,224,312

Total

Short-Term

Investments

(cost

$2,223,738)

2,224,312

Total

Investments

(cost

$71,697,708)

104.4%

$90,286,435

Other

Assets

and

Liabilities,

Net

(4.4%)

(3,793,703)

Total

Net

Assets

100.0%

$86,492,732

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

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

3,960,972

Total

lending

$3,960,972

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,874,750

Net

amounts

due

to

counterparty

$(86,222)

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

9,230,139

9,230,139

–

–

Consumer

Staples

3,125,415

3,125,415

–

–

Energy

205,598

205,598

–

–

Financials

5,352,034

5,083,414

268,620

–

Health

Care

18,369,941

18,369,941

–

–

Industrials

18,805,545

18,805,545

–

–

Information

Technology

24,834,099

24,834,099

–

–

Materials

1,607,321

1,607,321

–

–

Real

Estate

2,657,281

2,657,281

–

–

Subtotal

Investments

in

Securities

$84,187,373

$83,918,753

$268,620

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,224,312

Collateral

Held

for

Securities

Loaned

3,874,750

Subtotal

Other

Investments

$6,099,062

Total

Investments

at

Value

$90,286,435

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$1,865

$18,306

$17,947

$2,224

222

2.6%

Total

Affiliated

Short-Term

Investments

1,865

2,224

2.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,991

12,257

12,373

3,875

3,875

4.5

Total

Collateral

Held

for

Securities

Loaned

3,991

3,875

4.5

Total

Value

$5,856

$6,099

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

3

Total

Affiliated

Income

from

Securities

Loaned,

Net

$3

Total

Value

$–

$–

$–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Shares

Common

Stock

(

98.3%

)

Value

Communications

Services

(1.6%)

24,623

AMC

Networks,

Inc.

a,b

$

1,308,959

9,011

ATN

International,

Inc.

442,620

41,820

Cincinnati

Bell,

Inc.

b

641,937

34,785

Cogent

Communications

Holdings

2,391,816

59,865

Consolidated

Communications

Holdings,

Inc.

b

431,028

47,028

E.W.

Scripps

Company

906,229

108,501

Gannett

Company,

Inc.

b

583,735

33,324

Meredith

Corporation

b

992,389

40,279

QuinStreet

,

Inc.

b

817,664

24,671

Scholastic

Corporation

742,844

41,017

Shenandoah

Telecommunications

Company

2,002,040

14,638

Spok

Holdings,

Inc.

153,553

192,374

Vonage

Holdings

Corporation

b

2,273,861

Total

13,688,675

Consumer

Discretionary

(15.8%)

28,098

Aaron's

Company,

Inc.

721,557

51,259

Abercrombie

&

Fitch

Company

b

1,758,696

93,069

American

Axle

&

Manufacturing

Holdings,

Inc.

b

899,047

15,284

American

Public

Education,

Inc.

b

544,569

5,052

America's

Car-Mart,

Inc.

b

769,773

15,878

Asbury

Automotive

Group,

Inc.

b

3,120,027

24,989

Barnes

&

Noble

Education,

Inc.

b

203,410

99,574

Bed

Bath

&

Beyond,

Inc.

b

2,902,582

27,741

Big

Lots,

Inc.

1,894,710

19,048

BJ's

Restaurants,

Inc.

b

1,106,308

65,948

Bloomin

'

Brands,

Inc.

b

1,783,893

23,827

Boot

Barn

Holdings,

Inc.

b

1,484,660

37,344

Brinker

International,

Inc.

b

2,653,665

23,540

Buckle,

Inc.

a

924,651

31,139

Caleres

,

Inc.

678,830

77,417

Callaway

Golf

Company

2,070,905

16,173

Cato

Corporation

b

194,076

7,022

Cavco

Industries,

Inc.

b

1,584,233

23,837

Century

Communities,

Inc.

b

1,437,848

34,634

Cheesecake

Factory,

Inc.

b

2,026,435

98,508

Chico's

FAS,

Inc.

b

326,062

11,983

Children's

Place,

Inc.

b

835,215

16,179

Chuy's

Holdings,

Inc.

b

717,053

15,833

Conn's,

Inc.

b

307,952

41,432

Cooper

Tire

&

Rubber

Company

2,319,363

13,880

Cooper-Standard

Holdings,

Inc.

b

504,122

37,100

Core-Mark

Holding

Company,

Inc.

1,435,399

53,757

Crocs,

Inc.

b

4,324,751

39,136

Dave

&

Buster's

Entertainment,

Inc.

b

1,874,614

48,336

Designer

Brands,

Inc.

b

841,046

13,673

Dine

Brands

Global,

Inc.

b

1,230,980

23,525

Dorman

Products,

Inc.

b

2,414,606

15,569

El

Pollo

Loco

Holdings,

Inc.

b

250,972

17,991

Ethan

Allen

Interiors,

Inc.

496,732

14,466

Fiesta

Restaurant

Group,

Inc.

b

182,127

38,479

Fossil,

Inc.

b

477,140

44,954

GameStop

Corporation

a,b

8,533,168

11,700

Genesco,

Inc.

b

555,750

27,062

Gentherm

,

Inc.

b

2,005,565

35,753

G-III

Apparel

Group,

Ltd.

b

1,077,595

13,973

Group

1

Automotive,

Inc.

2,204,800

30,837

Guess

?,

Inc.

724,670

13,718

Haverty

Furniture

Companies,

Inc.

510,172

13,635

Hibbett

Sports,

Inc.

b

939,315

18,494

Installed

Building

Products,

Inc.

2,050,615

Shares

Common

Stock

(98.3%)

Value

Consumer

Discretionary

(15.8%)

-

continued

23,165

iRobot

Corporation

b

$

2,830,300

38,646

Kontoor

Brands,

Inc.

1,875,490

38,031

La-Z-Boy,

Inc.

1,615,557

20,667

LCI

Industries

2,733,831

18,061

LGI

Homes,

Inc.

b

2,696,688

22,090

Liquidity

Services,

Inc.

b

410,432

23,749

Lumber

Liquidators

Holdings,

Inc.

b

596,575

45,463

M.D.C.

Holdings,

Inc.

2,700,502

23,913

M/I

Homes,

Inc.

b

1,412,541

255,065

Macy's,

Inc.

b

4,129,502

19,315

Marcus

Corporation

a,b

386,107

18,184

MarineMax

,

Inc.

b

897,562

30,815

Meritage

Homes

Corporation

b

2,832,515

58,184

Michaels

Companies,

Inc.

b

1,276,557

10,595

Monarch

Casino

&

Resort,

Inc.

b

642,269

27,459

Monro

,

Inc.

1,806,802

15,654

Motorcar

Parts

of

America,

Inc.

b

352,215

13,624

Movado

Group,

Inc.

387,603

43,968

Office

Depot,

Inc.

b

1,903,375

13,870

Oxford

Industries,

Inc.

1,212,515

57,554

Perdoceo

Education

Corporation

b

688,346

16,652

PetMed

Express,

Inc.

a

585,734

12,794

Red

Robin

Gourmet

Burgers,

Inc.

b

510,353

19,991

Regis

Corporation

b

251,087

40,229

Rent-A-Center,

Inc.

2,319,604

26,158

Ruth's

Hospitality

Group,

Inc.

b

649,503

92,673

Sally

Beauty

Holdings,

Inc.

b

1,865,508

29,811

Shake

Shack,

Inc.

b

3,361,786

7,067

Shoe

Carnival,

Inc.

437,306

18,168

Shutterstock

,

Inc.

1,617,679

42,995

Signet

Jewelers,

Ltd.

b

2,492,850

20,845

Sleep

Number

Corporation

b

2,991,049

19,211

Sonic

Automotive,

Inc.

952,289

15,091

Stamps.com,

Inc.

b

3,010,805

16,529

Standard

Motor

Products,

Inc.

687,276

63,556

Steven

Madden,

Ltd.

2,368,097

14,413

Sturm,

Ruger

&

Company,

Inc.

952,267

19,415

TechTarget

,

Inc.

b

1,348,372

40,396

Tupperware

Brands

Corporation

b

1,066,858

12,297

Unifi,

Inc.

b

338,905

11,344

Universal

Electronics,

Inc.

b

623,580

18,116

Vera

Bradley,

Inc.

b

182,972

47,910

Vista

Outdoor,

Inc.

b

1,536,474

27,728

Winnebago

Industries,

Inc.

2,127,015

67,754

Wolverine

World

Wide,

Inc.

2,596,333

17,158

Zumiez

,

Inc.

b

736,078

Total

134,896,723

Consumer

Staples

(4.0%)

25,361

Andersons,

Inc.

694,384

53,127

B&G

Foods,

Inc.

1,650,125

13,668

Calavo

Growers,

Inc.

1,061,184

30,701

Cal-Maine

Foods,

Inc.

b

1,179,532

22,041

Celsius

Holdings,

Inc.

b

1,059,070

8,008

Central

Garden

&

Pet

Company

b

464,544

32,254

Central

Garden

&

Pet

Company,

Class

A

b

1,673,660

26,336

Chefs'

Warehouse,

Inc.

b

802,195

3,813

Coca-Cola

Consolidated,

Inc.

1,101,118

31,570

e.l.f

.

Beauty,

Inc.

b

847,023

44,588

Edgewell

Personal

Care

Company

1,765,685

24,907

Fresh

Del

Monte

Produce,

Inc.

713,087

14,553

Inter

Parfums

,

Inc.

1,032,244

12,317

J

&

J

Snack

Foods

Corporation

1,934,139

7,286

John

B.

Sanfilippo

&

Son,

Inc.

658,436

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

Shares

Common

Stock

(98.3%)

Value

Consumer

Staples

(4.0%)

-

continued

9,672

Medifast

,

Inc.

$

2,048,723

10,841

MGP

Ingredients,

Inc.

641,245

19,159

National

Beverage

Corporation

a

937,067

19,190

PriceSmart

,

Inc.

1,856,632

5,500

Seneca

Foods

Corporation

b

258,995

69,196

Simply

Good

Foods

Company

b

2,104,942

29,685

SpartanNash

Company

582,717

46,113

United

Natural

Foods,

Inc.

b

1,518,962

20,138

Universal

Corporation

1,187,941

9,764

USANA

Health

Sciences,

Inc.

b

952,966

105,133

Vector

Group,

Ltd.

1,466,605

11,244

WD-40

Company

3,442,688

Total

33,635,909

Energy

(3.8%)

105,429

Archrock

,

Inc.

1,000,521

15,236

Bonanza

Creek

Energy,

Inc.

b

544,382

19,037

Bristow

Group,

Inc.

b

492,678

37,914

Callon

Petroleum

Company

a,b

1,461,585

24,601

CONSOL

Energy,

Inc.

b

239,122

36,616

Core

Laboratories

NV

1,054,175

22,490

Dorian

LPG,

Ltd.

b

295,294

29,104

Dril

-Quip,

Inc.

b

967,126

34,656

Green

Plains,

Inc.

b

938,138

116,379

Helix

Energy

Solutions

Group,

Inc.

b

587,714

88,599

Helmerich

&

Payne,

Inc.

2,388,629

7,405

Laredo

Petroleum

Holdings,

Inc.

b

222,594

90,163

Matador

Resources

Company

2,114,322

21,777

Matrix

Service

Company

b

285,496

5,320

Nabors

Industries,

Ltd.

a,b

497,154

81,578

Oceaneering

International,

Inc.

b

931,621

50,145

Oil

States

International,

Inc.

b

302,374

32,831

Par

Pacific

Holdings,

Inc.

b

463,574

154,219

Patterson-UTI

Energy,

Inc.

1,099,581

78,928

PBF

Energy,

Inc.

b

1,116,831

81,967

PDC

Energy,

Inc.

b

2,819,665

12,486

Penn

Virginia

Corporation

b

167,312

67,004

ProPetro

Holding

Corporation

b

714,263

212,407

Range

Resources

Corporation

b

2,194,164

36,422

Renewable

Energy

Group,

Inc.

b

2,405,309

4,332

REX

American

Resources

Corporation

b

364,624

47,869

RPC,

Inc.

b

258,493

15,854

SEACOR

Holdings,

Inc.

a,b

646,051

87,659

SM

Energy

Company

1,434,978

531,882

Southwestern

Energy

Company

b

2,473,251

26,040

Talos

Energy,

Inc.

b

313,522

61,032

U.S.

Silica

Holdings,

Inc.

b

750,083

42,177

Warrior

Met

Coal,

Inc.

722,492

Total

32,267,118

Financials

(17.1%)

15,272

Allegiance

Bancshares,

Inc.

619,127

37,664

Ambac

Financial

Group,

Inc.

b

630,495

70,556

American

Equity

Investment

Life

Holding

Company

2,224,631

57,190

Ameris

Bancorp

3,003,047

15,880

AMERISAFE,

Inc.

1,016,320

105,691

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,476,503

53,634

ARMOUR

Residential

REIT,

Inc.

654,335

62,910

Assured

Guaranty,

Ltd.

2,659,835

42,198

Axos

Financial,

Inc.

b

1,983,728

36,655

Banc

of

California,

Inc.

662,722

15,333

BancFirst

Corporation

1,083,890

Shares

Common

Stock

(98.3%)

Value

Financials

(17.1%)

-

continued

76,283

BankUnited

,

Inc.

$

3,352,638

28,879

Banner

Corporation

1,540,117

41,924

Berkshire

Hills

Bancorp,

Inc.

935,744

39,641

Blucora

,

Inc.

b

659,626

3,699

BM

Technologies,

Inc.

b,c

40,939

67,714

Boston

Private

Financial

Holdings,

Inc.

901,950

48,918

BrightSphere

Investment

Group

996,949

64,190

Brookline

Bancorp,

Inc.

962,850

102,238

Cadence

Bancorporation

2,119,394

106,044

Capitol

Federal

Financial,

Inc.

1,404,553

79,504

Capstead

Mortgage

Corporation

495,310

23,151

Central

Pacific

Financial

Corporation

617,669

12,925

City

Holding

Company

1,057,006

58,844

Columbia

Banking

System,

Inc.

2,535,588

44,092

Community

Bank

System,

Inc.

3,382,738

24,129

Customers

Bancorp,

Inc.

b

767,785

104,919

CVB

Financial

Corporation

2,317,661

28,768

Dime

Community

Bancshares,

Inc.

867,068

24,346

Donnelley

Financial

Solutions,

Inc.

b

677,549

26,109

Eagle

Bancorp,

Inc.

1,389,260

21,303

eHealth,

Inc.

b

1,549,367

23,335

Employers

Holdings,

Inc.

1,004,805

25,750

Encore

Capital

Group,

Inc.

a,b

1,035,922

29,810

Enova

International,

Inc.

b

1,057,659

43,233

EZCORP,

Inc.

b

214,868

25,602

FB

Financial

Corporation

1,138,265

179,268

First

Bancorp/Puerto

Rico

2,018,558

23,406

First

Bancorp/Southern

Pines

NC

1,018,161

78,994

First

Commonwealth

Financial

Corporation

1,135,144

79,990

First

Financial

Bancorp

1,919,760

107,546

First

Hawaiian,

Inc.

2,943,534

94,195

First

Midwest

Bancorp,

Inc.

2,063,812

38,947

Flagstar

Bancorp,

Inc.

1,756,510

45,269

Granite

Point

Mortgage

Trust,

Inc.

541,870

45,267

Great

Western

Bancorp,

Inc.

1,371,137

44,387

Green

Dot

Corporation

b

2,032,481

12,021

Greenhill

&

Company,

Inc.

198,106

25,233

Hanmi

Financial

Corporation

497,847

5,112

HCI

Group,

Inc.

392,704

29,503

Heritage

Financial

Corporation

833,165

53,337

Hilltop

Holdings,

Inc.

1,820,392

17,898

HomeStreet

,

Inc.

788,765

101,261

Hope

Bancorp,

Inc.

1,524,991

34,027

Horace

Mann

Educators

Corporation

1,470,307

27,123

Independent

Bank

Corporation

2,283,485

30,159

Independent

Bank

Group,

Inc.

2,178,686

189,613

Invesco

Mortgage

Capital.

Inc.

760,348

184,930

Investors

Bancorp,

Inc.

2,716,622

25,273

James

River

Group

Holdings,

Ltd.

1,152,954

22,388

KKR

Real

Estate

Finance

Trust,

Inc.

411,715

26,491

Meta

Financial

Group,

Inc.

1,200,307

58,054

Mr.

Cooper

Group,

Inc.

b

2,017,957

25,172

National

Bank

Holdings

Corporation

998,825

35,800

NBT

Bancorp,

Inc.

1,428,420

311,715

New

York

Mortgage

Trust,

Inc.

1,393,366

70,074

NMI

Holdings,

Inc.

b

1,656,549

38,600

Northfield

Bancorp,

Inc.

614,512

104,284

Northwest

Bancshares,

Inc.

1,506,904

42,218

OFG

Bancorp

954,971

136,094

Old

National

Bancorp

2,632,058

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

(98.3%)

Value

Financials

(17.1%)

-

continued

77,459

Pacific

Premier

Bancorp,

Inc.

$

3,364,819

17,823

Palomar

Holdings,

Inc.

b

1,194,854

11,659

Park

National

Corporation

a

1,507,509

80,424

PennyMac

Mortgage

Investment

Trust

1,576,310

11,317

Piper

Sandler

Companies

1,240,909

37,454

PRA

Group,

Inc.

b

1,388,420

11,140

Preferred

Bank

709,395

44,269

ProAssurance

Corporation

1,184,638

59,428

Provident

Financial

Services,

Inc.

1,324,056

47,910

Ready

Capital

Corporation

642,952

92,078

Redwood

Trust,

Inc.

958,532

46,198

Renasant

Corporation

1,911,673

32,279

S&T

Bancorp,

Inc.

1,081,346

11,623

Safety

Insurance

Group,

Inc.

979,238

45,386

Seacoast

Banking

Corporation

of

Florida

b

1,644,789

38,653

ServisFirst

Bancshares,

Inc.

2,370,588

88,790

Simmons

First

National

Corporation

2,634,399

69,958

SiriusPoint

,

Ltd.

b

711,473

25,564

Southside

Bancshares,

Inc.

984,470

21,977

Stewart

Information

Services

Corporation

1,143,463

13,556

StoneX

Group,

Inc.

b

886,291

9,968

Tompkins

Financial

Corporation

824,354

18,597

Triumph

Bancorp,

Inc.

b

1,439,222

27,238

Trupanion

,

Inc.

b

2,075,808

79,216

TrustCo

Bank

Corporation

583,822

71,251

United

Community

Banks,

Inc.

2,431,084

17,723

United

Fire

Group,

Inc.

616,760

16,985

United

Insurance

Holdings

Corporation

122,462

23,328

Universal

Insurance

Holdings,

Inc.

334,524

40,600

Veritex

Holdings,

Inc.

1,328,432

5,856

Virtus

Investment

Partners,

Inc.

1,379,088

51,077

Waddell

&

Reed

Financial,

Inc.

1,279,479

24,093

Walker

&

Dunlop,

Inc.

2,475,315

22,021

Westamerica

Bancorporation

1,382,478

92,302

WisdomTree

Investments,

Inc.

576,887

3,242

World

Acceptance

Corporation

b

420,682

39,016

WSFS

Financial

Corporation

1,942,607

Total

145,925,964

Health

Care

(11.1%)

12,351

Addus

HomeCare

Corporation

b

1,291,791

115,032

Allscripts

Healthcare

Solutions,

Inc.

b

1,727,206

38,757

AMN

Healthcare

Services,

Inc.

b

2,856,391

30,048

Amphastar

Pharmaceuticals,

Inc.

b

550,479

31,186

AngioDynamics

,

Inc.

b

729,752

7,912

ANI

Pharmaceuticals,

Inc.

b

285,940

11,772

Anika

Therapeutics,

Inc.

b

480,180

33,016

Cardiovascular

Systems,

Inc.

b

1,265,833

52,622

Coherus

Biosciences,

Inc.

a,b

768,807

28,551

Collegium

Pharmaceutical,

Inc.

b

676,659

100,086

Community

Health

Systems,

Inc.

b

1,353,163

10,371

Computer

Programs

and

Systems,

Inc.

317,353

23,776

CONMED

Corporation

3,104,908

86,731

Corcept

Therapeutics,

Inc.

b

2,063,331

7,490

CorVel

Corporation

b

768,399

81,690

Covetrus

,

Inc.

b

2,448,249

28,659

Cross

Country

Healthcare,

Inc.

b

357,951

32,002

CryoLife

,

Inc.

b

722,605

Shares

Common

Stock

(98.3%)

Value

Health

Care

(11.1%)

-

continued

14,485

Cutera

,

Inc.

b

$

435,274

58,415

Cytokinetics,

Inc.

a,b

1,358,733

9,526

Eagle

Pharmaceuticals,

Inc.

b

397,615

14,748

Enanta

Pharmaceuticals,

Inc.

b

727,371

189,349

Endo

International

plc

b

1,403,076

42,235

Ensign

Group,

Inc.

3,963,332

14,469

Fulgent

Genetics,

Inc.

a,b

1,397,995

37,612

Glaukos

Corporation

b

3,156,775

31,337

Hanger,

Inc.

b

715,110

20,697

HealthStream

,

Inc.

b

462,371

8,129

Heska

Corporation

b

1,369,411

51,640

Innoviva

,

Inc.

b

617,098

15,170

Inogen

,

Inc.

b

796,728

27,073

Integer

Holdings

Corporation

b

2,493,423

28,276

Invacare

Corporation

226,774

27,982

Lannett

Company,

Inc.

b

147,745

55,012

Lantheus

Holdings,

Inc.

b

1,175,606

13,870

LeMaitre

Vascular,

Inc.

676,579

35,668

Luminex

Corporation

1,137,809

18,984

Magellan

Health

Services,

Inc.

b

1,770,068

70,344

Mednax

,

Inc.

b

1,791,662

35,442

Meridian

Bioscience,

Inc.

b

930,353

40,259

Merit

Medical

Systems,

Inc.

b

2,410,709

4,005

Mesa

Laboratories,

Inc.

a

975,218

10,142

ModivCare

,

Inc.

b

1,502,233

61,783

Myriad

Genetics,

Inc.

b

1,881,292

27,826

Natus

Medical,

Inc.

b

712,624

96,062

NeoGenomics

,

Inc.

b

4,633,070

45,684

NextGen

Healthcare,

Inc.

b

826,880

35,358

Omnicell

,

Inc.

b

4,591,944

59,101

OraSure

Technologies,

Inc.

b

689,709

16,028

Orthifix

Medical,

Inc.

b

694,814

60,377

Owens

&

Minor,

Inc.

2,269,571

36,032

Pacira

Pharmaceuticals,

Inc.

b

2,525,483

20,895

Pennant

Group,

Inc.

b

956,991

16,666

Phibro

Animal

Health

Corporation

406,650

40,962

Prestige

Consumer

Healthcare,

Inc.

b

1,805,605

100,795

R1

RCM,

Inc.

b

2,487,621

35,206

RadNet

,

Inc.

b

765,731

28,627

REGENXBIO,

Inc.

b

976,467

88,613

Select

Medical

Holdings

Corporation

b

3,021,703

119,870

Spectrum

Pharmaceuticals,

Inc.

b

390,776

43,474

Supernus

Pharmaceuticals,

Inc.

b

1,138,149

11,300

Surmodics

,

Inc.

b

633,591

18,451

Tabula

Rasa

HealthCare,

Inc.

a,b

849,669

16,025

Tactile

Systems

Technology,

Inc.

b

873,202

31,089

Tivity

Health,

Inc.

b

693,907

10,557

U.S.

Physical

Therapy,

Inc.

1,098,984

45,085

Vanda

Pharmaceuticals,

Inc.

b

677,177

32,201

Varex

Imaging

Corporation

b

659,799

37,751

Vericel

Corporation

a,b

2,097,068

47,600

Xencor

,

Inc.

b

2,049,656

16,009

Zynex

,

Inc.

a,b

244,457

Total

94,460,655

Industrials

(17.4%)

33,503

AAON,

Inc.

2,345,545

27,252

AAR

Corporation

b

1,135,046

55,102

ABM

Industries,

Inc.

2,810,753

25,142

Aegion

Corporation

b

722,832

59,231

Aerojet

Rocketdyne

Holdings,

Inc.

2,781,488

18,448

AeroVironment

,

Inc.

b

2,141,075

8,111

Alamo

Group,

Inc.

1,266,533

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

Shares

Common

Stock

(98.3%)

Value

Industrials

(17.4%)

-

continued

25,219

Albany

International

Corporation

$

2,105,030

10,788

Allegiant

Travel

Company

b

2,632,919

13,966

American

Woodmark

Corporation

b

1,376,768

21,365

Apogee

Enterprises,

Inc.

873,401

31,840

Applied

Industrial

Technologies,

Inc.

2,902,853

20,864

ArcBest

Corporation

1,468,200

80,416

Arconic

Corporation

b

2,041,762

39,576

Arcosa

,

Inc.

2,576,002

18,576

Astec

Industries,

Inc.

1,401,002

22,474

Atlas

Air

Worldwide

Holdings,

Inc.

b

1,358,329

20,836

AZZ,

Inc.

1,049,093

38,278

Barnes

Group,

Inc.

1,896,292

39,830

Brady

Corporation

2,128,913

29,201

Chart

Industries,

Inc.

b

4,156,762

16,430

CIRCOR

International,

Inc.

b

572,093

29,725

Comfort

Systems

USA,

Inc.

2,222,538

26,084

Cubic

Corporation

1,945,084

34,525

Deluxe

Corporation

1,448,669

13,446

DXP

Enterprises,

Inc.

b

405,666

21,858

Echo

Global

Logistics,

Inc.

b

686,560

16,948

Encore

Wire

Corporation

1,137,719

49,182

Enerpac

Tool

Group

Corporation

1,284,634

16,899

EnPro

Industries,

Inc.

1,440,978

21,389

ESCO

Technologies,

Inc.

2,329,048

42,555

Exponent,

Inc.

4,146,985

49,730

Federal

Signal

Corporation

1,904,659

9,035

Forrester

Research,

Inc.

b

383,807

22,614

Forward

Air

Corporation

2,008,349

31,522

Franklin

Electric

Company,

Inc.

2,488,347

26,756

Gibraltar

Industries,

Inc.

b

2,448,442

35,197

GMS,

Inc.

b

1,469,475

37,522

Granite

Construction,

Inc.

1,510,260

26,964

Greenbrier

Companies,

Inc.

1,273,240

37,124

Griffon

Corporation

1,008,659

64,833

Harsco

Corporation

b

1,111,886

39,801

Hawaiian

Holdings,

Inc.

b

1,061,493

40,076

Heartland

Express,

Inc.

784,688

15,904

Heidrick

&

Struggles

International,

Inc.

568,091

61,654

Hillenbrand,

Inc.

2,941,512

35,270

HNI

Corporation

1,395,281

27,743

Hub

Group,

Inc.

b

1,866,549

15,866

Insteel

Industries,

Inc.

489,307

48,172

Interface,

Inc.

601,187

26,065

John

Bean

Technologies

Corporation

3,475,507

22,780

Kaman

Corporation

1,168,386

27,448

Kelly

Services,

Inc.

b

611,267

44,357

Korn

Ferry

2,766,546

8,925

Lindsay

Corporation

1,487,083

13,938

Lydall

,

Inc.

b

470,268

48,237

Marten

Transport,

Ltd.

818,582

35,680

Matson,

Inc.

2,379,856

26,020

Matthews

International

Corporation

1,029,091

59,585

Meritor,

Inc.

b

1,752,991

24,117

Moog,

Inc.

2,005,328

46,919

Mueller

Industries,

Inc.

1,940,101

13,791

MYR

Group,

Inc.

b

988,401

4,269

National

Presto

Industries,

Inc.

435,737

90,322

NOW,

Inc.

b

911,349

18,180

Patrick

Industries,

Inc.

1,545,300

48,807

PGT

Innovations,

Inc.

b

1,232,377

142,339

Pitney

Bowes,

Inc.

1,172,873

7,289

Powell

Industries,

Inc.

246,878

Shares

Common

Stock

(98.3%)

Value

Industrials

(17.4%)

-

continued

22,677

Proto

Labs,

Inc.

b

$

2,760,925

27,634

Quanex

Building

Products

Corporation

724,840

29,453

Raven

Industries,

Inc.

1,128,933

117,584

Resideo

Technologies,

Inc.

b

3,321,748

25,102

Resources

Connection,

Inc.

339,881

21,629

Saia,

Inc.

b

4,987,215

41,356

SkyWest,

Inc.

b

2,253,075

37,028

SPX

Corporation

b

2,157,622

34,624

SPX

FLOW,

Inc.

2,192,738

10,151

Standex

International

Corporation

970,131

25,160

Team,

Inc.

b

290,095

15,210

Tennant

Company

1,215,127

41,400

Titan

International,

Inc.

b

384,192

42,904

Triumph

Group,

Inc.

b

788,575

29,151

TrueBlue

,

Inc.

b

641,905

50,280

UFP

Industries,

Inc.

3,813,235

12,499

UniFirst

Corporation

2,796,151

25,876

US

Ecology,

Inc.

b

1,077,477

10,235

Veritiv

Corporation

b

435,397

16,811

Viad

Corporation

b

701,859

17,424

Vicor

Corporation

b

1,481,563

42,763

Wabash

National

Corporation

803,944

22,567

Watts

Water

Technologies,

Inc.

2,681,185

Total

148,491,538

Information

Technology

(13.7%)

101,979

3D

Systems

Corporation

b

2,798,304

88,296

8x8,

Inc.

b

2,864,322

39,708

ADTRAN,

Inc.

662,329

31,462

Advanced

Energy

Industries,

Inc.

3,434,707

16,699

Agilysys

,

Inc.

b

800,884

37,068

Alarm.com

Holdings,

Inc.

b

3,201,934

20,179

Applied

Optoelectronics,

Inc.

a,b

168,696

66,131

Arlo

Technologies,

Inc.

b

415,303

27,710

Axcelis

Technologies,

Inc.

b

1,138,604

23,942

Badger

Meter,

Inc.

2,228,282

8,390

Bel

Fuse,

Inc.

166,877

29,841

Benchmark

Electronics,

Inc.

922,684

31,940

Bottomline

Technologies

(de),

Inc.

b

1,445,285

28,780

CalAmp

Corporation

b

312,263

29,681

Cardtronics

,

Inc.

b

1,151,623

18,734

CEVA,

Inc.

b

1,051,914

38,724

Cohu

,

Inc.

b

1,620,212

21,402

Comtech

Telecommunications

Corporation

531,626

26,815

CSG

Systems

International,

Inc.

1,203,725

26,573

CTS

Corporation

825,357

30,289

Daktronics,

Inc.

b

189,912

64,221

Diebold

Nixdorf,

Inc.

b

907,443

27,280

Digi

International,

Inc.

b

518,047

34,558

Diodes,

Inc.

b

2,759,111

18,027

DSP

Group,

Inc.

b

256,885

19,331

Ebix

,

Inc.

a

619,172

11,092

ePlus

,

Inc.

b

1,105,207

49,185

EVERTEC,

Inc.

1,830,666

27,499

ExlService

Holdings,

Inc.

b

2,479,310

101,519

Extreme

Networks,

Inc.

b

888,291

30,288

Fabrinet

b

2,737,732

14,802

FARO

Technologies,

Inc.

b

1,281,409

63,869

FormFactor

,

Inc.

b

2,881,131

123,505

Glu

Mobile,

Inc.

b

1,541,342

82,842

Harmonic,

Inc.

b

649,481

23,050

Ichor

Holdings,

Ltd.

b

1,240,090

28,836

Insight

Enterprises,

Inc.

b

2,751,531

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

Shares

Common

Stock

(98.3%)

Value

Information

Technology

(13.7%)

-

continued

36,429

Itron

,

Inc.

b

$

3,229,431

75,350

Knowles

Corporation

b

1,576,322

50,994

Kulicke

and

Soffa

Industries,

Inc.

2,504,315

51,785

LivePerson

,

Inc.

b

2,731,141

22,447

ManTech

International

Corporation

1,951,767

55,724

MaxLinear

,

Inc.

b

1,899,074

31,583

Methode

Electronics,

Inc.

1,325,854

6,262

MicroStrategy

,

Inc.

a,b

4,250,646

15,998

MTS

Systems

Corporation

b

931,084

25,138

NETGEAR,

Inc.

b

1,033,172

55,197

NIC,

Inc.

1,872,834

27,871

OneSpan

,

Inc.

b

682,839

40,113

Onto

Innovation,

Inc.

b

2,635,825

13,730

OSI

Systems,

Inc.

b

1,319,453

15,403

Park

Aerospace

Corporation

203,628

9,031

PC

Connection,

Inc.

418,948

24,072

PDF

Solutions,

Inc.

b

428,000

27,134

Perficient

,

Inc.

b

1,593,308

52,094

Photronics

,

Inc.

b

669,929

30,845

Plantronics,

Inc.

b

1,200,179

23,674

Plexus

Corporation

b

2,174,220

49,332

Power

Integrations,

Inc.

4,019,571

36,322

Progress

Software

Corporation

1,600,347

91,782

Rambus,

Inc.

b

1,784,242

15,361

Rogers

Corporation

b

2,891,094

53,335

Sanmina

Corporation

b

2,207,002

20,908

ScanSource

,

Inc.

b

626,195

12,464

Simulations

Plus,

Inc.

788,223

11,600

SMART

Global

Holdings,

Inc.

b

533,832

29,231

SPS

Commerce,

Inc.

b

2,902,931

32,542

Sykes

Enterprises,

Inc.

b

1,434,451

14,973

TTEC

Holdings,

Inc.

1,504,038

81,569

TTM

Technologies,

Inc.

b

1,182,751

33,362

Ultra

Clean

Holdings,

Inc.

b

1,936,330

51,788

Unisys

Corporation

b

1,316,451

40,847

Veeco

Instruments,

Inc.

b

847,167

187,894

Viavi

Solutions,

Inc.

b

2,949,936

86,083

Xperi

Holding

Corporation

1,874,027

Total

116,612,248

Materials

(4.9%)

23,029

AdvanSix

,

Inc.

b

617,638

104,185

Allegheny

Technologies,

Inc.

b

2,194,136

21,895

American

Vanguard

Corporation

446,877

26,610

Balchem

Corporation

3,337,160

32,204

Boise

Cascade

Company

1,926,765

39,452

Carpenter

Technology

Corporation

1,623,450

41,428

Century

Aluminum

Company

b

731,618

13,640

Clearwater

Paper

Corporation

b

513,137

12,642

DMC

Global,

Inc.

b

685,955

67,676

Ferro

Corporation

b

1,141,017

21,201

FutureFuel

Corporation

308,051

39,623

GCP

Applied

Technologies,

Inc.

b

972,348

36,447

Glatfelter

Corporation

625,066

42,792

H.B.

Fuller

Company

2,692,045

15,516

Hawkins,

Inc.

520,096

10,418

Haynes

International,

Inc.

309,102

20,207

Innospec

,

Inc.

2,075,057

12,989

Kaiser

Aluminum

Corporation

1,435,284

17,332

Koppers

Holdings,

Inc.

b

602,460

26,183

Kraton

Performance

Polymers,

Inc.

b

958,036

120,432

Livent

Corporation

a,b

2,085,882

16,700

Materion

Corporation

1,106,208

32,465

Mercer

International,

Inc.

467,171

Shares

Common

Stock

(98.3%)

Value

Materials

(4.9%)

-

continued

29,429

Myers

Industries,

Inc.

$

581,517

13,831

Neenah,

Inc.

710,637

129,340

O-I

Glass,

Inc.

b

1,906,472

7,460

Olympic

Steel,

Inc.

219,697

10,853

Quaker

Chemical

Corporation

2,645,636

52,048

Rayonier

Advanced

Materials,

Inc.

b

472,075

25,807

Schweitzer-Mauduit

International,

Inc.

1,263,769

17,541

Stepan

Company

2,229,637

68,022

SunCoke

Energy,

Inc.

476,834

31,172

TimkenSteel

Corporation

b

366,271

21,188

Tredegar

Corporation

318,032

31,577

Trinseo

SA

2,010,508

13,086

US

Concrete,

Inc.

b

959,466

Total

41,535,110

Real

Estate

(7.5%)

70,879

Acadia

Realty

Trust

1,344,575

52,139

Agree

Realty

Corporation

3,509,476

59,474

Alexander

&

Baldwin,

Inc.

998,568

41,232

American

Assets

Trust,

Inc.

1,337,566

48,710

Armada

Hoffler

Properties,

Inc.

610,823

140,173

Brandywine

Realty

Trust

1,809,633

78,774

CareTrust

REIT,

Inc.

1,834,253

10,659

Centerspace

724,812

38,620

Chatham

Lodging

Trust

b

508,239

18,541

Community

Healthcare

Trust,

Inc.

855,111

98,279

CoreCivic

,

Inc.

b

889,425

172,569

DiamondRock

Hospitality

Company

b

1,777,461

195,729

Diversified

Healthcare

Trust

935,585

67,466

Easterly

Government

Properties,

Inc.

1,398,570

87,844

Essential

Properties

Realty

Trust,

Inc.

2,005,479

62,522

Four

Corners

Property

Trust,

Inc.

1,713,103

79,350

Franklin

Street

Properties

Corporation

432,457

99,650

GEO

Group,

Inc.

773,284

30,190

Getty

Realty

Corporation

854,981

74,404

Global

Net

Lease,

Inc.

1,343,736

29,994

Hersha

Hospitality

Trust

b

316,437

83,672

Independence

Realty

Trust,

Inc.

1,271,814

53,643

Industrial

Logistics

Properties

Trust

1,240,763

19,654

Innovative

Industrial

Properties,

Inc.

3,540,865

60,683

iSTAR

Financial,

Inc.

1,078,944

69,243

Kite

Realty

Group

Trust

1,335,697

228,002

Lexington

Realty

Trust

2,533,102

32,236

LTC

Properties,

Inc.

1,344,886

70,804

Mack-Cali

Realty

Corporation

1,096,046

19,744

Marcus

and

Millichap,

Inc.

b

665,373

52,757

National

Storage

Affiliates

Trust

2,106,587

18,533

NexPoint

Residential

Trust,

Inc.

854,186

39,692

Office

Properties

Income

Trust

1,092,324

15,260

RE/MAX

Holdings,

Inc.

601,091

94,877

Realogy

Holdings

Corporation

b

1,435,489

97,035

Retail

Opportunity

Investments

Corporation

1,539,945

176,297

Retail

Properties

of

America,

Inc.

1,847,593

66,724

RPT

Realty

761,321

11,811

Safehold

,

Inc.

827,951

10,617

Saul

Centers,

Inc.

425,848

136,990

SITE

Centers

Corporation

1,857,584

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

346

/

Shares

Common

Stock

(98.3%)

Value

Real

Estate

(7.5%)

-

continued

25,636

St.

Joe

Company

$

1,099,784

86,836

Summit

Hotel

Properties,

Inc.

b

882,254

76,865

Tanger

Factory

Outlet

Centers,

Inc.

1,162,967

191,317

Uniti

Group,

Inc.

2,110,227

10,521

Universal

Health

Realty

Income

Trust

713,113

24,726

Urstadt

Biddle

Properties,

Inc.

411,688

69,462

Washington

REIT

1,535,110

32,801

Whitestone

REIT

318,170

93,471

Xenia

Hotels

&

Resorts,

Inc.

b

1,822,685

Total

63,486,981

Utilities

(1.4%)

30,310

American

States

Water

Company

2,292,042

56,898

Avista

Corporation

2,716,880

41,359

California

Water

Service

Group

2,330,166

14,353

Chesapeake

Utilities

Corporation

1,666,096

25,143

Northwest

Natural

Holding

Company

1,356,465

82,653

South

Jersey

Industries,

Inc.

1,866,305

Total

12,227,954

Total

Common

Stock

(cost

$550,614,961)

837,228,875

Shares

Collateral

Held

for

Securities

Loaned

(

3.0%

)

Value

25,601,910

Thrivent

Cash

Management

Trust

25,601,910

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,601,910)

25,601,910

Shares

Registered

Investment

Companies

(

1.5%

)

Value

Unaffiliated  (1.5%)

116,065

iShares

Core

S&P

Small-Cap

ETF

12,596,534

Total

12,596,534

Total

Registered

Investment

Companies

(cost

$9,361,514)

12,596,534

Shares

or

Principal

Amount

Short-Term

Investments

(

0.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.020%,

6/16/2021

d,e

99,996

Thrivent

Core

Short-Term

Reserve

Fund

74,521

0.180%

745,215

Total

Short-Term

Investments

(cost

$845,210)

845,211

Total

Investments

(cost

$586,423,595)

102.9%

$876,272,530

Other

Assets

and

Liabilities,

Net

(2.9%)

(24,685,762)

Total

Net

Assets

100.0%

$851,586,768

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

e

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Index

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

25,265,696

Total

lending

$25,265,696

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,601,910

Net

amounts

due

to

counterparty

$336,214

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

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

347

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Small

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

13,688,675

13,688,675

–

–

Consumer

Discretionary

134,896,723

134,896,723

–

–

Consumer

Staples

33,635,909

33,635,909

–

–

Energy

32,267,118

32,267,118

–

–

Financials

145,925,964

145,885,025

–

40,939

Health

Care

94,460,655

94,460,655

–

–

Industrials

148,491,538

148,491,538

–

–

Information

Technology

116,612,248

116,612,248

–

–

Materials

41,535,110

41,535,110

–

–

Real

Estate

63,486,981

63,486,981

–

–

Utilities

12,227,954

12,227,954

–

–

Registered

Investment

Companies

Unaffiliated

12,596,534

12,596,534

–

–

Short-Term

Investments

99,996

–

99,996

–

Subtotal

Investments

in

Securities

$849,925,405

$849,784,470

$99,996

$40,939

Other

Investments  *

Total

Affiliated

Short-Term

Investments

745,215

Collateral

Held

for

Securities

Loaned

25,601,910

Subtotal

Other

Investments

$26,347,125

Total

Investments

at

Value

$876,272,530

*

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

54,921

54,921

–

–

Total

Liability

Derivatives

$54,921

$54,921

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2021.

Investments

and/or

cash

totaling

$99,996

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

June

2021

$

1,166,171

(

$

54,921)

Total

Futures

Long

Contracts

$

1,166,171

(

$

54,921)

Total

Futures

Contracts

$

1,166,171

($54,921)

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

348

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$484

$10,522

$10,261

$745

75

0.1%

Total

Affiliated

Short-Term

Investments

484

745

0.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

28,655

91,459

94,512

25,602

25,602

3.0

Total

Collateral

Held

for

Securities

Loaned

28,655

25,602

3.0

Total

Value

$29,139

$26,347

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

57

Total

Affiliated

Income

from

Securities

Loaned,

Net

$57

Total

Value

$–

$–

$–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

349

Shares

Common

Stock

(

99.2%

)

Value

Communications

Services

(1.5%)

657,782

QuinStreet,

Inc.

a

$

13,352,975

Total

13,352,975

Consumer

Discretionary

(10.9%)

220,365

Cedar

Fair,

LP

a

10,947,733

332,460

Cooper-Standard

Holdings,

Inc.

a

12,074,947

119,882

Crocs,

Inc.

a

9,644,507

291,920

Leggett

&

Platt,

Inc.

13,326,148

203,007

Miller

Industries,

Inc.

9,376,893

75,175

Sleep

Number

Corporation

a

10,786,861

285,038

Stoneridge,

Inc.

a

9,067,059

103,760

Texas

Roadhouse,

Inc.

a

9,954,734

204,575

Zumiez,

Inc.

a

8,776,268

Total

93,955,150

Consumer

Staples

(3.9%)

66,322

John

B.

Sanfilippo

&

Son,

Inc.

5,993,519

854,248

Primo

Water

Corporation

13,890,073

269,196

Turning

Point

Brands,

Inc.

14,043,955

Total

33,927,547

Energy

(2.2%)

245,687

Devon

Energy

Corporation

5,368,261

471,911

Helmerich

&

Payne,

Inc.

12,722,721

317,874

Nine

Energy

Service,

Inc.

a

731,110

Total

18,822,092

Financials

(21.2%)

271,398

Air

Lease

Corporation

13,298,502

242,058

Assured

Guaranty,

Ltd.

10,234,212

230,430

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

8,807,035

514,619

Bridgewater

Bancshares,

Inc.

a

8,311,097

354,003

Columbia

Banking

System,

Inc.

15,253,989

105,322

Evercore,

Inc.

13,875,120

685,782

Everi

Holdings,

Inc.

a

9,676,384

131,014

Glacier

Bancorp,

Inc.

7,478,279

370,049

Heartland

Financial

USA,

Inc.

18,598,663

196,757

James

River

Group

Holdings,

Ltd.

8,976,054

86,432

Primerica,

Inc.

12,776,378

309,674

Seacoast

Banking

Corporation

of

Florida

a

11,222,586

55,665

Selective

Insurance

Group,

Inc.

4,037,939

228,848

Synovus

Financial

Corporation

10,469,796

167,790

Triumph

Bancorp,

Inc.

a

12,985,268

181,744

Western

Alliance

Bancorp

17,163,904

Total

183,165,206

Health

Care

(9.2%)

150,343

AMN

Healthcare

Services,

Inc.

a

11,080,279

227,778

Ardelyx,

Inc.

a

1,507,891

78,557

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

5,369,371

200,628

Halozyme

Therapeutics,

Inc.

a

8,364,181

126,336

InMode,

Ltd.

a

9,142,936

304,138

Lantheus

Holdings,

Inc.

a

6,499,429

39,128

LHC

Group,

Inc.

a

7,481,665

190,061

Syneos

Health,

Inc.

a

14,416,127

181,407

Tactile

Systems

Technology,

Inc.

a

9,884,868

517,636

Viemed

Healthcare,

Inc.

a

5,238,476

Total

78,985,223

Industrials

(20.9%)

185,100

Altra

Industrial

Motion

Corporation

10,239,732

114,139

ASGN,

Inc.

a

10,893,426

Shares

Common

Stock

(99.2%)

Value

Industrials

(20.9%)

-

continued

413,424

Badger

Daylighting,

Ltd.

$

14,103,196

103,498

Crane

Company

9,719,497

107,977

Curtiss-Wright

Corporation

12,806,072

62,859

Encore

Wire

Corporation

4,219,725

135,778

Forward

Air

Corporation

12,058,444

164,496

Helios

Technologies,

Inc.

11,986,824

96,428

Lincoln

Electric

Holdings,

Inc.

11,854,858

160,506

Manpower,

Inc.

15,874,044

451,463

Meritor,

Inc.

a

13,282,042

63,655

Middleby

Corporation

a

10,550,816

261,051

NAPCO

Security

Technologies,

Inc.

a

9,092,406

377,483

Raven

Industries,

Inc.

14,468,923

100,185

Ritchie

Brothers

Auctioneers,

Inc.

5,865,832

157,325

WESCO

International,

Inc.

a

13,613,332

Total

180,629,169

Information

Technology

(13.4%)

74,188

Advanced

Energy

Industries,

Inc.

8,099,104

220,395

Agilysys,

Inc.

a

10,570,144

151,743

Axcelis

Technologies,

Inc.

a

6,235,120

139,589

BigCommerce

Holdings,

Inc.

a,b

8,068,244

133,935

Ciena

Corporation

a

7,328,923

152,048

Computer

Services,

Inc.

8,970,832

90,193

Dolby

Laboratories,

Inc.

8,903,853

34,415

Littelfuse,

Inc.

9,100,702

242,091

National

Instruments

Corporation

10,454,700

210,242

Nuance

Communications,

Inc.

a

9,174,961

87,358

Plexus

Corporation

a

8,022,959

744,962

TTM

Technologies,

Inc.

a

10,801,949

107,630

Workiva,

Inc.

a

9,499,424

Total

115,230,915

Materials

(7.3%)

330,884

Carpenter

Technology

Corporation

13,615,877

648,451

Element

Solutions,

Inc.

11,860,169

1,328,683

Ivanhoe

Mines,

Ltd.

a

6,840,598

174,478

UFP

Technologies,

Inc.

a

8,692,494

85,461

United

States

Lime

&

Minerals,

Inc.

11,426,990

173,104

W.

R.

Grace

&

Company

10,362,005

Total

62,798,133

Real

Estate

(6.5%)

55,712

Agree

Realty

Corporation

3,749,975

274,440

American

Campus

Communities,

Inc.

11,847,575

111,007

Colliers

International

Group,

Inc.

10,905,328

105,058

Healthcare

Realty

Trust,

Inc.

3,185,358

445,980

Independence

Realty

Trust,

Inc.

6,778,896

128,002

National

Storage

Affiliates

Trust

5,111,120

127,694

Rayonier,

Inc.

REIT

4,118,131

860,139

Sunstone

Hotel

Investors,

Inc.

a

10,717,332

Total

56,413,715

Utilities

(2.2%)

69,873

NorthWestern

Corporation

4,555,719

144,638

Portland

General

Electric

Company

6,865,966

96,246

Spire,

Inc.

7,111,617

Total

18,533,302

Total

Common

Stock

(cost

$582,441,812)

855,813,427

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

350

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

Value

7,319,350

Thrivent

Cash

Management

Trust

$

7,319,350

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,319,350)

7,319,350

Shares

Short-Term

Investments

(

0.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

805,687

0.180%

8,056,873

Total

Short-Term

Investments

(cost

$8,055,617)

8,056,873

Total

Investments

(cost

$597,816,779)

101.0%

$871,189,650

Other

Assets

and

Liabilities,

Net

(1.0%)

(8,832,864)

Total

Net

Assets

100.0%

$862,356,786

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Stock

Portfolio

as

of

March

31,

2021:

Securities

Lending

Transactions

Common

Stock

$

7,762,540

Total

lending

$7,762,540

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,319,350

Net

amounts

due

to

counterparty

$(443,190)

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

351

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2021,

in

valuing

Small

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

13,352,975

13,352,975

–

–

Consumer

Discretionary

93,955,150

93,955,150

–

–

Consumer

Staples

33,927,547

33,927,547

–

–

Energy

18,822,092

18,822,092

–

–

Financials

183,165,206

183,165,206

–

–

Health

Care

78,985,223

78,985,223

–

–

Industrials

180,629,169

166,525,973

14,103,196

–

Information

Technology

115,230,915

115,230,915

–

–

Materials

62,798,133

55,957,535

6,840,598

–

Real

Estate

56,413,715

56,413,715

–

–

Utilities

18,533,302

18,533,302

–

–

Subtotal

Investments

in

Securities

$855,813,427

$834,869,633

$20,943,794

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

8,056,873

Collateral

Held

for

Securities

Loaned

7,319,350

Subtotal

Other

Investments

$15,376,223

Total

Investments

at

Value

$871,189,650

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2020

Gross

Purchases

Gross

Sales

Value

3/31/2021

Shares

Held

at

3/31/2021

%

of

Net

Assets

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$25,089

$57,415

$74,447

$8,057

806

0.9%

Total

Affiliated

Short-Term

Investments

25,089

8,057

0.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

21,115

64,963

78,759

7,319

7,319

0.9

Total

Collateral

Held

for

Securities

Loaned

21,115

7,319

0.9

Total

Value

$46,204

$15,376

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2021

-

3/31/2021

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.180%

$–

$–

–

$6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$–

$–

$–

Notes

to

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

352

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the last

sale price

on

the

principal exchange as

of the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system. 

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time. 

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Fund's

Board

of

Directors

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements

are

valued at the

clearinghouse

end

of

day

price. Swap

agreements

not

cleared

on

exchanges

will

be

valued

using

the

mid-price

from

the

primary

approved

pricing

service.  Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

their

net

asset

value

at

the

close

of

each

business

day.

Securities

held

by

the

Money

Market

Portfolio

are

valued

on

the

basis

of

amortized

cost

(which

approximates

market

value),

whereby

a

portfolio

security

is

valued

at

its

cost

initially

and

thereafter

valued

to

reflect

a

constant

amortization

to

maturity

of

any

discount

or

premium.

The Money

Market

Portfolio

and

the

Adviser

follow

procedures

designed

to

help

maintain

a

constant

net

asset

value

of

$1.00

per

share.

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Portfolios'

securities to

the

Portfolios'

Investment

Adviser. 

The

Adviser

has

formed

a

Valuation

Committee

(“Committee”)

that

is

responsible

for

overseeing

the

Portfolios’

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Portfolios. 

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments. 

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities. 

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”),

the

various

inputs

used

to

determine

the

fair

value

of

the

Portfolios’

investments

are

summarized

in

three

broad

levels.

Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international securities,

swaps

and

forward

contracts.

Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale are

not

categorized

within

the

fair

value

hierarchy. 

Valuation

of

International

Securities 

—

The

Portfolios

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close

of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

of

each

Portfolio

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Portfolios

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Portfolios

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Notes

to

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

353

Foreign

Denominated

Investments

—

Foreign

denominated

assets

and

currency

contracts

may

involve

more

risks

than

domestic

transactions

including

currency

risk,

political

and

economic

risk,

regulatory

risk,

and

market

risk.

Certain

Portfolios

may

also

invest

in

securities

of

companies

located

in

emerging

markets.

Future

economic

or

political

developments

could

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Derivative

Financial

Instruments

—

Each

of

the

Portfolios,

with

the

exception

of

the Money

Market

Portfolio,

may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each

applicable Portfolio

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives

to

manage

the

risk

of

its

positions

in foreign

securities.

Each

applicable

Portfolio

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a

mark

to

market

loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative.

A

Portfolio’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Portfolio.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Portfolios

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of the

broker’s

customers,

potentially

resulting

in

losses to

the

Portfolios.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Portfolios’

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for

mitigating

exposure

or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Portfolios

mitigate

their

counterparty

risk,

the

Portfolios

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Portfolio

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Portfolio

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/

or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements

in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

and swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Portfolio

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Portfolio

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Portfolio

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Portfolio

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Portfolios

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options

—

All

Portfolios,

with

the

exception

of

the Money

Market

Portfolio,

may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Portfolios

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Portfolios

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Portfolio

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

Notes

to

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

354

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

the

Portfolio

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Portfolio

or

sell

to

the

Portfolio

the

underlying

asset

as

required.

In

the

case

where

the

Portfolio

has

written

an

option,

the

Portfolio

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-

counter

options

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the period

ended

March

31,

2021,

Aggressive

Allocation,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

options

on

mortgage

backed

securities

to

generate

income

and/or

manage

the

duration

of

the

Portfolio. 

During

the

period

ended

March

31,

2021,

Aggressive

Allocation,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

options

on

interest

rate

futures

to hedge

interest

rate

risk and/or

manage

the

duration

of

the

Portfolio.

Futures

Contracts

—

All

Portfolios, with

the

exception

of

the

Money

Market

Portfolio, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Portfolios

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period

ended

March

31,

2021,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond,

High

Yield, Income, Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and Opportunity

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Portfolio

versus its

benchmark.

During

the period

ended

March

31,

2021,

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.

During

the period

ended

March

31,

2021,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus,

Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used foreign

exchange futures

to

hedge

currency

risk.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Portfolios,

with

the

exception

of

the Money

Market

Portfolio,

may

enter

into

foreign

currency

forward

contracts.

Additionally,

the

Portfolios

may

enter

into

such

contracts

to mitigate

currency

and

counterparty

exposure

to

other

foreign-currency-

denominated

investments.

These

contracts

are

recorded

at

value

and

the realized-

and

change

in unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these

forward

contracts,

the

Portfolios

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-counter

and a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the period

ended March

31,

2021,

no

portfolios

engaged

in

this

type

of

transaction.

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

Notes

to

Schedule

of

Investments

as

of

March

31,

2021

(unaudited)

355

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished

by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss. 

The

Portfolio

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Portfolio’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of transactions,

the

Portfolio

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Portfolio.

This

risk

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty. 

Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Portfolios

may

be

either

the

protection

buyer

or

the

protection

seller.

Certain

Portfolios

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Portfolios

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Portfolios

buy

default

protection

in

order

to reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Portfolio

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.   

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the period

ended

March

31,

2021, High

Yield used

CDX

indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

Total

Return

Swaps

—

A

total

return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return of

a

particular reference

asset. A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount. 

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

falls

short

of

the

offsetting

interest

obligation,

the

Portfolios

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.  The

Portfolios

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.

    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.