Thrivent Series Fund NPORT-P Thrivent Large Cap Value Portfolio (Mar 2022 report)

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

(

48.3%

)

Value

Communications

Services

(2.9%)

1,072

Alphabet,

Inc.,

Class

A

a

$

2,981,607

8,342

Alphabet,

Inc.,

Class

C

a

23,299,123

5,211

AMC

Networks,

Inc.

a,b

211,723

135,281

AT&T,

Inc.

3,196,690

2,334

Cars.com,

Inc.

a

33,680

102,358

Comcast

Corporation

4,792,401

55,587

Discovery,

Inc.,

Class

A

a,b

1,385,228

4,031

Discovery,

Inc.,

Class

C

a

100,654

14,632

DISH

Network

Corporation

a

463,103

700

E.W.

Scripps

Company

a

14,553

6,029

Electronic

Arts,

Inc.

762,729

11,571

Fox

Corporation,

Class

A

456,476

3,327

Gray

Television,

Inc.

73,427

770

Hemisphere

Media

Group,

Inc.

a

3,519

9,315

Liberty

Global

plc,

Class

A

a

237,626

1,904

Lions

Gate

Entertainment

Corporation,

Class

B

28,617

35,484

Live

Nation

Entertainment,

Inc.

a

4,174,338

9,731

Lumen

Technologies,

Inc.

109,668

18,745

Match

Group,

Inc.

a

2,038,331

3,007

Meta

Platforms,

Inc.

a

668,636

36,849

News

Corporation,

Class

A

816,205

929

News

Corporation,

Class

B

20,921

3,156

Nexstar

Broadcasting

Group,

Inc.

594,843

9,536

Omnicom

Group,

Inc.

809,416

49,751

QuinStreet,

Inc.

a

577,112

570

RingCentral,

Inc.

a

66,810

5,036

Telephone

&

Data

Systems,

Inc.

95,080

100,450

Twitter,

Inc.

a

3,886,410

614

United

States

Cellular

Corporation

a

18,561

30,683

Upwork,

Inc.

a

713,073

78,697

Verizon

Communications,

Inc.

4,008,825

2,969

Walt

Disney

Company

a

407,228

15,804

Zillow

Group,

Inc.

a

762,227

27,024

ZoomInfo

Technologies,

Inc.

a

1,614,414

Total

59,423,254

Consumer

Discretionary

(6.0%)

1,806

Aaron's

Company,

Inc.

36,264

900

Adient

plc

a

36,693

929

Adtalem

Global

Education,

Inc.

a

27,601

6,982

Amazon.com,

Inc.

a

22,760,971

4,966

American

Axle

&

Manufacturing

Holdings,

Inc.

a

38,536

669

America's

Car-Mart,

Inc.

a

53,895

48,129

Aptiv

plc

a

5,761,523

903

AutoZone,

Inc.

a

1,846,256

4,705

AZEK

Company,

Inc.

a

116,872

19,303

Bally's

Corporation

a

593,374

7,022

Beazer

Homes

USA,

Inc.

a

106,875

1,380

BJ's

Restaurants,

Inc.

a

39,054

228

Booking

Holdings,

Inc.

a

535,447

1,406

Brunswick

Corporation

113,731

1,481

Buckle,

Inc.

48,932

6,245

Burlington

Stores,

Inc.

a

1,137,652

20,851

Caesars

Entertainment,

Inc.

a

1,613,033

9,811

Carvana

Company

a

1,170,354

16,667

Cedar

Fair,

LP

a

913,352

6,983

Cheesecake

Factory,

Inc.

a

277,854

9,861

Chegg,

Inc.

a

357,757

10,359

Chewy,

Inc.

a,b

422,440

7,570

Chico's

FAS,

Inc.

a

36,336

3,539

Chipotle

Mexican

Grill,

Inc.

a

5,598,804

7,885

Choice

Hotels

International,

Inc.

1,117,778

304

Churchill

Downs,

Inc.

67,421

Shares

Common

Stock

(48.3%)

Value

Consumer

Discretionary

(6.0%)

-

continued

433

Chuy's

Holdings,

Inc.

a

$

11,691

9,096

Cimpress

plc

a

578,415

30,867

Clarus

Corporation

703,150

3,927

Container

Store

Group,

Inc.

a

32,084

93,811

Cooper-Standard

Holdings,

Inc.

a

822,722

1,682

Cracker

Barrel

Old

Country

Store,

Inc.

199,704

3,948

Culp,

Inc.

31,347

14,015

D.R.

Horton,

Inc.

1,044,258

3,708

Dana,

Inc.

65,150

1,326

Darden

Restaurants,

Inc.

176,292

1,633

Dave

&

Buster's

Entertainment,

Inc.

a

80,180

658

Deckers

Outdoor

Corporation

a

180,141

1,606

Denny's

Corporation

a

22,982

17,256

Designer

Brands,

Inc.

a

233,129

2

Dollar

General

Corporation

445

1,230

Dorman

Products,

Inc.

a

116,887

70,937

Duluth

Holdings,

Inc.

a

867,559

9,150

Emerald

Holding,

Inc.

a

31,110

181,956

Everi

Holdings,

Inc.

a

3,821,076

5,705

Expedia

Group,

Inc.

a

1,116,297

15,278

Five

Below,

Inc.

a

2,419,577

50,185

Ford

Motor

Company

848,628

29,567

Gap,

Inc.

416,303

737

Garmin,

Ltd.

87,416

21,108

General

Motors

Company

a

923,264

23,868

Gentex

Corporation

696,230

2,175

G-III

Apparel

Group,

Ltd.

a

58,834

14,373

Goodyear

Tire

&

Rubber

Company

a

205,390

92

Graham

Holdings

Company

56,255

7,735

Grand

Canyon

Education,

Inc.

a

751,146

648

Group

1

Automotive,

Inc.

108,754

6,353

Groupon,

Inc.

a,b

122,168

14,819

Hanesbrands,

Inc.

220,655

26,268

Harley-Davidson,

Inc.

1,034,959

6,180

Home

Depot,

Inc.

1,849,859

8,589

Lear

Corporation

1,224,705

32,622

Leggett

&

Platt,

Inc.

1,135,246

6,879

Lithia

Motors,

Inc.

2,064,525

18,000

Lowe's

Companies,

Inc.

3,639,420

2,634

Lululemon

Athletica,

Inc.

a

962,016

2,326

M.D.C.

Holdings,

Inc.

88,016

82,213

Macy's,

Inc.

2,002,709

30,294

Magnite,

Inc.

a

400,184

31

Marriott

Vacations

Worldwide

Corporation

4,889

4,447

McDonald's

Corporation

1,099,654

16,029

Miller

Industries,

Inc.

451,377

9,865

Modine

Manufacturing

Company

a

88,884

4,495

Mohawk

Industries,

Inc.

a

558,279

239

Murphy

USA,

Inc.

47,790

6,033

NIKE,

Inc.

811,800

32,322

Nordstrom,

Inc.

b

876,249

11,513

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

251,904

584

NVR,

Inc.

a

2,608,886

12,566

Papa

John's

International,

Inc.

1,322,948

23,740

Party

City

Holdco,

Inc.

a

84,989

22,976

Penn

National

Gaming,

Inc.

a

974,642

8,421

Perdoceo

Education

Corporation

a

96,673

26,091

Planet

Fitness,

Inc.

a

2,204,168

12,683

PVH

Corporation

971,645

56,659

Qurate

Retail,

Inc.

269,697

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock

(48.3%)

Value

Consumer

Discretionary

(6.0%)

-

continued

694

RCI

Hospitality

Holdings,

Inc.

$

42,653

1,375

RH

a

448,374

24,394

Ross

Stores,

Inc.

2,206,681

1,785

Ruth's

Hospitality

Group,

Inc.

40,841

2,490

Six

Flags

Entertainment

Corporation

a

108,315

27,941

Skyline

Champion

Corporation

a

1,533,402

9,337

Sleep

Number

Corporation

a

473,479

21,109

Sony

Group

Corporation

ADR

2,168,105

680

Standard

Motor

Products,

Inc.

29,335

21,558

Stoneridge,

Inc.

a

447,544

2,996

Strategic

Education,

Inc.

198,874

10,737

Tapestry,

Inc.

398,879

3,892

Target

Corporation

825,960

25,937

Taylor

Morrison

Home

Corporation

a

706,005

12,634

Tesla,

Inc.

a

13,614,398

1,748

Thor

Industries,

Inc.

137,568

105,241

ThredUp,

Inc.

a

810,356

12,245

Toll

Brothers,

Inc.

575,760

936

TopBuild

Corporation

a

169,781

12,401

TripAdvisor,

Inc.

a

336,315

2,447

Tupperware

Brands

Corporation

a

47,594

3,549

Ulta

Beauty,

Inc.

a

1,413,283

2,546

Urban

Outfitters,

Inc.

a

63,930

5,762

Vail

Resorts,

Inc.

1,499,676

889

Visteon

Corporation

a

97,017

197

Williams-Sonoma,

Inc.

28,565

7,325

Wingstop,

Inc.

859,589

3,864

Wolverine

World

Wide,

Inc.

87,172

1,074

WW

International,

Inc.

a

10,987

22,313

Wyndham

Hotels

&

Resorts,

Inc.

1,889,688

10,447

Xometry,

Inc.

a,b

383,927

5,840

Yum!

Brands,

Inc.

692,215

16,608

Zumiez,

Inc.

a

634,592

Total

121,985,017

Consumer

Staples

(1.7%)

29,056

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,964,476

568

Boston

Beer

Company,

Inc.

a

220,651

4,062

Casey's

General

Stores,

Inc.

804,967

490

Coca-Cola

Company

30,380

7,500

Colgate-Palmolive

Company

568,725

90

Constellation

Brands,

Inc.

20,729

3,732

Costco

Wholesale

Corporation

2,149,072

10,564

Darling

Ingredients,

Inc.

a

849,134

64,613

e.l.f.

Beauty,

Inc.

a

1,668,954

813

Estee

Lauder

Companies,

Inc.

221,396

23,815

Hain

Celestial

Group,

Inc.

a

819,236

1,697

Hershey

Company

367,621

4,393

Ingredion,

Inc.

382,850

5,916

John

B.

Sanfilippo

&

Son,

Inc.

493,631

5,960

Kimberly-Clark

Corporation

734,034

71,503

Lamb

Weston

Holdings,

Inc.

4,283,745

135

Medifast,

Inc.

23,055

4,904

Molson

Coors

Beverage

Company

261,776

13,307

Monster

Beverage

Corporation

a

1,063,229

376

PepsiCo,

Inc.

62,935

2,512

Performance

Food

Group

Company

a

127,886

37,915

Philip

Morris

International,

Inc.

3,561,735

503

PriceSmart,

Inc.

39,672

64,610

Primo

Water

Corporation

920,692

6,958

Procter

&

Gamble

Company

1,063,182

360

Seneca

Foods

Corporation

a

18,554

Shares

Common

Stock

(48.3%)

Value

Consumer

Staples

(1.7%)

-

continued

11,559

Sprouts

Farmers

Markets,

Inc.

a

$

369,657

17,418

Sysco

Corporation

1,422,180

57,034

Turning

Point

Brands,

Inc.

1,939,726

3,939

US

Foods

Holding

Corporation

a

148,225

8,772

Utz

Brands,

Inc.

129,650

58,422

Walmart,

Inc.

8,700,204

Total

35,431,959

Energy

(1.6%)

7,094

Antero

Midstream

Corporation

77,112

33,380

Antero

Resources

Corporation

a

1,019,091

2,516

APA

Corporation

103,986

7,652

Archrock,

Inc.

70,628

48,931

BP

plc

ADR

1,438,571

1,312

California

Resources

Corporation

58,686

4,347

ChampionX

Corporation

a

106,415

29,374

ConocoPhillips

2,937,400

3,916

Continental

Resources,

Inc.

240,168

131

Core

Laboratories

NV

4,144

87,534

Devon

Energy

Corporation

5,175,885

3,175

Diamondback

Energy,

Inc.

435,229

1,079

DT

Midstream,

Inc.

58,547

1,470

EnLink

Midstream,

LLC

14,185

86,534

Enterprise

Products

Partners,

LP

2,233,443

7,484

EOG

Resources,

Inc.

892,317

348

EQT

Corporation

11,975

2,478

Equitrans

Midstream

Corporation

20,914

34,763

Exxon

Mobil

Corporation

2,871,076

69,972

Halliburton

Company

2,649,840

3,345

Helix

Energy

Solutions

Group,

Inc.

a

15,989

19,161

Helmerich

&

Payne,

Inc.

819,708

10,715

HF

Sinclair

Corporation

a

426,993

1,086

Liberty

Oilfield

Services,

Inc.

a

16,094

35,573

Marathon

Oil

Corporation

893,238

17,262

Marathon

Petroleum

Corporation

1,475,901

11,478

Matador

Resources

Company

608,104

2,023

Newpark

Resources,

Inc.

a

7,404

17,162

Nine

Energy

Service,

Inc.

a

64,186

23,617

NOV,

Inc.

463,129

2,489

Oceaneering

International,

Inc.

a

37,733

961

Par

Pacific

Holdings,

Inc.

a

12,512

4,794

Peabody

Energy

Corporation

a

117,597

10,127

Pioneer

Natural

Resources

Company

2,532,054

14,785

ProPetro

Holding

Corporation

a

205,955

6,355

Ring

Energy,

Inc.

a,b

24,276

137

RPC,

Inc.

a

1,462

29,909

Schlumberger,

Ltd.

1,235,541

819

Select

Energy

Services,

Inc.

a

7,019

7,389

SM

Energy

Company

287,802

28,051

Talos

Energy,

Inc.

a

442,925

2,216

Targa

Resources

Corporation

167,241

146,013

TechnipFMC

plc

a

1,131,601

1,743

VAALCO

Energy,

Inc.

11,382

6,251

Valero

Energy

Corporation

634,727

4,874

World

Fuel

Services

Corporation

131,793

Total

32,191,978

Financials

(6.7%)

50,699

Air

Lease

Corporation

2,263,710

22,410

Ally

Financial,

Inc.

974,387

10,503

American

Equity

Investment

Life

Holding

Company

419,175

30,604

American

Express

Company

5,722,948

6,176

American

Financial

Group,

Inc.

899,349

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock

(48.3%)

Value

Financials

(6.7%)

-

continued

15,672

Ameris

Bancorp

$

687,687

14,398

Annaly

Capital

Management,

Inc.

101,362

30,279

Arch

Capital

Group,

Ltd.

a

1,466,109

1,205

Argo

Group

International

Holdings,

Ltd.

49,742

8,242

Arthur

J.

Gallagher

&

Company

1,439,053

10,614

Assured

Guaranty,

Ltd.

675,687

101,118

Bank

of

America

Corporation

4,168,084

417

Bank

of

Marin

Bancorp

14,624

17,440

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

625,747

3,849

BankFinancial

Corporation

39,876

5,576

BankUnited,

Inc.

245,121

6,924

Banner

Corporation

405,262

4,876

Berkshire

Hathaway,

Inc.

a

1,720,789

2,230

BlackRock,

Inc.

1,704,099

298

Blackstone

Mortgage

Trust,

Inc.

9,473

41,190

Bridgewater

Bancshares,

Inc.

a

687,049

22,577

Brighthouse

Financial,

Inc.

a

1,166,328

1,441

Brown

&

Brown,

Inc.

104,141

14,578

BRP

Group,

Inc.

a

391,128

33,586

Byline

Bancorp,

Inc.

896,074

10,887

Capital

One

Financial

Corporation

1,429,354

1,985

Cboe

Global

Markets,

Inc.

227,124

20,766

Central

Pacific

Financial

Corporation

579,371

96,652

Charles

Schwab

Corporation

8,148,730

3,131

Chimera

Investment

Corporation

37,697

14,131

Chubb,

Ltd.

3,022,621

5,366

Cincinnati

Financial

Corporation

729,561

31,145

Citigroup,

Inc.

1,663,143

8,134

CNO

Financial

Group,

Inc.

204,082

6,978

Coinbase

Global,

Inc.

a

1,324,843

36,866

Columbia

Banking

System,

Inc.

1,189,666

20,107

Comerica,

Inc.

1,818,276

12,558

Community

Trust

Bancorp,

Inc.

517,390

4,729

Customers

Bancorp,

Inc.

a

246,570

1,073

Dime

Community

Bancshares,

Inc.

37,094

9,734

Discover

Financial

Services

1,072,589

13,838

East

West

Bancorp,

Inc.

1,093,479

4,556

Ellington

Residential

Mortgage

REIT

45,970

2,810

Enova

International,

Inc.

a

106,696

18,812

Enterprise

Financial

Services

Corporation

889,996

64,787

Equitable

Holdings,

Inc.

2,002,566

163

Equity

Bancshares,

Inc.

5,267

5,398

Essent

Group,

Ltd.

222,452

70,722

F.N.B.

Corporation

880,489

1,483

FactSet

Research

Systems,

Inc.

643,844

1,435

Federated

Hermes,

Inc.

48,876

7,679

Financial

Institutions,

Inc.

231,368

35,885

First

Bancorp

470,811

1,560

First

Busey

Corporation

39,530

7,892

First

Financial

Corporation

341,566

576

First

Mid-Illinois

Bancshares,

Inc.

22,170

486

First

of

Long

Island

Corporation

9,458

6,027

Flushing

Financial

Corporation

134,703

21,438

Franklin

Resources,

Inc.

598,549

28,805

Fulton

Financial

Corporation

478,739

9,925

Glacier

Bancorp,

Inc.

499,029

4,136

Global

Life,

Inc.

416,082

1,762

Granite

Point

Mortgage

Trust,

Inc.

19,593

10,734

Great

Southern

Bancorp,

Inc.

633,413

20,439

Hamilton

Lane,

Inc.

1,579,730

23,564

Hancock

Whitney

Corporation

1,228,863

Shares

Common

Stock

(48.3%)

Value

Financials

(6.7%)

-

continued

29,144

Hanmi

Financial

Corporation

$

717,234

5,363

Hanover

Insurance

Group,

Inc.

801,876

38,794

Heartland

Financial

USA,

Inc.

1,855,517

349

Heritage

Financial

Corporation

8,746

1,029

HomeStreet,

Inc.

48,754

6,124

Hometrust

Bancshares,

Inc.

180,842

102,697

Hope

Bancorp,

Inc.

1,651,368

906

Horace

Mann

Educators

Corporation

37,898

5,435

Horizon

Bancorp,

Inc.

101,471

6,026

Houlihan

Lokey,

Inc.

529,083

14,884

Independent

Bank

Corporation

327,448

70

International

Bancshares

Corporation

2,955

35,705

Invesco

Mortgage

Capital,

Inc.

81,407

36,551

Invesco,

Ltd.

842,866

28,268

J.P.

Morgan

Chase

&

Company

3,853,494

900

Jefferies

Financial

Group,

Inc.

29,565

20,237

Kinsale

Capital

Group,

Inc.

4,614,441

1,188

Ladder

Capital

Corporation

14,102

2,445

Lakeland

Bancorp,

Inc.

40,831

5,811

Lincoln

National

Corporation

379,807

10,819

M&T

Bank

Corporation

1,833,820

6,645

Marsh

&

McLennan

Companies,

Inc.

1,132,441

3,012

Mercantile

Bank

Corporation

106,685

31

Merchants

Bancorp

849

11,690

MetLife,

Inc.

821,573

45,301

MFA

Financial,

Inc.

182,563

13,803

Midland

States

Bancorp,

Inc.

398,355

12,255

MidWestOne

Financial

Group,

Inc.

405,640

4,272

Moody's

Corporation

1,441,416

33,180

Morgan

Stanley

2,899,932

3,517

MSCI,

Inc.

1,768,629

6,927

Navient

Corporation

118,036

113,039

New

York

Community

Bancorp,

Inc.

1,211,778

16,855

New

York

Mortgage

Trust,

Inc.

61,521

6,760

NMI

Holdings,

Inc.

a

139,391

6,025

Northern

Trust

Corporation

701,611

430

Northfield

Bancorp,

Inc.

6,175

8,165

OceanFirst

Financial

Corporation

164,117

3,325

OFG

Bancorp

88,578

562

Old

Second

Bancorp,

Inc.

8,155

9,388

OneMain

Holdings,

Inc.

445,085

317

Peapack-Gladstone

Financial

Corporation

11,016

21,523

Popular,

Inc.

1,759,290

2,626

Premier

Financial

Corporation

79,647

4,255

Primerica,

Inc.

582,169

4,965

QCR

Holdings,

Inc.

280,969

59,644

Radian

Group,

Inc.

1,324,693

44,279

Raymond

James

Financial,

Inc.

4,866,705

2,944

Reinsurance

Group

of

America,

Inc.

322,250

8,200

RenaissanceRe

Holdings,

Ltd.

1,299,782

12,599

S&P

Global,

Inc.

5,167,858

179

S&T

Bancorp,

Inc.

5,295

40,880

Seacoast

Banking

Corporation

of

Florida

1,431,618

10,722

SEI

Investments

Company

645,572

5,876

Selective

Insurance

Group,

Inc.

525,079

6,714

Signature

Bank

1,970,492

6,074

Starwood

Property

Trust,

Inc.

146,809

25,086

State

Street

Corporation

2,185,492

6,045

Synchrony

Financial

210,426

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock

(48.3%)

Value

Financials

(6.7%)

-

continued

17,308

Synovus

Financial

Corporation

$

848,092

1,384

Territorial

Bancorp,

Inc.

33,216

17,017

Texas

Capital

Bancshares,

Inc.

a

975,244

120

Towne

Bank

3,593

5,811

TPG

RE

Finance

Trust,

Inc.

68,628

13,870

Tradeweb

Markets,

Inc.

1,218,757

703

TriCo

Bancshares

28,141

12,522

Triumph

Bancorp,

Inc.

a

1,177,318

34,354

Truist

Financial

Corporation

1,947,872

8,821

TrustCo

Bank

Corporation

NY

281,655

15,958

Two

Harbors

Investment

Corporation

88,248

40,001

Umpqua

Holdings

Corporation

754,419

599

Univest

Financial

Corporation

16,029

41,800

Unum

Group

1,317,118

1,156

Washington

Federal,

Inc.

37,940

87

Washington

Trust

Bancorp,

Inc.

4,568

63,418

Wells

Fargo

&

Company

3,073,236

53,855

Western

Alliance

Bancorp

4,460,271

8,293

Western

Asset

Mortgage

Capital

Corporation

14,181

175

Wintrust

Financial

Corporation

16,263

29,352

Zions

Bancorporation

NA

1,924,317

3,827

Zurich

Insurance

Group

AG

1,890,155

Total

134,818,832

Health

Care

(6.1%)

12,527

Abbott

Laboratories

1,482,696

16,925

AbbVie,

Inc.

2,743,712

1,949

AdaptHealth

Corporation

a

31,242

20,073

Adaptive

Biotechnologies

Corporation

a

278,613

7,061

Agilent

Technologies,

Inc.

934,382

51,642

Agilon

Health,

Inc.

a

1,309,125

1,066

Align

Technology,

Inc.

a

464,776

3,162

Allogene

Therapeutics,

Inc.

a

28,806

1,157

Amedisys,

Inc.

a

199,340

10,742

Amgen,

Inc.

2,597,630

11,066

Anthem,

Inc.

5,435,841

6,255

Argenx

SE

ADR

a

1,972,264

10,595

Ascendis

Pharma

AS

ADR

a

1,243,429

29,437

AstraZeneca

plc

ADR

1,952,851

3,979

Avanos

Medical,

Inc.

a

133,297

47,897

Avantor,

Inc.

a

1,619,877

32,136

Axonics,

Inc.

a

2,011,714

10,857

Baxter

International,

Inc.

841,852

3,849

Becton,

Dickinson

and

Company

1,023,834

6,222

Biogen,

Inc.

a

1,310,353

3,813

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

452,107

12,839

BioLife

Solutions,

Inc.

a

291,830

173

Bio-Rad

Laboratories,

Inc.

a

97,439

5,639

Bio-Techne

Corporation

2,441,913

512

Boston

Scientific

Corporation

a

22,676

749

Bristol-Myers

Squibb

Company

54,699

34,908

Centene

Corporation

a

2,938,905

3,929

Charles

River

Laboratories

International,

Inc.

a

1,115,718

724

Chemed

Corporation

366,742

9,055

Cigna

Holding

Company

2,169,669

3,583

Cooper

Companies,

Inc.

1,496,225

14,499

Covetrus,

Inc.

a

243,438

13,911

CVS

Health

Corporation

1,407,932

12,930

Danaher

Corporation

3,792,757

813

Dentsply

Sirona,

Inc.

40,016

Shares

Common

Stock

(48.3%)

Value

Health

Care

(6.1%)

-

continued

4,169

DexCom,

Inc.

a

$

2,132,860

1,747

Editas

Medicine,

Inc.

a

33,228

35,297

Edwards

Lifesciences

Corporation

a

4,155,163

2,931

Elanco

Animal

Health,

Inc.

a

76,470

1,973

Encompass

Health

Corporation

140,300

648

Exact

Sciences

Corporation

a

45,308

1,160

Generation

Bio

Company

a

8,514

22,355

Gilead

Sciences,

Inc.

1,329,005

23,320

GlaxoSmithKline

plc

ADR

1,015,819

3,686

Global

Blood

Therapeutics,

Inc.

a

127,683

1,218

Globus

Medical,

Inc.

a

89,864

17,381

Guardant

Health,

Inc.

a

1,151,317

41,156

Halozyme

Therapeutics,

Inc.

a

1,641,301

8,735

HCA

Healthcare,

Inc.

2,189,166

3,450

HealthEquity,

Inc.

a

232,668

764

Henry

Schein,

Inc.

a

66,613

10,785

Hologic,

Inc.

a

828,504

2,144

ICU

Medical,

Inc.

a

477,340

27,919

Immunocore

Holdings

plc

ADR

a

834,778

11,875

Inari

Medical,

Inc.

a

1,076,350

11,376

Inotiv,

Inc.

a

297,824

7,339

Inspire

Medical

Systems,

Inc.

a

1,883,848

9,267

Insulet

Corporation

a

2,468,636

852

Integer

Holdings

Corporation

a

68,646

1,709

Integra

LifeSciences

Holdings

Corporation

a

109,820

11,975

Intuitive

Surgical,

Inc.

a

3,612,618

2,463

Invitae

Corporation

a

19,630

32,397

Ionis

Pharmaceuticals,

Inc.

a

1,199,985

1,097

IQVIA

Holding,

Inc.

a

253,637

30,580

Johnson

&

Johnson

5,419,693

474

Kymera

Therapeutics,

Inc.

a

20,060

1,540

Laboratory

Corporation

of

America

Holdings

a

406,036

82,258

Lantheus

Holdings,

Inc.

a

4,549,690

968

Masimo

Corporation

a

140,883

33,837

Medtronic

plc

3,754,215

41,901

Merck

&

Company,

Inc.

3,437,977

677

Molina

Healthcare,

Inc.

a

225,840

36,701

MultiPlan

Corporation

a

171,761

9,203

Natera,

Inc.

a

374,378

2,603

National

HealthCare

Corporation

182,809

21,708

Novo

Nordisk

AS

ADR

2,410,673

17,106

NuVasive,

Inc.

a

969,910

17,404

Omnicell,

Inc.

a

2,253,644

1,309

Orthofix

Medical,

Inc.

a

42,804

824

Pennant

Group,

Inc.

a

15,351

27,479

Phreesia,

Inc.

a

724,346

8,888

Premier,

Inc.

316,324

48,007

Progyny,

Inc.

a

2,467,560

14,035

Repligen

Corporation

a

2,639,843

913

Sage

Therapeutics,

Inc.

a

30,220

8,936

Sarepta

Therapeutics,

Inc.

a

698,080

8,131

Signify

Health,

Inc.

a

147,578

26,354

Silk

Road

Medical,

Inc.

a

1,088,157

428

STAAR

Surgical

Company

a

34,201

7,487

Stryker

Corporation

2,001,649

25,308

Syneos

Health,

Inc.

a

2,048,683

14,353

Teladoc

Health,

Inc.

a

1,035,282

4,405

Teleflex,

Inc.

1,563,026

6,035

Thermo

Fisher

Scientific,

Inc.

3,564,573

12,536

Travere

Therapeutics,

Inc.

a

323,053

4,342

Turning

Point

Therapeutics,

Inc.

a

116,583

465

U.S.

Physical

Therapy,

Inc.

46,244

2,938

uniQure

NV

a

53,090

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock

(48.3%)

Value

Health

Care

(6.1%)

-

continued

284

Vaxcyte,

Inc.

a

$

6,859

323

Veeva

Systems,

Inc.

a

68,625

2,366

Veracyte,

Inc.

a

65,231

76,404

Viemed

Healthcare,

Inc.

a

380,492

20,930

Vor

BioPharma,

Inc.

a

126,417

2,551

VYNE

Therapeutics,

Inc.

a

1,658

645

Waters

Corporation

a

200,202

10,603

Zimmer

Biomet

Holdings,

Inc.

1,356,124

26,594

Zoetis,

Inc.

5,015,362

Total

122,609,781

Industrials

(7.0%)

11,078

3M

Company

1,649,293

2,437

A.O.

Smith

Corporation

155,700

3,487

ACCO

Brands

Corporation

27,896

5,634

Advanced

Drainage

Systems,

Inc.

669,376

8,996

AECOM

690,983

465

Allegion

plc

51,048

27,080

Altra

Industrial

Motion

Corporation

1,054,224

16,858

AMETEK,

Inc.

2,245,148

1,704

Armstrong

World

Industries,

Inc.

153,377

35,688

ASGN,

Inc.

a

4,165,146

7,752

AZZ,

Inc.

373,956

44,250

Badger

Infrastructure

Solutions,

Ltd.

1,113,550

16,172

Carlisle

Companies,

Inc.

3,977,018

589

Caterpillar,

Inc.

131,241

10,102

CBIZ,

Inc.

a

423,981

25,568

Chart

Industries,

Inc.

a

4,391,815

380

Columbus

McKinnon

Corporation

16,112

899

Covenant

Logistics

Group,

Inc.

19,355

34,286

Crane

Company

3,712,488

3,493

CSW

Industrials,

Inc.

410,742

71,364

CSX

Corporation

2,672,582

1,428

Cummins,

Inc.

292,897

17,682

Curtiss-Wright

Corporation

2,655,129

947

Deere

&

Company

393,441

47,512

Delta

Air

Lines,

Inc.

a

1,880,050

1,272

Donaldson

Company,

Inc.

66,055

88

Douglas

Dynamics,

Inc.

3,044

4,425

Dover

Corporation

694,282

74,520

Driven

Brands

Holdings,

Inc.

a

1,958,386

36,643

Dun

&

Bradstreet

Holdings,

Inc.

a

641,985

6,430

EMCOR

Group,

Inc.

724,211

8,312

Emerson

Electric

Company

814,992

17,079

Fastenal

Company

1,014,493

79,239

First

Advantage

Corporation

a

1,599,835

6,150

Flowserve

Corporation

220,785

5,599

Forrester

Research,

Inc.

a

315,896

21,273

Forward

Air

Corporation

2,080,074

1,971

GATX

Corporation

243,083

4,502

Generac

Holdings,

Inc.

a

1,338,265

9,805

General

Dynamics

Corporation

2,364,770

752

Gibraltar

Industries,

Inc.

a

32,298

385

Gorman-Rupp

Company

13,814

1,483

GrafTech

International,

Ltd.

14,266

6,925

Greenbrier

Companies,

Inc.

356,707

7,286

Helios

Technologies,

Inc.

584,701

6,805

Honeywell

International,

Inc.

1,324,117

84,969

Howmet

Aerospace,

Inc.

3,053,786

7,269

Hubbell,

Inc.

1,335,824

254

ICF

International,

Inc.

23,912

13,432

IDEX

Corporation

2,575,317

2,699

Illinois

Tool

Works,

Inc.

565,171

1,143

ITT

Corporation

85,965

Shares

Common

Stock

(48.3%)

Value

Industrials

(7.0%)

-

continued

334

JB

Hunt

Transport

Services,

Inc.

$

67,064

1,106

JetBlue

Airways

Corporation

a

16,535

27,409

Johnson

Controls

International

plc

1,797,208

4,275

Kennametal,

Inc.

122,308

8,722

L3Harris

Technologies,

Inc.

2,167,155

11,226

Landstar

System,

Inc.

1,693,218

1,094

Lennox

International,

Inc.

282,099

28,071

Lincoln

Electric

Holdings,

Inc.

3,868,465

2,503

Linde

plc

799,533

4,707

Lockheed

Martin

Corporation

2,077,670

1,987

Manitowoc

Company,

Inc.

a

29,964

19,953

ManpowerGroup,

Inc.

1,873,986

1,664

Masonite

International

Corporation

a

147,996

11,078

Mercury

Systems,

Inc.

a

713,977

9,385

Meritor,

Inc.

a

333,824

27,719

Middleby

Corporation

a

4,544,253

6,956

MSC

Industrial

Direct

Company,

Inc.

592,721

32,212

NAPCO

Security

Technologies,

Inc.

a

660,990

110

National

Presto

Industries,

Inc.

8,465

986

Nordson

Corporation

223,901

10,109

Norfolk

Southern

Corporation

2,883,289

7,689

nVent

Electric

plc

267,423

6,650

Old

Dominion

Freight

Line,

Inc.

1,986,222

8,575

Parker-Hannifin

Corporation

2,433,242

3,285

Proto

Labs,

Inc.

a

173,777

1,456

Quad/Graphics,

Inc.

a

10,105

8,446

Quanta

Services,

Inc.

1,111,578

61,797

Ranpak

Holdings

Corporation

a

1,262,513

17,799

Raytheon

Technologies

Corporation

1,763,347

8,059

RBC

Bearings,

Inc.

a

1,562,479

41,146

Regal

Rexnord

Corporation

6,121,702

30,346

Rush

Enterprises,

Inc.

1,544,915

7,160

Ryder

System,

Inc.

568,003

3,559

Saia,

Inc.

a

867,755

6,093

SkyWest,

Inc.

a

175,783

1,491

Snap-On,

Inc.

306,371

14,802

Southwest

Airlines

Company

a

677,932

11,422

Standex

International

Corporation

1,141,286

68,048

Summit

Materials,

Inc.

a

2,113,571

88,987

Sun

Country

Airlines

Holdings,

Inc.

a

2,329,680

1,318

Sunrun,

Inc.

a

40,028

2,513

Technip

Energies

NV

ADR

a

30,432

4,985

Teledyne

Technologies,

Inc.

a

2,356,061

9,903

Tennant

Company

780,356

12

Tetra

Tech,

Inc.

1,979

685

Thermon

Group

Holdings,

Inc.

a

11,097

16,809

Timken

Company

1,020,306

325

Toro

Company

27,784

3,153

Trane

Technologies

plc

481,463

21,028

TransUnion

2,173,034

10,978

Trex

Company,

Inc.

a

717,193

6,925

TriMas

Corporation

222,223

11,333

Tutor

Perini

Corporation

a

122,396

117,153

Uber

Technologies,

Inc.

a

4,180,019

548

UniFirst

Corporation

100,985

10,445

Union

Pacific

Corporation

2,853,678

15,694

United

Parcel

Service,

Inc.

3,365,735

13,224

United

Rentals,

Inc.

a

4,697,297

1,556

Univar,

Inc.

a

50,010

3,163

Valmont

Industries,

Inc.

754,692

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(48.3%)

Value

Industrials

(7.0%)

-

continued

8,123

Verisk

Analytics,

Inc.

$

1,743,439

27,023

Vicor

Corporation

a

1,906,473

8,503

Vontier

Corporation

215,891

1,563

Watsco,

Inc.

476,152

250

Watts

Water

Technologies,

Inc.

34,898

5,621

Werner

Enterprises,

Inc.

230,461

6,667

WESCO

International,

Inc.

a

867,643

105,318

WillScot

Mobile

Mini

Holdings

Corporation

a

4,121,093

1,642

Woodward,

Inc.

205,102

2,630

Xylem,

Inc.

224,234

1,155

Yellow

Corporation

a

8,097

Total

142,715,138

Information

Technology

(10.8%)

3,622

Accenture

plc

1,221,447

3,566

ACI

Worldwide,

Inc.

a

112,293

13,585

Adobe,

Inc.

a

6,189,598

5,644

Advanced

Energy

Industries,

Inc.

485,836

16,810

Agilysys,

Inc.

a

670,383

41,063

Alignment

Healthcare,

Inc.

a

461,138

22,037

Allegro

MicroSystems,

Inc.

a

625,851

9,315

Alliance

Data

Systems

Corporation

523,037

28,835

Amphenol

Corporation

2,172,717

1,613

Anaplan,

Inc.

a

104,926

2,269

ANSYS,

Inc.

a

720,748

157,275

Apple,

Inc.

27,461,788

29,526

AppLovin

Corporation

a

1,625,997

9,254

Arista

Networks,

Inc.

a

1,286,121

1,710

Arrow

Electronics,

Inc.

a

202,857

2,820

Autodesk,

Inc.

a

604,467

16,610

Avalara,

Inc.

a

1,652,861

1,382

Avaya

Holdings

Corporation

a

17,510

4,964

Axcelis

Technologies,

Inc.

a

374,931

1,980

Benchmark

Electronics,

Inc.

49,579

15,507

BigCommerce

Holdings,

Inc.

a

339,758

11,461

Bill.com

Holdings,

Inc.

a

2,599,240

53,968

Block,

Inc.

a

7,318,061

2,548

Broadcom,

Inc.

1,604,425

974

CACI

International,

Inc.

a

293,427

39,434

Calix,

Inc.

a

1,692,113

5,333

CDK

Global,

Inc.

259,610

3,399

CDW

Corporation

608,047

23,782

Ciena

Corporation

a

1,441,903

87,150

Cisco

Systems,

Inc.

4,859,484

47,488

Cognex

Corporation

3,663,699

10,357

CommScope

Holding

Company,

Inc.

a

81,613

11,838

Computer

Services,

Inc.

585,981

26

Concentrix

Corporation

4,331

8,250

Coupa

Software,

Inc.

a

838,448

362

CTS

Corporation

12,793

11,618

Descartes

Systems

Group,

Inc.

a

851,135

3,615

Digital

Turbine,

Inc.

a

158,373

1,258

Diodes,

Inc.

a

109,433

1,818

DocuSign,

Inc.

a

194,744

27,245

Dolby

Laboratories,

Inc.

2,131,104

24,644

Dropbox,

Inc.

a

572,973

10,400

DXC

Technology

Company

a

339,352

5,640

Endava

plc

ADR

a

750,289

2,090

EPAM

Systems,

Inc.

a

619,915

5,404

ePlus,

Inc.

a

302,948

3,650

Euronet

Worldwide,

Inc.

a

475,048

1,121

F5,

Inc.

a

234,233

277

Fair

Isaac

Corporation

a

129,209

Shares

Common

Stock

(48.3%)

Value

Information

Technology

(10.8%)

-

continued

23,560

Fidelity

National

Information

Services,

Inc.

$

2,365,895

26,885

Five9,

Inc.

a

2,968,104

4,450

FLEETCOR

Technologies,

Inc.

a

1,108,317

92

Genpact,

Ltd.

4,003

56,736

Gilat

Satellite

Networks,

Ltd.

a

499,844

11,529

Global

Payments,

Inc.

1,577,628

26,995

Hewlett

Packard

Enterprise

Company

451,086

2,242

HubSpot,

Inc.

a

1,064,816

382

I3

Verticals,

Inc.

a

10,643

2,856

IPG

Photonics

Corporation

a

313,475

8,346

Jack

Henry

&

Associates,

Inc.

1,644,579

90

Keysight

Technologies,

Inc.

a

14,217

1,998

KLA-Tencor

Corporation

731,388

33,357

Knowles

Corporation

a

718,176

3,388

Lam

Research

Corporation

1,821,423

41,536

Lattice

Semiconductor

Corporation

a

2,531,619

2,602

Littelfuse,

Inc.

648,965

17,304

LivePerson,

Inc.

a

422,564

27,839

LiveRamp

Holding,

Inc.

a

1,040,900

1,218

Manhattan

Associates,

Inc.

a

168,949

4,448

Mastercard,

Inc.

1,589,626

2,215

MAXIMUS,

Inc.

166,014

274

MaxLinear,

Inc.

a

15,988

14,579

Microchip

Technology,

Inc.

1,095,466

109,097

Microsoft

Corporation

33,635,696

6,431

MKS

Instruments,

Inc.

964,650

240

Model

N,

Inc.

a

6,456

7,329

Monolithic

Power

Systems,

Inc.

3,559,549

18,311

National

Instruments

Corporation

743,244

2,746

NetApp,

Inc.

227,918

1,560

NETGEAR,

Inc.

a

38,501

3,126

NICE,

Ltd.

ADR

a

684,594

6,272

Nova,

Ltd.

a

682,895

46,963

NVIDIA

Corporation

12,814,324

7,342

Okta,

Inc.

a

1,108,348

4,098

Palo

Alto

Networks,

Inc.

a

2,551,046

4,980

Paycom

Software,

Inc.

a

1,724,972

28,320

Paymentus

Holdings,

Inc.

a,b

596,986

42,213

PayPal

Holdings,

Inc.

a

4,881,933

144

Progress

Software

Corporation

6,781

12,876

PTC,

Inc.

a

1,387,003

6,472

Qorvo,

Inc.

a

803,175

44,328

QUALCOMM,

Inc.

6,774,205

27,182

Salesforce.com,

Inc.

a

5,771,282

48,980

Samsung

Electronics

Company,

Ltd.

2,802,782

1,540

ScanSource,

Inc.

a

53,577

12,263

Semtech

Corporation

a

850,316

9,408

ServiceNow,

Inc.

a

5,239,221

69,634

Sierra

Wireless,

Inc.

a

1,256,197

3,699

SiTime

Corporation

a

916,686

14,101

Skyworks

Solutions,

Inc.

1,879,381

41,738

Sonos,

Inc.

a

1,177,846

51,270

Sprout

Social,

Inc.

a

4,107,752

18,079

STMicroelectronics

NV

ADR

b

781,374

4,264

Synopsys,

Inc.

a

1,421,063

6,571

TD

SYNNEX

Corporation

678,193

1,553

TE

Connectivity,

Ltd.

203,412

101,927

Telefonaktiebolaget

LM

Ericsson

ADR

931,613

26,233

Texas

Instruments,

Inc.

4,813,231

11,266

Trimble,

Inc.

a

812,729

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(48.3%)

Value

Information

Technology

(10.8%)

-

continued

10,776

TTEC

Holdings,

Inc.

$

889,236

113,124

TTM

Technologies,

Inc.

a

1,676,498

6,657

Universal

Display

Corporation

1,111,386

595

Upland

Software,

Inc.

a

10,478

1,538

VeriSign,

Inc.

a

342,143

428

Vertex,

Inc.

a

6,566

1,013

Western

Union

Company

18,984

5,733

WEX,

Inc.

a

1,023,054

26,133

Workiva,

Inc.

a

3,083,694

17,589

Xerox

Holdings

Corporation

354,770

Total

218,015,199

Materials

(2.0%)

1,772

AdvanSix,

Inc.

90,531

525

Alpha

Metallurgical

Resources,

Inc.

a

69,279

15,273

AptarGroup,

Inc.

1,794,577

21,938

Ashland

Global

Holdings,

Inc.

2,158,919

2,428

Avery

Dennison

Corporation

422,399

64,075

Axalta

Coating

Systems,

Ltd.

a

1,574,963

71

Balchem

Corporation

9,706

9,864

Ball

Corporation

887,760

402

Cabot

Corporation

27,501

25,608

Carpenter

Technology

Corporation

1,075,024

1,955

Celanese

Corporation

279,311

23,968

CF

Industries

Holdings,

Inc.

2,470,142

10,080

Chemours

Company

317,318

5,752

Cleveland-Cliffs,

Inc.

a

185,272

16,977

Compass

Minerals

International,

Inc.

1,065,986

10,942

Crown

Holdings,

Inc.

1,368,735

23,047

Eastman

Chemical

Company

2,582,647

3,408

FMC

Corporation

448,390

16,397

Graphic

Packaging

Holding

Company

328,596

7,817

Huntsman

Corporation

293,216

18,886

Ingevity

Corporation

a

1,210,026

5,609

Innospec,

Inc.

519,113

97,837

Ivanhoe

Mines,

Ltd.

a

912,514

6,573

Kaiser

Aluminum

Corporation

618,914

396

Koppers

Holdings,

Inc.

10,898

15,386

LyondellBasell

Industries

NV

1,581,988

3,250

Martin

Marietta

Materials,

Inc.

1,250,892

48

Materion

Corporation

4,115

3,367

Minerals

Technologies,

Inc.

222,727

3,808

Myers

Industries,

Inc.

82,253

2,660

Neenah,

Inc.

105,496

7

NewMarket

Corporation

2,271

16,734

Nucor

Corporation

2,487,509

11,859

O-I

Glass,

Inc.

a

156,302

5,995

Olin

Corporation

313,419

6,737

PPG

Industries,

Inc.

883,019

9,152

Quaker

Chemical

Corporation

1,581,557

1,067

Rayonier

Advanced

Materials,

Inc.

a

7,010

3,296

Reliance

Steel

&

Aluminum

Company

604,322

16,641

RPM

International,

Inc.

1,355,243

2,544

Ryerson

Holding

Corporation

89,091

586

Schweitzer-Mauduit

International,

Inc.

16,115

5,694

Sensient

Technologies

Corporation

478,011

9,975

Sherwin-Williams

Company

2,489,959

1,191

Sonoco

Products

Company

74,509

19,727

Steel

Dynamics,

Inc.

1,645,824

Shares

Common

Stock

(48.3%)

Value

Materials

(2.0%)

-

continued

2,844

SunCoke

Energy,

Inc.

$

25,340

6,627

Trinseo

plc

317,566

2,635

Tronox

Holdings

plc

52,147

13,689

UFP

Technologies,

Inc.

a

905,801

6,659

United

States

Lime

&

Minerals,

Inc.

772,710

15,154

United

States

Steel

Corporation

571,912

5,736

Westlake

Corporation

707,822

1,983

Worthington

Industries,

Inc.

101,946

Total

39,608,613

Real

Estate

(2.3%)

105,557

AGNC

Investment

Corporation

1,382,797

24,547

Agree

Realty

Corporation

1,628,939

5,748

Alexandria

Real

Estate

Equities,

Inc.

1,156,785

33,978

American

Campus

Communities,

Inc.

1,901,749

759

Apartment

Income

REIT

Corporation

40,576

4,605

AvalonBay

Communities,

Inc.

1,143,744

1,221

Breaemar

Hotels

&

Resorts,

Inc.

7,546

16,808

Camden

Property

Trust

2,793,490

980

CareTrust

REIT,

Inc.

18,914

26,516

CBRE

Group,

Inc.

a

2,426,744

238

Community

Healthcare

Trust,

Inc.

10,046

35,151

CubeSmart

1,828,906

46,711

Cushman

and

Wakefield

plc

a

958,043

5,346

Digital

Realty

Trust,

Inc.

758,063

16,277

Duke

Realty

Corporation

945,043

1,465

EastGroup

Properties,

Inc.

297,805

20,151

EPR

Properties

1,102,461

28,882

Essential

Properties

Realty

Trust,

Inc.

730,715

1,129

Essex

Property

Trust,

Inc.

390,047

2,446

Extra

Space

Storage,

Inc.

502,898

523

Federal

Realty

Investment

Trust

63,843

13,809

First

Industrial

Realty

Trust,

Inc.

854,915

5,656

FirstService

Corporation

819,441

4,846

Four

Corners

Property

Trust,

Inc.

131,036

507

Getty

Realty

Corporation

14,510

2,080

Gladstone

Commercial

Corporation

45,802

2,120

Gladstone

Land

Corporation

77,210

7,946

Healthcare

Realty

Trust,

Inc.

218,356

909

Highwoods

Properties,

Inc.

41,578

78,449

Host

Hotels

&

Resorts,

Inc.

1,524,264

33,804

Independence

Realty

Trust,

Inc.

893,778

2,759

Industrial

Logistics

Properties

Trust

62,546

2,067

Innovative

Industrial

Properties,

Inc.

424,562

1,533

Jones

Lang

LaSalle,

Inc.

a

367,092

13,416

Kilroy

Realty

Corporation

1,025,251

5,624

Life

Storage,

Inc.

789,778

3,018

Medical

Properties

Trust,

Inc.

63,800

56,203

MGIC

Investment

Corporation

761,551

14,933

National

Retail

Properties,

Inc.

671,089

79,558

National

Storage

Affiliates

Trust

4,993,060

44,418

Necessity

Retail

REIT,

Inc.

351,346

3,590

NetSTREIT

Corporation

80,560

32,098

New

Residential

Investment

Corporation

352,436

8,106

NexPoint

Residential

Trust,

Inc.

732,053

1,921

One

Liberty

Properties,

Inc.

59,147

435

Orion

Office

REIT,

Inc.

6,090

62,427

Pebblebrook

Hotel

Trust

1,528,213

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(48.3%)

Value

Real

Estate

(2.3%)

-

continued

515

PS

Business

Parks,

Inc.

$

86,561

5,601

Public

Storage,

Inc.

2,185,958

9,657

Rayonier,

Inc.

REIT

397,096

950

RE/MAX

Holdings,

Inc.

26,343

4,359

Realty

Income

Corporation

302,079

38,532

Rexford

Industrial

Realty,

Inc.

2,874,102

9,245

Sabra

Health

Care

REIT,

Inc.

137,658

3,979

SBA

Communications

Corporation

1,369,174

79,124

Service

Properties

Trust

698,665

9,372

Spirit

Realty

Capital,

Inc.

431,299

9,676

STAG

Industrial,

Inc.

400,103

16,612

UDR,

Inc.

953,030

4,738

UMH

Properties,

Inc.

116,507

Total

46,957,193

Utilities

(1.2%)

22,223

Alliant

Energy

Corporation

1,388,493

193

American

States

Water

Company

17,181

2,346

Artesian

Resources

Corporation

113,898

1,284

Avista

Corporation

57,973

27,587

CenterPoint

Energy,

Inc.

845,266

650

Consolidated

Edison,

Inc.

61,542

1,994

Consolidated

Water

Company,

Ltd.

22,054

21,773

Constellation

Energy

Corporation

1,224,731

17,454

Duke

Energy

Corporation

1,948,914

25,219

Entergy

Corporation

2,944,318

681

Essential

Utilities,

Inc.

34,819

41,110

Exelon

Corporation

1,958,069

121,052

NiSource,

Inc.

3,849,454

11,676

NorthWestern

Corporation

706,281

2,817

Pinnacle

West

Capital

Corporation

220,008

10,992

Portland

General

Electric

Company

606,209

35,353

Sempra

Energy

5,943,546

17,875

Spire,

Inc.

1,282,710

14,978

UGI

Corporation

542,503

Total

23,767,969

Total

Common

Stock

(cost

$729,736,997)

977,524,933

Shares

Registered

Investment

Companies

(

36.7%

)

Value

Unaffiliated  (0.8%)

1,743

Invesco

QQQ

Trust

Series

1

631,907

7,893

ProShares

Ultra

S&P

500

517,860

2,412

ProShares

UltraPro

QQQ

140,330

26,978

SPDR

S&P

500

ETF

Trust

12,184,344

12,903

SPDR

S&P

Biotech

ETF

a,b

1,159,722

12,557

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

1,689,544

Total

16,323,707

Affiliated  (35.9%)

4,736,328

Thrivent

Core

Emerging

Markets

Equity

Fund

46,273,920

4,888,000

Thrivent

Core

International

Equity

Fund

49,417,678

5,936,581

Thrivent

Core

Low

Volatility

Equity

Fund

77,294,278

4,898,554

Thrivent

Global

Stock

Portfolio

75,631,230

2,338,049

Thrivent

High

Yield

Portfolio

10,318,510

578,645

Thrivent

Income

Portfolio

5,731,888

Shares

Registered

Investment

Companies

(36.7%)

Value

Affiliated  (35.9%)-

continued

13,327,994

Thrivent

International

Allocation

Portfolio

$

140,982,185

850,015

Thrivent

International

Index

Portfolio

11,013,645

4,073,584

Thrivent

Large

Cap

Value

Portfolio

98,991,360

1,049,517

Thrivent

Limited

Maturity

Bond

Portfolio

10,163,315

4,869,417

Thrivent

Mid

Cap

Stock

Portfolio

124,026,495

3,060,382

Thrivent

Small

Cap

Stock

Portfolio

75,727,309

Total

725,571,813

Total

Registered

Investment

Companies

(cost

$578,555,951)

741,895,520

Principal

Amount

Long-Term

Fixed

Income

(

2.8%

)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

Sequoia

Mortgage

Trust

$

32,644

2.836%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

c

24,616

Total

24,616

Mortgage-Backed

Securities

(1.1%)

Federal

National

Mortgage

Association

988,600

2.500%, 

12/1/2051

944,684

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,100,000

2.000%, 

4/1/2037

d

1,068,332

798,000

1.500%, 

5/1/2037

d

755,092

500,000

2.000%, 

5/1/2037

d

484,521

1,275,000

2.500%, 

5/1/2037

d

1,256,533

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,517,716

2.000%, 

3/1/2051

1,412,978

3,100,000

2.000%, 

4/1/2052

d

2,877,551

1,400,000

2.500%, 

4/1/2052

d

1,335,688

1,725,000

2.000%, 

5/1/2052

d

1,598,062

4,625,000

2.500%, 

5/1/2052

d

4,403,392

5,250,000

3.000%, 

5/1/2049

d

5,123,146

2,090,000

3.500%, 

5/1/2049

d

2,086,384

Total

23,346,363

U.S.

Government

&

Agencies

(1.7%)

U.S.

Treasury

Bonds

1,880,000

1.625%, 

11/15/2050

1,540,572

920,000

2.250%, 

11/15/2027

909,398

5,000,000

2.875%, 

5/15/2028

5,116,602

170,000

5.250%, 

11/15/2028

199,172

125,000

0.875%, 

11/15/2030

110,688

90,000

1.375%, 

11/15/2031

82,575

3,030,000

1.375%, 

11/15/2040

2,477,143

120,000

3.000%, 

5/15/2042

127,092

2,413,000

2.500%, 

5/15/2046

2,364,269

U.S.

Treasury

Notes

8,300,000

0.125%, 

12/31/2022

8,219,594

100,000

0.125%, 

10/15/2023

96,918

500,000

2.125%, 

7/31/2024

496,445

2,330,000

2.250%, 

11/15/2024

2,315,529

2,040,000

2.125%, 

11/30/2024

2,020,078

640,000

2.625%, 

1/31/2026

642,425

6,630,000

2.500%, 

2/28/2026

6,620,677

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(2.8%)

Value

U.S.

Government

&

Agencies

(1.7%)

-

continued

$

300,000

0.750%, 

1/31/2028

$

272,133

Total

33,611,310

Total

Long-Term

Fixed

Income

(cost

$57,939,254)

56,982,289

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

7,068,094

Thrivent

Cash

Management

Trust

7,068,094

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,068,094)

7,068,094

Shares

or

Principal

Amount

Short-Term

Investments

(

13.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

7,300,000

0.134%,

4/6/2022

e,f

7,299,828

900,000

0.170%,

4/20/2022

e,f

899,919

1,100,000

0.190%,

4/27/2022

e,f

1,099,865

1,900,000

0.236%,

5/4/2022

e,f

1,899,270

100,000

0.220%,

5/17/2022

e,f

99,947

3,500,000

0.341%,

5/18/2022

e,f

3,498,085

100,000

0.315%,

5/24/2022

e,f

99,938

1,500,000

0.380%,

6/3/2022

e,f

1,498,379

900,000

0.300%,

6/8/2022

e,f

898,950

900,000

0.591%,

7/19/2022

e,f

897,939

Thrivent

Core

Short-Term

Reserve

Fund

24,943,515

0.660%

249,435,146

Total

Short-Term

Investments

(cost

$267,548,006)

267,627,266

Total

Investments

(cost

$1,640,848,302)

101.4%

$2,051,098,102

Other

Assets

and

Liabilities,

Net

(1.4%)

(28,883,631)

Total

Net

Assets

100.0%

$2,022,214,471

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

6,709,543

Total

lending

$6,709,543

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,068,094

Net

amounts

due

to

counterparty

$358,551

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

59,423,254

59,423,254

–

–

Consumer

Discretionary

121,985,017

121,985,017

–

–

Consumer

Staples

35,431,959

35,431,959

–

–

Energy

32,191,978

32,191,978

–

–

Financials

134,818,832

132,928,677

1,890,155

–

Health

Care

122,609,781

122,609,781

–

–

Industrials

142,715,138

141,601,588

1,113,550

–

Information

Technology

218,015,199

215,212,417

2,802,782

–

Materials

39,608,613

38,696,099

912,514

–

Real

Estate

46,957,193

46,957,193

–

–

Utilities

23,767,969

23,767,969

–

–

Registered

Investment

Companies

Unaffiliated

16,323,707

16,323,707

–

–

Affiliated

552,585,937

552,585,937

–

–

Long-Term

Fixed

Income

Collateralized

Mortgage

Obligations

24,616

–

24,616

–

Mortgage-Backed

Securities

23,346,363

–

23,346,363

–

U.S.

Government

&

Agencies

33,611,310

–

33,611,310

–

Short-Term

Investments

18,192,120

–

18,192,120

–

Subtotal

Investments

in

Securities

$1,621,608,986

$1,539,715,576

$81,893,410

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

249,435,146

Affiliated

Registered

Investment

Companies

172,985,876

Collateral

Held

for

Securities

Loaned

7,068,094

Subtotal

Other

Investments

$429,489,116

Total

Investments

at

Value

$2,051,098,102

*

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

26,014,245

26,014,245

–

–

Total

Asset

Derivatives

$26,014,245

$26,014,245

$–

$–

Liability

Derivatives

Futures

Contracts

8,107,628

8,107,628

–

–

Total

Liability

Derivatives

$8,107,628

$8,107,628

$–

$–

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$18,636,120

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

60

June

2022

$

7,574,309

(

$

201,809)

CBOT

U.S.

Long

Bond

8

June

2022

1,238,151

(

37,651)

CME

E-mini

Russell

2000

Index

12

June

2022

1,204,161

35,679

CME

E-mini

S&P

500

Index

1,468

June

2022

311,832,143

20,724,907

CME

E-mini

S&P

Mid-Cap

400

Index

11

June

2022

2,843,149

114,971

CME

Ultra

Long

Term

U.S.

Treasury

Bond

14

June

2022

2,579,984

(

100,234)

ICE

mini

MSCI

EAFE

Index

707

June

2022

71,536,423

4,268,116

ICE

US

mini

MSCI

Emerging

Markets

Index

228

June

2022

12,236,195

594,505

Total

Futures

Long

Contracts

$

411,044,515

$

25,398,484

CBOT

2-Yr.

U.S.

Treasury

Note

(33)

June

2022

(

$

7,079,688)

$

86,266

CBOT

5-Yr.

U.S.

Treasury

Note

(59)

June

2022

(

6,934,189)

167,627

CME

E-mini

Russell

2000

Index

(487)

June

2022

(

49,101,425)

(

1,215,415)

CME

E-mini

S&P

Mid-Cap

400

Index

(633)

June

2022

(

163,673,841)

(

6,552,519)

Ultra

10-Yr.

U.S.

Treasury

Note

(5)

June

2022

(

699,518)

22,174

Total

Futures

Short

Contracts

(

$

227,488,661)

($7,491,867)

Total

Futures

Contracts

$

183,555,854

$17,906,617

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$50,489

$–

$–

$46,274

4,736

2.3%

Core

International

Equity

53,279

–

–

49,418

4,888

2.4

Core

Low

Volatility

Equity

79,372

–

–

77,294

5,937

3.8

Global

Stock

80,300

–

–

75,631

4,899

3.7

High

Yield

10,753

123

–

10,319

2,338

0.5

Income

6,181

45

–

5,732

579

0.3

International

Allocation

152,223

–

–

140,982

13,328

7.0

International

Index

11,827

–

–

11,014

850

0.5

Large

Cap

Value

98,380

–

–

98,991

4,074

4.9

Limited

Maturity

Bond

10,428

41

–

10,163

1,050

0.5

Mid

Cap

Stock

134,028

–

–

124,026

4,869

6.2

Small

Cap

Stock

76,936

–

–

75,727

3,060

3.8

Total

Affiliated

Registered

Investment

Companies

764,196

725,571

35.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

229,547

151,329

131,441

249,435

24,944

12.3

Total

Affiliated

Short-Term

Investments

229,547

249,435

12.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,667

104,212

104,811

7,068

7,068

0.4

Total

Collateral

Held

for

Securities

Loaned

7,667

7,068

0.4

Total

Value

$1,001,410

$982,074

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$(4,215)

$

–

$–

Core

International

Equity

–

(3,861)

–

–

Core

Low

Volatility

Equity

–

(2,078)

–

–

Global

Stock

–

(4,669)

–

–

High

Yield

–

(557)

–

122

Income

–

(494)

–

45

International

Allocation

–

(11,241)

–

–

International

Index

–

(813)

–

–

Large

Cap

Value

–

611

–

–

Limited

Maturity

Bond

–

(306)

–

42

Mid

Cap

Stock

–

(10,002)

–

–

Small

Cap

Stock

–

(1,209)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

184

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$393

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

Value

$–

$(38,834

)

$

–

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Shares

Common

Stock

(

97.1%

)

Value

Communications

Services

(6.5%)

2,770

Alphabet,

Inc.,

Class

C

a

$

7,736,582

39,140

Comcast

Corporation

1,832,535

25,690

Verizon

Communications,

Inc.

1,308,649

Total

10,877,766

Consumer

Discretionary

(12.9%)

1,265

Amazon.com,

Inc.

a

4,123,837

710

Booking

Holdings,

Inc.

a

1,667,400

3,500

Burlington

Stores,

Inc.

a

637,595

7,570

Caesars

Entertainment,

Inc.

a

585,615

10,780

Canada

Goose

Holdings,

Inc.

a

283,838

1,010

Chipotle

Mexican

Grill,

Inc.

a

1,597,850

12,290

Clarus

Corporation

279,966

9,930

Dollar

General

Corporation

2,210,716

6,040

Dollar

Tree,

Inc.

a

967,306

32,981

Everi

Holdings,

Inc.

a

692,601

5,460

Netflix,

Inc.

a

2,045,261

8,940

NIKE,

Inc.

1,202,966

160

NVR,

Inc.

a

714,763

4,860

Papa

John's

International,

Inc.

511,661

14,730

Sony

Group

Corporation

ADR

1,512,918

2,390

Tesla,

Inc.

a

2,575,464

Total

21,609,757

Consumer

Staples

(4.9%)

3,720

Casey's

General

Stores,

Inc.

737,192

4,370

Costco

Wholesale

Corporation

2,516,465

10,710

Hain

Celestial

Group,

Inc.

a

368,424

23,160

Philip

Morris

International,

Inc.

2,175,650

20,990

Sysco

Corporation

1,713,834

18,290

Turning

Point

Brands,

Inc.

622,043

Total

8,133,608

Energy

(3.7%)

7,662

ConocoPhillips

766,200

26,228

Devon

Energy

Corporation

1,550,862

11,090

Helmerich

&

Payne,

Inc.

474,430

8,420

Pioneer

Natural

Resources

Company

2,105,253

13,010

Valero

Energy

Corporation

1,321,035

Total

6,217,780

Financials

(12.7%)

9,210

Ally

Financial,

Inc.

400,451

6,760

American

Express

Company

1,264,120

6,480

Ameriprise

Financial,

Inc.

1,946,333

11,270

Arch

Capital

Group,

Ltd.

a

545,693

23,230

Charles

Schwab

Corporation

1,958,521

12,520

Chubb,

Ltd.

2,678,028

8,840

Enterprise

Financial

Services

Corporation

418,220

13,430

Equitable

Holdings,

Inc.

415,121

9,240

Essent

Group,

Ltd.

380,780

3,840

Hamilton

Lane,

Inc.

296,794

4,280

Houlihan

Lokey,

Inc.

375,784

17,040

J.P.

Morgan

Chase

&

Company

2,322,893

2,880

Kinsale

Capital

Group,

Inc.

656,698

19,580

Morgan

Stanley

1,711,292

470

MSCI,

Inc.

236,354

3,210

S&P

Global,

Inc.

1,316,678

5,550

Signature

Bank

1,628,869

590

SVB

Financial

Group

a

330,075

6,550

Texas

Capital

Bancshares,

Inc.

a

375,381

2,670

Tradeweb

Markets,

Inc.

234,613

4,430

Western

Alliance

Bancorp

366,893

Shares

Common

Stock

(97.1%)

Value

Financials

(12.7%)

-

continued

6,140

Zions

Bancorporation

NA

$

402,538

1,880

Zurich

Insurance

Group

AG

928,532

Total

21,190,661

Health

Care

(14.9%)

8,480

AbbVie,

Inc.

1,374,693

5,330

Anthem,

Inc.

2,618,202

2,560

Ascendis

Pharma

AS

ADR

a

300,442

32,540

AstraZeneca

plc

ADR

2,158,704

7,630

Danaher

Corporation

2,238,108

1,270

DexCom,

Inc.

a

649,732

23,100

Edwards

Lifesciences

Corporation

a

2,719,332

12,276

Inotiv,

Inc.

a

321,386

2,150

Insulet

Corporation

a

572,738

22,373

Lantheus

Holdings,

Inc.

a

1,237,451

16,490

Medtronic

plc

1,829,565

24,450

Merck

&

Company,

Inc.

2,006,122

17,500

NuVasive,

Inc.

a

992,250

15,315

Progyny,

Inc.

a

787,191

9,190

Silk

Road

Medical,

Inc.

a

379,455

6,960

Syneos

Health,

Inc.

a

563,412

7,310

Veeva

Systems,

Inc.

a

1,553,083

20,810

Zimmer

Biomet

Holdings,

Inc.

2,661,599

Total

24,963,465

Industrials

(11.4%)

10,720

Altra

Industrial

Motion

Corporation

417,329

1,380

Carlisle

Companies,

Inc.

339,369

7,850

Crane

Company

849,998

4,360

Deere

&

Company

1,811,405

18,530

Delta

Air

Lines,

Inc.

a

733,232

45,680

Dun

&

Bradstreet

Holdings,

Inc.

a

800,314

16,280

Howmet

Aerospace,

Inc.

585,103

7,700

ManpowerGroup,

Inc.

723,184

25,380

Meritor,

Inc.

a

902,767

2,690

Middleby

Corporation

a

440,999

11,522

Norfolk

Southern

Corporation

3,286,305

7,520

Parker-Hannifin

Corporation

2,133,875

4,170

Regal

Rexnord

Corporation

620,413

11,970

Summit

Materials,

Inc.

a

371,788

7,560

Timken

Company

458,892

12,380

United

Parcel

Service,

Inc.

2,655,015

23,160

US

Ecology,

Inc.

a

1,108,901

19,660

WillScot

Mobile

Mini

Holdings

Corporation

a

769,296

Total

19,008,185

Information

Technology

(19.8%)

1,180

ANSYS,

Inc.

a

374,827

38,940

Apple,

Inc.

6,799,313

6,240

AppLovin

Corporation

a

343,637

3,880

Avalara,

Inc.

a

386,099

4,090

Blackline,

Inc.

a

299,470

8,560

Block,

Inc.

a

1,160,736

7,720

Ciena

Corporation

a

468,064

40,420

Cisco

Systems,

Inc.

2,253,819

7,390

Cognex

Corporation

570,138

7,550

Dolby

Laboratories,

Inc.

590,561

3,260

F5,

Inc.

a

681,177

3,650

Five9,

Inc.

a

402,960

16,370

Juniper

Networks,

Inc.

608,309

9,690

Lattice

Semiconductor

Corporation

a

590,606

1,490

Littelfuse,

Inc.

371,621

11,670

LivePerson,

Inc.

a

284,981

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Shares

Common

Stock

(97.1%)

Value

Information

Technology

(19.8%)

-

continued

5,340

Mastercard,

Inc.

$

1,908,409

26,160

Microsoft

Corporation

8,065,390

14,480

National

Instruments

Corporation

587,743

9,700

NVIDIA

Corporation

2,646,742

6,690

PayPal

Holdings,

Inc.

a

773,699

10,210

QUALCOMM,

Inc.

1,560,292

2,655

Snowflake,

Inc.

a

608,340

5,680

Trade

Desk,

Inc.

a

393,340

4,840

TTEC

Holdings,

Inc.

399,397

Total

33,129,670

Materials

(3.9%)

68,810

Axalta

Coating

Systems,

Ltd.

a

1,691,350

6,300

Ball

Corporation

567,000

9,440

Berry

Plastics

Group,

Inc.

a

547,142

11,100

Carpenter

Technology

Corporation

465,978

3,710

CF

Industries

Holdings,

Inc.

382,353

21,720

LyondellBasell

Industries

NV

2,233,250

8,700

Steel

Dynamics,

Inc.

725,841

Total

6,612,914

Real

Estate

(3.5%)

6,140

Agree

Realty

Corporation

407,450

3,380

Alexandria

Real

Estate

Equities,

Inc.

680,225

4,390

AvalonBay

Communities,

Inc.

1,090,344

4,110

Camden

Property

Trust

683,082

11,500

Duke

Realty

Corporation

667,690

1,450

Equinix,

Inc.

1,075,349

7,420

Prologis,

Inc.

1,198,182

Total

5,802,322

Utilities

(2.9%)

15,270

CenterPoint

Energy,

Inc.

467,873

13,260

Duke

Energy

Corporation

1,480,612

3,750

Entergy

Corporation

437,812

5,010

Evergy,

Inc.

342,383

20,384

NextEra

Energy,

Inc.

1,726,729

6,950

Portland

General

Electric

Company

383,293

Total

4,838,702

Total

Common

Stock

(cost

$131,373,484)

162,384,830

Shares

Registered

Investment

Companies

(

0.3%

)

Value

Unaffiliated  (0.3%)

8,810

SPDR

S&P

Homebuilders

ETF

b

556,792

Total

556,792

Total

Registered

Investment

Companies

(cost

$402,964)

556,792

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

558,175

Thrivent

Cash

Management

Trust

558,175

Total

Collateral

Held

for

Securities

Loaned

(cost

$558,175)

558,175

Shares

Short-Term

Investments

(

2.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

436,412

0.660%

$

4,364,124

Total

Short-Term

Investments

(cost

$4,363,392)

4,364,124

Total

Investments

(cost

$136,698,015)

100.3%

$167,863,921

Other

Assets

and

Liabilities,

Net

(0.3%)

(552,004)

Total

Net

Assets

100.0%

$167,311,917

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

524,560

Total

lending

$524,560

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$558,175

Net

amounts

due

to

counterparty

$33,615

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

All

Cap

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

All

Cap

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

10,877,766

10,877,766

–

–

Consumer

Discretionary

21,609,757

21,609,757

–

–

Consumer

Staples

8,133,608

8,133,608

–

–

Energy

6,217,780

6,217,780

–

–

Financials

21,190,661

20,262,129

928,532

–

Health

Care

24,963,465

24,963,465

–

–

Industrials

19,008,185

19,008,185

–

–

Information

Technology

33,129,670

33,129,670

–

–

Materials

6,612,914

6,612,914

–

–

Real

Estate

5,802,322

5,802,322

–

–

Utilities

4,838,702

4,838,702

–

–

Registered

Investment

Companies

Unaffiliated

556,792

556,792

–

–

Subtotal

Investments

in

Securities

$162,941,622

$162,013,090

$928,532

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

4,364,124

Collateral

Held

for

Securities

Loaned

558,175

Subtotal

Other

Investments

$4,922,299

Total

Investments

at

Value

$167,863,921

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

All

Cap

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$3,317

$4,575

$3,528

$4,364

436

2.6%

Total

Affiliated

Short-Term

Investments

3,317

4,364

2.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,219

4,289

4,950

558

558

0.3

Total

Collateral

Held

for

Securities

Loaned

1,219

558

0.3

Total

Value

$4,536

$4,922

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Bank

Loans

(

10.2%

)

a

Value

Basic

Materials

(0.7%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

515,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

509,206

INEOS

US

Petrochem,

LLC,

Term

Loan

526,025

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

516,031

Innophos

Holdings,

Inc.,

Term

Loan

343,000

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

340,856

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

327,732

3.700%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

323,226

Nouryon

USA,

LLC,

Term

Loan

671,631

4.006%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

660,717

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

607,989

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

594,692

Venator

Finance

SARL,

Term

Loan

409,638

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

389,156

Total

3,333,884

Capital

Goods

(2.2%)

Bingo

Industries,

Ltd.,

Term

Loan

184,075

4.496%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b

181,774

BW

Holding,

Inc.,

Delayed

Draw

89,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

87,442

BW

Holding,

Inc.,

Term

Loan

335,160

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

329,295

Flex

Acquisition

Company,

Inc.,

Term

Loan

688,806

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

687,133

Foley

Products

Company,

LLC,

Term

Loan

476,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

471,240

Gemini

HDPE,

LLC,

Term

Loan

497,672

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

489,172

GFL

Environmental,

Inc.,

Term

Loan

528,312

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

525,671

Grinding

Media,

Inc.,

Term

Loan

517,400

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

511,579

Groupe

Solmax,

Inc.,

Term

Loan

488,987

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

479,818

HRNI

Holdings,

LLC,

Term

Loan

261,300

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

258,904

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Capital

Goods

(2.2%)

-

continued

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

$

311,719

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

$

308,408

LABL,

Inc.,

Term

Loan

132,169

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

130,210

LRS

Holdings,

LLC,

Term

Loan

266,333

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

264,335

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

296,258

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

290,332

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

491,003

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

483,432

Natgasoline,

LLC,

Term

Loan

420,862

4.000%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

415,602

Novae,

LLC,

Delayed

Draw

158,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

156,618

Novae,

LLC,

Term

Loan

553,000

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

548,161

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

444,375

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

432,248

Quikrete

Holdings

Inc.,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,d,e

303,974

RLG

Holdings,

LLC,

Term

Loan

281,257

5.000%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

278,445

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

446,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

439,310

TransDigm,

Inc.,

Term

Loan

1,202,325

2.707%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,181,284

TricorBraun

Holdings,

Inc.,

Term

Loan

615,537

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

599,207

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

37,403

4.314%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,d,e

36,866

Trident

TPI

Holdings,

Inc.,

Term

Loan

271,138

4.500%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b

267,241

Venga

Finance

SARL,

Term

Loan

267,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

258,907

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Capital

Goods

(2.2%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

278,600

5.756%, 

(LIBOR

3M

+

4.750%),

8/12/2028

b

$

277,438

Total

10,694,046

Communications

Services

(1.5%)

Allen

Media,

LLC,

Term

Loan

248,109

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

245,690

Altice

France

SA,

Term

Loan

333,375

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

325,041

Audacy

Capital

Corporation,

Term

Loan

432,925

2.947%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

424,699

Cablevision

Lightpath,

LLC,

Term

Loan

513,500

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

506,311

CCI

Buyer,

Inc.,

Term

Loan

133,650

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

131,617

CommScope,

Inc.,

Term

Loan

892,125

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

867,217

DIRECTV

Financing,

LLC,

Term

Loan

553,900

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

552,676

E.W.

Scripps

Company,

Term

Loan

203,656

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

202,033

iHeartCommunications,

Inc.,

Term

Loan

360,175

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

357,520

Metronet

Systems

Holdings,

LLC,

Term

Loan

496,632

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

490,579

NEP

Group,

Inc.,

Term

Loan

696,600

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

683,016

Nexstar

Media,

Inc.,

Term

Loan

772,374

2.731%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

768,651

ORBCOMM,

Inc.,

Term

Loan

273,625

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

270,662

Sharp

Midco,

LLC,

Term

Loan

111,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

110,167

Terrier

Media

Buyer,

Inc.,

Term

Loan

301,187

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

296,245

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

263,675

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

260,490

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Communications

Services

(1.5%)

-

continued

Xplornet

Communications,

Inc.,

Term

Loan

$

273,625

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

$

268,095

245,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

242,550

Zacapa

SARL,

Term

Loan

164,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

162,729

Total

7,165,988

Consumer

Cyclical

(1.5%)

ACProducts

Holdings,

Inc.,

Term

Loan

392,037

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

352,614

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

32,500

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

32,165

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

282,500

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

279,587

American

Trailer

World

Corporation,

Term

Loan

543,082

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

520,001

Caesars

Resort

Collection,

LLC,

Term

Loan

228,262

3.957%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

227,235

Carnival

Corporation,

Term

Loan

252,431

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

245,110

Cengage

Learning,

Inc.,

Term

Loan

507,450

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

502,695

CP

Atlas

Buyer,

Inc.,

Term

Loan

405,954

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

393,840

Golden

Entertainment,

Inc.,

Term

Loan

839,985

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

828,436

Great

Canadian

Gaming

Corporation,

Term

Loan

169,575

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

168,463

Michaels

Companies,

Inc.,

Term

Loan

560,762

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

524,857

Scientific

Games

International,

Inc.,

Term

Loan

1,777,814

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,770,045

Secure

Acquisition,

Inc.,

Delayed

Draw

43,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

42,248

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Consumer

Cyclical

(1.5%)

-

continued

Secure

Acquisition,

Inc.,

Term

Loan

$

289,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

$

283,942

Staples,

Inc.,

Term

Loan

189,146

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

183,377

319,409

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

301,209

Tenneco,

Inc.,

Term

Loan

256,031

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

252,464

Voyage

Digital

NZ/US,

Term

Loan

476,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

466,480

Total

7,374,768

Consumer

Non-Cyclical

(1.6%)

Adient

US,

LLC,

Term

Loan

148,875

3.707%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

146,270

Alltech,

Inc.,

Term

Loan

257,705

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

253,195

Bausch

Health

Americas,

Inc.,

Term

Loan

800,772

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

793,429

Bausch

Health

Companies,

Inc.,

Term

Loan

743,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

734,641

Blue

Ribbon,

LLC,

Term

Loan

341,250

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

334,084

Chobani,

LLC,

Term

Loan

265,950

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

260,963

City

Brewing

Company,

LLC,

Term

Loan

529,540

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

481,881

CNT

Holdings

I

Corporation,

Term

Loan

346,500

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

344,262

95,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

94,684

Del

Monte

Foods,

Inc.,

Term

Loan

178,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

175,107

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

232,650

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

217,407

Gainwell

Acquisition

Corporation,

Term

Loan

504,887

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

503,625

Global

Medical

Response,

Inc.,

Term

Loan

1,348,174

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

1,336,795

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Herens

US

Holdco

Corporation,

Term

Loan

$

471,443

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

$

459,068

Mamba

Purchaser,

Inc.,

Term

Loan

50,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

49,687

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

266,653

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

264,931

PetSmart,

LLC,

Term

Loan

781,075

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

777,818

Precision

Medicine

Group,

LLC,

Delayed

Draw

64,039

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

62,705

Precision

Medicine

Group,

LLC,

Term

Loan

484,825

4.006%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

474,726

Total

7,765,278

Energy

(0.1%)

GIP

II

Blue

Holding

LP,

Term

Loan

482,790

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

480,376

Total

480,376

Financials

(0.5%)

Asurion,

LLC,

Term

Loan

212,312

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

207,446

693,000

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

678,059

440,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

430,760

165,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

161,081

Digicel

International

Finance,

Ltd.,

Term

Loan

382,009

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

362,908

Rinchem

Company,

Inc.,

Term

Loan

119,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

118,405

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

178,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

174,440

Tiger

Acquisition,

LLC,

Term

Loan

169,150

3.758%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

161,997

Total

2,295,096

Technology

(1.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

545,286

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

535,471

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Technology

(1.2%)

-

continued

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

$

396,678

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

$

394,032

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

431,738

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

427,960

Gridiron

Fiber

Corporation,

Term

Loan

185,000

5.506%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

180,260

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

320,369

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

309,358

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,460,250

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

1,448,086

Rackspace

Technology

Global,

Inc.,

Term

Loan

940,500

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

921,351

Redstone

Holdco

2

LP,

Term

Loan

280,235

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

273,230

160,591

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

146,138

SS&C

Technologies,

Inc.,

Term

Loan

41,733

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

41,035

36,162

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

35,557

Zayo

Group

Holdings,

Inc.,

Term

Loan

988,776

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

961,338

Total

5,673,816

Transportation

(0.5%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

840,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

849,711

Air

Canada,

Term

Loan

178,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

176,145

Hertz

Corporation,

Term

Loan

138,950

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

137,695

26,385

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

26,146

SkyMiles

IP,

Ltd.,

Term

Loan

695,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

716,608

United

Airlines,

Inc.,

Term

Loan

292,050

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

288,157

Total

2,194,462

Principal

Amount

Bank

Loans

(10.2%)

a

Value

Utilities

(0.4%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

$

60,453

2.500%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

$

60,037

CQP

Holdco,

LP,

Term

Loan

611,925

4.756%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

608,199

EnergySolutions,

LLC,

Term

Loan

320,050

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

312,849

Exgen

Renewables

IV,

LLC,

Term

Loan

155,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

153,354

Freeport

LNG

Investments,

LLLP,

Term

Loan

504,000

4.000%, 

(LIBOR

3M

+

3.500%),

12/21/2028

b

499,862

Osmose

Utilities

Services,

Inc.,

Term

Loan

109,450

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

107,945

PG&E

Corporation,

Term

Loan

248,854

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

245,432

Total

1,987,678

Total

Bank

Loans

(cost

$49,503,889)

48,965,392

Principal

Amount

Long-Term

Fixed

Income

(

35.3%

)

Value

Asset-Backed

Securities

(2.2%)

510

Asset

Backed

Trust

200,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

187,828

295,158

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

282,295

200,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

188,543

Anchorage

Capital

CLO

21,

Ltd.

250,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

247,183

Ares

XL

CLO,

Ltd.

250,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

243,417

Babson

CLO,

Ltd.

300,000

3.154%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

291,505

Bardot

CLO,

Ltd.

450,000

2.159%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,f

446,284

Barings

CLO,

Ltd.

400,000

3.404%, 

(LIBOR

3M

+

3.150%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

397,626

College

Ave

Student

Loans,

LLC

124,594

2.107%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,f

125,857

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Asset-Backed

Securities

(2.2%)

-

continued

Colony

American

Finance,

Ltd.

$

350,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

$

331,152

Conn's

Receivables

Funding

4,590

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

f

4,586

Dewolf

Park

CLO,

Ltd.

350,000

3.091%, 

(LIBOR

3M

+

2.850%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

342,825

Foundation

Finance

Trust

23,584

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

f

23,672

Galaxy

XIX

CLO,

Ltd.

250,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,f

244,100

Goldentree

Loan

Management

US

CLO

8,

Ltd.

300,000

2.254%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,f

296,265

Harley

Marine

Financing,

LLC

417,750

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

414,461

Longfellow

Place

CLO,

Ltd.

375,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

371,208

Madison

Park

Funding

XIV,

Ltd.

500,000

1.659%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,f

493,268

Madison

Park

Funding

XXI,

Ltd.

275,000

2.441%, 

(LIBOR

3M

+

2.200%),

10/15/2032,

Ser.

2016-21A,

Class

BRR

b,f

269,987

Mountain

View

CLO,

Ltd.

460,000

2.591%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,f

450,408

Neuberger

Berman

CLO,

Ltd.

350,000

3.241%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

341,792

OCP

CLO,

Ltd.

275,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,f

269,601

OHA

Credit

Funding

1,

Ltd.

390,000

1.704%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,f

387,703

OZLM

IX,

Ltd.

425,000

1.804%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,f

421,772

OZLM

VIII,

Ltd.

300,000

1.891%, 

(LIBOR

3M

+

1.650%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

b,f

297,088

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Asset-Backed

Securities

(2.2%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

300,000

2.504%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,f

$

300,088

ROC

Securities

Trust

Series

225,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

215,904

Sculptor

CLO,

Ltd.

250,000

2.500%, 

(LIBOR

3M

+

2.400%),

1/20/2035,

Ser.

28A,

Class

C

b,f

245,640

Sound

Point

CLO

XXI,

Ltd.

800,000

1.717%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,f

793,161

Stratus

CLO,

Ltd.

425,000

2.591%, 

(LIBOR

3M

+

2.500%),

12/29/2029,

Ser.

2021-1A,

Class

D

b,f

413,556

TCI-Flatiron

CLO,

Ltd.

550,000

2.270%, 

(TSFR3M

+

2.100%),

1/17/2032,

Ser.

2016-1A,

Class

CR3

b,f

544,809

THL

Credit

Wind

River

CLO,

Ltd.

350,000

3.089%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,f

348,331

Whitebox

CLO

III,

Ltd.

300,000

2.321%, 

(LIBOR

3M

+

2.200%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

290,589

Wind

River

CLO,

Ltd.

200,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

197,136

Total

10,719,640

Basic

Materials

(0.5%)

Alcoa

Nederland

Holding

BV

95,000

5.500%, 

12/15/2027

f

98,333

Anglo

American

Capital

plc

60,000

3.875%, 

3/16/2029

f

60,028

Chemours

Company

75,000

5.750%, 

11/15/2028

f

72,871

Cleveland-Cliffs,

Inc.

60,000

5.875%, 

6/1/2027

61,543

40,000

4.625%, 

3/1/2029

f

39,452

40,000

4.875%, 

3/1/2031

f

39,550

Consolidated

Energy

Finance

SA

118,000

5.625%, 

10/15/2028

f

109,150

Ecolab,

Inc.

54,000

2.125%, 

2/1/2032

49,384

First

Quantum

Minerals,

Ltd.

126,000

6.875%, 

10/15/2027

f

131,985

Freeport-McMoRan,

Inc.

90,000

4.125%, 

3/1/2028

89,907

45,000

4.250%, 

3/1/2030

45,300

128,000

4.625%, 

8/1/2030

130,880

Glencore

Funding,

LLC

67,000

4.000%, 

3/27/2027

f

67,205

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

26,191

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Basic

Materials

(0.5%)

-

continued

Hudbay

Minerals,

Inc.

$

70,000

4.500%, 

4/1/2026

f

$

68,017

Ingevity

Corporation

100,000

3.875%, 

11/1/2028

f

90,383

LYB

International

Finance

III,

LLC

62,000

1.250%, 

10/1/2025

57,387

Mercer

International,

Inc.

70,000

5.125%, 

2/1/2029

67,550

Mosaic

Company

15,000

3.250%, 

11/15/2022

15,101

67,000

4.050%, 

11/15/2027

68,630

Novelis

Corporation

30,000

3.250%, 

11/15/2026

f

28,658

40,000

4.750%, 

1/30/2030

f

38,835

30,000

3.875%, 

8/15/2031

f

27,440

Nutrien,

Ltd.

86,000

4.000%, 

12/15/2026

88,598

OCI

NV

55,000

4.625%, 

10/15/2025

f

55,412

Olin

Corporation

115,000

5.125%, 

9/15/2027

114,630

SCIL

USA

Holdings,

LLC

86,000

5.375%, 

11/1/2026

f

79,120

SPCM

SA

72,000

3.375%, 

3/15/2030

f

63,209

SunCoke

Energy,

Inc.

75,000

4.875%, 

6/30/2029

f

70,708

Syngenta

Finance

NV

89,000

5.182%, 

4/24/2028

f

91,900

Taseko

Mines,

Ltd.

52,000

7.000%, 

2/15/2026

f

53,547

Unifrax

Escrow

Issuer

Corporation

64,000

5.250%, 

9/30/2028

f

59,452

United

States

Steel

Corporation

116,000

6.875%, 

3/1/2029

h

120,640

Westlake

Corporation

45,000

3.600%, 

8/15/2026

45,550

Total

2,326,546

Capital

Goods

(1.0%)

AECOM

115,000

5.125%, 

3/15/2027

117,614

Amsted

Industries,

Inc.

80,000

5.625%, 

7/1/2027

f

80,200

Ardagh

Packaging

Finance

plc

75,000

5.250%, 

8/15/2027

f

69,328

Boeing

Company

30,000

1.950%, 

2/1/2024

29,331

79,000

4.875%, 

5/1/2025

81,502

52,000

2.196%, 

2/4/2026

49,162

67,000

3.250%, 

3/1/2028

64,344

90,000

5.150%, 

5/1/2030

95,981

Bombardier,

Inc.

20,000

7.125%, 

6/15/2026

f

19,600

70,000

7.875%, 

4/15/2027

f

68,538

60,000

6.000%, 

2/15/2028

f

56,234

Brand

Industrial

Services,

Inc.

35,000

8.500%, 

7/15/2025

f

32,553

Builders

FirstSource,

Inc.

45,000

5.000%, 

3/1/2030

f

44,263

Carrier

Global

Corporation

75,000

2.722%, 

2/15/2030

70,491

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Capital

Goods

(1.0%)

-

continued

Caterpillar

Financial

Services

Corporation

$

28,000

1.450%, 

5/15/2025

$

26,856

Chart

Industries,

Inc.,

Convertible

91,000

1.000%, 

11/15/2024

f

267,767

Clydesdale

Acquisition

Holdings,

Inc.

10,000

6.625%, 

4/15/2029

e,f

10,112

20,000

8.750%, 

4/15/2030

e,f

18,825

CNH

Industrial

Capital,

LLC

20,000

1.950%, 

7/2/2023

19,793

Coinbase

Global,

Inc.

37,000

3.375%, 

10/1/2028

f

32,687

Cornerstone

Building

Brands,

Inc.

90,000

6.125%, 

1/15/2029

f

83,524

Covanta

Holding

Corporation

31,000

5.000%, 

9/1/2030

29,372

Covert

Mergeco,

Inc.

28,000

4.875%, 

12/1/2029

f

26,732

CP

Atlas

Buyer,

Inc.

60,000

7.000%, 

12/1/2028

f

51,158

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

56,422

General

Electric

Company

51,000

4.156%, 

(LIBOR

3M

+

3.330%),

6/15/2022

b,i

48,896

GFL

Environmental,

Inc.

53,000

4.000%, 

8/1/2028

f

48,760

65,000

3.500%, 

9/1/2028

f

61,025

H&E

Equipment

Services,

Inc.

120,000

3.875%, 

12/15/2028

f

112,500

Howard

Midstream

Energy

Partners,

LLC

71,000

6.750%, 

1/15/2027

f

69,580

Howmet

Aerospace,

Inc.

70,000

6.875%, 

5/1/2025

76,013

69,000

3.000%, 

1/15/2029

63,006

Huntington

Ingalls

Industries,

Inc.

67,000

4.200%, 

5/1/2030

69,683

JELD-WEN,

Inc.

80,000

4.625%, 

12/15/2025

f

77,000

KBR,

Inc.,

Convertible

193,000

2.500%, 

11/1/2023

418,810

Mauser

Packaging

Solutions

Holding

Company

55,000

5.500%, 

4/15/2024

f

54,782

70,000

7.250%, 

4/15/2025

f

69,378

Meritage

Homes

Corporation

67,000

3.875%, 

4/15/2029

f

63,817

Meritor,

Inc.

50,000

4.500%, 

12/15/2028

f

50,127

MIWD

Holdco

II,

LLC

39,000

5.500%, 

2/1/2030

f

36,416

Nesco

Holdings

II,

Inc.

45,000

5.500%, 

4/15/2029

f

44,213

New

Enterprise

Stone

and

Lime

Company,

Inc.

91,000

5.250%, 

7/15/2028

f

87,486

OI

European

Group

BV

85,000

4.750%, 

2/15/2030

f

78,982

Otis

Worldwide

Corporation

47,000

2.056%, 

4/5/2025

45,755

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Capital

Goods

(1.0%)

-

continued

Owens-Brockway

Glass

Container,

Inc.

$

60,000

5.875%, 

8/15/2023

f

$

61,298

Pactiv

Evergreen

Group

55,000

4.375%, 

10/15/2028

f

50,535

Parker-Hannifin

Corporation

40,000

2.700%, 

6/14/2024

39,683

Patrick

Industries,

Inc.,

Convertible

78,000

1.000%, 

2/1/2023

77,493

PGT

Innovations,

Inc.

73,000

4.375%, 

10/1/2029

f

68,073

Raytheon

Technologies

Corporation

91,000

4.125%, 

11/16/2028

95,123

Republic

Services,

Inc.

37,000

3.950%, 

5/15/2028

38,033

Siemens

Financieringsmaatschappij

NV

67,000

1.700%, 

3/11/2028

f

61,769

SRM

Escrow

Issuer,

LLC

105,000

6.000%, 

11/1/2028

f

103,557

Standard

Industries,

Inc.

90,000

4.375%, 

7/15/2030

f

82,436

Sunpower

Corporation,

Convertible

64,000

4.000%, 

1/15/2023

72,480

Textron,

Inc.

67,000

3.650%, 

3/15/2027

67,124

Titan

Acquisition,

Ltd.

30,000

7.750%, 

4/15/2026

f

29,810

TransDigm,

Inc.

50,000

6.250%, 

3/15/2026

f

51,332

218,000

5.500%, 

11/15/2027

216,365

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

71,106

60,000

4.000%, 

7/15/2030

57,380

Vertiv

Group

Corporation

27,000

4.125%, 

11/15/2028

f

24,641

Victors

Merger

Corporation

44,000

6.375%, 

5/15/2029

f

36,018

Waste

Connections,

Inc.

21,000

3.200%, 

6/1/2032

20,491

Waste

Pro

USA,

Inc.

35,000

5.500%, 

2/15/2026

f

33,078

WESCO

Distribution,

Inc.

100,000

7.250%, 

6/15/2028

f

106,214

Total

4,542,657

Collateralized

Mortgage

Obligations

(2.1%)

Banc

of

America

Alternative

Loan

Trust

133,119

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

127,656

Banc

of

America

Mortgage

Securities

Trust

102,808

2.246%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

101,635

31,814

2.738%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

30,804

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

54,252

1.639%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

50,372

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Collateralized

Mortgage

Obligations

(2.1%)

-

continued

Business

Jet

Securities,

LLC

$

83,043

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

f

$

79,976

CHL

Mortgage

Pass-Through

Trust

82,442

2.426%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

84,596

257,045

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

176,232

CHNGE

Mortgage

Trust

299,236

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

295,187

CIM

Trust

129,644

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,f

130,652

Citigroup

Mortgage

Loan

Trust,

Inc.

220,046

2.907%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

216,144

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

99,067

2.485%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

93,110

Credit

Suisse

Mortgage

Trust

244,818

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

235,286

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

156,225

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

152,309

102,631

2.017%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

100,102

Eagle

Re,

Ltd.

300,782

2.257%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,f

298,904

Federal

Home

Loan

Mortgage

Corporation

487,086

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

53,087

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

387,624

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

17,551

384,691

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

42,724

537,507

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

35,783

Federal

National

Mortgage

Association

-

REMIC

473,223

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

22,083

406,264

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

16,854

780,494

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

30,764

982,388

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

54,589

592,009

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

26,566

294,720

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

13,640

774,152

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

35,030

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Collateralized

Mortgage

Obligations

(2.1%)

-

continued

$

352,893

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

$

18,385

1,096,836

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

48,564

328,017

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

16,289

468,510

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

22,840

402,362

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

39,369

Flagstar

Mortgage

Trust

185,430

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

178,888

Genworth

Mortgage

Insurance

Corporation

225,000

1.999%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

223,740

GMAC

Mortgage

Corporation

Loan

Trust

57,916

3.175%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

56,173

37,291

0.957%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

25,657

GMACM

Mortgage

Loan

Trust

29,703

3.753%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

29,641

GSAA

Home

Equity

Trust

76,740

4.519%, 

8/25/2034,

Ser.

2004-10,

Class

M2

g

76,269

IndyMac

INDA

Mortgage

Loan

Trust

556,177

2.891%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

505,849

J.P.

Morgan

Mortgage

Trust

241,413

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

221,454

Legacy

Mortgage

Asset

Trust

195,758

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

f,g

193,324

Palmer

Square

Loan

Funding,

Ltd.

350,000

2.004%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,f

345,216

Pretium

Mortgage

Credit

Partners,

LLC

450,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

434,682

250,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

237,492

275,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

254,880

Radnor

Re,

Ltd.

525,000

3.157%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,f

516,834

Residential

Accredit

Loans,

Inc.

Trust

106,072

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

99,916

95,560

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

88,887

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Collateralized

Mortgage

Obligations

(2.1%)

-

continued

Residential

Asset

Securitization

Trust

$

109,921

1.888%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

$

110,025

215,730

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

216,788

Residential

Funding

Mortgage

Security

I

Trust

170,455

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

155,719

Silver

Hill

Trust

113,332

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,f

110,948

Starwood

Mortgage

Residential

Trust

250,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,f

250,153

Structured

Adjustable

Rate

Mortgage

Loan

Trust

65,141

2.804%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

59,771

Toorak

Mortgage

Corporation,

Ltd.

289,457

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

f,g

287,131

Vericrest

Opportunity

Loan

Transferee

200,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

192,242

250,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

241,054

350,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

333,286

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

188,488

350,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

333,578

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

240,649

Verus

Securitization

Trust

356,118

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

339,805

Wachovia

Asset

Securitization,

Inc.

137,040

0.597%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,f,k

133,874

ZH

Trust

290,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

f

278,649

225,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

f

214,672

Total

9,842,817

Commercial

Mortgage-Backed

Securities

(0.4%)

BANK

2021-BNK36

225,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

210,366

BANK

2021-BNK37

300,000

2.618%, 

11/15/2064,

Ser.

2021-BN37,

Class

A5

b

282,280

BANK

2022-BNK39

300,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

289,427

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Commercial

Mortgage-Backed

Securities

(0.4%)

-

continued

BANK

2022-BNK40

$

375,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

$

377,594

Barclays

Commercial

Mortgage

Securities,

LLC

350,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

358,414

BBCMS

Mortgage

Trust

250,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

236,440

BFLD

Trust

225,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

222,184

Total

1,976,705

Communications

Services

(1.3%)

Altice

France

SA

30,000

8.125%, 

2/1/2027

f

30,934

25,000

5.500%, 

1/15/2028

f

23,167

75,000

5.125%, 

7/15/2029

f

67,219

88,000

5.500%, 

10/15/2029

f

78,961

American

Tower

Corporation

50,000

3.375%, 

5/15/2024

50,150

73,000

4.400%, 

2/15/2026

74,926

44,000

1.450%, 

9/15/2026

40,146

57,000

3.800%, 

8/15/2029

56,723

AT&T,

Inc.

92,000

4.450%, 

4/1/2024

94,682

131,000

4.300%, 

2/15/2030

138,411

Cable

One,

Inc.,

Convertible

219,000

1.125%, 

3/15/2028

195,786

CCO

Holdings,

LLC

62,000

5.500%, 

5/1/2026

f

62,870

75,000

5.125%, 

5/1/2027

f

75,111

246,000

4.750%, 

2/1/2032

f,h

229,085

63,000

4.250%, 

1/15/2034

f

54,715

Cengage

Learning,

Inc.

69,000

9.500%, 

6/15/2024

f

68,827

Charter

Communications

Operating,

LLC

50,000

4.500%, 

2/1/2024

51,142

78,000

4.908%, 

7/23/2025

80,887

67,000

5.050%, 

3/30/2029

70,941

Clear

Channel

Worldwide

Holdings,

Inc.

85,000

7.750%, 

4/15/2028

f

85,445

Comcast

Corporation

45,000

2.350%, 

1/15/2027

43,756

95,000

3.400%, 

4/1/2030

96,240

Consolidated

Communications,

Inc.

60,000

5.000%, 

10/1/2028

f

51,635

Crown

Castle

International

Corporation

61,000

2.900%, 

3/15/2027

58,973

CSC

Holdings,

LLC

130,000

5.375%, 

2/1/2028

f

126,173

53,000

4.125%, 

12/1/2030

f

46,474

Cumulus

Media

New

Holdings,

Inc.

60,000

6.750%, 

7/1/2026

f,h

60,014

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Communications

Services

(1.3%)

-

continued

Deutsche

Telekom

International

Finance

BV

$

34,000

2.485%, 

9/19/2023

f

$

33,847

DIRECTV

Holdings,

LLC

86,000

5.875%, 

8/15/2027

f

84,602

Discovery

Communications,

LLC

45,000

2.950%, 

3/20/2023

45,100

DISH

DBS

Corporation

34,000

5.250%, 

12/1/2026

f

32,385

25,000

7.375%, 

7/1/2028

23,688

45,000

5.750%, 

12/1/2028

f

42,581

Entercom

Media

Corporation

104,000

6.500%, 

5/1/2027

f

97,579

Fox

Corporation

45,000

4.709%, 

1/25/2029

48,042

Frontier

Communications

Holdings,

LLC

79,000

5.875%, 

10/15/2027

f

78,471

GCI,

LLC

70,000

4.750%, 

10/15/2028

f

68,338

Gray

Escrow

II,

Inc.

140,000

5.375%, 

11/15/2031

f

133,870

Gray

Television,

Inc.

65,000

4.750%, 

10/15/2030

f

60,369

Hughes

Satellite

Systems

Corporation

40,000

6.625%, 

8/1/2026

41,464

iHeartCommunications,

Inc.

70,000

4.750%, 

1/15/2028

f

66,850

Iliad

Holding

SASU

30,000

6.500%, 

10/15/2026

f

30,081

LCPR

Senior

Secured

Financing

DAC

54,000

6.750%, 

10/15/2027

f

55,474

Level

3

Financing,

Inc.

95,000

4.625%, 

9/15/2027

f

89,426

100,000

4.250%, 

7/1/2028

f

91,801

Lions

Gate

Capital

Holdings,

LLC

27,000

5.500%, 

4/15/2029

f

26,021

Magallanes,

Inc.

42,000

3.638%, 

3/15/2025

f

42,255

62,000

4.054%, 

3/15/2029

f

62,308

41,000

4.279%, 

3/15/2032

f

41,182

NBN

Company,

Ltd.

82,000

2.625%, 

5/5/2031

f

74,769

Netflix,

Inc.

49,000

5.875%, 

2/15/2025

52,249

87,000

5.875%, 

11/15/2028

95,900

Nexstar

Escrow

Corporation

100,000

5.625%, 

7/15/2027

f

101,220

NTT

Finance

Corporation

54,000

1.162%, 

4/3/2026

f

49,787

Omnicom

Group,

Inc.

67,000

4.200%, 

6/1/2030

69,947

Paramount

Global

75,000

6.375%, 

3/30/2062

b

75,713

82,000

4.750%, 

5/15/2025

85,191

Radiate

Holdco,

LLC

40,000

6.500%, 

9/15/2028

f

37,825

Rogers

Communications,

Inc.

60,000

5.250%, 

3/15/2082

b,f

58,774

S&P

Global,

Inc.

41,000

2.900%, 

3/1/2032

f

39,747

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Communications

Services

(1.3%)

-

continued

Scripps

Escrow

II,

Inc.

$

35,000

5.375%, 

1/15/2031

f

$

33,513

Scripps

Escrow,

Inc.

45,000

5.875%, 

7/15/2027

f

45,034

Sinclair

Television

Group,

Inc.

116,000

5.500%, 

3/1/2030

f

100,393

Sirius

XM

Radio,

Inc.

60,000

5.000%, 

8/1/2027

f

59,850

50,000

4.000%, 

7/15/2028

f

47,500

35,000

4.125%, 

7/1/2030

f

32,766

Sprint

Capital

Corporation

147,000

6.875%, 

11/15/2028

170,327

75,000

8.750%, 

3/15/2032

101,025

Sprint

Corporation

230,000

7.625%, 

2/15/2025

250,700

TEGNA,

Inc.

68,000

4.625%, 

3/15/2028

67,641

Telesat

Canada

35,000

4.875%, 

6/1/2027

f

25,500

15,000

6.500%, 

10/15/2027

f

7,343

Terrier

Media

Buyer,

Inc.

50,000

8.875%, 

12/15/2027

f

50,875

T-Mobile

USA,

Inc.

59,000

3.500%, 

4/15/2025

59,390

73,000

3.875%, 

4/15/2030

73,280

30,000

2.875%, 

2/15/2031

27,028

United

States

Cellular

Corporation

60,000

6.700%, 

12/15/2033

65,963

Uniti

Fiber

Holdings,

Inc.,

Convertible

60,000

4.000%, 

6/15/2024

f

80,233

Uniti

Group,

LP

25,000

4.750%, 

4/15/2028

f

23,594

VeriSign,

Inc.

60,000

4.750%, 

7/15/2027

61,299

Verizon

Communications,

Inc.

73,000

2.100%, 

3/22/2028

68,041

67,000

3.150%, 

3/22/2030

65,893

44,000

2.550%, 

3/21/2031

40,878

88,000

2.355%, 

3/15/2032

f

79,483

Vodafone

Group

plc

62,000

7.000%, 

4/4/2079

b

68,462

VTR

Finance

NV

50,000

6.375%, 

7/15/2028

f

48,438

VZ

Secured

Financing

BV

97,000

5.000%, 

1/15/2032

f

90,695

Walt

Disney

Company

37,000

3.800%, 

3/22/2030

38,452

Zayo

Group

Holdings,

Inc.

43,000

4.000%, 

3/1/2027

f

39,570

Total

6,073,415

Consumer

Cyclical

(1.8%)

1011778

B.C.,

ULC

110,000

4.375%, 

1/15/2028

f

105,600

Allen

Media,

LLC

64,000

10.500%, 

2/15/2028

f

63,058

Allied

Universal

Holdco,

LLC

35,000

6.625%, 

7/15/2026

f

35,414

100,000

4.625%, 

6/1/2028

f

94,490

35,000

6.000%, 

6/1/2029

f

30,876

Allison

Transmission,

Inc.

100,000

3.750%, 

1/30/2031

f

90,715

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Amazon.com,

Inc.

$

90,000

1.650%, 

5/12/2028

$

83,699

45,000

1.500%, 

6/3/2030

40,266

American

Axle

&

Manufacturing,

Inc.

118,000

6.500%, 

4/1/2027

h

116,675

Arko

Corporation

46,000

5.125%, 

11/15/2029

f

41,860

Ashton

Woods

USA,

LLC

45,000

4.625%, 

8/1/2029

f

39,682

BellRing

Brands,

Inc.

78,000

7.000%, 

3/15/2030

f

79,657

Best

Buy

Company,

Inc.

45,000

1.950%, 

10/1/2030

39,395

Bloomin'

Brands,

Inc.,

Convertible

66,000

5.000%, 

5/1/2025

133,023

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

f

62,644

Boyne

USA,

Inc.

50,000

4.750%, 

5/15/2029

f

48,000

Brookfield

Property

REIT,

Inc.

39,000

5.750%, 

5/15/2026

f

38,646

Brookfield

Residential

Properties,

Inc.

75,000

6.250%, 

9/15/2027

f

73,430

75,000

5.000%, 

6/15/2029

f

68,101

Burlington

Stores,

Inc.,

Convertible

161,000

2.250%, 

4/15/2025

183,842

Caesars

Entertainment,

Inc.

105,000

6.250%, 

7/1/2025

f

108,406

35,000

8.125%, 

7/1/2027

f

37,501

73,000

4.625%, 

10/15/2029

f

68,255

Carnival

Corporation

14,000

10.500%, 

2/1/2026

f

15,567

117,000

7.625%, 

3/1/2026

f

117,764

105,000

5.750%, 

3/1/2027

f

100,135

46,000

6.000%, 

5/1/2029

f

43,348

Cedar

Fair,

LP

31,000

5.375%, 

4/15/2027

30,690

117,000

5.250%, 

7/15/2029

115,247

Churchill

Downs,

Inc.

45,000

4.750%, 

1/15/2028

f

43,650

Cinemark

USA,

Inc.

79,000

5.875%, 

3/15/2026

f

76,630

Clarios

Global,

LP

35,000

8.500%, 

5/15/2027

f

36,313

Cushman

&

Wakefield

US

Borrower,

LLC

35,000

6.750%, 

5/15/2028

f

36,575

D.R.

Horton,

Inc.

16,000

2.600%, 

10/15/2025

15,524

Daimler

Finance

North

America,

LLC

68,000

1.450%, 

3/2/2026

f

63,282

Dana,

Inc.

75,000

5.625%, 

6/15/2028

75,787

Darden

Restaurants,

Inc.

78,000

3.850%, 

5/1/2027

79,087

Dick's

Sporting

Goods,

Inc.,

Convertible

86,000

3.250%, 

4/15/2025

267,621

Empire

Communities

Corporation

70,000

7.000%, 

12/15/2025

f

69,160

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Expedia

Group,

Inc.

$

67,000

4.625%, 

8/1/2027

$

69,596

67,000

3.250%, 

2/15/2030

63,776

Expedia

Group,

Inc.,

Convertible

133,000

Zero

Coupon, 

2/15/2026

h

161,768

Ford

Motor

Company

41,000

3.250%, 

2/12/2032

36,618

Ford

Motor

Company,

Convertible

377,000

Zero

Coupon, 

3/15/2026

445,614

Ford

Motor

Credit

Company,

LLC

215,000

4.063%, 

11/1/2024

214,353

47,000

2.300%, 

2/10/2025

44,613

190,000

4.134%, 

8/4/2025

189,786

76,000

2.900%, 

2/10/2029

67,695

Forestar

Group,

Inc.

45,000

3.850%, 

5/15/2026

f

41,962

Gap,

Inc.

22,000

3.625%, 

10/1/2029

f

19,602

General

Motors

Company

46,000

5.400%, 

10/2/2023

47,595

31,000

6.125%, 

10/1/2025

33,279

67,000

6.800%, 

10/1/2027

75,625

General

Motors

Financial

Company,

Inc.

68,000

3.950%, 

4/13/2024

69,055

50,000

1.200%, 

10/15/2024

47,465

48,000

2.900%, 

2/26/2025

46,885

35,000

2.750%, 

6/20/2025

33,994

45,000

2.700%, 

6/10/2031

39,623

GLP

Capital,

LP

42,000

3.250%, 

1/15/2032

38,107

Goodyear

Tire

&

Rubber

Company

45,000

5.000%, 

7/15/2029

f

41,920

35,000

5.250%, 

7/15/2031

f

32,365

Guitar

Center

Escrow

Issuer

II,

Inc.

22,000

8.500%, 

1/15/2026

f

22,447

Hanesbrands,

Inc.

64,000

4.875%, 

5/15/2026

f

64,366

Herc

Holdings,

Inc.

60,000

5.500%, 

7/15/2027

f

60,840

Hilton

Domestic

Operating

Company,

Inc.

120,000

4.875%, 

1/15/2030

119,729

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

90,000

5.000%, 

6/1/2029

f

85,887

Home

Depot,

Inc.

62,000

3.250%, 

4/15/2032

62,024

Hyundai

Capital

America

35,000

1.800%, 

10/15/2025

f

32,689

67,000

3.000%, 

2/10/2027

f

63,989

45,000

2.100%, 

9/15/2028

f

39,657

International

Game

Technology

plc

85,000

5.250%, 

1/15/2029

f

84,788

Jacobs

Entertainment,

Inc.

39,000

6.750%, 

2/15/2029

f

39,194

KB

Home

60,000

4.800%, 

11/15/2029

57,916

Kohl's

Corporation

67,000

3.375%, 

5/1/2031

64,660

L

Brands,

Inc.

110,000

6.625%, 

10/1/2030

f

115,500

20,000

6.875%, 

11/1/2035

20,600

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Lennar

Corporation

$

19,000

4.875%, 

12/15/2023

$

19,517

14,000

5.875%, 

11/15/2024

14,750

34,000

4.750%, 

5/30/2025

35,211

Lowe's

Companies,

Inc.

68,000

4.000%, 

4/15/2025

69,820

77,000

4.500%, 

4/15/2030

82,396

Macy's

Retail

Holdings,

LLC

65,000

5.875%, 

4/1/2029

f

64,838

62,000

6.125%, 

3/15/2032

f

61,225

Magic

MergerCo,

Inc.

47,000

5.250%, 

5/1/2028

f

43,151

Marriott

International,

Inc.

89,000

3.750%, 

10/1/2025

88,802

67,000

4.625%, 

6/15/2030

69,391

Mastercard,

Inc.

40,000

2.000%, 

11/18/2031

36,466

Mattamy

Group

Corporation

113,000

5.250%, 

12/15/2027

f

111,541

McDonald's

Corporation

118,000

3.800%, 

4/1/2028

121,409

MGM

Resorts

International

122,000

5.750%, 

6/15/2025

125,052

NCL

Corporation,

Ltd.

29,000

5.875%, 

2/15/2027

f

28,565

Nissan

Motor

Company,

Ltd.

54,000

3.043%, 

9/15/2023

f

53,879

O'Reilly

Automotive,

Inc.

59,000

3.900%, 

6/1/2029

59,883

Penn

National

Gaming,

Inc.

70,000

4.125%, 

7/1/2029

f

62,664

PetSmart,

Inc.

90,000

4.750%, 

2/15/2028

f

86,976

64,000

7.750%, 

2/15/2029

f

66,080

Prime

Security

Services

Borrower,

LLC

165,000

5.750%, 

4/15/2026

f

168,329

Procter

&

Gamble

Company

37,000

1.200%, 

10/29/2030

32,224

Real

Hero

Merger

Sub

2,

Inc.

50,000

6.250%, 

2/1/2029

f

45,557

Realogy

Group,

LLC

90,000

5.750%, 

1/15/2029

f

84,825

Rite

Aid

Corporation

35,000

7.500%, 

7/1/2025

f

32,643

Ross

Stores,

Inc.

45,000

1.875%, 

4/15/2031

39,124

Royal

Caribbean

Cruises,

Ltd.

110,000

9.125%, 

6/15/2023

f

114,538

90,000

4.250%, 

7/1/2026

f

83,717

21,000

5.375%, 

7/15/2027

f

20,176

35,000

5.500%, 

4/1/2028

f

33,366

Scientific

Games

International,

Inc.

80,000

7.250%, 

11/15/2029

f

83,800

16,000

6.625%, 

3/1/2030

f

15,772

SeaWorld

Parks

and

Entertainment,

Inc.

29,000

5.250%, 

8/15/2029

f

27,658

Service

Properties

Trust

55,000

7.500%, 

9/15/2025

57,698

Six

Flags

Theme

Parks,

Inc.

50,000

7.000%, 

7/1/2025

f

52,188

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Cyclical

(1.8%)

-

continued

Staples,

Inc.

$

56,000

7.500%, 

4/15/2026

f

$

54,382

50,000

10.750%, 

4/15/2027

f

44,500

Station

Casinos,

LLC

53,000

4.625%, 

12/1/2031

f

48,479

Tapestry,

Inc.

41,000

3.050%, 

3/15/2032

37,260

Target

Corporation

45,000

2.350%, 

2/15/2030

42,988

Tenneco,

Inc.

85,000

5.000%, 

7/15/2026

83,619

Toll

Brothers

Finance

Corporation

67,000

4.350%, 

2/15/2028

67,314

Toyota

Motor

Credit

Corporation

59,000

1.900%, 

4/6/2028

54,760

Travel

+

Leisure

Company

60,000

6.625%, 

7/31/2026

f

62,550

TripAdvisor,

Inc.,

Convertible

50,000

0.250%, 

4/1/2026

f

42,200

Uber

Technologies,

Inc.

50,000

6.250%, 

1/15/2028

f,h

51,697

Vail

Resorts,

Inc.,

Convertible

74,000

Zero

Coupon, 

1/1/2026

71,668

Volkswagen

Group

of

America

Finance,

LLC

82,000

4.250%, 

11/13/2023

f

83,527

17,000

3.350%, 

5/13/2025

f

16,947

Wabash

National

Corporation

73,000

4.500%, 

10/15/2028

f

65,700

Wyndham

Hotels

&

Resorts,

Inc.

35,000

4.375%, 

8/15/2028

f

33,688

Yum!

Brands,

Inc.

90,000

4.750%, 

1/15/2030

f

88,256

ZF

North

America

Capital,

Inc.

50,000

4.750%, 

4/29/2025

f

50,175

Total

8,858,138

Consumer

Non-Cyclical

(1.6%)

AbbVie,

Inc.

35,000

2.800%, 

3/15/2023

35,121

141,000

3.600%, 

5/14/2025

142,851

90,000

3.200%, 

11/21/2029

88,930

Agilent

Technologies,

Inc.

51,000

2.300%, 

3/12/2031

46,072

Albertson's

Companies,

Inc.

98,000

3.500%, 

3/15/2029

f

88,442

Altria

Group,

Inc.

60,000

4.400%, 

2/14/2026

62,063

45,000

4.800%, 

2/14/2029

47,174

Anheuser-Busch

InBev

Worldwide,

Inc.

82,000

4.000%, 

4/13/2028

84,965

90,000

4.750%, 

1/23/2029

97,576

Anthem,

Inc.

67,000

2.550%, 

3/15/2031

62,587

AstraZeneca

Finance,

LLC

90,000

1.750%, 

5/28/2028

82,928

AstraZeneca

plc

90,000

0.700%, 

4/8/2026

82,243

BAT

Capital

Corporation

56,000

3.222%, 

8/15/2024

55,979

BAT

International

Finance

plc

35,000

1.668%, 

3/25/2026

32,116

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Bausch

Health

Companies,

Inc.

$

183,000

5.000%, 

1/30/2028

f

$

150,713

128,000

5.000%, 

2/15/2029

f

99,713

Baxter

International,

Inc.

41,000

2.539%, 

2/1/2032

f

37,439

Becton,

Dickinson

and

Company

67,000

2.823%, 

5/20/2030

63,747

Bio-Rad

Laboratories,

Inc.

61,000

3.300%, 

3/15/2027

60,018

Boston

Scientific

Corporation

25,000

3.450%, 

3/1/2024

25,295

Bristol-Myers

Squibb

Company

61,000

2.950%, 

3/15/2032

59,672

Bunge,

Ltd.

Finance

Corporation

89,000

2.750%, 

5/14/2031

81,875

Cargill,

Inc.

43,000

2.125%, 

11/10/2031

f

38,856

Centene

Corporation

85,000

4.250%, 

12/15/2027

85,319

20,000

4.625%, 

12/15/2029

20,162

249,000

3.000%, 

10/15/2030

228,699

Central

Garden

&

Pet

Company

80,000

4.125%, 

10/15/2030

72,200

Community

Health

Systems,

Inc.

35,000

5.625%, 

3/15/2027

f

35,645

50,000

6.000%, 

1/15/2029

f

50,522

125,000

6.875%, 

4/15/2029

f

122,812

Conagra

Brands,

Inc.

37,000

4.300%, 

5/1/2024

38,018

Constellation

Brands,

Inc.

90,000

3.150%, 

8/1/2029

86,906

Coty,

Inc.

54,000

5.000%, 

4/15/2026

f

52,582

CVS

Health

Corporation

36,000

4.100%, 

3/25/2025

36,894

35,000

4.300%, 

3/25/2028

36,613

DaVita,

Inc.

105,000

4.625%, 

6/1/2030

f

98,049

Diageo

Capital

plc

36,000

1.375%, 

9/29/2025

34,092

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

f

49,750

Embecta

Corporation

23,000

6.750%, 

2/15/2030

f

23,058

Encompass

Health

Corporation

110,000

4.500%, 

2/1/2028

h

107,800

Endo

Finance,

LLC

35,000

9.500%, 

7/31/2027

f

30,713

Energizer

Holdings,

Inc.

85,000

4.375%, 

3/31/2029

f

74,416

Estee

Lauder

Companies,

Inc.

37,000

1.950%, 

3/15/2031

33,566

General

Mills,

Inc.

37,000

4.200%, 

4/17/2028

38,633

Gilead

Sciences,

Inc.

67,000

2.950%, 

3/1/2027

66,339

HCA,

Inc.

250,000

5.375%, 

2/1/2025

260,125

83,000

5.875%, 

2/1/2029

90,736

HFC

Prestige

Products,

Inc.

86,000

4.750%, 

1/15/2029

f

80,248

HLF

Financing

SARL,

LLC

125,000

4.875%, 

6/1/2029

f

109,646

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Humana,

Inc.

$

45,000

2.150%, 

2/3/2032

$

39,428

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

f

33,683

Ionis

Pharmaceuticals,

Inc.,

Convertible

63,000

0.125%, 

12/15/2024

56,480

Jazz

Investments

I,

Ltd.,

Convertible

254,000

2.000%, 

6/15/2026

307,955

JBS

Finance

Luxembourg

SARL

65,000

2.500%, 

1/15/2027

f

60,369

52,000

3.625%, 

1/15/2032

f

47,581

JBS

USA,

LLC

25,000

6.500%, 

4/15/2029

f

26,500

110,000

5.500%, 

1/15/2030

f

112,451

Kraft

Foods

Group,

Inc.

76,000

5.000%, 

6/4/2042

81,176

Kraft

Heinz

Foods

Company

105,000

3.875%, 

5/15/2027

106,732

140,000

3.750%, 

4/1/2030

139,399

Kroger

Company

37,000

4.500%, 

1/15/2029

39,394

Mattel,

Inc.

219,000

3.375%, 

4/1/2026

f

214,420

McKesson

Corporation

35,000

0.900%, 

12/3/2025

32,136

59,000

1.300%, 

8/15/2026

54,165

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

f

89,066

Mozart

Debt

Merger

Sub,

Inc.

93,000

3.875%, 

4/1/2029

f

86,025

92,000

5.250%, 

10/1/2029

f

85,530

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

34,553

Newell

Brands,

Inc.

104,000

4.700%, 

4/1/2026

g

104,650

Ortho-Clinical

Diagnostics,

Inc.

50,000

7.250%, 

2/1/2028

f

51,500

Owens

&

Minor,

Inc.

49,000

6.625%, 

4/1/2030

f

50,421

Par

Pharmaceutical,

Inc.

75,000

7.500%, 

4/1/2027

f

69,986

PepsiCo,

Inc.

82,000

1.950%, 

10/21/2031

74,846

Philip

Morris

International,

Inc.

82,000

1.500%, 

5/1/2025

78,161

Pilgrim's

Pride

Corporation

65,000

3.500%, 

3/1/2032

f

56,744

Post

Holdings,

Inc.

26,000

5.500%, 

12/15/2029

f

25,017

56,000

4.500%, 

9/15/2031

f

49,615

QBE

Insurance

Group,

Ltd.

84,000

5.875%, 

5/12/2025

b,f,i

85,995

Roche

Holdings,

Inc.

62,000

2.076%, 

12/13/2031

f

57,051

Royalty

Pharma

plc

105,000

1.200%, 

9/2/2025

96,586

Scotts

Miracle-Gro

Company

100,000

4.500%, 

10/15/2029

93,750

SEG

Holding,

LLC

100,000

5.625%, 

10/15/2028

f

100,000

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Simmons

Foods,

Inc.

$

116,000

4.625%, 

3/1/2029

f

$

108,750

Spectrum

Brands,

Inc.

50,000

5.000%, 

10/1/2029

f

47,036

40,000

5.500%, 

7/15/2030

f

38,400

Stryker

Corporation

73,000

3.650%, 

3/7/2028

74,223

Syneos

Health,

Inc.

80,000

3.625%, 

1/15/2029

f

73,900

Sysco

Corporation

38,000

5.950%, 

4/1/2030

44,079

Takeda

Pharmaceutical

Company,

Ltd.

82,000

2.050%, 

3/31/2030

74,016

Teleflex,

Inc.

120,000

4.625%, 

11/15/2027

121,650

Tenet

Healthcare

Corporation

25,000

4.625%, 

7/15/2024

25,108

170,000

5.125%, 

11/1/2027

f

170,800

71,000

6.125%, 

10/1/2028

f

72,154

Teva

Pharmaceutical

Finance

Netherlands

III

BV

55,000

3.150%, 

10/1/2026

49,796

Thermo

Fisher

Scientific,

Inc.

45,000

1.750%, 

10/15/2028

41,111

TreeHouse

Foods,

Inc.

35,000

4.000%, 

9/1/2028

29,635

United

Natural

Foods,

Inc.

45,000

6.750%, 

10/15/2028

f

46,125

UnitedHealth

Group,

Inc.

112,000

3.850%, 

6/15/2028

116,562

Universal

Health

Services,

Inc.

68,000

1.650%, 

9/1/2026

f

62,377

22,000

2.650%, 

1/15/2032

f

19,771

Valeant

Pharmaceuticals

International,

Inc.

46,000

8.500%, 

1/31/2027

f

45,874

Winnebago

Industries,

Inc.,

Convertible

107,000

1.500%, 

4/1/2025

116,684

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

52,359

98,000

3.900%, 

8/20/2028

100,592

Total

7,762,285

Energy

(1.4%)

Antero

Resources

Corporation

80,000

5.375%, 

3/1/2030

f

81,700

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

80,000

6.250%, 

4/1/2028

f

78,847

BP

Capital

Markets

America,

Inc.

107,000

4.234%, 

11/6/2028

112,364

BP

Capital

Markets

plc

116,000

4.875%, 

3/22/2030

b,i

116,290

Buckeye

Partners,

LP

70,000

3.950%, 

12/1/2026

68,407

Callon

Petroleum

Company

55,000

8.250%, 

7/15/2025

55,550

Canadian

Natural

Resources,

Ltd.

95,000

2.050%, 

7/15/2025

91,092

Cenovus

Energy,

Inc.

146,000

5.375%, 

7/15/2025

153,953

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Energy

(1.4%)

-

continued

Cheniere

Corpus

Christi

Holdings,

LLC

$

72,000

5.875%, 

3/31/2025

$

75,991

Cheniere

Energy

Partners,

LP

65,000

4.500%, 

10/1/2029

65,325

71,000

3.250%, 

1/31/2032

f

64,560

Cheniere

Energy,

Inc.

56,000

4.625%, 

10/15/2028

56,188

Chesapeake

Energy

Corporation

45,000

6.750%, 

4/15/2029

f

47,661

CNX

Resources

Corporation

45,000

6.000%, 

1/15/2029

f

45,450

CNX

Resources

Corporation,

Convertible

184,000

2.250%, 

5/1/2026

318,596

Comstock

Resources,

Inc.

55,000

5.875%, 

1/15/2030

f

54,191

Continental

Resources,

Inc.

67,000

4.375%, 

1/15/2028

67,925

41,000

5.750%, 

1/15/2031

f

44,846

Coterra

Energy,

Inc.

74,000

4.375%, 

6/1/2024

f

75,487

CQP

Holdco,

LP

53,000

5.500%, 

6/15/2031

f

52,067

Devon

Energy

Corporation

74,000

4.500%, 

1/15/2030

76,363

Diamondback

Energy,

Inc.

22,000

3.125%, 

3/24/2031

21,011

DT

Midstream,

Inc.

70,000

4.125%, 

6/15/2029

f

67,116

25,000

4.375%, 

6/15/2031

f

23,937

Enbridge,

Inc.

50,000

2.150%, 

2/16/2024

49,353

45,000

3.700%, 

7/15/2027

45,587

Endeavor

Energy

Resources,

LP

60,000

5.750%, 

1/30/2028

f

62,025

Energy

Transfer,

LP

41,000

4.200%, 

9/15/2023

41,540

126,000

5.875%, 

1/15/2024

131,268

53,000

6.750%, 

5/15/2025

b,i

51,542

67,000

3.750%, 

5/15/2030

65,912

EnLink

Midstream

Partners,

LP

70,000

4.850%, 

7/15/2026

70,000

Enterprise

Products

Operating,

LLC

45,000

4.150%, 

10/16/2028

46,795

EQT

Corporation

25,000

3.125%, 

5/15/2026

f

24,282

67,000

3.900%, 

10/1/2027

66,806

EQT

Corporation,

Convertible

107,000

1.750%, 

5/1/2026

253,590

Equinor

ASA

31,000

2.875%, 

4/6/2025

31,003

Exxon

Mobil

Corporation

57,000

2.992%, 

3/19/2025

57,255

Ferrellgas,

LP

48,000

5.375%, 

4/1/2026

f

45,324

Genesis

Energy,

LP

40,000

6.500%, 

10/1/2025

39,452

25,000

8.000%, 

1/15/2027

25,718

Halliburton

Company

45,000

2.920%, 

3/1/2030

43,502

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Energy

(1.4%)

-

continued

Harvest

Midstream,

LP

$

112,000

7.500%, 

9/1/2028

f

$

114,395

Hess

Corporation

38,000

3.500%, 

7/15/2024

38,235

Hess

Midstream

Operations,

LP

60,000

5.625%, 

2/15/2026

f

61,557

Hilcorp

Energy

I,

LP

70,000

5.750%, 

2/1/2029

f

70,042

ITT

Holdings,

LLC

65,000

6.500%, 

8/1/2029

f

60,042

Kinder

Morgan

Energy

Partners,

LP

68,000

3.450%, 

2/15/2023

68,476

Laredo

Petroleum,

Inc.

110,000

7.750%, 

7/31/2029

f

110,692

Marathon

Oil

Corporation

45,000

4.400%, 

7/15/2027

46,390

Marathon

Petroleum

Corporation

109,000

4.700%, 

5/1/2025

113,270

MPLX,

LP

58,000

6.875%, 

2/15/2023

b,i

56,840

113,000

1.750%, 

3/1/2026

105,884

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

50,875

Nabors

Industries,

Ltd.

85,000

7.250%, 

1/15/2026

f

85,000

National

Fuel

Gas

Company

90,000

5.500%, 

1/15/2026

95,293

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

50,000

7.500%, 

2/1/2026

f

49,184

NGL

Energy

Partners,

LP

25,000

7.500%, 

11/1/2023

23,937

NuStar

Logistics,

LP

90,000

5.750%, 

10/1/2025

91,687

Oasis

Petroleum,

Inc.

55,000

6.375%, 

6/1/2026

f

56,375

Occidental

Petroleum

Corporation

25,000

8.500%, 

7/15/2027

29,593

50,000

6.450%, 

9/15/2036

58,734

ONEOK,

Inc.

68,000

2.200%, 

9/15/2025

65,116

Ovintiv

Exploration,

Inc.

78,000

5.625%, 

7/1/2024

82,006

44,000

5.375%, 

1/1/2026

46,638

PBF

Holding

Company,

LLC

40,000

9.250%, 

5/15/2025

f

41,209

Pioneer

Natural

Resources

Company

57,000

1.900%, 

8/15/2030

50,528

Pioneer

Natural

Resources

Company,

Convertible

94,000

0.250%, 

5/15/2025

223,203

Plains

All

American

Pipeline,

LP

93,000

4.650%, 

10/15/2025

95,550

Precision

Drilling

Corporation

60,000

6.875%, 

1/15/2029

f

60,900

Range

Resources

Corporation

82,000

4.750%, 

2/15/2030

f

81,441

Sabine

Pass

Liquefaction,

LLC

67,000

4.200%, 

3/15/2028

68,801

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Energy

(1.4%)

-

continued

Schlumberger

Finance

Canada,

Ltd.

$

32,000

1.400%, 

9/17/2025

$

30,359

Schlumberger

Holdings

Corporation

29,000

4.300%, 

5/1/2029

f

29,892

SM

Energy

Company

53,000

6.625%, 

1/15/2027

54,333

35,000

6.500%, 

7/15/2028

36,118

Southwestern

Energy

Company

45,000

5.375%, 

2/1/2029

45,563

53,000

5.375%, 

3/15/2030

53,859

33,000

4.750%, 

2/1/2032

32,959

Summit

Midstream

Holdings,

LLC

64,000

8.500%, 

10/15/2026

f

61,026

Suncor

Energy,

Inc.

34,000

3.100%, 

5/15/2025

33,771

Sunoco,

LP

90,000

5.875%, 

3/15/2028

90,900

49,000

4.500%, 

4/30/2030

f

45,143

Tallgrass

Energy

Finance

Corporation

113,000

5.500%, 

1/15/2028

f

109,328

Targa

Resources

Partners,

LP

106,000

4.875%, 

2/1/2031

107,060

Teine

Energy,

Ltd.

50,000

6.875%, 

4/15/2029

f

50,750

Transocean

Proteus,

Ltd.

25,000

6.250%, 

12/1/2024

f

24,813

Transocean,

Inc.

50,000

11.500%, 

1/30/2027

f

51,625

USA

Compression

Partners,

LP

65,000

6.875%, 

4/1/2026

65,585

Valero

Energy

Corporation

84,000

2.800%, 

12/1/2031

77,528

Venture

Global

Calcasieu

Pass,

LLC

67,000

3.875%, 

8/15/2029

f

65,133

40,000

4.125%, 

8/15/2031

f

39,246

W&T

Offshore,

Inc.

29,000

9.750%, 

11/1/2023

f

28,855

Weatherford

International,

Ltd.

73,000

8.625%, 

4/30/2030

f

74,121

Western

Gas

Partners,

LP

44,000

4.000%, 

7/1/2022

44,000

Western

Midstream

Operating,

LP

102,000

3.950%, 

6/1/2025

102,621

30,000

5.500%, 

8/15/2048

29,625

Williams

Companies,

Inc.

45,000

2.600%, 

3/15/2031

41,436

Total

6,693,413

Financials

(4.7%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

59,000

3.150%, 

2/15/2024

58,049

63,000

6.500%, 

7/15/2025

66,713

114,000

3.000%, 

10/29/2028

105,129

Air

Lease

Corporation

64,000

4.650%, 

6/15/2026

b,i

57,440

Aircastle,

Ltd.

65,000

5.250%, 

6/15/2026

b,f,i

59,475

45,000

2.850%, 

1/26/2028

f

40,424

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Alliant

Holdings

Intermediate,

LLC

$

37,000

6.750%, 

10/15/2027

f

$

36,554

Ally

Financial,

Inc.

142,000

5.750%, 

11/20/2025

149,328

128,000

4.700%, 

5/15/2026

b,i

120,488

45,000

8.000%, 

11/1/2031

56,445

Altice

Financing

SA

30,000

5.750%, 

8/15/2029

f

27,273

American

Express

Company

35,000

3.400%, 

2/22/2024

35,477

50,000

3.550%, 

9/15/2026

b,i

45,565

61,000

2.550%, 

3/4/2027

59,312

American

Finance

Trust,

Inc.

55,000

4.500%, 

9/30/2028

f

49,507

American

Homes

4

Rent,

LP

45,000

2.375%, 

7/15/2031

39,726

American

International

Group,

Inc.

66,000

4.200%, 

4/1/2028

68,500

AmWINS

Group,

Inc.

45,000

4.875%, 

6/30/2029

f

43,201

Ares

Capital

Corporation

18,000

4.250%, 

3/1/2025

17,991

113,000

3.875%, 

1/15/2026

110,850

Ares

Capital

Corporation,

Convertible

73,000

4.625%, 

3/1/2024

82,424

Australia

and

New

Zealand

Banking

Group,

Ltd.

102,000

2.950%, 

7/22/2030

b,f

98,209

Aviation

Capital

Group,

LLC

46,000

5.500%, 

12/15/2024

f

47,345

48,000

4.875%, 

10/1/2025

f

48,688

Avolon

Holdings

Funding,

Ltd.

89,000

4.250%, 

4/15/2026

f

87,768

BAC

Capital

Trust

XIV

92,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/18/2022

b,i

79,330

Banco

Santander

Mexico

SA

17,000

5.375%, 

4/17/2025

f

17,740

Banco

Santander

SA

51,000

4.750%, 

11/12/2026

b,i

47,022

Bank

of

America

Corporation

55,000

3.004%, 

12/20/2023

b

55,139

115,000

3.550%, 

3/5/2024

b

115,657

143,000

3.864%, 

7/23/2024

b

144,617

70,000

4.200%, 

8/26/2024

71,701

288,000

6.250%, 

9/5/2024

b,i

297,706

35,000

3.458%, 

3/15/2025

b

35,211

83,000

6.100%, 

3/17/2025

b,i

86,574

85,000

1.319%, 

6/19/2026

b

79,660

70,000

4.375%, 

1/27/2027

b,i

65,786

70,000

1.734%, 

7/22/2027

b

65,008

62,000

5.875%, 

3/15/2028

b,i

62,608

134,000

3.593%, 

7/21/2028

b

134,233

179,000

3.974%, 

2/7/2030

b

181,889

89,000

2.687%, 

4/22/2032

b

81,848

65,000

2.572%, 

10/20/2032

b

59,063

82,000

2.972%, 

2/4/2033

b

76,833

42,000

3.846%, 

3/8/2037

b

40,220

Bank

of

Montreal

42,000

3.088%, 

1/10/2037

b

38,164

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Bank

of

New

York

Mellon

Corporation

$

42,000

4.700%, 

9/20/2025

b,i

$

43,008

55,000

3.400%, 

1/29/2028

55,766

Bank

of

Nova

Scotia

126,000

4.900%, 

6/4/2025

b,i

126,000

45,000

1.050%, 

3/2/2026

41,280

Barclays

plc

81,000

4.338%, 

5/16/2024

b

82,238

85,000

8.000%, 

6/15/2024

b,i

89,802

34,000

4.375%, 

9/11/2024

34,445

41,000

2.852%, 

5/7/2026

b

39,822

68,000

4.972%, 

5/16/2029

b

71,134

Berkshire

Hathaway

Finance

Corporation

41,000

2.875%, 

3/15/2032

39,754

Blackstone

Private

Credit

Fund

63,000

4.000%, 

1/15/2029

f

58,326

BNP

Paribas

SA

55,000

6.625%, 

3/25/2024

b,f,i

56,815

67,000

2.819%, 

11/19/2025

b,f

65,416

55,000

3.132%, 

1/20/2033

b,f

50,901

Boston

Properties,

LP

45,000

2.550%, 

4/1/2032

40,583

BPCE

SA

32,000

2.375%, 

1/14/2025

f

30,826

Brixmor

Operating

Partnership,

LP

73,000

2.250%, 

4/1/2028

66,666

Canadian

Imperial

Bank

of

Commerce

40,000

3.600%, 

4/7/2032

e

39,811

CANPACK

SA

90,000

3.125%, 

11/1/2025

f

82,575

Capital

One

Bank

USA

NA

52,000

3.375%, 

2/15/2023

52,391

48,000

2.280%, 

1/28/2026

b

46,572

Capital

One

Financial

Corporation

28,000

3.950%, 

9/1/2026

b,i

26,043

61,000

3.273%, 

3/1/2030

b

58,899

Cascades

USA,

Inc.

50,000

5.125%, 

1/15/2026

f

49,844

Charles

Schwab

Corporation

128,000

5.375%, 

6/1/2025

b,i

131,840

128,000

4.000%, 

6/1/2026

b,i

122,560

25,000

5.000%, 

6/1/2027

b,i

24,908

59,000

2.000%, 

3/20/2028

55,222

42,000

2.900%, 

3/3/2032

40,438

Chobani,

LLC

39,000

7.500%, 

4/15/2025

f

37,705

71,000

4.625%, 

11/15/2028

f

65,497

Citigroup,

Inc.

168,000

5.950%, 

1/30/2023

b,i

169,781

102,000

5.000%, 

9/12/2024

b,i

100,980

105,000

3.352%, 

4/24/2025

b

105,250

32,000

5.950%, 

5/15/2025

b,i

32,618

85,000

5.500%, 

9/13/2025

90,758

37,000

1.281%, 

11/3/2025

b

35,209

84,000

4.000%, 

12/10/2025

b,i

80,640

200,000

3.875%, 

2/18/2026

b,i

188,500

58,000

4.150%, 

11/15/2026

b,i

54,339

159,000

1.122%, 

1/28/2027

b

145,865

91,000

1.462%, 

6/9/2027

b

83,573

78,000

3.070%, 

2/24/2028

b

75,969

180,000

4.075%, 

4/23/2029

b

183,452

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Citizens

Financial

Group,

Inc.

$

65,000

4.000%, 

10/6/2026

b,i

$

59,637

CNA

Financial

Corporation

40,000

3.950%, 

5/15/2024

40,621

Coinbase

Global,

Inc.

37,000

3.625%, 

10/1/2031

f

31,542

Coinbase

Global,

Inc.,

Convertible

305,000

0.500%, 

6/1/2026

f

283,955

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,i

43,575

Commerzbank

AG

82,000

8.125%, 

9/19/2023

f

86,612

Commonwealth

Bank

of

Australia

54,000

2.688%, 

3/11/2031

f

48,036

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

b,f

32,667

Corebridge

Financial,

Inc.

40,000

3.850%, 

4/5/2029

f

39,964

20,000

3.900%, 

4/5/2032

f

19,970

Corporate

Office

Properties,

LP

91,000

2.250%, 

3/15/2026

86,704

Credit

Acceptance

Corporation

70,000

5.125%, 

12/31/2024

f

70,251

Credit

Agricole

SA

54,000

6.875%, 

9/23/2024

b,f,i

56,025

45,000

3.250%, 

1/14/2030

f

42,681

Credit

Suisse

Group

AG

49,000

6.500%, 

8/8/2023

f

50,225

22,000

7.500%, 

12/11/2023

b,f,i

22,742

34,000

2.593%, 

9/11/2025

b,f

32,844

32,000

7.250%, 

9/12/2025

b,f,i

32,360

46,000

3.869%, 

1/12/2029

b,f

44,888

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

132,000

3.800%, 

9/15/2022

133,360

Dai-ichi

Life

Insurance

Company,

Ltd.

148,000

5.100%, 

10/28/2024

b,f,h,i

152,606

Deutsche

Bank

AG

152,000

2.129%, 

11/24/2026

b

140,903

64,000

2.311%, 

11/16/2027

b

58,651

62,000

3.742%, 

1/7/2033

b

54,796

Discover

Bank

90,000

4.682%, 

8/9/2028

b

91,265

Drawbridge

Special

Opportunities

Fund,

LP

100,000

3.875%, 

2/15/2026

f

96,786

EPR

Properties

66,000

3.600%, 

11/15/2031

59,836

Fidelity

National

Financial,

Inc.

57,000

5.500%, 

9/1/2022

57,815

Fifth

Third

Bancorp

84,000

4.500%, 

9/30/2025

b,i

82,530

Fifth

Third

Bank

NA

46,000

3.850%, 

3/15/2026

46,699

First

Horizon

Bank

67,000

5.750%, 

5/1/2030

75,748

First

Horizon

National

Corporation

41,000

3.550%, 

5/26/2023

41,240

First-Citizens

Bank

&

Trust

Company

89,000

6.125%, 

3/9/2028

98,455

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

FNB

Corporation

$

64,000

2.200%, 

2/24/2023

$

63,618

Fortress

Transportation

and

Infrastructure

Investors,

LLC

50,000

6.500%, 

10/1/2025

f

49,625

24,000

9.750%, 

8/1/2027

f

25,074

30,000

5.500%, 

5/1/2028

f

27,274

FS

KKR

Capital

Corporation

45,000

3.400%, 

1/15/2026

43,568

45,000

2.625%, 

1/15/2027

41,210

FTI

Consulting,

Inc.,

Convertible

146,000

2.000%, 

8/15/2023

231,835

Genworth

Mortgage

Holdings,

Inc.

37,000

6.500%, 

8/15/2025

f

38,171

Global

Net

Lease,

Inc.

95,000

3.750%, 

12/15/2027

f

87,398

Goldman

Sachs

Group,

Inc.

67,000

0.627%, 

11/17/2023

b

66,148

139,000

3.625%, 

2/20/2024

140,769

206,000

5.500%, 

8/10/2024

b,h,i

210,182

43,000

4.400%, 

2/10/2025

b,i

40,850

31,000

3.500%, 

4/1/2025

31,231

52,000

4.250%, 

10/21/2025

53,261

51,000

0.855%, 

2/12/2026

b

47,513

33,000

3.650%, 

8/10/2026

b,i

30,195

57,000

4.125%, 

11/10/2026

b,i

53,452

60,000

1.948%, 

10/21/2027

b

55,761

42,000

2.640%, 

2/24/2028

b

40,157

90,000

3.814%, 

4/23/2029

b

90,653

44,000

3.800%, 

3/15/2030

44,292

44,000

2.615%, 

4/22/2032

b

39,990

45,000

2.383%, 

7/21/2032

b

39,857

Hartford

Financial

Services

Group,

Inc.

45,000

2.800%, 

8/19/2029

42,802

66,000

2.631%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,f

58,278

HSBC

Holdings

plc

65,000

3.803%, 

3/11/2025

b

65,306

20,000

6.375%, 

3/30/2025

b,i

20,693

39,000

2.633%, 

11/7/2025

b

38,041

41,000

1.645%, 

4/18/2026

b

38,579

41,000

1.589%, 

5/24/2027

b

37,422

64,000

2.251%, 

11/22/2027

b

59,631

91,000

6.500%, 

3/23/2028

b,i

92,592

126,000

4.583%, 

6/19/2029

b

129,642

112,000

4.600%, 

12/17/2030

b,i

99,960

53,000

2.804%, 

5/24/2032

b

48,158

43,000

6.500%, 

9/15/2037

52,359

HUB

International,

Ltd.

26,000

7.000%, 

5/1/2026

f

26,300

45,000

5.625%, 

12/1/2029

f

42,975

Huntington

Bancshares,

Inc.

126,000

4.450%, 

10/15/2027

b,i

124,740

Icahn

Enterprises,

LP

71,000

4.750%, 

9/15/2024

71,323

70,000

6.375%, 

12/15/2025

70,525

60,000

6.250%, 

5/15/2026

61,200

25,000

5.250%, 

5/15/2027

24,536

ING

Groep

NV

90,000

1.726%, 

4/1/2027

b

83,011

Invitation

Homes

Operating

Partnership,

LP

68,000

2.000%, 

8/15/2031

58,070

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Iron

Mountain,

Inc.

$

80,000

4.875%, 

9/15/2027

f

$

79,100

iStar,

Inc.

85,000

4.250%, 

8/1/2025

83,619

iStar,

Inc.,

Convertible

112,000

3.125%, 

9/15/2022

190,176

J.P.

Morgan

Chase

&

Company

84,000

6.000%, 

8/1/2023

b,i

85,050

84,000

6.750%, 

2/1/2024

b,i

87,659

24,000

1.514%, 

6/1/2024

b

23,675

131,000

5.000%, 

8/1/2024

b,i

130,564

70,000

3.875%, 

9/10/2024

71,502

145,000

4.023%, 

12/5/2024

b

147,321

158,000

4.600%, 

2/1/2025

b,i

152,272

31,000

2.083%, 

4/22/2026

b

29,915

40,000

3.650%, 

6/1/2026

b,i

37,400

190,000

1.045%, 

11/19/2026

b

175,422

90,000

1.578%, 

4/22/2027

b

83,824

81,000

2.947%, 

2/24/2028

b

79,046

134,000

4.005%, 

4/23/2029

b

137,002

45,000

2.069%, 

6/1/2029

b

41,470

179,000

4.493%, 

3/24/2031

b

189,729

42,000

2.963%, 

1/25/2033

b

39,596

Jefferies

Finance,

LLC

75,000

5.000%, 

8/15/2028

f

71,811

KeyBank

NA

67,000

3.900%, 

4/13/2029

68,006

Kilroy

Realty,

LP

90,000

4.375%, 

10/1/2025

92,398

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

46,000

6.125%, 

5/15/2023

47,610

Life

Storage,

LP

44,000

2.400%, 

10/15/2031

38,776

Lincoln

National

Corporation

50,000

2.826%, 

(LIBOR

3M

+

2.358%),

5/17/2022

b

41,265

45,000

3.800%, 

3/1/2028

45,507

Lloyds

Banking

Group

plc

65,000

3.900%, 

3/12/2024

65,993

90,000

1.627%, 

5/11/2027

b

82,526

98,000

3.369%, 

12/14/2046

b

81,990

LPL

Holdings,

Inc.

60,000

4.000%, 

3/15/2029

f

56,939

M&T

Bank

Corporation

58,000

3.500%, 

9/1/2026

b,i

52,126

Macquarie

Group,

Ltd.

89,000

1.629%, 

9/23/2027

b,f

80,322

Marsh

&

McLennan

Companies,

Inc.

40,000

2.375%, 

12/15/2031

36,624

MetLife,

Inc.

84,000

3.850%, 

9/15/2025

b,i

82,841

164,000

5.875%, 

3/15/2028

b,i

164,182

MGM

Growth

Properties

Operating

Partnership,

LP

90,000

4.625%, 

6/15/2025

f

90,675

87,000

5.750%, 

2/1/2027

91,894

Mid-America

Apartments,

LP

90,000

4.200%, 

6/15/2028

92,924

Mitsubishi

UFJ

Financial

Group,

Inc.

83,000

3.455%, 

3/2/2023

83,868

35,000

3.407%, 

3/7/2024

35,358

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

$

41,000

1.412%, 

7/17/2025

$

38,411

91,000

1.538%, 

7/20/2027

b

83,526

67,000

3.741%, 

3/7/2029

67,619

Mizuho

Financial

Group,

Inc.

66,000

1.554%, 

7/9/2027

b

60,580

93,000

2.564%, 

9/13/2031

81,282

Morgan

Stanley

84,000

3.125%, 

1/23/2023

84,814

66,000

4.100%, 

5/22/2023

67,183

34,000

0.560%, 

11/10/2023

b

33,605

34,000

2.720%, 

7/22/2025

b

33,659

88,000

1.164%, 

10/21/2025

b

83,595

24,000

5.000%, 

11/24/2025

25,299

69,000

2.188%, 

4/28/2026

b

66,652

39,000

0.985%, 

12/10/2026

b

35,767

90,000

1.593%, 

5/4/2027

b

83,617

93,000

1.512%, 

7/20/2027

b

85,486

134,000

3.622%, 

4/1/2031

b

133,303

42,000

2.943%, 

1/21/2033

b

39,385

MPT

Operating

Partnership,

LP

50,000

5.250%, 

8/1/2026

51,172

30,000

4.625%, 

8/1/2029

29,700

National

Retail

Properties,

Inc.

45,000

2.500%, 

4/15/2030

41,389

Nationstar

Mortgage

Holdings,

Inc.

49,000

6.000%, 

1/15/2027

f

49,862

NatWest

Group

plc

35,000

6.125%, 

12/15/2022

35,837

35,000

6.100%, 

6/10/2023

36,105

65,000

4.269%, 

3/22/2025

b

65,754

45,000

4.892%, 

5/18/2029

b

46,776

67,000

3.754%, 

11/1/2029

b

66,469

62,000

4.600%, 

6/28/2031

b,i

54,560

Navient

Corporation

45,000

5.500%, 

1/25/2023

45,562

20,000

6.750%, 

6/25/2025

20,546

20,000

5.000%, 

3/15/2027

19,050

Nippon

Life

Insurance

Company

168,000

5.100%, 

10/16/2044

b,f

172,830

129,000

3.400%, 

1/23/2050

b,f

122,227

Nomura

Holdings,

Inc.

67,000

2.172%, 

7/14/2028

60,126

Omega

Healthcare

Investors,

Inc.

46,000

4.750%, 

1/15/2028

46,782

45,000

3.375%, 

2/1/2031

41,224

OneMain

Finance

Corporation

64,000

6.875%, 

3/15/2025

67,297

100,000

7.125%, 

3/15/2026

106,889

35,000

3.500%, 

1/15/2027

32,375

Owl

Rock

Capital

Corporation

45,000

4.250%, 

1/15/2026

43,854

OWL

Rock

Core

Income

Corporation

62,000

4.700%, 

2/8/2027

f

59,630

Owl

Rock

Technology

Finance

Corporation

22,000

4.750%, 

12/15/2025

f

21,714

67,000

3.750%, 

6/17/2026

f

64,047

Park

Intermediate

Holdings,

LLC

25,000

4.875%, 

5/15/2029

f

23,436

PayPal

Holdings,

Inc.

45,000

2.850%, 

10/1/2029

44,050

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Pebblebrook

Hotel

Trust,

Convertible

$

119,000

1.750%, 

12/15/2026

$

136,433

PennyMac

Financial

Services,

Inc.

60,000

4.250%, 

2/15/2029

f

51,480

Pine

Street

Trust

I

45,000

4.572%, 

2/15/2029

f

46,813

Playtika

Holding

Corporation

61,000

4.250%, 

3/15/2029

f

56,272

PNC

Bank

NA

45,000

2.700%, 

10/22/2029

43,206

PNC

Financial

Services

Group,

Inc.

60,000

3.400%, 

9/15/2026

b,i

54,030

PRA

Group,

Inc.

36,000

7.375%, 

9/1/2025

f

37,516

Preferred

Term

Securities

XXIII,

Ltd.

33,820

1.026%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,f

28,740

Principal

Life

Global

Funding

II

68,000

1.250%, 

8/16/2026

f

62,186

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

49,245

Prudential

Financial,

Inc.

42,000

5.125%, 

3/1/2052

b

42,458

75,000

5.625%, 

6/15/2043

b

75,469

201,000

5.200%, 

3/15/2044

b

200,504

42,000

3.700%, 

10/1/2050

b

38,489

Radian

Group,

Inc.

45,000

4.875%, 

3/15/2027

45,225

Realty

Income

Corporation

45,000

4.875%, 

6/1/2026

47,470

50,000

3.950%, 

8/15/2027

51,363

Regions

Financial

Corporation

84,000

5.750%, 

6/15/2025

b,i

87,465

Reinsurance

Group

of

America,

Inc.

64,000

4.700%, 

9/15/2023

65,499

Rocket

Mortgage

Co-Issuer,

Inc.

60,000

3.625%, 

3/1/2029

f

54,831

Royal

Bank

of

Canada

78,000

0.750%, 

10/7/2024

73,990

Santander

Holdings

USA,

Inc.

90,000

3.450%, 

6/2/2025

89,349

41,000

2.490%, 

1/6/2028

b

38,253

Santander

UK

Group

Holdings

plc

92,000

1.673%, 

6/14/2027

b

83,704

67,000

3.823%, 

11/3/2028

b

65,882

Service

Properties

Trust

55,000

4.650%, 

3/15/2024

52,940

20,000

4.750%, 

10/1/2026

18,300

25,000

4.950%, 

2/15/2027

23,102

50,000

5.500%, 

12/15/2027

48,225

Simon

Property

Group,

LP

56,000

2.000%, 

9/13/2024

54,965

73,000

2.650%, 

7/15/2030

68,844

Societe

Generale

SA

39,000

2.625%, 

10/16/2024

f

37,923

84,000

8.000%, 

9/29/2025

b,f,i

90,733

41,000

1.488%, 

12/14/2026

b,f

37,065

Spirit

Realty,

LP

100,000

2.100%, 

3/15/2028

90,537

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Standard

Chartered

plc

$

52,000

1.319%, 

10/14/2023

b,f

$

51,510

41,000

0.991%, 

1/12/2025

b,f

39,167

40,000

6.000%, 

7/26/2025

b,f,i

41,250

63,000

2.608%, 

1/12/2028

b,f

58,899

Starwood

Property

Trust,

Inc.,

Convertible

90,000

4.375%, 

4/1/2023

91,913

Sumitomo

Life

Insurance

Company

175,000

3.375%, 

4/15/2081

b,f

168,210

Sumitomo

Mitsui

Financial

Group,

Inc.

43,000

2.784%, 

7/12/2022

43,176

42,000

2.778%, 

10/18/2022

42,246

39,000

2.448%, 

9/27/2024

38,311

63,000

2.174%, 

1/14/2027

59,540

67,000

3.544%, 

1/17/2028

66,472

67,000

2.142%, 

9/23/2030

58,743

Sumitomo

Mitsui

Trust

Bank,

Ltd.

35,000

1.050%, 

9/12/2025

f

32,436

Summit

Hotel

Properties,

Inc.,

Convertible

79,000

1.500%, 

2/15/2026

82,634

SVB

Financial

Group

92,000

4.000%, 

5/15/2026

b,i

85,100

82,000

4.250%, 

11/15/2026

b,i

75,850

Synchrony

Financial

38,000

4.250%, 

8/15/2024

38,530

90,000

3.700%, 

8/4/2026

89,472

Truist

Bank

42,000

2.250%, 

3/11/2030

38,497

Truist

Financial

Corporation

89,000

4.950%, 

9/1/2025

b,i

91,136

37,000

1.887%, 

6/7/2029

b

33,630

UBS

Group

AG

97,000

1.364%, 

1/30/2027

b,f

89,114

UDR,

Inc.

89,000

3.000%, 

8/15/2031

84,460

United

Wholesale

Mortgage,

LLC

70,000

5.500%, 

4/15/2029

f

62,371

USB

Realty

Corporation

184,000

1.386%, 

(LIBOR

3M

+

1.147%),

1/15/2027

b,f,i

153,180

Ventas

Realty,

LP

35,000

3.750%, 

5/1/2024

35,386

VICI

Properties,

LP

50,000

4.250%, 

12/1/2026

f

49,790

30,000

3.750%, 

2/15/2027

f

29,175

25,000

4.625%, 

12/1/2029

f

24,938

Wells

Fargo

&

Company

70,000

4.125%, 

8/15/2023

71,559

26,000

1.654%, 

6/2/2024

b

25,688

106,000

2.406%, 

10/30/2025

b

103,767

116,000

3.900%, 

3/15/2026

b,i

111,192

119,000

2.188%, 

4/30/2026

b

114,793

50,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

48,513

41,000

3.526%, 

3/24/2028

b

40,918

89,000

3.584%, 

5/22/2028

b

88,855

90,000

4.478%, 

4/4/2031

b

95,301

Welltower,

Inc.

45,000

2.050%, 

1/15/2029

40,950

50,000

2.800%, 

6/1/2031

46,597

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Financials

(4.7%)

-

continued

Westpac

Banking

Corporation

$

67,000

4.110%, 

7/24/2034

b

$

66,040

Willis

North

America,

Inc.

90,000

4.500%, 

9/15/2028

92,478

Total

22,767,443

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

42,000

2.150%, 

5/13/2025

f

40,650

Total

40,650

Mortgage-Backed

Securities

(13.4%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,225,000

2.000%, 

4/1/2037

e

1,189,734

6,975,000

2.000%, 

5/1/2037

e

6,759,075

6,800,000

2.500%, 

5/1/2037

e

6,701,512

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,990,793

2.000%, 

3/1/2051

2,784,398

7,175,000

2.000%, 

4/1/2052

e

6,660,138

1,525,000

2.500%, 

4/1/2052

e

1,454,945

2,300,000

2.000%, 

5/1/2052

e

2,130,749

13,975,000

2.500%, 

5/1/2052

e

13,305,385

14,225,000

3.000%, 

5/1/2049

e

13,881,286

9,600,000

3.500%, 

5/1/2049

e

9,583,390

Total

64,450,612

Technology

(1.1%)

Akamai

Technologies,

Inc.,

Convertible

74,000

0.125%, 

5/1/2025

97,236

233,000

0.375%, 

9/1/2027

267,834

Analog

Devices,

Inc.

22,000

2.100%, 

10/1/2031

20,289

Apple,

Inc.

114,000

2.200%, 

9/11/2029

108,649

83,000

1.650%, 

2/8/2031

74,695

Baidu,

Inc.

39,000

3.075%, 

4/7/2025

38,372

Black

Knight

InfoServ,

LLC

82,000

3.625%, 

9/1/2028

f

77,711

Block,

Inc.,

Convertible

15,000

0.500%, 

5/15/2023

27,188

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

90,000

3.125%, 

1/15/2025

89,508

67,000

3.875%, 

1/15/2027

67,448

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

c,e,f

40,980

90,000

5.000%, 

4/15/2030

95,669

CommScope

Technologies

Finance,

LLC

70,000

6.000%, 

6/15/2025

f

66,298

CommScope,

Inc.

50,000

7.125%, 

7/1/2028

f,h

45,169

Dell

International,

LLC

26,000

5.450%, 

6/15/2023

26,784

67,000

5.850%, 

7/15/2025

71,511

29,000

5.300%, 

10/1/2029

31,588

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Technology

(1.1%)

-

continued

Fiserv,

Inc.

$

72,000

2.750%, 

7/1/2024

$

71,778

89,000

4.200%, 

10/1/2028

91,742

Gartner,

Inc.

45,000

3.625%, 

6/15/2029

f

42,188

75,000

3.750%, 

10/1/2030

f

70,406

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

16,634

45,000

3.200%, 

8/15/2029

42,751

Hewlett

Packard

Enterprise

Company

33,000

2.250%, 

4/1/2023

32,969

InterDigital,

Inc.,

Convertible

43,000

2.000%, 

6/1/2024

44,021

Intuit,

Inc.

35,000

0.950%, 

7/15/2025

32,802

Iron

Mountain,

Inc.

120,000

5.000%, 

7/15/2028

f

116,984

66,000

4.500%, 

2/15/2031

f

60,952

Jabil,

Inc.

45,000

1.700%, 

4/15/2026

41,658

Lumentum

Holdings,

Inc.,

Convertible

162,000

0.250%, 

3/15/2024

267,705

Marvell

Technology,

Inc.

41,000

4.200%, 

6/22/2023

41,659

44,000

2.950%, 

4/15/2031

40,671

Microchip

Technology,

Inc.,

Convertible

73,000

1.625%, 

2/15/2027

156,539

Micron

Technology,

Inc.

86,000

4.975%, 

2/6/2026

90,074

Minerva

Merger

Sub,

Inc.

68,000

6.500%, 

2/15/2030

f

65,969

MSCI,

Inc.

65,000

4.000%, 

11/15/2029

f

63,127

NCR

Corporation

152,000

6.125%, 

9/1/2029

f

152,380

Nielsen

Finance,

LLC

10,000

4.500%, 

7/15/2029

f

9,975

NortonLifeLock,

Inc.,

Convertible

176,000

2.000%, 

8/15/2022

231,880

NVIDIA

Corporation

22,000

2.850%, 

4/1/2030

21,645

NXP

BV/NXP

Funding,

LLC

48,000

4.875%, 

3/1/2024

f

49,322

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

17,000

2.700%, 

5/1/2025

f

16,477

45,000

4.300%, 

6/18/2029

f

46,453

Open

Text

Corporation

80,000

4.125%, 

2/15/2030

f

75,856

Oracle

Corporation

112,000

2.500%, 

4/1/2025

109,391

112,000

2.950%, 

4/1/2030

103,327

Panasonic

Corporation

53,000

2.536%, 

7/19/2022

f

53,071

Progress

Software

Corporation,

Convertible

22,000

1.000%, 

4/15/2026

f

21,868

PTC,

Inc.

40,000

3.625%, 

2/15/2025

f

39,550

35,000

4.000%, 

2/15/2028

f

34,099

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Technology

(1.1%)

-

continued

Qorvo,

Inc.

$

127,000

3.375%, 

4/1/2031

f

$

115,487

Rackspace

Technology

Global,

Inc.

75,000

5.375%, 

12/1/2028

f

65,074

Sabre

GLBL,

Inc.,

Convertible

16,000

4.000%, 

4/15/2025

26,248

Salesforce.com,

Inc.

45,000

1.950%, 

7/15/2031

41,168

Seagate

HDD

Cayman

116,000

3.125%, 

7/15/2029

104,110

90,000

3.375%, 

7/15/2031

80,020

Sensata

Technologies,

Inc.

110,000

3.750%, 

2/15/2031

f

101,750

Shift4

Payments,

LLC

20,000

4.625%, 

11/1/2026

f

19,450

SS&C

Technologies,

Inc.

155,000

5.500%, 

9/30/2027

f

156,165

Switch,

Ltd.

70,000

3.750%, 

9/15/2028

f

67,882

Tencent

Holdings,

Ltd.

53,000

2.880%, 

4/22/2031

f,h

48,410

Teradyne,

Inc.,

Convertible

16,000

1.250%, 

12/15/2023

59,449

Verint

Systems,

Inc.,

Convertible

63,000

0.250%, 

4/15/2026

f

65,695

Viavi

Solutions,

Inc.

55,000

3.750%, 

10/1/2029

f

51,613

Viavi

Solutions,

Inc.,

Convertible

23,000

1.000%, 

3/1/2024

29,828

Vishay

Intertechnology,

Inc.,

Convertible

130,000

2.250%, 

6/15/2025

129,519

VMware,

Inc.

91,000

1.400%, 

8/15/2026

83,543

56,000

2.200%, 

8/15/2031

49,304

Ziff

Davis,

Inc.,

Convertible

243,000

1.750%, 

11/1/2026

f

273,983

Total

5,171,550

Transportation

(0.6%)

AerCap

Holdings

NV

34,000

5.875%, 

10/10/2079

b

32,640

Air

Canada

15,000

3.875%, 

8/15/2026

f

14,156

Air

Canada

Pass

Through

Trust

12,721

3.875%, 

3/15/2023

f

12,578

Air

Lease

Corporation

32,000

2.300%, 

2/1/2025

30,780

24,000

3.375%, 

7/1/2025

23,654

45,000

3.125%, 

12/1/2030

41,603

Air

Transport

Services

Group,

Inc.,

Convertible

79,000

1.125%, 

10/15/2024

93,619

American

Airlines,

Inc.

100,000

11.750%, 

7/15/2025

f

116,749

161,000

5.500%, 

4/20/2026

f

162,208

Aon

Corporation/Aon

Global

Holdings

plc

42,000

2.600%, 

12/2/2031

38,680

Avis

Budget

Car

Rental,

LLC

60,000

5.375%, 

3/1/2029

f,h

59,113

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Transportation

(0.6%)

-

continued

Canadian

Pacific

Railway

Company

$

83,000

1.750%, 

12/2/2026

$

78,184

41,000

2.450%, 

12/2/2031

38,079

CSX

Corporation

45,000

4.250%, 

3/15/2029

47,721

Delta

Air

Lines,

Inc.

29,000

7.000%, 

5/1/2025

f

31,062

95,882

4.500%, 

10/20/2025

f

96,439

12,000

7.375%, 

1/15/2026

13,032

82,000

4.375%, 

4/19/2028

78,644

Greenbrier

Companies,

Inc.,

Convertible

68,000

2.875%, 

4/15/2028

f

78,518

Hawaiian

Brand

Intellectual

Property,

Ltd.

13,000

5.750%, 

1/20/2026

f

13,008

Hertz

Corporation

45,000

4.625%, 

12/1/2026

f

42,022

54,000

5.000%, 

12/1/2029

f

48,870

J.B.

Hunt

Transport

Services,

Inc.

40,000

3.300%, 

8/15/2022

40,152

JetBlue

Airways

Corporation,

Convertible

167,000

0.500%, 

4/1/2026

f

155,383

Meritor,

Inc.,

Convertible

174,000

3.250%, 

10/15/2037

190,634

Mileage

Plus

Holdings,

LLC

118,000

6.500%, 

6/20/2027

f

123,015

NCL

Corporation,

Ltd.

90,000

3.625%, 

12/15/2024

f

84,825

Penske

Truck

Leasing

Company,

LP

35,000

1.200%, 

11/15/2025

f

32,123

47,000

1.700%, 

6/15/2026

f

43,610

Ryder

System,

Inc.

37,000

2.850%, 

3/1/2027

35,878

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

44,900

45,000

2.625%, 

2/10/2030

41,044

Southwest

Airlines

Company,

Convertible

233,000

1.250%, 

5/1/2025

316,181

Union

Pacific

Corporation

51,000

3.750%, 

7/15/2025

52,263

45,000

2.150%, 

2/5/2027

43,226

United

Airlines

Pass

Through

Trust

65,000

3.700%, 

12/1/2022

65,423

United

Airlines,

Inc.

88,000

4.375%, 

4/15/2026

f

86,563

46,000

4.625%, 

4/15/2029

f

43,744

VistaJet

Malta

Finance

plc

60,000

6.375%, 

2/1/2030

f

56,452

Total

2,646,775

U.S.

Government

&

Agencies

(2.5%)

U.S.

Treasury

Bonds

715,000

1.375%, 

11/15/2031

656,012

U.S.

Treasury

Notes

2,190,000

0.125%, 

2/28/2023

2,160,572

1,510,000

0.125%, 

4/30/2023

1,483,339

2,830,000

0.125%, 

2/15/2024

2,717,574

1,550,000

0.500%, 

3/31/2025

1,460,209

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

U.S.

Government

&

Agencies

(2.5%)

-

continued

$

1,620,000

0.500%, 

2/28/2026

$

1,497,741

870,000

0.500%, 

4/30/2027

789,117

1,550,000

1.125%, 

2/29/2028

1,437,262

Total

12,201,826

Utilities

(0.7%)

AES

Corporation

72,000

3.950%, 

7/15/2030

f

71,327

Algonquin

Power

&

Utilities

Corporation

50,000

4.750%, 

1/18/2082

b

46,620

Ameren

Corporation

45,000

1.750%, 

3/15/2028

41,141

American

Electric

Power

Company,

Inc.

63,000

2.031%, 

3/15/2024

61,909

44,000

2.300%, 

3/1/2030

40,084

Berkshire

Hathaway

Energy

Company

51,000

4.050%, 

4/15/2025

52,571

Calpine

Corporation

105,000

4.500%, 

2/15/2028

f

102,425

CenterPoint

Energy,

Inc.

34,000

2.500%, 

9/1/2024

33,413

56,000

1.450%, 

6/1/2026

51,901

67,000

2.650%, 

6/1/2031

61,802

Dominion

Energy,

Inc.

35,000

3.071%, 

8/15/2024

34,928

135,000

4.650%, 

12/15/2024

b,i

133,650

45,000

3.375%, 

4/1/2030

44,393

Duke

Energy

Corporation

56,000

3.250%, 

1/15/2082

b

49,636

22,000

4.875%, 

9/16/2024

b,i

22,234

90,000

3.150%, 

8/15/2027

89,018

44,000

2.450%, 

6/1/2030

40,540

Edison

International

54,000

4.950%, 

4/15/2025

55,247

55,000

5.000%, 

12/15/2026

b,i

51,617

Enel

Finance

International

NV

93,000

1.375%, 

7/12/2026

f

85,364

Energy

Transfer,

LP

52,000

6.500%, 

11/15/2026

b,i

51,106

Entergy

Corporation

34,000

0.900%, 

9/15/2025

31,179

45,000

1.900%, 

6/15/2028

40,690

Evergy,

Inc.

34,000

2.450%, 

9/15/2024

33,360

Exelon

Corporation

45,000

4.050%, 

4/15/2030

46,451

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

f

95,861

FirstEnergy

Corporation

66,000

3.350%, 

7/15/2022

65,917

Georgia

Power

Company

32,000

2.100%, 

7/30/2023

31,812

Jersey

Central

Power

&

Light

Company

22,000

2.750%, 

3/1/2032

f

20,486

NextEra

Energy

Capital

Holdings,

Inc.

41,000

3.800%, 

3/15/2082

b

37,757

45,000

2.250%, 

6/1/2030

41,191

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income

(35.3%)

Value

Utilities

(0.7%)

-

continued

NextEra

Energy

Operating

Partners,

LP

$

100,000

3.875%, 

10/15/2026

f

$

98,875

NextEra

Energy

Partners,

LP,

Convertible

239,000

Zero

Coupon, 

11/15/2025

f

270,396

NiSource,

Inc.

43,000

5.650%, 

6/15/2023

b,i

42,140

45,000

2.950%, 

9/1/2029

42,883

NRG

Energy,

Inc.

34,000

2.000%, 

12/2/2025

f

31,970

100,000

3.375%, 

2/15/2029

f

88,891

35,000

5.250%, 

6/15/2029

f

34,203

NRG

Energy,

Inc.,

Convertible

118,000

2.750%, 

6/1/2048

129,327

PG&E

Corporation

65,000

5.000%, 

7/1/2028

62,829

Public

Service

Enterprise

Group,

Inc.

45,000

1.600%, 

8/15/2030

38,488

Sempra

Energy

84,000

4.875%, 

10/15/2025

b,i

84,420

56,000

3.400%, 

2/1/2028

55,813

Southern

Company

119,000

4.000%, 

1/15/2051

b

115,132

109,000

3.750%, 

9/15/2051

b

100,503

Suburban

Propane

Partners,

LP

90,000

5.875%, 

3/1/2027

91,237

TerraForm

Power

Operating,

LLC

100,000

5.000%, 

1/31/2028

f

99,575

TransCanada

Trust

175,000

5.875%, 

8/15/2076

b

176,886

Vistra

Operations

Company,

LLC

90,000

5.000%, 

7/31/2027

f

88,543

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

45,673

Total

3,363,414

Total

Long-Term

Fixed

Income

(cost

$172,942,492)

169,437,886

Shares

Common

Stock

(

33.8%

)

Value

Communications

Services

(2.4%)

341

Alphabet,

Inc.,

Class

A

l

948,440

1,490

Alphabet,

Inc.,

Class

C

l

4,161,555

43,010

AT&T,

Inc.

1,016,326

375

Charter

Communications,

Inc.

l

204,570

27,124

Comcast

Corporation

1,269,946

10,880

Discovery,

Inc.,

Class

A

h,l

271,130

7,183

DISH

Network

Corporation

l

227,342

1,921

Electronic

Arts,

Inc.

243,026

5,636

Live

Nation

Entertainment,

Inc.

l

663,019

1,305

Match

Group,

Inc.

l

141,906

958

Meta

Platforms,

Inc.

l

213,021

466

Paramount

Global

17,619

17,728

QuinStreet,

Inc.

l

205,645

181

RingCentral,

Inc.

l

21,215

19,245

Twitter,

Inc.

l

744,589

19,768

Verizon

Communications,

Inc.

1,006,982

944

Walt

Disney

Company

l

129,479

Shares

Common

Stock

(33.8%)

Value

Communications

Services

(2.4%)

-

continued

316

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,l

$

5,214

Total

11,491,024

Consumer

Discretionary

(3.9%)

1,235

Amazon.com,

Inc.

l

4,026,038

8,145

Aptiv

plc

l

975,038

213

AutoZone,

Inc.

l

435,496

801

Bloomin'

Brands,

Inc.

17,574

140

Booking

Holdings,

Inc.

l

328,783

3,146

Caesars

Entertainment,

Inc.

l

243,375

1,547

Carvana

Company

l

184,542

5,937

Cedar

Fair,

LP

l

325,348

588

Chipotle

Mexican

Grill,

Inc.

l

930,234

3,236

Cimpress

plc

l

205,777

10,965

Clarus

Corporation

249,783

20,063

Cooper-Standard

Holdings,

Inc.

l

175,952

3,288

D.R.

Horton,

Inc.

244,989

776

Emerald

Holding,

Inc.

l

2,638

18,482

Everi

Holdings,

Inc.

l

388,122

2,651

Expedia

Group,

Inc.

l

518,721

11,774

Ford

Motor

Company

199,098

6,694

General

Motors

Company

l

292,796

1,829

Grand

Canyon

Education,

Inc.

l

177,614

7,325

Harley-Davidson,

Inc.

288,605

1,976

Home

Depot,

Inc.

591,476

7,947

Leggett

&

Platt,

Inc.

276,556

9,232

Libbey,

Inc.

l

109,242

4,235

Lowe's

Companies,

Inc.

856,275

1,293

Lululemon

Athletica,

Inc.

l

472,242

7,744

Macy's,

Inc.

188,644

1,414

McDonald's

Corporation

349,654

5,699

Miller

Industries,

Inc.

160,484

911

Mohawk

Industries,

Inc.

l

113,146

1,918

NIKE,

Inc.

258,086

126

NVR,

Inc.

l

562,876

2,948

Penn

National

Gaming,

Inc.

l

125,054

675

RH

l

220,111

3,315

Ross

Stores,

Inc.

299,875

793

Six

Flags

Entertainment

Corporation

l

34,495

3,345

Sleep

Number

Corporation

l

169,625

4,940

Sony

Group

Corporation

ADR

507,387

7,681

Stoneridge,

Inc.

l

159,458

1,240

Target

Corporation

263,153

2,286

Tesla,

Inc.

l

2,463,394

15,513

ThredUp,

Inc.

l

119,450

1,022

Under

Armour,

Inc.,

Class

C

l

15,902

426

Vail

Resorts,

Inc.

110,875

5,512

Zumiez,

Inc.

l

210,613

Total

18,848,596

Consumer

Staples

(1.4%)

4,606

BJ's

Wholesale

Club

Holdings,

Inc.

l

311,412

155

Coca-Cola

Company

9,610

2,349

Colgate-Palmolive

Company

178,125

1,190

Costco

Wholesale

Corporation

685,261

259

Estee

Lauder

Companies,

Inc.

70,531

9,214

Hain

Celestial

Group,

Inc.

l

316,961

2,104

John

B.

Sanfilippo

&

Son,

Inc.

175,558

1,377

Kimberly-Clark

Corporation

169,591

13,016

Lamb

Weston

Holdings,

Inc.

779,788

4,231

Monster

Beverage

Corporation

l

338,057

118

PepsiCo,

Inc.

19,751

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Shares

Common

Stock

(33.8%)

Value

Consumer

Staples

(1.4%)

-

continued

8,900

Philip

Morris

International,

Inc.

$

836,066

23,023

Primo

Water

Corporation

328,078

2,217

Procter

&

Gamble

Company

338,758

4,118

Sysco

Corporation

336,235

7,256

Turning

Point

Brands,

Inc.

246,776

11,405

Walmart,

Inc.

1,698,433

Total

6,838,991

Energy

(1.5%)

11,515

BP

plc

ADR

338,541

601

CNX

Resources

Corporation

l

12,453

6,898

ConocoPhillips

689,800

25,539

Devon

Energy

Corporation

1,510,121

20,336

Enterprise

Products

Partners,

LP

524,872

2,374

EOG

Resources,

Inc.

283,052

2,646

EQT

Corporation

91,049

11,052

Exxon

Mobil

Corporation

912,785

11,596

Halliburton

Company

439,141

6,828

Helmerich

&

Payne,

Inc.

292,102

4,044

Marathon

Petroleum

Corporation

345,762

3,578

Pioneer

Natural

Resources

Company

894,607

9,485

Schlumberger,

Ltd.

391,825

3,069

Valero

Energy

Corporation

311,626

Total

7,037,736

Financials

(5.0%)

10,154

Air

Lease

Corporation

453,376

10,956

Ally

Financial,

Inc.

476,367

4,904

American

Express

Company

917,048

12,671

Arch

Capital

Group,

Ltd.

l

613,530

1,556

Ares

Capital

Corporation

32,598

5,211

Assured

Guaranty,

Ltd.

331,732

24,462

Bank

of

America

Corporation

1,008,324

133

Bank

of

Marin

Bancorp

4,664

6,231

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

223,568

1,555

Berkshire

Hathaway,

Inc.

l

548,775

1,800

BlackRock

TCP

Capital

Corporation

25,740

711

BlackRock,

Inc.

543,325

2,721

Blackstone

Mortgage

Trust,

Inc.

86,501

14,400

Bridgewater

Bancshares,

Inc.

l

240,192

373

Brighthouse

Financial,

Inc.

l

19,269

11,698

Byline

Bancorp,

Inc.

312,103

2,565

Capital

One

Financial

Corporation

336,759

773

Central

Pacific

Financial

Corporation

21,567

17,261

Charles

Schwab

Corporation

1,455,275

3,335

Chubb,

Ltd.

713,357

9,920

Citigroup,

Inc.

529,728

1,097

Coinbase

Global,

Inc.

l

208,276

13,090

Columbia

Banking

System,

Inc.

422,414

4,709

Comerica,

Inc.

425,835

815

Community

Trust

Bancorp,

Inc.

33,578

229

Customers

Bancorp,

Inc.

l

11,940

2,263

Discover

Financial

Services

249,360

1,154

East

West

Bancorp,

Inc.

91,189

1,448

Ellington

Residential

Mortgage

REIT

14,610

6,395

Enterprise

Financial

Services

Corporation

302,547

21,484

Equitable

Holdings,

Inc.

664,070

253

FactSet

Research

Systems,

Inc.

109,840

235

Financial

Institutions,

Inc.

7,081

184

First

Mid-Illinois

Bancshares,

Inc.

7,082

Shares

Common

Stock

(33.8%)

Value

Financials

(5.0%)

-

continued

188

Flushing

Financial

Corporation

$

4,202

859

FS

KKR

Capital

Corporation

19,602

32

Fulton

Financial

Corporation

532

3,547

Glacier

Bancorp,

Inc.

178,343

1,424

Golub

Capital

BDC,

Inc.

21,659

931

Great

Southern

Bancorp,

Inc.

54,938

2,317

Hanmi

Financial

Corporation

57,021

195

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

9,249

10,797

Heartland

Financial

USA,

Inc.

516,421

674

Hometrust

Bancshares,

Inc.

19,903

12,147

Hope

Bancorp,

Inc.

195,324

2,156

Houlihan

Lokey,

Inc.

189,297

356

Independent

Bank

Corporation

7,832

6,864

J.P.

Morgan

Chase

&

Company

935,700

2,338

Kinsale

Capital

Group,

Inc.

533,111

3,536

KKR

&

Company,

Inc.

206,750

2,556

M&T

Bank

Corporation

433,242

1,555

Marsh

&

McLennan

Companies,

Inc.

265,003

3,723

MetLife,

Inc.

261,652

1,999

MidWestOne

Financial

Group,

Inc.

66,167

1,358

Moody's

Corporation

458,203

7,806

Morgan

Stanley

682,244

8,071

New

York

Community

Bancorp,

Inc.

86,521

16

OceanFirst

Financial

Corporation

322

130

Peapack-Gladstone

Financial

Corporation

4,517

551

Popular,

Inc.

45,039

1,520

Primerica,

Inc.

207,966

13,067

Radian

Group,

Inc.

290,218

8,189

Raymond

James

Financial,

Inc.

900,053

2,207

S&P

Global,

Inc.

905,267

8,346

Seacoast

Banking

Corporation

of

Florida

292,277

2,097

Selective

Insurance

Group,

Inc.

187,388

409

Sixth

Street

Specialty

Lending,

Inc.

9,526

5,058

State

Street

Corporation

440,653

6,165

Synovus

Financial

Corporation

302,085

2,320

Texas

Capital

Bancshares,

Inc.

l

132,959

4,469

Triumph

Bancorp,

Inc.

l

420,175

8,028

Truist

Financial

Corporation

455,188

402

TrustCo

Bank

Corporation

NY

12,836

367

Washington

Federal,

Inc.

12,045

15,625

Wells

Fargo

&

Company

757,188

8,738

Western

Alliance

Bancorp

723,681

11,064

Zions

Bancorporation

NA

725,356

894

Zurich

Insurance

Group

AG

441,547

Total

23,910,822

Health

Care

(4.2%)

3,983

Abbott

Laboratories

471,428

4,542

AbbVie,

Inc.

736,304

2,250

Agilent

Technologies,

Inc.

297,742

523

Align

Technology,

Inc.

l

228,028

1,792

Amgen,

Inc.

433,341

3,064

Anthem,

Inc.

1,505,098

6,939

AstraZeneca

plc

ADR

460,333

2,806

Baxter

International,

Inc.

217,577

1,454

Becton,

Dickinson

and

Company

386,764

1,468

Biogen,

Inc.

l

309,161

1,872

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

l

221,963

798

Bio-Techne

Corporation

345,566

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Shares

Common

Stock

(33.8%)

Value

Health

Care

(4.2%)

-

continued

332

Boston

Scientific

Corporation

l

$

14,704

239

Bristol-Myers

Squibb

Company

17,454

4,393

Centene

Corporation

l

369,847

2,121

Cigna

Holding

Company

508,213

3,272

CVS

Health

Corporation

331,159

3,063

Danaher

Corporation

898,470

6,450

Edwards

Lifesciences

Corporation

l

759,294

5,964

Gilead

Sciences,

Inc.

354,560

5,429

GlaxoSmithKline

plc

ADR

236,487

8,949

Halozyme

Therapeutics,

Inc.

l

356,886

2,033

HCA

Healthcare,

Inc.

509,510

239

Henry

Schein,

Inc.

l

20,838

3,435

Hologic,

Inc.

l

263,877

85

Illumina,

Inc.

l

29,699

1,059

Insulet

Corporation

l

282,107

1,894

Intuitive

Surgical,

Inc.

l

571,382

14,350

Ionis

Pharmaceuticals,

Inc.

l

531,524

349

IQVIA

Holding,

Inc.

l

80,692

69

Jazz

Pharmaceuticals,

Inc.

l

10,741

7,981

Johnson

&

Johnson

1,414,473

12,371

Lantheus

Holdings,

Inc.

l

684,240

8,685

Medtronic

plc

963,601

10,812

Merck

&

Company,

Inc.

887,125

3,442

Novo

Nordisk

AS

ADR

382,234

6,925

NuVasive,

Inc.

l

392,648

5,322

Progyny,

Inc.

l

273,551

2,388

Stryker

Corporation

638,432

8,551

Syneos

Health,

Inc.

l

692,203

2,269

Teladoc

Health,

Inc.

l

163,663

295

Teleflex,

Inc.

104,675

955

Thermo

Fisher

Scientific,

Inc.

564,071

27,160

Viemed

Healthcare,

Inc.

l

135,257

2,488

Zimmer

Biomet

Holdings,

Inc.

318,215

3,330

Zoetis,

Inc.

628,005

Total

20,003,142

Industrials

(4.0%)

3,522

3M

Company

524,355

2,766

Advanced

Drainage

Systems,

Inc.

328,628

1,294

Aerojet

Rocketdyne

Holdings,

Inc.

l

50,919

3,204

AMETEK,

Inc.

426,709

3,074

ASGN,

Inc.

l

358,767

15,688

Badger

Infrastructure

Solutions,

Ltd.

394,788

2,059

Carlisle

Companies,

Inc.

506,349

188

Caterpillar,

Inc.

41,890

208

Chart

Industries,

Inc.

l

35,728

7,326

Crane

Company

793,259

19,040

CSX

Corporation

713,048

2,909

Curtiss-Wright

Corporation

436,815

301

Deere

&

Company

125,053

11,102

Delta

Air

Lines,

Inc.

l

439,306

17,988

Dun

&

Bradstreet

Holdings,

Inc.

l

315,150

2,650

Emerson

Electric

Company

259,833

3,668

Forward

Air

Corporation

358,657

2,293

General

Dynamics

Corporation

553,026

103

Gorman-Rupp

Company

3,696

3,722

Greenbrier

Companies,

Inc.

191,720

2,595

Helios

Technologies,

Inc.

208,249

2,158

Honeywell

International,

Inc.

419,904

10,660

Howmet

Aerospace,

Inc.

383,120

1,400

IDEX

Corporation

268,422

860

Illinois

Tool

Works,

Inc.

180,084

1,167

JetBlue

Airways

Corporation

l

17,447

6,475

Johnson

Controls

International

plc

424,566

Shares

Common

Stock

(33.8%)

Value

Industrials

(4.0%)

-

continued

1,584

Kaman

Corporation

$

68,872

2,040

L3Harris

Technologies,

Inc.

506,879

2,599

Lincoln

Electric

Holdings,

Inc.

358,168

798

Linde

plc

254,905

748

Lockheed

Martin

Corporation

330,167

4,325

ManpowerGroup,

Inc.

406,204

3,345

Meritor,

Inc.

l

118,982

1,722

Middleby

Corporation

l

282,305

11,505

NAPCO

Security

Technologies,

Inc.

l

236,083

1,591

Norfolk

Southern

Corporation

453,785

1,731

Old

Dominion

Freight

Line,

Inc.

517,015

1,615

Parker-Hannifin

Corporation

458,272

646

Patrick

Industries,

Inc.

38,954

4,147

Quanta

Services,

Inc.

545,787

4,148

Raytheon

Technologies

Corporation

410,942

2,655

Regal

Rexnord

Corporation

395,011

7,618

Southwest

Airlines

Company

l

348,904

8,845

Sun

Country

Airlines

Holdings,

Inc.

l

231,562

371

Teledyne

Technologies,

Inc.

l

175,346

3,527

Tennant

Company

277,928

6,059

Timken

Company

367,781

19,034

Uber

Technologies,

Inc.

l

679,133

3,321

Union

Pacific

Corporation

907,330

3,676

United

Parcel

Service,

Inc.

788,355

2,686

United

Rentals,

Inc.

l

954,094

1,204

Verisk

Analytics,

Inc.

258,415

2,371

WESCO

International,

Inc.

l

308,562

Total

19,439,229

Information

Technology

(7.6%)

1,152

Accenture

plc

388,489

2,183

Adobe,

Inc.

l

994,618

2,017

Advanced

Energy

Industries,

Inc.

173,623

6,001

Agilysys,

Inc.

l

239,320

2,263

Amphenol

Corporation

170,517

1,114

ANSYS,

Inc.

l

353,862

32,568

Apple,

Inc.

5,686,699

4,800

AppLovin

Corporation

l

264,336

898

Autodesk,

Inc.

l

192,486

1,703

Axcelis

Technologies,

Inc.

l

128,628

3,780

BigCommerce

Holdings,

Inc.

l

82,820

1,205

Bill.com

Holdings,

Inc.

l

273,282

10,018

Block,

Inc.

l

1,358,441

1,683

Broadcom,

Inc.

1,059,751

22

CACI

International,

Inc.

l

6,628

4,795

Calix,

Inc.

l

205,753

10,311

Ciena

Corporation

l

625,156

20,918

Cisco

Systems,

Inc.

1,166,388

4,210

Computer

Services,

Inc.

208,395

2,430

Dolby

Laboratories,

Inc.

190,075

12,098

Dropbox,

Inc.

l

281,279

173

Euronet

Worldwide,

Inc.

l

22,516

5,667

Fidelity

National

Information

Services,

Inc.

569,080

737

FLEETCOR

Technologies,

Inc.

l

183,557

20,160

Gilat

Satellite

Networks,

Ltd.

h,l

177,610

1,708

II-VI,

Inc.

h,l

123,813

635

KLA-Tencor

Corporation

232,448

11,871

Knowles

Corporation

l

255,583

592

Lam

Research

Corporation

318,265

927

Littelfuse,

Inc.

231,203

615

Lumentum

Holdings,

Inc.

l

60,024

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Shares

Common

Stock

(33.8%)

Value

Information

Technology

(7.6%)

-

continued

1,417

Mastercard,

Inc.

$

506,407

5,480

Microchip

Technology,

Inc.

411,767

22,525

Microsoft

Corporation

6,944,683

6,524

National

Instruments

Corporation

264,809

1,534

NICE,

Ltd.

ADR

l

335,946

1,173

NortonLifeLock,

Inc.

31,108

8,154

NVIDIA

Corporation

2,224,900

5,549

ON

Semiconductor

Corporation

l

347,423

6,646

PayPal

Holdings,

Inc.

l

768,610

1,160

Qorvo,

Inc.

l

143,956

8,235

QUALCOMM,

Inc.

1,258,473

10,954

Sabre

Corporation

l

125,204

4,638

Salesforce.com,

Inc.

l

984,740

11,549

Samsung

Electronics

Company,

Ltd.

660,868

1,718

ServiceNow,

Inc.

l

956,737

3,616

Skyworks

Solutions,

Inc.

481,941

17,462

Sonos,

Inc.

l

492,778

576

SunPower

Corporation

l

12,372

495

TE

Connectivity,

Ltd.

64,835

23,918

Telefonaktiebolaget

LM

Ericsson

ADR

218,611

7,436

Texas

Instruments,

Inc.

1,364,357

5,530

Trimble,

Inc.

l

398,934

3,839

TTEC

Holdings,

Inc.

316,794

40,416

TTM

Technologies,

Inc.

l

598,965

504

Western

Digital

Corporation

l

25,024

323

Western

Union

Company

6,053

2,900

Workiva,

Inc.

l

342,200

Total

36,513,140

Materials

(1.4%)

9,197

Ashland

Global

Holdings,

Inc.

905,077

11,276

Axalta

Coating

Systems,

Ltd.

l

277,164

4,842

Ball

Corporation

435,780

8,968

Carpenter

Technology

Corporation

376,477

5,643

CF

Industries

Holdings,

Inc.

581,568

1,527

Crown

Holdings,

Inc.

191,012

2,814

Eastman

Chemical

Company

315,337

5,698

Ingevity

Corporation

l

365,071

34,634

Ivanhoe

Mines,

Ltd.

l

323,027

2,476

LyondellBasell

Industries

NV

254,582

3,908

Nucor

Corporation

580,924

3,307

PPG

Industries,

Inc.

433,448

1,571

Sherwin-Williams

Company

392,153

7,091

Steel

Dynamics,

Inc.

591,602

4,867

UFP

Technologies,

Inc.

l

322,049

2,364

United

States

Lime

&

Minerals,

Inc.

274,319

Total

6,619,590

Real

Estate

(1.2%)

3,652

Agree

Realty

Corporation

242,347

2,822

Alexandria

Real

Estate

Equities,

Inc.

567,928

9,476

American

Campus

Communities,

Inc.

530,372

1,073

AvalonBay

Communities,

Inc.

266,501

3,067

Camden

Property

Trust

509,735

2,779

CBRE

Group,

Inc.

l

254,334

2,624

Digital

Realty

Trust,

Inc.

372,083

7,990

Duke

Realty

Corporation

463,899

2,831

Healthcare

Realty

Trust,

Inc.

77,796

18,282

Host

Hotels

&

Resorts,

Inc.

355,219

12,070

Independence

Realty

Trust,

Inc.

319,131

1,540

iStar,

Inc.

36,051

Shares

Common

Stock

(33.8%)

Value

Real

Estate

(1.2%)

-

continued

6,048

LXP

Industrial

Trust

$

94,954

833

MGIC

Investment

Corporation

11,287

12,840

National

Storage

Affiliates

Trust

805,838

12,782

Pebblebrook

Hotel

Trust

312,903

1,781

Public

Storage,

Inc.

695,089

3,441

Rayonier,

Inc.

REIT

141,494

Total

6,056,961

Utilities

(1.2%)

10,909

Alliant

Energy

Corporation

681,594

1,086

American

Electric

Power

Company,

Inc.

108,350

13,543

CenterPoint

Energy,

Inc.

414,958

5,117

Constellation

Energy

Corporation

287,831

1,675

Dominion

Energy,

Inc.

142,325

1,126

DTE

Energy

Company

148,868

4,125

Duke

Energy

Corporation

460,598

7,957

Entergy

Corporation

928,980

9,672

Exelon

Corporation

460,677

503

NextEra

Energy

Partners,

LP

41,930

465

NextEra

Energy,

Inc.

39,390

10,696

NiSource,

Inc.

340,133

1,892

NorthWestern

Corporation

114,447

3,917

Portland

General

Electric

Company

216,023

5,919

Sempra

Energy

995,102

545

Southern

Company

39,518

2,607

Spire,

Inc.

187,078

Total

5,607,802

Total

Common

Stock

(cost

$113,889,481)

162,367,033

Shares

Registered

Investment

Companies

(

14.7%

)

Value

Unaffiliated  (1.1%)

21,445

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

72,484

8,627

AllianceBernstein

Global

High

Income

Fund,

Inc.

96,450

12,572

Allspring

Income

Opportunities

Fund

99,319

5,490

BlackRock

Core

Bond

Trust

71,370

7,147

BlackRock

Corporate

High

Yield

Fund,

Inc.

76,973

7,256

BlackRock

Credit

Allocation

Income

Trust

91,135

525

BlackRock

Enhanced

Equity

Dividend

Trust

5,198

6,876

BlackRock

Enhanced

Global

Dividend

Trust

77,768

1,600

BlackRock

Enhanced

International

Dividend

Trust

9,200

775

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

10,091

3,850

BlackRock

Income

Trust,

Inc.

19,750

5,405

BlackRock

Multi-Sector

Income

Trust

89,074

3,171

Blackstone

Strategic

Credit

Fund

h

41,382

1,250

Brookfield

Real

Assets

Income

Fund,

Inc.

25,925

8,442

Eaton

Vance

Limited

Duration

Income

Fund

98,771

2,014

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

19,556

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Registered

Investment

Companies

(14.7%)

Value

Unaffiliated  (1.1%)-

continued

5,699

First

Trust

High

Income

Long/Short

Fund

$

76,709

4,653

Invesco

Dynamic

Credit

Opportunities

Fund

c

54,155

1,200

Invesco

Senior

Loan

ETF

26,124

4,500

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

h

163,890

16,650

Nuveen

Credit

Strategies

Income

Fund

102,897

2,150

Nuveen

Preferred

Income

Opportunities

Fund

18,447

2,525

Nuveen

Quality

Preferred

Income

Fund

II

21,210

7,099

PGIM

Global

High

Yield

Fund,

Inc.

94,914

6,795

PGIM

High

Yield

Bond

Fund,

Inc.

97,508

2,390

Pimco

Dynamic

Income

Fund

58,244

61,000

SPDR

Blackstone

Senior

Loan

ETF

h

2,742,560

3,250

SPDR

Bloomberg

High

Yield

Bond

ETF

h

333,125

25,360

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

665,446

1,374

Tri-Continental

Corporation

42,374

2,100

Vanguard

Short-Term

Corporate

Bond

ETF

h

163,989

4,400

Virtus

AllianzGI

Convertible

&

Income

Fund

22,132

700

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

18,998

4,690

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

67,489

6,819

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

39,959

17,331

Western

Asset

High

Income

Opportunity

Fund,

Inc.

77,470

Total

5,792,086

Affiliated  (13.6%)

3,194,111

Thrivent

Core

Emerging

Markets

Debt

Fund

27,629,060

3,703,958

Thrivent

Core

International

Equity

Fund

37,447,014

Total

65,076,074

Total

Registered

Investment

Companies

(cost

$72,214,551)

70,868,160

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

5,222,909

Thrivent

Cash

Management

Trust

5,222,909

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,222,909)

5,222,909

Shares

Preferred

Stock

(

0.9%

)

Value

Communications

Services

(0.1%)

11,000

AT&T,

Inc.,

4.750%

i

240,680

1,689

Paramount

Global,

Convertible,

5.750%

93,824

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

80,885

Total

415,389

Shares

Preferred

Stock

(0.9%)

Value

Consumer

Staples

(<0.1%)

1,250

CHS,

Inc.,

7.100%

b,i

$

33,125

Total

33,125

Energy

(<0.1%)

6,964

Crestwood

Equity

Partners,

LP,

9.250%

i

66,855

1,600

Energy

Transfer,

LP,

7.600%

b,i

39,616

1,536

NuStar

Logistics,

LP,

6.975%

b

38,415

Total

144,886

Financials

(0.4%)

2,750

Aegon

Funding

Corporation

II,

5.100%

66,797

5,700

Allstate

Corporation,

5.100%

i

141,588

3,300

Bank

of

America

Corporation,

4.250%

h,i

71,247

2,000

Bank

of

America

Corporation,

5.375%

i

50,560

72

Bank

of

America

Corporation,

Convertible,

7.250%

i

94,500

5,525

Capital

One

Financial

Corporation,

5.000%

i

127,462

2,485

Cobank

ACB,

6.250%

b,i

251,308

5,875

Equitable

Holdings,

Inc.,

5.250%

i

138,591

140

First

Horizon

Bank,

3.750%

b,f,i

121,800

2,900

First

Republic

Bank,

4.500%

i

64,032

4,400

J.P.

Morgan

Chase

&

Company,

4.200%

i

92,752

3,650

J.P.

Morgan

Chase

&

Company,

4.750%

i

83,768

3,350

J.P.

Morgan

Chase

&

Company,

5.750%

i

86,062

5,880

Morgan

Stanley,

5.850%

b,i

153,762

3,100

Morgan

Stanley,

7.125%

b,i

82,677

825

Regions

Financial

Corporation,

5.700%

b,i

21,508

775

Synovus

Financial

Corporation,

5.875%

b,i

20,305

5,025

Truist

Financial

Corporation,

4.750%

i

115,022

5,000

Wells

Fargo

&

Company,

4.250%

i

103,450

128

Wells

Fargo

&

Company,

Convertible,

7.500%

i

169,600

Total

2,056,791

Health

Care

(0.1%)

2,416

Becton,

Dickinson

and

Company,

Convertible,

6.000%

127,613

1,907

Boston

Scientific

Corporation,

Convertible,

5.500%

222,051

89

Danaher

Corporation,

Convertible,

5.000%

140,553

Total

490,217

Industrials

(<0.1%)

917

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

80,613

Total

80,613

Real

Estate

(0.1%)

6,150

Public

Storage,

4.125%

i

133,824

1,300

Public

Storage,

4.625%

i

30,264

325

Public

Storage,

4.700%

i

7,576

Total

171,664

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

x

Shares

Preferred

Stock

(0.9%)

Value

Utilities

(0.2%)

1,620

AES

Corporation,

Convertible,

6.875%

$

160,266

896

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

50,059

5,200

CMS

Energy

Corporation,

4.200%

i

109,096

3,405

NextEra

Energy,

Inc.,

Convertible,

4.872%

210,395

939

NextEra

Energy,

Inc.,

Convertible,

5.279%

48,969

314

NiSource,

Inc.,

Convertible,

7.750%

37,360

3,425

Southern

Company,

4.950%

82,645

4,260

Southern

Company,

Convertible,

6.750%

232,639

Total

931,429

Total

Preferred

Stock

(cost

$4,492,645)

4,324,114

Shares

or

Principal

Amount

Short-Term

Investments

(

18.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.415%,

5/18/2022

m,n

99,945

900,000

0.315%,

5/24/2022

m,n

899,445

400,000

0.380%,

6/3/2022

m,n

399,568

Thrivent

Core

Short-Term

Reserve

Fund

8,661,043

0.660%

86,610,428

U.S.

Treasury

Bills

2,000,000

0.116%,

4/14/2022

m,o

1,999,898

Total

Short-Term

Investments

(cost

$90,001,325)

90,009,284

Total

Investments

(cost

$508,267,292)

114.7%

$551,194,778

Other

Assets

and

Liabilities,

Net

(14.7%)

(70,768,433)

Total

Net

Assets

100.0%

$480,426,345

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$43,927,689

or

9.1%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

At

March

31,

2022,

$1,482,924

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

Balanced

Income

Plus

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

907,076

Common

Stock

4,182,599

Total

lending

$5,089,675

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,222,909

Net

amounts

due

to

counterparty

$133,234

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Balanced

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

3,333,884

–

2,435,522

898,362

Capital

Goods

10,694,046

–

9,103,559

1,590,487

Communications

Services

7,165,988

–

6,813,271

352,717

Consumer

Cyclical

7,374,768

–

6,582,098

792,670

Consumer

Non-Cyclical

7,765,278

–

7,008,458

756,820

Energy

480,376

–

480,376

–

Financials

2,295,096

–

2,002,251

292,845

Technology

5,673,816

–

5,673,816

–

Transportation

2,194,462

–

2,194,462

–

Utilities

1,987,678

–

1,987,678

–

Long-Term

Fixed

Income

Asset-Backed

Securities

10,719,640

–

10,719,640

–

Basic

Materials

2,326,546

–

2,326,546

–

Capital

Goods

4,542,657

–

4,542,657

–

Collateralized

Mortgage

Obligations

9,842,817

–

9,842,817

–

Commercial

Mortgage-Backed

Securities

1,976,705

–

1,976,705

–

Communications

Services

6,073,415

–

6,073,415

–

Consumer

Cyclical

8,858,138

–

8,858,138

–

Consumer

Non-Cyclical

7,762,285

–

7,762,285

–

Energy

6,693,413

–

6,693,413

–

Financials

22,767,443

–

22,767,443

–

Foreign

Government

40,650

–

40,650

–

Mortgage-Backed

Securities

64,450,612

–

64,450,612

–

Technology

5,171,550

–

5,130,570

40,980

Transportation

2,646,775

–

2,646,775

–

U.S.

Government

&

Agencies

12,201,826

–

12,201,826

–

Utilities

3,363,414

–

3,363,414

–

Common

Stock

Communications

Services

11,491,024

11,485,810

–

5,214

Consumer

Discretionary

18,848,596

18,739,354

109,242

–

Consumer

Staples

6,838,991

6,838,991

–

–

Energy

7,037,736

7,037,736

–

–

Financials

23,910,822

23,469,275

441,547

–

Health

Care

20,003,142

20,003,142

–

–

Industrials

19,439,229

19,044,441

394,788

–

Information

Technology

36,513,140

35,852,272

660,868

–

Materials

6,619,590

6,296,563

323,027

–

Real

Estate

6,056,961

6,056,961

–

–

Utilities

5,607,802

5,607,802

–

–

Registered

Investment

Companies

Unaffiliated

5,792,086

5,737,931

–

54,155

Preferred

Stock

Communications

Services

415,389

415,389

–

–

Consumer

Staples

33,125

33,125

–

–

Energy

144,886

144,886

–

–

Financials

2,056,791

1,934,991

121,800

–

Health

Care

490,217

490,217

–

–

Industrials

80,613

80,613

–

–

Real

Estate

171,664

171,664

–

–

Utilities

931,429

931,429

–

–

Short-Term

Investments

3,398,856

–

3,398,856

–

Subtotal

Investments

in

Securities

$394,285,367

$170,372,592

$219,128,525

$4,784,250

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

65,076,074

Affiliated

Short-Term

Investments

86,610,428

Collateral

Held

for

Securities

Loaned

5,222,909

Subtotal

Other

Investments

$156,909,411

Total

Investments

at

Value

$551,194,778

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

977,336

977,336

–

–

Total

Asset

Derivatives

$977,336

$977,336

$–

$–

Liability

Derivatives

Futures

Contracts

791,889

791,889

–

–

Total

Liability

Derivatives

$791,889

$791,889

$–

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$1,458,958

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

2022

$

2,532,398

(

$

74,898)

CBOT

5-Yr.

U.S.

Treasury

Note

14

June

2022

1,624,481

(

18,856)

CME

E-mini

S&P

500

Index

57

June

2022

12,109,990

802,647

CME

Ultra

Long

Term

U.S.

Treasury

Bond

27

June

2022

4,975,684

(

193,308)

ICE

mini

MSCI

EAFE

Index

14

June

2022

1,416,563

84,517

Ultra

10-Yr.

U.S.

Treasury

Note

9

June

2022

1,260,803

(

41,584)

Total

Futures

Long

Contracts

$

23,919,919

$

558,518

CBOT

2-Yr.

U.S.

Treasury

Note

(31)

June

2022

(

$

6,650,616)

$

81,037

CBOT

U.S.

Long

Bond

(8)

June

2022

(

1,209,635)

9,135

CME

E-mini

Russell

2000

Index

(121)

June

2022

(

12,141,928)

(

359,792)

CME

E-mini

S&P

Mid-Cap

400

Index

(10)

June

2022

(

2,585,749)

(

103,451)

Total

Futures

Short

Contracts

(

$

22,587,928)

($373,071)

Total

Futures

Contracts

$

1,331,991

$185,447

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$30,274

$360

$–

$27,629

3,194

5.8%

Core

International

Equity

40,373

–

–

37,447

3,704

7.8

Total

Affiliated

Registered

Investment

Companies

70,647

65,076

13.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

94,175

23,531

31,096

86,610

8,661

18.0

Total

Affiliated

Short-Term

Investments

94,175

86,610

18.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,983

19,338

18,098

5,223

5,223

1.1

Total

Collateral

Held

for

Securities

Loaned

3,983

5,223

1.1

Total

Value

$168,805

$156,909

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(3,005)

$

–

$361

Core

International

Equity

–

(2,926)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

70

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$431

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

10

Total

Affiliated

Income

from

Securities

Loaned,

Net

$10

Total

Value

$–

$(5,931)

$

–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Bank

Loans

(

9.9%

)

a

Value

Basic

Materials

(0.6%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

945,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

934,369

INEOS

US

Petrochem,

LLC,

Term

Loan

754,300

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

739,968

Innophos

Holdings,

Inc.,

Term

Loan

490,000

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

486,937

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

452,212

3.700%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

445,995

Nouryon

USA,

LLC,

Term

Loan

922,319

4.006%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

907,332

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

868,743

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

849,743

Sparta

US

HoldCo,

LLC,

Term

Loan

139,650

4.250%, 

(LIBOR

1M

+

3.500%),

8/2/2028

b,c

137,555

Venator

Finance

SARL,

Term

Loan

562,636

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

534,504

Total

5,036,403

Capital

Goods

(2.1%)

Bingo

Industries,

Ltd.,

Term

Loan

343,275

4.496%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b

338,984

BW

Holding,

Inc.,

Delayed

Draw

151,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

148,358

BW

Holding,

Inc.,

Term

Loan

568,575

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

558,625

Flex

Acquisition

Company,

Inc.,

Term

Loan

979,635

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

977,254

192,573

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

192,076

Foley

Products

Company,

LLC,

Term

Loan

780,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

772,200

Gemini

HDPE,

LLC,

Term

Loan

684,300

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

672,612

GFL

Environmental,

Inc.,

Term

Loan

760,375

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

756,573

Grinding

Media,

Inc.,

Term

Loan

950,225

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

939,535

Groupe

Solmax,

Inc.,

Term

Loan

829,820

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

814,260

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Capital

Goods

(2.1%)

-

continued

HRNI

Holdings,

LLC,

Term

Loan

$

451,425

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

$

447,285

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

573,562

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

567,471

LABL,

Inc.,

Term

Loan

231,919

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

228,482

LRS

Holdings,

LLC,

Term

Loan

461,843

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

458,379

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

486,780

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

477,044

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

695,222

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

684,502

Natgasoline,

LLC,

Term

Loan

580,500

4.000%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

573,244

Novae,

LLC,

Delayed

Draw

260,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

257,725

Novae,

LLC,

Term

Loan

910,000

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

902,038

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

493,750

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

480,276

Quikrete

Holdings

Inc.,

Term

Loan

565,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,d,e

554,016

RLG

Holdings,

LLC,

Term

Loan

512,513

5.000%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

507,388

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

781,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

769,285

TransDigm,

Inc.,

Term

Loan

1,725,287

2.707%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,695,095

TricorBraun

Holdings,

Inc.,

Term

Loan

883,593

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

860,152

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

72,313

4.314%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,d,e

71,274

Trident

TPI

Holdings,

Inc.,

Term

Loan

499,988

4.500%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b

492,803

Venga

Finance

SARL,

Term

Loan

463,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

448,966

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Capital

Goods

(2.1%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

512,425

5.756%, 

(LIBOR

3M

+

4.750%),

8/12/2028

b

$

510,288

Total

17,156,190

Communications

Services

(1.5%)

Allen

Media,

LLC,

Term

Loan

456,520

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

452,069

Altice

France

SA,

Term

Loan

428,625

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

417,909

Audacy

Capital

Corporation,

Term

Loan

616,775

2.947%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

605,056

Cablevision

Lightpath,

LLC,

Term

Loan

706,062

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

696,178

CCI

Buyer,

Inc.,

Term

Loan

183,150

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

180,364

CommScope,

Inc.,

Term

Loan

1,238,250

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,203,678

DIRECTV

Financing,

LLC,

Term

Loan

1,021,850

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

1,019,592

E.W.

Scripps

Company,

Term

Loan

295,094

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

292,742

iHeartCommunications,

Inc.,

Term

Loan

511,359

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

507,591

Metronet

Systems

Holdings,

LLC,

Term

Loan

843,061

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

832,784

NEP

Group,

Inc.,

Term

Loan

972,399

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

953,437

Nexstar

Media,

Inc.,

Term

Loan

1,109,164

2.731%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,103,818

ORBCOMM,

Inc.,

Term

Loan

502,475

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

497,033

Sharp

Midco,

LLC,

Term

Loan

188,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

186,590

Terrier

Media

Buyer,

Inc.,

Term

Loan

918,375

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

903,304

Univision

Communications,

Inc.,

Term

Loan

470,000

4.000%, 

(LIBOR

1M

+

3.250%),

1/31/2029

b

464,515

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Communications

Services

(1.5%)

-

continued

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

$

477,600

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

$

471,831

Xplornet

Communications,

Inc.,

Term

Loan

502,475

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

492,320

445,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

440,550

Zacapa

SARL,

Term

Loan

268,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

265,923

Total

11,987,284

Consumer

Cyclical

(1.5%)

ACProducts

Holdings,

Inc.,

Term

Loan

888,287

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

798,961

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

59,750

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

59,134

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

519,625

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

514,268

American

Trailer

World

Corporation,

Term

Loan

818,064

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

783,297

Caesars

Resort

Collection,

LLC,

Term

Loan

421,788

3.957%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

419,890

Carnival

Corporation,

Term

Loan

465,264

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

451,772

Cengage

Learning,

Inc.,

Term

Loan

935,300

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

926,536

CP

Atlas

Buyer,

Inc.,

Term

Loan

579,227

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

561,942

Golden

Entertainment,

Inc.,

Term

Loan

1,153,761

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,137,896

Great

Canadian

Gaming

Corporation,

Term

Loan

319,200

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

317,106

Michaels

Companies,

Inc.,

Term

Loan

932,950

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

873,213

Scientific

Games

International,

Inc.,

Term

Loan

2,469,884

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

2,459,091

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Consumer

Cyclical

(1.5%)

-

continued

Secure

Acquisition,

Inc.,

Delayed

Draw

$

73,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

$

71,723

Secure

Acquisition,

Inc.,

Term

Loan

491,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

482,408

Staples,

Inc.,

Term

Loan

262,870

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

254,852

436,090

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

411,241

Tenneco,

Inc.,

Term

Loan

701,081

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

691,315

Voyage

Digital

NZ/US,

Term

Loan

780,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

764,400

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

516,275

2.207%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

511,019

Total

12,490,064

Consumer

Non-Cyclical

(1.5%)

Adient

US,

LLC,

Term

Loan

248,125

3.707%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

243,783

Alltech,

Inc.,

Term

Loan

446,755

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

438,937

Bausch

Health

Americas,

Inc.,

Term

Loan

1,149,677

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,139,135

Bausch

Health

Companies,

Inc.,

Term

Loan

1,219,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

1,205,286

Blue

Ribbon,

LLC,

Term

Loan

628,875

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

615,669

Chobani,

LLC,

Term

Loan

364,450

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

357,617

City

Brewing

Company,

LLC,

Term

Loan

899,844

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

818,858

CNT

Holdings

I

Corporation,

Term

Loan

470,250

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

467,212

135,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

134,550

Del

Monte

Foods,

Inc.,

Term

Loan

293,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

288,239

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

445,500

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

416,311

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Consumer

Non-Cyclical

(1.5%)

-

continued

Gainwell

Acquisition

Corporation,

Term

Loan

$

930,577

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

$

928,250

Global

Medical

Response,

Inc.,

Term

Loan

234,599

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

232,755

2,243,640

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

2,224,703

Herens

US

Holdco

Corporation,

Term

Loan

868,449

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

845,652

Mamba

Purchaser,

Inc.,

Term

Loan

90,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

89,438

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

460,673

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

457,697

PetSmart,

LLC,

Term

Loan

1,119,375

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,114,707

Precision

Medicine

Group,

LLC,

Delayed

Draw

91,731

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

89,820

Precision

Medicine

Group,

LLC,

Term

Loan

694,478

4.006%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

680,012

Total

12,788,631

Energy

(0.2%)

Calpine

Corporation,

Term

Loan

913,438

2.960%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

904,879

GIP

II

Blue

Holding

LP,

Term

Loan

883,785

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

879,366

Total

1,784,245

Financials

(0.5%)

Asurion,

LLC,

Term

Loan

306,125

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

299,109

990,000

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

968,655

630,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

616,770

480,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

468,600

Digicel

International

Finance,

Ltd.,

Term

Loan

699,522

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

664,546

Rinchem

Company,

Inc.,

Term

Loan

195,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

194,025

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Financials

(0.5%)

-

continued

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

$

293,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

$

287,140

Tiger

Acquisition,

LLC,

Term

Loan

308,450

3.758%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

295,406

Total

3,794,251

Technology

(1.0%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

752,695

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

739,147

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

733,253

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

728,363

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

798,963

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

791,972

Gridiron

Fiber

Corporation,

Term

Loan

345,000

5.506%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

336,161

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

456,997

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

441,290

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,093,850

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

2,076,408

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,346,400

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,318,987

Redstone

Holdco

2

LP,

Term

Loan

459,006

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

447,531

263,036

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

239,363

SS&C

Technologies,

Inc.,

Term

Loan

96,136

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

94,528

75,060

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

73,805

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,416,355

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,377,051

Total

8,664,606

Transportation

(0.6%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,590,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

1,608,380

Air

Canada,

Term

Loan

329,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

325,572

Principal

Amount

Bank

Loans

(9.9%)

a

Value

Transportation

(0.6%)

-

continued

Genesee

&

Wyoming,

Inc.,

Term

Loan

$

975,100

3.006%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

$

963,214

Hertz

Corporation,

Term

Loan

248,125

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

245,884

47,115

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

46,690

SkyMiles

IP,

Ltd.,

Term

Loan

950,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

979,535

United

Airlines,

Inc.,

Term

Loan

475,200

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

468,866

Total

4,638,141

Utilities

(0.4%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

83,962

2.500%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

83,385

CQP

Holdco,

LP,

Term

Loan

1,124,350

4.756%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

1,117,503

EnergySolutions,

LLC,

Term

Loan

397,777

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

388,827

Exgen

Renewables

IV,

LLC,

Term

Loan

285,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

281,973

Freeport

LNG

Investments,

LLLP,

Term

Loan

872,000

4.000%, 

(LIBOR

3M

+

3.500%),

12/21/2028

b

864,841

Osmose

Utilities

Services,

Inc.,

Term

Loan

199,000

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

196,264

PG&E

Corporation,

Term

Loan

466,334

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

459,922

Total

3,392,715

Total

Bank

Loans

(cost

$82,625,198)

81,732,530

Principal

Amount

Long-Term

Fixed

Income

(

56.9%

)

Value

Asset-Backed

Securities

(3.2%)

510

Asset

Backed

Trust

600,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

563,484

885,474

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

846,886

550,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

518,493

522

Funding

CLO,

Ltd.

1,000,000

2.654%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,f

980,299

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Asset-Backed

Securities

(3.2%)

-

continued

Anchorage

Capital

CLO

21,

Ltd.

$

875,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

$

865,140

Ares

XL

CLO,

Ltd.

825,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

803,276

Babson

CLO,

Ltd.

1,780,000

3.154%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

1,729,594

Bardot

CLO,

Ltd.

1,250,000

2.159%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,f

1,239,677

Barings

CLO,

Ltd.

400,000

3.404%, 

(LIBOR

3M

+

3.150%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

397,626

Benefit

Street

Partners

CLO

II,

Ltd.

750,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,f

732,785

Benefit

Street

Partners

CLO,

Ltd.

400,000

2.391%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

b,f

396,838

Colony

American

Finance,

Ltd.

950,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

898,841

Conn's

Receivables

Funding

18,362

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

f

18,344

Dewolf

Park

CLO,

Ltd.

700,000

3.091%, 

(LIBOR

3M

+

2.850%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

685,649

Dryden

36

Senior

Loan

Fund

750,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,f

741,075

Foundation

Finance

Trust

64,201

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

f

64,441

Galaxy

XIX

CLO,

Ltd.

350,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,f

341,740

Goldentree

Loan

Management

US

CLO

8,

Ltd.

1,000,000

2.254%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,f

987,549

Harley

Marine

Financing,

LLC

1,187,288

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

1,177,943

Longfellow

Place

CLO,

Ltd.

1,550,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

1,534,326

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Asset-Backed

Securities

(3.2%)

-

continued

Madison

Park

Funding

XXI,

Ltd.

$

850,000

2.441%, 

(LIBOR

3M

+

2.200%),

10/15/2032,

Ser.

2016-21A,

Class

BRR

b,f

$

834,507

Mountain

View

CLO,

Ltd.

230,000

2.591%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,f

225,204

Neuberger

Berman

CLO,

Ltd.

1,225,000

3.241%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

1,196,273

OCP

CLO,

Ltd.

925,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,f

906,839

OZLM

VIII,

Ltd.

1,000,000

1.891%, 

(LIBOR

3M

+

1.650%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

b,f

990,292

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

2.504%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,f

1,000,294

Preston

Ridge

Partners

Mortgage

Trust,

LLC

325,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

f,g

300,158

Saxon

Asset

Securities

Trust

399,056

3.308%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

368,820

Sculptor

CLO,

Ltd.

625,000

2.500%, 

(LIBOR

3M

+

2.400%),

1/20/2035,

Ser.

28A,

Class

C

b,f

614,099

TCI-Flatiron

CLO,

Ltd.

1,700,000

2.270%, 

(TSFR3M

+

2.100%),

1/17/2032,

Ser.

2016-1A,

Class

CR3

b,f

1,683,955

THL

Credit

Wind

River

CLO,

Ltd.

1,250,000

3.089%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,f

1,244,039

VCAT

Asset

Securitization,

LLC

250,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

239,997

Whitebox

CLO

III,

Ltd.

725,000

2.321%, 

(LIBOR

3M

+

2.200%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

702,257

Wind

River

CLO,

Ltd.

725,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

714,619

Total

26,545,359

Basic

Materials

(1.0%)

Alcoa

Nederland

Holding

BV

420,000

5.500%, 

12/15/2027

f

434,734

Anglo

American

Capital

plc

70,000

3.875%, 

3/16/2029

f

70,032

Chemours

Company

290,000

5.750%, 

11/15/2028

f

281,770

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Basic

Materials

(1.0%)

-

continued

Cleveland-Cliffs,

Inc.

$

250,000

5.875%, 

6/1/2027

$

256,431

160,000

4.625%, 

3/1/2029

f

157,807

160,000

4.875%, 

3/1/2031

f

158,200

Consolidated

Energy

Finance

SA

483,000

5.625%, 

10/15/2028

f

446,775

Ecolab,

Inc.

119,000

2.125%, 

2/1/2032

108,827

First

Quantum

Minerals,

Ltd.

513,000

6.875%, 

10/15/2027

f

537,367

Freeport-McMoRan,

Inc.

360,000

4.125%, 

3/1/2028

359,629

182,000

4.250%, 

3/1/2030

183,214

283,000

4.625%, 

8/1/2030

289,367

Glencore

Funding,

LLC

147,000

4.000%, 

3/27/2027

f

147,451

Hecla

Mining

Company

120,000

7.250%, 

2/15/2028

125,719

Hudbay

Minerals,

Inc.

280,000

4.500%, 

4/1/2026

f

272,068

Ingevity

Corporation

430,000

3.875%, 

11/1/2028

f

388,647

LYB

International

Finance

III,

LLC

135,000

1.250%, 

10/1/2025

124,955

Mercer

International,

Inc.

270,000

5.125%, 

2/1/2029

260,550

Mosaic

Company

55,000

3.250%, 

11/15/2022

55,371

147,000

4.050%, 

11/15/2027

150,576

Novelis

Corporation

110,000

3.250%, 

11/15/2026

f

105,081

160,000

4.750%, 

1/30/2030

f

155,338

110,000

3.875%, 

8/15/2031

f

100,613

Nutrien,

Ltd.

188,000

4.000%, 

12/15/2026

193,679

OCI

NV

195,000

4.625%, 

10/15/2025

f

196,462

Olin

Corporation

500,000

5.125%, 

9/15/2027

498,393

SCIL

USA

Holdings,

LLC

355,000

5.375%, 

11/1/2026

f

326,600

SPCM

SA

286,000

3.375%, 

3/15/2030

f

251,079

SunCoke

Energy,

Inc.

309,000

4.875%, 

6/30/2029

f

291,316

Syngenta

Finance

NV

195,000

5.182%, 

4/24/2028

f

201,355

Taseko

Mines,

Ltd.

211,000

7.000%, 

2/15/2026

f

217,277

Unifrax

Escrow

Issuer

Corporation

261,000

5.250%, 

9/30/2028

f

242,452

United

States

Steel

Corporation

474,000

6.875%, 

3/1/2029

h

492,960

Westlake

Corporation

98,000

3.600%, 

8/15/2026

99,198

Total

8,181,293

Capital

Goods

(1.9%)

AECOM

450,000

5.125%, 

3/15/2027

460,228

Amsted

Industries,

Inc.

315,000

5.625%, 

7/1/2027

f

315,787

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Capital

Goods

(1.9%)

-

continued

Ardagh

Packaging

Finance

plc

$

295,000

5.250%, 

8/15/2027

f

$

272,691

Boeing

Company

255,000

4.875%, 

5/1/2025

263,076

166,000

2.196%, 

2/4/2026

156,939

147,000

3.250%, 

3/1/2028

141,173

196,000

5.150%, 

5/1/2030

209,026

Bombardier,

Inc.

80,000

7.125%, 

6/15/2026

f

78,400

290,000

7.875%, 

4/15/2027

f

283,943

245,000

6.000%, 

2/15/2028

f

229,624

Brand

Industrial

Services,

Inc.

140,000

8.500%, 

7/15/2025

f

130,211

Builders

FirstSource,

Inc.

185,000

5.000%, 

3/1/2030

f

181,970

Carrier

Global

Corporation

147,000

2.722%, 

2/15/2030

138,163

Caterpillar

Financial

Services

Corporation

60,000

1.450%, 

5/15/2025

57,548

Chart

Industries,

Inc.,

Convertible

202,000

1.000%, 

11/15/2024

f

594,385

Clydesdale

Acquisition

Holdings,

Inc.

39,000

6.625%, 

4/15/2029

e,f

39,439

79,000

8.750%, 

4/15/2030

e,f

74,359

CNH

Industrial

Capital,

LLC

67,000

1.950%, 

7/2/2023

66,308

Coinbase

Global,

Inc.

148,000

3.375%, 

10/1/2028

f

130,747

Cornerstone

Building

Brands,

Inc.

390,000

6.125%, 

1/15/2029

f

361,939

Covanta

Holding

Corporation

160,000

5.000%, 

9/1/2030

151,600

Covert

Mergeco,

Inc.

114,000

4.875%, 

12/1/2029

f

108,836

CP

Atlas

Buyer,

Inc.

250,000

7.000%, 

12/1/2028

f

213,160

Crown

Cork

&

Seal

Company,

Inc.

237,000

7.375%, 

12/15/2026

267,441

General

Electric

Company

495,000

4.156%, 

(LIBOR

3M

+

3.330%),

6/15/2022

b,i

474,581

GFL

Environmental,

Inc.

233,000

4.000%, 

8/1/2028

f

214,360

280,000

3.500%, 

9/1/2028

f

262,877

H&E

Equipment

Services,

Inc.

486,000

3.875%, 

12/15/2028

f

455,625

Howard

Midstream

Energy

Partners,

LLC

289,000

6.750%, 

1/15/2027

f

283,220

Howmet

Aerospace,

Inc.

158,000

6.875%, 

5/1/2025

171,572

281,000

3.000%, 

1/15/2029

256,588

Huntington

Ingalls

Industries,

Inc.

147,000

4.200%, 

5/1/2030

152,887

JELD-WEN,

Inc.

340,000

4.625%, 

12/15/2025

f

327,250

KBR,

Inc.,

Convertible

429,000

2.500%, 

11/1/2023

930,930

Mauser

Packaging

Solutions

Holding

Company

240,000

5.500%, 

4/15/2024

f

239,047

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Capital

Goods

(1.9%)

-

continued

$

290,000

7.250%, 

4/15/2025

f

$

287,422

Meritage

Homes

Corporation

146,000

3.875%, 

4/15/2029

f

139,065

Meritor,

Inc.

200,000

4.500%, 

12/15/2028

f

200,510

MIWD

Holdco

II,

LLC

158,000

5.500%, 

2/1/2030

f

147,533

Nesco

Holdings

II,

Inc.

185,000

5.500%, 

4/15/2029

f

181,763

New

Enterprise

Stone

and

Lime

Company,

Inc.

370,000

5.250%, 

7/15/2028

f

355,711

OI

European

Group

BV

335,000

4.750%, 

2/15/2030

f

311,282

Otis

Worldwide

Corporation

122,000

2.056%, 

4/5/2025

118,768

Owens-Brockway

Glass

Container,

Inc.

250,000

5.875%, 

8/15/2023

f

255,409

Pactiv

Evergreen

Group

225,000

4.375%, 

10/15/2028

f

206,732

Parker-Hannifin

Corporation

87,000

2.700%, 

6/14/2024

86,310

Patrick

Industries,

Inc.,

Convertible

149,000

1.000%, 

2/1/2023

148,032

PGT

Innovations,

Inc.

298,000

4.375%, 

10/1/2029

f

277,885

Raytheon

Technologies

Corporation

202,000

4.125%, 

11/16/2028

211,151

Republic

Services,

Inc.

79,000

3.950%, 

5/15/2028

81,206

Siemens

Financieringsmaatschappij

NV

147,000

1.700%, 

3/11/2028

f

135,523

SRM

Escrow

Issuer,

LLC

435,000

6.000%, 

11/1/2028

f

429,023

Standard

Industries,

Inc.

380,000

4.375%, 

7/15/2030

f

348,063

Sunpower

Corporation,

Convertible

143,000

4.000%, 

1/15/2023

161,948

Textron,

Inc.

147,000

3.650%, 

3/15/2027

147,273

Titan

Acquisition,

Ltd.

125,000

7.750%, 

4/15/2026

f

124,209

TransDigm,

Inc.

220,000

6.250%, 

3/15/2026

f

225,861

820,000

5.500%, 

11/15/2027

813,850

United

Rentals

North

America,

Inc.

340,000

4.875%, 

1/15/2028

345,370

240,000

4.000%, 

7/15/2030

229,519

Vertiv

Group

Corporation

111,000

4.125%, 

11/15/2028

f

101,300

Victors

Merger

Corporation

178,000

6.375%, 

5/15/2029

f

145,709

Waste

Connections,

Inc.

46,000

3.200%, 

6/1/2032

44,884

Waste

Pro

USA,

Inc.

140,000

5.500%, 

2/15/2026

f

132,311

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Capital

Goods

(1.9%)

-

continued

WESCO

Distribution,

Inc.

$

400,000

7.250%, 

6/15/2028

f

$

424,854

Total

15,514,406

Collateralized

Mortgage

Obligations

(4.2%)

Alternative

Loan

Trust

411,033

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

302,941

Banc

of

America

Alternative

Loan

Trust

483,295

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

463,462

Banc

of

America

Mortgage

Securities

Trust

411,232

2.246%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

406,539

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

30,806

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

31,219

Business

Jet

Securities,

LLC

332,171

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

f

319,904

CHL

Mortgage

Pass-Through

Trust

269,310

2.426%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

276,346

803,266

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

550,727

CHNGE

Mortgage

Trust

1,271,754

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

1,254,547

CIM

Trust

360,123

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,f

362,922

Citigroup

Mortgage

Loan

Trust,

Inc.

58,853

2.425%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

58,501

898,520

2.907%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

882,587

Countrywide

Alternative

Loan

Trust

429,759

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

405,394

201,653

2.736%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

185,843

181,156

2.815%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

176,363

233,688

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

215,250

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

290,597

2.485%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

273,124

Credit

Suisse

Mortgage

Trust

440,672

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

423,514

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

650,936

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

634,620

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

Eagle

Re,

Ltd.

$

812,112

2.257%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,f

$

807,041

Federal

Home

Loan

Mortgage

Corporation

1,643,915

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

179,169

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

4,588,111

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

428,422

149,590

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

j

1,080

311,138

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

j

10,729

1,221,430

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

55,303

980,918

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

50,292

1,559,210

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

j

82,681

477,176

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

j

24,036

1,022,539

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

j

49,483

1,554,824

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

j

78,585

1,410,532

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

156,653

908,274

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

88,488

1,819,176

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

121,108

Federal

National

Mortgage

Association

-

REMIC

1,949,031

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

90,951

1,320,358

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

54,776

2,439,042

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

96,138

1,358,575

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

j

73,270

3,550,015

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

197,265

1,776,027

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

79,698

943,104

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

43,647

2,377,753

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

107,592

717,353

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

j

30,538

1,326,660

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

69,114

466,059

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

j

25,575

1,698,527

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

82,805

1,305,399

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

127,725

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

First

Horizon

Alternative

Mortgage

Securities

Trust

$

173,632

2.400%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

$

162,543

159,296

2.412%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

153,840

Flagstar

Mortgage

Trust

463,574

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

447,220

Genworth

Mortgage

Insurance

Corporation

725,000

1.999%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

720,939

GMAC

Mortgage

Corporation

Loan

Trust

308,888

3.175%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

299,590

Government

National

Mortgage

Association

369,563

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

j

17,091

IndyMac

IMJA

Mortgage

Loan

Trust

592,459

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

339,830

J.P.

Morgan

Mortgage

Trust

579,390

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

531,490

77,452

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

81,254

354,456

2.830%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

301,334

Legacy

Mortgage

Asset

Trust

913,539

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

f,g

902,181

Merrill

Lynch

Alternative

Note

Asset

Trust

279,796

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

158,848

Palmer

Square

Loan

Funding,

Ltd.

1,250,000

2.004%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,f

1,232,914

Pretium

Mortgage

Credit

Partners,

LLC

1,250,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

1,207,450

950,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

902,469

1,000,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

926,837

Radnor

Re,

Ltd.

1,700,000

3.157%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,f

1,673,556

Renaissance

Home

Equity

Loan

Trust

1,136,653

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

g

552,783

Residential

Accredit

Loans,

Inc.

Trust

397,770

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

374,686

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

$

254,826

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

$

237,032

253,892

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

242,687

Residential

Asset

Securitization

Trust

329,763

1.888%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

330,074

931,563

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

936,129

Residential

Funding

Mortgage

Security

I

Trust

537,787

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

491,293

Sequoia

Mortgage

Trust

457,022

2.836%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

344,626

Silver

Hill

Trust

521,328

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,f

510,361

Starwood

Mortgage

Residential

Trust

1,175,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,f

1,175,717

Structured

Adjustable

Rate

Mortgage

Loan

Trust

179,700

2.804%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

164,886

Toorak

Mortgage

Corporation,

Ltd.

1,206,071

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

f,g

1,196,379

Vericrest

Opportunity

Loan

Transferee

950,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

913,151

1,150,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,108,848

790,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

752,273

225,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

212,049

1,250,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

1,191,350

275,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

264,713

Verus

Securitization

Trust

1,092,094

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

1,042,070

WaMu

Mortgage

Pass-Through

Certificates

183,500

2.422%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

182,847

Washington

Mutual

Mortgage

Pass-Through

Certificates

290,681

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

279,209

ZH

Trust

930,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

f

893,598

675,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

f

644,016

Total

34,536,130

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Commercial

Mortgage-Backed

Securities

(0.8%)

BANK

2021-BNK36

$

650,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

$

607,722

BANK

2021-BNK37

900,000

2.618%, 

11/15/2064,

Ser.

2021-BN37,

Class

A5

b

846,841

BANK

2022-BNK39

1,275,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

1,230,065

BANK

2022-BNK40

1,000,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

1,006,918

Barclays

Commercial

Mortgage

Securities,

LLC

900,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

921,637

BBCMS

Mortgage

Trust

1,273,791

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

66,340

350,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

339,608

625,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

591,098

BFLD

Trust

950,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

938,111

Total

6,548,340

Communications

Services

(2.4%)

Altice

France

SA

135,000

8.125%, 

2/1/2027

f

139,203

100,000

5.500%, 

1/15/2028

f

92,670

290,000

5.125%, 

7/15/2029

f

259,912

441,000

5.500%, 

10/15/2029

f

395,700

American

Tower

Corporation

96,000

3.375%, 

5/15/2024

96,288

161,000

4.400%, 

2/15/2026

165,247

96,000

1.450%, 

9/15/2026

87,590

126,000

3.800%, 

8/15/2029

125,387

AT&T,

Inc.

190,000

4.450%, 

4/1/2024

195,539

288,000

4.300%, 

2/15/2030

304,294

Cable

One,

Inc.,

Convertible

486,000

1.125%, 

3/15/2028

h

434,484

CCO

Holdings,

LLC

285,000

5.500%, 

5/1/2026

f

289,001

460,000

5.125%, 

5/1/2027

f

460,678

460,000

4.750%, 

3/1/2030

f

441,710

329,000

4.750%, 

2/1/2032

f

306,378

250,000

4.250%, 

1/15/2034

f

217,124

Cengage

Learning,

Inc.

281,000

9.500%, 

6/15/2024

f

280,297

Charter

Communications

Operating,

LLC

145,000

4.500%, 

2/1/2024

148,311

104,000

4.908%, 

7/23/2025

107,849

147,000

5.050%, 

3/30/2029

155,647

Clear

Channel

Worldwide

Holdings,

Inc.

350,000

7.750%, 

4/15/2028

f

351,831

Comcast

Corporation

97,000

2.350%, 

1/15/2027

94,319

210,000

3.400%, 

4/1/2030

212,740

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Communications

Services

(2.4%)

-

continued

Consolidated

Communications,

Inc.

$

242,000

5.000%, 

10/1/2028

f

$

208,263

Crown

Castle

International

Corporation

133,000

2.900%, 

3/15/2027

128,580

CSC

Holdings,

LLC

540,000

5.375%, 

2/1/2028

f

524,102

224,000

4.125%, 

12/1/2030

f

196,418

Cumulus

Media

New

Holdings,

Inc.

260,000

6.750%, 

7/1/2026

f,h

260,062

Deutsche

Telekom

International

Finance

BV

105,000

2.485%, 

9/19/2023

f

104,526

DIRECTV

Holdings,

LLC

350,000

5.875%, 

8/15/2027

f

344,313

Discovery

Communications,

LLC

114,000

2.950%, 

3/20/2023

114,254

DISH

DBS

Corporation

136,000

5.250%, 

12/1/2026

f

129,540

101,000

7.375%, 

7/1/2028

95,698

184,000

5.750%, 

12/1/2028

f

174,110

Entercom

Media

Corporation

423,000

6.500%, 

5/1/2027

f

396,884

Fox

Corporation

97,000

4.709%, 

1/25/2029

103,556

Frontier

Communications

Holdings,

LLC

322,000

5.875%, 

10/15/2027

f

319,843

GCI,

LLC

290,000

4.750%, 

10/15/2028

f

283,115

Gray

Escrow

II,

Inc.

706,000

5.375%, 

11/15/2031

f

675,088

Gray

Television,

Inc.

270,000

4.750%, 

10/15/2030

f

250,763

Hughes

Satellite

Systems

Corporation

150,000

6.625%, 

8/1/2026

155,489

iHeartCommunications,

Inc.

290,000

4.750%, 

1/15/2028

f

276,950

Iliad

Holding

SASU

140,000

6.500%, 

10/15/2026

f

140,378

LCPR

Senior

Secured

Financing

DAC

225,000

6.750%, 

10/15/2027

f

231,143

Level

3

Financing,

Inc.

480,000

4.625%, 

9/15/2027

f

451,838

285,000

4.250%, 

7/1/2028

f

261,632

Lions

Gate

Capital

Holdings,

LLC

111,000

5.500%, 

4/15/2029

f

106,976

Magallanes,

Inc.

87,000

3.638%, 

3/15/2025

f

87,529

136,000

4.054%, 

3/15/2029

f

136,675

89,000

4.279%, 

3/15/2032

f

89,396

NBN

Company,

Ltd.

171,000

2.625%, 

5/5/2031

f

155,920

Netflix,

Inc.

111,000

5.875%, 

2/15/2025

118,359

192,000

5.875%, 

11/15/2028

211,642

Nexstar

Escrow

Corporation

400,000

5.625%, 

7/15/2027

f

404,880

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Communications

Services

(2.4%)

-

continued

NTT

Finance

Corporation

$

117,000

1.162%, 

4/3/2026

f

$

107,873

Omnicom

Group,

Inc.

147,000

4.200%, 

6/1/2030

h

153,465

Paramount

Global

125,000

6.375%, 

3/30/2062

b

126,188

179,000

4.750%, 

5/15/2025

185,965

Radiate

Holdco,

LLC

155,000

6.500%, 

9/15/2028

f

146,572

Rogers

Communications,

Inc.

50,000

5.250%, 

3/15/2082

b,f

48,979

S&P

Global,

Inc.

90,000

2.900%, 

3/1/2032

f

87,251

Scripps

Escrow

II,

Inc.

150,000

5.375%, 

1/15/2031

f

143,625

Scripps

Escrow,

Inc.

185,000

5.875%, 

7/15/2027

f

185,141

Sinclair

Television

Group,

Inc.

474,000

5.500%, 

3/1/2030

f

410,228

Sirius

XM

Radio,

Inc.

375,000

5.000%, 

8/1/2027

f

374,063

200,000

4.000%, 

7/15/2028

f

190,000

Sprint

Capital

Corporation

464,000

6.875%, 

11/15/2028

537,632

295,000

8.750%, 

3/15/2032

397,365

Sprint

Corporation

960,000

7.625%, 

2/15/2025

1,046,400

TEGNA,

Inc.

278,000

4.625%, 

3/15/2028

276,532

Telesat

Canada

150,000

4.875%, 

6/1/2027

f

109,284

55,000

6.500%, 

10/15/2027

f

26,923

Terrier

Media

Buyer,

Inc.

210,000

8.875%, 

12/15/2027

f

213,675

T-Mobile

USA,

Inc.

113,000

3.500%, 

4/15/2025

113,748

160,000

3.875%, 

4/15/2030

160,614

40,000

2.875%, 

2/15/2031

36,037

United

States

Cellular

Corporation

250,000

6.700%, 

12/15/2033

274,845

Uniti

Fiber

Holdings,

Inc.,

Convertible

133,000

4.000%, 

6/15/2024

f

177,850

Uniti

Group,

LP

90,000

4.750%, 

4/15/2028

f

84,938

VeriSign,

Inc.

210,000

4.750%, 

7/15/2027

214,547

Verizon

Communications,

Inc.

161,000

2.100%, 

3/22/2028

150,064

147,000

3.150%, 

3/22/2030

144,571

98,000

2.550%, 

3/21/2031

91,047

194,000

2.355%, 

3/15/2032

f

175,224

Vodafone

Group

plc

220,000

7.000%, 

4/4/2079

b

242,928

VTR

Finance

NV

190,000

6.375%, 

7/15/2028

f

184,064

VZ

Secured

Financing

BV

398,000

5.000%, 

1/15/2032

f

372,130

Walt

Disney

Company

80,000

3.800%, 

3/22/2030

83,140

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Communications

Services

(2.4%)

-

continued

Zayo

Group

Holdings,

Inc.

$

172,000

4.000%, 

3/1/2027

f

$

158,280

Total

19,931,309

Consumer

Cyclical

(3.6%)

1011778

B.C.,

ULC

440,000

4.375%, 

1/15/2028

f

422,400

Allen

Media,

LLC

261,000

10.500%, 

2/15/2028

f

257,158

Allied

Universal

Holdco,

LLC

150,000

6.625%, 

7/15/2026

f

151,774

410,000

4.625%, 

6/1/2028

f

387,409

135,000

6.000%, 

6/1/2029

f

119,092

Allison

Transmission,

Inc.

410,000

3.750%, 

1/30/2031

f

371,931

Amazon.com,

Inc.

195,000

1.650%, 

5/12/2028

181,347

98,000

1.500%, 

6/3/2030

87,691

American

Axle

&

Manufacturing,

Inc.

480,000

6.500%, 

4/1/2027

474,610

Arko

Corporation

185,000

5.125%, 

11/15/2029

f

168,350

Ashton

Woods

USA,

LLC

180,000

4.625%, 

8/1/2029

f

158,729

BellRing

Brands,

Inc.

316,000

7.000%, 

3/15/2030

f

322,715

Best

Buy

Company,

Inc.

98,000

1.950%, 

10/1/2030

85,793

Bloomin'

Brands,

Inc.,

Convertible

149,000

5.000%, 

5/1/2025

300,309

Boyd

Gaming

Corporation

270,000

4.750%, 

6/15/2031

f

260,212

Boyne

USA,

Inc.

210,000

4.750%, 

5/15/2029

f

201,600

Brookfield

Property

REIT,

Inc.

158,000

5.750%, 

5/15/2026

f

156,567

Brookfield

Residential

Properties,

Inc.

290,000

6.250%, 

9/15/2027

f

283,929

310,000

5.000%, 

6/15/2029

f

281,483

Burlington

Stores,

Inc.,

Convertible

357,000

2.250%, 

4/15/2025

407,649

Caesars

Entertainment,

Inc.

426,000

6.250%, 

7/1/2025

f

439,819

145,000

8.125%, 

7/1/2027

f

155,361

298,000

4.625%, 

10/15/2029

f

278,630

Carnival

Corporation

57,000

10.500%, 

2/1/2026

f

63,379

499,000

7.625%, 

3/1/2026

f

502,258

410,000

5.750%, 

3/1/2027

f

391,003

185,000

6.000%, 

5/1/2029

f

174,333

Cedar

Fair,

LP

125,000

5.375%, 

4/15/2027

123,750

475,000

5.250%, 

7/15/2029

467,885

Churchill

Downs,

Inc.

185,000

4.750%, 

1/15/2028

f

179,450

Cinemark

USA,

Inc.

320,000

5.875%, 

3/15/2026

f

310,400

Clarios

Global,

LP

140,000

8.500%, 

5/15/2027

f

145,250

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Cyclical

(3.6%)

-

continued

Cushman

&

Wakefield

US

Borrower,

LLC

$

144,000

6.750%, 

5/15/2028

f

$

150,480

D.R.

Horton,

Inc.

56,000

2.600%, 

10/15/2025

54,334

Daimler

Finance

North

America,

LLC

150,000

1.450%, 

3/2/2026

f

139,592

Dana,

Inc.

305,000

5.625%, 

6/15/2028

308,203

Darden

Restaurants,

Inc.

166,000

3.850%, 

5/1/2027

168,314

Dick's

Sporting

Goods,

Inc.,

Convertible

189,000

3.250%, 

4/15/2025

588,144

Empire

Communities

Corporation

290,000

7.000%, 

12/15/2025

f

286,520

Expedia

Group,

Inc.

147,000

4.625%, 

8/1/2027

152,696

146,000

3.250%, 

2/15/2030

138,974

Expedia

Group,

Inc.,

Convertible

297,000

Zero

Coupon, 

2/15/2026

h

361,241

Ford

Motor

Company

166,000

3.250%, 

2/12/2032

148,260

Ford

Motor

Company,

Convertible

839,000

Zero

Coupon, 

3/15/2026

991,698

Ford

Motor

Credit

Company,

LLC

375,000

4.063%, 

11/1/2024

373,871

290,000

2.300%, 

2/10/2025

275,273

720,000

4.134%, 

8/4/2025

719,190

480,000

2.700%, 

8/10/2026

446,405

168,000

2.900%, 

2/10/2029

149,641

Forestar

Group,

Inc.

185,000

3.850%, 

5/15/2026

f

172,513

Gap,

Inc.

89,000

3.625%, 

10/1/2029

f

79,299

General

Motors

Company

111,000

6.125%, 

10/1/2025

119,161

147,000

6.800%, 

10/1/2027

165,925

General

Motors

Financial

Company,

Inc.

233,000

3.950%, 

4/13/2024

236,615

83,000

1.200%, 

10/15/2024

78,791

43,000

2.900%, 

2/26/2025

42,001

111,000

2.750%, 

6/20/2025

107,810

196,000

5.700%, 

9/30/2030

b,i

205,349

97,000

2.700%, 

6/10/2031

85,411

GLP

Capital,

LP

94,000

3.250%, 

1/15/2032

85,286

Goodyear

Tire

&

Rubber

Company

185,000

5.000%, 

7/15/2029

f

172,339

135,000

5.250%, 

7/15/2031

f

124,835

Guitar

Center

Escrow

Issuer

II,

Inc.

89,000

8.500%, 

1/15/2026

f

90,808

Hanesbrands,

Inc.

257,000

4.875%, 

5/15/2026

f

258,471

Herc

Holdings,

Inc.

260,000

5.500%, 

7/15/2027

f

263,640

Hilton

Domestic

Operating

Company,

Inc.

495,000

4.875%, 

1/15/2030

493,884

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Cyclical

(3.6%)

-

continued

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

$

365,000

5.000%, 

6/1/2029

f

$

348,318

Home

Depot,

Inc.

137,000

3.250%, 

4/15/2032

137,054

Hyundai

Capital

America

78,000

1.800%, 

10/15/2025

f

72,850

147,000

3.000%, 

2/10/2027

f

140,393

94,000

2.100%, 

9/15/2028

f

82,839

International

Game

Technology

plc

347,000

5.250%, 

1/15/2029

f

346,133

Jacobs

Entertainment,

Inc.

158,000

6.750%, 

2/15/2029

f

158,787

KB

Home

240,000

4.800%, 

11/15/2029

231,662

Kohl's

Corporation

147,000

3.375%, 

5/1/2031

h

141,866

L

Brands,

Inc.

420,000

6.625%, 

10/1/2030

f

441,000

100,000

6.875%, 

11/1/2035

103,000

Lennar

Corporation

58,000

5.875%, 

11/15/2024

61,107

110,000

4.750%, 

5/30/2025

113,917

Lowe's

Companies,

Inc.

144,000

4.000%, 

4/15/2025

147,854

168,000

4.500%, 

4/15/2030

179,774

Macy's

Retail

Holdings,

LLC

270,000

5.875%, 

4/1/2029

f

269,325

137,000

6.125%, 

3/15/2032

f

135,288

Magic

MergerCo,

Inc.

189,000

5.250%, 

5/1/2028

f

173,521

Marriott

International,

Inc.

223,000

3.750%, 

10/1/2025

222,505

146,000

4.625%, 

6/15/2030

151,211

Mastercard,

Inc.

90,000

2.000%, 

11/18/2031

82,049

Mattamy

Group

Corporation

430,000

5.250%, 

12/15/2027

f

424,449

McDonald's

Corporation

254,000

3.800%, 

4/1/2028

261,337

MGM

Resorts

International

575,000

5.750%, 

6/15/2025

589,387

NCL

Corporation,

Ltd.

118,000

5.875%, 

2/15/2027

f

116,230

Nissan

Motor

Company,

Ltd.

116,000

3.043%, 

9/15/2023

f

115,741

O'Reilly

Automotive,

Inc.

128,000

3.900%, 

6/1/2029

129,916

Penn

National

Gaming,

Inc.

270,000

4.125%, 

7/1/2029

f

241,704

PetSmart,

Inc.

370,000

4.750%, 

2/15/2028

f

357,570

260,000

7.750%, 

2/15/2029

f

268,450

Prime

Security

Services

Borrower,

LLC

650,000

5.750%, 

4/15/2026

f

663,114

Procter

&

Gamble

Company

81,000

1.200%, 

10/29/2030

70,544

Real

Hero

Merger

Sub

2,

Inc.

210,000

6.250%, 

2/1/2029

f

191,337

Realogy

Group,

LLC

350,000

5.750%, 

1/15/2029

f

329,875

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Cyclical

(3.6%)

-

continued

Rite

Aid

Corporation

$

139,000

7.500%, 

7/1/2025

f

$

129,640

Ross

Stores,

Inc.

98,000

1.875%, 

4/15/2031

85,203

Royal

Caribbean

Cruises,

Ltd.

442,000

9.125%, 

6/15/2023

f

460,233

370,000

4.250%, 

7/1/2026

f

344,170

84,000

5.375%, 

7/15/2027

f

80,706

150,000

5.500%, 

4/1/2028

f

142,997

Scientific

Games

International,

Inc.

350,000

7.250%, 

11/15/2029

f

366,625

33,000

6.625%, 

3/1/2030

f

32,531

SeaWorld

Parks

and

Entertainment,

Inc.

115,000

5.250%, 

8/15/2029

f

109,680

Service

Properties

Trust

224,000

7.500%, 

9/15/2025

234,987

Six

Flags

Theme

Parks,

Inc.

190,000

7.000%, 

7/1/2025

f

198,313

Staples,

Inc.

224,000

7.500%, 

4/15/2026

f

217,528

203,000

10.750%, 

4/15/2027

f

180,670

Station

Casinos,

LLC

216,000

4.625%, 

12/1/2031

f

197,575

Tapestry,

Inc.

92,000

3.050%, 

3/15/2032

83,607

Target

Corporation

98,000

2.350%, 

2/15/2030

93,618

Tenneco,

Inc.

335,000

5.000%, 

7/15/2026

h

329,556

Toll

Brothers

Finance

Corporation

146,000

4.350%, 

2/15/2028

146,684

Toyota

Motor

Credit

Corporation

128,000

1.900%, 

4/6/2028

118,801

Travel

+

Leisure

Company

250,000

6.625%, 

7/31/2026

f

260,625

TripAdvisor,

Inc.,

Convertible

112,000

0.250%, 

4/1/2026

f

94,528

Uber

Technologies,

Inc.

210,000

6.250%, 

1/15/2028

f,h

217,127

Vail

Resorts,

Inc.,

Convertible

166,000

Zero

Coupon, 

1/1/2026

160,769

Volkswagen

Group

of

America

Finance,

LLC

200,000

4.250%, 

11/13/2023

f

203,725

56,000

3.350%, 

5/13/2025

f

55,824

Wabash

National

Corporation

298,000

4.500%, 

10/15/2028

f

268,200

Wyndham

Hotels

&

Resorts,

Inc.

150,000

4.375%, 

8/15/2028

f

144,375

Yum!

Brands,

Inc.

390,000

4.750%, 

1/15/2030

f

382,444

ZF

North

America

Capital,

Inc.

200,000

4.750%, 

4/29/2025

f

200,699

Total

29,588,787

Consumer

Non-Cyclical

(2.9%)

AbbVie,

Inc.

107,000

2.800%, 

3/15/2023

107,369

457,000

3.600%, 

5/14/2025

463,001

195,000

3.200%, 

11/21/2029

192,681

Agilent

Technologies,

Inc.

98,000

2.300%, 

3/12/2031

88,530

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

Albertson's

Companies,

Inc.

$

397,000

3.500%, 

3/15/2029

f

$

358,281

Altria

Group,

Inc.

119,000

4.400%, 

2/14/2026

123,091

98,000

4.800%, 

2/14/2029

102,735

Anheuser-Busch

InBev

Worldwide,

Inc.

183,000

4.000%, 

4/13/2028

189,617

195,000

4.750%, 

1/23/2029

211,414

Anthem,

Inc.

147,000

2.550%, 

3/15/2031

137,317

AstraZeneca

Finance,

LLC

195,000

1.750%, 

5/28/2028

179,678

AstraZeneca

plc

194,000

0.700%, 

4/8/2026

177,278

BAT

Capital

Corporation

89,000

3.222%, 

8/15/2024

88,967

BAT

International

Finance

plc

111,000

1.668%, 

3/25/2026

101,854

Bausch

Health

Companies,

Inc.

798,000

5.000%, 

1/30/2028

f

657,209

521,000

5.000%, 

2/15/2029

f

405,862

Baxter

International,

Inc.

92,000

2.539%, 

2/1/2032

f

84,009

Becton,

Dickinson

and

Company

147,000

2.823%, 

5/20/2030

139,863

Bio-Rad

Laboratories,

Inc.

133,000

3.300%, 

3/15/2027

130,858

Boston

Scientific

Corporation

52,000

3.450%, 

3/1/2024

52,613

Bristol-Myers

Squibb

Company

135,000

2.950%, 

3/15/2032

132,060

Bunge,

Ltd.

Finance

Corporation

196,000

2.750%, 

5/14/2031

180,308

Cargill,

Inc.

94,000

2.125%, 

11/10/2031

f

84,940

Centene

Corporation

290,000

4.250%, 

12/15/2027

291,087

165,000

4.625%, 

12/15/2029

166,335

805,000

3.000%, 

10/15/2030

739,368

Central

Garden

&

Pet

Company

350,000

4.125%, 

10/15/2030

315,875

Community

Health

Systems,

Inc.

140,000

5.625%, 

3/15/2027

f

142,581

200,000

6.000%, 

1/15/2029

f

202,089

513,000

6.875%, 

4/15/2029

f

504,022

Conagra

Brands,

Inc.

118,000

4.300%, 

5/1/2024

121,248

Constellation

Brands,

Inc.

195,000

3.150%, 

8/1/2029

188,296

Coty,

Inc.

221,000

5.000%, 

4/15/2026

f

215,199

CVS

Health

Corporation

77,000

4.100%, 

3/25/2025

78,912

77,000

4.300%, 

3/25/2028

80,548

DaVita,

Inc.

470,000

4.625%, 

6/1/2030

f

438,886

Diageo

Capital

plc

79,000

1.375%, 

9/29/2025

74,812

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

f

199,000

Embecta

Corporation

91,000

6.750%, 

2/15/2030

f

91,227

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

Encompass

Health

Corporation

$

445,000

4.500%, 

2/1/2028

$

436,100

Endo

Finance,

LLC

135,000

9.500%, 

7/31/2027

f

118,462

Energizer

Holdings,

Inc.

335,000

4.375%, 

3/31/2029

f

293,287

Estee

Lauder

Companies,

Inc.

81,000

1.950%, 

3/15/2031

73,481

General

Mills,

Inc.

80,000

4.200%, 

4/17/2028

83,532

Gilead

Sciences,

Inc.

147,000

2.950%, 

3/1/2027

145,551

HCA,

Inc.

1,045,000

5.375%, 

2/1/2025

1,087,323

184,000

5.875%, 

2/1/2029

201,149

HFC

Prestige

Products,

Inc.

348,000

4.750%, 

1/15/2029

f

324,724

HLF

Financing

SARL,

LLC

506,000

4.875%, 

6/1/2029

f

443,848

Humana,

Inc.

97,000

2.150%, 

2/3/2032

84,989

Imperial

Brands

Finance

plc

105,000

3.125%, 

7/26/2024

f

104,023

Ionis

Pharmaceuticals,

Inc.,

Convertible

119,000

0.125%, 

12/15/2024

106,684

Jazz

Investments

I,

Ltd.,

Convertible

559,000

2.000%, 

6/15/2026

677,743

JBS

Finance

Luxembourg

SARL

143,000

2.500%, 

1/15/2027

f

132,813

114,000

3.625%, 

1/15/2032

f

104,311

JBS

USA,

LLC

75,000

6.500%, 

4/15/2029

f

79,500

430,000

5.500%, 

1/15/2030

f

439,580

Kraft

Foods

Group,

Inc.

318,000

5.000%, 

6/4/2042

339,656

Kraft

Heinz

Foods

Company

230,000

3.875%, 

5/15/2027

233,794

592,000

3.750%, 

4/1/2030

589,460

Kroger

Company

80,000

4.500%, 

1/15/2029

85,177

Mattel,

Inc.

647,000

3.375%, 

4/1/2026

f

633,468

McKesson

Corporation

111,000

0.900%, 

12/3/2025

101,918

95,000

1.300%, 

8/15/2026

87,216

Molina

Healthcare,

Inc.

350,000

4.375%, 

6/15/2028

f

346,367

Mozart

Debt

Merger

Sub,

Inc.

387,000

3.875%, 

4/1/2029

f

357,975

372,000

5.250%, 

10/1/2029

f

345,837

Mylan,

Inc.

73,000

4.200%, 

11/29/2023

74,188

Newell

Brands,

Inc.

230,000

4.700%, 

4/1/2026

g

231,438

Ortho-Clinical

Diagnostics,

Inc.

210,000

7.250%, 

2/1/2028

f

216,300

Owens

&

Minor,

Inc.

197,000

6.625%, 

4/1/2030

f

202,715

Par

Pharmaceutical,

Inc.

300,000

7.500%, 

4/1/2027

f

279,945

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

PepsiCo,

Inc.

$

183,000

1.950%, 

10/21/2031

$

167,035

Philip

Morris

International,

Inc.

140,000

1.500%, 

5/1/2025

133,446

Pilgrim's

Pride

Corporation

267,000

3.500%, 

3/1/2032

f

233,087

Post

Holdings,

Inc.

106,000

5.500%, 

12/15/2029

f

101,991

229,000

4.500%, 

9/15/2031

f

202,892

QBE

Insurance

Group,

Ltd.

240,000

5.875%, 

5/12/2025

b,f,i

245,700

Roche

Holdings,

Inc.

136,000

2.076%, 

12/13/2031

f

125,144

Royalty

Pharma

plc

222,000

1.200%, 

9/2/2025

204,211

Scotts

Miracle-Gro

Company

415,000

4.500%, 

10/15/2029

389,063

SEG

Holding,

LLC

400,000

5.625%, 

10/15/2028

f

400,000

Simmons

Foods,

Inc.

472,000

4.625%, 

3/1/2029

f

442,500

Spectrum

Brands,

Inc.

240,000

5.000%, 

10/1/2029

f

225,773

150,000

5.500%, 

7/15/2030

f

144,000

Stryker

Corporation

159,000

3.650%, 

3/7/2028

161,664

Syneos

Health,

Inc.

310,000

3.625%, 

1/15/2029

f

286,363

Sysco

Corporation

84,000

5.950%, 

4/1/2030

97,438

Takeda

Pharmaceutical

Company,

Ltd.

180,000

2.050%, 

3/31/2030

162,474

Tenet

Healthcare

Corporation

99,000

4.625%, 

7/15/2024

99,426

805,000

5.125%, 

11/1/2027

f

808,788

140,000

6.125%, 

10/1/2028

f

142,275

Teva

Pharmaceutical

Finance

Netherlands

III

BV

220,000

3.150%, 

10/1/2026

199,186

Thermo

Fisher

Scientific,

Inc.

97,000

1.750%, 

10/15/2028

88,618

TreeHouse

Foods,

Inc.

142,000

4.000%, 

9/1/2028

120,235

United

Natural

Foods,

Inc.

189,000

6.750%, 

10/15/2028

f

193,725

UnitedHealth

Group,

Inc.

245,000

3.850%, 

6/15/2028

254,979

Universal

Health

Services,

Inc.

145,000

1.650%, 

9/1/2026

f

133,009

49,000

2.650%, 

1/15/2032

f

44,036

Valeant

Pharmaceuticals

International,

Inc.

131,000

8.500%, 

1/31/2027

f,h

130,642

Winnebago

Industries,

Inc.,

Convertible

240,000

1.500%, 

4/1/2025

261,720

Zoetis,

Inc.

109,000

3.250%, 

2/1/2023

109,753

216,000

3.900%, 

8/20/2028

221,713

Total

23,832,460

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Energy

(2.5%)

Antero

Resources

Corporation

$

325,000

5.375%, 

3/1/2030

f

$

331,906

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

340,000

6.250%, 

4/1/2028

f

335,101

BP

Capital

Markets

America,

Inc.

235,000

4.234%, 

11/6/2028

246,781

BP

Capital

Markets

plc

240,000

4.875%, 

3/22/2030

b,i

240,600

Buckeye

Partners,

LP

280,000

3.950%, 

12/1/2026

273,627

Callon

Petroleum

Company

225,000

8.250%, 

7/15/2025

227,250

Canadian

Natural

Resources,

Ltd.

210,000

2.050%, 

7/15/2025

201,361

Cenovus

Energy,

Inc.

314,000

5.375%, 

7/15/2025

331,105

Cheniere

Corpus

Christi

Holdings,

LLC

156,000

5.875%, 

3/31/2025

164,647

Cheniere

Energy

Partners,

LP

97,000

4.500%, 

10/1/2029

97,485

207,000

3.250%, 

1/31/2032

f

188,223

Cheniere

Energy,

Inc.

303,000

4.625%, 

10/15/2028

304,015

Chesapeake

Energy

Corporation

185,000

6.750%, 

4/15/2029

f

195,940

CNX

Resources

Corporation

175,000

6.000%, 

1/15/2029

f

176,750

CNX

Resources

Corporation,

Convertible

408,000

2.250%, 

5/1/2026

706,452

Comstock

Resources,

Inc.

230,000

5.875%, 

1/15/2030

f

226,619

Continental

Resources,

Inc.

147,000

4.375%, 

1/15/2028

149,029

90,000

5.750%, 

1/15/2031

f

98,442

Coterra

Energy,

Inc.

145,000

4.375%, 

6/1/2024

f

147,914

CQP

Holdco,

LP

217,000

5.500%, 

6/15/2031

f

213,181

Devon

Energy

Corporation

163,000

4.500%, 

1/15/2030

168,205

Diamondback

Energy,

Inc.

49,000

3.125%, 

3/24/2031

46,798

DT

Midstream,

Inc.

275,000

4.125%, 

6/15/2029

f

263,671

90,000

4.375%, 

6/15/2031

f

86,175

Enbridge,

Inc.

110,000

2.150%, 

2/16/2024

108,577

98,000

3.700%, 

7/15/2027

99,278

387,000

6.250%, 

3/1/2078

b

400,615

Endeavor

Energy

Resources,

LP

210,000

5.750%, 

1/30/2028

f

217,087

Energy

Transfer,

LP

90,000

4.200%, 

9/15/2023

91,186

271,000

5.875%, 

1/15/2024

282,331

147,000

3.750%, 

5/15/2030

144,613

EnLink

Midstream

Partners,

LP

310,000

4.850%, 

7/15/2026

310,000

Enterprise

Products

Operating,

LLC

97,000

4.150%, 

10/16/2028

100,868

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Energy

(2.5%)

-

continued

$

430,000

4.875%, 

8/16/2077

b

$

384,703

EQT

Corporation

90,000

3.125%, 

5/15/2026

f

87,414

272,000

3.900%, 

10/1/2027

271,213

EQT

Corporation,

Convertible

207,000

1.750%, 

5/1/2026

490,590

Equinor

ASA

70,000

2.875%, 

4/6/2025

70,007

Exxon

Mobil

Corporation

26,000

2.992%, 

3/19/2025

26,116

Ferrellgas,

LP

196,000

5.375%, 

4/1/2026

f

185,075

Genesis

Energy,

LP

150,000

6.500%, 

10/1/2025

147,945

90,000

8.000%, 

1/15/2027

92,583

Halliburton

Company

98,000

2.920%, 

3/1/2030

94,737

Harvest

Midstream,

LP

453,000

7.500%, 

9/1/2028

f

462,685

Hess

Corporation

74,000

3.500%, 

7/15/2024

74,459

Hess

Midstream

Operations,

LP

250,000

5.625%, 

2/15/2026

f

256,487

Hilcorp

Energy

I,

LP

300,000

5.750%, 

2/1/2029

f

300,180

ITT

Holdings,

LLC

265,000

6.500%, 

8/1/2029

f

244,786

Kinder

Morgan

Energy

Partners,

LP

145,000

3.450%, 

2/15/2023

146,016

Laredo

Petroleum,

Inc.

450,000

7.750%, 

7/31/2029

f,h

452,831

Marathon

Oil

Corporation

98,000

4.400%, 

7/15/2027

101,028

Marathon

Petroleum

Corporation

238,000

4.700%, 

5/1/2025

247,323

MPLX,

LP

180,000

6.875%, 

2/15/2023

b,i

176,400

243,000

1.750%, 

3/1/2026

227,698

Murphy

Oil

Corporation

280,000

5.875%, 

12/1/2027

284,900

Nabors

Industries,

Ltd.

350,000

7.250%, 

1/15/2026

f

350,000

National

Fuel

Gas

Company

195,000

5.500%, 

1/15/2026

206,467

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

200,000

7.500%, 

2/1/2026

f

196,738

NGL

Energy

Partners,

LP

101,000

7.500%, 

11/1/2023

96,708

NuStar

Logistics,

LP

360,000

5.750%, 

10/1/2025

366,750

Oasis

Petroleum,

Inc.

230,000

6.375%, 

6/1/2026

f

235,750

Occidental

Petroleum

Corporation

95,000

8.500%, 

7/15/2027

112,453

200,000

6.450%, 

9/15/2036

234,937

ONEOK,

Inc.

146,000

2.200%, 

9/15/2025

139,808

Ovintiv

Exploration,

Inc.

172,000

5.625%, 

7/1/2024

180,834

97,000

5.375%, 

1/1/2026

102,816

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Energy

(2.5%)

-

continued

PBF

Holding

Company,

LLC

$

145,000

9.250%, 

5/15/2025

f

$

149,382

Pioneer

Natural

Resources

Company

120,000

1.900%, 

8/15/2030

106,375

Pioneer

Natural

Resources

Company,

Convertible

186,000

0.250%, 

5/15/2025

441,657

Plains

All

American

Pipeline,

LP

110,000

6.125%, 

11/15/2022

b,i

93,280

206,000

4.650%, 

10/15/2025

211,647

Precision

Drilling

Corporation

230,000

6.875%, 

1/15/2029

f

233,450

Range

Resources

Corporation

338,000

4.750%, 

2/15/2030

f,h

335,695

Sabine

Pass

Liquefaction,

LLC

147,000

4.200%, 

3/15/2028

150,952

Schlumberger

Finance

Canada,

Ltd.

70,000

1.400%, 

9/17/2025

66,410

Schlumberger

Holdings

Corporation

61,000

4.300%, 

5/1/2029

f

62,876

SM

Energy

Company

226,000

6.625%, 

1/15/2027

h

231,686

135,000

6.500%, 

7/15/2028

h

139,311

Southwestern

Energy

Company

185,000

5.375%, 

2/1/2029

187,313

204,000

5.375%, 

3/15/2030

207,307

135,000

4.750%, 

2/1/2032

134,831

Summit

Midstream

Holdings,

LLC

260,000

8.500%, 

10/15/2026

f

247,918

Suncor

Energy,

Inc.

112,000

3.100%, 

5/15/2025

111,245

Sunoco,

LP

370,000

5.875%, 

3/15/2028

373,700

Tallgrass

Energy

Finance

Corporation

464,000

5.500%, 

1/15/2028

f

448,920

Targa

Resources

Partners,

LP

233,000

4.875%, 

2/1/2031

235,330

Teine

Energy,

Ltd.

190,000

6.875%, 

4/15/2029

f

192,850

Transocean

Proteus,

Ltd.

90,000

6.250%, 

12/1/2024

f

89,325

Transocean,

Inc.

180,000

11.500%, 

1/30/2027

f

185,850

USA

Compression

Partners,

LP

264,000

6.875%, 

4/1/2026

266,376

Valero

Energy

Corporation

185,000

2.800%, 

12/1/2031

170,746

Venture

Global

Calcasieu

Pass,

LLC

273,000

3.875%, 

8/15/2029

f

265,391

160,000

4.125%, 

8/15/2031

f

156,984

W&T

Offshore,

Inc.

116,000

9.750%, 

11/1/2023

f

115,420

Weatherford

International,

Ltd.

297,000

8.625%, 

4/30/2030

f

301,559

Western

Gas

Partners,

LP

110,000

4.000%, 

7/1/2022

110,000

Western

Midstream

Operating,

LP

365,000

3.950%, 

6/1/2025

367,223

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Energy

(2.5%)

-

continued

$

160,000

5.500%, 

8/15/2048

$

158,000

Williams

Companies,

Inc.

98,000

2.600%, 

3/15/2031

90,239

Total

20,863,517

Financials

(7.5%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

90,000

3.150%, 

2/15/2024

88,549

150,000

6.500%, 

7/15/2025

158,840

254,000

3.000%, 

10/29/2028

234,236

Air

Lease

Corporation

220,000

4.650%, 

6/15/2026

b,i

197,450

Aircastle,

Ltd.

205,000

5.250%, 

6/15/2026

b,f,i

187,575

98,000

2.850%, 

1/26/2028

f

88,034

Alliant

Holdings

Intermediate,

LLC

148,000

6.750%, 

10/15/2027

f

146,215

Ally

Financial,

Inc.

408,000

5.750%, 

11/20/2025

429,054

440,000

4.700%, 

5/15/2026

b,i

414,176

98,000

8.000%, 

11/1/2031

122,924

Altice

Financing

SA

130,000

5.750%, 

8/15/2029

f

118,181

American

Express

Company

113,000

3.400%, 

2/22/2024

114,539

190,000

3.550%, 

9/15/2026

b,i

173,147

135,000

2.550%, 

3/4/2027

131,264

American

Finance

Trust,

Inc.

223,000

4.500%, 

9/30/2028

f

200,727

American

Homes

4

Rent,

LP

97,000

2.375%, 

7/15/2031

85,631

American

International

Group,

Inc.

145,000

4.200%, 

4/1/2028

150,491

AmWINS

Group,

Inc.

180,000

4.875%, 

6/30/2029

f

172,804

Ares

Capital

Corporation

57,000

4.250%, 

3/1/2025

56,971

226,000

3.875%, 

1/15/2026

221,701

Ares

Capital

Corporation,

Convertible

192,000

4.625%, 

3/1/2024

216,786

Australia

and

New

Zealand

Banking

Group,

Ltd.

216,000

2.950%, 

7/22/2030

b,f

207,972

Aviation

Capital

Group,

LLC

150,000

5.500%, 

12/15/2024

f

154,387

96,000

4.875%, 

10/1/2025

f

97,375

Avolon

Holdings

Funding,

Ltd.

195,000

4.250%, 

4/15/2026

f

192,300

BAC

Capital

Trust

XIV

248,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/18/2022

b,h,i

213,846

Banco

Santander

Mexico

SA

67,000

5.375%, 

4/17/2025

f

69,917

Banco

Santander

SA

165,000

4.750%, 

11/12/2026

b,i

152,130

Bank

of

America

Corporation

200,000

3.004%, 

12/20/2023

b

200,505

328,000

3.550%, 

3/5/2024

b

329,873

244,000

4.200%, 

8/26/2024

249,930

800,000

6.250%, 

9/5/2024

b,i

826,960

113,000

3.458%, 

3/15/2025

b

113,682

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

$

240,000

6.100%, 

3/17/2025

b,i

$

250,333

279,000

1.319%, 

6/19/2026

b

261,471

230,000

4.375%, 

1/27/2027

b,i

216,154

145,000

1.734%, 

7/22/2027

b

134,659

480,000

5.875%, 

3/15/2028

b,i

484,704

294,000

3.593%, 

7/21/2028

b

294,512

392,000

3.974%, 

2/7/2030

b

398,327

196,000

2.687%, 

4/22/2032

b

180,249

144,000

2.572%, 

10/20/2032

b

130,848

179,000

2.972%, 

2/4/2033

b

167,722

92,000

3.846%, 

3/8/2037

b

88,101

Bank

of

Montreal

92,000

3.088%, 

1/10/2037

b

83,598

Bank

of

New

York

Mellon

Corporation

120,000

4.700%, 

9/20/2025

b,i

122,880

120,000

3.400%, 

1/29/2028

121,671

Bank

of

Nova

Scotia

360,000

4.900%, 

6/4/2025

b,i

360,000

98,000

1.050%, 

3/2/2026

89,899

Barclays

plc

283,000

4.338%, 

5/16/2024

b

287,326

195,000

8.000%, 

6/15/2024

b,i

206,018

111,000

4.375%, 

9/11/2024

112,454

134,000

2.852%, 

5/7/2026

b

130,150

200,000

4.375%, 

3/15/2028

b,i

176,150

145,000

4.972%, 

5/16/2029

b

151,683

Berkshire

Hathaway

Finance

Corporation

90,000

2.875%, 

3/15/2032

87,264

Blackstone

Private

Credit

Fund

139,000

4.000%, 

1/15/2029

f

128,689

BNP

Paribas

SA

175,000

6.625%, 

3/25/2024

b,f,i

180,775

141,000

2.819%, 

11/19/2025

b,f

137,667

122,000

3.132%, 

1/20/2033

b,f

112,908

Boston

Properties,

LP

98,000

2.550%, 

4/1/2032

88,381

BPCE

SA

114,000

2.375%, 

1/14/2025

f

109,817

Brixmor

Operating

Partnership,

LP

159,000

2.250%, 

4/1/2028

145,205

Canadian

Imperial

Bank

of

Commerce

90,000

3.600%, 

4/7/2032

e

89,574

CANPACK

SA

390,000

3.125%, 

11/1/2025

f

357,825

Capital

One

Bank

USA

NA

165,000

3.375%, 

2/15/2023

166,242

171,000

2.280%, 

1/28/2026

b

165,913

Capital

One

Financial

Corporation

110,000

3.950%, 

9/1/2026

b,i

102,311

135,000

3.273%, 

3/1/2030

b

130,350

Cascades

USA,

Inc.

210,000

5.125%, 

1/15/2026

f

209,345

Charles

Schwab

Corporation

440,000

5.375%, 

6/1/2025

b,i

453,200

440,000

4.000%, 

6/1/2026

b,i

421,300

126,000

2.000%, 

3/20/2028

117,931

91,000

2.900%, 

3/3/2032

87,615

Chobani,

LLC

161,000

7.500%, 

4/15/2025

f

155,655

285,000

4.625%, 

11/15/2028

f

262,912

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

Citigroup,

Inc.

$

480,000

5.950%, 

1/30/2023

b,i

$

485,088

286,000

5.000%, 

9/12/2024

b,i

283,140

141,000

3.352%, 

4/24/2025

b

141,335

91,000

5.950%, 

5/15/2025

b,i

92,756

274,000

5.500%, 

9/13/2025

292,561

230,000

4.000%, 

12/10/2025

b,i

220,800

575,000

3.875%, 

2/18/2026

b,i

541,937

180,000

4.150%, 

11/15/2026

b,i

168,637

338,000

1.122%, 

1/28/2027

b

310,078

194,000

1.462%, 

6/9/2027

b

178,167

172,000

3.070%, 

2/24/2028

b

167,521

391,000

4.075%, 

4/23/2029

b

398,500

Citizens

Financial

Group,

Inc.

205,000

4.000%, 

10/6/2026

b,i

188,087

CNA

Financial

Corporation

126,000

3.950%, 

5/15/2024

127,957

Coinbase

Global,

Inc.

148,000

3.625%, 

10/1/2031

f

126,170

Coinbase

Global,

Inc.,

Convertible

669,000

0.500%, 

6/1/2026

f

622,839

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,i

124,500

Commerzbank

AG

180,000

8.125%, 

9/19/2023

f

190,125

Commonwealth

Bank

of

Australia

117,000

2.688%, 

3/11/2031

f

104,077

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

b,f

103,600

Corebridge

Financial,

Inc.

90,000

3.850%, 

4/5/2029

f

89,918

43,000

3.900%, 

4/5/2032

f

42,936

Corporate

Office

Properties,

LP

192,000

2.250%, 

3/15/2026

182,935

Credit

Acceptance

Corporation

310,000

5.125%, 

12/31/2024

f

311,113

Credit

Agricole

SA

196,000

8.125%, 

12/23/2025

b,f,i

217,936

200,000

4.750%, 

3/23/2029

b,f,i

181,486

98,000

3.250%, 

1/14/2030

f

92,950

Credit

Suisse

Group

AG

160,000

6.500%, 

8/8/2023

f

164,000

110,000

7.500%, 

12/11/2023

b,f,i

113,712

117,000

2.593%, 

9/11/2025

b,f

113,023

110,000

7.250%, 

9/12/2025

b,f,i

111,237

115,000

2.193%, 

6/5/2026

b,f

107,994

96,000

3.869%, 

1/12/2029

b,f

93,680

Dai-ichi

Life

Insurance

Company,

Ltd.

473,000

5.100%, 

10/28/2024

b,f,h,i

487,720

Deutsche

Bank

AG

332,000

2.129%, 

11/24/2026

b

307,761

150,000

2.311%, 

11/16/2027

b

137,462

136,000

3.742%, 

1/7/2033

b

120,197

Discover

Bank

196,000

4.682%, 

8/9/2028

b

198,754

Drawbridge

Special

Opportunities

Fund,

LP

410,000

3.875%, 

2/15/2026

f

396,824

EPR

Properties

143,000

3.600%, 

11/15/2031

129,644

Fidelity

National

Financial,

Inc.

180,000

5.500%, 

9/1/2022

182,575

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

Fifth

Third

Bancorp

$

240,000

4.500%, 

9/30/2025

b,h,i

$

235,800

Fifth

Third

Bank

NA

97,000

3.850%, 

3/15/2026

98,474

First

Horizon

Bank

146,000

5.750%, 

5/1/2030

165,063

First

Horizon

National

Corporation

134,000

3.550%, 

5/26/2023

134,783

First-Citizens

Bank

&

Trust

Company

194,000

6.125%, 

3/9/2028

214,610

FNB

Corporation

229,000

2.200%, 

2/24/2023

227,633

Fortress

Transportation

and

Infrastructure

Investors,

LLC

200,000

6.500%, 

10/1/2025

f

198,500

98,000

9.750%, 

8/1/2027

f

102,387

130,000

5.500%, 

5/1/2028

f

118,189

FS

KKR

Capital

Corporation

96,000

3.400%, 

1/15/2026

92,945

97,000

2.625%, 

1/15/2027

88,830

FTI

Consulting,

Inc.,

Convertible

322,000

2.000%, 

8/15/2023

511,308

Genworth

Mortgage

Holdings,

Inc.

149,000

6.500%, 

8/15/2025

f

153,716

Global

Net

Lease,

Inc.

390,000

3.750%, 

12/15/2027

f

358,791

Goldman

Sachs

Group,

Inc.

222,000

0.627%, 

11/17/2023

b

219,178

623,000

5.500%, 

8/10/2024

b,i

635,647

142,000

4.400%, 

2/10/2025

b,i

134,900

111,000

3.500%, 

4/1/2025

111,828

167,000

4.250%, 

10/21/2025

171,049

166,000

0.855%, 

2/12/2026

b

154,649

124,000

3.650%, 

8/10/2026

b,i

113,460

188,000

4.125%, 

11/10/2026

b,i

176,297

173,000

1.948%, 

10/21/2027

b

160,777

92,000

2.640%, 

2/24/2028

b

87,964

196,000

3.814%, 

4/23/2029

b

197,421

98,000

3.800%, 

3/15/2030

98,651

98,000

2.615%, 

4/22/2032

b

89,068

97,000

2.383%, 

7/21/2032

b

85,913

Hartford

Financial

Services

Group,

Inc.

98,000

2.800%, 

8/19/2029

93,214

HSBC

Holdings

plc

109,000

3.803%, 

3/11/2025

b

109,513

110,000

6.375%, 

3/30/2025

b,i

113,814

141,000

2.633%, 

11/7/2025

b

137,531

133,000

1.589%, 

5/24/2027

b

121,392

200,000

2.251%, 

11/22/2027

b

186,347

248,000

6.500%, 

3/23/2028

b,i

252,340

273,000

4.583%, 

6/19/2029

b

280,890

360,000

4.600%, 

12/17/2030

b,i

321,300

117,000

2.804%, 

5/24/2032

b

106,311

142,000

6.500%, 

9/15/2037

172,908

HUB

International,

Ltd.

107,000

7.000%, 

5/1/2026

f

108,236

184,000

5.625%, 

12/1/2029

f

175,720

Huntington

Bancshares,

Inc.

360,000

4.450%, 

10/15/2027

b,i

356,400

Icahn

Enterprises,

LP

280,000

4.750%, 

9/15/2024

281,274

275,000

6.375%, 

12/15/2025

277,062

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

$

200,000

6.250%, 

5/15/2026

$

204,000

160,000

5.250%, 

5/15/2027

157,028

ING

Groep

NV

200,000

1.726%, 

4/1/2027

b

184,469

Invitation

Homes

Operating

Partnership,

LP

145,000

2.000%, 

8/15/2031

123,825

Iron

Mountain,

Inc.

855,000

4.875%, 

9/15/2027

f

845,381

iStar,

Inc.

355,000

4.250%, 

8/1/2025

349,231

iStar,

Inc.,

Convertible

250,000

3.125%, 

9/15/2022

424,500

J.P.

Morgan

Chase

&

Company

238,000

5.150%, 

5/1/2023

b,h,i

239,190

240,000

6.000%, 

8/1/2023

b,i

243,000

240,000

6.750%, 

2/1/2024

b,i

250,454

97,000

1.514%, 

6/1/2024

b

95,688

682,000

5.000%, 

8/1/2024

b,i

679,732

245,000

3.875%, 

9/10/2024

250,258

283,000

4.023%, 

12/5/2024

b

287,530

186,000

4.600%, 

2/1/2025

b,i

179,257

111,000

2.083%, 

4/22/2026

b

107,116

190,000

3.650%, 

6/1/2026

b,i

177,650

277,000

1.045%, 

11/19/2026

b

255,747

195,000

1.578%, 

4/22/2027

b

181,619

178,000

2.947%, 

2/24/2028

b

173,706

294,000

4.005%, 

4/23/2029

b

300,586

97,000

2.069%, 

6/1/2029

b

89,391

392,000

4.493%, 

3/24/2031

b

415,496

92,000

2.963%, 

1/25/2033

b

86,733

Jefferies

Finance,

LLC

315,000

5.000%, 

8/15/2028

f

301,606

KeyBank

NA

147,000

3.900%, 

4/13/2029

149,207

Kilroy

Realty,

LP

194,000

4.375%, 

10/1/2025

199,170

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

104,000

6.125%, 

5/15/2023

107,640

Life

Storage,

LP

96,000

2.400%, 

10/15/2031

84,603

Lincoln

National

Corporation

235,000

2.826%, 

(LIBOR

3M

+

2.358%),

5/17/2022

b

193,945

98,000

3.800%, 

3/1/2028

99,104

Lloyds

Banking

Group

plc

225,000

3.900%, 

3/12/2024

228,436

100,000

7.500%, 

6/27/2024

b,i

104,997

195,000

1.627%, 

5/11/2027

b

178,806

277,000

3.369%, 

12/14/2046

b

231,748

LPL

Holdings,

Inc.

240,000

4.000%, 

3/15/2029

f

227,755

M&T

Bank

Corporation

180,000

3.500%, 

9/1/2026

b,i

161,771

Macquarie

Group,

Ltd.

195,000

1.629%, 

9/23/2027

b,f

175,986

Marsh

&

McLennan

Companies,

Inc.

88,000

2.375%, 

12/15/2031

80,574

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,h,i

236,688

480,000

5.875%, 

3/15/2028

b,i

480,533

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

MGM

Growth

Properties

Operating

Partnership,

LP

$

420,000

4.625%, 

6/15/2025

f

$

423,150

191,000

5.750%, 

2/1/2027

201,744

Mid-America

Apartments,

LP

196,000

4.200%, 

6/15/2028

202,367

Mitsubishi

UFJ

Financial

Group,

Inc.

113,000

3.407%, 

3/7/2024

114,157

134,000

1.412%, 

7/17/2025

125,537

200,000

1.538%, 

7/20/2027

b

183,574

147,000

3.741%, 

3/7/2029

148,359

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

b

183,577

200,000

2.564%, 

9/13/2031

174,801

Morgan

Stanley

234,000

4.100%, 

5/22/2023

238,195

111,000

0.560%, 

11/10/2023

b

109,710

114,000

2.720%, 

7/22/2025

b

112,857

192,000

1.164%, 

10/21/2025

b

182,388

78,000

5.000%, 

11/24/2025

82,221

226,000

2.188%, 

4/28/2026

b

218,309

196,000

1.593%, 

5/4/2027

b

182,100

193,000

1.512%, 

7/20/2027

b

177,406

294,000

3.622%, 

4/1/2031

b

292,471

92,000

2.943%, 

1/21/2033

b

86,272

MPT

Operating

Partnership,

LP

270,000

5.250%, 

8/1/2026

276,332

60,000

4.625%, 

8/1/2029

59,400

National

Retail

Properties,

Inc.

98,000

2.500%, 

4/15/2030

90,137

Nationstar

Mortgage

Holdings,

Inc.

198,000

6.000%, 

1/15/2027

f

201,485

NatWest

Group

plc

110,000

6.125%, 

12/15/2022

112,631

26,000

6.100%, 

6/10/2023

26,821

135,000

4.269%, 

3/22/2025

b

136,566

98,000

4.892%, 

5/18/2029

b

101,869

146,000

3.754%, 

11/1/2029

b

144,843

180,000

4.600%, 

6/28/2031

b,i

158,400

Navient

Corporation

185,000

5.500%, 

1/25/2023

187,313

62,000

6.750%, 

6/25/2025

63,694

90,000

5.000%, 

3/15/2027

85,725

Nippon

Life

Insurance

Company

480,000

5.100%, 

10/16/2044

b,f

493,800

363,000

3.400%, 

1/23/2050

b,f

343,943

Nomura

Holdings,

Inc.

145,000

2.172%, 

7/14/2028

130,125

Omega

Healthcare

Investors,

Inc.

95,000

4.750%, 

1/15/2028

96,616

98,000

3.375%, 

2/1/2031

89,777

OneMain

Finance

Corporation

684,000

6.875%, 

3/15/2025

719,240

135,000

3.500%, 

1/15/2027

124,875

Owl

Rock

Capital

Corporation

97,000

4.250%, 

1/15/2026

94,529

OWL

Rock

Core

Income

Corporation

136,000

4.700%, 

2/8/2027

f

130,802

Owl

Rock

Technology

Finance

Corporation

48,000

4.750%, 

12/15/2025

f

47,377

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

$

147,000

3.750%, 

6/17/2026

f

$

140,520

Park

Intermediate

Holdings,

LLC

100,000

4.875%, 

5/15/2029

f

93,745

PayPal

Holdings,

Inc.

97,000

2.850%, 

10/1/2029

94,952

Pebblebrook

Hotel

Trust,

Convertible

261,000

1.750%, 

12/15/2026

299,237

PennyMac

Financial

Services,

Inc.

250,000

4.250%, 

2/15/2029

f

214,500

Pine

Street

Trust

I

98,000

4.572%, 

2/15/2029

f

101,948

Playtika

Holding

Corporation

248,000

4.250%, 

3/15/2029

f

228,780

PNC

Bank

NA

98,000

2.700%, 

10/22/2029

94,093

PNC

Financial

Services

Group,

Inc.

180,000

3.400%, 

9/15/2026

b,i

162,090

PRA

Group,

Inc.

146,000

7.375%, 

9/1/2025

f

152,149

Principal

Life

Global

Funding

II

146,000

1.250%, 

8/16/2026

f

133,516

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

131,320

Prudential

Financial,

Inc.

90,000

5.125%, 

3/1/2052

b

90,981

245,000

5.625%, 

6/15/2043

b

246,531

589,000

5.200%, 

3/15/2044

b

587,545

120,000

3.700%, 

10/1/2050

b

109,968

Radian

Group,

Inc.

185,000

4.875%, 

3/15/2027

185,925

Realty

Income

Corporation

96,000

4.875%, 

6/1/2026

101,269

112,000

3.950%, 

8/15/2027

115,053

Regions

Financial

Corporation

240,000

5.750%, 

6/15/2025

b,i

249,900

Reinsurance

Group

of

America,

Inc.

162,000

4.700%, 

9/15/2023

165,794

Rocket

Mortgage

Co-Issuer,

Inc.

240,000

3.625%, 

3/1/2029

f

219,324

Royal

Bank

of

Canada

69,000

0.750%, 

10/7/2024

65,452

Santander

Holdings

USA,

Inc.

196,000

3.450%, 

6/2/2025

194,583

90,000

2.490%, 

1/6/2028

b

83,970

Santander

UK

Group

Holdings

plc

200,000

1.673%, 

6/14/2027

b

181,965

147,000

3.823%, 

11/3/2028

b

144,547

Service

Properties

Trust

226,000

4.650%, 

3/15/2024

217,534

130,000

4.750%, 

10/1/2026

118,950

61,000

4.950%, 

2/15/2027

56,370

200,000

5.500%, 

12/15/2027

192,900

Simon

Property

Group,

LP

122,000

2.000%, 

9/13/2024

119,745

159,000

2.650%, 

7/15/2030

149,947

Societe

Generale

SA

141,000

2.625%, 

10/16/2024

f

137,108

240,000

8.000%, 

9/29/2025

b,f,i

259,236

133,000

1.488%, 

12/14/2026

b,f

120,236

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

Spirit

Realty,

LP

$

218,000

2.100%, 

3/15/2028

$

197,370

Standard

Chartered

plc

167,000

1.319%, 

10/14/2023

b,f

165,427

133,000

0.991%, 

1/12/2025

b,f

127,053

180,000

6.000%, 

7/26/2025

b,f,i

185,625

131,000

2.608%, 

1/12/2028

b,f

122,471

Starwood

Property

Trust,

Inc.,

Convertible

203,000

4.375%, 

4/1/2023

207,314

Sumitomo

Life

Insurance

Company

490,000

3.375%, 

4/15/2081

b,f

470,988

Sumitomo

Mitsui

Financial

Group,

Inc.

141,000

2.448%, 

9/27/2024

138,511

131,000

2.174%, 

1/14/2027

123,806

147,000

3.544%, 

1/17/2028

145,842

147,000

2.142%, 

9/23/2030

128,885

Sumitomo

Mitsui

Trust

Bank,

Ltd.

111,000

1.050%, 

9/12/2025

f

102,867

Summit

Hotel

Properties,

Inc.,

Convertible

176,000

1.500%, 

2/15/2026

184,096

SVB

Financial

Group

330,000

4.000%, 

5/15/2026

b,i

305,250

191,000

4.250%, 

11/15/2026

b,i

176,675

Synchrony

Financial

115,000

4.250%, 

8/15/2024

116,604

195,000

3.700%, 

8/4/2026

193,855

Truist

Bank

99,000

2.250%, 

3/11/2030

90,743

Truist

Financial

Corporation

280,000

4.950%, 

9/1/2025

b,i

286,720

80,000

1.887%, 

6/7/2029

b

72,714

U.S.

Bancorp

60,000

3.700%, 

1/15/2027

b,i

54,300

UBS

Group

AG

92,000

1.364%, 

1/30/2027

b,f

84,520

200,000

4.875%, 

2/12/2027

b,f,i

192,940

UDR,

Inc.

193,000

3.000%, 

8/15/2031

183,154

United

Wholesale

Mortgage,

LLC

285,000

5.500%, 

4/15/2029

f

253,941

USB

Realty

Corporation

496,000

1.386%, 

(LIBOR

3M

+

1.147%),

1/15/2027

b,f,i

412,920

Ventas

Realty,

LP

110,000

3.750%, 

5/1/2024

111,214

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

f

179,244

110,000

3.750%, 

2/15/2027

f

106,975

180,000

4.625%, 

12/1/2029

f

179,550

Wells

Fargo

&

Company

220,000

4.125%, 

8/15/2023

224,900

233,000

2.406%, 

10/30/2025

b

228,091

335,000

3.900%, 

3/15/2026

b,i

321,114

169,000

2.188%, 

4/30/2026

b

163,025

220,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

213,459

89,000

3.526%, 

3/24/2028

b

88,821

196,000

3.584%, 

5/22/2028

b

195,681

196,000

4.478%, 

4/4/2031

b

207,544

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Financials

(7.5%)

-

continued

Welltower,

Inc.

$

97,000

2.050%, 

1/15/2029

$

88,270

112,000

2.800%, 

6/1/2031

104,376

Westpac

Banking

Corporation

147,000

4.110%, 

7/24/2034

b

144,893

Willis

North

America,

Inc.

196,000

4.500%, 

9/15/2028

201,397

Total

61,906,254

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

133,000

2.150%, 

5/13/2025

f

128,726

Total

128,726

Mortgage-Backed

Securities

(20.9%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

10,400,000

2.000%, 

4/1/2037

e

10,100,594

14,225,000

2.000%, 

5/1/2037

e

13,784,636

18,725,000

2.500%, 

5/1/2037

e

18,453,795

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,945,689

2.000%, 

3/1/2051

7,397,357

20,050,000

2.000%, 

4/1/2052

e

18,611,256

1,950,000

2.500%, 

4/1/2052

e

1,860,422

6,475,000

2.000%, 

5/1/2052

e

5,998,522

39,525,000

2.500%, 

5/1/2052

e

37,631,152

33,425,000

3.000%, 

5/1/2049

e

32,617,362

26,300,000

3.500%, 

5/1/2049

e

26,254,496

Total

172,709,592

Technology

(1.6%)

Akamai

Technologies,

Inc.,

Convertible

160,000

0.125%, 

5/1/2025

210,240

533,000

0.375%, 

9/1/2027

612,683

Analog

Devices,

Inc.

48,000

2.100%, 

10/1/2031

44,268

Apple,

Inc.

250,000

2.200%, 

9/11/2029

238,265

183,000

1.650%, 

2/8/2031

164,690

Baidu,

Inc.

137,000

3.075%, 

4/7/2025

134,793

Black

Knight

InfoServ,

LLC

334,000

3.625%, 

9/1/2028

f

316,532

Block,

Inc.,

Convertible

30,000

0.500%, 

5/15/2023

54,375

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

196,000

3.125%, 

1/15/2025

194,928

147,000

3.875%, 

1/15/2027

147,983

Broadcom,

Inc.

89,000

4.000%, 

4/15/2029

c,e,f

88,956

195,000

5.000%, 

4/15/2030

207,284

CommScope

Technologies

Finance,

LLC

328,000

6.000%, 

6/15/2025

f

310,652

CommScope,

Inc.

210,000

7.125%, 

7/1/2028

f

189,709

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Technology

(1.6%)

-

continued

Dell

International,

LLC

$

56,000

5.450%, 

6/15/2023

$

57,688

147,000

5.850%, 

7/15/2025

156,898

62,000

5.300%, 

10/1/2029

67,533

Fiserv,

Inc.

156,000

2.750%, 

7/1/2024

155,520

196,000

4.200%, 

10/1/2028

202,040

Gartner,

Inc.

185,000

3.625%, 

6/15/2029

f

173,437

315,000

3.750%, 

10/1/2030

f

295,706

Global

Payments,

Inc.

52,000

2.650%, 

2/15/2025

50,881

98,000

3.200%, 

8/15/2029

93,101

Hewlett

Packard

Enterprise

Company

106,000

2.250%, 

4/1/2023

105,899

InterDigital,

Inc.,

Convertible

94,000

2.000%, 

6/1/2024

96,232

Intuit,

Inc.

86,000

0.950%, 

7/15/2025

80,599

Iron

Mountain,

Inc.

220,000

4.500%, 

2/15/2031

f

203,172

Jabil,

Inc.

98,000

1.700%, 

4/15/2026

90,721

Lumentum

Holdings,

Inc.,

Convertible

360,000

0.250%, 

3/15/2024

594,900

Marvell

Technology,

Inc.

112,000

4.200%, 

6/22/2023

113,800

98,000

2.950%, 

4/15/2031

90,586

Microchip

Technology,

Inc.,

Convertible

152,000

1.625%, 

2/15/2027

325,945

Micron

Technology,

Inc.

183,000

4.975%, 

2/6/2026

191,669

Minerva

Merger

Sub,

Inc.

277,000

6.500%, 

2/15/2030

f

268,725

MSCI,

Inc.

260,000

4.000%, 

11/15/2029

f

252,508

NCR

Corporation

622,000

6.125%, 

9/1/2029

f

623,555

Nielsen

Finance,

LLC

40,000

4.500%, 

7/15/2029

f

39,900

NortonLifeLock,

Inc.,

Convertible

390,000

2.000%, 

8/15/2022

513,825

NVIDIA

Corporation

49,000

2.850%, 

4/1/2030

48,210

NXP

BV/NXP

Funding,

LLC

92,000

4.875%, 

3/1/2024

f

94,533

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

56,000

2.700%, 

5/1/2025

f

54,278

98,000

4.300%, 

6/18/2029

f

101,165

Open

Text

Corporation

320,000

4.125%, 

2/15/2030

f

303,422

Oracle

Corporation

245,000

2.500%, 

4/1/2025

239,293

245,000

2.950%, 

4/1/2030

226,028

Panasonic

Corporation

163,000

2.536%, 

7/19/2022

f

163,219

Progress

Software

Corporation,

Convertible

48,000

1.000%, 

4/15/2026

f

47,712

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Technology

(1.6%)

-

continued

PTC,

Inc.

$

160,000

3.625%, 

2/15/2025

f

$

158,200

145,000

4.000%, 

2/15/2028

f

141,269

Qorvo,

Inc.

275,000

3.375%, 

4/1/2031

f

250,071

Rackspace

Technology

Global,

Inc.

275,000

5.375%, 

12/1/2028

f

238,604

Sabre

GLBL,

Inc.,

Convertible

34,000

4.000%, 

4/15/2025

55,777

Salesforce.com,

Inc.

96,000

1.950%, 

7/15/2031

87,826

Seagate

HDD

Cayman

460,000

3.125%, 

7/15/2029

412,850

380,000

3.375%, 

7/15/2031

337,864

Sensata

Technologies,

Inc.

455,000

3.750%, 

2/15/2031

f

420,875

Shift4

Payments,

LLC

100,000

4.625%, 

11/1/2026

f

97,250

SS&C

Technologies,

Inc.

620,000

5.500%, 

9/30/2027

f

624,659

Switch,

Ltd.

310,000

3.750%, 

9/15/2028

f

300,621

Tencent

Holdings,

Ltd.

118,000

2.880%, 

4/22/2031

f,h

107,780

Teradyne,

Inc.,

Convertible

34,000

1.250%, 

12/15/2023

126,328

Verint

Systems,

Inc.,

Convertible

140,000

0.250%, 

4/15/2026

f

145,990

Viavi

Solutions,

Inc.

224,000

3.750%, 

10/1/2029

f

210,207

Viavi

Solutions,

Inc.,

Convertible

50,000

1.000%, 

3/1/2024

64,844

Vishay

Intertechnology,

Inc.,

Convertible

286,000

2.250%, 

6/15/2025

284,942

VMware,

Inc.

194,000

1.400%, 

8/15/2026

178,102

123,000

2.200%, 

8/15/2031

108,293

Ziff

Davis,

Inc.,

Convertible

380,000

1.750%, 

11/1/2026

f

428,450

Total

13,818,860

Transportation

(0.9%)

AerCap

Holdings

NV

220,000

5.875%, 

10/10/2079

b

211,200

Air

Canada

70,000

3.875%, 

8/15/2026

f

66,062

Air

Lease

Corporation

114,000

2.300%, 

2/1/2025

109,653

98,000

3.125%, 

12/1/2030

90,603

Air

Transport

Services

Group,

Inc.,

Convertible

180,000

1.125%, 

10/15/2024

213,309

American

Airlines,

Inc.

395,000

11.750%, 

7/15/2025

f

461,158

654,000

5.500%, 

4/20/2026

f

658,905

Aon

Corporation/Aon

Global

Holdings

plc

92,000

2.600%, 

12/2/2031

84,728

Avis

Budget

Car

Rental,

LLC

250,000

5.375%, 

3/1/2029

f,h

246,305

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Transportation

(0.9%)

-

continued

Canadian

Pacific

Railway

Company

$

185,000

1.750%, 

12/2/2026

$

174,265

92,000

2.450%, 

12/2/2031

85,445

CSX

Corporation

98,000

4.250%, 

3/15/2029

103,926

Delta

Air

Lines,

Inc.

117,000

7.000%, 

5/1/2025

f

125,320

222,697

4.500%, 

10/20/2025

f

223,991

50,000

7.375%, 

1/15/2026

54,299

181,000

4.375%, 

4/19/2028

h

173,593

Greenbrier

Companies,

Inc.,

Convertible

138,000

2.875%, 

4/15/2028

f

159,346

Hawaiian

Brand

Intellectual

Property,

Ltd.

56,000

5.750%, 

1/20/2026

f

56,032

Hertz

Corporation

184,000

4.625%, 

12/1/2026

f

171,824

221,000

5.000%, 

12/1/2029

f

200,005

J.B.

Hunt

Transport

Services,

Inc.

70,000

3.300%, 

8/15/2022

70,265

JetBlue

Airways

Corporation,

Convertible

370,000

0.500%, 

4/1/2026

f

344,262

Meritor,

Inc.,

Convertible

386,000

3.250%, 

10/15/2037

422,902

Mileage

Plus

Holdings,

LLC

248,000

6.500%, 

6/20/2027

f

258,540

NCL

Corporation,

Ltd.

362,000

3.625%, 

12/15/2024

f

341,185

Penske

Truck

Leasing

Company,

LP

111,000

1.200%, 

11/15/2025

f

101,877

96,000

1.700%, 

6/15/2026

f

89,077

Ryder

System,

Inc.

81,000

2.850%, 

3/1/2027

78,544

Southwest

Airlines

Company

100,000

5.125%, 

6/15/2027

106,904

98,000

2.625%, 

2/10/2030

89,384

Southwest

Airlines

Company,

Convertible

484,000

1.250%, 

5/1/2025

656,788

Union

Pacific

Corporation

104,000

3.750%, 

7/15/2025

106,575

98,000

2.150%, 

2/5/2027

94,137

United

Airlines

Pass

Through

Trust

70,000

3.700%, 

12/1/2022

70,456

United

Airlines,

Inc.

354,000

4.375%, 

4/15/2026

f

348,221

183,000

4.625%, 

4/15/2029

f

174,024

VistaJet

Malta

Finance

plc

243,000

6.375%, 

2/1/2030

f

228,630

Total

7,251,740

U.S.

Government

&

Agencies

(2.3%)

U.S.

Treasury

Bonds

795,000

1.375%, 

11/15/2031

729,412

U.S.

Treasury

Notes

2,490,000

0.125%, 

2/28/2023

2,456,541

1,780,000

0.125%, 

4/30/2023

1,748,572

2,070,000

0.125%, 

2/15/2024

1,987,766

9,250,000

0.500%, 

3/31/2025

8,714,150

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

U.S.

Government

&

Agencies

(2.3%)

-

continued

$

1,730,000

0.500%, 

2/28/2026

$

1,599,439

1,010,000

0.500%, 

4/30/2027

916,102

1,360,000

1.125%, 

2/29/2028

1,261,081

Total

19,413,063

Utilities

(1.2%)

AES

Corporation

156,000

3.950%, 

7/15/2030

f

154,542

Algonquin

Power

&

Utilities

Corporation

140,000

4.750%, 

1/18/2082

b

130,536

Ameren

Corporation

98,000

1.750%, 

3/15/2028

89,595

American

Electric

Power

Company,

Inc.

200,000

3.875%, 

2/15/2062

b

184,768

139,000

2.031%, 

3/15/2024

136,593

98,000

2.300%, 

3/1/2030

89,278

Berkshire

Hathaway

Energy

Company

110,000

4.050%, 

4/15/2025

113,388

Calpine

Corporation

450,000

4.500%, 

2/15/2028

f

438,966

CenterPoint

Energy,

Inc.

105,000

2.500%, 

9/1/2024

103,186

95,000

1.450%, 

6/1/2026

88,046

146,000

2.650%, 

6/1/2031

134,673

Dominion

Energy,

Inc.

110,000

3.071%, 

8/15/2024

109,773

375,000

4.650%, 

12/15/2024

b,i

371,250

165,000

4.350%, 

1/15/2027

b,i

159,565

98,000

3.375%, 

4/1/2030

96,679

Duke

Energy

Corporation

180,000

3.250%, 

1/15/2082

b

159,545

110,000

4.875%, 

9/16/2024

b,i

111,169

195,000

3.150%, 

8/15/2027

192,871

98,000

2.450%, 

6/1/2030

90,294

Edison

International

118,000

4.950%, 

4/15/2025

120,724

180,000

5.000%, 

12/15/2026

b,i

168,930

Enel

Finance

International

NV

200,000

1.375%, 

7/12/2026

f

183,579

Energy

Transfer,

LP

210,000

6.500%, 

11/15/2026

b,i

206,388

Entergy

Corporation

111,000

0.900%, 

9/15/2025

101,790

97,000

1.900%, 

6/15/2028

87,710

Evergy,

Inc.

106,000

2.450%, 

9/15/2024

104,006

Exelon

Corporation

98,000

4.050%, 

4/15/2030

101,159

Fells

Point

Funding

Trust

165,000

3.046%, 

1/31/2027

f

158,170

FirstEnergy

Corporation

163,000

3.350%, 

7/15/2022

162,796

Georgia

Power

Company

72,000

2.100%, 

7/30/2023

71,578

Jersey

Central

Power

&

Light

Company

49,000

2.750%, 

3/1/2032

f

45,628

Principal

Amount

Long-Term

Fixed

Income

(56.9%)

Value

Utilities

(1.2%)

-

continued

NextEra

Energy

Capital

Holdings,

Inc.

$

125,000

3.800%, 

3/15/2082

b

$

115,111

98,000

2.250%, 

6/1/2030

89,705

NextEra

Energy

Operating

Partners,

LP

420,000

3.875%, 

10/15/2026

f

415,275

NextEra

Energy

Partners,

LP,

Convertible

529,000

Zero

Coupon, 

11/15/2025

f

598,491

NiSource,

Inc.

220,000

5.650%, 

6/15/2023

b,i

215,600

98,000

2.950%, 

9/1/2029

93,390

NRG

Energy,

Inc.

111,000

2.000%, 

12/2/2025

f

104,371

440,000

3.375%, 

2/15/2029

f

391,120

135,000

5.250%, 

6/15/2029

f

131,926

NRG

Energy,

Inc.,

Convertible

264,000

2.750%, 

6/1/2048

289,341

PG&E

Corporation

268,000

5.000%, 

7/1/2028

259,049

Public

Service

Enterprise

Group,

Inc.

98,000

1.600%, 

8/15/2030

83,819

Sempra

Energy

240,000

4.875%, 

10/15/2025

b,i

241,200

120,000

3.400%, 

2/1/2028

119,599

Southern

Company

351,000

4.000%, 

1/15/2051

b

339,593

317,000

3.750%, 

9/15/2051

b

292,290

Suburban

Propane

Partners,

LP

380,000

5.875%, 

3/1/2027

385,225

TerraForm

Power

Operating,

LLC

395,000

5.000%, 

1/31/2028

f

393,321

TransCanada

Trust

468,000

5.875%, 

8/15/2076

b

473,045

Vistra

Operations

Company,

LLC

380,000

5.000%, 

7/31/2027

f

373,848

Xcel

Energy,

Inc.

98,000

4.000%, 

6/15/2028

99,466

Total

9,971,960

Total

Long-Term

Fixed

Income

(cost

$481,695,635)

470,741,796

Shares

Common

Stock

(

15.5%

)

Value

Communications

Services

(1.1%)

239

Alphabet,

Inc.,

Class

A

k

664,743

1,039

Alphabet,

Inc.,

Class

C

k

2,901,917

30,285

AT&T,

Inc.

715,634

823

Charter

Communications,

Inc.

k

448,963

18,930

Comcast

Corporation

886,303

7,546

Discovery,

Inc.,

Class

A

h,k

188,046

6,067

DISH

Network

Corporation

k

192,021

1,352

Electronic

Arts,

Inc.

171,041

3,937

Live

Nation

Entertainment,

Inc.

k

463,149

919

Match

Group,

Inc.

k

99,932

674

Meta

Platforms,

Inc.

k

149,871

1,034

Paramount

Global

39,095

14,861

QuinStreet,

Inc.

k

172,388

128

RingCentral,

Inc.

k

15,003

18,505

Twitter,

Inc.

k

715,958

13,746

Verizon

Communications,

Inc.

700,221

665

Walt

Disney

Company

k

91,211

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Shares

Common

Stock

(15.5%)

Value

Communications

Services

(1.1%)

-

continued

4,674

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,k

$

77,121

Total

8,692,617

Consumer

Discretionary

(1.7%)

858

Amazon.com,

Inc.

k

2,797,037

6,031

Aptiv

plc

k

721,971

148

AutoZone,

Inc.

k

302,598

1,568

Bloomin'

Brands,

Inc.

34,402

196

Booking

Holdings,

Inc.

k

460,296

2,657

Caesars

Entertainment,

Inc.

k

205,545

1,078

Carvana

Company

k

128,595

4,978

Cedar

Fair,

LP

k

272,794

454

Chipotle

Mexican

Grill,

Inc.

k

718,242

2,718

Cimpress

plc

k

172,838

9,209

Clarus

Corporation

209,781

16,835

Cooper-Standard

Holdings,

Inc.

k

147,643

2,277

D.R.

Horton,

Inc.

169,659

547

Emerald

Holding,

Inc.

k

1,860

15,493

Everi

Holdings,

Inc.

k

325,353

2,479

Expedia

Group,

Inc.

k

485,066

8,166

Ford

Motor

Company

138,087

4,718

General

Motors

Company

k

206,365

1,535

Grand

Canyon

Education,

Inc.

k

149,064

6,187

Harley-Davidson,

Inc.

243,768

1,385

Home

Depot,

Inc.

414,572

6,696

Leggett

&

Platt,

Inc.

233,021

8,228

Libbey,

Inc.

k

97,362

2,935

Lowe's

Companies,

Inc.

593,428

1,092

Lululemon

Athletica,

Inc.

k

398,831

5,456

Macy's,

Inc.

132,908

996

McDonald's

Corporation

246,291

4,785

Miller

Industries,

Inc.

134,746

636

Mohawk

Industries,

Inc.

k

78,991

1,351

NIKE,

Inc.

181,790

106

NVR,

Inc.

k

473,531

2,075

Penn

National

Gaming,

Inc.

k

88,021

570

RH

k

185,871

2,335

Ross

Stores,

Inc.

211,224

559

Six

Flags

Entertainment

Corporation

k

24,316

2,806

Sleep

Number

Corporation

k

142,292

3,426

Sony

Group

Corporation

ADR

351,884

6,439

Stoneridge,

Inc.

k

133,674

873

Target

Corporation

185,268

1,591

Tesla,

Inc.

k

1,714,462

13,029

ThredUp,

Inc.

k

100,323

2,101

Under

Armour,

Inc.,

Class

C

k

32,692

495

Vail

Resorts,

Inc.

128,834

4,622

Zumiez,

Inc.

k

176,607

Total

14,351,903

Consumer

Staples

(0.6%)

3,208

BJ's

Wholesale

Club

Holdings,

Inc.

k

216,893

109

Coca-Cola

Company

6,758

1,657

Colgate-Palmolive

Company

125,650

838

Costco

Wholesale

Corporation

482,562

182

Estee

Lauder

Companies,

Inc.

49,562

7,782

Hain

Celestial

Group,

Inc.

k

267,701

1,767

John

B.

Sanfilippo

&

Son,

Inc.

147,438

954

Kimberly-Clark

Corporation

117,495

10,171

Lamb

Weston

Holdings,

Inc.

609,345

2,979

Monster

Beverage

Corporation

k

238,022

83

PepsiCo,

Inc.

13,893

Shares

Common

Stock

(15.5%)

Value

Consumer

Staples

(0.6%)

-

continued

6,173

Philip

Morris

International,

Inc.

$

579,892

19,298

Primo

Water

Corporation

274,996

1,561

Procter

&

Gamble

Company

238,521

2,853

Sysco

Corporation

232,947

6,082

Turning

Point

Brands,

Inc.

206,849

7,926

Walmart,

Inc.

1,180,340

Total

4,988,864

Energy

(0.7%)

7,979

BP

plc

ADR

234,583

1,324

CNX

Resources

Corporation

k

27,433

4,780

ConocoPhillips

478,000

20,132

Devon

Energy

Corporation

1,190,405

14,104

Enterprise

Products

Partners,

LP

364,024

1,673

EOG

Resources,

Inc.

199,472

7,572

EQT

Corporation

260,553

7,783

Exxon

Mobil

Corporation

642,798

8,102

Halliburton

Company

306,823

5,730

Helmerich

&

Payne,

Inc.

245,129

2,806

Marathon

Petroleum

Corporation

239,913

4,471

Pioneer

Natural

Resources

Company

1,117,884

6,685

Schlumberger,

Ltd.

276,157

2,592

Valero

Energy

Corporation

263,192

Total

5,846,366

Financials

(2.3%)

8,519

Air

Lease

Corporation

380,373

9,243

Ally

Financial,

Inc.

401,886

3,418

American

Express

Company

639,166

10,549

Arch

Capital

Group,

Ltd.

k

510,783

1,520

Ares

Capital

Corporation

31,844

4,401

Assured

Guaranty,

Ltd.

280,168

17,632

Bank

of

America

Corporation

726,791

94

Bank

of

Marin

Bancorp

3,297

5,219

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

187,258

1,095

Berkshire

Hathaway,

Inc.

k

386,436

5,400

BlackRock

TCP

Capital

Corporation

77,220

501

BlackRock,

Inc.

382,849

6,058

Blackstone

Mortgage

Trust,

Inc.

192,584

12,096

Bridgewater

Bancshares,

Inc.

k

201,761

263

Brighthouse

Financial,

Inc.

k

13,587

9,824

Byline

Bancorp,

Inc.

262,104

1,778

Capital

One

Financial

Corporation

233,434

544

Central

Pacific

Financial

Corporation

15,178

12,043

Charles

Schwab

Corporation

1,015,345

2,311

Chubb,

Ltd.

494,323

6,984

Citigroup,

Inc.

372,946

766

Coinbase

Global,

Inc.

k

145,433

10,994

Columbia

Banking

System,

Inc.

354,776

3,265

Comerica,

Inc.

295,254

574

Community

Trust

Bancorp,

Inc.

23,649

161

Customers

Bancorp,

Inc.

k

8,395

1,582

Discover

Financial

Services

174,321

813

East

West

Bancorp,

Inc.

64,243

1,020

Ellington

Residential

Mortgage

REIT

10,292

5,365

Enterprise

Financial

Services

Corporation

253,818

16,714

Equitable

Holdings,

Inc.

516,630

178

FactSet

Research

Systems,

Inc.

77,279

166

Financial

Institutions,

Inc.

5,002

130

First

Mid-Illinois

Bancshares,

Inc.

5,004

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Shares

Common

Stock

(15.5%)

Value

Financials

(2.3%)

-

continued

132

Flushing

Financial

Corporation

$

2,950

2,313

FS

KKR

Capital

Corporation

52,783

23

Fulton

Financial

Corporation

382

2,976

Glacier

Bancorp,

Inc.

149,633

3,944

Golub

Capital

BDC,

Inc.

59,988

656

Great

Southern

Bancorp,

Inc.

38,711

1,631

Hanmi

Financial

Corporation

40,139

440

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

20,869

8,997

Heartland

Financial

USA,

Inc.

430,326

475

Hometrust

Bancshares,

Inc.

14,027

8,549

Hope

Bancorp,

Inc.

137,468

1,809

Houlihan

Lokey,

Inc.

158,830

251

Independent

Bank

Corporation

5,522

4,764

J.P.

Morgan

Chase

&

Company

649,428

1,975

Kinsale

Capital

Group,

Inc.

450,339

7,729

KKR

&

Company,

Inc.

451,915

1,771

M&T

Bank

Corporation

300,184

1,079

Marsh

&

McLennan

Companies,

Inc.

183,883

2,623

MetLife,

Inc.

184,344

1,408

MidWestOne

Financial

Group,

Inc.

46,605

956

Moody's

Corporation

322,564

5,410

Morgan

Stanley

472,834

5,688

New

York

Community

Bancorp,

Inc.

60,975

11

OceanFirst

Financial

Corporation

221

92

Peapack-Gladstone

Financial

Corporation

3,197

388

Popular,

Inc.

31,715

1,276

Primerica,

Inc.

174,582

11,037

Radian

Group,

Inc.

245,132

5,698

Raymond

James

Financial,

Inc.

626,267

1,545

S&P

Global,

Inc.

633,728

6,996

Seacoast

Banking

Corporation

of

Florida

245,000

1,759

Selective

Insurance

Group,

Inc.

157,184

1,497

Sixth

Street

Specialty

Lending,

Inc.

34,865

3,505

State

Street

Corporation

305,356

5,166

Synovus

Financial

Corporation

253,134

1,633

Texas

Capital

Bancshares,

Inc.

k

93,587

3,749

Triumph

Bancorp,

Inc.

k

352,481

5,594

Truist

Financial

Corporation

317,180

283

TrustCo

Bank

Corporation

NY

9,036

259

Washington

Federal,

Inc.

8,500

11,859

Wells

Fargo

&

Company

574,687

7,369

Western

Alliance

Bancorp

610,301

8,890

Zions

Bancorporation

NA

582,828

620

Zurich

Insurance

Group

AG

306,218

Total

18,543,327

Health

Care

(1.9%)

2,804

Abbott

Laboratories

331,881

3,174

AbbVie,

Inc.

514,537

1,585

Agilent

Technologies,

Inc.

209,743

442

Align

Technology,

Inc.

k

192,712

1,245

Amgen,

Inc.

301,066

3,422

Anthem,

Inc.

1,680,955

4,812

AstraZeneca

plc

ADR

319,228

1,977

Baxter

International,

Inc.

153,297

1,373

Becton,

Dickinson

and

Company

365,218

1,017

Biogen,

Inc.

k

214,180

1,581

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

k

187,459

674

Bio-Techne

Corporation

291,869

Shares

Common

Stock

(15.5%)

Value

Health

Care

(1.9%)

-

continued

452

Boston

Scientific

Corporation

k

$

20,019

168

Bristol-Myers

Squibb

Company

12,269

3,043

Centene

Corporation

k

256,190

1,467

Cigna

Holding

Company

351,508

2,268

CVS

Health

Corporation

229,544

3,850

Danaher

Corporation

1,129,320

4,993

Edwards

Lifesciences

Corporation

k

587,776

4,166

Gilead

Sciences,

Inc.

247,669

3,762

GlaxoSmithKline

plc

ADR

163,873

7,514

Halozyme

Therapeutics,

Inc.

k

299,658

1,413

HCA

Healthcare,

Inc.

354,126

169

Henry

Schein,

Inc.

k

14,735

2,419

Hologic,

Inc.

k

185,828

186

Illumina,

Inc.

k

64,988

894

Insulet

Corporation

k

238,153

1,328

Intuitive

Surgical,

Inc.

k

400,631

16,007

Ionis

Pharmaceuticals,

Inc.

k

592,899

246

IQVIA

Holding,

Inc.

k

56,878

138

Jazz

Pharmaceuticals,

Inc.

k

21,482

5,564

Johnson

&

Johnson

986,108

10,380

Lantheus

Holdings,

Inc.

k

574,118

6,049

Medtronic

plc

671,137

7,540

Merck

&

Company,

Inc.

618,657

2,394

Novo

Nordisk

AS

ADR

265,854

5,849

NuVasive,

Inc.

k

331,638

4,469

Progyny,

Inc.

k

229,707

1,686

Stryker

Corporation

450,752

7,192

Syneos

Health,

Inc.

k

582,192

1,577

Teladoc

Health,

Inc.

k

113,749

208

Teleflex,

Inc.

73,805

670

Thermo

Fisher

Scientific,

Inc.

395,735

22,812

Viemed

Healthcare,

Inc.

k

113,604

1,724

Zimmer

Biomet

Holdings,

Inc.

220,500

2,341

Zoetis,

Inc.

441,489

Total

16,058,736

Industrials

(1.9%)

2,480

3M

Company

369,222

2,336

Advanced

Drainage

Systems,

Inc.

277,540

2,811

Aerojet

Rocketdyne

Holdings,

Inc.

k

110,613

2,257

AMETEK,

Inc.

300,587

2,578

ASGN,

Inc.

k

300,878

13,176

Badger

Infrastructure

Solutions,

Ltd.

331,574

1,426

Carlisle

Companies,

Inc.

350,682

132

Caterpillar,

Inc.

29,412

416

Chart

Industries,

Inc.

k

71,456

5,801

Crane

Company

628,132

13,296

CSX

Corporation

497,935

2,437

Curtiss-Wright

Corporation

365,940

212

Deere

&

Company

88,078

7,700

Delta

Air

Lines,

Inc.

k

304,689

15,193

Dun

&

Bradstreet

Holdings,

Inc.

k

266,181

1,866

Emerson

Electric

Company

182,961

3,075

Forward

Air

Corporation

300,674

1,591

General

Dynamics

Corporation

383,717

73

Gorman-Rupp

Company

2,619

4,838

Greenbrier

Companies,

Inc.

249,205

2,180

Helios

Technologies,

Inc.

174,945

1,521

Honeywell

International,

Inc.

295,956

9,004

Howmet

Aerospace,

Inc.

323,604

986

IDEX

Corporation

189,046

606

Illinois

Tool

Works,

Inc.

126,896

2,591

JetBlue

Airways

Corporation

k

38,736

4,487

Johnson

Controls

International

plc

294,213

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Shares

Common

Stock

(15.5%)

Value

Industrials

(1.9%)

-

continued

3,494

Kaman

Corporation

$

151,919

1,414

L3Harris

Technologies,

Inc.

351,337

2,178

Lincoln

Electric

Holdings,

Inc.

300,150

562

Linde

plc

179,520

523

Lockheed

Martin

Corporation

230,852

3,626

ManpowerGroup,

Inc.

340,554

2,807

Meritor,

Inc.

k

99,845

1,446

Middleby

Corporation

k

237,057

9,654

NAPCO

Security

Technologies,

Inc.

k

198,100

1,116

Norfolk

Southern

Corporation

318,306

1,462

Old

Dominion

Freight

Line,

Inc.

436,670

1,122

Parker-Hannifin

Corporation

318,379

1,638

Patrick

Industries,

Inc.

98,771

3,502

Quanta

Services,

Inc.

460,898

2,873

Raytheon

Technologies

Corporation

284,628

2,242

Regal

Rexnord

Corporation

333,565

7,699

Southwest

Airlines

Company

k

352,614

7,429

Sun

Country

Airlines

Holdings,

Inc.

k

194,491

261

Teledyne

Technologies,

Inc.

k

123,357

2,959

Tennant

Company

233,169

5,118

Timken

Company

310,663

12,948

Uber

Technologies,

Inc.

k

461,985

2,338

Union

Pacific

Corporation

638,765

2,548

United

Parcel

Service,

Inc.

546,444

2,146

United

Rentals,

Inc.

k

762,281

848

Verisk

Analytics,

Inc.

182,006

1,992

WESCO

International,

Inc.

k

259,239

Total

15,261,056

Information

Technology

(3.5%)

811

Accenture

plc

273,494

1,521

Adobe,

Inc.

k

692,998

1,690

Advanced

Energy

Industries,

Inc.

145,475

5,056

Agilysys,

Inc.

k

201,633

1,593

Amphenol

Corporation

120,033

941

ANSYS,

Inc.

k

298,909

22,873

Apple,

Inc.

3,993,855

4,054

AppLovin

Corporation

k

223,254

633

Autodesk,

Inc.

k

135,684

1,429

Axcelis

Technologies,

Inc.

k

107,932

3,171

BigCommerce

Holdings,

Inc.

k

69,477

1,018

Bill.com

Holdings,

Inc.

k

230,872

9,261

Block,

Inc.

k

1,255,792

2,492

Broadcom,

Inc.

1,569,163

15

CACI

International,

Inc.

k

4,519

4,050

Calix,

Inc.

k

173,785

8,686

Ciena

Corporation

k

526,632

14,513

Cisco

Systems,

Inc.

809,245

3,537

Computer

Services,

Inc.

175,081

2,038

Dolby

Laboratories,

Inc.

159,412

10,218

Dropbox,

Inc.

k

237,568

392

Euronet

Worldwide,

Inc.

k

51,019

3,936

Fidelity

National

Information

Services,

Inc.

395,253

519

FLEETCOR

Technologies,

Inc.

k

129,262

16,933

Gilat

Satellite

Networks,

Ltd.

k

149,180

3,727

II-VI,

Inc.

h,k

270,170

447

KLA-Tencor

Corporation

163,629

9,969

Knowles

Corporation

k

214,633

417

Lam

Research

Corporation

224,183

778

Littelfuse,

Inc.

194,041

1,255

Lumentum

Holdings,

Inc.

k

122,488

Shares

Common

Stock

(15.5%)

Value

Information

Technology

(3.5%)

-

continued

998

Mastercard,

Inc.

$

356,665

5,481

Microchip

Technology,

Inc.

411,842

15,786

Microsoft

Corporation

4,866,982

5,468

National

Instruments

Corporation

221,946

1,296

NICE,

Ltd.

ADR

k

283,824

2,604

NortonLifeLock,

Inc.

69,058

5,717

NVIDIA

Corporation

1,559,941

12,136

ON

Semiconductor

Corporation

k

759,835

4,640

PayPal

Holdings,

Inc.

k

536,616

817

Qorvo,

Inc.

k

101,390

5,723

QUALCOMM,

Inc.

874,589

24,157

Sabre

Corporation

k

276,114

3,235

Salesforce.com,

Inc.

k

686,855

8,003

Samsung

Electronics

Company,

Ltd.

457,956

1,334

ServiceNow,

Inc.

k

742,891

2,546

Skyworks

Solutions,

Inc.

339,331

14,702

Sonos,

Inc.

k

414,890

1,298

SunPower

Corporation

k

27,881

348

TE

Connectivity,

Ltd.

45,581

16,574

Telefonaktiebolaget

LM

Ericsson

ADR

151,486

5,208

Texas

Instruments,

Inc.

955,564

4,671

Trimble,

Inc.

k

336,966

3,224

TTEC

Holdings,

Inc.

266,044

33,907

TTM

Technologies,

Inc.

k

502,502

1,077

Western

Digital

Corporation

k

53,473

227

Western

Union

Company

4,254

2,431

Workiva,

Inc.

k

286,858

526

Ziff

Davis,

Inc.

k

50,906

Total

28,960,911

Materials

(0.6%)

7,744

Ashland

Global

Holdings,

Inc.

762,087

7,821

Axalta

Coating

Systems,

Ltd.

k

192,240

4,089

Ball

Corporation

368,010

7,515

Carpenter

Technology

Corporation

315,480

3,908

CF

Industries

Holdings,

Inc.

402,759

1,077

Crown

Holdings,

Inc.

134,722

1,953

Eastman

Chemical

Company

218,853

4,784

Ingevity

Corporation

k

306,511

29,088

Ivanhoe

Mines,

Ltd.

k

271,300

1,716

LyondellBasell

Industries

NV

176,439

2,711

Nucor

Corporation

402,990

2,793

PPG

Industries,

Inc.

366,079

1,094

Sherwin-Williams

Company

273,084

5,989

Steel

Dynamics,

Inc.

499,662

4,087

UFP

Technologies,

Inc.

k

270,437

1,985

United

States

Lime

&

Minerals,

Inc.

230,339

Total

5,190,992

Real

Estate

(0.6%)

3,067

Agree

Realty

Corporation

203,526

2,383

Alexandria

Real

Estate

Equities,

Inc.

479,579

7,256

American

Campus

Communities,

Inc.

406,118

745

AvalonBay

Communities,

Inc.

185,036

2,591

Camden

Property

Trust

430,624

1,929

CBRE

Group,

Inc.

k

176,542

2,216

Digital

Realty

Trust,

Inc.

314,229

6,749

Duke

Realty

Corporation

391,847

2,372

Healthcare

Realty

Trust,

Inc.

65,183

12,703

Host

Hotels

&

Resorts,

Inc.

246,819

10,116

Independence

Realty

Trust,

Inc.

267,467

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Shares

Common

Stock

(15.5%)

Value

Real

Estate

(0.6%)

-

continued

3,425

iStar,

Inc.

$

80,179

13,391

LXP

Industrial

Trust

210,239

1,850

MGIC

Investment

Corporation

25,067

9,501

National

Storage

Affiliates

Trust

596,283

13,639

Pebblebrook

Hotel

Trust

333,883

1,254

Public

Storage,

Inc.

489,411

2,883

Rayonier,

Inc.

REIT

118,549

Total

5,020,581

Utilities

(0.6%)

9,214

Alliant

Energy

Corporation

575,691

2,400

American

Electric

Power

Company,

Inc.

239,448

11,439

CenterPoint

Energy,

Inc.

350,491

3,549

Constellation

Energy

Corporation

199,631

3,691

Dominion

Energy,

Inc.

313,624

2,496

DTE

Energy

Company

329,996

2,858

Duke

Energy

Corporation

319,124

6,098

Entergy

Corporation

711,942

6,702

Exelon

Corporation

319,216

1,141

NextEra

Energy

Partners,

LP

95,114

1,052

NextEra

Energy,

Inc.

89,115

9,450

NiSource,

Inc.

300,510

1,586

NorthWestern

Corporation

95,937

3,285

Portland

General

Electric

Company

181,168

4,168

Sempra

Energy

700,724

1,212

Southern

Company

87,882

2,186

Spire,

Inc.

156,868

Total

5,066,481

Total

Common

Stock

(cost

$89,740,566)

127,981,834

Shares

Registered

Investment

Companies

(

13.2%

)

Value

Unaffiliated  (2.1%)

58,018

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

196,101

24,575

AllianceBernstein

Global

High

Income

Fund,

Inc.

274,748

36,413

Allspring

Income

Opportunities

Fund

287,663

15,200

BlackRock

Core

Bond

Trust

197,600

19,610

BlackRock

Corporate

High

Yield

Fund,

Inc.

211,200

20,496

BlackRock

Credit

Allocation

Income

Trust

257,430

1,425

BlackRock

Enhanced

Equity

Dividend

Trust

14,108

18,974

BlackRock

Enhanced

Global

Dividend

Trust

214,596

4,400

BlackRock

Enhanced

International

Dividend

Trust

25,300

2,150

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

27,993

10,600

BlackRock

Income

Trust,

Inc.

54,378

15,878

BlackRock

Multi-Sector

Income

Trust

261,669

8,691

Blackstone

Strategic

Credit

Fund

h

113,417

3,600

Brookfield

Real

Assets

Income

Fund,

Inc.

74,664

23,216

Eaton

Vance

Limited

Duration

Income

Fund

271,627

Shares

Registered

Investment

Companies

(13.2%)

Value

Unaffiliated  (2.1%)-

continued

5,639

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

$

54,755

15,734

First

Trust

High

Income

Long/Short

Fund

211,780

13,313

Invesco

Dynamic

Credit

Opportunities

Fund

c

154,932

3,328

Invesco

Senior

Loan

ETF

72,451

45,650

Nuveen

Credit

Strategies

Income

Fund

282,117

5,800

Nuveen

Preferred

Income

Opportunities

Fund

49,764

6,800

Nuveen

Quality

Preferred

Income

Fund

II

57,120

20,792

PGIM

Global

High

Yield

Fund,

Inc.

277,989

19,473

PGIM

High

Yield

Bond

Fund,

Inc.

279,437

6,334

Pimco

Dynamic

Income

Fund

154,360

204,400

SPDR

Blackstone

Senior

Loan

ETF

h

9,189,824

14,267

SPDR

Bloomberg

High

Yield

Bond

ETF

h

1,462,367

55,953

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

1,468,207

3,761

Tri-Continental

Corporation

115,989

7,700

Vanguard

Short-Term

Corporate

Bond

ETF

h

601,293

12,300

Virtus

AllianzGI

Convertible

&

Income

Fund

61,869

1,950

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

52,923

12,871

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

185,214

27,169

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

159,210

36,551

Western

Asset

High

Income

Opportunity

Fund,

Inc.

163,383

Total

17,537,478

Affiliated  (11.1%)

7,705,403

Thrivent

Core

Emerging

Markets

Debt

Fund

66,651,734

2,439,694

Thrivent

Core

International

Equity

Fund

24,665,302

Total

91,317,036

Total

Registered

Investment

Companies

(cost

$115,663,674)

108,854,514

Shares

Collateral

Held

for

Securities

Loaned

(

2.0%

)

Value

16,777,350

Thrivent

Cash

Management

Trust

16,777,350

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,777,350)

16,777,350

Shares

Preferred

Stock

(

1.4%

)

Value

Communications

Services

(0.1%)

25,875

AT&T,

Inc.,

4.750%

i

566,145

3,766

Paramount

Global,

Convertible,

5.750%

209,201

11,250

Telephone

and

Data

Systems,

Inc.,

6.000%

i

259,988

Total

1,035,334

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Shares

Preferred

Stock

(1.4%)

Value

Consumer

Staples

(<0.1%)

4,150

CHS,

Inc.,

6.750%

b,i

$

109,103

Total

109,103

Energy

(0.1%)

28,205

Crestwood

Equity

Partners,

LP,

9.250%

i

270,768

5,300

Energy

Transfer,

LP,

7.600%

b,i

131,228

5,109

NuStar

Logistics,

LP,

6.975%

b

127,776

Total

529,772

Financials

(0.7%)

7,525

Aegon

Funding

Corporation

II,

5.100%

182,782

15,500

Allstate

Corporation,

5.100%

i

385,020

11,000

Bank

of

America

Corporation,

4.250%

i

237,490

5,800

Bank

of

America

Corporation,

5.375%

i

146,624

218

Bank

of

America

Corporation,

Convertible,

7.250%

i

286,125

14,875

Capital

One

Financial

Corporation,

5.000%

i

343,166

8,650

Cobank

ACB,

6.250%

b,i

874,775

16,200

Equitable

Holdings,

Inc.,

5.250%

i

382,158

425

First

Horizon

Bank,

3.750%

b,f,i

369,750

9,000

First

Republic

Bank,

4.500%

i

198,720

17,000

J.P.

Morgan

Chase

&

Company,

4.200%

i

358,360

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

i

227,779

9,600

J.P.

Morgan

Chase

&

Company,

5.750%

i

246,624

16,800

Morgan

Stanley,

5.850%

b,i

439,320

11,100

Morgan

Stanley,

7.125%

b,i

296,037

2,700

Regions

Financial

Corporation,

5.700%

b,h,i

70,389

2,675

Synovus

Financial

Corporation,

5.875%

b,i

70,085

14,400

Truist

Financial

Corporation,

4.750%

i

329,616

15,500

Wells

Fargo

&

Company,

4.250%

i

320,695

365

Wells

Fargo

&

Company,

Convertible,

7.500%

i

483,625

Total

6,249,140

Health

Care

(0.1%)

5,348

Becton,

Dickinson

and

Company,

Convertible,

6.000%

h

282,481

4,241

Boston

Scientific

Corporation,

Convertible,

5.500%

493,822

156

Danaher

Corporation,

Convertible,

5.000%

h

246,362

Total

1,022,665

Industrials

(<0.1%)

2,024

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

177,930

Total

177,930

Real

Estate

(0.1%)

17,650

Public

Storage,

4.125%

i

384,064

3,775

Public

Storage,

4.625%

i

87,882

958

Public

Storage,

4.700%

i

22,331

Total

494,277

Shares

Preferred

Stock

(1.4%)

Value

Utilities

(0.3%)

3,602

AES

Corporation,

Convertible,

6.875%

$

356,346

1,986

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

110,958

17,250

CMS

Energy

Corporation,

4.200%

i

361,905

7,503

NextEra

Energy,

Inc.,

Convertible,

4.872%

463,610

2,078

NextEra

Energy,

Inc.,

Convertible,

5.279%

108,368

697

NiSource,

Inc.,

Convertible,

7.750%

82,929

9,200

Southern

Company,

4.950%

221,996

9,318

Southern

Company,

Convertible,

6.750%

508,856

Total

2,214,968

Total

Preferred

Stock

(cost

$12,345,771)

11,833,189

Shares

or

Principal

Amount

Short-Term

Investments

(

24.0%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

0.134%,

4/6/2022

l,m

399,991

200,000

0.170%,

4/20/2022

l,m

199,982

200,000

0.220%,

5/4/2022

l,m

199,923

1,000,000

0.315%,

5/24/2022

l,m

999,383

Thrivent

Core

Short-Term

Reserve

Fund

19,283,663

0.660%

192,836,626

U.S.

Treasury

Bills

2,000,000

0.125%,

4/14/2022

l,n

1,999,898

2,500,000

0.266%,

5/5/2022

l,n

2,499,652

Total

Short-Term

Investments

(cost

$199,123,157)

199,135,455

Total

Investments

(cost

$997,971,351)

122.9%

$1,017,056,668

Other

Assets

and

Liabilities,

Net

(22.9%)

(189,547,573)

Total

Net

Assets

100.0%

$827,509,095

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$142,923,855

or

17.3%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

At

March

31,

2022,

$3,934,102

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,489,824

Common

Stock

11,850,074

Total

lending

$16,339,898

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,777,350

Net

amounts

due

to

counterparty

$437,452

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Diversified

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

5,036,403

–

3,429,975

1,606,428

Capital

Goods

17,156,190

–

14,583,082

2,573,108

Communications

Services

11,987,284

–

11,360,144

627,140

Consumer

Cyclical

12,490,064

–

11,171,533

1,318,531

Consumer

Non-Cyclical

12,788,631

–

11,421,444

1,367,187

Energy

1,784,245

–

1,784,245

–

Financials

3,794,251

–

3,313,086

481,165

Technology

8,664,606

–

8,664,606

–

Transportation

4,638,141

–

4,638,141

–

Utilities

3,392,715

–

3,392,715

–

Long-Term

Fixed

Income

Asset-Backed

Securities

26,545,359

–

26,545,359

–

Basic

Materials

8,181,293

–

8,181,293

–

Capital

Goods

15,514,406

–

15,514,406

–

Collateralized

Mortgage

Obligations

34,536,130

–

34,536,130

–

Commercial

Mortgage-Backed

Securities

6,548,340

–

6,548,340

–

Communications

Services

19,931,309

–

19,931,309

–

Consumer

Cyclical

29,588,787

–

29,588,787

–

Consumer

Non-Cyclical

23,832,460

–

23,832,460

–

Energy

20,863,517

–

20,863,517

–

Financials

61,906,254

–

61,906,254

–

Foreign

Government

128,726

–

128,726

–

Mortgage-Backed

Securities

172,709,592

–

172,709,592

–

Technology

13,818,860

–

13,729,904

88,956

Transportation

7,251,740

–

7,251,740

–

U.S.

Government

&

Agencies

19,413,063

–

19,413,063

–

Utilities

9,971,960

–

9,971,960

–

Common

Stock

Communications

Services

8,692,617

8,615,496

–

77,121

Consumer

Discretionary

14,351,903

14,254,541

97,362

–

Consumer

Staples

4,988,864

4,988,864

–

–

Energy

5,846,366

5,846,366

–

–

Financials

18,543,327

18,237,109

306,218

–

Health

Care

16,058,736

16,058,736

–

–

Industrials

15,261,056

14,929,482

331,574

–

Information

Technology

28,960,911

28,502,955

457,956

–

Materials

5,190,992

4,919,692

271,300

–

Real

Estate

5,020,581

5,020,581

–

–

Utilities

5,066,481

5,066,481

–

–

Registered

Investment

Companies

Unaffiliated

17,537,478

17,382,546

–

154,932

Preferred

Stock

Communications

Services

1,035,334

1,035,334

–

–

Consumer

Staples

109,103

109,103

–

–

Energy

529,772

529,772

–

–

Financials

6,249,140

5,879,390

369,750

–

Health

Care

1,022,665

1,022,665

–

–

Industrials

177,930

177,930

–

–

Real

Estate

494,277

494,277

–

–

Utilities

2,214,968

2,214,968

–

–

Short-Term

Investments

6,298,829

–

6,298,829

–

Subtotal

Investments

in

Securities

$716,125,656

$155,286,288

$552,544,800

$8,294,568

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

91,317,036

Affiliated

Short-Term

Investments

192,836,626

Collateral

Held

for

Securities

Loaned

16,777,350

Subtotal

Other

Investments

$300,931,012

Total

Investments

at

Value

$1,017,056,668

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,773,472

1,773,472

–

–

Total

Asset

Derivatives

$1,773,472

$1,773,472

$–

$–

Liability

Derivatives

Futures

Contracts

1,251,405

1,251,405

–

–

Total

Liability

Derivatives

$1,251,405

$1,251,405

$–

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$1,847,279

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

21

June

2022

$

3,250,147

(

$

98,834)

CME

E-mini

S&P

500

Index

72

June

2022

15,310,246

1,000,454

CME

Ultra

Long

Term

U.S.

Treasury

Bond

67

June

2022

12,347,066

(

479,691)

ICE

mini

MSCI

EAFE

Index

18

June

2022

1,821,295

108,665

Ultra

10-Yr.

U.S.

Treasury

Note

24

June

2022

3,362,140

(

110,890)

Total

Futures

Long

Contracts

$

36,090,894

$

419,704

CBOT

10-Yr.

U.S.

Treasury

Note

(41)

June

2022

(

$

5,181,884)

$

144,009

CBOT

2-Yr.

U.S.

Treasury

Note

(101)

June

2022

(

21,549,425)

145,315

CBOT

5-Yr.

U.S.

Treasury

Note

(132)

June

2022

(

15,513,779)

375,029

CME

E-mini

Russell

2000

Index

(189)

June

2022

(

18,965,490)

(

561,990)

Total

Futures

Short

Contracts

(

$

61,210,578)

$102,363

Total

Futures

Contracts

(

$

25,119,684)

$522,067

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Diversified

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$73,032

$870

$–

$66,652

7,705

8.1%

Core

International

Equity

26,593

–

–

24,665

2,440

3.0

Total

Affiliated

Registered

Investment

Companies

99,625

91,317

11.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

210,377

47,146

64,686

192,837

19,284

23.3

Total

Affiliated

Short-Term

Investments

210,377

192,837

23.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

8,652

50,862

42,737

16,777

16,777

2.0

Total

Collateral

Held

for

Securities

Loaned

8,652

16,777

2.0

Total

Value

$318,654

$300,931

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(7,250)

$

–

$870

Core

International

Equity

–

(1,928)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

0

0

–

157

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,027

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

27

Total

Affiliated

Income

from

Securities

Loaned,

Net

$27

Total

Value

$0

$(9,178)

$

–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock

(

93.9%

)

Value

Communications

Services

(9.8%)

493

Alphabet,

Inc.,

Class

A

a

$

1,371,206

469

Alphabet,

Inc.,

Class

C

a

1,309,912

9

Cable

One,

Inc.

13,178

270

Discovery,

Inc.,

Class

A

a

6,728

507

Discovery,

Inc.,

Class

C

a

12,660

467

Electronic

Arts,

Inc.

59,080

72

John

Wiley

and

Sons,

Inc.

3,818

266

Liberty

Global

plc,

Class

A

a

6,786

550

Liberty

Global

plc,

Class

C

a

14,251

1,428

Lumen

Technologies,

Inc.

16,094

274

New

York

Times

Company

12,560

349

Omnicom

Group,

Inc.

29,623

127

RingCentral,

Inc.

a

14,886

40

Scholastic

Corporation

1,611

6,797

Verizon

Communications,

Inc.

346,239

2,982

Walt

Disney

Company

a

409,011

Total

3,627,643

Consumer

Discretionary

(11.3%)

444

Aptiv

plc

a

53,151

378

Aramark

14,213

137

Autoliv,

Inc.

10,472

70

AutoNation,

Inc.

a

6,971

363

Best

Buy

Company,

Inc.

32,997

67

Booking

Holdings,

Inc.

a

157,346

392

BorgWarner,

Inc.

15,249

51

Buckle,

Inc.

1,685

198

Callaway

Golf

Company

a

4,637

247

Capri

Holdings,

Ltd.

a

12,693

268

CarMax,

Inc.

a

25,857

57

Choice

Hotels

International,

Inc.

8,080

59

Columbia

Sportswear

Company

5,341

214

Darden

Restaurants,

Inc.

28,451

46

Deckers

Outdoor

Corporation

a

12,593

59

Domino's

Pizza,

Inc.

24,014

35

Ethan

Allen

Interiors,

Inc.

912

153

Foot

Locker,

Inc.

4,538

106

GameStop

Corporation

a

17,658

369

Gap,

Inc.

5,196

251

Garmin,

Ltd.

29,771

575

Hanesbrands,

Inc.

8,562

248

Harley-Davidson,

Inc.

9,771

215

Hasbro,

Inc.

17,613

458

Hilton

Worldwide

Holdings,

Inc.

a

69,497

1,714

Home

Depot,

Inc.

513,052

36

Jack

in

the

Box,

Inc.

3,363

247

Kohl's

Corporation

14,934

72

La-Z-Boy,

Inc.

1,899

457

LKQ

Corporation

20,752

1,105

Lowe's

Companies,

Inc.

223,420

676

Lucid

Group,

Inc.

a

17,170

456

Marriott

International,

Inc.

a

80,142

572

Mattel,

Inc.

a

12,704

1,226

McDonald's

Corporation

303,165

64

Meritage

Homes

Corporation

a

5,071

97

Mohawk

Industries,

Inc.

a

12,047

628

Newell

Brands,

Inc.

13,446

2,097

NIKE,

Inc.

282,172

179

Nordstrom,

Inc.

4,853

87

ODP

Corporation

a

3,987

66

Pool

Corporation

27,908

117

PVH

Corporation

8,963

294

Rivian

Automotive,

Inc.

a,b

14,771

376

Royal

Caribbean

Cruises,

Ltd.

a

31,501

87

Signet

Jewelers,

Ltd.

6,325

Shares

Common

Stock

(93.9%)

Value

Consumer

Discretionary

(11.3%)

-

continued

1,925

Starbucks

Corporation

$

175,117

787

Target

Corporation

167,017

1,401

Tesla,

Inc.

a

1,509,718

187

Tractor

Supply

Company

43,640

85

Ulta

Beauty,

Inc.

a

33,849

307

Under

Armour,

Inc.,

Class

A

a

5,225

334

Under

Armour,

Inc.,

Class

C

a

5,197

66

Vail

Resorts,

Inc.

17,178

546

VF

Corporation

31,046

99

Whirlpool

Corporation

17,105

133

Wolverine

World

Wide,

Inc.

3,000

Total

4,187,005

Consumer

Staples

(6.7%)

916

Archer-Daniels-Midland

Company

82,678

231

Bunge,

Ltd.

25,597

324

Campbell

Soup

Company

14,441

403

Church

&

Dwight

Company,

Inc.

40,050

201

Clorox

Company

27,945

6,736

Coca-Cola

Company

417,632

1,315

Colgate-Palmolive

Company

99,717

788

Conagra

Brands,

Inc.

26,453

267

Darling

Ingredients,

Inc.

a

21,462

380

Estee

Lauder

Companies,

Inc.

103,482

995

General

Mills,

Inc.

67,381

153

Hain

Celestial

Group,

Inc.

a

5,263

489

Hormel

Foods

Corporation

25,203

111

Ingredion,

Inc.

9,674

179

J.M.

Smucker

Company

24,238

421

Kellogg

Company

27,150

1,160

Keurig

Dr.

Pepper,

Inc.

43,964

555

Kimberly-Clark

Corporation

68,354

1,105

Kraft

Heinz

Company

43,526

1,164

Kroger

Company

66,779

240

Lamb

Weston

Holdings,

Inc.

14,378

408

McCormick

&

Company,

Inc.

40,718

2,294

Mondelez

International,

Inc.

144,017

2,267

PepsiCo,

Inc.

379,451

3,971

Procter

&

Gamble

Company

606,769

840

Sysco

Corporation

68,586

92

United

Natural

Foods,

Inc.

a

3,804

Total

2,498,712

Energy

(1.3%)

1,359

Baker

Hughes

Company

49,481

395

Cheniere

Energy,

Inc.

54,767

77

Core

Laboratories

NV

2,435

1,010

Marathon

Petroleum

Corporation

86,355

635

NOV,

Inc.

12,452

731

ONEOK,

Inc.

51,631

787

Phillips

66

67,989

701

TechnipFMC

plc

a

5,433

673

Valero

Energy

Corporation

68,336

1,994

Williams

Companies,

Inc.

66,620

Total

465,499

Financials

(8.9%)

176

Air

Lease

Corporation

7,858

470

Allstate

Corporation

65,100

593

Ally

Financial,

Inc.

25,784

1,080

American

Express

Company

201,960

184

Ameriprise

Financial,

Inc.

55,266

338

Arthur

J.

Gallagher

&

Company

59,015

65

Bank

of

Hawaii

Corporation

5,455

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock

(93.9%)

Value

Financials

(8.9%)

-

continued

1,288

Bank

of

New

York

Mellon

Corporation

$

63,923

249

BlackRock,

Inc.

190,278

124

Cathay

General

Bancorp

5,549

2,375

Charles

Schwab

Corporation

200,236

707

Chubb,

Ltd.

151,227

702

Citizens

Financial

Group,

Inc.

31,822

589

CME

Group,

Inc.

140,100

219

Comerica,

Inc.

19,804

481

Discover

Financial

Services

53,001

608

Equitable

Holdings,

Inc.

18,793

62

FactSet

Research

Systems,

Inc.

26,917

289

First

Republic

Bank

46,847

497

Franklin

Resources,

Inc.

13,876

558

Hartford

Financial

Services

Group,

Inc.

40,070

65

Heartland

Financial

USA,

Inc.

3,109

2,374

Huntington

Bancshares,

Inc.

34,708

924

Intercontinental

Exchange,

Inc.

122,079

88

International

Bancshares

Corporation

3,715

567

Invesco,

Ltd.

13,075

1,528

KeyCorp

34,197

282

Lincoln

National

Corporation

18,432

359

Loews

Corporation

23,270

211

M&T

Bank

Corporation

35,765

829

Marsh

&

McLennan

Companies,

Inc.

141,278

275

Moody's

Corporation

92,788

2,208

Morgan

Stanley

192,979

765

New

York

Community

Bancorp,

Inc.

8,201

325

Northern

Trust

Corporation

37,846

485

Old

National

Bancorp

7,944

703

People's

United

Financial,

Inc.

14,053

693

PNC

Financial

Services

Group,

Inc.

127,824

435

Principal

Financial

Group,

Inc.

31,933

962

Progressive

Corporation

109,658

620

Prudential

Financial,

Inc.

73,265

1,573

Regions

Financial

Corporation

35,015

582

S&P

Global,

Inc.

238,725

601

State

Street

Corporation

52,359

96

SVB

Financial

Group

a

53,707

899

Synchrony

Financial

31,294

369

T.

Rowe

Price

Group,

Inc.

55,789

404

Travelers

Companies,

Inc.

73,823

2,191

Truist

Financial

Corporation

124,230

360

Umpqua

Holdings

Corporation

6,790

182

Voya

Financial,

Inc.

12,076

204

Willis

Towers

Watson

plc

48,189

257

Zions

Bancorporation

NA

16,849

Total

3,297,846

Health

Care

(10.0%)

2,901

AbbVie,

Inc.

470,281

74

ABIOMED,

Inc.

a

24,512

498

Agilent

Technologies,

Inc.

65,900

123

Align

Technology,

Inc.

a

53,628

254

AmerisourceBergen

Corporation

39,296

925

Amgen,

Inc.

223,684

398

Anthem,

Inc.

195,506

466

Becton,

Dickinson

and

Company

123,956

241

Biogen,

Inc.

a

50,755

298

BioMarin

Pharmaceutical,

Inc.

a

22,976

Shares

Common

Stock

(93.9%)

Value

Health

Care

(10.0%)

-

continued

64

Bio-Techne

Corporation

$

27,715

3,646

Bristol-Myers

Squibb

Company

266,267

462

Cardinal

Health,

Inc.

26,195

955

Centene

Corporation

a

80,401

484

Cerner

Corporation

45,283

544

Cigna

Holding

Company

130,348

81

Cooper

Companies,

Inc.

33,825

109

DaVita,

Inc.

a

12,329

360

Dentsply

Sirona,

Inc.

17,719

159

DexCom,

Inc.

a

81,344

1,022

Edwards

Lifesciences

Corporation

a

120,310

2,060

Gilead

Sciences,

Inc.

122,467

409

HCA

Healthcare,

Inc.

102,504

228

Henry

Schein,

Inc.

a

19,879

416

Hologic,

Inc.

a

31,957

211

Humana,

Inc.

91,821

139

IDEXX

Laboratories,

Inc.

a

76,041

243

Illumina,

Inc.

a

84,904

113

Insulet

Corporation

a

30,102

314

IQVIA

Holding,

Inc.

a

72,600

100

Jazz

Pharmaceuticals,

Inc.

a

15,567

158

Laboratory

Corporation

of

America

Holdings

a

41,658

127

MEDNAX,

Inc.

a

2,982

4,146

Merck

&

Company,

Inc.

340,179

38

Mettler-Toledo

International,

Inc.

a

52,181

142

Patterson

Companies,

Inc.

4,597

201

Quest

Diagnostics,

Inc.

27,509

240

ResMed,

Inc.

58,202

176

Select

Medical

Holdings

Corporation

4,222

163

STERIS

plc

39,409

235

Teladoc

Health,

Inc.

a

16,951

417

Vertex

Pharmaceuticals,

Inc.

a

108,825

101

Waters

Corporation

a

31,349

121

West

Pharmaceutical

Services,

Inc.

49,696

776

Zoetis,

Inc.

146,346

Total

3,684,178

Industrials

(8.7%)

945

3M

Company

140,692

221

A.O.

Smith

Corporation

14,120

140

ACCO

Brands

Corporation

1,120

58

Acuity

Brands,

Inc.

10,979

104

AGCO

Corporation

15,187

147

Allegion

plc

16,138

16

AMERCO

9,551

64

Applied

Industrial

Technologies,

Inc.

6,570

42

ArcBest

Corporation

3,381

88

ASGN,

Inc.

a

10,270

65

Avis

Budget

Group,

Inc.

a

17,114

314

Builders

FirstSource,

Inc.

a

20,266

215

C.H.

Robinson

Worldwide,

Inc.

23,158

1,352

Carrier

Global

Corporation

62,016

888

Caterpillar,

Inc.

197,864

350

Copart,

Inc.

a

43,914

3,640

CSX

Corporation

136,318

235

Cummins,

Inc.

48,201

483

Deere

&

Company

200,667

261

Delta

Air

Lines,

Inc.

a

10,328

67

Deluxe

Corporation

2,026

236

Dover

Corporation

37,028

654

Eaton

Corporation

plc

99,251

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock

(93.9%)

Value

Industrials

(8.7%)

-

continued

89

EMCOR

Group,

Inc.

$

10,024

279

Expeditors

International

of

Washington,

Inc.

28,782

86

Exponent,

Inc.

9,292

943

Fastenal

Company

56,014

214

Flowserve

Corporation

7,683

560

Fortive

Corporation

34,121

223

Fortune

Brands

Home

and

Security,

Inc.

16,564

277

Graco,

Inc.

19,312

76

Granite

Construction,

Inc.

2,493

51

H&E

Equipment

Services,

Inc.

2,220

30

Heidrick

&

Struggles

International,

Inc.

1,187

70

HNI

Corporation

2,594

32

ICF

International,

Inc.

3,012

126

IDEX

Corporation

24,158

516

Illinois

Tool

Works,

Inc.

108,050

95

Interface,

Inc.

1,289

1,156

Johnson

Controls

International

plc

75,799

52

Kelly

Services,

Inc.

1,128

258

Knight-Swift

Transportation

Holdings,

Inc.

13,019

55

Lennox

International,

Inc.

14,182

94

Lincoln

Electric

Holdings,

Inc.

12,954

841

Linde

plc

268,641

89

ManpowerGroup,

Inc.

8,359

406

Masco

Corporation

20,706

114

Meritor,

Inc.

a

4,055

90

Middleby

Corporation

a

14,755

400

Norfolk

Southern

Corporation

114,088

164

Owens

Corning,

Inc.

15,006

570

PACCAR,

Inc.

50,200

211

Parker-Hannifin

Corporation

59,873

273

Pentair

plc

14,799

234

Quanta

Services,

Inc.

30,797

50

Resources

Connection,

Inc.

857

184

Robert

Half

International,

Inc.

21,009

191

Rockwell

Automation,

Inc.

53,486

173

Roper

Industries,

Inc.

81,696

88

Ryder

System,

Inc.

6,981

257

Sensata

Technologies

Holding

plc

a

13,068

89

Snap-On,

Inc.

18,288

244

Southwest

Airlines

Company

a

11,175

173

Spirit

Aerosystems

Holdings,

Inc.

8,458

267

Stanley

Black

&

Decker,

Inc.

37,324

126

Steelcase,

Inc.

1,506

29

Tennant

Company

2,285

88

Tetra

Tech,

Inc.

14,515

113

Timken

Company

6,859

391

Trane

Technologies

plc

59,706

314

TransUnion

32,449

55

TrueBlue,

Inc.

a

1,589

1,055

Union

Pacific

Corporation

288,237

1,196

United

Parcel

Service,

Inc.

256,494

119

United

Rentals,

Inc.

a

42,270

72

W.W.

Grainger,

Inc.

37,137

291

Wabtec

Corporation

27,985

296

Xylem,

Inc.

25,237

Total

3,219,926

Information

Technology

(31.2%)

1,037

Accenture

plc

349,707

781

Adobe,

Inc.

a

355,839

2,683

Advanced

Micro

Devices,

Inc.

a

293,359

Shares

Common

Stock

(93.9%)

Value

Information

Technology

(31.2%)

-

continued

267

Akamai

Technologies,

Inc.

a

$

31,877

882

Analog

Devices,

Inc.

145,689

144

ANSYS,

Inc.

a

45,742

1,482

Applied

Materials,

Inc.

195,328

361

Autodesk,

Inc.

a

77,380

692

Automatic

Data

Processing,

Inc.

157,458

257

Black

Knight,

Inc.

a

14,903

455

Cadence

Design

Systems,

Inc.

a

74,829

6,920

Cisco

Systems,

Inc.

385,859

201

Citrix

Systems,

Inc.

20,281

288

Cognex

Corporation

22,219

862

Cognizant

Technology

Solutions

Corporation

77,296

334

CommScope

Holding

Company,

Inc.

a

2,632

1,329

Corning,

Inc.

49,053

121

Coupa

Software,

Inc.

a

12,297

477

Dell

Technologies,

Inc.

a

23,941

100

F5,

Inc.

a

20,895

45

Fair

Isaac

Corporation

a

20,991

1,000

Fidelity

National

Information

Services,

Inc.

100,420

772

Flex,

Ltd.

a

14,321

227

Fortinet,

Inc.

a

77,575

129

Guidewire

Software,

Inc.

a

12,206

2,130

Hewlett

Packard

Enterprise

Company

35,592

1,892

HP,

Inc.

68,680

74

HubSpot,

Inc.

a

35,146

6,675

Intel

Corporation

330,813

1,471

International

Business

Machines

Corporation

191,259

442

Intuit,

Inc.

212,531

73

Itron,

Inc.

a

3,846

303

Keysight

Technologies,

Inc.

a

47,865

231

Lam

Research

Corporation

124,188

1,440

Mastercard,

Inc.

514,627

911

Microchip

Technology,

Inc.

68,453

11,706

Microsoft

Corporation

3,609,077

277

Motorola

Solutions,

Inc.

67,089

955

NortonLifeLock,

Inc.

25,327

4,104

NVIDIA

Corporation

1,119,817

435

NXP

Semiconductors

NV

80,510

242

Okta,

Inc.

a

36,532

703

ON

Semiconductor

Corporation

a

44,015

2,692

Oracle

Corporation

222,709

83

Paycom

Software,

Inc.

a

28,750

1,833

PayPal

Holdings,

Inc.

a

211,986

63

Plantronics,

Inc.

a

2,482

183

PTC,

Inc.

a

19,713

1,607

Salesforce.com,

Inc.

a

341,198

329

Seagate

Technology

Holdings

plc

29,577

327

ServiceNow,

Inc.

a

182,103

272

Skyworks

Solutions,

Inc.

36,252

265

Splunk,

Inc.

a

39,382

250

Synopsys,

Inc.

a

83,317

538

TE

Connectivity,

Ltd.

70,467

181

Teradata

Corporation

a

8,921

1,516

Texas

Instruments,

Inc.

278,156

411

Trimble,

Inc.

a

29,650

2,740

Visa,

Inc.

607,650

344

VMware,

Inc.

39,171

671

Western

Union

Company

12,575

316

Workday,

Inc.

a

75,669

249

Xerox

Holdings

Corporation

5,022

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Common

Stock

(93.9%)

Value

Information

Technology

(31.2%)

-

continued

88

Zebra

Technologies

Corporation

a

$

36,406

Total

11,558,620

Materials

(1.8%)

363

Air

Products

and

Chemicals,

Inc.

90,717

192

Albemarle

Corporation

42,461

136

Avery

Dennison

Corporation

23,660

344

Axalta

Coating

Systems,

Ltd.

a

8,456

532

Ball

Corporation

47,880

56

Compass

Minerals

International,

Inc.

3,516

423

Ecolab,

Inc.

74,685

87

H.B.

Fuller

Company

5,748

418

International

Flavors

&

Fragrances,

Inc.

54,896

56

Minerals

Technologies,

Inc.

3,704

609

Mosaic

Company

40,499

1,309

Newmont

Corporation

104,000

391

PPG

Industries,

Inc.

51,248

38

Schnitzer

Steel

Industries,

Inc.

1,974

245

Sealed

Air

Corporation

16,405

410

Sherwin-Williams

Company

102,344

164

Sonoco

Products

Company

10,260

Total

682,453

Real

Estate

(3.3%)

747

American

Tower

Corporation

187,661

231

AvalonBay

Communities,

Inc.

57,374

243

Boston

Properties,

Inc.

31,298

552

CBRE

Group,

Inc.

a

50,519

183

Corporate

Office

Properties

Trust

5,223

464

Digital

Realty

Trust,

Inc.

65,795

621

Duke

Realty

Corporation

36,055

147

Equinix,

Inc.

109,018

583

Equity

Residential

52,423

115

Federal

Realty

Investment

Trust

14,038

886

Healthpeak

Properties,

Inc.

30,416

1,160

Host

Hotels

&

Resorts,

Inc.

22,539

475

Iron

Mountain,

Inc.

26,320

84

Jones

Lang

LaSalle,

Inc.

a

20,115

340

Macerich

Company

5,318

110

PotlatchDeltic

Corporation

5,800

1,214

Prologis,

Inc.

196,037

188

Realogy

Holdings

Corporation

a

2,948

179

SBA

Communications

Corporation

61,594

539

Simon

Property

Group,

Inc.

70,911

507

UDR,

Inc.

29,087

655

Ventas,

Inc.

40,453

715

Welltower,

Inc.

68,740

1,228

Weyerhaeuser

Company

46,541

Total

1,236,223

Utilities

(0.9%)

297

American

Water

Works

Company,

Inc.

49,163

215

Atmos

Energy

Corporation

25,690

99

Avista

Corporation

4,470

580

Consolidated

Edison,

Inc.

54,914

394

Essential

Utilities,

Inc.

20,145

564

Eversource

Energy

49,739

328

MDU

Resources

Group,

Inc.

8,741

157

New

Jersey

Resources

Corporation

7,200

72

Ormat

Technologies,

Inc.

5,892

524

Sempra

Energy

88,095

Shares

Common

Stock

(93.9%)

Value

Utilities

(0.9%)

-

continued

345

UGI

Corporation

$

12,496

Total

326,545

Total

Common

Stock

(cost

$31,114,300)

34,784,650

Shares

Registered

Investment

Companies

(

6.2%

)

Value

Unaffiliated  (6.2%)

26,246

iShares

MSCI

KLD

400

Social

ETF

b

2,273,428

Total

2,273,428

Total

Registered

Investment

Companies

(cost

$2,133,749)

2,273,428

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

46,520

Thrivent

Cash

Management

Trust

46,520

Total

Collateral

Held

for

Securities

Loaned

(cost

$46,520)

46,520

Shares

Short-Term

Investments

(

0.3%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

12,096

0.660%

120,963

Total

Short-Term

Investments

(cost

$120,963)

120,963

Total

Investments

(cost

$33,415,532)

100.5%

$37,225,561

Other

Assets

and

Liabilities,

Net

(0.5%)

(183,019)

Total

Net

Assets

100.0%

$37,042,542

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

ESG

Index

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

44,696

Total

lending

$44,696

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$46,520

Net

amounts

due

to

counterparty

$1,824

Definitions:

ETF

-

Exchange

Traded

Fund

ESG

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

ESG

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

3,627,643

3,627,643

–

–

Consumer

Discretionary

4,187,005

4,187,005

–

–

Consumer

Staples

2,498,712

2,498,712

–

–

Energy

465,499

465,499

–

–

Financials

3,297,846

3,297,846

–

–

Health

Care

3,684,178

3,684,178

–

–

Industrials

3,219,926

3,219,926

–

–

Information

Technology

11,558,620

11,558,620

–

–

Materials

682,453

682,453

–

–

Real

Estate

1,236,223

1,236,223

–

–

Utilities

326,545

326,545

–

–

Registered

Investment

Companies

Unaffiliated

2,273,428

2,273,428

–

–

Subtotal

Investments

in

Securities

$37,058,078

$37,058,078

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

120,963

Collateral

Held

for

Securities

Loaned

46,520

Subtotal

Other

Investments

$167,483

Total

Investments

at

Value

$37,225,561

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$127

$3,907

$3,913

$121

12

0.3%

Total

Affiliated

Short-Term

Investments

127

121

0.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2

157

112

47

47

0.1

Total

Collateral

Held

for

Securities

Loaned

2

47

0.1

Total

Value

$129

$168

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$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

$–

$–

$

–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Shares

Common

Stock

(

80.8%

)

Value

Communications

Services

(5.1%)

9,526

Alphabet,

Inc.,

Class

C

a

$

26,606,023

5,042

AMC

Networks,

Inc.

a,b

204,856

398,415

Auto

Trader

Group

plc

c

3,289,019

79,980

BCE,

Inc.

4,433,559

2,834

Cars.com,

Inc.

a

40,895

51,115

Carsales.com,

Ltd.

791,329

110,477

Comcast

Corporation

5,172,533

1,317

CTS

Eventim

AG

&

Company

KGAA

a

89,448

89,401

Discovery,

Inc.,

Class

A

a,b

2,227,873

4,883

Discovery,

Inc.,

Class

C

a

121,929

847

E.W.

Scripps

Company

a

17,609

8,525

Fox

Corporation,

Class

A

336,311

2,451

Gray

Television,

Inc.

54,094

1,188

Hemisphere

Media

Group,

Inc.

a

5,429

8,758

Ipsos

SA

435,952

2,100

KDDI

Corporation

68,852

6,862

Liberty

Global

plc,

Class

A

a

175,050

2,311

Lions

Gate

Entertainment

Corporation,

Class

B

34,734

41,791

Live

Nation

Entertainment,

Inc.

a

4,916,293

11,798

Lumen

Technologies,

Inc.

132,963

13,200

M3,

Inc.

476,731

8,734

Match

Group,

Inc.

a

949,735

113,937

Mediaset

Espana

Comunicacion

SA

a

576,271

31,571

News

Corporation,

Class

A

699,298

684

News

Corporation,

Class

B

15,404

2,323

Nexstar

Broadcasting

Group,

Inc.

437,839

6,100

Nintendo

Company,

Ltd.

3,079,049

22,000

Nippon

Telegraph

and

Telephone

Corporation

639,186

7,259

Omnicom

Group,

Inc.

616,144

8,904

REA

Group,

Ltd.

892,622

2,813

Rightmove

plc

23,248

2,592

Scout24

SE

c

147,776

44,800

SoftBank

Corporation

522,507

30,200

SoftBank

Group

Corporation

1,350,232

2,393

Spark

New

Zealand,

Ltd.

7,573

1,351

Stroeer

SE

93,232

463,375

Telefonica

SA

2,245,647

3,630

Telenet

Group

Holding

NV

116,957

3,707

Telephone

&

Data

Systems,

Inc.

69,988

3,499

TELUS

Corporation

91,411

46,800

TV

Asahi

Holdings

Corporation

575,642

118,150

Twitter,

Inc.

a

4,571,223

452

United

States

Cellular

Corporation

a

13,664

16,002

Upwork,

Inc.

a

371,886

109,806

Verizon

Communications,

Inc.

5,593,518

343,900

Z

Holdings

Corporation

1,486,711

9,432

Zillow

Group,

Inc.

a

454,905

16,151

ZoomInfo

Technologies,

Inc.

a

964,861

Total

76,238,011

Consumer

Discretionary

(9.3%)

1,331

Aaron's

Company,

Inc.

26,726

663

Adient

plc

a

27,031

1,125

Adtalem

Global

Education,

Inc.

a

33,424

7,183

Amazon.com,

Inc.

a

23,416,221

6,037

American

Axle

&

Manufacturing

Holdings,

Inc.

a

46,847

543

America's

Car-Mart,

Inc.

a

43,744

48,601

Aptiv

plc

a

5,818,026

12,183

ARB

Corporation,

Ltd.

374,949

136,297

Aristocrat

Leisure,

Ltd.

3,699,382

Shares

Common

Stock

(80.8%)

Value

Consumer

Discretionary

(9.3%)

-

continued

1,528

AutoZone,

Inc.

a

$

3,124,118

5,711

AZEK

Company,

Inc.

a

141,861

191,380

B&M

European

Value

Retail

SA

1,338,949

10,072

Bally's

Corporation

a

309,613

20,900

BANDAI

NAMCO

Holdings,

Inc.

1,584,836

40,622

Barratt

Developments

plc

276,546

9,900

Bayerische

Motoren

Werke

AG

855,539

5,387

Beazer

Homes

USA,

Inc.

a

81,990

5,323

Bellway

plc

169,208

1,679

BJ's

Restaurants,

Inc.

a

47,516

1,036

Brunswick

Corporation

83,802

1,796

Buckle,

Inc.

59,340

3,723

Burlington

Stores,

Inc.

a

678,219

8,616

Caesars

Entertainment,

Inc.

a

666,534

11,556

Carvana

Company

a

1,378,515

6,478

Cheesecake

Factory,

Inc.

a

257,760

5,884

Chegg,

Inc.

a

213,472

6,198

Chewy,

Inc.

a,b

252,754

9,181

Chico's

FAS,

Inc.

a

44,069

2,835

Chipotle

Mexican

Grill,

Inc.

a

4,485,055

14,500

Chiyoda

Company,

Ltd.

87,342

4,114

Choice

Hotels

International,

Inc.

583,201

224

Churchill

Downs,

Inc.

49,679

525

Chuy's

Holdings,

Inc.

a

14,175

2,331

Cie

Generale

des

Etablissements

Michelin

315,888

8,323

Compagnie

Financiere

Richemont

SA

1,054,981

4,762

Container

Store

Group,

Inc.

a

38,906

19,147

Cooper-Standard

Holdings,

Inc.

a

167,919

1,239

Cracker

Barrel

Old

Country

Store,

Inc.

147,106

4,584

Culp,

Inc.

36,397

23,677

D.R.

Horton,

Inc.

1,764,173

2,732

Dana,

Inc.

48,001

1,610

Darden

Restaurants,

Inc.

214,049

1,201

Dave

&

Buster's

Entertainment,

Inc.

a

58,969

798

Deckers

Outdoor

Corporation

a

218,468

1,950

Denny's

Corporation

a

27,904

15,102

Designer

Brands,

Inc.

a

204,028

9,576

Dollarama,

Inc.

543,086

4,161

Domino's

Pizza

Enterprises,

Ltd.

270,856

1,492

Dorman

Products,

Inc.

a

141,785

36,861

Duluth

Holdings,

Inc.

a

450,810

6,403

Emerald

Holding,

Inc.

a

21,770

67,781

Everi

Holdings,

Inc.

a

1,423,401

8,528

Ferrari

NV

1,857,917

8,671

Five

Below,

Inc.

a

1,373,226

84,669

Ford

Motor

Company

1,431,753

49,000

Galaxy

Entertainment

Group,

Ltd.

289,952

26,536

Gap,

Inc.

373,627

543

Garmin,

Ltd.

64,405

22,716

Gentex

Corporation

662,626

1,602

G-III

Apparel

Group,

Ltd.

a

43,334

14,282

Goodyear

Tire

&

Rubber

Company

a

204,090

68

Graham

Holdings

Company

41,580

1,915

Grand

Canyon

Education,

Inc.

a

185,966

478

Group

1

Automotive,

Inc.

80,223

4,685

Groupon,

Inc.

a,b

90,093

10,917

Hanesbrands,

Inc.

162,554

8,359

Harley-Davidson,

Inc.

329,345

672

Hermes

International

951,118

2,000

Hikari

Tsushin,

Inc.

227,372

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

(80.8%)

Value

Consumer

Discretionary

(9.3%)

-

continued

65,800

Honda

Motor

Company,

Ltd.

$

1,865,156

28,428

Howden

Joinery

Group

plc

284,991

15,792

IDP

Education,

Ltd.

369,598

14,800

Iida

Group

Holdings

Company,

Ltd.

255,166

62,979

Industria

de

Diseno

Textil

SA

1,373,264

36,445

InterContinental

Hotels

Group

plc

2,464,937

2,300

Izumi

Company,

Ltd.

60,557

4,681

JB

Hi-Fi,

Ltd.

189,207

5,000

KOMEDA

Holdings

Company,

Ltd.

83,345

6,837

Lear

Corporation

974,888

7,718

Leggett

&

Platt,

Inc.

268,586

3,848

Lithia

Motors,

Inc.

1,154,862

30,454

Lowe's

Companies,

Inc.

6,157,494

5,334

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,807,426

1,714

M.D.C.

Holdings,

Inc.

64,858

47,809

Macy's,

Inc.

1,164,627

18,634

Magnite,

Inc.

a

246,155

38

Marriott

Vacations

Worldwide

Corporation

5,993

12,500

McDonald's

Holdings

Company

(Japan),

Ltd.

519,822

8,019

Modine

Manufacturing

Company

a

72,251

6,964

Mohawk

Industries,

Inc.

a

864,929

106,551

Moneysupermarket.com

Group

plc

265,010

290

Murphy

USA,

Inc.

57,988

1,748

Next

plc

137,481

17,800

NHK

Spring

Company,

Ltd.

128,040

115,300

Nissan

Motor

Company,

Ltd.

a

512,316

11,800

Nitori

Holdings

Company,

Ltd.

1,484,591

25,772

Nordstrom,

Inc.

b

698,679

12,477

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

272,997

205

NVR,

Inc.

a

915,790

1,600

Oriental

Land

Company,

Ltd.

306,249

41,600

Pan

Pacific

International

Holdings

Company

665,622

6,554

Papa

John's

International,

Inc.

690,005

21,535

Party

City

Holdco,

Inc.

a

77,095

13,269

Penn

National

Gaming,

Inc.

a

562,871

6,204

Perdoceo

Education

Corporation

a

71,222

70,063

Pirelli

&

C.

SPA

c

380,164

15,409

Planet

Fitness,

Inc.

a

1,301,752

10,000

PLENUS

Company,

Ltd.

164,686

16,997

Porsche

Automobil

Holding

SE

1,635,018

8,519

Premier

Investments,

Ltd.

174,241

10,998

PVH

Corporation

842,557

41,742

Qurate

Retail,

Inc.

198,692

610

RCI

Hospitality

Holdings,

Inc.

37,491

6,690

Renault

SA

a

174,878

10,310

Ross

Stores,

Inc.

932,643

2,162

Ruth's

Hospitality

Group,

Inc.

49,467

96,800

Sands

China,

Ltd.

a

230,285

21,500

Sangetsu

Company,

Ltd.

268,657

14,578

Skyline

Champion

Corporation

a

800,041

41,100

Sony

Group

Corporation

4,228,192

35,565

Sony

Group

Corporation

ADR

3,652,881

639

Standard

Motor

Products,

Inc.

27,566

12,545

Stellantis

NV

203,098

2,207

Strategic

Education,

Inc.

146,501

442,610

Tabcorp

Holdings,

Ltd.

1,763,408

4,000

Takara

Standard

Company,

Ltd.

41,409

10,921

Tapestry,

Inc.

405,715

21,661

Taylor

Morrison

Home

Corporation

a

589,612

12,703

Tesla,

Inc.

a

13,688,753

Shares

Common

Stock

(80.8%)

Value

Consumer

Discretionary

(9.3%)

-

continued

1,288

Thor

Industries,

Inc.

$

101,366

32,041

ThredUp,

Inc.

a

246,716

7,945

Thule

Group

AB

c

314,509

1,400

Tokyotokeiba

Company,

Ltd.

49,807

11,100

Toll

Brothers,

Inc.

521,922

818

TopBuild

Corporation

a

148,377

225,100

Toyota

Motor

Corporation

4,060,355

9,632

TripAdvisor,

Inc.

a

261,220

2,462

Tupperware

Brands

Corporation

a

47,886

2,121

Ulta

Beauty,

Inc.

a

844,625

1,876

Urban

Outfitters,

Inc.

a

47,106

4,066

Vail

Resorts,

Inc.

1,058,258

654

Visteon

Corporation

a

71,371

567

Volkswagen

AG

140,061

239

Williams-Sonoma,

Inc.

34,655

3,812

Wingstop,

Inc.

447,338

2,846

Wolverine

World

Wide,

Inc.

64,206

790

WW

International,

Inc.

a

8,082

14,035

Wyndham

Hotels

&

Resorts,

Inc.

1,188,624

5,404

Xometry,

Inc.

a,b

198,597

4,302

Yum!

Brands,

Inc.

509,916

1,376

Zumiez,

Inc.

a

52,577

Total

137,237,470

Consumer

Staples

(4.4%)

25,701

Alimentation

Couche-Tard,

Inc.

1,157,845

11,700

Arcs

Company,

Ltd.

202,872

34,201

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,312,330

417

Boston

Beer

Company,

Inc.

a

161,992

47,702

British

American

Tobacco

plc

2,003,346

24,593

Canopy

Growth

Corporation

a,b

186,491

18,786

Carlsberg

AS

2,306,198

2,985

Casey's

General

Stores,

Inc.

591,538

66

Constellation

Brands,

Inc.

15,201

8,955

Darling

Ingredients,

Inc.

a

719,803

28,059

Davide

Campari-Milano

NV

325,460

96,644

Diageo

plc

4,902,212

33,725

e.l.f.

Beauty,

Inc.

a

871,117

21,277

ForFarmers

BV

80,244

10,828

Greggs

plc

347,769

3,706

Hain

Celestial

Group,

Inc.

a

127,486

1,249

Hershey

Company

270,571

3,452

Ingredion,

Inc.

300,842

56,000

Japan

Tobacco,

Inc.

956,345

49,100

Kao

Corporation

2,004,785

9,852

Kimberly-Clark

Corporation

1,213,372

61,326

Lamb

Weston

Holdings,

Inc.

3,674,041

77

Lindt

&

Spruengli

AG

916,448

11,350

L'Oreal

SA

4,533,729

99

Medifast,

Inc.

16,907

102,238

Metcash,

Ltd.

346,117

5,200

Ministop

Company,

Ltd.

61,832

3,603

Molson

Coors

Beverage

Company

192,328

8,753

Mowi

ASA

235,770

75,347

Nestle

SA

9,796,516

2,985

Performance

Food

Group

Company

a

151,966

63,772

Philip

Morris

International,

Inc.

5,990,742

369

PriceSmart,

Inc.

29,103

7,904

Royal

Unibrew

AS

738,436

554

SalMar

ASA

43,793

438

Seneca

Foods

Corporation

a

22,575

9,134

Sprouts

Farmers

Markets,

Inc.

a

292,105

1,600

Sundrug

Company,

Ltd.

38,969

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

(80.8%)

Value

Consumer

Staples

(4.4%)

-

continued

29,617

Sysco

Corporation

$

2,418,228

2,900

TSURUHA

Holdings,

Inc.

184,145

19,142

Turning

Point

Brands,

Inc.

651,019

30,891

Unilever

plc

1,396,164

2,902

US

Foods

Holding

Corporation

a

109,202

6,445

Utz

Brands,

Inc.

95,257

83,245

Walmart,

Inc.

12,396,845

Total

65,390,056

Energy

(4.4%)

8,611

Antero

Midstream

Corporation

93,602

30,114

Antero

Resources

Corporation

a

919,380

3,048

APA

Corporation

125,974

9,288

Archrock,

Inc.

85,728

535,300

BP

plc

2,624,237

82,809

BP

plc

ADR

2,434,585

1,591

California

Resources

Corporation

71,165

5,286

ChampionX

Corporation

a

129,401

49,612

ConocoPhillips

4,961,200

4,754

Continental

Resources,

Inc.

291,563

159

Core

Laboratories

NV

5,029

356

Delek

Group,

Ltd.

a

51,538

73,394

Devon

Energy

Corporation

4,339,787

2,591

Diamondback

Energy,

Inc.

355,174

39,319

DNO

International

ASA

57,360

795

DT

Midstream,

Inc.

43,137

6,890

Enbridge,

Inc.

317,178

1,783

EnLink

Midstream,

LLC

17,206

146,239

Enterprise

Products

Partners,

LP

3,774,429

423

EQT

Corporation

14,555

118,306

Equinor

ASA

4,417,151

3,007

Equitrans

Midstream

Corporation

25,379

116,388

Galp

Energia

SGPS

SA

1,471,465

64,708

Halliburton

Company

2,450,492

4,856

Helix

Energy

Solutions

Group,

Inc.

a

23,212

7,894

HF

Sinclair

Corporation

a

314,576

22,800

Inpex

Corporation

268,067

69,264

Italgas

SPA

444,363

1,316

Liberty

Oilfield

Services,

Inc.

a

19,503

1,643

Lundin

Energy

AB

68,963

36,819

Marathon

Oil

Corporation

924,525

29,107

Marathon

Petroleum

Corporation

2,488,648

6,438

Matador

Resources

Company

341,085

2,453

Newpark

Resources,

Inc.

a

8,978

8,958

Nine

Energy

Service,

Inc.

a,b

33,503

2,900

Nippon

Gas

Company,

Ltd.

35,389

25,319

NOV,

Inc.

496,506

3,021

Oceaneering

International,

Inc.

a

45,798

33,428

OMV

AG

1,597,282

5,882

Origin

Energy,

Ltd.

27,379

1,166

Par

Pacific

Holdings,

Inc.

a

15,181

5,812

Peabody

Energy

Corporation

a

142,568

683

Pembina

Pipeline

Corporation

25,661

17,031

Pioneer

Natural

Resources

Company

4,258,261

16,181

ProPetro

Holding

Corporation

a

225,401

7,706

Ring

Energy,

Inc.

a,b

29,437

167

RPC,

Inc.

a

1,782

993

Select

Energy

Services,

Inc.

a

8,510

319,817

Shell

plc

8,765,749

8,986

SM

Energy

Company

350,005

27,634

Suncor

Energy,

Inc.

899,655

17,635

Talos

Energy,

Inc.

a

278,457

2,691

Targa

Resources

Corporation

203,090

134,067

TC

Energy

Corporation

7,561,544

Shares

Common

Stock

(80.8%)

Value

Energy

(4.4%)

-

continued

129,682

TechnipFMC

plc

a

$

1,005,035

15,051

Tenaris

SA

ADR

452,584

85,560

TotalEnergies

SE

4,329,321

2,113

VAALCO

Energy,

Inc.

13,798

3,591

World

Fuel

Services

Corporation

97,101

Total

64,877,632

Financials

(13.5%)

8,691

AB

Industrivarden,

Class

A

246,484

65,348

AB

Industrivarden,

Class

C

1,821,503

96,154

Aegon

NV

509,728

19,932

Air

Lease

Corporation

889,964

20,385

Allianz

SE

4,868,130

8,274

American

Equity

Investment

Life

Holding

Company

330,215

35,379

American

Express

Company

6,615,873

5,072

American

Financial

Group,

Inc.

738,585

8,296

Ameris

Bancorp

364,028

793

Amundi

SA

c

54,226

17,514

Annaly

Capital

Management,

Inc.

123,299

2,400

Arch

Capital

Group,

Ltd.

a

116,208

885

Argo

Group

International

Holdings,

Ltd.

36,533

4,925

Arthur

J.

Gallagher

&

Company

859,905

16,907

ASX,

Ltd.

1,028,457

28,522

Azimut

Holding

SPA

661,246

10,730

Baloise

Holding

AG

1,916,343

583,571

Banco

Santander

SA

1,984,111

198,364

Bank

Hapoalim,

Ltd.

1,963,929

300,278

Bank

Leumi

Le-Israel

BM

3,234,808

169,192

Bank

of

America

Corporation

6,974,094

6,352

Bank

of

Montreal

747,464

13,328

Bank

of

Nova

Scotia

955,236

4,632

BankFinancial

Corporation

47,987

6,768

BankUnited,

Inc.

297,521

6,625

Banner

Corporation

387,761

908,535

Barclays

plc

1,761,169

361

Blackstone

Mortgage

Trust,

Inc.

11,476

11,100

BNP

Paribas

SA

634,309

18,210

Brighthouse

Financial,

Inc.

a

940,729

1,769

Brown

&

Brown,

Inc.

127,846

7,608

BRP

Group,

Inc.

a

204,123

819

Byline

Bancorp,

Inc.

21,851

135,562

CaixaBank

SA

459,813

36,700

Canadian

Imperial

Bank

of

Commerce

4,454,845

9,526

Canadian

Western

Bank

276,907

18,448

Capital

One

Financial

Corporation

2,422,038

2,410

Cboe

Global

Markets,

Inc.

275,752

15,945

Central

Pacific

Financial

Corporation

444,865

126,932

Charles

Schwab

Corporation

10,701,637

3,800

Chimera

Investment

Corporation

45,752

23,988

Chubb,

Ltd.

5,131,033

68,640

CI

Financial

Corporation

1,090,421

3,953

Cincinnati

Financial

Corporation

537,450

5,992

CNO

Financial

Group,

Inc.

150,339

8,201

Coinbase

Global,

Inc.

a

1,557,042

33,889

Comerica,

Inc.

3,064,582

8,756

Commonwealth

Bank

of

Australia

689,557

8,391

Community

Trust

Bancorp,

Inc.

345,709

4,870

Customers

Bancorp,

Inc.

a

253,922

225,300

DBS

Group

Holdings,

Ltd.

5,903,361

333,641

Deutsche

Bank

AG

a

4,201,962

20,761

Deutsche

Pfandbriefbank

AG

c

252,083

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock

(80.8%)

Value

Financials

(13.5%)

-

continued

790

Dime

Community

Bancshares,

Inc.

$

27,310

16,415

Discover

Financial

Services

1,808,769

209,869

DNB

Bank

ASA

4,744,916

8,950

East

West

Bancorp,

Inc.

707,229

3,407

Enova

International,

Inc.

a

129,364

1,105

Enterprise

Financial

Services

Corporation

52,278

68,158

Equitable

Holdings,

Inc.

2,106,764

198

Equity

Bancshares,

Inc.

6,397

6,357

Essent

Group,

Ltd.

261,972

22,130

Euronext

NV

c

2,010,471

55,374

F.N.B.

Corporation

689,406

835

FactSet

Research

Systems,

Inc.

362,515

1,740

Federated

Hermes,

Inc.

59,264

6,639

Financial

Institutions,

Inc.

200,033

28,598

Finecobank

Banca

Fineco

SPA

433,836

35,039

First

Bancorp

459,712

1,894

First

Busey

Corporation

47,994

7,696

First

Financial

Corporation

333,083

747

First

of

Long

Island

Corporation

14,537

5,545

Flushing

Financial

Corporation

123,931

18,217

Franklin

Resources,

Inc.

508,619

28,403

Fulton

Financial

Corporation

472,058

3,659

Global

Life,

Inc.

368,095

2,136

Granite

Point

Mortgage

Trust,

Inc.

23,752

7,187

Great

Southern

Bancorp,

Inc.

424,105

22,110

Groupe

Bruxelles

Lambert

SA

2,287,874

10,668

Hamilton

Lane,

Inc.

824,530

20,705

Hancock

Whitney

Corporation

1,079,766

19,080

Hanmi

Financial

Corporation

469,559

5,631

Hanover

Insurance

Group,

Inc.

841,947

7,714

Heartland

Financial

USA,

Inc.

368,961

423

Heritage

Financial

Corporation

10,600

2,734

Home

Capital

Group,

Inc.

83,104

1,249

HomeStreet,

Inc.

59,178

4,233

Hometrust

Bancshares,

Inc.

125,000

58,768

Hope

Bancorp,

Inc.

944,989

666

Horace

Mann

Educators

Corporation

27,859

6,598

Horizon

Bancorp,

Inc.

123,185

411,880

HSBC

Holdings

plc

2,813,365

161,282

Humm

Group,

Ltd.

b

102,839

13,447

Independent

Bank

Corporation

295,834

85

International

Bancshares

Corporation

3,588

43,355

Invesco

Mortgage

Capital,

Inc.

98,849

30,128

Invesco,

Ltd.

694,752

44,202

J.P.

Morgan

Chase

&

Company

6,025,617

20,600

Japan

Post

Holdings

Company,

Ltd.

151,291

663

Jefferies

Financial

Group,

Inc.

21,780

13,638

KBC

Groep

NV

978,521

8,576

Kinsale

Capital

Group,

Inc.

1,955,500

2,067

L

E

Lundbergforetagen

AB

104,905

1,436

Ladder

Capital

Corporation

17,045

2,969

Lakeland

Bancorp,

Inc.

49,582

58,897

Laurentian

Bank

of

Canada

1,957,972

5,467

Lincoln

National

Corporation

357,323

18,382

M&T

Bank

Corporation

3,115,749

23,986

Manulife

Financial

Corporation

511,512

11,190

Marsh

&

McLennan

Companies,

Inc.

1,907,000

45,969

Mediobanca

SPA

464,542

2,243

Mercantile

Bank

Corporation

79,447

37

Merchants

Bancorp

1,013

Shares

Common

Stock

(80.8%)

Value

Financials

(13.5%)

-

continued

44,755

MFA

Financial,

Inc.

$

180,363

11,680

Midland

States

Bancorp,

Inc.

337,085

6,609

MidWestOne

Financial

Group,

Inc.

218,758

328,800

Mitsubishi

HC

Capital,

Inc.

1,527,775

49,415

Mizrahi

Tefahot

Bank,

Ltd.

1,929,760

56,137

Morgan

Stanley

4,906,374

2,102

MSCI,

Inc.

1,057,054

71,959

Natwest

Group

plc

203,236

5,909

Navient

Corporation

100,689

79,272

New

York

Community

Bancorp,

Inc.

849,796

12,417

New

York

Mortgage

Trust,

Inc.

45,322

7,658

NMI

Holdings,

Inc.

a

157,908

18,509

Nordea

Bank

Abp

190,494

4,439

Northern

Trust

Corporation

516,922

522

Northfield

Bancorp,

Inc.

7,496

8,035

OceanFirst

Financial

Corporation

161,503

4,037

OFG

Bancorp

107,546

682

Old

Second

Bancorp,

Inc.

9,896

7,416

OneMain

Holdings,

Inc.

351,593

60,300

ORIX

Corporation

1,201,933

41,600

Oversea-Chinese

Banking

Corporation,

Ltd.

377,389

13,422

Paragon

Banking

Group

plc

87,812

19,159

Popular,

Inc.

1,566,057

22,902

Poste

Italiane

SPA

c

259,724

1,929

Premier

Financial

Corporation

58,507

32

Primerica,

Inc.

4,378

4,283

QCR

Holdings,

Inc.

242,375

30,543

Radian

Group,

Inc.

678,360

60,174

Raymond

James

Financial,

Inc.

6,613,724

2,800

Reinsurance

Group

of

America,

Inc.

306,488

6,760

RenaissanceRe

Holdings,

Ltd.

1,071,528

177,900

Resona

Holdings,

Inc.

757,737

3,067

Royal

Bank

of

Canada

337,673

13,245

S&P

Global,

Inc.

5,432,834

218

S&T

Bancorp,

Inc.

6,448

14,695

Sampo

Oyj

718,064

9,196

Seacoast

Banking

Corporation

of

Florida

322,044

10,697

SEI

Investments

Company

644,066

4,005

Signature

Bank

1,175,427

31,535

Skandinaviska

Enskilda

Banken

AB

340,920

123,449

Standard

Chartered

plc

819,453

7,375

Starwood

Property

Trust,

Inc.

178,254

39,036

State

Street

Corporation

3,400,816

74,600

Sumitomo

Mitsui

Financial

Group,

Inc.

2,356,493

50,900

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,656,522

38,070

Sun

Life

Financial,

Inc.

2,125,574

27,310

Svenska

Handelsbanken

AB

251,128

5,311

Svolder

AB

35,540

63,863

Swedbank

AB

b

953,835

3,615

Swiss

Life

Holding

AG

2,316,513

4,454

Synchrony

Financial

155,044

1,625

Territorial

Bancorp,

Inc.

39,000

9,169

Texas

Capital

Bancshares,

Inc.

a

525,475

542

TMX

Group,

Ltd.

55,746

1,600

Tokyo

Century

Corporation

58,658

1,212

Topdanmark

AS

67,845

38,219

Toronto-Dominion

Bank

3,032,390

89

Towne

Bank

2,665

7,058

TPG

RE

Finance

Trust,

Inc.

83,355

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock

(80.8%)

Value

Financials

(13.5%)

-

continued

8,286

Tradeweb

Markets,

Inc.

$

728,091

854

TriCo

Bancshares

34,186

58,061

Truist

Financial

Corporation

3,292,059

7,307

TrustCo

Bank

Corporation

NY

233,312

14,490

Tryg

AS

352,320

17,969

Two

Harbors

Investment

Corporation

99,369

38,438

Umpqua

Holdings

Corporation

724,941

11,461

UniCredit

SPA

123,639

728

Univest

Financial

Corporation

19,481

35,579

Unum

Group

1,121,094

549

Vontobel

Holding

AG

46,168

105

Washington

Trust

Bancorp,

Inc.

5,512

107,268

Wells

Fargo

&

Company

5,198,207

18,952

Western

Alliance

Bancorp

1,569,605

10,087

Western

Asset

Mortgage

Capital

Corporation

17,249

212

Wintrust

Financial

Corporation

19,701

21,746

Zions

Bancorporation

NA

1,425,668

6,435

Zurich

Insurance

Group

AG

3,178,246

Total

200,431,411

Health

Care

(10.1%)

17,036

AbbVie,

Inc.

2,761,706

2,366

AdaptHealth

Corporation

a

37,927

10,435

Adaptive

Biotechnologies

Corporation

a

144,838

28,600

Agilon

Health,

Inc.

a,b

725,010

4,160

ALK-Abello

AS

a

91,707

3,832

Allogene

Therapeutics,

Inc.

a

34,910

852

Amedisys,

Inc.

a

146,791

11,968

Amgen,

Inc.

2,894,102

237

Amplifon

SPA

10,548

16,230

Anthem,

Inc.

7,972,501

3,541

Argenx

SE

ADR

a

1,116,513

5,956

Ascendis

Pharma

AS

ADR

a

698,996

169,600

Astellas

Pharma,

Inc.

2,649,982

28,099

AstraZeneca

plc

3,726,283

49,898

AstraZeneca

plc

ADR

3,310,233

29,365

Avacta

Group

plc

a,b

28,546

3,468

Avanos

Medical,

Inc.

a

116,178

28,804

Avantor,

Inc.

a

974,151

16,714

Axonics,

Inc.

a,b

1,046,296

1,518

Baxter

International,

Inc.

117,706

10,559

Biogen,

Inc.

a

2,223,725

6,701

BioLife

Solutions,

Inc.

a

152,314

210

Bio-Rad

Laboratories,

Inc.

a

118,278

2,393

Bio-Techne

Corporation

1,036,265

41,289

Centene

Corporation

a

3,476,121

2,406

Charles

River

Laboratories

International,

Inc.

a

683,232

708

Chemed

Corporation

358,637

46,900

Chugai

Pharmaceutical

Company,

Ltd.

1,564,979

15,228

Cigna

Holding

Company

3,648,781

2,136

Cooper

Companies,

Inc.

891,972

12,140

Covetrus,

Inc.

a

203,831

53,113

CSL,

Ltd.

10,603,633

23,529

CVS

Health

Corporation

2,381,370

15,177

Danaher

Corporation

4,451,869

9,524

Dechra

Pharmaceuticals

plc

505,648

987

Dentsply

Sirona,

Inc.

48,580

2,488

DexCom,

Inc.

a

1,272,861

2,121

Editas

Medicine,

Inc.

a

40,341

28,773

Edwards

Lifesciences

Corporation

a

3,387,158

Shares

Common

Stock

(80.8%)

Value

Health

Care

(10.1%)

-

continued

3,551

Elanco

Animal

Health,

Inc.

a

$

92,646

2,395

Encompass

Health

Corporation

170,308

786

Exact

Sciences

Corporation

a

54,957

2,144

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

35,977

1,408

Generation

Bio

Company

a

10,335

23,195

Gilead

Sciences,

Inc.

1,378,943

39,221

GlaxoSmithKline

plc

ADR

1,708,467

1,912

Global

Blood

Therapeutics,

Inc.

a

66,232

897

Globus

Medical,

Inc.

a

66,181

9,924

Guardant

Health,

Inc.

a

657,366

8,377

Halozyme

Therapeutics,

Inc.

a

334,075

14,700

HCA

Healthcare,

Inc.

3,684,114

2,542

HealthEquity,

Inc.

a

171,432

1,578

ICU

Medical,

Inc.

a

351,326

15,208

Immunocore

Holdings

plc

ADR

a

454,719

6,197

Inari

Medical,

Inc.

a

561,696

5,937

Inotiv,

Inc.

a

155,431

3,830

Inspire

Medical

Systems,

Inc.

a

983,123

4,241

Insulet

Corporation

a

1,129,760

626

Integer

Holdings

Corporation

a

50,437

1,145

Integra

LifeSciences

Holdings

Corporation

a

73,578

14,046

Intuitive

Surgical,

Inc.

a

4,237,397

2,989

Invitae

Corporation

a

23,822

35,670

Johnson

&

Johnson

6,321,794

575

Kymera

Therapeutics,

Inc.

a

24,334

2,033

Laboratorios

Farmaceuticos

ROVI,

SA

150,649

1,135

Laboratory

Corporation

of

America

Holdings

a

299,254

24,767

Lantheus

Holdings,

Inc.

a

1,369,863

1,077

LNA

Sante

44,077

1,174

Masimo

Corporation

a

170,864

42,454

Medtronic

plc

4,710,271

51,263

Merck

&

Company,

Inc.

4,206,129

6,603

Merck

KGaA

1,378,942

499

Molina

Healthcare,

Inc.

a

166,461

30,222

MultiPlan

Corporation

a

141,439

4,802

Natera,

Inc.

a

195,345

2,922

National

HealthCare

Corporation

205,212

102,772

Novartis

AG

9,022,514

34,251

Novo

Nordisk

AS

3,798,989

25,539

Novo

Nordisk

AS

ADR

2,836,106

2,210

NuVasive,

Inc.

a

125,307

9,713

Omnicell,

Inc.

a

1,257,736

36,100

Ono

Pharmaceutical

Company,

Ltd.

904,861

1,047

Orthofix

Medical,

Inc.

a

34,237

608

Pennant

Group,

Inc.

a

11,327

14,340

Phreesia,

Inc.

a

378,002

7,661

Premier,

Inc.

272,655

17,251

Progyny,

Inc.

a

886,701

24,072

QIAGEN

NV

a

1,181,217

56,635

Recordati

SPA

2,839,659

8,390

Repligen

Corporation

a

1,578,075

2,224

Roche

Holding

AG,

Participation

Certificates

879,952

669

Sage

Therapeutics,

Inc.

a

22,144

15,249

Sanofi

1,559,061

5,020

Sarepta

Therapeutics,

Inc.

a

392,162

107

Sartorius

Aktiengesellschaft

47,224

5,400

Sawai

Group

Holdings

Company,

Ltd.

197,177

16,400

Shionogi

&

Company,

Ltd.

1,007,671

5,996

Signify

Health,

Inc.

a

108,827

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

(80.8%)

Value

Health

Care

(10.1%)

-

continued

13,754

Silk

Road

Medical,

Inc.

a

$

567,903

3,120

Sonova

Holding

AG

1,303,344

521

STAAR

Surgical

Company

a

41,633

3,619

Syneos

Health,

Inc.

a

292,958

9,600

Takeda

Pharmaceutical

Company,

Ltd.

273,525

4,872

Tecan

Group

AG

1,926,098

16,902

Teladoc

Health,

Inc.

a

1,219,141

2,554

Teleflex,

Inc.

906,236

11,200

Terumo

Corporation

338,895

7,092

Thermo

Fisher

Scientific,

Inc.

4,188,890

6,534

Travere

Therapeutics,

Inc.

a

168,381

3,749

Turning

Point

Therapeutics,

Inc.

a

100,661

489

U.S.

Physical

Therapy,

Inc.

48,631

2,167

uniQure

NV

a

39,158

345

Vaxcyte,

Inc.

a

8,332

237

Veeva

Systems,

Inc.

a

50,353

2,872

Veracyte,

Inc.

a

79,181

10,881

Vor

BioPharma,

Inc.

a

65,721

3,097

VYNE

Therapeutics,

Inc.

a

2,013

475

Waters

Corporation

a

147,435

17,895

Zimmer

Biomet

Holdings,

Inc.

2,288,771

25,931

Zoetis,

Inc.

4,890,327

Total

149,780,666

Industrials

(11.3%)

2,958

A.O.

Smith

Corporation

188,987

250

A.P.

Moller

-

Maersk

AS,

Class

B

751,241

21,541

Aalberts

NV

1,116,396

2,562

ACCO

Brands

Corporation

20,496

6,659

AECOM

511,478

56,427

Airbus

SE

a

6,808,997

560

Allegion

plc

61,477

14,130

Altra

Industrial

Motion

Corporation

550,081

4,987

AMETEK,

Inc.

664,169

2,736

AMG

Advanced

Metallurgical

Group

NV

117,549

1,256

Armstrong

World

Industries,

Inc.

113,053

14,992

ASGN,

Inc.

a

1,749,716

59,175

Assa

Abloy

AB

1,590,599

28,428

Atlas

Copco

AB,

Class

A

1,475,583

10,686

Atlas

Copco

AB,

Class

B

484,605

10,092

Atlas

Corporation

b

148,151

107,567

Aurizon

Holdings,

Ltd.

295,664

7,613

AZZ,

Inc.

367,251

65,184

Canadian

National

Railway

Company

8,744,036

29,542

Canadian

Pacific

Railway,

Ltd.

2,438,222

19,596

Carlisle

Companies,

Inc.

4,819,048

10,131

CBIZ,

Inc.

a

425,198

14,220

Chart

Industries,

Inc.

a

2,442,569

9,023

CIA

De

Distribucion

Integral

165,038

460

Columbus

McKinnon

Corporation

19,504

38,100

COMSYS

Holdings

Corporation

829,668

662

Covenant

Logistics

Group,

Inc.

14,253

25,578

Crane

Company

2,769,586

3,536

CSW

Industrials,

Inc.

415,798

72,488

CSX

Corporation

2,714,676

1,052

Cummins,

Inc.

215,776

8,543

Curtiss-Wright

Corporation

1,282,817

1,300

Daifuku

Company,

Ltd.

92,757

12,400

Daikin

Industries,

Ltd.

2,251,889

79,911

Delta

Air

Lines,

Inc.

a

3,162,078

36,508

Deutsche

Post

AG

1,743,335

1,543

Donaldson

Company,

Inc.

80,128

Shares

Common

Stock

(80.8%)

Value

Industrials

(11.3%)

-

continued

107

Douglas

Dynamics,

Inc.

$

3,701

3,260

Dover

Corporation

511,494

42,541

Driven

Brands

Holdings,

Inc.

a

1,117,978

14,610

DSV

AS

2,800,088

5,801

EMCOR

Group,

Inc.

653,367

2,300

FANUC

Corporation

403,673

12,657

Fastenal

Company

751,826

41,286

First

Advantage

Corporation

a

833,564

5,378

Flowserve

Corporation

193,070

4,912

Forrester

Research,

Inc.

a

277,135

5,742

Forward

Air

Corporation

561,453

1,574

GATX

Corporation

194,121

2,566

Geberit

AG

1,581,828

2,690

Generac

Holdings,

Inc.

a

799,629

16,509

General

Dynamics

Corporation

3,981,641

2,192

Getinge

AB

87,327

551

Gibraltar

Industries,

Inc.

a

23,665

23,054

Golden

Ocean

Group,

Ltd.

283,383

34

Gorman-Rupp

Company

1,220

1,092

GrafTech

International,

Ltd.

10,505

180,112

GWA

Group,

Ltd.

333,899

8,000

Hanwa

Company,

Ltd.

210,934

40,075

Howmet

Aerospace,

Inc.

1,440,296

6,575

Hubbell,

Inc.

1,208,288

309

ICF

International,

Inc.

29,089

6,039

IDEX

Corporation

1,157,858

32,400

Inaba

Denki

Sangyo

Company,

Ltd.

657,077

6,505

Indutrade

AB

163,595

1,389

ITT

Corporation

104,467

3,800

Jardine

Matheson

Holdings,

Ltd.

209,000

246

JB

Hunt

Transport

Services,

Inc.

49,394

814

JetBlue

Airways

Corporation

a

12,169

46,559

Johnson

Controls

International

plc

3,052,874

11,600

Kamigumi

Company,

Ltd.

208,227

3,150

Kennametal,

Inc.

90,122

39,100

Kinden

Corporation

503,934

2,500

Komatsu,

Ltd.

60,064

15,466

KONE

Oyj

809,342

14,678

L3Harris

Technologies,

Inc.

3,647,043

9,838

Landstar

System,

Inc.

1,483,866

62,918

Legrand

SA

6,012,342

951

Lennox

International,

Inc.

245,225

15,493

Lincoln

Electric

Holdings,

Inc.

2,135,090

5,543

Lockheed

Martin

Corporation

2,446,680

1,462

Manitowoc

Company,

Inc.

a

22,047

5,779

ManpowerGroup,

Inc.

542,764

1,481

Masonite

International

Corporation

a

131,720

5,781

Mercury

Systems,

Inc.

a

372,585

12,585

Middleby

Corporation

a

2,063,185

83,200

Mitsubishi

Corporation

3,122,225

46,700

Mitsubishi

Electric

Corporation

535,595

14,000

Mitsuboshi

Belting,

Ltd.

231,449

1,600

Mitsui

&

Company,

Ltd.

43,432

5,622

MSC

Industrial

Direct

Company,

Inc.

479,051

133

National

Presto

Industries,

Inc.

10,234

20,900

Nidec

Corporation

1,650,746

17,500

Nitto

Kogyo

Corporation

225,144

805

Nordson

Corporation

182,799

11,889

Norfolk

Southern

Corporation

3,390,981

5,664

nVent

Electric

plc

196,994

1,866

Old

Dominion

Freight

Line,

Inc.

557,337

74,419

PageGroup

plc

479,438

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Shares

Common

Stock

(80.8%)

Value

Industrials

(11.3%)

-

continued

11,326

Parker-Hannifin

Corporation

$

3,213,866

20,400

Penta-Ocean

Construction

Company,

Ltd.

101,770

2,422

Proto

Labs,

Inc.

a

128,124

1,766

Quad/Graphics,

Inc.

a

12,256

32,249

Ranpak

Holdings

Corporation

a

658,847

29,833

Raytheon

Technologies

Corporation

2,955,555

4,205

RBC

Bearings,

Inc.

a

815,265

9,700

Recruit

Holdings

Company,

Ltd.

421,436

23,378

Redde

Northgate

plc

132,669

22,302

Regal

Rexnord

Corporation

3,318,092

93,677

RELX

plc

2,915,009

660

RHI

Magnesita

NV

20,944

15,019

Royal

Mail

plc

64,531

15,826

Rush

Enterprises,

Inc.

805,702

6,166

Ryder

System,

Inc.

489,149

1,857

Saia,

Inc.

a

452,774

43,575

Schneider

Electric

SE

7,315,861

35,100

Secom

Company,

Ltd.

2,539,201

56,313

SEEK,

Ltd.

1,240,159

2,400

SHO-BOND

Holdings

Company,

Ltd.

104,420

1,522

Siemens

AG

210,748

4,478

SkyWest,

Inc.

a

129,190

400

SMC

Corporation

223,598

1,185

Snap-On,

Inc.

243,494

7,648

Spirax-Sarco

Engineering

plc

1,250,297

10,397

Standex

International

Corporation

1,038,868

107,000

Sumitomo

Corporation

1,853,097

35,403

Summit

Materials,

Inc.

a

1,099,617

33,448

Sun

Country

Airlines

Holdings,

Inc.

a

875,669

970

Sunrun,

Inc.

a

29,459

2,500

Taikisha,

Ltd.

62,164

2,222

Technip

Energies

NV

ADR

a

26,908

3,496

Teledyne

Technologies,

Inc.

a

1,652,315

15

Tetra

Tech,

Inc.

2,474

1,110

Thermon

Group

Holdings,

Inc.

a

17,982

3,290

Timken

Company

199,703

395

Toro

Company

33,769

873

Toromont

Industries,

Ltd.

82,757

2,323

Trane

Technologies

plc

354,722

12,607

TransUnion

1,302,807

6,542

Trex

Company,

Inc.

a

427,389

7,178

TriMas

Corporation

230,342

14,800

Tsubakimoto

Chain

Company

368,316

11,125

Tutor

Perini

Corporation

a

120,150

137,680

Uber

Technologies,

Inc.

a

4,912,422

461

UniFirst

Corporation

84,953

26,463

United

Parcel

Service,

Inc.

5,675,255

9,438

United

Rentals,

Inc.

a

3,352,472

1,890

Univar,

Inc.

a

60,745

3,090

Valmont

Industries,

Inc.

737,274

3,187

Verisk

Analytics,

Inc.

684,026

15,169

Vicor

Corporation

a

1,070,173

8,562

Vontier

Corporation

217,389

1,783

Watsco,

Inc.

543,173

307

Watts

Water

Technologies,

Inc.

42,854

4,141

Werner

Enterprises,

Inc.

169,781

58,964

WillScot

Mobile

Mini

Holdings

Corporation

a

2,307,261

1,209

Woodward,

Inc.

151,016

1,937

Xylem,

Inc.

165,149

1,400

Yellow

Corporation

a

9,814

Shares

Common

Stock

(80.8%)

Value

Industrials

(11.3%)

-

continued

7,900

Yuasa

Trading

Company,

Ltd.

$

186,815

Total

167,133,175

Information

Technology

(13.9%)

2,627

ACI

Worldwide,

Inc.

a

82,724

15,727

Adobe,

Inc.

a

7,165,536

10,400

Advantest

Corporation

811,968

110

Agilysys,

Inc.

a

4,387

21,417

Alignment

Healthcare,

Inc.

a

240,513

11,502

Allegro

MicroSystems,

Inc.

a

326,657

7,575

Alliance

Data

Systems

Corporation

425,336

12,966

Amphenol

Corporation

976,988

842

Anaplan,

Inc.

a

54,772

127,580

Apple,

Inc.

22,276,744

11,794

AppLovin

Corporation

a

649,496

5,531

Arista

Networks,

Inc.

a

768,698

2,076

Arrow

Electronics,

Inc.

a

246,276

10,919

ASML

Holding

NV

7,296,353

8,669

Avalara,

Inc.

a

862,652

1,676

Avaya

Holdings

Corporation

a

21,235

700

BayCurrent

Consulting,

Inc.

253,385

1,880

Benchmark

Electronics,

Inc.

47,075

2,571

BigCommerce

Holdings,

Inc.

a

56,331

5,383

Bill.com

Holdings,

Inc.

a

1,220,811

63,453

Block,

Inc.

a

8,604,227

667

CACI

International,

Inc.

a

200,940

15,473

Calix,

Inc.

a

663,946

3,928

CDK

Global,

Inc.

191,215

2,504

CDW

Corporation

447,941

72,195

CGI,

Inc.

a

5,751,230

138,758

Cisco

Systems,

Inc.

7,737,146

26,743

Cognex

Corporation

2,063,222

12,573

CommScope

Holding

Company,

Inc.

a

99,075

60,976

Computershare,

Ltd.

1,120,685

32

Concentrix

Corporation

5,330

4,925

Coupa

Software,

Inc.

a

500,528

439

CTS

Corporation

15,514

6,062

Descartes

Systems

Group,

Inc.

a

444,102

4,388

Digital

Turbine,

Inc.

a

192,238

926

Diodes,

Inc.

a

80,553

1,087

DocuSign,

Inc.

a

116,439

15,695

Dolby

Laboratories,

Inc.

1,227,663

9,837

DXC

Technology

Company

a

320,981

2,943

Endava

plc

ADR

a

391,507

1,249

EPAM

Systems,

Inc.

a

370,466

4,382

ePlus,

Inc.

a

245,655

3,215

Euronet

Worldwide,

Inc.

a

418,432

826

F5,

Inc.

a

172,593

335

Fair

Isaac

Corporation

a

156,264

37,167

Fidelity

National

Information

Services,

Inc.

3,732,310

15,032

Five9,

Inc.

a

1,659,533

1,576

FLEETCOR

Technologies,

Inc.

a

392,519

16,600

Fuji

Soft,

Inc.

833,200

111

Genpact,

Ltd.

4,830

8,488

Global

Payments,

Inc.

1,161,498

154,760

Halma

plc

5,063,286

19,887

Hewlett

Packard

Enterprise

Company

332,312

3,600

Hoya

Corporation

410,248

1,341

HubSpot,

Inc.

a

636,895

464

I3

Verticals,

Inc.

a

12,927

2,638

IPG

Photonics

Corporation

a

289,547

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

(80.8%)

Value

Information

Technology

(13.9%)

-

continued

18,800

ITOCHU

Techno-Solutions

Corporation

$

480,236

7,790

Jack

Henry

&

Associates,

Inc.

1,535,020

7,600

Keyence

Corporation

3,524,140

66

Keysight

Technologies,

Inc.

a

10,426

911

Lam

Research

Corporation

489,763

22,702

Lattice

Semiconductor

Corporation

a

1,383,687

9,031

LivePerson,

Inc.

a

220,537

14,892

LiveRamp

Holding,

Inc.

a

556,812

1,479

Manhattan

Associates,

Inc.

a

205,152

1,632

MAXIMUS,

Inc.

122,318

333

MaxLinear,

Inc.

a

19,431

108

Microchip

Technology,

Inc.

8,115

103,423

Microsoft

Corporation

31,886,345

3,674

MKS

Instruments,

Inc.

551,100

291

Model

N,

Inc.

a

7,828

4,834

Monolithic

Power

Systems,

Inc.

2,347,777

19,400

Murata

Manufacturing

Company,

Ltd.

1,277,932

9,100

NEC

Networks

&

System

Integration

Corporation

132,447

4,000

Net

One

Systems

Company,

Ltd.

93,186

2,023

NetApp,

Inc.

167,909

1,146

NETGEAR,

Inc.

a

28,283

3,275

Nova,

Ltd.

a

356,582

985

Nova,

Ltd.

a

106,138

49,928

NVIDIA

Corporation

13,623,354

4,378

Okta,

Inc.

a

660,903

18,500

Oracle

Corporation

Japan

1,281,995

2,442

Palo

Alto

Networks,

Inc.

a

1,520,169

2,977

Paycom

Software,

Inc.

a

1,031,173

14,781

Paymentus

Holdings,

Inc.

a,b

311,584

49,584

PayPal

Holdings,

Inc.

a

5,734,390

106

Progress

Software

Corporation

4,992

7,987

PTC,

Inc.

a

860,360

2,199

Qorvo,

Inc.

a

272,896

60,348

QUALCOMM,

Inc.

9,222,381

114,700

Renesas

Electronics

Corporation

a

1,329,025

8,200

Ryoyo

Electro

Corporation

b

132,739

29,172

Salesforce.com,

Inc.

a

6,193,799

83,062

Samsung

Electronics

Company,

Ltd.

4,753,055

1,869

ScanSource,

Inc.

a

65,023

10,944

Semtech

Corporation

a

758,857

10,013

ServiceNow,

Inc.

a

5,576,140

1,166

Shopify,

Inc.

a

788,169

36,237

Sierra

Wireless,

Inc.

a,b

653,715

1,931

SiTime

Corporation

a

478,540

2,008

Skyworks

Solutions,

Inc.

267,626

28,222

Sprout

Social,

Inc.

a

2,261,147

10,806

STMicroelectronics

NV

ADR

467,035

3,200

Sumco

Corporation

52,368

2,548

Synopsys,

Inc.

a

849,172

5,306

TD

SYNNEX

Corporation

547,632

172,011

Telefonaktiebolaget

LM

Ericsson

ADR

1,572,181

18,007

Texas

Instruments,

Inc.

3,303,924

7,969

Thomson

Reuters

Corporation

865,202

5,600

Tokyo

Electron,

Ltd.

2,875,943

4,010

Universal

Display

Corporation

669,470

722

Upland

Software,

Inc.

a

12,714

1,133

VeriSign,

Inc.

a

252,047

517

Vertex,

Inc.

a

7,931

4,183

WEX,

Inc.

a

746,456

9,391

Workiva,

Inc.

a

1,108,138

Shares

Common

Stock

(80.8%)

Value

Information

Technology

(13.9%)

-

continued

13,489

Xerox

Holdings

Corporation

$

272,073

Total

206,750,416

Materials

(4.5%)

1,299

AdvanSix,

Inc.

66,366

26,229

Air

Liquide

SA

4,588,629

14,500

Air

Water,

Inc.

203,622

638

Alpha

Metallurgical

Resources,

Inc.

a

84,190

11,287

AptarGroup,

Inc.

1,326,222

47,024

ArcelorMittal

SA

1,506,381

962

Aurubis

AG

114,519

2,429

Avery

Dennison

Corporation

422,573

95,791

Axalta

Coating

Systems,

Ltd.

a

2,354,543

52

Balchem

Corporation

7,108

24,698

BHP

Group,

Ltd.

952,047

30,321

Breedon

Group

plc

32,295

489

Cabot

Corporation

33,452

611

Carpenter

Technology

Corporation

25,650

1,441

Celanese

Corporation

205,876

40,562

CF

Industries

Holdings,

Inc.

4,180,320

7,426

Chemours

Company

233,770

6,942

Cleveland-Cliffs,

Inc.

a

223,602

8,850

Compass

Minerals

International,

Inc.

555,691

7,931

Croda

International

plc

815,873

4,466

Crown

Holdings,

Inc.

558,652

28,711

Eastman

Chemical

Company

3,217,355

2,029

Eramet

SA

a

331,282

7,616

Evonik

Industries

AG

211,288

31,363

Evraz

plc

d

4

28,638

Ferrexpo

plc

69,531

2,913

FMC

Corporation

383,263

100,162

Fortescue

Metals

Group,

Ltd.

1,539,678

417,115

Glencore

Xstrata

plc

2,714,038

84,220

Granges

AB

825,684

12,080

Graphic

Packaging

Holding

Company

242,083

1,751

HeidelbergCement

AG

99,237

87,243

Hexpol

AB

851,558

4,193

Holmen

AB

234,047

9,492

Huntsman

Corporation

356,045

57,596

ICL

Group,

Ltd.

684,677

2,510

Ingevity

Corporation

a

160,816

5,127

Innospec,

Inc.

474,504

213

Israel

Corporation,

Ltd.

a

123,208

47,900

JFE

Holdings,

Inc.

670,322

6,070

Kaiser

Aluminum

Corporation

571,551

19,581

Koninklijke

DSM

NV

3,502,938

291

Koppers

Holdings,

Inc.

8,008

32,600

Kyoei

Steel,

Ltd.

355,421

2,800

Lintec

Corporation

55,527

21,390

LyondellBasell

Industries

NV

2,199,320

1,941

Martin

Marietta

Materials,

Inc.

747,071

58

Materion

Corporation

4,973

2,716

Minerals

Technologies,

Inc.

179,663

11,700

Mitsubishi

Gas

Chemical

Company,

Inc.

198,058

4,624

Myers

Industries,

Inc.

99,878

2,600

Neenah,

Inc.

103,116

5

NewMarket

Corporation

1,622

44,200

Nippon

Steel

Corporation

779,894

9,400

Nissan

Chemical

Corporation

551,383

141,543

Norsk

Hydro

ASA

1,375,215

28,128

Nucor

Corporation

4,181,227

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock

(80.8%)

Value

Materials

(4.5%)

-

continued

10,092

O-I

Glass,

Inc.

a

$

133,013

4,417

Olin

Corporation

230,921

5,094

Quaker

Chemical

Corporation

880,294

13,346

Raspadskaya

OJSC

Temporary

Shares

a,d

0

1,293

Rayonier

Advanced

Materials,

Inc.

a

8,495

2,595

Reliance

Steel

&

Aluminum

Company

475,793

6,893

Rio

Tinto

plc

551,070

15,192

Rio

Tinto,

Ltd.

1,358,169

9,944

RPM

International,

Inc.

809,839

3,087

Ryerson

Holding

Corporation

108,107

116,642

Sandfire

Resources,

Ltd.

495,168

711

Schweitzer-Mauduit

International,

Inc.

19,553

4,503

Sensient

Technologies

Corporation

378,027

11,703

Sherwin-Williams

Company

2,921,303

17,000

Shin-Etsu

Chemical

Company,

Ltd.

2,582,867

10,979

Sika

AG

3,632,444

3,278

Solvay

SA

323,067

1,441

Sonoco

Products

Company

90,149

55,895

SSAB

AB,

Class

B

a

372,181

3,891

Steel

Dynamics,

Inc.

324,626

26,540

Stora

Enso

Oyj

520,650

3,449

SunCoke

Energy,

Inc.

30,731

8,972

Symrise

AG

1,075,684

13,800

Taiyo

Holdings

Company,

Ltd.

364,437

19,674

Teck

Resources,

Ltd.

794,633

31,600

Toagosei

Company,

Ltd.

277,792

5,480

Trinseo

plc

262,602

1,941

Tronox

Holdings

plc

38,412

12,288

United

States

Steel

Corporation

463,749

3,305

UPM-Kymmene

Oyj

107,925

5,774

Westlake

Corporation

712,512

1,461

Worthington

Industries,

Inc.

75,110

2,628

Yara

International

ASA

131,422

Total

67,145,611

Real

Estate

(2.7%)

20

Activia

Properties,

Inc.

69,724

79,014

AGNC

Investment

Corporation

1,035,083

13,407

Agree

Realty

Corporation

889,689

34,633

American

Campus

Communities,

Inc.

1,938,409

921

Apartment

Income

REIT

Corporation

49,237

7,749

AvalonBay

Communities,

Inc.

1,924,619

1,482

Breaemar

Hotels

&

Resorts,

Inc.

9,159

7,934

Camden

Property

Trust

1,318,631

1,187

CareTrust

REIT,

Inc.

22,909

28,764

CBRE

Group,

Inc.

a

2,632,481

170,500

CK

Hutchison

Holdings,

Ltd.

1,246,766

288

Community

Healthcare

Trust,

Inc.

12,157

32,423

CubeSmart

1,686,969

24,268

Cushman

and

Wakefield

plc

a

497,737

46,220

DEXUS

Property

Group

377,279

6,022

Dream

Industrial

Real

Estate

Investment

Trust

77,747

1,773

EastGroup

Properties,

Inc.

360,415

17,438

EPR

Properties

954,033

26,367

Essential

Properties

Realty

Trust,

Inc.

667,085

831

Essex

Property

Trust,

Inc.

287,094

1,803

Extra

Space

Storage,

Inc.

370,697

Shares

Common

Stock

(80.8%)

Value

Real

Estate

(2.7%)

-

continued

635

Federal

Realty

Investment

Trust

$

77,514

14,107

First

Industrial

Realty

Trust,

Inc.

873,364

2,940

FirstService

Corporation

425,947

5,620

Four

Corners

Property

Trust,

Inc.

151,965

614

Getty

Realty

Corporation

17,573

2,522

Gladstone

Commercial

Corporation

55,534

2,574

Gladstone

Land

Corporation

93,745

670

Highwoods

Properties,

Inc.

30,646

131,844

Host

Hotels

&

Resorts,

Inc.

2,561,729

32,000

Hysan

Development

Company,

Ltd.

93,549

2,460

Industrial

Logistics

Properties

Trust

55,768

24,627

Ingenia

Communities

Group

92,972

1,918

Innovative

Industrial

Properties,

Inc.

393,957

1,129

Jones

Lang

LaSalle,

Inc.

a

270,350

136

Kenedix

Retail

REIT

Corporation

311,920

10,096

Kilroy

Realty

Corporation

771,536

4,441

Life

Storage,

Inc.

623,650

41,700

Link

REIT

355,127

3,664

Medical

Properties

Trust,

Inc.

77,457

49,890

MGIC

Investment

Corporation

676,010

13,390

National

Retail

Properties,

Inc.

601,747

36,086

National

Storage

Affiliates

Trust

2,264,757

37,574

Necessity

Retail

REIT,

Inc.

297,210

3,172

NetSTREIT

Corporation

71,180

38,970

New

Residential

Investment

Corporation

427,891

4,529

NexPoint

Residential

Trust,

Inc.

409,014

2,050

One

Liberty

Properties,

Inc.

63,120

321

Orion

Office

REIT,

Inc.

4,494

17,035

Pebblebrook

Hotel

Trust

417,017

462

PS

Business

Parks,

Inc.

77,653

19,248

PSP

Swiss

Property

AG

2,527,884

698

RE/MAX

Holdings,

Inc.

19,356

3,212

Realty

Income

Corporation

222,592

29,277

Rexford

Industrial

Realty,

Inc.

2,183,771

115,000

Road

King

Infrastructure,

Ltd.

98,946

8,851

Sabra

Health

Care

REIT,

Inc.

131,791

2,373

SBA

Communications

Corporation

816,549

67,139

Service

Properties

Trust

592,837

8,563

Spirit

Realty

Capital,

Inc.

394,069

9,557

STAG

Industrial,

Inc.

395,182

94,860

TAG

Immobilien

AG

2,148,008

14,731

UDR,

Inc.

845,118

4,954

UMH

Properties,

Inc.

121,819

39,870

Wing

Tai

Holdings,

Ltd.

52,380

Total

39,622,618

Utilities

(1.6%)

234

American

States

Water

Company

20,831

2,850

Artesian

Resources

Corporation

138,367

1,274

Avista

Corporation

57,521

6,919

Canadian

Utilities,

Ltd.

212,083

22,500

CK

Infrastructure

Holdings,

Ltd.

150,409

479

Consolidated

Edison,

Inc.

45,352

2,531

Consolidated

Water

Company,

Ltd.

27,993

36,796

Constellation

Energy

Corporation

2,069,775

51,986

Contact

Energy,

Ltd.

292,563

29,664

Duke

Energy

Corporation

3,312,282

414,022

Enel

SPA

2,764,338

67,838

Engie

SA

891,871

29,509

Entergy

Corporation

3,445,176

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock

(80.8%)

Value

Utilities

(1.6%)

-

continued

502

Essential

Utilities,

Inc.

$

25,667

69,563

Exelon

Corporation

3,313,286

166,000

Hong

Kong

and

China

Gas

Company,

Ltd.

200,515

28,365

Iren

SPA

75,143

15,300

Kyushu

Electric

Power

Company,

Inc.

102,440

86,149

NiSource,

Inc.

2,739,538

5,685

NorthWestern

Corporation

343,886

3,172

Pinnacle

West

Capital

Corporation

247,733

12,319

Sempra

Energy

2,071,070

8,447

Spire,

Inc.

606,157

12,499

UGI

Corporation

452,714

2,603

Uniper

SE

67,247

Total

23,673,957

Total

Common

Stock

(cost

$922,662,311)

1,198,281,023

Shares

Registered

Investment

Companies

(

3.8%

)

Value

Unaffiliated  (1.0%)

4,277

Invesco

QQQ

Trust

Series

1

1,550,584

27,252

SPDR

S&P

500

ETF

Trust

12,308,093

7,204

SPDR

S&P

Biotech

ETF

a

647,496

7,162

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

963,647

Total

15,469,820

Affiliated  (2.8%)

4,224,849

Thrivent

Core

Emerging

Markets

Equity

Fund

41,276,778

Total

41,276,778

Total

Registered

Investment

Companies

(cost

$55,297,098)

56,746,598

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

7,943,331

Thrivent

Cash

Management

Trust

7,943,331

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,943,331)

7,943,331

Shares

Preferred

Stock

(

0.2%

)

Value

Consumer

Discretionary

(0.2%)

764

Bayerische

Motoren

Werke

AG

59,178

13,729

Volkswagen

AG

2,359,360

Total

2,418,538

Total

Preferred

Stock

(cost

$3,012,895)

2,418,538

Shares

or

Principal

Amount

Short-Term

Investments

(

14.0%

)

Value

Federal

Farm

Credit

Discount

Notes

500,000

0.270%,

4/14/2022

e

499,969

Shares

or

Principal

Amount

Short-Term

Investments

(14.0%)

Value

Federal

Home

Loan

Bank

Discount

Notes

2,100,000

0.134%,

4/6/2022

e,f

$

2,099,950

30,000,000

0.145%,

4/7/2022

e

29,999,151

25,000,000

0.120%,

4/8/2022

e

24,999,174

13,000,000

0.140%,

4/14/2022

e

12,999,203

45,000,000

0.150%,

4/22/2022

e

44,995,541

10,000,000

0.060%,

4/29/2022

e

9,998,679

700,000

0.234%,

5/4/2022

e,f

699,731

1,300,000

0.250%,

5/17/2022

e,f

1,299,304

1,200,000

0.310%,

5/18/2022

e,f

1,199,344

35,000,000

0.235%,

5/23/2022

e

34,978,818

5,600,000

0.316%,

5/24/2022

e,f

5,596,546

700,000

0.330%,

5/25/2022

e,f

699,560

1,200,000

0.380%,

6/3/2022

e,f

1,198,703

1,300,000

0.589%,

7/19/2022

e,f

1,297,023

U.S.

Treasury

Bills

10,000,000

0.125%,

4/5/2022

e

9,999,856

15,000,000

0.035%,

4/7/2022

e

14,999,637

10,000,000

0.170%,

4/19/2022

e

9,999,306

Total

Short-Term

Investments

(cost

$207,573,465)

207,559,495

Total

Investments

(cost

$1,196,489,100)

99.3%

$1,472,948,985

Other

Assets

and

Liabilities,

Net

0.7%

10,667,446

Total

Net

Assets

100.0%

$1,483,616,431

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$6,707,972

or

0.5%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Global

Stock

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

7,433,771

Total

lending

$7,433,771

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,943,331

Net

amounts

due

to

counterparty

$509,560

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(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

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,

2022,

in

valuing

Global

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

76,238,011

54,805,057

21,432,954

–

Consumer

Discretionary

137,237,470

94,738,003

42,499,467

–

Consumer

Staples

65,390,056

32,624,570

32,765,486

–

Energy

64,877,632

31,915,330

32,962,302

–

Financials

200,431,411

118,707,584

81,723,827

–

Health

Care

149,780,666

103,709,508

46,071,158

–

Industrials

167,133,175

98,521,062

68,612,113

–

Information

Technology

206,750,416

168,305,655

38,444,761

–

Materials^

67,145,611

31,966,379

35,179,228

4

Real

Estate

39,622,618

32,170,316

7,452,302

–

Utilities

23,673,957

18,917,348

4,756,609

–

Registered

Investment

Companies

Unaffiliated

15,469,820

15,469,820

–

–

Preferred

Stock

Consumer

Discretionary

2,418,538

–

2,418,538

–

Short-Term

Investments

207,559,495

–

207,559,495

–

Subtotal

Investments

in

Securities

$1,423,728,876

$801,850,632

$621,878,240

$4

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

41,276,778

Collateral

Held

for

Securities

Loaned

7,943,331

Subtotal

Other

Investments

$49,220,109

Total

Investments

at

Value

$1,472,948,985

*

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

18,539,640

18,539,640

–

–

Total

Asset

Derivatives

$18,539,640

$18,539,640

$–

$–

Liability

Derivatives

Futures

Contracts

2,688,560

2,688,560

–

–

Total

Liability

Derivatives

$2,688,560

$2,688,560

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(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,

2022.

Investments

and/or

cash

totaling

$14,441,056

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

15

June

2022

$

1,505,201

$

44,599

CME

E-mini

S&P

500

Index

1,173

June

2022

249,136,645

16,591,842

CME

E-mini

S&P

Mid-Cap

400

Index

8

June

2022

2,067,745

83,615

ICE

mini

MSCI

EAFE

Index

124

June

2022

12,685,567

609,713

ICE

US

mini

MSCI

Emerging

Markets

Index

464

June

2022

24,901,729

1,209,871

Total

Futures

Long

Contracts

$

290,296,887

$

18,539,640

CME

E-mini

Russell

2000

Index

(525)

June

2022

(

$

52,681,918)

(

$

1,561,082)

CME

E-mini

S&P

Mid-Cap

400

Index

(147)

June

2022

(

38,403,762)

(

1,127,478)

Total

Futures

Short

Contracts

(

$

91,085,680)

($2,688,560)

Total

Futures

Contracts

$

199,211,207

$15,851,080

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$45,037

$–

$–

$41,277

4,225

2.8%

Total

Affiliated

Registered

Investment

Companies

45,037

41,277

2.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

8,806

56,492

57,355

7,943

7,943

0.5

Total

Collateral

Held

for

Securities

Loaned

8,806

7,943

0.5

Total

Value

$53,843

$49,220

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$(3,760)

$

–

$–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$–

$(3,760)

$

–

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income

(

98.8%

)

Value

Asset-Backed

Securities

(9.2%)

Arkansas

Student

Loan

Auth.

$

1,131,450

1.423%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

a

$

1,132,580

Brazos

Higher

Education

Authority,

Inc.

46,669

1.108%, 

(LIBOR

3M

+

0.850%),

7/25/2029,

Ser.

2011-2,

Class

A2

a

46,695

Cascade

Funding

Mortgage

Trust,

LLC

1,324,643

0.985%, 

11/25/2050,

Ser.

2021-EBO1,

Class

A

a,b

1,304,323

1,672,189

1.151%, 

10/27/2031,

Ser.

2021-HB7,

Class

A

a,b

1,646,026

ECMC

Group

Student

Loan

Trust

574,933

1.457%, 

(LIBOR

1M

+

1.000%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

575,473

Goodgreen

1,148,808

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

b

1,133,105

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

1,557,415

1.650%, 

3/25/2051,

Ser.

2021-1

1,445,564

Missouri

Higher

Education

Loan

Auth.

1,542,466

1.530%, 

1/25/2061,

Ser.

2021-1

1,419,136

1,862,589

1.157%, 

(LIBOR

1M

+

0.700%),

3/25/2061,

Ser.

2021-2

a

1,824,365

Navient

Student

Loan

Trust

1,502,016

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

b

1,363,480

858,321

1.507%, 

(LIBOR

1M

+

1.050%),

6/25/2069,

Ser.

2020-1A,

Class

A1B

a,b

862,581

1,106,864

1.357%, 

(LIBOR

1M

+

0.900%),

8/26/2069,

Ser.

2020-2A,

Class

A1B

a,b

1,113,969

New

Hampshire

Higher

Education

Loan

Corporation

853,046

1.657%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

a

849,404

Seasoned

Loans

Structured

Transaction

Trust

1,257,605

2.000%, 

9/25/2030,

Ser.

2020-2,

Class

A1C

c

1,196,902

1,800,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

b,c

1,703,884

SLM

Student

Loan

Trust

292,968

0.857%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

a

286,424

Total

17,903,911

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Collateralized

Mortgage

Obligations

(14.1%)

Cascade

Funding

Mortgage

Trust,

LLC

$

609,063

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,b

$

604,428

1,489,350

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,b

1,473,100

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,858,584

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

1,737,762

720,609

3.000%, 

10/15/2034,

Ser.

4369,

Class

GV

721,792

229,033

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

226,195

1,040,735

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

974,902

545,001

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

505,189

711,899

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

701,491

586,835

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

574,823

1,227,715

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

1,220,350

1,700,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

1,595,573

1,125,417

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

1,060,110

Federal

National

Mortgage

Association

-

REMIC

480,142

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

466,260

549,018

3.000%, 

6/25/2042,

Ser.

2016-24,

Class

LJ

543,340

513,369

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

508,264

607,232

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

606,950

495,154

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

484,994

177,489

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

176,604

Finance

of

America

HECM

Buyout

992,053

2.695%, 

2/25/2032,

Ser.

2022-HB1,

Class

A

a,b

973,131

GMAC

Mortgage

Corporation

Loan

Trust

37,291

0.957%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,c

25,657

Mello

Warehouse

Securitization

Trust

1,700,000

1.207%, 

(LIBOR

1M

+

0.750%),

4/25/2055,

Ser.

2021-2,

Class

A

a,b

1,691,344

NewRez

Warehouse

Securitization

Trust

1,750,000

1.207%, 

(LIBOR

1M

+

0.750%),

5/25/2055,

Ser.

2021-1,

Class

A

a,b

1,739,531

RMF

Buyout

Issuance

Trust

1,401,222

1.259%, 

11/25/2031,

Ser.

2021-HB1,

Class

A

a,b

1,351,443

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Collateralized

Mortgage

Obligations

(14.1%)

-

continued

Seasoned

Credit

Risk

Transfer

Trust

$

864,290

3.250%, 

6/25/2057,

Ser.

2017-4,

Class

HT

c

$

861,320

1,224,204

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

c

1,208,179

1,298,181

2.500%, 

8/25/2059,

Ser.

2020-1,

Class

MT

c

1,257,913

1,437,050

2.500%, 

9/25/2060,

Ser.

2021-1,

Class

MTU

1,382,359

1,438,999

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

1,351,399

1,231,750

2.500%, 

11/25/2060,

Ser.

2021-2,

Class

MTU

c

1,181,908

Wachovia

Asset

Securitization,

Inc.

182,720

0.597%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,b,c

178,499

Total

27,384,810

Commercial

Mortgage-Backed

Securities

(0.9%)

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

1,875,197

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

1,738,949

Total

1,738,949

Energy

(0.1%)

Petroleos

Mexicanos

105,000

2.378%, 

4/15/2025

104,558

Total

104,558

Financials

(1.5%)

HSBC

Bank

Canada

750,000

0.950%, 

5/14/2023

b,d

739,629

Nationwide

Building

Society

750,000

1.700%, 

2/13/2023

b

747,868

Preferred

Term

Securities

XXIII,

Ltd.

33,820

1.026%, 

(LIBOR

3M

+

0.200%),

12/22/2036

a,b

28,740

Santander

UK

plc

700,000

1.625%, 

2/12/2023

b

696,290

Westpac

Banking

Corporation

750,000

2.000%, 

1/16/2025

b

734,692

Total

2,947,219

Foreign

Government

(2.9%)

Development

Bank

of

Japan,

Inc.

750,000

2.125%, 

9/1/2022

b,d

751,952

Export

Development

Canada

2,000,000

2.500%, 

1/24/2023

d

2,013,795

Province

of

British

Columbia

1,550,000

1.750%, 

9/27/2024

1,522,021

Province

of

Ontario

1,000,000

3.400%, 

10/17/2023

1,016,253

Province

of

Quebec

400,000

7.500%, 

7/15/2023

d

426,276

Total

5,730,297

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Mortgage-Backed

Securities

(27.7%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

2,086,993

3.000%, 

2/1/2050

$

2,051,507

Federal

National

Mortgage

Association

2,471,500

2.500%, 

12/1/2051

2,361,710

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

350,000

1.500%, 

4/1/2037

e

331,830

175,000

2.000%, 

4/1/2037

e

169,962

1,655,000

1.500%, 

5/1/2037

e

1,566,011

3,750,000

2.000%, 

5/1/2037

e

3,633,911

3,500,000

2.500%, 

5/1/2037

e

3,449,308

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,477,448

2.000%, 

3/1/2051

2,306,479

4,720,000

2.000%, 

4/1/2052

e

4,381,303

1,350,000

2.500%, 

4/1/2052

e

1,287,984

3,775,000

2.000%, 

5/1/2052

e

3,497,208

12,800,000

2.500%, 

5/1/2052

e

12,186,686

12,000,000

3.000%, 

5/1/2049

e

11,710,048

5,100,000

3.500%, 

5/1/2049

e

5,091,176

Total

54,025,123

U.S.

Government

&

Agencies

(42.4%)

Federal

Farm

Credit

Bank

400,000

2.210%, 

8/1/2024

399,139

Federal

Home

Loan

Bank

2,500,000

2.500%, 

2/13/2024

2,507,782

Federal

Home

Loan

Mortgage

Corporation

1,000,000

0.250%, 

8/24/2023

974,519

Federal

National

Mortgage

Association

1,500,000

0.750%, 

10/8/2027

1,365,448

500,000

5.960%, 

9/11/2028

601,786

875,000

0.875%, 

8/5/2030

764,035

Tennessee

Valley

Authority

1,115,000

5.250%, 

9/15/2039

1,410,404

U.S.

Treasury

Bonds

2,565,000

1.375%, 

8/15/2050

1,974,248

500,000

1.875%, 

2/28/2027

486,602

1,375,000

2.250%, 

11/15/2027

1,359,155

1,500,000

5.250%, 

11/15/2028

1,757,402

5,340,000

2.625%, 

2/15/2029

5,404,247

11,860,000

1.500%, 

2/15/2030

11,118,750

1,375,000

1.375%, 

11/15/2031

1,261,563

630,000

1.125%, 

5/15/2040

496,420

1,115,000

3.000%, 

5/15/2042

1,180,898

4,180,000

2.500%, 

5/15/2046

4,095,584

4,150,000

2.875%, 

5/15/2049

4,462,871

U.S.

Treasury

Bonds,

TIPS

854,618

0.500%, 

1/15/2028

914,140

791,778

0.875%, 

2/15/2047

946,856

U.S.

Treasury

Notes

225,000

2.000%, 

11/30/2022

225,984

3,020,000

1.375%, 

2/15/2023

3,014,456

3,750,000

0.125%, 

4/30/2023

3,683,789

275,000

2.750%, 

7/31/2023

277,546

1,500,000

0.125%, 

8/31/2023

1,459,336

5,270,000

0.750%, 

12/31/2023

5,133,309

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

U.S.

Government

&

Agencies

(42.4%)

-

continued

$

1,175,000

0.125%, 

1/15/2024

$

1,130,616

350,000

2.500%, 

1/31/2024

351,176

1,000,000

0.250%, 

6/15/2024

953,750

250,000

2.125%, 

7/31/2024

248,223

3,500,000

1.250%, 

8/31/2024

3,400,879

6,850,000

2.250%, 

11/15/2024

6,807,455

1,450,000

1.375%, 

1/31/2025

1,405,367

1,000,000

2.875%, 

7/31/2025

1,010,938

900,000

0.250%, 

8/31/2025

832,711

525,000

2.625%, 

1/31/2026

526,989

650,000

0.500%, 

2/28/2026

600,945

750,000

1.750%, 

12/31/2026

725,684

1,000,000

0.625%, 

11/30/2027

902,813

2,000,000

1.250%, 

5/31/2028

1,861,953

U.S.

Treasury

Notes,

TIPS

1,331,057

0.125%, 

10/15/2024

1,392,306

3,130,621

0.125%, 

10/15/2025

3,281,466

Total

82,709,540

Total

Long-Term

Fixed

Income

(cost

$197,522,028)

192,544,407

Shares

Collateral

Held

for

Securities

Loaned

(

1.5%

)

Value

2,865,300

Thrivent

Cash

Management

Trust

2,865,300

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,865,300)

2,865,300

Shares

or

Principal

Amount

Short-Term

Investments

(

26.0%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.200%,

5/4/2022

f,g

99,962

100,000

0.320%,

5/11/2022

f,g

99,953

100,000

0.360%,

5/18/2022

f,g

99,945

Thrivent

Core

Short-Term

Reserve

Fund

4,941,308

0.660%

49,413,080

U.S.

Treasury

Bills

1,000,000

0.125%,

4/14/2022

f,h

999,949

Total

Short-Term

Investments

(cost

$50,675,581)

50,712,889

Total

Investments

(cost

$251,062,909)

126.3%

$246,122,596

Other

Assets

and

Liabilities,

Net

(26.3%)

(51,243,975)

Total

Net

Assets

100.0%

$194,878,621

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$23,152,437

or

11.9%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

All

or

a

portion

of

the

security

is

on

loan.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

h

At

March

31,

2022,

$718,963

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,792,510

Total

lending

$2,792,510

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,865,300

Net

amounts

due

to

counterparty

$72,790

Definitions:

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

TIPS

-

Treasury

Inflation

Protected

Security

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Government

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

17,903,911

–

17,903,911

–

Collateralized

Mortgage

Obligations

27,384,810

–

27,384,810

–

Commercial

Mortgage-Backed

Securities

1,738,949

–

1,738,949

–

Energy

104,558

–

104,558

–

Financials

2,947,219

–

2,947,219

–

Foreign

Government

5,730,297

–

5,730,297

–

Mortgage-Backed

Securities

54,025,123

–

54,025,123

–

U.S.

Government

&

Agencies

82,709,540

–

82,709,540

–

Short-Term

Investments

1,299,809

–

1,299,809

–

Subtotal

Investments

in

Securities

$193,844,216

$–

$193,844,216

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

49,413,080

Collateral

Held

for

Securities

Loaned

2,865,300

Subtotal

Other

Investments

$52,278,380

Total

Investments

at

Value

$246,122,596

*

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

693,469

693,469

–

–

Total

Asset

Derivatives

$693,469

$693,469

$–

$–

Liability

Derivatives

Futures

Contracts

434,565

434,565

–

–

Total

Liability

Derivatives

$434,565

$434,565

$–

$–

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$299,860

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

117

June

2022

$

13,840,975

(

$

422,538)

Total

Futures

Long

Contracts

$

13,840,975

(

$

422,538)

CBOT

10-Yr.

U.S.

Treasury

Note

(36)

June

2022

(

$

4,549,947)

$

126,447

CBOT

2-Yr.

U.S.

Treasury

Note

(204)

June

2022

(

43,749,374)

517,310

CBOT

U.S.

Long

Bond

(7)

June

2022

(

1,082,410)

31,973

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(8)

June

2022

(

1,404,973)

(

12,027)

Ultra

10-Yr.

U.S.

Treasury

Note

(4)

June

2022

(

559,614)

17,739

Total

Futures

Short

Contracts

(

$

51,346,318)

$681,442

Total

Futures

Contracts

(

$

37,505,343)

$258,904

Government

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$52,657

$12,002

$15,246

$49,413

4,941

25.3%

Total

Affiliated

Short-Term

Investments

52,657

49,413

25.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,389

2,386

910

2,865

2,865

1.5

Total

Collateral

Held

for

Securities

Loaned

1,389

2,865

1.5

Total

Value

$54,046

$52,278

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$41

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$41

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Principal

Amount

Bank

Loans

(

5.9%

)

a

Value

Capital

Goods

(1.0%)

Grinding

Media,

Inc.,

Term

Loan

$

3,419,815

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

$

3,381,342

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,538,414

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

1,514,692

Vertiv

Group

Corporation,

Term

Loan

3,648,812

2.991%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

3,553,031

Total

8,449,065

Communications

Services

(1.2%)

DIRECTV

Financing,

LLC,

Term

Loan

3,423,675

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

3,416,109

NEP

Group,

Inc.,

Term

Loan

2,800,105

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

2,745,503

Peraton

Corporation,

Term

Loan

3,276,628

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

3,248,973

Total

9,410,585

Consumer

Cyclical

(0.5%)

Cengage

Learning,

Inc.,

Term

Loan

1,622,586

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,607,382

Staples,

Inc.,

Term

Loan

2,583,704

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

2,436,485

Total

4,043,867

Consumer

Non-Cyclical

(1.0%)

City

Brewing

Company,

LLC,

Term

Loan

1,296,742

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

1,180,035

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

2,505,618

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

2,341,450

Global

Medical

Response,

Inc.,

Term

Loan

1,602,711

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

1,590,114

1,070,580

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

1,061,544

Herens

US

Holdco

Corporation,

Term

Loan

1,736,897

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

1,691,303

Total

7,864,446

Energy

(0.3%)

GIP

II

Blue

Holding

LP,

Term

Loan

2,411,955

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

2,399,895

Total

2,399,895

Principal

Amount

Bank

Loans

(5.9%)

a

Value

Financials

(0.4%)

Asurion,

LLC,

Term

Loan

$

1,912,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

$

1,866,590

CoreLogic,

Inc.,

Term

Loan

1,582,050

4.000%, 

(LIBOR

1M

+

3.500%),

6/2/2028

b

1,561,294

Total

3,427,884

Technology

(0.9%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

2,845,052

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

2,793,841

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,578,075

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

1,564,267

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,534,500

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,503,257

Redstone

Holdco

2

LP,

Term

Loan

1,318,375

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

1,285,416

Total

7,146,781

Transportation

(0.6%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

4,080,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

4,127,165

Air

Canada,

Term

Loan

1,020,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

1,009,371

Total

5,136,536

Total

Bank

Loans

(cost

$48,565,137)

47,879,059

Principal

Amount

Long-Term

Fixed

Income

(

88.7%

)

Value

Basic

Materials

(5.0%)

ACN

113

874

712,

Pty.

Ltd.

3,195,300

11.500%, 

2/15/2018

*,c,d

3,195

Alcoa

Nederland

Holding

BV

5,000

5.500%, 

12/15/2027

e

5,175

Chemours

Company

2,410,000

5.750%, 

11/15/2028

e

2,341,604

Cleveland-Cliffs,

Inc.

1,600,000

4.625%, 

3/1/2029

e

1,578,072

2,984,000

4.875%, 

3/1/2031

e,f

2,950,430

Consolidated

Energy

Finance

SA

4,014,000

5.625%, 

10/15/2028

e

3,712,950

First

Quantum

Minerals,

Ltd.

1,065,000

6.875%, 

3/1/2026

e

1,094,660

2,020,000

6.875%, 

10/15/2027

e

2,115,950

Freeport-McMoRan,

Inc.

5,000

4.125%, 

3/1/2028

4,995

Hecla

Mining

Company

895,000

7.250%, 

2/15/2028

937,656

Hudbay

Minerals,

Inc.

675,000

4.500%, 

4/1/2026

e

655,877

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Basic

Materials

(5.0%)

-

continued

Mercer

International,

Inc.

$

1,565,000

5.500%, 

1/15/2026

$

1,576,737

420,000

5.125%, 

2/1/2029

405,300

Novelis

Corporation

870,000

3.250%, 

11/15/2026

e

831,094

2,050,000

4.750%, 

1/30/2030

e

1,990,273

670,000

3.875%, 

8/15/2031

e

612,822

OCI

NV

2,621,000

4.625%, 

10/15/2025

e

2,640,658

Olin

Corporation

2,465,000

5.625%, 

8/1/2029

2,495,739

SCIL

USA

Holdings,

LLC

2,557,000

5.375%, 

11/1/2026

e

2,352,440

SPCM

SA

1,074,000

3.125%, 

3/15/2027

e

988,080

1,133,000

3.375%, 

3/15/2030

e

994,661

SunCoke

Energy,

Inc.

2,307,000

4.875%, 

6/30/2029

e

2,174,970

Taseko

Mines,

Ltd.

2,390,000

7.000%, 

2/15/2026

e

2,461,103

Unifrax

Escrow

Issuer

Corporation

1,878,000

5.250%, 

9/30/2028

e

1,744,540

United

States

Steel

Corporation

3,976,000

6.875%, 

3/1/2029

f

4,135,040

Total

40,804,021

Capital

Goods

(10.8%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

3,963,662

0.000%,PIK

1.500%,

4/26/2024

*,d,g

19,818

Advanced

Drainage

Systems,

Inc.

2,260,000

5.000%, 

9/30/2027

e

2,263,232

AECOM

1,885,000

5.125%, 

3/15/2027

1,927,846

Amsted

Industries,

Inc.

2,615,000

5.625%, 

7/1/2027

e

2,621,537

2,240,000

4.625%, 

5/15/2030

e

2,122,915

ARD

Finance

SA

1,700,000

6.500%, 

6/30/2027

e

1,554,437

Ardagh

Packaging

Finance

plc

3,665,000

5.250%, 

8/15/2027

e

3,387,834

Berry

Global,

Inc.

1,704,000

4.500%, 

2/15/2026

e,f

1,704,068

Bombardier,

Inc.

1,065,000

7.125%, 

6/15/2026

e

1,043,700

1,960,000

7.875%, 

4/15/2027

e

1,919,065

2,250,000

6.000%, 

2/15/2028

e

2,108,790

Brand

Industrial

Services,

Inc.

790,000

8.500%, 

7/15/2025

e

734,763

Builders

FirstSource,

Inc.

1,070,000

5.000%, 

3/1/2030

e

1,052,473

Clean

Harbors,

Inc.

3,330,000

5.125%, 

7/15/2029

e

3,342,487

Clydesdale

Acquisition

Holdings,

Inc.

297,000

6.625%, 

4/15/2029

e,h

300,341

594,000

8.750%, 

4/15/2030

e,h

559,102

Coinbase

Global,

Inc.

1,036,000

3.375%, 

10/1/2028

e

915,228

Cornerstone

Building

Brands,

Inc.

2,790,000

6.125%, 

1/15/2029

e

2,589,260

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Capital

Goods

(10.8%)

-

continued

Covanta

Holding

Corporation

$

1,710,000

5.000%, 

9/1/2030

$

1,620,225

Covert

Mergeco,

Inc.

965,000

4.875%, 

12/1/2029

e,f

921,286

CP

Atlas

Buyer,

Inc.

1,915,000

7.000%, 

12/1/2028

e

1,632,806

Crown

Cork

&

Seal

Company,

Inc.

1,753,000

7.375%, 

12/15/2026

1,978,164

Flex

Acquisition

Company,

Inc.

2,805,000

6.875%, 

1/15/2025

e

2,812,345

GFL

Environmental,

Inc.

4,440,000

4.000%, 

8/1/2028

e

4,084,800

H&E

Equipment

Services,

Inc.

5,130,000

3.875%, 

12/15/2028

e

4,809,375

Howard

Midstream

Energy

Partners,

LLC

2,223,000

6.750%, 

1/15/2027

e

2,178,540

Howmet

Aerospace,

Inc.

78,000

6.875%, 

5/1/2025

84,700

2,039,000

3.000%, 

1/15/2029

1,861,862

JELD-WEN,

Inc.

1,150,000

6.250%, 

5/15/2025

e

1,184,926

1,475,000

4.875%, 

12/15/2027

e

1,412,313

Mauser

Packaging

Solutions

Holding

Company

1,815,000

7.250%, 

4/15/2025

e

1,798,865

MIWD

Holdco

II,

LLC

969,000

5.500%, 

2/1/2030

e

904,804

Mueller

Water

Products,

Inc.

930,000

4.000%, 

6/15/2029

e

880,924

Nesco

Holdings

II,

Inc.

1,410,000

5.500%, 

4/15/2029

e

1,385,325

New

Enterprise

Stone

and

Lime

Company,

Inc.

3,153,000

5.250%, 

7/15/2028

e

3,031,231

OI

European

Group

BV

2,345,000

4.750%, 

2/15/2030

e

2,178,974

Owens-Brockway

Glass

Container,

Inc.

2,850,000

5.875%, 

8/15/2023

e

2,911,660

Pactiv

Evergreen

Group

1,670,000

4.375%, 

10/15/2028

e

1,534,413

PGT

Innovations,

Inc.

2,199,000

4.375%, 

10/1/2029

e

2,050,568

SRM

Escrow

Issuer,

LLC

3,730,000

6.000%, 

11/1/2028

e

3,678,750

Standard

Industries,

Inc.

5,000

4.375%, 

7/15/2030

e

4,580

TransDigm,

Inc.

4,275,000

6.250%, 

3/15/2026

e

4,388,886

640,000

4.625%, 

1/15/2029

598,381

1,815,000

4.875%, 

5/1/2029

1,701,145

United

Rentals

North

America,

Inc.

1,700,000

3.875%, 

2/15/2031

1,602,250

Vertiv

Group

Corporation

935,000

4.125%, 

11/15/2028

e

853,295

Victors

Merger

Corporation

1,390,000

6.375%, 

5/15/2029

e

1,137,840

WESCO

Distribution,

Inc.

2,635,000

7.250%, 

6/15/2028

e

2,798,726

Total

88,188,855

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Communications

Services

(10.5%)

Altice

France

SA

$

1,380,000

5.125%, 

7/15/2029

e

$

1,236,825

3,179,000

5.500%, 

10/15/2029

e

2,852,453

Brookfield

Residential

Properties,

Inc.

350,000

4.875%, 

2/15/2030

e

313,010

C&W

Senior

Financing

DAC

525,000

6.875%, 

9/15/2027

e

521,062

CCO

Holdings,

LLC

3,380,000

5.375%, 

6/1/2029

e

3,380,000

3,610,000

4.750%, 

3/1/2030

e

3,466,466

843,000

4.750%, 

2/1/2032

e

785,035

Cengage

Learning,

Inc.

2,136,000

9.500%, 

6/15/2024

e

2,130,660

Clear

Channel

Outdoor

Holdings,

Inc.

1,060,000

7.500%, 

6/1/2029

e

1,057,726

Clear

Channel

Worldwide

Holdings,

Inc.

2,275,000

7.750%, 

4/15/2028

e

2,286,898

Consolidated

Communications,

Inc.

1,817,000

5.000%, 

10/1/2028

e

1,563,692

CSC

Holdings,

LLC

2,925,000

5.375%, 

2/1/2028

e

2,838,888

2,365,000

4.125%, 

12/1/2030

e

2,073,786

Cumulus

Media

New

Holdings,

Inc.

2,538,000

6.750%, 

7/1/2026

e,f

2,538,609

DIRECTV

Holdings,

LLC

535,000

5.875%, 

8/15/2027

e

526,306

DISH

DBS

Corporation

913,000

5.250%, 

12/1/2026

e

869,633

749,000

7.375%, 

7/1/2028

f

709,678

1,271,000

5.750%, 

12/1/2028

e

1,202,684

Entercom

Media

Corporation

3,345,000

6.500%, 

5/1/2027

e

3,138,480

Frontier

Communications

Holdings,

LLC

898,000

5.875%, 

10/15/2027

e

891,983

1,590,000

5.000%, 

5/1/2028

e

1,526,400

GCI,

LLC

3,550,000

4.750%, 

10/15/2028

e

3,465,723

Gray

Escrow

II,

Inc.

6,320,000

5.375%, 

11/15/2031

e

6,043,279

iHeartCommunications,

Inc.

790,000

8.375%, 

5/1/2027

816,821

Iliad

Holding

SASU

1,812,000

6.500%, 

10/15/2026

e

1,816,892

LCPR

Senior

Secured

Financing

DAC

3,357,000

6.750%, 

10/15/2027

e

3,448,646

Level

3

Financing,

Inc.

1,670,000

4.625%, 

9/15/2027

e

1,572,021

1,660,000

4.250%, 

7/1/2028

e

1,523,892

Lions

Gate

Capital

Holdings,

LLC

838,000

5.500%, 

4/15/2029

e

807,623

News

Corporation

790,000

3.875%, 

5/15/2029

e

746,550

Outfront

Media

Capital,

LLC

2,260,000

5.000%, 

8/15/2027

e,f

2,209,331

Radiate

Holdco,

LLC

1,055,000

6.500%, 

9/15/2028

e

997,634

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Communications

Services

(10.5%)

-

continued

Scripps

Escrow

II,

Inc.

$

355,000

5.375%, 

1/15/2031

e

$

339,913

Scripps

Escrow,

Inc.

2,270,000

5.875%, 

7/15/2027

e

2,271,725

Sirius

XM

Radio,

Inc.

720,000

3.125%, 

9/1/2026

e

680,741

365,000

5.000%, 

8/1/2027

e

364,088

1,660,000

4.000%, 

7/15/2028

e

1,577,000

890,000

3.875%, 

9/1/2031

e

809,900

Sprint

Capital

Corporation

525,000

6.875%, 

11/15/2028

608,312

Sprint

Corporation

1,770,000

7.125%, 

6/15/2024

1,898,414

6,590,000

7.625%, 

2/15/2025

7,183,100

TEGNA,

Inc.

2,080,000

4.625%, 

3/15/2028

2,069,018

Telesat

Canada

1,025,000

4.875%, 

6/1/2027

e

746,774

465,000

6.500%, 

10/15/2027

e

227,622

Terrier

Media

Buyer,

Inc.

1,550,000

8.875%, 

12/15/2027

e

1,577,125

United

States

Cellular

Corporation

2,646,000

6.700%, 

12/15/2033

2,908,959

Uniti

Group,

LP

1,395,000

4.750%, 

4/15/2028

e

1,316,545

VZ

Secured

Financing

BV

1,821,000

5.000%, 

1/15/2032

e

1,702,635

Total

85,640,557

Consumer

Cyclical

(18.4%)

1011778

B.C.,

ULC

4,415,000

4.375%, 

1/15/2028

e

4,238,400

Allen

Media,

LLC

1,898,000

10.500%, 

2/15/2028

e

1,870,061

Allied

Universal

Finance

Corporation

1,160,000

4.625%, 

6/1/2028

e

1,084,252

Allied

Universal

Holdco,

LLC

1,545,000

6.625%, 

7/15/2026

e

1,563,277

1,125,000

4.625%, 

6/1/2028

e

1,063,012

1,060,000

6.000%, 

6/1/2029

e

935,095

Allison

Transmission,

Inc.

3,750,000

3.750%, 

1/30/2031

e

3,401,812

American

Axle

&

Manufacturing,

Inc.

2,055,000

6.500%, 

4/1/2027

2,031,922

Arko

Corporation

1,358,000

5.125%, 

11/15/2029

e

1,235,780

Ashton

Woods

USA,

LLC

800,000

4.625%, 

8/1/2029

e

705,464

BellRing

Brands,

Inc.

2,372,000

7.000%, 

3/15/2030

e

2,422,405

Boyd

Gaming

Corporation

1,830,000

4.750%, 

6/15/2031

e

1,763,662

Boyne

USA,

Inc.

1,265,000

4.750%, 

5/15/2029

e

1,214,400

Brookfield

Property

REIT,

Inc.

1,184,000

5.750%, 

5/15/2026

e

1,173,261

Brookfield

Residential

Properties,

Inc.

135,000

6.250%, 

9/15/2027

e

132,174

1,825,000

5.000%, 

6/15/2029

e

1,657,118

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Consumer

Cyclical

(18.4%)

-

continued

Caesars

Entertainment,

Inc.

$

3,114,000

6.250%, 

7/1/2025

e

$

3,215,018

1,420,000

8.125%, 

7/1/2027

e

1,521,466

2,919,000

4.625%, 

10/15/2029

e

2,729,265

Carnival

Corporation

638,000

10.500%, 

2/1/2026

e

709,399

2,602,000

7.625%, 

3/1/2026

e

2,618,991

3,400,000

5.750%, 

3/1/2027

e

3,242,461

1,433,000

6.000%, 

5/1/2029

e

1,350,373

Cedar

Fair,

LP

3,950,000

5.250%, 

7/15/2029

3,890,829

Churchill

Downs,

Inc.

1,065,000

4.750%, 

1/15/2028

e

1,033,050

Cinemark

USA,

Inc.

2,438,000

5.875%, 

3/15/2026

e

2,364,860

Cushman

&

Wakefield

US

Borrower,

LLC

1,132,000

6.750%, 

5/15/2028

e

1,182,940

Empire

Communities

Corporation

2,870,000

7.000%, 

12/15/2025

e

2,835,560

Ford

Motor

Company

3,271,000

3.250%, 

2/12/2032

2,921,428

Ford

Motor

Credit

Company,

LLC

2,243,000

2.300%, 

2/10/2025

2,129,095

3,140,000

5.125%, 

6/16/2025

3,202,800

2,230,000

4.134%, 

8/4/2025

2,227,491

3,120,000

3.375%, 

11/13/2025

3,049,628

390,000

2.700%, 

8/10/2026

362,704

Gap,

Inc.

537,000

3.875%, 

10/1/2031

e

467,781

Goodyear

Tire

&

Rubber

Company

1,405,000

5.000%, 

7/15/2029

e

1,308,842

1,140,000

5.250%, 

7/15/2031

e,f

1,054,158

Guitar

Center

Escrow

Issuer

II,

Inc.

600,000

8.500%, 

1/15/2026

e

612,186

Hanesbrands,

Inc.

1,900,000

4.875%, 

5/15/2026

e

1,910,877

Herc

Holdings,

Inc.

4,660,000

5.500%, 

7/15/2027

e

4,725,240

Hilton

Domestic

Operating

Company,

Inc.

660,000

3.750%, 

5/1/2029

e

619,519

1,770,000

4.875%, 

1/15/2030

1,766,009

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

3,300,000

5.000%, 

6/1/2029

e

3,149,174

International

Game

Technology

plc

1,530,000

6.250%, 

1/15/2027

e

1,611,779

475,000

5.250%, 

1/15/2029

e

473,813

Jacobs

Entertainment,

Inc.

1,182,000

6.750%, 

2/15/2029

e

1,187,886

KAR

Auction

Services,

Inc.

2,270,000

5.125%, 

6/1/2025

e

2,298,375

KB

Home

1,880,000

6.875%, 

6/15/2027

2,011,600

L

Brands,

Inc.

1,775,000

5.250%, 

2/1/2028

1,785,455

2,485,000

6.625%, 

10/1/2030

e

2,609,250

1,030,000

6.875%, 

11/1/2035

1,060,900

Live

Nation

Entertainment,

Inc.

1,560,000

4.750%, 

10/15/2027

e

1,521,000

Macy's

Retail

Holdings,

LLC

2,370,000

5.875%, 

4/1/2029

e

2,364,075

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Consumer

Cyclical

(18.4%)

-

continued

Magic

MergerCo,

Inc.

$

1,385,000

5.250%, 

5/1/2028

e

$

1,271,569

Mattamy

Group

Corporation

1,800,000

4.625%, 

3/1/2030

e

1,690,758

MGM

Resorts

International

5,000

5.500%, 

4/15/2027

5,050

NCL

Corporation,

Ltd.

889,000

5.875%, 

2/15/2027

e

875,665

New

Red

Finance,

Inc.

1,105,000

4.000%, 

10/15/2030

e

996,749

Penn

National

Gaming,

Inc.

1,390,000

4.125%, 

7/1/2029

e,f

1,244,328

PetSmart,

Inc.

3,190,000

7.750%, 

2/15/2029

e

3,293,675

Prime

Security

Services

Borrower,

LLC

4,875,000

5.750%, 

4/15/2026

e

4,973,353

1,790,000

3.375%, 

8/31/2027

e

1,637,653

Real

Hero

Merger

Sub

2,

Inc.

930,000

6.250%, 

2/1/2029

e

847,351

Realogy

Group,

LLC

2,865,000

5.750%, 

1/15/2029

e

2,700,263

Rite

Aid

Corporation

1,077,000

7.500%, 

7/1/2025

e

1,004,480

Royal

Caribbean

Cruises,

Ltd.

2,981,000

9.125%, 

6/15/2023

e

3,103,966

3,295,000

4.250%, 

7/1/2026

e

3,064,976

650,000

5.375%, 

7/15/2027

e

624,507

915,000

3.700%, 

3/15/2028

815,599

Scientific

Games

International,

Inc.

2,610,000

7.250%, 

11/15/2029

e

2,733,975

584,000

6.625%, 

3/1/2030

e

575,696

SeaWorld

Parks

and

Entertainment,

Inc.

902,000

5.250%, 

8/15/2029

e

860,273

Service

Properties

Trust

2,624,000

7.500%, 

9/15/2025

2,752,707

Six

Flags

Theme

Parks,

Inc.

960,000

7.000%, 

7/1/2025

e

1,002,000

Staples,

Inc.

1,534,000

10.750%, 

4/15/2027

e

1,365,260

Station

Casinos,

LLC

800,000

4.500%, 

2/15/2028

e

758,788

700,000

4.625%, 

12/1/2031

e

640,290

Tenneco,

Inc.

2,945,000

5.000%, 

7/15/2026

f

2,897,144

900,000

7.875%, 

1/15/2029

e

948,375

Travel

+

Leisure

Company

2,630,000

6.625%, 

7/31/2026

e

2,741,775

Uber

Technologies,

Inc.

1,500,000

6.250%, 

1/15/2028

e,f

1,550,910

Wabash

National

Corporation

2,173,000

4.500%, 

10/15/2028

e

1,955,700

WASH

Multifamily

Acquisition,

Inc.

1,055,000

5.750%, 

4/15/2026

e

1,057,638

Wyndham

Hotels

&

Resorts,

Inc.

1,500,000

4.375%, 

8/15/2028

e

1,443,750

Total

151,051,595

Consumer

Non-Cyclical

(12.4%)

Albertson's

Companies,

Inc.

1,650,000

4.625%, 

1/15/2027

e

1,595,080

3,850,000

5.875%, 

2/15/2028

e

3,836,968

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Consumer

Non-Cyclical

(12.4%)

-

continued

$

1,516,000

3.500%, 

3/15/2029

e

$

1,368,144

Bausch

Health

Companies,

Inc.

4,322,000

5.000%, 

1/30/2028

e

3,559,470

4,000,000

5.000%, 

2/15/2029

e

3,116,020

2,520,000

6.250%, 

2/15/2029

e

2,066,400

1,815,000

7.250%, 

5/30/2029

e

1,548,068

Centene

Corporation

1,560,000

4.250%, 

12/15/2027

1,565,850

1,765,000

4.625%, 

12/15/2029

1,779,279

920,000

3.375%, 

2/15/2030

865,660

300,000

3.000%, 

10/15/2030

275,541

800,000

2.625%, 

8/1/2031

712,000

Central

Garden

&

Pet

Company

2,290,000

4.125%, 

10/15/2030

2,066,725

CHS/Community

Health

Systems,

Inc.

781,000

4.750%, 

2/15/2031

e

738,045

Community

Health

Systems,

Inc.

1,561,000

8.000%, 

3/15/2026

e

1,625,657

1,605,000

5.625%, 

3/15/2027

e

1,634,588

455,000

6.000%, 

1/15/2029

e

459,752

1,931,000

6.875%, 

4/15/2029

e

1,897,207

Coty,

Inc.

2,232,000

5.000%, 

4/15/2026

e

2,173,410

DaVita,

Inc.

3,458,000

4.625%, 

6/1/2030

e

3,229,080

Edgewell

Personal

Care

Company

1,500,000

5.500%, 

6/1/2028

e

1,492,500

Embecta

Corporation

1,200,000

5.000%, 

2/15/2030

e

1,131,846

Encompass

Health

Corporation

3,700,000

4.500%, 

2/1/2028

3,626,000

Endo

Finance,

LLC

960,000

9.500%, 

7/31/2027

e,f

842,400

Energizer

Holdings,

Inc.

2,290,000

4.750%, 

6/15/2028

e

2,079,950

HCA,

Inc.

2,071,000

5.375%, 

2/1/2025

2,154,875

Herbalife

Nutrition,

Ltd.

1,461,000

7.875%, 

9/1/2025

e

1,497,525

HFC

Prestige

Products,

Inc.

1,944,000

4.750%, 

1/15/2029

e

1,813,976

HLF

Financing

SARL,

LLC

2,690,000

4.875%, 

6/1/2029

e

2,359,587

JBS

USA,

LLC

880,000

5.500%, 

1/15/2030

e

899,606

Kraft

Foods

Group,

Inc.

1,160,000

5.000%, 

6/4/2042

1,238,996

Kraft

Heinz

Foods

Company

1,740,000

3.750%, 

4/1/2030

1,732,535

Mattel,

Inc.

2,665,000

3.375%, 

4/1/2026

e

2,609,262

1,250,000

5.875%, 

12/15/2027

e

1,307,625

Molina

Healthcare,

Inc.

1,730,000

4.375%, 

6/15/2028

e

1,712,043

Mozart

Debt

Merger

Sub,

Inc.

2,872,000

3.875%, 

4/1/2029

e

2,656,600

2,720,000

5.250%, 

10/1/2029

e,f

2,528,702

Ortho-Clinical

Diagnostics,

Inc.

1,382,000

7.250%, 

2/1/2028

e

1,423,460

Owens

&

Minor,

Inc.

1,483,000

6.625%, 

4/1/2030

e

1,526,022

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Consumer

Non-Cyclical

(12.4%)

-

continued

Par

Pharmaceutical,

Inc.

$

2,925,000

7.500%, 

4/1/2027

e

$

2,729,464

Pilgrim's

Pride

Corporation

2,807,000

3.500%, 

3/1/2032

e

2,450,469

Post

Holdings,

Inc.

815,000

5.500%, 

12/15/2029

e

784,177

1,800,000

4.500%, 

9/15/2031

e

1,594,782

SEG

Holding,

LLC

3,430,000

5.625%, 

10/15/2028

e

3,430,000

Simmons

Foods,

Inc.

3,535,000

4.625%, 

3/1/2029

e

3,314,062

Spectrum

Brands,

Inc.

1,730,000

5.000%, 

10/1/2029

e

1,627,446

770,000

5.500%, 

7/15/2030

e

739,200

Syneos

Health,

Inc.

1,645,000

3.625%, 

1/15/2029

e

1,519,569

Tenet

Healthcare

Corporation

3,970,000

4.875%, 

1/1/2026

e

4,004,737

3,910,000

5.125%, 

11/1/2027

e

3,928,397

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2,525,000

3.150%, 

10/1/2026

2,286,110

TreeHouse

Foods,

Inc.

1,034,000

4.000%, 

9/1/2028

f

875,514

United

Natural

Foods,

Inc.

1,666,000

6.750%, 

10/15/2028

e

1,707,650

Total

101,738,031

Energy

(11.6%)

Antero

Resources

Corporation

692,000

8.375%, 

7/15/2026

e

762,930

1,140,000

5.375%, 

3/1/2030

e

1,164,225

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

930,000

6.250%, 

4/1/2028

e

916,599

Buckeye

Partners,

LP

925,000

4.125%, 

12/1/2027

883,375

1,730,000

4.500%, 

3/1/2028

e

1,657,271

Callon

Petroleum

Company

2,029,000

6.375%, 

7/1/2026

f

2,017,587

Cheniere

Energy

Partners,

LP

2,285,000

4.500%, 

10/1/2029

2,296,425

268,000

3.250%, 

1/31/2032

e

243,690

Chesapeake

Energy

Corporation

1,070,000

6.750%, 

4/15/2029

e

1,133,274

Chesapeake

Escrow

Issuer,

LLC

1,320,000

5.500%, 

2/1/2026

e

1,351,792

Comstock

Resources,

Inc.

2,810,000

5.875%, 

1/15/2030

e

2,768,693

Continental

Resources,

Inc.

1,380,000

5.750%, 

1/15/2031

e

1,509,444

CQP

Holdco,

LP

2,275,000

5.500%, 

6/15/2031

e

2,234,960

CrownRock

Finance,

Inc.

1,700,000

5.625%, 

10/15/2025

e

1,732,699

DT

Midstream,

Inc.

1,310,000

4.125%, 

6/15/2029

e

1,256,035

610,000

4.375%, 

6/15/2031

e

584,075

Endeavor

Energy

Resources,

LP

1,020,000

6.625%, 

7/15/2025

e

1,058,250

1,055,000

5.750%, 

1/30/2028

e

1,090,606

EnLink

Midstream,

LLC

2,645,000

5.625%, 

1/15/2028

e

2,697,900

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Energy

(11.6%)

-

continued

EQT

Corporation

$

530,000

3.125%, 

5/15/2026

e

$

514,773

1,310,000

3.900%, 

10/1/2027

1,306,208

640,000

5.000%, 

1/15/2029

660,698

Ferrellgas,

LP

1,456,000

5.375%, 

4/1/2026

e

1,374,843

Genesis

Energy,

LP

1,030,000

6.500%, 

10/1/2025

1,015,889

Harvest

Midstream,

LP

3,356,000

7.500%, 

9/1/2028

e

3,427,751

Hess

Midstream

Operations,

LP

790,000

5.625%, 

2/15/2026

e

810,500

1,605,000

4.250%, 

2/15/2030

e

1,514,478

Hilcorp

Energy

I,

LP

2,274,000

5.750%, 

2/1/2029

e

2,275,364

1,065,000

6.000%, 

2/1/2031

e

1,067,662

ITT

Holdings,

LLC

1,605,000

6.500%, 

8/1/2029

e

1,482,571

Laredo

Petroleum,

Inc.

2,775,000

7.750%, 

7/31/2029

e,f

2,792,455

Murphy

Oil

Corporation

1,495,000

5.875%, 

12/1/2027

1,521,162

Nabors

Industries,

Ltd.

1,770,000

7.250%, 

1/15/2026

e

1,770,000

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

1,145,000

7.500%, 

2/1/2026

e

1,126,325

NGL

Energy

Partners,

LP

530,000

7.500%, 

11/1/2023

507,475

NuStar

Logistics,

LP

425,000

5.750%, 

10/1/2025

432,969

Oasis

Petroleum,

Inc.

970,000

6.375%, 

6/1/2026

e

994,250

Occidental

Petroleum

Corporation

1,795,000

8.000%, 

7/15/2025

2,015,785

620,000

8.500%, 

7/15/2027

733,906

Ovintiv,

Inc.

920,000

6.625%, 

8/15/2037

1,088,419

Patterson-UTI

Energy,

Inc.

1,065,000

3.950%, 

2/1/2028

995,224

530,000

5.150%, 

11/15/2029

517,011

PBF

Holding

Company,

LLC

1,215,000

9.250%, 

5/15/2025

e

1,251,717

Precision

Drilling

Corporation

1,405,000

6.875%, 

1/15/2029

e

1,426,075

Range

Resources

Corporation

930,000

4.875%, 

5/15/2025

941,314

2,503,000

4.750%, 

2/15/2030

e,f

2,485,930

Rockcliff

Energy

II,

LLC

2,280,000

5.500%, 

10/15/2029

e

2,282,109

Sanchez

Energy

Corporation

3,740,000

0.000%, 

2/15/2023

c,d,i

4

SM

Energy

Company

930,000

5.625%, 

6/1/2025

928,837

1,992,000

6.750%, 

9/15/2026

f

2,048,324

Southwestern

Energy

Company

1,065,000

8.375%, 

9/15/2028

1,168,837

2,235,000

5.375%, 

2/1/2029

2,262,938

1,037,000

4.750%, 

2/1/2032

1,035,704

Summit

Midstream

Holdings,

LLC

1,880,000

8.500%, 

10/15/2026

e

1,792,636

Sunoco,

LP

1,200,000

4.500%, 

5/15/2029

1,132,122

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Energy

(11.6%)

-

continued

$

850,000

4.500%, 

4/30/2030

e

$

783,092

Tallgrass

Energy

Finance

Corporation

2,445,000

5.500%, 

1/15/2028

e

2,365,538

Targa

Resources

Partners,

LP

1,585,000

6.500%, 

7/15/2027

1,667,626

Teine

Energy,

Ltd.

1,070,000

6.875%, 

4/15/2029

e

1,086,050

Transocean,

Inc.

3,037,000

11.500%, 

1/30/2027

e

3,135,703

USA

Compression

Partners,

LP

1,168,000

6.875%, 

4/1/2026

1,178,512

800,000

6.875%, 

9/1/2027

803,072

Venture

Global

Calcasieu

Pass,

LLC

2,490,000

3.875%, 

8/15/2029

e

2,420,604

1,280,000

4.125%, 

8/15/2031

e

1,255,872

W&T

Offshore,

Inc.

800,000

9.750%, 

11/1/2023

e

796,000

Weatherford

International,

Ltd.

2,203,000

8.625%, 

4/30/2030

e

2,236,816

Western

Gas

Partners,

LP

1,146,000

4.650%, 

7/1/2026

1,174,650

Total

94,965,630

Financials

(8.4%)

Alliant

Holdings

Intermediate,

LLC

1,056,000

6.750%, 

10/15/2027

e

1,043,265

Altice

Financing

SA

1,125,000

5.750%, 

8/15/2029

e

1,022,721

American

Finance

Trust,

Inc.

1,667,000

4.500%, 

9/30/2028

e

1,500,500

CANPACK

SA

1,330,000

3.125%, 

11/1/2025

e

1,220,275

Charles

Schwab

Corporation

1,820,000

4.000%, 

6/1/2026

b,j

1,742,650

Chobani,

LLC

1,200,000

7.500%, 

4/15/2025

e

1,160,160

2,183,000

4.625%, 

11/15/2028

e

2,013,817

Coinbase

Global,

Inc.

1,036,000

3.625%, 

10/1/2031

e,f

883,190

Credit

Acceptance

Corporation

1,580,000

5.125%, 

12/31/2024

e

1,585,672

Drawbridge

Special

Opportunities

Fund,

LP

5,135,000

3.875%, 

2/15/2026

e

4,969,973

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,310,000

6.500%, 

10/1/2025

e

1,300,175

700,000

9.750%, 

8/1/2027

e

731,335

800,000

5.500%, 

5/1/2028

e

727,320

Genworth

Mortgage

Holdings,

Inc.

1,142,000

6.500%, 

8/15/2025

e

1,178,144

Global

Net

Lease,

Inc.

3,890,000

3.750%, 

12/15/2027

e

3,578,709

HUB

International,

Ltd.

802,000

7.000%, 

5/1/2026

e

811,267

1,556,000

5.625%, 

12/1/2029

e

1,485,980

Icahn

Enterprises,

LP

3,622,000

4.750%, 

9/15/2024

3,638,480

2,390,000

6.250%, 

5/15/2026

2,437,800

1,145,000

5.250%, 

5/15/2027

1,123,732

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Financials

(8.4%)

-

continued

iStar,

Inc.

$

145,000

4.250%, 

8/1/2025

$

142,644

2,130,000

5.500%, 

2/15/2026

2,156,625

Jefferies

Finance,

LLC

1,985,000

5.000%, 

8/15/2028

e

1,900,598

MGM

Growth

Properties

Operating

Partnership,

LP

2,600,000

5.750%, 

2/1/2027

2,746,250

MPT

Operating

Partnership,

LP

2,445,000

4.625%, 

8/1/2029

2,420,550

Nationstar

Mortgage

Holdings,

Inc.

1,480,000

6.000%, 

1/15/2027

e

1,506,048

Navient

Corporation

2,525,000

6.750%, 

6/25/2025

2,593,996

OneMain

Finance

Corporation

690,000

7.125%, 

3/15/2026

737,534

800,000

3.500%, 

1/15/2027

740,000

2,090,000

6.625%, 

1/15/2028

2,189,275

2,335,000

4.000%, 

9/15/2030

2,060,637

PennyMac

Financial

Services,

Inc.

1,750,000

4.250%, 

2/15/2029

e

1,501,500

Playtika

Holding

Corporation

1,843,000

4.250%, 

3/15/2029

e

1,700,168

PRA

Group,

Inc.

1,100,000

7.375%, 

9/1/2025

e

1,146,326

Service

Properties

Trust

1,041,000

4.500%, 

6/15/2023

1,029,081

831,000

4.650%, 

3/15/2024

799,871

1,055,000

4.750%, 

10/1/2026

965,325

Trivium

Packaging

Finance

1,210,000

5.500%, 

8/15/2026

e

1,205,015

530,000

8.500%, 

8/15/2027

e,f

527,350

United

Wholesale

Mortgage,

LLC

1,965,000

5.500%, 

4/15/2029

e

1,750,854

VICI

Properties,

LP

1,095,000

4.250%, 

12/1/2026

e

1,090,401

2,050,000

3.750%, 

2/15/2027

e

1,993,625

2,070,000

4.125%, 

8/15/2030

e

1,998,295

Total

69,057,133

Technology

(5.7%)

Black

Knight

InfoServ,

LLC

2,324,000

3.625%, 

9/1/2028

e

2,202,455

CommScope

Technologies

Finance,

LLC

2,442,000

6.000%, 

6/15/2025

e

2,312,843

CommScope,

Inc.

2,330,000

7.125%, 

7/1/2028

e,f

2,104,864

Everi

Holdings,

Inc.

1,065,000

5.000%, 

7/15/2029

e

1,009,087

Gartner,

Inc.

5,000

3.750%, 

10/1/2030

e

4,694

II-VI,

Inc.

902,000

5.000%, 

12/15/2029

e

881,705

Iron

Mountain,

Inc.

3,415,000

5.250%, 

3/15/2028

e

3,369,239

890,000

5.000%, 

7/15/2028

e

867,634

1,560,000

5.250%, 

7/15/2030

e

1,528,800

1,840,000

4.500%, 

2/15/2031

e

1,699,258

Minerva

Merger

Sub,

Inc.

2,292,000

6.500%, 

2/15/2030

e

2,223,526

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Technology

(5.7%)

-

continued

MSCI,

Inc.

$

2,385,000

3.250%, 

8/15/2033

e

$

2,143,668

NCR

Corporation

4,095,000

5.750%, 

9/1/2027

e

4,095,000

Nielsen

Finance,

LLC

300,000

4.500%, 

7/15/2029

e

299,250

Open

Text

Corporation

5,000

4.125%, 

2/15/2030

e

4,741

PTC,

Inc.

390,000

3.625%, 

2/15/2025

e

385,612

1,045,000

4.000%, 

2/15/2028

e

1,018,112

Rackspace

Technology

Global,

Inc.

1,035,000

3.500%, 

2/15/2028

e

925,937

855,000

5.375%, 

12/1/2028

e

741,841

Seagate

HDD

Cayman

3,631,000

4.091%, 

6/1/2029

3,522,252

2,805,000

3.375%, 

7/15/2031

2,493,968

Sensata

Technologies,

Inc.

2,420,000

3.750%, 

2/15/2031

e

2,238,500

Shift4

Payments,

LLC

960,000

4.625%, 

11/1/2026

e

933,600

SS&C

Technologies,

Inc.

3,890,000

5.500%, 

9/30/2027

e

3,919,233

Switch,

Ltd.

2,550,000

3.750%, 

9/15/2028

e

2,472,850

Unisys

Corporation

1,690,000

6.875%, 

11/1/2027

e

1,768,162

Viavi

Solutions,

Inc.

1,662,000

3.750%, 

10/1/2029

e

1,559,658

Total

46,726,489

Transportation

(2.8%)

AerCap

Holdings

NV

2,460,000

5.875%, 

10/10/2079

b

2,361,600

Air

Canada

670,000

3.875%, 

8/15/2026

e

632,313

American

Airlines,

Inc.

1,500,000

11.750%, 

7/15/2025

e

1,751,235

1,604,000

5.500%, 

4/20/2026

e

1,616,030

Avis

Budget

Car

Rental,

LLC

1,870,000

5.375%, 

3/1/2029

e,f

1,842,362

Delta

Air

Lines,

Inc.

877,000

7.000%, 

5/1/2025

e

939,368

376,000

7.375%, 

1/15/2026

408,330

Hawaiian

Brand

Intellectual

Property,

Ltd.

423,000

5.750%, 

1/20/2026

e

423,241

Hertz

Corporation

1,556,000

4.625%, 

12/1/2026

e

1,453,032

1,868,000

5.000%, 

12/1/2029

e

1,690,540

NCL

Corporation,

Ltd.

2,370,000

3.625%, 

12/15/2024

e

2,233,725

Spirit

Loyalty

Cayman,

Ltd.

450,000

8.000%, 

9/20/2025

e

479,250

United

Airlines,

Inc.

1,790,000

4.375%, 

4/15/2026

e

1,760,778

1,363,000

4.625%, 

4/15/2029

e

1,296,145

VistaJet

Malta

Finance

plc

1,820,000

6.375%, 

2/1/2030

e

1,712,374

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Principal

Amount

Long-Term

Fixed

Income

(88.7%)

Value

Transportation

(2.8%)

-

continued

XPO

Logistics,

Inc.

$

2,020,000

6.250%, 

5/1/2025

e

$

2,087,811

Total

22,688,134

Utilities

(3.1%)

Calpine

Corporation

1,670,000

4.500%, 

2/15/2028

e

1,629,052

Edison

International

1,345,000

5.000%, 

12/15/2026

b,j

1,262,282

Leeward

Renewable

Energy

Operations,

LLC

1,065,000

4.250%, 

7/1/2029

e

998,235

NextEra

Energy

Operating

Partners,

LP

4,295,000

3.875%, 

10/15/2026

e

4,246,681

NRG

Energy,

Inc.

1,580,000

3.375%, 

2/15/2029

e

1,404,478

1,340,000

5.250%, 

6/15/2029

e

1,309,488

PG&E

Corporation

2,069,000

5.000%, 

7/1/2028

1,999,895

Suburban

Propane

Partners,

LP

3,195,000

5.875%, 

3/1/2027

3,238,931

Sunnova

Energy

Corporation

1,070,000

5.875%, 

9/1/2026

e,f

1,023,862

Terraform

Global

Operating,

LLC

2,660,000

6.125%, 

3/1/2026

e

2,658,138

TerraForm

Power

Operating,

LLC

3,345,000

5.000%, 

1/31/2028

e

3,330,784

Vistra

Corporation

2,062,000

7.000%, 

12/15/2026

b,e,j

2,007,873

Vistra

Operations

Company,

LLC

290,000

5.000%, 

7/31/2027

e

285,305

Total

25,395,004

Total

Long-Term

Fixed

Income

(cost

$751,859,733)

726,255,449

Shares

Collateral

Held

for

Securities

Loaned

(

3.9%

)

Value

32,160,169

Thrivent

Cash

Management

Trust

32,160,169

Total

Collateral

Held

for

Securities

Loaned

(cost

$32,160,169)

32,160,169

Shares

Registered

Investment

Companies

(

2.3%

)

Value

Unaffiliated  (2.3%)

113,994

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

4,151,662

543,230

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

f

14,254,355

Total

18,406,017

Total

Registered

Investment

Companies

(cost

$18,167,555)

18,406,017

Shares

Preferred

Stock

(

0.4%

)

Value

Financials

(0.4%)

92,627

Bank

of

America

Corporation,

5.000%

f,j

2,239,721

Shares

Preferred

Stock

(0.4%)

Value

Financials

(0.4%)

-

continued

60,760

J.P.

Morgan

Chase

&

Company,

4.750%

j

$

1,394,442

Total

3,634,163

Total

Preferred

Stock

(cost

$3,777,073)

3,634,163

Shares

Common

Stock

(

0.4%

)

Value

Communications

Services

(0.2%)

85,655

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

i,k

1,413,307

Total

1,413,307

Energy

(0.2%)

12,877

California

Resources

Corporation,

Warrants

(Expires

10/27/2024)

k

185,300

47,269

Noble

Corporation

k

1,656,778

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

k

186,943

10,105

Noble

Corporation,

Warrants

(Expires

02/05/2028)

k

181,890

Total

2,210,911

Total

Common

Stock

(cost

$1,779,497)

3,624,218

Shares

or

Principal

Amount

Short-Term

Investments

(

1.0%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.170%,

4/20/2022

l,m

299,973

Thrivent

Core

Short-Term

Reserve

Fund

768,000

0.660%

7,679,998

Total

Short-Term

Investments

(cost

$7,970,378)

7,979,971

Total

Investments

(cost

$864,279,542)

102.6%

$839,939,046

Other

Assets

and

Liabilities,

Net

(2.6%)

(20,910,893)

Total

Net

Assets

100.0%

$819,028,153

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Defaulted

security.  Interest

is

not

being

accrued.

d

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

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,

2022,

the

value

of

these

investments

was

$563,872,867

or

68.8%

of

total

net

assets.

f

All

or

a

portion

of

the

security

is

on

loan.

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

g

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,

2022.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

i

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

High

Yield

Portfolio

as

of

March

31,

2022

was

$23,013

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

March

31,

2022.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

Convertible,

4/26/2024

4/26/2019

$

563,723

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

3,026,704

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

27,432,006

Common

Stock

3,694,330

Total

lending

$31,126,336

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$32,160,169

Net

amounts

due

to

counterparty

$1,033,833

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

High

Yield

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Capital

Goods

8,449,065

–

8,449,065

–

Communications

Services

9,410,585

–

9,410,585

–

Consumer

Cyclical

4,043,867

–

4,043,867

–

Consumer

Non-Cyclical

7,864,446

–

7,864,446

–

Energy

2,399,895

–

2,399,895

–

Financials

3,427,884

–

3,427,884

–

Technology

7,146,781

–

7,146,781

–

Transportation

5,136,536

–

5,136,536

–

Long-Term

Fixed

Income

Basic

Materials

40,804,021

–

40,804,021

–

Capital

Goods

88,188,855

–

88,188,855

–

Communications

Services

85,640,557

–

85,640,557

–

Consumer

Cyclical

151,051,595

–

151,051,595

–

Consumer

Non-Cyclical

101,738,031

–

101,738,031

–

Energy

94,965,630

–

94,965,626

4

Financials

69,057,133

–

69,057,133

–

Technology

46,726,489

–

46,726,489

–

Transportation

22,688,134

–

22,688,134

–

Utilities

25,395,004

–

25,395,004

–

Registered

Investment

Companies

Unaffiliated

18,406,017

18,406,017

–

–

Preferred

Stock

Financials

3,634,163

3,634,163

–

–

Common

Stock

Communications

Services

1,413,307

–

–

1,413,307

Energy

2,210,911

1,842,078

368,833

–

Short-Term

Investments

299,973

–

299,973

–

Subtotal

Investments

in

Securities

$800,098,879

$23,882,258

$774,803,310

$1,413,311

Other

Investments  *

Total

Affiliated

Short-Term

Investments

7,679,998

Collateral

Held

for

Securities

Loaned

32,160,169

Subtotal

Other

Investments

$39,840,167

Total

Investments

at

Value

$839,939,046

*

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

593,564

593,564

–

–

Total

Asset

Derivatives

$593,564

$593,564

$–

$–

High

Yield

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

High

Yield

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$299,973

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

(97)

June

2022

(

$

12,259,579)

$

340,704

CBOT

5-Yr.

U.S.

Treasury

Note

(89)

June

2022

(

10,460,048)

252,860

Total

Futures

Short

Contracts

(

$

22,719,627)

$593,564

Total

Futures

Contracts

(

$

22,719,627)

$593,564

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$5,027

$72,697

$70,044

$7,680

768

1.0%

Total

Affiliated

Short-Term

Investments

5,027

7,680

1.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

29,981

112,416

110,237

32,160

32,160

3.9

Total

Collateral

Held

for

Securities

Loaned

29,981

32,160

3.9

Total

Value

$35,008

$39,840

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$3

$(3)

$

–

$13

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$13

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

48

Total

Affiliated

Income

from

Securities

Loaned,

Net

$48

Total

Value

$3

$(3)

$

–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Bank

Loans

(

0.3%

)

a

Value

Communications

Services

(<0.1%)

Altice

France

SA,

Term

Loan

$

190,500

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

$

185,738

Total

185,738

Consumer

Cyclical

(0.2%)

Golden

Entertainment,

Inc.,

Term

Loan

480,469

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

473,862

LCPR

Loan

Financing,

LLC,

Term

Loan

375,000

4.147%, 

(LIBOR

1M

+

3.750%),

10/15/2028

b

373,283

Scientific

Games

International,

Inc.,

Term

Loan

864,000

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

860,224

Tenneco,

Inc.,

Term

Loan

492,366

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

485,508

Total

2,192,877

Consumer

Non-Cyclical

(0.1%)

Bausch

Health

Americas,

Inc.,

Term

Loan

231,087

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

228,968

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

371,250

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

346,926

Global

Medical

Response,

Inc.,

Term

Loan

186,722

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

185,254

547,229

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

542,610

Total

1,303,758

Technology

(<0.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

400,950

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

397,610

Total

397,610

Total

Bank

Loans

(cost

$4,109,123)

4,079,983

Principal

Amount

Long-Term

Fixed

Income

(

94.9%

)

Value

Asset-Backed

Securities

(3.8%)

Ares

XL

CLO,

Ltd.

4,250,000

2.041%, 

(LIBOR

3M

+

1.800%),

1/15/2029,

Ser.

2016-40A,

Class

BRR

b,c

4,224,491

Atrium

IX

3,600,000

2.508%, 

(LIBOR

3M

+

2.000%),

5/28/2030,

Ser.

9A,

Class

CR2

b,c

3,541,140

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Asset-Backed

Securities

(3.8%)

-

continued

Bardot

CLO,

Ltd.

$

4,800,000

2.159%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,c

$

4,760,361

Benefit

Street

Partners

CLO

II,

Ltd.

3,600,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,c

3,517,366

CarVal

CLO

II,

Ltd.

3,600,000

2.254%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,c

3,558,503

Galaxy

XXIII

CLO,

Ltd.

1,200,000

1.959%, 

(LIBOR

3M

+

1.700%),

4/24/2029,

Ser.

2017-23A,

Class

C1R

b,c

1,180,025

Magnetite

XII,

Ltd.

3,200,000

1.341%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,c

3,187,882

OCP

CLO,

Ltd.

5,125,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,c

5,024,376

Octagon

Investment

Partners

31,

LLC

3,200,000

3.654%, 

(LIBOR

3M

+

3.400%),

7/20/2030,

Ser.

2017-1A,

Class

DR

b,c

3,135,955

Octagon

Investment

Partners

XVI,

Ltd.

2,600,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,c

2,585,757

Palmer

Square

Loan

Funding,

Ltd.

4,700,000

2.798%, 

(LIBOR

3M

+

2.300%),

11/25/2028,

Ser.

2020-4A,

Class

B

b,c

4,700,160

Sound

Point

CLO

XV,

Ltd.

6,400,000

1.759%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

b,c

6,350,925

Sound

Point

CLO,

Ltd.

3,200,000

2.504%, 

(LIBOR

3M

+

2.250%),

1/20/2032,

Ser.

2019-1A,

Class

CR

b,c

3,114,870

Stratus

CLO,

Ltd.

4,250,000

1.841%, 

(LIBOR

3M

+

1.750%),

12/29/2029,

Ser.

2021-1A,

Class

C

b,c

4,162,977

THL

Credit

Wind

River

CLO,

Ltd.

4,325,000

3.089%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,c

4,304,374

Total

57,349,162

Basic

Materials

(2.5%)

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

c

248,419

Anglo

American

Capital

plc

2,200,000

3.625%, 

9/11/2024

c

2,197,095

2,550,000

4.750%, 

4/10/2027

c

2,644,861

Cleveland-Cliffs,

Inc.

160,000

4.625%, 

3/1/2029

c

157,807

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Basic

Materials

(2.5%)

-

continued

$

160,000

4.875%, 

3/1/2031

c

$

158,200

Freeport-McMoRan,

Inc.

320,000

4.125%, 

3/1/2028

319,670

1,850,000

5.250%, 

9/1/2029

1,938,041

7,295,000

4.625%, 

8/1/2030

7,459,138

Glencore

Funding,

LLC

1,800,000

3.375%, 

9/23/2051

c

1,513,470

4,559,000

4.000%, 

3/27/2027

c

4,572,975

2,700,000

2.500%, 

9/1/2030

c

2,416,075

International

Flavors

and

Fragrances,

Inc.

4,000,000

3.468%, 

12/1/2050

c

3,528,300

Kinross

Gold

Corporation

640,000

5.950%, 

3/15/2024

668,528

OCI

NV

258,000

4.625%, 

10/15/2025

c

259,935

Olin

Corporation

320,000

5.125%, 

9/15/2027

318,971

Syngenta

Finance

NV

1,675,000

4.441%, 

4/24/2023

c

1,697,296

4,910,000

5.182%, 

4/24/2028

c

5,070,008

Teck

Resources,

Ltd.

2,770,000

6.125%, 

10/1/2035

3,270,331

Total

38,439,120

Capital

Goods

(3.7%)

Amsted

Industries,

Inc.

260,000

5.625%, 

7/1/2027

c

260,650

BAE

Systems

plc

2,550,000

3.400%, 

4/15/2030

c

2,512,686

2,600,000

1.900%, 

2/15/2031

c

2,257,442

Boeing

Company

6,650,000

5.930%, 

5/1/2060

7,677,998

1,600,000

5.150%, 

5/1/2030

1,706,333

5,000,000

5.705%, 

5/1/2040

5,587,252

Carrier

Global

Corporation

3,000,000

2.722%, 

2/15/2030

2,819,645

1,550,000

2.700%, 

2/15/2031

1,446,385

3,100,000

3.377%, 

4/5/2040

2,817,786

Crown

Cork

&

Seal

Company,

Inc.

640,000

7.375%, 

12/15/2026

722,205

General

Electric

Company

3,950,000

4.156%, 

(LIBOR

3M

+

3.330%),

6/15/2022

b,d

3,787,062

GFL

Environmental,

Inc.

320,000

3.500%, 

9/1/2028

c

300,430

Howmet

Aerospace,

Inc.

9,000

6.875%, 

5/1/2025

9,773

4,750,000

3.000%, 

1/15/2029

4,337,344

1,500,000

5.950%, 

2/1/2037

1,598,835

Huntington

Ingalls

Industries,

Inc.

1,900,000

3.844%, 

5/1/2025

1,920,296

Meritage

Homes

Corporation

5,820,000

3.875%, 

4/15/2029

c

5,543,550

Northrop

Grumman

Corporation

2,250,000

3.250%, 

1/15/2028

2,250,102

Owens-Brockway

Glass

Container,

Inc.

450,000

5.875%, 

8/15/2023

c,e

459,736

Raytheon

Technologies

Corporation

2,200,000

4.125%, 

11/16/2028

2,299,666

1,925,000

4.450%, 

11/16/2038

2,087,711

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Capital

Goods

(3.7%)

-

continued

SRM

Escrow

Issuer,

LLC

$

320,000

6.000%, 

11/1/2028

c

$

315,603

Textron,

Inc.

280,000

4.300%, 

3/1/2024

286,379

630,000

3.875%, 

3/1/2025

641,012

2,560,000

3.650%, 

3/15/2027

2,564,748

United

Rentals

North

America,

Inc.

640,000

4.000%, 

7/15/2030

612,051

Total

56,822,680

Collateralized

Mortgage

Obligations

(<0.1%)

GMAC

Mortgage

Corporation

Loan

Trust

149,162

0.957%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,f

102,628

Wachovia

Mortgage

Loan

Trust,

LLC

166,481

2.238%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

169,729

Total

272,357

Communications

Services

(8.6%)

American

Tower

Corporation

1,810,000

3.125%, 

1/15/2027

1,763,717

3,100,000

1.875%, 

10/15/2030

2,638,310

AT&T,

Inc.

2,800,000

3.500%, 

2/1/2061

2,379,907

5,208,000

3.650%, 

9/15/2059

4,567,065

2,481,000

4.300%, 

2/15/2030

2,621,365

3,250,000

2.750%, 

6/1/2031

3,047,456

5,987,000

2.550%, 

12/1/2033

5,319,116

3,190,000

4.300%, 

12/15/2042

3,218,412

2,400,000

3.100%, 

2/1/2043

2,071,892

3,200,000

4.500%, 

3/9/2048

3,360,896

CCO

Holdings

Capital

Corporation

4,500,000

5.000%, 

2/1/2028

c

4,452,750

CCO

Holdings,

LLC

190,000

5.500%, 

5/1/2026

c

192,668

320,000

4.750%, 

3/1/2030

c

307,277

260,000

4.500%, 

8/15/2030

c

243,956

Charter

Communications

Operating,

LLC

3,750,000

4.800%, 

3/1/2050

3,562,160

2,800,000

4.908%, 

7/23/2025

2,903,631

2,450,000

6.384%, 

10/23/2035

2,767,841

2,500,000

3.500%, 

6/1/2041

2,077,828

4,075,000

6.484%, 

10/23/2045

4,638,912

Comcast

Corporation

3,198,000

2.887%, 

11/1/2051

c

2,696,027

2,650,000

4.600%, 

10/15/2038

2,928,266

2,700,000

4.650%, 

7/15/2042

2,966,687

Cox

Communications,

Inc.

2,700,000

3.350%, 

9/15/2026

c

2,684,080

Discovery

Communications,

LLC

1,600,000

4.900%, 

3/11/2026

1,665,226

GCI,

LLC

100,000

4.750%, 

10/15/2028

c

97,626

Magallanes,

Inc.

1,500,000

5.141%, 

3/15/2052

c

1,534,642

3,600,000

5.050%, 

3/15/2042

c

3,672,109

Netflix,

Inc.

1,200,000

4.875%, 

4/15/2028

1,258,506

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Communications

Services

(8.6%)

-

continued

$

3,731,000

5.875%, 

11/15/2028

$

4,112,681

1,800,000

6.375%, 

5/15/2029

2,035,404

4,300,000

4.875%, 

6/15/2030

c

4,586,810

Omnicom

Group,

Inc.

1,300,000

4.200%, 

6/1/2030

1,357,174

Paramount

Global

3,200,000

4.375%, 

3/15/2043

3,045,600

SBA

Communications

Corporation

320,000

3.125%, 

2/1/2029

291,078

Sirius

XM

Radio,

Inc.

640,000

4.125%, 

7/1/2030

c

599,149

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

266,499

4,800,000

8.750%, 

3/15/2032

6,465,600

Sprint

Corporation

3,852,000

7.125%, 

6/15/2024

4,131,463

4,500,000

7.625%, 

2/15/2025

4,905,000

T-Mobile

USA,

Inc.

5,400,000

3.400%, 

10/15/2052

c

4,592,377

2,400,000

3.750%, 

4/15/2027

2,414,029

1,800,000

3.000%, 

2/15/2041

1,521,573

VeriSign,

Inc.

640,000

4.750%, 

7/15/2027

653,859

Verizon

Communications,

Inc.

4,000,000

3.875%, 

3/1/2052

4,019,157

2,600,000

4.000%, 

3/22/2050

2,638,193

2,400,000

3.700%, 

3/22/2061

2,223,062

2,400,000

2.100%, 

3/22/2028

2,236,977

1,591,000

1.680%, 

10/30/2030

1,387,239

4,200,000

3.400%, 

3/22/2041

3,937,151

Viasat,

Inc.

140,000

5.625%, 

9/15/2025

c

136,734

Walt

Disney

Company

1,900,000

7.625%, 

11/30/2028

2,357,765

Total

131,552,902

Consumer

Cyclical

(7.4%)

Amazon.com,

Inc.

5,400,000

3.100%, 

5/12/2051

5,067,852

Caesars

Entertainment,

Inc.

320,000

6.250%, 

7/1/2025

c

330,381

Cedar

Fair,

LP

320,000

5.250%, 

7/15/2029

315,206

Choice

Hotels

International,

Inc.

3,100,000

3.700%, 

1/15/2031

3,014,316

Daimler

Trucks

Finance

North

America,

LLC

4,500,000

2.375%, 

12/14/2028

c

4,096,783

Darden

Restaurants,

Inc.

3,600,000

3.850%, 

5/1/2027

3,650,185

Expedia

Group,

Inc.

7,800,000

3.250%, 

2/15/2030

7,424,631

Ford

Motor

Credit

Company,

LLC

3,300,000

4.063%, 

11/1/2024

3,290,067

4,150,000

4.125%, 

8/17/2027

4,056,418

2,700,000

2.900%, 

2/10/2029

2,404,944

1,900,000

4.000%, 

11/13/2030

1,789,230

General

Motors

Company

5,425,000

6.800%, 

10/1/2027

6,123,406

6,030,000

5.000%, 

4/1/2035

6,129,369

General

Motors

Financial

Company,

Inc.

1,900,000

1.500%, 

6/10/2026

1,736,019

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Consumer

Cyclical

(7.4%)

-

continued

$

2,800,000

2.700%, 

6/10/2031

$

2,465,458

GLP

Capital,

LP

2,500,000

3.250%, 

1/15/2032

2,268,250

Hanesbrands,

Inc.

640,000

4.625%, 

5/15/2024

c

649,600

Home

Depot,

Inc.

2,680,000

4.250%, 

4/1/2046

2,931,345

Hyundai

Capital

America

2,800,000

2.375%, 

10/15/2027

c

2,563,472

2,750,000

1.800%, 

1/10/2028

c

2,428,660

Kohl's

Corporation

4,350,000

3.375%, 

5/1/2031

e

4,198,085

3,100,000

5.550%, 

7/17/2045

3,094,102

L

Brands,

Inc.

320,000

6.625%, 

10/1/2030

c

336,000

Lennar

Corporation

1,900,000

4.500%, 

4/30/2024

1,947,768

2,950,000

4.750%, 

5/30/2025

3,055,056

Lowe's

Companies,

Inc.

4,750,000

2.625%, 

4/1/2031

4,452,242

Macy's

Retail

Holdings,

LLC

5,700,000

6.125%, 

3/15/2032

c

5,628,750

Marriott

International,

Inc.

285,000

5.750%, 

5/1/2025

302,594

6,900,000

4.625%, 

6/15/2030

7,146,266

McDonald's

Corporation

2,675,000

4.450%, 

3/1/2047

2,872,759

MDC

Holdings,

Inc.

4,800,000

2.500%, 

1/15/2031

4,191,111

Nissan

Motor

Company,

Ltd.

1,900,000

3.522%, 

9/17/2025

c

1,862,099

Royal

Caribbean

Cruises,

Ltd.

320,000

9.125%, 

6/15/2023

c

333,200

Six

Flags

Entertainment

Corporation

110,000

5.500%, 

4/15/2027

c

109,863

Six

Flags

Theme

Parks,

Inc.

70,000

7.000%, 

7/1/2025

c

73,063

Toll

Brothers

Finance

Corporation

2,845,000

4.350%, 

2/15/2028

2,858,329

4,300,000

3.800%, 

11/1/2029

e

4,157,561

Travel

+

Leisure

Company

320,000

6.625%, 

7/31/2026

c

333,600

Volkswagen

Group

of

America

Finance,

LLC

2,500,000

3.350%, 

5/13/2025

c

2,492,153

Total

112,180,193

Consumer

Non-Cyclical

(10.4%)

Abbott

Laboratories

1,440,000

4.750%, 

11/30/2036

1,673,375

2,500,000

6.000%, 

4/1/2039

3,246,374

AbbVie,

Inc.

1,800,000

2.950%, 

11/21/2026

1,783,081

5,100,000

4.550%, 

3/15/2035

5,474,880

3,100,000

4.300%, 

5/14/2036

3,237,448

1,900,000

4.850%, 

6/15/2044

2,106,238

Altria

Group,

Inc.

2,750,000

5.800%, 

2/14/2039

2,963,955

Anheuser-Busch

Companies,

LLC

2,710,000

4.700%, 

2/1/2036

2,906,517

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Consumer

Non-Cyclical

(10.4%)

-

continued

Anheuser-Busch

InBev

Worldwide,

Inc.

$

3,075,000

4.000%, 

4/13/2028

$

3,186,195

3,750,000

3.500%, 

6/1/2030

3,803,741

2,050,000

4.600%, 

4/15/2048

2,212,511

2,700,000

4.439%, 

10/6/2048

2,826,358

4,800,000

5.550%, 

1/23/2049

5,852,523

AstraZeneca

Finance,

LLC

3,100,000

1.750%, 

5/28/2028

2,856,417

AstraZeneca

plc

3,000,000

1.375%, 

8/6/2030

2,614,294

BAT

Capital

Corporation

2,550,000

3.222%, 

8/15/2024

2,549,066

3,250,000

4.700%, 

4/2/2027

3,333,353

5,000,000

2.259%, 

3/25/2028

4,486,359

Becton,

Dickinson

and

Company

3,000,000

3.794%, 

5/20/2050

2,906,892

3,100,000

3.700%, 

6/6/2027

3,145,008

Bunge,

Ltd.

Finance

Corporation

2,650,000

2.750%, 

5/14/2031

2,437,838

Cargill,

Inc.

1,750,000

3.125%, 

5/25/2051

c

1,618,180

Centene

Corporation

160,000

4.250%, 

12/15/2027

160,600

480,000

4.625%, 

12/15/2029

483,883

5,855,000

3.375%, 

2/15/2030

5,509,174

3,000,000

2.500%, 

3/1/2031

2,647,590

2,200,000

2.625%, 

8/1/2031

1,958,000

Constellation

Brands,

Inc.

640,000

3.500%, 

5/9/2027

641,219

CVS

Health

Corporation

1,950,000

4.250%, 

4/1/2050

2,023,033

2,800,000

2.125%, 

9/15/2031

2,501,744

Danaher

Corporation

1,600,000

2.800%, 

12/10/2051

1,359,578

Dentsply

Sirona,

Inc.

1,750,000

3.250%, 

6/1/2030

1,686,247

Encompass

Health

Corporation

350,000

4.500%, 

2/1/2028

343,000

HCA,

Inc.

510,000

5.375%, 

2/1/2025

530,655

5,000,000

5.875%, 

2/15/2026

5,317,550

1,800,000

5.375%, 

9/1/2026

1,890,000

3,000,000

5.625%, 

9/1/2028

3,243,750

3,600,000

3.500%, 

9/1/2030

3,477,830

Imperial

Brands

Finance

plc

2,700,000

3.500%, 

7/26/2026

c

2,640,935

JBS

Finance

Luxembourg

SARL

2,350,000

3.625%, 

1/15/2032

c

2,150,274

JBS

USA

LUX

SA

4,200,000

4.375%, 

2/2/2052

c

3,653,510

3,400,000

3.000%, 

5/15/2032

c

3,060,034

JBS

USA,

LLC

320,000

6.500%, 

4/15/2029

c

339,200

1,200,000

5.500%, 

1/15/2030

c

1,226,736

Kraft

Foods

Group,

Inc.

230,000

5.000%, 

6/4/2042

245,663

Kraft

Heinz

Foods

Company

1,900,000

5.500%, 

6/1/2050

2,157,507

1,184,000

3.000%, 

6/1/2026

1,167,235

450,000

3.750%, 

4/1/2030

448,070

1,770,000

4.375%, 

6/1/2046

1,748,123

1,850,000

4.875%, 

10/1/2049

1,949,216

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Consumer

Non-Cyclical

(10.4%)

-

continued

Mattel,

Inc.

$

3,000,000

5.450%, 

11/1/2041

$

3,193,500

Medtronic,

Inc.

4,200,000

4.375%, 

3/15/2035

4,665,462

Newell

Brands,

Inc.

1,600,000

4.700%, 

4/1/2026

g

1,610,000

2,200,000

6.000%, 

4/1/2046

g

2,299,000

QBE

Insurance

Group,

Ltd.

2,575,000

5.875%, 

5/12/2025

b,c,d

2,636,156

Reynolds

American,

Inc.

1,560,000

5.850%, 

8/15/2045

1,605,126

Roche

Holdings,

Inc.

2,200,000

2.607%, 

12/13/2051

c

1,905,590

Royalty

Pharma

plc

2,550,000

1.750%, 

9/2/2027

2,314,306

Smithfield

Foods,

Inc.

1,200,000

3.000%, 

10/15/2030

c

1,089,074

Sysco

Corporation

1,400,000

6.600%, 

4/1/2050

1,881,614

1,000,000

6.600%, 

4/1/2040

1,307,770

Teleflex,

Inc.

400,000

4.250%, 

6/1/2028

c

389,500

Tenet

Healthcare

Corporation

640,000

5.125%, 

11/1/2027

c

643,011

Thermo

Fisher

Scientific,

Inc.

2,500,000

2.800%, 

10/15/2041

2,239,119

UnitedHealth

Group,

Inc.

1,240,000

4.750%, 

7/15/2045

1,438,831

3,225,000

4.450%, 

12/15/2048

3,633,549

Universal

Health

Services,

Inc.

4,600,000

2.650%, 

1/15/2032

c

4,134,020

VRX

Escrow

Corporation

261,000

6.125%, 

4/15/2025

c

263,284

Total

159,029,871

Energy

(7.4%)

Antero

Resources

Corporation

320,000

5.375%, 

3/1/2030

c

326,800

BP

Capital

Markets

America,

Inc.

3,600,000

3.001%, 

3/17/2052

3,101,199

950,000

3.543%, 

4/6/2027

961,680

Buckeye

Partners,

LP

350,000

4.125%, 

3/1/2025

c

345,167

Canadian

Natural

Resources,

Ltd.

2,700,000

2.950%, 

7/15/2030

2,567,315

Cenovus

Energy,

Inc.

2,400,000

5.375%, 

7/15/2025

2,530,741

Cheniere

Corpus

Christi

Holdings,

LLC

3,250,000

3.700%, 

11/15/2029

3,239,860

Cheniere

Energy

Partners,

LP

4,560,000

4.500%, 

10/1/2029

4,582,800

4,800,000

4.000%, 

3/1/2031

4,653,072

Continental

Resources,

Inc.

1,200,000

2.268%, 

11/15/2026

c

1,120,476

3,100,000

4.375%, 

1/15/2028

3,142,780

3,250,000

5.750%, 

1/15/2031

c

3,554,850

Devon

Energy

Corporation

3,185,000

4.500%, 

1/15/2030

3,286,712

2,290,000

7.950%, 

4/15/2032

2,971,813

Devon

Financing

Corporation,

ULC

1,900,000

7.875%, 

9/30/2031

2,464,957

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Energy

(7.4%)

-

continued

DT

Midstream,

Inc.

$

320,000

4.125%, 

6/15/2029

c

$

306,818

Enbridge,

Inc.

1,850,000

5.750%, 

7/15/2080

b

1,914,750

Energy

Transfer,

LP

3,980,000

4.200%, 

4/15/2027

4,052,445

3,500,000

4.000%, 

10/1/2027

3,522,512

3,650,000

3.750%, 

5/15/2030

3,590,719

4,000,000

6.000%, 

6/15/2048

4,433,988

Enterprise

Products

Operating,

LLC

3,200,000

3.200%, 

2/15/2052

2,699,910

2,700,000

4.875%, 

8/16/2077

b

2,415,575

EQT

Corporation

640,000

3.900%, 

10/1/2027

638,147

Equinor

ASA

2,575,000

3.125%, 

4/6/2030

2,564,841

Hess

Corporation

1,800,000

6.000%, 

1/15/2040

2,095,794

2,400,000

5.800%, 

4/1/2047

2,855,458

MPLX,

LP

2,950,000

4.875%, 

6/1/2025

3,056,204

3,250,000

4.800%, 

2/15/2029

3,460,210

Murphy

Oil

Corporation

250,000

5.875%, 

12/1/2027

254,375

National

Fuel

Gas

Company

4,186,000

5.500%, 

1/15/2026

4,432,164

Ovintiv

Exploration,

Inc.

2,320,000

5.625%, 

7/1/2024

2,439,160

4,756,000

5.375%, 

1/1/2026

5,041,148

Petroleos

Mexicanos

2,550,000

6.500%, 

3/13/2027

2,589,525

Pioneer

Natural

Resources

Company

1,800,000

2.150%, 

1/15/2031

1,622,124

Plains

All

American

Pipeline,

LP

2,700,000

3.800%, 

9/15/2030

2,648,378

Schlumberger

Holdings

Corporation

2,750,000

3.900%, 

5/17/2028

c

2,778,218

Suncor

Energy,

Inc.

2,900,000

3.100%, 

5/15/2025

2,880,463

Western

Gas

Partners,

LP

6,800,000

4.650%, 

7/1/2026

6,970,000

Williams

Companies,

Inc.

2,450,000

7.500%, 

1/15/2031

3,044,358

Williams

Partners,

LP

2,000,000

4.850%, 

3/1/2048

2,133,925

Total

113,291,431

Financials

(33.8%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,900,000

6.500%, 

7/15/2025

2,011,977

1,500,000

4.625%, 

10/15/2027

1,529,264

3,800,000

3.875%, 

1/23/2028

e

3,703,707

2,400,000

3.400%, 

10/29/2033

2,151,102

1,800,000

3.850%, 

10/29/2041

1,578,496

Air

Lease

Corporation

4,100,000

4.650%, 

6/15/2026

b,d

3,679,750

1,850,000

3.625%, 

4/1/2027

1,816,145

3,150,000

2.100%, 

9/1/2028

2,754,363

2,500,000

3.000%, 

2/1/2030

2,302,630

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Financials

(33.8%)

-

continued

$

2,100,000

2.875%, 

1/15/2032

$

1,880,206

Aircastle,

Ltd.

1,515,000

4.400%, 

9/25/2023

1,520,939

3,700,000

5.250%, 

8/11/2025

c

3,769,285

3,000,000

2.850%, 

1/26/2028

c

2,694,914

Allianz

SE

3,200,000

3.200%, 

10/30/2027

b,c,d

2,776,000

Ally

Financial,

Inc.

4,050,000

5.750%, 

11/20/2025

4,258,992

5,250,000

8.000%, 

11/1/2031

6,585,225

American

Express

Company

2,750,000

3.550%, 

9/15/2026

b,d

2,506,075

American

Homes

4

Rent,

LP

1,550,000

2.375%, 

7/15/2031

1,368,332

American

International

Group,

Inc.

2,700,000

4.200%, 

4/1/2028

2,802,255

Ares

Capital

Corporation

3,600,000

3.875%, 

1/15/2026

3,531,514

2,950,000

2.150%, 

7/15/2026

2,666,020

1,800,000

2.875%, 

6/15/2027

1,637,603

Associated

Banc-Corporation

2,650,000

4.250%, 

1/15/2025

2,701,379

Australia

and

New

Zealand

Banking

Group,

Ltd.

3,200,000

2.950%, 

7/22/2030

b,c

3,081,065

2,500,000

2.570%, 

11/25/2035

b,c

2,181,337

Aviation

Capital

Group,

LLC

5,950,000

5.500%, 

12/15/2024

c

6,124,003

Avolon

Holdings

Funding,

Ltd.

1,300,000

5.250%, 

5/15/2024

c

1,327,183

1,800,000

5.500%, 

1/15/2026

c

1,857,702

1,500,000

4.250%, 

4/15/2026

c

1,479,232

5,400,000

4.375%, 

5/1/2026

c

5,327,129

Banco

Bilbao

Vizcaya

Argentaria

SA

2,600,000

6.500%, 

3/5/2025

b,d

2,609,750

Banco

del

Estado

de

Chile

3,850,000

2.704%, 

1/9/2025

c

3,815,349

Banco

Santander

SA

3,200,000

2.746%, 

5/28/2025

3,118,289

5,000,000

4.750%, 

11/12/2026

b,d

4,610,000

1,800,000

4.379%, 

4/12/2028

1,815,368

Bank

of

America

Corporation

2,860,000

6.500%, 

10/23/2024

b,d,e

2,988,700

2,200,000

4.000%, 

1/22/2025

2,240,282

1,750,000

3.950%, 

4/21/2025

1,783,237

5,300,000

4.375%, 

1/27/2027

b,d

4,980,940

3,950,000

3.705%, 

4/24/2028

b

3,975,261

1,800,000

4.271%, 

7/23/2029

b

1,857,066

1,825,000

3.974%, 

2/7/2030

b

1,854,456

2,720,000

3.194%, 

7/23/2030

b

2,631,939

6,200,000

1.922%, 

10/24/2031

b

5,385,802

3,500,000

2.572%, 

10/20/2032

b

3,180,322

1,800,000

2.972%, 

2/4/2033

b

1,686,587

1,800,000

4.244%, 

4/24/2038

b

1,875,367

4,900,000

3.311%, 

4/22/2042

b

4,536,263

1,860,000

2.831%, 

10/24/2051

b

1,581,764

Bank

of

New

York

Mellon

Corporation

1,925,000

4.700%, 

9/20/2025

b,d

1,971,200

Bank

of

Nova

Scotia

4,250,000

4.900%, 

6/4/2025

b,d

4,250,000

Barclays

plc

650,000

8.000%, 

6/15/2024

b,d

686,725

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Financials

(33.8%)

-

continued

$

3,100,000

6.125%, 

12/15/2025

b,d

$

3,165,875

1,280,000

4.836%, 

5/9/2028

1,306,977

2,400,000

4.972%, 

5/16/2029

b

2,510,622

3,100,000

2.645%, 

6/24/2031

b

2,811,832

Berkshire

Hathaway

Finance

Corporation

1,600,000

2.850%, 

10/15/2050

1,385,230

1,950,000

4.250%, 

1/15/2049

2,135,457

Blackstone

Private

Credit

Fund

4,750,000

4.000%, 

1/15/2029

c

4,397,632

BNP

Paribas

SA

4,950,000

6.625%, 

3/25/2024

b,c,d

5,113,350

Boston

Properties,

LP

1,900,000

3.250%, 

1/30/2031

1,837,540

BPCE

SA

2,190,000

5.150%, 

7/21/2024

c

2,257,395

Brandywine

Operating

Partnership,

LP

3,100,000

3.950%, 

11/15/2027

3,103,766

Brixmor

Operating

Partnership,

LP

1,500,000

2.250%, 

4/1/2028

1,369,855

CANPACK

SA

320,000

3.125%, 

11/1/2025

c

293,600

Capital

One

Financial

Corporation

2,690,000

4.200%, 

10/29/2025

2,751,488

2,600,000

3.273%, 

3/1/2030

b

2,510,444

Charles

Schwab

Corporation

2,550,000

5.375%, 

6/1/2025

b,d

2,626,500

1,750,000

4.000%, 

6/1/2026

b,d

1,675,625

3,100,000

4.000%, 

12/1/2030

b,d

2,784,172

Citigroup,

Inc.

2,700,000

4.700%, 

1/30/2025

b,d

2,585,250

1,370,000

4.400%, 

6/10/2025

1,409,316

2,305,000

5.500%, 

9/13/2025

2,461,140

2,490,000

4.450%, 

9/29/2027

2,568,277

2,000,000

3.668%, 

7/24/2028

b

2,000,442

3,000,000

4.075%, 

4/23/2029

b

3,057,541

2,750,000

2.520%, 

11/3/2032

b

2,467,176

5,900,000

3.057%, 

1/25/2033

b

5,512,568

CNA

Financial

Corporation

1,870,000

7.250%, 

11/15/2023

1,996,225

Comerica,

Inc.

2,100,000

5.625%, 

7/1/2025

b,d

2,178,750

Commerzbank

AG

3,200,000

8.125%, 

9/19/2023

c

3,379,994

CoreStates

Capital

III

2,440,000

1.076%, 

(LIBOR

3M

+

0.570%),

2/15/2027

b,c

2,342,530

Corporate

Office

Properties,

LP

2,175,000

2.250%, 

3/15/2026

2,072,313

Credit

Acceptance

Corporation

160,000

5.125%, 

12/31/2024

c

160,574

Credit

Agricole

SA

2,400,000

6.875%, 

9/23/2024

b,c,d

2,490,000

2,400,000

4.750%, 

3/23/2029

b,c,d

2,177,832

Credit

Suisse

Group

AG

3,950,000

7.500%, 

7/17/2023

b,c,d

4,010,237

2,500,000

7.250%, 

9/12/2025

b,c,d

2,528,125

3,100,000

2.193%, 

6/5/2026

b,c

2,911,153

3,700,000

5.250%, 

2/11/2027

b,c,d

3,422,500

3,100,000

4.282%, 

1/9/2028

c

3,096,488

Danske

Bank

AS

2,850,000

3.773%, 

3/28/2025

b,c,h

2,856,544

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Financials

(33.8%)

-

continued

Deutsche

Bank

AG

$

6,000,000

6.000%, 

10/30/2025

b,d

$

5,850,000

1,350,000

3.961%, 

11/26/2025

b

1,348,976

2,200,000

2.311%, 

11/16/2027

b

2,016,116

Discover

Bank

3,490,000

4.682%, 

8/9/2028

b

3,539,042

Drawbridge

Special

Opportunities

Fund,

LP

480,000

3.875%, 

2/15/2026

c

464,574

Duke

Realty,

LP

1,750,000

1.750%, 

2/1/2031

1,517,830

EPR

Properties

1,976,000

4.950%, 

4/15/2028

1,976,830

3,700,000

3.750%, 

8/15/2029

3,463,418

First

Horizon

Bank

2,000,000

5.750%, 

5/1/2030

2,261,133

First

Horizon

National

Corporation

2,900,000

4.000%, 

5/26/2025

2,938,213

First-Citizens

Bank

&

Trust

Company

7,100,000

6.125%, 

3/9/2028

7,854,286

FS

KKR

Capital

Corporation

2,700,000

1.650%, 

10/12/2024

2,544,760

3,100,000

4.250%, 

2/14/2025

c

3,049,673

4,950,000

3.400%, 

1/15/2026

4,792,496

GE

Capital

International

Funding

Company

9,335,000

4.418%, 

11/15/2035

10,023,816

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

i

0

Global

Net

Lease,

Inc.

320,000

3.750%, 

12/15/2027

c

294,393

Goldman

Sachs

Group,

Inc.

3,200,000

4.950%, 

2/10/2025

b,d

3,193,920

2,490,000

4.250%, 

10/21/2025

2,550,366

1,350,000

3.800%, 

5/10/2026

b,d

1,251,281

3,100,000

3.691%, 

6/5/2028

b

3,103,556

4,250,000

3.814%, 

4/23/2029

b

4,280,815

3,100,000

4.223%, 

5/1/2029

b

3,174,065

3,000,000

3.102%, 

2/24/2033

b

2,827,762

HSBC

Holdings

plc

2,560,000

4.300%, 

3/8/2026

2,626,752

1,800,000

4.000%, 

3/9/2026

b,d

1,706,400

1,600,000

6.000%, 

5/22/2027

b,d

1,628,000

1,920,000

4.041%, 

3/13/2028

b

1,925,319

2,100,000

4.600%, 

12/17/2030

b,d

1,874,250

Icahn

Enterprises,

LP

640,000

6.250%, 

5/15/2026

652,800

Invitation

Homes

Operating

Partnership,

LP

1,500,000

2.300%, 

11/15/2028

1,356,959

1,500,000

2.000%, 

8/15/2031

1,280,953

iStar,

Inc.

640,000

4.250%, 

8/1/2025

629,600

J.P.

Morgan

Chase

&

Company

1,850,000

5.150%, 

5/1/2023

b,d

1,859,250

1,250,000

6.000%, 

8/1/2023

b,d

1,265,625

5,000,000

5.000%, 

8/1/2024

b,d

4,983,375

3,200,000

4.600%, 

2/1/2025

b,d

3,084,000

3,200,000

2.956%, 

5/13/2031

b

2,994,229

1,200,000

2.580%, 

4/22/2032

b

1,099,384

2,900,000

2.545%, 

11/8/2032

b

2,649,864

2,700,000

2.963%, 

1/25/2033

b

2,545,434

1,600,000

3.882%, 

7/24/2038

b

1,613,742

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Financials

(33.8%)

-

continued

$

3,150,000

5.500%, 

10/15/2040

$

3,780,472

Kilroy

Realty,

LP

2,550,000

4.250%, 

8/15/2029

2,616,615

Lloyds

Bank

plc

1,910,000

4.650%, 

3/24/2026

1,953,958

Lloyds

Banking

Group

plc

1,950,000

7.500%, 

6/27/2024

b,d

2,047,442

1,300,000

7.500%, 

9/27/2025

b,d

1,381,789

1,900,000

2.438%, 

2/5/2026

b

1,832,158

LPL

Holdings,

Inc.

320,000

4.000%, 

3/15/2029

c

303,673

M&T

Bank

Corporation

2,200,000

3.500%, 

9/1/2026

b,d

1,977,206

Massachusetts

Mutual

Life

Insurance

Company

4,600,000

3.200%, 

12/1/2061

c

3,755,557

MetLife,

Inc.

2,550,000

3.850%, 

9/15/2025

b,d

2,514,810

MGM

Growth

Properties

Operating

Partnership,

LP

2,400,000

4.625%, 

6/15/2025

c

2,418,000

640,000

4.500%, 

9/1/2026

643,200

3,500,000

5.750%, 

2/1/2027

e

3,696,875

Mizuho

Financial

Group,

Inc.

2,100,000

1.979%, 

9/8/2031

b

1,835,945

Morgan

Stanley

1,860,000

5.300%, 

12/15/2025

b,d,e

1,822,800

1,280,000

3.125%, 

7/27/2026

1,268,954

2,510,000

4.350%, 

9/8/2026

2,585,240

3,350,000

3.622%, 

4/1/2031

b

3,332,573

3,100,000

1.794%, 

2/13/2032

b

2,665,771

3,000,000

2.943%, 

1/21/2033

b

2,813,214

1,570,000

4.300%, 

1/27/2045

1,651,254

MPT

Operating

Partnership,

LP

640,000

5.000%, 

10/15/2027

650,800

Nationwide

Building

Society

2,490,000

3.900%, 

7/21/2025

c

2,536,947

1,920,000

4.000%, 

9/14/2026

c

1,926,224

Nationwide

Mutual

Insurance

Company

2,725,000

4.350%, 

4/30/2050

c

2,711,136

NatWest

Group

plc

2,750,000

4.269%, 

3/22/2025

b

2,781,897

1,000,000

3.754%, 

11/1/2029

b

992,078

1,850,000

4.600%, 

6/28/2031

b,d

1,628,000

3,600,000

3.032%, 

11/28/2035

b

3,193,860

Nippon

Life

Insurance

Company

1,750,000

5.100%, 

10/16/2044

b,c

1,800,313

2,550,000

3.400%, 

1/23/2050

b,c

2,416,125

Omega

Healthcare

Investors,

Inc.

525,000

3.625%, 

10/1/2029

496,049

5,600,000

3.375%, 

2/1/2031

5,130,095

Owl

Rock

Capital

Corporation

4,350,000

3.400%, 

7/15/2026

4,084,402

OWL

Rock

Core

Income

Corporation

3,000,000

4.700%, 

2/8/2027

c

2,885,340

Owl

Rock

Technology

Finance

Corporation

1,500,000

3.750%, 

6/17/2026

c

1,433,877

Peachtree

Corners

Funding

Trust

2,800,000

3.976%, 

2/15/2025

c

2,835,558

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Financials

(33.8%)

-

continued

PNC

Financial

Services

Group,

Inc.

$

2,150,000

3.400%, 

9/15/2026

b,d

$

1,936,075

Preferred

Term

Securities

XXIII,

Ltd.

157,826

1.026%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,c

134,120

Prudential

Financial,

Inc.

1,320,000

5.125%, 

3/1/2052

b

1,334,388

1,725,000

5.200%, 

3/15/2044

b

1,720,739

2,750,000

3.700%, 

10/1/2050

b

2,520,100

Radian

Group,

Inc.

320,000

4.875%, 

3/15/2027

321,600

Realty

Income

Corporation

250,000

4.625%, 

11/1/2025

261,610

3,100,000

3.400%, 

1/15/2028

3,091,184

Regency

Centers,

LP

1,560,000

3.600%, 

2/1/2027

1,580,986

Regions

Financial

Corporation

2,600,000

5.750%, 

6/15/2025

b,d,e

2,707,250

Reinsurance

Group

of

America,

Inc.

2,550,000

4.700%, 

9/15/2023

2,609,726

Santander

UK

Group

Holdings

plc

2,500,000

4.750%, 

9/15/2025

c

2,539,809

Simon

Property

Group,

LP

1,800,000

3.800%, 

7/15/2050

1,775,048

3,100,000

3.250%, 

9/13/2049

2,775,610

Societe

Generale

SA

3,100,000

5.375%, 

11/18/2030

b,c,d

2,890,936

Spirit

Realty,

LP

1,900,000

2.100%, 

3/15/2028

1,720,194

3,250,000

3.400%, 

1/15/2030

3,142,942

1,850,000

3.200%, 

2/15/2031

1,765,627

SVB

Financial

Group

4,700,000

4.000%, 

5/15/2026

b,d

4,347,500

Synchrony

Financial

450,000

4.250%, 

8/15/2024

456,278

1,950,000

3.950%, 

12/1/2027

1,931,221

Truist

Financial

Corporation

1,450,000

4.950%, 

9/1/2025

b,d

1,484,800

UBS

Group

AG

3,450,000

4.875%, 

2/12/2027

b,c,d

3,328,215

3,000,000

2.746%, 

2/11/2033

b,c

2,726,038

UBS

Group

Funding

Switzerland

AG

2,560,000

4.253%, 

3/23/2028

c

2,611,204

VICI

Properties,

LP

180,000

4.250%, 

12/1/2026

c

179,244

180,000

4.625%, 

12/1/2029

c

179,550

Wells

Fargo

&

Company

3,300,000

3.900%, 

3/15/2026

b,d

3,163,215

2,700,000

3.526%, 

3/24/2028

b

2,694,578

3,200,000

2.393%, 

6/2/2028

b

3,025,920

4,250,000

4.478%, 

4/4/2031

b

4,500,325

Welltower,

Inc.

2,500,000

2.050%, 

1/15/2029

2,275,001

Westpac

Banking

Corporation

1,900,000

2.894%, 

2/4/2030

b

1,831,987

3,150,000

2.963%, 

11/16/2040

2,647,034

Total

515,464,344

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Foreign

Government

(0.6%)

Dominican

Republic

Government

International

Bond

$

950,000

6.000%, 

7/19/2028

c

$

964,260

4,800,000

6.000%, 

2/22/2033

c

4,684,848

Egypt

Government

International

Bond

4,100,000

5.800%, 

9/30/2027

c

3,750,434

Total

9,399,542

Technology

(5.0%)

Apple,

Inc.

1,900,000

2.700%, 

8/5/2051

1,651,664

1,920,000

3.750%, 

9/12/2047

1,996,245

Baidu,

Inc.

1,900,000

2.375%, 

10/9/2030

1,672,039

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

718,000

3.875%, 

1/15/2027

722,800

Broadcom,

Inc.

2,700,000

5.000%, 

4/15/2030

2,870,083

6,882,000

3.469%, 

4/15/2034

c

6,373,635

3,600,000

3.137%, 

11/15/2035

c

3,171,934

2,700,000

3.187%, 

11/15/2036

c

2,343,840

Dell

International,

LLC

4,725,000

6.020%, 

6/15/2026

5,118,255

1,300,000

6.100%, 

7/15/2027

1,428,167

1,600,000

3.375%, 

12/15/2041

c

1,344,791

1,087,000

8.350%, 

7/15/2046

1,588,531

Equinix,

Inc.

2,700,000

2.000%, 

5/15/2028

2,432,819

Fiserv,

Inc.

2,725,000

3.200%, 

7/1/2026

2,710,857

3,000,000

2.650%, 

6/1/2030

2,768,825

Gartner,

Inc.

320,000

3.750%, 

10/1/2030

c

300,400

Iron

Mountain,

Inc.

640,000

4.875%, 

9/15/2029

c

609,197

Marvell

Technology,

Inc.

1,900,000

4.875%, 

6/22/2028

1,989,052

2,100,000

2.950%, 

4/15/2031

1,941,119

Micron

Technology,

Inc.

2,750,000

5.327%, 

2/6/2029

2,972,716

3,050,000

4.663%, 

2/15/2030

3,187,647

NXP

BV/NXP

Funding,

LLC

1,800,000

5.550%, 

12/1/2028

c

1,973,017

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,900,000

3.150%, 

5/1/2027

c

1,843,383

1,900,000

4.300%, 

6/18/2029

c

1,961,366

2,650,000

3.250%, 

5/11/2041

c

2,336,829

Oracle

Corporation

3,600,000

3.950%, 

3/25/2051

3,147,175

2,700,000

4.300%, 

7/8/2034

2,664,479

2,650,000

4.000%, 

7/15/2046

2,351,458

Qorvo,

Inc.

5,000,000

3.375%, 

4/1/2031

c

4,546,750

Switch,

Ltd.

265,000

3.750%, 

9/15/2028

c

256,982

Teledyne

Technologies,

Inc.

3,000,000

2.250%, 

4/1/2028

2,782,945

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Technology

(5.0%)

-

continued

VMware,

Inc.

$

3,100,000

2.200%, 

8/15/2031

$

2,729,342

Total

75,788,342

Transportation

(3.5%)

AerCap

Holdings

NV

3,200,000

5.875%, 

10/10/2079

b

3,072,000

American

Airlines,

Inc.

3,150,000

11.750%, 

7/15/2025

c

3,677,593

2,220,000

5.500%, 

4/20/2026

c

2,236,650

3,100,000

5.750%, 

4/20/2029

c

3,088,375

Boeing

Company

5,200,000

3.250%, 

2/1/2028

5,009,125

Burlington

Northern

Santa

Fe,

LLC

2,500,000

4.700%, 

9/1/2045

2,844,582

2,700,000

4.050%, 

6/15/2048

2,870,053

CSX

Corporation

1,900,000

2.400%, 

2/15/2030

1,806,088

Delta

Air

Lines,

Inc.

1,057,220

4.250%, 

7/30/2023

1,059,093

1,543,000

7.000%, 

5/1/2025

c

1,652,731

3,000,000

7.375%, 

1/15/2026

3,257,955

4,850,000

4.750%, 

10/20/2028

c

4,887,135

ERAC

USA

Finance,

LLC

3,030,000

4.200%, 

11/1/2046

c

3,033,965

FedEx

Corporation

2,500,000

3.250%, 

5/15/2041

2,237,802

Mileage

Plus

Holdings,

LLC

5,500,000

6.500%, 

6/20/2027

c

5,733,750

Southwest

Airlines

Company

2,725,000

5.250%, 

5/4/2025

2,861,634

2,400,000

2.625%, 

2/10/2030

2,189,003

United

Airlines

Pass

Through

Trust

1,010,226

3.750%, 

9/3/2026

985,777

United

Airlines,

Inc.

350,000

4.375%, 

4/15/2026

c

344,286

300,000

4.625%, 

4/15/2029

c

285,285

Total

53,132,882

U.S.

Government

&

Agencies

(1.2%)

U.S.

Treasury

Bonds

14,400,000

2.000%, 

8/15/2051

12,991,500

1,800,000

1.875%, 

11/15/2051

1,578,938

4,500,000

2.250%, 

5/15/2041

4,248,105

Total

18,818,543

Utilities

(7.0%)

American

Electric

Power

Company,

Inc.

3,200,000

3.875%, 

2/15/2062

b

2,956,293

American

Water

Capital

Corporation

3,200,000

3.450%, 

5/1/2050

2,999,655

Berkshire

Hathaway

Energy

Company

2,575,000

4.450%, 

1/15/2049

2,777,059

CenterPoint

Energy

Resources

Corporation

2,800,000

1.750%, 

10/1/2030

2,454,636

CenterPoint

Energy,

Inc.

3,250,000

2.950%, 

3/1/2030

3,095,210

2,150,000

2.650%, 

6/1/2031

1,983,196

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Utilities

(7.0%)

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

2,750,000

4.125%, 

5/15/2049

$

2,775,330

Dominion

Energy,

Inc.

2,250,000

4.650%, 

12/15/2024

b,d

2,227,500

2,650,000

4.350%, 

1/15/2027

b,d

2,562,709

Duke

Energy

Corporation

4,300,000

3.250%, 

1/15/2082

b

3,811,361

4,350,000

3.500%, 

6/15/2051

3,969,199

2,840,000

3.150%, 

8/15/2027

2,809,000

2,700,000

3.750%, 

9/1/2046

2,548,545

Edison

International

5,600,000

5.750%, 

6/15/2027

6,000,621

Enel

Finance

International

NV

2,250,000

2.875%, 

7/12/2041

c

1,854,185

Energy

Transfer,

LP

2,100,000

6.500%, 

11/15/2026

b,d

2,063,880

Entergy

Corporation

3,000,000

2.400%, 

6/15/2031

2,692,870

Exelon

Corporation

1,800,000

4.100%, 

3/15/2052

c

1,828,208

FirstEnergy

Corporation

3,480,000

4.400%, 

7/15/2027

3,502,098

1,300,000

5.350%, 

7/15/2047

1,356,342

FirstEnergy

Transmission,

LLC

4,300,000

2.866%, 

9/15/2028

c

3,987,727

3,150,000

5.450%, 

7/15/2044

c

3,434,133

Georgia

Power

Company

3,000,000

3.250%, 

3/15/2051

2,601,013

National

Rural

Utilities

Cooperative

Finance

Corporation

1,600,000

4.400%, 

11/1/2048

1,724,436

NextEra

Energy

Operating

Partners,

LP

640,000

3.875%, 

10/15/2026

c

632,800

NiSource

Finance

Corporation

1,920,000

4.375%, 

5/15/2047

1,955,941

NiSource,

Inc.

1,950,000

3.600%, 

5/1/2030

1,933,815

NRG

Energy,

Inc.

1,200,000

2.450%, 

12/2/2027

c

1,106,764

3,950,000

3.375%, 

2/15/2029

c

3,511,195

Oncor

Electric

Delivery

Company,

LLC

2,490,000

3.750%, 

4/1/2045

2,462,541

Pacific

Gas

and

Electric

Company

3,000,000

4.950%, 

7/1/2050

2,825,699

1,900,000

3.300%, 

12/1/2027

1,792,367

8,800,000

4.550%, 

7/1/2030

8,731,411

3,000,000

4.200%, 

6/1/2041

2,606,956

San

Diego

Gas

&

Electric

Company

2,700,000

4.150%, 

5/15/2048

2,834,992

Sempra

Energy

2,700,000

3.250%, 

6/15/2027

2,661,467

Southern

Company

3,100,000

4.000%, 

1/15/2051

b

2,999,250

2,150,000

3.750%, 

9/15/2051

b

1,982,408

Principal

Amount

Long-Term

Fixed

Income

(94.9%)

Value

Utilities

(7.0%)

-

continued

TerraForm

Power

Operating,

LLC

$

640,000

5.000%, 

1/31/2028

c

$

637,280

Total

106,690,092

Total

Long-Term

Fixed

Income

(cost

$1,512,718,131)

1,448,231,461

Shares

Collateral

Held

for

Securities

Loaned

(

1.5%

)

Value

22,308,885

Thrivent

Cash

Management

Trust

22,308,885

Total

Collateral

Held

for

Securities

Loaned

(cost

$22,308,885)

22,308,885

Shares

Registered

Investment

Companies

(

0.8%

)

Value

Unaffiliated  (0.8%)

325,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

e

11,836,500

Total

11,836,500

Total

Registered

Investment

Companies

(cost

$12,275,120)

11,836,500

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

22,500

Cobank

ACB,

6.250%

b,d

2,275,425

Total

2,275,425

Total

Preferred

Stock

(cost

$2,250,000)

2,275,425

Shares

Common

Stock

(

<0.1%

)

Value

Communications

Services

(<0.1%)

426

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

i,j

7,029

Total

7,029

Financials

(<0.1%)

2,247

Glitnir

HoldCo

ehf.

i,j

0

Total

0

Total

Common

Stock

(cost

$5,112)

7,029

Shares

or

Principal

Amount

Short-Term

Investments

(

3.0%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

0.127%,

4/18/2022

k,l

699,944

800,000

0.200%,

5/4/2022

k,l

799,693

700,000

0.380%,

6/3/2022

k,l

699,243

Thrivent

Core

Short-Term

Reserve

Fund

4,340,950

0.660%

43,409,500

Total

Short-Term

Investments

(cost

$45,608,723)

45,608,380

Total

Investments

(cost

$1,599,275,094)

100.6%

$1,534,347,663

Other

Assets

and

Liabilities,

Net

(0.6%)

(9,022,579)

Total

Net

Assets

100.0%

$1,525,325,084

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$372,364,749

or

24.4%

of

total

net

assets.

d

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.

e

All

or

a

portion

of

the

security

is

on

loan.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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.

l

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,254,495

Common

Stock

8,391,168

Total

lending

$21,645,663

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$22,308,885

Net

amounts

due

to

counterparty

$663,222

Definitions:

CLO

-

Collateralized

Loan

Obligation

Ser.

-

Series

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Communications

Services

185,738

–

185,738

–

Consumer

Cyclical

2,192,877

–

2,192,877

–

Consumer

Non-Cyclical

1,303,758

–

1,303,758

–

Technology

397,610

–

397,610

–

Long-Term

Fixed

Income

Asset-Backed

Securities

57,349,162

–

57,349,162

–

Basic

Materials

38,439,120

–

38,439,120

–

Capital

Goods

56,822,680

–

56,822,680

–

Collateralized

Mortgage

Obligations

272,357

–

272,357

–

Communications

Services

131,552,902

–

131,552,902

–

Consumer

Cyclical

112,180,193

–

112,180,193

–

Consumer

Non-Cyclical

159,029,871

–

159,029,871

–

Energy

113,291,431

–

113,291,431

–

Financials^

515,464,344

–

515,464,344

0

Foreign

Government

9,399,542

–

9,399,542

–

Technology

75,788,342

–

75,788,342

–

Transportation

53,132,882

–

53,132,882

–

U.S.

Government

&

Agencies

18,818,543

–

18,818,543

–

Utilities

106,690,092

–

106,690,092

–

Registered

Investment

Companies

Unaffiliated

11,836,500

11,836,500

–

–

Preferred

Stock

Financials

2,275,425

2,275,425

–

–

Common

Stock

Communications

Services

7,029

–

–

7,029

Financials^

0

–

–

0

Short-Term

Investments

2,198,880

–

2,198,880

–

Subtotal

Investments

in

Securities

$1,468,629,278

$14,111,925

$1,454,510,324

$7,029

Other

Investments  *

Total

Affiliated

Short-Term

Investments

43,409,500

Collateral

Held

for

Securities

Loaned

22,308,885

Subtotal

Other

Investments

$65,718,385

Total

Investments

at

Value

$1,534,347,663

*

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

2,233,139

2,233,139

–

–

Total

Liability

Derivatives

$2,233,139

$2,233,139

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$2,198,880

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

364

June

2022

$

55,924,210

(

$

1,301,460)

Ultra

10-Yr.

U.S.

Treasury

Note

296

June

2022

41,030,429

(

931,679)

Total

Futures

Long

Contracts

$

96,954,639

(

$

2,233,139)

Total

Futures

Contracts

$

96,954,639

($2,233,139)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$68,494

$135,535

$160,619

$43,410

4,341

2.9%

Total

Affiliated

Short-Term

Investments

68,494

43,410

2.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,809

88,011

73,511

22,309

22,309

1.5

Total

Collateral

Held

for

Securities

Loaned

7,809

22,309

1.5

Total

Value

$76,303

$65,719

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$0

$0

$

–

$22

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$22

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

Value

$0

$0

$

–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Shares

Common

Stock

(

91.4%

)

Value

Australia

(6.1%)

9,849

ALS,

Ltd.

$

97,800

105,841

Alumina,

Ltd.

158,904

543,245

AMP,

Ltd.

a

389,681

38,772

ARB

Corporation,

Ltd.

1,193,264

428,865

Aristocrat

Leisure,

Ltd.

11,640,281

53,653

ASX,

Ltd.

3,263,726

341,593

Aurizon

Holdings,

Ltd.

938,920

74,850

Beach

Energy,

Ltd.

87,345

28,548

Bega

Cheese,

Ltd.

102,122

86,614

Bendigo

and

Adelaide

Bank,

Ltd.

662,163

78,819

BHP

Group,

Ltd.

3,038,280

11,038

BWP

Trust

33,107

162,336

Carsales.com,

Ltd.

2,513,179

177,881

Centuria

Capital

Group

379,212

96,705

Centuria

Industrial

REIT

276,536

6,659

Challenger,

Ltd.

33,826

141,742

Charter

Hall

Group

1,722,502

16,357

Charter

Hall

Retail

REIT

51,289

43,024

Charter

Hall

Social

Infrastructure

REIT

125,922

27,864

Commonwealth

Bank

of

Australia

2,194,360

193,652

Computershare,

Ltd.

3,559,154

168,682

CSL,

Ltd.

33,676,162

66,410

Data#3,

Ltd.

291,963

146,790

DEXUS

Property

Group

1,198,201

13,242

Domino's

Pizza

Enterprises,

Ltd.

861,974

36,603

Downer

EDI,

Ltd.

146,852

1,349

Elders,

Ltd.

13,388

318,827

Fortescue

Metals

Group,

Ltd.

4,900,969

86,920

GrainCorp,

Ltd.

550,073

577,480

GWA

Group,

Ltd.

1,070,557

532,769

Humm

Group,

Ltd.

339,711

50,148

IDP

Education,

Ltd.

1,173,671

229,416

Iluka

Resources,

Ltd.

1,929,683

442,824

Incitec

Pivot,

Ltd.

1,253,513

78,293

Ingenia

Communities

Group

295,572

109,656

Inghams

Group,

Ltd.

250,656

14,864

JB

Hi-Fi,

Ltd.

600,807

269,907

Karoon

Gas

Australia,

Ltd.

a

433,456

4,434

Lovisa

Holdings,

Ltd.

61,572

324,696

Metcash,

Ltd.

1,099,227

23,109

NRW

Holdings,

Ltd.

37,023

13,517

Nufarm,

Ltd.

63,684

18,681

Origin

Energy,

Ltd.

86,955

27,719

OZ

Minerals,

Ltd.

552,799

200,418

Paladin

Energy,

Ltd.

a,b

115,786

16,006

Perpetual,

Ltd.

413,259

47,234

Pinnacle

Investment

Management

Group

Limited

369,066

73,546

Premier

Investments,

Ltd.

1,504,253

11,308

Pro

Medicus,

Ltd.

409,653

300,783

Qube

Holdings,

Ltd.

700,933

28,303

REA

Group,

Ltd.

2,837,364

48,087

Reliance

Worldwide

Corporation,

Ltd.

151,833

48,293

Rio

Tinto,

Ltd.

4,317,409

659,351

Sandfire

Resources,

Ltd.

2,799,073

179,209

SEEK,

Ltd.

3,946,650

1,405,560

Tabcorp

Holdings,

Ltd.

5,599,910

2,837

Technology

One,

Ltd.

24,063

3,633

Worley,

Ltd.

35,096

Total

106,574,389

Austria

(0.3%)

13,826

BAWAG

Group

AG

c

697,651

Shares

Common

Stock

(91.4%)

Value

Austria

(0.3%)

-

continued

3,500

EVN

AG

$

90,227

106,163

OMV

AG

5,072,760

Total

5,860,638

Belgium

(0.9%)

10,357

D'ieteren

Group

1,743,952

70,219

Groupe

Bruxelles

Lambert

SA

7,266,044

43,313

KBC

Groep

NV

3,107,691

3,719

Melexis

NV

342,382

13,406

NV

Bekaert

SA

524,555

10,411

Solvay

SA

1,026,069

11,528

Telenet

Group

Holding

NV

371,426

12,766

Warehouses

De

Pauw

SCA

550,804

Total

14,932,923

Bermuda

(0.3%)

19,909

BW

Offshore,

Ltd.

65,667

18,000

China

Water

Affairs

Group,

Ltd.

19,615

71,500

CK

Infrastructure

Holdings,

Ltd.

477,966

220,455

Golden

Ocean

Group,

Ltd.

2,709,863

18,500

Grand

Pharmaceutical

Group,

Ltd.

13,048

25,800

Hopson

Development

Holdings,

Ltd.

48,762

12,000

Jardine

Matheson

Holdings,

Ltd.

660,000

2,810,000

Pacific

Basin

Shipping,

Ltd.

1,504,548

349,000

Road

King

Infrastructure,

Ltd.

300,280

212,400

Shanghai

Industrial

Urban

Development

Group,

Ltd.

19,106

300,000

Yuexiu

Transport

Infrastructure,

Ltd.

201,983

Total

6,020,838

Brazil

(0.5%)

16,200

Ambev

SA

52,809

17,700

Americanas

SA

120,936

16,500

Atacadao

SA

78,323

75,000

B3

SA

-

Brasil

Bolsa

Balcao

247,162

53,042

Banco

Bradesco

SA

ADR

246,115

28,500

Banco

do

Brasil

SA

207,118

75,200

BB

Seguridade

Participacoes

SA

404,506

50,391

Centrais

Eletricas

Brasileiras

SA

ADR

398,593

18,827

Companhia

Siderurgica

Nacional

SA

ADR

102,042

28,000

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

102,683

17,200

EDP

-

Energias

do

Brasil

SA

85,186

67,400

ENGIE

Brasil

Energia

SA

610,289

20,166

Gerdau

SA

ADR

129,667

11,000

Hapvida

Participacoes

e

Investimentos

SA

c

27,540

56,883

Itau

Unibanco

Holding

SA

ADR

324,802

39,800

Itausa

SA

90,115

76,200

JBS

SA

600,023

6,500

Klabin

SA

33,134

129,600

Metalurgica

Gerdau

SA

333,184

3,900

Natura

&

Company

Holding

SA

a

21,363

125,478

Petroleo

Brasileiro

SA

879,734

58,085

Petroleo

Brasileiro

SA

ADR

859,658

3,500

Suzano

SA

40,616

30,600

Telefonica

Brasil

SA

346,038

27,214

Telefonica

Brasil

SA

ADR

306,158

68,534

Vale

SA

ADR

1,369,995

94,200

Vibra

Energia

SA

461,003

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Shares

Common

Stock

(91.4%)

Value

Brazil

(0.5%)

-

continued

10,200

WEG

SA

$

74,769

Total

8,553,561

Canada

(9.3%)

81,987

Alimentation

Couche-Tard,

Inc.

3,693,563

20,174

Bank

of

Montreal

2,373,953

42,325

Bank

of

Nova

Scotia

3,033,492

253,987

BCE,

Inc.

14,079,350

116,545

Canadian

Imperial

Bank

of

Commerce

14,146,865

207,001

Canadian

National

Railway

Company

27,767,922

94,277

Canadian

Pacific

Railway,

Ltd.

7,781,067

21,956

Canadian

Utilities,

Ltd.

673,002

30,255

Canadian

Western

Bank

d

879,468

78,105

Canopy

Growth

Corporation

a,d

592,277

229,751

CGI,

Inc.

a

18,302,525

217,974

CI

Financial

Corporation

3,462,755

30,507

Dollarama,

Inc.

1,730,149

19,126

Dream

Industrial

Real

Estate

Investment

Trust

246,925

21,882

Enbridge,

Inc.

1,007,326

8,701

Home

Capital

Group,

Inc.

264,479

187,036

Laurentian

Bank

of

Canada

6,217,827

76,169

Manulife

Financial

Corporation

1,624,337

2,168

Pembina

Pipeline

Corporation

81,455

9,734

Royal

Bank

of

Canada

1,071,702

3,704

Shopify,

Inc.

a

2,503,756

120,907

Sun

Life

Financial,

Inc.

6,750,637

87,754

Suncor

Energy,

Inc.

2,856,928

425,783

TC

Energy

Corporation

24,014,686

62,476

Teck

Resources,

Ltd.

2,523,406

11,133

TELUS

Corporation

290,848

25,306

Thomson

Reuters

Corporation

2,747,497

1,720

TMX

Group,

Ltd.

176,905

2,773

Toromont

Industries,

Ltd.

262,871

121,377

Toronto-Dominion

Bank

9,630,352

Total

160,788,325

Cayman

Islands

(1.0%)

38,600

ANTA

Sports

Products,

Ltd.

478,833

140,100

ASM

Pacific

Technology,

Ltd.

1,410,448

6,487

Baidu.com,

Inc.

ADR

a

858,230

48,000

Bosideng

International

Holdings,

Ltd.

22,240

25,000

Chailease

Holding

Company,

Ltd.

219,283

14,000

China

Education

Group

Holdings,

Ltd.

12,046

57,000

China

Medical

System

Holdings,

Ltd.

88,897

78,000

China

Meidong

Auto

Holdings,

Ltd.

296,438

265,000

China

Overseas

Property

Holdings,

Ltd.

312,551

3,000

Chlitina

Holding,

Ltd.

21,176

174,000

Consun

Pharmaceutical

Group,

Ltd.

84,158

19,000

Country

Garden

Services

Holdings

Company,

Ltd.

80,040

208,000

Geely

Automobile

Holdings,

Ltd.

322,196

50,000

Greentown

Service

Group

Company,

Ltd.

49,855

16,481

Hello

Group,

Inc.

ADR

95,260

102,000

IGG,

Inc.

48,327

5,715

JD.com,

Inc.

a

162,391

3,468

Li

Auto,

Inc.

ADR

a

89,509

Shares

Common

Stock

(91.4%)

Value

Cayman

Islands

(1.0%)

-

continued

33,500

Li

Ning

Company,

Ltd.

$

284,461

98,500

Longfor

Group

Holdings,

Ltd.

c

503,844

70,200

Meituan

Dianping

a,c

1,329,865

61,500

NetDragon

Websoft

Holdings,

Ltd.

127,971

10,312

NetEase,

Inc.

ADR

924,883

29,916

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

34,403

19,969

NIO,

Inc.

ADR

a

420,348

9,273

Pinduoduo,

Inc.

ADR

a

371,940

307,600

Sands

China,

Ltd.

a

731,774

1,420,000

Shui

On

Land,

Ltd.

216,201

10,400

Sunny

Optical

Technology

(Group)

Company,

Ltd.

165,166

5,602

TAL

Education

Group

ADR

a

16,862

117,024

Tencent

Holdings,

Ltd.

5,394,144

18,408

Tencent

Music

Entertainment

Group

ADR

a

89,647

892

Trip.com

Group,

Ltd.

ADR

a

20,623

14,000

VSTECS

Holdings,

Ltd.

13,109

559,000

Want

Want

China

Holdings,

Ltd.

515,812

9,654

Weibo

Corporation

ADR

a

236,620

21,000

Wisdom

Marine

Lines

Company,

Ltd.

62,936

48,000

WuXi

Biologics

(Cayman),

Inc.

a,c

381,149

59,500

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

c

29,821

396,800

Xiaomi

Corporation

a,c

693,379

3,363

XPeng,

Inc.

ADR

a

92,785

110,000

Yadea

Group

Holdings,

Ltd.

c

168,504

58,000

Zhongsheng

Group

Holdings,

Ltd.

407,812

Total

17,885,937

Chile

(<0.1%)

3,283

Banco

de

Credito

e

Inversiones

SA

a

118,272

3,400

CAP

SA

52,720

57,277

Cencosud

SA

112,836

4,043

Cia

Cervecerias

Unidas

SA

ADR

60,483

1,170,590

Colbun

SA

96,007

57,139

Embotelladora

Andina

SA

126,506

2,152

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

184,211

Total

751,035

China

(1.4%)

71,433

Aier

Eye

Hospital

Group

Company,

Ltd.

353,187

34,255

Alibaba

Group

Holding,

Ltd.

ADR

a

3,726,944

33,600

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

208,338

3,300

Asymchem

Laboratories

(Tianjin)

Company,

Ltd.

190,183

286,785

Bank

of

Beijing

Company,

Ltd.

206,561

313,200

Bank

of

China,

Ltd.,

Class

A

161,195

2,168,000

Bank

of

China,

Ltd.,

Class

H

865,153

34,000

Beijing

North

Star

Company,

Ltd.

5,049

4,095

BYD

Company,

Ltd.,

Class

A

146,531

19,000

BYD

Company,

Ltd.,

Class

H

528,491

1,565,000

CGN

Power

Company,

Ltd.

c

407,507

12,000

Changzhou

Xingyu

Automotive

Lighting

Systems

244,720

1,533,000

China

Construction

Bank

Corporation

1,148,317

223,000

China

Galaxy

Securities

Company,

Ltd.

124,390

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Shares

Common

Stock

(91.4%)

Value

China

(1.4%)

-

continued

92,000

China

Life

Insurance

Company,

Ltd.

$

140,164

38,800

China

Merchants

Bank

Company,

Ltd.,

Class

A

284,605

97,500

China

Merchants

Bank

Company,

Ltd.,

Class

H

758,982

45,800

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

109,462

15,000

China

National

Nuclear

Power

Company,

Ltd.

19,069

5,600

China

Pacific

Insurance

(Group)

Company,

Ltd.

13,549

544

China

Petroleum

&

Chemical

Corporation

ADR

26,939

93,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

297,629

67,400

CITIC

Securities

Company,

Ltd.,

Class

A

220,901

104,000

CITIC

Securities

Company,

Ltd.,

Class

H

238,379

3,900

Contemporary

Amperex

Technology

Company,

Ltd.

312,078

2,700

East

Money

Information

Company,

Ltd.

10,695

20,000

Flat

Glass

Group

Company,

Ltd.

76,358

23,484

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

131,298

32,000

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

c

129,925

11,800

Ganfeng

Lithium

Company,

Ltd.

c

166,013

115,200

GF

Securities

Company,

Ltd.,

Class

H

162,172

49,000

Goertek,

Inc.

263,795

65,200

Great

Wall

Motor

Company,

Ltd.,

Class

A

279,009

146,500

Great

Wall

Motor

Company,

Ltd.,

Class

H

229,930

129,884

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

639,786

12,000

Haier

Smart

Home

Company,

Ltd.,

Class

A

43,377

56,800

Haier

Smart

Home

Company,

Ltd.,

Class

H

181,617

154,000

Haitong

Securities

Company,

Ltd.,

Class

A

249,221

267,600

Haitong

Securities

Company,

Ltd.,

Class

H

203,352

4,800

Huagong

Tech

Company,

Ltd.

15,182

93,600

Huatai

Securities

Company,

Ltd.

218,464

44,200

Iflytek

Company,

Ltd.

322,131

660,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

404,615

69,677

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

403,617

21,084

JD.com,

Inc.

ADR

a

1,220,131

2,700

Jiangsu

Yangnong

Chemical

Company,

Ltd.

51,184

75,000

Jiangxi

Copper

Company,

Ltd.

124,055

3,392

Kweichow

Moutai

Company,

Ltd.

913,811

458,000

Lenovo

Group,

Ltd.

496,131

30,700

LONGi

Green

Energy

Technology

Company,

Ltd.

346,123

54,500

Luxshare

Precision

Industry

Company,

Ltd.

270,252

14,800

Midea

Group

Company,

Ltd.

132,005

73,440

NARI

Technology

Company,

Ltd.

361,900

Shares

Common

Stock

(91.4%)

Value

China

(1.4%)

-

continued

753,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

$

245,684

10,500

Perfect

World

Company,

Ltd.

21,121

8,337

PetroChina

Company,

Ltd.

ADR

421,435

105,278

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

736,005

49,500

Shandong

Linglong

Tyre

Company,

Ltd.

171,566

281,400

Shandong

Nanshan

Aluminum

Company,

Ltd.

179,172

19,000

Shanghai

Baosight

Software

Company,

Ltd.

145,337

19,000

Shanghai

Fosun

Pharmaceutical

(Group)

Company,

Ltd.

92,077

126,898

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Company,

Ltd.

233,066

13,500

Shanghai

Yuyuan

Tourist

Mart

(Group)

Company,

Ltd.

21,597

162,600

Shenwan

Hongyuan

Group

Company,

Ltd.

111,896

25,700

Shenzhen

Inovance

Technology

Company,

Ltd.

229,468

304,200

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

351,823

659,300

Sinotrans,

Ltd.

413,264

164,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

138,912

24,400

Wanhua

Chemical

Group

Company,

Ltd.

309,314

37,500

Weichai

Power

Company,

Ltd.,

Class

A

78,464

396,100

Wuchan

Zhongda

Group

Company,

Ltd.

331,844

17,500

Wuliangye

Yibin

Company,

Ltd.

424,867

4,800

WuXi

AppTec

Company,

Ltd.,

Class

H

c

74,995

12,000

Yunnan

Baiyao

Group

Company,

Ltd.

154,270

6,600

Zhangzhou

Pientzehuang

Pharmaceutical

Company,

Ltd.

328,059

59,200

Zhejiang

Century

Huatong

Group

Company,

Ltd.

a

58,256

116,000

Zijin

Mining

Group

Company,

Ltd.

175,910

115,400

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

120,363

187,800

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

H

118,565

Total

24,471,802

Colombia

(<0.1%)

1,320

Bancolombia

SA

ADR

56,311

2,269

Bancolombia

SA

26,088

16,307

Ecopetrol

SA

ADR

303,310

Total

385,709

Cyprus

(<0.1%)

18,642

Ros

Agro

plc

GDR

b

0

Total

0

Czech

Republic

(0.1%)

16,723

CEZ

AS

701,416

14,275

Komercni

Banka

AS

552,640

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Shares

Common

Stock

(91.4%)

Value

Czech

Republic

(0.1%)

-

continued

75

Philip

Morris

CR

$

59,139

Total

1,313,195

Denmark

(2.2%)

794

A.P.

Moller

-

Maersk

AS,

Class

B

2,385,941

13,200

ALK-Abello

AS

a

290,994

59,656

Carlsberg

AS

7,323,460

19,888

Dampskibsselskabet

Norden

AS

693,951

13,051

DFDS

AS

556,577

46,395

DSV

AS

8,891,862

11,718

Jyske

Bank

AS

a

636,926

108,778

Novo

Nordisk

AS

12,065,236

29,824

Royal

Unibrew

AS

2,786,327

14,804

Scandinavian

Tobacco

Group

AS

c

315,672

25,842

Sydbank

AS

882,176

10,655

Topdanmark

AS

596,443

46,015

Tryg

AS

1,118,841

Total

38,544,406

Egypt

(<0.1%)

99,797

Commercial

International

Bank

Egypt

SAE

GDR

a

233,525

Total

233,525

Finland

(0.5%)

49,081

KONE

Oyj

2,568,427

15,912

Metso

Outotec

Oyj

134,134

59,013

Nordea

Bank

Abp

607,362

46,635

Sampo

Oyj

2,278,795

84,697

Stora

Enso

Oyj

1,661,547

31,353

Tokmanni

Group

Corporation

519,338

10,543

UPM-Kymmene

Oyj

344,284

9,714

Uponor

Oyj

196,821

Total

8,310,708

France

(7.0%)

83,942

Air

Liquide

SA

14,685,221

611

Alten

SA

92,217

2,523

Amundi

SA

c

172,526

35,254

BNP

Paribas

SA

2,014,589

158,320

CGG

SA

a

178,691

7,402

Cie

Generale

des

Etablissements

Michelin

1,003,092

73,539

Coface

SA

885,588

44,932

Derichebourg

468,245

215,443

Engie

SA

2,832,445

7,057

Eramet

SA

a

1,152,222

29,987

Eutelsat

Communications

325,747

2,144

Hermes

International

3,034,520

32,279

Ipsos

SA

1,606,770

200,229

Legrand

SA

19,133,559

5,231

LNA

Sante

214,082

36,120

L'Oreal

SA

14,428,043

16,939

LVMH

Moet

Hennessy

Louis

Vuitton

SE

12,091,110

11,589

Nexans

SA

1,084,509

15,151

Nexity

SA

533,397

21,247

Renault

SA

a

555,401

39,496

Rexel

SA

843,158

15,155

Rubis

SCA

445,451

48,425

Sanofi

4,950,982

138,671

Schneider

Electric

SE

23,281,648

8,439

SCOR

SE

271,361

3,730

SPIE

SA

88,224

20,358

Television

Francaise

1

SA

197,420

Shares

Common

Stock

(91.4%)

Value

France

(7.0%)

-

continued

273,809

TotalEnergies

SE

$

13,854,687

1,173

Trigano

170,825

387

Virbac

SA

154,713

Total

120,750,443

Germany

(4.0%)

64,736

Allianz

SE

15,459,567

16,526

Aurubis

AG

1,967,292

31,442

Bayerische

Motoren

Werke

AG

2,717,156

4,183

CTS

Eventim

AG

&

Company

KGAA

a

284,100

277

Dermapharm

Holding

SE

18,056

1,059,516

Deutsche

Bank

AG

a

13,343,821

91,348

Deutsche

Pfandbriefbank

AG

c

1,109,162

116,388

Deutsche

Post

AG

5,557,776

5,003

Deutz

AG

a

25,825

392

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG

25,745

24,186

Evonik

Industries

AG

670,983

4,390

Freenet

AG

117,481

11,286

Gerresheimer

AG

824,414

239

GFT

Technologies

SE

11,083

5,561

HeidelbergCement

AG

315,167

3,411

Hensoldt

AG

100,156

6,754

Hugo

Boss

AG

389,654

9,499

Jungheinrich

AG

275,069

65,385

K+S

AG

a

1,967,219

98,719

Klockner

&

Company

SE

a

1,328,586

1,817

Krones

AG

150,922

20,971

Merck

KGaA

4,379,493

16,008

METRO

AG

a

141,885

53,975

Porsche

Automobil

Holding

SE

5,192,099

3,376

ProSiebenSat.1

Media

AG

43,003

3,379

Rheinmetall

AG

714,218

341

Sartorius

Aktiengesellschaft

150,499

8,247

Scout24

SE

c

470,182

2,538

SGL

Carbon

SE

a

15,765

4,848

Siemens

AG

671,293

4,290

Stroeer

SE

296,050

28,495

Symrise

AG

3,416,363

301,264

TAG

Immobilien

AG

6,821,815

8,267

Uniper

SE

213,573

1,800

Volkswagen

AG

444,638

Total

69,630,110

Greece

(0.1%)

282,193

Eurobank

Ergasias

Services

and

Holdings

SA

a

330,141

1,634

GEK

Terna

Holding

Real

Estate

Construction

SA

a

16,967

13,364

Hellenic

Telecommnications

Organization

SA

241,651

7,179

JUMBO

SA

106,962

2,749

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

42,688

10,119

Mytilineos

SA

165,690

Total

904,099

Guernsey

(<0.1%)

130,713

BMO

Commercial

Property

Trust,

Ltd.

197,702

93,129

UK

Commercial

Property

REIT,

Ltd.

107,578

Total

305,280

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock

(91.4%)

Value

Hong

Kong

(0.5%)

18,200

Bank

of

East

Asia,

Ltd.

$

28,438

106,000

China

Everbright

Environment

Group,

Ltd.

63,622

542,500

CK

Hutchison

Holdings,

Ltd.

3,966,983

453,440

CSPC

Pharmaceutical

Group,

Ltd.

519,572

266,000

Far

East

Horizon,

Ltd.

237,703

157,000

Galaxy

Entertainment

Group,

Ltd.

929,029

141,778

Hang

Lung

Group,

Ltd.

299,768

527,000

Hong

Kong

and

China

Gas

Company,

Ltd.

636,574

72,000

Hysan

Development

Company,

Ltd.

210,486

198,500

Kerry

Properties,

Ltd.

559,193

132,400

Link

REIT

1,127,549

79,000

Luk

Fook

Holdings

International,

Ltd.

191,574

27,000

Shanghai

Industrial

Holdings,

Ltd.

40,535

276,000

United

Laboratories

International

Holdings

144,346

Total

8,955,372

Hungary

(<0.1%)

367

OTP

Bank

Nyrt

a

13,314

Total

13,314

India

(1.2%)

162,624

Ambuja

Cements,

Ltd.

638,864

28,845

Asian

Paints,

Ltd.

1,167,190

2,270

Bajaj

Finance,

Ltd.

215,578

3,034

Bajaj

Finserv,

Ltd.

677,067

25,644

Britannia

Industries,

Ltd.

1,081,256

58,932

Cipla,

Ltd.

789,044

50,462

Coal

India,

Ltd.

121,402

3,232

Cyient,

Ltd.

39,329

18,312

Dabur

India,

Ltd.

129,136

623

Divi's

Laboratories,

Ltd.

36,035

166

Dr.

Lal

PathLabs,

Ltd.

c

5,685

29,740

ICICI

Bank,

Ltd.

ADR

563,276

97,503

Indian

Energy

Exchange,

Ltd.

c

286,873

130,772

Indian

Oil

Corporation,

Ltd.

204,070

115,010

Infosys,

Ltd.

ADR

2,862,599

24,334

Jubilant

FoodWorks,

Ltd.

840,892

45,537

Kotak

Mahindra

Bank,

Ltd.

1,045,832

5,318

Larsen

&

Toubro

Infotech,

Ltd.

c

428,791

10,037

Larsen

&

Toubro,

Ltd.

232,765

2,154

Marico,

Ltd.

14,279

277,005

Oil

and

Natural

Gas

Corporation,

Ltd.

595,686

580

Page

Industries,

Ltd.

329,270

4,431

Persistent

Systems,

Ltd.

277,131

1,440

Pidilite

Industries,

Ltd.

46,511

2,109

PNB

Housing

Finance,

Ltd.

a,c

10,434

566,159

Power

Grid

Corporation

of

India,

Ltd.

1,614,082

127,783

Reliance

Industries,

Ltd.

4,419,704

6,265

SBI

Life

Insurance

Company,

Ltd.

c

92,303

5,508

Schaeffler

India,

Ltd.

140,504

21,365

Tata

Consultancy

Services,

Ltd.

1,049,991

9,263

Tata

Elxsi,

Ltd.

1,073,821

28,186

Tech

Mahindra,

Ltd.

554,559

445

Titan

Company,

Ltd.

14,824

476

Ultra

Tech

Cement,

Ltd.

41,255

Total

21,640,038

Indonesia

(0.2%)

180,900

Astra

International

Tbk

PT

82,814

Shares

Common

Stock

(91.4%)

Value

Indonesia

(0.2%)

-

continued

3,212,400

Bank

Central

Asia

Tbk

PT

$

1,783,735

333,800

Bank

Mandiri

Persero

Tbk

PT

183,077

19,211

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

613,791

Total

2,663,417

Israel

(1.7%)

1,893

Airport

City,

Ltd.

a

43,074

5,735

Alony-Hetz

Properties

and

Investments,

Ltd.

95,055

9,219

Amot

Investments,

Ltd.

69,070

629,928

Bank

Hapoalim,

Ltd.

6,236,685

953,569

Bank

Leumi

Le-Israel

BM

10,272,522

196,260

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

a

336,295

285

Big

Shopping

Centers,

Ltd.

44,007

798

Camtek,

Ltd.

a

24,616

2,265

Clal

Insurance

Enterprises

Holdings,

Ltd.

a

53,144

1,662

Delek

Group,

Ltd.

a

240,607

31,928

Enlight

Renewable

Energy,

Ltd.

a

74,761

396

Fattal

Holdings

1998,

Ltd.

a

56,713

5,755

First

International

Bank

of

Israel,

Ltd.

247,812

465

Fox-Wizel,

Ltd.

74,343

9,689

Gazit-Globe,

Ltd.

87,884

6,488

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

79,118

182,921

ICL

Group,

Ltd.

2,174,488

992

Israel

Corporation,

Ltd.

a

573,816

897

Melisron,

Ltd.

a

74,613

14,685

Mivne

Real

Estate

(KD),

Ltd.

57,276

156,922

Mizrahi

Tefahot

Bank,

Ltd.

6,128,134

4,397

Nova,

Ltd.

a

473,797

26,826

Phoenix

Holdings,

Ltd.

352,145

63,599

Plus500,

Ltd.

1,173,513

19,562

Shufersal,

Ltd.

176,914

Total

29,220,402

Italy

(2.0%)

502,775

A2A

SPA

861,143

8,703

Acea

SPA

159,799

752

Amplifon

SPA

33,468

119,608

Azimut

Holding

SPA

2,772,956

107,922

Banca

Farmafactoring

SPA

c

801,116

12,933

Banca

IFIS

SPA

264,433

89,044

Davide

Campari-Milano

NV

1,032,833

1,313,877

Enel

SPA

8,772,482

12,765

Falck

Renewables

SPA

124,550

90,908

Finecobank

Banca

Fineco

SPA

1,379,090

182,016

Hera SPA

670,579

168,959

Iren

SPA

447,599

219,957

Italgas

SPA

1,411,134

143,073

Leonardo

SPA

a

1,421,749

145,993

Mediobanca

SPA

1,475,340

222,494

Pirelli

&

C.

SPA

c

1,207,260

73,059

Poste

Italiane

SPA

c

828,538

179,728

Recordati

SPA

9,011,498

8,058

Reply

SPA

1,323,901

36,400

UniCredit

SPA

392,676

133,825

Unipol

Gruppo

SPA

734,031

Total

35,126,175

Japan

(17.2%)

63

Activia

Properties,

Inc.

219,632

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock

(91.4%)

Value

Japan

(17.2%)

-

continued

58

Advance

Residence

Investment

Corporation

$

163,700

33,000

Advantest

Corporation

2,576,438

46,100

Air

Water,

Inc.

647,377

15,000

Alfresca

Holdings

Corporation

207,924

155,100

Amada

Company,

Ltd.

1,363,588

37,200

Aozora

Bank,

Ltd.

783,775

38,000

Arcs

Company,

Ltd.

658,901

540,800

Astellas

Pharma,

Inc.

8,449,944

18,900

Autobacs

Seven

Company,

Ltd.

207,838

1,700

Avex,

Inc.

18,498

66,900

BANDAI

NAMCO

Holdings,

Inc.

5,072,993

2,200

BayCurrent

Consulting,

Inc.

796,352

9,100

Bell

System24

Holdings,

Inc.

102,138

800

Benesse

Holdings,

Inc.

14,678

5,700

BML,

Inc.

143,796

1,600

Canon

Marketing

Japan,

Inc.

32,864

4,300

Central

Glass

Company,

Ltd.

73,185

48,800

Chiyoda

Company,

Ltd.

293,953

149,400

Chugai

Pharmaceutical

Company,

Ltd.

4,985,243

288,500

Citizen

Watch

Company,

Ltd.

1,222,450

63,800

Coca-Cola

Bottlers

Japan,

Inc.

751,820

121,900

COMSYS

Holdings

Corporation

2,654,502

3,100

Daido

Steel

Company,

Ltd.

93,170

4,000

Daifuku

Company,

Ltd.

285,406

39,100

Daikin

Industries,

Ltd.

7,100,714

56

Daiwa

Office

Investment

Corporation

347,643

24,200

Dena

Company,

Ltd.

367,627

14,400

Dexerials

Corporation

388,517

11,700

Doshisha

Company,

Ltd.

143,043

5,300

DTS

Corporation

115,880

8,300

Eagle

Industry

Company,

Ltd.

66,082

800

Ebara

Corporation

44,377

2,100

EIZO

Corporation

61,467

5,700

Ezaki

Glico

Company,

Ltd.

173,927

7,400

FANUC

Corporation

1,298,774

21,000

Financial

Products

Group

Company,

Ltd.

147,475

2,000

Fuji

Oil

Holdings,

Inc.

32,431

53,100

Fuji

Soft,

Inc.

2,665,235

63,000

Fujikura,

Ltd.

a

318,875

600

Fuyo

General

Lease

Company,

Ltd.

34,206

386

Global

One

Real

Estate

Investment

Corporation

354,721

3,300

GLOBERIDE,

Inc.

77,782

62,300

Gunma

Bank,

Ltd.

179,565

3,800

Gunze,

Ltd.

115,957

54,800

H2O

Retailing

Corporation

378,553

24,600

Hanwa

Company,

Ltd.

648,622

34,000

Haseko

Corporation

390,518

6,500

Hikari

Tsushin,

Inc.

738,960

21,500

Hitachi

Zosen

Corporation

130,567

209,900

Honda

Motor

Company,

Ltd.

5,949,792

11,100

Hoya

Corporation

1,264,933

25,200

IDOM,

Inc.

149,856

47,400

Iida

Group

Holdings

Company,

Ltd.

817,221

12,800

Iino

Kaiun

Kaisha,

Ltd.

85,792

101,200

Inaba

Denki

Sangyo

Company,

Ltd.

2,052,352

58

Industrial

&

Infrastructure

Fund

Investment

Corporation

87,874

72,800

Inpex

Corporation

855,934

59,600

ITOCHU

Techno-Solutions

Corporation

1,522,451

7,500

Izumi

Company,

Ltd.

197,468

Shares

Common

Stock

(91.4%)

Value

Japan

(17.2%)

-

continued

178,700

J.

Front

Retailing

Company,

Ltd.

$

1,449,700

67

Japan

Excellent,

Inc.

74,174

12,600

Japan

Petroleum

Exploration

Company,

Ltd.

265,369

65,800

Japan

Post

Holdings

Company,

Ltd.

483,251

229

Japan

Prime

Realty

Investment

Corporation

749,622

900

Japan

Steel

Works,

Ltd.

27,895

179,000

Japan

Tobacco,

Inc.

3,056,887

153,100

JFE

Holdings,

Inc.

2,142,512

69,400

Kamigumi

Company,

Ltd.

1,245,771

12,100

Kaneka

Corporation

349,515

50,700

Kanematsu

Corporation

554,621

2,400

Kanematsu

Electronics,

Ltd.

75,179

154,029

Kao

Corporation

6,289,106

700

Kawasaki

Kisen

Kaisha,

Ltd.

45,563

6,800

KDDI

Corporation

222,949

531

Kenedix

Retail

REIT

Corporation

1,217,866

79

472,958

24,000

Keyence

Corporation

11,128,863

124,200

Kinden

Corporation

1,600,730

7,900

Komatsu,

Ltd.

189,802

15,700

KOMEDA

Holdings

Company,

Ltd.

261,705

2,800

Kumagai

Gumi

Company,

Ltd.

61,977

2,000

KYB

Company,

Ltd.

48,431

103,400

Kyoei

Steel,

Ltd.

1,127,318

9,400

Kyokuto

Kaihatsu

Kogyo

Company,

Ltd.

106,437

73,800

Kyushu

Electric

Power

Company,

Inc.

494,121

8,100

Life

Corporation

208,472

13,100

Lintec

Corporation

259,787

42,200

M3,

Inc.

1,524,095

14,700

Macnica

Fuji

Electronics

Holdings,

Inc.

314,389

16,300

Makino

Milling

Machine

Company,

Ltd.

513,874

4,600

Mandom

Corporation

49,261

10,100

Marui

Group

Company,

Ltd.

184,801

4,500

Matsuda

Sangyo

Company,

Ltd.

90,533

28,700

Maxell,

Ltd.

280,969

39,900

McDonald's

Holdings

Company

(Japan),

Ltd.

1,659,272

3,100

MegaChips

Corporation

94,966

18,700

Ministop

Company,

Ltd.

222,357

265,100

Mitsubishi

Corporation

9,948,340

146,600

Mitsubishi

Electric

Corporation

1,681,334

37,200

Mitsubishi

Gas

Chemical

Company,

Inc.

629,721

1,056,500

Mitsubishi

HC

Capital,

Inc.

4,909,045

22,800

Mitsubishi

Logistics

Corporation

564,129

8,100

Mitsubishi

Research

Institute,

Inc.

264,684

44,400

Mitsuboshi

Belting,

Ltd.

734,023

5,200

Mitsui

&

Company,

Ltd.

141,155

23,900

Mitsui

Mining

and

Smelting

Company,

Ltd.

653,014

62,000

Murata

Manufacturing

Company,

Ltd.

4,084,114

8,600

Nachi-Fujikoshi

Corporation

293,576

77,000

NEC

Networks

&

System

Integration

Corporation

1,120,706

12,800

Net

One

Systems

Company,

Ltd.

298,194

26,200

NGK

Spark

Plug

Company,

Ltd.

421,844

57,000

NHK

Spring

Company,

Ltd.

410,017

12,200

NICHIAS

Corporation

251,189

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock

(91.4%)

Value

Japan

(17.2%)

-

continued

66,700

Nidec

Corporation

$

5,268,171

10,800

Nihon

Unisys,

Ltd.

274,002

22,400

Nikkon

Holdings

Company,

Ltd.

373,793

19,500

Nintendo

Company,

Ltd.

9,842,860

4,000

Nippon

Electric

Glass

Company,

Ltd.

88,476

9,400

Nippon

Gas

Company,

Ltd.

114,708

15,730

Nippon

Light

Metal

Holdings

Company,

Ltd.

219,919

332

Nippon

REIT

Investment

Corporation

1,041,798

12,200

Nippon

Shokubai

Company,

Ltd.

530,024

141,100

Nippon

Steel

Corporation

2,489,660

2,400

Nippon

Steel

Trading

Corporation

103,888

184,000

Nippon

Suisan

Kaisha,

Ltd.

824,326

70,300

Nippon

Telegraph

and

Telephone

Corporation

2,042,490

29,900

Nissan

Chemical

Corporation

1,753,867

341,405

Nissan

Motor

Company,

Ltd.

a

1,516,974

6,800

Nisshin

Oillio

Group,

Ltd.

158,754

37,800

Nitori

Holdings

Company,

Ltd.

4,755,724

55,100

Nitto

Kogyo

Corporation

708,883

1,600

NOF

Corporation

65,375

35,000

NOK

Corporation

326,332

7,100

NS

Solutions

Corporation

212,771

27,400

NS

United

Kaiun

Kaisha,

Ltd.

935,353

24,900

Okamura

Corporation

245,864

12,400

Okuma

Corporation

513,508

2,600

Okumura

Corporation

63,108

114,500

Ono

Pharmaceutical

Company,

Ltd.

2,869,988

59,200

Oracle

Corporation

Japan

4,102,384

181,500

Orient

Corporation

183,468

5,100

Oriental

Land

Company,

Ltd.

976,167

193,000

ORIX

Corporation

3,846,984

130,700

Pan

Pacific

International

Holdings

Company

2,091,269

13,600

Paramount

Bed

Holdings

Company,

Ltd.

221,141

64,700

Penta-Ocean

Construction

Company,

Ltd.

322,771

32,700

PLENUS

Company,

Ltd.

538,524

900

Prima

Meat

Packers,

Ltd.

16,208

30,684

Recruit

Holdings

Company,

Ltd.

1,333,129

360,500

Renesas

Electronics

Corporation

a

4,177,102

569,000

Resona

Holdings,

Inc.

2,423,565

34,000

Resorttrust,

Inc.

579,698

12,100

Round

One

Corporation

132,596

26,500

Ryoyo

Electro

Corporation

d

428,973

4,900

S

Foods,

Inc.

131,474

68,200

Sangetsu

Company,

Ltd.

852,204

13,500

Sankyo

Company,

Ltd.

374,384

13,300

Sankyu,

Inc.

433,503

14,000

Sato

Holdings

Corporation

195,752

35,100

Sawai

Group

Holdings

Company,

Ltd.

1,281,648

16,400

SCREEN

Holdings

Company,

Ltd.

1,634,673

111,200

Secom

Company,

Ltd.

8,044,421

2,200

Sega

Sammy

Holdings,

Inc.

37,938

71,600

Seino

Holdings

Company,

Ltd.

651,410

36

Sekisui

House

REIT,

Inc.

23,817

56,900

Senko

Group

Holdings

Company,

Ltd.

416,740

36,900

Shikoku

Electric

Power

Company

238,588

900

SHIMAMURA

Company,

Ltd.

79,991

54,000

Shin-Etsu

Chemical

Company,

Ltd.

8,204,400

51,500

Shionogi

&

Company,

Ltd.

3,164,333

Shares

Common

Stock

(91.4%)

Value

Japan

(17.2%)

-

continued

7,800

SHO-BOND

Holdings

Company,

Ltd.

$

339,364

47,100

Showa

Denko

KK

929,970

174,400

SKY

Perfect

JSAT

Holdings,

Inc.

590,548

1,400

SMC

Corporation

782,592

22,100

Sodick

Company,

Ltd.

141,085

143,500

SoftBank

Corporation

1,673,657

96,300

SoftBank

Group

Corporation

4,305,539

131,000

Sony

Group

Corporation

13,476,719

737

Star

Asia

Investment

Corporation

REIT

375,946

13,700

Star

Micronics

Company,

Ltd.

171,872

6,700

Starts

Corporation,

Inc.

131,153

10,000

Sumco

Corporation

163,649

338,000

Sumitomo

Corporation

5,853,707

91,700

Sumitomo

Forestry

Company,

Ltd.

1,615,790

9,100

Sumitomo

Heavy

Industries,

Ltd.

208,535

236,600

Sumitomo

Mitsui

Financial

Group,

Inc.

7,473,812

162,800

Sumitomo

Mitsui

Trust

Holdings,

Inc.

5,298,267

19,100

Sumitomo

Warehouse

Company,

Ltd.

357,910

5,100

Sundrug

Company,

Ltd.

124,212

5,300

Suzuken

Company,

Ltd.

156,996

8,800

Taikisha,

Ltd.

218,817

44,000

Taiyo

Holdings

Company,

Ltd.

1,161,974

4,700

Takara

Holdings,

Inc.

42,179

382

Takara

Leben

Real

Estate

Investment

Corporation

386,014

10,500

Takara

Standard

Company,

Ltd.

108,698

77,000

Takashimaya

Company,

Ltd.

729,974

30,700

Takeda

Pharmaceutical

Company,

Ltd.

874,711

6,700

Tama

Home

Company,

Ltd.

139,631

36,000

Terumo

Corporation

1,089,307

101,000

Toagosei

Company,

Ltd.

887,879

47,200

Toho

Gas

Company,

Ltd.

1,050,588

5,000

Tokyo

Century

Corporation

183,305

17,700

Tokyo

Electron,

Ltd.

9,090,033

33,600

Tokyo

Seimitsu

Company,

Ltd.

1,327,928

34,700

Tokyo

Tatemono

Company,

Ltd.

519,996

24,600

Tokyotokeiba

Company,

Ltd.

875,181

22,500

Tokyu

Fudosan

Holdings

Corporation

123,486

43,100

Toyo

Seikan

Group

Holdings,

Ltd.

493,049

10,900

Toyo

Tanso

Company,

Ltd.

279,896

720,000

Toyota

Motor

Corporation

12,987,363

53,300

Tsubakimoto

Chain

Company

1,326,436

2,300

Tsugami

Corporation

24,757

9,200

TSURUHA

Holdings,

Inc.

584,184

186,500

TV

Asahi

Holdings

Corporation

2,293,957

16,200

UACJ

Corporation

308,169

4,000

ULVAC,

Inc.

203,434

271

United

Urban

Investment

Corporation

312,340

56,100

Ushio,

Inc.

830,501

12,400

Yellow

Hat,

Ltd.

159,166

24,900

Yuasa

Trading

Company,

Ltd.

588,821

1,082,700

Z

Holdings

Corporation

4,680,612

Total

299,209,119

Jersey

(0.1%)

96,773

Breedon

Group

plc

103,072

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock

(91.4%)

Value

Jersey

(0.1%)

-

continued

545,929

Man

Group

plc

$

1,665,969

Total

1,769,041

Kuwait

(0.1%)

11,346

Boubyan

Bank

KSCP

a

35,093

26,682

Gulf

Bank

KSCP

28,165

17,859

HumanSoft

Holding

Company

KSCP

189,494

137,291

Kuwait

Finance

House

KSCP

483,425

97,309

Kuwait

International

Bank

KSCP

80,600

69,637

Mobile

Telecommunications

Company

KSCP

143,861

98,759

National

Bank

of

Kuwait

KSC

356,860

346,387

National

Industries

Group

Holding

319,738

121,235

National

Industries

Group

Holding,

Rights

a,b

32,208

Total

1,669,444

Luxembourg

(0.7%)

23,817

Allegro.eu

SA

a,c

199,491

15,144

APERAM

669,321

149,482

ArcelorMittal

SA

4,788,550

607,750

B&M

European

Value

Retail

SA

4,251,992

47,899

Tenaris

SA

ADR

1,440,323

Total

11,349,677

Malaysia

(0.1%)

7,600

AEON

Credit

Service

(M)

Berhad

27,329

97,727

Berjaya

Sports

Toto

Berhad

44,536

107,300

Hong

Leong

Bank

Berhad

514,563

156,400

Mah

Sing

Group

Berhad

25,293

245,200

PETRONAS

Chemicals

Group

Berhad

559,824

48,600

TIME

dotCom

Berhad

49,609

Total

1,221,154

Marshall

Islands

(<0.1%)

32,052

Atlas

Corporation

d

470,523

Total

470,523

Mauritius

(<0.1%)

591,200

Golden

Agri-Resources,

Ltd.

132,563

Total

132,563

Mexico

(0.2%)

22,645

America

Movil

SAB

de

CV

ADR

478,942

62,600

Arca

Continental

SAB

de

CV

424,855

95,800

Banco

del

Bajio

SA

c

261,776

1,721

Fomento

Economico

Mexicano

SAB

de

CV

ADR

142,585

66,600

Gentera,

SAB

de

CV

a

56,354

20,333

Grupo

Financiero

Banorte

SAB

de

CV

ADR

153,157

74,700

Grupo

Mexico,

SAB

de

CV

445,984

93,800

Megacable

Holdings

SAB

de

CV

282,956

33,465

Promotora

y

Operadora

de

Infraestructura,

SAB

de

CV

265,718

48,200

Qualitas

Controladora

SAB

de

CV

274,902

46,600

Wal-Mart

de

Mexico,

SAB

de

CV

190,969

Total

2,978,198

Netherlands

(5.1%)

73,747

Aalberts

NV

3,822,053

305,347

Aegon

NV

1,618,693

Shares

Common

Stock

(91.4%)

Value

Netherlands

(5.1%)

-

continued

179,570

Airbus

SE

a

$

21,668,556

8,708

AMG

Advanced

Metallurgical

Group

NV

374,129

588

Arcadis

NV

26,896

34,747

ASML

Holding

NV

23,218,829

20,545

ASR

Nederland

NV

959,168

86,052

BAM

Group

a

259,620

17,095

BE

Semiconductor

Industries

NV

1,457,243

559

Eurocommercial

Properties

NV

15,366

70,275

Euronext

NV

c

6,384,357

27,083

Ferrari

NV

5,900,325

6,100

Flow

Traders

c

207,065

71,019

ForFarmers

BV

267,842

7,371

Fugro

NV

a

88,233

61,590

Koninklijke

DSM

NV

11,018,126

41,329

OCI

NV

a

1,459,107

76,443

QIAGEN

NV

a

3,751,072

2,106

RHI

Magnesita

NV

66,829

31,340

Signify

NV

c

1,457,863

39,923

Stellantis

NV

646,336

861

TKH

Group

NV

48,067

98,648

Unilever

plc

4,458,540

3,645

Van

Lanschot

Kempen

NV

97,001

Total

89,271,316

New

Zealand

(0.1%)

165,088

Contact

Energy,

Ltd.

929,070

6,809

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

114,256

189,771

Fletcher

Building,

Ltd.

836,778

7,642

Spark

New

Zealand,

Ltd.

24,184

Total

1,904,288

Norway

(2.4%)

232,319

Aker

Solutions

ASA

a

799,078

21,894

Austevoll

Seafood

ASA

338,569

666,522

DNB

Bank

ASA

15,069,356

197,963

DNO

International

ASA

288,797

376,492

Equinor

ASA

14,056,954

75,645

Europris

ASA

c

485,463

3,986

Grieg

Seafood

ASA

a

54,137

14,377

Kongsberg

Gruppen

ASA

570,856

40,891

Leroy

Seafood

Group

ASA

375,082

27,800

Mowi

ASA

748,819

487,171

MPC

Container

Ships

ASA

1,627,961

33,179

Nordic

Semiconductor

ASA

a

845,191

449,525

Norsk

Hydro

ASA

4,367,531

1,760

SalMar

ASA

139,126

5,463

Selvaag

Bolig

ASA

30,873

5,241

SpareBank

1

SMN

83,721

4,303

SpareBank

1

SR

Bank

ASA

65,502

20,138

Veidekke

ASA

279,731

73,125

Wallenius

Wilhelmsen

ASA

a

536,504

8,346

Yara

International

ASA

417,371

Total

41,180,622

Peru

(<0.1%)

11,623

Cia

de

Minas

Buenaventura

SA

ADR

a

117,044

Total

117,044

Philippines

(<0.1%)

1,710

Globe

Telecom,

Inc.

83,925

Total

83,925

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock

(91.4%)

Value

Poland

(0.1%)

27,011

Asseco

Poland

SA

$

518,459

467

Bank

Handlowy

w

Warszawie

SA

7,090

90,915

Bank

Millennium

SA

a

142,510

3,256

Bank

Pekao

SA

87,033

24,158

Cyfrowy

Polsat

SA

159,051

998

mBank

SA

a

83,231

40,966

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

386,006

Total

1,383,380

Portugal

(0.3%)

369,635

Galp

Energia

SGPS

SA

4,673,204

17,974

Redes

Energeticas

Nacionais

SGPS

SA

56,669

568,204

Sonae

SGPS

SA

652,186

Total

5,382,059

Russian

Federation

(<0.1%)

169,404

Gazprom

PJSC

ADR

b

17

6,112

Lukoil

ADR

b

0

6,042

Mechel

PJSC

ADR

a,b

1

14,886

MMC

Norilsk

Nickel

PJSC

ADR

b

1

444

Novatek

PJSC

GDR

b

0

171

PAO

Transneft

b

0

1,369

Polyus

PJSC

GDR

b

0

42,484

Raspadskaya

OJSC

Temporary

Shares

a,b

0

329,720

Sberbank

of

Russia

PJSC

b

1

17,590

Sovcomflot

OAO

b

0

765,300

Surgutneftegas

PJSC

b

1

67,366

Surgutneftegas

PJSC

ADR

b

7

Total

28

Saudi

Arabia

(0.4%)

45,212

Al

Rajhi

Bank

1,929,819

23,456

Arriyadh

Development

Company

172,029

4,903

Bank

Albilad

a

80,588

3,795

Banque

Saudi

Fransi

54,099

2,049

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

103,586

7,505

Dur

Hospitality

Company

a

56,171

6,207

Eastern

Province

Cement

Company

81,008

6,459

Jarir

Marketing

Company

338,429

1,623

Mouwasat

Medical

Services

Company

91,717

42,579

National

Commercial

Bank

801,165

12,902

National

Industrialization

Company

a

78,758

2,099

Qassim

Cement

Company

47,084

115,768

Riyad

Bank

1,155,203

18,210

Saudi

Arabian

Mining

Company

a

646,527

21,769

Saudi

Basic

Industries

Corporation

756,620

1,647

Saudi

Research

and

Marketing

Group

a

109,967

12,325

Saudi

Telecom

Company

352,657

6,015

Yamama

Cement

Company

a

51,798

Total

6,907,225

Singapore

(1.2%)

4,800

BOC

Aviation,

Ltd.

c

37,705

2,699

China

Yuchai

International,

Ltd.

31,443

716,900

DBS

Group

Holdings,

Ltd.

18,784,374

295,100

First

Resources,

Ltd.

444,870

165,000

Fortune

Real

Estate

Investment

Trust

148,264

2,198

Kenon

Holdings,

Ltd.

144,599

Shares

Common

Stock

(91.4%)

Value

Singapore

(1.2%)

-

continued

132,200

Oversea-Chinese

Banking

Corporation,

Ltd.

$

1,199,300

18,200

Parkway

Life

REIT

63,006

127,000

Wing

Tai

Holdings,

Ltd.

166,850

54,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

62,485

498,100

Yanlord

Land

Group,

Ltd.

453,524

Total

21,536,420

South

Africa

(0.4%)

51,937

AECI,

Ltd.

415,682

2,212

Anglo

American

Platinum,

Ltd.

303,741

8,695

AngloGold

Ashanti,

Ltd.

ADR

205,985

4,423

Aspen

Pharmacare

Holdings,

Ltd.

60,122

19,117

Barloworld,

Ltd.

151,706

117

Capitec

Bank

Holdings,

Ltd.

18,634

4,713

Clicks

Group,

Ltd.

99,678

53,023

DataTec,

Ltd.

147,091

121,774

FirstRand,

Ltd.

642,743

8,658

Gold

Fields,

Ltd.

ADR

133,853

6,166

Impala

Platinum

Holdings,

Ltd.

94,909

67,618

Investec

plc

447,328

26,561

Investec,

Ltd.

177,243

3,492

Kumba

Iron

Ore,

Ltd.

155,116

29,316

Massmart

Holdings,

Ltd.

a

92,006

147,614

Momentum

Metropolitan

Holdings

174,864

17,779

Motus

Holdings,

Ltd.

130,515

54,671

MTN

Group,

Ltd.

707,395

2,762

Naspers,

Ltd.

311,947

52,806

Ninety

One,

Ltd.

177,110

62,260

Pepkor

Holdings,

Ltd.

c

98,849

35,852

Resilient

REIT,

Ltd.

149,591

82,109

Sanlam,

Ltd.

404,225

15,187

Sasol,

Ltd.

a

367,162

17,587

Shoprite

Holdings,

Ltd.

283,865

16,541

Sibanye

Stillwater,

Ltd.

66,511

7,571

Spar

Group,

Ltd.

87,930

5,831

Standard

Bank

Group

72,444

9,021

Super

Group,

Ltd.

18,106

Total

6,196,351

South

Korea

(0.9%)

277

Amicogen,

Inc.

a

6,794

73

Celltrion

Pharm,

Inc.

a

5,861

7

Celltrion

Pharm,

Inc.,

Bonus

Shares

a,b

534

3,807

Cheil

Worldwide,

Inc.

73,647

4,540

Chong

Kun

Dang

Pharmaceutical

Corporation

366,925

483

Chongkundang

Holdings

Corporation

28,506

939

DB

HiTek

Company,

Ltd.

57,225

1,480

DongKook

Pharmaceutical

Company,

Ltd.

26,123

6,977

Green

Cross

Holdings

Corporation

136,665

2,921

GS

Holdings

Corporation

105,493

2,870

Huons

Global

Company,

Ltd.

72,588

143

Huons

Global

Company,

Ltd.,

Bonus

Shares

a,b

3,436

247

Hyundai

Glovis

Company,

Ltd.

38,947

30,350

JB

Financial

Group

Corporation,

Ltd.

210,328

7,152

JYP

Entertainment

Corporation

358,837

1,377

Kakao

Corporation

119,687

49,176

Kangwon

Land,

Inc.

a

1,121,606

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

(91.4%)

Value

South

Korea

(0.9%)

-

continued

616

KCC

Corporation

$

171,932

18,107

Kia

Corporation

1,096,708

910

Korea

Zinc

Company,

Ltd.

438,030

4,191

Korean

Reinsurance

Company

33,859

17,129

KT&G

Corporation

1,139,594

271

LG

Chem,

Ltd.

118,418

5,284

Lotte

Shopping

Company,

Ltd.

414,954

7,442

LS

Electric

Company,

Ltd.

275,332

5,883

LX

Semicon

Company,

Ltd.

696,442

646

Mcnex

Company,

Ltd.

23,130

3,001

Meritz

Financial

Group,

Inc.

100,451

64,251

Meritz

Securities

Company,

Ltd.

345,331

4,330

NHN

Corporation

a

130,625

6,921

NKMAX

Company,

Ltd.

a

115,829

1,643

Osstem

Implant

Company,

Ltd.

b

165,041

3,170

Pearl

Abyss

Corporation

a

257,745

7,323

PharmaResearch

Company,

Ltd.

550,548

6,159

PI

Advanced

Materials

Company,

Ltd.

232,561

1,318

Samsung

Biologics

Company,

Ltd.

a,c

895,551

76,513

Samsung

Electronics

Company,

Ltd.

4,378,302

3,664

Samsung

Securities

Corporation,

Ltd.

125,822

776

SK

Hynix,

Inc.

74,650

115

SK,

Inc.

22,789

2,523

SM

Entertainment

Company,

Ltd.

168,578

5,607

S-Oil

Corporation

444,883

55

Taekwang

Industrial

Corporation,

Ltd.

47,130

Total

15,197,437

Spain

(1.4%)

1,857,134

Banco

Santander

SA

6,314,159

246,240

Bankinter

SA

1,442,773

430,532

CaixaBank

SA

1,460,322

47,637

CIA

De

Distribucion

Integral

871,317

199,859

Industria

de

Diseno

Textil

SA

4,357,947

6,457

Laboratorios

Farmaceuticos

ROVI,

SA

478,474

8,997

Let's

GOWEX

SA

a,b,e

1

382,737

Mediaset

Espana

Comunicacion

SA

a

1,935,808

29,693

Merlin

Properties

Socimi

SA

347,148

1,474,626

Telefonica

SA

7,146,457

4,482

Viscofan

SA

265,816

Total

24,620,222

Sweden

(2.4%)

27,601

AB

Industrivarden,

Class

A

782,788

207,379

AB

Industrivarden,

Class

C

5,780,460

8,429

Addtech

AB

161,823

109,171

Arjo

AB

924,308

185,009

Assa

Abloy

AB

4,972,965

91,908

Atlas

Copco

AB,

Class

A

4,770,574

34,103

Atlas

Copco

AB,

Class

B

1,546,555

68,450

Betsson

AB

415,107

19,053

BillerudKorsnas

AB

282,346

32,068

Biotage

AB

745,389

34,209

Bonava

AB

214,229

19,449

Bravida

Holding

AB

c

223,637

6,963

Getinge

AB

277,399

268,631

Granges

AB

2,633,629

335,601

Hexpol

AB

3,275,720

Shares

Common

Stock

(91.4%)

Value

Sweden

(2.4%)

-

continued

250

HMS

Networks

AB

$

11,689

13,370

Holmen

AB

746,294

20,644

Indutrade

AB

519,180

7,372

Intrum

AB

198,937

40,567

Inwido

AB

641,464

6,590

L

E

Lundbergforetagen

AB

334,458

13,993

Lindab

International

AB

355,960

5,238

Lundin

Energy

AB

219,860

19,645

Mekonomen

Aktiebolag

a

231,317

7,267

MIPS

AB

675,785

42,660

NCC

AB

606,079

24,402

New

Wave

Group

AB

395,807

12,931

Saab

AB

467,063

98,595

Skandinaviska

Enskilda

Banken

AB

d

1,065,896

44,285

SSAB

AB,

Class

A

a

307,707

433,875

SSAB

AB,

Class

B

a

2,888,985

86,727

Svenska

Handelsbanken

AB

d

797,493

16,882

Svolder

AB

112,972

202,803

Swedbank

AB

d

3,028,993

25,282

Thule

Group

AB

c

1,000,808

36,430

Trelleborg

AB

843,442

Total

42,457,118

Switzerland

(7.7%)

34,075

Baloise

Holding

AG

6,085,683

1,259

Bossard

Holding

AG

295,108

1,861

Bucher

Industries

AG

752,233

2,340

Comet

Holding

AG

675,751

26,433

Compagnie

Financiere

Richemont

SA

3,350,512

2,700

DKSH

Holding

AG

227,400

91,158

Ferrexpo

plc

221,325

8,700

Galenica

AG

c

669,781

8,149

Geberit

AG

5,023,505

1,324,599

Glencore

Xstrata

plc

8,618,756

8,116

Huber

&

Suhner

AG

759,173

246

Lindt

&

Spruengli

AG

2,927,872

239,292

Nestle

SA

31,112,426

326,047

Novartis

AG

28,624,173

75,509

PSP

Swiss

Property

AG

9,916,770

7,144

Roche

Holding

AG,

Participation

Certificates

2,826,608

503

Siegfried

Holding

AG

414,606

35,023

Sika

AG

11,587,494

9,910

Sonova

Holding

AG

4,139,787

11,304

Swiss

Life

Holding

AG

7,243,670

2,661

Swissquote

Group

Holding

SA

479,530

18,442

Tecan

Group

AG

7,290,867

420

u-blox

Holding

AG

a

40,802

1,526

Valiant

Holding

AG

157,676

1,751

Vontobel

Holding

AG

147,251

4,691

Zehnder

Group

AG

a

405,492

Total

133,994,251

Taiwan

(1.5%)

407,000

Capital

Securities

Corporation

231,959

24,000

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

67,943

5,000

Chicony

Power

Technology

Company,

Ltd.

14,392

36,000

China

Steel

Chemical

Corporation

145,592

211,000

China

Steel

Corporation

284,479

20,000

CTCI

Corporation

32,231

14,000

Eclat

Textile

Company,

Ltd.

231,766

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock

(91.4%)

Value

Taiwan

(1.5%)

-

continued

120,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

$

403,078

231,000

First

Financial

Holding

Company,

Ltd.

228,436

67,000

Formosa

Plastics

Corporation

247,803

480,519

Fubon

Financial

Holding

Company,

Ltd.

1,275,883

90,000

Holtek

Semiconductor,

Inc.

370,635

15,000

Hotai

Motor

Company,

Ltd.

310,963

11,000

International

Games

System

Company,

Ltd.

292,806

269,000

King

Yuan

Electronics

Company,

Ltd.

398,420

2,000

Lotes

Company,

Ltd.

48,444

43,354

Makalot

Industrial

Company,

Ltd.

308,789

2,000

MediaTek,

Inc.

62,241

3,000

Momo.com,

Inc.

97,511

841,000

Nan

Ya

Plastics

Corporation

2,722,421

70,000

Novatek

Microelectronics

Corporation

1,029,260

75,000

Realtek

Semiconductor

Corporation

1,114,109

191,645

Sigurd

Microelectronics

Corporation

394,951

10,000

Simplo

Technology

Company,

Ltd.

107,958

13,000

Sinbon

Electronics

Company,

Ltd.

117,262

48,000

Systex

Corporation

135,239

22,000

Taiwan

Cogeneration

Corporation

29,524

575,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

11,805,839

117,000

Topco

Scientific

Company,

Ltd.

689,434

21,000

TSRC

Corporation

25,389

8,000

U-Ming

Marine

Transport

Corporation

16,394

7,000

United

Integrated

Services

Company,

Ltd.

47,310

438,000

United

Microelectronics

Corporation

804,354

51,000

Vanguard

International

Semiconductor

Corporation

219,606

18,000

Voltronic

Power

Technology

Corporation

908,379

Total

25,220,800

Thailand

(0.2%)

13,100

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

91,534

891,200

AP

(Thailand)

Public

Company,

Ltd.

NVDR

294,043

443,700

BTS

Group

Holdings

Public

Company,

Ltd.

NVDR

122,403

55,400

Com7

Public

Company,

Ltd.

NVDR

71,304

67,500

Com7

Public

Company,

Ltd.

NVDR,

Bonus

Shares

a,b

82,533

2,900

Electricity

Generating

Public

Company,

Ltd.

NVDR

14,784

54,600

Kiatnakin

Phatra

Bank

Public

Company,

Ltd.

NVDR

112,807

3,036,000

Land

and

Houses

Public

Company,

Ltd.

NVDR

866,108

15,900

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

68,507

23,600

Thanachart

Capital

Public

Company,

Ltd.

NVDR

30,436

Shares

Common

Stock

(91.4%)

Value

Thailand

(0.2%)

-

continued

275,700

TISCO

Financial

Group

Public

Company,

Ltd.

$

831,121

Total

2,585,580

Turkey

(<0.1%)

699,449

Dogan

Sirketler

Grubu

Holding

AS

157,798

1,143,273

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

183,120

76,393

Eregli

Demir

ve

Celik

Fabrikalari

TAS

167,472

39,013

Haci

Omer

Sabanci

Holding

AS

46,542

Total

554,932

United

Kingdom

(9.6%)

89,239

AstraZeneca

plc

11,834,221

1,253,485

Auto

Trader

Group

plc

c

10,347,844

93,862

Avacta

Group

plc

a,d

91,243

105,187

Babcock

International

Group

plc

a

446,615

48,548

Balfour

Beatty

plc

163,593

3,730

Bank

of

Georgia

Group

plc

58,211

2,891,579

Barclays

plc

5,605,243

129,012

Barratt

Developments

plc

878,287

40,688

Bellway

plc

1,293,397

1,700,043

BP

plc

8,334,235

151,483

British

American

Tobacco

plc

6,361,846

16,371

Britvic

plc

173,551

24,460

Capital

&

Counties

Properties

plc

55,816

56,442

Capricorn

Energy

plc

a

162,968

2,526

Carnival

plc

ADR

a

46,150

53,174

Central

Asia

Metals

plc

166,247

801,320

Centrica

plc

a

838,221

2,282

Clarkson

plc

110,269

14,663

Computacenter

plc

563,739

43,899

Crest

Nicholson

Holdings

plc

153,374

24,959

Croda

International

plc

2,567,568

30,309

Dechra

Pharmaceuticals

plc

1,609,164

307,556

Diageo

plc

15,600,603

3,217

Diploma

plc

110,442

52,736

Drax

Group

plc

542,317

1,529

Electrocomponents

plc

21,594

99,833

Evraz

plc

b

13

4,275

Fevertree

Drinks

plc

99,816

34,524

Greggs

plc

1,108,825

84,711

Halfords

Group

plc

273,750

492,503

Halma

plc

16,113,230

90,468

Howden

Joinery

Group

plc

906,942

1,307,975

HSBC

Holdings

plc

8,934,184

115,110

IG

Group

Holdings

plc

1,236,361

32,384

IMI

plc

576,564

132,117

Inchcape

plc

1,156,044

41,359

Indivior

plc

a

152,236

115,657

InterContinental

Hotels

Group

plc

7,822,396

997,287

ITV

plc

a

1,067,319

107,134

Just

Group

plc

a

123,066

4,281

Lancashire

Holdings,

Ltd.

24,012

88,625

LondonMetric

Property

plc

320,565

106,102

Marks

and

Spencer

Group

plc

a

214,151

339,856

Moneysupermarket.com

Group

plc

845,279

530

Morgan

Advanced

Materials

plc

2,149

12,218

Morgan

Sindall

Group

plc

384,701

228,533

Natwest

Group

plc

645,453

5,552

Next

plc

436,667

14,821

OSB

Group

plc

109,777

253,702

PageGroup

plc

1,634,452

130,628

Paragon

Banking

Group

plc

854,616

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Shares

Common

Stock

(91.4%)

Value

United

Kingdom

(9.6%)

-

continued

88,003

Pennon

Group

plc

$

1,238,575

6,655

Pets

at

Home

Group

plc

31,438

5,762

QinetiQ

Group

plc

23,059

98,338

Reach

plc

236,282

108,495

Redde

Northgate

plc

615,704

5,917

Redrow

plc

40,478

299,161

RELX

plc

9,309,192

801

Renishaw

plc

40,431

8,968

Rightmove

plc

74,117

21,988

Rio

Tinto

plc

1,757,860

179,840

Royal

Mail

plc

772,707

20,568

Safestore

Holdings

plc

362,056

8,319

Savills

plc

120,969

34,038

Serica

Energy

plc

177,115

1,021,507

Shell

plc

27,998,116

27,302

Spectris

plc

925,934

24,420

Spirax-Sarco

Engineering

plc

3,992,189

65,559

Spirent

Communications

plc

204,204

392,028

Standard

Chartered

plc

2,602,278

15,047

SThree

plc

81,328

64,963

Tate

&

Lyle

plc

622,741

27,156

Travis

Perkins

plc

437,910

550,543

Tritax

Big

Box

REIT

plc

1,743,189

22,668

Vesuvius

plc

101,367

9,289

Vistry

Group

plc

114,293

12,162

Warehouse

REIT

plc

27,735

Total

166,830,593

United

States

(<0.1%)

1,460

Yum

China

Holding,

Inc.

60,648

Total

60,648

Virgin

Islands,

British

(<0.1%)

4,449

VK

Company,

Ltd.

GDR

a,b

0

Total

0

Total

Common

Stock

(cost

$1,449,519,506)

1,588,119,599

Shares

Preferred

Stock

(

0.4%

)

Brazil

(<0.1%)

41,700

Companhia

de

Saneamento

do

Parana

35,910

Total

35,910

Germany

(0.4%)

2,430

Bayerische

Motoren

Werke

AG

188,224

43,691

Volkswagen

AG

7,508,397

Total

7,696,621

Total

Preferred

Stock

(cost

$9,544,217)

7,732,531

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

7,108,524

Thrivent

Cash

Management

Trust

7,108,524

Total

Collateral

Held

for

Securities

Loaned

(cost

$7,108,524)

7,108,524

Principal

Amount

Long-Term

Fixed

Income

(

<0.1%

)

Value

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

464,413

1,326,000

6.000%, 

11/15/2026

f

92,820

1,410,000

5.375%, 

4/12/2027

f

93,413

210,000

5.500%, 

4/12/2037

f

12,862

Total

976,183

Total

Long-Term

Fixed

Income

(cost

$7,583,707)

976,183

Shares

or

Principal

Amount

Short-Term

Investments

(

7.5%

)

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.134%,

 4/6/2022

g,h

299,993

700,000

0.250%,

 5/18/2022

g,h

699,617

6,100,000

0.380%,

 6/3/2022

g,h

6,093,405

500,000

0.580%,

 7/19/2022

g,h

498,855

Thrivent

Core

Short-Term

Reserve

Fund

12,211,860

0.660%

122,118,601

Total

Short-Term

Investments

(cost

$129,672,980)

129,710,471

Total

Investments

(cost

$1,603,428,934)

99.8%

$1,733,647,308

Other

Assets

and

Liabilities,

Net

0.2%

3,429,649

Total

Net

Assets

100.0%

$1,737,076,957

a

Non-income

producing

security.

b

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

c

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,

2022,

the

value

of

these

investments

was

$32,608,925

or

1.9%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

e

In

bankruptcy.  Income

is

being

accrued

per

the

bankruptcy

agreement

terms.  

f

Defaulted

security.  Interest

is

not

being

accrued.

g

The

interest

rate

shown

reflects

the

yield.

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

5,284,801

Total

lending

$5,284,801

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$7,108,524

Net

amounts

due

to

counterparty

$1,823,723

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

International

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services^

85,076,482

2,064,857

83,011,624

1

Consumer

Discretionary

176,404,130

6,100,343

170,221,254

82,533

Consumer

Staples^

120,406,539

305,110

120,101,429

0

Energy^

113,800,608

3,051,665

110,748,918

25

Financials

296,936,311

1,190,504

295,689,586

32,209

Health

Care

159,527,689

–

159,358,678

169,011

Industrials

262,099,830

686,177

261,402,570

–

Information

Technology

154,160,308

6,291,238

147,869,070

–

Materials^

152,294,851

4,479,950

147,699,100

115,801

Real

Estate

41,267,698

–

41,267,698

–

Utilities

26,145,153

398,593

25,746,560

–

Preferred

Stock

Consumer

Discretionary

7,696,621

–

7,696,621

–

Utilities

35,910

–

35,910

–

Long-Term

Fixed

Income

Energy

976,183

–

976,183

–

Short-Term

Investments

7,591,870

–

7,591,870

–

Subtotal

Investments

in

Securities

$1,604,420,183

$24,568,437

$1,579,417,071

$399,580

Other

Investments  *

Total

Affiliated

Short-Term

Investments

122,118,601

Collateral

Held

for

Securities

Loaned

7,108,524

Subtotal

Other

Investments

$129,227,125

Total

Investments

at

Value

$1,733,647,308

*

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

8,851,492

8,851,492

–

–

Total

Asset

Derivatives

$8,851,492

$8,851,492

$–

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$8,496,921

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Eurex

Euro

STOXX

50

Index

2

June

2022

$

81,049

$

3,004

ICE

mini

MSCI

EAFE

Index

1,217

June

2022

122,050,332

8,436,408

ICE

US

mini

MSCI

Emerging

Markets

Index

122

June

2022

6,453,470

412,080

Total

Futures

Long

Contracts

$

128,584,851

$

8,851,492

Total

Futures

Contracts

$

128,584,851

$8,851,492

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$139,557

$70,663

$88,101

$122,119

12,212

7.0%

Total

Affiliated

Short-Term

Investments

139,557

122,119

7.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,093

68,633

62,617

7,109

7,109

0.4

Total

Collateral

Held

for

Securities

Loaned

1,093

7,109

0.4

Total

Value

$140,650

$129,228

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$97

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$97

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

Value

$–

$–

$

–

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Shares

Common

Stock

(

97.3%

)

Value

Australia

(7.8%)

2,306

Ampol,

Ltd.

$

52,387

11,599

APA

Group

92,187

5,924

Aristocrat

Leisure,

Ltd.

160,790

1,903

ASX,

Ltd.

115,760

17,810

Aurizon

Holdings,

Ltd.

48,953

27,713

Australia

and

New

Zealand

Banking

Group,

Ltd.

567,868

49,765

BHP

Group,

Ltd.

1,918,319

4,875

BlueScope

Steel,

Ltd.

75,807

14,102

Brambles,

Ltd.

104,068

647

Cochlear,

Ltd.

108,024

13,113

Coles

Group,

Ltd.

175,261

16,775

Commonwealth

Bank

of

Australia

1,321,073

5,341

Computershare,

Ltd.

98,163

3,604

Crown

Resorts,

Ltd.

a

34,320

4,706

CSL,

Ltd.

939,520

10,573

DEXUS

Property

Group

86,304

586

Domino's

Pizza

Enterprises,

Ltd.

38,145

13,185

Endeavour

Group,

Ltd.

71,724

18,019

Evolution

Mining,

Ltd.

59,472

16,647

Fortescue

Metals

Group,

Ltd.

255,895

16,529

Goodman

Group

280,936

18,831

GPT

Group

72,637

2,020

IDP

Education,

Ltd.

47,276

24,233

Insurance

Australia

Group,

Ltd.

79,310

6,771

Lendlease

Corporation,

Ltd.

56,443

3,332

Macquarie

Group,

Ltd.

503,913

27,073

Medibank

Private,

Ltd.

62,201

1,671

Mineral

Resources,

Ltd.

65,871

38,758

Mirvac

Group

71,867

32,168

National

Australia

Bank,

Ltd.

774,442

8,748

Newcrest

Mining,

Ltd.

176,775

10,876

Northern

Star

Resources,

Ltd.

87,744

3,943

Orica,

Ltd.

46,914

17,314

Origin

Energy,

Ltd.

80,592

8,942

Qantas

Airways,

Ltd.

a

34,575

14,515

QBE

Insurance

Group,

Ltd.

124,471

1,800

Ramsay

Health

Care,

Ltd.

87,175

520

REA

Group,

Ltd.

52,130

2,813

Reece,

Ltd.

39,606

3,649

Rio

Tinto,

Ltd.

326,222

31,630

Santos,

Ltd.

183,385

51,024

Scentre

Group

116,011

3,305

SEEK,

Ltd.

72,785

4,480

Sonic

Healthcare,

Ltd.

118,282

45,846

South32,

Ltd.

174,274

23,467

Stockland

74,367

12,414

Suncorp

Group,

Ltd.

102,909

21,880

Tabcorp

Holdings,

Ltd.

87,172

40,736

Telstra

Corporation,

Ltd.

120,353

30,177

Transurban

Group

304,908

7,096

Treasury

Wine

Estates,

Ltd.

61,296

37,439

Vicinity

Centres

51,953

2,095

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

44,685

11,146

Wesfarmers,

Ltd.

418,250

36,064

Westpac

Banking

Corporation

651,554

1,415

Wisetech

Global,

Ltd.

53,259

9,532

Woodside

Petroleum,

Ltd.

229,068

11,914

Woolworths,

Ltd.

330,791

Total

12,590,442

Austria

(0.2%)

3,380

Erste

Group

Bank

AG

123,258

1,448

OMV

AG

69,189

Shares

Common

Stock

(97.3%)

Value

Austria

(0.2%)

-

continued

1,432

Raiffeisen

Bank

International

AG

$

20,330

669

Verbund

AG

70,650

1,123

Voestalpine

AG

33,416

Total

316,843

Belgium

(0.8%)

1,690

Ageas

SA

NV

85,435

8,538

Anheuser-Busch

InBev

NV

510,474

299

Elia

System

Operator

SA

45,619

527

Etablissements

Franz

Colruyt

NV

21,815

1,076

Groupe

Bruxelles

Lambert

SA

111,341

2,458

KBC

Groep

NV

176,361

1,472

Proximus

SA

27,411

152

Sofina

SA

55,232

729

Solvay

SA

71,847

1,243

UCB

SA

148,660

1,938

Umicore

SA

83,775

Total

1,337,970

Bermuda

(0.1%)

6,500

CK

Infrastructure

Holdings,

Ltd.

43,451

11,300

Hongkong

Land

Holdings,

Ltd.

55,211

2,100

Jardine

Matheson

Holdings,

Ltd.

115,500

Total

214,162

Cayman

Islands

(0.5%)

16,700

Budweiser

Brewing

Company

APAC,

Ltd.

b

44,099

19,400

Chow

Tai

Fook

Jewellery

Group,

Ltd.

35,039

19,200

ESR

Cayman,

Ltd.

a,b

59,499

500

Futu

Holdings,

Ltd.

ADR

a

16,280

10,700

Grab

Holdings,

Ltd.

a

37,450

2,087

Melco

Resorts

&

Entertainment.

Ltd.

ADR

a

15,945

24,000

Sands

China,

Ltd.

a

57,095

3,146

Sea,

Ltd.

ADR

a

376,859

13,000

SITC

International

Holdings

Company,

Ltd.

45,457

82,033

WH

Group,

Ltd.

b

51,513

16,000

Wharf

Real

Estate

Investment

Company,

Ltd.

79,076

Total

818,312

Denmark

(2.6%)

31

A.P.

Moller

-

Maersk

AS,

Class

A

91,524

57

A.P.

Moller

-

Maersk

AS,

Class

B

171,283

1,621

Ambu

AS

23,863

987

Carlsberg

AS

121,166

1,037

Christian

Hansen

Holding

AS

76,144

1,168

Coloplast

AS

176,880

6,781

Danske

Bank

AS

112,802

1,046

Demant

AS

a

47,337

2,005

DSV

AS

384,269

646

Genmab

AS

a

233,305

1,223

GN

Store

Nord

AS

59,947

16,554

Novo

Nordisk

AS

1,836,106

2,019

Novozymes

AS

138,431

1,860

Orsted

AS

a,b

232,819

983

Pandora

AS

93,645

80

Rockwool

International

AS

26,409

3,540

Tryg

AS

86,074

9,927

Vestas

Wind

Systems

AS

291,207

Total

4,203,211

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Shares

Common

Stock

(97.3%)

Value

Finland

(1.1%)

1,398

Elisa

Oyj

$

84,309

4,366

Fortum

Oyj

79,798

2,685

Kesko

Oyj

74,134

3,341

KONE

Oyj

174,836

4,159

Neste

Oil

Oyj

189,623

53,003

Nokia

Oyj

a

291,890

31,515

Nordea

Bank

Abp

324,352

1,044

Orion

Oyj

47,415

4,903

Sampo

Oyj

239,583

5,719

Stora

Enso

Oyj

112,193

5,247

UPM-Kymmene

Oyj

171,342

4,654

Wartsila

Corporation

42,495

Total

1,831,970

France

(10.2%)

1,673

Accor

SA

a

53,903

287

Aeroports

de

Paris

SA

a

42,918

4,658

Air

Liquide

SA

814,893

3,119

Alstom

SA

72,982

589

Amundi

SA

b

40,277

603

Arkema

SA

72,083

19,138

AXA

SA

560,255

401

bioMerieux

42,799

11,057

BNP

Paribas

SA

631,852

8,556

Bollore

SA

44,803

2,256

Bouygues

SA

78,744

2,891

Bureau

Veritas

SA

82,425

1,576

Capgemini

SA

349,721

6,101

Carrefour

SA

132,771

1,667

Cie

Generale

des

Etablissements

Michelin

225,906

1,661

CNP

Assurances

39,988

4,974

Compagnie

de

Saint-Gobain

295,957

503

Covivio

40,031

12,158

Credit

Agricole

SA

145,271

6,422

Danone

SA

354,772

246

Dassault

Aviation

SA

38,848

6,535

Dassault

Systemes

SE

321,058

2,454

Edenred

121,338

819

Eiffage

SA

84,056

4,583

Electricite

de

France

43,017

4,583

Electricite

de

France

SA,

Rights

a,c

1,665

17,955

Engie

SA

236,056

2,826

EssilorLuxottica

SA

516,852

383

Eurazeo

SE

32,200

1,192

Faurecia

SE

31,003

452

Gecina

SA

56,965

4,325

Groupe

Eurotunnel

SA

77,892

311

Hermes

International

440,175

365

Ipsen

SA

45,689

737

Kering

SA

465,291

1,998

Klepierre

SA

53,195

924

La

Francaise

des

Jeux

SAEM

b

36,658

2,629

Legrand

SA

251,223

2,467

L'Oreal

SA

985,437

2,729

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,947,968

19,612

Orange

SA

232,233

500

Orpea

SA

21,697

2,059

Pernod-Ricard

SA

452,388

2,241

Publicis

Groupe

SA

136,015

220

Remy

Cointreau

SA

45,370

1,890

Renault

SA

a

49,405

3,360

Safran

SA

395,593

11,179

Sanofi

1,142,943

Shares

Common

Stock

(97.3%)

Value

France

(10.2%)

-

continued

272

Sartorius

Stedim

Biotech

$

111,362

5,314

Schneider

Electric

SE

892,174

268

SEB

SA

37,376

7,970

Societe

Generale

SA

213,656

870

Sodexo

SA

70,797

577

Teleperformance

SA

219,780

1,049

Thales

SA

131,373

24,659

TotalEnergies

SE

1,247,741

923

Ubisoft

Entertainment

SA

a

40,559

2,265

Valeo

SA

41,837

6,444

Veolia

Environnement

SA

206,618

5,294

Vinci

SA

540,905

7,628

Vivendi

SE

99,657

264

Wendel

SA

26,884

2,344

Worldline

SA

a,b

101,731

Total

16,367,031

Germany

(7.6%)

1,872

Adidas

AG

436,227

4,015

Allianz

SE

958,820

9,029

BASF

SE

515,203

9,658

Bayer

AG

660,602

3,255

Bayerische

Motoren

Werke

AG

281,291

792

Bechtle

AG

44,590

991

Beiersdorf

AG

104,109

1,519

Brenntag

AG

122,480

396

Carl

Zeiss

Meditec

AG

63,787

9,849

Commerzbank

AG

a

74,842

1,081

Continental

AG

a

77,493

1,899

Covestro

AG

b

95,626

4,045

Daimler

Truck

Holding

AG

a

112,189

1,603

Delivery

Hero

AG

a,b

69,865

20,317

Deutsche

Bank

AG

a

255,878

1,868

Deutsche

Boerse

AG

336,262

5,784

Deutsche

Lufthansa

AG

a

46,645

9,744

Deutsche

Post

AG

465,297

31,863

Deutsche

Telekom

AG

593,424

22,071

E.ON

SE

256,426

2,061

Evonik

Industries

AG

57,177

2,016

Fresenius

Medical

Care

AG

&

Company

KGaA

135,095

4,117

Fresenius

SE

&

Company

KGaA

151,162

672

Fuchs

Petrolub

SE

24,381

1,508

GEA

Group

AG

61,809

593

Hannover

Rueckversicherung

SE

100,738

1,463

HeidelbergCement

AG

82,915

1,624

HelloFresh

SE

a

72,891

1,022

Henkel

AG

&

Company

KGaA

67,457

12,838

Infineon

Technologies

AG

434,312

709

KION

Group

AG

46,728

713

Knorr-Bremse

AG

54,657

804

Lanxess

AG

35,294

716

LEG

Immobilien

AG

81,537

8,414

Mercedes-Benz

Group

AG

590,578

1,271

Merck

KGaA

265,430

525

MTU

Aero

Engines

AG

121,423

1,377

Muenchener

Rueckversicherungs-

Gesellschaft

AG

368,129

559

Nemetschek

SE

53,683

1,505

Porsche

Automobil

Holding

SE

144,773

1,038

PUMA

SE

88,274

50

RATIONAL

AG

34,436

6,315

RWE

AG

274,973

10,265

SAP

SE

1,137,657

258

Sartorius

Aktiengesellschaft

113,867

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Common

Stock

(97.3%)

Value

Germany

(7.6%)

-

continued

822

Scout24

SE

b

$

46,864

7,520

Siemens

AG

1,041,280

3,929

Siemens

Energy

AG

89,388

2,772

Siemens

Healthineers

AG

b

171,784

1,305

Symrise

AG

156,461

10,073

Telefonica

Deutschland

Holding

AG

27,397

885

Uniper

SE

22,863

939

United

Internet

AG

32,225

319

Volkswagen

AG

78,800

7,253

Vonovia

SE

338,067

2,189

Zalando

SE

a,b

110,839

Total

12,286,400

Hong

Kong

(2.4%)

119,000

AIA

Group,

Ltd.

1,242,584

36,500

BOC

Hong

Kong

(Holdings),

Ltd.

137,342

19,500

CK

Asset

Holdings,

Ltd.

133,291

26,500

CK

Hutchison

Holdings,

Ltd.

193,779

16,000

CLP

Holdings,

Ltd.

155,678

21,000

Galaxy

Entertainment

Group,

Ltd.

124,265

20,000

Hang

Lung

Properties,

Ltd.

40,312

7,500

Hang

Seng

Bank,

Ltd.

144,246

14,000

Henderson

Land

Development

Company,

Ltd.

58,114

25,500

HK

Electric

Investments,

Ltd.

24,903

37,000

HKT

Trust

and

HKT,

Ltd.

50,733

110,162

Hong

Kong

and

China

Gas

Company,

Ltd.

133,067

11,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

553,105

20,600

Link

REIT

175,434

15,000

MTR

Corporation,

Ltd.

80,779

15,000

New

World

Development

Company,

Ltd.

60,857

13,500

Power

Assets

Holdings,

Ltd.

87,980

32,000

Sino

Land

Company,

Ltd.

41,261

13,000

Sun

Hung

Kai

Properties,

Ltd.

154,667

5,000

Swire

Pacific,

Ltd.

30,406

11,400

Swire

Properties,

Ltd.

28,172

13,500

Techtronic

Industries

Company,

Ltd.

216,290

18,000

Xinyi

Glass

Holdings

Company,

Ltd.

43,158

Total

3,910,423

Ireland

(0.7%)

7,594

CRH

plc

302,890

969

DCC

plc

75,034

1,639

Flutter

Entertainment

plc

a

188,887

4,376

James

Hardie

Industries

plc

131,272

1,565

Kerry

Group

plc

175,033

1,515

Kingspan

Group

plc

148,087

2,419

Smurfit

Kappa

Group

plc

107,446

Total

1,128,649

Isle

of

Man

(0.1%)

5,765

Entain

plc

a

123,492

Total

123,492

Israel

(0.7%)

411

Azrieli

Group,

Ltd.

36,109

11,167

Bank

Hapoalim,

Ltd.

110,560

14,283

Bank

Leumi

Le-Israel

BM

153,867

1,044

Check

Point

Software

Technologies,

Ltd.

a

144,343

Shares

Common

Stock

(97.3%)

Value

Israel

(0.7%)

-

continued

391

CyberArk

Software,

Ltd.

a

$

65,981

257

Elbit

Systems,

Ltd.

56,207

287

Fiverr

International,

Ltd.

a

21,832

6,943

ICL

Group,

Ltd.

82,535

500

InMode,

Ltd.

a

18,455

11,443

Israel

Discount

Bank,

Ltd.

71,166

457

Kornit

Digital,

Ltd.

37,789

1,387

Mizrahi

Tefahot

Bank,

Ltd.

54,165

621

NICE,

Ltd.

a

135,829

10,843

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

101,816

560

Wix.com,

Ltd.

a

58,498

Total

1,149,152

Italy

(1.8%)

1,224

Amplifon

SPA

54,474

10,880

Assicurazioni

Generali

SPA

248,850

4,871

Atlantia

SPA

a

101,281

5,139

Davide

Campari-Milano

NV

59,608

244

DiaSorin

SPA

38,111

79,955

Enel

SPA

533,843

24,811

Eni

SPA

361,826

5,996

Finecobank

Banca

Fineco

SPA

90,960

3,252

Infrastrutture

Wireless

Italiane

SPA

b

36,404

162,359

Intesa

Sanpaolo

SPA

371,604

6,106

Mediobanca

SPA

61,704

2,018

Moncler

SPA

111,963

5,152

Nexi

Spa

a,b

59,453

5,136

Poste

Italiane

SPA

b

58,246

2,504

Prysmian

SPA

84,977

1,028

Recordati

SPA

51,544

19,823

Snam

SPA

114,311

96,410

Telecom

Italia

SPA

35,395

13,831

Terna

Rete

Elettrica

Nazionale

SPA

118,771

20,790

UniCredit

SPA

224,279

Total

2,817,604

Japan

(21.7%)

2,000

Advantest

Corporation

156,148

6,400

Aeon

Company,

Ltd.

136,464

1,900

AGC,

Inc.

75,915

1,400

Aisin

Corporation

47,849

4,600

Ajinomoto

Company,

Inc.

130,561

1,600

All

Nippon

Airways

Company,

Ltd.

a

33,445

4,507

Asahi

Group

Holdings,

Ltd.

164,147

2,100

Asahi

Intecc

Company,

Ltd.

40,968

12,300

Asahi

Kasei

Corporation

106,389

18,300

Astellas

Pharma,

Inc.

285,936

1,200

Azbil

Corporation

39,828

2,000

BANDAI

NAMCO

Holdings,

Inc.

151,659

800

Benefit

One,

Inc.

16,790

5,600

Bridgestone

Corporation

217,368

2,300

Brother

Industries,

Ltd.

41,826

9,800

Canon,

Inc.

238,865

1,700

Capcom

Company,

Ltd.

41,215

1,400

Central

Japan

Railway

Company

182,551

5,100

Chiba

Bank,

Ltd.

29,987

6,300

Chubu

Electric

Power

Company,

Inc.

65,204

6,600

Chugai

Pharmaceutical

Company,

Ltd.

220,232

10,700

Concordia

Financial

Group,

Ltd.

39,822

200

COSMOS

Pharmaceutical

Corporation

24,240

4,000

CyberAgent,

Inc.

49,498

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock

(97.3%)

Value

Japan

(21.7%)

-

continued

2,200

Dai

Nippon

Printing

Company,

Ltd.

$

51,579

1,000

Daifuku

Company,

Ltd.

71,351

9,900

Dai-Ichi

Mutual

Life

Insurance

Company,

Ltd.

201,176

17,200

Daiichi

Sankyo

Company,

Ltd.

375,596

2,400

Daikin

Industries,

Ltd.

435,849

600

Daito

Trust

Construction

Company,

Ltd.

63,687

5,600

Daiwa

House

Industry

Company,

Ltd.

145,985

22

Daiwa

House

REIT

Investment

Corporation

59,312

14,200

Daiwa

Securities

Group,

Inc.

80,325

4,300

Denso

Corporation

274,341

2,100

Dentsu

Group,

Inc.

85,819

300

DISCO

Corporation

83,891

3,000

East

Japan

Railway

Company

173,633

2,300

Eisai

Company,

Ltd.

106,556

30,200

Eneos

Holdings,

Inc.

112,910

1,900

FANUC

Corporation

333,469

600

Fast

Retailing

Company,

Ltd.

307,594

1,200

Fuji

Electric

Company,

Ltd.

59,809

3,500

FUJIFILM

Holdings

NPV

213,640

1,900

Fujitsu,

Ltd.

284,669

42

GLP

J-REIT

63,819

400

GMO

Payment

Gateway,

Inc.

40,751

2,300

Hakuhodo

Dy

Holdings,

Inc.

28,872

1,400

Hamamatsu

Photonics

KK

74,358

2,200

Hankyu

Hanshin

Holdings,

Inc.

63,584

200

Hikari

Tsushin,

Inc.

22,737

2,800

Hino

Motors,

Ltd.

16,368

300

Hirose

Electric

Company,

Ltd.

43,486

1,100

Hitachi

Construction

Machinery

Company,

Ltd.

28,502

2,100

Hitachi

Metals,

Ltd.

a

35,134

9,500

Hitachi,

Ltd.

475,420

16,000

Honda

Motor

Company,

Ltd.

453,534

500

Hoshizaki

Corporation

34,300

3,600

Hoya

Corporation

410,248

3,800

Hulic

Company,

Ltd.

34,091

1,000

IBIDEN

Company,

Ltd.

48,752

2,000

Idemitsu

Kosan

Company,

Ltd.

55,131

1,400

Iida

Group

Holdings

Company,

Ltd.

24,137

10,100

Inpex

Corporation

118,749

5,700

Isuzu

Motors,

Ltd.

73,633

500

ITO

EN,

Ltd.

24,543

11,700

ITOCHU

Corporation

395,764

900

ITOCHU

Techno-Solutions

Corporation

22,990

1,400

Japan

Airlines

Company,

Ltd.

a

26,101

5,000

Japan

Exchange

Group,

Inc.

92,840

69

Japan

Metropolitan

Fund

Investment

Corporation

58,223

4,100

Japan

Post

Bank

Company,

Ltd.

32,926

24,100

Japan

Post

Holdings

Company,

Ltd.

176,996

2,000

Japan

Post

Insurance

Company,

Ltd.

34,830

12

Japan

Real

Estate

Investment

Corporation

62,852

11,800

Japan

Tobacco,

Inc.

201,515

4,800

JFE

Holdings,

Inc.

67,172

2,000

JSR

Corporation

58,896

4,400

Kajima

Corporation

53,534

1,300

Kakaku.com,

Inc.

29,033

Shares

Common

Stock

(97.3%)

Value

Japan

(21.7%)

-

continued

6,900

Kansai

Electric

Power

Company,

Inc.

$

64,992

1,700

Kansai

Paint

Company,

Ltd.

27,292

4,700

Kao

Corporation

191,904

15,900

KDDI

Corporation

521,308

1,000

Keio

Corporation

38,981

1,300

Keisei

Electric

Railway

Company,

Ltd.

36,114

1,900

Keyence

Corporation

881,035

1,400

Kikkoman

Corporation

92,731

1,700

Kintetsu

Group

Holdings

Company,

Ltd.

48,662

8,100

Kirin

Holdings

Company,

Ltd.

120,987

500

Kobayashi

Pharmaceutical

Company,

Ltd.

40,062

1,300

Kobe

Bussan

Company,

Ltd.

40,007

620

Koei

Tecmo

Holdings

Company,

Ltd.

20,332

1,000

Koito

Manufacturing

Company,

Ltd.

40,470

8,600

Komatsu,

Ltd.

206,619

900

Konami

Holdings

Corporation

56,767

300

KOSE

Corporation

31,388

10,100

Kubota

Corporation

189,317

1,000

Kurita

Water

Industries,

Ltd.

36,911

3,200

Kyocera

Corporation

179,070

2,700

Kyowa

Hakko

Kirin

Company,

Ltd.

62,813

700

Lasertec

Corporation

116,455

500

Lawson,

Inc.

19,140

2,200

Lion

Corporation

24,519

2,600

LIXIL

Corporation

48,401

4,300

M3,

Inc.

155,299

2,200

Makita

Corporation

70,392

15,400

Marubeni

Corporation

178,828

5,500

Mazda

Motor

Corporation

40,428

800

McDonald's

Holdings

Company

(Japan),

Ltd.

33,269

1,800

Medipal

Holdings

Corporation

29,617

1,200

MEIJI

Holdings

Company,

Ltd.

65,078

1,000

Mercari,

Inc.

a

25,814

3,600

Minebea

Mitsumu,

Inc.

78,408

2,800

MISUMI

Group,

Inc.

83,358

12,600

Mitsubishi

Chemical

Holdings

Corporation

83,799

12,400

Mitsubishi

Corporation

465,332

17,900

Mitsubishi

Electric

Corporation

205,292

11,600

Mitsubishi

Estate

Company,

Ltd.

172,729

1,600

Mitsubishi

Gas

Chemical

Company,

Inc.

27,085

6,400

Mitsubishi

HC

Capital,

Inc.

29,738

3,200

Mitsubishi

Heavy

Industries,

Ltd.

105,044

117,500

Mitsubishi

UFJ

Financial

Group,

Inc.

726,284

15,300

Mitsui

&

Company,

Ltd.

415,322

1,800

Mitsui

Chemicals,

Inc.

45,251

9,000

Mitsui

Fudosan

Company,

Ltd.

192,621

3,300

Mitsui

O.S.K.

Lines,

Ltd.

91,670

900

Miura

Company,

Ltd.

22,176

23,730

Mizuho

Financial

Group,

Inc.

302,685

2,500

MonotaRO

Company,

Ltd.

53,656

4,400

MS

and

AD

Insurance

Group

Holdings,

Inc.

142,859

5,600

Murata

Manufacturing

Company,

Ltd.

368,888

2,400

NEC

Corporation

100,826

4,900

NEXON

Company,

Ltd.

117,226

2,500

NGK

Insulators,

Ltd.

35,663

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock

(97.3%)

Value

Japan

(21.7%)

-

continued

4,400

Nidec

Corporation

$

347,526

3,000

Nihon

M&A

Center

Holdings,

Inc.

41,964

1,100

Nintendo

Company,

Ltd.

555,238

15

Nippon

Building

Fund,

Inc.

85,092

800

Nippon

Express

Holdings,Inc.

54,961

8,200

Nippon

Paint

Holdings

Company,

Ltd.

71,843

20

Nippon

Prologis

REIT,

Inc.

58,397

1,500

Nippon

Sanso

Holdings

Corporation

28,520

500

Nippon

Shinyaku

Company,

Ltd.

33,995

8,400

Nippon

Steel

Corporation

148,215

11,800

Nippon

Telegraph

and

Telephone

Corporation

342,836

1,600

Nippon

Yusen

Kabushiki

Kaisha

139,959

1,200

Nissan

Chemical

Corporation

70,389

22,800

Nissan

Motor

Company,

Ltd.

a

101,308

1,900

Nisshin

Seifun

Group,

Inc.

26,508

600

Nissin

Foods

Holdings

Company,

Ltd.

42,069

800

Nitori

Holdings

Company,

Ltd.

100,650

1,400

Nitto

Denko

Corporation

100,363

30,200

Nomura

Holdings,

Inc.

127,014

1,200

Nomura

Real

Estate

Holdings,

Inc.

28,739

42

Nomura

Real

Estate

Master

Fund,

Inc.

55,520

3,300

Nomura

Research

Institute,

Ltd.

107,670

6,200

NTT

Data

Corporation

121,844

6,400

Obayashi

Corporation

46,974

700

OBIC

Company,

Ltd.

104,844

2,900

Odakyu

Electric

Railway

Company,

Ltd.

48,067

7,900

Oji

Holdings

Corporation

39,193

10,900

Olympus

Corporation

206,583

1,800

OMRON

Corporation

119,787

3,600

Ono

Pharmaceutical

Company,

Ltd.

90,235

800

Open

House

Company,

Ltd.

35,402

400

Oracle

Corporation

Japan

27,719

2,000

Oriental

Land

Company,

Ltd.

382,811

12,000

ORIX

Corporation

239,191

26

ORIX

JREIT,

Inc.

35,259

3,700

Osaka

Gas

Company,

Ltd.

63,404

1,100

Otsuka

Corporation

39,002

3,800

Otsuka

Holdings

Company,

Ltd.

131,282

4,100

Pan

Pacific

International

Holdings

Company

65,602

21,700

Panasonic

Holdings

Corporation

210,752

1,700

Persol

Holdings

Company,

Ltd.

38,091

900

Pola

Orbis

Holdings,

Inc.

11,719

8,500

Rakuten

Group,

Inc.

66,833

13,300

Recruit

Holdings

Company,

Ltd.

577,846

12,400

Renesas

Electronics

Corporation

a

143,678

20,300

Resona

Holdings,

Inc.

86,465

6,600

Ricoh

Company,

Ltd.

57,155

300

Rinnai

Corporation

22,441

900

Rohm

Company,

Ltd.

69,876

2,500

Ryohin

Keikaku

Company,

Ltd.

28,998

3,500

Santen

Pharmaceutical

Company,

Ltd.

34,994

2,400

SBI

Holdings,

Inc.

60,554

1,500

SCSK

Corporation

25,651

2,100

Secom

Company,

Ltd.

151,918

2,800

Seiko

Epson

Corporation

42,064

3,700

Sekisui

Chemical

Company,

Ltd.

53,017

6,100

Sekisui

House,

Ltd.

117,993

7,400

Seven

&

I

Holdings

Company,

Ltd.

352,811

Shares

Common

Stock

(97.3%)

Value

Japan

(21.7%)

-

continued

3,100

SG

Holdings

Company,

Ltd.

$

58,375

2,100

Sharp

Corporation

19,602

2,300

Shimadzu

Corporation

79,107

700

Shimano,

Inc.

160,306

5,300

Shimizu

Corporation

31,806

3,500

Shin-Etsu

Chemical

Company,

Ltd.

531,767

2,600

Shionogi

&

Company,

Ltd.

159,753

3,900

Shiseido

Company,

Ltd.

196,983

4,300

Shizuoka

Bank,

Ltd.

30,180

600

SMC

Corporation

335,396

28,200

SoftBank

Corporation

328,900

11,900

SoftBank

Group

Corporation

532,045

700

Sohgo

Security

Services

Company,

Ltd.

22,828

3,100

Sompo

Holdings,

Inc.

136,215

12,400

Sony

Group

Corporation

1,275,659

800

Square

Enix

Holdings

Company,

Ltd.

35,439

1,300

Stanley

Electric

Company,

Ltd.

24,579

6,000

Subaru

Corporation

95,298

3,300

Sumco

Corporation

54,004

14,600

Sumitomo

Chemical

Company,

Ltd.

66,851

11,100

Sumitomo

Corporation

192,237

1,800

Sumitomo

Dainippon

Pharma

Company,

Ltd.

17,758

7,400

Sumitomo

Electric

Industries,

Ltd.

87,966

2,400

Sumitomo

Metal

Mining

Company,

Ltd.

121,593

12,800

Sumitomo

Mitsui

Financial

Group,

Inc.

404,331

3,300

Sumitomo

Mitsui

Trust

Holdings,

Inc.

107,397

3,000

Sumitomo

Realty

&

Development

Company,

Ltd.

83,026

1,400

Suntory

Beverage

and

Food,

Ltd.

53,361

3,600

Suzuki

Motor

Corporation

123,373

1,600

Sysmex

Corporation

115,884

5,200

T&D

Holdings,

Inc.

70,606

1,900

Taisei

Corporation

54,851

400

Taisho

Pharmaceutical

Holdings

Company,

Ltd.

18,569

15,600

Takeda

Pharmaceutical

Company,

Ltd.

444,479

3,800

TDK

Corporation

137,093

6,300

Terumo

Corporation

190,629

2,100

TIS,

Inc.

49,145

1,900

Tobu

Railway

Company,

Ltd.

46,197

1,100

Toho

Company,

Ltd.

41,569

6,200

Tokio

Marine

Holdings,

Inc.

360,798

400

Tokyo

Century

Corporation

14,664

14,800

Tokyo

Electric

Power

Company,

Inc.

a

48,854

1,500

Tokyo

Electron,

Ltd.

770,342

3,700

Tokyo

Gas

Company,

Ltd.

67,737

4,900

Tokyu

Corporation

63,572

2,600

Toppan,

Inc.

45,864

13,600

Toray

Industries,

Inc.

70,714

3,800

Toshiba

Corporation

144,375

2,600

Tosoh

Corporation

38,427

1,400

TOTO,

Ltd.

56,225

900

Toyo

Suisan

Kaisha,

Ltd.

32,204

1,400

Toyota

Industries

Corporation

96,563

104,200

Toyota

Motor

Corporation

1,879,560

2,100

Toyota

Tsusho

Corporation

86,188

1,300

Trend

Micro,

Inc.

75,918

400

TSURUHA

Holdings,

Inc.

25,399

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

(97.3%)

Value

Japan

(21.7%)

-

continued

4,000

Unicharm

Corporation

$

143,704

2,200

USS

Company,

Ltd.

36,968

900

Welcia

Holdings

Company,

Ltd.

22,145

2,200

West

Japan

Railway

Company

91,159

1,275

Yakult

Honsha

Company,

Ltd.

68,013

1,300

Yamaha

Corporation

56,493

2,900

Yamaha

Motor

Company,

Ltd.

65,000

2,900

Yamato

Holdings

Company,

Ltd.

54,172

2,400

Yaskawa

Electric

Corporation

93,540

2,200

Yokogawa

Electric

Corporation

37,485

26,300

Z

Holdings

Corporation

113,697

1,200

ZOZO,

Inc.

32,046

Total

34,988,647

Jersey

(0.3%)

9,072

Experian

plc

349,503

11,479

WPP

plc

150,238

Total

499,741

Luxembourg

(0.3%)

6,280

ArcelorMittal

SA

201,176

9,821

Aroundtown

SA

56,121

1,321

Eurofins

Scientific

SE

130,678

1,935

InPost

SA

a

12,277

4,642

Tenaris

SA

69,728

Total

469,980

Netherlands

(5.5%)

4,158

ABN

AMRO

Group

NV

b

53,097

195

Adyen

NV

a,b

386,238

17,600

Aegon

NV

93,300

1,300

AerCap

Holdings

NV

a

65,364

5,796

Airbus

SE

a

699,398

1,843

Akzo

Nobel

NV

158,356

451

Argenx

SE

a

141,106

460

ASM

International

NV

167,501

4,063

ASML

Holding

NV

2,715,000

10,060

CNH

Industrial

NV

158,454

842

Euronext

NV

b

76,494

1,066

EXOR

NV

81,037

1,239

Ferrari

NV

269,929

1,133

Heineken

Holding

NV

88,718

2,548

Heineken

NV

243,666

560

IMCD

NV

95,533

38,379

ING

Groep

NV

400,715

971

JDE

Peet's

BV

27,854

1,777

Just

Eat

Takeaway.com

NV

a,b

59,597

33,053

Koninklijke

(Royal)

KPN

NV

114,694

10,280

Koninklijke

Ahold

Delhaize

NV

330,663

1,718

Koninklijke

DSM

NV

307,341

9,018

Koninklijke

Philips

NV

274,994

2,656

NN

Group

NV

134,604

9,173

Prosus

NV

494,683

2,269

QIAGEN

NV

a

111,340

1,175

Randstad

Holding

NV

70,682

20,017

Stellantis

NV

324,067

6,713

STMicroelectronics

NV

291,775

7,131

Universal

Music

Group

N.V.

190,357

2,588

Wolters

Kluwer

NV

275,899

Total

8,902,456

New

Zealand

(0.3%)

12,305

Auckland

International

Airport,

Ltd.

a

66,578

5,673

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

95,194

Shares

Common

Stock

(97.3%)

Value

New

Zealand

(0.3%)

-

continued

6,591

Mercury

NZ,

Ltd.

$

27,057

12,657

Meridian

Energy,

Ltd.

44,098

4,178

Ryman

Healthcare,

Ltd.

27,042

18,377

Spark

New

Zealand,

Ltd.

58,156

1,316

Xero,

Ltd.

a

99,737

Total

417,862

Norway

(0.8%)

2,865

Adevinta

ASA

a

26,155

1,220

Aker

BP

ASA

45,505

9,144

DNB

Bank

ASA

206,736

9,607

Equinor

ASA

358,693

1,935

Gjensidige

Forsikring

ASA

47,983

4,321

Mowi

ASA

116,390

13,220

Norsk

Hydro

ASA

128,444

7,383

Orkla

ASA

65,594

691

Schibsted

ASA,

Class

A

17,031

942

Schibsted

ASA,

Class

B

20,159

6,879

Telenor

ASA

98,710

1,628

Yara

International

ASA

81,414

Total

1,212,814

Portugal

(0.2%)

27,289

EDP

-

Energias

de

Portugal

SA

134,314

4,928

Galp

Energia

SGPS

SA

62,304

2,784

Jeronimo

Martins

SGPS

SA

66,788

Total

263,406

Singapore

(1.2%)

32,954

Ascendas

REIT

71,010

47,829

CapitaLand

Integrated

Commercial

Trust

79,126

25,900

Capitaland

Investment,

Ltd.

a

75,889

4,000

City

Developments,

Ltd.

23,123

17,800

DBS

Group

Holdings,

Ltd.

466,399

58,500

Genting

Singapore,

Ltd.

34,965

14,300

Keppel

Corporation,

Ltd.

67,428

20,900

Mapletree

Commercial

Trust

29,078

30,223

Mapletree

Logistics

Trust

41,071

33,263

Oversea-Chinese

Banking

Corporation,

Ltd.

301,757

13,000

Singapore

Airlines,

Ltd.

a

52,392

7,800

Singapore

Exchange,

Ltd.

57,162

15,100

Singapore

Technologies

Engineering,

Ltd.

45,739

81,200

Singapore

Telecommunications,

Ltd.

157,670

11,600

United

Overseas

Bank,

Ltd.

271,417

4,500

United

Overseas

Land,

Ltd.

23,300

2,700

Venture

Corporation,

Ltd.

34,795

18,900

Wilmar

International,

Ltd.

65,455

Total

1,897,776

Spain

(2.3%)

2,291

ACS

Actividades

de

Construccion

y

Servicios

SA

61,765

737

Aena

SA

a,b

122,859

4,429

Amadeus

IT

Holding

SA

a

287,967

65,548

Banco

Bilbao

Vizcaya

Argentaria

SA

374,276

170,467

Banco

Santander

SA

579,579

43,582

CaixaBank

SA

147,826

5,009

Cellnex

Telecom

SA

b

241,056

2,833

EDP

Renovaveis

SA

72,839

2,447

Enagas

SA

54,339

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock

(97.3%)

Value

Spain

(2.3%)

-

continued

3,122

Endesa

SA

$

68,071

4,768

Ferrovial

SA

126,805

2,932

Grifols

SA

53,218

57,262

Iberdrola

SA

625,876

10,723

Industria

de

Diseno

Textil

SA

233,816

1,906

Naturgy

Energy

Group

SA

57,103

4,255

Red

Electrica

Corporacion

SA

87,360

14,264

Repsol

SA

186,848

2,307

Siemens

Gamesa

Renewable

Energy

SA

a

40,463

51,801

Telefonica

SA

251,043

Total

3,673,109

Supranational

(0.1%)

1,226

Unibail-Rodamco-Westfield

a

91,837

Total

91,837

Sweden

(3.2%)

1,292

AB

Industrivarden,

Class

A

36,642

1,598

AB

Industrivarden,

Class

C

44,543

3,093

Alfa

Laval

AB

106,391

9,853

Assa

Abloy

AB

264,844

6,601

Atlas

Copco

AB,

Class

A

342,631

3,836

Atlas

Copco

AB,

Class

B

173,961

2,689

Boliden

AB

135,647

2,182

Electrolux

AB

33,019

5,414

Embracer

Group

AB

a

45,191

6,478

Epiroc

AB,

Class

A

138,557

3,834

Epiroc

AB,

Class

B

69,221

2,909

EQT

AB

113,446

5,984

Essity

Aktiebolag

141,217

1,692

Evolution

Gaming

Group

AB

b

172,134

1,034

Fastighets

AB

Balder

a

68,079

2,249

Getinge

AB

89,598

7,180

Hennes

&

Mauritz

AB

96,411

19,134

Hexagon

AB

268,083

4,115

Husqvarna

AB

42,927

1,432

Investment

AB

Latour

45,462

4,903

Investor

AB,

Class

A

114,087

17,910

Investor

AB,

Class

B

389,153

2,380

Kinnevik

AB

a

62,061

735

L

E

Lundbergforetagen

AB

37,303

2,292

Lifco

AB

58,184

1,968

Lundin

Energy

AB

82,605

14,022

NIBE

Industrier

AB

155,428

1,558

Sagax

AB

47,277

11,098

Sandvik

AB

235,753

3,030

Securitas

AB

34,182

5,054

Sinch

AB

a,b

34,279

15,999

Skandinaviska

Enskilda

Banken

AB

172,963

3,344

Skanska

AB

74,813

3,759

SKF

AB

61,294

5,956

Svenska

Cellulosa

AB

SCA

115,652

14,339

Svenska

Handelsbanken

AB

131,853

8,903

Swedbank

AB

d

132,972

15,532

Swedish

Match

AB

116,801

4,924

Tele2

AB

74,430

28,693

Telefonaktiebolaget

LM

Ericsson

261,552

26,132

Telia

Company

AB

104,782

1,938

Volvo

AB,

Class

A

37,121

14,054

Volvo

AB,

Class

B

262,182

Total

5,224,731

Switzerland

(10.8%)

16,147

ABB,

Ltd.

523,820

Shares

Common

Stock

(97.3%)

Value

Switzerland

(10.8%)

-

continued

1,571

Adecco

SA

$

71,263

4,912

Alcon,

Inc.

389,158

60

Bachem

Holding

AG

33,020

449

Baloise

Holding

AG

80,190

35

Barry

Callebaut

AG

82,056

1

Chocoladefabriken

Lindt

and

Spruengli

AG

120,958

2,088

Clariant

AG

36,233

1,976

Coca-Cola

HBC

AG

41,211

5,132

Compagnie

Financiere

Richemont

SA

650,506

26,058

Credit

Suisse

Group

AG

205,131

69

EMS-CHEMIE

Holding

AG

67,055

2,173

Ferguson

plc

294,397

353

Geberit

AG

217,609

91

Givaudan

SA

376,097

97,485

Glencore

Xstrata

plc

634,305

5,147

Holcim,

Ltd.

250,333

2,175

Julius

Baer

Group,

Ltd.

125,921

534

Kuehne

&

Nagel

International

AG

151,618

10

Lindt

&

Spruengli

AG

119,019

1,702

Logitech

International

SA

126,513

732

Lonza

Group

AG

530,410

27,673

Nestle

SA

3,598,007

21,538

Novartis

AG

1,890,855

223

Partners

Group

Holding

AG

276,119

315

Roche

Holding

AG,

Bearer

Shares

137,766

6,907

Roche

Holding

AG,

Participation

Certificates

2,732,836

195

Schindler

Holding

AG

41,552

400

Schindler

Holding

AG,

Participation

Certificates

85,708

59

SGS

SA

164,029

1,395

Sika

AG

461,541

530

Sonova

Holding

AG

221,401

102

Straumann

Holding

AG

162,862

284

Swatch

Group

AG,

Bearer

Shares

81,046

509

Swatch

Group

AG,

Registered

Shares

27,698

310

Swiss

Life

Holding

AG

198,650

747

Swiss

Prime

Site

AG

73,673

2,965

Swiss

Re

AG

282,250

255

Swisscom

AG

153,206

661

Temenos

AG

63,582

34,577

UBS

Group

AG

675,680

265

VAT

Group

AG

b

100,896

479

Vifor

Pharma

AG

84,909

1,479

Zurich

Insurance

Group

AG

730,478

Total

17,371,567

United

Kingdom

(14.0%)

9,567

3i

Group

plc

172,994

21,438

ABRDN

plc

60,028

1,914

Admiral

Group

plc

64,185

12,576

Anglo

American

plc

653,477

3,877

Antofagasta

plc

84,243

4,386

Ashtead

Group

plc

276,161

3,502

Associated

British

Foods

plc

76,074

15,229

AstraZeneca

plc

2,019,558

9,277

Auto

Trader

Group

plc

b

76,584

1,166

Aveva

Group

plc

37,243

37,259

Aviva

plc

220,458

31,118

BAE

Systems

plc

292,243

164,730

Barclays

plc

319,324

10,050

Barratt

Developments

plc

68,418

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock

(97.3%)

Value

United

Kingdom

(14.0%)

-

continued

1,104

Berkeley

Group

Holdings

plc

$

53,849

194,105

BP

plc

951,574

21,430

British

American

Tobacco

plc

899,998

8,656

British

Land

Company

plc

59,933

87,759

BT

Group

plc

209,244

3,317

Bunzl

plc

128,637

3,981

Burberry

Group

plc

86,904

2,017

Coca-Cola

European

Partners

plc

98,046

17,538

Compass

Group

plc

377,418

1,372

Croda

International

plc

141,140

22,916

Diageo

plc

1,162,401

49,465

GlaxoSmithKline

plc

1,070,269

3,732

Halma

plc

122,100

3,497

Hargreaves

Lansdown

plc

46,093

1,680

Hikma

Pharmaceuticals

plc

45,323

200,029

HSBC

Holdings

plc

1,366,307

9,304

Imperial

Brands

plc

195,986

14,776

Informa

plc

a

115,770

1,801

InterContinental

Hotels

Group

plc

121,810

1,587

Intertek

Group

plc

108,261

17,198

J

Sainsbury

plc

56,921

24,975

JD

Sports

Fashion

plc

48,125

1,873

Johnson

Matthey

plc

45,807

20,430

Kingfisher

plc

68,188

6,925

Land

Securities

Group

plc

71,049

58,689

Legal

&

General

Group

plc

208,075

698,013

Lloyds

TSB

Group

plc

425,066

3,235

London

Stock

Exchange

Group

plc

337,347

25,558

M&G

plc

73,641

42,983

Melrose

Industries

plc

69,724

4,773

Mondi

plc

92,777

35,558

National

Grid

plc

546,461

55,731

Natwest

Group

plc

157,403

1,307

Next

plc

102,796

4,801

Ocado

Group

plc

a

73,309

7,439

Pearson

plc

72,939

3,137

Persimmon

plc

87,965

6,878

Phoenix

Group

Holdings

plc

55,106

26,999

Prudential

plc

398,592

7,022

Reckitt

Benckiser

Group

plc

535,678

19,018

RELX

plc

591,796

18,278

Rentokil

Initial

plc

125,907

11,042

Rio

Tinto

plc

882,767

82,257

Rolls-Royce

Holdings

plc

a

108,167

10,057

Sage

Group

plc

92,149

1,203

Schroders

plc

50,658

11,821

SEGRO

plc

207,801

2,460

Severn

Trent

plc

99,148

75,688

Shell

plc

2,074,505

8,644

Smith

&

Nephew

plc

137,481

3,890

Smiths

Group

plc

73,700

725

Spirax-Sarco

Engineering

plc

118,523

10,476

SSE

plc

239,366

5,311

St.

James's

Place

plc

100,130

25,729

Standard

Chartered

plc

170,789

35,848

Taylor

Wimpey

plc

61,046

75,573

Tesco

plc

273,597

25,246

Unilever

plc

1,146,236

6,703

United

Utilities

Group

plc

98,705

268,241

Vodafone

Group

plc

439,857

Shares

Common

Stock

(97.3%)

Value

United

Kingdom

(14.0%)

-

continued

1,986

Whitbread

plc

a

$

73,946

Total

22,475,296

Total

Common

Stock

(cost

$126,013,022)

156,584,883

Shares

Preferred

Stock

(

0.3%

)

Germany

(0.3%)

558

Bayerische

Motoren

Werke

AG

43,222

1,751

Henkel

AG

&

Company

KGaA

117,198

1,824

Volkswagen

AG

313,458

Total

473,878

Total

Preferred

Stock

(cost

$454,521)

473,878

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

153,495

Thrivent

Cash

Management

Trust

153,495

Total

Collateral

Held

for

Securities

Loaned

(cost

$153,495)

153,495

Shares

or

Principal

Amount

Short-Term

Investments

(

1.7%

)

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.195%,

 4/22/2022

e,f

99,990

100,000

0.415%,

 5/18/2022

e,f

99,946

Thrivent

Core

Short-Term

Reserve

Fund

263,311

0.660%

2,633,107

Total

Short-Term

Investments

(cost

$2,833,042)

2,833,043

Total

Investments

(cost

$129,454,080)

99.4%

$160,045,299

Other

Assets

and

Liabilities,

Net

0.6%

927,618

Total

Net

Assets

100.0%

$160,972,917

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,

2022,

the

value

of

these

investments

was

$2,538,911

or

1.6%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

security

is

on

loan.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

126,311

Total

lending

$126,311

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$153,495

Net

amounts

due

to

counterparty

$27,184

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,

2022,

in

valuing

International

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

7,379,474

59,282

7,320,192

–

Consumer

Discretionary

17,181,580

15,945

17,165,635

–

Consumer

Staples

16,324,656

98,046

16,226,610

–

Energy

6,727,468

–

6,727,468

–

Financials

28,677,871

16,280

28,661,591

–

Health

Care

20,081,268

120,271

19,960,997

–

Industrials

22,742,097

103,153

22,638,944

–

Information

Technology

14,960,192

645,681

14,314,511

–

Materials

12,709,411

–

12,709,411

–

Real

Estate

4,586,166

–

4,586,166

–

Utilities

5,214,700

–

5,213,035

1,665

Preferred

Stock

Consumer

Discretionary

356,680

–

356,680

–

Consumer

Staples

117,198

–

117,198

–

Short-Term

Investments

199,936

–

199,936

–

Subtotal

Investments

in

Securities

$157,258,697

$1,058,658

$156,198,374

$1,665

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,633,107

Collateral

Held

for

Securities

Loaned

153,495

Subtotal

Other

Investments

$2,786,602

Total

Investments

at

Value

$160,045,299

*

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

175,003

175,003

–

–

Total

Asset

Derivatives

$175,003

$175,003

$–

$–

International

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$199,936

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

31

June

2022

$

3,148,817

$

175,003

Total

Futures

Long

Contracts

$

3,148,817

$

175,003

Total

Futures

Contracts

$

3,148,817

$175,003

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$2,395

$3,611

$3,373

$2,633

263

1.6%

Total

Affiliated

Short-Term

Investments

2,395

2,633

1.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

380

227

153

153

<0.1

Total

Collateral

Held

for

Securities

Loaned

–

153

<0.1

Total

Value

$2,395

$2,786

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$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

$–

$–

$

–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock

(

98.1%

)

Value

Communications

Services

(12.4%)

77,376

Alphabet,

Inc.,

Class

C

a

$

216,110,394

409,250

Live

Nation

Entertainment,

Inc.

a

48,144,170

1,144,942

Twitter,

Inc.

a

44,297,806

Total

308,552,370

Consumer

Discretionary

(17.6%)

69,580

Amazon.com,

Inc.

a

226,827,321

243,797

Aptiv

plc

a

29,184,939

112,459

Carvana

Company

a

13,415,234

21,258

Chipotle

Mexican

Grill,

Inc.

a

33,630,794

122,912

Tesla,

Inc.

a

132,449,971

Total

435,508,259

Consumer

Staples

(3.0%)

334,132

BJ's

Wholesale

Club

Holdings,

Inc.

a

22,590,665

350,649

Walmart,

Inc.

52,218,649

Total

74,809,314

Financials

(9.5%)

345,987

American

Express

Company

64,699,569

804,006

Charles

Schwab

Corporation

67,785,746

79,784

Coinbase

Global,

Inc.

a

15,147,790

321,201

Raymond

James

Financial,

Inc.

35,303,202

128,316

S&P

Global,

Inc.

52,632,657

Total

235,568,964

Health

Care

(11.5%)

116,071

Amgen,

Inc.

28,068,289

54,468

Anthem,

Inc.

26,755,771

147,612

Danaher

Corporation

43,299,028

229,364

Edwards

Lifesciences

Corporation

a

27,000,730

136,355

Intuitive

Surgical,

Inc.

a

41,135,577

248,218

Novo

Nordisk

AS

ADR

27,564,609

163,933

Teladoc

Health,

Inc.

a

11,824,487

68,736

Thermo

Fisher

Scientific,

Inc.

40,598,918

212,771

Zoetis,

Inc.

40,126,483

Total

286,373,892

Industrials

(4.2%)

53,337

Lockheed

Martin

Corporation

23,542,952

114,698

Norfolk

Southern

Corporation

32,714,164

1,344,574

Uber

Technologies,

Inc.

a

47,974,400

Total

104,231,516

Information

Technology

(38.7%)

152,267

Adobe,

Inc.

a

69,375,890

1,233,983

Apple,

Inc.

215,465,772

616,978

Block,

Inc.

a

83,662,217

784,463

Microsoft

Corporation

241,857,787

487,274

NVIDIA

Corporation

132,957,584

476,737

PayPal

Holdings,

Inc.

a

55,134,634

321,679

QUALCOMM,

Inc.

49,158,985

278,784

Salesforce.com,

Inc.

a

59,191,419

97,245

ServiceNow,

Inc.

a

54,154,768

Total

960,959,056

Materials

(1.2%)

114,050

Sherwin-Williams

Company

28,469,161

Total

28,469,161

Total

Common

Stock

(cost

$1,427,881,538)

2,434,472,532

Shares

Short-Term

Investments

(

2.0%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

4,914,085

0.660%

$

49,140,851

Total

Short-Term

Investments

(cost

$49,118,379)

49,140,851

Total

Investments

(cost

$1,476,999,917)

100.1%

$2,483,613,383

Other

Assets

and

Liabilities,

Net

(0.1%)

(1,924,697)

Total

Net

Assets

100.0%

$2,481,688,686

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.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Large

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

308,552,370

308,552,370

–

–

Consumer

Discretionary

435,508,259

435,508,259

–

–

Consumer

Staples

74,809,314

74,809,314

–

–

Financials

235,568,964

235,568,964

–

–

Health

Care

286,373,892

286,373,892

–

–

Industrials

104,231,516

104,231,516

–

–

Information

Technology

960,959,056

960,959,056

–

–

Materials

28,469,161

28,469,161

–

–

Subtotal

Investments

in

Securities

$2,434,472,532

$2,434,472,532

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

49,140,851

Subtotal

Other

Investments

$49,140,851

Total

Investments

at

Value

$2,483,613,383

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$27,009

$93,700

$71,568

$49,141

4,914

2.0%

Total

Affiliated

Short-Term

Investments

27,009

49,141

2.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

60,734

60,734

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$27,009

$49,141

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$33

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$33

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Shares

Common

Stock

(

99.2%

)

Value

Communications

Services

(8.9%)

32,949

Activision

Blizzard,

Inc.

$

2,639,544

12,720

Alphabet,

Inc.,

Class

A

a

35,378,772

11,747

Alphabet,

Inc.,

Class

C

a

32,809,254

302,016

AT&T,

Inc.

7,136,638

5,041

Charter

Communications,

Inc.

a

2,749,966

191,325

Comcast

Corporation

8,957,837

7,171

Discovery,

Inc.,

Class

A

a,b

178,701

12,846

Discovery,

Inc.,

Class

C

a

320,765

10,561

DISH

Network

Corporation

a

334,256

11,894

Electronic

Arts,

Inc.

1,504,710

13,356

Fox

Corporation,

Class

A

526,894

6,166

Fox

Corporation,

Class

B

223,702

16,647

Interpublic

Group

of

Companies,

Inc.

590,136

5,713

Live

Nation

Entertainment,

Inc.

a

672,077

38,973

Lumen

Technologies,

Inc.

439,226

11,973

Match

Group,

Inc.

a

1,301,944

97,658

Meta

Platforms,

Inc.

a

21,715,233

16,531

News

Corporation,

Class

A

366,162

5,121

News

Corporation,

Class

B

115,325

8,839

Omnicom

Group,

Inc.

750,254

25,660

Paramount

Global

970,205

4,881

Take-Two

Interactive

Software,

Inc.

a

750,405

24,832

T-Mobile

US,

Inc.

a

3,187,187

33,818

Twitter,

Inc.

a

1,308,418

177,547

Verizon

Communications,

Inc.

9,044,244

77,000

Walt

Disney

Company

a

10,561,320

Total

144,533,175

Consumer

Discretionary

(12.4%)

2,637

Advance

Auto

Parts,

Inc.

545,753

18,508

Amazon.com,

Inc.

a

60,335,155

11,441

Aptiv

plc

a

1,369,602

873

AutoZone,

Inc.

a

1,784,918

10,900

Bath

&

Body

Works,

Inc.

521,020

9,157

Best

Buy

Company,

Inc.

832,371

1,737

Booking

Holdings,

Inc.

a

4,079,258

10,141

BorgWarner,

Inc.

394,485

9,041

Caesars

Entertainment,

Inc.

a

699,412

6,838

CarMax,

Inc.

a

659,730

34,208

Carnival

Corporation

a

691,686

1,190

Chipotle

Mexican

Grill,

Inc.

a

1,882,616

13,638

D.R.

Horton,

Inc.

1,016,167

5,402

Darden

Restaurants,

Inc.

718,196

9,800

Dollar

General

Corporation

2,181,774

9,514

Dollar

Tree,

Inc.

a

1,523,667

1,539

Domino's

Pizza,

Inc.

626,388

26,476

eBay,

Inc.

1,516,016

5,362

Etsy,

Inc.

a

666,389

6,354

Expedia

Group,

Inc.

a

1,243,287

166,356

Ford

Motor

Company

2,813,080

6,426

Garmin,

Ltd.

762,188

61,453

General

Motors

Company

a

2,687,954

6,023

Genuine

Parts

Company

759,018

5,484

Hasbro,

Inc.

449,249

11,788

Hilton

Worldwide

Holdings,

Inc.

a

1,788,711

44,164

Home

Depot,

Inc.

13,219,610

14,540

Las

Vegas

Sands

Corporation

a

565,170

11,054

Lennar

Corporation

897,253

11,342

LKQ

Corporation

515,040

28,495

Lowe's

Companies,

Inc.

5,761,404

11,570

Marriott

International,

Inc.

a

2,033,427

31,603

McDonald's

Corporation

7,814,790

15,930

MGM

Resorts

International

668,104

Shares

Common

Stock

(99.2%)

Value

Consumer

Discretionary

(12.4%)

-

continued

2,320

Mohawk

Industries,

Inc.

a

$

288,144

18,777

Netflix,

Inc.

a

7,033,676

16,012

Newell

Brands,

Inc.

342,817

53,978

NIKE,

Inc.

7,263,280

17,632

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

385,788

138

NVR,

Inc.

a

616,483

2,850

O'Reilly

Automotive,

Inc.

a

1,952,136

7,026

Penn

National

Gaming,

Inc.

a

298,043

1,695

Pool

Corporation

716,731

10,516

PulteGroup,

Inc.

440,620

2,960

PVH

Corporation

226,766

1,958

Ralph

Lauren

Corporation

222,116

14,943

Ross

Stores,

Inc.

1,351,744

9,484

Royal

Caribbean

Cruises,

Ltd.

a

794,570

48,650

Starbucks

Corporation

4,425,690

11,165

Tapestry,

Inc.

414,780

20,264

Target

Corporation

4,300,426

35,405

Tesla,

Inc.

a

38,152,428

50,451

TJX

Companies,

Inc.

3,056,322

4,814

Tractor

Supply

Company

1,123,443

2,289

Ulta

Beauty,

Inc.

a

911,526

7,978

Under

Armour,

Inc.,

Class

A

a

135,786

9,096

Under

Armour,

Inc.,

Class

C

a

141,534

13,652

VF

Corporation

776,253

2,495

Whirlpool

Corporation

431,086

4,451

Wynn

Resorts,

Ltd.

a

354,923

12,223

Yum!

Brands,

Inc.

1,448,792

Total

201,628,791

Consumer

Staples

(6.0%)

77,108

Altria

Group,

Inc.

4,028,893

23,665

Archer-Daniels-Midland

Company

2,136,003

7,729

Brown-Forman

Corporation

517,998

8,550

Campbell

Soup

Company

381,074

10,235

Church

&

Dwight

Company,

Inc.

1,017,154

5,205

Clorox

Company

723,651

164,414

Coca-Cola

Company

10,193,668

35,647

Colgate-Palmolive

Company

2,703,112

20,288

Conagra

Brands,

Inc.

681,068

6,950

Constellation

Brands,

Inc.

1,600,724

18,754

Costco

Wholesale

Corporation

10,799,491

9,830

Estee

Lauder

Companies,

Inc.

2,676,906

25,512

General

Mills,

Inc.

1,727,673

6,149

Hershey

Company

1,332,058

11,932

Hormel

Foods

Corporation

614,975

4,583

J.M.

Smucker

Company

620,584

10,820

Kellogg

Company

697,782

14,244

Kimberly-Clark

Corporation

1,754,291

30,026

Kraft

Heinz

Company

1,182,724

28,298

Kroger

Company

1,623,456

6,141

Lamb

Weston

Holdings,

Inc.

367,907

10,562

McCormick

&

Company,

Inc.

1,054,088

7,968

Molson

Coors

Beverage

Company

425,332

58,717

Mondelez

International,

Inc.

3,686,253

15,889

Monster

Beverage

Corporation

a

1,269,531

58,511

PepsiCo,

Inc.

9,793,571

65,547

Philip

Morris

International,

Inc.

6,157,485

101,380

Procter

&

Gamble

Company

15,490,864

21,462

Sysco

Corporation

1,752,372

12,369

Tyson

Foods,

Inc.

1,108,633

30,304

Walgreens

Boots

Alliance,

Inc.

1,356,710

59,831

Walmart,

Inc.

8,910,033

Total

98,386,064

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Common

Stock

(99.2%)

Value

Energy

(3.8%)

15,364

APA

Corporation

$

634,994

38,304

Baker

Hughes

Company

1,394,649

81,528

Chevron

Corporation

13,275,204

55,076

ConocoPhillips

5,507,600

34,409

Coterra

Energy,

Inc.

928,011

26,628

Devon

Energy

Corporation

1,574,514

7,203

Diamondback

Energy,

Inc.

987,387

24,745

EOG

Resources,

Inc.

2,950,346

179,051

Exxon

Mobil

Corporation

14,787,822

38,003

Halliburton

Company

1,439,174

11,658

Hess

Corporation

1,247,872

82,473

Kinder

Morgan,

Inc.

1,559,565

32,927

Marathon

Oil

Corporation

826,797

24,488

Marathon

Petroleum

Corporation

2,093,724

37,526

Occidental

Petroleum

Corporation

2,129,225

18,860

ONEOK,

Inc.

1,332,082

19,787

Phillips

66

1,709,399

9,602

Pioneer

Natural

Resources

Company

2,400,788

59,353

Schlumberger,

Ltd.

2,451,872

17,291

Valero

Energy

Corporation

1,755,728

51,387

Williams

Companies,

Inc.

1,716,840

Total

62,703,593

Financials

(11.0%)

25,374

Aflac,

Inc.

1,633,832

11,867

Allstate

Corporation

1,643,698

26,014

American

Express

Company

4,864,618

35,116

American

International

Group,

Inc.

2,204,231

4,690

Ameriprise

Financial,

Inc.

1,408,688

9,085

Aon

plc

2,958,349

8,816

Arthur

J.

Gallagher

&

Company

1,539,274

2,410

Assurant,

Inc.

438,210

300,640

Bank

of

America

Corporation

12,392,381

31,289

Bank

of

New

York

Mellon

Corporation

1,552,873

77,455

Berkshire

Hathaway,

Inc.

a

27,334,644

6,030

BlackRock,

Inc.

4,607,945

9,917

Brown

&

Brown,

Inc.

716,702

17,505

Capital

One

Financial

Corporation

2,298,231

4,510

Cboe

Global

Markets,

Inc.

516,034

63,583

Charles

Schwab

Corporation

5,360,683

18,217

Chubb,

Ltd.

3,896,616

6,338

Cincinnati

Financial

Corporation

861,715

83,927

Citigroup,

Inc.

4,481,702

18,025

Citizens

Financial

Group,

Inc.

817,073

15,200

CME

Group,

Inc.

3,615,472

5,527

Comerica,

Inc.

499,807

12,180

Discover

Financial

Services

1,342,114

1,665

Everest

Re

Group,

Ltd.

501,798

1,599

FactSet

Research

Systems,

Inc.

694,206

28,918

Fifth

Third

Bancorp

1,244,631

7,582

First

Republic

Bank

1,229,042

11,892

Franklin

Resources,

Inc.

332,025

3,929

Global

Life,

Inc.

395,257

14,357

Goldman

Sachs

Group,

Inc.

4,739,246

14,164

Hartford

Financial

Services

Group,

Inc.

1,017,117

60,807

Huntington

Bancshares,

Inc.

888,998

23,763

Intercontinental

Exchange,

Inc.

3,139,568

14,434

Invesco,

Ltd.

332,848

124,988

J.P.

Morgan

Chase

&

Company

17,038,364

39,284

KeyCorp

879,176

7,045

Lincoln

National

Corporation

460,461

8,293

Loews

Corporation

537,552

Shares

Common

Stock

(99.2%)

Value

Financials

(11.0%)

-

continued

5,443

M&T

Bank

Corporation

$

922,589

1,608

MarketAxess

Holdings,

Inc.

547,042

21,354

Marsh

&

McLennan

Companies,

Inc.

3,639,149

29,676

MetLife,

Inc.

2,085,629

6,840

Moody's

Corporation

2,307,884

59,955

Morgan

Stanley

5,240,067

3,437

MSCI,

Inc.

1,728,399

4,951

Nasdaq,

Inc.

882,268

8,787

Northern

Trust

Corporation

1,023,246

18,098

People's

United

Financial,

Inc.

361,779

17,763

PNC

Financial

Services

Group,

Inc.

3,276,385

10,275

Principal

Financial

Group,

Inc.

754,288

24,716

Progressive

Corporation

2,817,377

15,987

Prudential

Financial,

Inc.

1,889,184

7,902

Raymond

James

Financial,

Inc.

868,509

39,840

Regions

Financial

Corporation

886,838

14,980

S&P

Global,

Inc.

6,144,496

2,653

Signature

Bank

778,629

15,479

State

Street

Corporation

1,348,530

2,485

SVB

Financial

Group

a

1,390,233

22,046

Synchrony

Financial

767,421

9,694

T.

Rowe

Price

Group,

Inc.

1,465,636

10,201

Travelers

Companies,

Inc.

1,864,029

56,457

Truist

Financial

Corporation

3,201,112

57,114

U.S.

Bancorp

3,035,609

8,860

W.R.

Berkley

Corporation

589,987

164,343

Wells

Fargo

&

Company

7,964,062

5,162

Willis

Towers

Watson

plc

1,219,368

6,413

Zions

Bancorporation

NA

420,436

Total

179,835,362

Health

Care

(13.5%)

74,786

Abbott

Laboratories

8,851,671

74,769

AbbVie,

Inc.

12,120,803

1,925

ABIOMED,

Inc.

a

637,637

12,703

Agilent

Technologies,

Inc.

1,680,988

3,101

Align

Technology,

Inc.

a

1,352,036

6,368

AmerisourceBergen

Corporation

985,193

23,822

Amgen,

Inc.

5,760,636

10,265

Anthem,

Inc.

5,042,373

21,176

Baxter

International,

Inc.

1,641,987

12,044

Becton,

Dickinson

and

Company

3,203,704

6,213

Biogen,

Inc.

a

1,308,458

914

Bio-Rad

Laboratories,

Inc.

a

514,792

1,662

Bio-Techne

Corporation

719,713

60,267

Boston

Scientific

Corporation

a

2,669,225

92,187

Bristol-Myers

Squibb

Company

6,732,417

11,718

Cardinal

Health,

Inc.

664,411

7,575

Catalent,

Inc.

a

840,068

24,678

Centene

Corporation

a

2,077,641

12,444

Cerner

Corporation

1,164,261

2,134

Charles

River

Laboratories

International,

Inc.

a

605,992

13,658

Cigna

Holding

Company

3,272,593

2,085

Cooper

Companies,

Inc.

870,675

55,510

CVS

Health

Corporation

5,618,167

26,913

Danaher

Corporation

7,894,390

2,607

DaVita,

Inc.

a

294,878

9,246

Dentsply

Sirona,

Inc.

455,088

4,099

DexCom,

Inc.

a

2,097,048

26,405

Edwards

Lifesciences

Corporation

a

3,108,397

33,580

Eli

Lilly

and

Company

9,616,305

53,052

Gilead

Sciences,

Inc.

3,153,941

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Shares

Common

Stock

(99.2%)

Value

Health

Care

(13.5%)

-

continued

10,129

HCA

Healthcare,

Inc.

$

2,538,530

5,865

Henry

Schein,

Inc.

a

511,369

10,573

Hologic,

Inc.

a

812,218

5,436

Humana,

Inc.

2,365,584

3,586

IDEXX

Laboratories,

Inc.

a

1,961,757

6,610

Illumina,

Inc.

a

2,309,534

7,956

Incyte

Corporation

a

631,866

15,130

Intuitive

Surgical,

Inc.

a

4,564,418

8,080

IQVIA

Holding,

Inc.

a

1,868,177

111,341

Johnson

&

Johnson

19,732,965

3,937

Laboratory

Corporation

of

America

Holdings

a

1,038,029

6,335

McKesson

Corporation

1,939,334

56,866

Medtronic

plc

6,309,283

106,830

Merck

&

Company,

Inc.

8,765,402

972

Mettler-Toledo

International,

Inc.

a

1,334,741

14,919

Moderna,

Inc.

a

2,569,947

2,470

Molina

Healthcare,

Inc.

a

823,967

10,723

Organon

&

Company

374,554

5,337

PerkinElmer,

Inc.

931,093

237,386

Pfizer,

Inc.

12,289,473

5,033

Quest

Diagnostics,

Inc.

688,816

4,513

Regeneron

Pharmaceuticals,

Inc.

a

3,151,970

6,185

ResMed,

Inc.

1,499,924

4,235

STERIS

plc

1,023,896

14,200

Stryker

Corporation

3,796,370

1,981

Teleflex,

Inc.

702,918

16,666

Thermo

Fisher

Scientific,

Inc.

9,843,773

39,834

UnitedHealth

Group,

Inc.

20,314,145

3,092

Universal

Health

Services,

Inc.

448,185

10,767

Vertex

Pharmaceuticals,

Inc.

a

2,809,864

51,149

Viatris,

Inc.

556,501

2,581

Waters

Corporation

a

801,117

3,133

West

Pharmaceutical

Services,

Inc.

1,286,754

8,835

Zimmer

Biomet

Holdings,

Inc.

1,129,997

20,010

Zoetis,

Inc.

3,773,686

Total

220,455,645

Industrials

(8.3%)

24,154

3M

Company

3,596,048

5,558

A.O.

Smith

Corporation

355,101

5,325

Alaska

Air

Group,

Inc.

a

308,903

3,794

Allegion

plc

416,505

27,394

American

Airlines

Group,

Inc.

a,b

499,940

9,783

AMETEK,

Inc.

1,302,900

23,178

Boeing

Company

a

4,438,587

5,498

C.H.

Robinson

Worldwide,

Inc.

592,190

36,182

Carrier

Global

Corporation

1,659,668

22,878

Caterpillar,

Inc.

5,097,676

3,729

Cintas

Corporation

1,586,279

9,028

Copart,

Inc.

a

1,132,743

30,748

Corteva,

Inc.

1,767,395

93,806

CSX

Corporation

3,513,035

6,024

Cummins,

Inc.

1,235,583

11,862

Deere

&

Company

4,928,187

27,068

Delta

Air

Lines,

Inc.

a

1,071,081

6,090

Dover

Corporation

955,521

16,858

Eaton

Corporation

plc

2,558,370

25,122

Emerson

Electric

Company

2,463,212

5,160

Equifax,

Inc.

1,223,436

7,165

Expeditors

International

of

Washington,

Inc.

739,141

24,342

Fastenal

Company

1,445,915

10,310

FedEx

Corporation

2,385,631

Shares

Common

Stock

(99.2%)

Value

Industrials

(8.3%)

-

continued

15,165

Fortive

Corporation

$

924,003

5,741

Fortune

Brands

Home

and

Security,

Inc.

426,441

2,668

Generac

Holdings,

Inc.

a

793,090

9,748

General

Dynamics

Corporation

2,351,023

46,494

General

Electric

Company

4,254,201

29,005

Honeywell

International,

Inc.

5,643,793

16,051

Howmet

Aerospace,

Inc.

576,873

1,694

Huntington

Ingalls

Industries,

Inc.

337,851

3,216

IDEX

Corporation

616,604

12,080

Illinois

Tool

Works,

Inc.

2,529,552

17,238

Ingersoll

-

Rand,

Inc.

867,933

5,465

Jacobs

Engineering

Group,

Inc.

753,132

3,553

JB

Hunt

Transport

Services,

Inc.

713,407

29,716

Johnson

Controls

International

plc

1,948,478

8,299

L3Harris

Technologies,

Inc.

2,062,053

21,678

Linde

plc

6,924,604

10,251

Lockheed

Martin

Corporation

4,524,791

10,147

Masco

Corporation

517,497

15,175

Nielsen

Holdings

plc

413,367

2,289

Nordson

Corporation

519,786

10,141

Norfolk

Southern

Corporation

2,892,416

6,206

Northrop

Grumman

Corporation

2,775,447

3,940

Old

Dominion

Freight

Line,

Inc.

1,176,799

17,973

Otis

Worldwide

Corporation

1,383,022

14,688

PACCAR,

Inc.

1,293,572

5,434

Parker-Hannifin

Corporation

1,541,952

6,999

Pentair

plc

379,416

6,027

Quanta

Services,

Inc.

793,213

63,115

Raytheon

Technologies

Corporation

6,252,803

8,833

Republic

Services,

Inc.

1,170,372

4,631

Robert

Half

International,

Inc.

528,768

4,914

Rockwell

Automation,

Inc.

1,376,067

9,573

Rollins,

Inc.

335,534

4,461

Roper

Industries,

Inc.

2,106,618

2,260

Snap-On,

Inc.

464,385

25,052

Southwest

Airlines

Company

a

1,147,382

6,895

Stanley

Black

&

Decker,

Inc.

963,852

1,973

Teledyne

Technologies,

Inc.

a

932,499

9,322

Textron,

Inc.

693,370

9,877

Trane

Technologies

plc

1,508,218

2,228

TransDigm

Group,

Inc.

a

1,451,631

26,936

Union

Pacific

Corporation

7,359,185

13,695

United

Airlines

Holdings,

Inc.

a

634,900

30,838

United

Parcel

Service,

Inc.

6,613,517

3,063

United

Rentals,

Inc.

a

1,088,008

6,816

Verisk

Analytics,

Inc.

1,462,918

1,830

W.W.

Grainger,

Inc.

943,896

7,901

Wabtec

Corporation

759,839

16,277

Waste

Management,

Inc.

2,579,905

7,627

Xylem,

Inc.

650,278

Total

136,231,308

Information

Technology

(27.8%)

26,729

Accenture

plc

9,013,821

19,950

Adobe,

Inc.

a

9,089,619

69,141

Advanced

Micro

Devices,

Inc.

a

7,559,877

6,872

Akamai

Technologies,

Inc.

a

820,448

25,331

Amphenol

Corporation

1,908,691

22,218

Analog

Devices,

Inc.

3,669,969

3,690

ANSYS,

Inc.

a

1,172,128

655,691

Apple,

Inc.

114,490,206

37,556

Applied

Materials,

Inc.

4,949,881

9,487

Arista

Networks,

Inc.

a

1,318,503

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Shares

Common

Stock

(99.2%)

Value

Information

Technology

(27.8%)

-

continued

9,303

Autodesk,

Inc.

a

$

1,994,098

17,765

Automatic

Data

Processing,

Inc.

4,042,248

17,462

Broadcom,

Inc.

10,995,472

4,939

Broadridge

Financial

Solutions,

Inc.

769,052

11,721

Cadence

Design

Systems,

Inc.

a

1,927,636

5,740

CDW

Corporation

1,026,829

5,786

Ceridian

HCM

Holding,

Inc.

a

395,531

178,376

Cisco

Systems,

Inc.

9,946,246

5,275

Citrix

Systems,

Inc.

532,247

22,215

Cognizant

Technology

Solutions

Corporation

1,992,019

31,593

Corning,

Inc.

1,166,098

10,340

DXC

Technology

Company

a

337,394

5,665

Enphase

Energy,

Inc.

a

1,143,084

2,399

EPAM

Systems,

Inc.

a

711,567

2,569

F5,

Inc.

a

536,793

25,754

Fidelity

National

Information

Services,

Inc.

2,586,217

25,131

Fiserv,

Inc.

a

2,548,283

3,434

FLEETCOR

Technologies,

Inc.

a

855,272

5,739

Fortinet,

Inc.

a

1,961,246

3,478

Gartner,

Inc.

a

1,034,566

12,043

Global

Payments,

Inc.

1,647,964

54,704

Hewlett

Packard

Enterprise

Company

914,104

45,792

HP,

Inc.

1,662,250

172,218

Intel

Corporation

8,535,124

37,929

International

Business

Machines

Corporation

4,931,529

11,976

Intuit,

Inc.

5,758,540

1,511

IPG

Photonics

Corporation

a

165,847

3,080

Jack

Henry

&

Associates,

Inc.

606,914

13,753

Juniper

Networks,

Inc.

511,061

7,741

Keysight

Technologies,

Inc.

a

1,222,846

6,374

KLA-Tencor

Corporation

2,333,266

5,900

Lam

Research

Corporation

3,171,899

5,935

Leidos

Holdings,

Inc.

641,099

36,501

Mastercard,

Inc.

13,044,727

23,515

Microchip

Technology,

Inc.

1,766,917

47,359

Micron

Technology,

Inc.

3,688,792

317,066

Microsoft

Corporation

97,754,618

1,832

Monolithic

Power

Systems,

Inc.

889,766

7,143

Motorola

Solutions,

Inc.

1,730,035

9,401

NetApp,

Inc.

780,283

24,609

NortonLifeLock,

Inc.

652,631

105,733

NVIDIA

Corporation

28,850,306

11,247

NXP

Semiconductors

NV

2,081,595

66,636

Oracle

Corporation

5,512,796

13,579

Paychex,

Inc.

1,853,126

2,036

Paycom

Software,

Inc.

a

705,230

49,272

PayPal

Holdings,

Inc.

a

5,698,307

4,452

PTC,

Inc.

a

479,569

4,586

Qorvo,

Inc.

a

569,123

47,664

QUALCOMM,

Inc.

7,284,012

41,659

Salesforce.com,

Inc.

a

8,845,039

8,517

Seagate

Technology

Holdings

plc

765,678

8,459

ServiceNow,

Inc.

a

4,710,732

6,936

Skyworks

Solutions,

Inc.

924,430

2,221

SolarEdge

Technologies,

Inc.

a

715,984

6,489

Synopsys,

Inc.

a

2,162,589

13,770

TE

Connectivity,

Ltd.

1,803,595

6,894

Teradyne,

Inc.

815,078

39,060

Texas

Instruments,

Inc.

7,166,729

10,616

Trimble,

Inc.

a

765,838

Shares

Common

Stock

(99.2%)

Value

Information

Technology

(27.8%)

-

continued

1,733

Tyler

Technologies,

Inc.

a

$

770,994

4,087

VeriSign,

Inc.

a

909,194

70,140

Visa,

Inc.

15,554,948

13,234

Western

Digital

Corporation

a

657,068

2,245

Zebra

Technologies

Corporation

a

928,756

Total

453,435,969

Materials

(2.1%)

9,377

Air

Products

and

Chemicals,

Inc.

2,343,406

4,947

Albemarle

Corporation

1,094,029

64,020

Amcor

plc

725,347

3,502

Avery

Dennison

Corporation

609,243

13,699

Ball

Corporation

1,232,910

4,569

Celanese

Corporation

652,773

9,071

CF

Industries

Holdings,

Inc.

934,857

31,117

Dow,

Inc.

1,982,775

21,692

DuPont

de

Nemours,

Inc.

1,596,097

5,456

Eastman

Chemical

Company

611,399

10,544

Ecolab,

Inc.

1,861,649

5,361

FMC

Corporation

705,347

62,089

Freeport-McMoRan,

Inc.

3,088,307

10,766

International

Flavors

&

Fragrances,

Inc.

1,413,899

16,379

International

Paper

Company

755,891

11,119

LyondellBasell

Industries

NV

1,143,255

2,638

Martin

Marietta

Materials,

Inc.

1,015,340

15,666

Mosaic

Company

1,041,789

33,726

Newmont

Corporation

2,679,531

11,504

Nucor

Corporation

1,710,070

4,017

Packaging

Corporation

of

America

627,094

10,040

PPG

Industries,

Inc.

1,315,943

6,266

Sealed

Air

Corporation

419,571

10,202

Sherwin-Williams

Company

2,546,623

5,613

Vulcan

Materials

Company

1,031,108

11,132

WestRock

Company

523,538

Total

33,661,791

Real

Estate

(2.7%)

6,156

Alexandria

Real

Estate

Equities,

Inc.

1,238,895

19,261

American

Tower

Corporation

4,838,748

5,911

AvalonBay

Communities,

Inc.

1,468,115

6,012

Boston

Properties,

Inc.

774,346

14,154

CBRE

Group,

Inc.

a

1,295,374

18,279

Crown

Castle

International

Corporation

3,374,303

12,002

Digital

Realty

Trust,

Inc.

1,701,884

16,107

Duke

Realty

Corporation

935,172

3,808

Equinix,

Inc.

2,824,089

14,453

Equity

Residential

1,299,614

2,760

Essex

Property

Trust,

Inc.

953,525

5,663

Extra

Space

Storage,

Inc.

1,164,313

2,992

Federal

Realty

Investment

Trust

365,233

22,809

Healthpeak

Properties,

Inc.

783,033

30,199

Host

Hotels

&

Resorts,

Inc.

586,767

12,246

Iron

Mountain,

Inc.

678,551

26,080

Kimco

Realty

Corporation

644,176

4,878

Mid-America

Apartment

Communities,

Inc.

1,021,697

31,297

Prologis,

Inc.

5,053,839

6,452

Public

Storage,

Inc.

2,518,087

23,928

Realty

Income

Corporation

1,658,210

6,517

Regency

Centers

Corporation

464,923

4,601

SBA

Communications

Corporation

1,583,204

13,898

Simon

Property

Group,

Inc.

1,828,421

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Shares

Common

Stock

(99.2%)

Value

Real

Estate

(2.7%)

-

continued

12,648

UDR,

Inc.

$

725,616

16,882

Ventas,

Inc.

1,042,632

6,724

Vornado

Realty

Trust

304,732

18,409

Welltower,

Inc.

1,769,841

31,606

Weyerhaeuser

Company

1,197,867

Total

44,095,207

Utilities

(2.7%)

28,197

AES

Corporation

725,509

10,589

Alliant

Energy

Corporation

661,601

10,895

Ameren

Corporation

1,021,515

21,301

American

Electric

Power

Company,

Inc.

2,125,201

7,678

American

Water

Works

Company,

Inc.

1,270,939

5,728

Atmos

Energy

Corporation

684,439

26,597

CenterPoint

Energy,

Inc.

814,932

12,255

CMS

Energy

Corporation

857,115

14,961

Consolidated

Edison,

Inc.

1,416,508

13,809

Constellation

Energy

Corporation

776,756

34,257

Dominion

Energy,

Inc.

2,910,817

8,194

DTE

Energy

Company

1,083,329

32,533

Duke

Energy

Corporation

3,632,635

16,068

Edison

International,

Inc.

1,126,367

8,500

Entergy

Corporation

992,375

9,698

Evergy,

Inc.

662,761

14,541

Eversource

Energy

1,282,371

41,426

Exelon

Corporation

1,973,120

24,115

FirstEnergy

Corporation

1,105,914

82,985

NextEra

Energy,

Inc.

7,029,659

16,609

NiSource,

Inc.

528,166

10,355

NRG

Energy,

Inc.

397,218

4,771

Pinnacle

West

Capital

Corporation

372,615

31,750

PPL

Corporation

906,780

21,386

Public

Service

Enterprise

Group,

Inc.

1,497,020

13,506

Sempra

Energy

2,270,629

44,822

Southern

Company

3,250,043

13,341

WEC

Energy

Group,

Inc.

1,331,565

22,782

Xcel

Energy,

Inc.

1,644,177

Total

44,352,076

Total

Common

Stock

(cost

$600,065,402)

1,619,318,981

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

1,018,060

Thrivent

Cash

Management

Trust

1,018,060

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,018,060)

1,018,060

Shares

or

Principal

Amount

Short-Term

Investments

(

0.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

0.134%,

4/6/2022

c,d

799,981

Shares

or

Principal

Amount

Short-Term

Investments

(0.8%)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,180,559

0.660%

$

11,805,590

Total

Short-Term

Investments

(cost

$12,605,575)

12,605,571

Total

Investments

(cost

$613,689,037)

100.0%

$1,632,942,612

Other

Assets

and

Liabilities,

Net

(<0.1%)

(752,534)

Total

Net

Assets

100.0%

$1,632,190,078

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Index

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

1,005,035

Total

lending

$1,005,035

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,018,060

Net

amounts

due

to

counterparty

$13,025

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

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,

2022,

in

valuing

Large

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

144,533,175

144,533,175

–

–

Consumer

Discretionary

201,628,791

201,628,791

–

–

Consumer

Staples

98,386,064

98,386,064

–

–

Energy

62,703,593

62,703,593

–

–

Financials

179,835,362

179,835,362

–

–

Health

Care

220,455,645

220,455,645

–

–

Industrials

136,231,308

136,231,308

–

–

Information

Technology

453,435,969

453,435,969

–

–

Materials

33,661,791

33,661,791

–

–

Real

Estate

44,095,207

44,095,207

–

–

Utilities

44,352,076

44,352,076

–

–

Short-Term

Investments

799,981

–

799,981

–

Subtotal

Investments

in

Securities

$1,620,118,962

$1,619,318,981

$799,981

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

11,805,590

Collateral

Held

for

Securities

Loaned

1,018,060

Subtotal

Other

Investments

$12,823,650

Total

Investments

at

Value

$1,632,942,612

*

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

683,828

683,828

–

–

Total

Asset

Derivatives

$683,828

$683,828

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$799,981

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

58

June

2022

$

12,455,347

$

683,828

Total

Futures

Long

Contracts

$

12,455,347

$

683,828

Total

Futures

Contracts

$

12,455,347

$683,828

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$10,576

$22,064

$20,834

$11,806

1,181

0.8%

Total

Affiliated

Short-Term

Investments

10,576

11,806

0.8

8Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

656

8,435

8,073

1,018

1,018

<0.1

Total

Collateral

Held

for

Securities

Loaned

656

1,018

<0.1

Total

Value

$11,232

$12,824

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock

(

98.0%

)

Value

Communications

Services

(5.8%)

13,719

Alphabet,

Inc.,

Class

C

a

$

38,317,030

968,368

Comcast

Corporation

45,338,990

693,558

Discovery,

Inc.,

Class

A

a,b

17,283,465

965,558

Verizon

Communications,

Inc.

49,185,524

Total

150,125,009

Consumer

Discretionary

(6.4%)

143,395

Aptiv

plc

a

17,165,815

13,426

AutoZone,

Inc.

a

27,450,531

203,021

D.R.

Horton,

Inc.

15,127,095

750,575

Ford

Motor

Company

12,692,223

267,900

Lowe's

Companies,

Inc.

54,166,701

56,782

Mohawk

Industries,

Inc.

a

7,052,324

312,198

Sony

Group

Corporation

ADR

32,065,857

Total

165,720,546

Consumer

Staples

(6.5%)

84,819

Kimberly-Clark

Corporation

10,446,308

348,584

Lamb

Weston

Holdings,

Inc.

20,883,667

567,175

Philip

Morris

International,

Inc.

53,280,420

260,440

Sysco

Corporation

21,264,926

415,222

Walmart,

Inc.

61,834,860

Total

167,710,181

Energy

(8.0%)

727,540

BP

plc

ADR

21,389,676

435,772

ConocoPhillips

43,577,200

551,887

Devon

Energy

Corporation

32,633,078

1,299,986

Enterprise

Products

Partners,

LP

33,552,639

387,739

Halliburton

Company

14,683,676

253,011

Marathon

Petroleum

Corporation

21,632,440

149,492

Pioneer

Natural

Resources

Company

37,377,485

Total

204,846,194

Financials

(20.6%)

1,486,456

Bank

of

America

Corporation

61,271,716

162,089

Capital

One

Financial

Corporation

21,280,665

382,236

Charles

Schwab

Corporation

32,226,317

210,843

Chubb,

Ltd.

45,099,318

297,548

Comerica,

Inc.

26,907,266

144,029

Discover

Financial

Services

15,870,555

606,185

Equitable

Holdings,

Inc.

18,737,178

388,618

J.P.

Morgan

Chase

&

Company

52,976,406

161,622

M&T

Bank

Corporation

27,394,929

96,940

Marsh

&

McLennan

Companies,

Inc.

16,520,515

493,237

Morgan

Stanley

43,108,914

235,838

Raymond

James

Financial,

Inc.

25,920,955

319,677

State

Street

Corporation

27,850,260

509,774

Truist

Financial

Corporation

28,904,186

938,033

Wells

Fargo

&

Company

45,457,079

190,809

Zions

Bancorporation

NA

12,509,438

55,409

Zurich

Insurance

Group

AG

27,366,502

Total

529,402,199

Health

Care

(15.8%)

150,987

AbbVie,

Inc.

24,476,503

91,195

Anthem,

Inc.

44,796,808

440,977

AstraZeneca

plc

ADR

29,254,414

92,787

Biogen,

Inc.

a

19,540,942

277,665

Centene

Corporation

a

23,376,616

131,192

Cigna

Holding

Company

31,434,915

206,787

CVS

Health

Corporation

20,928,912

Shares

Common

Stock

(98.0%)

Value

Health

Care

(15.8%)

-

continued

205,583

Gilead

Sciences,

Inc.

$

12,221,909

338,270

GlaxoSmithKline

plc

ADR

14,735,041

126,711

HCA

Healthcare,

Inc.

31,756,311

313,593

Johnson

&

Johnson

55,578,088

373,868

Medtronic

plc

41,480,655

449,703

Merck

&

Company,

Inc.

36,898,131

157,237

Zimmer

Biomet

Holdings,

Inc.

20,110,612

Total

406,589,857

Industrials

(12.1%)

128,499

Carlisle

Companies,

Inc.

31,600,474

151,039

Crane

Company

16,354,503

634,805

CSX

Corporation

23,773,447

701,056

Delta

Air

Lines,

Inc.

a

27,740,786

143,012

General

Dynamics

Corporation

34,491,634

409,219

Johnson

Controls

International

plc

26,832,490

126,690

L3Harris

Technologies,

Inc.

31,478,664

85,359

Parker-Hannifin

Corporation

24,221,470

258,719

Raytheon

Technologies

Corporation

25,631,292

232,346

United

Parcel

Service,

Inc.

49,828,923

51,463

United

Rentals,

Inc.

a

18,280,172

Total

310,233,855

Information

Technology

(11.0%)

1,212,876

Cisco

Systems,

Inc.

67,629,966

330,401

Fidelity

National

Information

Services,

Inc.

33,178,869

198,004

Microsoft

Corporation

61,046,613

238,343

QUALCOMM,

Inc.

36,423,577

729,660

Samsung

Electronics

Company,

Ltd.

41,753,322

1,511,415

Telefonaktiebolaget

LM

Ericsson

ADR

13,814,333

155,796

Texas

Instruments,

Inc.

28,585,450

Total

282,432,130

Materials

(4.9%)

717,234

Axalta

Coating

Systems,

Ltd.

a

17,629,612

357,923

CF

Industries

Holdings,

Inc.

36,887,544

162,535

Eastman

Chemical

Company

18,213,672

156,441

LyondellBasell

Industries

NV

16,085,264

246,358

Nucor

Corporation

36,621,117

Total

125,437,209

Real

Estate

(2.8%)

298,380

American

Campus

Communities,

Inc.

16,700,329

66,982

AvalonBay

Communities,

Inc.

16,636,319

172,389

CBRE

Group,

Inc.

a

15,777,041

1,152,699

Host

Hotels

&

Resorts,

Inc.

22,396,942

Total

71,510,631

Utilities

(4.1%)

327,099

Constellation

Energy

Corporation

18,399,319

260,887

Duke

Energy

Corporation

29,130,642

259,607

Entergy

Corporation

30,309,117

611,774

Exelon

Corporation

29,138,796

Total

106,977,874

Total

Common

Stock

(cost

$1,637,709,891)

2,520,985,685

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

17,280,375

Thrivent

Cash

Management

Trust

$

17,280,375

Total

Collateral

Held

for

Securities

Loaned

(cost

$17,280,375)

17,280,375

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

4,684,252

0.660%

46,842,516

Total

Short-Term

Investments

(cost

$46,832,410)

46,842,516

Total

Investments

(cost

$1,701,822,676)

100.5%

$2,585,108,576

Other

Assets

and

Liabilities,

Net

(0.5%)

(14,072,931)

Total

Net

Assets

100.0%

$2,571,035,645

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

16,404,836

Total

lending

$16,404,836

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$17,280,375

Net

amounts

due

to

counterparty

$875,539

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,

2022,

in

valuing

Large

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

150,125,009

150,125,009

–

–

Consumer

Discretionary

165,720,546

165,720,546

–

–

Consumer

Staples

167,710,181

167,710,181

–

–

Energy

204,846,194

204,846,194

–

–

Financials

529,402,199

502,035,697

27,366,502

–

Health

Care

406,589,857

406,589,857

–

–

Industrials

310,233,855

310,233,855

–

–

Information

Technology

282,432,130

240,678,808

41,753,322

–

Materials

125,437,209

125,437,209

–

–

Real

Estate

71,510,631

71,510,631

–

–

Utilities

106,977,874

106,977,874

–

–

Subtotal

Investments

in

Securities

$2,520,985,685

$2,451,865,861

$69,119,824

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

46,842,516

Collateral

Held

for

Securities

Loaned

17,280,375

Subtotal

Other

Investments

$64,122,891

Total

Investments

at

Value

$2,585,108,576

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$32,435

$70,201

$55,793

$46,843

4,684

1.8%

Total

Affiliated

Short-Term

Investments

32,435

46,843

1.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

21,921

80,204

84,845

17,280

17,280

0.7

Total

Collateral

Held

for

Securities

Loaned

21,921

17,280

0.7

Total

Value

$54,356

$64,123

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$37

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$37

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$–

$–

$

–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Principal

Amount

Long-Term

Fixed

Income

(

97.0%

)

Value

Asset-Backed

Securities

(15.0%)

510

Asset

Backed

Trust

$

2,382,346

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

a,b

$

2,278,526

3,251,912

2.240%, 

11/25/2069,

Ser.

2021-NPL1,

Class

A1

a,b

3,112,037

Affirm

Asset

Securitization

Trust

3,000,000

0.880%, 

8/15/2025,

Ser.

2021-A,

Class

A

a

2,984,240

Ares

XL

CLO,

Ltd.

3,000,000

1.641%, 

(LIBOR

3M

+

1.400%),

1/15/2029,

Ser.

2016-40A,

Class

A3RR

a,c

2,973,276

Arkansas

Student

Loan

Auth.

2,783,002

1.423%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

c

2,785,782

Avant

Credit

Card

Master

Trust

4,500,000

1.370%, 

4/15/2027,

Ser.

2021-1A,

Class

A

a

4,276,683

Benefit

Street

Partners

CLO

II,

Ltd.

3,000,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2029,

Ser.

2013-IIA,

Class

A2R2

a,c

2,984,748

BHG

Securitization

Trust

3,761,950

0.900%, 

10/17/2034,

Ser.

2021-B,

Class

A

a

3,661,853

CarVal

CLO

II,

Ltd.

5,150,000

1.364%, 

(LIBOR

3M

+

1.110%),

4/20/2032,

Ser.

2019-1A,

Class

ANR

a,c

5,108,197

Colony

American

Finance,

Ltd.

3,000,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

2,838,445

Commonbond

Student

Loan

Trust

368,955

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

368,450

913,873

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,c

906,310

Conn's

Receivables

Funding

104,052

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

a

103,950

CoreVest

American

Finance

Trust

787,069

3.804%, 

6/15/2051,

Ser.

2018-1,

Class

A

a

788,718

Dewolf

Park

CLO,

Ltd.

1,500,000

1.691%, 

(LIBOR

3M

+

1.450%),

10/15/2030,

Ser.

2017-1A,

Class

BR

a,c

1,491,622

Education

Funding

Trust

1,832,405

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

1,782,309

Flatiron

CLO,

Ltd.

3,500,000

1.956%, 

(LIBOR

3M

+

1.450%),

5/15/2030,

Ser.

2017-1A,

Class

BR

a,c

3,453,877

Galaxy

XXIII

CLO,

Ltd.

3,800,000

1.609%, 

(LIBOR

3M

+

1.350%),

4/24/2029,

Ser.

2017-23A,

Class

B1R

a,c

3,758,485

Genesis

Sales

Finance

Master

Trust

3,500,000

1.650%, 

9/22/2025,

Ser.

2020-AA,

Class

A

a

3,461,894

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Asset-Backed

Securities

(15.0%)

-

continued

$

5,000,000

1.200%, 

12/21/2026,

Ser.

2021-AA,

Class

A

a

$

4,784,440

Goldentree

Loan

Management,

Ltd.

2,000,000

1.654%, 

(LIBOR

3M

+

1.400%),

11/20/2030,

Ser.

2017-2A,

Class

BR

a,c

1,994,390

GoldenTree

Loan

Opportunities,

Ltd.

3,000,000

1.599%, 

(LIBOR

3M

+

1.300%),

10/29/2029,

Ser.

2014-9A,

Class

AJR2

a,c

2,971,464

Goldman

Home

Improvement

Trust

2,433,769

1.150%, 

6/25/2051,

Ser.

2021-GRN2,

Class

A

a

2,323,423

Lendingpoint

Asset

Securitization

Trust

1,749,799

1.000%, 

12/15/2028,

Ser.

2021-A,

Class

A

a

1,738,903

LHOME

Mortgage

Trust

2,000,000

2.363%, 

9/25/2026,

Ser.

2021-RTL3,

Class

A1

a,b

1,910,583

Longfellow

Place

CLO,

Ltd.

6,700,000

1.991%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

a,c

6,652,437

Madison

Park

Funding

XI,

Ltd.

2,000,000

1.709%, 

(LIBOR

3M

+

1.450%),

7/23/2029,

Ser.

2013-11A,

Class

BR2

a,c

1,988,844

Madison

Park

Funding

XXV,

Ltd.

5,000,000

1.908%, 

(LIBOR

3M

+

1.650%),

4/25/2029,

Ser.

2017-25A,

Class

A2R

a,c

4,998,195

Mercury

Financial

Credit

Card

Master

Trust

1,800,000

2.500%, 

9/21/2026,

Ser.

2022-1A,

Class

A

a

1,736,764

National

Collegiate

Trust

874,662

0.752%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,c

856,663

Navient

Student

Loan

Trust

1,013,417

1.057%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

a,c

1,013,417

Nelnet

Student

Loan

Trust

1,600,000

1.479%, 

(LIBOR

1M

+

1.030%),

4/20/2022,

Ser.

2021-A,

Class

A2

a,c

1,577,345

New

Hampshire

Higher

Education

Loan

Corporation

3,063,211

1.657%, 

(LIBOR

1M

+

1.200%),

9/25/2060,

Ser.

2020-1,

Class

A1B

c

3,050,131

OCP

CLO

2,500,000

1.791%, 

(LIBOR

3M

+

1.550%),

7/15/2030,

Ser.

2017-13A,

Class

A2R

a,c

2,473,422

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,247,916

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Asset-Backed

Securities

(15.0%)

-

continued

OSD

CLO

2021-23,

Ltd.

$

2,000,000

2.485%, 

(LIBOR

3M

+

1.520%),

4/17/2031,

Ser.

2021-23A,

Class

B

a,c

$

1,964,048

OZLM

VIII,

Ltd.

2,000,000

1.891%, 

(LIBOR

3M

+

1.650%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,c

1,980,584

Progress

Residential

Trust

2,000,000

2.078%, 

6/18/2037,

Ser.

2020-SFR2,

Class

A

a

1,913,257

ROC

Securities

Trust

Series

2,900,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

2,782,768

SLM

Student

Loan

Trust

2,190,059

0.857%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

c

2,141,146

SoFi

Consumer

Loan

Program

Trust

41,076

2.020%, 

1/25/2029,

Ser.

2020-1,

Class

A

a

41,097

SoFi

Professional

Loan

Program,

LLC

40,222

1.307%, 

(LIBOR

1M

+

0.850%),

7/25/2039,

Ser.

2016-E,

Class

A1

a,c

40,228

Sound

Point

CLO

XIV,

Ltd.

4,500,000

1.759%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2016-3A,

Class

B1R

a,c

4,477,959

Sound

Point

CLO

XV,

Ltd.

6,000,000

1.759%, 

(LIBOR

3M

+

1.500%),

1/23/2029,

Ser.

2017-1A,

Class

BR

a,c

5,953,992

Stratus

CLO

2020-1,

Ltd.

2,000,000

1.491%, 

(LIBOR

3M

+

1.400%),

12/29/2029,

Ser.

2021-1A,

Class

B

a,c

1,974,700

Toorak

Mortgage

Corporation,

Ltd.

2,971,774

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,c

2,893,099

3,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

a,b

2,839,185

TRK

Trust

1,932,468

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,c

1,836,006

Upstart

Securitization

Trust

602,480

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

a

601,189

1,117,089

0.870%, 

3/20/2031,

Ser.

2021-1,

Class

A

a

1,106,846

2,175,840

0.910%, 

6/20/2031,

Ser.

2021-2,

Class

A

a

2,138,153

4,011,688

0.830%, 

7/20/2031,

Ser.

2021-3,

Class

A

a

3,939,590

VCAT

Asset

Securitization,

LLC

2,008,035

2.289%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A1

a,b

1,954,102

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Asset-Backed

Securities

(15.0%)

-

continued

Wind

River

CLO,

Ltd.

$

3,000,000

1.854%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,c

$

2,986,671

Total

136,002,359

Basic

Materials

(1.7%)

Anglo

American

Capital

plc

1,250,000

4.875%, 

5/14/2025

a

1,293,027

Ecolab,

Inc.

500,000

1.650%, 

2/1/2027

469,468

EI

du

Pont

de

Nemours

&

Company

700,000

1.700%, 

7/15/2025

670,671

Freeport-McMoRan,

Inc.

1,890,000

4.550%, 

11/14/2024

1,946,700

Glencore

Funding,

LLC

1,500,000

3.000%, 

10/27/2022

a

1,504,950

1,000,000

4.625%, 

4/29/2024

a

1,023,803

Kinross

Gold

Corporation

1,000,000

5.950%, 

3/15/2024

1,044,575

LYB

International

Finance

III,

LLC

1,079,000

1.250%, 

10/1/2025

998,711

Mosaic

Company

650,000

3.250%, 

11/15/2022

654,385

Nucor

Corporation

800,000

2.000%, 

6/1/2025

774,387

Southern

Copper

Corporation

1,750,000

3.875%, 

4/23/2025

1,776,442

Steel

Dynamics,

Inc.

775,000

2.400%, 

6/15/2025

749,169

Syngenta

Finance

NV

2,800,000

4.892%, 

4/24/2025

a

2,850,206

Total

15,756,494

Capital

Goods

(1.8%)

Boeing

Company

475,000

1.950%, 

2/1/2024

464,406

2,350,000

4.875%, 

5/1/2025

2,424,424

1,750,000

2.196%, 

2/4/2026

1,654,479

CNH

Industrial

Capital,

LLC

1,020,000

1.950%, 

7/2/2023

1,009,460

Howmet

Aerospace,

Inc.

1,250,000

6.875%, 

5/1/2025

1,357,374

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

707,477

Meritage

Homes

Corporation

2,000,000

6.000%, 

6/1/2025

2,102,033

Otis

Worldwide

Corporation

1,225,000

2.056%, 

4/5/2025

1,192,551

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,236,715

1,250,000

0.875%, 

11/15/2025

1,149,745

Roper

Technologies,

Inc.

750,000

2.350%, 

9/15/2024

738,082

675,000

1.000%, 

9/15/2025

626,259

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

2,034,959

Total

16,697,964

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Collateralized

Mortgage

Obligations

(17.8%)

Affirm

Asset

Securitization

Trust

$

6,000,000

1.030%, 

8/15/2026,

Ser.

2021-B,

Class

A

a

$

5,733,202

2,870,000

1.750%, 

2/15/2027,

Ser.

2022-X1,

Class

A

a

2,836,462

Angel

Oak

Mortgage

Trust

2,879,644

3.085%, 

12/25/2066,

Ser.

2022-1,

Class

A2

a,c

2,799,599

Banc

of

America

Funding

Trust

355,972

2.115%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

c

365,105

478,036

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

473,640

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

129,263

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

c

130,996

Bellemeade

Re,

Ltd.

2,484,662

1.849%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

a,c

2,481,353

BRAVO

Residential

Funding

Trust

484,517

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

a

485,729

4,262,294

0.849%, 

(SOFR30A

+

0.750%),

4/25/2022,

Ser.

2021-HE2,

Class

A1

a,c

4,245,410

Business

Jet

Securities,

LLC

1,793,722

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

a

1,727,483

Cascade

Funding

Mortgage

Trust

3,309,825

0.898%, 

6/25/2036,

Ser.

2021-HB6,

Class

A

a,c

3,276,595

2,023,032

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

1,949,324

1,521,407

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,c

1,523,668

Cascade

Funding

Mortgage

Trust,

LLC

2,223,081

0.946%, 

12/26/2030,

Ser.

2020-HB4,

Class

A

a,c

2,206,163

1,692,443

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,c

1,673,977

CHNGE

Mortgage

Trust

2,140,287

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,c

2,085,481

2,992,363

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,c

2,951,874

CIM

Trust

1,896,706

2.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,b

1,834,701

Citigroup

Mortgage

Loan

Trust,

Inc.

729,713

2.765%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

c

718,772

COLT

Mortgage

Loan

Trust

2,837,420

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,c

2,724,402

Countrywide

Alternative

Loan

Trust

171,695

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

138,502

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Collateralized

Mortgage

Obligations

(17.8%)

-

continued

$

199,591

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

$

183,843

Credit

Suisse

Mortgage

Capital

Certificates

3,470,013

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,c

3,318,806

Credit

Suisse

Mortgage

Trust

3,000,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

a,c

2,916,015

3,045,040

2.688%, 

3/25/2059,

Ser.

2020-RPL6,

Class

A1

a,c

2,980,576

Deephaven

Residential

Mortgage

Trust

2,954,613

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,c

2,829,607

2,784,646

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,c

2,660,764

Flagstar

Mortgage

Trust

1,900,653

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,c

1,833,603

Foundation

Finance

Trust

2,058,197

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

1,944,362

FWD

Securitization

Trust

1,178,188

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

a,c

1,174,595

GCAT

Trust

2,559,930

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,c

2,468,160

GCT

Commercial

Mortgage

Trust

2,000,000

1.647%, 

(LIBOR

1M

+

1.250%),

2/15/2038,

Ser.

2021-GCT,

Class

B

a,c

1,963,716

GMAC

Mortgage

Corporation

Loan

Trust

44,749

0.957%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

c,d

30,788

GS

Mortgage-Backed

Securities

Trust

1,634,538

3.750%, 

10/25/2057,

Ser.

2018-RPL1,

Class

A1A

a

1,642,731

229,208

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

a,c

229,429

606,691

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,c

593,478

GSAA

Home

Equity

Trust

709,664

2.407%, 

(LIBOR

1M

+

1.950%),

5/25/2034,

Ser.

2004-4,

Class

M2

c

768,888

844,141

4.519%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

838,961

Homeward

Opportunities

Fund

Trust

4,480,612

3.228%, 

8/25/2025,

Ser.

2020-BPL1,

Class

A1

a,b

4,376,483

J.P.

Morgan

Alternative

Loan

Trust

735,427

3.158%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

c

740,878

Legacy

Mortgage

Asset

Trust

978,792

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

a,b

966,622

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Collateralized

Mortgage

Obligations

(17.8%)

-

continued

LHOME

Mortgage

Trust

$

2,800,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

a,b

$

2,694,242

3,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

2,883,529

Mello

Warehouse

Securitization

Trust

4,000,000

1.357%, 

(LIBOR

1M

+

0.900%),

2/25/2055,

Ser.

2021-1,

Class

B

a,c

3,966,296

MFRA

Trust

2,819,427

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a,b

2,782,689

Mortgage

Equity

Conversion

Asset

Trust

1,932,649

2.010%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,c

1,777,009

1,957,674

2.020%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,c

1,747,502

New

York

Mortgage

Trust

3,000,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

a,b

2,895,953

1,924,714

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

a,c

1,884,301

Oak

Street

Investment

2,148,846

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

2,019,314

Oaktown

Re,

Ltd.

3,300,000

1.749%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

a,c

3,295,056

Onslow

Bay

Financial,

LLC

2,500,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

a,c

2,441,099

Palisades

Mortgage

Loan

Trust

1,500,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

1,449,886

Palmer

Square

Loan

Funding,

Ltd.

5,000,000

1.730%, 

(LIBOR

3M

+

1.250%),

5/20/2029,

Ser.

2021-2A,

Class

A2

a,c

4,940,385

4,000,000

1.654%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

a,c

3,963,784

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,279,007

2.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a,b

2,217,336

2,369,082

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

a,c

2,276,519

Pretium

Mortgage

Credit

Partners,

LLC

2,844,663

1.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,b

2,693,196

1,484,578

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

a,b

1,428,614

Silver

Hill

Trust

2,039,978

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

a,c

1,997,067

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Collateralized

Mortgage

Obligations

(17.8%)

-

continued

Starwood

Mortgage

Residential

Trust

$

1,709,000

2.731%, 

11/25/2066,

Ser.

2021-6,

Class

A2

a,c

$

1,584,455

138,771

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

a,c

138,601

Terwin

Mortgage

Trust

1,402,919

1.957%, 

(LIBOR

1M

+

1.500%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,c

1,389,689

Toorak

Mortgage

Corporation,

Ltd.

687,334

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

682,276

4,920,769

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

a,b

4,881,226

Towd

Point

Asset

Trust

2021-SL1

2,648,232

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

2,516,759

Tricon

Residential

Trust

1,000,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

934,336

TVC

Mortgage

Trust

3,575,741

3.474%, 

9/25/2024,

Ser.

2020-RTL1,

Class

A1

a

3,573,324

Vericrest

Opportunity

Loan

Transferee

2,780,221

1.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a,b

2,693,763

3,615,572

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,b

3,503,699

2,138,532

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,b

2,082,326

1,101,834

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,b

1,052,895

3,569,267

1.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,b

3,411,749

Verus

Securitization

Trust

1,704,617

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,c

1,628,701

Wachovia

Asset

Securitization,

Inc.

228,399

0.597%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,c,d

223,124

Wachovia

Mortgage

Loan

Trust,

LLC

100,898

2.238%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

c

102,866

ZH

Trust

2,710,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

a

2,667,861

2,300,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

a

2,259,593

Total

161,505,763

Commercial

Mortgage-Backed

Securities

(0.5%)

AMSR

Trust

2,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

1,871,169

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Commercial

Mortgage-Backed

Securities

(0.5%)

-

continued

GS

Mortgage

Securities

Trust

$

3,000,000

1.997%, 

(LIBOR

1M

+

1.600%),

5/15/2026,

Ser.

2021-ROSS,

Class

B

a,c

$

2,962,377

Total

4,833,546

Communications

Services

(3.0%)

American

Tower

Corporation

750,000

3.375%, 

5/15/2024

752,254

1,000,000

4.400%, 

2/15/2026

1,026,382

500,000

1.450%, 

9/15/2026

456,199

AT&T,

Inc.

1,200,000

4.125%, 

2/17/2026

1,246,932

Bell

Canada

2,250,000

0.750%, 

3/17/2024

2,169,282

British

Sky

Broadcasting

Group

plc

503,000

3.750%, 

9/16/2024

a

511,339

Charter

Communications

Operating,

LLC

650,000

4.500%, 

2/1/2024

664,843

2,100,000

4.908%, 

7/23/2025

2,177,723

Cox

Communications,

Inc.

517,000

3.150%, 

8/15/2024

a

517,847

Crown

Castle

International

Corporation

1,000,000

3.200%, 

9/1/2024

1,001,171

Discovery

Communications,

LLC

1,050,000

2.950%, 

3/20/2023

1,052,342

Fox

Corporation

440,000

3.050%, 

4/7/2025

439,771

Magallanes,

Inc.

700,000

3.428%, 

3/15/2024

a

703,838

1,900,000

3.638%, 

3/15/2025

a

1,911,544

NBN

Company,

Ltd.

1,000,000

0.875%, 

10/8/2024

a

946,457

1,000,000

1.450%, 

5/5/2026

a

925,357

Netflix,

Inc.

1,900,000

5.875%, 

2/15/2025

2,025,970

Paramount

Global

900,000

4.750%, 

5/15/2025

935,019

Sprint

Corporation

2,450,000

7.125%, 

6/15/2024

2,627,748

1,000,000

7.625%, 

2/15/2025

1,090,000

T-Mobile

USA,

Inc.

1,900,000

3.500%, 

4/15/2025

1,912,573

VeriSign,

Inc.

1,546,000

5.250%, 

4/1/2025

1,623,176

Total

26,717,767

Consumer

Cyclical

(5.2%)

Alibaba

Group

Holding,

Ltd.

500,000

2.800%, 

6/6/2023

498,189

BMW

U.S.

Capital,

LLC

1,000,000

3.150%, 

4/18/2024

a

1,005,134

D.R.

Horton,

Inc.

800,000

2.600%, 

10/15/2025

776,198

Daimler

Finance

North

America,

LLC

875,000

1.750%, 

3/10/2023

a

870,759

1,000,000

1.151%, 

(LIBOR

3M

+

0.840%),

5/4/2023

a,c

1,004,238

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Consumer

Cyclical

(5.2%)

-

continued

$

1,000,000

0.750%, 

3/1/2024

a

$

959,544

Daimler

Trucks

Finance

North

America,

LLC

2,000,000

1.625%, 

12/13/2024

a

1,909,461

Expedia

Group,

Inc.

3,150,000

6.250%, 

5/1/2025

a

3,367,756

Ford

Motor

Credit

Company,

LLC

1,000,000

1.741%, 

(LIBOR

3M

+

1.235%),

2/15/2023

c

992,277

1,840,000

3.370%, 

11/17/2023

1,837,258

1,250,000

3.810%, 

1/9/2024

1,247,969

1,100,000

3.375%, 

11/13/2025

1,075,189

General

Motors

Company

1,000,000

6.125%, 

10/1/2025

1,073,521

General

Motors

Financial

Company,

Inc.

1,250,000

1.050%, 

3/8/2024

1,203,038

1,900,000

3.950%, 

4/13/2024

1,929,481

1,420,000

2.900%, 

2/26/2025

1,387,014

925,000

2.750%, 

6/20/2025

898,415

Home

Depot,

Inc.

1,000,000

2.875%, 

4/15/2027

996,243

Hyundai

Capital

America

900,000

0.800%, 

1/8/2024

a

859,097

1,140,000

1.800%, 

10/15/2025

a

1,064,734

750,000

1.650%, 

9/17/2026

a

683,622

Hyundai

Capital

Services,

Inc.

1,500,000

3.000%, 

8/29/2022

a

1,504,070

750,000

1.250%, 

2/8/2026

a

687,958

Kohl's

Corporation

2,286,000

9.500%, 

5/15/2025

2,548,913

Lennar

Corporation

550,000

5.875%, 

11/15/2024

579,465

1,100,000

4.750%, 

5/30/2025

1,139,173

Lowe's

Companies,

Inc.

2,000,000

4.000%, 

4/15/2025

2,053,527

Marriott

International,

Inc.

1,150,000

3.600%, 

4/15/2024

1,161,794

1,000,000

5.750%, 

5/1/2025

1,061,735

686,000

3.750%, 

10/1/2025

684,478

Nissan

Motor

Company,

Ltd.

2,075,000

3.043%, 

9/15/2023

a

2,070,364

PulteGroup,

Inc.

1,750,000

5.500%, 

3/1/2026

1,861,756

Toll

Brothers

Finance

Corporation

1,700,000

4.375%, 

4/15/2023

1,717,174

Toyota

Motor

Credit

Corporation

925,000

1.800%, 

2/13/2025

897,956

875,000

0.800%, 

10/16/2025

811,687

Volkswagen

Group

of

America

Finance,

LLC

1,000,000

0.750%, 

11/23/2022

a

991,350

2,000,000

4.250%, 

11/13/2023

a

2,037,250

Total

47,447,787

Consumer

Non-Cyclical

(5.3%)

AbbVie,

Inc.

1,000,000

3.850%, 

6/15/2024

1,019,555

1,920,000

3.600%, 

5/14/2025

1,945,210

Altria

Group,

Inc.

1,000,000

4.400%, 

2/14/2026

1,034,380

Amgen,

Inc.

1,320,000

1.900%, 

2/21/2025

1,283,116

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Consumer

Non-Cyclical

(5.3%)

-

continued

Anthem,

Inc.

$

1,025,000

2.375%, 

1/15/2025

$

1,010,625

AstraZeneca

plc

1,550,000

0.700%, 

4/8/2026

1,416,399

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,294,020

Boston

Scientific

Corporation

438,000

3.450%, 

3/1/2024

e

443,167

Bunge,

Ltd.

Finance

Corporation

2,250,000

1.630%, 

8/17/2025

2,131,218

Centene

Corporation

2,000,000

4.250%, 

12/15/2027

2,007,500

1,200,000

4.625%, 

12/15/2029

1,209,708

CK

Hutchison

International,

Ltd.

2,000,000

2.750%, 

3/29/2023

a

2,005,876

Coca-Cola

European

Partners

plc

1,250,000

0.800%, 

5/3/2024

a

1,194,002

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,798,168

Constellation

Brands,

Inc.

500,000

3.200%, 

2/15/2023

504,933

CVS

Health

Corporation

241,000

4.100%, 

3/25/2025

246,984

Gilead

Sciences,

Inc.

1,031,000

0.750%, 

9/29/2023

1,006,895

GSK

Consumer

Healthcare

Capital

UK

plc

750,000

3.125%, 

3/24/2025

a

747,666

GSK

Consumer

Healthcare

Capital

US,

LLC

1,100,000

3.375%, 

3/24/2027

a

1,099,986

HCA,

Inc.

2,000,000

5.875%, 

5/1/2023

2,067,500

1,250,000

5.875%, 

2/15/2026

1,329,387

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

a

1,733,709

Imperial

Tobacco

Finance

plc

1,500,000

3.750%, 

7/21/2022

a

1,503,531

JBS

Finance

Luxembourg

SARL

1,000,000

2.500%, 

1/15/2027

a

928,760

Kraft

Heinz

Foods

Company

2,500,000

3.000%, 

6/1/2026

2,464,600

Mattel,

Inc.

2,000,000

3.375%, 

4/1/2026

a

1,958,170

McKesson

Corporation

1,500,000

0.900%, 

12/3/2025

1,377,266

Newell

Brands,

Inc.

2,000,000

4.875%, 

6/1/2025

2,064,470

Philip

Morris

International,

Inc.

1,350,000

0.875%, 

5/1/2026

1,231,677

Royalty

Pharma

plc

2,675,000

1.200%, 

9/2/2025

2,460,645

Stryker

Corporation

2,500,000

3.500%, 

3/15/2026

2,528,303

Universal

Health

Services,

Inc.

1,650,000

1.650%, 

9/1/2026

a

1,513,555

Zoetis,

Inc.

700,000

3.250%, 

2/1/2023

704,838

Total

48,265,819

Energy

(5.5%)

BP

Capital

Markets

America,

Inc.

500,000

3.790%, 

2/6/2024

508,673

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Energy

(5.5%)

-

continued

Canadian

Natural

Resources,

Ltd.

$

1,400,000

2.050%, 

7/15/2025

$

1,342,404

Cenovus

Energy,

Inc.

2,850,000

5.375%, 

7/15/2025

3,005,255

Cheniere

Corpus

Christi

Holdings,

LLC

1,391,000

5.875%, 

3/31/2025

1,468,107

Cheniere

Energy

Partners,

LP

2,500,000

4.500%, 

10/1/2029

2,512,500

Continental

Resources,

Inc.

1,900,000

4.500%, 

4/15/2023

1,922,800

1,000,000

3.800%, 

6/1/2024

1,003,660

Coterra

Energy,

Inc.

2,137,000

4.375%, 

6/1/2024

a

2,179,945

Devon

Energy

Corporation

1,800,000

5.250%, 

9/15/2024

1,881,063

1,150,000

5.850%, 

12/15/2025

1,244,587

Energy

Transfer,

LP

2,273,000

4.200%, 

9/15/2023

2,302,950

750,000

5.875%, 

1/15/2024

781,358

950,000

2.900%, 

5/15/2025

929,244

Equinor

ASA

925,000

2.875%, 

4/6/2025

925,087

Hess

Corporation

2,238,000

3.500%, 

7/15/2024

2,251,867

Marathon

Petroleum

Corporation

1,700,000

4.700%, 

5/1/2025

1,766,595

MPLX,

LP

500,000

3.500%, 

12/1/2022

503,980

1,500,000

4.875%, 

6/1/2025

1,554,002

1,100,000

1.750%, 

3/1/2026

1,030,732

National

Fuel

Gas

Company

750,000

5.200%, 

7/15/2025

780,194

1,370,000

5.500%, 

1/15/2026

1,450,565

Occidental

Petroleum

Corporation

1,500,000

5.875%, 

9/1/2025

1,593,293

ONEOK

Partners,

LP

721,000

4.900%, 

3/15/2025

744,151

ONEOK,

Inc.

1,000,000

2.750%, 

9/1/2024

993,778

Ovintiv

Exploration,

Inc.

2,925,000

5.625%, 

7/1/2024

3,075,234

Petroleos

Mexicanos

764,750

2.378%, 

4/15/2025

761,533

Pioneer

Natural

Resources

Company

1,700,000

1.125%, 

1/15/2026

1,576,567

Plains

All

American

Pipeline,

LP

2,000,000

3.850%, 

10/15/2023

2,016,980

750,000

4.650%, 

10/15/2025

770,561

Schlumberger

Holdings

Corporation

1,500,000

3.750%, 

5/1/2024

a

1,527,505

Suncor

Energy,

Inc.

930,000

2.800%, 

5/15/2023

931,372

Targa

Resources

Partners,

LP

1,750,000

6.875%, 

1/15/2029

1,877,890

Transcontinental

Gas

Pipe

Line

Company,

LLC

600,000

7.850%, 

2/1/2026

687,814

Valero

Energy

Corporation

429,000

2.850%, 

4/15/2025

423,867

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Energy

(5.5%)

-

continued

Western

Midstream

Operating,

LP

$

1,500,000

3.600%, 

2/1/2025

b

$

1,489,853

Total

49,815,966

Financials

(24.8%)

AerCap

Ireland

Capital

DAC

1,000,000

3.300%, 

1/23/2023

1,002,940

1,000,000

1.650%, 

10/29/2024

944,409

1,200,000

1.750%, 

1/30/2026

1,100,939

250,000

2.450%, 

10/29/2026

231,238

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,375,000

3.150%, 

2/15/2024

1,352,832

1,300,000

6.500%, 

7/15/2025

1,376,616

Aircastle,

Ltd.

1,500,000

4.400%, 

9/25/2023

1,505,880

2,100,000

5.250%, 

8/11/2025

a

2,139,324

Ally

Financial,

Inc.

3,000,000

5.750%, 

11/20/2025

3,154,809

American

Express

Company

1,650,000

2.250%, 

3/4/2025

1,620,309

American

International

Group,

Inc.

1,050,000

2.500%, 

6/30/2025

1,026,599

Ares

Capital

Corporation

924,000

4.250%, 

3/1/2025

923,530

1,350,000

3.875%, 

1/15/2026

1,324,318

800,000

2.150%, 

7/15/2026

722,989

Athene

Global

Funding

1,100,000

1.200%, 

10/13/2023

a

1,071,384

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,c

1,819,754

Aviation

Capital

Group,

LLC

1,200,000

5.500%, 

12/15/2024

a

1,235,093

1,500,000

4.875%, 

10/1/2025

a

1,521,488

Avolon

Holdings

Funding,

Ltd.

2,000,000

3.950%, 

7/1/2024

a

1,993,528

1,644,000

5.500%, 

1/15/2026

a

1,696,701

1,000,000

2.125%, 

2/21/2026

a

913,032

450,000

4.250%, 

4/15/2026

a

443,770

Banco

Bilbao

Vizcaya

Argentaria

SA

1,400,000

0.875%, 

9/18/2023

1,360,163

Banco

Santander

Mexico

SA

320,000

5.375%, 

4/17/2025

a

333,931

Banco

Santander

SA

1,000,000

0.701%, 

6/30/2024

c

970,793

1,000,000

1.849%, 

3/25/2026

934,661

Bank

of

America

Corporation

1,775,000

4.200%, 

8/26/2024

1,818,140

1,800,000

0.810%, 

10/24/2024

c

1,741,524

1,000,000

3.458%, 

3/15/2025

c

1,006,033

1,250,000

0.976%, 

4/22/2025

c

1,198,052

1,125,000

0.981%, 

9/25/2025

c

1,066,286

1,900,000

2.456%, 

10/22/2025

c

1,866,941

850,000

3.384%, 

4/2/2026

c

848,856

1,275,000

1.319%, 

6/19/2026

c

1,194,893

1,500,000

1.734%, 

7/22/2027

c

1,393,027

Bank

of

Montreal

1,000,000

1.500%, 

1/10/2025

e

958,006

Bank

of

New

York

Mellon

Corporation

700,000

4.700%, 

9/20/2025

c,f

716,800

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Financials

(24.8%)

-

continued

Bank

of

New

Zealand

$

875,000

2.000%, 

2/21/2025

a

$

845,894

Bank

of

Nova

Scotia

935,000

4.900%, 

6/4/2025

c,f

935,000

Barclays

plc

2,000,000

1.839%, 

(LIBOR

3M

+

1.380%),

5/16/2024

c

2,009,665

1,500,000

4.375%, 

9/11/2024

1,519,650

1,600,000

1.007%, 

12/10/2024

c

1,536,112

Blackstone

Private

Credit

Fund

1,750,000

2.700%, 

1/15/2025

a

1,671,208

850,000

4.700%, 

3/24/2025

a

862,407

BNP

Paribas

SA

1,900,000

6.625%, 

3/25/2024

a,c,f

1,962,700

960,000

2.819%, 

11/19/2025

a,c

937,305

1,300,000

1.323%, 

1/13/2027

a,c

1,183,738

BPCE

SA

950,000

2.375%, 

1/14/2025

a

915,143

Capital

One

Financial

Corporation

1,500,000

3.900%, 

1/29/2024

1,523,429

750,000

2.636%, 

3/3/2026

c

733,876

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

c,f

412,000

1,250,000

4.000%, 

6/1/2026

c,f

1,196,875

Citigroup,

Inc.

1,800,000

4.000%, 

8/5/2024

1,840,033

2,500,000

0.776%, 

10/30/2024

c

2,415,203

1,000,000

3.290%, 

3/17/2026

c

996,626

925,000

3.106%, 

4/8/2026

c

917,138

1,150,000

1.122%, 

1/28/2027

c

1,055,001

Comerica,

Inc.

585,000

5.625%, 

7/1/2025

c,f

606,937

Commerzbank

AG

2,300,000

8.125%, 

9/19/2023

a

2,429,370

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,c

1,516,665

Corebridge

Financial,

Inc.

1,000,000

3.650%, 

4/5/2027

a

998,600

Corporate

Office

Properties,

LP

450,000

2.250%, 

3/15/2026

428,754

Credit

Agricole

SA

1,000,000

6.875%, 

9/23/2024

a,c,f

1,037,500

935,000

1.907%, 

6/16/2026

a,c

882,602

750,000

1.247%, 

1/26/2027

a,c

682,331

Credit

Suisse

Group

AG

1,500,000

6.500%, 

8/8/2023

a

1,537,500

990,000

7.500%, 

12/11/2023

a,c,f

1,023,412

1,050,000

2.193%, 

6/5/2026

a,c

986,036

1,600,000

1.305%, 

2/2/2027

a,c

1,431,034

Danske

Bank

AS

915,000

1.171%, 

12/8/2023

a,c

903,195

1,500,000

5.375%, 

1/12/2024

a

1,546,559

1,000,000

0.976%, 

9/10/2025

a,c

937,137

Deutsche

Bank

AG

1,200,000

3.700%, 

5/30/2024

1,204,804

910,000

2.222%, 

9/18/2024

c

890,087

2,700,000

4.500%, 

4/1/2025

2,710,287

2,000,000

6.000%, 

10/30/2025

c,f

1,950,000

1,100,000

2.129%, 

11/24/2026

c

1,019,691

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,228,018

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Financials

(24.8%)

-

continued

Equitable

Financial

Life

Global

Funding

$

1,500,000

0.800%, 

8/12/2024

a

$

1,423,055

Fifth

Third

Bancorp

1,900,000

2.375%, 

1/28/2025

1,856,811

First

Horizon

National

Corporation

1,325,000

3.550%, 

5/26/2023

1,332,741

First

Republic

Bank

940,000

1.912%, 

2/12/2024

c

931,529

FNB

Corporation

1,315,000

2.200%, 

2/24/2023

1,307,149

FS

KKR

Capital

Corporation

1,100,000

4.250%, 

2/14/2025

a

1,082,142

2,000,000

3.400%, 

1/15/2026

1,936,362

GA

Global

Funding

Trust

1,200,000

1.625%, 

1/15/2026

a

1,115,826

Goldman

Sachs

Group,

Inc.

1,700,000

0.627%, 

11/17/2023

c

1,678,388

1,500,000

0.673%, 

3/8/2024

c

1,468,136

940,000

3.500%, 

4/1/2025

947,011

1,915,000

3.272%, 

9/29/2025

c

1,918,625

272,000

4.250%, 

10/21/2025

278,594

1,700,000

0.855%, 

2/12/2026

c

1,583,758

1,250,000

3.615%, 

3/15/2028

c

1,248,250

HSBC

Holdings

plc

1,500,000

6.250%, 

3/23/2023

c,f

1,520,130

500,000

4.250%, 

3/14/2024

507,309

500,000

2.999%, 

3/10/2026

c

490,229

1,325,000

1.645%, 

4/18/2026

c

1,246,773

1,000,000

1.589%, 

5/24/2027

c

912,720

ING

Groep

NV

500,000

4.625%, 

1/6/2026

a

516,763

1,250,000

1.726%, 

4/1/2027

c

1,152,930

1,000,000

4.017%, 

3/28/2028

c

1,005,496

J.P.

Morgan

Chase

&

Company

925,000

1.514%, 

6/1/2024

c

912,486

1,750,000

3.875%, 

9/10/2024

1,787,554

1,500,000

1.081%, 

(LIBOR

3M

+

0.850%),

1/10/2025

c

1,508,436

700,000

0.563%, 

2/16/2025

c

668,976

1,500,000

0.969%, 

6/23/2025

c

1,432,143

750,000

1.561%, 

12/10/2025

c

717,893

800,000

2.005%, 

3/13/2026

c

771,254

900,000

2.083%, 

4/22/2026

c

868,505

1,000,000

3.650%, 

6/1/2026

c,f

935,000

2,500,000

1.045%, 

11/19/2026

c

2,308,185

725,000

1.040%, 

2/4/2027

c

664,330

Kilroy

Realty,

LP

1,800,000

4.375%, 

10/1/2025

1,847,969

Lincoln

National

Corporation

1,000,000

4.000%, 

9/1/2023

1,012,498

Lloyds

Banking

Group

plc

2,000,000

2.907%, 

11/7/2023

c

2,002,808

925,000

7.500%, 

6/27/2024

c,f

971,222

350,000

4.582%, 

12/10/2025

357,203

1,000,000

3.750%, 

3/18/2028

c

997,073

M&T

Bank

Corporation

750,000

3.500%, 

9/1/2026

c,f

674,047

Macquarie

Group,

Ltd.

1,500,000

1.528%, 

(LIBOR

3M

+

1.020%),

11/28/2023

a,c

1,503,608

1,250,000

1.201%, 

10/14/2025

a,c

1,181,425

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Financials

(24.8%)

-

continued

MGM

Growth

Properties

Operating

Partnership,

LP

$

1,750,000

4.625%, 

6/15/2025

a

$

1,763,125

Mitsubishi

UFJ

Financial

Group,

Inc.

875,000

2.193%, 

2/25/2025

845,945

2,000,000

0.953%, 

7/19/2025

c

1,895,728

Mizuho

Financial

Group

Cayman

3,

Ltd.

825,000

4.600%, 

3/27/2024

a

842,699

Morgan

Stanley

1,800,000

4.100%, 

5/22/2023

1,832,273

600,000

0.560%, 

11/10/2023

c

593,024

2,000,000

0.529%, 

1/25/2024

c

1,967,461

500,000

0.731%, 

4/5/2024

c

489,694

750,000

2.720%, 

7/22/2025

c

742,478

1,300,000

0.864%, 

10/21/2025

c

1,224,198

1,750,000

5.000%, 

11/24/2025

1,844,710

1,000,000

0.985%, 

12/10/2026

c

917,113

National

Bank

of

Canada

1,500,000

0.750%, 

8/6/2024

1,421,863

Nationwide

Building

Society

1,000,000

3.766%, 

3/8/2024

a,c

1,005,393

NatWest

Group

plc

1,000,000

3.498%, 

5/15/2023

c

1,001,390

1,500,000

4.269%, 

3/22/2025

c

1,517,398

New

York

Life

Global

Funding

450,000

2.000%, 

1/22/2025

a

436,426

Nomura

Holdings,

Inc.

1,890,000

2.648%, 

1/16/2025

1,838,471

Nordea

Bank

ABP

1,700,000

1.500%, 

9/30/2026

a

1,560,746

Omega

Healthcare

Investors,

Inc.

380,000

4.950%, 

4/1/2024

388,289

800,000

4.500%, 

1/15/2025

813,180

1,000,000

5.250%, 

1/15/2026

1,037,065

Owl

Rock

Capital

Corporation

750,000

4.250%, 

1/15/2026

730,898

1,000,000

3.400%, 

7/15/2026

938,943

OWL

Rock

Core

Income

Corporation

650,000

4.700%, 

2/8/2027

a

625,157

Owl

Rock

Technology

Finance

Corporation

750,000

4.750%, 

12/15/2025

a

740,261

750,000

3.750%, 

6/17/2026

a

716,939

Peachtree

Corners

Funding

Trust

1,375,000

3.976%, 

2/15/2025

a

1,392,462

PNC

Financial

Services

Group,

Inc.

1,500,000

3.400%, 

9/15/2026

c,f

1,350,750

Principal

Life

Global

Funding

II

1,000,000

1.375%, 

1/10/2025

a

952,062

900,000

0.875%, 

1/12/2026

a

821,421

Realty

Income

Corporation

200,000

4.600%, 

2/6/2024

204,926

2,950,000

4.625%, 

11/1/2025

3,087,002

Regency

Centers,

LP

1,500,000

3.750%, 

6/15/2024

1,516,998

Regions

Financial

Corporation

925,000

2.250%, 

5/18/2025

900,182

Reinsurance

Group

of

America,

Inc.

2,000,000

4.700%, 

9/15/2023

2,046,844

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Financials

(24.8%)

-

continued

Santander

Holdings

USA,

Inc.

$

1,000,000

3.400%, 

1/18/2023

$

1,006,023

350,000

3.450%, 

6/2/2025

347,470

750,000

2.490%, 

1/6/2028

c

699,751

Santander

UK

Group

Holdings

plc

925,000

1.532%, 

8/21/2026

c

850,294

Simon

Property

Group,

LP

1,250,000

3.300%, 

1/15/2026

1,258,079

Societe

Generale

SA

1,800,000

2.625%, 

10/16/2024

a

1,750,311

1,400,000

1.488%, 

12/14/2026

a,c

1,265,640

Standard

Chartered

plc

1,175,000

3.950%, 

1/11/2023

a

1,180,890

1,000,000

1.319%, 

10/14/2023

a,c

990,578

900,000

0.991%, 

1/12/2025

a,c

859,755

500,000

1.214%, 

3/23/2025

a,c

477,077

1,000,000

2.608%, 

1/12/2028

a,c

934,897

Sumitomo

Mitsui

Financial

Group,

Inc.

1,200,000

2.448%, 

9/27/2024

1,178,814

750,000

0.948%, 

1/12/2026

685,749

1,200,000

2.174%, 

1/14/2027

1,134,103

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,000,000

0.850%, 

3/25/2024

a

958,178

Svenska

Handelsbanken

AB

1,500,000

0.550%, 

6/11/2024

a

1,427,650

Synchrony

Financial

250,000

2.850%, 

7/25/2022

250,686

1,485,000

4.250%, 

8/15/2024

1,505,718

1,920,000

4.500%, 

7/23/2025

1,958,512

Toronto-Dominion

Bank

1,000,000

2.350%, 

3/8/2024

994,017

875,000

0.750%, 

9/11/2025

806,492

Truist

Financial

Corporation

675,000

4.950%, 

9/1/2025

c,f

691,200

UBS

AG

2,756,000

5.125%, 

5/15/2024

2,815,745

UBS

Group

AG

1,375,000

1.008%, 

7/30/2024

a,c

1,337,534

USB

Realty

Corporation

95,000

1.386%, 

(LIBOR

3M

+

1.147%),

1/15/2027

a,c,f

79,087

Wells

Fargo

&

Company

3,200,000

2.406%, 

10/30/2025

c

3,132,574

850,000

3.526%, 

3/24/2028

c

848,293

Welltower,

Inc.

2,000,000

3.625%, 

3/15/2024

2,020,957

Westpac

Banking

Corporation

940,000

2.894%, 

2/4/2030

c

906,351

Total

224,888,391

Foreign

Government

(0.2%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

2,050,000

2.150%, 

5/13/2025

a

1,984,116

Total

1,984,116

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Mortgage-Backed

Securities

(<0.1%)

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

$

200,475

1.784%, 

(LIBOR

12M

+

1.482%),

1/1/2043

c

$

204,675

Total

204,675

Technology

(3.3%)

Baidu,

Inc.

880,000

3.075%, 

4/7/2025

865,821

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

2,000,000

3.125%, 

1/15/2025

1,989,066

Broadcom,

Inc.

1,750,000

4.250%, 

4/15/2026

1,793,616

Dell

International,

LLC

1,500,000

4.000%, 

7/15/2024

1,532,283

1,750,000

5.850%, 

7/15/2025

1,867,833

Fidelity

National

Information

Services,

Inc.

1,200,000

0.600%, 

3/1/2024

1,148,826

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

1,993,843

Global

Payments,

Inc.

925,000

3.750%, 

6/1/2023

933,296

875,000

2.650%, 

2/15/2025

856,164

Intuit,

Inc.

1,000,000

0.950%, 

7/15/2025

937,196

Marvell

Technology,

Inc.

1,000,000

4.200%, 

6/22/2023

1,016,071

Microchip

Technology,

Inc.

1,000,000

0.983%, 

9/1/2024

a

946,771

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,342,000

2.700%, 

5/1/2025

a

1,300,734

Oracle

Corporation

1,055,000

2.500%, 

4/1/2025

1,030,427

1,750,000

2.950%, 

5/15/2025

1,729,637

Panasonic

Corporation

1,000,000

2.679%, 

7/19/2024

a

987,754

Qorvo,

Inc.

2,300,000

4.375%, 

10/15/2029

2,300,771

Seagate

HDD

Cayman

1,232,000

4.750%, 

1/1/2025

1,269,043

SK

Hynix,

Inc.

500,000

1.000%, 

1/19/2024

a

479,978

Tencent

Holdings,

Ltd.

1,150,000

3.800%, 

2/11/2025

a

1,155,240

875,000

1.810%, 

1/26/2026

a,e

810,314

VMware,

Inc.

1,000,000

0.600%, 

8/15/2023

971,839

350,000

1.400%, 

8/15/2026

321,318

Western

Digital

Corporation

2,000,000

4.750%, 

2/15/2026

2,031,320

Total

30,269,161

Transportation

(2.0%)

Air

Canada

Pass

Through

Trust

758,188

3.875%, 

3/15/2023

a

749,621

Air

Lease

Corporation

1,500,000

4.250%, 

2/1/2024

1,516,221

1,500,000

0.800%, 

8/18/2024

1,412,672

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Transportation

(2.0%)

-

continued

British

Airways

plc

$

703,806

4.625%, 

6/20/2024

a

$

707,191

Canadian

Pacific

Railway

Company

1,000,000

1.350%, 

12/2/2024

958,797

Continental

Airlines,

Inc.

1,890,333

4.150%, 

4/11/2024

1,896,224

Delta

Air

Lines,

Inc.

1,000,000

7.000%, 

5/1/2025

a

1,071,115

2,150,000

4.500%, 

10/20/2025

a

2,162,490

Mileage

Plus

Holdings,

LLC

1,000,000

6.500%, 

6/20/2027

a

1,042,500

Penske

Truck

Leasing

Company,

LP

1,000,000

2.700%, 

11/1/2024

a

984,819

1,000,000

3.950%, 

3/10/2025

a

1,010,789

800,000

1.200%, 

11/15/2025

a

734,248

Ryder

System,

Inc.

1,000,000

3.400%, 

3/1/2023

1,008,628

Southwest

Airlines

Company

1,975,000

4.750%, 

5/4/2023

2,016,123

350,000

5.250%, 

5/4/2025

367,549

TTX

Company

800,000

4.125%, 

10/1/2023

a

815,708

Total

18,454,695

U.S.

Government

&

Agencies

(7.7%)

U.S.

Treasury

Notes

7,350,000

2.750%, 

7/31/2023

7,418,045

3,500,000

0.125%, 

8/31/2023

3,405,117

8,950,000

0.125%, 

1/15/2024

8,611,928

13,000,000

0.875%, 

1/31/2024

12,668,906

9,970,000

2.500%, 

1/31/2024

10,003,493

29,000,000

0.250%, 

6/15/2024

27,658,750

Total

69,766,239

Utilities

(3.2%)

AES

Corporation

1,700,000

3.300%, 

7/15/2025

a

1,667,870

Alexander

Funding

Trust

2,500,000

1.841%, 

11/15/2023

a

2,423,202

Ameren

Corporation

250,000

2.500%, 

9/15/2024

246,634

American

Electric

Power

Company,

Inc.

1,075,000

1.000%, 

11/1/2025

994,856

Berkshire

Hathaway

Energy

Company

1,575,000

4.050%, 

4/15/2025

1,623,510

CenterPoint

Energy

Resources

Corporation

1,000,000

0.700%, 

3/2/2023

985,336

Dominion

Energy,

Inc.

1,650,000

1.450%, 

4/15/2026

1,534,160

DTE

Energy

Company

750,000

2.529%, 

10/1/2024

737,464

Duke

Energy

Corporation

500,000

3.250%, 

1/15/2082

c

443,181

915,000

0.900%, 

9/15/2025

849,846

Edison

International

1,420,000

2.950%, 

3/15/2023

1,417,589

Entergy

Corporation

870,000

0.900%, 

9/15/2025

797,810

Principal

Amount

Long-Term

Fixed

Income

(97.0%)

Value

Utilities

(3.2%)

-

continued

Exelon

Corporation

$

1,250,000

3.497%, 

6/1/2022

$

1,251,491

Florida

Power

&

Light

Company

650,000

2.850%, 

4/1/2025

651,096

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,531,219

National

Rural

Utilities

Cooperative

Finance

Corporation

1,150,000

4.750%, 

4/30/2043

c

1,121,648

NiSource,

Inc.

1,250,000

5.650%, 

6/15/2023

c,f

1,225,000

920,000

0.950%, 

8/15/2025

845,462

OGE

Energy

Corporation

1,000,000

0.703%, 

5/26/2023

979,681

Public

Service

Enterprise

Group,

Inc.

1,000,000

2.875%, 

6/15/2024

990,777

Sempra

Energy

1,750,000

3.300%, 

4/1/2025

1,752,771

Southern

California

Edison

Company

1,000,000

1.100%, 

4/1/2024

964,990

Southern

Company

1,500,000

2.950%, 

7/1/2023

1,507,869

900,000

4.000%, 

1/15/2051

c

870,750

750,000

3.750%, 

9/15/2051

c

691,537

WEC

Energy

Group,

Inc.

640,000

0.550%, 

9/15/2023

621,638

Total

28,727,387

Total

Long-Term

Fixed

Income

(cost

$907,242,086)

881,338,129

Shares

Preferred

Stock

(

0.2%

)

Value

Financials

(0.2%)

66,000

Citigroup

Capital

XIII,

6.669%

c

1,808,400

Total

1,808,400

Total

Preferred

Stock

(cost

$1,821,600)

1,808,400

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

1,809,425

Thrivent

Cash

Management

Trust

1,809,425

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,809,425)

1,809,425

Shares

or

Principal

Amount

Short-Term

Investments

(

1.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.134%,

4/6/2022

g,h

99,998

5,000,000

0.120%,

4/7/2022

g

4,999,858

100,000

0.150%,

4/18/2022

g,h

99,992

100,000

0.170%,

4/20/2022

g,h

99,991

100,000

0.200%,

5/10/2022

g,h

99,955

100,000

0.320%,

5/11/2022

g,h

99,953

100,000

0.415%,

5/18/2022

g,h

99,945

400,000

0.380%,

6/3/2022

g,h

399,568

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Shares

or

Principal

Amount

Short-Term

Investments

(1.8%)

Value

U.S.

Treasury

Bills

10,000,000

0.125%,

4/5/2022

g

$

9,999,856

Total

Short-Term

Investments

(cost

$15,999,366)

15,999,116

Total

Investments

(cost

$926,872,477)

99.2%

$900,955,070

Other

Assets

and

Liabilities,

Net

0.8%

7,449,000

Total

Net

Assets

100.0%

$908,404,070

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,

2022,

the

value

of

these

investments

was

$425,750,631

or

46.9%

of

total

net

assets.

b

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

The

interest

rate

shown

reflects

the

yield.

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

Limited

Maturity

Bond

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,760,431

Total

lending

$1,760,431

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,809,425

Net

amounts

due

to

counterparty

$48,994

Definitions:

CLO

-

Collateralized

Loan

Obligation

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

LIBOR

12M

-

ICE

Libor

USD

Rate

12

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Limited

Maturity

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

136,002,359

–

136,002,359

–

Basic

Materials

15,756,494

–

15,756,494

–

Capital

Goods

16,697,964

–

16,697,964

–

Collateralized

Mortgage

Obligations

161,505,763

–

161,505,763

–

Commercial

Mortgage-Backed

Securities

4,833,546

–

4,833,546

–

Communications

Services

26,717,767

–

26,717,767

–

Consumer

Cyclical

47,447,787

–

47,447,787

–

Consumer

Non-Cyclical

48,265,819

–

48,265,819

–

Energy

49,815,966

–

49,815,966

–

Financials

224,888,391

–

224,888,391

–

Foreign

Government

1,984,116

–

1,984,116

–

Mortgage-Backed

Securities

204,675

–

204,675

–

Technology

30,269,161

–

30,269,161

–

Transportation

18,454,695

–

18,454,695

–

U.S.

Government

&

Agencies

69,766,239

–

69,766,239

–

Utilities

28,727,387

–

28,727,387

–

Preferred

Stock

Financials

1,808,400

1,808,400

–

–

Short-Term

Investments

15,999,116

–

15,999,116

–

Subtotal

Investments

in

Securities

$899,145,645

$1,808,400

$897,337,245

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

1,809,425

Subtotal

Other

Investments

$1,809,425

Total

Investments

at

Value

$900,955,070

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

2,282,014

2,282,014

–

–

Total

Asset

Derivatives

$2,282,014

$2,282,014

$–

$–

Liability

Derivatives

Futures

Contracts

723,630

723,630

–

–

Total

Liability

Derivatives

$723,630

$723,630

$–

$–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Limited

Maturity

Bond

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$999,402

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

50

June

2022

$

6,216,568

(

$

72,817)

CBOT

U.S.

Long

Bond

46

June

2022

7,119,369

(

216,494)

Ultra

10-Yr.

U.S.

Treasury

Note

94

June

2022

13,168,381

(

434,319)

Total

Futures

Long

Contracts

$

26,504,318

(

$

723,630)

CBOT

2-Yr.

U.S.

Treasury

Note

(863)

June

2022

(

$

185,125,139)

$

2,236,556

CBOT

5-Yr.

U.S.

Treasury

Note

(16)

June

2022

(

1,880,458)

45,458

Total

Futures

Short

Contracts

(

$

187,005,597)

$2,282,014

Total

Futures

Contracts

(

$

160,501,279)

$1,558,384

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

for

the

Portfolio.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Limited

Maturity

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$1,520

$3,973

$3,684

$1,809

1,809

0.2%

Total

Collateral

Held

for

Securities

Loaned

1,520

1,809

0.2

Total

Value

$1,520

$1,809

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$

–

$1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock

(

98.5%

)

Value

Communications

Services

(11.3%)

3,557

Activision

Blizzard,

Inc.

$

284,951

22,145

AT&T,

Inc.

523,286

18,814

Auto

Trader

Group

plc

a

155,314

8,468

BCE,

Inc.

469,410

370

Charter

Communications,

Inc.

b

201,842

44,000

CITIC

Telecom

International

Holdings,

Ltd.

16,155

2,728

Comcast

Corporation

127,725

3,115

Electronic

Arts,

Inc.

394,079

2,706

Elisa

Oyj

163,191

23,000

HKT

Trust

and

HKT,

Ltd.

31,537

200

Nintendo

Company,

Ltd.

100,952

19,700

Nippon

Telegraph

and

Telephone

Corporation

572,362

6,204

SES

SA

56,657

19,500

SKY

Perfect

JSAT

Holdings,

Inc.

66,030

70,100

SoftBank

Corporation

817,584

75

Swisscom

AG

45,061

24,712

TELUS

Corporation

645,598

24,768

Verizon

Communications,

Inc.

1,261,682

1,213

Walt

Disney

Company

b

166,375

Total

6,099,791

Consumer

Discretionary

(5.5%)

2,221

AcadeMedia

AB

a

12,255

1,608

ARB

Corporation,

Ltd.

49,489

19,415

B&M

European

Value

Retail

SA

135,833

6,919

Domino's

Pizza

Group

plc

34,411

28,714

Europris

ASA

a

184,276

557

Ferrari

NV

121,349

92

Hermes

International

130,213

696

Home

Depot,

Inc.

208,334

2,800

KOMEDA

Holdings

Company,

Ltd.

46,674

638

La

Francaise

des

Jeux

SAEM

a

25,311

3,276

McDonald's

Corporation

810,089

4,700

McDonald's

Holdings

Company

(Japan),

Ltd.

195,453

3,023

NIKE,

Inc.

406,775

200

Pan

Pacific

International

Holdings

Company

3,200

55

Ross

Stores,

Inc.

4,975

2,141

Target

Corporation

454,363

2,700

T-Gaia

Corporation

36,075

1,132

Yum!

Brands,

Inc.

134,176

Total

2,993,251

Consumer

Staples

(14.1%)

8,326

Axfood

AB

271,146

1,160

Church

&

Dwight

Company,

Inc.

115,281

9,340

Coca-Cola

Company

579,080

12,233

Colgate-Palmolive

Company

927,628

907

Costco

Wholesale

Corporation

522,296

6,533

General

Mills,

Inc.

442,415

687

Hershey

Company

148,825

414

Interparfums

SA

24,905

17,100

Japan

Tobacco,

Inc.

292,027

2,600

Kao

Corporation

106,160

1,326

Kellogg

Company

85,514

6,548

Koninklijke

Ahold

Delhaize

NV

210,621

12,841

Kroger

Company

736,688

30

Lindt

&

Spruengli

AG

357,057

854

Monster

Beverage

Corporation

b

68,234

2,245

Nestle

SA

291,892

3,511

PepsiCo,

Inc.

587,671

5,712

Procter

&

Gamble

Company

872,793

Shares

Common

Stock

(98.5%)

Value

Consumer

Staples

(14.1%)

-

continued

6,379

Walmart,

Inc.

$

949,961

Total

7,590,194

Energy

(0.8%)

34,900

Nippon

Gas

Company,

Ltd.

425,884

Total

425,884

Financials

(7.7%)

587

Aon

plc

191,145

566

Arthur

J.

Gallagher

&

Company

98,823

6,251

ASX,

Ltd.

380,250

6,390

Bank

Leumi

Le-Israel

BM

68,838

1,269

Berkshire

Hathaway,

Inc.

b

447,843

85

Equitable

Group,

Inc.

4,878

540

FactSet

Research

Systems,

Inc.

234,441

2,357

Intercontinental

Exchange,

Inc.

311,407

3,909

Laurentian

Bank

of

Canada

129,951

59

MarketAxess

Holdings,

Inc.

20,072

2,066

Marsh

&

McLennan

Companies,

Inc.

352,088

19,700

Matsui

Securities

Company,

Ltd.

129,698

136,000

Mitsubishi

HC

Capital,

Inc.

631,926

10,144

Mizrahi

Tefahot

Bank,

Ltd.

396,144

810

Moody's

Corporation

273,302

4,473

New

York

Community

Bancorp,

Inc.

47,950

781

Progressive

Corporation

89,026

48

Royal

Bank

of

Canada

5,285

684

S&P

Global,

Inc.

280,563

1,208

Topdanmark

AS

67,621

Total

4,161,251

Health

Care

(18.7%)

5,387

Abbott

Laboratories

637,605

1,698

Agilent

Technologies,

Inc.

224,696

38,132

Alliance

Pharma

plc

57,606

435

Amgen,

Inc.

105,192

575

Amplifon

SPA

25,590

4,600

Astellas

Pharma,

Inc.

71,874

4,976

Baxter

International,

Inc.

385,839

3,332

Becton,

Dickinson

and

Company

886,312

5,100

Chugai

Pharmaceutical

Company,

Ltd.

170,179

527

Coloplast

AS

79,808

43

Comet

Holding

AG

12,418

1,167

Danaher

Corporation

342,316

2,333

Dechra

Pharmaceuticals

plc

123,864

859

DiaSorin

SPA

134,171

572

Eli

Lilly

and

Company

163,804

1,164

Eurofins

Scientific

SE

115,147

12,798

Gilead

Sciences,

Inc.

760,841

667

Incyte

Corporation

b

52,973

6,413

Johnson

&

Johnson

1,136,576

910

Laboratorios

Farmaceuticos

ROVI,

SA

67,432

102

Masimo

Corporation

b

14,845

1,919

Merck

&

Company,

Inc.

157,454

1,589

Novartis

AG

139,501

4,929

Novo

Nordisk

AS

546,706

8,543

QIAGEN

NV

b

419,207

4,110

Recordati

SPA

206,074

99

Regeneron

Pharmaceuticals,

Inc.

b

69,144

1,275

Roche

Holding

AG,

Participation

Certificates

504,469

6,848

Sanofi

700,141

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock

(98.5%)

Value

Health

Care

(18.7%)

-

continued

185

Siegfried

Holding

AG

$

152,489

98

Sonova

Holding

AG

40,938

1,101

Tecan

Group

AG

435,270

498

UnitedHealth

Group,

Inc.

253,965

2,875

Vertex

Pharmaceuticals,

Inc.

b

750,289

911

Vitrolife

AB

29,951

604

Zoetis,

Inc.

113,908

Total

10,088,594

Industrials

(8.2%)

757

3M

Company

112,702

42

A.P.

Moller

-

Maersk

AS,

Class

B

126,208

654

Canadian

National

Railway

Company

87,730

5,400

COMSYS

Holdings

Corporation

117,591

5,174

CSX

Corporation

193,766

408

DSV

AS

78,195

724

Geberit

AG

446,315

365

IDEX

Corporation

69,981

13,600

Kamigumi

Company,

Ltd.

244,128

42,000

Kandenko

Company,

Ltd.

286,537

546

Kuehne

&

Nagel

International

AG

155,025

624

Linde

plc

199,324

15,400

Nikkon

Holdings

Company,

Ltd.

256,983

558

Norfolk

Southern

Corporation

159,153

595

Republic

Services,

Inc.

78,838

8,100

SHO-BOND

Holdings

Company,

Ltd.

352,417

1,300

Sumitomo

Corporation

22,514

693

Union

Pacific

Corporation

189,335

2,514

Verisk

Analytics,

Inc.

539,580

4,425

Waste

Management,

Inc.

701,363

Total

4,417,685

Information

Technology

(19.5%)

2,906

Accenture

plc

979,990

1,327

Adobe,

Inc.

b

604,608

1,219

Apple,

Inc.

212,849

122

Autodesk,

Inc.

b

26,151

1,035

Automatic

Data

Processing,

Inc.

235,504

545

Broadcom,

Inc.

343,175

2,556

CGI,

Inc.

b

203,617

10,642

Cisco

Systems,

Inc.

593,398

156

Constellation

Software,

Inc.

266,666

30,100

Elecom

Company,

Ltd.

361,538

564

Fidelity

National

Information

Services,

Inc.

56,637

701

Genpact,

Ltd.

30,500

1,886

Global

Payments,

Inc.

258,080

300

ITOCHU

Techno-Solutions

Corporation

7,663

4,156

Jack

Henry

&

Associates,

Inc.

818,940

4,097

Keysight

Technologies,

Inc.

b

647,203

939

Logitech

International

SA

69,798

844

Mastercard,

Inc.

301,629

1,752

Microsoft

Corporation

540,159

321

Motorola

Solutions,

Inc.

77,746

10,500

Oracle

Corporation

Japan

727,619

1,096

Salesforce.com,

Inc.

b

232,703

671

Skyworks

Solutions,

Inc.

89,431

531

Synopsys,

Inc.

b

176,966

4,527

Texas

Instruments,

Inc.

830,614

2,525

Thomson

Reuters

Corporation

274,142

1,449

Tyler

Technologies,

Inc.

b

644,646

369

VeriSign,

Inc.

b

82,088

Shares

Common

Stock

(98.5%)

Value

Information

Technology

(19.5%)

-

continued

3,765

Visa,

Inc.

$

834,964

Total

10,529,024

Materials

(3.0%)

3,176

Franco-Nevada

Corporation

506,636

23

Givaudan

SA

95,058

442

IMCD

NV

75,402

529

Koninklijke

DSM

NV

94,635

5,207

Newmont

Corporation

413,696

3,557

Symrise

AG

426,461

Total

1,611,888

Real

Estate

(2.3%)

193

Bachem

Holding

AG

106,216

28,200

Link

REIT

240,158

1,119

National

Storage

Affiliates

Trust

70,228

336

PSP

Swiss

Property

AG

44,128

2,065

Public

Storage,

Inc.

805,928

Total

1,266,658

Utilities

(7.4%)

15,698

Consolidated

Edison,

Inc.

1,486,287

2,679

Entergy

Corporation

312,773

119,500

HK

Electric

Investments,

Ltd.

116,704

602

NextEra

Energy,

Inc.

50,996

23,108

NiSource,

Inc.

734,834

7,611

Sempra

Energy

1,279,561

Total

3,981,155

Total

Common

Stock

(cost

$46,778,659)

53,165,375

Shares

Short-Term

Investments

(

1.5%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

79,669

0.660%

796,687

Total

Short-Term

Investments

(cost

$796,687)

796,687

Total

Investments

(cost

$47,575,346)

100.0%

$53,962,062

Other

Assets

and

Liabilities,

Net

<0.1%

23,509

Total

Net

Assets

100.0%

$53,985,571

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,

2022,

the

value

of

these

investments

was

$377,156

or

0.7%

of

total

net

assets.

b

Non-income

producing

security.

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Low

Volatility

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,099,791

2,959,940

3,139,851

–

Consumer

Discretionary

2,993,251

2,018,712

974,539

–

Consumer

Staples

7,590,194

6,036,386

1,553,808

–

Energy

425,884

–

425,884

–

Financials

4,161,251

2,346,660

1,814,591

–

Health

Care

10,088,594

6,055,759

4,032,835

–

Industrials

4,417,685

2,244,042

2,173,643

–

Information

Technology

10,529,024

8,617,981

1,911,043

–

Materials

1,611,888

920,332

691,556

–

Real

Estate

1,266,658

876,156

390,502

–

Utilities

3,981,155

3,864,451

116,704

–

Subtotal

Investments

in

Securities

$53,165,375

$35,940,419

$17,224,956

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

796,687

Subtotal

Other

Investments

$796,687

Total

Investments

at

Value

$53,962,062

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

5,080

5,080

–

–

Total

Asset

Derivatives

$5,080

$5,080

$–

$–

The

following

table

presents

Low

Volatility

Equity

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$45,150

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Eurex

MSCI

World

Index

6

June

2022

$

556,040

$

5,080

Total

Futures

Long

Contracts

$

556,040

$

5,080

Total

Futures

Contracts

$

556,040

$5,080

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$413

$2,509

$2,125

$797

80

1.5%

Total

Affiliated

Short-Term

Investments

413

797

1.5

Total

Value

$413

$797

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Total

Value

$–

$–

$

–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock

(

97.2%

)

Value

Communications

Services

(3.6%)

7,010

Match

Group,

Inc.

a

$

762,267

7,556

Zillow

Group,

Inc.

a

364,426

13,143

ZoomInfo

Technologies,

Inc.

a

785,163

Total

1,911,856

Consumer

Discretionary

(12.4%)

5,808

Aptiv

plc

a

695,276

2,951

Burlington

Stores,

Inc.

a

537,584

6,962

Caesars

Entertainment,

Inc.

a

538,580

4,711

Chegg,

Inc.

a

170,915

5,293

Chewy,

Inc.

a,b

215,849

516

Chipotle

Mexican

Grill,

Inc.

a

816,327

4,463

Five

Below,

Inc.

a

706,805

1,623

Lithia

Motors,

Inc.

487,095

121

NVR,

Inc.

a

540,540

4,049

Planet

Fitness,

Inc.

a

342,059

1,697

Ulta

Beauty,

Inc.

a

675,779

9,448

Wyndham

Hotels

&

Resorts,

Inc.

800,151

Total

6,526,960

Consumer

Staples

(1.4%)

12,530

Lamb

Weston

Holdings,

Inc.

750,672

Total

750,672

Energy

(0.3%)

2,859

Matador

Resources

Company

151,470

Total

151,470

Financials

(8.5%)

3,992

Arthur

J.

Gallagher

&

Company

697,003

3,245

Kinsale

Capital

Group,

Inc.

739,925

1,689

MSCI,

Inc.

849,364

3,208

Signature

Bank

941,516

6,687

Tradeweb

Markets,

Inc.

587,587

7,617

Western

Alliance

Bancorp

630,840

Total

4,446,235

Health

Care

(17.5%)

10,541

Agilon

Health,

Inc.

a

267,214

1,750

Argenx

SE

ADR

a

551,792

2,758

Ascendis

Pharma

AS

ADR

a,b

323,679

22,995

Avantor,

Inc.

a

777,691

1,886

Bio-Techne

Corporation

816,713

7,816

Centene

Corporation

a

658,029

1,732

Charles

River

Laboratories

International,

Inc.

a

491,836

1,699

Cooper

Companies,

Inc.

709,485

1,996

DexCom,

Inc.

a

1,021,154

4,031

Edwards

Lifesciences

Corporation

a

474,529

4,900

Guardant

Health,

Inc.

a

324,576

4,135

Immunocore

Holdings

plc

ADR

a

123,637

3,413

Insulet

Corporation

a

909,189

3,985

Omnicell,

Inc.

a

516,018

2,336

Repligen

Corporation

a

439,378

2,296

Sarepta

Therapeutics,

Inc.

a

179,364

3,171

Zoetis,

Inc.

598,019

Total

9,182,303

Industrials

(21.1%)

5,714

ASGN,

Inc.

a

666,881

3,226

Carlisle

Companies,

Inc.

793,338

5,579

Chart

Industries,

Inc.

a

958,305

23,516

Driven

Brands

Holdings,

Inc.

a

618,000

2,167

Generac

Holdings,

Inc.

a

644,162

Shares

Common

Stock

(97.2%)

Value

Industrials

(21.1%)

-

continued

28,601

Howmet

Aerospace,

Inc.

$

1,027,920

2,138

IDEX

Corporation

409,919

4,271

Middleby

Corporation

a

700,188

1,481

Old

Dominion

Freight

Line,

Inc.

442,345

6,468

Regal

Rexnord

Corporation

962,309

9,991

TransUnion

1,032,470

5,188

Trex

Company,

Inc.

a

338,932

2,838

United

Rentals,

Inc.

a

1,008,086

6,851

Vicor

Corporation

a

483,338

25,674

WillScot

Mobile

Mini

Holdings

Corporation

a

1,004,624

Total

11,090,817

Information

Technology

(24.9%)

10,359

Amphenol

Corporation

780,551

9,342

AppLovin

Corporation

a

514,464

4,518

Arista

Networks,

Inc.

a

627,912

4,397

Bill.com

Holdings,

Inc.

a

997,196

12,456

Cognex

Corporation

960,980

3,933

Coupa

Software,

Inc.

a

399,711

879

DocuSign,

Inc.

a

94,158

1,010

EPAM

Systems,

Inc.

a

299,576

6,383

Five9,

Inc.

a

704,683

1,083

HubSpot,

Inc.

a

514,360

709

Lam

Research

Corporation

381,165

6,567

Lattice

Semiconductor

Corporation

a

400,259

1,308

MKS

Instruments,

Inc.

196,200

1,938

Monolithic

Power

Systems,

Inc.

941,248

3,494

Okta,

Inc.

a

527,454

1,954

Palo

Alto

Networks,

Inc.

a

1,216,385

2,378

Paycom

Software,

Inc.

a

823,692

6,055

PTC,

Inc.

a

652,245

9,453

Sprout

Social,

Inc.

a

757,374

8,801

STMicroelectronics

NV

ADR

380,379

2,081

Synopsys,

Inc.

a

693,535

1,256

Universal

Display

Corporation

209,689

Total

13,073,216

Materials

(4.2%)

5,189

AptarGroup,

Inc.

609,707

1,554

Martin

Marietta

Materials,

Inc.

598,119

1,997

Quaker

Chemical

Corporation

345,102

8,048

RPM

International,

Inc.

655,429

Total

2,208,357

Real

Estate

(3.3%)

2,519

Camden

Property

Trust

418,658

7,054

CBRE

Group,

Inc.

a

645,582

1,871

SBA

Communications

Corporation

643,811

Total

1,708,051

Total

Common

Stock

(cost

$48,142,195)

51,049,937

Shares

Registered

Investment

Companies

(

1.5%

)

Value

Unaffiliated  (1.5%)

3,034

SPDR

S&P

Biotech

ETF

a

272,696

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Shares

Registered

Investment

Companies

(1.5%)

Value

Unaffiliated  (1.5%)-

continued

3,954

SPDR

S&P

Oil

&

Gas

Exploration

ETF

$

532,011

Total

804,707

Total

Registered

Investment

Companies

(cost

$695,238)

804,707

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

310,244

Thrivent

Cash

Management

Trust

310,244

Total

Collateral

Held

for

Securities

Loaned

(cost

$310,244)

310,244

Shares

Short-Term

Investments

(

1.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

61,891

0.660%

618,910

Total

Short-Term

Investments

(cost

$618,910)

618,910

Total

Investments

(cost

$49,766,587)

100.5%

$52,783,798

Other

Assets

and

Liabilities,

Net

(0.5%)

(254,098)

Total

Net

Assets

100.0%

$52,529,700

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

297,468

Total

lending

$297,468

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$310,244

Net

amounts

due

to

counterparty

$12,776

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,

2022,

in

valuing

Mid

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,911,856

1,911,856

–

–

Consumer

Discretionary

6,526,960

6,526,960

–

–

Consumer

Staples

750,672

750,672

–

–

Energy

151,470

151,470

–

–

Financials

4,446,235

4,446,235

–

–

Health

Care

9,182,303

9,182,303

–

–

Industrials

11,090,817

11,090,817

–

–

Information

Technology

13,073,216

13,073,216

–

–

Materials

2,208,357

2,208,357

–

–

Real

Estate

1,708,051

1,708,051

–

–

Registered

Investment

Companies

Unaffiliated

804,707

804,707

–

–

Subtotal

Investments

in

Securities

$51,854,644

$51,854,644

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

618,910

Collateral

Held

for

Securities

Loaned

310,244

Subtotal

Other

Investments

$929,154

Total

Investments

at

Value

$52,783,798

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$459

$5,255

$5,095

$619

62

1.2%

Total

Affiliated

Short-Term

Investments

459

619

1.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

629

4,937

5,256

310

310

0.6

Total

Collateral

Held

for

Securities

Loaned

629

310

0.6

Total

Value

$1,088

$929

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$–

$–

$

–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock

(

98.4%

)

Value

Communications

Services

(1.4%)

1,295

Cable

One,

Inc.

$

1,896,191

34,545

Iridium

Communications,

Inc.

a

1,392,854

11,377

John

Wiley

and

Sons,

Inc.

603,322

43,663

New

York

Times

Company

2,001,512

57,823

Tegna,

Inc.

1,295,235

11,436

World

Wrestling

Entertainment,

Inc.

714,064

17,935

Yelp,

Inc.

a

611,763

Total

8,514,941

Consumer

Discretionary

(14.3%)

24,763

Adient

plc

a

1,009,588

40,097

American

Eagle

Outfitters,

Inc.

b

673,630

10,447

AutoNation,

Inc.

a

1,040,312

21,431

Boyd

Gaming

Corporation

1,409,731

20,146

Brunswick

Corporation

1,629,610

30,622

Callaway

Golf

Company

a

717,167

38,573

Capri

Holdings,

Ltd.

a

1,982,266

11,044

Carter's,

Inc.

1,015,938

8,576

Choice

Hotels

International,

Inc.

1,215,734

8,995

Churchill

Downs,

Inc.

1,994,911

9,032

Columbia

Sportswear

Company

817,667

6,146

Cracker

Barrel

Old

Country

Store,

Inc.

729,715

15,377

Crocs,

Inc.

a

1,174,803

37,690

Dana,

Inc.

662,213

7,118

Deckers

Outdoor

Corporation

a

1,948,695

16,439

Dick's

Sporting

Goods,

Inc.

b

1,644,229

14,640

Five

Below,

Inc.

a

2,318,537

22,817

Foot

Locker,

Inc.

676,752

11,002

Fox

Factory

Holding

Corporation

a

1,077,646

16,160

GameStop

Corporation

a,b

2,691,933

55,617

Gap,

Inc.

783,087

61,805

Gentex

Corporation

1,802,852

73,422

Goodyear

Tire

&

Rubber

Company

a

1,049,200

1,042

Graham

Holdings

Company

637,152

10,354

Grand

Canyon

Education,

Inc.

a

1,005,477

42,995

H&R

Block,

Inc.

1,119,590

91,250

Hanesbrands,

Inc.

1,358,712

40,209

Harley-Davidson,

Inc.

1,584,235

6,307

Helen

of

Troy,

Ltd.

a

1,235,163

35,236

IAA,

Inc.

a

1,347,777

22,396

KB

Home

725,182

36,363

Kohl's

Corporation

2,198,507

15,601

Lear

Corporation

2,224,547

34,852

Leggett

&

Platt,

Inc.

1,212,850

7,912

Lithia

Motors,

Inc.

2,374,549

78,201

Macy's,

Inc.

1,904,976

11,130

Marriott

Vacations

Worldwide

Corporation

1,755,201

91,547

Mattel,

Inc.

a

2,033,259

5,994

Murphy

USA,

Inc.

1,198,560

29,141

Nordstrom,

Inc.

b

790,012

15,340

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

659,006

8,457

Papa

John's

International,

Inc.

890,353

61,794

Park

Hotels

&

Resorts,

Inc.

1,206,837

14,905

Polaris,

Inc.

1,569,795

4,544

RH

a

1,481,753

25,219

Scientific

Games

Corporation

a

1,481,616

43,093

Service

Corporation

International

2,836,381

20,221

Six

Flags

Entertainment

Corporation

a

879,613

35,251

Skechers

USA,

Inc.

a

1,436,831

Shares

Common

Stock

(98.4%)

Value

Consumer

Discretionary

(14.3%)

-

continued

32,112

Taylor

Morrison

Home

Corporation

a

$

874,089

50,304

Tempur

Sealy

International,

Inc.

1,404,488

18,199

Texas

Roadhouse,

Inc.

1,523,802

14,534

Thor

Industries,

Inc.

b

1,143,826

29,363

Toll

Brothers,

Inc.

1,380,648

8,604

TopBuild

Corporation

a

1,560,680

22,550

Travel

+

Leisure

Company

1,306,547

29,041

Tri

Pointe

Homes,

Inc.

a

583,143

25,883

TripAdvisor,

Inc.

a

701,947

17,137

Urban

Outfitters,

Inc.

a

430,310

18,983

Victoria's

Secret

&

Company

a

974,967

7,316

Visteon

Corporation

a

798,395

46,123

Wendy's

Company

1,013,322

19,064

Williams-Sonoma,

Inc.

2,764,280

7,794

Wingstop,

Inc.

914,626

24,348

Wyndham

Hotels

&

Resorts,

Inc.

2,062,032

22,902

YETI

Holdings,

Inc.

a

1,373,662

Total

88,024,914

Consumer

Staples

(3.6%)

29,178

BellRing

Brands,

Inc.

a,b

673,428

35,529

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,402,116

2,453

Boston

Beer

Company,

Inc.

a

952,917

9,697

Casey's

General

Stores,

Inc.

1,921,655

89,864

Coty,

Inc.

a

807,877

42,282

Darling

Ingredients,

Inc.

a

3,398,627

17,129

Energizer

Holdings,

Inc.

526,888

51,925

Flowers

Foods,

Inc.

1,334,992

22,832

Grocery

Outlet

Holding

Corporation

a

748,433

23,864

Hain

Celestial

Group,

Inc.

a

820,922

17,386

Ingredion,

Inc.

1,515,190

5,180

Lancaster

Colony

Corporation

772,597

13,019

Nu

Skin

Enterprises,

Inc.

623,350

40,451

Performance

Food

Group

Company

a

2,059,360

12,735

Pilgrim's

Pride

Corporation

a

319,649

14,871

Post

Holdings,

Inc.

a

1,029,965

5,543

Sanderson

Farms,

Inc.

1,039,257

29,334

Sprouts

Farmers

Markets,

Inc.

a

938,101

Total

21,885,324

Energy

(3.5%)

84,847

Antero

Midstream

Corporation

922,287

52,803

ChampionX

Corporation

a

1,292,617

52,912

CNX

Resources

Corporation

a

1,096,337

25,277

DT

Midstream,

Inc.

1,371,530

78,606

EQT

Corporation

2,704,833

106,235

Equitrans

Midstream

Corporation

896,623

39,065

HF

Sinclair

Corporation

a

1,556,740

37,941

Murphy

Oil

Corporation

1,532,437

102,607

NOV,

Inc.

2,012,123

25,446

PDC

Energy,

Inc.

1,849,415

65,273

Range

Resources

Corporation

a

1,982,994

59,832

Targa

Resources

Corporation

4,515,521

Total

21,733,457

Financials

(13.8%)

10,622

Affiliated

Managers

Group,

Inc.

1,497,171

3,580

Alleghany

Corporation

a

3,032,260

17,304

American

Financial

Group,

Inc.

2,519,808

39,093

Associated

Banc-Corp

889,757

10,518

Bank

of

Hawaii

Corporation

882,671

31,615

Bank

OZK

1,349,961

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Shares

Common

Stock

(98.4%)

Value

Financials

(13.8%)

-

continued

20,348

Brighthouse

Financial,

Inc.

a

$

1,051,178

49,214

Cadence

Bank

1,440,002

19,794

Cathay

General

Bancorp

885,782

31,461

CNO

Financial

Group,

Inc.

789,357

28,877

Commerce

Bancshares,

Inc.

2,067,304

14,890

Cullen/Frost

Bankers,

Inc.

2,060,925

37,081

East

West

Bancorp,

Inc.

2,930,141

28,857

Essent

Group,

Ltd.

1,189,197

10,196

Evercore,

Inc.

1,135,019

88,786

F.N.B.

Corporation

1,105,386

25,306

Federated

Hermes,

Inc.

861,922

28,683

First

American

Financial

Corporation

1,859,232

33,520

First

Financial

Bankshares,

Inc.

1,478,902

139,538

First

Horizon

Corporation

3,277,748

10,515

FirstCash

Holdings,

Inc.

739,625

42,150

Fulton

Financial

Corporation

700,533

28,345

Glacier

Bancorp,

Inc.

1,425,187

22,688

Hancock

Whitney

Corporation

1,183,179

9,297

Hanover

Insurance

Group,

Inc.

1,390,087

39,354

Home

BancShares,

Inc.

889,400

22,832

Interactive

Brokers

Group,

Inc.

1,504,857

13,909

International

Bancshares

Corporation

587,099

44,173

Janus

Henderson

Group

plc

1,546,938

50,559

Jefferies

Financial

Group,

Inc.

1,660,863

15,643

Kemper

Corporation

884,455

5,605

Kinsale

Capital

Group,

Inc.

1,278,052

6,945

Mercury

General

Corporation

381,975

40,241

Navient

Corporation

685,707

121,512

New

York

Community

Bancorp,

Inc.

1,302,609

77,145

Old

National

Bancorp

1,263,635

74,608

Old

Republic

International

Corporation

1,930,109

31,249

PacWest

Bancorp

1,347,769

19,895

Pinnacle

Financial

Partners,

Inc.

1,831,932

10,319

Primerica,

Inc.

1,411,846

14,821

PROG

Holdings,

Inc.

a

426,400

24,085

Prosperity

Bancshares,

Inc.

1,671,017

17,552

Reinsurance

Group

of

America,

Inc.

1,921,242

11,493

RenaissanceRe

Holdings,

Ltd.

1,821,755

10,414

RLI

Corporation

1,152,101

27,495

SEI

Investments

Company

1,655,474

15,731

Selective

Insurance

Group,

Inc.

1,405,722

72,879

SLM

Corporation

1,338,058

27,306

Stifel

Financial

Corporation

1,854,077

37,892

Synovus

Financial

Corporation

1,856,708

13,229

Texas

Capital

Bancshares,

Inc.

a

758,154

11,263

UMB

Financial

Corporation

1,094,313

56,606

Umpqua

Holdings

Corporation

1,067,589

35,641

United

Bankshares,

Inc.

1,243,158

53,425

Unum

Group

1,683,422

110,125

Valley

National

Bancorp

1,433,828

28,221

Voya

Financial,

Inc.

1,872,463

17,044

Washington

Federal,

Inc.

559,384

46,986

Webster

Financial

Corporation

2,636,854

14,896

Wintrust

Financial

Corporation

1,384,285

Total

85,085,584

Health

Care

(8.8%)

23,501

Acadia

Healthcare

Company,

Inc.

a

1,540,021

8,519

Amedisys,

Inc.

a

1,467,738

27,558

Arrowhead

Research

Corporation

a

1,267,392

Shares

Common

Stock

(98.4%)

Value

Health

Care

(8.8%)

-

continued

26,551

Bruker

Corporation

$

1,707,229

4,023

Chemed

Corporation

2,037,851

25,998

Encompass

Health

Corporation

1,848,718

42,167

Envista

Holdings

Corporation

a

2,053,955

82,677

Exelixis,

Inc.

a

1,874,288

20,651

Globus

Medical,

Inc.

a

1,523,631

13,356

Haemonetics

Corporation

a

844,366

36,789

Halozyme

Therapeutics,

Inc.

a

1,467,145

21,846

HealthEquity,

Inc.

a

1,473,294

5,211

ICU

Medical,

Inc.

a

1,160,177

19,034

Integra

LifeSciences

Holdings

Corporation

a

1,223,125

16,063

Jazz

Pharmaceuticals,

Inc.

a

2,500,527

8,276

LHC

Group,

Inc.

a

1,395,334

13,908

LivaNova

plc

a

1,138,092

13,276

Masimo

Corporation

a

1,932,189

7,513

Medpace

Holdings,

Inc.

a

1,229,052

28,157

Neogen

Corporation

a

868,362

24,790

Neurocrine

Biosciences,

Inc.

a

2,324,062

13,519

NuVasive,

Inc.

a

766,527

36,192

Option

Care

Health,

Inc.

a

1,033,643

22,674

Patterson

Companies,

Inc.

733,957

9,176

Penumbra,

Inc.

a

2,038,265

34,956

Perrigo

Company

plc

1,343,359

18,195

Progyny,

Inc.

a

935,223

9,910

Quidel

Corporation

a

1,114,479

34,897

R1

RCM,

Inc.

a

933,844

13,436

Repligen

Corporation

a

2,527,177

12,438

STAAR

Surgical

Company

a

993,921

27,096

Syneos

Health,

Inc.

a

2,193,421

16,602

Tandem

Diabetes

Care,

Inc.

a

1,930,647

27,993

Tenet

Healthcare

Corporation

a

2,406,278

11,769

United

Therapeutics

Corporation

a

2,111,476

Total

53,938,765

Industrials

(17.6%)

9,150

Acuity

Brands,

Inc.

1,732,095

36,934

AECOM

2,836,901

16,035

AGCO

Corporation

2,341,591

13,614

ASGN,

Inc.

a

1,588,890

10,473

Avis

Budget

Group,

Inc.

a

2,757,541

17,891

Axon

Enterprise,

Inc.

a

2,464,127

12,844

Brink's

Company

873,392

50,041

Builders

FirstSource,

Inc.

a

3,229,646

13,662

Carlisle

Companies,

Inc.

3,359,759

9,263

Chart

Industries,

Inc.

a

1,591,106

13,081

Clean

Harbors,

Inc.

a

1,460,363

35,521

Colfax

Corporation

a

1,413,381

13,044

Crane

Company

1,412,404

10,254

Curtiss-Wright

Corporation

1,539,741

32,280

Donaldson

Company,

Inc.

1,676,300

7,887

Dycom

Industries,

Inc.

a

751,316

13,947

EMCOR

Group,

Inc.

1,570,851

10,779

EnerSys

803,790

34,040

Flowserve

Corporation

1,222,036

36,952

Fluor

Corporation

a

1,060,153

8,960

FTI

Consulting,

Inc.

a

1,408,691

9,276

GATX

Corporation

1,144,009

44,413

Graco,

Inc.

3,096,474

25,763

GXO

Logistics,

Inc.

a

1,837,932

21,922

Hexcel

Corporation

1,303,701

14,218

Hubbell,

Inc.

2,612,842

9,317

Insperity,

Inc.

935,613

22,368

ITT

Corporation

1,682,297

83,104

JetBlue

Airways

Corporation

a

1,242,405

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Shares

Common

Stock

(98.4%)

Value

Industrials

(17.6%)

-

continued

36,658

KBR,

Inc.

$

2,006,292

21,712

Kennametal,

Inc.

621,180

15,707

Kirby

Corporation

a

1,133,888

43,366

Knight-Swift

Transportation

Holdings,

Inc.

2,188,248

9,850

Landstar

System,

Inc.

1,485,676

8,798

Lennox

International,

Inc.

2,268,652

15,430

Lincoln

Electric

Holdings,

Inc.

2,126,408

14,173

ManpowerGroup,

Inc.

1,331,128

15,378

MasTec,

Inc.

a

1,339,424

14,830

Mercury

Systems,

Inc.

a

955,794

14,536

Middleby

Corporation

a

2,383,032

19,793

MillerKnoll,

Inc.

684,046

9,528

MSA

Safety,

Inc.

1,264,366

12,317

MSC

Industrial

Direct

Company,

Inc.

1,049,532

43,962

nVent

Electric

plc

1,528,998

17,404

Oshkosh

Corporation

1,751,713

26,258

Owens

Corning,

Inc.

2,402,607

17,706

Regal

Rexnord

Corporation

2,634,299

14,030

Ryder

System,

Inc.

1,113,000

6,882

Saia,

Inc.

a

1,677,969

11,351

Simpson

Manufacturing

Company,

Inc.

1,237,713

24,005

Stericycle,

Inc.

a

1,414,375

54,092

Sunrun,

Inc.

a

1,642,774

18,239

Terex

Corporation

650,403

14,110

Tetra

Tech,

Inc.

2,327,303

18,039

Timken

Company

1,094,967

27,414

Toro

Company

2,343,623

30,081

Trex

Company,

Inc.

a

1,965,192

21,373

Trinity

Industries,

Inc.

734,376

44,673

Univar,

Inc.

a

1,435,790

5,546

Valmont

Industries,

Inc.

1,323,276

5,604

Vicor

Corporation

a

395,362

44,177

Vontier

Corporation

1,121,654

8,630

Watsco,

Inc.

2,629,043

7,201

Watts

Water

Technologies,

Inc.

1,005,188

15,644

Werner

Enterprises,

Inc.

641,404

16,481

Woodward,

Inc.

2,058,642

25,778

XPO

Logistics,

Inc.

a

1,876,638

Total

108,793,322

Information

Technology

(14.7%)

30,721

ACI

Worldwide,

Inc.

a

967,404

13,009

Alliance

Data

Systems

Corporation

730,455

26,198

Amkor

Technology,

Inc.

569,021

17,786

Arrow

Electronics,

Inc.

a

2,109,953

17,419

Aspen

Technology,

Inc.

a

2,880,580

25,860

Avnet,

Inc.

1,049,657

19,576

Azenta,

Inc.

1,622,459

11,732

Belden,

Inc.

649,953

11,682

Blackbaud,

Inc.

a

699,401

6,096

CACI

International,

Inc.

a

1,836,481

14,328

Calix,

Inc.

a

614,814

30,517

CDK

Global,

Inc.

1,485,568

40,472

Ciena

Corporation

a

2,453,817

14,969

Cirrus

Logic,

Inc.

a

1,269,222

7,468

CMC

Materials,

Inc.

1,384,567

46,199

Cognex

Corporation

3,564,253

6,473

Coherent,

Inc.

a

1,769,459

11,644

CommVault

Systems,

Inc.

a

772,579

11,210

Concentrix

Corporation

1,867,138

23,056

Digital

Turbine,

Inc.

a

1,010,083

14,279

Envestnet,

Inc.

a

1,062,929

Shares

Common

Stock

(98.4%)

Value

Information

Technology

(14.7%)

-

continued

13,812

Euronet

Worldwide,

Inc.

a

$

1,797,632

6,867

Fair

Isaac

Corporation

a

3,203,181

25,839

First

Solar,

Inc.

a

2,163,758

44,555

Genpact,

Ltd.

1,938,588

27,786

II-VI,

Inc.

a,b

2,014,207

37,494

Jabil,

Inc.

2,314,505

46,855

Kyndryl

Holdings,

Inc.

a

614,738

35,784

Lattice

Semiconductor

Corporation

a

2,181,035

6,437

Littelfuse,

Inc.

1,605,452

17,793

LiveRamp

Holding,

Inc.

a

665,280

18,866

Lumentum

Holdings,

Inc.

a

1,841,322

16,503

Manhattan

Associates,

Inc.

a

2,289,131

16,181

MAXIMUS,

Inc.

1,212,766

16,269

Mimecast,

Ltd.

a

1,294,362

14,492

MKS

Instruments,

Inc.

2,173,800

34,462

National

Instruments

Corporation

1,398,813

34,493

NCR

Corporation

a

1,386,274

10,368

Paylocity

Holding

Corporation

a

2,133,423

15,459

Power

Integrations,

Inc.

1,432,740

8,725

Qualys,

Inc.

a

1,242,527

84,517

Sabre

Corporation

a

966,029

24,371

SailPoint

Technologies

Holdings,

Inc.

a

1,247,308

14,879

Science

Applications

International

Corporation

1,371,397

16,838

Semtech

Corporation

a

1,167,547

9,981

Silicon

Laboratories,

Inc.

a

1,499,146

3,916

SiTime

Corporation

a

970,463

21,698

SunPower

Corporation

a,b

466,073

10,328

Synaptics,

Inc.

a

2,060,436

10,831

TD

SYNNEX

Corporation

1,117,868

28,352

Teradata

Corporation

a

1,397,470

11,329

Universal

Display

Corporation

1,891,377

19,439

ViaSat,

Inc.

a

948,623

34,678

Vishay

Intertechnology,

Inc.

679,689

102,903

Western

Union

Company

1,928,402

11,712

WEX,

Inc.

a

2,090,006

32,291

Wolfspeed,

Inc.

a

3,676,653

32,071

Xerox

Holdings

Corporation

646,872

12,601

Ziff

Davis,

Inc.

a

1,219,525

Total

90,618,211

Materials

(7.3%)

48,107

Alcoa

Corporation

4,331,073

17,201

AptarGroup,

Inc.

2,021,118

13,833

Ashland

Global

Holdings,

Inc.

1,361,306

23,907

Avient

Corporation

1,147,536

14,787

Cabot

Corporation

1,011,579

41,814

Chemours

Company

1,316,305

124,937

Cleveland-Cliffs,

Inc.

a

4,024,221

31,744

Commercial

Metals

Company

1,321,185

10,323

Eagle

Materials,

Inc.

1,325,060

6,938

Greif,

Inc.

451,386

10,266

Ingevity

Corporation

a

657,743

22,992

Louisiana-Pacific

Corporation

1,428,263

8,700

Minerals

Technologies,

Inc.

575,505

1,787

NewMarket

Corporation

579,667

36,876

Olin

Corporation

1,927,877

16,372

Reliance

Steel

&

Aluminum

Company

3,001,806

17,151

Royal

Gold,

Inc.

2,423,093

33,885

RPM

International,

Inc.

2,759,594

10,603

Scotts

Miracle-Gro

Company

1,303,745

10,982

Sensient

Technologies

Corporation

921,939

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Common

Stock

(98.4%)

Value

Materials

(7.3%)

-

continued

21,927

Silgan

Holdings,

Inc.

$

1,013,685

25,693

Sonoco

Products

Company

1,607,354

49,264

Steel

Dynamics,

Inc.

4,110,096

68,183

United

States

Steel

Corporation

2,573,226

46,867

Valvoline,

Inc.

1,479,123

8,518

Worthington

Industries,

Inc.

437,910

Total

45,111,395

Real

Estate

(9.9%)

36,363

American

Campus

Communities,

Inc.

2,035,237

41,021

Apartment

Income

REIT

Corporation

2,192,983

77,829

Brixmor

Property

Group,

Inc.

2,008,767

26,705

Camden

Property

Trust

4,438,371

29,351

Corporate

Office

Properties

Trust

837,678

38,853

Cousins

Properties,

Inc.

1,565,387

45,856

Douglas

Emmett,

Inc.

1,532,508

10,631

EastGroup

Properties,

Inc.

2,161,070

19,547

EPR

Properties

1,069,416

34,046

First

Industrial

Realty

Trust,

Inc.

2,107,788

38,554

Healthcare

Realty

Trust,

Inc.

1,059,464

27,409

Highwoods

Properties,

Inc.

1,253,688

39,844

Hudson

Pacific

Properties,

Inc.

1,105,671

29,830

JBG

SMITH

Properties

871,633

13,188

Jones

Lang

LaSalle,

Inc.

a

3,157,999

27,449

Kilroy

Realty

Corporation

2,097,653

57,230

Kite

Realty

Group

Trust

1,303,127

22,687

Lamar

Advertising

Company

2,635,776

21,433

Life

Storage,

Inc.

3,009,836

55,669

Macerich

Company

870,663

155,952

Medical

Properties

Trust,

Inc.

3,296,825

83,706

MGIC

Investment

Corporation

1,134,216

45,895

National

Retail

Properties,

Inc.

2,062,521

21,412

National

Storage

Affiliates

Trust

1,343,817

62,446

Omega

Healthcare

Investors,

Inc.

1,945,817

34,331

Pebblebrook

Hotel

Trust

840,423

57,563

Physicians

Realty

Trust

1,009,655

18,047

PotlatchDeltic

Corporation

951,618

5,255

PS

Business

Parks,

Inc.

883,260

37,987

Rayonier,

Inc.

REIT

1,562,026

41,877

Rexford

Industrial

Realty,

Inc.

3,123,605

59,755

Sabra

Health

Care

REIT,

Inc.

889,752

16,751

SL

Green

Realty

Corporation

1,359,846

33,369

Spirit

Realty

Capital,

Inc.

1,535,641

64,127

Store

Capital

Corporation

1,874,432

Total

61,128,169

Utilities

(3.5%)

13,737

ALLETE,

Inc.

920,104

16,677

Black

Hills

Corporation

1,284,463

60,100

Essential

Utilities,

Inc.

3,072,913

28,564

Hawaiian

Electric

Industries,

Inc.

1,208,543

13,200

IDACORP,

Inc.

1,522,752

53,137

MDU

Resources

Group,

Inc.

1,416,101

23,895

National

Fuel

Gas

Company

1,641,586

25,102

New

Jersey

Resources

Corporation

1,151,178

14,132

NorthWestern

Corporation

854,845

52,307

OGE

Energy

Corporation

2,133,079

14,003

ONE

Gas,

Inc.

1,235,625

22,429

PNM

Resources,

Inc.

1,069,190

17,216

Southwest

Gas

Holdings,

Inc.

1,347,841

13,523

Spire,

Inc.

970,410

Shares

Common

Stock

(98.4%)

Value

Utilities

(3.5%)

-

continued

54,823

UGI

Corporation

$

1,985,689

Total

21,814,319

Total

Common

Stock

(cost

$425,138,177)

606,648,401

Shares

Collateral

Held

for

Securities

Loaned

(

1.5%

)

Value

9,147,260

Thrivent

Cash

Management

Trust

9,147,260

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,147,260)

9,147,260

Shares

or

Principal

Amount

Short-Term

Investments

(

1.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

0.100%,

4/1/2022

c

500,000

100,000

0.170%,

4/18/2022

c,d

99,992

100,000

0.315%,

5/24/2022

c,d

99,938

100,000

0.600%,

7/19/2022

c,d

99,771

Thrivent

Core

Short-Term

Reserve

Fund

886,126

0.660%

8,861,257

Total

Short-Term

Investments

(cost

$9,661,020)

9,660,958

Total

Investments

(cost

$443,946,457)

101.4%

$625,456,619

Other

Assets

and

Liabilities,

Net

(1.4%)

(8,833,084)

Total

Net

Assets

100.0%

$616,623,535

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

d

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Index

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

8,788,904

Total

lending

$8,788,904

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,147,260

Net

amounts

due

to

counterparty

$358,356

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

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,

2022,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

8,514,941

8,514,941

–

–

Consumer

Discretionary

88,024,914

88,024,914

–

–

Consumer

Staples

21,885,324

21,885,324

–

–

Energy

21,733,457

21,733,457

–

–

Financials

85,085,584

85,085,584

–

–

Health

Care

53,938,765

53,938,765

–

–

Industrials

108,793,322

108,793,322

–

–

Information

Technology

90,618,211

90,618,211

–

–

Materials

45,111,395

45,111,395

–

–

Real

Estate

61,128,169

61,128,169

–

–

Utilities

21,814,319

21,814,319

–

–

Short-Term

Investments

799,701

–

799,701

–

Subtotal

Investments

in

Securities

$607,448,102

$606,648,401

$799,701

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

8,861,257

Collateral

Held

for

Securities

Loaned

9,147,260

Subtotal

Other

Investments

$18,008,517

Total

Investments

at

Value

$625,456,619

*

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

265,290

265,290

–

–

Total

Asset

Derivatives

$265,290

$265,290

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$299,701

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

E-mini

S&P

Mid-Cap

400

Index

37

June

2022

$

9,684,750

$

265,290

Total

Futures

Long

Contracts

$

9,684,750

$

265,290

Total

Futures

Contracts

$

9,684,750

$265,290

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$4,073

$16,536

$11,748

$8,861

886

1.4%

Total

Affiliated

Short-Term

Investments

4,073

8,861

1.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,734

27,472

23,059

9,147

9,147

1.5

Total

Collateral

Held

for

Securities

Loaned

4,734

9,147

1.5

Total

Value

$8,807

$18,008

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$4

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

Value

$–

$–

$

–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

Common

Stock

(

97.3%

)

Value

Communications

Services

(1.0%)

722,909

DISH

Network

Corporation

a

$

22,880,070

Total

22,880,070

Consumer

Discretionary

(12.5%)

251,422

Aptiv

plc

a

30,097,727

316,556

Caesars

Entertainment,

Inc.

a

24,488,772

29,430

Chipotle

Mexican

Grill,

Inc.

a

46,559,143

168,482

Expedia

Group,

Inc.

a

32,966,873

737,173

Harley-Davidson,

Inc.

29,044,616

130,109

Lululemon

Athletica,

Inc.

a

47,519,710

12,744

NVR,

Inc.

a

56,930,889

67,952

RH

a

22,158,468

Total

289,766,198

Consumer

Staples

(3.3%)

927,947

Hain

Celestial

Group,

Inc.

a

31,921,377

761,566

Lamb

Weston

Holdings,

Inc.

45,625,419

Total

77,546,796

Energy

(3.8%)

973,776

Devon

Energy

Corporation

57,579,375

308,819

Valero

Energy

Corporation

31,357,481

Total

88,936,856

Financials

(15.5%)

1,094,510

Ally

Financial,

Inc.

47,589,295

1,165,058

Arch

Capital

Group,

Ltd.

a

56,412,108

524,385

Assured

Guaranty,

Ltd.

33,382,349

1,208,371

Equitable

Holdings,

Inc.

37,350,748

235,352

Kinsale

Capital

Group,

Inc.

53,664,963

1,315,178

Radian

Group,

Inc.

29,210,103

615,754

Western

Alliance

Bancorp

50,996,746

809,540

Zions

Bancorporation

NA

53,073,443

Total

361,679,755

Health

Care

(9.2%)

52,706

Align

Technology,

Inc.

a

22,979,816

188,348

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

22,332,423

80,403

Bio-Techne

Corporation

34,817,715

328,286

Edwards

Lifesciences

Corporation

a

38,645,828

106,516

Insulet

Corporation

a

28,374,797

696,894

NuVasive,

Inc.

a

39,513,890

344,598

Syneos

Health,

Inc.

a

27,895,208

Total

214,559,677

Industrials

(16.6%)

278,349

Advanced

Drainage

Systems,

Inc.

33,070,645

1,810,474

Dun

&

Bradstreet

Holdings,

Inc.

a

31,719,505

1,072,826

Howmet

Aerospace,

Inc.

38,557,366

174,180

Old

Dominion

Freight

Line,

Inc.

52,024,082

417,294

Quanta

Services,

Inc.

54,920,063

267,235

Regal

Rexnord

Corporation

39,759,223

733,142

Southwest

Airlines

Company

a

33,577,904

609,884

Timken

Company

37,019,959

187,989

United

Rentals,

Inc.

a

66,775,573

Total

387,424,320

Information

Technology

(12.0%)

112,070

ANSYS,

Inc.

a

35,599,035

483,156

AppLovin

Corporation

a,b

26,607,401

121,253

Bill.com

Holdings,

Inc.

a

27,498,968

482,520

Calix,

Inc.

a

20,704,933

674,603

Ciena

Corporation

a

40,901,180

Shares

Common

Stock

(97.3%)

Value

Information

Technology

(12.0%)

-

continued

1,217,627

Dropbox,

Inc.

a

$

28,309,828

154,460

NICE,

Ltd.

ADR

a

33,826,740

940,047

Sonos,

Inc.

a

26,528,126

556,664

Trimble,

Inc.

a

40,157,741

Total

280,133,952

Materials

(8.4%)

502,820

Ashland

Global

Holdings,

Inc.

49,482,516

487,364

Ball

Corporation

43,862,760

332,901

PPG

Industries,

Inc.

43,633,334

713,766

Steel

Dynamics,

Inc.

59,549,498

Total

196,528,108

Real

Estate

(8.3%)

284,028

Alexandria

Real

Estate

Equities,

Inc.

57,160,635

308,773

Camden

Property

Trust

51,318,073

264,168

Digital

Realty

Trust,

Inc.

37,459,022

804,217

Duke

Realty

Corporation

46,692,839

Total

192,630,569

Utilities

(6.7%)

1,098,013

Alliant

Energy

Corporation

68,603,852

1,362,971

CenterPoint

Energy,

Inc.

41,761,432

387,943

Entergy

Corporation

45,292,345

Total

155,657,629

Total

Common

Stock

(cost

$1,555,952,376)

2,267,743,930

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

9,107,800

Thrivent

Cash

Management

Trust

9,107,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,107,800)

9,107,800

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

6,387,680

0.660%

63,876,803

Total

Short-Term

Investments

(cost

$63,848,558)

63,876,803

Total

Investments

(cost

$1,628,908,734)

100.4%

$2,340,728,533

Other

Assets

and

Liabilities,

Net

(0.4%)

(10,238,001)

Total

Net

Assets

100.0%

$2,330,490,532

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

8,877,284

Total

lending

$8,877,284

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,107,800

Net

amounts

due

to

counterparty

$230,516

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,

2022,

in

valuing

Mid

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

22,880,070

22,880,070

–

–

Consumer

Discretionary

289,766,198

289,766,198

–

–

Consumer

Staples

77,546,796

77,546,796

–

–

Energy

88,936,856

88,936,856

–

–

Financials

361,679,755

361,679,755

–

–

Health

Care

214,559,677

214,559,677

–

–

Industrials

387,424,320

387,424,320

–

–

Information

Technology

280,133,952

280,133,952

–

–

Materials

196,528,108

196,528,108

–

–

Real

Estate

192,630,569

192,630,569

–

–

Utilities

155,657,629

155,657,629

–

–

Subtotal

Investments

in

Securities

$2,267,743,930

$2,267,743,930

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

63,876,803

Collateral

Held

for

Securities

Loaned

9,107,800

Subtotal

Other

Investments

$72,984,603

Total

Investments

at

Value

$2,340,728,533

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$64,547

$39,002

$39,672

$63,877

6,388

2.7%

Total

Affiliated

Short-Term

Investments

64,547

63,877

2.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

30,010

55,357

76,259

9,108

9,108

0.4

Total

Collateral

Held

for

Securities

Loaned

30,010

9,108

0.4

Total

Value

$94,557

$72,985

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$46

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$46

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Shares

Common

Stock

(

94.1%

)

Value

Communications

Services

(2.3%)

10,305

Discovery,

Inc.,

Class

A

a,b

$

256,801

33,653

Imax

Corporation

b

637,051

Total

893,852

Consumer

Discretionary

(11.2%)

1,991

Aptiv

plc

b

238,343

9,378

Cedar

Fair,

LP

b

513,914

6,597

Dollar

Tree,

Inc.

b

1,056,510

8,635

eBay,

Inc.

494,440

3,595

Lear

Corporation

512,611

2,815

Mohawk

Industries,

Inc.

b

349,623

3,339

Polaris,

Inc.

351,663

15,916

Tapestry,

Inc.

591,279

3,752

Wyndham

Hotels

&

Resorts,

Inc.

317,757

Total

4,426,140

Consumer

Staples

(5.6%)

7,634

Albertsons

Companies,

Inc.

253,831

11,858

Hain

Celestial

Group,

Inc.

b

407,915

15,277

Lamb

Weston

Holdings,

Inc.

915,245

7,940

Sysco

Corporation

648,301

Total

2,225,292

Energy

(5.8%)

18,285

Enterprise

Products

Partners,

LP

471,936

16,625

Helmerich

&

Payne,

Inc.

711,217

5,299

Marathon

Petroleum

Corporation

453,064

2,651

Pioneer

Natural

Resources

Company

662,830

Total

2,299,047

Financials

(18.3%)

2,702

Capital

One

Financial

Corporation

354,746

6,035

Cboe

Global

Markets,

Inc.

690,525

6,558

Comerica,

Inc.

593,040

26,059

Eastern

Bankshares,

Inc.

561,311

9,910

Enterprise

Financial

Services

Corporation

468,842

19,876

Equitable

Holdings,

Inc.

614,367

8,922

Hartford

Financial

Services

Group,

Inc.

640,689

3,971

M&T

Bank

Corporation

673,085

4,463

Raymond

James

Financial,

Inc.

490,528

8,293

Selective

Insurance

Group,

Inc.

741,062

10,060

Voya

Financial,

Inc.

667,481

8,042

Wintrust

Financial

Corporation

747,343

Total

7,243,019

Health

Care

(9.5%)

8,592

Acadia

Healthcare

Company,

Inc.

b

563,034

9,857

Baxter

International,

Inc.

764,312

9,942

Cardinal

Health,

Inc.

563,711

8,363

Centene

Corporation

b

704,081

6,373

NuVasive,

Inc.

b

361,349

4,749

Syneos

Health,

Inc.

b

384,432

3,428

Zimmer

Biomet

Holdings,

Inc.

438,441

Total

3,779,360

Industrials

(13.5%)

5,352

AGCO

Corporation

781,552

15,589

Barnes

Group,

Inc.

626,522

2,715

Carlisle

Companies,

Inc.

667,673

9,604

Crane

Company

1,039,921

2,464

JB

Hunt

Transport

Services,

Inc.

494,747

Shares

Common

Stock

(94.1%)

Value

Industrials

(13.5%)

-

continued

3,865

Lincoln

Electric

Holdings,

Inc.

$

532,636

2,888

Robert

Half

International,

Inc.

329,752

18,709

Southwest

Airlines

Company

b

856,872

Total

5,329,675

Information

Technology

(11.5%)

7,162

Booz

Allen

Hamilton

Holding

Corporation

629,110

5,580

CommVault

Systems,

Inc.

b

370,233

7,091

Fidelity

National

Information

Services,

Inc.

712,078

5,319

Jabil,

Inc.

328,342

8,790

Juniper

Networks,

Inc.

326,636

24,020

Knowles

Corporation

b

517,151

14,071

NCR

Corporation

b

565,513

6,896

ON

Semiconductor

Corporation

b

431,759

4,137

PTC,

Inc.

b

445,638

4,259

Western

Digital

Corporation

b

211,459

Total

4,537,919

Materials

(6.7%)

20,332

Axalta

Coating

Systems,

Ltd.

b

499,761

13,473

Berry

Plastics

Group,

Inc.

b

780,895

5,501

CF

Industries

Holdings,

Inc.

566,933

7,979

LyondellBasell

Industries

NV

820,401

Total

2,667,990

Real

Estate

(6.0%)

2,362

Camden

Property

Trust

392,564

4,595

CBRE

Group,

Inc.

b

420,534

10,383

Highwoods

Properties,

Inc.

474,919

24,627

Host

Hotels

&

Resorts,

Inc.

478,503

25,146

Kimco

Realty

Corporation

621,106

Total

2,387,626

Utilities

(3.7%)

4,900

Alliant

Energy

Corporation

306,152

17,278

CenterPoint

Energy,

Inc.

529,398

9,310

Evergy,

Inc.

636,245

Total

1,471,795

Total

Common

Stock

(cost

$32,882,653)

37,261,715

Shares

Collateral

Held

for

Securities

Loaned

(

1.4%

)

Value

562,975

Thrivent

Cash

Management

Trust

562,975

Total

Collateral

Held

for

Securities

Loaned

(cost

$562,975)

562,975

Shares

Registered

Investment

Companies

(

0.9%

)

Value

Unaffiliated  (0.9%)

6,909

Fidelity

US

Utilities

ETF

a

331,079

Total

331,079

Total

Registered

Investment

Companies

(cost

$283,516)

331,079

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Shares

Short-Term

Investments

(

4.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

166,866

0.660%

$

1,668,658

Total

Short-Term

Investments

(cost

$1,668,658)

1,668,658

Total

Investments

(cost

$35,397,802)

100.6%

$39,824,427

Other

Assets

and

Liabilities,

Net

(0.6%)

(219,793)

Total

Net

Assets

100.0%

$39,604,634

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Value

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

543,428

Total

lending

$543,428

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$562,975

Net

amounts

due

to

counterparty

$19,547

Definitions:

ETF

-

Exchange

Traded

Fund

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Mid

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

893,852

893,852

–

–

Consumer

Discretionary

4,426,140

4,426,140

–

–

Consumer

Staples

2,225,292

2,225,292

–

–

Energy

2,299,047

2,299,047

–

–

Financials

7,243,019

7,243,019

–

–

Health

Care

3,779,360

3,779,360

–

–

Industrials

5,329,675

5,329,675

–

–

Information

Technology

4,537,919

4,537,919

–

–

Materials

2,667,990

2,667,990

–

–

Real

Estate

2,387,626

2,387,626

–

–

Utilities

1,471,795

1,471,795

–

–

Registered

Investment

Companies

Unaffiliated

331,079

331,079

–

–

Subtotal

Investments

in

Securities

$37,592,794

$37,592,794

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,668,658

Collateral

Held

for

Securities

Loaned

562,975

Subtotal

Other

Investments

$2,231,633

Total

Investments

at

Value

$39,824,427

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$652

$7,768

$6,751

$1,669

167

4.2%

Total

Affiliated

Short-Term

Investments

652

1,669

4.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

266

1,262

965

563

563

1.4

Total

Collateral

Held

for

Securities

Loaned

266

563

1.4

Total

Value

$918

$2,232

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$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

$–

$–

$

–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Bank

Loans

(

1.5%

)

a

Value

Basic

Materials

(0.1%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

1,745,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

1,725,369

INEOS

US

Petrochem,

LLC,

Term

Loan

1,320,025

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

1,294,944

Innophos

Holdings,

Inc.,

Term

Loan

813,400

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

808,316

Nouryon

USA,

LLC,

Term

Loan

1,515,979

4.006%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

1,491,345

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

964,064

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

942,980

Sparta

US

HoldCo,

LLC,

Term

Loan

259,350

4.250%, 

(LIBOR

1M

+

3.500%),

8/2/2028

b,c

255,460

Venator

Finance

SARL,

Term

Loan

927,855

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

881,462

Total

7,399,876

Capital

Goods

(0.3%)

Bingo

Industries,

Ltd.,

Term

Loan

631,825

4.496%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b

623,927

BW

Holding,

Inc.,

Delayed

Draw

282,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

277,065

BW

Holding,

Inc.,

Term

Loan

1,061,340

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

1,042,767

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,772,731

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

1,768,424

740,666

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

738,755

Foley

Products

Company,

LLC,

Term

Loan

1,455,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

1,440,450

Gemini

HDPE,

LLC,

Term

Loan

1,124,548

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

1,105,341

GFL

Environmental,

Inc.,

Term

Loan

1,209,688

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,203,639

Graham

Packaging

Company,

Inc.,

Term

Loan

1,227,600

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

1,204,362

Grinding

Media,

Inc.,

Term

Loan

1,756,175

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

1,736,418

Groupe

Solmax,

Inc.,

Term

Loan

1,548,350

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

1,519,318

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Capital

Goods

(0.3%)

-

continued

HRNI

Holdings,

LLC,

Term

Loan

$

818,025

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

$

810,524

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

1,047,375

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

1,036,252

LABL,

Inc.,

Term

Loan

418,950

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

412,741

LRS

Holdings,

LLC,

Term

Loan

835,905

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

829,636

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

907,725

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

889,570

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,253,348

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

1,234,021

Novae,

LLC,

Delayed

Draw

485,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

480,756

Novae,

LLC,

Term

Loan

1,697,500

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

1,682,647

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

987,500

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

960,551

Quikrete

Holdings

Inc.,

Term

Loan

1,045,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,d,e

1,024,685

RLG

Holdings,

LLC,

Term

Loan

950,024

5.000%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

940,524

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

1,339,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

1,318,915

TransDigm,

Inc.,

Term

Loan

2,851,893

2.707%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,801,985

TricorBraun

Holdings,

Inc.,

Term

Loan

1,538,842

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

1,498,016

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

129,665

4.314%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,d,e

127,802

Trident

TPI

Holdings,

Inc.,

Term

Loan

915,400

4.500%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b

902,246

Venga

Finance

SARL,

Term

Loan

838,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

812,600

Vertiv

Group

Corporation,

Term

Loan

4,241,313

2.991%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

4,129,978

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Capital

Goods

(0.3%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

950,225

5.756%, 

(LIBOR

3M

+

4.750%),

8/12/2028

b

$

946,263

Total

35,500,178

Communications

Services

(0.2%)

Allen

Media,

LLC,

Term

Loan

833,645

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

825,517

Altice

France

SA,

Term

Loan

842,962

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

821,888

Audacy

Capital

Corporation,

Term

Loan

1,030,385

2.947%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

1,010,807

Cablevision

Lightpath,

LLC,

Term

Loan

1,160,312

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

1,144,068

CCI

Buyer,

Inc.,

Term

Loan

297,000

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

292,483

CommScope,

Inc.,

Term

Loan

1,547,229

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,504,031

DIRECTV

Financing,

LLC,

Term

Loan

1,886,125

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

1,881,957

E.W.

Scripps

Company,

Term

Loan

955,938

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

948,319

iHeartCommunications,

Inc.,

Term

Loan

858,194

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

851,869

Metronet

Systems

Holdings,

LLC,

Term

Loan

1,574,390

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

1,555,198

NEP

Group,

Inc.,

Term

Loan

1,310,962

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,285,399

195,000

7.457%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

187,736

Nexstar

Media,

Inc.,

Term

Loan

1,863,576

2.731%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,854,593

ORBCOMM,

Inc.,

Term

Loan

930,325

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

920,250

Peraton

Corporation,

Term

Loan

1,555,380

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

1,542,252

Sharp

Midco,

LLC,

Term

Loan

351,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

348,367

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,609,625

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,583,211

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Communications

Services

(0.2%)

-

continued

Univision

Communications,

Inc.,

Term

Loan

$

870,000

4.000%, 

(LIBOR

1M

+

3.250%),

1/31/2029

b

$

859,847

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

880,575

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

869,938

Xplornet

Communications,

Inc.,

Term

Loan

930,325

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

911,523

825,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

816,750

Zacapa

SARL,

Term

Loan

500,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

496,125

Total

22,512,128

Consumer

Cyclical

(0.2%)

ACProducts

Holdings,

Inc.,

Term

Loan

560,763

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

504,372

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

109,125

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

108,000

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

948,375

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

938,597

American

Trailer

World

Corporation,

Term

Loan

1,525,881

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

1,461,032

Caesars

Resort

Collection,

LLC,

Term

Loan

779,068

3.957%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

775,562

Carnival

Corporation,

Term

Loan

861,234

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

836,258

Cengage

Learning,

Inc.,

Term

Loan

1,731,300

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,715,078

CP

Atlas

Buyer,

Inc.,

Term

Loan

1,054,489

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

1,023,024

Golden

Entertainment,

Inc.,

Term

Loan

2,179,688

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

2,149,717

Great

Canadian

Gaming

Corporation,

Term

Loan

573,563

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

569,800

Michaels

Companies,

Inc.,

Term

Loan

1,657,475

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

1,551,347

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Consumer

Cyclical

(0.2%)

-

continued

Penn

National

Gaming,

Inc.,

Term

Loan

$

1,649,001

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

$

1,637,326

Scientific

Games

International,

Inc.,

Term

Loan

5,182,150

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

5,159,504

Secure

Acquisition,

Inc.,

Delayed

Draw

136,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

133,620

Secure

Acquisition,

Inc.,

Term

Loan

916,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

899,970

Staples,

Inc.,

Term

Loan

270,630

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

262,376

877,628

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

827,620

Tenneco,

Inc.,

Term

Loan

1,155,152

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,139,061

Voyage

Digital

NZ/US,

Term

Loan

1,455,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

1,425,900

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

892,625

2.207%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

883,538

Total

24,001,702

Consumer

Non-Cyclical

(0.2%)

Adient

US,

LLC,

Term

Loan

441,662

3.707%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

433,933

Alltech,

Inc.,

Term

Loan

821,870

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

807,487

Bausch

Health

Americas,

Inc.,

Term

Loan

1,925,649

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,907,991

Bausch

Health

Companies,

Inc.,

Term

Loan

2,274,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

2,248,418

Blue

Ribbon,

LLC,

Term

Loan

1,160,250

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

1,135,885

Chobani,

LLC,

Term

Loan

595,925

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

584,751

City

Brewing

Company,

LLC,

Term

Loan

1,681,114

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

1,529,813

CNT

Holdings

I

Corporation,

Term

Loan

777,150

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

772,130

220,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

219,267

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Consumer

Non-Cyclical

(0.2%)

-

continued

Del

Monte

Foods,

Inc.,

Term

Loan

$

546,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

$

537,128

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

1,861,200

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

1,739,254

Gainwell

Acquisition

Corporation,

Term

Loan

2,148,246

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

2,142,875

Global

Medical

Response,

Inc.,

Term

Loan

4,591,751

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

4,552,996

Herens

US

Holdco

Corporation,

Term

Loan

1,607,870

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

1,565,664

Mamba

Purchaser,

Inc.,

Term

Loan

160,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

159,000

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

834,784

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

829,391

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,376,100

4.256%, 

(LIBOR

3M

+

3.250%),

3/4/2028

b

1,361,362

PetSmart,

LLC,

Term

Loan

1,960,150

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,951,976

Precision

Medicine

Group,

LLC,

Delayed

Draw

161,538

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

158,174

Precision

Medicine

Group,

LLC,

Term

Loan

1,222,981

4.006%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

1,197,506

Total

25,835,001

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

1,501,000

2.960%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,486,935

Energizer

Holdings,

Inc.,

Term

Loan

311,850

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b,c

306,393

GIP

II

Blue

Holding

LP,

Term

Loan

1,620,938

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

1,612,833

Total

3,406,161

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

1,678,750

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,640,273

594,000

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

581,193

1,095,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

1,072,005

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Financials

(0.1%)

-

continued

$

955,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

$

932,319

Digicel

International

Finance,

Ltd.,

Term

Loan

1,297,207

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

1,232,346

Rinchem

Company,

Inc.,

Term

Loan

364,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

362,180

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

546,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

535,080

Tiger

Acquisition,

LLC,

Term

Loan

567,150

3.758%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

543,165

Tronox

Finance,

LLC,

Term

Loan

707,723

3.164%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

696,669

Total

7,595,230

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,302,653

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

1,279,205

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

1,358,322

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

1,349,262

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,473,863

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

1,460,966

Gridiron

Fiber

Corporation,

Term

Loan

635,000

5.506%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

618,731

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,803,228

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,706,882

Prime

Security

Services

Borrower,

LLC,

Term

Loan

3,667,950

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

3,637,396

Rackspace

Technology

Global,

Inc.,

Term

Loan

2,361,150

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

2,313,077

Redstone

Holdco

2

LP,

Term

Loan

840,706

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

819,689

481,772

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

438,413

SS&C

Technologies,

Inc.,

Term

Loan

75,777

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

74,510

64,882

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

63,797

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Technology

(0.2%)

-

continued

Verscend

Holding

Corporation,

Term

Loan

$

535,950

4.457%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

$

533,270

Zayo

Group

Holdings,

Inc.,

Term

Loan

2,550,046

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

2,479,282

Total

17,774,480

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

2,850,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

2,882,946

Air

Canada,

Term

Loan

609,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

602,654

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,626,800

3.006%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,606,970

Hertz

Corporation,

Term

Loan

461,512

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

457,345

87,635

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

86,843

Mileage

Plus

Holdings,

LLC,

Term

Loan

900,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

932,625

SkyMiles

IP,

Ltd.,

Term

Loan

965,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

995,002

United

Airlines,

Inc.,

Term

Loan

871,200

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

859,587

Total

8,423,972

Utilities

(0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

278,753

2.500%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

276,838

CQP

Holdco,

LP,

Term

Loan

2,079,550

4.756%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

2,066,886

EnergySolutions,

LLC,

Term

Loan

951,006

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

929,609

Exgen

Renewables

IV,

LLC,

Term

Loan

525,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

519,424

Osmose

Utilities

Services,

Inc.,

Term

Loan

368,150

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

363,088

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Utilities

(0.1%)

-

continued

PG&E

Corporation,

Term

Loan

$

858,741

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

$

846,933

Total

5,002,778

Total

Bank

Loans

(cost

$158,978,661)

157,451,506

Shares

Registered

Investment

Companies

(

36.5%

)

Value

Unaffiliated  (0.9%)

8,769

Invesco

QQQ

Trust

Series

1

3,179,113

45,275

ProShares

Ultra

S&P

500

f

2,970,493

13,688

ProShares

UltraPro

QQQ

796,368

65,500

SPDR

Blackstone

Senior

Loan

ETF

f

2,944,880

84,203

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

2,209,487

147,847

SPDR

S&P

500

ETF

Trust

66,773,619

33,085

SPDR

S&P

Biotech

ETF

f,g

2,973,680

31,850

SPDR

S&P

Oil

&

Gas

Exploration

ETF

f

4,285,417

Total

86,133,057

Affiliated  (35.6%)

21,415,985

Thrivent

Core

Emerging

Markets

Debt

Fund

185,248,268

5,655,785

Thrivent

Core

Emerging

Markets

Equity

Fund

55,257,019

21,802,367

Thrivent

Core

Low

Volatility

Equity

Fund

283,866,815

32,141,192

Thrivent

Global

Stock

Portfolio

496,243,939

27,532,723

Thrivent

High

Yield

Portfolio

121,510,168

42,973,756

Thrivent

Income

Portfolio

425,685,132

40,624,506

Thrivent

International

Allocation

Portfolio

429,721,958

4,781,335

Thrivent

International

Index

Portfolio

61,951,755

38,932,987

Thrivent

Large

Cap

Value

Portfolio

946,102,720

22,078,142

Thrivent

Limited

Maturity

Bond

Portfolio

213,800,313

18,846,768

Thrivent

Mid

Cap

Stock

Portfolio

480,036,616

6,674,851

Thrivent

Small

Cap

Stock

Portfolio

165,165,183

Total

3,864,589,886

Total

Registered

Investment

Companies

(cost

$2,921,567,156)

3,950,722,943

Shares

Common

Stock

(

32.0%

)

Value

Communications

Services

(2.5%)

5,949

Alphabet,

Inc.,

Class

A

g

16,546,251

42,504

Alphabet,

Inc.,

Class

C

g

118,713,247

24,795

AMC

Networks,

Inc.

f,g

1,007,421

750,592

AT&T,

Inc.

17,736,489

17,337

Cars.com,

Inc.

g

250,173

382,150

Comcast

Corporation

17,892,263

194,375

Discovery,

Inc.,

Class

A

f,g

4,843,825

30,173

Discovery,

Inc.,

Class

C

g

753,420

4,686

DISH

Network

Corporation

g

148,312

5,246

E.W.

Scripps

Company

g

109,064

33,556

Electronic

Arts,

Inc.

4,245,169

25,488

Fox

Corporation,

Class

A

1,005,502

7,342

Gray

Television,

Inc.

162,038

6,712

Hemisphere

Media

Group,

Inc.

g

30,674

20,442

Liberty

Global

plc,

Class

A

g

521,475

Shares

Common

Stock

(32.0%)

Value

Communications

Services

(2.5%)

-

continued

14,230

Lions

Gate

Entertainment

Corporation,

Class

B

$

213,877

190,804

Live

Nation

Entertainment,

Inc.

g

22,446,183

72,582

Lumen

Technologies,

Inc.

817,999

59,013

Match

Group,

Inc.

g

6,417,074

16,673

Meta

Platforms,

Inc.

g

3,707,408

130,107

News

Corporation,

Class

A

2,881,870

2,042

News

Corporation,

Class

B

45,986

6,939

Nexstar

Broadcasting

Group,

Inc.

1,307,863

23,641

Omnicom

Group,

Inc.

2,006,648

55,324

QuinStreet,

Inc.

g

641,758

3,164

RingCentral,

Inc.

g

370,852

11,074

Telephone

&

Data

Systems,

Inc.

209,077

539,936

Twitter,

Inc.

g

20,890,124

1,356

United

States

Cellular

Corporation

g

40,992

81,342

Upwork,

Inc.

g

1,890,388

253,252

Verizon

Communications,

Inc.

12,900,657

16,473

Walt

Disney

Company

g

2,259,437

11,378

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,g

187,737

39,137

Zillow

Group,

Inc.

g

1,887,577

66,990

ZoomInfo

Technologies,

Inc.

g

4,001,983

Total

269,090,813

Consumer

Discretionary

(4.2%)

3,964

Aaron's

Company,

Inc.

79,597

1,986

Adient

plc

g

80,969

6,954

Adtalem

Global

Education,

Inc.

g

206,603

37,702

Amazon.com,

Inc.

g

122,906,635

36,901

American

Axle

&

Manufacturing

Holdings,

Inc.

g

286,352

2,040

America's

Car-Mart,

Inc.

g

164,342

172,214

Aptiv

plc

g

20,615,738

2,440

AutoZone,

Inc.

g

4,988,775

35,114

AZEK

Company,

Inc.

g

872,232

51,171

Bally's

Corporation

g

1,572,997

17,963

Beazer

Homes

USA,

Inc.

g

273,397

10,319

BJ's

Restaurants,

Inc.

g

292,028

1,262

Booking

Holdings,

Inc.

g

2,963,744

3,111

Brunswick

Corporation

251,649

11,046

Buckle,

Inc.

364,960

15,454

Burlington

Stores,

Inc.

g

2,815,255

37,800

Caesars

Entertainment,

Inc.

g

2,924,208

52,777

Carvana

Company

g

6,295,768

18,535

Cedar

Fair,

LP

g

1,015,718

30,136

Cheesecake

Factory,

Inc.

g

1,199,111

24,406

Chegg,

Inc.

g

885,450

25,695

Chewy,

Inc.

f,g

1,047,842

56,494

Chico's

FAS,

Inc.

g

271,171

12,841

Chipotle

Mexican

Grill,

Inc.

g

20,314,847

20,901

Choice

Hotels

International,

Inc.

2,962,926

671

Churchill

Downs,

Inc.

148,814

3,232

Chuy's

Holdings,

Inc.

g

87,264

10,122

Cimpress

plc

g

643,658

34,341

Clarus

Corporation

782,288

29,295

Container

Store

Group,

Inc.

g

239,340

163,861

Cooper-Standard

Holdings,

Inc.

g

1,437,061

3,706

Cracker

Barrel

Old

Country

Store,

Inc.

440,013

28,852

Culp,

Inc.

229,085

37,900

D.R.

Horton,

Inc.

2,823,929

8,179

Dana,

Inc.

143,705

9,914

Darden

Restaurants,

Inc.

1,318,066

3,585

Dave

&

Buster's

Entertainment,

Inc.

g

176,023

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Shares

Common

Stock

(32.0%)

Value

Consumer

Discretionary

(4.2%)

-

continued

4,915

Deckers

Outdoor

Corporation

g

$

1,345,580

12,003

Denny's

Corporation

g

171,763

64,426

Designer

Brands,

Inc.

g

870,395

9

Dollar

General

Corporation

2,004

9,176

Dorman

Products,

Inc.

g

871,995

187,868

Duluth

Holdings,

Inc.

g

2,297,626

45,928

Emerald

Holding,

Inc.

g

156,155

402,576

Everi

Holdings,

Inc.

g

8,454,096

13,821

Expedia

Group,

Inc.

g

2,704,355

38,859

Five

Below,

Inc.

g

6,154,100

135,705

Ford

Motor

Company

2,294,772

117,876

Gap,

Inc.

1,659,694

1,625

Garmin,

Ltd.

192,741

117,074

General

Motors

Company

g

5,120,817

109,283

Gentex

Corporation

3,187,785

4,774

G-III

Apparel

Group,

Ltd.

g

129,137

72,133

Goodyear

Tire

&

Rubber

Company

g

1,030,781

203

Graham

Holdings

Company

124,128

11,454

Grand

Canyon

Education,

Inc.

g

1,112,298

1,428

Group

1

Automotive,

Inc.

239,661

14,027

Groupon,

Inc.

f,g

269,739

32,580

Hanesbrands,

Inc.

485,116

29,766

Harley-Davidson,

Inc.

1,172,780

34,290

Home

Depot,

Inc.

10,264,026

24,396

Lear

Corporation

3,478,626

47,818

Leggett

&

Platt,

Inc.

1,664,066

17,701

Lithia

Motors,

Inc.

5,312,424

48,684

Lowe's

Companies,

Inc.

9,843,418

844

Lululemon

Athletica,

Inc.

g

308,254

5,151

M.D.C.

Holdings,

Inc.

194,914

319,521

Macy's,

Inc.

7,783,532

100,263

Magnite,

Inc.

g

1,324,474

233

Marriott

Vacations

Worldwide

Corporation

36,744

24,672

McDonald's

Corporation

6,100,892

17,838

Miller

Industries,

Inc.

502,318

30,204

Modine

Manufacturing

Company

g

272,138

11,891

Mohawk

Industries,

Inc.

g

1,476,862

1,787

Murphy

USA,

Inc.

357,329

33,511

NIKE,

Inc.

4,509,240

92,968

Nordstrom,

Inc.

f

2,520,362

69,105

Norwegian

Cruise

Line

Holdings,

Ltd.

f,g

1,512,017

872

NVR,

Inc.

g

3,895,459

33,314

Papa

John's

International,

Inc.

3,507,298

97,082

Party

City

Holdco,

Inc.

g

347,554

116,723

Penn

National

Gaming,

Inc.

g

4,951,390

18,480

Perdoceo

Education

Corporation

g

212,150

65,293

Planet

Fitness,

Inc.

g

5,515,953

46,037

PVH

Corporation

3,526,895

124,343

Qurate

Retail,

Inc.

591,873

2,625

RCI

Hospitality

Holdings,

Inc.

161,332

440

RH

g

143,480

88,431

Ross

Stores,

Inc.

7,999,468

13,362

Ruth's

Hospitality

Group,

Inc.

305,723

13,828

Six

Flags

Entertainment

Corporation

g

601,518

74,072

Skyline

Champion

Corporation

g

4,065,071

10,399

Sleep

Number

Corporation

g

527,333

57,092

Sony

Group

Corporation

ADR

5,863,919

3,028

Standard

Motor

Products,

Inc.

130,628

23,974

Stoneridge,

Inc.

g

497,700

6,575

Strategic

Education,

Inc.

436,449

56,519

Tapestry,

Inc.

2,099,681

Shares

Common

Stock

(32.0%)

Value

Consumer

Discretionary

(4.2%)

-

continued

21,592

Target

Corporation

$

4,582,254

85,449

Taylor

Morrison

Home

Corporation

g

2,325,922

68,291

Tesla,

Inc.

g

73,590,382

3,851

Thor

Industries,

Inc.

f

303,074

211,832

ThredUp,

Inc.

g

1,631,106

49,875

Toll

Brothers,

Inc.

2,345,123

3,511

TopBuild

Corporation

g

636,860

32,827

TripAdvisor,

Inc.

g

890,268

12,653

Tupperware

Brands

Corporation

g

246,101

8,787

Ulta

Beauty,

Inc.

g

3,499,159

5,621

Urban

Outfitters,

Inc.

g

141,143

21,339

Vail

Resorts,

Inc.

5,553,902

1,953

Visteon

Corporation

g

213,131

1,465

Williams-Sonoma,

Inc.

212,425

19,419

Wingstop,

Inc.

2,278,820

8,520

Wolverine

World

Wide,

Inc.

192,211

2,357

WW

International,

Inc.

g

24,112

57,920

Wyndham

Hotels

&

Resorts,

Inc.

4,905,245

27,693

Xometry,

Inc.

f,g

1,017,718

12,884

Yum!

Brands,

Inc.

1,527,141

25,671

Zumiez,

Inc.

g

980,889

Total

454,108,574

Consumer

Staples

(1.1%)

156,191

BJ's

Wholesale

Club

Holdings,

Inc.

g

10,560,073

1,251

Boston

Beer

Company,

Inc.

g

485,976

8,948

Casey's

General

Stores,

Inc.

1,773,225

2,716

Coca-Cola

Company

168,392

41,604

Colgate-Palmolive

Company

3,154,831

197

Constellation

Brands,

Inc.

45,373

20,829

Costco

Wholesale

Corporation

11,994,380

36,281

Darling

Ingredients,

Inc.

g

2,916,267

171,283

e.l.f.

Beauty,

Inc.

g

4,424,240

4,508

Estee

Lauder

Companies,

Inc.

1,227,619

17,220

Hain

Celestial

Group,

Inc.

g

592,368

3,727

Hershey

Company

807,380

12,054

Ingredion,

Inc.

1,050,506

6,583

John

B.

Sanfilippo

&

Son,

Inc.

549,286

16,107

Kimberly-Clark

Corporation

1,983,738

163,853

Lamb

Weston

Holdings,

Inc.

9,816,433

297

Medifast,

Inc.

50,722

10,803

Molson

Coors

Beverage

Company

576,664

73,831

Monster

Beverage

Corporation

g

5,899,097

2,085

PepsiCo,

Inc.

348,987

17,925

Performance

Food

Group

Company

g

912,562

102,832

Philip

Morris

International,

Inc.

9,660,038

1,098

PriceSmart,

Inc.

86,599

71,848

Primo

Water

Corporation

1,023,834

38,606

Procter

&

Gamble

Company

5,898,997

2,706

Seneca

Foods

Corporation

g

139,467

32,316

Sprouts

Farmers

Markets,

Inc.

g

1,033,466

47,109

Sysco

Corporation

3,846,450

120,346

Turning

Point

Brands,

Inc.

4,092,967

8,675

US

Foods

Holding

Corporation

g

326,440

19,323

Utz

Brands,

Inc.

285,594

239,889

Walmart,

Inc.

35,724,270

Total

121,456,241

Energy

(1.0%)

53,093

Antero

Midstream

Corporation

577,121

137,169

Antero

Resources

Corporation

g

4,187,770

18,836

APA

Corporation

778,492

57,187

Archrock,

Inc.

527,836

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Shares

Common

Stock

(32.0%)

Value

Energy

(1.0%)

-

continued

132,341

BP

plc

ADR

$

3,890,825

9,785

California

Resources

Corporation

437,683

32,576

ChampionX

Corporation

g

797,461

79,450

ConocoPhillips

7,945,000

29,228

Continental

Resources,

Inc.

1,792,553

976

Core

Laboratories

NV

30,871

190,549

Devon

Energy

Corporation

11,267,162

9,841

Diamondback

Energy,

Inc.

1,349,004

2,378

DT

Midstream,

Inc.

129,030

10,967

EnLink

Midstream,

LLC

105,832

233,997

Enterprise

Products

Partners,

LP

6,039,463

41,511

EOG

Resources,

Inc.

4,949,357

2,584

EQT

Corporation

88,915

18,543

Equitrans

Midstream

Corporation

156,503

192,882

Exxon

Mobil

Corporation

15,930,124

223,282

Halliburton

Company

8,455,689

29,515

Helix

Energy

Solutions

Group,

Inc.

g

141,082

21,317

Helmerich

&

Payne,

Inc.

911,941

23,618

HF

Sinclair

Corporation

g

941,177

8,103

Liberty

Oilfield

Services,

Inc.

g

120,086

194,258

Marathon

Oil

Corporation

4,877,818

46,746

Marathon

Petroleum

Corporation

3,996,783

29,409

Matador

Resources

Company

1,558,089

15,090

Newpark

Resources,

Inc.

g

55,229

45,495

Nine

Energy

Service,

Inc.

g

170,151

139,628

NOV,

Inc.

2,738,105

18,598

Oceaneering

International,

Inc.

g

281,946

7,181

Par

Pacific

Holdings,

Inc.

g

93,497

35,736

Peabody

Energy

Corporation

g

876,604

27,390

Pioneer

Natural

Resources

Company

6,848,322

90,981

ProPetro

Holding

Corporation

g

1,267,365

47,407

Ring

Energy,

Inc.

g

181,095

1,020

RPC,

Inc.

g

10,883

165,893

Schlumberger,

Ltd.

6,853,040

6,110

Select

Energy

Services,

Inc.

g

52,363

55,426

SM

Energy

Company

2,158,843

82,314

Talos

Energy,

Inc.

g

1,299,738

16,338

Targa

Resources

Corporation

1,233,029

567,405

TechnipFMC

plc

g

4,397,389

13,001

VAALCO

Energy,

Inc.

84,897

2,002

Valero

Energy

Corporation

203,283

10,697

World

Fuel

Services

Corporation

289,247

Total

111,078,693

Financials

(4.2%)

120,320

Air

Lease

Corporation

5,372,288

8,522

Ally

Financial,

Inc.

370,537

29,104

American

Equity

Investment

Life

Holding

Company

1,161,541

164,580

American

Express

Company

30,776,460

19,376

American

Financial

Group,

Inc.

2,821,533

41,874

Ameris

Bancorp

1,837,431

107,663

Annaly

Capital

Management,

Inc.

757,948

33,838

Arch

Capital

Group,

Ltd.

g

1,638,436

2,653

Argo

Group

International

Holdings,

Ltd.

109,516

20,432

Arthur

J.

Gallagher

&

Company

3,567,427

3,399

Assured

Guaranty,

Ltd.

216,380

277,120

Bank

of

America

Corporation

11,422,886

2,311

Bank

of

Marin

Bancorp

81,047

19,371

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

695,031

28,639

BankFinancial

Corporation

296,700

41,673

BankUnited,

Inc.

1,831,945

31,917

Banner

Corporation

1,868,102

Shares

Common

Stock

(32.0%)

Value

Financials

(4.2%)

-

continued

27,052

Berkshire

Hathaway,

Inc.

g

$

9,546,921

12,373

BlackRock,

Inc.

9,455,075

2,224

Blackstone

Mortgage

Trust,

Inc.

70,701

45,882

Bridgewater

Bancshares,

Inc.

g

765,312

80,918

Brighthouse

Financial,

Inc.

g

4,180,224

10,906

Brown

&

Brown,

Inc.

788,177

38,645

BRP

Group,

Inc.

g

1,036,845

41,678

Byline

Bancorp,

Inc.

1,111,969

29,445

Capital

One

Financial

Corporation

3,865,834

14,836

Cboe

Global

Markets,

Inc.

1,697,535

81,042

Central

Pacific

Financial

Corporation

2,261,072

449,938

Charles

Schwab

Corporation

37,934,273

23,397

Chimera

Investment

Corporation

281,700

38,221

Chubb,

Ltd.

8,175,472

11,846

Cincinnati

Financial

Corporation

1,610,582

172,686

Citigroup,

Inc.

9,221,432

17,981

CNO

Financial

Group,

Inc.

451,143

37,521

Coinbase

Global,

Inc.

g

7,123,737

41,017

Columbia

Banking

System,

Inc.

1,323,619

54,384

Comerica,

Inc.

4,917,945

47,451

Community

Trust

Bancorp,

Inc.

1,954,981

33,774

Customers

Bancorp,

Inc.

g

1,760,976

2,359

Dime

Community

Bancshares,

Inc.

81,551

26,325

Discover

Financial

Services

2,900,752

58,383

East

West

Bancorp,

Inc.

4,613,425

25,280

Ellington

Residential

Mortgage

REIT

255,075

20,959

Enova

International,

Inc.

g

795,813

26,740

Enterprise

Financial

Services

Corporation

1,265,069

116,888

Equitable

Holdings,

Inc.

3,613,008

1,219

Equity

Bancshares,

Inc.

39,386

38,111

Essent

Group,

Ltd.

1,570,554

192,246

F.N.B.

Corporation

2,393,463

9,552

FactSet

Research

Systems,

Inc.

4,147,001

10,708

Federated

Hermes,

Inc.

364,714

36,097

Financial

Institutions,

Inc.

1,087,603

174,460

First

Bancorp

2,288,915

11,646

First

Busey

Corporation

295,110

38,270

First

Financial

Corporation

1,656,326

3,198

First

Mid-Illinois

Bancshares,

Inc.

123,091

4,219

First

of

Long

Island

Corporation

82,102

32,251

Flushing

Financial

Corporation

720,810

73,996

Franklin

Resources,

Inc.

2,065,968

143,983

Fulton

Financial

Corporation

2,392,997

11,021

Glacier

Bancorp,

Inc.

554,136

15,837

Global

Life,

Inc.

1,593,202

13,141

Granite

Point

Mortgage

Trust,

Inc.

146,128

48,807

Great

Southern

Bancorp,

Inc.

2,880,101

54,183

Hamilton

Lane,

Inc.

4,187,804

88,365

Hancock

Whitney

Corporation

4,608,235

121,654

Hanmi

Financial

Corporation

2,993,905

30,327

Hanover

Insurance

Group,

Inc.

4,534,493

77,601

Heartland

Financial

USA,

Inc.

3,711,656

2,602

Heritage

Financial

Corporation

65,206

7,680

HomeStreet,

Inc.

363,878

36,454

Hometrust

Bancshares,

Inc.

1,076,487

478,516

Hope

Bancorp,

Inc.

7,694,537

1,996

Horace

Mann

Educators

Corporation

83,493

40,478

Horizon

Bancorp,

Inc.

755,724

6,710

Houlihan

Lokey,

Inc.

589,138

74,363

Independent

Bank

Corporation

1,635,986

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Shares

Common

Stock

(32.0%)

Value

Financials

(4.2%)

-

continued

519

International

Bancshares

Corporation

$

21,907

265,224

Invesco

Mortgage

Capital,

Inc.

604,711

115,984

Invesco,

Ltd.

2,674,591

82,866

J.P.

Morgan

Chase

&

Company

11,296,293

1,985

Jefferies

Financial

Group,

Inc.

65,207

41,397

Kinsale

Capital

Group,

Inc.

9,439,344

8,899

Ladder

Capital

Corporation

105,631

18,166

Lakeland

Bancorp,

Inc.

303,372

25,906

Lincoln

National

Corporation

1,693,216

29,264

M&T

Bank

Corporation

4,960,248

17,998

Marsh

&

McLennan

Companies,

Inc.

3,067,219

6,880

Mercantile

Bank

Corporation

243,690

231

Merchants

Bancorp

6,325

64,924

MetLife,

Inc.

4,562,859

225,050

MFA

Financial,

Inc.

906,951

47,327

Midland

States

Bancorp,

Inc.

1,365,857

71,801

MidWestOne

Financial

Group,

Inc.

2,376,613

23,705

Moody's

Corporation

7,998,304

89,738

Morgan

Stanley

7,843,101

8,717

MSCI,

Inc.

4,383,605

24,241

Navient

Corporation

413,067

497,131

New

York

Community

Bancorp,

Inc.

5,329,244

36,989

New

York

Mortgage

Trust,

Inc.

135,010

44,393

NMI

Holdings,

Inc.

g

915,384

13,255

Northern

Trust

Corporation

1,543,545

3,211

Northfield

Bancorp,

Inc.

46,110

40,957

OceanFirst

Financial

Corporation

823,236

24,854

OFG

Bancorp

662,111

4,193

Old

Second

Bancorp,

Inc.

60,840

26,236

OneMain

Holdings,

Inc.

1,243,849

1,760

Peapack-Gladstone

Financial

Corporation

61,160

103,061

Popular,

Inc.

8,424,206

5,784

Premier

Financial

Corporation

175,429

4,733

Primerica,

Inc.

647,569

17,834

QCR

Holdings,

Inc.

1,009,226

150,045

Radian

Group,

Inc.

3,332,499

194,844

Raymond

James

Financial,

Inc.

21,415,304

13,556

Reinsurance

Group

of

America,

Inc.

1,483,840

26,217

RenaissanceRe

Holdings,

Ltd.

4,155,657

67,956

S&P

Global,

Inc.

27,874,192

1,333

S&T

Bancorp,

Inc.

39,430

72,288

Seacoast

Banking

Corporation

of

Florida

2,531,526

54,472

SEI

Investments

Company

3,279,759

6,538

Selective

Insurance

Group,

Inc.

584,236

16,617

Signature

Bank

4,876,923

45,120

Starwood

Property

Trust,

Inc.

1,090,550

66,065

State

Street

Corporation

5,755,583

13,354

Synchrony

Financial

464,853

19,238

Synovus

Financial

Corporation

942,662

10,618

Territorial

Bancorp,

Inc.

254,832

83,784

Texas

Capital

Bancshares,

Inc.

g

4,801,661

264

Towne

Bank

7,904

43,424

TPG

RE

Finance

Trust,

Inc.

512,837

34,327

Tradeweb

Markets,

Inc.

3,016,313

5,249

TriCo

Bancshares

210,117

13,941

Triumph

Bancorp,

Inc.

g

1,310,733

92,915

Truist

Financial

Corporation

5,268,281

42,929

TrustCo

Bank

Corporation

NY

1,370,723

103,141

Two

Harbors

Investment

Corporation

570,370

Shares

Common

Stock

(32.0%)

Value

Financials

(4.2%)

-

continued

187,457

Umpqua

Holdings

Corporation

$

3,535,439

4,486

Univest

Financial

Corporation

120,045

144,771

Unum

Group

4,561,734

6,420

Washington

Federal,

Inc.

210,704

647

Washington

Trust

Bancorp,

Inc.

33,968

171,523

Wells

Fargo

&

Company

8,312,005

99,642

Western

Alliance

Bancorp

8,252,350

62,211

Western

Asset

Mortgage

Capital

Corporation

106,381

1,305

Wintrust

Financial

Corporation

121,274

40,317

Zions

Bancorporation

NA

2,643,183

10,363

Zurich

Insurance

Group

AG

5,118,285

Total

458,162,758

Health

Care

(3.8%)

69,505

Abbott

Laboratories

8,226,612

65,202

AbbVie,

Inc.

10,569,896

14,549

AdaptHealth

Corporation

g

233,220

53,162

Adaptive

Biotechnologies

Corporation

g

737,889

39,174

Agilent

Technologies,

Inc.

5,183,895

133,162

Agilon

Health,

Inc.

g

3,375,657

341

Align

Technology,

Inc.

g

148,676

23,599

Allogene

Therapeutics,

Inc.

g

214,987

2,558

Amedisys,

Inc.

g

440,718

57,855

Amgen,

Inc.

13,990,496

42,771

Anthem,

Inc.

21,009,971

15,943

Argenx

SE

ADR

g

5,026,987

27,078

Ascendis

Pharma

AS

ADR

g

3,177,874

79,578

AstraZeneca

plc

ADR

5,279,205

14,798

Avanos

Medical,

Inc.

g

495,733

118,556

Avantor,

Inc.

g

4,009,564

85,202

Axonics,

Inc.

g

5,333,645

53,332

Baxter

International,

Inc.

4,135,363

21,426

Becton,

Dickinson

and

Company

5,699,316

16,829

Biogen,

Inc.

g

3,544,187

1,221

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

g

144,774

34,036

BioLife

Solutions,

Inc.

g

773,638

1,301

Bio-Rad

Laboratories,

Inc.

g

732,762

10,454

Bio-Techne

Corporation

4,527,000

2,841

Boston

Scientific

Corporation

g

125,828

4,157

Bristol-Myers

Squibb

Company

303,586

90,748

Centene

Corporation

g

7,640,074

9,638

Charles

River

Laboratories

International,

Inc.

g

2,736,903

3,530

Chemed

Corporation

1,788,122

24,453

Cigna

Holding

Company

5,859,183

8,872

Cooper

Companies,

Inc.

3,704,858

48,142

Covetrus,

Inc.

g

808,304

37,625

CVS

Health

Corporation

3,808,026

69,512

Danaher

Corporation

20,389,955

6,054

Dentsply

Sirona,

Inc.

297,978

10,317

DexCom,

Inc.

g

5,278,177

12,976

Editas

Medicine,

Inc.

g

246,804

131,796

Edwards

Lifesciences

Corporation

g

15,515,025

21,944

Elanco

Animal

Health,

Inc.

g

572,519

14,744

Encompass

Health

Corporation

1,048,446

4,841

Exact

Sciences

Corporation

g

338,483

8,659

Generation

Bio

Company

g

63,557

84,953

Gilead

Sciences,

Inc.

5,050,456

63,103

GlaxoSmithKline

plc

ADR

2,748,767

9,776

Global

Blood

Therapeutics,

Inc.

g

338,641

2,691

Globus

Medical,

Inc.

g

198,542

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Shares

Common

Stock

(32.0%)

Value

Health

Care

(3.8%)

-

continued

44,080

Guardant

Health,

Inc.

g

$

2,919,859

70,484

Halozyme

Therapeutics,

Inc.

g

2,810,902

23,609

HCA

Healthcare,

Inc.

5,916,888

7,571

HealthEquity,

Inc.

g

510,588

4,237

Henry

Schein,

Inc.

g

369,424

59,801

Hologic,

Inc.

g

4,593,913

4,714

ICU

Medical,

Inc.

g

1,049,525

72,532

Immunocore

Holdings

plc

ADR

g

2,168,707

31,481

Inari

Medical,

Inc.

g

2,853,438

30,157

Inotiv,

Inc.

g

789,510

19,455

Inspire

Medical

Systems,

Inc.

g

4,993,904

18,289

Insulet

Corporation

g

4,872,007

1,876

Integer

Holdings

Corporation

g

151,149

3,419

Integra

LifeSciences

Holdings

Corporation

g

219,705

64,322

Intuitive

Surgical,

Inc.

g

19,404,661

18,380

Invitae

Corporation

g

146,489

36,045

Ionis

Pharmaceuticals,

Inc.

g

1,335,107

6,087

IQVIA

Holding,

Inc.

g

1,407,375

109,682

Johnson

&

Johnson

19,438,941

3,534

Kymera

Therapeutics,

Inc.

g

149,559

3,402

Laboratory

Corporation

of

America

Holdings

g

896,971

164,741

Lantheus

Holdings,

Inc.

g

9,111,825

7,217

Masimo

Corporation

g

1,050,362

116,492

Medtronic

plc

12,924,787

146,292

Merck

&

Company,

Inc.

12,003,259

1,489

Molina

Healthcare,

Inc.

g

496,716

115,944

MultiPlan

Corporation

g

542,618

24,397

Natera,

Inc.

g

992,470

16,853

National

HealthCare

Corporation

1,183,586

116,704

Novo

Nordisk

AS

ADR

12,959,979

11,156

NuVasive,

Inc.

g

632,545

44,708

Omnicell,

Inc.

g

5,789,239

3,818

Orthofix

Medical,

Inc.

g

124,849

1,819

Pennant

Group,

Inc.

g

33,888

72,843

Phreesia,

Inc.

g

1,920,141

31,946

Premier,

Inc.

1,136,958

104,270

Progyny,

Inc.

g

5,359,478

41,231

Repligen

Corporation

g

7,755,139

1,992

Sage

Therapeutics,

Inc.

g

65,935

22,849

Sarepta

Therapeutics,

Inc.

g

1,784,964

17,953

Signify

Health,

Inc.

f,g

325,847

69,862

Silk

Road

Medical,

Inc.

g

2,884,602

3,216

STAAR

Surgical

Company

g

256,991

41,540

Stryker

Corporation

11,105,719

35,067

Syneos

Health,

Inc.

g

2,838,674

77,203

Teladoc

Health,

Inc.

g

5,568,652

12,810

Teleflex,

Inc.

4,545,372

32,413

Thermo

Fisher

Scientific,

Inc.

19,144,738

33,233

Travere

Therapeutics,

Inc.

g

856,414

15,640

Turning

Point

Therapeutics,

Inc.

g

419,934

2,650

U.S.

Physical

Therapy,

Inc.

263,543

6,487

uniQure

NV

g

117,220

2,120

Vaxcyte,

Inc.

g

51,198

707

Veeva

Systems,

Inc.

g

150,209

17,659

Veracyte,

Inc.

g

486,859

85,017

Viemed

Healthcare,

Inc.

g

423,385

55,433

Vor

BioPharma,

Inc.

g

334,815

19,090

VYNE

Therapeutics,

Inc.

g

12,410

1,424

Waters

Corporation

g

441,995

28,680

Zimmer

Biomet

Holdings,

Inc.

3,668,172

123,731

Zoetis,

Inc.

23,334,429

Total

415,972,837

Shares

Common

Stock

(32.0%)

Value

Industrials

(3.9%)

61,467

3M

Company

$

9,151,207

18,236

A.O.

Smith

Corporation

1,165,098

7,681

ACCO

Brands

Corporation

61,448

1,805

Advanced

Drainage

Systems,

Inc.

214,452

20,161

AECOM

1,548,566

3,474

Allegion

plc

381,376

71,786

Altra

Industrial

Motion

Corporation

2,794,629

70,805

AMETEK,

Inc.

9,429,810

3,767

Armstrong

World

Industries,

Inc.

339,068

79,247

ASGN,

Inc.

g

9,248,917

38,064

AZZ,

Inc.

1,836,207

49,242

Badger

Infrastructure

Solutions,

Ltd.

1,239,174

45,249

Carlisle

Companies,

Inc.

11,127,634

3,269

Caterpillar,

Inc.

728,399

52,037

CBIZ,

Inc.

g

2,183,993

65,792

Chart

Industries,

Inc.

g

11,301,092

2,831

Columbus

McKinnon

Corporation

120,034

1,979

Covenant

Logistics

Group,

Inc.

42,608

75,028

Crane

Company

8,124,032

18,276

CSW

Industrials,

Inc.

2,149,075

273,822

CSX

Corporation

10,254,634

3,151

Cummins,

Inc.

646,302

46,987

Curtiss-Wright

Corporation

7,055,568

5,253

Deere

&

Company

2,182,411

128,508

Delta

Air

Lines,

Inc.

g

5,085,062

9,490

Donaldson

Company,

Inc.

492,816

660

Douglas

Dynamics,

Inc.

22,829

9,748

Dover

Corporation

1,529,461

189,146

Driven

Brands

Holdings,

Inc.

g

4,970,757

11,863

Dun

&

Bradstreet

Holdings,

Inc.

g

207,840

25,808

EMCOR

Group,

Inc.

2,906,755

46,117

Emerson

Electric

Company

4,521,772

37,715

Fastenal

Company

2,240,271

210,080

First

Advantage

Corporation

g

4,241,515

22,895

Flowserve

Corporation

821,931

20,953

Forrester

Research,

Inc.

g

1,182,168

40,517

Forward

Air

Corporation

3,961,752

5,659

GATX

Corporation

697,924

11,159

Generac

Holdings,

Inc.

g

3,317,124

26,554

General

Dynamics

Corporation

6,404,294

1,641

Gibraltar

Industries,

Inc.

g

70,481

1,977

Gorman-Rupp

Company

70,935

3,254

GrafTech

International,

Ltd.

31,304

7,704

Greenbrier

Companies,

Inc.

396,833

8,108

Helios

Technologies,

Inc.

650,667

37,745

Honeywell

International,

Inc.

7,344,422

182,071

Howmet

Aerospace,

Inc.

6,543,632

29,410

Hubbell,

Inc.

5,404,676

1,902

ICF

International,

Inc.

179,054

45,562

IDEX

Corporation

8,735,602

14,975

Illinois

Tool

Works,

Inc.

3,135,765

8,563

ITT

Corporation

644,023

737

JB

Hunt

Transport

Services,

Inc.

147,982

2,451

JetBlue

Airways

Corporation

g

36,642

74,130

Johnson

Controls

International

plc

4,860,704

9,428

Kennametal,

Inc.

269,735

23,618

L3Harris

Technologies,

Inc.

5,868,364

42,255

Landstar

System,

Inc.

6,373,322

3,972

Lennox

International,

Inc.

1,024,220

85,877

Lincoln

Electric

Holdings,

Inc.

11,834,709

13,890

Linde

plc

4,436,883

25,309

Lockheed

Martin

Corporation

11,171,393

4,364

Manitowoc

Company,

Inc.

g

65,809

30,956

ManpowerGroup,

Inc.

2,907,388

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Shares

Common

Stock

(32.0%)

Value

Industrials

(3.9%)

-

continued

6,486

Masonite

International

Corporation

g

$

576,865

29,367

Mercury

Systems,

Inc.

g

1,892,703

10,442

Meritor,

Inc.

g

371,422

64,470

Middleby

Corporation

g

10,569,212

20,865

MSC

Industrial

Direct

Company,

Inc.

1,777,907

35,827

NAPCO

Security

Technologies,

Inc.

g

735,170

820

National

Presto

Industries,

Inc.

63,099

3,043

Nordson

Corporation

691,004

54,338

Norfolk

Southern

Corporation

15,498,284

16,956

nVent

Electric

plc

589,730

8,867

Old

Dominion

Freight

Line,

Inc.

2,648,396

24,371

Parker-Hannifin

Corporation

6,915,515

7,252

Proto

Labs,

Inc.

g

383,631

10,868

Quad/Graphics,

Inc.

g

75,424

2,705

Quanta

Services,

Inc.

356,005

163,820

Ranpak

Holdings

Corporation

g

3,346,843

48,054

Raytheon

Technologies

Corporation

4,760,710

21,364

RBC

Bearings,

Inc.

g

4,142,052

104,964

Regal

Rexnord

Corporation

15,616,544

80,446

Rush

Enterprises,

Inc.

4,095,506

25,747

Ryder

System,

Inc.

2,042,510

9,434

Saia,

Inc.

g

2,300,198

13,353

SkyWest,

Inc.

g

385,234

4,269

Snap-On,

Inc.

877,194

4,818

Southwest

Airlines

Company

g

220,664

47,149

Standex

International

Corporation

4,711,128

180,404

Summit

Materials,

Inc.

g

5,603,348

197,589

Sun

Country

Airlines

Holdings,

Inc.

g

5,172,880

2,898

Sunrun,

Inc.

g

88,012

10,564

Technip

Energies

NV

ADR

f,g

127,930

22,520

Teledyne

Technologies,

Inc.

g

10,643,628

11,018

Tennant

Company

868,218

92

Tetra

Tech,

Inc.

15,174

5,144

Thermon

Group

Holdings,

Inc.

g

83,333

13,805

Timken

Company

837,964

2,417

Toro

Company

206,629

6,959

Trane

Technologies

plc

1,062,639

52,046

TransUnion

5,378,434

27,171

Trex

Company,

Inc.

g

1,775,081

38,200

TriMas

Corporation

1,225,838

55,684

Tutor

Perini

Corporation

g

601,387

629,758

Uber

Technologies,

Inc.

g

22,469,765

1,819

UniFirst

Corporation

335,205

57,953

Union

Pacific

Corporation

15,833,339

42,453

United

Parcel

Service,

Inc.

9,104,470

25,333

United

Rentals,

Inc.

g

8,998,535

11,560

Univar,

Inc.

g

371,538

15,248

Valmont

Industries,

Inc.

3,638,173

30,541

Verisk

Analytics,

Inc.

6,555,015

69,178

Vicor

Corporation

g

4,880,508

44,149

Vontier

Corporation

1,120,943

10,326

Watsco,

Inc.

3,145,713

1,890

Watts

Water

Technologies,

Inc.

263,825

12,426

Werner

Enterprises,

Inc.

509,466

7,418

WESCO

International,

Inc.

g

965,379

269,789

WillScot

Mobile

Mini

Holdings

Corporation

g

10,556,844

3,616

Woodward,

Inc.

451,675

5,805

Xylem,

Inc.

494,934

Shares

Common

Stock

(32.0%)

Value

Industrials

(3.9%)

-

continued

8,612

Yellow

Corporation

g

$

60,370

Total

427,223,692

Information

Technology

(8.2%)

20,120

Accenture

plc

6,785,068

7,864

ACI

Worldwide,

Inc.

g

247,637

73,086

Adobe,

Inc.

g

33,299,443

6,274

Advanced

Energy

Industries,

Inc.

540,066

19,358

Agilysys,

Inc.

g

771,997

108,860

Alignment

Healthcare,

Inc.

g

1,222,498

58,418

Allegro

MicroSystems,

Inc.

g

1,659,071

28,378

Alliance

Data

Systems

Corporation

1,593,425

93,285

Amphenol

Corporation

7,029,025

4,275

Anaplan,

Inc.

g

278,089

727

ANSYS,

Inc.

g

230,932

853,666

Apple,

Inc.

149,058,620

52,055

AppLovin

Corporation

g

2,866,669

22,941

Arista

Networks,

Inc.

g

3,188,340

12,737

Arrow

Electronics,

Inc.

g

1,510,990

15,664

Autodesk,

Inc.

g

3,357,578

44,032

Avalara,

Inc.

g

4,381,624

10,310

Avaya

Holdings

Corporation

g

130,628

5,542

Axcelis

Technologies,

Inc.

g

418,587

9,039

Benchmark

Electronics,

Inc.

226,337

24,827

BigCommerce

Holdings,

Inc.

g

543,960

23,110

Bill.com

Holdings,

Inc.

g

5,241,117

290,144

Block,

Inc.

g

39,343,526

14,135

Broadcom,

Inc.

8,900,527

2,380

CACI

International,

Inc.

g

716,999

81,775

Calix,

Inc.

g

3,508,965

11,418

CDK

Global,

Inc.

555,828

7,504

CDW

Corporation

1,342,391

15,637

Ciena

Corporation

g

948,071

250,158

Cisco

Systems,

Inc.

13,948,810

121,428

Cognex

Corporation

9,368,170

77,299

CommScope

Holding

Company,

Inc.

g

609,116

13,174

Computer

Services,

Inc.

652,113

194

Concentrix

Corporation

32,313

20,435

Coupa

Software,

Inc.

g

2,076,809

2,704

CTS

Corporation

95,559

30,797

Descartes

Systems

Group,

Inc.

g

2,256,188

26,981

Digital

Turbine,

Inc.

g

1,182,038

2,770

Diodes,

Inc.

g

240,962

4,507

DocuSign,

Inc.

g

482,790

83,692

Dolby

Laboratories,

Inc.

6,546,388

7,892

Dropbox,

Inc.

g

183,489

46,957

DXC

Technology

Company

g

1,532,207

14,949

Endava

plc

ADR

g

1,988,665

5,179

EPAM

Systems,

Inc.

g

1,536,143

16,342

ePlus,

Inc.

g

916,132

13,811

Euronet

Worldwide,

Inc.

g

1,797,502

2,467

F5,

Inc.

g

515,480

2,071

Fair

Isaac

Corporation

g

966,039

68,177

Fidelity

National

Information

Services,

Inc.

6,846,334

68,948

Five9,

Inc.

g

7,611,859

17,544

FLEETCOR

Technologies,

Inc.

g

4,369,509

684

Genpact,

Ltd.

29,761

63,128

Gilat

Satellite

Networks,

Ltd.

g

556,158

25,191

Global

Payments,

Inc.

3,447,136

59,569

Hewlett

Packard

Enterprise

Company

995,398

5,558

HubSpot,

Inc.

g

2,639,716

2,839

I3

Verticals,

Inc.

g

79,095

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Shares

Common

Stock

(32.0%)

Value

Information

Technology

(8.2%)

-

continued

12,202

IPG

Photonics

Corporation

g

$

1,339,292

36,640

Jack

Henry

&

Associates,

Inc.

7,219,912

198

Keysight

Technologies,

Inc.

g

31,278

11,087

KLA-Tencor

Corporation

4,058,507

37,116

Knowles

Corporation

g

799,107

14,116

Lam

Research

Corporation

7,588,903

107,788

Lattice

Semiconductor

Corporation

g

6,569,679

2,892

Littelfuse,

Inc.

721,294

45,870

LivePerson,

Inc.

g

1,120,145

76,646

LiveRamp

Holding,

Inc.

g

2,865,794

9,168

Manhattan

Associates,

Inc.

g

1,271,693

24,679

Mastercard,

Inc.

8,819,781

4,887

MAXIMUS,

Inc.

366,281

2,064

MaxLinear,

Inc.

g

120,434

80,340

Microchip

Technology,

Inc.

6,036,748

555,153

Microsoft

Corporation

171,159,221

16,347

MKS

Instruments,

Inc.

2,452,050

1,788

Model

N,

Inc.

g

48,097

23,593

Monolithic

Power

Systems,

Inc.

11,458,648

20,362

National

Instruments

Corporation

826,494

6,027

NetApp,

Inc.

500,241

3,437

NETGEAR,

Inc.

g

84,825

1,015

NICE,

Ltd.

ADR

g

222,285

16,704

Nova,

Ltd.

g

1,818,732

253,192

NVIDIA

Corporation

69,085,969

18,178

Okta,

Inc.

g

2,744,151

10,144

Palo

Alto

Networks,

Inc.

g

6,314,741

12,328

Paycom

Software,

Inc.

g

4,270,173

75,075

Paymentus

Holdings,

Inc.

f,g

1,582,581

226,785

PayPal

Holdings,

Inc.

g

26,227,685

315

Progress

Software

Corporation

14,833

34,278

PTC,

Inc.

g

3,692,426

27,838

Qorvo,

Inc.

g

3,454,696

195,065

QUALCOMM,

Inc.

29,809,833

146,449

Salesforce.com,

Inc.

g

31,094,052

132,476

Samsung

Electronics

Company,

Ltd.

7,580,672

11,508

ScanSource,

Inc.

g

400,363

48,020

Semtech

Corporation

g

3,329,707

50,780

ServiceNow,

Inc.

g

28,278,874

184,613

Sierra

Wireless,

Inc.

g

3,330,419

9,805

SiTime

Corporation

g

2,429,875

69,101

Skyworks

Solutions,

Inc.

9,209,781

31,385

Sonos,

Inc.

g

885,685

132,589

Sprout

Social,

Inc.

g

10,623,031

44,817

STMicroelectronics

NV

ADR

f

1,936,991

10,570

Synopsys,

Inc.

g

3,522,664

19,607

TD

SYNNEX

Corporation

2,023,638

8,614

TE

Connectivity,

Ltd.

1,128,262

275,679

Telefonaktiebolaget

LM

Ericsson

ADR

2,519,706

115,024

Texas

Instruments,

Inc.

21,104,604

3,608

Trimble,

Inc.

g

260,281

11,990

TTEC

Holdings,

Inc.

989,415

125,972

TTM

Technologies,

Inc.

g

1,866,905

16,508

Universal

Display

Corporation

2,756,011

4,444

Upland

Software,

Inc.

g

78,259

3,388

VeriSign,

Inc.

g

753,694

3,204

Vertex,

Inc.

g

49,149

5,625

Western

Union

Company

105,412

12,555

WEX,

Inc.

g

2,240,440

56,751

Workiva,

Inc.

g

6,696,618

Shares

Common

Stock

(32.0%)

Value

Information

Technology

(8.2%)

-

continued

44,728

Xerox

Holdings

Corporation

$

902,164

Total

884,193,088

Materials

(1.0%)

3,866

AdvanSix,

Inc.

197,514

3,923

Alpha

Metallurgical

Resources,

Inc.

g

517,679

53,576

AptarGroup,

Inc.

6,295,180

16,357

Ashland

Global

Holdings,

Inc.

1,609,692

12,423

Avery

Dennison

Corporation

2,161,229

197,466

Axalta

Coating

Systems,

Ltd.

g

4,853,714

155

Balchem

Corporation

21,189

3,158

Ball

Corporation

284,220

3,006

Cabot

Corporation

205,641

31,674

Carpenter

Technology

Corporation

1,329,675

4,321

Celanese

Corporation

617,341

64,833

CF

Industries

Holdings,

Inc.

6,681,689

22,120

Chemours

Company

696,338

43,225

Cleveland-Cliffs,

Inc.

g

1,392,277

45,012

Compass

Minerals

International,

Inc.

2,826,304

40,380

Crown

Holdings,

Inc.

5,051,134

79,104

Eastman

Chemical

Company

8,864,394

11,958

FMC

Corporation

1,573,314

36,108

Graphic

Packaging

Holding

Company

723,604

58,066

Huntsman

Corporation

2,178,056

28,785

Ingevity

Corporation

g

1,844,255

23,226

Innospec,

Inc.

2,149,566

108,874

Ivanhoe

Mines,

Ltd.

g

1,015,455

27,991

Kaiser

Aluminum

Corporation

2,635,633

873

Koppers

Holdings,

Inc.

24,025

39,188

LyondellBasell

Industries

NV

4,029,310

8,049

Martin

Marietta

Materials,

Inc.

3,097,980

357

Materion

Corporation

30,609

9,914

Minerals

Technologies,

Inc.

655,811

28,365

Myers

Industries,

Inc.

612,684

12,903

Neenah,

Inc.

511,733

16

NewMarket

Corporation

5,190

45,258

Nucor

Corporation

6,727,602

40,924

O-I

Glass,

Inc.

g

539,378

13,230

Olin

Corporation

691,664

2,157

PPG

Industries,

Inc.

282,718

23,519

Quaker

Chemical

Corporation

4,064,318

7,990

Rayonier

Advanced

Materials,

Inc.

g

52,494

9,114

Reliance

Steel

&

Aluminum

Company

1,671,052

41,253

RPM

International,

Inc.

3,359,644

19,009

Ryerson

Holding

Corporation

665,695

4,372

Schweitzer-Mauduit

International,

Inc.

120,230

15,976

Sensient

Technologies

Corporation

1,341,185

53,623

Sherwin-Williams

Company

13,385,373

8,918

Sonoco

Products

Company

557,910

16,356

Steel

Dynamics,

Inc.

1,364,581

21,216

SunCoke

Energy,

Inc.

189,035

21,218

Trinseo

plc

1,016,767

5,792

Tronox

Holdings

plc

114,624

15,234

UFP

Technologies,

Inc.

g

1,008,034

7,410

United

States

Lime

&

Minerals,

Inc.

859,856

45,929

United

States

Steel

Corporation

1,733,361

29,628

Westlake

Corporation

3,656,095

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Shares

Common

Stock

(32.0%)

Value

Materials

(1.0%)

-

continued

4,376

Worthington

Industries,

Inc.

$

224,970

Total

108,319,021

Real

Estate

(1.4%)

245,563

AGNC

Investment

Corporation

3,216,875

74,467

Agree

Realty

Corporation

4,941,630

1,840

Alexandria

Real

Estate

Equities,

Inc.

370,300

71,011

American

Campus

Communities,

Inc.

3,974,486

5,504

Apartment

Income

REIT

Corporation

294,244

12,491

AvalonBay

Communities,

Inc.

3,102,390

9,067

Breaemar

Hotels

&

Resorts,

Inc.

56,034

36,684

Camden

Property

Trust

6,096,881

7,310

CareTrust

REIT,

Inc.

141,083

68,342

CBRE

Group,

Inc.

g

6,254,660

1,774

Community

Healthcare

Trust,

Inc.

74,880

149,752

CubeSmart

7,791,597

123,707

Cushman

and

Wakefield

plc

g

2,537,231

1,712

Digital

Realty

Trust,

Inc.

242,762

5,212

Duke

Realty

Corporation

302,609

10,893

EastGroup

Properties,

Inc.

2,214,329

73,080

EPR

Properties

3,998,207

119,833

Essential

Properties

Realty

Trust,

Inc.

3,031,775

2,495

Essex

Property

Trust,

Inc.

861,973

5,400

Extra

Space

Storage,

Inc.

1,110,240

3,904

Federal

Realty

Investment

Trust

476,561

73,767

First

Industrial

Realty

Trust,

Inc.

4,566,915

14,979

FirstService

Corporation

2,170,157

33,275

Four

Corners

Property

Trust,

Inc.

899,756

4,932

Getty

Realty

Corporation

141,154

15,506

Gladstone

Commercial

Corporation

341,442

15,823

Gladstone

Land

Corporation

576,274

8,836

Healthcare

Realty

Trust,

Inc.

242,813

2,004

Highwoods

Properties,

Inc.

91,663

212,185

Host

Hotels

&

Resorts,

Inc.

4,122,754

37,570

Independence

Realty

Trust,

Inc.

993,351

10,826

Industrial

Logistics

Properties

Trust

245,425

8,968

Innovative

Industrial

Properties,

Inc.

1,842,027

3,381

Jones

Lang

LaSalle,

Inc.

g

809,614

31,924

Kilroy

Realty

Corporation

2,439,632

15,989

Life

Storage,

Inc.

2,245,335

22,521

Medical

Properties

Trust,

Inc.

476,094

217,321

MGIC

Investment

Corporation

2,944,699

58,963

National

Retail

Properties,

Inc.

2,649,797

335,121

National

Storage

Affiliates

Trust

21,032,194

152,169

Necessity

Retail

REIT,

Inc.

1,203,657

13,787

NetSTREIT

Corporation

309,380

239,077

New

Residential

Investment

Corporation

2,625,065

23,571

NexPoint

Residential

Trust,

Inc.

2,128,697

9,806

One

Liberty

Properties,

Inc.

301,927

961

Orion

Office

REIT,

Inc.

13,454

119,675

Pebblebrook

Hotel

Trust

2,929,644

2,048

PS

Business

Parks,

Inc.

344,228

31,075

Public

Storage,

Inc.

12,127,951

10,740

Rayonier,

Inc.

REIT

441,629

2,093

RE/MAX

Holdings,

Inc.

58,039

9,619

Realty

Income

Corporation

666,597

137,771

Rexford

Industrial

Realty,

Inc.

10,276,339

44,839

Sabra

Health

Care

REIT,

Inc.

667,653

Shares

Common

Stock

(32.0%)

Value

Real

Estate

(1.4%)

-

continued

9,849

SBA

Communications

Corporation

$

3,389,041

272,191

Service

Properties

Trust

2,403,446

39,232

Spirit

Realty

Capital,

Inc.

1,805,457

48,241

STAG

Industrial,

Inc.

1,994,765

64,099

UDR,

Inc.

3,677,360

26,609

UMH

Properties,

Inc.

654,315

Total

147,940,487

Utilities

(0.7%)

7,116

Alliant

Energy

Corporation

444,608

1,440

American

States

Water

Company

128,189

17,690

Artesian

Resources

Corporation

858,849

6,450

Avista

Corporation

291,218

8,835

CenterPoint

Energy,

Inc.

270,704

1,432

Consolidated

Edison,

Inc.

135,582

15,643

Consolidated

Water

Company,

Ltd.

173,012

58,877

Constellation

Energy

Corporation

3,311,831

47,208

Duke

Energy

Corporation

5,271,245

49,488

Entergy

Corporation

5,777,724

1,501

Essential

Utilities,

Inc.

76,746

111,296

Exelon

Corporation

5,301,028

571,761

NiSource,

Inc.

18,182,000

30,930

NorthWestern

Corporation

1,870,956

18,333

Pinnacle

West

Capital

Corporation

1,431,807

12,224

Portland

General

Electric

Company

674,154

140,100

Sempra

Energy

23,553,612

38,826

Spire,

Inc.

2,786,154

49,020

UGI

Corporation

1,775,504

Total

72,314,923

Total

Common

Stock

(cost

$2,573,299,039)

3,469,861,127

Principal

Amount

Long-Term

Fixed

Income

(

19.3%

)

Value

Asset-Backed

Securities

(1.1%)

510

Asset

Backed

Trust

$

2,500,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

h,i

2,347,850

Access

Group,

Inc.

258,284

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

253,889

Ares

CLO,

Ltd.

4,250,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,h

4,222,396

Ares

XL

CLO,

Ltd.

2,750,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,h

2,677,587

Ares

XXXIIR

CLO,

Ltd.

3,450,000

2.506%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,h

3,450,141

Assurant

CLO

I,

Ltd.

1,750,000

1.954%, 

(LIBOR

3M

+

1.700%),

10/20/2034,

Ser.

2017-1A,

Class

BR

b,h

1,721,914

Buttermilk

Park

CLO,

Ltd.

7,100,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,h

7,081,540

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Asset-Backed

Securities

(1.1%)

-

continued

Carlyle

Global

Market

Strategies

CLO,

Ltd.

$

4,650,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,h

$

4,592,963

CarVal

CLO

II,

Ltd.

2,775,000

1.754%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,h

2,750,316

1,600,000

2.254%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,h

1,581,557

Cheniere

Corpus

Christi

Holdings,

LLC

375,000

2.742%, 

12/31/2039

h

326,292

CMFT

Net

Lease

Master

Issuer,

LLC

1,749,975

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

h

1,616,745

Commonbond

Student

Loan

Trust

362,101

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

359,104

Credit

Suisse

Mortgage

Trust

2,855,477

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

2,682,831

Dewolf

Park

CLO,

Ltd.

2,675,000

1.691%, 

(LIBOR

3M

+

1.450%),

10/15/2030,

Ser.

2017-1A,

Class

BR

b,h

2,660,060

Dryden

36

Senior

Loan

Fund

2,325,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,h

2,297,333

Dryden

Senior

Loan

Fund

3,950,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,h

3,927,295

FRTKL

Trust

3,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

h

2,769,383

Galaxy

XIX

CLO,

Ltd.

2,175,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,h

2,123,670

Goldentree

Loan

Management,

Ltd.

2,675,000

1.654%, 

(LIBOR

3M

+

1.400%),

11/20/2030,

Ser.

2017-2A,

Class

BR

b,h

2,667,497

Goodgreen

2,670,979

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

h

2,634,469

Home

Partners

of

America

Trust

3,277,656

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

h

3,010,374

2,849,151

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

h

2,569,297

Laurel

Road

Prime

Student

Loan

Trust

296,404

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

h

297,059

1,538,813

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,h

1,531,552

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Asset-Backed

Securities

(1.1%)

-

continued

Longfellow

Place

CLO,

Ltd.

$

5,200,000

1.991%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,h

$

5,163,085

1,300,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,h

1,286,854

Madison

Park

Funding

XIV,

Ltd.

3,125,000

1.659%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

3,082,928

Mello

Mortgage

Capital

Acceptance

3,126,312

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,h

2,883,291

Mercury

Financial

Credit

Card

Master

Trust

2,900,000

2.500%, 

9/21/2026,

Ser.

2022-1A,

Class

A

h

2,798,119

National

Collegiate

Trust

1,102,074

0.752%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

1,079,395

OCP

CLO,

Ltd.

2,300,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,h

2,254,842

Octagon

Investment

Partners

XVI,

Ltd.

750,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,h

745,892

OZLM

IX,

Ltd.

1,650,000

1.804%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

1,637,468

Progress

Residential

Trust

1,600,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

h

1,474,776

4,750,000

1.855%, 

7/17/2038,

Ser.

2021-SFR6,

Class

C

h

4,318,502

ROC

Securities

Trust

Series

2,600,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

2,494,895

Saxon

Asset

Securities

Trust

1,204,048

3.308%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

1,112,820

SLM

Student

Loan

Trust

1,049,811

0.857%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

1,026,364

Sound

Point

CLO

XIV,

Ltd.

3,400,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,h

3,365,772

Sound

Point

CLO

XV,

Ltd.

3,400,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,h

3,338,752

Sound

Point

CLO

XXI,

Ltd.

2,000,000

1.717%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

1,982,902

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Asset-Backed

Securities

(1.1%)

-

continued

Stratus

CLO,

Ltd.

$

2,400,000

1.841%, 

(LIBOR

3M

+

1.750%),

12/29/2029,

Ser.

2021-1A,

Class

C

b,h

$

2,350,858

Toorak

Mortgage

Corporation,

Ltd.

2,500,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

h,i

2,365,988

TRK

Trust

2,512,209

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,h

2,386,808

U.S.

Small

Business

Administration

75,742

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

74,507

Upstart

Securitization

Trust

578,381

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

h

577,142

VCAT

Asset

Securitization,

LLC

1,450,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

h,i

1,391,983

Wind

River

CLO,

Ltd.

2,000,000

1.854%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,h

1,991,114

1,650,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,h

1,626,375

Total

114,964,546

Basic

Materials

(0.2%)

Alcoa

Nederland

Holding

BV

755,000

5.500%, 

12/15/2027

h

781,485

Anglo

American

Capital

plc

273,000

4.875%, 

5/14/2025

h

282,397

750,000

3.875%, 

3/16/2029

h

750,346

Chemours

Company

510,000

5.750%, 

11/15/2028

h

495,526

Cleveland-Cliffs,

Inc.

450,000

5.875%, 

6/1/2027

461,576

290,000

4.625%, 

3/1/2029

h

286,026

290,000

4.875%, 

3/1/2031

h

286,737

Consolidated

Energy

Finance

SA

854,000

5.625%, 

10/15/2028

h

789,950

Dow

Chemical

Company

650,000

4.800%, 

11/30/2028

696,371

DowDuPont,

Inc.

575,000

4.493%, 

11/15/2025

598,028

First

Quantum

Minerals,

Ltd.

869,000

6.875%, 

10/15/2027

h

910,277

Freeport-McMoRan,

Inc.

660,000

4.125%, 

3/1/2028

659,320

315,000

4.250%, 

3/1/2030

317,101

1,786,000

4.625%, 

8/1/2030

1,826,185

Glencore

Funding,

LLC

616,000

3.375%, 

9/23/2051

h

517,943

1,343,000

4.000%, 

3/27/2027

h

1,347,117

Hecla

Mining

Company

220,000

7.250%, 

2/15/2028

230,485

Hudbay

Minerals,

Inc.

510,000

4.500%, 

4/1/2026

h

495,552

Ingevity

Corporation

770,000

3.875%, 

11/1/2028

h

695,949

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Basic

Materials

(0.2%)

-

continued

International

Flavors

and

Fragrances,

Inc.

$

740,000

3.468%, 

12/1/2050

h

$

652,735

Kinross

Gold

Corporation

770,000

5.950%, 

3/15/2024

804,323

Mercer

International,

Inc.

500,000

5.125%, 

2/1/2029

482,500

Novelis

Corporation

200,000

3.250%, 

11/15/2026

h

191,056

290,000

4.750%, 

1/30/2030

h

281,551

200,000

3.875%, 

8/15/2031

h

182,932

OCI

NV

353,000

4.625%, 

10/15/2025

h

355,647

Olin

Corporation

765,000

5.125%, 

9/15/2027

762,541

SCIL

USA

Holdings,

LLC

617,000

5.375%, 

11/1/2026

h

567,640

SPCM

SA

508,000

3.375%, 

3/15/2030

h

445,973

SunCoke

Energy,

Inc.

544,000

4.875%, 

6/30/2029

h

512,867

Syngenta

Finance

NV

459,000

5.182%, 

4/24/2028

h

473,958

Taseko

Mines,

Ltd.

366,000

7.000%, 

2/15/2026

h

376,889

Teck

Resources,

Ltd.

1,267,000

6.125%, 

10/1/2035

1,495,852

Unifrax

Escrow

Issuer

Corporation

463,000

5.250%, 

9/30/2028

h

430,097

United

States

Steel

Corporation

839,000

6.875%, 

3/1/2029

f

872,560

Total

21,317,492

Capital

Goods

(0.4%)

AECOM

860,000

5.125%, 

3/15/2027

879,548

Amsted

Industries,

Inc.

570,000

5.625%, 

7/1/2027

h

571,425

Ardagh

Packaging

Finance

plc

500,000

5.250%, 

8/15/2027

h

462,188

Boeing

Company

1,280,000

5.930%, 

5/1/2060

1,477,870

895,000

5.040%, 

5/1/2027

942,446

1,475,000

5.705%, 

5/1/2040

1,648,240

Bombardier,

Inc.

150,000

7.125%, 

6/15/2026

h

147,000

495,000

7.875%, 

4/15/2027

h

484,662

435,000

6.000%, 

2/15/2028

h

407,699

Brand

Industrial

Services,

Inc.

255,000

8.500%, 

7/15/2025

h

237,170

Builders

FirstSource,

Inc.

330,000

5.000%, 

3/1/2030

h

324,595

Carrier

Global

Corporation

720,000

3.577%, 

4/5/2050

658,836

1,050,000

2.700%, 

2/15/2031

979,809

Clydesdale

Acquisition

Holdings,

Inc.

68,000

6.625%, 

4/15/2029

e,h

68,765

136,000

8.750%, 

4/15/2030

e,h

128,010

CNH

Industrial

NV

915,000

3.850%, 

11/15/2027

918,388

Coinbase

Global,

Inc.

261,000

3.375%, 

10/1/2028

h

230,574

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Capital

Goods

(0.4%)

-

continued

Cornerstone

Building

Brands,

Inc.

$

695,000

6.125%, 

1/15/2029

h

$

644,995

Covanta

Holding

Corporation

294,000

5.000%, 

9/1/2030

f

278,565

Covert

Mergeco,

Inc.

200,000

4.875%, 

12/1/2029

h

190,940

CP

Atlas

Buyer,

Inc.

465,000

7.000%, 

12/1/2028

h

396,478

Crown

Cork

&

Seal

Company,

Inc.

410,000

7.375%, 

12/15/2026

462,662

GFL

Environmental,

Inc.

415,000

4.000%, 

8/1/2028

h

381,800

515,000

3.500%, 

9/1/2028

h

483,505

H&E

Equipment

Services,

Inc.

865,000

3.875%, 

12/15/2028

h

810,938

Howard

Midstream

Energy

Partners,

LLC

503,000

6.750%, 

1/15/2027

h

492,940

Howmet

Aerospace,

Inc.

21,000

6.875%, 

5/1/2025

22,804

500,000

3.000%, 

1/15/2029

456,563

923,000

5.950%, 

2/1/2037

983,816

Ingersoll-Rand

Luxembourg

Finance

SA

775,000

3.500%, 

3/21/2026

778,345

JELD-WEN,

Inc.

650,000

4.625%, 

12/15/2025

h

625,625

L3Harris

Technologies,

Inc.

2,150,000

3.950%, 

5/28/2024

2,171,133

Lockheed

Martin

Corporation

544,000

4.500%, 

5/15/2036

600,248

374,000

6.150%, 

9/1/2036

468,791

Mauser

Packaging

Solutions

Holding

Company

410,000

5.500%, 

4/15/2024

h

408,371

515,000

7.250%, 

4/15/2025

h

510,422

Meritor,

Inc.

360,000

4.500%, 

12/15/2028

h

360,918

MIWD

Holdco

II,

LLC

273,000

5.500%, 

2/1/2030

h

254,914

Nesco

Holdings

II,

Inc.

325,000

5.500%, 

4/15/2029

h

319,313

New

Enterprise

Stone

and

Lime

Company,

Inc.

659,000

5.250%, 

7/15/2028

h

633,549

Northrop

Grumman

Corporation

1,225,000

3.850%, 

4/15/2045

1,219,022

OI

European

Group

BV

551,000

4.750%, 

2/15/2030

h

511,989

Owens-Brockway

Glass

Container,

Inc.

460,000

5.875%, 

8/15/2023

f,h

469,952

Pactiv

Evergreen

Group

395,000

4.375%, 

10/15/2028

h

362,930

PGT

Innovations,

Inc.

529,000

4.375%, 

10/1/2029

h

493,293

Raytheon

Technologies

Corporation

720,000

4.125%, 

11/16/2028

752,618

900,000

4.450%, 

11/16/2038

976,072

1,200,000

3.750%, 

11/1/2046

1,179,828

Republic

Services,

Inc.

1,100,000

2.900%, 

7/1/2026

1,091,668

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Capital

Goods

(0.4%)

-

continued

Roper

Technologies,

Inc.

$

668,000

4.200%, 

9/15/2028

$

691,419

945,000

1.750%, 

2/15/2031

816,367

SRM

Escrow

Issuer,

LLC

785,000

6.000%, 

11/1/2028

h

774,214

Standard

Industries,

Inc.

720,000

4.375%, 

7/15/2030

h

659,488

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

998,321

Titan

Acquisition,

Ltd.

220,000

7.750%, 

4/15/2026

h

218,609

TransDigm,

Inc.

500,000

6.250%, 

3/15/2026

h

513,320

1,410,000

5.500%, 

11/15/2027

1,399,425

United

Rentals

North

America,

Inc.

525,000

4.875%, 

1/15/2028

533,292

430,000

4.000%, 

7/15/2030

411,222

Vertiv

Group

Corporation

197,000

4.125%, 

11/15/2028

h

179,785

Victors

Merger

Corporation

315,000

6.375%, 

5/15/2029

h

257,856

Waste

Pro

USA,

Inc.

255,000

5.500%, 

2/15/2026

h

240,995

WESCO

Distribution,

Inc.

720,000

7.250%, 

6/15/2028

h

764,737

Total

38,821,282

Collateralized

Mortgage

Obligations

(1.1%)

Alternative

Loan

Trust

585,722

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

431,691

AMSR

Trust

4,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

h

4,067,169

Arroyo

Mortgage

Trust

3,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

h,i

2,879,901

Bellemeade

Re,

Ltd.

2,356,145

1.849%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,h

2,353,007

BRAVO

Residential

Funding

Trust

135,665

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

h

136,004

Business

Jet

Securities,

LLC

1,926,590

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

h

1,855,445

Citicorp

Mortgage

Securities,

Inc.

1,780,116

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,705,776

COLT

Mortgage

Loan

Trust

3,168,452

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,h

3,042,249

Countrywide

Alternative

Loan

Trust

821,975

2.736%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

757,534

1,809,091

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

903,771

Countrywide

Home

Loans,

Inc.

367,527

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

231,063

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Credit

Suisse

Mortgage

Trust

$

1,500,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,h

$

1,458,008

2,450,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,h

2,414,237

1,468,906

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,h

1,411,715

6,523,474

3.414%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,h

6,436,094

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

154,818

6.000%, 

4/25/2022,

Ser.

2006-AR5,

Class

23A

136,629

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

724,587

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

j

20,937

1,453,239

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

141,580

2,596,150

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

j

294,299

Federal

National

Mortgage

Association

-

REMIC

3,891,314

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

j

195,201

Flagstar

Mortgage

Trust

1,807,938

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,h

1,744,159

Foundation

Finance

Trust

1,989,590

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

h

1,879,549

FWD

Securitization

Trust

1,264,397

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,h

1,260,541

GCAT

Trust

2,858,589

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

2,756,112

GS

Mortgage-Backed

Securities

Trust

3,173,566

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,h

3,013,818

233,029

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,h

233,253

J.P.

Morgan

Mortgage

Trust

3,216,338

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,h

2,974,360

2,220,996

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,h

2,037,377

Legacy

Mortgage

Asset

Trust

501,794

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

495,555

LHOME

Mortgage

Trust

1,100,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

h,i

1,058,452

2,900,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

2,787,411

Merrill

Lynch

Alternative

Note

Asset

Trust

349,745

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

198,560

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

New

Residential

Mortgage

Loan

Trust

$

6,103,861

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,h

$

5,655,539

New

York

Mortgage

Trust

3,000,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

h,i

2,895,953

2,138,572

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,h

2,093,668

Oak

Street

Investment

2,246,520

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

h

2,111,101

Oaktown

Re

VII,

Ltd.

1,500,000

1.699%, 

(SOFR30A

+

1.600%),

4/25/2034,

Ser.

2021-2,

Class

M1A

b,h

1,482,000

Oaktown

Re,

Ltd.

3,100,000

1.749%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,h

3,095,355

Onslow

Bay

Financial,

LLC

1,550,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,h

1,513,481

Palisades

Mortgage

Loan

Trust

4,200,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

h,i

4,059,682

Palmer

Square

Loan

Funding,

Ltd.

3,500,000

1.654%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,h

3,468,311

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,411,388

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,h

2,317,171

Pretium

Mortgage

Credit

Partners,

LLC

1,410,349

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

h,i

1,357,183

Renaissance

Home

Equity

Loan

Trust

3,419,583

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

i

1,530,989

Residential

Accredit

Loans,

Inc.

Trust

883,933

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

832,636

Sequoia

Mortgage

Trust

783,466

2.836%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

590,787

Starwood

Mortgage

Residential

Trust

68,229

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,h

68,145

Toorak

Mortgage

Corporation,

Ltd.

3,894,892

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

3,866,232

1,688,499

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

h,i

1,674,930

Tricon

Residential

Trust

2,000,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

h

1,868,671

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Vericrest

Opportunity

Loan

Transferee

$

1,807,786

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

h,i

$

1,751,849

1,925,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

h,i

1,850,331

2,400,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

h,i

2,314,118

1,991,047

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

h,i

1,938,717

1,800,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

h,i

1,724,985

1,800,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

h,i

1,716,527

1,322,201

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

h,i

1,263,474

1,100,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

h,i

1,036,684

1,000,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

h,i

962,594

Verus

Securitization

Trust

1,424,471

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,h

1,361,032

ZH

Trust

2,475,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

h

2,436,515

4,600,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

h

4,519,186

Total

114,669,303

Commercial

Mortgage-Backed

Securities

(0.5%)

AMSR

Trust

3,400,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,h

3,081,338

1,400,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,h

1,258,882

1,750,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

h

1,626,903

BANK

2021-BNK36

3,000,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

2,804,873

BANK

2022-BNK39

39,992,296

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,j

1,382,466

3,425,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

3,304,292

BANK

2022-BNK40

3,400,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

3,423,521

Barclays

Commercial

Mortgage

Securities,

LLC

2,330,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

2,386,015

BBCMS

Mortgage

Trust

22,278,853

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

1,160,298

6,100,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

5,918,887

2,400,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

2,269,819

18,896,689

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,j

2,182,583

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Commercial

Mortgage-Backed

Securities

(0.5%)

-

continued

BBCMS

Trust

$

3,200,000

2.492%, 

7/15/2054,

Ser.

2021-C10,

Class

A5

$

2,996,714

Benchmark

Mortgage

Trust

5,000,000

2.669%, 

12/15/2054,

Ser.

2021-B31,

Class

A5

4,722,653

BFLD

Trust

1,100,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

1,086,233

BINOM

Securitization

Trust

1,672,988

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,h

1,594,519

GS

Mortgage

Securities

Trust

6,416,440

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

6,423,276

Morgan

Stanley

Capital

I

Trust

19,915,378

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,j

2,406,415

Total

50,029,687

Communications

Services

(0.5%)

Altice

France

SA

265,000

8.125%, 

2/1/2027

h

273,249

175,000

5.500%, 

1/15/2028

h

162,173

525,000

5.125%, 

7/15/2029

h

470,531

991,000

5.500%, 

10/15/2029

h

889,205

American

Tower

Corporation

500,000

3.375%, 

10/15/2026

493,328

900,000

2.900%, 

1/15/2030

835,134

AT&T,

Inc.

1,532,000

3.500%, 

9/15/2053

1,344,244

1,500,000

2.300%, 

6/1/2027

1,429,159

825,000

4.350%, 

3/1/2029

873,030

2,578,000

5.250%, 

3/1/2037

2,930,417

1,460,000

4.900%, 

8/15/2037

1,607,640

575,000

5.550%, 

8/15/2041

669,089

CCO

Holdings,

LLC

900,000

5.125%, 

5/1/2027

h

901,328

750,000

4.750%, 

3/1/2030

h

720,180

394,000

4.750%, 

2/1/2032

h

366,909

425,000

4.250%, 

1/15/2034

h

369,110

Cengage

Learning,

Inc.

483,000

9.500%, 

6/15/2024

h

481,793

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

715,984

1,000,000

4.200%, 

3/15/2028

1,010,509

1,400,000

3.500%, 

6/1/2041

1,163,584

1,425,000

6.484%, 

10/23/2045

1,622,196

Clear

Channel

Worldwide

Holdings,

Inc.

640,000

7.750%, 

4/15/2028

h

643,347

Comcast

Corporation

900,000

3.950%, 

10/15/2025

929,441

1,500,000

4.250%, 

10/15/2030

1,600,142

640,000

4.400%, 

8/15/2035

691,505

1,305,000

4.750%, 

3/1/2044

1,454,706

550,000

4.600%, 

8/15/2045

603,696

Consolidated

Communications,

Inc.

417,000

5.000%, 

10/1/2028

h

358,866

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Communications

Services

(0.5%)

-

continued

Cox

Communications,

Inc.

$

1,065,000

3.350%, 

9/15/2026

h

$

1,058,720

CSC

Holdings,

LLC

1,280,000

5.375%, 

2/1/2028

h

1,242,317

Cumulus

Media

New

Holdings,

Inc.

480,000

6.750%, 

7/1/2026

f,h

480,115

DIRECTV

Holdings,

LLC

608,000

5.875%, 

8/15/2027

h

598,120

Discovery

Communications,

LLC

1,850,000

4.900%, 

3/11/2026

1,925,417

DISH

DBS

Corporation

243,000

5.250%, 

12/1/2026

h

231,458

174,000

7.375%, 

7/1/2028

164,865

324,000

5.750%, 

12/1/2028

h

306,585

Entercom

Media

Corporation

748,000

6.500%, 

5/1/2027

h

701,818

Frontier

Communications

Holdings,

LLC

567,000

5.875%, 

10/15/2027

h

563,201

GCI,

LLC

520,000

4.750%, 

10/15/2028

h

507,655

Gray

Escrow

II,

Inc.

1,000,000

5.375%, 

11/15/2031

h

956,215

Gray

Television,

Inc.

490,000

4.750%, 

10/15/2030

h

455,088

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

279,881

iHeartCommunications,

Inc.

520,000

4.750%, 

1/15/2028

h

496,600

Iliad

Holding

SASU

250,000

6.500%, 

10/15/2026

h

250,675

LCPR

Senior

Secured

Financing

DAC

405,000

6.750%, 

10/15/2027

h

416,057

Level

3

Financing,

Inc.

910,000

4.625%, 

9/15/2027

h

856,610

430,000

4.250%, 

7/1/2028

h

394,743

Lions

Gate

Capital

Holdings,

LLC

192,000

5.500%, 

4/15/2029

h

185,040

Magallanes,

Inc.

462,000

5.141%, 

3/15/2052

h

472,670

923,000

5.050%, 

3/15/2042

h

941,488

NBN

Company,

Ltd.

1,050,000

2.625%, 

5/5/2031

h

957,405

Netflix,

Inc.

500,000

5.875%, 

11/15/2028

551,150

552,000

5.375%, 

11/15/2029

h

597,540

500,000

4.875%, 

6/15/2030

h

533,350

Nexstar

Escrow

Corporation

750,000

5.625%, 

7/15/2027

h

759,150

Omnicom

Group,

Inc.

750,000

3.600%, 

4/15/2026

759,070

435,000

4.200%, 

6/1/2030

454,131

Radiate

Holdco,

LLC

285,000

6.500%, 

9/15/2028

h

269,503

Scripps

Escrow

II,

Inc.

260,000

5.375%, 

1/15/2031

h

248,950

Scripps

Escrow,

Inc.

340,000

5.875%, 

7/15/2027

h

340,258

Sinclair

Television

Group,

Inc.

780,000

5.500%, 

3/1/2030

h

675,059

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Communications

Services

(0.5%)

-

continued

Sirius

XM

Radio,

Inc.

$

685,000

5.000%, 

8/1/2027

h

$

683,288

365,000

4.000%, 

7/15/2028

h

346,750

Sprint

Capital

Corporation

510,000

6.875%, 

11/15/2028

590,932

555,000

8.750%, 

3/15/2032

747,585

Sprint

Corporation

2,430,000

7.625%, 

2/15/2025

2,648,700

Telesat

Canada

270,000

4.875%, 

6/1/2027

h

196,711

100,000

6.500%, 

10/15/2027

h

48,951

Terrier

Media

Buyer,

Inc.

385,000

8.875%, 

12/15/2027

h

391,738

T-Mobile

USA,

Inc.

1,375,000

2.550%, 

2/15/2031

1,246,852

1,231,000

3.500%, 

4/15/2031

1,158,346

1,100,000

4.375%, 

4/15/2040

1,104,667

United

States

Cellular

Corporation

460,000

6.700%, 

12/15/2033

505,715

Uniti

Group,

LP

165,000

4.750%, 

4/15/2028

h

155,720

VeriSign,

Inc.

400,000

4.750%, 

7/15/2027

408,662

Verizon

Communications,

Inc.

720,000

3.700%, 

3/22/2061

666,919

480,000

2.100%, 

3/22/2028

447,395

1,750,000

2.650%, 

11/20/2040

1,488,652

VTR

Finance

NV

350,000

6.375%, 

7/15/2028

h

339,066

VZ

Secured

Financing

BV

462,000

5.000%, 

1/15/2032

h

431,970

Zayo

Group

Holdings,

Inc.

302,000

4.000%, 

3/1/2027

h

277,909

Total

59,127,927

Consumer

Cyclical

(0.7%)

1011778

B.C.,

ULC

780,000

4.375%, 

1/15/2028

h

748,800

Allen

Media,

LLC

461,000

10.500%, 

2/15/2028

h

454,214

Allied

Universal

Finance

Corporation

355,000

4.625%, 

6/1/2028

h

331,818

Allied

Universal

Holdco,

LLC

285,000

6.625%, 

7/15/2026

h

288,372

405,000

4.625%, 

6/1/2028

h

382,684

295,000

6.000%, 

6/1/2029

h

260,239

Allison

Transmission,

Inc.

740,000

3.750%, 

1/30/2031

h

671,291

Amazon.com,

Inc.

1,525,000

3.100%, 

5/12/2051

1,431,199

521,000

3.875%, 

8/22/2037

551,447

1,122,000

4.050%, 

8/22/2047

1,220,496

American

Axle

&

Manufacturing,

Inc.

820,000

6.500%, 

4/1/2027

f

810,791

Arko

Corporation

328,000

5.125%, 

11/15/2029

h

298,480

Ashton

Woods

USA,

LLC

320,000

4.625%, 

8/1/2029

h

282,186

BellRing

Brands,

Inc.

544,000

7.000%, 

3/15/2030

h

555,560

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Boyd

Gaming

Corporation

$

490,000

4.750%, 

6/15/2031

h

$

472,237

Boyne

USA,

Inc.

380,000

4.750%, 

5/15/2029

h

364,800

Brookfield

Property

REIT,

Inc.

273,000

5.750%, 

5/15/2026

h

270,524

Brookfield

Residential

Properties,

Inc.

435,000

6.250%, 

9/15/2027

h

425,893

560,000

5.000%, 

6/15/2029

h

508,486

Caesars

Entertainment,

Inc.

755,000

6.250%, 

7/1/2025

h

779,492

170,000

8.125%, 

7/1/2027

h

182,147

529,000

4.625%, 

10/15/2029

h

494,615

Carnival

Corporation

33,000

10.500%, 

2/1/2026

h

36,693

893,000

7.625%, 

3/1/2026

h

898,831

745,000

5.750%, 

3/1/2027

h

710,480

327,000

6.000%, 

5/1/2029

h

308,145

Cedar

Fair,

LP

216,000

5.375%, 

4/15/2027

213,840

822,000

5.250%, 

7/15/2029

809,686

Churchill

Downs,

Inc.

325,000

4.750%, 

1/15/2028

h

315,250

Cinemark

USA,

Inc.

553,000

5.875%, 

3/15/2026

f,h

536,410

Clarios

Global,

LP

255,000

8.500%, 

5/15/2027

h

264,563

Cushman

&

Wakefield

US

Borrower,

LLC

249,000

6.750%, 

5/15/2028

h

260,205

D.R.

Horton,

Inc.

700,000

2.600%, 

10/15/2025

679,173

Daimler

Trucks

Finance

North

America,

LLC

964,000

2.000%, 

12/14/2026

h

897,932

Dana,

Inc.

590,000

5.625%, 

6/15/2028

596,195

Empire

Communities

Corporation

540,000

7.000%, 

12/15/2025

h

533,520

Expedia

Group,

Inc.

1,500,000

3.250%, 

2/15/2030

1,427,814

Ford

Motor

Company

292,000

3.250%, 

2/12/2032

260,794

Ford

Motor

Credit

Company,

LLC

800,000

4.063%, 

11/1/2024

797,592

1,003,000

2.300%, 

2/10/2025

952,065

1,060,000

4.134%, 

8/4/2025

1,058,807

845,000

2.700%, 

8/10/2026

785,858

Forestar

Group,

Inc.

340,000

3.850%, 

5/15/2026

h

317,050

Gap,

Inc.

158,000

3.625%, 

10/1/2029

h

140,778

General

Motors

Company

810,000

6.125%, 

10/1/2025

869,552

1,500,000

6.800%, 

10/1/2027

1,693,108

1,687,000

5.000%, 

4/1/2035

1,714,800

General

Motors

Financial

Company,

Inc.

500,000

1.500%, 

6/10/2026

456,847

GLP

Capital,

LP

1,153,000

5.750%, 

6/1/2028

1,240,943

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Goodyear

Tire

&

Rubber

Company

$

330,000

5.000%, 

7/15/2029

h

$

307,415

250,000

5.250%, 

7/15/2031

h

231,175

Guitar

Center

Escrow

Issuer

II,

Inc.

158,000

8.500%, 

1/15/2026

h

161,209

Hanesbrands,

Inc.

455,000

4.875%, 

5/15/2026

h

457,605

Herc

Holdings,

Inc.

480,000

5.500%, 

7/15/2027

h

486,720

Hilton

Domestic

Operating

Company,

Inc.

910,000

4.875%, 

1/15/2030

907,948

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

665,000

5.000%, 

6/1/2029

h

634,606

Home

Depot,

Inc.

505,000

5.400%, 

9/15/2040

610,290

1,140,000

4.250%, 

4/1/2046

1,246,916

970,000

3.900%, 

6/15/2047

1,010,361

Hyundai

Capital

America

1,150,000

1.800%, 

1/10/2028

h

1,015,621

Hyundai

Capital

Services,

Inc.

615,000

2.125%, 

4/24/2025

h

589,523

International

Game

Technology

plc

600,000

5.250%, 

1/15/2029

h

598,500

Jacobs

Entertainment,

Inc.

274,000

6.750%, 

2/15/2029

h

275,365

KB

Home

450,000

4.800%, 

11/15/2029

434,367

Kia

Corporation

615,000

2.375%, 

2/14/2025

h

597,733

Kohl's

Corporation

1,200,000

3.375%, 

5/1/2031

1,158,092

825,000

5.550%, 

7/17/2045

823,430

L

Brands,

Inc.

780,000

6.625%, 

10/1/2030

h

819,000

180,000

6.875%, 

11/1/2035

185,400

Lennar

Corporation

1,450,000

4.750%, 

5/30/2025

1,501,638

Lowe's

Companies,

Inc.

1,500,000

2.625%, 

4/1/2031

f

1,405,971

Macy's

Retail

Holdings,

LLC

480,000

5.875%, 

4/1/2029

h

478,800

1,077,000

6.125%, 

3/15/2032

h

1,063,537

Magic

MergerCo,

Inc.

326,000

5.250%, 

5/1/2028

h

299,301

Marriott

International,

Inc.

82,000

5.750%, 

5/1/2025

87,062

1,025,000

4.625%, 

6/15/2030

1,061,583

Mastercard,

Inc.

1,070,000

3.950%, 

2/26/2048

1,142,900

Mattamy

Group

Corporation

780,000

5.250%, 

12/15/2027

h

769,930

McDonald's

Corporation

1,300,000

2.125%, 

3/1/2030

1,182,748

755,000

4.450%, 

3/1/2047

810,816

MDC

Holdings,

Inc.

1,250,000

2.500%, 

1/15/2031

1,091,435

MGM

Resorts

International

940,000

6.000%, 

3/15/2023

961,338

NCL

Corporation,

Ltd.

205,000

5.875%, 

2/15/2027

h

201,925

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Nissan

Motor

Acceptance

Company,

LLC

$

1,000,000

1.125%, 

9/16/2024

h

$

935,217

Penn

National

Gaming,

Inc.

495,000

4.125%, 

7/1/2029

f,h

443,124

PetSmart,

Inc.

650,000

4.750%, 

2/15/2028

h

628,163

440,000

7.750%, 

2/15/2029

h

454,300

Prime

Security

Services

Borrower,

LLC

1,260,000

5.750%, 

4/15/2026

h

1,285,421

Real

Hero

Merger

Sub

2,

Inc.

385,000

6.250%, 

2/1/2029

h

350,785

Realogy

Group,

LLC

630,000

5.750%, 

1/15/2029

h

593,775

Rite

Aid

Corporation

239,000

7.500%, 

7/1/2025

h

222,907

Royal

Caribbean

Cruises,

Ltd.

740,000

9.125%, 

6/15/2023

h

770,525

655,000

4.250%, 

7/1/2026

h

609,274

146,000

5.375%, 

7/15/2027

h

140,274

270,000

5.500%, 

4/1/2028

h

257,394

Scientific

Games

International,

Inc.

610,000

7.250%, 

11/15/2029

h

638,975

57,000

6.625%, 

3/1/2030

h

56,189

SeaWorld

Parks

and

Entertainment,

Inc.

198,000

5.250%, 

8/15/2029

h

188,841

Service

Properties

Trust

458,000

7.500%, 

9/15/2025

480,465

Six

Flags

Theme

Parks,

Inc.

360,000

7.000%, 

7/1/2025

h

375,750

Staples,

Inc.

386,000

7.500%, 

4/15/2026

h

374,847

350,000

10.750%, 

4/15/2027

h

311,500

Station

Casinos,

LLC

381,000

4.625%, 

12/1/2031

f,h

348,501

Tapestry,

Inc.

1,278,000

3.050%, 

3/15/2032

1,161,416

Tenneco,

Inc.

610,000

5.000%, 

7/15/2026

f

600,088

Toll

Brothers

Finance

Corporation

1,000,000

3.800%, 

11/1/2029

f

966,875

Travel

+

Leisure

Company

470,000

6.625%, 

7/31/2026

h

489,975

Uber

Technologies,

Inc.

385,000

6.250%, 

1/15/2028

f,h

398,067

Visa,

Inc.

1,500,000

2.700%, 

4/15/2040

1,363,755

Wabash

National

Corporation

528,000

4.500%, 

10/15/2028

h

475,200

Walmart,

Inc.

1,300,000

3.250%, 

7/8/2029

1,337,136

Wyndham

Hotels

&

Resorts,

Inc.

280,000

4.375%, 

8/15/2028

h

269,500

Yum!

Brands,

Inc.

630,000

4.750%, 

1/15/2030

h

617,794

ZF

North

America

Capital,

Inc.

370,000

4.750%, 

4/29/2025

h

371,293

Total

72,690,288

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Non-Cyclical

(0.7%)

Abbott

Laboratories

$

1,445,000

4.750%, 

11/30/2036

$

1,679,186

AbbVie,

Inc.

625,000

2.950%, 

11/21/2026

619,125

1,475,000

4.300%, 

5/14/2036

1,540,399

550,000

4.850%, 

6/15/2044

609,700

775,000

4.875%, 

11/14/2048

875,913

Albertson's

Companies,

Inc.

702,000

3.500%, 

3/15/2029

h

633,534

Altria

Group,

Inc.

335,000

5.800%, 

2/14/2039

361,064

Amgen,

Inc.

1,500,000

3.375%, 

2/21/2050

1,353,390

1,550,000

4.200%, 

2/22/2052

1,603,001

Anheuser-Busch

Companies,

LLC

750,000

4.700%, 

2/1/2036

804,387

Anheuser-Busch

InBev

Worldwide,

Inc.

2,125,000

4.750%, 

4/15/2058

2,304,290

1,740,000

4.375%, 

4/15/2038

1,828,344

Anthem,

Inc.

1,185,000

3.125%, 

5/15/2050

1,043,533

820,000

4.625%, 

5/15/2042

895,747

Archer-Daniels-Midland

Company

875,000

2.700%, 

9/15/2051

771,664

AstraZeneca

plc

1,000,000

3.000%, 

5/28/2051

f

918,852

Bausch

Health

Companies,

Inc.

1,286,000

5.000%, 

1/30/2028

h

1,059,111

900,000

5.000%, 

2/15/2029

h

701,105

Becton,

Dickinson

and

Company

725,000

3.794%, 

5/20/2050

702,499

900,000

3.700%, 

6/6/2027

913,067

Bristol-Myers

Squibb

Company

616,000

3.550%, 

3/15/2042

609,259

Bunge,

Ltd.

Finance

Corporation

950,000

2.750%, 

5/14/2031

873,942

Cargill,

Inc.

558,000

3.125%, 

5/25/2051

h

515,968

Centene

Corporation

370,000

4.250%, 

12/15/2027

371,388

530,000

4.625%, 

12/15/2029

534,288

730,000

3.000%, 

10/15/2030

670,483

300,000

2.500%, 

3/1/2031

264,759

1,000,000

2.625%, 

8/1/2031

890,000

Central

Garden

&

Pet

Company

650,000

4.125%, 

10/15/2030

586,625

Comcast

Corporation

690,000

2.987%, 

11/1/2063

h

564,645

Community

Health

Systems,

Inc.

255,000

5.625%, 

3/15/2027

h

259,701

360,000

6.000%, 

1/15/2029

h

363,760

850,000

6.875%, 

4/15/2029

f,h

835,125

Conagra

Brands,

Inc.

1,210,000

4.300%, 

5/1/2024

1,243,304

Constellation

Brands,

Inc.

1,450,000

3.600%, 

2/15/2028

1,439,062

600,000

2.875%, 

5/1/2030

562,794

Coty,

Inc.

389,000

5.000%, 

4/15/2026

h

378,789

CVS

Health

Corporation

2,560,000

4.875%, 

7/20/2035

2,810,452

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Danaher

Corporation

$

593,000

2.800%, 

12/10/2051

$

503,893

DaVita,

Inc.

775,000

4.625%, 

6/1/2030

h

723,695

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

h

378,100

Eli

Lilly

and

Company

828,000

2.500%, 

9/15/2060

665,957

Embecta

Corporation

158,000

6.750%, 

2/15/2030

h

158,395

Encompass

Health

Corporation

750,000

4.500%, 

2/1/2028

735,000

Endo

Finance,

LLC

245,000

9.500%, 

7/31/2027

f,h

214,988

Energizer

Holdings,

Inc.

590,000

4.750%, 

6/15/2028

h

535,882

General

Mills,

Inc.

700,000

2.875%, 

4/15/2030

672,444

H.

J.

Heinz

Company

180,000

5.200%, 

7/15/2045

194,850

HCA,

Inc.

2,066,000

5.375%, 

2/1/2025

2,149,673

2,136,000

3.500%, 

9/1/2030

2,063,512

HFC

Prestige

Products,

Inc.

490,000

4.750%, 

1/15/2029

h

457,226

HLF

Financing

SARL,

LLC

901,000

4.875%, 

6/1/2029

h

790,330

Humana,

Inc.

375,000

2.150%, 

2/3/2032

328,564

Imperial

Brands

Finance

plc

1,600,000

3.875%, 

7/26/2029

h

1,569,532

JBS

USA

LUX

SA

922,000

4.375%, 

2/2/2052

h

802,033

845,000

3.000%, 

5/15/2032

h

760,508

JBS

USA,

LLC

245,000

6.500%, 

4/15/2029

h

259,700

612,000

5.500%, 

1/15/2030

h

625,635

Kimberly-Clark

Corporation

900,000

3.900%, 

5/4/2047

935,569

Kraft

Foods

Group,

Inc.

560,000

5.000%, 

6/4/2042

598,136

Kraft

Heinz

Foods

Company

900,000

3.875%, 

5/15/2027

914,846

1,010,000

3.750%, 

4/1/2030

1,005,667

1,000,000

4.375%, 

6/1/2046

987,640

Mattel,

Inc.

605,000

3.375%, 

4/1/2026

h

592,346

769,000

5.450%, 

11/1/2041

818,601

Medtronic,

Inc.

923,000

4.375%, 

3/15/2035

1,025,291

Molina

Healthcare,

Inc.

670,000

4.375%, 

6/15/2028

h

663,045

Mozart

Debt

Merger

Sub,

Inc.

688,000

3.875%, 

4/1/2029

h

636,400

657,000

5.250%, 

10/1/2029

h

610,793

Newell

Brands,

Inc.

889,000

4.700%, 

4/1/2026

i

894,556

Ortho-Clinical

Diagnostics,

Inc.

385,000

7.250%, 

2/1/2028

h

396,550

Owens

&

Minor,

Inc.

340,000

6.625%, 

4/1/2030

h

349,863

Par

Pharmaceutical,

Inc.

535,000

7.500%, 

4/1/2027

h

499,235

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Pilgrim's

Pride

Corporation

$

477,000

3.500%, 

3/1/2032

h

$

416,414

Post

Holdings,

Inc.

185,000

5.500%, 

12/15/2029

h

178,003

397,000

4.500%, 

9/15/2031

h

351,738

Reynolds

American,

Inc.

759,000

5.700%, 

8/15/2035

800,807

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

h

1,212,919

Royalty

Pharma

plc

1,050,000

3.550%, 

9/2/2050

872,215

Scotts

Miracle-Gro

Company

620,000

4.500%, 

10/15/2029

581,250

SEG

Holding,

LLC

740,000

5.625%, 

10/15/2028

h

740,000

Simmons

Foods,

Inc.

812,000

4.625%, 

3/1/2029

h

761,250

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

h

291,623

280,000

5.500%, 

7/15/2030

h

268,800

Syneos

Health,

Inc.

560,000

3.625%, 

1/15/2029

h

517,300

Sysco

Corporation

1,300,000

6.600%, 

4/1/2040

1,700,102

Teleflex,

Inc.

385,000

4.250%, 

6/1/2028

h

374,894

Tenet

Healthcare

Corporation

210,000

4.625%, 

7/15/2024

210,903

1,340,000

5.125%, 

11/1/2027

h

1,346,305

255,000

6.125%, 

10/1/2028

h

259,144

Teva

Pharmaceutical

Finance

Netherlands

III

BV

385,000

3.150%, 

10/1/2026

348,575

Thermo

Fisher

Scientific,

Inc.

625,000

2.000%, 

10/15/2031

561,063

TreeHouse

Foods,

Inc.

266,000

4.000%, 

9/1/2028

225,229

United

Natural

Foods,

Inc.

340,000

6.750%, 

10/15/2028

h

348,500

UnitedHealth

Group,

Inc.

1,450,000

4.625%, 

7/15/2035

1,620,445

Zoetis,

Inc.

740,000

4.700%, 

2/1/2043

825,686

Total

75,323,875

Energy

(0.5%)

Antero

Resources

Corporation

585,000

5.375%, 

3/1/2030

h

597,431

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

570,000

6.250%, 

4/1/2028

h

561,786

BP

Capital

Markets

America,

Inc.

1,519,000

2.939%, 

6/4/2051

1,296,530

700,000

3.543%, 

4/6/2027

708,606

Buckeye

Partners,

LP

485,000

3.950%, 

12/1/2026

473,961

Callon

Petroleum

Company

400,000

8.250%, 

7/15/2025

404,000

Canadian

Natural

Resources,

Ltd.

440,000

2.050%, 

7/15/2025

421,898

525,000

2.950%, 

7/15/2030

499,200

Cenovus

Energy,

Inc.

240,000

5.375%, 

7/15/2025

253,074

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Energy

(0.5%)

-

continued

Cheniere

Energy

Partners,

LP

$

197,000

3.250%, 

1/31/2032

h

$

179,130

Cheniere

Energy,

Inc.

518,000

4.625%, 

10/15/2028

519,735

Chesapeake

Energy

Corporation

340,000

6.750%, 

4/15/2029

h

360,106

CNX

Resources

Corporation

330,000

6.000%, 

1/15/2029

h

333,300

Comstock

Resources,

Inc.

410,000

5.875%, 

1/15/2030

h

403,973

ConocoPhillips

1,870,000

6.500%, 

2/1/2039

2,500,450

Continental

Resources,

Inc.

426,000

2.268%, 

11/15/2026

h

397,769

1,029,000

5.750%, 

1/15/2031

h

1,125,520

CQP

Holdco,

LP

377,000

5.500%, 

6/15/2031

h

370,365

Devon

Energy

Corporation

1,756,000

4.500%, 

1/15/2030

1,812,078

DT

Midstream,

Inc.

495,000

4.125%, 

6/15/2029

h

474,608

165,000

4.375%, 

6/15/2031

h

157,988

Enbridge,

Inc.

1,400,000

2.500%, 

2/14/2025

1,368,510

Endeavor

Energy

Resources,

LP

380,000

5.750%, 

1/30/2028

h

392,825

Energy

Transfer,

LP

950,000

4.000%, 

10/1/2027

956,110

970,000

4.900%, 

3/15/2035

980,413

800,000

5.150%, 

2/1/2043

785,883

1,100,000

6.000%, 

6/15/2048

1,219,347

EnLink

Midstream

Partners,

LP

580,000

4.850%, 

7/15/2026

580,000

Enterprise

Products

Operating,

LLC

1,250,000

3.300%, 

2/15/2053

1,066,453

EQT

Corporation

165,000

3.125%, 

5/15/2026

h

160,260

480,000

3.900%, 

10/1/2027

478,610

Equinor

ASA

750,000

3.000%, 

4/6/2027

746,547

Exxon

Mobil

Corporation

1,450,000

3.452%, 

4/15/2051

1,405,622

Ferrellgas,

LP

339,000

5.375%, 

4/1/2026

h

320,104

Genesis

Energy,

LP

270,000

6.500%, 

10/1/2025

266,301

165,000

8.000%, 

1/15/2027

169,736

Halliburton

Company

1,004,000

4.850%, 

11/15/2035

1,078,706

615,000

5.000%, 

11/15/2045

666,831

Harvest

Midstream,

LP

785,000

7.500%, 

9/1/2028

h

801,783

Hess

Corporation

923,000

5.800%, 

4/1/2047

1,098,162

Hess

Midstream

Operations,

LP

450,000

5.625%, 

2/15/2026

h

461,678

Hilcorp

Energy

I,

LP

540,000

5.750%, 

2/1/2029

h

540,324

ITT

Holdings,

LLC

470,000

6.500%, 

8/1/2029

h

434,148

Laredo

Petroleum,

Inc.

810,000

7.750%, 

7/31/2029

h

815,095

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Energy

(0.5%)

-

continued

Magellan

Midstream

Partners,

LP

$

1,070,000

5.000%, 

3/1/2026

$

1,127,107

Marathon

Petroleum

Corporation

396,000

6.500%, 

3/1/2041

487,931

MPLX,

LP

400,000

4.875%, 

12/1/2024

414,265

1,496,000

4.875%, 

6/1/2025

1,549,858

Murphy

Oil

Corporation

350,000

5.875%, 

12/1/2027

356,125

Nabors

Industries,

Ltd.

630,000

7.250%, 

1/15/2026

h

630,000

National

Fuel

Gas

Company

1,000,000

5.500%, 

1/15/2026

1,058,807

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

360,000

7.500%, 

2/1/2026

h

354,128

NGL

Energy

Partners,

LP

174,000

7.500%, 

11/1/2023

166,605

NuStar

Logistics,

LP

560,000

5.750%, 

10/1/2025

570,500

Oasis

Petroleum,

Inc.

415,000

6.375%, 

6/1/2026

h

425,375

Occidental

Petroleum

Corporation

185,000

8.500%, 

7/15/2027

218,988

380,000

6.450%, 

9/15/2036

446,380

ONEOK,

Inc.

1,070,000

2.200%, 

9/15/2025

1,024,620

Ovintiv

Exploration,

Inc.

825,000

5.625%, 

7/1/2024

867,374

700,000

5.375%, 

1/1/2026

741,969

PBF

Holding

Company,

LLC

260,000

9.250%, 

5/15/2025

h

267,857

Precision

Drilling

Corporation

410,000

6.875%, 

1/15/2029

h

416,150

Range

Resources

Corporation

587,000

4.750%, 

2/15/2030

f,h

582,997

Sabine

Pass

Liquefaction,

LLC

2,050,000

4.500%, 

5/15/2030

2,143,823

Schlumberger

Holdings

Corporation

995,000

4.000%, 

12/21/2025

h

1,011,196

SM

Energy

Company

375,000

6.625%, 

1/15/2027

f

384,435

245,000

6.500%, 

7/15/2028

252,823

Southwestern

Energy

Company

330,000

5.375%, 

2/1/2029

334,125

360,000

5.375%, 

3/15/2030

365,836

235,000

4.750%, 

2/1/2032

234,706

Summit

Midstream

Holdings,

LLC

457,000

8.500%, 

10/15/2026

h

435,763

Sunoco,

LP

545,000

5.875%, 

3/15/2028

550,450

Tallgrass

Energy

Finance

Corporation

790,000

5.500%, 

1/15/2028

h

764,325

Targa

Resources

Corporation

1,077,000

4.200%, 

2/1/2033

e

1,086,827

Teine

Energy,

Ltd.

345,000

6.875%, 

4/15/2029

h

350,175

Transocean

Proteus,

Ltd.

160,000

6.250%, 

12/1/2024

h

158,800

Transocean,

Inc.

330,000

11.500%, 

1/30/2027

f,h

340,725

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Energy

(0.5%)

-

continued

USA

Compression

Partners,

LP

$

456,000

6.875%, 

4/1/2026

$

460,104

Venture

Global

Calcasieu

Pass,

LLC

483,000

3.875%, 

8/15/2029

h

469,539

290,000

4.125%, 

8/15/2031

h

284,534

W&T

Offshore,

Inc.

206,000

9.750%, 

11/1/2023

h

204,970

Weatherford

International,

Ltd.

524,000

8.625%, 

4/30/2030

h

532,043

Western

Midstream

Operating,

LP

570,000

3.950%, 

6/1/2025

573,471

320,000

5.500%, 

8/15/2048

316,000

Williams

Companies,

Inc.

1,015,000

7.500%, 

1/15/2031

1,261,234

Total

54,867,896

Financials

(1.5%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,510,000

3.500%, 

1/15/2025

1,483,521

1,250,000

3.875%, 

1/23/2028

f

1,218,325

550,000

3.400%, 

10/29/2033

492,961

Air

Lease

Corporation

1,500,000

3.000%, 

2/1/2030

1,381,578

459,000

2.875%, 

1/15/2032

410,959

Aircastle,

Ltd.

650,000

5.250%, 

8/11/2025

h

662,172

1,050,000

2.850%, 

1/26/2028

h

943,220

Alliant

Holdings

Intermediate,

LLC

261,000

6.750%, 

10/15/2027

h

257,852

Ally

Financial,

Inc.

1,000,000

5.750%, 

11/20/2025

1,051,603

1,000,000

8.000%, 

11/1/2031

1,254,329

Altice

Financing

SA

235,000

5.750%, 

8/15/2029

h

213,635

American

Express

Company

1,200,000

2.250%, 

3/4/2025

1,178,407

American

Finance

Trust,

Inc.

395,000

4.500%, 

9/30/2028

h

355,547

American

Homes

4

Rent,

LP

1,000,000

2.375%, 

7/15/2031

882,795

American

International

Group,

Inc.

845,000

3.750%, 

7/10/2025

858,624

1,450,000

3.900%, 

4/1/2026

1,486,501

AmWINS

Group,

Inc.

315,000

4.875%, 

6/30/2029

h

302,406

Ares

Capital

Corporation

917,000

3.250%, 

7/15/2025

889,552

1,100,000

3.875%, 

1/15/2026

1,079,074

550,000

2.150%, 

7/15/2026

497,055

Associated

Banc-Corporation

750,000

4.250%, 

1/15/2025

764,541

Australia

and

New

Zealand

Banking

Group,

Ltd.

700,000

2.950%, 

7/22/2030

b,h

673,983

Aviation

Capital

Group,

LLC

1,000,000

5.500%, 

12/15/2024

h

1,029,244

Avolon

Holdings

Funding,

Ltd.

800,000

5.250%, 

5/15/2024

h

816,728

275,000

4.250%, 

4/15/2026

h

271,193

Banco

Santander

Mexico

SA

875,000

5.375%, 

4/17/2025

h

913,093

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Financials

(1.5%)

-

continued

Banco

Santander

SA

$

1,200,000

4.175%, 

3/24/2028

b

$

1,206,086

Bank

of

America

Corporation

1,050,000

4.200%, 

8/26/2024

1,075,519

970,000

4.000%, 

1/22/2025

987,760

575,000

1.734%, 

7/22/2027

b

533,994

800,000

3.824%, 

1/20/2028

b

809,229

500,000

2.087%, 

6/14/2029

b

456,722

1,500,000

2.496%, 

2/13/2031

b

1,378,755

900,000

2.592%, 

4/29/2031

b

830,310

1,475,000

1.922%, 

10/24/2031

b

1,281,300

923,000

2.972%, 

2/4/2033

b

864,844

1,230,000

3.846%, 

3/8/2037

b

1,177,874

1,375,000

4.244%, 

4/24/2038

b

1,432,572

Bank

of

Montreal

917,000

1.500%, 

1/10/2025

878,491

Barclays

plc

1,290,000

4.972%, 

5/16/2029

b

1,349,459

1,475,000

3.564%, 

9/23/2035

b

1,358,523

Blackstone

Private

Credit

Fund

917,000

2.700%, 

1/15/2025

h

875,713

BNP

Paribas

SA

1,538,000

3.132%, 

1/20/2033

b,h

1,423,382

BPCE

SA

1,091,000

3.500%, 

10/23/2027

h

1,066,722

Burlington

Northern

Santa

Fe,

LLC

724,000

2.875%, 

6/15/2052

641,362

Camden

Property

Trust

1,800,000

3.150%, 

7/1/2029

1,780,013

CANPACK

SA

700,000

3.125%, 

11/1/2025

h

642,250

Capital

One

Financial

Corporation

1,100,000

4.200%, 

10/29/2025

1,125,144

920,000

2.636%, 

3/3/2026

b

900,221

Cascades

USA,

Inc.

370,000

5.125%, 

1/15/2026

h

368,846

Charles

Schwab

Corporation

1,535,000

2.450%, 

3/3/2027

1,490,136

Chobani,

LLC

276,000

7.500%, 

4/15/2025

h

266,837

491,000

4.625%, 

11/15/2028

h

452,947

Chubb

INA

Holdings,

Inc.

1,115,000

4.350%, 

11/3/2045

1,211,422

Citigroup,

Inc.

827,000

0.981%, 

5/1/2025

b

788,360

1,515,000

4.400%, 

6/10/2025

1,558,477

607,000

1.281%, 

11/3/2025

b

577,626

745,000

3.200%, 

10/21/2026

739,126

1,094,000

3.668%, 

7/24/2028

b

1,094,242

490,000

4.125%, 

7/25/2028

497,415

915,000

3.520%, 

10/27/2028

b

906,398

978,000

4.650%, 

7/23/2048

1,104,430

Coinbase

Global,

Inc.

261,000

3.625%, 

10/1/2031

h

222,502

Commerzbank

AG

1,350,000

8.125%, 

9/19/2023

h

1,425,935

Corebridge

Financial,

Inc.

462,000

4.350%, 

4/5/2042

h

461,875

1,230,000

4.400%, 

4/5/2052

h

1,229,791

Credit

Acceptance

Corporation

620,000

5.125%, 

12/31/2024

h

622,226

Credit

Agricole

SA

625,000

6.875%, 

9/23/2024

b,h,k

648,437

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Financials

(1.5%)

-

continued

Credit

Suisse

Group

AG

$

900,000

7.250%, 

9/12/2025

b,h,k

$

910,125

1,800,000

2.193%, 

6/5/2026

b,h

1,690,347

Danske

Bank

AS

900,000

3.773%, 

3/28/2025

b,e,h

902,066

450,000

0.976%, 

9/10/2025

b,h

421,711

900,000

3.244%, 

12/20/2025

b,h

886,762

Deutsche

Bank

AG

680,000

2.311%, 

11/16/2027

b

623,163

1,175,000

3.729%, 

1/14/2032

b

1,048,039

Discover

Bank

1,670,000

4.682%, 

8/9/2028

b

1,693,467

Drawbridge

Special

Opportunities

Fund,

LP

750,000

3.875%, 

2/15/2026

h

725,897

Duke

Realty,

LP

925,000

2.875%, 

11/15/2029

886,712

EPR

Properties

405,000

4.950%, 

4/15/2028

405,170

621,000

3.600%, 

11/15/2031

563,000

ERP

Operating,

LP

337,000

3.375%, 

6/1/2025

337,627

First

Horizon

Bank

250,000

5.750%, 

5/1/2030

282,642

First

Horizon

National

Corporation

1,000,000

4.000%, 

5/26/2025

1,013,177

First-Citizens

Bank

&

Trust

Company

750,000

6.125%, 

3/9/2028

829,678

Fortress

Transportation

and

Infrastructure

Investors,

LLC

360,000

6.500%, 

10/1/2025

h

357,300

171,000

9.750%, 

8/1/2027

h

178,655

235,000

5.500%, 

5/1/2028

h

213,650

FS

KKR

Capital

Corporation

689,000

1.650%, 

10/12/2024

649,385

500,000

4.250%, 

2/14/2025

h

491,883

1,300,000

3.400%, 

1/15/2026

1,258,635

GE

Capital

International

Funding

Company

2,090,000

4.418%, 

11/15/2035

2,244,218

Genworth

Mortgage

Holdings,

Inc.

257,000

6.500%, 

8/15/2025

h

265,134

Global

Net

Lease,

Inc.

695,000

3.750%, 

12/15/2027

h

639,384

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,012,725

1,930,000

0.925%, 

10/21/2024

b

1,870,754

785,000

1.948%, 

10/21/2027

b

729,539

275,000

1.992%, 

1/27/2032

b

238,227

2,153,000

3.102%, 

2/24/2033

b

2,029,391

1,130,000

4.750%, 

10/21/2045

1,262,500

HCP,

Inc.

205,000

3.400%, 

2/1/2025

205,789

HSBC

Holdings

plc

1,134,000

1.162%, 

11/22/2024

b

1,094,945

1,850,000

3.803%, 

3/11/2025

b

1,858,707

1,100,000

2.999%, 

3/10/2026

b

1,078,503

710,000

3.900%, 

5/25/2026

716,793

HUB

International,

Ltd.

184,000

7.000%, 

5/1/2026

h

186,126

323,000

5.625%, 

12/1/2029

h

308,465

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Financials

(1.5%)

-

continued

Icahn

Enterprises,

LP

$

466,000

4.750%, 

9/15/2024

$

468,120

485,000

6.375%, 

12/15/2025

488,637

635,000

5.250%, 

5/15/2027

623,205

Invitation

Homes

Operating

Partnership,

LP

769,000

2.000%, 

8/15/2031

656,702

iStar,

Inc.

625,000

4.250%, 

8/1/2025

614,844

J.P.

Morgan

Chase

&

Company

445,000

3.125%, 

1/23/2025

447,297

500,000

0.824%, 

6/1/2025

b

476,786

889,000

1.561%, 

12/10/2025

b

850,942

850,000

1.040%, 

2/4/2027

b

778,870

720,000

1.578%, 

4/22/2027

b

670,592

1,230,000

2.947%, 

2/24/2028

b

1,200,328

1,475,000

4.203%, 

7/23/2029

b

1,525,396

900,000

2.522%, 

4/22/2031

b

834,317

1,100,000

1.953%, 

2/4/2032

b

963,603

1,740,000

3.882%, 

7/24/2038

b

1,754,944

Jefferies

Finance,

LLC

570,000

5.000%, 

8/15/2028

h

545,764

Kimco

Realty

Corporation

1,142,000

3.300%, 

2/1/2025

1,136,650

Lloyds

Banking

Group

plc

1,950,000

3.870%, 

7/9/2025

b

1,970,535

LPL

Holdings,

Inc.

410,000

4.000%, 

3/15/2029

h

389,081

Macquarie

Group,

Ltd.

1,103,000

1.201%, 

10/14/2025

b,h

1,042,489

Massachusetts

Mutual

Life

Insurance

Company

1,150,000

3.200%, 

12/1/2061

h

938,889

MGM

Growth

Properties

Operating

Partnership,

LP

1,237,000

4.625%, 

6/15/2025

f,h

1,246,277

616,000

5.750%, 

2/1/2027

650,650

Mitsubishi

UFJ

Financial

Group,

Inc.

835,000

0.962%, 

10/11/2025

b

787,030

1,870,000

3.287%, 

7/25/2027

1,852,945

1,750,000

2.048%, 

7/17/2030

1,549,321

Morgan

Stanley

900,000

2.630%, 

2/18/2026

b

882,846

600,000

2.188%, 

4/28/2026

b

579,581

1,925,000

4.350%, 

9/8/2026

1,982,704

1,244,000

3.591%, 

7/22/2028

b

1,247,460

1,600,000

3.622%, 

4/1/2031

b

1,591,676

825,000

2.802%, 

1/25/2052

b

686,374

MPT

Operating

Partnership,

LP

467,000

4.625%, 

8/1/2029

462,330

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

647,377

Nationstar

Mortgage

Holdings,

Inc.

341,000

6.000%, 

1/15/2027

h

347,002

Nationwide

Building

Society

950,000

3.622%, 

4/26/2023

b,h

950,170

NatWest

Group

plc

1,250,000

4.445%, 

5/8/2030

b

1,282,182

850,000

3.032%, 

11/28/2035

b

754,106

Navient

Corporation

340,000

5.500%, 

1/25/2023

344,250

90,000

6.750%, 

6/25/2025

92,459

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Financials

(1.5%)

-

continued

$

160,000

5.000%, 

3/15/2027

$

152,400

Omega

Healthcare

Investors,

Inc.

780,000

3.625%, 

10/1/2029

736,988

875,000

3.375%, 

2/1/2031

801,577

OneMain

Finance

Corporation

705,000

6.875%, 

3/15/2025

741,322

245,000

3.500%, 

1/15/2027

226,625

365,000

6.625%, 

1/15/2028

382,337

Owl

Rock

Capital

Corporation

250,000

4.250%, 

1/15/2026

243,633

525,000

3.400%, 

7/15/2026

492,945

OWL

Rock

Core

Income

Corporation

769,000

4.700%, 

2/8/2027

h

739,609

Owl

Rock

Technology

Finance

Corporation

250,000

4.750%, 

12/15/2025

h

246,754

Park

Aerospace

Holdings,

Ltd.

800,000

4.500%, 

3/15/2023

h

805,687

Park

Intermediate

Holdings,

LLC

175,000

4.875%, 

5/15/2029

h

164,054

PennyMac

Financial

Services,

Inc.

450,000

4.250%, 

2/15/2029

h

386,100

Playtika

Holding

Corporation

428,000

4.250%, 

3/15/2029

h

394,830

PRA

Group,

Inc.

253,000

7.375%, 

9/1/2025

h

263,655

Principal

Life

Global

Funding

II

825,000

1.250%, 

8/16/2026

h

754,458

Prudential

Financial,

Inc.

1,170,000

5.125%, 

3/1/2052

b

1,182,753

500,000

3.700%, 

3/13/2051

488,440

Radian

Group,

Inc.

340,000

4.875%, 

3/15/2027

341,700

Realty

Income

Corporation

1,300,000

4.125%, 

10/15/2026

1,340,386

1,100,000

2.850%, 

12/15/2032

1,039,241

Regency

Centers,

LP

1,100,000

4.125%, 

3/15/2028

1,136,423

Reinsurance

Group

of

America,

Inc.

1,100,000

4.700%, 

9/15/2023

1,125,764

Rocket

Mortgage

Co-Issuer,

Inc.

440,000

3.625%, 

3/1/2029

h

402,094

Santander

UK

Group

Holdings

plc

1,000,000

1.673%, 

6/14/2027

b

909,823

Service

Properties

Trust

195,000

4.650%, 

3/15/2024

187,695

260,000

4.750%, 

10/1/2026

237,900

174,000

4.950%, 

2/15/2027

160,793

260,000

5.500%, 

12/15/2027

250,770

Simon

Property

Group,

LP

1,250,000

3.800%, 

7/15/2050

1,232,672

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

h

1,131,518

Spirit

Realty,

LP

1,250,000

2.100%, 

3/15/2028

1,131,707

Standard

Chartered

plc

1,847,000

1.822%, 

11/23/2025

b,h

1,754,704

Sumitomo

Mitsui

Financial

Group,

Inc.

1,140,000

3.010%, 

10/19/2026

1,117,017

850,000

1.710%, 

1/12/2031

726,956

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Financials

(1.5%)

-

continued

Sumitomo

Mitsui

Trust

Bank,

Ltd.

$

1,000,000

0.800%, 

9/16/2024

h

$

943,823

Synchrony

Financial

590,000

4.250%, 

8/15/2024

598,231

925,000

3.950%, 

12/1/2027

916,092

UBS

Group

Funding

Jersey,

Ltd.

846,000

4.125%, 

9/24/2025

h

861,797

UDR,

Inc.

875,000

2.100%, 

8/1/2032

754,107

United

Wholesale

Mortgage,

LLC

500,000

5.500%, 

4/15/2029

h

445,510

VICI

Properties,

LP

340,000

4.250%, 

12/1/2026

h

338,572

200,000

3.750%, 

2/15/2027

h

194,500

290,000

4.625%, 

12/1/2029

h

289,275

Wells

Fargo

&

Company

1,320,000

3.000%, 

2/19/2025

1,317,477

125,000

3.000%, 

4/22/2026

123,786

1,475,000

3.000%, 

10/23/2026

1,454,482

923,000

3.526%, 

3/24/2028

b

921,146

1,400,000

2.393%, 

6/2/2028

b

1,323,840

1,180,000

4.900%, 

11/17/2045

1,302,311

Welltower,

Inc.

750,000

2.050%, 

1/15/2029

682,500

Total

165,435,972

Mortgage-Backed

Securities

(4.8%)

Federal

National

Mortgage

Association

31,140,902

2.500%, 

12/1/2051

29,757,550

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

9,150,000

1.500%, 

4/1/2037

e

8,674,986

21,625,000

2.000%, 

4/1/2037

e

21,002,437

15,350,000

1.500%, 

5/1/2037

e

14,524,638

14,950,000

2.000%, 

5/1/2037

e

14,487,193

32,250,000

2.500%, 

5/1/2037

e

31,782,905

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

33,032,640

2.000%, 

3/1/2051

30,753,056

41,800,000

2.000%, 

4/1/2052

e

38,800,524

19,300,000

2.500%, 

4/1/2052

e

18,413,406

66,670,000

2.000%, 

5/1/2052

e

61,763,935

87,100,000

2.500%, 

5/1/2052

e

82,926,586

108,125,000

3.000%, 

5/1/2049

e

105,512,410

66,500,000

3.500%, 

5/1/2049

e

66,384,943

Total

524,784,569

Technology

(0.3%)

Analog

Devices,

Inc.

1,150,000

2.950%, 

10/1/2051

1,040,327

Apple,

Inc.

2,570,000

3.750%, 

9/12/2047

2,672,057

Black

Knight

InfoServ,

LLC

593,000

3.625%, 

9/1/2028

h

561,986

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

542,000

3.875%, 

1/15/2027

545,623

Broadcom,

Inc.

600,000

5.000%, 

4/15/2030

637,796

604,000

3.469%, 

4/15/2034

h

559,383

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Technology

(0.3%)

-

continued

$

1,231,000

3.137%, 

11/15/2035

h

$

1,084,625

1,350,000

3.187%, 

11/15/2036

h

1,171,920

CommScope

Technologies

Finance,

LLC

425,000

6.000%, 

6/15/2025

h

402,522

CommScope,

Inc.

385,000

7.125%, 

7/1/2028

f,h

347,800

Dell

International,

LLC

2,222,000

6.020%, 

6/15/2026

2,406,934

124,000

8.350%, 

7/15/2046

181,212

Fiserv,

Inc.

1,000,000

2.250%, 

6/1/2027

944,438

1,150,000

2.650%, 

6/1/2030

1,061,383

Gartner,

Inc.

325,000

3.625%, 

6/15/2029

h

304,688

605,000

3.750%, 

10/1/2030

h

567,944

Iron

Mountain,

Inc.

570,000

4.875%, 

9/15/2029

h

542,566

750,000

5.250%, 

7/15/2030

h

735,000

585,000

4.500%, 

2/15/2031

h

540,253

Lam

Research

Corporation

1,500,000

2.875%, 

6/15/2050

1,326,827

Microchip

Technology,

Inc.

500,000

0.983%, 

9/1/2024

h

473,385

Micron

Technology,

Inc.

1,000,000

4.663%, 

2/15/2030

1,045,130

Microsoft

Corporation

700,000

3.041%, 

3/17/2062

653,694

1,130,000

3.700%, 

8/8/2046

1,202,759

Minerva

Merger

Sub,

Inc.

480,000

6.500%, 

2/15/2030

h

465,660

MSCI,

Inc.

465,000

4.000%, 

11/15/2029

h

451,601

NCR

Corporation

1,020,000

6.125%, 

9/1/2029

h

1,022,550

Nielsen

Finance,

LLC

70,000

4.500%, 

7/15/2029

h

69,825

NXP

BV/NXP

Funding,

LLC

480,000

5.550%, 

12/1/2028

h

526,138

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

480,000

4.300%, 

6/18/2029

h

495,503

480,000

3.250%, 

5/11/2041

h

423,275

Open

Text

Corporation

675,000

4.125%, 

2/15/2030

h

640,032

Oracle

Corporation

1,815,000

3.850%, 

7/15/2036

1,670,625

1,500,000

3.600%, 

4/1/2040

1,301,230

1,250,000

4.000%, 

7/15/2046

1,109,178

PTC,

Inc.

300,000

3.625%, 

2/15/2025

h

296,625

270,000

4.000%, 

2/15/2028

h

263,053

Qorvo,

Inc.

960,000

3.375%, 

4/1/2031

h

872,976

Rackspace

Technology

Global,

Inc.

540,000

5.375%, 

12/1/2028

h

468,531

Seagate

HDD

Cayman

810,000

3.125%, 

7/15/2029

726,975

670,000

3.375%, 

7/15/2031

595,707

Sensata

Technologies,

Inc.

790,000

3.750%, 

2/15/2031

h

730,750

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Technology

(0.3%)

-

continued

Shift4

Payments,

LLC

$

190,000

4.625%, 

11/1/2026

h

$

184,775

SS&C

Technologies,

Inc.

1,120,000

5.500%, 

9/30/2027

h

1,128,417

Switch,

Ltd.

570,000

3.750%, 

9/15/2028

h

552,755

Texas

Instruments,

Inc.

1,005,000

4.150%, 

5/15/2048

1,116,056

Viavi

Solutions,

Inc.

396,000

3.750%, 

10/1/2029

h

371,615

VMware,

Inc.

825,000

4.650%, 

5/15/2027

864,440

Total

37,358,544

Transportation

(0.1%)

Air

Canada

120,000

3.875%, 

8/15/2026

h

113,250

Air

Canada

Pass

Through

Trust

269,691

3.875%, 

3/15/2023

h

266,644

American

Airlines,

Inc.

710,000

11.750%, 

7/15/2025

h

828,918

1,166,000

5.500%, 

4/20/2026

h

1,174,745

Avis

Budget

Car

Rental,

LLC

450,000

5.375%, 

3/1/2029

f,h

443,349

Burlington

Northern

Santa

Fe,

LLC

1,120,000

5.750%, 

5/1/2040

1,395,693

575,000

4.450%, 

3/15/2043

628,811

Canadian

Pacific

Railway

Company

852,000

3.100%, 

12/2/2051

753,288

568,000

3.000%, 

12/2/2041

510,948

CSX

Corporation

900,000

3.800%, 

4/15/2050

913,685

Delta

Air

Lines,

Inc.

452,000

7.000%, 

5/1/2025

h

484,144

86,000

7.375%, 

1/15/2026

93,395

1,580,000

4.750%, 

10/20/2028

h

1,592,098

Hawaiian

Brand

Intellectual

Property,

Ltd.

97,000

5.750%, 

1/20/2026

h

97,055

Hertz

Corporation

323,000

4.625%, 

12/1/2026

h

301,626

388,000

5.000%, 

12/1/2029

h

351,140

Mileage

Plus

Holdings,

LLC

1,539,000

6.500%, 

6/20/2027

h

1,604,408

NCL

Corporation,

Ltd.

624,000

3.625%, 

12/15/2024

h

588,120

Ryder

System,

Inc.

615,000

2.850%, 

3/1/2027

596,349

Southwest

Airlines

Company

960,000

2.625%, 

2/10/2030

875,601

United

Airlines,

Inc.

540,000

4.375%, 

4/15/2026

h

531,185

315,000

4.625%, 

4/15/2029

h

299,549

VistaJet

Malta

Finance

plc

420,000

6.375%, 

2/1/2030

h

395,163

Total

14,839,164

U.S.

Government

&

Agencies

(6.5%)

U.S.

Treasury

Bonds

9,660,000

1.625%, 

11/15/2050

7,915,917

7,285,000

2.250%, 

11/15/2027

7,201,052

72,550,000

2.875%, 

5/15/2028

74,241,888

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

U.S.

Government

&

Agencies

(6.5%)

-

continued

$

19,150,000

5.250%, 

11/15/2028

$

22,436,170

13,650,000

1.625%, 

8/15/2029

12,944,572

3,250,000

1.500%, 

2/15/2030

3,046,875

3,750,000

0.875%, 

11/15/2030

3,320,654

270,000

1.375%, 

11/15/2031

247,725

2,975,000

4.375%, 

5/15/2040

3,785,223

44,475,000

1.375%, 

11/15/2040

36,360,050

1,340,000

3.000%, 

5/15/2042

1,419,196

68,726,000

2.500%, 

5/15/2046

67,338,057

46,100,000

2.875%, 

5/15/2049

49,575,507

U.S.

Treasury

Notes

4,910,000

2.500%, 

3/31/2023

4,947,592

9,380,000

0.125%, 

4/30/2023

9,214,384

39,520,000

0.125%, 

7/31/2023

38,524,281

21,560,000

0.125%, 

8/31/2023

20,975,522

22,900,000

0.125%, 

10/15/2023

22,194,215

14,890,000

0.750%, 

12/31/2023

14,503,791

82,550,000

2.500%, 

1/31/2024

82,827,317

25,885,000

2.125%, 

7/31/2024

25,700,974

28,665,000

2.250%, 

11/15/2024

28,486,963

19,170,000

2.125%, 

11/30/2024

18,982,793

52,575,000

2.625%, 

1/31/2026

52,774,210

2,300,000

0.500%, 

2/28/2026

2,126,422

90,300,000

2.500%, 

2/28/2026

90,173,016

1,500,000

0.750%, 

1/31/2028

1,360,664

Total

702,625,030

Utilities

(0.4%)

AES

Corporation

1,227,000

3.950%, 

7/15/2030

h

1,215,536

Ameren

Illinois

Company

830,000

4.500%, 

3/15/2049

917,814

American

Electric

Power

Company,

Inc.

710,000

3.875%, 

2/15/2062

b

655,928

518,000

2.031%, 

3/15/2024

509,029

Appalachian

Power

Company

750,000

3.300%, 

6/1/2027

754,038

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,235,056

Calpine

Corporation

770,000

4.500%, 

2/15/2028

h

751,120

CenterPoint

Energy

Resources

Corporation

750,000

1.750%, 

10/1/2030

657,492

CenterPoint

Energy,

Inc.

600,000

2.500%, 

9/1/2024

589,633

270,000

4.250%, 

11/1/2028

277,613

CMS

Energy

Corporation

490,000

2.950%, 

2/15/2027

474,865

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

1,007,943

Consolidated

Edison

Company

of

New

York,

Inc.

1,250,000

4.125%, 

5/15/2049

1,261,513

Consolidated

Edison,

Inc.

579,000

4.500%, 

12/1/2045

607,452

Consumers

Energy

Company

1,200,000

4.350%, 

4/15/2049

1,303,188

Dominion

Energy

South

Carolina,

Inc.

650,000

5.100%, 

6/1/2065

766,645

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Utilities

(0.4%)

-

continued

DTE

Electric

Company

$

965,000

3.700%, 

3/15/2045

$

946,125

475,000

3.700%, 

6/1/2046

472,049

Duke

Energy

Carolinas,

LLC

1,090,000

3.700%, 

12/1/2047

1,063,265

Duke

Energy

Corporation

770,000

3.750%, 

9/1/2046

726,807

Duke

Energy

Florida,

LLC

1,030,000

3.200%, 

1/15/2027

1,031,195

Duke

Energy

Indiana,

LLC

1,550,000

3.750%, 

5/15/2046

1,520,184

Edison

International

725,000

5.750%, 

6/15/2027

776,866

Exelon

Corporation

585,000

4.700%, 

4/15/2050

643,367

983,000

4.450%, 

4/15/2046

1,027,741

FirstEnergy

Corporation

460,000

3.350%, 

7/15/2022

459,425

ITC

Holdings

Corporation

216,000

4.050%, 

7/1/2023

218,117

760,000

5.300%, 

7/1/2043

868,205

Jersey

Central

Power

&

Light

Company

450,000

2.750%, 

3/1/2032

h

419,035

Mississippi

Power

Company

1,040,000

3.950%, 

3/30/2028

1,056,523

National

Rural

Utilities

Cooperative

Finance

Corporation

1,050,000

3.700%, 

3/15/2029

1,073,995

NextEra

Energy

Operating

Partners,

LP

740,000

3.875%, 

10/15/2026

h

731,675

NiSource

Finance

Corporation

900,000

5.650%, 

2/1/2045

1,020,060

NiSource,

Inc.

1,125,000

3.600%, 

5/1/2030

1,115,662

NRG

Energy,

Inc.

790,000

3.375%, 

2/15/2029

h

702,239

240,000

5.250%, 

6/15/2029

h

234,535

Pacific

Gas

and

Electric

Company

777,000

4.950%, 

7/1/2050

731,856

900,000

3.300%, 

12/1/2027

849,016

1,026,000

4.550%, 

7/1/2030

1,018,003

PG&E

Corporation

471,000

5.000%, 

7/1/2028

f

455,269

PPL

Electric

Utilities

Corporation

547,000

3.950%, 

6/1/2047

558,549

San

Diego

Gas

&

Electric

Company

940,000

4.150%, 

5/15/2048

986,997

Southern

California

Edison

Company

1,500,000

4.000%, 

4/1/2047

1,441,246

Southern

Company

843,000

3.250%, 

7/1/2026

843,079

Southern

Company

Gas

Capital

Corporation

620,000

4.400%, 

5/30/2047

623,661

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

586,090

Suburban

Propane

Partners,

LP

740,000

5.875%, 

3/1/2027

750,175

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income

(19.3%)

Value

Utilities

(0.4%)

-

continued

TerraForm

Power

Operating,

LLC

$

750,000

5.000%, 

1/31/2028

h

$

746,812

Virginia

Electric

and

Power

Company

850,000

4.600%, 

12/1/2048

956,007

Vistra

Operations

Company,

LLC

550,000

5.000%, 

7/31/2027

h

541,095

Total

40,179,790

Total

Long-Term

Fixed

Income

(cost

$2,132,988,910)

2,087,035,365

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

37,672,869

Thrivent

Cash

Management

Trust

37,672,869

Total

Collateral

Held

for

Securities

Loaned

(cost

$37,672,869)

37,672,869

Shares

or

Principal

Amount

Short-Term

Investments

(

15.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

9,200,000

0.134%,

4/6/2022

l,m

9,199,783

2,600,000

0.127%,

4/18/2022

l,m

2,599,791

2,100,000

0.190%,

4/27/2022

l,m

2,099,742

2,000,000

0.232%,

5/4/2022

l,m

1,999,232

1,500,000

0.318%,

5/11/2022

l,m

1,499,302

4,100,000

0.249%,

5/17/2022

l,m

4,097,805

600,000

0.360%,

5/18/2022

l,m

599,672

13,800,000

0.315%,

5/24/2022

l,m

13,791,487

22,300,000

0.380%,

6/3/2022

l,m

22,275,892

3,100,000

0.300%,

6/8/2022

l,m

3,096,383

3,400,000

0.596%,

7/19/2022

l,m

3,392,215

Thrivent

Core

Short-Term

Reserve

Fund

157,076,583

0.660%

1,570,765,827

U.S.

Treasury

Bills

10,000,000

0.120%,

4/14/2022

l,n

9,999,490

5,000,000

0.295%,

5/5/2022

l,n

4,999,303

10,000,000

0.360%,

5/19/2022

l,o

9,996,678

Total

Short-Term

Investments

(cost

$1,660,303,638)

1,660,412,602

Total

Investments

(cost

$9,484,810,273)

104.9%

$11,363,156,412

Other

Assets

and

Liabilities,

Net

(4.9%)

(526,650,201)

Total

Net

Assets

100.0%

$10,836,506,211

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Non-income

producing

security.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$419,047,298

or

3.9%

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,

2022.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

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

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

At

March

31,

2022,

$12,247,945

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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.

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

9,652,401

Common

Stock

26,531,076

Total

lending

$36,183,477

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$37,672,869

Net

amounts

due

to

counterparty

$1,489,392

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Moderate

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

7,399,876

–

4,537,585

2,862,291

Capital

Goods

35,500,178

–

31,911,177

3,589,001

Communications

Services

22,512,128

–

21,347,011

1,165,117

Consumer

Cyclical

24,001,702

–

21,542,212

2,459,490

Consumer

Non-Cyclical

25,835,001

–

22,884,639

2,950,362

Energy

3,406,161

–

3,099,768

306,393

Financials

7,595,230

–

6,697,970

897,260

Technology

17,774,480

–

17,774,480

–

Transportation

8,423,972

–

8,423,972

–

Utilities

5,002,778

–

5,002,778

–

Common

Stock

Communications

Services

269,090,813

268,903,076

–

187,737

Consumer

Discretionary

454,108,574

454,108,574

–

–

Consumer

Staples

121,456,241

121,456,241

–

–

Energy

111,078,693

111,078,693

–

–

Financials

458,162,758

453,044,473

5,118,285

–

Health

Care

415,972,837

415,972,837

–

–

Industrials

427,223,692

425,984,518

1,239,174

–

Information

Technology

884,193,088

876,612,416

7,580,672

–

Materials

108,319,021

107,303,566

1,015,455

–

Real

Estate

147,940,487

147,940,487

–

–

Utilities

72,314,923

72,314,923

–

–

Registered

Investment

Companies

Unaffiliated

86,133,057

86,133,057

–

–

Affiliated

3,340,217,784

3,340,217,784

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

114,964,546

–

114,964,546

–

Basic

Materials

21,317,492

–

21,317,492

–

Capital

Goods

38,821,282

–

38,821,282

–

Collateralized

Mortgage

Obligations

114,669,303

–

114,669,303

–

Commercial

Mortgage-Backed

Securities

50,029,687

–

50,029,687

–

Communications

Services

59,127,927

–

59,127,927

–

Consumer

Cyclical

72,690,288

–

72,690,288

–

Consumer

Non-Cyclical

75,323,875

–

75,323,875

–

Energy

54,867,896

–

54,867,896

–

Financials

165,435,972

–

165,435,972

–

Mortgage-Backed

Securities

524,784,569

–

524,784,569

–

Technology

37,358,544

–

37,358,544

–

Transportation

14,839,164

–

14,839,164

–

U.S.

Government

&

Agencies

702,625,030

–

702,625,030

–

Utilities

40,179,790

–

40,179,790

–

Short-Term

Investments

89,646,775

–

89,646,775

–

Subtotal

Investments

in

Securities

$9,230,345,614

$6,881,070,645

$2,334,857,318

$14,417,651

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,570,765,827

Affiliated

Registered

Investment

Companies

524,372,102

Collateral

Held

for

Securities

Loaned

37,672,869

Subtotal

Other

Investments

$2,132,810,798

Total

Investments

at

Value

$11,363,156,412

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

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

93,500,994

93,500,994

–

–

Total

Asset

Derivatives

$93,500,994

$93,500,994

$–

$–

Liability

Derivatives

Futures

Contracts

35,082,742

35,082,742

–

–

Credit

Default

Swaps

156,927

–

156,927

–

Total

Liability

Derivatives

$35,239,669

$35,082,742

$156,927

$–

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$66,718,304

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

413

June

2022

$

52,294,023

(

$

1,546,648)

CBOT

2-Yr.

U.S.

Treasury

Note

279

June

2022

59,953,160

(

826,956)

CBOT

5-Yr.

U.S.

Treasury

Note

422

June

2022

49,701,708

(

1,303,583)

CBOT

U.S.

Long

Bond

273

June

2022

42,251,910

(

1,284,847)

CME

E-mini

Russell

2000

Index

92

June

2022

9,231,897

273,543

CME

E-mini

S&P

500

Index

6,288

June

2022

1,335,766,569

88,701,231

CME

E-mini

S&P

Mid-Cap

400

Index

24

June

2022

6,203,235

250,845

CME

Ultra

Long

Term

U.S.

Treasury

Bond

570

June

2022

105,042,205

(

4,080,955)

Ultra

10-Yr.

U.S.

Treasury

Note

259

June

2022

36,283,092

(

1,196,686)

Total

Futures

Long

Contracts

$

1,696,727,799

$

78,985,944

CBOT

2-Yr.

U.S.

Treasury

Note

(578)

June

2022

(

$

124,001,802)

$

1,510,956

CBOT

5-Yr.

U.S.

Treasury

Note

(973)

June

2022

(

114,355,357)

2,764,419

CME

E-mini

Russell

2000

Index

(1,959)

June

2022

(

197,436,036)

(

4,967,844)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,596)

June

2022

(

414,598,792)

(

14,597,528)

ICE

mini

MSCI

EAFE

Index

(1,244)

June

2022

(

129,030,377)

(

4,351,303)

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,280)

June

2022

(

71,105,608)

(

926,392)

Total

Futures

Short

Contracts

(

$

1,050,527,972)

($20,567,692)

Total

Futures

Contracts

$

646,199,827

$58,418,252

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

The

following

table

presents

Moderate

Allocation

Portfolio's

swaps

contracts

held

as

of

March

31,

2022.

Investments

totaling

$9,346,894

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

38,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2027

(

$

98,090,000)

$

–

(

$

156,927)

(

$

156,927)

Total

Credit

Default

Swaps

$–

($156,927)

($156,927)

1

As

the

buyer

of

protection,

Moderate

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderate

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderate

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$226,029

$2,508

$22,255

$185,248

21,416

1.7%

Core

Emerging

Markets

Equity

60,291

–

–

55,257

5,656

0.5

Core

Low

Volatility

Equity

291,498

–

–

283,867

21,802

2.6

Global

Stock

526,874

–

–

496,244

32,141

4.6

High

Yield

150,776

1,472

24,000

121,510

27,533

1.1

Income

515,935

3,397

56,000

425,685

42,974

3.9

International

Allocation

463,985

–

–

429,722

40,625

4.0

International

Index

66,527

–

–

61,952

4,781

0.6

Large

Cap

Value

940,263

–

–

946,103

38,933

8.7

Limited

Maturity

Bond

272,430

953

52,465

213,800

22,078

2.0

Mid

Cap

Stock

577,438

–

57,000

480,037

18,847

4.4

Small

Cap

Stock

167,802

–

–

165,165

6,675

1.5

Total

Affiliated

Registered

Investment

Companies

4,259,848

3,864,590

35.6

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

1,541,687

1,119,245

1,090,166

1,570,766

157,077

14.5

Total

Affiliated

Short-Term

Investments

1,541,687

1,570,766

14.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

38,431

458,297

459,055

37,673

37,673

0.3

Total

Collateral

Held

for

Securities

Loaned

38,431

37,673

0.3

Total

Value

$5,839,966

$5,473,029

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(1,852)

$(19,182)

$

–

$2,509

Core

Emerging

Markets

Equity

–

(5,034)

–

–

Core

Low

Volatility

Equity

–

(7,631)

–

–

Global

Stock

–

(30,630)

–

–

High

Yield

(1,253)

(5,485)

–

1,470

Income

3,126

(40,773)

–

3,398

International

Allocation

–

(34,263)

–

–

International

Index

–

(4,575)

–

–

Large

Cap

Value

–

5,840

–

–

Limited

Maturity

Bond

(18)

(7,100)

–

955

Mid

Cap

Stock

16,156

(56,557)

–

–

Small

Cap

Stock

–

(2,637)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

1,267

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$9,599

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

61

Total

Affiliated

Income

from

Securities

Loaned,

Net

$61

Total

Value

$16,159

$(208,027)

$

–

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Bank

Loans

(

0.8%

)

a

Value

Basic

Materials

(0.1%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

615,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

608,081

INEOS

US

Petrochem,

LLC,

Term

Loan

481,362

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

472,217

Innophos

Holdings,

Inc.,

Term

Loan

298,900

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

297,032

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

328,705

3.700%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

324,185

Nouryon

USA,

LLC,

Term

Loan

555,450

4.006%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

546,424

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

537,483

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

525,728

Venator

Finance

SARL,

Term

Loan

340,543

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

323,515

Total

3,097,182

Capital

Goods

(0.2%)

Bingo

Industries,

Ltd.,

Term

Loan

223,875

4.496%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b

221,077

BW

Holding,

Inc.,

Delayed

Draw

99,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

97,267

BW

Holding,

Inc.,

Term

Loan

373,065

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

366,536

Flex

Acquisition

Company,

Inc.,

Term

Loan

646,439

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

644,868

271,578

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

270,877

Foley

Products

Company,

LLC,

Term

Loan

523,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

517,770

Gemini

HDPE,

LLC,

Term

Loan

411,537

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

404,508

GFL

Environmental,

Inc.,

Term

Loan

439,437

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

437,240

Graham

Packaging

Company,

Inc.,

Term

Loan

450,450

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

441,923

Grinding

Media,

Inc.,

Term

Loan

621,875

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

614,879

Groupe

Solmax,

Inc.,

Term

Loan

543,611

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

533,419

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Capital

Goods

(0.2%)

-

continued

HRNI

Holdings,

LLC,

Term

Loan

$

290,550

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

$

287,886

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

374,062

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

370,090

LABL,

Inc.,

Term

Loan

149,625

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

147,408

LRS

Holdings,

LLC,

Term

Loan

297,255

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

295,026

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

326,182

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

319,659

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

462,852

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

455,714

Novae,

LLC,

Delayed

Draw

174,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

172,477

Novae,

LLC,

Term

Loan

609,000

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

603,671

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

360,437

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

350,601

Quikrete

Holdings

Inc.,

Term

Loan

370,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,d,e

362,807

RLG

Holdings,

LLC,

Term

Loan

337,509

5.000%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

334,133

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

446,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

439,310

TransDigm,

Inc.,

Term

Loan

1,048,627

2.707%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,030,276

TricorBraun

Holdings,

Inc.,

Term

Loan

565,895

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

550,882

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

47,378

4.314%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,d,e

46,697

Trident

TPI

Holdings,

Inc.,

Term

Loan

325,863

4.500%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b

321,180

Venga

Finance

SARL,

Term

Loan

298,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

288,968

Vertiv

Group

Corporation,

Term

Loan

1,540,500

2.991%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

1,500,062

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Capital

Goods

(0.2%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

333,325

5.756%, 

(LIBOR

3M

+

4.750%),

8/12/2028

b

$

331,935

Total

12,759,146

Communications

Services

(0.1%)

Allen

Media,

LLC,

Term

Loan

297,730

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

294,827

Altice

France

SA,

Term

Loan

295,275

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

287,893

Audacy

Capital

Corporation,

Term

Loan

379,524

2.947%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

372,313

Cablevision

Lightpath,

LLC,

Term

Loan

424,625

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

418,680

CCI

Buyer,

Inc.,

Term

Loan

113,850

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

112,118

CommScope,

Inc.,

Term

Loan

569,773

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

553,865

DIRECTV

Financing,

LLC,

Term

Loan

663,725

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

662,258

E.W.

Scripps

Company,

Term

Loan

349,125

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

346,342

iHeartCommunications,

Inc.,

Term

Loan

315,709

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

313,382

Metronet

Systems

Holdings,

LLC,

Term

Loan

552,850

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

546,110

NEP

Group,

Inc.,

Term

Loan

696,600

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

683,016

70,000

7.457%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

67,393

Nexstar

Media,

Inc.,

Term

Loan

687,053

2.731%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

683,742

ORBCOMM,

Inc.,

Term

Loan

328,350

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

324,794

Peraton

Corporation,

Term

Loan

573,546

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

568,706

Sharp

Midco,

LLC,

Term

Loan

123,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

122,078

Terrier

Media

Buyer,

Inc.,

Term

Loan

587,563

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

577,921

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Communications

Services

(0.1%)

-

continued

Univision

Communications,

Inc.,

Term

Loan

$

305,000

4.000%, 

(LIBOR

1M

+

3.250%),

1/31/2029

b

$

301,441

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

308,450

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

304,724

Xplornet

Communications,

Inc.,

Term

Loan

328,350

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

321,714

290,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

287,100

Zacapa

SARL,

Term

Loan

180,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

178,605

Total

8,329,022

Consumer

Cyclical

(0.1%)

ACProducts

Holdings,

Inc.,

Term

Loan

178,650

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

160,685

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

38,875

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

38,474

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

338,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

334,515

American

Trailer

World

Corporation,

Term

Loan

548,743

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

525,421

Caesars

Resort

Collection,

LLC,

Term

Loan

272,922

3.957%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

271,694

Carnival

Corporation,

Term

Loan

301,927

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

293,171

Cengage

Learning,

Inc.,

Term

Loan

606,950

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

601,263

CP

Atlas

Buyer,

Inc.,

Term

Loan

371,299

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

360,219

Golden

Entertainment,

Inc.,

Term

Loan

757,812

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

747,393

Great

Canadian

Gaming

Corporation,

Term

Loan

204,487

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

203,146

Michaels

Companies,

Inc.,

Term

Loan

595,500

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

557,370

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Penn

National

Gaming,

Inc.,

Term

Loan

$

324,607

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

$

322,308

Scientific

Games

International,

Inc.,

Term

Loan

1,778,902

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,771,128

Secure

Acquisition,

Inc.,

Delayed

Draw

48,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

47,160

Secure

Acquisition,

Inc.,

Term

Loan

322,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

316,365

Staples,

Inc.,

Term

Loan

97,004

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

94,046

323,788

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

305,338

Tenneco,

Inc.,

Term

Loan

423,225

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

417,330

Voyage

Digital

NZ/US,

Term

Loan

523,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

512,540

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

299,150

2.207%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

296,105

Total

8,175,671

Consumer

Non-Cyclical

(0.1%)

Adient

US,

LLC,

Term

Loan

158,800

3.707%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

156,021

Alltech,

Inc.,

Term

Loan

290,540

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

285,456

Bausch

Health

Americas,

Inc.,

Term

Loan

568,686

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

563,471

Bausch

Health

Companies,

Inc.,

Term

Loan

817,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

807,809

Blue

Ribbon,

LLC,

Term

Loan

409,500

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

400,900

Chobani,

LLC,

Term

Loan

221,625

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

217,469

City

Brewing

Company,

LLC,

Term

Loan

590,915

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

537,733

CNT

Holdings

I

Corporation,

Term

Loan

287,100

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

285,245

80,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

79,734

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Consumer

Non-Cyclical

(0.1%)

-

continued

Del

Monte

Foods,

Inc.,

Term

Loan

$

196,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

$

192,815

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

688,050

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

642,969

Gainwell

Acquisition

Corporation,

Term

Loan

782,080

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

780,125

Global

Medical

Response,

Inc.,

Term

Loan

52,665

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

52,251

1,557,116

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

1,543,974

Herens

US

Holdco

Corporation,

Term

Loan

565,732

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

550,882

Mamba

Purchaser,

Inc.,

Term

Loan

60,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

59,625

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

296,503

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

294,587

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

504,900

4.256%, 

(LIBOR

3M

+

3.250%),

3/4/2028

b

499,492

PetSmart,

LLC,

Term

Loan

716,400

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

713,413

Precision

Medicine

Group,

LLC,

Delayed

Draw

59,423

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

58,185

Precision

Medicine

Group,

LLC,

Term

Loan

449,882

4.006%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

440,511

Total

9,162,667

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

548,063

2.960%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

542,927

Energizer

Holdings,

Inc.,

Term

Loan

133,650

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b,c

131,311

GIP

II

Blue

Holding

LP,

Term

Loan

578,550

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

575,658

Total

1,249,896

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

607,312

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

593,393

222,750

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

217,948

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Financials

(0.1%)

-

continued

$

400,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

$

391,600

320,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

312,400

Digicel

International

Finance,

Ltd.,

Term

Loan

455,465

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

432,691

Rinchem

Company,

Inc.,

Term

Loan

131,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

130,345

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

196,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

192,080

Tiger

Acquisition,

LLC,

Term

Loan

199,000

3.758%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

190,584

Tronox

Finance,

LLC,

Term

Loan

260,192

3.164%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

256,128

Total

2,717,169

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

468,422

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

459,991

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

472,808

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

469,655

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

516,100

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

511,584

Gridiron

Fiber

Corporation,

Term

Loan

225,000

5.506%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

219,235

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

1,022,354

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

987,215

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,336,500

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

1,325,367

Rackspace

Technology

Global,

Inc.,

Term

Loan

861,300

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

843,764

Redstone

Holdco

2

LP,

Term

Loan

299,562

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

292,073

171,666

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

156,216

SS&C

Technologies,

Inc.,

Term

Loan

45,621

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

44,858

39,356

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

38,699

Principal

Amount

Bank

Loans

(0.8%)

a

Value

Technology

(0.1%)

-

continued

Verscend

Holding

Corporation,

Term

Loan

$

198,500

4.457%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

$

197,507

Zayo

Group

Holdings,

Inc.,

Term

Loan

932,974

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

907,084

Total

6,453,248

Transportation

(<0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,040,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

1,052,022

Air

Canada,

Term

Loan

213,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

210,780

Hertz

Corporation,

Term

Loan

163,763

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

162,284

31,096

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

30,815

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

347,144

SkyMiles

IP,

Ltd.,

Term

Loan

130,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

134,042

United

Airlines,

Inc.,

Term

Loan

306,900

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

302,809

Total

2,239,896

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

104,113

2.500%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

103,397

CQP

Holdco,

LP,

Term

Loan

731,325

4.756%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

726,871

EnergySolutions,

LLC,

Term

Loan

297,189

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

290,503

Exgen

Renewables

IV,

LLC,

Term

Loan

185,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

183,035

Osmose

Utilities

Services,

Inc.,

Term

Loan

129,350

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

127,572

PG&E

Corporation,

Term

Loan

298,824

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

294,716

Total

1,726,094

Total

Bank

Loans

(cost

$56,490,742)

55,909,991

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Shares

Registered

Investment

Companies

(

44.6%

)

Value

Unaffiliated  (0.9%)

5,714

Invesco

QQQ

Trust

Series

1

$

2,071,553

37,008

ProShares

Ultra

S&P

500

f

2,428,095

11,278

ProShares

UltraPro

QQQ

656,154

35,095

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

f

920,893

116,962

SPDR

S&P

500

ETF

Trust

52,824,718

32,053

SPDR

S&P

Biotech

ETF

f,g

2,880,924

29,789

SPDR

S&P

Oil

&

Gas

Exploration

ETF

f

4,008,110

Total

65,790,447

Affiliated  (43.7%)

7,150,618

Thrivent

Core

Emerging

Markets

Debt

Fund

61,852,843

12,531,391

Thrivent

Core

Emerging

Markets

Equity

Fund

122,431,688

4,002,856

Thrivent

Core

International

Equity

Fund

40,468,878

19,487,319

Thrivent

Core

Low

Volatility

Equity

Fund

253,724,894

34,685,954

Thrivent

Global

Stock

Portfolio

535,533,785

9,386,821

Thrivent

High

Yield

Portfolio

41,426,856

13,457,416

Thrivent

Income

Portfolio

133,305,127

53,413,673

Thrivent

International

Allocation

Portfolio

565,004,492

3,400,060

Thrivent

International

Index

Portfolio

44,054,581

27,982,848

Thrivent

Large

Cap

Value

Portfolio

680,005,587

7,566,327

Thrivent

Limited

Maturity

Bond

Portfolio

73,270,800

19,976,998

Thrivent

Mid

Cap

Stock

Portfolio

508,824,117

6,854,734

Thrivent

Small

Cap

Stock

Portfolio

169,616,291

Total

3,229,519,939

Total

Registered

Investment

Companies

(cost

$2,399,387,733)

3,295,310,386

Shares

Common

Stock

(

33.9%

)

Value

Communications

Services

(2.4%)

3,774

Alphabet,

Inc.,

Class

A

g

10,496,815

27,693

Alphabet,

Inc.,

Class

C

g

77,346,272

17,999

AMC

Networks,

Inc.

f,g

731,299

476,357

AT&T,

Inc.

11,256,316

12,029

Cars.com,

Inc.

g

173,579

202,950

Comcast

Corporation

9,502,119

99,008

Discovery,

Inc.,

Class

A

f,g

2,467,279

20,937

Discovery,

Inc.,

Class

C

g

522,797

5,180

DISH

Network

Corporation

g

163,947

3,640

E.W.

Scripps

Company

g

75,676

21,374

Electronic

Arts,

Inc.

2,704,025

21,096

Fox

Corporation,

Class

A

832,237

6,077

Gray

Television,

Inc.

134,119

4,657

Hemisphere

Media

Group,

Inc.

g

21,283

16,916

Liberty

Global

plc,

Class

A

g

431,527

9,873

Lions

Gate

Entertainment

Corporation,

Class

B

148,391

127,824

Live

Nation

Entertainment,

Inc.

g

15,037,215

50,374

Lumen

Technologies,

Inc.

567,715

45,760

Match

Group,

Inc.

g

4,975,942

10,629

Meta

Platforms,

Inc.

g

2,363,464

98,380

News

Corporation,

Class

A

2,179,117

1,693

News

Corporation,

Class

B

38,126

5,751

Nexstar

Broadcasting

Group,

Inc.

1,083,949

19,072

Omnicom

Group,

Inc.

1,618,831

Shares

Common

Stock

(33.9%)

Value

Communications

Services

(2.4%)

-

continued

119,902

QuinStreet,

Inc.

g

$

1,390,863

2,017

RingCentral,

Inc.

g

236,413

9,178

Telephone

&

Data

Systems,

Inc.

173,281

361,572

Twitter,

Inc.

g

13,989,221

1,122

United

States

Cellular

Corporation

g

33,918

86,642

Upwork,

Inc.

g

2,013,560

121,331

Verizon

Communications,

Inc.

6,180,601

10,500

Walt

Disney

Company

g

1,440,180

5,129

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,g

84,629

33,765

Zillow

Group,

Inc.

g

1,628,486

57,820

ZoomInfo

Technologies,

Inc.

g

3,454,167

Total

175,497,359

Consumer

Discretionary

(4.5%)

3,280

Aaron's

Company,

Inc.

65,862

1,644

Adient

plc

g

67,026

4,825

Adtalem

Global

Education,

Inc.

g

143,351

25,108

Amazon.com,

Inc.

g

81,850,825

25,632

American

Axle

&

Manufacturing

Holdings,

Inc.

g

198,904

1,582

America's

Car-Mart,

Inc.

g

127,446

115,043

Aptiv

plc

g

13,771,798

995

AutoZone,

Inc.

g

2,034,357

24,366

AZEK

Company,

Inc.

g

605,251

54,506

Bally's

Corporation

g

1,675,514

14,394

Beazer

Homes

USA,

Inc.

g

219,077

7,160

BJ's

Restaurants,

Inc.

g

202,628

804

Booking

Holdings,

Inc.

g

1,888,154

2,575

Brunswick

Corporation

208,292

7,667

Buckle,

Inc.

253,318

13,337

Burlington

Stores,

Inc.

g

2,429,601

33,104

Caesars

Entertainment,

Inc.

g

2,560,925

35,357

Carvana

Company

g

4,217,737

40,168

Cedar

Fair,

LP

g

2,201,206

22,142

Cheesecake

Factory,

Inc.

g

881,030

21,053

Chegg,

Inc.

g

763,803

22,183

Chewy,

Inc.

f,g

904,623

39,197

Chico's

FAS,

Inc.

g

188,146

9,206

Chipotle

Mexican

Grill,

Inc.

g

14,564,168

22,263

Choice

Hotels

International,

Inc.

3,156,003

555

Churchill

Downs,

Inc.

123,088

2,243

Chuy's

Holdings,

Inc.

g

60,561

21,919

Cimpress

plc

g

1,393,829

74,413

Clarus

Corporation

1,695,128

20,331

Container

Store

Group,

Inc.

g

166,104

242,714

Cooper-Standard

Holdings,

Inc.

g

2,128,602

3,067

Cracker

Barrel

Old

Country

Store,

Inc.

364,145

20,018

Culp,

Inc.

158,943

15,476

D.R.

Horton,

Inc.

1,153,117

6,769

Dana,

Inc.

118,931

6,878

Darden

Restaurants,

Inc.

914,430

2,968

Dave

&

Buster's

Entertainment,

Inc.

g

145,729

3,410

Deckers

Outdoor

Corporation

g

933,556

8,328

Denny's

Corporation

g

119,174

48,303

Designer

Brands,

Inc.

g

652,574

6

Dollar

General

Corporation

1,336

6,368

Dorman

Products,

Inc.

g

605,151

200,043

Duluth

Holdings,

Inc.

g

2,446,526

32,061

Emerald

Holding,

Inc.

g

109,007

492,288

Everi

Holdings,

Inc.

g

10,338,048

9,321

Expedia

Group,

Inc.

g

1,823,840

36,715

Five

Below,

Inc.

g

5,814,555

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Shares

Common

Stock

(33.9%)

Value

Consumer

Discretionary

(4.5%)

-

continued

55,349

Ford

Motor

Company

$

935,952

87,524

Gap,

Inc.

1,232,338

1,345

Garmin,

Ltd.

159,530

74,660

General

Motors

Company

g

3,265,628

79,684

Gentex

Corporation

2,324,382

3,950

G-III

Apparel

Group,

Ltd.

g

106,847

52,014

Goodyear

Tire

&

Rubber

Company

g

743,280

168

Graham

Holdings

Company

102,727

17,131

Grand

Canyon

Education,

Inc.

g

1,663,591

1,182

Group

1

Automotive,

Inc.

198,375

11,616

Groupon,

Inc.

f,g

223,376

26,965

Hanesbrands,

Inc.

401,509

25,964

Harley-Davidson,

Inc.

1,022,982

21,841

Home

Depot,

Inc.

6,537,667

19,133

Lear

Corporation

2,728,174

72,672

Leggett

&

Platt,

Inc.

2,528,986

2,007

Libbey,

Inc.

g

23,749

17,089

Lithia

Motors,

Inc.

5,128,751

19,867

Lowe's

Companies,

Inc.

4,016,909

933

Lululemon

Athletica,

Inc.

g

340,760

4,263

M.D.C.

Holdings,

Inc.

161,312

227,794

Macy's,

Inc.

5,549,062

95,283

Magnite,

Inc.

g

1,258,688

161

Marriott

Vacations

Worldwide

Corporation

25,390

15,715

McDonald's

Corporation

3,886,005

38,626

Miller

Industries,

Inc.

1,087,708

23,392

Modine

Manufacturing

Company

g

210,762

5,365

Mohawk

Industries,

Inc.

g

666,333

1,240

Murphy

USA,

Inc.

247,950

21,378

NIKE,

Inc.

2,876,624

72,794

Nordstrom,

Inc.

f

1,973,445

48,871

Norwegian

Cruise

Line

Holdings,

Ltd.

f,g

1,069,297

769

NVR,

Inc.

g

3,435,331

35,485

Papa

John's

International,

Inc.

3,735,861

71,839

Party

City

Holdco,

Inc.

g

257,184

80,083

Penn

National

Gaming,

Inc.

g

3,397,121

15,292

Perdoceo

Education

Corporation

g

175,552

62,454

Planet

Fitness,

Inc.

g

5,276,114

34,645

PVH

Corporation

2,654,153

102,892

Qurate

Retail,

Inc.

489,766

1,965

RCI

Hospitality

Holdings,

Inc.

120,769

486

RH

g

158,480

62,233

Ross

Stores,

Inc.

5,629,597

9,272

Ruth's

Hospitality

Group,

Inc.

212,143

8,802

Six

Flags

Entertainment

Corporation

g

382,887

78,900

Skyline

Champion

Corporation

g

4,330,032

22,534

Sleep

Number

Corporation

g

1,142,699

23,296

Sony

Group

Corporation

ADR

2,392,732

2,216

Standard

Motor

Products,

Inc.

95,598

51,957

Stoneridge,

Inc.

g

1,078,627

5,440

Strategic

Education,

Inc.

361,107

40,567

Tapestry,

Inc.

1,507,064

13,753

Target

Corporation

2,918,662

65,337

Taylor

Morrison

Home

Corporation

g

1,778,473

45,389

Tesla,

Inc.

g

48,911,186

3,187

Thor

Industries,

Inc.

f

250,817

279,077

ThredUp,

Inc.

g

2,148,893

36,918

Toll

Brothers,

Inc.

1,735,884

2,632

TopBuild

Corporation

g

477,418

26,130

TripAdvisor,

Inc.

g

708,646

9,092

Tupperware

Brands

Corporation

g

176,839

Shares

Common

Stock

(33.9%)

Value

Consumer

Discretionary

(4.5%)

-

continued

7,580

Ulta

Beauty,

Inc.

g

$

3,018,508

4,652

Urban

Outfitters,

Inc.

g

116,812

15,626

Vail

Resorts,

Inc.

4,066,979

1,617

Visteon

Corporation

g

176,463

1,016

Williams-Sonoma,

Inc.

147,320

20,679

Wingstop,

Inc.

2,426,681

7,052

Wolverine

World

Wide,

Inc.

159,093

1,952

WW

International,

Inc.

g

19,969

48,944

Wyndham

Hotels

&

Resorts,

Inc.

4,145,067

29,498

Xometry,

Inc.

f,g

1,084,051

10,664

Yum!

Brands,

Inc.

1,264,004

43,164

Zumiez,

Inc.

g

1,649,296

Total

333,357,386

Consumer

Staples

(1.1%)

104,601

BJ's

Wholesale

Club

Holdings,

Inc.

g

7,072,074

1,035

Boston

Beer

Company,

Inc.

g

402,066

7,406

Casey's

General

Stores,

Inc.

1,467,647

1,732

Coca-Cola

Company

107,384

26,494

Colgate-Palmolive

Company

2,009,040

163

Constellation

Brands,

Inc.

37,542

13,276

Costco

Wholesale

Corporation

7,644,985

27,571

Darling

Ingredients,

Inc.

g

2,216,157

182,447

e.l.f.

Beauty,

Inc.

g

4,712,606

2,874

Estee

Lauder

Companies,

Inc.

782,648

15,853

Hain

Celestial

Group,

Inc.

g

545,343

3,086

Hershey

Company

668,520

9,533

Ingredion,

Inc.

830,801

14,256

John

B.

Sanfilippo

&

Son,

Inc.

1,189,521

6,582

Kimberly-Clark

Corporation

810,639

109,784

Lamb

Weston

Holdings,

Inc.

6,577,159

246

Medifast,

Inc.

42,012

8,941

Molson

Coors

Beverage

Company

477,271

47,057

Monster

Beverage

Corporation

g

3,759,854

1,328

PepsiCo,

Inc.

222,281

12,493

Performance

Food

Group

Company

g

636,019

42,083

Philip

Morris

International,

Inc.

3,953,277

908

PriceSmart,

Inc.

71,614

155,715

Primo

Water

Corporation

2,218,939

24,590

Procter

&

Gamble

Company

3,757,352

1,878

Seneca

Foods

Corporation

g

96,792

25,463

Sprouts

Farmers

Markets,

Inc.

g

814,307

19,223

Sysco

Corporation

1,569,558

153,235

Turning

Point

Brands,

Inc.

5,211,522

7,180

US

Foods

Holding

Corporation

g

270,183

15,993

Utz

Brands,

Inc.

236,376

140,998

Walmart,

Inc.

20,997,422

Total

81,408,911

Energy

(0.9%)

36,837

Antero

Midstream

Corporation

400,418

101,287

Antero

Resources

Corporation

g

3,092,292

13,070

APA

Corporation

540,183

39,678

Archrock,

Inc.

366,228

54,001

BP

plc

ADR

1,587,629

6,791

California

Resources

Corporation

303,761

22,602

ChampionX

Corporation

g

553,297

32,421

ConocoPhillips

3,242,100

20,281

Continental

Resources,

Inc.

1,243,834

677

Core

Laboratories

NV

21,414

137,423

Devon

Energy

Corporation

8,125,822

7,605

Diamondback

Energy,

Inc.

1,042,493

1,968

DT

Midstream,

Inc.

106,784

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Shares

Common

Stock

(33.9%)

Value

Energy

(0.9%)

-

continued

7,611

EnLink

Midstream,

LLC

$

73,446

95,439

Enterprise

Products

Partners,

LP

2,463,281

26,472

EOG

Resources,

Inc.

3,156,257

1,795

EQT

Corporation

61,766

12,866

Equitrans

Midstream

Corporation

108,589

122,936

Exxon

Mobil

Corporation

10,153,284

137,058

Halliburton

Company

5,190,386

20,478

Helix

Energy

Solutions

Group,

Inc.

g

97,885

46,187

Helmerich

&

Payne,

Inc.

1,975,880

19,548

HF

Sinclair

Corporation

g

778,988

5,621

Liberty

Oilfield

Services,

Inc.

g

83,303

138,691

Marathon

Oil

Corporation

3,482,531

18,977

Marathon

Petroleum

Corporation

1,622,533

28,357

Matador

Resources

Company

1,502,354

10,473

Newpark

Resources,

Inc.

g

38,331

48,460

Nine

Energy

Service,

Inc.

f,g

181,240

98,889

NOV,

Inc.

1,939,213

12,904

Oceaneering

International,

Inc.

g

195,625

4,983

Par

Pacific

Holdings,

Inc.

g

64,879

24,794

Peabody

Energy

Corporation

g

608,197

11,176

Pioneer

Natural

Resources

Company

2,794,335

64,217

ProPetro

Holding

Corporation

g

894,543

32,901

Ring

Energy,

Inc.

g

125,682

709

RPC,

Inc.

g

7,565

105,793

Schlumberger,

Ltd.

4,370,309

4,240

Select

Energy

Services,

Inc.

g

36,337

38,456

SM

Energy

Company

1,497,861

77,896

Talos

Energy,

Inc.

g

1,229,978

11,336

Targa

Resources

Corporation

855,528

423,236

TechnipFMC

plc

g

3,280,079

9,023

VAALCO

Energy,

Inc.

58,920

2,213

Valero

Energy

Corporation

224,708

8,851

World

Fuel

Services

Corporation

239,331

Total

70,019,399

Financials

(4.4%)

134,492

Air

Lease

Corporation

6,005,068

8,753

Ally

Financial,

Inc.

380,580

22,964

American

Equity

Investment

Life

Holding

Company

916,493

109,671

American

Express

Company

20,508,477

14,941

American

Financial

Group,

Inc.

2,175,708

44,788

Ameris

Bancorp

1,965,297

74,700

Annaly

Capital

Management,

Inc.

525,888

26,464

Arch

Capital

Group,

Ltd.

g

1,281,387

2,196

Argo

Group

International

Holdings,

Ltd.

90,651

17,635

Arthur

J.

Gallagher

&

Company

3,079,071

3,758

Assured

Guaranty,

Ltd.

239,234

114,704

Bank

of

America

Corporation

4,728,099

1,472

Bank

of

Marin

Bancorp

51,623

42,026

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,507,893

19,870

BankFinancial

Corporation

205,853

28,914

BankUnited,

Inc.

1,271,059

23,253

Banner

Corporation

1,360,998

17,346

Berkshire

Hathaway,

Inc.

g

6,121,577

7,881

BlackRock,

Inc.

6,022,424

1,543

Blackstone

Mortgage

Trust,

Inc.

49,052

98,814

Bridgewater

Bancshares,

Inc.

g

1,648,218

60,557

Brighthouse

Financial,

Inc.

g

3,128,375

7,567

Brown

&

Brown,

Inc.

546,867

41,164

BRP

Group,

Inc.

g

1,104,430

82,808

Byline

Bancorp,

Inc.

2,209,317

12,013

Capital

One

Financial

Corporation

1,577,187

Shares

Common

Stock

(33.9%)

Value

Financials

(4.4%)

-

continued

10,294

Cboe

Global

Markets,

Inc.

$

1,177,839

59,361

Central

Pacific

Financial

Corporation

1,656,172

282,668

Charles

Schwab

Corporation

23,831,739

16,233

Chimera

Investment

Corporation

195,445

15,593

Chubb,

Ltd.

3,335,343

9,804

Cincinnati

Financial

Corporation

1,332,952

110,086

Citigroup,

Inc.

5,878,592

14,882

CNO

Financial

Group,

Inc.

373,389

25,127

Coinbase

Global,

Inc.

g

4,770,612

88,875

Columbia

Banking

System,

Inc.

2,867,996

22,191

Comerica,

Inc.

2,006,732

34,434

Community

Trust

Bancorp,

Inc.

1,418,681

23,209

Customers

Bancorp,

Inc.

g

1,210,117

1,955

Dime

Community

Bancshares,

Inc.

67,584

10,744

Discover

Financial

Services

1,183,881

41,480

East

West

Bancorp,

Inc.

3,277,750

16,102

Ellington

Residential

Mortgage

REIT

162,469

14,546

Enova

International,

Inc.

g

552,312

47,919

Enterprise

Financial

Services

Corporation

2,267,048

53,138

Equitable

Holdings,

Inc.

1,642,496

846

Equity

Bancshares,

Inc.

27,334

26,567

Essent

Group,

Ltd.

1,094,826

152,242

F.N.B.

Corporation

1,895,413

6,378

FactSet

Research

Systems,

Inc.

2,769,009

7,430

Federated

Hermes,

Inc.

253,066

25,807

Financial

Institutions,

Inc.

777,565

126,301

First

Bancorp

1,657,069

8,081

First

Busey

Corporation

204,773

27,714

First

Financial

Corporation

1,199,462

2,037

First

Mid-Illinois

Bancshares,

Inc.

78,404

2,928

First

of

Long

Island

Corporation

56,979

22,849

Flushing

Financial

Corporation

510,675

56,164

Franklin

Resources,

Inc.

1,568,099

103,915

Fulton

Financial

Corporation

1,727,067

23,914

Glacier

Bancorp,

Inc.

1,202,396

11,831

Global

Life,

Inc.

1,190,199

9,120

Granite

Point

Mortgage

Trust,

Inc.

101,414

34,331

Great

Southern

Bancorp,

Inc.

2,025,872

57,714

Hamilton

Lane,

Inc.

4,460,715

66,276

Hancock

Whitney

Corporation

3,456,293

86,733

Hanmi

Financial

Corporation

2,134,499

21,578

Hanover

Insurance

Group,

Inc.

3,226,343

102,104

Heartland

Financial

USA,

Inc.

4,883,634

1,805

Heritage

Financial

Corporation

45,233

5,329

HomeStreet,

Inc.

252,488

24,915

Hometrust

Bancshares,

Inc.

735,740

332,070

Hope

Bancorp,

Inc.

5,339,686

1,652

Horace

Mann

Educators

Corporation

69,103

28,084

Horizon

Bancorp,

Inc.

524,328

14,543

Houlihan

Lokey,

Inc.

1,276,875

53,131

Independent

Bank

Corporation

1,168,882

360

International

Bancshares

Corporation

15,196

184,021

Invesco

Mortgage

Capital,

Inc.

419,568

89,235

Invesco,

Ltd.

2,057,759

36,683

J.P.

Morgan

Chase

&

Company

5,000,627

1,643

Jefferies

Financial

Group,

Inc.

53,973

40,789

Kinsale

Capital

Group,

Inc.

9,300,708

6,174

Ladder

Capital

Corporation

73,285

12,604

Lakeland

Bancorp,

Inc.

210,487

18,957

Lincoln

National

Corporation

1,239,030

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

Common

Stock

(33.9%)

Value

Financials

(4.4%)

-

continued

11,939

M&T

Bank

Corporation

$

2,023,660

7,303

Marsh

&

McLennan

Companies,

Inc.

1,244,577

5,642

Mercantile

Bank

Corporation

199,840

160

Merchants

Bancorp

4,381

41,327

MetLife,

Inc.

2,904,462

162,451

MFA

Financial,

Inc.

654,678

35,963

Midland

States

Bancorp,

Inc.

1,037,892

48,218

MidWestOne

Financial

Group,

Inc.

1,596,016

15,109

Moody's

Corporation

5,097,928

36,622

Morgan

Stanley

3,200,763

7,524

MSCI,

Inc.

3,783,669

18,333

Navient

Corporation

312,394

353,822

New

York

Community

Bancorp,

Inc.

3,792,972

30,608

New

York

Mortgage

Trust,

Inc.

111,719

31,147

NMI

Holdings,

Inc.

g

642,251

10,970

Northern

Trust

Corporation

1,277,457

2,228

Northfield

Bancorp,

Inc.

31,994

29,521

OceanFirst

Financial

Corporation

593,372

17,244

OFG

Bancorp

459,380

2,910

Old

Second

Bancorp,

Inc.

42,224

20,660

OneMain

Holdings,

Inc.

979,491

1,121

Peapack-Gladstone

Financial

Corporation

38,955

74,004

Popular,

Inc.

6,049,087

4,788

Premier

Financial

Corporation

145,220

10,289

Primerica,

Inc.

1,407,741

13,474

QCR

Holdings,

Inc.

762,494

113,641

Radian

Group,

Inc.

2,523,967

119,307

Raymond

James

Financial,

Inc.

13,113,032

9,881

Reinsurance

Group

of

America,

Inc.

1,081,574

20,154

RenaissanceRe

Holdings,

Ltd.

3,194,611

45,273

S&P

Global,

Inc.

18,570,079

925

S&T

Bancorp,

Inc.

27,362

106,090

Seacoast

Banking

Corporation

of

Florida

3,715,272

39,228

SEI

Investments

Company

2,361,918

14,165

Selective

Insurance

Group,

Inc.

1,265,784

14,335

Signature

Bank

4,207,179

31,306

Starwood

Property

Trust,

Inc.

756,666

30,293

State

Street

Corporation

2,639,126

11,053

Synchrony

Financial

384,755

41,725

Synovus

Financial

Corporation

2,044,525

7,367

Territorial

Bancorp,

Inc.

176,808

57,485

Texas

Capital

Bancshares,

Inc.

g

3,294,465

220

Towne

Bank

6,587

30,129

TPG

RE

Finance

Trust,

Inc.

355,823

29,608

Tradeweb

Markets,

Inc.

2,601,655

3,642

TriCo

Bancshares

145,789

30,210

Triumph

Bancorp,

Inc.

g

2,840,344

37,915

Truist

Financial

Corporation

2,149,781

30,540

TrustCo

Bank

Corporation

NY

975,142

72,431

Two

Harbors

Investment

Corporation

400,543

136,307

Umpqua

Holdings

Corporation

2,570,750

3,113

Univest

Financial

Corporation

83,304

109,810

Unum

Group

3,460,113

4,095

Washington

Federal,

Inc.

134,398

449

Washington

Trust

Bancorp,

Inc.

23,573

69,996

Wells

Fargo

&

Company

3,392,006

107,396

Western

Alliance

Bancorp

8,894,537

43,164

Western

Asset

Mortgage

Capital

Corporation

73,810

906

Wintrust

Financial

Corporation

84,195

Shares

Common

Stock

(33.9%)

Value

Financials

(4.4%)

-

continued

20,116

Zions

Bancorporation

NA

$

1,318,805

4,221

Zurich

Insurance

Group

AG

2,084,752

Total

321,541,696

Health

Care

(4.1%)

44,300

Abbott

Laboratories

5,243,348

35,294

AbbVie,

Inc.

5,721,510

10,096

AdaptHealth

Corporation

g

161,839

56,607

Adaptive

Biotechnologies

Corporation

g

785,705

24,952

Agilent

Technologies,

Inc.

3,301,898

130,954

Agilon

Health,

Inc.

g

3,319,684

377

Align

Technology,

Inc.

g

164,372

16,371

Allogene

Therapeutics,

Inc.

g

149,140

2,117

Amedisys,

Inc.

g

364,738

38,648

Amgen,

Inc.

9,345,859

24,159

Anthem,

Inc.

11,867,384

15,133

Argenx

SE

ADR

g

4,771,586

25,950

Ascendis

Pharma

AS

ADR

g

3,045,492

32,421

AstraZeneca

plc

ADR

2,150,809

11,104

Avanos

Medical,

Inc.

g

371,984

102,263

Avantor,

Inc.

g

3,458,535

90,731

Axonics,

Inc.

g

5,679,761

34,839

Baxter

International,

Inc.

2,701,416

13,630

Becton,

Dickinson

and

Company

3,625,580

6,867

Biogen,

Inc.

g

1,446,190

1,350

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

g

160,070

36,253

BioLife

Solutions,

Inc.

g

824,031

903

Bio-Rad

Laboratories,

Inc.

g

508,597

9,144

Bio-Techne

Corporation

3,959,718

1,810

Boston

Scientific

Corporation

g

80,165

2,648

Bristol-Myers

Squibb

Company

193,383

55,336

Centene

Corporation

g

4,658,738

8,290

Charles

River

Laboratories

International,

Inc.

g

2,354,111

2,555

Chemed

Corporation

1,294,235

9,991

Cigna

Holding

Company

2,393,944

7,652

Cooper

Companies,

Inc.

3,195,399

36,763

Covetrus,

Inc.

g

617,251

15,354

CVS

Health

Corporation

1,553,978

46,551

Danaher

Corporation

13,654,805

4,201

Dentsply

Sirona,

Inc.

206,773

8,897

DexCom,

Inc.

g

4,551,705

9,003

Editas

Medicine,

Inc.

g

171,237

93,222

Edwards

Lifesciences

Corporation

g

10,974,094

15,227

Elanco

Animal

Health,

Inc.

g

397,272

10,230

Encompass

Health

Corporation

727,455

3,359

Exact

Sciences

Corporation

g

234,861

6,008

Generation

Bio

Company

g

44,099

45,618

Gilead

Sciences,

Inc.

2,711,990

25,759

GlaxoSmithKline

plc

ADR

1,122,062

10,396

Global

Blood

Therapeutics,

Inc.

g

360,117

2,228

Globus

Medical,

Inc.

g

164,382

41,573

Guardant

Health,

Inc.

g

2,753,796

105,834

Halozyme

Therapeutics,

Inc.

g

4,220,660

9,654

HCA

Healthcare,

Inc.

2,419,486

6,265

HealthEquity,

Inc.

g

422,512

2,698

Henry

Schein,

Inc.

g

235,239

38,123

Hologic,

Inc.

g

2,928,609

3,907

ICU

Medical,

Inc.

g

869,855

72,972

Immunocore

Holdings

plc

ADR

g

2,181,863

33,532

Inari

Medical,

Inc.

g

3,039,340

32,122

Inotiv,

Inc.

g

840,954

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Shares

Common

Stock

(33.9%)

Value

Health

Care

(4.1%)

-

continued

20,723

Inspire

Medical

Systems,

Inc.

g

$

5,319,387

15,944

Insulet

Corporation

g

4,247,322

1,553

Integer

Holdings

Corporation

g

125,125

3,112

Integra

LifeSciences

Holdings

Corporation

g

199,977

43,091

Intuitive

Surgical,

Inc.

g

12,999,693

12,754

Invitae

Corporation

g

101,649

78,102

Ionis

Pharmaceuticals,

Inc.

g

2,892,898

3,879

IQVIA

Holding,

Inc.

g

896,864

56,805

Johnson

&

Johnson

10,067,550

2,452

Kymera

Therapeutics,

Inc.

g

103,769

2,816

Laboratory

Corporation

of

America

Holdings

g

742,467

217,923

Lantheus

Holdings,

Inc.

g

12,053,321

5,007

Masimo

Corporation

g

728,719

58,659

Medtronic

plc

6,508,216

74,440

Merck

&

Company,

Inc.

6,107,802

1,234

Molina

Healthcare,

Inc.

g

411,650

89,362

MultiPlan

Corporation

g

418,214

25,987

Natera,

Inc.

g

1,057,151

11,836

National

HealthCare

Corporation

831,242

78,167

Novo

Nordisk

AS

ADR

8,680,445

10,488

NuVasive,

Inc.

g

594,670

43,458

Omnicell,

Inc.

g

5,627,376

2,983

Orthofix

Medical,

Inc.

g

97,544

1,506

Pennant

Group,

Inc.

g

28,057

77,591

Phreesia,

Inc.

g

2,045,299

24,059

Premier,

Inc.

856,260

129,382

Progyny,

Inc.

g

6,650,235

38,655

Repligen

Corporation

g

7,270,619

1,648

Sage

Therapeutics,

Inc.

g

54,549

21,940

Sarepta

Therapeutics,

Inc.

g

1,713,953

14,868

Signify

Health,

Inc.

g

269,854

74,416

Silk

Road

Medical,

Inc.

g

3,072,637

2,231

STAAR

Surgical

Company

g

178,279

26,635

Stryker

Corporation

7,120,867

49,473

Syneos

Health,

Inc.

g

4,004,839

51,701

Teladoc

Health,

Inc.

g

3,729,193

9,622

Teleflex,

Inc.

3,414,174

21,716

Thermo

Fisher

Scientific,

Inc.

12,826,555

35,390

Travere

Therapeutics,

Inc.

g

912,000

11,793

Turning

Point

Therapeutics,

Inc.

g

316,642

1,885

U.S.

Physical

Therapy,

Inc.

187,463

5,372

uniQure

NV

g

97,072

1,471

Vaxcyte,

Inc.

g

35,525

588

Veeva

Systems,

Inc.

g

124,926

12,254

Veracyte,

Inc.

g

337,843

184,103

Viemed

Healthcare,

Inc.

g

916,833

59,026

Vor

BioPharma,

Inc.

g

356,517

13,245

VYNE

Therapeutics,

Inc.

g

8,611

1,178

Waters

Corporation

g

365,639

11,701

Zimmer

Biomet

Holdings,

Inc.

1,496,558

85,846

Zoetis,

Inc.

16,189,697

Total

300,097,363

Industrials

(4.6%)

39,177

3M

Company

5,832,672

12,653

A.O.

Smith

Corporation

808,400

6,358

ACCO

Brands

Corporation

50,864

1,995

Advanced

Drainage

Systems,

Inc.

237,026

16,621

AECOM

1,276,659

2,411

Allegion

plc

264,680

76,465

Altra

Industrial

Motion

Corporation

2,976,782

47,963

AMETEK,

Inc.

6,387,712

3,118

Armstrong

World

Industries,

Inc.

280,651

Shares

Common

Stock

(33.9%)

Value

Industrials

(4.6%)

-

continued

89,066

ASGN,

Inc.

g

$

10,394,893

27,524

AZZ,

Inc.

1,327,758

106,603

Badger

Infrastructure

Solutions,

Ltd.

2,682,662

27,417

Carlisle

Companies,

Inc.

6,742,389

2,082

Caterpillar,

Inc.

463,911

37,423

CBIZ,

Inc.

g

1,570,643

64,294

Chart

Industries,

Inc.

g

11,043,780

1,965

Columbus

McKinnon

Corporation

83,316

1,638

Covenant

Logistics

Group,

Inc.

35,266

69,447

Crane

Company

7,519,721

13,119

CSW

Industrials,

Inc.

1,542,663

147,575

CSX

Corporation

5,526,684

2,608

Cummins,

Inc.

534,927

47,837

Curtiss-Wright

Corporation

7,183,204

3,346

Deere

&

Company

1,390,129

52,433

Delta

Air

Lines,

Inc.

g

2,074,774

6,586

Donaldson

Company,

Inc.

342,011

458

Douglas

Dynamics,

Inc.

15,842

8,068

Dover

Corporation

1,265,869

177,196

Driven

Brands

Holdings,

Inc.

g

4,656,711

12,972

Dun

&

Bradstreet

Holdings,

Inc.

g

227,269

19,148

EMCOR

Group,

Inc.

2,156,639

29,374

Emerson

Electric

Company

2,880,121

31,216

Fastenal

Company

1,854,230

223,715

First

Advantage

Corporation

g

4,516,806

17,172

Flowserve

Corporation

616,475

15,709

Forrester

Research,

Inc.

g

886,302

55,778

Forward

Air

Corporation

5,453,973

4,447

GATX

Corporation

548,448

9,632

Generac

Holdings,

Inc.

g

2,863,208

10,776

General

Dynamics

Corporation

2,598,956

1,357

Gibraltar

Industries,

Inc.

g

58,283

1,279

Gorman-Rupp

Company

45,891

2,693

GrafTech

International,

Ltd.

25,907

16,692

Greenbrier

Companies,

Inc.

859,805

17,563

Helios

Technologies,

Inc.

1,409,431

24,071

Honeywell

International,

Inc.

4,683,735

154,058

Howmet

Aerospace,

Inc.

5,536,845

21,802

Hubbell,

Inc.

4,006,554

1,319

ICF

International,

Inc.

124,171

33,445

IDEX

Corporation

6,412,410

9,538

Illinois

Tool

Works,

Inc.

1,997,257

5,941

ITT

Corporation

446,823

610

JB

Hunt

Transport

Services,

Inc.

122,482

2,029

JetBlue

Airways

Corporation

g

30,334

30,250

Johnson

Controls

International

plc

1,983,492

7,804

Kennametal,

Inc.

223,272

9,612

L3Harris

Technologies,

Inc.

2,388,294

31,643

Landstar

System,

Inc.

4,772,714

2,989

Lennox

International,

Inc.

770,744

83,508

Lincoln

Electric

Holdings,

Inc.

11,508,237

8,847

Linde

plc

2,825,997

16,960

Lockheed

Martin

Corporation

7,486,144

3,613

Manitowoc

Company,

Inc.

g

54,484

43,656

ManpowerGroup,

Inc.

4,100,172

4,835

Masonite

International

Corporation

g

430,025

31,280

Mercury

Systems,

Inc.

g

2,015,996

22,624

Meritor,

Inc.

g

804,736

70,113

Middleby

Corporation

g

11,494,325

16,232

MSC

Industrial

Direct

Company,

Inc.

1,383,129

77,716

NAPCO

Security

Technologies,

Inc.

g

1,594,732

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Shares

Common

Stock

(33.9%)

Value

Industrials

(4.6%)

-

continued

569

National

Presto

Industries,

Inc.

$

43,785

2,354

Nordson

Corporation

534,546

36,401

Norfolk

Southern

Corporation

10,382,293

14,034

nVent

Electric

plc

488,103

7,924

Old

Dominion

Freight

Line,

Inc.

2,366,740

12,700

Parker-Hannifin

Corporation

3,603,752

6,006

Proto

Labs,

Inc.

g

317,717

7,541

Quad/Graphics,

Inc.

g

52,335

2,991

Quanta

Services,

Inc.

393,645

174,496

Ranpak

Holdings

Corporation

g

3,564,953

19,670

Raytheon

Technologies

Corporation

1,948,707

22,756

RBC

Bearings,

Inc.

g

4,411,933

95,730

Regal

Rexnord

Corporation

14,242,709

85,688

Rush

Enterprises,

Inc.

4,362,376

19,388

Ryder

System,

Inc.

1,538,050

10,049

Saia,

Inc.

g

2,450,147

11,106

SkyWest,

Inc.

g

320,408

3,348

Snap-On,

Inc.

687,947

5,251

Southwest

Airlines

Company

g

240,496

34,849

Standex

International

Corporation

3,482,112

192,112

Summit

Materials,

Inc.

g

5,966,999

240,990

Sun

Country

Airlines

Holdings,

Inc.

g

6,309,118

2,401

Sunrun,

Inc.

g

72,918

7,871

Technip

Energies

NV

ADR

g

95,318

15,969

Teledyne

Technologies,

Inc.

g

7,547,428

23,873

Tennant

Company

1,881,192

64

Tetra

Tech,

Inc.

10,556

3,569

Thermon

Group

Holdings,

Inc.

g

57,818

12,524

Timken

Company

760,207

1,677

Toro

Company

143,367

5,759

Trane

Technologies

plc

879,399

44,902

TransUnion

4,640,173

23,437

Trex

Company,

Inc.

g

1,531,139

27,264

TriMas

Corporation

874,902

40,258

Tutor

Perini

Corporation

g

434,786

421,160

Uber

Technologies,

Inc.

g

15,026,989

1,389

UniFirst

Corporation

255,965

36,937

Union

Pacific

Corporation

10,091,558

17,321

United

Parcel

Service,

Inc.

3,714,662

17,869

United

Rentals,

Inc.

g

6,347,247

8,021

Univar,

Inc.

g

257,795

11,046

Valmont

Industries,

Inc.

2,635,576

21,325

Verisk

Analytics,

Inc.

4,576,985

66,584

Vicor

Corporation

g

4,697,501

31,744

Vontier

Corporation

805,980

7,240

Watsco,

Inc.

2,205,594

1,311

Watts

Water

Technologies,

Inc.

183,002

10,285

Werner

Enterprises,

Inc.

421,685

16,062

WESCO

International,

Inc.

g

2,090,309

260,470

WillScot

Mobile

Mini

Holdings

Corporation

g

10,192,191

2,993

Woodward,

Inc.

373,856

4,804

Xylem,

Inc.

409,589

5,977

Yellow

Corporation

g

41,899

Total

339,677,904

Information

Technology

(8.6%)

12,835

Accenture

plc

4,328,347

6,508

ACI

Worldwide,

Inc.

g

204,937

48,835

Adobe,

Inc.

g

22,250,203

13,608

Advanced

Energy

Industries,

Inc.

1,171,377

40,919

Agilysys,

Inc.

g

1,631,850

115,953

Alignment

Healthcare,

Inc.

g

1,302,152

Shares

Common

Stock

(33.9%)

Value

Information

Technology

(8.6%)

-

continued

62,226

Allegro

MicroSystems,

Inc.

g

$

1,767,218

22,011

Alliance

Data

Systems

Corporation

1,235,918

71,586

Amphenol

Corporation

5,394,005

4,553

Anaplan,

Inc.

g

296,173

804

ANSYS,

Inc.

g

255,391

562,915

Apple,

Inc.

98,290,588

45,677

AppLovin

Corporation

g

2,515,432

19,800

Arista

Networks,

Inc.

g

2,751,804

8,837

Arrow

Electronics,

Inc.

g

1,048,333

9,971

Autodesk,

Inc.

g

2,137,284

46,901

Avalara,

Inc.

g

4,667,118

7,156

Avaya

Holdings

Corporation

g

90,666

11,804

Axcelis

Technologies,

Inc.

g

891,556

6,595

Benchmark

Electronics,

Inc.

165,139

39,425

BigCommerce

Holdings,

Inc.

g

863,802

20,137

Bill.com

Holdings,

Inc.

g

4,566,870

194,234

Block,

Inc.

g

26,338,130

9,003

Broadcom,

Inc.

5,669,009

1,899

CACI

International,

Inc.

g

572,093

87,230

Calix,

Inc.

g

3,743,039

9,450

CDK

Global,

Inc.

460,026

6,211

CDW

Corporation

1,111,086

29,246

Ciena

Corporation

g

1,773,185

108,535

Cisco

Systems,

Inc.

6,051,912

116,357

Cognex

Corporation

8,976,943

53,638

CommScope

Holding

Company,

Inc.

g

422,667

28,525

Computer

Services,

Inc.

1,411,987

135

Concentrix

Corporation

22,486

17,633

Coupa

Software,

Inc.

g

1,792,042

1,876

CTS

Corporation

66,298

32,804

Descartes

Systems

Group,

Inc.

g

2,403,221

18,722

Digital

Turbine,

Inc.

g

820,211

2,292

Diodes,

Inc.

g

199,381

3,890

DocuSign,

Inc.

g

416,697

79,606

Dolby

Laboratories,

Inc.

6,226,781

8,724

Dropbox,

Inc.

g

202,833

34,307

DXC

Technology

Company

g

1,119,437

15,923

Endava

plc

ADR

g

2,118,237

4,471

EPAM

Systems,

Inc.

g

1,326,143

12,688

ePlus,

Inc.

g

711,289

10,337

Euronet

Worldwide,

Inc.

g

1,345,361

2,042

F5,

Inc.

g

426,676

1,437

Fair

Isaac

Corporation

g

670,303

29,797

Fidelity

National

Information

Services,

Inc.

2,992,215

66,799

Five9,

Inc.

g

7,374,610

12,076

FLEETCOR

Technologies,

Inc.

g

3,007,649

475

Genpact,

Ltd.

20,667

136,735

Gilat

Satellite

Networks,

Ltd.

g

1,204,635

21,055

Global

Payments,

Inc.

2,881,166

49,303

Hewlett

Packard

Enterprise

Company

823,853

4,797

HubSpot,

Inc.

g

2,278,287

1,969

I3

Verticals,

Inc.

g

54,856

8,977

IPG

Photonics

Corporation

g

985,316

26,858

Jack

Henry

&

Associates,

Inc.

5,292,369

164

Keysight

Technologies,

Inc.

g

25,907

7,066

KLA-Tencor

Corporation

2,586,580

80,402

Knowles

Corporation

g

1,731,055

9,855

Lam

Research

Corporation

5,298,147

108,054

Lattice

Semiconductor

Corporation

g

6,585,891

6,273

Littelfuse,

Inc.

1,564,549

48,859

LivePerson,

Inc.

g

1,193,137

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Shares

Common

Stock

(33.9%)

Value

Information

Technology

(8.6%)

-

continued

79,987

LiveRamp

Holding,

Inc.

g

$

2,990,714

6,361

Manhattan

Associates,

Inc.

g

882,334

15,719

Mastercard,

Inc.

5,617,656

4,044

MAXIMUS,

Inc.

303,098

1,432

MaxLinear,

Inc.

g

83,557

51,277

Microchip

Technology,

Inc.

3,852,954

357,565

Microsoft

Corporation

110,240,865

15,780

MKS

Instruments,

Inc.

2,367,000

1,241

Model

N,

Inc.

g

33,383

20,287

Monolithic

Power

Systems,

Inc.

9,852,990

44,130

National

Instruments

Corporation

1,791,237

4,987

NetApp,

Inc.

413,921

2,845

NETGEAR,

Inc.

g

70,215

1,106

NICE,

Ltd.

ADR

g

242,214

17,768

Nova,

Ltd.

g

1,934,580

168,751

NVIDIA

Corporation

46,045,398

15,680

Okta,

Inc.

g

2,367,053

8,748

Palo

Alto

Networks,

Inc.

g

5,445,717

10,633

Paycom

Software,

Inc.

g

3,683,059

79,967

Paymentus

Holdings,

Inc.

f,g

1,685,704

151,859

PayPal

Holdings,

Inc.

g

17,562,493

261

Progress

Software

Corporation

12,290

28,987

PTC,

Inc.

g

3,122,480

18,929

Qorvo,

Inc.

g

2,349,089

119,230

QUALCOMM,

Inc.

18,220,729

97,626

Salesforce.com,

Inc.

g

20,727,952

54,058

Samsung

Electronics

Company,

Ltd.

3,093,360

7,985

ScanSource,

Inc.

g

277,798

35,765

Semtech

Corporation

g

2,479,945

33,868

ServiceNow,

Inc.

g

18,860,751

196,595

Sierra

Wireless,

Inc.

g

3,546,574

10,444

SiTime

Corporation

g

2,588,232

45,190

Skyworks

Solutions,

Inc.

6,022,923

61,541

Sonos,

Inc.

g

1,736,687

131,549

Sprout

Social,

Inc.

g

10,539,706

38,682

STMicroelectronics

NV

ADR

1,671,836

9,123

Synopsys,

Inc.

g

3,040,422

15,256

TD

SYNNEX

Corporation

1,574,572

5,487

TE

Connectivity,

Ltd.

718,687

112,491

Telefonaktiebolaget

LM

Ericsson

ADR

1,028,168

66,437

Texas

Instruments,

Inc.

12,189,861

3,988

Trimble,

Inc.

g

287,694

25,972

TTEC

Holdings,

Inc.

2,143,209

272,975

TTM

Technologies,

Inc.

g

4,045,489

15,451

Universal

Display

Corporation

2,579,544

3,084

Upland

Software,

Inc.

g

54,309

2,804

VeriSign,

Inc.

g

623,778

2,223

Vertex,

Inc.

g

34,101

3,581

Western

Union

Company

67,108

10,391

WEX,

Inc.

g

1,854,274

70,424

Workiva,

Inc.

g

8,310,032

35,905

Xerox

Holdings

Corporation

724,204

Total

632,116,471

Materials

(1.1%)

3,198

AdvanSix,

Inc.

163,386

2,722

Alpha

Metallurgical

Resources,

Inc.

g

359,195

42,062

AptarGroup,

Inc.

4,942,285

31,986

Ashland

Global

Holdings,

Inc.

3,147,742

8,943

Avery

Dennison

Corporation

1,555,814

102,818

Axalta

Coating

Systems,

Ltd.

g

2,527,266

128

Balchem

Corporation

17,498

Shares

Common

Stock

(33.9%)

Value

Materials

(1.1%)

-

continued

3,492

Ball

Corporation

$

314,280

2,086

Cabot

Corporation

142,703

63,139

Carpenter

Technology

Corporation

2,650,575

3,576

Celanese

Corporation

510,903

26,472

CF

Industries

Holdings,

Inc.

2,728,204

18,304

Chemours

Company

576,210

29,991

Cleveland-Cliffs,

Inc.

g

966,010

47,933

Compass

Minerals

International,

Inc.

3,009,713

28,276

Crown

Holdings,

Inc.

3,537,045

48,398

Eastman

Chemical

Company

5,423,480

9,056

FMC

Corporation

1,191,498

29,885

Graphic

Packaging

Holding

Company

598,895

40,288

Huntsman

Corporation

1,511,203

46,790

Ingevity

Corporation

g

2,997,835

17,171

Innospec,

Inc.

1,589,176

235,701

Ivanhoe

Mines,

Ltd.

g

2,198,355

20,605

Kaiser

Aluminum

Corporation

1,940,167

723

Koppers

Holdings,

Inc.

19,897

20,492

LyondellBasell

Industries

NV

2,106,987

6,946

Martin

Marietta

Materials,

Inc.

2,673,446

248

Materion

Corporation

21,263

7,720

Minerals

Technologies,

Inc.

510,678

19,680

Myers

Industries,

Inc.

425,088

9,342

Neenah,

Inc.

370,504

13

NewMarket

Corporation

4,217

18,466

Nucor

Corporation

2,744,971

31,074

O-I

Glass,

Inc.

g

409,555

10,950

Olin

Corporation

572,466

2,385

PPG

Industries,

Inc.

312,602

22,958

Quaker

Chemical

Corporation

3,967,372

5,544

Rayonier

Advanced

Materials,

Inc.

g

36,424

7,193

Reliance

Steel

&

Aluminum

Company

1,318,837

35,606

RPM

International,

Inc.

2,899,753

13,189

Ryerson

Holding

Corporation

461,879

3,034

Schweitzer-Mauduit

International,

Inc.

83,435

12,579

Sensient

Technologies

Corporation

1,056,007

35,913

Sherwin-Williams

Company

8,964,603

6,188

Sonoco

Products

Company

387,121

14,781

Steel

Dynamics,

Inc.

1,233,179

14,724

SunCoke

Energy,

Inc.

131,191

16,301

Trinseo

plc

781,144

4,793

Tronox

Holdings

plc

94,853

32,986

UFP

Technologies,

Inc.

g

2,182,684

16,042

United

States

Lime

&

Minerals,

Inc.

1,861,514

35,644

United

States

Steel

Corporation

1,345,205

21,277

Westlake

Corporation

2,625,582

3,622

Worthington

Industries,

Inc.

186,207

Total

84,388,102

Real

Estate

(1.6%)

200,572

AGNC

Investment

Corporation

2,627,493

70,978

Agree

Realty

Corporation

4,710,100

2,035

Alexandria

Real

Estate

Equities,

Inc.

409,544

54,627

American

Campus

Communities,

Inc.

3,057,473

3,819

Apartment

Income

REIT

Corporation

204,164

5,106

AvalonBay

Communities,

Inc.

1,268,177

6,291

Breaemar

Hotels

&

Resorts,

Inc.

38,878

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock

(33.9%)

Value

Real

Estate

(1.6%)

-

continued

29,507

Camden

Property

Trust

$

4,904,063

5,071

CareTrust

REIT,

Inc.

97,870

44,400

CBRE

Group,

Inc.

g

4,063,488

1,231

Community

Healthcare

Trust,

Inc.

51,961

110,236

CubeSmart

5,735,579

131,726

Cushman

and

Wakefield

plc

g

2,701,700

1,892

Digital

Realty

Trust,

Inc.

268,286

5,762

Duke

Realty

Corporation

334,542

7,562

EastGroup

Properties,

Inc.

1,537,203

55,050

EPR

Properties

3,011,786

88,512

Essential

Properties

Realty

Trust,

Inc.

2,239,354

2,065

Essex

Property

Trust,

Inc.

713,416

4,472

Extra

Space

Storage,

Inc.

919,443

2,709

Federal

Realty

Investment

Trust

330,688

52,832

First

Industrial

Realty

Trust,

Inc.

3,270,829

15,949

FirstService

Corporation

2,310,691

23,251

Four

Corners

Property

Trust,

Inc.

628,707

3,421

Getty

Realty

Corporation

97,909

10,758

Gladstone

Commercial

Corporation

236,891

10,980

Gladstone

Land

Corporation

399,892

19,148

Healthcare

Realty

Trust,

Inc.

526,187

1,659

Highwoods

Properties,

Inc.

75,883

86,578

Host

Hotels

&

Resorts,

Inc.

1,682,211

81,487

Independence

Realty

Trust,

Inc.

2,154,516

8,061

Industrial

Logistics

Properties

Trust

182,743

6,596

Innovative

Industrial

Properties,

Inc.

1,354,818

2,798

Jones

Lang

LaSalle,

Inc.

g

670,009

25,994

Kilroy

Realty

Corporation

1,986,461

12,562

Life

Storage,

Inc.

1,764,082

15,625

Medical

Properties

Trust,

Inc.

330,313

162,099

MGIC

Investment

Corporation

2,196,441

43,854

National

Retail

Properties,

Inc.

1,970,799

247,015

National

Storage

Affiliates

Trust

15,502,661

115,643

Necessity

Retail

REIT,

Inc.

914,736

10,296

NetSTREIT

Corporation

231,042

165,875

New

Residential

Investment

Corporation

1,821,308

23,909

NexPoint

Residential

Trust,

Inc.

2,159,222

6,974

One

Liberty

Properties,

Inc.

214,729

796

Orion

Office

REIT,

Inc.

11,144

163,967

Pebblebrook

Hotel

Trust

4,013,912

1,521

PS

Business

Parks,

Inc.

255,650

19,806

Public

Storage,

Inc.

7,729,886

23,276

Rayonier,

Inc.

REIT

957,109

1,733

RE/MAX

Holdings,

Inc.

48,056

7,962

Realty

Income

Corporation

551,767

114,677

Rexford

Industrial

Realty,

Inc.

8,553,757

32,582

Sabra

Health

Care

REIT,

Inc.

485,146

8,499

SBA

Communications

Corporation

2,924,506

206,665

Service

Properties

Trust

1,824,852

28,952

Spirit

Realty

Capital,

Inc.

1,332,371

34,822

STAG

Industrial,

Inc.

1,439,890

47,839

UDR,

Inc.

2,744,523

18,960

UMH

Properties,

Inc.

466,226

Total

115,247,083

Utilities

(0.6%)

7,867

Alliant

Energy

Corporation

491,530

999

American

States

Water

Company

88,931

12,274

Artesian

Resources

Corporation

595,903

4,652

Avista

Corporation

210,038

9,767

CenterPoint

Energy,

Inc.

299,261

Shares

Common

Stock

(33.9%)

Value

Utilities

(0.6%)

-

continued

1,185

Consolidated

Edison,

Inc.

$

112,196

10,854

Consolidated

Water

Company,

Ltd.

120,045

24,014

Constellation

Energy

Corporation

1,350,787

19,263

Duke

Energy

Corporation

2,150,907

21,946

Entergy

Corporation

2,562,196

1,242

Essential

Utilities,

Inc.

63,503

45,372

Exelon

Corporation

2,161,068

402,831

NiSource,

Inc.

12,810,026

31,431

NorthWestern

Corporation

1,901,261

12,873

Pinnacle

West

Capital

Corporation

1,005,381

26,505

Portland

General

Electric

Company

1,461,751

96,337

Sempra

Energy

16,196,176

41,643

Spire,

Inc.

2,988,302

37,504

UGI

Corporation

1,358,395

Total

47,927,657

Total

Common

Stock

(cost

$1,868,725,160)

2,501,279,331

Principal

Amount

Long-Term

Fixed

Income

(

9.7%

)

Value

Asset-Backed

Securities

(0.5%)

510

Asset

Backed

Trust

$

950,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

h,i

892,183

Access

Group,

Inc.

119,918

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

117,877

Ares

CLO,

Ltd.

1,500,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,h

1,490,258

Ares

XL

CLO,

Ltd.

1,000,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,h

973,668

Ares

XXXIIR

CLO,

Ltd.

1,250,000

2.506%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,h

1,250,051

Assurant

CLO

I,

Ltd.

700,000

1.954%, 

(LIBOR

3M

+

1.700%),

10/20/2034,

Ser.

2017-1A,

Class

BR

b,h

688,766

Buttermilk

Park

CLO,

Ltd.

2,575,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,h

2,568,305

Carlyle

Global

Market

Strategies

CLO,

Ltd.

1,675,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,h

1,654,454

CarVal

CLO

II,

Ltd.

1,000,000

1.754%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,h

991,105

600,000

2.254%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,h

593,084

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Asset-Backed

Securities

(0.5%)

-

continued

Cheniere

Corpus

Christi

Holdings,

LLC

$

180,000

2.742%, 

12/31/2039

h

$

156,620

CMFT

Net

Lease

Master

Issuer,

LLC

640,836

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

h

592,048

Commonbond

Student

Loan

Trust

155,186

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

153,902

Credit

Suisse

Mortgage

Trust

1,059,988

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

995,899

Dewolf

Park

CLO,

Ltd.

975,000

1.691%, 

(LIBOR

3M

+

1.450%),

10/15/2030,

Ser.

2017-1A,

Class

BR

b,h

969,555

Dryden

36

Senior

Loan

Fund

850,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,h

839,885

Dryden

Senior

Loan

Fund

1,450,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,h

1,441,665

FRTKL

Trust

1,150,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

h

1,044,193

Galaxy

XIX

CLO,

Ltd.

800,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,h

781,120

Goldentree

Loan

Management,

Ltd.

975,000

1.654%, 

(LIBOR

3M

+

1.400%),

11/20/2030,

Ser.

2017-2A,

Class

BR

b,h

972,265

Goodgreen

861,606

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

h

849,829

Home

Partners

of

America

Trust

1,241,537

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

h

1,140,293

1,074,270

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

h

968,751

Laurel

Road

Prime

Student

Loan

Trust

96,901

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

h

97,115

333,409

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,h

331,836

Longfellow

Place

CLO,

Ltd.

1,900,000

1.991%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,h

1,886,512

525,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,h

519,691

Madison

Park

Funding

XIV,

Ltd.

1,200,000

1.659%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

1,183,844

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Asset-Backed

Securities

(0.5%)

-

continued

Mello

Mortgage

Capital

Acceptance

$

1,166,534

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,h

$

1,075,855

Mercury

Financial

Credit

Card

Master

Trust

1,000,000

2.500%, 

9/21/2026,

Ser.

2022-1A,

Class

A

h

964,869

National

Collegiate

Trust

388,739

0.752%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

380,739

OCP

CLO,

Ltd.

850,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,h

833,311

Octagon

Investment

Partners

XVI,

Ltd.

250,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,h

248,631

OZLM

IX,

Ltd.

600,000

1.804%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

595,443

Progress

Residential

Trust

600,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

h

553,041

ROC

Securities

Trust

Series

975,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

935,586

Saxon

Asset

Securities

Trust

430,017

3.308%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

397,436

Sound

Point

CLO

XIV,

Ltd.

1,250,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,h

1,237,416

Sound

Point

CLO

XV,

Ltd.

1,225,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,h

1,202,933

Sound

Point

CLO

XXI,

Ltd.

725,000

1.717%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

718,802

Stratus

CLO,

Ltd.

875,000

1.841%, 

(LIBOR

3M

+

1.750%),

12/29/2029,

Ser.

2021-1A,

Class

C

b,h

857,084

Toorak

Mortgage

Corporation,

Ltd.

1,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

h,i

946,395

TRK

Trust

946,910

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,h

899,643

U.S.

Small

Business

Administration

43,173

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

42,469

Upstart

Securitization

Trust

204,843

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

h

204,404

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Asset-Backed

Securities

(0.5%)

-

continued

VCAT

Asset

Securitization,

LLC

$

500,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

h,i

$

479,994

Wind

River

CLO,

Ltd.

750,000

1.854%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,h

746,668

625,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,h

616,051

Total

40,081,544

Basic

Materials

(0.1%)

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

h

248,419

Anglo

American

Capital

plc

275,000

3.875%, 

3/16/2029

h

275,127

Chemours

Company

170,000

5.750%, 

11/15/2028

h

165,175

Cleveland-Cliffs,

Inc.

190,000

5.875%, 

6/1/2027

194,888

90,000

4.625%, 

3/1/2029

h

88,767

90,000

4.875%, 

3/1/2031

h

88,987

Consolidated

Energy

Finance

SA

281,000

5.625%, 

10/15/2028

h

259,925

DowDuPont,

Inc.

190,000

4.493%, 

11/15/2025

197,609

First

Quantum

Minerals,

Ltd.

314,000

6.875%, 

10/15/2027

h

328,915

Freeport-McMoRan,

Inc.

220,000

4.125%, 

3/1/2028

219,773

112,000

4.250%, 

3/1/2030

112,747

681,000

4.625%, 

8/1/2030

696,323

Glencore

Funding,

LLC

226,000

3.375%, 

9/23/2051

h

190,025

479,000

4.000%, 

3/27/2027

h

480,468

Hecla

Mining

Company

90,000

7.250%, 

2/15/2028

94,289

Hudbay

Minerals,

Inc.

170,000

4.500%, 

4/1/2026

h

165,184

Ingevity

Corporation

250,000

3.875%, 

11/1/2028

h

225,958

International

Flavors

and

Fragrances,

Inc.

350,000

3.468%, 

12/1/2050

h

308,726

Kinross

Gold

Corporation

218,000

5.950%, 

3/15/2024

227,717

Mercer

International,

Inc.

160,000

5.125%, 

2/1/2029

154,400

Novelis

Corporation

85,000

3.250%, 

11/15/2026

h

81,199

100,000

4.750%, 

1/30/2030

h

97,087

85,000

3.875%, 

8/15/2031

h

77,746

OCI

NV

115,000

4.625%, 

10/15/2025

h

115,863

Olin

Corporation

245,000

5.125%, 

9/15/2027

244,212

SCIL

USA

Holdings,

LLC

209,000

5.375%, 

11/1/2026

h

192,280

SPCM

SA

166,000

3.375%, 

3/15/2030

h

145,731

SunCoke

Energy,

Inc.

180,000

4.875%, 

6/30/2029

h

169,699

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Basic

Materials

(0.1%)

-

continued

Syngenta

Finance

NV

$

200,000

5.182%, 

4/24/2028

h

$

206,518

Taseko

Mines,

Ltd.

129,000

7.000%, 

2/15/2026

h

132,838

Teck

Resources,

Ltd.

439,000

6.125%, 

10/1/2035

518,294

Unifrax

Escrow

Issuer

Corporation

147,000

5.250%, 

9/30/2028

h

136,553

United

States

Steel

Corporation

276,000

6.875%, 

3/1/2029

f

287,040

Total

7,128,482

Capital

Goods

(0.2%)

AECOM

280,000

5.125%, 

3/15/2027

286,364

Amsted

Industries,

Inc.

245,000

5.625%, 

7/1/2027

h

245,613

Ardagh

Packaging

Finance

plc

150,000

5.250%, 

8/15/2027

h

138,656

Boeing

Company

505,000

5.930%, 

5/1/2060

583,066

395,000

5.040%, 

5/1/2027

415,940

650,000

5.705%, 

5/1/2040

726,343

Bombardier,

Inc.

65,000

7.125%, 

6/15/2026

h

63,700

170,000

7.875%, 

4/15/2027

h

166,450

145,000

6.000%, 

2/15/2028

h

135,900

Brand

Industrial

Services,

Inc.

105,000

8.500%, 

7/15/2025

h

97,658

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

h

137,707

Carrier

Global

Corporation

384,000

3.577%, 

4/5/2050

351,379

300,000

2.700%, 

2/15/2031

279,945

Clydesdale

Acquisition

Holdings,

Inc.

24,000

6.625%, 

4/15/2029

e,h

24,270

48,000

8.750%, 

4/15/2030

e,h

45,180

CNH

Industrial

NV

300,000

3.850%, 

11/15/2027

301,111

Coinbase

Global,

Inc.

81,000

3.375%, 

10/1/2028

h

71,557

Cornerstone

Building

Brands,

Inc.

240,000

6.125%, 

1/15/2029

h

222,732

Covanta

Holding

Corporation

139,000

5.000%, 

9/1/2030

131,703

Covert

Mergeco,

Inc.

85,000

4.875%, 

12/1/2029

h

81,150

CP

Atlas

Buyer,

Inc.

150,000

7.000%, 

12/1/2028

h

127,896

GFL

Environmental,

Inc.

140,000

4.000%, 

8/1/2028

h

128,800

220,000

3.500%, 

9/1/2028

h

206,546

H&E

Equipment

Services,

Inc.

278,000

3.875%, 

12/15/2028

h

260,625

Howard

Midstream

Energy

Partners,

LLC

178,000

6.750%, 

1/15/2027

h

174,440

Howmet

Aerospace,

Inc.

9,000

6.875%, 

5/1/2025

9,773

162,000

3.000%, 

1/15/2029

147,926

338,000

5.950%, 

2/1/2037

360,271

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Capital

Goods

(0.2%)

-

continued

Ingersoll-Rand

Luxembourg

Finance

SA

$

300,000

3.500%, 

3/21/2026

$

301,295

JELD-WEN,

Inc.

280,000

4.625%, 

12/15/2025

h

269,500

L3Harris

Technologies,

Inc.

45,000

3.950%, 

5/28/2024

45,442

Lockheed

Martin

Corporation

348,000

4.500%, 

5/15/2036

383,982

120,000

6.150%, 

9/1/2036

150,414

Mauser

Packaging

Solutions

Holding

Company

170,000

5.500%, 

4/15/2024

h

169,325

180,000

7.250%, 

4/15/2025

h

178,400

Meritor,

Inc.

150,000

4.500%, 

12/15/2028

h

150,383

MIWD

Holdco

II,

LLC

96,000

5.500%, 

2/1/2030

h

89,640

Nesco

Holdings

II,

Inc.

110,000

5.500%, 

4/15/2029

h

108,075

New

Enterprise

Stone

and

Lime

Company,

Inc.

210,000

5.250%, 

7/15/2028

h

201,890

Northrop

Grumman

Corporation

470,000

3.850%, 

4/15/2045

467,706

OI

European

Group

BV

184,000

4.750%, 

2/15/2030

h

170,973

Owens-Brockway

Glass

Container,

Inc.

150,000

5.875%, 

8/15/2023

f,h

153,245

Pactiv

Evergreen

Group

130,000

4.375%, 

10/15/2028

h

119,445

PGT

Innovations,

Inc.

175,000

4.375%, 

10/1/2029

h

163,188

Raytheon

Technologies

Corporation

284,000

4.125%, 

11/16/2028

296,866

375,000

4.450%, 

11/16/2038

406,697

400,000

3.750%, 

11/1/2046

393,276

Republic

Services,

Inc.

335,000

2.900%, 

7/1/2026

332,463

Roper

Technologies,

Inc.

240,000

4.200%, 

9/15/2028

248,414

400,000

1.750%, 

2/15/2031

345,552

SRM

Escrow

Issuer,

LLC

255,000

6.000%, 

11/1/2028

h

251,496

Standard

Industries,

Inc.

230,000

4.375%, 

7/15/2030

h

210,670

Textron,

Inc.

320,000

3.375%, 

3/1/2028

316,300

Titan

Acquisition,

Ltd.

95,000

7.750%, 

4/15/2026

h

94,399

TransDigm,

Inc.

160,000

6.250%, 

3/15/2026

h

164,262

460,000

5.500%, 

11/15/2027

456,550

United

Rentals

North

America,

Inc.

175,000

4.875%, 

1/15/2028

177,764

185,000

4.000%, 

7/15/2030

176,921

Vertiv

Group

Corporation

83,000

4.125%, 

11/15/2028

h

75,747

Victors

Merger

Corporation

104,000

6.375%, 

5/15/2029

h

85,133

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Capital

Goods

(0.2%)

-

continued

Waste

Pro

USA,

Inc.

$

110,000

5.500%, 

2/15/2026

h

$

103,959

WESCO

Distribution,

Inc.

230,000

7.250%, 

6/15/2028

h

244,291

Total

13,426,364

Collateralized

Mortgage

Obligations

(0.5%)

Banc

of

America

Alternative

Loan

Trust

14,215

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

13,631

Bellemeade

Re,

Ltd.

856,780

1.849%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,h

855,639

BRAVO

Residential

Funding

Trust

77,523

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

h

77,717

Business

Jet

Securities,

LLC

763,993

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

h

735,780

Citicorp

Mortgage

Securities,

Inc.

634,120

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

607,638

Citigroup

Mortgage

Loan

Trust,

Inc.

2,140

2.425%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

2,127

COLT

Mortgage

Loan

Trust

1,182,258

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,h

1,135,167

Countrywide

Alternative

Loan

Trust

330,327

2.736%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

304,429

624,457

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

311,961

Countrywide

Home

Loans,

Inc.

163,345

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

102,695

Credit

Suisse

Mortgage

Trust

500,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,h

486,003

875,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,h

862,228

489,635

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,h

470,572

2,346,860

3.414%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,h

2,315,424

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

67,331

6.000%, 

4/25/2022,

Ser.

2006-AR5,

Class

23A

59,420

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

217,412

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

j

6,282

431,430

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

42,032

865,383

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

j

98,100

Federal

National

Mortgage

Association

-

REMIC

1,222,984

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

j

61,349

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Collateralized

Mortgage

Obligations

(0.5%)

-

continued

Flagstar

Mortgage

Trust

$

672,182

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,h

$

648,469

Foundation

Finance

Trust

720,369

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

h

680,527

FWD

Securitization

Trust

431,044

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,h

429,730

GCAT

Trust

1,066,638

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

1,028,400

GS

Mortgage-Backed

Securities

Trust

1,090,913

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,h

1,036,000

297,971

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,h

298,258

J.P.

Morgan

Mortgage

Trust

1,200,126

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,h

1,109,836

869,085

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,h

797,235

LHOME

Mortgage

Trust

400,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

h,i

384,892

1,000,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

961,176

Merrill

Lynch

Alternative

Note

Asset

Trust

149,891

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

85,097

New

Residential

Mortgage

Loan

Trust

2,347,639

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,h

2,175,207

New

York

Mortgage

Trust

1,100,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

h,i

1,061,849

784,143

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,h

767,678

Oaktown

Re

VII,

Ltd.

600,000

1.699%, 

(SOFR30A

+

1.600%),

4/25/2034,

Ser.

2021-2,

Class

M1A

b,h

592,800

Oaktown

Re,

Ltd.

1,200,000

1.749%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,h

1,198,202

Onslow

Bay

Financial,

LLC

525,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,h

512,631

Palisades

Mortgage

Loan

Trust

1,600,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

h,i

1,546,545

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

1.654%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,h

1,288,230

Preston

Ridge

Partners

Mortgage

Trust,

LLC

930,711

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,h

894,347

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Collateralized

Mortgage

Obligations

(0.5%)

-

continued

Pretium

Mortgage

Credit

Partners,

LLC

$

519,602

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

h,i

$

500,015

Renaissance

Home

Equity

Loan

Trust

1,084,205

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

i

485,412

Residential

Accredit

Loans,

Inc.

Trust

282,859

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

266,443

Residential

Funding

Mortgage

Security

I

Trust

65,341

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

59,692

Sequoia

Mortgage

Trust

195,866

2.836%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

147,697

Starwood

Mortgage

Residential

Trust

23,128

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,h

23,100

Toorak

Mortgage

Corporation,

Ltd.

1,832,890

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

1,819,403

723,643

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

h,i

717,827

Tricon

Residential

Trust

800,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

h

747,469

Vericrest

Opportunity

Loan

Transferee

650,803

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

h,i

630,666

850,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

h,i

817,029

900,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

h,i

867,794

737,425

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

h,i

718,044

650,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

h,i

622,911

650,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

h,i

619,857

459,098

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

h,i

438,706

450,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

h,i

424,098

375,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

h,i

360,973

Verus

Securitization

Trust

546,047

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,h

521,729

ZH

Trust

930,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

h

915,539

1,750,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

h

1,719,255

Total

39,468,962

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Commercial

Mortgage-Backed

Securities

(0.2%)

AMSR

Trust

$

1,300,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,h

$

1,178,159

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,h

449,601

675,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

h

627,520

BANK

2021-BNK36

1,150,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

1,075,201

BANK

2022-BNK39

16,496,822

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,j

570,267

1,250,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

1,205,946

BANK

2022-BNK40

1,150,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

1,157,955

Barclays

Commercial

Mortgage

Securities,

LLC

750,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

768,031

BBCMS

Mortgage

Trust

8,217,200

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

427,958

2,250,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

2,183,196

900,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

851,182

6,961,938

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,j

804,109

BBCMS

Trust

1,100,000

2.492%, 

7/15/2054,

Ser.

2021-C10,

Class

A5

1,030,120

Benchmark

Mortgage

Trust

1,850,000

2.669%, 

12/15/2054,

Ser.

2021-B31,

Class

A5

1,747,382

BFLD

Trust

400,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

394,994

BINOM

Securitization

Trust

638,377

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,h

608,435

GS

Mortgage

Securities

Trust

2,381,861

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

2,384,398

Morgan

Stanley

Capital

I

Trust

7,169,536

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,j

866,309

Total

18,330,763

Communications

Services

(0.3%)

Altice

France

SA

110,000

8.125%, 

2/1/2027

h

113,424

75,000

5.500%, 

1/15/2028

h

69,503

175,000

5.125%, 

7/15/2029

h

156,844

211,000

5.500%, 

10/15/2029

h

189,326

American

Tower

Corporation

130,000

3.375%, 

10/15/2026

128,265

525,000

2.900%, 

1/15/2030

487,161

AT&T,

Inc.

451,000

3.500%, 

9/15/2053

395,727

400,000

2.300%, 

6/1/2027

381,109

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Communications

Services

(0.3%)

-

continued

$

450,000

4.350%, 

3/1/2029

$

476,198

987,000

5.250%, 

3/1/2037

1,121,924

700,000

4.900%, 

8/15/2037

770,786

355,000

5.550%, 

8/15/2041

413,090

CCO

Holdings,

LLC

220,000

5.500%, 

5/1/2026

h

223,089

290,000

5.125%, 

5/1/2027

h

290,428

445,000

4.750%, 

2/1/2032

h

414,402

155,000

4.250%, 

1/15/2034

h

134,617

Cengage

Learning,

Inc.

171,000

9.500%, 

6/15/2024

h

170,573

Charter

Communications

Operating,

LLC

250,000

4.500%, 

2/1/2024

255,709

495,000

4.200%, 

3/15/2028

500,202

650,000

3.500%, 

6/1/2041

540,235

460,000

6.484%, 

10/23/2045

523,656

Clear

Channel

Worldwide

Holdings,

Inc.

210,000

7.750%, 

4/15/2028

h

211,098

Comcast

Corporation

165,000

3.950%, 

10/15/2025

170,398

375,000

4.250%, 

10/15/2030

400,035

485,000

4.400%, 

8/15/2035

524,031

490,000

4.750%, 

3/1/2044

546,212

250,000

4.600%, 

8/15/2045

274,407

Consolidated

Communications,

Inc.

147,000

5.000%, 

10/1/2028

h

126,507

Cox

Communications,

Inc.

475,000

3.350%, 

9/15/2026

h

472,199

CSC

Holdings,

LLC

150,000

5.375%, 

2/1/2028

h

145,584

296,000

4.125%, 

12/1/2030

h

259,552

Cumulus

Media

New

Holdings,

Inc.

200,000

6.750%, 

7/1/2026

f,h

200,048

DIRECTV

Holdings,

LLC

215,000

5.875%, 

8/15/2027

h

211,506

Discovery

Communications,

LLC

600,000

4.900%, 

3/11/2026

624,460

DISH

DBS

Corporation

78,000

5.250%, 

12/1/2026

h

74,295

62,000

7.375%, 

7/1/2028

58,745

108,000

5.750%, 

12/1/2028

h

102,195

Entercom

Media

Corporation

248,000

6.500%, 

5/1/2027

h

232,688

Frontier

Communications

Holdings,

LLC

181,000

5.875%, 

10/15/2027

h

179,787

GCI,

LLC

170,000

4.750%, 

10/15/2028

h

165,964

Gray

Escrow

II,

Inc.

330,000

5.375%, 

11/15/2031

h

315,551

Gray

Television,

Inc.

210,000

4.750%, 

10/15/2030

h

195,038

Hughes

Satellite

Systems

Corporation

120,000

6.625%, 

8/1/2026

124,391

iHeartCommunications,

Inc.

220,000

4.750%, 

1/15/2028

h

210,100

Iliad

Holding

SASU

90,000

6.500%, 

10/15/2026

h

90,243

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Communications

Services

(0.3%)

-

continued

LCPR

Senior

Secured

Financing

DAC

$

135,000

6.750%, 

10/15/2027

h

$

138,686

Level

3

Financing,

Inc.

300,000

4.625%, 

9/15/2027

h

282,399

140,000

4.250%, 

7/1/2028

h

128,521

Lions

Gate

Capital

Holdings,

LLC

67,000

5.500%, 

4/15/2029

h

64,571

Magallanes,

Inc.

169,000

5.141%, 

3/15/2052

h

172,903

338,000

5.050%, 

3/15/2042

h

344,770

NBN

Company,

Ltd.

575,000

2.625%, 

5/5/2031

h

524,293

Netflix,

Inc.

130,000

5.875%, 

11/15/2028

143,299

254,000

5.375%, 

11/15/2029

h

274,955

230,000

4.875%, 

6/15/2030

h

245,341

Nexstar

Escrow

Corporation

240,000

5.625%, 

7/15/2027

h

242,928

Omnicom

Group,

Inc.

224,000

3.600%, 

4/15/2026

226,709

200,000

4.200%, 

6/1/2030

208,796

Radiate

Holdco,

LLC

120,000

6.500%, 

9/15/2028

h

113,475

Scripps

Escrow

II,

Inc.

120,000

5.375%, 

1/15/2031

h

114,900

Scripps

Escrow,

Inc.

115,000

5.875%, 

7/15/2027

h

115,087

Sinclair

Television

Group,

Inc.

240,000

5.500%, 

3/1/2030

h

207,710

Sirius

XM

Radio,

Inc.

285,000

5.000%, 

8/1/2027

h

284,288

115,000

4.000%, 

7/15/2028

h

109,250

Sprint

Capital

Corporation

172,000

6.875%, 

11/15/2028

199,295

235,000

8.750%, 

3/15/2032

316,545

Sprint

Corporation

880,000

7.625%, 

2/15/2025

959,200

TEGNA,

Inc.

170,000

4.625%, 

3/15/2028

169,102

Telesat

Canada

85,000

4.875%, 

6/1/2027

h

61,928

45,000

6.500%, 

10/15/2027

h

22,028

Terrier

Media

Buyer,

Inc.

120,000

8.875%, 

12/15/2027

h

122,100

T-Mobile

USA,

Inc.

530,000

2.550%, 

2/15/2031

480,605

451,000

3.500%, 

4/15/2031

424,382

525,000

4.375%, 

4/15/2040

527,228

United

States

Cellular

Corporation

150,000

6.700%, 

12/15/2033

164,907

Uniti

Group,

LP

50,000

4.750%, 

4/15/2028

h

47,188

Verizon

Communications,

Inc.

384,000

3.700%, 

3/22/2061

355,690

190,000

2.100%, 

3/22/2028

177,094

725,000

2.650%, 

11/20/2040

616,727

VTR

Finance

NV

150,000

6.375%, 

7/15/2028

h

145,314

VZ

Secured

Financing

BV

243,000

5.000%, 

1/15/2032

h

227,205

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Communications

Services

(0.3%)

-

continued

Zayo

Group

Holdings,

Inc.

$

129,000

4.000%, 

3/1/2027

h

$

118,710

Total

22,749,431

Consumer

Cyclical

(0.3%)

1011778

B.C.,

ULC

250,000

4.375%, 

1/15/2028

h

240,000

Allen

Media,

LLC

146,000

10.500%, 

2/15/2028

h

143,851

Allied

Universal

Holdco,

LLC

85,000

6.625%, 

7/15/2026

h

86,006

245,000

4.625%, 

6/1/2028

h

231,500

105,000

6.000%, 

6/1/2029

h

92,627

Allison

Transmission,

Inc.

245,000

3.750%, 

1/30/2031

h

222,252

Amazon.com,

Inc.

675,000

3.100%, 

5/12/2051

633,482

375,000

3.875%, 

8/22/2037

396,915

360,000

4.050%, 

8/22/2047

391,603

American

Axle

&

Manufacturing,

Inc.

360,000

6.500%, 

4/1/2027

f

355,957

Arko

Corporation

109,000

5.125%, 

11/15/2029

h

99,190

Ashton

Woods

USA,

LLC

140,000

4.625%, 

8/1/2029

h

123,456

BellRing

Brands,

Inc.

192,000

7.000%, 

3/15/2030

h

196,080

Boyd

Gaming

Corporation

155,000

4.750%, 

6/15/2031

h

149,381

Boyne

USA,

Inc.

120,000

4.750%, 

5/15/2029

h

115,200

Brookfield

Property

REIT,

Inc.

96,000

5.750%, 

5/15/2026

h

95,129

Brookfield

Residential

Properties,

Inc.

160,000

6.250%, 

9/15/2027

h

156,650

180,000

5.000%, 

6/15/2029

h

163,442

Caesars

Entertainment,

Inc.

241,000

6.250%, 

7/1/2025

h

248,818

50,000

8.125%, 

7/1/2027

h

53,573

175,000

4.625%, 

10/15/2029

h

163,625

Carnival

Corporation

52,000

10.500%, 

2/1/2026

h

57,819

288,000

7.625%, 

3/1/2026

h

289,881

250,000

5.750%, 

3/1/2027

h

238,416

109,000

6.000%, 

5/1/2029

h

102,715

Cedar

Fair,

LP

76,000

5.375%, 

4/15/2027

75,240

290,000

5.250%, 

7/15/2029

285,656

Churchill

Downs,

Inc.

140,000

4.750%, 

1/15/2028

h

135,800

Cinemark

USA,

Inc.

195,000

5.875%, 

3/15/2026

f,h

189,150

Clarios

Global,

LP

110,000

8.500%, 

5/15/2027

h

114,125

Cushman

&

Wakefield

US

Borrower,

LLC

88,000

6.750%, 

5/15/2028

h

91,960

D.R.

Horton,

Inc.

300,000

2.600%, 

10/15/2025

291,074

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Cyclical

(0.3%)

-

continued

Daimler

Trucks

Finance

North

America,

LLC

$

390,000

2.000%, 

12/14/2026

h

$

363,271

Dana,

Inc.

190,000

5.625%, 

6/15/2028

191,995

Empire

Communities

Corporation

180,000

7.000%, 

12/15/2025

h

177,840

Expedia

Group,

Inc.

690,000

3.250%, 

2/15/2030

656,794

Ford

Motor

Company

94,000

3.250%, 

2/12/2032

83,954

Ford

Motor

Credit

Company,

LLC

250,000

4.063%, 

11/1/2024

249,247

425,000

2.300%, 

2/10/2025

403,417

420,000

4.134%, 

8/4/2025

419,527

275,000

2.700%, 

8/10/2026

255,753

Forestar

Group,

Inc.

145,000

3.850%, 

5/15/2026

h

135,212

Gap,

Inc.

67,000

3.625%, 

10/1/2029

h

59,697

General

Motors

Company

325,000

6.125%, 

10/1/2025

348,894

450,000

6.800%, 

10/1/2027

507,932

622,000

5.000%, 

4/1/2035

632,250

General

Motors

Financial

Company,

Inc.

230,000

1.500%, 

6/10/2026

210,150

GLP

Capital,

LP

467,000

5.750%, 

6/1/2028

502,620

Goodyear

Tire

&

Rubber

Company

110,000

5.000%, 

7/15/2029

h

102,472

85,000

5.250%, 

7/15/2031

h

78,599

Guitar

Center

Escrow

Issuer

II,

Inc.

67,000

8.500%, 

1/15/2026

h

68,361

Hanesbrands,

Inc.

144,000

4.875%, 

5/15/2026

h

144,824

Herc

Holdings,

Inc.

160,000

5.500%, 

7/15/2027

h

162,240

Hilton

Domestic

Operating

Company,

Inc.

300,000

4.875%, 

1/15/2030

299,323

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

215,000

5.000%, 

6/1/2029

h

205,173

Home

Depot,

Inc.

275,000

5.400%, 

9/15/2040

332,336

336,000

4.250%, 

4/1/2046

367,512

315,000

3.900%, 

6/15/2047

328,107

Hyundai

Capital

America

475,000

1.800%, 

1/10/2028

h

419,496

Hyundai

Capital

Services,

Inc.

225,000

2.125%, 

4/24/2025

h

215,679

International

Game

Technology

plc

200,000

5.250%, 

1/15/2029

h

199,500

Jacobs

Entertainment,

Inc.

97,000

6.750%, 

2/15/2029

h

97,483

KB

Home

195,000

4.800%, 

11/15/2029

188,226

Kia

Corporation

200,000

2.375%, 

2/14/2025

h

194,385

Kohl's

Corporation

440,000

3.375%, 

5/1/2031

424,634

360,000

5.550%, 

7/17/2045

359,315

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Cyclical

(0.3%)

-

continued

L

Brands,

Inc.

$

260,000

6.625%, 

10/1/2030

h

$

273,000

80,000

6.875%, 

11/1/2035

82,400

Lennar

Corporation

525,000

4.750%, 

5/30/2025

543,696

Lowe's

Companies,

Inc.

690,000

2.625%, 

4/1/2031

f

646,747

Macy's

Retail

Holdings,

LLC

155,000

5.875%, 

4/1/2029

h

154,613

395,000

6.125%, 

3/15/2032

h

390,063

Magic

MergerCo,

Inc.

115,000

5.250%, 

5/1/2028

h

105,582

Marriott

International,

Inc.

40,000

5.750%, 

5/1/2025

42,469

460,000

4.625%, 

6/15/2030

476,418

Mastercard,

Inc.

350,000

3.950%, 

2/26/2048

373,846

Mattamy

Group

Corporation

240,000

5.250%, 

12/15/2027

h

236,902

McDonald's

Corporation

325,000

4.450%, 

3/1/2047

349,027

MDC

Holdings,

Inc.

600,000

2.500%, 

1/15/2031

523,889

MGM

Resorts

International

305,000

6.000%, 

3/15/2023

311,923

20,000

5.750%, 

6/15/2025

20,500

NCL

Corporation,

Ltd.

72,000

5.875%, 

2/15/2027

h

70,920

Nissan

Motor

Acceptance

Company,

LLC

480,000

1.125%, 

9/16/2024

h

448,904

Penn

National

Gaming,

Inc.

160,000

4.125%, 

7/1/2029

h

143,232

PetSmart,

Inc.

210,000

4.750%, 

2/15/2028

h

202,945

130,000

7.750%, 

2/15/2029

h

134,225

Prime

Security

Services

Borrower,

LLC

440,000

5.750%, 

4/15/2026

h

448,877

Real

Hero

Merger

Sub

2,

Inc.

120,000

6.250%, 

2/1/2029

h

109,336

Realogy

Group,

LLC

210,000

5.750%, 

1/15/2029

h

197,925

Rite

Aid

Corporation

85,000

7.500%, 

7/1/2025

h

79,277

Royal

Caribbean

Cruises,

Ltd.

265,000

9.125%, 

6/15/2023

h

275,931

210,000

4.250%, 

7/1/2026

h

195,340

51,000

5.375%, 

7/15/2027

h

49,000

115,000

5.500%, 

4/1/2028

h

109,631

Scientific

Games

International,

Inc.

200,000

7.250%, 

11/15/2029

h

209,500

40,000

6.625%, 

3/1/2030

h

39,431

SeaWorld

Parks

and

Entertainment,

Inc.

70,000

5.250%, 

8/15/2029

h

66,762

Service

Properties

Trust

113,000

7.500%, 

9/15/2025

118,543

Six

Flags

Theme

Parks,

Inc.

110,000

7.000%, 

7/1/2025

h

114,813

Staples,

Inc.

137,000

7.500%, 

4/15/2026

h

133,041

123,000

10.750%, 

4/15/2027

h

109,470

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Cyclical

(0.3%)

-

continued

Station

Casinos,

LLC

$

122,000

4.625%, 

12/1/2031

h

$

111,593

Tapestry,

Inc.

560,000

3.050%, 

3/15/2032

508,915

Tenneco,

Inc.

195,000

5.000%, 

7/15/2026

191,831

Toll

Brothers

Finance

Corporation

460,000

3.800%, 

11/1/2029

f

444,762

Travel

+

Leisure

Company

150,000

6.625%, 

7/31/2026

h

156,375

Uber

Technologies,

Inc.

120,000

6.250%, 

1/15/2028

f,h

124,073

Visa,

Inc.

650,000

2.700%, 

4/15/2040

590,961

Wabash

National

Corporation

175,000

4.500%, 

10/15/2028

h

157,500

Wyndham

Hotels

&

Resorts,

Inc.

90,000

4.375%, 

8/15/2028

h

86,625

Yum!

Brands,

Inc.

210,000

4.750%, 

1/15/2030

h

205,931

ZF

North

America

Capital,

Inc.

150,000

4.750%, 

4/29/2025

h

150,524

Total

26,134,059

Consumer

Non-Cyclical

(0.4%)

Abbott

Laboratories

641,000

4.750%, 

11/30/2036

744,884

AbbVie,

Inc.

150,000

2.950%, 

11/21/2026

148,590

650,000

4.300%, 

5/14/2036

678,820

225,000

4.850%, 

6/15/2044

249,423

400,000

4.875%, 

11/14/2048

452,084

Albertson's

Companies,

Inc.

229,000

3.500%, 

3/15/2029

h

206,666

Altria

Group,

Inc.

137,000

5.800%, 

2/14/2039

147,659

Amgen,

Inc.

500,000

3.375%, 

2/21/2050

451,130

575,000

4.200%, 

2/22/2052

594,662

Anheuser-Busch

Companies,

LLC

360,000

4.700%, 

2/1/2036

386,106

Anheuser-Busch

InBev

Worldwide,

Inc.

900,000

4.750%, 

4/15/2058

975,935

575,000

4.375%, 

4/15/2038

604,194

Anthem,

Inc.

525,000

3.125%, 

5/15/2050

462,325

415,000

4.625%, 

5/15/2042

453,335

Archer-Daniels-Midland

Company

415,000

2.700%, 

9/15/2051

365,989

AstraZeneca

plc

460,000

3.000%, 

5/28/2051

f

422,672

Bausch

Health

Companies,

Inc.

453,000

5.000%, 

1/30/2028

h

373,077

317,000

5.000%, 

2/15/2029

h

246,945

Becton,

Dickinson

and

Company

350,000

3.794%, 

5/20/2050

339,137

375,000

3.700%, 

6/6/2027

380,445

Bristol-Myers

Squibb

Company

226,000

3.550%, 

3/15/2042

223,527

Bunge,

Ltd.

Finance

Corporation

500,000

2.750%, 

5/14/2031

459,969

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Cargill,

Inc.

$

251,000

3.125%, 

5/25/2051

h

$

232,093

Centene

Corporation

115,000

4.250%, 

12/15/2027

115,431

125,000

4.625%, 

12/15/2029

126,011

300,000

3.000%, 

10/15/2030

275,541

100,000

2.500%, 

3/1/2031

88,253

460,000

2.625%, 

8/1/2031

409,400

Central

Garden

&

Pet

Company

220,000

4.125%, 

10/15/2030

198,550

Comcast

Corporation

317,000

2.987%, 

11/1/2063

h

259,409

Community

Health

Systems,

Inc.

80,000

5.625%, 

3/15/2027

h

81,475

150,000

6.000%, 

1/15/2029

h

151,567

287,000

6.875%, 

4/15/2029

h

281,977

Constellation

Brands,

Inc.

470,000

3.600%, 

2/15/2028

466,454

250,000

2.875%, 

5/1/2030

234,498

Coty,

Inc.

125,000

5.000%, 

4/15/2026

h

121,719

CVS

Health

Corporation

465,000

4.875%, 

7/20/2035

510,492

Danaher

Corporation

240,000

2.800%, 

12/10/2051

203,937

DaVita,

Inc.

260,000

4.625%, 

6/1/2030

h

242,788

Edgewell

Personal

Care

Company

120,000

5.500%, 

6/1/2028

h

119,400

Eli

Lilly

and

Company

380,000

2.500%, 

9/15/2060

305,633

Embecta

Corporation

56,000

6.750%, 

2/15/2030

h

56,140

Encompass

Health

Corporation

240,000

4.500%, 

2/1/2028

f

235,200

Endo

Finance,

LLC

75,000

9.500%, 

7/31/2027

h

65,812

Energizer

Holdings,

Inc.

190,000

4.750%, 

6/15/2028

h

172,572

H.

J.

Heinz

Company

80,000

5.200%, 

7/15/2045

86,600

HCA,

Inc.

575,000

5.375%, 

2/1/2025

598,287

794,000

3.500%, 

9/1/2030

767,055

HFC

Prestige

Products,

Inc.

214,000

4.750%, 

1/15/2029

h

199,687

HLF

Financing

SARL,

LLC

293,000

4.875%, 

6/1/2029

h

257,011

Humana,

Inc.

170,000

2.150%, 

2/3/2032

148,949

Imperial

Brands

Finance

plc

550,000

3.875%, 

7/26/2029

h

539,527

JBS

USA

LUX

SA

338,000

4.375%, 

2/2/2052

h

294,021

373,000

3.000%, 

5/15/2032

h

335,704

JBS

USA,

LLC

105,000

6.500%, 

4/15/2029

h

111,300

437,000

5.500%, 

1/15/2030

h

446,736

Kimberly-Clark

Corporation

300,000

3.900%, 

5/4/2047

311,856

Kraft

Foods

Group,

Inc.

178,000

5.000%, 

6/4/2042

190,122

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Kraft

Heinz

Foods

Company

$

300,000

3.875%, 

5/15/2027

$

304,948

355,000

3.750%, 

4/1/2030

353,477

360,000

4.375%, 

6/1/2046

355,550

Mattel,

Inc.

195,000

3.375%, 

4/1/2026

h

190,922

282,000

5.450%, 

11/1/2041

300,189

Medtronic,

Inc.

338,000

4.375%, 

3/15/2035

375,459

Molina

Healthcare,

Inc.

210,000

4.375%, 

6/15/2028

h

207,820

Mozart

Debt

Merger

Sub,

Inc.

223,000

3.875%, 

4/1/2029

h

206,275

220,000

5.250%, 

10/1/2029

h

204,527

Newell

Brands,

Inc.

360,000

4.700%, 

4/1/2026

i

362,250

Ortho-Clinical

Diagnostics,

Inc.

120,000

7.250%, 

2/1/2028

h

123,600

Owens

&

Minor,

Inc.

120,000

6.625%, 

4/1/2030

h

123,481

Par

Pharmaceutical,

Inc.

180,000

7.500%, 

4/1/2027

h

167,967

Pilgrim's

Pride

Corporation

152,000

3.500%, 

3/1/2032

h

132,694

Post

Holdings,

Inc.

65,000

5.500%, 

12/15/2029

h

62,542

140,000

4.500%, 

9/15/2031

h

124,039

Reynolds

American,

Inc.

512,000

5.700%, 

8/15/2035

540,202

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

h

351,935

Royalty

Pharma

plc

250,000

3.550%, 

9/2/2050

207,670

Scotts

Miracle-Gro

Company

210,000

4.500%, 

10/15/2029

196,875

SEG

Holding,

LLC

250,000

5.625%, 

10/15/2028

h

250,000

Simmons

Foods,

Inc.

287,000

4.625%, 

3/1/2029

h

269,062

Spectrum

Brands,

Inc.

100,000

5.000%, 

10/1/2029

h

94,072

120,000

5.500%, 

7/15/2030

h

115,200

Syneos

Health,

Inc.

180,000

3.625%, 

1/15/2029

h

166,275

Sysco

Corporation

375,000

6.600%, 

4/1/2040

490,414

Teleflex,

Inc.

155,000

4.250%, 

6/1/2028

h

150,931

Tenet

Healthcare

Corporation

86,000

4.625%, 

7/15/2024

86,370

440,000

5.125%, 

11/1/2027

h

442,070

110,000

6.125%, 

10/1/2028

h

111,787

Teva

Pharmaceutical

Finance

Netherlands

III

BV

125,000

3.150%, 

10/1/2026

113,174

Thermo

Fisher

Scientific,

Inc.

285,000

2.000%, 

10/15/2031

255,845

TreeHouse

Foods,

Inc.

88,000

4.000%, 

9/1/2028

74,512

United

Natural

Foods,

Inc.

119,000

6.750%, 

10/15/2028

h

121,975

UnitedHealth

Group,

Inc.

460,000

4.625%, 

7/15/2035

514,072

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Valeant

Pharmaceuticals

International,

Inc.

$

114,000

8.500%, 

1/31/2027

f,h

$

113,689

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

522,191

Total

27,392,842

Energy

(0.3%)

Antero

Resources

Corporation

190,000

5.375%, 

3/1/2030

h

194,037

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

190,000

6.250%, 

4/1/2028

h

187,262

BP

Capital

Markets

America,

Inc.

627,000

2.939%, 

6/4/2051

535,171

250,000

3.543%, 

4/6/2027

253,074

Buckeye

Partners,

LP

155,000

3.950%, 

12/1/2026

151,472

Callon

Petroleum

Company

138,000

8.250%, 

7/15/2025

139,380

Canadian

Natural

Resources,

Ltd.

195,000

2.050%, 

7/15/2025

186,978

265,000

2.950%, 

7/15/2030

251,977

Cenovus

Energy,

Inc.

100,000

5.375%, 

7/15/2025

105,448

Cheniere

Energy

Partners,

LP

84,000

3.250%, 

1/31/2032

h

76,380

Cheniere

Energy,

Inc.

169,000

4.625%, 

10/15/2028

169,566

Chesapeake

Energy

Corporation

145,000

6.750%, 

4/15/2029

h

153,575

CNX

Resources

Corporation

140,000

6.000%, 

1/15/2029

h

141,400

Comstock

Resources,

Inc.

135,000

5.875%, 

1/15/2030

h

133,015

ConocoPhillips

590,000

6.500%, 

2/1/2039

788,912

Continental

Resources,

Inc.

187,000

2.268%, 

11/15/2026

h

174,608

418,000

5.750%, 

1/15/2031

h

457,208

CQP

Holdco,

LP

133,000

5.500%, 

6/15/2031

h

130,659

Devon

Energy

Corporation

634,000

4.500%, 

1/15/2030

654,247

DT

Midstream,

Inc.

160,000

4.125%, 

6/15/2029

h

153,409

70,000

4.375%, 

6/15/2031

h

67,025

Enbridge,

Inc.

317,000

2.500%, 

2/14/2025

309,870

Endeavor

Energy

Resources,

LP

130,000

5.750%, 

1/30/2028

h

134,387

Energy

Transfer,

LP

475,000

4.000%, 

10/1/2027

478,055

265,000

4.900%, 

3/15/2035

267,845

250,000

5.150%, 

2/1/2043

245,588

400,000

6.000%, 

6/15/2048

443,399

EnLink

Midstream

Partners,

LP

190,000

4.850%, 

7/15/2026

190,000

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

255,949

EQT

Corporation

70,000

3.125%, 

5/15/2026

h

67,989

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Energy

(0.3%)

-

continued

$

154,000

3.900%, 

10/1/2027

$

153,554

Equinor

ASA

315,000

3.000%, 

4/6/2027

313,550

Exxon

Mobil

Corporation

525,000

3.452%, 

4/15/2051

508,932

Ferrellgas,

LP

120,000

5.375%, 

4/1/2026

h

113,311

Genesis

Energy,

LP

120,000

6.500%, 

10/1/2025

118,356

70,000

8.000%, 

1/15/2027

72,009

Halliburton

Company

300,000

4.850%, 

11/15/2035

322,322

225,000

5.000%, 

11/15/2045

243,963

Harvest

Midstream,

LP

277,000

7.500%, 

9/1/2028

h

282,922

Hess

Corporation

339,000

5.800%, 

4/1/2047

403,333

Hess

Midstream

Operations,

LP

190,000

5.625%, 

2/15/2026

h

194,931

Hilcorp

Energy

I,

LP

230,000

5.750%, 

2/1/2029

h

230,138

ITT

Holdings,

LLC

150,000

6.500%, 

8/1/2029

h

138,558

Laredo

Petroleum,

Inc.

265,000

7.750%, 

7/31/2029

h

266,667

Magellan

Midstream

Partners,

LP

315,000

5.000%, 

3/1/2026

331,812

Marathon

Petroleum

Corporation

230,000

6.500%, 

3/1/2041

283,394

MPLX,

LP

612,000

4.875%, 

6/1/2025

634,033

Murphy

Oil

Corporation

110,000

5.875%, 

12/1/2027

111,925

Nabors

Industries,

Ltd.

205,000

7.250%, 

1/15/2026

h

205,000

National

Fuel

Gas

Company

525,000

5.500%, 

1/15/2026

555,873

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

110,000

7.500%, 

2/1/2026

h

108,206

NGL

Energy

Partners,

LP

62,000

7.500%, 

11/1/2023

59,365

NuStar

Logistics,

LP

180,000

5.750%, 

10/1/2025

183,375

Oasis

Petroleum,

Inc.

135,000

6.375%, 

6/1/2026

h

138,375

Occidental

Petroleum

Corporation

75,000

8.500%, 

7/15/2027

88,779

160,000

6.450%, 

9/15/2036

187,950

Ovintiv

Exploration,

Inc.

440,000

5.625%, 

7/1/2024

462,599

280,000

5.375%, 

1/1/2026

296,788

PBF

Holding

Company,

LLC

110,000

9.250%, 

5/15/2025

h

113,324

Precision

Drilling

Corporation

135,000

6.875%, 

1/15/2029

h

137,025

Range

Resources

Corporation

207,000

4.750%, 

2/15/2030

f,h

205,588

Sabine

Pass

Liquefaction,

LLC

575,000

4.500%, 

5/15/2030

601,316

Schlumberger

Holdings

Corporation

280,000

4.000%, 

12/21/2025

h

284,558

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Energy

(0.3%)

-

continued

SM

Energy

Company

$

119,000

6.625%, 

1/15/2027

f

$

121,994

105,000

6.500%, 

7/15/2028

108,353

Southwestern

Energy

Company

140,000

5.375%, 

2/1/2029

141,750

100,000

5.375%, 

3/15/2030

101,621

83,000

4.750%, 

2/1/2032

82,896

Summit

Midstream

Holdings,

LLC

145,000

8.500%, 

10/15/2026

h

138,262

Sunoco,

LP

285,000

5.875%, 

3/15/2028

287,850

Tallgrass

Energy

Finance

Corporation

250,000

5.500%, 

1/15/2028

h

241,875

Targa

Resources

Corporation

394,000

4.200%, 

2/1/2033

e

397,595

Teine

Energy,

Ltd.

150,000

6.875%, 

4/15/2029

h

152,250

Transocean

Proteus,

Ltd.

75,000

6.250%, 

12/1/2024

h

74,438

Transocean,

Inc.

140,000

11.500%, 

1/30/2027

h

144,550

USA

Compression

Partners,

LP

161,000

6.875%, 

4/1/2026

162,449

Venture

Global

Calcasieu

Pass,

LLC

155,000

3.875%, 

8/15/2029

h

150,680

95,000

4.125%, 

8/15/2031

h

93,209

W&T

Offshore,

Inc.

88,000

9.750%, 

11/1/2023

h

87,560

Weatherford

International,

Ltd.

172,000

8.625%, 

4/30/2030

h

174,640

Western

Midstream

Operating,

LP

240,000

3.950%, 

6/1/2025

241,462

130,000

5.500%, 

8/15/2048

128,375

Williams

Companies,

Inc.

500,000

7.500%, 

1/15/2031

621,298

Total

19,502,823

Financials

(0.8%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

540,000

3.500%, 

1/15/2025

530,531

575,000

3.875%, 

1/23/2028

560,429

250,000

3.400%, 

10/29/2033

224,073

Air

Lease

Corporation

690,000

3.000%, 

2/1/2030

635,526

170,000

2.875%, 

1/15/2032

152,207

Aircastle,

Ltd.

300,000

5.250%, 

8/11/2025

h

305,618

380,000

2.850%, 

1/26/2028

h

341,356

Alliant

Holdings

Intermediate,

LLC

81,000

6.750%, 

10/15/2027

h

80,023

Ally

Financial,

Inc.

455,000

5.750%, 

11/20/2025

478,479

460,000

8.000%, 

11/1/2031

576,991

Altice

Financing

SA

95,000

5.750%, 

8/15/2029

h

86,363

American

Express

Company

400,000

2.250%, 

3/4/2025

392,802

American

Finance

Trust,

Inc.

128,000

4.500%, 

9/30/2028

h

115,215

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Financials

(0.8%)

-

continued

American

Homes

4

Rent,

LP

$

480,000

2.375%, 

7/15/2031

$

423,741

American

International

Group,

Inc.

220,000

3.750%, 

7/10/2025

223,547

825,000

3.900%, 

4/1/2026

845,768

AmWINS

Group,

Inc.

140,000

4.875%, 

6/30/2029

h

134,403

Ares

Capital

Corporation

341,000

3.250%, 

7/15/2025

330,793

425,000

3.875%, 

1/15/2026

416,915

250,000

2.150%, 

7/15/2026

225,934

Associated

Banc-Corporation

275,000

4.250%, 

1/15/2025

280,332

Australia

and

New

Zealand

Banking

Group,

Ltd.

450,000

2.950%, 

7/22/2030

b,h

433,275

Aviation

Capital

Group,

LLC

480,000

5.500%, 

12/15/2024

h

494,037

Avolon

Holdings

Funding,

Ltd.

350,000

5.250%, 

5/15/2024

h

357,319

125,000

4.250%, 

4/15/2026

h

123,269

Banco

Santander

Mexico

SA

400,000

5.375%, 

4/17/2025

h

417,414

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

b

402,029

Bank

of

America

Corporation

10,000

3.550%, 

3/5/2024

b

10,057

300,000

4.200%, 

8/26/2024

307,291

295,000

4.000%, 

1/22/2025

300,401

275,000

1.734%, 

7/22/2027

b

255,388

500,000

3.824%, 

1/20/2028

b

505,768

230,000

2.087%, 

6/14/2029

b

210,092

600,000

2.496%, 

2/13/2031

b

551,502

400,000

2.592%, 

4/29/2031

b

369,027

650,000

1.922%, 

10/24/2031

b

564,641

338,000

2.972%, 

2/4/2033

b

316,704

450,000

3.846%, 

3/8/2037

b

430,930

600,000

4.244%, 

4/24/2038

b

625,122

Bank

of

Montreal

341,000

1.500%, 

1/10/2025

326,680

Barclays

plc

475,000

4.972%, 

5/16/2029

b

496,894

265,000

3.564%, 

9/23/2035

b

244,074

Blackstone

Private

Credit

Fund

341,000

2.700%, 

1/15/2025

h

325,647

BNP

Paribas

SA

564,000

3.132%, 

1/20/2033

b,h

521,969

BPCE

SA

440,000

3.500%, 

10/23/2027

h

430,209

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

273,731

Camden

Property

Trust

450,000

3.150%, 

7/1/2029

445,003

CANPACK

SA

220,000

3.125%, 

11/1/2025

h

201,850

Capital

One

Financial

Corporation

500,000

4.200%, 

10/29/2025

511,429

300,000

2.636%, 

3/3/2026

b

293,550

Cascades

USA,

Inc.

165,000

5.125%, 

1/15/2026

h

164,485

Charles

Schwab

Corporation

525,000

2.450%, 

3/3/2027

509,656

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Financials

(0.8%)

-

continued

Chobani,

LLC

$

98,000

7.500%, 

4/15/2025

h

$

94,746

174,000

4.625%, 

11/15/2028

h

160,515

Chubb

INA

Holdings,

Inc.

260,000

4.350%, 

11/3/2045

282,484

Citigroup,

Inc.

380,000

0.981%, 

5/1/2025

b

362,245

535,000

4.400%, 

6/10/2025

550,353

279,000

1.281%, 

11/3/2025

b

265,499

348,000

3.200%, 

10/21/2026

345,256

520,000

3.668%, 

7/24/2028

b

520,115

236,000

4.125%, 

7/25/2028

239,571

175,000

3.520%, 

10/27/2028

b

173,355

348,000

4.650%, 

7/23/2048

392,987

Coinbase

Global,

Inc.

81,000

3.625%, 

10/1/2031

h

69,052

Commerzbank

AG

400,000

8.125%, 

9/19/2023

h

422,499

Corebridge

Financial,

Inc.

169,000

4.350%, 

4/5/2042

h

168,954

451,000

4.400%, 

4/5/2052

h

450,923

Credit

Acceptance

Corporation

250,000

5.125%, 

12/31/2024

h

250,897

Credit

Agricole

SA

300,000

6.875%, 

9/23/2024

b,h,k

311,250

Credit

Suisse

Group

AG

350,000

7.250%, 

9/12/2025

b,h,k

353,937

550,000

2.193%, 

6/5/2026

b,h

516,495

Danske

Bank

AS

325,000

3.773%, 

3/28/2025

b,e,h

325,746

200,000

0.976%, 

9/10/2025

b,h

187,427

Deutsche

Bank

AG

290,000

2.311%, 

11/16/2027

b

265,761

500,000

3.729%, 

1/14/2032

b

445,974

Discover

Bank

475,000

4.682%, 

8/9/2028

b

481,675

Drawbridge

Special

Opportunities

Fund,

LP

250,000

3.875%, 

2/15/2026

h

241,966

Duke

Realty,

LP

450,000

2.875%, 

11/15/2029

431,374

EPR

Properties

190,000

4.950%, 

4/15/2028

190,080

285,000

3.600%, 

11/15/2031

258,381

ERP

Operating,

LP

90,000

3.375%, 

6/1/2025

90,168

First

Horizon

Bank

115,000

5.750%, 

5/1/2030

130,015

First

Horizon

National

Corporation

460,000

4.000%, 

5/26/2025

466,061

First-Citizens

Bank

&

Trust

Company

360,000

6.125%, 

3/9/2028

398,245

Fortress

Transportation

and

Infrastructure

Investors,

LLC

120,000

6.500%, 

10/1/2025

h

119,100

60,000

9.750%, 

8/1/2027

h

62,686

100,000

5.500%, 

5/1/2028

h

90,915

FS

KKR

Capital

Corporation

317,000

1.650%, 

10/12/2024

298,774

130,000

4.250%, 

2/14/2025

h

127,890

450,000

3.400%, 

1/15/2026

435,681

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Financials

(0.8%)

-

continued

GE

Capital

International

Funding

Company

$

720,000

4.418%, 

11/15/2035

$

773,128

Genworth

Mortgage

Holdings,

Inc.

91,000

6.500%, 

8/15/2025

h

93,880

Global

Net

Lease,

Inc.

230,000

3.750%, 

12/15/2027

h

211,595

Goldman

Sachs

Group,

Inc.

100,000

3.625%, 

2/20/2024

101,273

318,000

1.948%, 

10/21/2027

b

295,533

120,000

1.992%, 

1/27/2032

b

103,954

790,000

3.102%, 

2/24/2033

b

744,644

440,000

4.750%, 

10/21/2045

491,593

HCP,

Inc.

87,000

3.400%, 

2/1/2025

87,335

HSBC

Holdings

plc

475,000

1.162%, 

11/22/2024

b

458,641

750,000

3.803%, 

3/11/2025

b

753,530

400,000

2.999%, 

3/10/2026

b

392,183

425,000

3.900%, 

5/25/2026

429,066

HUB

International,

Ltd.

65,000

7.000%, 

5/1/2026

h

65,751

137,000

5.625%, 

12/1/2029

h

130,835

Icahn

Enterprises,

LP

144,000

4.750%, 

9/15/2024

144,655

205,000

6.375%, 

12/15/2025

206,538

215,000

5.250%, 

5/15/2027

211,006

Invitation

Homes

Operating

Partnership,

LP

282,000

2.000%, 

8/15/2031

240,819

iStar,

Inc.

205,000

4.250%, 

8/1/2025

201,669

J.P.

Morgan

Chase

&

Company

265,000

3.125%, 

1/23/2025

266,368

160,000

0.824%, 

6/1/2025

b

152,571

340,000

1.561%, 

12/10/2025

b

325,445

375,000

1.040%, 

2/4/2027

b

343,619

384,000

1.578%, 

4/22/2027

b

357,649

450,000

2.947%, 

2/24/2028

b

439,144

675,000

4.203%, 

7/23/2029

b

698,063

400,000

2.522%, 

4/22/2031

b

370,808

500,000

1.953%, 

2/4/2032

b

438,001

770,000

3.882%, 

7/24/2038

b

776,613

Jefferies

Finance,

LLC

180,000

5.000%, 

8/15/2028

h

172,346

Kimco

Realty

Corporation

360,000

3.300%, 

2/1/2025

358,314

Lloyds

Banking

Group

plc

575,000

3.870%, 

7/9/2025

b

581,055

LPL

Holdings,

Inc.

180,000

4.000%, 

3/15/2029

h

170,816

Macquarie

Group,

Ltd.

332,000

1.201%, 

10/14/2025

b,h

313,786

Massachusetts

Mutual

Life

Insurance

Company

475,000

3.200%, 

12/1/2061

h

387,802

MGM

Growth

Properties

Operating

Partnership,

LP

550,000

4.625%, 

6/15/2025

h

554,125

267,000

5.750%, 

2/1/2027

282,019

Mitsubishi

UFJ

Financial

Group,

Inc.

385,000

0.962%, 

10/11/2025

b

362,882

400,000

3.287%, 

7/25/2027

396,352

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Financials

(0.8%)

-

continued

$

350,000

2.048%, 

7/17/2030

$

309,864

Morgan

Stanley

300,000

2.630%, 

2/18/2026

b

294,282

250,000

2.188%, 

4/28/2026

b

241,492

540,000

4.350%, 

9/8/2026

556,187

720,000

3.591%, 

7/22/2028

b

722,002

620,000

3.622%, 

4/1/2031

b

616,775

360,000

2.802%, 

1/25/2052

b

299,508

MPT

Operating

Partnership,

LP

156,000

4.625%, 

8/1/2029

154,440

Nasdaq,

Inc.

335,000

3.250%, 

4/28/2050

289,162

Nationstar

Mortgage

Holdings,

Inc.

121,000

6.000%, 

1/15/2027

h

123,130

NatWest

Group

plc

250,000

4.445%, 

5/8/2030

b

256,436

445,000

3.032%, 

11/28/2035

b

394,797

Navient

Corporation

145,000

5.500%, 

1/25/2023

146,813

70,000

5.000%, 

3/15/2027

66,675

Omega

Healthcare

Investors,

Inc.

416,000

3.625%, 

10/1/2029

393,060

375,000

3.375%, 

2/1/2031

343,533

OneMain

Finance

Corporation

220,000

6.875%, 

3/15/2025

231,334

105,000

3.500%, 

1/15/2027

97,125

180,000

6.625%, 

1/15/2028

188,550

Owl

Rock

Capital

Corporation

115,000

4.250%, 

1/15/2026

112,071

250,000

3.400%, 

7/15/2026

234,736

OWL

Rock

Core

Income

Corporation

282,000

4.700%, 

2/8/2027

h

271,222

Owl

Rock

Technology

Finance

Corporation

115,000

4.750%, 

12/15/2025

h

113,507

Park

Aerospace

Holdings,

Ltd.

250,000

4.500%, 

3/15/2023

h

251,777

Park

Intermediate

Holdings,

LLC

75,000

4.875%, 

5/15/2029

h

70,309

PennyMac

Financial

Services,

Inc.

150,000

4.250%, 

2/15/2029

h

128,700

Playtika

Holding

Corporation

151,000

4.250%, 

3/15/2029

h

139,298

PRA

Group,

Inc.

89,000

7.375%, 

9/1/2025

h

92,748

Principal

Life

Global

Funding

II

375,000

1.250%, 

8/16/2026

h

342,935

Prudential

Financial,

Inc.

428,000

5.125%, 

3/1/2052

b

432,665

175,000

3.700%, 

3/13/2051

170,954

Radian

Group,

Inc.

145,000

4.875%, 

3/15/2027

145,725

Realty

Income

Corporation

300,000

4.125%, 

10/15/2026

309,320

325,000

2.850%, 

12/15/2032

307,049

Regency

Centers,

LP

470,000

4.125%, 

3/15/2028

485,562

Rocket

Mortgage

Co-Issuer,

Inc.

190,000

3.625%, 

3/1/2029

h

173,632

Santander

UK

Group

Holdings

plc

460,000

1.673%, 

6/14/2027

b

418,519

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Financials

(0.8%)

-

continued

Service

Properties

Trust

$

69,000

4.650%, 

3/15/2024

$

66,415

110,000

4.750%, 

10/1/2026

100,650

28,000

4.950%, 

2/15/2027

25,875

150,000

5.500%, 

12/15/2027

144,675

Simon

Property

Group,

LP

600,000

3.800%, 

7/15/2050

591,683

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

h

357,003

Spirit

Realty,

LP

400,000

2.100%, 

3/15/2028

362,146

Standard

Chartered

plc

409,000

1.822%, 

11/23/2025

b,h

388,562

Sumitomo

Mitsui

Financial

Group,

Inc.

336,000

3.010%, 

10/19/2026

329,226

275,000

1.710%, 

1/12/2031

235,192

Sumitomo

Mitsui

Trust

Bank,

Ltd.

480,000

0.800%, 

9/16/2024

h

453,035

Synchrony

Financial

45,000

4.250%, 

8/15/2024

45,628

350,000

3.950%, 

12/1/2027

346,629

UBS

Group

Funding

Jersey,

Ltd.

136,000

4.125%, 

9/24/2025

h

138,539

UDR,

Inc.

400,000

2.100%, 

8/1/2032

344,734

United

Wholesale

Mortgage,

LLC

160,000

5.500%, 

4/15/2029

h

142,563

VICI

Properties,

LP

110,000

4.250%, 

12/1/2026

h

109,538

60,000

3.750%, 

2/15/2027

h

58,350

75,000

4.625%, 

12/1/2029

h

74,813

Wells

Fargo

&

Company

350,000

3.000%, 

2/19/2025

349,331

250,000

3.000%, 

4/22/2026

247,571

350,000

3.000%, 

10/23/2026

345,131

338,000

3.526%, 

3/24/2028

b

337,321

550,000

2.393%, 

6/2/2028

b

520,080

310,000

4.900%, 

11/17/2045

342,133

Welltower,

Inc.

345,000

2.050%, 

1/15/2029

313,950

Total

60,341,614

Mortgage-Backed

Securities

(2.4%)

Federal

National

Mortgage

Association

11,616,051

2.500%, 

12/1/2051

11,100,039

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

750,000

1.500%, 

4/1/2037

e

711,064

7,600,000

2.000%, 

4/1/2037

e

7,381,203

6,450,000

1.500%, 

5/1/2037

e

6,103,187

3,425,000

2.000%, 

5/1/2037

e

3,318,972

9,775,000

2.500%, 

5/1/2037

e

9,633,423

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

11,963,172

2.000%, 

3/1/2051

11,137,593

12,450,000

2.000%, 

4/1/2052

e

11,556,615

4,300,000

2.500%, 

4/1/2052

e

4,102,469

27,125,000

2.000%, 

5/1/2052

e

25,128,945

31,200,000

2.500%, 

5/1/2052

e

29,705,046

40,300,000

3.000%, 

5/1/2049

e

39,326,244

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Mortgage-Backed

Securities

(2.4%)

-

continued

$

15,600,000

3.500%, 

5/1/2049

e

$

15,573,009

Total

174,777,809

Technology

(0.2%)

Analog

Devices,

Inc.

525,000

2.950%, 

10/1/2051

474,932

Apple,

Inc.

735,000

3.750%, 

9/12/2047

764,187

Black

Knight

InfoServ,

LLC

192,000

3.625%, 

9/1/2028

h

181,958

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

185,000

3.875%, 

1/15/2027

186,237

Broadcom,

Inc.

250,000

5.000%, 

4/15/2030

265,748

206,000

3.469%, 

4/15/2034

h

190,783

452,000

3.137%, 

11/15/2035

h

398,254

500,000

3.187%, 

11/15/2036

h

434,044

CommScope

Technologies

Finance,

LLC

137,000

6.000%, 

6/15/2025

h

129,754

CommScope,

Inc.

120,000

7.125%, 

7/1/2028

f,h

108,405

Dell

International,

LLC

894,000

6.020%, 

6/15/2026

968,406

57,000

8.350%, 

7/15/2046

83,299

Fiserv,

Inc.

475,000

2.250%, 

6/1/2027

448,608

480,000

2.650%, 

6/1/2030

443,012

Gartner,

Inc.

140,000

3.625%, 

6/15/2029

h

131,250

235,000

3.750%, 

10/1/2030

h

220,606

Iron

Mountain,

Inc.

250,000

4.875%, 

9/15/2029

h

237,967

190,000

5.250%, 

7/15/2030

h

186,200

182,000

4.500%, 

2/15/2031

h

168,079

Lam

Research

Corporation

600,000

2.875%, 

6/15/2050

530,731

Microchip

Technology,

Inc.

230,000

0.983%, 

9/1/2024

h

217,757

Micron

Technology,

Inc.

460,000

4.663%, 

2/15/2030

480,760

Microsoft

Corporation

145,000

3.041%, 

3/17/2062

135,408

335,000

3.700%, 

8/8/2046

356,570

Minerva

Merger

Sub,

Inc.

169,000

6.500%, 

2/15/2030

h

163,951

MSCI,

Inc.

200,000

4.000%, 

11/15/2029

h

194,237

NCR

Corporation

340,000

6.125%, 

9/1/2029

h

340,850

Nielsen

Finance,

LLC

20,000

4.500%, 

7/15/2029

h

19,950

NXP

BV/NXP

Funding,

LLC

150,000

5.550%, 

12/1/2028

h

164,418

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

106,000

4.300%, 

6/18/2029

h

109,424

250,000

3.250%, 

5/11/2041

h

220,456

Open

Text

Corporation

220,000

4.125%, 

2/15/2030

h

208,603

Oracle

Corporation

600,000

3.850%, 

7/15/2036

552,273

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Technology

(0.2%)

-

continued

$

625,000

3.600%, 

4/1/2040

$

542,179

425,000

4.000%, 

7/15/2046

377,121

PTC,

Inc.

130,000

3.625%, 

2/15/2025

h

128,538

80,000

4.000%, 

2/15/2028

h

77,942

Qorvo,

Inc.

440,000

3.375%, 

4/1/2031

h

400,114

Rackspace

Technology

Global,

Inc.

180,000

5.375%, 

12/1/2028

h

156,177

Seagate

HDD

Cayman

267,000

3.125%, 

7/15/2029

239,633

220,000

3.375%, 

7/15/2031

195,605

Sensata

Technologies,

Inc.

260,000

3.750%, 

2/15/2031

h

240,500

Shift4

Payments,

LLC

60,000

4.625%, 

11/1/2026

h

58,350

SS&C

Technologies,

Inc.

380,000

5.500%, 

9/30/2027

h

382,856

Switch,

Ltd.

180,000

3.750%, 

9/15/2028

h

174,554

Texas

Instruments,

Inc.

355,000

4.150%, 

5/15/2048

394,229

Viavi

Solutions,

Inc.

128,000

3.750%, 

10/1/2029

h

120,118

VMware,

Inc.

325,000

4.650%, 

5/15/2027

340,537

Total

13,545,570

Transportation

(0.1%)

Air

Canada

50,000

3.875%, 

8/15/2026

h

47,188

Air

Canada

Pass

Through

Trust

73,783

3.875%, 

3/15/2023

h

72,950

American

Airlines,

Inc.

229,000

11.750%, 

7/15/2025

h

267,355

397,000

5.500%, 

4/20/2026

h

399,977

Avis

Budget

Car

Rental,

LLC

150,000

5.375%, 

3/1/2029

f,h

147,783

Burlington

Northern

Santa

Fe,

LLC

355,000

5.750%, 

5/1/2040

442,385

285,000

4.450%, 

3/15/2043

311,672

Canadian

Pacific

Railway

Company

373,000

3.100%, 

12/2/2051

329,785

249,000

3.000%, 

12/2/2041

223,990

CSX

Corporation

360,000

3.800%, 

4/15/2050

365,474

Delta

Air

Lines,

Inc.

72,000

7.000%, 

5/1/2025

h

77,120

30,000

7.375%, 

1/15/2026

32,580

456,000

4.750%, 

10/20/2028

h

459,491

Hawaiian

Brand

Intellectual

Property,

Ltd.

34,000

5.750%, 

1/20/2026

h

34,019

Hertz

Corporation

137,000

4.625%, 

12/1/2026

h

127,934

165,000

5.000%, 

12/1/2029

h

149,325

Mileage

Plus

Holdings,

LLC

564,000

6.500%, 

6/20/2027

h

587,970

NCL

Corporation,

Ltd.

220,000

3.625%, 

12/15/2024

h

207,350

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Transportation

(0.1%)

-

continued

Ryder

System,

Inc.

$

226,000

2.850%, 

3/1/2027

$

219,146

Southwest

Airlines

Company

512,000

2.625%, 

2/10/2030

466,987

United

Airlines

Pass

Through

Trust

10,000

3.700%, 

12/1/2022

10,065

United

Airlines,

Inc.

180,000

4.375%, 

4/15/2026

h

177,062

112,000

4.625%, 

4/15/2029

h

106,506

VistaJet

Malta

Finance

plc

148,000

6.375%, 

2/1/2030

h

139,248

Total

5,403,362

U.S.

Government

&

Agencies

(3.2%)

U.S.

Treasury

Bonds

880,000

1.625%, 

11/15/2050

721,119

20,205,000

2.250%, 

11/15/2027

19,972,169

18,050,000

2.875%, 

5/15/2028

18,470,932

5,830,000

5.250%, 

11/15/2028

6,830,437

7,700,000

1.625%, 

8/15/2029

7,302,066

900,000

1.500%, 

2/15/2030

843,750

500,000

0.875%, 

11/15/2030

442,754

160,000

1.375%, 

11/15/2031

146,800

2,050,000

4.375%, 

5/15/2040

2,608,305

7,430,000

1.375%, 

11/15/2040

6,074,315

11,465,000

3.000%, 

5/15/2042

12,142,599

25,124,000

2.500%, 

5/15/2046

24,616,613

16,725,000

2.875%, 

5/15/2049

17,985,908

U.S.

Treasury

Notes

8,110,000

2.000%, 

11/30/2022

8,145,481

3,600,000

0.125%, 

4/30/2023

3,536,438

7,320,000

0.125%, 

8/31/2023

7,121,559

350,000

0.125%, 

10/15/2023

339,213

1,460,000

2.125%, 

7/31/2024

1,449,620

95,000

2.250%, 

11/15/2024

94,410

13,150,000

2.125%, 

11/30/2024

13,021,582

43,700,000

2.875%, 

5/31/2025

44,147,243

12,650,000

2.625%, 

1/31/2026

12,697,932

2,500,000

0.500%, 

2/28/2026

2,311,328

25,060,000

2.500%, 

2/28/2026

25,024,759

300,000

0.750%, 

1/31/2028

272,133

Total

236,319,465

Utilities

(0.2%)

AES

Corporation

450,000

3.950%, 

7/15/2030

h

445,795

Ameren

Illinois

Company

450,000

4.500%, 

3/15/2049

497,610

American

Electric

Power

Company,

Inc.

311,000

3.875%, 

2/15/2062

b

287,315

185,000

2.031%, 

3/15/2024

181,796

Appalachian

Power

Company

238,000

3.300%, 

6/1/2027

239,281

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

397,550

Calpine

Corporation

265,000

4.500%, 

2/15/2028

h

258,502

CenterPoint

Energy

Resources

Corporation

350,000

1.750%, 

10/1/2030

306,829

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Utilities

(0.2%)

-

continued

CenterPoint

Energy,

Inc.

$

126,000

4.250%, 

11/1/2028

$

129,553

CMS

Energy

Corporation

236,000

2.950%, 

2/15/2027

228,710

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

349,092

Consolidated

Edison

Company

of

New

York,

Inc.

450,000

4.125%, 

5/15/2049

454,145

Consolidated

Edison,

Inc.

168,000

4.500%, 

12/1/2045

176,256

Consumers

Energy

Company

550,000

4.350%, 

4/15/2049

597,294

Dominion

Energy

South

Carolina,

Inc.

250,000

5.100%, 

6/1/2065

294,863

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

259,817

360,000

3.700%, 

6/1/2046

357,764

Duke

Energy

Carolinas,

LLC

340,000

3.700%, 

12/1/2047

331,661

Duke

Energy

Corporation

448,000

3.750%, 

9/1/2046

422,870

Duke

Energy

Florida,

LLC

320,000

3.200%, 

1/15/2027

320,371

Duke

Energy

Indiana,

LLC

450,000

3.750%, 

5/15/2046

441,344

Edison

International

675,000

5.750%, 

6/15/2027

723,289

Exelon

Corporation

275,000

4.700%, 

4/15/2050

302,437

336,000

4.450%, 

4/15/2046

351,293

FirstEnergy

Corporation

150,000

3.350%, 

7/15/2022

149,813

ITC

Holdings

Corporation

224,000

5.300%, 

7/1/2043

255,892

Jersey

Central

Power

&

Light

Company

200,000

2.750%, 

3/1/2032

h

186,238

Mississippi

Power

Company

340,000

3.950%, 

3/30/2028

345,402

National

Rural

Utilities

Cooperative

Finance

Corporation

325,000

3.700%, 

3/15/2029

332,427

NextEra

Energy

Operating

Partners,

LP

250,000

3.875%, 

10/15/2026

h

247,188

NiSource

Finance

Corporation

415,000

5.650%, 

2/1/2045

470,361

NRG

Energy,

Inc.

260,000

3.375%, 

2/15/2029

h

231,117

80,000

5.250%, 

6/15/2029

h

78,178

Pacific

Gas

and

Electric

Company

319,000

4.950%, 

7/1/2050

300,466

350,000

3.300%, 

12/1/2027

330,173

312,000

4.550%, 

7/1/2030

309,568

PG&E

Corporation

160,000

5.000%, 

7/1/2028

154,656

PPL

Electric

Utilities

Corporation

204,000

3.950%, 

6/1/2047

208,307

San

Diego

Gas

&

Electric

Company

500,000

4.150%, 

5/15/2048

524,998

Principal

Amount

Long-Term

Fixed

Income

(9.7%)

Value

Utilities

(0.2%)

-

continued

Southern

California

Edison

Company

$

485,000

4.000%, 

4/1/2047

$

466,003

Southern

Company

225,000

3.250%, 

7/1/2026

225,021

Southern

Company

Gas

Capital

Corporation

140,000

4.400%, 

5/30/2047

140,827

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

170,155

Suburban

Propane

Partners,

LP

310,000

5.875%, 

3/1/2027

314,263

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

h

234,001

Virginia

Electric

and

Power

Company

425,000

4.600%, 

12/1/2048

478,004

Vistra

Operations

Company,

LLC

230,000

5.000%, 

7/31/2027

h

226,276

Total

14,734,771

Total

Long-Term

Fixed

Income

(cost

$730,937,998)

719,337,861

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

20,075,526

Thrivent

Cash

Management

Trust

20,075,526

Total

Collateral

Held

for

Securities

Loaned

(cost

$20,075,526)

20,075,526

Shares

or

Principal

Amount

Short-Term

Investments

(

13.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,900,000

0.190%,

4/27/2022

l,m

1,899,767

1,400,000

0.217%,

5/4/2022

l,m

1,399,462

100,000

0.220%,

5/17/2022

l,m

99,947

800,000

0.271%,

5/18/2022

l,m

799,562

100,000

0.315%,

5/24/2022

l,m

99,938

32,700,000

0.380%,

6/3/2022

l,m

32,664,649

8,500,000

0.300%,

6/8/2022

l,m

8,490,082

3,400,000

0.592%,

7/19/2022

l,m

3,392,215

Thrivent

Core

Short-Term

Reserve

Fund

91,333,011

0.660%

913,330,105

U.S.

Treasury

Bills

3,000,000

0.125%,

4/14/2022

l,n

2,999,847

2,000,000

0.295%,

5/5/2022

l,n

1,999,722

8,000,000

0.360%,

5/19/2022

l,o

7,997,342

Total

Short-Term

Investments

(cost

$975,123,025)

975,172,638

Total

Investments

(cost

$6,050,740,184)

102.5%

$7,567,085,733

Other

Assets

and

Liabilities,

Net

(2.5%)

(183,067,225)

Total

Net

Assets

100.0%

$7,384,018,508

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Non-income

producing

security.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$147,155,548

or

2.0%

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,

2022.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

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

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

At

March

31,

2022,

$3,502,658

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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.

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,024,572

Common

Stock

16,118,276

Total

lending

$19,142,848

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$20,075,526

Net

amounts

due

to

counterparty

$932,678

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Moderately

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

3,097,182

–

2,165,586

931,596

Capital

Goods

12,759,146

–

11,507,040

1,252,106

Communications

Services

8,329,022

–

7,919,844

409,178

Consumer

Cyclical

8,175,671

–

7,299,606

876,065

Consumer

Non-Cyclical

9,162,667

–

8,097,086

1,065,581

Energy

1,249,896

–

1,118,585

131,311

Financials

2,717,169

–

2,394,744

322,425

Technology

6,453,248

–

6,453,248

–

Transportation

2,239,896

–

2,239,896

–

Utilities

1,726,094

–

1,726,094

–

Registered

Investment

Companies

Unaffiliated

65,790,447

65,790,447

–

–

Affiliated

2,751,041,636

2,751,041,636

–

–

Common

Stock

Communications

Services

175,497,359

175,412,730

–

84,629

Consumer

Discretionary

333,357,386

333,333,637

23,749

–

Consumer

Staples

81,408,911

81,408,911

–

–

Energy

70,019,399

70,019,399

–

–

Financials

321,541,696

319,456,944

2,084,752

–

Health

Care

300,097,363

300,097,363

–

–

Industrials

339,677,904

336,995,242

2,682,662

–

Information

Technology

632,116,471

629,023,111

3,093,360

–

Materials

84,388,102

82,189,747

2,198,355

–

Real

Estate

115,247,083

115,247,083

–

–

Utilities

47,927,657

47,927,657

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

40,081,544

–

40,081,544

–

Basic

Materials

7,128,482

–

7,128,482

–

Capital

Goods

13,426,364

–

13,426,364

–

Collateralized

Mortgage

Obligations

39,468,962

–

39,468,962

–

Commercial

Mortgage-Backed

Securities

18,330,763

–

18,330,763

–

Communications

Services

22,749,431

–

22,749,431

–

Consumer

Cyclical

26,134,059

–

26,134,059

–

Consumer

Non-Cyclical

27,392,842

–

27,392,842

–

Energy

19,502,823

–

19,502,823

–

Financials

60,341,614

–

60,341,614

–

Mortgage-Backed

Securities

174,777,809

–

174,777,809

–

Technology

13,545,570

–

13,545,570

–

Transportation

5,403,362

–

5,403,362

–

U.S.

Government

&

Agencies

236,319,465

–

236,319,465

–

Utilities

14,734,771

–

14,734,771

–

Short-Term

Investments

61,842,533

–

61,842,533

–

Subtotal

Investments

in

Securities

$6,155,201,799

$5,307,943,907

$842,185,001

$5,072,891

Other

Investments  *

Total

Affiliated

Short-Term

Investments

913,330,105

Affiliated

Registered

Investment

Companies

478,478,303

Collateral

Held

for

Securities

Loaned

20,075,526

Subtotal

Other

Investments

$1,411,883,934

Total

Investments

at

Value

$7,567,085,733

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

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

69,414,289

69,414,289

–

–

Total

Asset

Derivatives

$69,414,289

$69,414,289

$–

$–

Liability

Derivatives

Futures

Contracts

26,231,729

26,231,729

–

–

Credit

Default

Swaps

119,507

–

119,507

–

Total

Liability

Derivatives

$26,351,236

$26,231,729

$119,507

$–

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$49,764,896

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

204

June

2022

$

25,830,462

(

$

763,962)

CBOT

2-Yr.

U.S.

Treasury

Note

249

June

2022

53,506,584

(

738,036)

CBOT

5-Yr.

U.S.

Treasury

Note

334

June

2022

39,337,371

(

1,031,746)

CBOT

U.S.

Long

Bond

193

June

2022

29,870,398

(

908,335)

CME

E-mini

Russell

2000

Index

64

June

2022

6,422,189

190,291

CME

E-mini

S&P

500

Index

4,119

June

2022

875,003,982

58,103,980

CME

E-mini

S&P

Mid-Cap

400

Index

20

June

2022

5,169,363

209,037

CME

Ultra

Long

Term

U.S.

Treasury

Bond

213

June

2022

39,252,613

(

1,524,988)

ICE

mini

MSCI

EAFE

Index

1,407

June

2022

142,364,565

8,493,975

ICE

US

mini

MSCI

Emerging

Markets

Index

333

June

2022

17,871,284

868,291

Ultra

10-Yr.

U.S.

Treasury

Note

111

June

2022

15,549,897

(

512,866)

Total

Futures

Long

Contracts

$

1,250,178,708

$

62,385,641

CBOT

10-Yr.

U.S.

Treasury

Note

(9)

June

2022

(

$

1,137,487)

$

31,612

CBOT

2-Yr.

U.S.

Treasury

Note

(148)

June

2022

(

31,751,326)

386,888

CBOT

5-Yr.

U.S.

Treasury

Note

(390)

June

2022

(

45,836,166)

1,108,041

CME

E-mini

Russell

2000

Index

(1,410)

June

2022

(

142,345,802)

(

3,335,398)

CME

E-mini

S&P

Mid-Cap

400

Index

(1,746)

June

2022

(

452,117,922)

(

17,416,398)

Ultra

10-Yr.

U.S.

Treasury

Note

(5)

June

2022

(

699,518)

22,174

Total

Futures

Short

Contracts

(

$

673,888,221)

($19,203,081)

Total

Futures

Contracts

$

576,290,487

$43,182,560

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

swaps

contracts

held

as

of

March

31,

2022.

Investments

totaling

$7,190,610

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

38,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2027

(

$

74,700,000)

$

–

(

$

119,507)

(

$

119,507)

Total

Credit

Default

Swaps

$–

($119,507)

($119,507)

1

As

the

buyer

of

protection,

Moderately

Aggressive

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Aggressive

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Aggressive

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$79,155

$849

$10,995

$61,853

7,151

0.8%

Core

Emerging

Markets

Equity

133,585

–

–

122,432

12,531

1.7

Core

International

Equity

43,631

–

–

40,469

4,003

0.5

Core

Low

Volatility

Equity

260,545

–

–

253,725

19,487

3.4

Global

Stock

568,589

–

–

535,534

34,686

7.3

High

Yield

50,215

500

7,000

41,427

9,387

0.6

Income

158,989

1,062

15,000

133,305

13,457

1.8

International

Allocation

610,054

–

–

565,004

53,414

7.6

International

Index

47,308

–

–

44,055

3,400

0.6

Large

Cap

Value

675,808

–

–

680,006

27,983

9.2

Limited

Maturity

Bond

87,619

318

12,301

73,271

7,566

1.0

Mid

Cap

Stock

574,567

–

24,000

508,824

19,977

6.9

Small

Cap

Stock

172,324

–

–

169,616

6,855

2.3

Total

Affiliated

Registered

Investment

Companies

3,462,389

3,229,521

43.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

879,956

648,175

614,801

913,330

91,333

12.4

Total

Affiliated

Short-Term

Investments

879,956

913,330

12.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

22,516

420,281

422,721

20,076

20,076

0.3

Total

Collateral

Held

for

Securities

Loaned

22,516

20,076

0.3

Total

Value

$4,364,861

$4,162,927

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(906)

$(6,250)

$

–

$849

Core

Emerging

Markets

Equity

–

(11,153)

–

–

Core

International

Equity

–

(3,162)

–

–

Core

Low

Volatility

Equity

–

(6,820)

–

–

Global

Stock

–

(33,055)

–

–

High

Yield

(317)

(1,971)

–

500

Income

661

(12,407)

–

1,062

International

Allocation

–

(45,050)

–

–

International

Index

–

(3,253)

–

–

Large

Cap

Value

–

4,198

–

–

Limited

Maturity

Bond

21

(2,386)

–

318

Mid

Cap

Stock

8,021

(49,764)

–

–

Small

Cap

Stock

–

(2,708)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

722

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3,451

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

41

Total

Affiliated

Income

from

Securities

Loaned,

Net

$41

Total

Value

$7,480

$(173,781)

$

–

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Bank

Loans

(

2.2%

)

a

Value

Basic

Materials

(0.1%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

1,325,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

1,310,094

INEOS

US

Petrochem,

LLC,

Term

Loan

987,538

3.250%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

968,774

Innophos

Holdings,

Inc.,

Term

Loan

588,000

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

584,325

Nouryon

USA,

LLC,

Term

Loan

1,142,073

4.006%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

1,123,514

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,078,860

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,055,266

Sparta

US

HoldCo,

LLC,

Term

Loan

194,513

4.250%, 

(LIBOR

1M

+

3.500%),

8/2/2028

b,c

191,595

Venator

Finance

SARL,

Term

Loan

700,827

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

665,785

Total

5,899,353

Capital

Goods

(0.5%)

Bingo

Industries,

Ltd.,

Term

Loan

477,600

4.496%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b

471,630

BW

Holding,

Inc.,

Delayed

Draw

211,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

207,308

BW

Holding,

Inc.,

Term

Loan

796,005

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

782,075

Flex

Acquisition

Company,

Inc.,

Term

Loan

1,290,095

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

1,286,960

587,595

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

586,079

Foley

Products

Company,

LLC,

Term

Loan

1,094,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

1,083,060

Gemini

HDPE,

LLC,

Term

Loan

847,000

3.500%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

832,533

GFL

Environmental,

Inc.,

Term

Loan

903,562

3.500%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

899,045

Graham

Packaging

Company,

Inc.,

Term

Loan

919,525

3.750%, 

(LIBOR

1M

+

3.000%),

8/4/2027

b

902,119

Grinding

Media,

Inc.,

Term

Loan

1,338,275

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

1,323,219

Groupe

Solmax,

Inc.,

Term

Loan

1,161,735

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

1,139,952

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Capital

Goods

(0.5%)

-

continued

HRNI

Holdings,

LLC,

Term

Loan

$

626,925

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

$

621,176

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

798,000

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

789,525

LABL,

Inc.,

Term

Loan

321,694

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

316,926

LRS

Holdings,

LLC,

Term

Loan

641,393

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

636,582

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

681,293

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

667,667

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

912,535

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

898,464

Novae,

LLC,

Delayed

Draw

365,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

361,806

Novae,

LLC,

Term

Loan

1,277,500

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

1,266,322

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

617,187

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

600,344

Quikrete

Holdings

Inc.,

Term

Loan

795,000

0.000%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b,d,e

779,545

RLG

Holdings,

LLC,

Term

Loan

718,768

5.000%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

711,581

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

1,081,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

1,064,785

TransDigm,

Inc.,

Term

Loan

2,062,967

2.707%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,026,865

TricorBraun

Holdings,

Inc.,

Term

Loan

1,151,650

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

1,121,097

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

99,743

4.314%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b,d,e

98,309

Trident

TPI

Holdings,

Inc.,

Term

Loan

696,500

4.500%, 

(LIBOR

1M

+

4.000%),

9/17/2028

b

686,491

Venga

Finance

SARL,

Term

Loan

643,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

623,511

Vertiv

Group

Corporation,

Term

Loan

3,169,875

2.991%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b

3,086,666

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Capital

Goods

(0.5%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

721,375

5.756%, 

(LIBOR

3M

+

4.750%),

8/12/2028

b

$

718,367

Total

26,590,009

Communications

Services

(0.3%)

Allen

Media,

LLC,

Term

Loan

635,158

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

628,965

Altice

France

SA,

Term

Loan

614,362

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

599,003

Audacy

Capital

Corporation,

Term

Loan

744,856

2.947%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

730,704

Cablevision

Lightpath,

LLC,

Term

Loan

873,938

3.750%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

861,702

CCI

Buyer,

Inc.,

Term

Loan

222,750

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

219,362

CommScope,

Inc.,

Term

Loan

1,119,899

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,088,632

DIRECTV

Financing,

LLC,

Term

Loan

1,432,500

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

1,429,334

E.W.

Scripps

Company,

Term

Loan

731,500

3.750%, 

(LIBOR

1M

+

3.000%),

1/7/2028

b

725,670

iHeartCommunications,

Inc.,

Term

Loan

622,524

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

617,936

Metronet

Systems

Holdings,

LLC,

Term

Loan

1,180,741

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

1,166,348

NEP

Group,

Inc.,

Term

Loan

1,460,925

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,432,437

140,000

7.457%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

134,785

Nexstar

Media,

Inc.,

Term

Loan

1,347,163

2.731%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

1,340,670

ORBCOMM,

Inc.,

Term

Loan

706,450

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

698,799

Peraton

Corporation,

Term

Loan

1,156,814

4.500%, 

(LIBOR

1M

+

3.750%),

2/1/2028

b

1,147,050

Sharp

Midco,

LLC,

Term

Loan

263,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

261,027

Terrier

Media

Buyer,

Inc.,

Term

Loan

1,199,813

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,180,124

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Communications

Services

(0.3%)

-

continued

Univision

Communications,

Inc.,

Term

Loan

$

660,000

4.000%, 

(LIBOR

1M

+

3.250%),

1/31/2029

b

$

652,298

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

671,625

4.000%, 

(LIBOR

3M

+

3.500%),

6/18/2028

b

663,512

Xplornet

Communications,

Inc.,

Term

Loan

706,450

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

692,173

625,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

618,750

Zacapa

SARL,

Term

Loan

376,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

373,086

Total

17,262,367

Consumer

Cyclical

(0.3%)

ACProducts

Holdings,

Inc.,

Term

Loan

486,325

4.750%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

437,420

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

83,000

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

82,144

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

721,375

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

713,938

American

Trailer

World

Corporation,

Term

Loan

1,147,086

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

1,098,334

Caesars

Resort

Collection,

LLC,

Term

Loan

590,504

3.957%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

587,846

Carnival

Corporation,

Term

Loan

653,350

3.750%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

634,403

Cengage

Learning,

Inc.,

Term

Loan

1,313,400

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,301,093

CP

Atlas

Buyer,

Inc.,

Term

Loan

752,499

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

730,045

Golden

Entertainment,

Inc.,

Term

Loan

1,613,281

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,591,099

Great

Canadian

Gaming

Corporation,

Term

Loan

438,900

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

436,021

Michaels

Companies,

Inc.,

Term

Loan

1,285,288

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

1,202,991

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Consumer

Cyclical

(0.3%)

-

continued

Penn

National

Gaming,

Inc.,

Term

Loan

$

1,012,772

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

$

1,005,602

Scientific

Games

International,

Inc.,

Term

Loan

3,724,558

3.207%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

3,708,282

Secure

Acquisition,

Inc.,

Delayed

Draw

102,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

100,215

Secure

Acquisition,

Inc.,

Term

Loan

687,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

674,977

Staples,

Inc.,

Term

Loan

196,907

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

190,901

668,147

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

630,076

Tenneco,

Inc.,

Term

Loan

868,583

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

856,484

Voyage

Digital

NZ/US,

Term

Loan

1,094,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

1,072,120

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

622,425

2.207%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

616,089

Total

17,670,080

Consumer

Non-Cyclical

(0.4%)

Adient

US,

LLC,

Term

Loan

342,413

3.707%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

336,420

Alltech,

Inc.,

Term

Loan

616,900

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

606,104

Bausch

Health

Americas,

Inc.,

Term

Loan

1,339,640

3.457%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,327,356

Bausch

Health

Companies,

Inc.,

Term

Loan

1,709,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

1,689,774

Blue

Ribbon,

LLC,

Term

Loan

882,375

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

863,845

Chobani,

LLC,

Term

Loan

448,175

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

439,772

City

Brewing

Company,

LLC,

Term

Loan

1,260,496

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

1,147,051

CNT

Holdings

I

Corporation,

Term

Loan

584,100

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

580,327

165,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

164,450

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Del

Monte

Foods,

Inc.,

Term

Loan

$

410,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

$

403,337

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

1,395,900

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

1,304,441

Gainwell

Acquisition

Corporation,

Term

Loan

1,603,759

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

1,599,750

Global

Medical

Response,

Inc.,

Term

Loan

3,482,368

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

3,452,977

Herens

US

Holdco

Corporation,

Term

Loan

1,220,790

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

1,188,745

Mamba

Purchaser,

Inc.,

Term

Loan

125,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

124,219

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

639,769

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

635,636

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

1,029,600

4.256%, 

(LIBOR

3M

+

3.250%),

3/4/2028

b

1,018,573

PetSmart,

LLC,

Term

Loan

1,457,675

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,451,596

Precision

Medicine

Group,

LLC,

Delayed

Draw

120,000

0.000%, 

(LIBOR

1M

+

3.000%),

11/20/2027

b,d,e

117,500

Precision

Medicine

Group,

LLC,

Term

Loan

908,500

4.006%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b

889,576

Total

19,341,449

Energy

(<0.1%)

Calpine

Corporation,

Term

Loan

1,130,687

2.960%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,120,093

Energizer

Holdings,

Inc.,

Term

Loan

254,100

2.750%, 

(LIBOR

1M

+

2.250%),

12/22/2027

b,c

249,653

GIP

II

Blue

Holding

LP,

Term

Loan

1,233,908

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

1,227,738

Total

2,597,484

Financials

(0.1%)

Asurion,

LLC,

Term

Loan

1,254,125

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

1,225,380

440,550

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

431,052

820,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

802,780

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Financials

(0.1%)

-

continued

$

735,000

5.707%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

$

717,544

Digicel

International

Finance,

Ltd.,

Term

Loan

985,321

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

936,055

Rinchem

Company,

Inc.,

Term

Loan

273,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

271,635

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

410,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

401,800

Tiger

Acquisition,

LLC,

Term

Loan

432,825

3.758%, 

(LIBOR

3M

+

3.250%),

6/1/2028

b

414,521

Tronox

Finance,

LLC,

Term

Loan

530,792

3.164%, 

(LIBOR

1M

+

2.250%),

3/11/2028

b

522,501

Total

5,723,268

Technology

(0.3%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,000,934

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

982,917

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

1,033,767

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

1,026,872

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

1,116,562

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

1,106,792

Gridiron

Fiber

Corporation,

Term

Loan

480,000

5.506%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

467,702

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

2,091,821

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

2,019,925

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,737,350

3.500%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b

2,714,548

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,762,200

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,726,322

Redstone

Holdco

2

LP,

Term

Loan

647,440

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

631,254

371,020

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

337,628

SS&C

Technologies,

Inc.,

Term

Loan

54,495

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

53,584

46,483

2.207%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

45,706

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Technology

(0.3%)

-

continued

Verscend

Holding

Corporation,

Term

Loan

$

401,962

4.457%, 

(LIBOR

1M

+

4.000%),

8/27/2025

b

$

399,953

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,905,316

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,852,443

Total

13,365,646

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

2,130,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

2,154,623

Air

Canada,

Term

Loan

462,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b

457,186

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,176,000

3.006%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,161,664

Hertz

Corporation,

Term

Loan

352,337

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

349,156

66,904

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

66,300

Mileage

Plus

Holdings,

LLC,

Term

Loan

655,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

678,744

SkyMiles

IP,

Ltd.,

Term

Loan

745,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

768,162

United

Airlines,

Inc.,

Term

Loan

673,200

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

664,226

Total

6,300,061

Utilities

(0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

201,508

2.500%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

200,124

CQP

Holdco,

LP,

Term

Loan

1,577,075

4.756%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

1,567,471

EnergySolutions,

LLC,

Term

Loan

681,250

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

665,922

Exgen

Renewables

IV,

LLC,

Term

Loan

400,000

3.500%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

395,752

Osmose

Utilities

Services,

Inc.,

Term

Loan

278,600

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

274,769

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Utilities

(0.1%)

-

continued

PG&E

Corporation,

Term

Loan

$

654,042

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

$

645,049

Total

3,749,087

Total

Bank

Loans

(cost

$119,669,067)

118,498,804

Principal

Amount

Long-Term

Fixed

Income

(

34.7%

)

Value

Asset-Backed

Securities

(1.6%)

510

Asset

Backed

Trust

1,900,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

1,784,366

Access

Group,

Inc.

359,753

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,f

353,632

Ares

CLO,

Ltd.

3,000,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,f

2,980,515

Ares

XL

CLO,

Ltd.

2,100,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

2,044,703

Ares

XXXIIR

CLO,

Ltd.

2,600,000

2.506%, 

(LIBOR

3M

+

2.000%),

5/15/2030,

Ser.

2014-32RA,

Class

A2BR

b,f

2,600,107

Assurant

CLO

I,

Ltd.

1,300,000

1.954%, 

(LIBOR

3M

+

1.700%),

10/20/2034,

Ser.

2017-1A,

Class

BR

b,f

1,279,136

Buttermilk

Park

CLO,

Ltd.

5,250,000

1.641%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,f

5,236,350

Carlyle

Global

Market

Strategies

CLO,

Ltd.

3,425,000

1.691%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,f

3,382,989

CarVal

CLO

II,

Ltd.

2,125,000

1.754%, 

(LIBOR

3M

+

1.500%),

4/20/2032,

Ser.

2019-1A,

Class

BR

b,f

2,106,098

1,225,000

2.254%, 

(LIBOR

3M

+

2.000%),

4/20/2032,

Ser.

2019-1A,

Class

CR

b,f

1,210,879

Cheniere

Corpus

Christi

Holdings,

LLC

330,000

2.742%, 

12/31/2039

f

287,137

CMFT

Net

Lease

Master

Issuer,

LLC

1,355,615

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

f

1,252,408

Commonbond

Student

Loan

Trust

379,343

0.957%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,f

376,204

Credit

Suisse

Mortgage

Trust

2,249,770

1.174%, 

7/25/2066,

Ser.

2021-NQM6,

Class

A1

b,f

2,113,745

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

Dewolf

Park

CLO,

Ltd.

$

2,050,000

1.691%, 

(LIBOR

3M

+

1.450%),

10/15/2030,

Ser.

2017-1A,

Class

BR

b,f

$

2,038,551

Dryden

36

Senior

Loan

Fund

1,800,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,f

1,778,580

Dryden

Senior

Loan

Fund

3,000,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,f

2,982,756

FRTKL

Trust

2,350,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

f

2,133,787

Galaxy

XIX

CLO,

Ltd.

1,650,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,f

1,611,060

Goldentree

Loan

Management,

Ltd.

2,050,000

1.654%, 

(LIBOR

3M

+

1.400%),

11/20/2030,

Ser.

2017-2A,

Class

BR

b,f

2,044,250

Goodgreen

1,924,253

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

f

1,897,951

Home

Partners

of

America

Trust

2,582,396

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

f

2,371,810

2,241,955

2.078%, 

9/19/2041,

Ser.

2021-1,

Class

C

f

2,021,742

Laurel

Road

Prime

Student

Loan

Trust

222,303

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

f

222,794

1,025,875

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,f

1,021,034

Longfellow

Place

CLO,

Ltd.

3,900,000

1.991%, 

(LIBOR

3M

+

1.750%),

4/15/2029,

Ser.

2013-1A,

Class

BR3

b,f

3,872,314

950,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

940,394

Madison

Park

Funding

XIV,

Ltd.

2,375,000

1.659%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,f

2,343,025

Mello

Mortgage

Capital

Acceptance

2,473,053

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,f

2,280,812

Mercury

Financial

Credit

Card

Master

Trust

2,600,000

2.500%, 

9/21/2026,

Ser.

2022-1A,

Class

A

f

2,508,659

National

Collegiate

Trust

826,070

0.752%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,f

809,070

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

OCP

CLO,

Ltd.

$

1,800,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,f

$

1,764,659

Octagon

Investment

Partners

XVI,

Ltd.

600,000

1.641%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,f

596,713

OZLM

IX,

Ltd.

1,250,000

1.804%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,f

1,240,506

Progress

Residential

Trust

1,200,000

1.888%, 

5/17/2026,

Ser.

2021-SFR3,

Class

B

f

1,106,082

ROC

Securities

Trust

Series

2,000,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

1,919,150

Saxon

Asset

Securities

Trust

860,035

3.308%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

794,871

SLM

Student

Loan

Trust

885,916

0.857%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

866,130

Sound

Point

CLO

XIV,

Ltd.

2,600,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2016-3A,

Class

CR

b,f

2,573,826

Sound

Point

CLO

XV,

Ltd.

2,600,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,f

2,553,164

Sound

Point

CLO

XXI,

Ltd.

1,525,000

1.717%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,f

1,511,963

Stratus

CLO,

Ltd.

1,850,000

1.841%, 

(LIBOR

3M

+

1.750%),

12/29/2029,

Ser.

2021-1A,

Class

C

b,f

1,812,119

Toorak

Mortgage

Corporation,

Ltd.

2,000,000

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

f,g

1,892,790

TRK

Trust

1,835,845

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,f

1,744,206

U.S.

Small

Business

Administration

32,569

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

32,038

Upstart

Securitization

Trust

469,934

1.702%, 

11/20/2030,

Ser.

2020-3,

Class

A

f

468,927

VCAT

Asset

Securitization,

LLC

1,150,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

1,103,986

Wind

River

CLO,

Ltd.

1,525,000

1.854%, 

(LIBOR

3M

+

1.600%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

b,f

1,518,224

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Asset-Backed

Securities

(1.6%)

-

continued

$

1,275,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

$

1,256,745

Total

84,642,957

Basic

Materials

(0.3%)

Alcoa

Nederland

Holding

BV

595,000

5.500%, 

12/15/2027

f

615,873

Anglo

American

Capital

plc

675,000

3.875%, 

3/16/2029

f

675,311

Chemours

Company

420,000

5.750%, 

11/15/2028

f

408,080

Cleveland-Cliffs,

Inc.

360,000

5.875%, 

6/1/2027

369,261

230,000

4.625%, 

3/1/2029

f

226,848

230,000

4.875%, 

3/1/2031

f

227,412

Consolidated

Energy

Finance

SA

688,000

5.625%, 

10/15/2028

f

636,400

Dow

Chemical

Company

600,000

4.800%, 

11/30/2028

642,804

DowDuPont,

Inc.

620,000

4.493%, 

11/15/2025

644,830

First

Quantum

Minerals,

Ltd.

724,000

6.875%, 

10/15/2027

f

758,390

Freeport-McMoRan,

Inc.

490,000

4.125%, 

3/1/2028

489,495

256,000

4.250%, 

3/1/2030

257,708

1,558,000

4.625%, 

8/1/2030

1,593,055

Glencore

Funding,

LLC

536,000

3.375%, 

9/23/2051

f

450,678

1,064,000

4.000%, 

3/27/2027

f

1,067,262

Hecla

Mining

Company

175,000

7.250%, 

2/15/2028

183,341

Hudbay

Minerals,

Inc.

410,000

4.500%, 

4/1/2026

f

398,385

Ingevity

Corporation

610,000

3.875%, 

11/1/2028

f

551,336

International

Flavors

and

Fragrances,

Inc.

660,000

3.468%, 

12/1/2050

f

582,169

Kinross

Gold

Corporation

470,000

5.950%, 

3/15/2024

490,950

Mercer

International,

Inc.

400,000

5.125%, 

2/1/2029

386,000

Novelis

Corporation

160,000

3.250%, 

11/15/2026

f

152,845

210,000

4.750%, 

1/30/2030

f

203,882

160,000

3.875%, 

8/15/2031

f

146,346

OCI

NV

278,000

4.625%, 

10/15/2025

f

280,085

Olin

Corporation

580,000

5.125%, 

9/15/2027

578,135

SCIL

USA

Holdings,

LLC

493,000

5.375%, 

11/1/2026

f

453,560

SPCM

SA

409,000

3.375%, 

3/15/2030

f

359,061

SunCoke

Energy,

Inc.

438,000

4.875%, 

6/30/2029

f

412,933

Syngenta

Finance

NV

422,000

5.182%, 

4/24/2028

f

435,752

Taseko

Mines,

Ltd.

298,000

7.000%, 

2/15/2026

f

306,866

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Basic

Materials

(0.3%)

-

continued

Teck

Resources,

Ltd.

$

964,000

6.125%, 

10/1/2035

$

1,138,122

Unifrax

Escrow

Issuer

Corporation

373,000

5.250%, 

9/30/2028

f

346,493

United

States

Steel

Corporation

676,000

6.875%, 

3/1/2029

h

703,040

Total

17,172,708

Capital

Goods

(0.6%)

AECOM

645,000

5.125%, 

3/15/2027

659,661

Amsted

Industries,

Inc.

465,000

5.625%, 

7/1/2027

f

466,162

Ardagh

Packaging

Finance

plc

280,000

5.250%, 

8/15/2027

f

258,825

Boeing

Company

1,225,000

5.930%, 

5/1/2060

1,414,368

750,000

5.040%, 

5/1/2027

789,760

1,250,000

5.705%, 

5/1/2040

1,396,813

Bombardier,

Inc.

120,000

7.125%, 

6/15/2026

f

117,600

410,000

7.875%, 

4/15/2027

f

401,437

350,000

6.000%, 

2/15/2028

f,h

328,034

Brand

Industrial

Services,

Inc.

205,000

8.500%, 

7/15/2025

f

190,666

Builders

FirstSource,

Inc.

265,000

5.000%, 

3/1/2030

f

260,659

Carrier

Global

Corporation

714,000

3.577%, 

4/5/2050

653,346

875,000

2.700%, 

2/15/2031

816,507

Clydesdale

Acquisition

Holdings,

Inc.

55,000

6.625%, 

4/15/2029

e,f

55,619

110,000

8.750%, 

4/15/2030

e,f

103,537

CNH

Industrial

NV

700,000

3.850%, 

11/15/2027

702,592

Coinbase

Global,

Inc.

211,000

3.375%, 

10/1/2028

f

186,403

Cornerstone

Building

Brands,

Inc.

560,000

6.125%, 

1/15/2029

f

519,708

Covanta

Holding

Corporation

264,000

5.000%, 

9/1/2030

250,140

Covert

Mergeco,

Inc.

162,000

4.875%, 

12/1/2029

f

154,661

CP

Atlas

Buyer,

Inc.

380,000

7.000%, 

12/1/2028

f

324,003

Crown

Cork

&

Seal

Company,

Inc.

333,000

7.375%, 

12/15/2026

375,772

GFL

Environmental,

Inc.

339,000

4.000%, 

8/1/2028

f

311,880

405,000

3.500%, 

9/1/2028

f

380,232

H&E

Equipment

Services,

Inc.

697,000

3.875%, 

12/15/2028

f

653,438

Howard

Midstream

Energy

Partners,

LLC

409,000

6.750%, 

1/15/2027

f

400,820

Howmet

Aerospace,

Inc.

17,000

6.875%, 

5/1/2025

18,460

403,000

3.000%, 

1/15/2029

367,989

805,000

5.950%, 

2/1/2037

858,041

Ingersoll-Rand

Luxembourg

Finance

SA

625,000

3.500%, 

3/21/2026

627,697

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Capital

Goods

(0.6%)

-

continued

JELD-WEN,

Inc.

$

500,000

4.625%, 

12/15/2025

f

$

481,250

L3Harris

Technologies,

Inc.

1,656,000

3.950%, 

5/28/2024

1,672,277

Lockheed

Martin

Corporation

774,000

4.500%, 

5/15/2036

854,030

284,000

6.150%, 

9/1/2036

355,981

Mauser

Packaging

Solutions

Holding

Company

335,000

5.500%, 

4/15/2024

f

333,669

420,000

7.250%, 

4/15/2025

f

416,266

Meritor,

Inc.

290,000

4.500%, 

12/15/2028

f

290,740

MIWD

Holdco

II,

LLC

222,000

5.500%, 

2/1/2030

f

207,293

Nesco

Holdings

II,

Inc.

265,000

5.500%, 

4/15/2029

f

260,363

New

Enterprise

Stone

and

Lime

Company,

Inc.

531,000

5.250%, 

7/15/2028

f

510,493

Northrop

Grumman

Corporation

935,000

3.850%, 

4/15/2045

930,437

OI

European

Group

BV

444,000

4.750%, 

2/15/2030

f

412,565

Owens-Brockway

Glass

Container,

Inc.

370,000

5.875%, 

8/15/2023

f,h

378,005

Pactiv

Evergreen

Group

320,000

4.375%, 

10/15/2028

f

294,019

PGT

Innovations,

Inc.

426,000

4.375%, 

10/1/2029

f

397,245

Raytheon

Technologies

Corporation

714,000

4.125%, 

11/16/2028

746,346

775,000

4.450%, 

11/16/2038

840,507

1,000,000

3.750%, 

11/1/2046

983,190

Republic

Services,

Inc.

850,000

2.900%, 

7/1/2026

843,562

Roper

Technologies,

Inc.

564,000

4.200%, 

9/15/2028

583,773

750,000

1.750%, 

2/15/2031

647,910

SRM

Escrow

Issuer,

LLC

615,000

6.000%, 

11/1/2028

f

606,550

Standard

Industries,

Inc.

560,000

4.375%, 

7/15/2030

f

512,935

Textron,

Inc.

710,000

3.375%, 

3/1/2028

701,790

Titan

Acquisition,

Ltd.

180,000

7.750%, 

4/15/2026

f

178,862

TransDigm,

Inc.

370,000

6.250%, 

3/15/2026

f

379,857

1,130,000

5.500%, 

11/15/2027

1,121,525

United

Rentals

North

America,

Inc.

405,000

4.875%, 

1/15/2028

411,397

360,000

4.000%, 

7/15/2030

344,279

Vertiv

Group

Corporation

159,000

4.125%, 

11/15/2028

f

145,106

Victors

Merger

Corporation

254,000

6.375%, 

5/15/2029

f

207,922

Waste

Pro

USA,

Inc.

205,000

5.500%, 

2/15/2026

f

193,741

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Capital

Goods

(0.6%)

-

continued

WESCO

Distribution,

Inc.

$

560,000

7.250%, 

6/15/2028

f

$

594,796

Total

31,883,511

Collateralized

Mortgage

Obligations

(1.5%)

Alternative

Loan

Trust

698,756

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

514,999

Bellemeade

Re,

Ltd.

1,713,560

1.849%, 

(SOFR30A

+

1.750%),

3/25/2031,

Ser.

2021-1A,

Class

M1A

b,f

1,711,278

BRAVO

Residential

Funding

Trust

116,284

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

f

116,575

Citicorp

Mortgage

Securities,

Inc.

1,269,733

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,216,708

COLT

Mortgage

Loan

Trust

2,364,517

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,f

2,270,335

Countrywide

Alternative

Loan

Trust

856,544

2.736%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

789,392

1,175,448

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

587,221

Countrywide

Home

Loans,

Inc.

204,181

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

128,369

Credit

Suisse

Mortgage

Trust

1,300,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,f

1,263,607

1,875,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,f

1,847,630

1,297,533

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

1,247,015

4,932,383

3.414%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,f

4,866,315

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

84,998

6.000%, 

4/25/2022,

Ser.

2006-AR5,

Class

23A

75,012

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

510,252

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

i

14,744

1,637,285

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

159,510

1,730,767

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

196,200

Federal

National

Mortgage

Association

-

REMIC

2,846,218

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

142,776

Flagstar

Mortgage

Trust

1,390,722

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

1,341,661

Foundation

Finance

Trust

1,543,647

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

f

1,458,271

FWD

Securitization

Trust

862,089

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,f

859,460

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

GCAT

Trust

$

2,133,275

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,f

$

2,056,800

GS

Mortgage-Backed

Securities

Trust

2,826,457

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,f

2,684,182

179,547

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,f

179,720

J.P.

Morgan

Mortgage

Trust

2,496,262

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,f

2,308,459

1,834,736

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

1,683,051

Legacy

Mortgage

Asset

Trust

391,517

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

f,g

386,649

LHOME

Mortgage

Trust

800,000

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

f,g

769,783

2,200,000

2.090%, 

9/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

2,114,588

Merrill

Lynch

Alternative

Note

Asset

Trust

189,862

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

107,790

New

Residential

Mortgage

Loan

Trust

4,789,183

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,f

4,437,423

New

York

Mortgage

Trust

2,300,000

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

f,g

2,220,230

1,603,929

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,f

1,570,251

Oak

Street

Investment

1,758,146

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

f

1,652,166

Oaktown

Re

VII,

Ltd.

1,250,000

1.699%, 

(SOFR30A

+

1.600%),

4/25/2034,

Ser.

2021-2,

Class

M1A

b,f

1,235,000

Oaktown

Re,

Ltd.

2,400,000

1.749%, 

(SOFR30A

+

1.650%),

10/25/2033,

Ser.

2021-1A,

Class

M1A

b,f

2,396,404

Onslow

Bay

Financial,

LLC

1,400,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,f

1,367,015

Palisades

Mortgage

Loan

Trust

3,450,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

f,g

3,334,739

Palmer

Square

Loan

Funding,

Ltd.

2,700,000

1.654%, 

(LIBOR

3M

+

1.400%),

7/20/2029,

Ser.

2021-3A,

Class

A2

b,f

2,675,554

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,861,422

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,f

1,788,693

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

Pretium

Mortgage

Credit

Partners,

LLC

$

1,039,205

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

f,g

$

1,000,030

Renaissance

Home

Equity

Loan

Trust

2,168,410

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

g

970,823

Residential

Accredit

Loans,

Inc.

Trust

618,753

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

582,845

Residential

Asset

Securitization

Trust

1,821,569

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

1,358,580

Sequoia

Mortgage

Trust

685,533

2.836%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

516,938

Starwood

Mortgage

Residential

Trust

50,883

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,f

50,820

Tricon

Residential

Trust

1,500,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

f

1,401,503

Vericrest

Opportunity

Loan

Transferee

1,373,917

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

f,g

1,331,405

1,800,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,735,588

1,548,592

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

f,g

1,507,891

1,375,000

4.826%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A2

f,g

1,317,697

1,400,000

4.949%, 

3/27/2051,

Ser.

2021-NPL4,

Class

A2

f,g

1,335,076

1,028,379

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

f,g

982,702

900,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

848,196

825,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

794,140

Verus

Securitization

Trust

1,139,577

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,f

1,088,825

ZH

Trust

1,910,000

2.253%, 

2/18/2027,

Ser.

2021-1,

Class

A

f

1,880,300

3,600,000

2.349%, 

10/17/2027,

Ser.

2021-2,

Class

A

f

3,536,754

Total

78,015,688

Commercial

Mortgage-Backed

Securities

(0.7%)

AMSR

Trust

2,700,000

2.153%, 

6/17/2038,

Ser.

2021-SFR1,

Class

B

b,f

2,446,945

1,100,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b,f

989,122

1,379,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

f

1,282,000

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Commercial

Mortgage-Backed

Securities

(0.7%)

-

continued

BANK

2021-BNK36

$

2,400,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

$

2,243,898

BANK

2022-BNK39

9,734,125

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,i

336,492

2,650,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

2,556,605

BANK

2022-BNK40

3,000,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

3,020,753

Barclays

Commercial

Mortgage

Securities,

LLC

2,000,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

2,048,082

BBCMS

Mortgage

Trust

5,469,808

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,i

284,871

1,500,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

1,455,464

1,900,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

1,796,940

14,520,614

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,i

1,677,143

BBCMS

Trust

2,900,000

2.492%, 

7/15/2054,

Ser.

2021-C10,

Class

A5

2,715,772

Benchmark

Mortgage

Trust

3,900,000

2.669%, 

12/15/2054,

Ser.

2021-B31,

Class

A5

3,683,669

BFLD

Trust

825,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

814,675

BINOM

Securitization

Trust

1,320,780

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,f

1,258,831

GS

Mortgage

Securities

Trust

3,888,752

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

3,892,895

Morgan

Stanley

Capital

I

Trust

14,836,956

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,i

1,792,779

Total

34,296,936

Communications

Services

(1.0%)

Altice

France

SA

200,000

8.125%, 

2/1/2027

f

206,226

75,000

5.500%, 

1/15/2028

f

69,503

500,000

5.125%, 

7/15/2029

f

448,125

516,000

5.500%, 

10/15/2029

f

462,997

American

Tower

Corporation

450,000

3.375%, 

10/15/2026

443,995

700,000

2.900%, 

1/15/2030

649,548

AT&T,

Inc.

1,129,000

3.500%, 

9/15/2053

990,634

1,200,000

2.300%, 

6/1/2027

1,143,327

1,550,000

4.350%, 

3/1/2029

1,640,239

2,061,000

5.250%, 

3/1/2037

2,342,742

1,090,000

4.900%, 

8/15/2037

1,200,224

450,000

5.550%, 

8/15/2041

523,635

CCO

Holdings,

LLC

130,000

5.500%, 

5/1/2026

f

131,825

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Communications

Services

(1.0%)

-

continued

$

640,000

5.125%, 

5/1/2027

f

$

640,944

770,000

4.750%, 

3/1/2030

f

739,385

510,000

4.500%, 

8/15/2030

f

478,529

96,000

4.750%, 

2/1/2032

f

89,399

350,000

4.250%, 

1/15/2034

f

303,973

Cengage

Learning,

Inc.

393,000

9.500%, 

6/15/2024

f

392,018

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

715,984

900,000

4.200%, 

3/15/2028

909,458

1,225,000

3.500%, 

6/1/2041

1,018,136

1,320,000

6.484%, 

10/23/2045

1,502,666

Clear

Channel

Worldwide

Holdings,

Inc.

515,000

7.750%, 

4/15/2028

f

517,693

Comcast

Corporation

750,000

3.950%, 

10/15/2025

774,534

1,250,000

4.250%, 

10/15/2030

1,333,452

690,000

4.400%, 

8/15/2035

745,529

1,115,000

4.750%, 

3/1/2044

1,242,910

550,000

4.600%, 

8/15/2045

603,696

Consolidated

Communications,

Inc.

339,000

5.000%, 

10/1/2028

f

291,740

Cox

Communications,

Inc.

875,000

3.350%, 

9/15/2026

f

869,841

CSC

Holdings,

LLC

960,000

5.375%, 

2/1/2028

f

931,738

86,000

4.125%, 

12/1/2030

f

75,410

Cumulus

Media

New

Holdings,

Inc.

380,000

6.750%, 

7/1/2026

f,h

380,091

DIRECTV

Holdings,

LLC

495,000

5.875%, 

8/15/2027

f

486,956

Discovery

Communications,

LLC

1,420,000

4.900%, 

3/11/2026

1,477,888

DISH

DBS

Corporation

194,000

5.250%, 

12/1/2026

f

184,785

142,000

7.375%, 

7/1/2028

134,545

261,000

5.750%, 

12/1/2028

f

246,971

Entercom

Media

Corporation

603,000

6.500%, 

5/1/2027

f

565,771

Frontier

Communications

Holdings,

LLC

457,000

5.875%, 

10/15/2027

f

453,938

GCI,

LLC

405,000

4.750%, 

10/15/2028

f

395,385

Gray

Escrow

II,

Inc.

800,000

5.375%, 

11/15/2031

f

764,972

Gray

Television,

Inc.

395,000

4.750%, 

10/15/2030

f

366,856

Hughes

Satellite

Systems

Corporation

270,000

6.625%, 

8/1/2026

279,881

iHeartCommunications,

Inc.

390,000

4.750%, 

1/15/2028

f

372,450

Iliad

Holding

SASU

200,000

6.500%, 

10/15/2026

f

200,540

LCPR

Senior

Secured

Financing

DAC

324,000

6.750%, 

10/15/2027

f

332,845

Level

3

Financing,

Inc.

765,000

4.625%, 

9/15/2027

f

720,117

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Communications

Services

(1.0%)

-

continued

$

320,000

4.250%, 

7/1/2028

f

$

293,762

Lions

Gate

Capital

Holdings,

LLC

156,000

5.500%, 

4/15/2029

f

150,345

Magallanes,

Inc.

402,000

5.141%, 

3/15/2052

f

411,284

805,000

5.050%, 

3/15/2042

f

821,124

NBN

Company,

Ltd.

1,025,000

2.625%, 

5/5/2031

f

934,610

Netflix,

Inc.

450,000

5.875%, 

11/15/2028

496,035

480,000

5.375%, 

11/15/2029

f

519,600

450,000

4.875%, 

6/15/2030

f

480,015

Nexstar

Escrow

Corporation

550,000

5.625%, 

7/15/2027

f

556,710

Omnicom

Group,

Inc.

530,000

3.600%, 

4/15/2026

536,409

330,000

4.200%, 

6/1/2030

344,513

Radiate

Holdco,

LLC

235,000

6.500%, 

9/15/2028

f

222,222

Scripps

Escrow

II,

Inc.

215,000

5.375%, 

1/15/2031

f

205,863

Scripps

Escrow,

Inc.

270,000

5.875%, 

7/15/2027

f

270,205

Sinclair

Television

Group,

Inc.

610,000

5.500%, 

3/1/2030

f

527,931

Sirius

XM

Radio,

Inc.

535,000

5.000%, 

8/1/2027

f

533,663

295,000

4.000%, 

7/15/2028

f

280,250

Sprint

Capital

Corporation

273,000

6.875%, 

11/15/2028

316,322

430,000

8.750%, 

3/15/2032

579,210

Sprint

Corporation

1,930,000

7.625%, 

2/15/2025

2,103,700

Telesat

Canada

215,000

4.875%, 

6/1/2027

f

156,640

80,000

6.500%, 

10/15/2027

f

39,161

Terrier

Media

Buyer,

Inc.

310,000

8.875%, 

12/15/2027

f

315,425

T-Mobile

USA,

Inc.

1,175,000

2.550%, 

2/15/2031

1,065,492

280,000

2.875%, 

2/15/2031

252,260

1,073,000

3.500%, 

4/15/2031

1,009,672

900,000

4.375%, 

4/15/2040

903,819

United

States

Cellular

Corporation

360,000

6.700%, 

12/15/2033

395,777

Uniti

Group,

LP

130,000

4.750%, 

4/15/2028

f

122,689

VeriSign,

Inc.

310,000

4.750%, 

7/15/2027

316,713

Verizon

Communications,

Inc.

714,000

3.700%, 

3/22/2061

661,361

476,000

2.100%, 

3/22/2028

443,667

1,450,000

2.650%, 

11/20/2040

1,233,455

VTR

Finance

NV

270,000

6.375%, 

7/15/2028

f

261,565

VZ

Secured

Financing

BV

561,000

5.000%, 

1/15/2032

f

524,535

Zayo

Group

Holdings,

Inc.

243,000

4.000%, 

3/1/2027

f

223,616

Total

50,303,666

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Cyclical

(1.1%)

1011778

B.C.,

ULC

$

640,000

4.375%, 

1/15/2028

f

$

614,400

Allen

Media,

LLC

371,000

10.500%, 

2/15/2028

f

365,539

Allied

Universal

Finance

Corporation

285,000

4.625%, 

6/1/2028

f

266,389

Allied

Universal

Holdco,

LLC

230,000

6.625%, 

7/15/2026

f

232,721

330,000

4.625%, 

6/1/2028

f

311,817

235,000

6.000%, 

6/1/2029

f

207,309

Allison

Transmission,

Inc.

590,000

3.750%, 

1/30/2031

f

535,218

Amazon.com,

Inc.

1,350,000

3.100%, 

5/12/2051

1,266,963

670,000

3.875%, 

8/22/2037

709,154

852,000

4.050%, 

8/22/2047

926,793

American

Axle

&

Manufacturing,

Inc.

660,000

6.500%, 

4/1/2027

h

652,588

Arko

Corporation

264,000

5.125%, 

11/15/2029

f

240,240

Ashton

Woods

USA,

LLC

260,000

4.625%, 

8/1/2029

f

229,276

BellRing

Brands,

Inc.

442,000

7.000%, 

3/15/2030

f

451,392

Boyd

Gaming

Corporation

395,000

4.750%, 

6/15/2031

f

380,681

Boyne

USA,

Inc.

305,000

4.750%, 

5/15/2029

f

292,800

Brookfield

Property

REIT,

Inc.

222,000

5.750%, 

5/15/2026

f

219,986

Brookfield

Residential

Properties,

Inc.

370,000

6.250%, 

9/15/2027

f

362,254

455,000

5.000%, 

6/15/2029

f

413,145

Caesars

Entertainment,

Inc.

608,000

6.250%, 

7/1/2025

f

627,724

135,000

8.125%, 

7/1/2027

f

144,646

426,000

4.625%, 

10/15/2029

f

398,310

Carnival

Corporation

26,000

10.500%, 

2/1/2026

f

28,910

728,000

7.625%, 

3/1/2026

f

732,754

605,000

5.750%, 

3/1/2027

f

576,967

263,000

6.000%, 

5/1/2029

f

247,835

Cedar

Fair,

LP

176,000

5.375%, 

4/15/2027

174,240

668,000

5.250%, 

7/15/2029

657,993

Churchill

Downs,

Inc.

265,000

4.750%, 

1/15/2028

f

257,050

Cinemark

USA,

Inc.

450,000

5.875%, 

3/15/2026

f,h

436,500

Clarios

Global,

LP

205,000

8.500%, 

5/15/2027

f

212,688

Cushman

&

Wakefield

US

Borrower,

LLC

202,000

6.750%, 

5/15/2028

f

211,090

D.R.

Horton,

Inc.

550,000

2.600%, 

10/15/2025

533,636

Daimler

Trucks

Finance

North

America,

LLC

839,000

2.000%, 

12/14/2026

f

781,499

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Dana,

Inc.

$

425,000

5.625%, 

6/15/2028

$

429,462

Empire

Communities

Corporation

430,000

7.000%, 

12/15/2025

f

424,840

Expedia

Group,

Inc.

1,350,000

3.250%, 

2/15/2030

1,285,032

Ford

Motor

Company

236,000

3.250%, 

2/12/2032

210,779

Ford

Motor

Credit

Company,

LLC

475,000

4.063%, 

11/1/2024

473,570

859,000

2.300%, 

2/10/2025

815,378

1,100,000

4.134%, 

8/4/2025

1,098,762

690,000

2.700%, 

8/10/2026

641,707

Forestar

Group,

Inc.

275,000

3.850%, 

5/15/2026

f

256,437

Gap,

Inc.

127,000

3.625%, 

10/1/2029

f

113,157

General

Motors

Company

700,000

6.125%, 

10/1/2025

751,465

1,150,000

6.800%, 

10/1/2027

1,298,049

1,471,000

5.000%, 

4/1/2035

1,495,241

General

Motors

Financial

Company,

Inc.

450,000

1.500%, 

6/10/2026

411,162

GLP

Capital,

LP

1,004,000

5.750%, 

6/1/2028

1,080,578

Goodyear

Tire

&

Rubber

Company

270,000

5.000%, 

7/15/2029

f

251,521

200,000

5.250%, 

7/15/2031

f

184,940

Guitar

Center

Escrow

Issuer

II,

Inc.

127,000

8.500%, 

1/15/2026

f

129,579

Hanesbrands,

Inc.

367,000

4.875%, 

5/15/2026

f

369,101

Herc

Holdings,

Inc.

350,000

5.500%, 

7/15/2027

f

354,900

Hilton

Domestic

Operating

Company,

Inc.

725,000

4.875%, 

1/15/2030

723,365

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

535,000

5.000%, 

6/1/2029

f

510,548

Home

Depot,

Inc.

555,000

5.400%, 

9/15/2040

670,714

840,000

4.250%, 

4/1/2046

918,780

700,000

3.900%, 

6/15/2047

729,126

Hyundai

Capital

America

1,000,000

1.800%, 

1/10/2028

f

883,149

Hyundai

Capital

Services,

Inc.

535,000

2.125%, 

4/24/2025

f

512,837

International

Game

Technology

plc

445,000

5.250%, 

1/15/2029

f

443,888

Jacobs

Entertainment,

Inc.

223,000

6.750%, 

2/15/2029

f

224,111

KB

Home

360,000

4.800%, 

11/15/2029

347,494

Kia

Corporation

535,000

2.375%, 

2/14/2025

f

519,979

Kohl's

Corporation

1,190,000

3.375%, 

5/1/2031

1,148,442

715,000

5.550%, 

7/17/2045

713,640

L

Brands,

Inc.

600,000

6.625%, 

10/1/2030

f

630,000

140,000

6.875%, 

11/1/2035

144,200

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Lennar

Corporation

$

1,225,000

4.750%, 

5/30/2025

$

1,268,625

Lowe's

Companies,

Inc.

1,350,000

2.625%, 

4/1/2031

h

1,265,374

Macy's

Retail

Holdings,

LLC

390,000

5.875%, 

4/1/2029

f

389,025

938,000

6.125%, 

3/15/2032

f

926,275

Magic

MergerCo,

Inc.

265,000

5.250%, 

5/1/2028

f

243,297

Marriott

International,

Inc.

75,000

5.750%, 

5/1/2025

79,630

885,000

4.625%, 

6/15/2030

916,586

Mastercard,

Inc.

830,000

3.950%, 

2/26/2048

886,549

Mattamy

Group

Corporation

620,000

5.250%, 

12/15/2027

f

611,996

McDonald's

Corporation

650,000

2.125%, 

3/1/2030

591,374

1,115,000

4.450%, 

3/1/2047

1,197,431

MDC

Holdings,

Inc.

1,100,000

2.500%, 

1/15/2031

960,463

MGM

Resorts

International

760,000

6.000%, 

3/15/2023

777,252

NCL

Corporation,

Ltd.

166,000

5.875%, 

2/15/2027

f

163,510

Nissan

Motor

Acceptance

Company,

LLC

880,000

1.125%, 

9/16/2024

f

822,991

Penn

National

Gaming,

Inc.

395,000

4.125%, 

7/1/2029

f,h

353,604

PetSmart,

Inc.

520,000

4.750%, 

2/15/2028

f

502,531

350,000

7.750%, 

2/15/2029

f

361,375

Prime

Security

Services

Borrower,

LLC

1,010,000

5.750%, 

4/15/2026

f

1,030,377

Real

Hero

Merger

Sub

2,

Inc.

310,000

6.250%, 

2/1/2029

f

282,450

Realogy

Group,

LLC

500,000

5.750%, 

1/15/2029

f

471,250

Rite

Aid

Corporation

194,000

7.500%, 

7/1/2025

f

180,937

Royal

Caribbean

Cruises,

Ltd.

590,000

9.125%, 

6/15/2023

f

614,338

525,000

4.250%, 

7/1/2026

f

488,350

119,000

5.375%, 

7/15/2027

f

114,333

220,000

5.500%, 

4/1/2028

f

209,728

Scientific

Games

International,

Inc.

490,000

7.250%, 

11/15/2029

f

513,275

62,000

6.625%, 

3/1/2030

f

61,118

SeaWorld

Parks

and

Entertainment,

Inc.

161,000

5.250%, 

8/15/2029

f

153,552

Service

Properties

Trust

302,000

7.500%, 

9/15/2025

316,813

Six

Flags

Theme

Parks,

Inc.

270,000

7.000%, 

7/1/2025

f

281,813

Staples,

Inc.

314,000

7.500%, 

4/15/2026

f

304,927

284,000

10.750%, 

4/15/2027

f

252,760

Station

Casinos,

LLC

307,000

4.625%, 

12/1/2031

f

280,813

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Tapestry,

Inc.

$

1,114,000

3.050%, 

3/15/2032

$

1,012,376

Tenneco,

Inc.

490,000

5.000%, 

7/15/2026

482,038

Toll

Brothers

Finance

Corporation

900,000

3.800%, 

11/1/2029

870,187

Travel

+

Leisure

Company

350,000

6.625%, 

7/31/2026

f

364,875

Uber

Technologies,

Inc.

310,000

6.250%, 

1/15/2028

f,h

320,521

Visa,

Inc.

1,150,000

2.700%, 

4/15/2040

1,045,546

Wabash

National

Corporation

426,000

4.500%, 

10/15/2028

f

383,400

Walmart,

Inc.

825,000

3.250%, 

7/8/2029

848,567

Wyndham

Hotels

&

Resorts,

Inc.

215,000

4.375%, 

8/15/2028

f

206,938

Yum!

Brands,

Inc.

500,000

4.750%, 

1/15/2030

f

490,313

ZF

North

America

Capital,

Inc.

290,000

4.750%, 

4/29/2025

f

291,014

Total

60,086,937

Consumer

Non-Cyclical

(1.2%)

Abbott

Laboratories

1,000,000

4.750%, 

11/30/2036

1,162,066

AbbVie,

Inc.

575,000

2.950%, 

11/21/2026

569,595

1,250,000

4.300%, 

5/14/2036

1,305,423

450,000

4.850%, 

6/15/2044

498,846

675,000

4.875%, 

11/14/2048

762,892

Albertson's

Companies,

Inc.

566,000

3.500%, 

3/15/2029

f

510,798

Altria

Group,

Inc.

427,000

5.800%, 

2/14/2039

460,221

Amgen,

Inc.

1,200,000

3.375%, 

2/21/2050

1,082,712

1,375,000

4.200%, 

2/22/2052

1,422,017

Anheuser-Busch

Companies,

LLC

660,000

4.700%, 

2/1/2036

707,860

Anheuser-Busch

InBev

Worldwide,

Inc.

1,875,000

4.750%, 

4/15/2058

2,033,197

1,350,000

4.375%, 

4/15/2038

1,418,542

Anthem,

Inc.

900,000

3.125%, 

5/15/2050

792,557

725,000

4.625%, 

5/15/2042

791,972

Archer-Daniels-Midland

Company

770,000

2.700%, 

9/15/2051

679,064

AstraZeneca

plc

900,000

3.000%, 

5/28/2051

826,967

Bausch

Health

Companies,

Inc.

1,045,000

5.000%, 

1/30/2028

f

860,631

731,000

5.000%, 

2/15/2029

f

569,453

Becton,

Dickinson

and

Company

650,000

3.794%, 

5/20/2050

629,827

865,000

3.700%, 

6/6/2027

877,559

Bristol-Myers

Squibb

Company

536,000

3.550%, 

3/15/2042

530,134

Bunge,

Ltd.

Finance

Corporation

940,000

2.750%, 

5/14/2031

864,743

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Non-Cyclical

(1.2%)

-

continued

Cargill,

Inc.

$

486,000

3.125%, 

5/25/2051

f

$

449,392

Centene

Corporation

505,000

4.250%, 

12/15/2027

506,894

420,000

4.625%, 

12/15/2029

423,398

580,000

3.000%, 

10/15/2030

532,713

900,000

2.625%, 

8/1/2031

801,000

Central

Garden

&

Pet

Company

500,000

4.125%, 

10/15/2030

451,250

Comcast

Corporation

600,000

2.987%, 

11/1/2063

f

490,995

Community

Health

Systems,

Inc.

205,000

5.625%, 

3/15/2027

f

208,779

290,000

6.000%, 

1/15/2029

f

293,029

694,000

6.875%, 

4/15/2029

f

681,855

Conagra

Brands,

Inc.

935,000

4.300%, 

5/1/2024

960,735

Constellation

Brands,

Inc.

1,120,000

3.600%, 

2/15/2028

1,111,551

475,000

2.875%, 

5/1/2030

445,545

Coty,

Inc.

313,000

5.000%, 

4/15/2026

f

304,784

CVS

Health

Corporation

2,545,000

4.875%, 

7/20/2035

2,793,984

Danaher

Corporation

516,000

2.800%, 

12/10/2051

438,464

DaVita,

Inc.

620,000

4.625%, 

6/1/2030

f

578,956

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

f

288,550

Eli

Lilly

and

Company

721,000

2.500%, 

9/15/2060

579,898

Embecta

Corporation

128,000

6.750%, 

2/15/2030

f

128,320

Encompass

Health

Corporation

615,000

4.500%, 

2/1/2028

602,700

Endo

Finance,

LLC

195,000

9.500%, 

7/31/2027

f

171,112

Energizer

Holdings,

Inc.

455,000

4.750%, 

6/15/2028

f

413,265

General

Mills,

Inc.

550,000

2.875%, 

4/15/2030

528,349

H.

J.

Heinz

Company

140,000

5.200%, 

7/15/2045

151,550

HCA,

Inc.

1,672,000

5.375%, 

2/1/2025

1,739,716

1,861,000

3.500%, 

9/1/2030

1,797,845

HFC

Prestige

Products,

Inc.

493,000

4.750%, 

1/15/2029

f

460,026

HLF

Financing

SARL,

LLC

726,000

4.875%, 

6/1/2029

f

636,825

Humana,

Inc.

335,000

2.150%, 

2/3/2032

293,517

Imperial

Brands

Finance

plc

1,200,000

3.875%, 

7/26/2029

f

1,177,149

JBS

USA

LUX

SA

804,000

4.375%, 

2/2/2052

f

699,386

743,000

3.000%, 

5/15/2032

f

668,707

JBS

USA,

LLC

110,000

6.500%, 

4/15/2029

f

116,600

1,163,000

5.500%, 

1/15/2030

f

1,188,912

Kimberly-Clark

Corporation

710,000

3.900%, 

5/4/2047

738,060

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Non-Cyclical

(1.2%)

-

continued

Kraft

Foods

Group,

Inc.

$

411,000

5.000%, 

6/4/2042

$

438,989

Kraft

Heinz

Foods

Company

900,000

3.875%, 

5/15/2027

914,845

875,000

3.750%, 

4/1/2030

871,246

900,000

4.375%, 

6/1/2046

888,876

Mattel,

Inc.

475,000

3.375%, 

4/1/2026

f

465,065

670,000

5.450%, 

11/1/2041

713,215

Medtronic,

Inc.

804,000

4.375%, 

3/15/2035

893,103

Molina

Healthcare,

Inc.

560,000

4.375%, 

6/15/2028

f

554,187

Mozart

Debt

Merger

Sub,

Inc.

556,000

3.875%, 

4/1/2029

f

514,300

529,000

5.250%, 

10/1/2029

f

491,795

Newell

Brands,

Inc.

774,000

4.700%, 

4/1/2026

g

778,838

Ortho-Clinical

Diagnostics,

Inc.

310,000

7.250%, 

2/1/2028

f

319,300

Owens

&

Minor,

Inc.

276,000

6.625%, 

4/1/2030

f

284,007

Par

Pharmaceutical,

Inc.

435,000

7.500%, 

4/1/2027

f

405,920

Pilgrim's

Pride

Corporation

384,000

3.500%, 

3/1/2032

f

335,226

Post

Holdings,

Inc.

150,000

5.500%, 

12/15/2029

f

144,327

322,000

4.500%, 

9/15/2031

f

285,289

Reynolds

American,

Inc.

952,000

5.700%, 

8/15/2035

1,004,438

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

f

804,423

Royalty

Pharma

plc

1,025,000

3.550%, 

9/2/2050

851,448

Scotts

Miracle-Gro

Company

495,000

4.500%, 

10/15/2029

464,063

SEG

Holding,

LLC

560,000

5.625%, 

10/15/2028

f

560,000

Simmons

Foods,

Inc.

660,000

4.625%, 

3/1/2029

f

618,750

Spectrum

Brands,

Inc.

250,000

5.000%, 

10/1/2029

f

235,180

210,000

5.500%, 

7/15/2030

f

201,600

Syneos

Health,

Inc.

450,000

3.625%, 

1/15/2029

f

415,688

Sysco

Corporation

1,200,000

6.600%, 

4/1/2040

1,569,324

Teleflex,

Inc.

630,000

4.250%, 

6/1/2028

f

613,463

Tenet

Healthcare

Corporation

144,000

4.625%, 

7/15/2024

144,619

1,120,000

5.125%, 

11/1/2027

f

1,125,270

205,000

6.125%, 

10/1/2028

f

208,331

Teva

Pharmaceutical

Finance

Netherlands

III

BV

310,000

3.150%, 

10/1/2026

280,671

Thermo

Fisher

Scientific,

Inc.

560,000

2.000%, 

10/15/2031

502,712

TreeHouse

Foods,

Inc.

209,000

4.000%, 

9/1/2028

176,966

United

Natural

Foods,

Inc.

278,000

6.750%, 

10/15/2028

f

284,950

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Consumer

Non-Cyclical

(1.2%)

-

continued

UnitedHealth

Group,

Inc.

$

970,000

4.625%, 

7/15/2035

$

1,084,022

Valeant

Pharmaceuticals

International,

Inc.

230,000

8.500%, 

1/31/2027

f,h

229,372

Zoetis,

Inc.

670,000

4.700%, 

2/1/2043

747,581

Total

64,632,286

Energy

(0.9%)

Antero

Resources

Corporation

470,000

5.375%, 

3/1/2030

f

479,987

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

480,000

6.250%, 

4/1/2028

f

473,083

BP

Capital

Markets

America,

Inc.

1,345,000

2.939%, 

6/4/2051

1,148,014

500,000

3.543%, 

4/6/2027

506,147

Buckeye

Partners,

LP

480,000

3.950%, 

12/1/2026

469,075

Callon

Petroleum

Company

317,000

8.250%, 

7/15/2025

320,170

Canadian

Natural

Resources,

Ltd.

340,000

2.050%, 

7/15/2025

326,012

430,000

2.950%, 

7/15/2030

408,869

Cenovus

Energy,

Inc.

180,000

5.375%, 

7/15/2025

189,806

Cheniere

Energy

Partners,

LP

159,000

3.250%, 

1/31/2032

f

144,577

Cheniere

Energy,

Inc.

427,000

4.625%, 

10/15/2028

428,430

Chesapeake

Energy

Corporation

275,000

6.750%, 

4/15/2029

f

291,262

CNX

Resources

Corporation

265,000

6.000%, 

1/15/2029

f

267,650

Comstock

Resources,

Inc.

330,000

5.875%, 

1/15/2030

f

325,149

ConocoPhillips

1,400,000

6.500%, 

2/1/2039

1,871,995

Continental

Resources,

Inc.

371,000

2.268%, 

11/15/2026

f

346,414

897,000

5.750%, 

1/15/2031

f

981,139

CQP

Holdco,

LP

306,000

5.500%, 

6/15/2031

f

300,614

Devon

Energy

Corporation

1,644,000

4.500%, 

1/15/2030

1,696,501

DT

Midstream,

Inc.

405,000

4.125%, 

6/15/2029

f

388,316

135,000

4.375%, 

6/15/2031

f

129,262

Enbridge,

Inc.

1,250,000

2.500%, 

2/14/2025

1,221,884

Endeavor

Energy

Resources,

LP

310,000

5.750%, 

1/30/2028

f

320,462

Energy

Transfer,

LP

700,000

4.000%, 

10/1/2027

704,502

765,000

4.900%, 

3/15/2035

773,212

600,000

5.150%, 

2/1/2043

589,412

1,090,000

6.000%, 

6/15/2048

1,208,262

EnLink

Midstream

Partners,

LP

440,000

4.850%, 

7/15/2026

440,000

Enterprise

Products

Operating,

LLC

1,100,000

3.300%, 

2/15/2053

938,479

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Energy

(0.9%)

-

continued

EQT

Corporation

$

135,000

3.125%, 

5/15/2026

f

$

131,121

387,000

3.900%, 

10/1/2027

385,880

Equinor

ASA

625,000

3.000%, 

4/6/2027

622,123

Exxon

Mobil

Corporation

1,200,000

3.452%, 

4/15/2051

1,163,273

Ferrellgas,

LP

276,000

5.375%, 

4/1/2026

f

260,616

Genesis

Energy,

LP

220,000

6.500%, 

10/1/2025

216,986

135,000

8.000%, 

1/15/2027

138,875

Halliburton

Company

900,000

4.850%, 

11/15/2035

966,967

537,000

5.000%, 

11/15/2045

582,258

Harvest

Midstream,

LP

638,000

7.500%, 

9/1/2028

f

651,640

Hess

Corporation

804,000

5.800%, 

4/1/2047

956,578

Hess

Midstream

Operations,

LP

350,000

5.625%, 

2/15/2026

f

359,082

Hilcorp

Energy

I,

LP

430,000

5.750%, 

2/1/2029

f

430,258

ITT

Holdings,

LLC

380,000

6.500%, 

8/1/2029

f

351,014

Laredo

Petroleum,

Inc.

655,000

7.750%, 

7/31/2029

f

659,120

Magellan

Midstream

Partners,

LP

750,000

5.000%, 

3/1/2026

790,028

Marathon

Petroleum

Corporation

336,000

6.500%, 

3/1/2041

414,002

MPLX,

LP

600,000

4.875%, 

12/1/2024

621,397

1,310,000

4.875%, 

6/1/2025

1,357,162

Murphy

Oil

Corporation

240,000

5.875%, 

12/1/2027

244,200

Nabors

Industries,

Ltd.

505,000

7.250%, 

1/15/2026

f

505,000

National

Fuel

Gas

Company

975,000

5.500%, 

1/15/2026

1,032,336

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

290,000

7.500%, 

2/1/2026

f

285,270

NGL

Energy

Partners,

LP

141,000

7.500%, 

11/1/2023

135,007

NuStar

Logistics,

LP

500,000

5.750%, 

10/1/2025

509,375

Oasis

Petroleum,

Inc.

335,000

6.375%, 

6/1/2026

f

343,375

Occidental

Petroleum

Corporation

130,000

8.500%, 

7/15/2027

153,883

280,000

6.450%, 

9/15/2036

328,912

ONEOK,

Inc.

860,000

2.200%, 

9/15/2025

823,526

Ovintiv

Exploration,

Inc.

280,000

5.625%, 

7/1/2024

294,381

560,000

5.375%, 

1/1/2026

593,575

PBF

Holding

Company,

LLC

210,000

9.250%, 

5/15/2025

f

216,346

Precision

Drilling

Corporation

335,000

6.875%, 

1/15/2029

f

340,025

Range

Resources

Corporation

476,000

4.750%, 

2/15/2030

f,h

472,754

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Energy

(0.9%)

-

continued

Sabine

Pass

Liquefaction,

LLC

$

1,800,000

4.500%, 

5/15/2030

$

1,882,382

Schlumberger

Holdings

Corporation

880,000

4.000%, 

12/21/2025

f

894,324

SM

Energy

Company

304,000

6.625%, 

1/15/2027

h

311,649

200,000

6.500%, 

7/15/2028

h

206,386

Southwestern

Energy

Company

265,000

5.375%, 

2/1/2029

268,313

295,000

5.375%, 

3/15/2030

299,782

191,000

4.750%, 

2/1/2032

190,761

Summit

Midstream

Holdings,

LLC

368,000

8.500%, 

10/15/2026

f

350,899

Sunoco,

LP

385,000

5.875%, 

3/15/2028

388,850

Tallgrass

Energy

Finance

Corporation

640,000

5.500%, 

1/15/2028

f

619,200

Targa

Resources

Corporation

939,000

4.200%, 

2/1/2033

e

947,568

Teine

Energy,

Ltd.

280,000

6.875%, 

4/15/2029

f

284,200

Transocean

Proteus,

Ltd.

137,500

6.250%, 

12/1/2024

f

136,469

Transocean,

Inc.

265,000

11.500%, 

1/30/2027

f

273,613

USA

Compression

Partners,

LP

371,000

6.875%, 

4/1/2026

374,339

Venture

Global

Calcasieu

Pass,

LLC

389,000

3.875%, 

8/15/2029

f

378,159

235,000

4.125%, 

8/15/2031

f

230,570

W&T

Offshore,

Inc.

166,000

9.750%, 

11/1/2023

f

165,170

Weatherford

International,

Ltd.

423,000

8.625%, 

4/30/2030

f

429,493

Western

Midstream

Operating,

LP

440,000

3.950%, 

6/1/2025

442,680

230,000

5.500%, 

8/15/2048

227,125

Williams

Companies,

Inc.

900,000

7.500%, 

1/15/2031

1,118,336

Total

45,445,298

Financials

(2.7%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,210,000

3.500%, 

1/15/2025

1,188,782

950,000

3.875%, 

1/23/2028

h

925,927

475,000

3.400%, 

10/29/2033

425,739

Air

Lease

Corporation

1,350,000

3.000%, 

2/1/2030

1,243,420

400,000

2.875%, 

1/15/2032

358,135

Aircastle,

Ltd.

565,000

5.250%, 

8/11/2025

f

575,580

1,000,000

2.850%, 

1/26/2028

f

898,305

Alliant

Holdings

Intermediate,

LLC

211,000

6.750%, 

10/15/2027

f

208,455

Ally

Financial,

Inc.

1,270,000

5.750%, 

11/20/2025

1,335,536

900,000

8.000%, 

11/1/2031

1,128,896

Altice

Financing

SA

190,000

5.750%, 

8/15/2029

f

172,726

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Financials

(2.7%)

-

continued

American

Express

Company

$

1,050,000

2.250%, 

3/4/2025

$

1,031,106

American

Finance

Trust,

Inc.

318,000

4.500%, 

9/30/2028

f

286,238

American

Homes

4

Rent,

LP

880,000

2.375%, 

7/15/2031

776,859

American

International

Group,

Inc.

705,000

3.750%, 

7/10/2025

716,367

1,347,000

3.900%, 

4/1/2026

1,380,908

AmWINS

Group,

Inc.

255,000

4.875%, 

6/30/2029

f

244,805

Ares

Capital

Corporation

799,000

3.250%, 

7/15/2025

775,084

975,000

3.875%, 

1/15/2026

956,452

450,000

2.150%, 

7/15/2026

406,681

Associated

Banc-Corporation

650,000

4.250%, 

1/15/2025

662,602

Australia

and

New

Zealand

Banking

Group,

Ltd.

500,000

2.950%, 

7/22/2030

b,f

481,416

Aviation

Capital

Group,

LLC

880,000

5.500%, 

12/15/2024

f

905,735

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

f

714,637

250,000

4.250%, 

4/15/2026

f

246,539

Banco

Santander

Mexico

SA

675,000

5.375%, 

4/17/2025

f

704,386

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

1,005,072

Bank

of

America

Corporation

1,000,000

4.200%, 

8/26/2024

1,024,304

830,000

4.000%, 

1/22/2025

845,197

500,000

1.734%, 

7/22/2027

b

464,342

1,210,000

3.824%, 

1/20/2028

b

1,223,958

450,000

2.087%, 

6/14/2029

b

411,050

1,200,000

2.496%, 

2/13/2031

b

1,103,004

700,000

2.592%, 

4/29/2031

b

645,797

1,250,000

1.922%, 

10/24/2031

b

1,085,847

804,000

2.972%, 

2/4/2033

b

753,342

1,075,000

3.846%, 

3/8/2037

b

1,029,443

1,200,000

4.244%, 

4/24/2038

b

1,250,245

Bank

of

Montreal

799,000

1.500%, 

1/10/2025

765,447

Barclays

plc

1,185,000

4.972%, 

5/16/2029

b

1,239,620

1,250,000

3.564%, 

9/23/2035

b

1,151,291

Blackstone

Private

Credit

Fund

799,000

2.700%, 

1/15/2025

f

763,026

BNP

Paribas

SA

1,340,000

3.132%, 

1/20/2033

b,f

1,240,138

BPCE

SA

860,000

3.500%, 

10/23/2027

f

840,862

Burlington

Northern

Santa

Fe,

LLC

631,000

2.875%, 

6/15/2052

558,977

Camden

Property

Trust

1,500,000

3.150%, 

7/1/2029

1,483,344

CANPACK

SA

540,000

3.125%, 

11/1/2025

f

495,450

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

1,022,858

805,000

2.636%, 

3/3/2026

b

787,693

Cascades

USA,

Inc.

290,000

5.125%, 

1/15/2026

f

289,095

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Financials

(2.7%)

-

continued

Charles

Schwab

Corporation

$

1,340,000

2.450%, 

3/3/2027

$

1,300,835

Chobani,

LLC

225,000

7.500%, 

4/15/2025

f

217,530

399,000

4.625%, 

11/15/2028

f

368,077

Chubb

INA

Holdings,

Inc.

737,000

4.350%, 

11/3/2045

800,734

Citigroup,

Inc.

721,000

0.981%, 

5/1/2025

b

687,313

1,240,000

4.400%, 

6/10/2025

1,275,585

528,000

1.281%, 

11/3/2025

b

502,449

620,000

3.200%, 

10/21/2026

615,111

1,404,000

3.668%, 

7/24/2028

b

1,404,311

415,000

4.125%, 

7/25/2028

421,280

700,000

3.520%, 

10/27/2028

b

693,419

828,000

4.650%, 

7/23/2048

935,039

Coinbase

Global,

Inc.

211,000

3.625%, 

10/1/2031

f

179,877

Commerzbank

AG

1,100,000

8.125%, 

9/19/2023

f

1,161,873

Corebridge

Financial,

Inc.

402,000

4.350%, 

4/5/2042

f

401,891

1,073,000

4.400%, 

4/5/2052

f

1,072,818

Credit

Acceptance

Corporation

450,000

5.125%, 

12/31/2024

f

451,616

Credit

Agricole

SA

550,000

6.875%, 

9/23/2024

b,f,j

570,625

Credit

Suisse

Group

AG

775,000

7.250%, 

9/12/2025

b,f,j

783,719

1,375,000

2.193%, 

6/5/2026

b,f

1,291,237

Danske

Bank

AS

950,000

3.773%, 

3/28/2025

b,e,f

952,181

400,000

0.976%, 

9/10/2025

b,f

374,855

900,000

3.244%, 

12/20/2025

b,f

886,762

Deutsche

Bank

AG

580,000

2.311%, 

11/16/2027

b

531,522

950,000

3.729%, 

1/14/2032

b

847,350

Discover

Bank

1,410,000

4.682%, 

8/9/2028

b

1,429,814

Drawbridge

Special

Opportunities

Fund,

LP

600,000

3.875%, 

2/15/2026

f

580,717

Duke

Realty,

LP

700,000

2.875%, 

11/15/2029

671,026

EPR

Properties

355,000

4.950%, 

4/15/2028

355,149

541,000

3.600%, 

11/15/2031

490,471

ERP

Operating,

LP

267,000

3.375%, 

6/1/2025

267,497

Fidelity

National

Financial,

Inc.

980,000

5.500%, 

9/1/2022

994,019

First

Horizon

Bank

225,000

5.750%, 

5/1/2030

254,378

First

Horizon

National

Corporation

900,000

4.000%, 

5/26/2025

911,859

First-Citizens

Bank

&

Trust

Company

660,000

6.125%, 

3/9/2028

730,117

Fortress

Transportation

and

Infrastructure

Investors,

LLC

290,000

6.500%, 

10/1/2025

f

287,825

139,000

9.750%, 

8/1/2027

f

145,222

190,000

5.500%, 

5/1/2028

f

172,739

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Financials

(2.7%)

-

continued

FS

KKR

Capital

Corporation

$

601,000

1.650%, 

10/12/2024

$

566,445

450,000

4.250%, 

2/14/2025

f

442,695

1,137,000

3.400%, 

1/15/2026

1,100,822

GE

Capital

International

Funding

Company

1,759,000

4.418%, 

11/15/2035

1,888,794

Genworth

Mortgage

Holdings,

Inc.

209,000

6.500%, 

8/15/2025

f

215,615

Global

Net

Lease,

Inc.

575,000

3.750%, 

12/15/2027

f

528,987

Goldman

Sachs

Group,

Inc.

1,000,000

3.625%, 

2/20/2024

1,012,725

1,681,000

0.925%, 

10/21/2024

b

1,629,397

684,000

1.948%, 

10/21/2027

b

635,675

230,000

1.992%, 

1/27/2032

b

199,244

1,876,000

3.102%, 

2/24/2033

b

1,768,294

460,000

4.750%, 

10/21/2045

513,938

HCP,

Inc.

173,000

3.400%, 

2/1/2025

173,666

HSBC

Holdings

plc

1,502,000

1.162%, 

11/22/2024

b

1,450,271

1,525,000

3.803%, 

3/11/2025

b

1,532,178

1,000,000

2.999%, 

3/10/2026

b

980,457

1,040,000

3.900%, 

5/25/2026

1,049,950

HUB

International,

Ltd.

150,000

7.000%, 

5/1/2026

f

151,733

260,000

5.625%, 

12/1/2029

f

248,300

Icahn

Enterprises,

LP

455,000

4.750%, 

9/15/2024

457,070

390,000

6.375%, 

12/15/2025

392,925

465,000

5.250%, 

5/15/2027

456,363

Invitation

Homes

Operating

Partnership,

LP

670,000

2.000%, 

8/15/2031

572,159

iStar,

Inc.

505,000

4.250%, 

8/1/2025

496,794

J.P.

Morgan

Chase

&

Company

470,000

3.125%, 

1/23/2025

472,426

450,000

0.824%, 

6/1/2025

b

429,107

774,000

1.561%, 

12/10/2025

b

740,865

725,000

1.040%, 

2/4/2027

b

664,330

714,000

1.578%, 

4/22/2027

b

665,004

1,075,000

2.947%, 

2/24/2028

b

1,049,067

1,350,000

4.203%, 

7/23/2029

b

1,396,125

700,000

2.522%, 

4/22/2031

b

648,913

975,000

1.953%, 

2/4/2032

b

854,102

1,475,000

3.882%, 

7/24/2038

b

1,487,668

Jefferies

Finance,

LLC

455,000

5.000%, 

8/15/2028

f

435,653

Kimco

Realty

Corporation

1,072,000

3.300%, 

2/1/2025

1,066,978

Lloyds

Banking

Group

plc

1,500,000

3.870%, 

7/9/2025

b

1,515,796

LPL

Holdings,

Inc.

340,000

4.000%, 

3/15/2029

f

322,653

Macquarie

Group,

Ltd.

961,000

1.201%, 

10/14/2025

b,f

908,279

Massachusetts

Mutual

Life

Insurance

Company

1,000,000

3.200%, 

12/1/2061

f

816,425

MGM

Growth

Properties

Operating

Partnership,

LP

1,021,000

4.625%, 

6/15/2025

f

1,028,658

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Financials

(2.7%)

-

continued

$

500,000

5.750%, 

2/1/2027

$

528,125

Mitsubishi

UFJ

Financial

Group,

Inc.

730,000

0.962%, 

10/11/2025

b

688,062

1,420,000

3.287%, 

7/25/2027

1,407,049

1,350,000

2.048%, 

7/17/2030

1,195,191

Morgan

Stanley

825,000

2.630%, 

2/18/2026

b

809,276

475,000

2.188%, 

4/28/2026

b

458,835

1,350,000

4.350%, 

9/8/2026

1,390,468

1,704,000

3.591%, 

7/22/2028

b

1,708,739

1,250,000

3.622%, 

4/1/2031

b

1,243,497

700,000

2.802%, 

1/25/2052

b

582,378

MPT

Operating

Partnership,

LP

385,000

4.625%, 

8/1/2029

381,150

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

496,323

Nationstar

Mortgage

Holdings,

Inc.

277,000

6.000%, 

1/15/2027

f

281,875

Nationwide

Building

Society

650,000

3.622%, 

4/26/2023

b,f

650,116

NatWest

Group

plc

850,000

4.445%, 

5/8/2030

b

871,883

750,000

3.032%, 

11/28/2035

b

665,387

Navient

Corporation

270,000

5.500%, 

1/25/2023

273,375

73,000

6.750%, 

6/25/2025

74,995

130,000

5.000%, 

3/15/2027

123,825

Omega

Healthcare

Investors,

Inc.

774,000

3.625%, 

10/1/2029

731,319

725,000

3.375%, 

2/1/2031

664,164

OneMain

Finance

Corporation

470,000

6.875%, 

3/15/2025

494,214

200,000

3.500%, 

1/15/2027

185,000

410,000

6.625%, 

1/15/2028

429,475

Owl

Rock

Capital

Corporation

225,000

4.250%, 

1/15/2026

219,269

500,000

3.400%, 

7/15/2026

469,472

OWL

Rock

Core

Income

Corporation

670,000

4.700%, 

2/8/2027

f

644,393

Owl

Rock

Technology

Finance

Corporation

225,000

4.750%, 

12/15/2025

f

222,078

Park

Aerospace

Holdings,

Ltd.

700,000

4.500%, 

3/15/2023

f

704,976

Park

Intermediate

Holdings,

LLC

145,000

4.875%, 

5/15/2029

f

135,930

PennyMac

Financial

Services,

Inc.

360,000

4.250%, 

2/15/2029

f

308,880

Playtika

Holding

Corporation

348,000

4.250%, 

3/15/2029

f

321,030

PRA

Group,

Inc.

205,000

7.375%, 

9/1/2025

f

213,634

Principal

Life

Global

Funding

II

720,000

1.250%, 

8/16/2026

f

658,436

Prudential

Financial,

Inc.

1,020,000

5.125%, 

3/1/2052

b

1,031,118

625,000

3.700%, 

3/13/2051

610,550

Radian

Group,

Inc.

270,000

4.875%, 

3/15/2027

271,350

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Financials

(2.7%)

-

continued

Realty

Income

Corporation

$

995,000

4.125%, 

10/15/2026

$

1,025,911

1,000,000

2.850%, 

12/15/2032

944,765

Regency

Centers,

LP

1,180,000

4.125%, 

3/15/2028

1,219,072

Reinsurance

Group

of

America,

Inc.

965,000

4.700%, 

9/15/2023

987,602

Rocket

Mortgage

Co-Issuer,

Inc.

340,000

3.625%, 

3/1/2029

f

310,709

Santander

UK

Group

Holdings

plc

900,000

1.673%, 

6/14/2027

b

818,841

Service

Properties

Trust

159,000

4.650%, 

3/15/2024

153,044

170,000

4.750%, 

10/1/2026

155,550

93,000

4.950%, 

2/15/2027

85,941

290,000

5.500%, 

12/15/2027

279,705

Simon

Property

Group,

LP

1,100,000

3.800%, 

7/15/2050

1,084,752

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

f

847,125

Spirit

Realty,

LP

1,100,000

2.100%, 

3/15/2028

995,902

Standard

Chartered

plc

1,609,000

1.822%, 

11/23/2025

b,f

1,528,597

Sumitomo

Mitsui

Financial

Group,

Inc.

840,000

3.010%, 

10/19/2026

823,065

700,000

1.710%, 

1/12/2031

598,670

Sumitomo

Mitsui

Trust

Bank,

Ltd.

880,000

0.800%, 

9/16/2024

f

830,564

Synchrony

Financial

330,000

4.250%, 

8/15/2024

334,604

825,000

3.950%, 

12/1/2027

817,055

UBS

Group

Funding

Jersey,

Ltd.

768,000

4.125%, 

9/24/2025

f

782,340

UDR,

Inc.

675,000

2.100%, 

8/1/2032

581,739

United

Wholesale

Mortgage,

LLC

405,000

5.500%, 

4/15/2029

f

360,863

VICI

Properties,

LP

250,000

4.250%, 

12/1/2026

f

248,950

140,000

3.750%, 

2/15/2027

f

136,150

250,000

4.625%, 

12/1/2029

f

249,375

Wells

Fargo

&

Company

1,040,000

3.000%, 

2/19/2025

1,038,012

500,000

3.000%, 

4/22/2026

495,143

1,140,000

3.000%, 

10/23/2026

1,124,142

805,000

3.526%, 

3/24/2028

b

803,383

1,200,000

2.393%, 

6/2/2028

b

1,134,720

930,000

4.900%, 

11/17/2045

1,026,398

Welltower,

Inc.

675,000

2.050%, 

1/15/2029

614,250

Total

143,798,882

Mortgage-Backed

Securities

(9.7%)

Federal

National

Mortgage

Association

24,715,001

2.500%, 

12/1/2051

23,617,103

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

14,700,000

1.500%, 

4/1/2037

e

13,936,863

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Mortgage-Backed

Securities

(9.7%)

-

continued

$

6,500,000

1.500%, 

5/1/2037

e

$

6,150,498

40,275,000

2.000%, 

5/1/2037

e

39,028,206

37,300,000

2.500%, 

5/1/2037

e

36,759,763

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

35,822,559

2.000%, 

3/1/2051

33,350,442

23,650,000

2.000%, 

4/1/2052

e

21,952,928

23,300,000

2.500%, 

4/1/2052

e

22,229,656

94,150,000

2.000%, 

5/1/2052

e

87,221,757

88,225,000

2.500%, 

5/1/2052

e

83,997,682

88,600,000

3.000%, 

5/1/2049

e

86,459,187

58,500,000

3.500%, 

5/1/2049

e

58,398,784

Total

513,102,869

Technology

(0.6%)

Analog

Devices,

Inc.

1,000,000

2.950%, 

10/1/2051

904,632

Apple,

Inc.

1,975,000

3.750%, 

9/12/2047

2,053,429

Black

Knight

InfoServ,

LLC

478,000

3.625%, 

9/1/2028

f

453,001

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

403,000

3.875%, 

1/15/2027

405,694

Broadcom,

Inc.

460,000

5.000%, 

4/15/2030

488,977

448,000

3.469%, 

4/15/2034

f

414,907

1,072,000

3.137%, 

11/15/2035

f

944,531

1,100,000

3.187%, 

11/15/2036

f

954,898

CommScope

Technologies

Finance,

LLC

380,000

6.000%, 

6/15/2025

f

359,902

CommScope,

Inc.

310,000

7.125%, 

7/1/2028

f,h

280,046

Dell

International,

LLC

2,172,000

6.020%, 

6/15/2026

2,352,773

112,000

8.350%, 

7/15/2046

163,676

Fiserv,

Inc.

1,325,000

2.250%, 

6/1/2027

1,251,380

960,000

2.650%, 

6/1/2030

886,024

Gartner,

Inc.

200,000

3.625%, 

6/15/2029

f

187,500

480,000

3.750%, 

10/1/2030

f

450,600

Iron

Mountain,

Inc.

250,000

5.000%, 

7/15/2028

f

243,717

540,000

4.875%, 

9/15/2029

f

514,010

300,000

5.250%, 

7/15/2030

f

294,000

440,000

4.500%, 

2/15/2031

f

406,344

Lam

Research

Corporation

1,200,000

2.875%, 

6/15/2050

1,061,462

Microchip

Technology,

Inc.

450,000

0.983%, 

9/1/2024

f

426,047

Micron

Technology,

Inc.

900,000

4.663%, 

2/15/2030

940,617

Microsoft

Corporation

620,000

3.041%, 

3/17/2062

578,986

950,000

3.700%, 

8/8/2046

1,011,169

Minerva

Merger

Sub,

Inc.

390,000

6.500%, 

2/15/2030

f

378,349

MSCI,

Inc.

375,000

4.000%, 

11/15/2029

f

364,194

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Technology

(0.6%)

-

continued

NCR

Corporation

$

820,000

6.125%, 

9/1/2029

f

$

822,050

Nielsen

Finance,

LLC

60,000

4.500%, 

7/15/2029

f

59,850

NXP

BV/NXP

Funding,

LLC

475,000

5.550%, 

12/1/2028

f

520,657

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

476,000

4.300%, 

6/18/2029

f

491,374

475,000

3.250%, 

5/11/2041

f

418,866

Open

Text

Corporation

545,000

4.125%, 

2/15/2030

f

516,766

Oracle

Corporation

1,400,000

3.850%, 

7/15/2036

1,288,636

1,200,000

3.600%, 

4/1/2040

1,040,984

1,100,000

4.000%, 

7/15/2046

976,077

PTC,

Inc.

220,000

3.625%, 

2/15/2025

f

217,525

210,000

4.000%, 

2/15/2028

f

204,597

Qorvo,

Inc.

790,000

3.375%, 

4/1/2031

f

718,386

Rackspace

Technology

Global,

Inc.

430,000

5.375%, 

12/1/2028

f

373,090

Seagate

HDD

Cayman

656,000

3.125%, 

7/15/2029

588,760

540,000

3.375%, 

7/15/2031

480,122

Sensata

Technologies,

Inc.

640,000

3.750%, 

2/15/2031

f

592,000

Shift4

Payments,

LLC

150,000

4.625%, 

11/1/2026

f

145,875

SS&C

Technologies,

Inc.

880,000

5.500%, 

9/30/2027

f

886,613

Switch,

Ltd.

440,000

3.750%, 

9/15/2028

f

426,688

Texas

Instruments,

Inc.

855,000

4.150%, 

5/15/2048

949,480

Viavi

Solutions,

Inc.

319,000

3.750%, 

10/1/2029

f

299,357

VMware,

Inc.

550,000

4.650%, 

5/15/2027

576,294

Total

31,364,912

Transportation

(0.3%)

Air

Canada

95,000

3.875%, 

8/15/2026

f

89,656

Air

Canada

Pass

Through

Trust

157,744

3.875%, 

3/15/2023

f

155,961

American

Airlines,

Inc.

556,000

11.750%, 

7/15/2025

f

649,124

944,000

5.500%, 

4/20/2026

f

951,080

Avis

Budget

Car

Rental,

LLC

360,000

5.375%, 

3/1/2029

f,h

354,679

Burlington

Northern

Santa

Fe,

LLC

850,000

5.750%, 

5/1/2040

1,059,231

900,000

4.450%, 

3/15/2043

984,226

Canadian

Pacific

Railway

Company

743,000

3.100%, 

12/2/2051

656,917

495,000

3.000%, 

12/2/2041

445,281

CSX

Corporation

720,000

3.800%, 

4/15/2050

730,948

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Transportation

(0.3%)

-

continued

Delta

Air

Lines,

Inc.

$

389,000

7.000%, 

5/1/2025

f

$

416,664

70,000

7.375%, 

1/15/2026

76,019

1,451,000

4.750%, 

10/20/2028

f

1,462,110

Hawaiian

Brand

Intellectual

Property,

Ltd.

79,000

5.750%, 

1/20/2026

f

79,045

Hertz

Corporation

260,000

4.625%, 

12/1/2026

f

242,794

313,000

5.000%, 

12/1/2029

f

283,265

Mileage

Plus

Holdings,

LLC

1,341,000

6.500%, 

6/20/2027

f

1,397,993

NCL

Corporation,

Ltd.

507,000

3.625%, 

12/15/2024

f

477,848

Ryder

System,

Inc.

537,000

2.850%, 

3/1/2027

520,715

Southwest

Airlines

Company

952,000

2.625%, 

2/10/2030

868,305

United

Airlines,

Inc.

435,000

4.375%, 

4/15/2026

f

427,899

256,000

4.625%, 

4/15/2029

f

243,443

VistaJet

Malta

Finance

plc

341,000

6.375%, 

2/1/2030

f

320,835

Total

12,894,038

U.S.

Government

&

Agencies

(11.9%)

U.S.

Treasury

Bonds

20,680,000

1.625%, 

11/15/2050

16,946,291

16,975,000

2.250%, 

11/15/2027

16,779,390

31,750,000

2.875%, 

5/15/2028

32,490,420

14,120,000

5.250%, 

11/15/2028

16,543,014

38,050,000

1.625%, 

8/15/2029

36,083,588

11,850,000

1.500%, 

2/15/2030

11,109,375

6,250,000

0.875%, 

11/15/2030

5,534,424

850,000

1.375%, 

11/15/2031

779,875

1,075,000

4.375%, 

5/15/2040

1,367,770

41,740,000

1.375%, 

11/15/2040

34,124,080

600,000

3.000%, 

5/15/2042

635,461

27,658,000

2.500%, 

5/15/2046

27,099,438

35,275,000

2.875%, 

5/15/2049

37,934,404

U.S.

Treasury

Notes

10,000,000

2.000%, 

11/30/2022

10,043,750

6,540,000

2.500%, 

3/31/2023

6,590,072

5,990,000

0.125%, 

4/30/2023

5,884,239

91,010,000

0.125%, 

7/31/2023

88,716,975

21,730,000

0.125%, 

8/31/2023

21,140,913

23,100,000

0.125%, 

10/15/2023

22,388,051

60,650,000

0.750%, 

12/31/2023

59,076,891

65,780,000

2.500%, 

1/31/2024

66,000,980

12,780,000

2.125%, 

7/31/2024

12,689,142

15,100,000

2.250%, 

11/15/2024

15,006,215

8,000,000

2.125%, 

11/30/2024

7,921,875

3,700,000

1.375%, 

1/31/2025

3,586,109

6,000,000

0.250%, 

8/31/2025

5,551,406

33,790,000

2.625%, 

1/31/2026

33,918,032

3,050,000

0.500%, 

2/28/2026

2,819,820

22,580,000

2.500%, 

2/28/2026

22,548,247

2,350,000

0.500%, 

4/30/2027

2,131,523

4,300,000

0.750%, 

1/31/2028

3,900,570

Total

627,342,340

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Utilities

(0.6%)

AES

Corporation

$

1,069,000

3.950%, 

7/15/2030

f

$

1,059,012

Ameren

Illinois

Company

720,000

4.500%, 

3/15/2049

796,176

American

Electric

Power

Company,

Inc.

619,000

3.875%, 

2/15/2062

b

571,858

452,000

2.031%, 

3/15/2024

444,172

Appalachian

Power

Company

560,000

3.300%, 

6/1/2027

563,015

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

954,121

Calpine

Corporation

635,000

4.500%, 

2/15/2028

f

619,430

CenterPoint

Energy

Resources

Corporation

750,000

1.750%, 

10/1/2030

657,492

CenterPoint

Energy,

Inc.

500,000

2.500%, 

9/1/2024

491,361

225,000

4.250%, 

11/1/2028

231,344

CMS

Energy

Corporation

440,000

2.950%, 

2/15/2027

426,409

Commonwealth

Edison

Company

800,000

3.700%, 

3/1/2045

786,687

Consolidated

Edison

Company

of

New

York,

Inc.

900,000

4.125%, 

5/15/2049

908,290

Consolidated

Edison,

Inc.

384,000

4.500%, 

12/1/2045

402,870

Consumers

Energy

Company

1,025,000

4.350%, 

4/15/2049

1,113,140

Dominion

Energy

South

Carolina,

Inc.

760,000

5.100%, 

6/1/2065

896,384

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

745,134

640,000

3.700%, 

6/1/2046

636,025

Duke

Energy

Carolinas,

LLC

960,000

3.700%, 

12/1/2047

936,453

Duke

Energy

Corporation

520,000

3.750%, 

9/1/2046

490,831

Duke

Energy

Florida,

LLC

775,000

3.200%, 

1/15/2027

775,899

Duke

Energy

Indiana,

LLC

1,085,000

3.750%, 

5/15/2046

1,064,128

Edison

International

950,000

5.750%, 

6/15/2027

1,017,963

Exelon

Corporation

575,000

4.700%, 

4/15/2050

632,369

642,000

4.450%, 

4/15/2046

671,220

FirstEnergy

Corporation

350,000

3.350%, 

7/15/2022

349,562

ITC

Holdings

Corporation

284,000

4.050%, 

7/1/2023

286,784

560,000

5.300%, 

7/1/2043

639,730

Jersey

Central

Power

&

Light

Company

375,000

2.750%, 

3/1/2032

f

349,196

Mississippi

Power

Company

800,000

3.950%, 

3/30/2028

812,710

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income

(34.7%)

Value

Utilities

(0.6%)

-

continued

National

Rural

Utilities

Cooperative

Finance

Corporation

$

1,000,000

3.700%, 

3/15/2029

$

1,022,852

NextEra

Energy

Operating

Partners,

LP

600,000

3.875%, 

10/15/2026

f

593,250

NiSource

Finance

Corporation

675,000

5.650%, 

2/1/2045

765,045

NiSource,

Inc.

875,000

3.600%, 

5/1/2030

867,737

NRG

Energy,

Inc.

635,000

3.375%, 

2/15/2029

f

564,458

195,000

5.250%, 

6/15/2029

f

190,560

Pacific

Gas

and

Electric

Company

720,000

4.950%, 

7/1/2050

678,168

800,000

3.300%, 

12/1/2027

754,681

900,000

4.550%, 

7/1/2030

892,985

PG&E

Corporation

379,000

5.000%, 

7/1/2028

366,341

PPL

Electric

Utilities

Corporation

440,000

3.950%, 

6/1/2047

449,290

San

Diego

Gas

&

Electric

Company

900,000

4.150%, 

5/15/2048

944,997

Southern

California

Edison

Company

1,135,000

4.000%, 

4/1/2047

1,090,543

Southern

Company

665,000

3.250%, 

7/1/2026

665,062

Southern

Company

Gas

Capital

Corporation

600,000

4.400%, 

5/30/2047

603,543

Southwestern

Electric

Power

Company

460,000

3.900%, 

4/1/2045

434,841

Suburban

Propane

Partners,

LP

560,000

5.875%, 

3/1/2027

567,700

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

f

517,790

Virginia

Electric

and

Power

Company

750,000

4.600%, 

12/1/2048

843,536

Vistra

Operations

Company,

LLC

560,000

5.000%, 

7/31/2027

f

550,934

Total

33,694,078

Total

Long-Term

Fixed

Income

(cost

$1,878,146,698)

1,828,677,106

Shares

Registered

Investment

Companies

(

34.3%

)

Value

Unaffiliated  (0.9%)

3,691

Invesco

QQQ

Trust

Series

1

1,338,135

23,000

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

h

2,781,620

15,817

ProShares

Ultra

S&P

500

1,037,753

4,825

ProShares

UltraPro

QQQ

280,719

254,100

SPDR

Blackstone

Senior

Loan

ETF

h

11,424,336

84,276

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

2,211,402

54,341

SPDR

S&P

500

ETF

Trust

24,542,569

9,433

SPDR

S&P

Biotech

ETF

h,k

847,838

Shares

Registered

Investment

Companies

(34.3%)

Value

Unaffiliated  (0.9%)-

continued

9,651

SPDR

S&P

Oil

&

Gas

Exploration

ETF

h

$

1,298,542

Total

45,762,914

Affiliated  (33.4%)

18,759,224

Thrivent

Core

Emerging

Markets

Debt

Fund

162,267,284

3,957,482

Thrivent

Core

Emerging

Markets

Equity

Fund

38,664,599

3,157,809

Thrivent

Core

International

Equity

Fund

31,925,449

7,579,795

Thrivent

Core

Low

Volatility

Equity

Fund

98,688,927

3,624,533

Thrivent

Global

Stock

Portfolio

55,960,975

29,205,520

Thrivent

High

Yield

Portfolio

128,892,723

38,025,522

Thrivent

Income

Portfolio

376,669,416

18,258,642

Thrivent

International

Allocation

Portfolio

193,138,085

1,593,778

Thrivent

International

Index

Portfolio

20,650,585

11,329,957

Thrivent

Large

Cap

Value

Portfolio

275,327,017

20,813,578

Thrivent

Limited

Maturity

Bond

Portfolio

201,554,532

3,948,290

Thrivent

Mid

Cap

Stock

Portfolio

100,564,914

3,119,242

Thrivent

Small

Cap

Stock

Portfolio

77,183,762

Total

1,761,488,268

Total

Registered

Investment

Companies

(cost

$1,549,243,481)

1,807,251,182

Shares

Common

Stock

(

20.4%

)

Value

Communications

Services

(1.6%)

2,021

Alphabet,

Inc.,

Class

A

k

5,621,108

12,429

Alphabet,

Inc.,

Class

C

k

34,714,073

5,542

AMC

Networks,

Inc.

h,k

225,171

255,051

AT&T,

Inc.

6,026,855

3,224

Cars.com,

Inc.

k

46,522

152,675

Comcast

Corporation

7,148,244

71,647

Discovery,

Inc.,

Class

A

h,k

1,785,443

5,587

Discovery,

Inc.,

Class

C

k

139,507

2,008

DISH

Network

Corporation

k

63,553

976

E.W.

Scripps

Company

k

20,291

11,368

Electronic

Arts,

Inc.

1,438,166

8,733

Fox

Corporation,

Class

A

344,517

2,516

Gray

Television,

Inc.

55,528

1,248

Hemisphere

Media

Group,

Inc.

k

5,703

6,954

Liberty

Global

plc,

Class

A

k

177,397

2,646

Lions

Gate

Entertainment

Corporation,

Class

B

39,769

52,582

Live

Nation

Entertainment,

Inc.

k

6,185,747

13,499

Lumen

Technologies,

Inc.

152,134

20,030

Match

Group,

Inc.

k

2,178,062

5,664

Meta

Platforms,

Inc.

k

1,259,447

33,578

News

Corporation,

Class

A

743,753

698

News

Corporation,

Class

B

15,719

2,371

Nexstar

Broadcasting

Group,

Inc.

446,886

7,518

Omnicom

Group,

Inc.

638,128

10,960

QuinStreet,

Inc.

k

127,136

1,075

RingCentral,

Inc.

k

126,001

3,780

Telephone

&

Data

Systems,

Inc.

71,366

148,833

Twitter,

Inc.

k

5,758,349

465

United

States

Cellular

Corporation

k

14,057

19,199

Upwork,

Inc.

k

446,185

108,600

Verizon

Communications,

Inc.

5,532,084

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Shares

Common

Stock

(20.4%)

Value

Communications

Services

(1.6%)

-

continued

5,598

Walt

Disney

Company

k

$

767,822

6,476

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,k

106,854

13,306

Zillow

Group,

Inc.

k

641,748

22,824

ZoomInfo

Technologies,

Inc.

k

1,363,506

Total

84,426,831

Consumer

Discretionary

(2.6%)

1,348

Aaron's

Company,

Inc.

27,068

681

Adient

plc

k

27,764

1,288

Adtalem

Global

Education,

Inc.

k

38,266

10,689

Amazon.com,

Inc.

k

34,845,606

6,805

American

Axle

&

Manufacturing

Holdings,

Inc.

k

52,807

571

America's

Car-Mart,

Inc.

k

46,000

54,703

Aptiv

plc

k

6,548,496

1,144

AutoZone,

Inc.

k

2,339,000

6,521

AZEK

Company,

Inc.

k

161,982

12,075

Bally's

Corporation

k

371,185

5,576

Beazer

Homes

USA,

Inc.

k

84,867

1,919

BJ's

Restaurants,

Inc.

k

54,308

429

Booking

Holdings,

Inc.

k

1,007,485

1,066

Brunswick

Corporation

86,229

2,055

Buckle,

Inc.

67,897

5,251

Burlington

Stores,

Inc.

k

956,575

13,020

Caesars

Entertainment,

Inc.

k

1,007,227

14,542

Carvana

Company

k

1,734,715

3,672

Cedar

Fair,

LP

k

201,226

7,030

Cheesecake

Factory,

Inc.

k

279,724

8,290

Chegg,

Inc.

k

300,761

10,451

Chewy,

Inc.

h,k

426,192

10,506

Chico's

FAS,

Inc.

k

50,429

3,741

Chipotle

Mexican

Grill,

Inc.

k

5,918,374

4,933

Choice

Hotels

International,

Inc.

699,302

230

Churchill

Downs,

Inc.

51,009

601

Chuy's

Holdings,

Inc.

k

16,227

2,014

Cimpress

plc

k

128,070

6,832

Clarus

Corporation

155,633

5,448

Container

Store

Group,

Inc.

k

44,510

36,299

Cooper-Standard

Holdings,

Inc.

k

318,342

1,270

Cracker

Barrel

Old

Country

Store,

Inc.

150,787

5,366

Culp,

Inc.

42,606

17,793

D.R.

Horton,

Inc.

1,325,756

2,802

Dana,

Inc.

49,231

1,844

Darden

Restaurants,

Inc.

245,160

1,225

Dave

&

Buster's

Entertainment,

Inc.

k

60,147

914

Deckers

Outdoor

Corporation

k

250,226

2,232

Denny's

Corporation

k

31,940

16,147

Designer

Brands,

Inc.

k

218,146

3

Dollar

General

Corporation

668

1,707

Dorman

Products,

Inc.

k

162,216

44,524

Duluth

Holdings,

Inc.

k

544,529

11,736

Emerald

Holding,

Inc.

k

39,902

93,112

Everi

Holdings,

Inc.

k

1,955,352

4,793

Expedia

Group,

Inc.

k

937,846

11,562

Five

Below,

Inc.

k

1,831,074

63,715

Ford

Motor

Company

1,077,421

28,563

Gap,

Inc.

402,167

557

Garmin,

Ltd.

66,066

39,796

General

Motors

Company

k

1,740,677

24,843

Gentex

Corporation

724,670

1,624

G-III

Apparel

Group,

Ltd.

k

43,929

Shares

Common

Stock

(20.4%)

Value

Consumer

Discretionary

(2.6%)

-

continued

15,716

Goodyear

Tire

&

Rubber

Company

k

$

224,582

69

Graham

Holdings

Company

42,191

3,103

Grand

Canyon

Education,

Inc.

k

301,332

489

Group

1

Automotive,

Inc.

82,069

4,739

Groupon,

Inc.

h,k

91,131

11,163

Hanesbrands,

Inc.

166,217

10,609

Harley-Davidson,

Inc.

417,995

11,650

Home

Depot,

Inc.

3,487,195

7,114

Lear

Corporation

1,014,385

12,973

Leggett

&

Platt,

Inc.

451,460

5,058

Lithia

Motors,

Inc.

1,518,007

22,849

Lowe's

Companies,

Inc.

4,619,839

362

Lululemon

Athletica,

Inc.

k

132,213

1,765

M.D.C.

Holdings,

Inc.

66,788

96,169

Macy's,

Inc.

2,342,677

22,168

Magnite,

Inc.

k

292,839

43

Marriott

Vacations

Worldwide

Corporation

6,781

8,382

McDonald's

Corporation

2,072,701

3,547

Miller

Industries,

Inc.

99,884

8,436

Modine

Manufacturing

Company

k

76,008

5,450

Mohawk

Industries,

Inc.

k

676,890

332

Murphy

USA,

Inc.

66,387

11,375

NIKE,

Inc.

1,530,620

26,906

Nordstrom,

Inc.

h

729,422

13,923

Norwegian

Cruise

Line

Holdings,

Ltd.

h,k

304,635

304

NVR,

Inc.

k

1,358,050

7,863

Papa

John's

International,

Inc.

827,817

23,246

Party

City

Holdco,

Inc.

k

83,221

32,024

Penn

National

Gaming,

Inc.

k

1,358,458

6,286

Perdoceo

Education

Corporation

k

72,163

18,860

Planet

Fitness,

Inc.

k

1,593,293

11,682

PVH

Corporation

894,958

42,298

Qurate

Retail,

Inc.

201,338

654

RCI

Hospitality

Holdings,

Inc.

40,195

188

RH

k

61,305

30,104

Ross

Stores,

Inc.

2,723,208

2,474

Ruth's

Hospitality

Group,

Inc.

56,605

4,691

Six

Flags

Entertainment

Corporation

k

204,059

17,478

Skyline

Champion

Corporation

k

959,193

2,069

Sleep

Number

Corporation

k

104,919

26,795

Sony

Group

Corporation

ADR

2,752,114

695

Standard

Motor

Products,

Inc.

29,982

4,750

Stoneridge,

Inc.

k

98,610

2,237

Strategic

Education,

Inc.

148,492

12,142

Tapestry,

Inc.

451,075

7,336

Target

Corporation

1,556,846

22,909

Taylor

Morrison

Home

Corporation

k

623,583

19,482

Tesla,

Inc.

k

20,993,803

1,319

Thor

Industries,

Inc.

103,805

48,318

ThredUp,

Inc.

k

372,049

11,945

Toll

Brothers,

Inc.

561,654

879

TopBuild

Corporation

k

159,442

10,031

TripAdvisor,

Inc.

k

272,041

2,711

Tupperware

Brands

Corporation

k

52,729

2,984

Ulta

Beauty,

Inc.

k

1,188,288

1,926

Urban

Outfitters,

Inc.

k

48,362

6,043

Vail

Resorts,

Inc.

1,572,812

667

Visteon

Corporation

k

72,790

272

Williams-Sonoma,

Inc.

39,440

4,598

Wingstop,

Inc.

539,575

2,919

Wolverine

World

Wide,

Inc.

65,853

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Shares

Common

Stock

(20.4%)

Value

Consumer

Discretionary

(2.6%)

-

continued

805

WW

International,

Inc.

k

$

8,235

18,921

Wyndham

Hotels

&

Resorts,

Inc.

1,602,419

6,534

Xometry,

Inc.

h,k

240,125

4,415

Yum!

Brands,

Inc.

523,310

4,983

Zumiez,

Inc.

k

190,400

Total

135,568,656

Consumer

Staples

(0.8%)

43,050

BJ's

Wholesale

Club

Holdings,

Inc.

k

2,910,610

427

Boston

Beer

Company,

Inc.

k

165,877

3,051

Casey's

General

Stores,

Inc.

604,617

923

Coca-Cola

Company

57,226

14,086

Colgate-Palmolive

Company

1,068,141

67

Constellation

Brands,

Inc.

15,431

7,034

Costco

Wholesale

Corporation

4,050,529

9,555

Darling

Ingredients,

Inc.

k

768,031

40,416

e.l.f.

Beauty,

Inc.

k

1,043,945

1,531

Estee

Lauder

Companies,

Inc.

416,922

6,391

Hain

Celestial

Group,

Inc.

k

219,850

1,273

Hershey

Company

275,770

3,588

Ingredion,

Inc.

312,694

1,311

John

B.

Sanfilippo

&

Son,

Inc.

109,390

7,564

Kimberly-Clark

Corporation

931,582

60,694

Lamb

Weston

Holdings,

Inc.

3,636,178

102

Medifast,

Inc.

17,420

3,684

Molson

Coors

Beverage

Company

196,652

25,088

Monster

Beverage

Corporation

k

2,004,531

706

PepsiCo,

Inc.

118,170

3,356

Performance

Food

Group

Company

k

170,854

48,189

Philip

Morris

International,

Inc.

4,526,875

372

PriceSmart,

Inc.

29,340

14,235

Primo

Water

Corporation

202,849

13,116

Procter

&

Gamble

Company

2,004,125

503

Seneca

Foods

Corporation

k

25,925

9,520

Sprouts

Farmers

Markets,

Inc.

k

304,450

22,111

Sysco

Corporation

1,805,363

27,352

Turning

Point

Brands,

Inc.

930,241

2,972

US

Foods

Holding

Corporation

k

111,836

6,589

Utz

Brands,

Inc.

97,385

80,664

Walmart,

Inc.

12,012,483

Total

41,145,292

Energy

(0.7%)

9,874

Antero

Midstream

Corporation

107,330

32,567

Antero

Resources

Corporation

k

994,271

3,488

APA

Corporation

144,159

10,635

Archrock,

Inc.

98,161

62,113

BP

plc

ADR

1,826,122

1,820

California

Resources

Corporation

81,409

6,058

ChampionX

Corporation

k

148,300

37,289

ConocoPhillips

3,728,900

5,428

Continental

Resources,

Inc.

332,899

181

Core

Laboratories

NV

5,725

68,583

Devon

Energy

Corporation

4,055,313

2,730

Diamondback

Energy,

Inc.

374,228

815

DT

Midstream,

Inc.

44,222

2,040

EnLink

Midstream,

LLC

19,686

109,863

Enterprise

Products

Partners,

LP

2,835,564

14,110

EOG

Resources,

Inc.

1,682,335

477

EQT

Corporation

16,414

3,448

Equitrans

Midstream

Corporation

29,101

65,177

Exxon

Mobil

Corporation

5,382,968

85,424

Halliburton

Company

3,235,007

Shares

Common

Stock

(20.4%)

Value

Energy

(0.7%)

-

continued

5,489

Helix

Energy

Solutions

Group,

Inc.

k

$

26,237

4,241

Helmerich

&

Payne,

Inc.

181,430

8,092

HF

Sinclair

Corporation

k

322,466

1,504

Liberty

Oilfield

Services,

Inc.

k

22,289

40,700

Marathon

Oil

Corporation

1,021,977

21,968

Marathon

Petroleum

Corporation

1,878,264

8,478

Matador

Resources

Company

449,164

2,807

Newpark

Resources,

Inc.

k

10,274

10,735

Nine

Energy

Service,

Inc.

k

40,149

28,271

NOV,

Inc.

554,394

3,459

Oceaneering

International,

Inc.

k

52,438

1,336

Par

Pacific

Holdings,

Inc.

k

17,395

6,646

Peabody

Energy

Corporation

k

163,026

12,855

Pioneer

Natural

Resources

Company

3,214,136

18,183

ProPetro

Holding

Corporation

k

253,289

8,817

Ring

Energy,

Inc.

h,k

33,681

188

RPC,

Inc.

k

2,006

56,390

Schlumberger,

Ltd.

2,329,471

1,136

Select

Energy

Services,

Inc.

k

9,736

10,307

SM

Energy

Company

401,458

20,093

Talos

Energy,

Inc.

k

317,269

3,038

Targa

Resources

Corporation

229,278

138,640

TechnipFMC

plc

k

1,074,460

2,418

VAALCO

Energy,

Inc.

15,790

858

Valero

Energy

Corporation

87,121

3,639

World

Fuel

Services

Corporation

98,399

Total

37,947,711

Financials

(2.7%)

27,698

Air

Lease

Corporation

1,236,716

3,526

Ally

Financial,

Inc.

153,310

8,656

American

Equity

Investment

Life

Holding

Company

345,461

45,501

American

Express

Company

8,508,687

5,356

American

Financial

Group,

Inc.

779,941

9,809

Ameris

Bancorp

430,419

20,022

Annaly

Capital

Management,

Inc.

140,955

12,187

Arch

Capital

Group,

Ltd.

k

590,095

905

Argo

Group

International

Holdings,

Ltd.

37,358

6,961

Arthur

J.

Gallagher

&

Company

1,215,391

1,457

Assured

Guaranty,

Ltd.

92,753

129,137

Bank

of

America

Corporation

5,323,027

785

Bank

of

Marin

Bancorp

27,530

3,850

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

138,138

5,326

BankFinancial

Corporation

55,177

7,750

BankUnited,

Inc.

340,690

7,190

Banner

Corporation

420,831

9,191

Berkshire

Hathaway,

Inc.

k

3,243,596

4,204

BlackRock,

Inc.

3,212,571

414

Blackstone

Mortgage

Trust,

Inc.

13,161

9,146

Bridgewater

Bancshares,

Inc.

k

152,555

21,576

Brighthouse

Financial,

Inc.

k

1,114,616

2,028

Brown

&

Brown,

Inc.

146,564

9,118

BRP

Group,

Inc.

k

244,636

8,222

Byline

Bancorp,

Inc.

219,363

13,820

Capital

One

Financial

Corporation

1,814,428

2,759

Cboe

Global

Markets,

Inc.

315,685

21,639

Central

Pacific

Financial

Corporation

603,728

137,765

Charles

Schwab

Corporation

11,614,967

4,351

Chimera

Investment

Corporation

52,386

17,938

Chubb,

Ltd.

3,836,938

4,059

Cincinnati

Financial

Corporation

551,862

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Shares

Common

Stock

(20.4%)

Value

Financials

(2.7%)

-

continued

59,072

Citigroup,

Inc.

$

3,154,445

6,161

CNO

Financial

Group,

Inc.

154,579

10,335

Coinbase

Global,

Inc.

k

1,962,203

8,160

Columbia

Banking

System,

Inc.

263,323

25,524

Comerica,

Inc.

2,308,135

13,501

Community

Trust

Bancorp,

Inc.

556,241

6,893

Customers

Bancorp,

Inc.

k

359,401

806

Dime

Community

Bancshares,

Inc.

27,863

12,356

Discover

Financial

Services

1,361,508

16,400

East

West

Bancorp,

Inc.

1,295,928

8,589

Ellington

Residential

Mortgage

REIT

86,663

3,898

Enova

International,

Inc.

k

148,007

5,228

Enterprise

Financial

Services

Corporation

247,337

54,559

Equitable

Holdings,

Inc.

1,686,419

227

Equity

Bancshares,

Inc.

7,334

7,228

Essent

Group,

Ltd.

297,866

57,825

F.N.B.

Corporation

719,921

2,453

FactSet

Research

Systems,

Inc.

1,064,970

1,991

Federated

Hermes,

Inc.

67,813

8,629

Financial

Institutions,

Inc.

259,992

38,504

First

Bancorp

505,172

2,163

First

Busey

Corporation

54,810

8,456

First

Financial

Corporation

365,976

1,086

First

Mid-Illinois

Bancshares,

Inc.

41,800

785

First

of

Long

Island

Corporation

15,276

7,255

Flushing

Financial

Corporation

162,149

19,406

Franklin

Resources,

Inc.

541,816

31,453

Fulton

Financial

Corporation

522,749

2,191

Glacier

Bancorp,

Inc.

110,163

3,932

Global

Life,

Inc.

395,559

2,444

Granite

Point

Mortgage

Trust,

Inc.

27,177

13,258

Great

Southern

Bancorp,

Inc.

782,355

12,785

Hamilton

Lane,

Inc.

988,153

22,139

Hancock

Whitney

Corporation

1,154,549

34,142

Hanmi

Financial

Corporation

840,235

6,268

Hanover

Insurance

Group,

Inc.

937,191

17,896

Heartland

Financial

USA,

Inc.

855,966

483

Heritage

Financial

Corporation

12,104

1,426

HomeStreet,

Inc.

67,564

8,933

Hometrust

Bancshares,

Inc.

263,791

135,375

Hope

Bancorp,

Inc.

2,176,830

681

Horace

Mann

Educators

Corporation

28,486

7,528

Horizon

Bancorp,

Inc.

140,548

1,337

Houlihan

Lokey,

Inc.

117,389

17,032

Independent

Bank

Corporation

374,704

97

International

Bancshares

Corporation

4,094

49,323

Invesco

Mortgage

Capital,

Inc.

112,456

31,734

Invesco,

Ltd.

731,786

37,274

J.P.

Morgan

Chase

&

Company

5,081,192

680

Jefferies

Financial

Group,

Inc.

22,338

11,824

Kinsale

Capital

Group,

Inc.

2,696,108

1,655

Ladder

Capital

Corporation

19,645

3,378

Lakeland

Bancorp,

Inc.

56,413

5,967

Lincoln

National

Corporation

390,003

13,735

M&T

Bank

Corporation

2,328,082

8,458

Marsh

&

McLennan

Companies,

Inc.

1,441,412

2,319

Mercantile

Bank

Corporation

82,139

43

Merchants

Bancorp

1,177

22,023

MetLife,

Inc.

1,547,776

49,125

MFA

Financial,

Inc.

197,974

Shares

Common

Stock

(20.4%)

Value

Financials

(2.7%)

-

continued

12,417

Midland

States

Bancorp,

Inc.

$

358,355

19,143

MidWestOne

Financial

Group,

Inc.

633,633

8,055

Moody's

Corporation

2,717,838

42,118

Morgan

Stanley

3,681,113

2,971

MSCI,

Inc.

1,494,056

6,244

Navient

Corporation

106,398

133,545

New

York

Community

Bancorp,

Inc.

1,431,602

12,583

New

York

Mortgage

Trust,

Inc.

45,928

8,648

NMI

Holdings,

Inc.

k

178,322

4,541

Northern

Trust

Corporation

528,799

597

Northfield

Bancorp,

Inc.

8,573

8,951

OceanFirst

Financial

Corporation

179,915

4,622

OFG

Bancorp

123,130

780

Old

Second

Bancorp,

Inc.

11,318

7,748

OneMain

Holdings,

Inc.

367,333

598

Peapack-Gladstone

Financial

Corporation

20,781

24,147

Popular,

Inc.

1,973,776

1,973

Premier

Financial

Corporation

59,841

941

Primerica,

Inc.

128,748

4,566

QCR

Holdings,

Inc.

258,390

36,806

Radian

Group,

Inc.

817,461

62,067

Raymond

James

Financial,

Inc.

6,821,784

3,068

Reinsurance

Group

of

America,

Inc.

335,823

7,140

RenaissanceRe

Holdings,

Ltd.

1,131,761

19,202

S&P

Global,

Inc.

7,876,276

248

S&T

Bancorp,

Inc.

7,336

16,004

Seacoast

Banking

Corporation

of

Florida

560,460

11,808

SEI

Investments

Company

710,960

1,300

Selective

Insurance

Group,

Inc.

116,168

5,642

Signature

Bank

1,655,871

8,391

Starwood

Property

Trust,

Inc.

202,810

29,961

State

Street

Corporation

2,610,202

4,576

Synchrony

Financial

159,291

3,821

Synovus

Financial

Corporation

187,229

1,975

Territorial

Bancorp,

Inc.

47,400

23,668

Texas

Capital

Bancshares,

Inc.

k

1,356,413

90

Towne

Bank

2,695

8,076

TPG

RE

Finance

Trust,

Inc.

95,378

11,656

Tradeweb

Markets,

Inc.

1,024,213

975

TriCo

Bancshares

39,029

2,824

Triumph

Bancorp,

Inc.

k

265,512

43,608

Truist

Financial

Corporation

2,472,574

10,389

TrustCo

Bank

Corporation

NY

331,721

20,197

Two

Harbors

Investment

Corporation

111,689

42,037

Umpqua

Holdings

Corporation

792,818

834

Univest

Financial

Corporation

22,318

37,885

Unum

Group

1,193,756

2,179

Washington

Federal,

Inc.

71,515

120

Washington

Trust

Bancorp,

Inc.

6,300

80,503

Wells

Fargo

&

Company

3,901,175

28,097

Western

Alliance

Bancorp

2,326,994

11,569

Western

Asset

Mortgage

Capital

Corporation

19,783

243

Wintrust

Financial

Corporation

22,582

18,709

Zions

Bancorporation

NA

1,226,562

4,851

Zurich

Insurance

Group

AG

2,395,909

Total

144,426,207

Health

Care

(2.5%)

23,618

Abbott

Laboratories

2,795,427

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Shares

Common

Stock

(20.4%)

Value

Health

Care

(2.5%)

-

continued

25,696

AbbVie,

Inc.

$

4,165,579

2,702

AdaptHealth

Corporation

k

43,313

12,597

Adaptive

Biotechnologies

Corporation

k

174,846

13,309

Agilent

Technologies,

Inc.

1,761,180

37,065

Agilon

Health,

Inc.

k

939,598

146

Align

Technology,

Inc.

k

63,656

4,381

Allogene

Therapeutics,

Inc.

k

39,911

876

Amedisys,

Inc.

k

150,926

16,149

Amgen,

Inc.

3,905,151

15,077

Anthem,

Inc.

7,406,124

4,708

Argenx

SE

ADR

k

1,484,480

7,879

Ascendis

Pharma

AS

ADR

k

924,679

37,373

AstraZeneca

plc

ADR

2,479,325

3,714

Avanos

Medical,

Inc.

k

124,419

40,262

Avantor,

Inc.

k

1,361,661

20,172

Axonics,

Inc.

k

1,262,767

18,126

Baxter

International,

Inc.

1,405,490

7,256

Becton,

Dickinson

and

Company

1,930,096

7,899

Biogen,

Inc.

k

1,663,529

524

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

k

62,131

8,031

BioLife

Solutions,

Inc.

k

182,545

242

Bio-Rad

Laboratories,

Inc.

k

136,302

3,595

Bio-Techne

Corporation

1,556,779

965

Boston

Scientific

Corporation

k

42,740

1,412

Bristol-Myers

Squibb

Company

103,118

37,417

Centene

Corporation

k

3,150,137

3,272

Charles

River

Laboratories

International,

Inc.

k

929,150

778

Chemed

Corporation

394,096

11,481

Cigna

Holding

Company

2,750,962

3,011

Cooper

Companies,

Inc.

1,257,364

12,846

Covetrus,

Inc.

k

215,684

17,659

CVS

Health

Corporation

1,787,267

19,156

Danaher

Corporation

5,619,029

1,126

Dentsply

Sirona,

Inc.

55,422

3,504

DexCom,

Inc.

k

1,792,646

2,413

Editas

Medicine,

Inc.

k

45,895

38,002

Edwards

Lifesciences

Corporation

k

4,473,595

4,063

Elanco

Animal

Health,

Inc.

k

106,004

2,742

Encompass

Health

Corporation

194,984

900

Exact

Sciences

Corporation

k

62,928

1,608

Generation

Bio

Company

k

11,803

33,686

Gilead

Sciences,

Inc.

2,002,633

29,633

GlaxoSmithKline

plc

ADR

1,290,813

2,288

Global

Blood

Therapeutics,

Inc.

k

79,256

922

Globus

Medical,

Inc.

k

68,025

13,149

Guardant

Health,

Inc.

k

870,990

15,599

Halozyme

Therapeutics,

Inc.

k

622,088

11,089

HCA

Healthcare,

Inc.

2,779,125

2,576

HealthEquity,

Inc.

k

173,725

1,435

Henry

Schein,

Inc.

k

125,118

20,316

Hologic,

Inc.

k

1,560,675

1,609

ICU

Medical,

Inc.

k

358,228

19,755

Immunocore

Holdings

plc

ADR

k

590,675

7,428

Inari

Medical,

Inc.

k

673,274

7,116

Inotiv,

Inc.

k

186,297

4,591

Inspire

Medical

Systems,

Inc.

k

1,178,464

6,272

Insulet

Corporation

k

1,670,798

640

Integer

Holdings

Corporation

k

51,565

1,168

Integra

LifeSciences

Holdings

Corporation

k

75,056

17,722

Intuitive

Surgical,

Inc.

k

5,346,373

3,413

Invitae

Corporation

k

27,202

Shares

Common

Stock

(20.4%)

Value

Health

Care

(2.5%)

-

continued

7,171

Ionis

Pharmaceuticals,

Inc.

k

$

265,614

2,068

IQVIA

Holding,

Inc.

k

478,142

44,657

Johnson

&

Johnson

7,914,560

656

Kymera

Therapeutics,

Inc.

k

27,762

1,166

Laboratory

Corporation

of

America

Holdings

k

307,428

37,551

Lantheus

Holdings,

Inc.

k

2,076,946

1,342

Masimo

Corporation

k

195,315

48,331

Medtronic

plc

5,362,324

60,348

Merck

&

Company,

Inc.

4,951,553

509

Molina

Healthcare,

Inc.

k

169,797

31,647

MultiPlan

Corporation

k

148,108

5,757

Natera,

Inc.

k

234,195

3,298

National

HealthCare

Corporation

231,619

32,167

Novo

Nordisk

AS

ADR

3,572,145

4,210

NuVasive,

Inc.

k

238,707

12,708

Omnicell,

Inc.

k

1,645,559

1,096

Orthofix

Medical,

Inc.

k

35,839

615

Pennant

Group,

Inc.

k

11,457

17,189

Phreesia,

Inc.

k

453,102

8,112

Premier,

Inc.

288,706

23,990

Progyny,

Inc.

k

1,233,086

10,605

Repligen

Corporation

k

1,994,694

675

Sage

Therapeutics,

Inc.

k

22,343

6,625

Sarepta

Therapeutics,

Inc.

k

517,545

6,066

Signify

Health,

Inc.

k

110,098

16,486

Silk

Road

Medical,

Inc.

k

680,707

598

STAAR

Surgical

Company

k

47,786

14,113

Stryker

Corporation

3,773,111

8,071

Syneos

Health,

Inc.

k

653,347

21,275

Teladoc

Health,

Inc.

k

1,534,566

4,362

Teleflex,

Inc.

1,547,768

8,936

Thermo

Fisher

Scientific,

Inc.

5,278,048

7,870

Travere

Therapeutics,

Inc.

k

202,810

4,009

Turning

Point

Therapeutics,

Inc.

k

107,642

548

U.S.

Physical

Therapy,

Inc.

54,499

2,192

uniQure

NV

k

39,609

394

Vaxcyte,

Inc.

k

9,515

242

Veeva

Systems,

Inc.

k

51,415

3,279

Veracyte,

Inc.

k

90,402

16,913

Viemed

Healthcare,

Inc.

k

84,227

13,136

Vor

BioPharma,

Inc.

k

79,341

3,550

VYNE

Therapeutics,

Inc.

k

2,308

488

Waters

Corporation

k

151,470

13,460

Zimmer

Biomet

Holdings,

Inc.

1,721,534

35,597

Zoetis,

Inc.

6,713,238

Total

134,053,105

Industrials

(2.5%)

20,886

3M

Company

3,109,508

3,391

A.O.

Smith

Corporation

216,651

2,620

ACCO

Brands

Corporation

20,960

774

Advanced

Drainage

Systems,

Inc.

91,959

6,831

AECOM

524,689

646

Allegion

plc

70,918

16,942

Altra

Industrial

Motion

Corporation

659,552

24,099

AMETEK,

Inc.

3,209,505

1,291

Armstrong

World

Industries,

Inc.

116,203

21,369

ASGN,

Inc.

k

2,493,976

8,383

AZZ,

Inc.

404,396

9,795

Badger

Infrastructure

Solutions,

Ltd.

246,491

17,755

Carlisle

Companies,

Inc.

4,366,310

1,111

Caterpillar,

Inc.

247,553

11,222

CBIZ,

Inc.

k

470,987

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Shares

Common

Stock

(20.4%)

Value

Industrials

(2.5%)

-

continued

18,523

Chart

Industries,

Inc.

k

$

3,181,696

527

Columbus

McKinnon

Corporation

22,345

678

Covenant

Logistics

Group,

Inc.

14,597

24,844

Crane

Company

2,690,108

3,902

CSW

Industrials,

Inc.

458,836

107,977

CSX

Corporation

4,043,739

1,080

Cummins,

Inc.

221,519

11,020

Curtiss-Wright

Corporation

1,654,763

1,785

Deere

&

Company

741,596

60,311

Delta

Air

Lines,

Inc.

k

2,386,506

1,765

Donaldson

Company,

Inc.

91,656

123

Douglas

Dynamics,

Inc.

4,255

3,340

Dover

Corporation

524,046

57,152

Driven

Brands

Holdings,

Inc.

k

1,501,955

5,053

Dun

&

Bradstreet

Holdings,

Inc.

k

88,529

6,253

EMCOR

Group,

Inc.

704,275

15,668

Emerson

Electric

Company

1,536,247

12,923

Fastenal

Company

767,626

49,754

First

Advantage

Corporation

k

1,004,533

5,765

Flowserve

Corporation

206,964

5,248

Forrester

Research,

Inc.

k

296,092

9,207

Forward

Air

Corporation

900,260

1,658

GATX

Corporation

204,481

3,802

Generac

Holdings,

Inc.

k

1,130,183

12,478

General

Dynamics

Corporation

3,009,444

556

Gibraltar

Industries,

Inc.

k

23,880

672

Gorman-Rupp

Company

24,111

1,107

GrafTech

International,

Ltd.

10,649

1,532

Greenbrier

Companies,

Inc.

78,913

1,614

Helios

Technologies,

Inc.

129,524

12,830

Honeywell

International,

Inc.

2,496,461

58,188

Howmet

Aerospace,

Inc.

2,091,277

7,104

Hubbell,

Inc.

1,305,502

354

ICF

International,

Inc.

33,326

15,505

IDEX

Corporation

2,972,774

5,088

Illinois

Tool

Works,

Inc.

1,065,427

1,592

ITT

Corporation

119,734

252

JB

Hunt

Transport

Services,

Inc.

50,599

840

JetBlue

Airways

Corporation

k

12,558

34,793

Johnson

Controls

International

plc

2,281,377

3,230

Kennametal,

Inc.

92,410

11,058

L3Harris

Technologies,

Inc.

2,747,581

10,546

Landstar

System,

Inc.

1,590,653

1,013

Lennox

International,

Inc.

261,212

19,156

Lincoln

Electric

Holdings,

Inc.

2,639,888

4,719

Linde

plc

1,507,390

6,976

Lockheed

Martin

Corporation

3,079,206

1,491

Manitowoc

Company,

Inc.

k

22,484

8,598

ManpowerGroup,

Inc.

807,524

1,596

Masonite

International

Corporation

k

141,948

6,930

Mercury

Systems,

Inc.

k

446,639

2,078

Meritor,

Inc.

k

73,914

17,356

Middleby

Corporation

k

2,845,343

5,934

MSC

Industrial

Direct

Company,

Inc.

505,636

7,125

NAPCO

Security

Technologies,

Inc.

k

146,205

153

National

Presto

Industries,

Inc.

11,773

851

Nordson

Corporation

193,245

14,980

Norfolk

Southern

Corporation

4,272,596

5,810

nVent

Electric

plc

202,072

3,111

Old

Dominion

Freight

Line,

Inc.

929,193

10,333

Parker-Hannifin

Corporation

2,932,092

2,450

Proto

Labs,

Inc.

k

129,605

2,021

Quad/Graphics,

Inc.

k

14,026

Shares

Common

Stock

(20.4%)

Value

Industrials

(2.5%)

-

continued

1,160

Quanta

Services,

Inc.

$

152,668

38,658

Ranpak

Holdings

Corporation

k

789,783

22,568

Raytheon

Technologies

Corporation

2,235,812

5,041

RBC

Bearings,

Inc.

k

977,349

28,568

Regal

Rexnord

Corporation

4,250,347

18,989

Rush

Enterprises,

Inc.

966,730

6,533

Ryder

System,

Inc.

518,263

2,228

Saia,

Inc.

k

543,231

4,572

SkyWest,

Inc.

k

131,902

1,246

Snap-On,

Inc.

256,028

2,052

Southwest

Airlines

Company

k

93,982

11,241

Standex

International

Corporation

1,123,201

42,716

Summit

Materials,

Inc.

k

1,326,759

45,599

Sun

Country

Airlines

Holdings,

Inc.

k

1,193,782

990

Sunrun,

Inc.

k

30,066

2,598

Technip

Energies

NV

ADR

k

31,462

5,985

Teledyne

Technologies,

Inc.

k

2,828,691

2,192

Tennant

Company

172,730

17

Tetra

Tech,

Inc.

2,804

957

Thermon

Group

Holdings,

Inc.

k

15,503

5,070

Timken

Company

307,749

450

Toro

Company

38,471

2,384

Trane

Technologies

plc

364,037

17,735

TransUnion

1,832,735

9,227

Trex

Company,

Inc.

k

602,800

7,994

TriMas

Corporation

256,527

12,220

Tutor

Perini

Corporation

k

131,976

173,568

Uber

Technologies,

Inc.

k

6,192,906

486

UniFirst

Corporation

89,560

19,693

Union

Pacific

Corporation

5,380,325

19,924

United

Parcel

Service,

Inc.

4,272,901

9,938

United

Rentals,

Inc.

k

3,530,077

2,150

Univar,

Inc.

k

69,101

3,382

Valmont

Industries,

Inc.

806,945

10,395

Verisk

Analytics,

Inc.

2,231,079

19,987

Vicor

Corporation

k

1,410,083

9,466

Vontier

Corporation

240,342

2,008

Watsco,

Inc.

611,717

351

Watts

Water

Technologies,

Inc.

48,996

4,258

Werner

Enterprises,

Inc.

174,578

1,477

WESCO

International,

Inc.

k

192,217

77,522

WillScot

Mobile

Mini

Holdings

Corporation

k

3,033,436

1,239

Woodward,

Inc.

154,764

1,989

Xylem,

Inc.

169,582

1,602

Yellow

Corporation

k

11,230

Total

131,719,883

Information

Technology

(5.1%)

6,829

Accenture

plc

2,302,944

2,694

ACI

Worldwide,

Inc.

k

84,834

20,220

Adobe,

Inc.

k

9,212,636

1,246

Advanced

Energy

Industries,

Inc.

107,256

3,951

Agilysys,

Inc.

k

157,566

25,692

Alignment

Healthcare,

Inc.

k

288,521

13,785

Allegro

MicroSystems,

Inc.

k

391,494

7,904

Alliance

Data

Systems

Corporation

443,810

31,717

Amphenol

Corporation

2,389,876

1,009

Anaplan,

Inc.

k

65,635

312

ANSYS,

Inc.

k

99,107

252,585

Apple,

Inc.

44,103,867

17,989

AppLovin

Corporation

k

990,654

7,815

Arista

Networks,

Inc.

k

1,086,129

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Shares

Common

Stock

(20.4%)

Value

Information

Technology

(5.1%)

-

continued

2,369

Arrow

Electronics,

Inc.

k

$

281,034

5,313

Autodesk,

Inc.

k

1,138,842

10,390

Avalara,

Inc.

k

1,033,909

1,918

Avaya

Holdings

Corporation

k

24,301

1,109

Axcelis

Technologies,

Inc.

k

83,763

2,056

Benchmark

Electronics,

Inc.

51,482

5,424

BigCommerce

Holdings,

Inc.

k

118,840

7,943

Bill.com

Holdings,

Inc.

k

1,801,393

79,962

Block,

Inc.

k

10,842,847

4,802

Broadcom,

Inc.

3,023,723

815

CACI

International,

Inc.

k

245,527

19,904

Calix,

Inc.

k

854,081

3,912

CDK

Global,

Inc.

190,436

2,571

CDW

Corporation

459,926

4,106

Ciena

Corporation

k

248,947

113,756

Cisco

Systems,

Inc.

6,343,035

35,383

Cognex

Corporation

2,729,798

14,355

CommScope

Holding

Company,

Inc.

k

113,117

2,622

Computer

Services,

Inc.

129,789

36

Concentrix

Corporation

5,996

6,951

Coupa

Software,

Inc.

k

706,430

503

CTS

Corporation

17,776

7,268

Descartes

Systems

Group,

Inc.

k

532,454

5,010

Digital

Turbine,

Inc.

k

219,488

949

Diodes,

Inc.

k

82,554

1,536

DocuSign,

Inc.

k

164,536

19,105

Dolby

Laboratories,

Inc.

1,494,393

3,382

Dropbox,

Inc.

k

78,631

10,752

DXC

Technology

Company

k

350,838

3,528

Endava

plc

ADR

k

469,330

1,765

EPAM

Systems,

Inc.

k

523,517

4,618

ePlus,

Inc.

k

258,885

3,452

Euronet

Worldwide,

Inc.

k

449,278

845

F5,

Inc.

k

176,563

384

Fair

Isaac

Corporation

k

179,121

30,875

Fidelity

National

Information

Services,

Inc.

3,100,468

19,664

Five9,

Inc.

k

2,170,906

5,975

FLEETCOR

Technologies,

Inc.

k

1,488,134

127

Genpact,

Ltd.

5,526

12,559

Gilat

Satellite

Networks,

Ltd.

k

110,645

8,656

Global

Payments,

Inc.

1,184,487

20,410

Hewlett

Packard

Enterprise

Company

341,051

1,894

HubSpot,

Inc.

k

899,536

528

I3

Verticals,

Inc.

k

14,710

2,860

IPG

Photonics

Corporation

k

313,914

8,495

Jack

Henry

&

Associates,

Inc.

1,673,940

67

Keysight

Technologies,

Inc.

k

10,584

3,767

KLA-Tencor

Corporation

1,378,948

7,387

Knowles

Corporation

k

159,042

4,792

Lam

Research

Corporation

2,576,227

28,937

Lattice

Semiconductor

Corporation

k

1,763,710

573

Littelfuse,

Inc.

142,912

10,826

LivePerson,

Inc.

k

264,371

17,924

LiveRamp

Holding,

Inc.

k

670,178

1,705

Manhattan

Associates,

Inc.

k

236,501

8,384

Mastercard,

Inc.

2,996,274

1,674

MAXIMUS,

Inc.

125,466

384

MaxLinear,

Inc.

k

22,406

27,293

Microchip

Technology,

Inc.

2,050,796

169,582

Microsoft

Corporation

52,283,826

4,687

MKS

Instruments,

Inc.

703,050

Shares

Common

Stock

(20.4%)

Value

Information

Technology

(5.1%)

-

continued

333

Model

N,

Inc.

k

$

8,958

6,243

Monolithic

Power

Systems,

Inc.

3,032,100

4,033

National

Instruments

Corporation

163,699

2,050

NetApp,

Inc.

170,150

1,172

NETGEAR,

Inc.

k

28,925

432

NICE,

Ltd.

ADR

k

94,608

3,906

Nova,

Ltd.

k

425,285

71,351

NVIDIA

Corporation

19,468,834

6,173

Okta,

Inc.

k

931,876

3,445

Palo

Alto

Networks,

Inc.

k

2,144,547

4,187

Paycom

Software,

Inc.

k

1,450,293

17,715

Paymentus

Holdings,

Inc.

h,k

373,432

62,525

PayPal

Holdings,

Inc.

k

7,231,016

107

Progress

Software

Corporation

5,039

11,131

PTC,

Inc.

k

1,199,031

9,167

Qorvo,

Inc.

k

1,137,625

62,250

QUALCOMM,

Inc.

9,513,045

41,200

Salesforce.com,

Inc.

k

8,747,584

62,176

Samsung

Electronics

Company,

Ltd.

3,557,896

2,140

ScanSource,

Inc.

k

74,451

11,749

Semtech

Corporation

k

814,676

14,316

ServiceNow,

Inc.

k

7,972,437

43,715

Sierra

Wireless,

Inc.

k

788,619

2,314

SiTime

Corporation

k

573,455

23,492

Skyworks

Solutions,

Inc.

3,131,014

7,643

Sonos,

Inc.

k

215,685

36,304

Sprout

Social,

Inc.

k

2,908,676

15,270

STMicroelectronics

NV

ADR

659,969

3,601

Synopsys,

Inc.

k

1,200,105

5,581

TD

SYNNEX

Corporation

576,015

2,927

TE

Connectivity,

Ltd.

383,378

129,386

Telefonaktiebolaget

LM

Ericsson

ADR

1,182,588

42,689

Texas

Instruments,

Inc.

7,832,578

1,546

Trimble,

Inc.

k

111,528

2,385

TTEC

Holdings,

Inc.

196,810

25,063

TTM

Technologies,

Inc.

k

371,434

4,943

Universal

Display

Corporation

825,234

826

Upland

Software,

Inc.

k

14,546

1,161

VeriSign,

Inc.

k

258,276

596

Vertex,

Inc.

k

9,143

1,908

Western

Union

Company

35,756

4,302

WEX,

Inc.

k

767,692

13,048

Workiva,

Inc.

k

1,539,664

14,020

Xerox

Holdings

Corporation

282,783

Total

266,246,972

Materials

(0.6%)

1,310

AdvanSix,

Inc.

66,928

730

Alpha

Metallurgical

Resources,

Inc.

k

96,331

14,516

AptarGroup,

Inc.

1,705,630

4,002

Ashland

Global

Holdings,

Inc.

393,837

2,689

Avery

Dennison

Corporation

467,805

76,940

Axalta

Coating

Systems,

Ltd.

k

1,891,185

53

Balchem

Corporation

7,245

1,353

Ball

Corporation

121,770

559

Cabot

Corporation

38,241

6,245

Carpenter

Technology

Corporation

262,165

1,480

Celanese

Corporation

211,448

30,422

CF

Industries

Holdings,

Inc.

3,135,291

7,525

Chemours

Company

236,887

8,038

Cleveland-Cliffs,

Inc.

k

258,904

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Shares

Common

Stock

(20.4%)

Value

Materials

(0.6%)

-

continued

10,660

Compass

Minerals

International,

Inc.

$

669,341

13,708

Crown

Holdings,

Inc.

1,714,734

26,314

Eastman

Chemical

Company

2,948,747

3,112

FMC

Corporation

409,446

12,372

Graphic

Packaging

Holding

Company

247,935

10,798

Huntsman

Corporation

405,033

6,276

Ingevity

Corporation

k

402,103

5,517

Innospec,

Inc.

510,598

21,659

Ivanhoe

Mines,

Ltd.

k

202,011

6,592

Kaiser

Aluminum

Corporation

620,703

298

Koppers

Holdings,

Inc.

8,201

17,032

LyondellBasell

Industries

NV

1,751,230

2,739

Martin

Marietta

Materials,

Inc.

1,054,214

66

Materion

Corporation

5,659

2,819

Minerals

Technologies,

Inc.

186,477

5,275

Myers

Industries,

Inc.

113,940

2,856

Neenah,

Inc.

113,269

5

NewMarket

Corporation

1,622

21,242

Nucor

Corporation

3,157,623

10,641

O-I

Glass,

Inc.

k

140,248

4,533

Olin

Corporation

236,985

924

PPG

Industries,

Inc.

121,109

6,648

Quaker

Chemical

Corporation

1,148,841

1,479

Rayonier

Advanced

Materials,

Inc.

k

9,717

2,714

Reliance

Steel

&

Aluminum

Company

497,612

14,054

RPM

International,

Inc.

1,144,558

3,535

Ryerson

Holding

Corporation

123,796

813

Schweitzer-Mauduit

International,

Inc.

22,357

4,720

Sensient

Technologies

Corporation

396,244

14,778

Sherwin-Williams

Company

3,688,884

1,658

Sonoco

Products

Company

103,724

5,992

Steel

Dynamics,

Inc.

499,913

3,946

SunCoke

Energy,

Inc.

35,159

5,775

Trinseo

plc

276,738

1,984

Tronox

Holdings

plc

39,263

3,030

UFP

Technologies,

Inc.

k

200,495

1,474

United

States

Lime

&

Minerals,

Inc.

171,043

12,947

United

States

Steel

Corporation

488,620

6,335

Westlake

Corporation

781,739

1,499

Worthington

Industries,

Inc.

77,064

Total

33,620,662

Real

Estate

(0.8%)

80,483

AGNC

Investment

Corporation

1,054,327

16,902

Agree

Realty

Corporation

1,121,617

788

Alexandria

Real

Estate

Equities,

Inc.

158,585

29,389

American

Campus

Communities,

Inc.

1,644,902

1,024

Apartment

Income

REIT

Corporation

54,743

5,867

AvalonBay

Communities,

Inc.

1,457,187

1,686

Breaemar

Hotels

&

Resorts,

Inc.

10,420

10,476

Camden

Property

Trust

1,741,111

1,357

CareTrust

REIT,

Inc.

26,190

27,387

CBRE

Group,

Inc.

k

2,506,458

329

Community

Healthcare

Trust,

Inc.

13,887

35,118

CubeSmart

1,827,190

29,316

Cushman

and

Wakefield

plc

k

601,271

733

Digital

Realty

Trust,

Inc.

103,939

2,233

Duke

Realty

Corporation

129,648

Shares

Common

Stock

(20.4%)

Value

Real

Estate

(0.8%)

-

continued

2,029

EastGroup

Properties,

Inc.

$

412,455

18,677

EPR

Properties

1,021,819

28,568

Essential

Properties

Realty

Trust,

Inc.

722,770

855

Essex

Property

Trust,

Inc.

295,385

1,824

Extra

Space

Storage,

Inc.

375,014

726

Federal

Realty

Investment

Trust

88,623

15,623

First

Industrial

Realty

Trust,

Inc.

967,220

3,547

FirstService

Corporation

513,889

6,367

Four

Corners

Property

Trust,

Inc.

172,164

703

Getty

Realty

Corporation

20,120

2,884

Gladstone

Commercial

Corporation

63,506

2,938

Gladstone

Land

Corporation

107,002

1,750

Healthcare

Realty

Trust,

Inc.

48,090

687

Highwoods

Properties,

Inc.

31,423

99,585

Host

Hotels

&

Resorts,

Inc.

1,934,937

7,459

Independence

Realty

Trust,

Inc.

197,216

2,655

Industrial

Logistics

Properties

Trust

60,189

2,091

Innovative

Industrial

Properties,

Inc.

429,491

1,158

Jones

Lang

LaSalle,

Inc.

k

277,295

10,373

Kilroy

Realty

Corporation

792,705

4,692

Life

Storage,

Inc.

658,898

4,188

Medical

Properties

Trust,

Inc.

88,534

53,660

MGIC

Investment

Corporation

727,093

14,412

National

Retail

Properties,

Inc.

647,675

96,735

National

Storage

Affiliates

Trust

6,071,089

39,940

Necessity

Retail

REIT,

Inc.

315,925

3,408

NetSTREIT

Corporation

76,476

44,464

New

Residential

Investment

Corporation

488,215

5,402

NexPoint

Residential

Trust,

Inc.

487,855

2,022

One

Liberty

Properties,

Inc.

62,257

329

Orion

Office

REIT,

Inc.

4,606

27,012

Pebblebrook

Hotel

Trust

661,254

499

PS

Business

Parks,

Inc.

83,872

10,559

Public

Storage,

Inc.

4,120,967

2,127

Rayonier,

Inc.

REIT

87,462

714

RE/MAX

Holdings,

Inc.

19,799

3,296

Realty

Income

Corporation

228,413

32,558

Rexford

Industrial

Realty,

Inc.

2,428,501

10,062

Sabra

Health

Care

REIT,

Inc.

149,823

3,345

SBA

Communications

Corporation

1,151,015

71,231

Service

Properties

Trust

628,970

9,323

Spirit

Realty

Capital,

Inc.

429,044

10,527

STAG

Industrial,

Inc.

435,291

15,860

UDR,

Inc.

909,888

5,531

UMH

Properties,

Inc.

136,007

Total

42,081,717

Utilities

(0.5%)

3,049

Alliant

Energy

Corporation

190,502

267

American

States

Water

Company

23,768

3,290

Artesian

Resources

Corporation

159,729

1,403

Avista

Corporation

63,345

3,786

CenterPoint

Energy,

Inc.

116,003

491

Consolidated

Edison,

Inc.

46,488

2,909

Consolidated

Water

Company,

Ltd.

32,174

27,643

Constellation

Energy

Corporation

1,554,919

22,157

Duke

Energy

Corporation

2,474,051

23,124

Entergy

Corporation

2,699,727

514

Essential

Utilities,

Inc.

26,281

52,201

Exelon

Corporation

2,486,334

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Shares

Common

Stock

(20.4%)

Value

Utilities

(0.5%)

-

continued

149,278

NiSource,

Inc.

$

4,747,040

7,309

NorthWestern

Corporation

442,121

3,584

Pinnacle

West

Capital

Corporation

279,910

2,431

Portland

General

Electric

Company

134,070

47,675

Sempra

Energy

8,015,121

10,487

Spire,

Inc.

752,547

13,146

UGI

Corporation

476,148

Total

24,720,278

Total

Common

Stock

(cost

$760,410,526)

1,075,957,314

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

27,776,012

Thrivent

Cash

Management

Trust

27,776,012

Total

Collateral

Held

for

Securities

Loaned

(cost

$27,776,012)

27,776,012

Shares

or

Principal

Amount

Short-Term

Investments

(

17.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

0.134%,

4/6/2022

l,m

799,981

1,000,000

0.127%,

4/18/2022

l,m

999,920

900,000

0.190%,

4/27/2022

l,m

899,890

1,100,000

0.229%,

5/4/2022

l,m

1,099,577

500,000

0.320%,

5/11/2022

l,m

499,767

1,300,000

0.248%,

5/17/2022

l,m

1,299,304

1,000,000

0.377%,

5/18/2022

l,m

999,453

4,700,000

0.315%,

5/24/2022

l,m

4,697,101

10,800,000

0.380%,

6/3/2022

l,m

10,788,324

1,100,000

0.300%,

6/8/2022

l,m

1,098,717

1,200,000

0.135%,

6/17/2022

l,m

1,198,415

700,000

0.589%,

7/19/2022

l,m

698,397

Thrivent

Core

Short-Term

Reserve

Fund

87,886,213

0.660%

878,862,129

U.S.

Treasury

Bills

8,500,000

0.122%,

4/14/2022

l,n

8,499,566

4,000,000

0.295%,

5/5/2022

l,n

3,999,443

3,500,000

0.360%,

5/19/2022

l,o

3,498,837

Total

Short-Term

Investments

(cost

$919,766,566)

919,938,821

Total

Investments

(cost

$5,255,012,350)

109.5%

$5,778,099,239

Other

Assets

and

Liabilities,

Net

(9.5%)

(503,689,577)

Total

Net

Assets

100.0%

$5,274,409,662

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$321,312,993

or

6.1%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

At

March

31,

2022,

$9,944,176

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

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.

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

5,843,770

Common

Stock

21,100,227

Total

lending

$26,943,997

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$27,776,012

Net

amounts

due

to

counterparty

$832,015

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Moderately

Conservative

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

5,899,353

–

3,731,879

2,167,474

Capital

Goods

26,590,009

–

23,805,582

2,784,427

Communications

Services

17,262,367

–

16,382,590

879,777

Consumer

Cyclical

17,670,080

–

15,822,768

1,847,312

Consumer

Non-Cyclical

19,341,449

–

17,135,595

2,205,854

Energy

2,597,484

–

2,347,831

249,653

Financials

5,723,268

–

5,049,833

673,435

Technology

13,365,646

–

13,365,646

–

Transportation

6,300,061

–

6,300,061

–

Utilities

3,749,087

–

3,749,087

–

Long-Term

Fixed

Income

Asset-Backed

Securities

84,642,957

–

84,642,957

–

Basic

Materials

17,172,708

–

17,172,708

–

Capital

Goods

31,883,511

–

31,883,511

–

Collateralized

Mortgage

Obligations

78,015,688

–

78,015,688

–

Commercial

Mortgage-Backed

Securities

34,296,936

–

34,296,936

–

Communications

Services

50,303,666

–

50,303,666

–

Consumer

Cyclical

60,086,937

–

60,086,937

–

Consumer

Non-Cyclical

64,632,286

–

64,632,286

–

Energy

45,445,298

–

45,445,298

–

Financials

143,798,882

–

143,798,882

–

Mortgage-Backed

Securities

513,102,869

–

513,102,869

–

Technology

31,364,912

–

31,364,912

–

Transportation

12,894,038

–

12,894,038

–

U.S.

Government

&

Agencies

627,342,340

–

627,342,340

–

Utilities

33,694,078

–

33,694,078

–

Registered

Investment

Companies

Unaffiliated

45,762,914

45,762,914

–

–

Affiliated

1,429,942,009

1,429,942,009

–

–

Common

Stock

Communications

Services

84,426,831

84,319,977

–

106,854

Consumer

Discretionary

135,568,656

135,568,656

–

–

Consumer

Staples

41,145,292

41,145,292

–

–

Energy

37,947,711

37,947,711

–

–

Financials

144,426,207

142,030,298

2,395,909

–

Health

Care

134,053,105

134,053,105

–

–

Industrials

131,719,883

131,473,392

246,491

–

Information

Technology

266,246,972

262,689,076

3,557,896

–

Materials

33,620,662

33,418,651

202,011

–

Real

Estate

42,081,717

42,081,717

–

–

Utilities

24,720,278

24,720,278

–

–

Short-Term

Investments

41,076,692

–

41,076,692

–

Subtotal

Investments

in

Securities

$4,539,914,839

$2,545,153,076

$1,983,846,977

$10,914,786

Other

Investments  *

Total

Affiliated

Short-Term

Investments

878,862,129

Affiliated

Registered

Investment

Companies

331,546,259

Collateral

Held

for

Securities

Loaned

27,776,012

Subtotal

Other

Investments

$1,238,184,400

Total

Investments

at

Value

$5,778,099,239

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

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

27,069,533

27,069,533

–

–

Total

Asset

Derivatives

$27,069,533

$27,069,533

$–

$–

Liability

Derivatives

Futures

Contracts

8,266,877

8,266,877

–

–

Credit

Default

Swaps

15,806

–

15,806

–

Total

Liability

Derivatives

$8,282,683

$8,266,877

$15,806

$–

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$25,686,346

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

31

June

2022

$

3,925,217

(

$

116,092)

CBOT

2-Yr.

U.S.

Treasury

Note

34

June

2022

7,306,120

(

100,776)

CBOT

5-Yr.

U.S.

Treasury

Note

50

June

2022

5,888,828

(

154,453)

CBOT

U.S.

Long

Bond

561

June

2022

86,825,353

(

2,640,290)

CME

E-mini

Russell

2000

Index

17

June

2022

1,705,894

50,546

CME

E-mini

S&P

500

Index

1,312

June

2022

278,738,480

18,478,720

CME

E-mini

S&P

Mid-Cap

400

Index

8

June

2022

2,067,745

83,615

CME

Ultra

Long

Term

U.S.

Treasury

Bond

294

June

2022

54,179,664

(

2,104,914)

ICE

mini

MSCI

EAFE

Index

705

June

2022

71,334,057

4,256,043

Ultra

10-Yr.

U.S.

Treasury

Note

171

June

2022

23,955,246

(

790,090)

Total

Futures

Long

Contracts

$

535,926,604

$

16,962,309

CBOT

10-Yr.

U.S.

Treasury

Note

(432)

June

2022

(

$

54,599,361)

$

1,517,361

CBOT

2-Yr.

U.S.

Treasury

Note

(733)

June

2022

(

157,254,881)

1,916,143

CBOT

5-Yr.

U.S.

Treasury

Note

(270)

June

2022

(

31,732,730)

767,105

CME

E-mini

Russell

2000

Index

(516)

June

2022

(

51,778,799)

(

1,534,321)

CME

E-mini

S&P

Mid-Cap

400

Index

(149)

June

2022

(

39,924,512)

(

144,568)

ICE

US

mini

MSCI

Emerging

Markets

Index

(234)

June

2022

(

12,486,977)

(

681,373)

Total

Futures

Short

Contracts

(

$

347,777,260)

$1,840,347

Total

Futures

Contracts

$

188,149,344

$18,802,656

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

swaps

contracts

held

as

of

March

31,

2022.

Investments

totaling

$2,139,289

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

38,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2027

(

$

9,880,000)

$

–

(

$

15,806)

(

$

15,806)

Total

Credit

Default

Swaps

$–

($15,806)

($15,806)

1

As

the

buyer

of

protection,

Moderately

Conservative

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Conservative

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Conservative

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$185,775

$2,148

$7,705

$162,267

18,759

3.1%

Core

Emerging

Markets

Equity

42,187

–

–

38,665

3,957

0.7

Core

International

Equity

34,420

–

–

31,925

3,158

0.6

Core

Low

Volatility

Equity

101,342

–

–

98,689

7,580

1.9

Global

Stock

59,415

–

–

55,961

3,625

1.0

High

Yield

137,337

1,532

3,000

128,893

29,206

2.5

Income

421,004

2,979

14,600

376,669

38,026

7.1

International

Allocation

208,537

–

–

193,138

18,259

3.7

International

Index

22,176

–

–

20,651

1,594

0.4

Large

Cap

Value

273,628

–

–

275,327

11,330

5.2

Limited

Maturity

Bond

227,267

854

20,234

201,555

20,814

3.8

Mid

Cap

Stock

131,327

–

22,000

100,565

3,948

1.9

Small

Cap

Stock

78,416

–

–

77,184

3,119

1.5

Total

Affiliated

Registered

Investment

Companies

1,922,831

1,761,489

33.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

910,265

402,037

433,440

878,862

87,886

16.6

Total

Affiliated

Short-Term

Investments

910,265

878,862

16.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

27,935

218,086

218,245

27,776

27,776

0.5

Total

Collateral

Held

for

Securities

Loaned

27,935

27,776

0.5

Total

Value

$2,861,031

$2,668,127

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(637)

$(17,314)

$

–

$2,148

Core

Emerging

Markets

Equity

–

(3,522)

–

–

Core

International

Equity

–

(2,495)

–

–

Core

Low

Volatility

Equity

–

(2,653)

–

–

Global

Stock

–

(3,454)

–

–

High

Yield

(231)

(6,745)

–

1,530

Income

188

(32,902)

–

2,979

International

Allocation

–

(15,399)

–

–

International

Index

–

(1,525)

–

–

Large

Cap

Value

–

1,699

–

–

Limited

Maturity

Bond

20

(6,352)

–

854

Mid

Cap

Stock

7,237

(15,999)

–

–

Small

Cap

Stock

–

(1,232)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

714

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$8,225

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

41

Total

Affiliated

Income

from

Securities

Loaned,

Net

$41

Total

Value

$6,577

$(107,893)

$

–

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Principal

Amount

Long-Term

Fixed

Income

(

60.6%

)

Value

Basic

Materials

(1.9%)

Alcoa

Nederland

Holding

BV

$

100,000

5.500%, 

12/15/2027

a

$

103,508

Chemours

Company

52,000

5.750%, 

11/15/2028

a

50,524

Cleveland-Cliffs,

Inc.

37,000

5.875%, 

6/1/2027

37,952

40,000

4.625%, 

3/1/2029

a

39,452

50,000

4.875%, 

3/1/2031

a

49,437

Consolidated

Energy

Finance

SA

106,000

5.625%, 

10/15/2028

a

98,050

First

Quantum

Minerals,

Ltd.

89,000

6.875%, 

10/15/2027

a

93,228

Freeport-McMoRan,

Inc.

92,000

4.125%, 

3/1/2028

91,905

31,000

4.250%, 

3/1/2030

31,207

Hecla

Mining

Company

20,000

7.250%, 

2/15/2028

20,953

Hudbay

Minerals,

Inc.

40,000

4.500%, 

4/1/2026

a

38,867

Ingevity

Corporation

69,000

3.875%, 

11/1/2028

a

62,364

Mercer

International,

Inc.

40,000

5.125%, 

2/1/2029

38,600

Novelis

Corporation

25,000

3.250%, 

11/15/2026

a

23,882

50,000

4.750%, 

1/30/2030

a

48,543

15,000

3.875%, 

8/15/2031

a

13,720

OCI

NV

30,000

4.625%, 

10/15/2025

a

30,225

Olin

Corporation

83,000

5.125%, 

9/15/2027

82,733

10,000

5.625%, 

8/1/2029

10,125

SCIL

USA

Holdings,

LLC

48,000

5.375%, 

11/1/2026

a

44,160

SPCM

SA

40,000

3.375%, 

3/15/2030

a

35,116

SunCoke

Energy,

Inc.

47,000

4.875%, 

6/30/2029

a

44,310

Taseko

Mines,

Ltd.

37,000

7.000%, 

2/15/2026

a

38,101

Unifrax

Escrow

Issuer

Corporation

36,000

5.250%, 

9/30/2028

a

33,442

United

States

Steel

Corporation

107,000

6.875%, 

3/1/2029

b

111,280

Total

1,271,684

Capital

Goods

(3.5%)

AECOM

110,000

5.125%, 

3/15/2027

112,500

Amsted

Industries,

Inc.

65,000

5.625%, 

7/1/2027

a

65,162

10,000

4.625%, 

5/15/2030

a

9,477

Ardagh

Packaging

Finance

plc

40,000

5.250%, 

8/15/2027

a

36,975

Bombardier,

Inc.

27,000

7.125%, 

6/15/2026

a

26,460

40,000

7.875%, 

4/15/2027

a

39,165

65,000

6.000%, 

2/15/2028

a

60,921

Brand

Industrial

Services,

Inc.

32,000

8.500%, 

7/15/2025

a

29,763

Builders

FirstSource,

Inc.

20,000

5.000%, 

3/1/2030

a

19,672

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Capital

Goods

(3.5%)

-

continued

Chart

Industries,

Inc.,

Convertible

$

6,000

1.000%, 

11/15/2024

a

$

17,655

Clydesdale

Acquisition

Holdings,

Inc.

8,000

6.625%, 

4/15/2029

a,c

8,090

15,000

8.750%, 

4/15/2030

a,c

14,119

Coinbase

Global,

Inc.

22,000

3.375%, 

10/1/2028

a

19,435

Cornerstone

Building

Brands,

Inc.

55,000

6.125%, 

1/15/2029

a

51,043

Covanta

Holding

Corporation

65,000

5.000%, 

9/1/2030

61,587

Covert

Mergeco,

Inc.

17,000

4.875%, 

12/1/2029

a

16,230

CP

Atlas

Buyer,

Inc.

35,000

7.000%, 

12/1/2028

a

29,842

Crown

Cork

&

Seal

Company,

Inc.

40,000

7.375%, 

12/15/2026

45,138

General

Electric

Company

180,000

4.156%, 

(LIBOR

3M

+

3.330%),

6/15/2022

d,e

172,575

GFL

Environmental,

Inc.

68,000

4.000%, 

8/1/2028

a

62,560

45,000

3.500%, 

9/1/2028

a

42,248

H&E

Equipment

Services,

Inc.

109,000

3.875%, 

12/15/2028

a

102,187

Howard

Midstream

Energy

Partners,

LLC

45,000

6.750%, 

1/15/2027

a

44,100

Howmet

Aerospace,

Inc.

2,000

6.875%, 

5/1/2025

2,172

37,000

3.000%, 

1/15/2029

33,786

JELD-WEN,

Inc.

30,000

4.625%, 

12/15/2025

a

28,875

20,000

4.875%, 

12/15/2027

a

19,150

KBR,

Inc.,

Convertible

26,000

2.500%, 

11/1/2023

56,420

Mauser

Packaging

Solutions

Holding

Company

30,000

5.500%, 

4/15/2024

a

29,881

57,000

7.250%, 

4/15/2025

a

56,493

Meritor,

Inc.

30,000

4.500%, 

12/15/2028

a

30,076

MIWD

Holdco

II,

LLC

59,000

5.500%, 

2/1/2030

a

55,091

Nesco

Holdings

II,

Inc.

25,000

5.500%, 

4/15/2029

a

24,562

New

Enterprise

Stone

and

Lime

Company,

Inc.

83,000

5.250%, 

7/15/2028

a

79,795

OI

European

Group

BV

80,000

4.750%, 

2/15/2030

a

74,336

Owens-Brockway

Glass

Container,

Inc.

35,000

5.875%, 

8/15/2023

a

35,757

Pactiv

Evergreen

Group

35,000

4.375%, 

10/15/2028

a

32,158

Patrick

Industries,

Inc.,

Convertible

9,000

1.000%, 

2/1/2023

8,942

PGT

Innovations,

Inc.

41,000

4.375%, 

10/1/2029

a

38,232

SRM

Escrow

Issuer,

LLC

100,000

6.000%, 

11/1/2028

a

98,626

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Capital

Goods

(3.5%)

-

continued

Standard

Industries,

Inc.

$

90,000

4.375%, 

7/15/2030

a

$

82,436

Sunpower

Corporation,

Convertible

7,000

4.000%, 

1/15/2023

7,928

Titan

Acquisition,

Ltd.

20,000

7.750%, 

4/15/2026

a

19,874

TransDigm,

Inc.

30,000

6.250%, 

3/15/2026

a

30,799

175,000

5.500%, 

11/15/2027

173,688

United

Rentals

North

America,

Inc.

15,000

5.500%, 

5/15/2027

15,515

57,000

4.875%, 

1/15/2028

57,900

20,000

4.000%, 

7/15/2030

19,127

Vertiv

Group

Corporation

16,000

4.125%, 

11/15/2028

a

14,602

Victors

Merger

Corporation

25,000

6.375%, 

5/15/2029

a

20,465

Waste

Pro

USA,

Inc.

15,000

5.500%, 

2/15/2026

a

14,176

WESCO

Distribution,

Inc.

95,000

7.250%, 

6/15/2028

a

100,903

Total

2,348,669

Collateralized

Mortgage

Obligations

(0.1%)

GMACM

Mortgage

Loan

Trust

18,279

3.753%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

d

18,241

Residential

Accredit

Loans,

Inc.

Trust

49,372

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

45,925

Total

64,166

Communications

Services

(4.8%)

Altice

France

SA

20,000

5.500%, 

1/15/2028

a

18,534

30,000

5.125%, 

7/15/2029

a

26,887

187,000

5.500%, 

10/15/2029

a

167,791

Cable

One,

Inc.,

Convertible

34,000

1.125%, 

3/15/2028

30,396

CCO

Holdings,

LLC

27,000

5.500%, 

5/1/2026

a

27,379

10,000

5.125%, 

5/1/2027

a

10,015

34,000

4.750%, 

3/1/2030

a

32,648

85,000

4.500%, 

8/15/2030

a

79,755

122,000

4.750%, 

2/1/2032

a

113,611

45,000

4.250%, 

1/15/2034

a

39,082

Cengage

Learning,

Inc.

55,000

9.500%, 

6/15/2024

a

54,862

Clear

Channel

Worldwide

Holdings,

Inc.

85,000

7.750%, 

4/15/2028

a

85,445

Consolidated

Communications,

Inc.

47,000

5.000%, 

10/1/2028

a

40,448

CSC

Holdings,

LLC

102,000

5.375%, 

2/1/2028

a

98,997

56,000

4.125%, 

12/1/2030

a

49,104

Cumulus

Media

New

Holdings,

Inc.

40,000

6.750%, 

7/1/2026

a,b

40,010

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Communications

Services

(4.8%)

-

continued

DIRECTV

Holdings,

LLC

$

54,000

5.875%, 

8/15/2027

a

$

53,122

DISH

DBS

Corporation

16,000

5.250%, 

12/1/2026

a

15,240

17,000

7.375%, 

7/1/2028

16,108

63,000

5.750%, 

12/1/2028

a

59,614

Entercom

Media

Corporation

63,000

6.500%, 

5/1/2027

a

59,110

Frontier

Communications

Holdings,

LLC

48,000

5.875%, 

10/15/2027

a

47,678

GCI,

LLC

70,000

4.750%, 

10/15/2028

a

68,338

Gray

Escrow

II,

Inc.

114,000

5.375%, 

11/15/2031

a

109,009

Gray

Television,

Inc.

40,000

4.750%, 

10/15/2030

a

37,150

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

20,732

iHeartCommunications,

Inc.

40,000

4.750%, 

1/15/2028

a

38,200

Iliad

Holding

SASU

30,000

6.500%, 

10/15/2026

a

30,081

LCPR

Senior

Secured

Financing

DAC

36,000

6.750%, 

10/15/2027

a

36,983

Level

3

Financing,

Inc.

113,000

4.625%, 

9/15/2027

a

106,370

35,000

4.250%, 

7/1/2028

a

32,130

Lions

Gate

Capital

Holdings,

LLC

21,000

5.500%, 

4/15/2029

a

20,239

Nexstar

Escrow

Corporation

72,000

5.625%, 

7/15/2027

a

72,878

Paramount

Global

200,000

6.375%, 

3/30/2062

d

201,900

Radiate

Holdco,

LLC

25,000

6.500%, 

9/15/2028

a

23,641

Rogers

Communications,

Inc.

200,000

5.250%, 

3/15/2082

a,d

195,915

Scripps

Escrow

II,

Inc.

50,000

5.375%, 

1/15/2031

a

47,875

Scripps

Escrow,

Inc.

30,000

5.875%, 

7/15/2027

a

30,023

Sinclair

Television

Group,

Inc.

93,000

5.500%, 

3/1/2030

a

80,488

Sirius

XM

Radio,

Inc.

80,000

5.000%, 

8/1/2027

a

79,800

20,000

4.000%, 

7/15/2028

a

19,000

30,000

4.125%, 

7/1/2030

a

28,085

Sprint

Capital

Corporation

101,000

6.875%, 

11/15/2028

117,028

64,000

8.750%, 

3/15/2032

86,208

Sprint

Corporation

92,000

7.625%, 

2/15/2025

100,280

TEGNA,

Inc.

69,000

4.625%, 

3/15/2028

68,636

Telesat

Canada

20,000

4.875%, 

6/1/2027

a

14,571

10,000

6.500%, 

10/15/2027

a

4,895

Terrier

Media

Buyer,

Inc.

30,000

8.875%, 

12/15/2027

a

30,525

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Communications

Services

(4.8%)

-

continued

T-Mobile

USA,

Inc.

$

75,000

2.875%, 

2/15/2031

$

67,570

United

States

Cellular

Corporation

35,000

6.700%, 

12/15/2033

38,478

Uniti

Fiber

Holdings,

Inc.,

Convertible

8,000

4.000%, 

6/15/2024

a

10,698

Uniti

Group,

LP

10,000

4.750%, 

4/15/2028

a

9,438

Viasat,

Inc.

25,000

6.500%, 

7/15/2028

a

24,000

Vodafone

Group

plc

64,000

7.000%, 

4/4/2079

d

70,670

VTR

Finance

NV

30,000

6.375%, 

7/15/2028

a

29,063

VZ

Secured

Financing

BV

71,000

5.000%, 

1/15/2032

a

66,385

Zayo

Group

Holdings,

Inc.

26,000

4.000%, 

3/1/2027

a

23,926

Total

3,207,044

Consumer

Cyclical

(6.4%)

1011778

B.C.,

ULC

100,000

4.375%, 

1/15/2028

a

96,000

Allen

Media,

LLC

38,000

10.500%, 

2/15/2028

a

37,441

Allied

Universal

Finance

Corporation

40,000

4.625%, 

6/1/2028

a

37,388

Allied

Universal

Holdco,

LLC

20,000

6.625%, 

7/15/2026

a

20,237

70,000

4.625%, 

6/1/2028

a

66,143

32,000

6.000%, 

6/1/2029

a

28,229

Allison

Transmission,

Inc.

52,000

4.750%, 

10/1/2027

a

51,155

20,000

3.750%, 

1/30/2031

a

18,143

American

Axle

&

Manufacturing,

Inc.

95,000

6.500%, 

4/1/2027

93,933

Arko

Corporation

27,000

5.125%, 

11/15/2029

a

24,570

Ashton

Woods

USA,

LLC

25,000

4.625%, 

8/1/2029

a

22,046

BellRing

Brands,

Inc.

62,000

7.000%, 

3/15/2030

a

63,317

Bloomin'

Brands,

Inc.,

Convertible

7,000

5.000%, 

5/1/2025

14,108

Boyd

Gaming

Corporation

40,000

4.750%, 

6/15/2031

a

38,550

Boyne

USA,

Inc.

30,000

4.750%, 

5/15/2029

a

28,800

Brookfield

Property

REIT,

Inc.

30,000

5.750%, 

5/15/2026

a

29,728

Brookfield

Residential

Properties,

Inc.

90,000

6.250%, 

9/15/2027

a

88,116

50,000

5.000%, 

6/15/2029

a

45,400

Burlington

Stores,

Inc.,

Convertible

23,000

2.250%, 

4/15/2025

26,263

Caesars

Entertainment,

Inc.

60,000

6.250%, 

7/1/2025

a

61,946

40,000

8.125%, 

7/1/2027

a

42,858

76,000

4.625%, 

10/15/2029

a

71,060

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Consumer

Cyclical

(6.4%)

-

continued

Carnival

Corporation

$

42,000

10.500%, 

2/1/2026

a

$

46,700

107,000

7.625%, 

3/1/2026

a

107,699

40,000

5.750%, 

3/1/2027

a

38,147

27,000

6.000%, 

5/1/2029

a

25,443

Cedar

Fair,

LP

20,000

5.375%, 

4/15/2027

19,800

95,000

5.250%, 

7/15/2029

93,577

Churchill

Downs,

Inc.

20,000

4.750%, 

1/15/2028

a

19,400

Cinemark

USA,

Inc.

59,000

5.875%, 

3/15/2026

a

57,230

Clarios

Global,

LP

15,000

8.500%, 

5/15/2027

a

15,563

Cushman

&

Wakefield

US

Borrower,

LLC

27,000

6.750%, 

5/15/2028

a

28,215

Dana,

Inc.

45,000

5.625%, 

6/15/2028

45,472

Dick's

Sporting

Goods,

Inc.,

Convertible

7,000

3.250%, 

4/15/2025

21,783

Empire

Communities

Corporation

70,000

7.000%, 

12/15/2025

a

69,160

Expedia

Group,

Inc.,

Convertible

18,000

Zero

Coupon, 

2/15/2026

b

21,893

Ford

Motor

Company

25,000

3.250%, 

2/12/2032

22,328

Ford

Motor

Company,

Convertible

56,000

Zero

Coupon, 

3/15/2026

66,192

Ford

Motor

Credit

Company,

LLC

105,000

4.063%, 

11/1/2024

104,684

131,000

2.300%, 

2/10/2025

124,347

60,000

4.134%, 

8/4/2025

59,932

89,000

2.700%, 

8/10/2026

82,771

Forestar

Group,

Inc.

37,000

3.850%, 

5/15/2026

a

34,503

Gap,

Inc.

12,000

3.625%, 

10/1/2029

a

10,692

General

Motors

Financial

Company,

Inc.

40,000

5.700%, 

9/30/2030

d,e

41,908

Goodyear

Tire

&

Rubber

Company

30,000

5.000%, 

7/15/2029

a

27,947

15,000

5.250%, 

7/15/2031

a

13,871

Guitar

Center

Escrow

Issuer

II,

Inc.

12,000

8.500%, 

1/15/2026

a

12,244

Hanesbrands,

Inc.

36,000

4.875%, 

5/15/2026

a

36,206

Herc

Holdings,

Inc.

40,000

5.500%, 

7/15/2027

a

40,560

Hilton

Domestic

Operating

Company,

Inc.

37,000

4.875%, 

1/15/2030

36,917

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

85,000

5.000%, 

6/1/2029

a

81,115

Hilton

Worldwide

Finance,

LLC

50,000

4.875%, 

4/1/2027

50,337

International

Game

Technology

plc

72,000

5.250%, 

1/15/2029

a

71,820

Jacobs

Entertainment,

Inc.

28,000

6.750%, 

2/15/2029

a

28,139

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Consumer

Cyclical

(6.4%)

-

continued

KB

Home

$

35,000

4.800%, 

11/15/2029

$

33,784

L

Brands,

Inc.

109,000

6.625%, 

10/1/2030

a

114,450

10,000

6.875%, 

11/1/2035

10,300

Macy's

Retail

Holdings,

LLC

65,000

5.875%, 

4/1/2029

a

64,838

Magic

MergerCo,

Inc.

37,000

5.250%, 

5/1/2028

a

33,970

Mattamy

Group

Corporation

90,000

5.250%, 

12/15/2027

a

88,838

MGM

Resorts

International

15,000

6.000%, 

3/15/2023

15,341

105,000

5.500%, 

4/15/2027

106,050

NCL

Corporation,

Ltd.

22,000

5.875%, 

2/15/2027

a

21,670

Penn

National

Gaming,

Inc.

35,000

4.125%, 

7/1/2029

a

31,332

PetSmart,

Inc.

60,000

4.750%, 

2/15/2028

a

57,984

62,000

7.750%, 

2/15/2029

a

64,015

Prime

Security

Services

Borrower,

LLC

147,000

5.750%, 

4/15/2026

a

149,966

Real

Hero

Merger

Sub

2,

Inc.

30,000

6.250%, 

2/1/2029

a

27,334

Realogy

Group,

LLC

50,000

5.750%, 

1/15/2029

a

47,125

Rite

Aid

Corporation

27,000

7.500%, 

7/1/2025

a

25,182

Royal

Caribbean

Cruises,

Ltd.

72,000

9.125%, 

6/15/2023

a

74,970

102,000

4.250%, 

7/1/2026

a

94,879

13,000

5.375%, 

7/15/2027

a

12,490

30,000

5.500%, 

4/1/2028

a

28,599

Scientific

Games

International,

Inc.

62,000

7.250%, 

11/15/2029

a

64,945

25,000

6.625%, 

3/1/2030

a

24,645

SeaWorld

Parks

and

Entertainment,

Inc.

22,000

5.250%, 

8/15/2029

a

20,982

Service

Properties

Trust

58,000

7.500%, 

9/15/2025

60,845

Six

Flags

Theme

Parks,

Inc.

30,000

7.000%, 

7/1/2025

a

31,313

Staples,

Inc.

44,000

7.500%, 

4/15/2026

a

42,729

46,000

10.750%, 

4/15/2027

a

40,940

Station

Casinos,

LLC

32,000

4.625%, 

12/1/2031

a

29,270

Tenneco,

Inc.

80,000

5.000%, 

7/15/2026

78,700

Travel

+

Leisure

Company

35,000

6.625%, 

7/31/2026

a

36,488

TripAdvisor,

Inc.,

Convertible

6,000

0.250%, 

4/1/2026

a

5,064

Uber

Technologies,

Inc.

30,000

6.250%, 

1/15/2028

a,b

31,018

Vail

Resorts,

Inc.,

Convertible

9,000

Zero

Coupon, 

1/1/2026

8,716

Wabash

National

Corporation

42,000

4.500%, 

10/15/2028

a

37,800

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Consumer

Cyclical

(6.4%)

-

continued

Wyndham

Hotels

&

Resorts,

Inc.

$

20,000

4.375%, 

8/15/2028

a

$

19,250

Yum!

Brands,

Inc.

59,000

4.750%, 

1/15/2030

a

57,857

ZF

North

America

Capital,

Inc.

30,000

4.750%, 

4/29/2025

a

30,105

Total

4,285,810

Consumer

Non-Cyclical

(4.7%)

Albertson's

Companies,

Inc.

57,000

3.500%, 

3/15/2029

a

51,441

Bausch

Health

Companies,

Inc.

178,000

5.000%, 

1/30/2028

a

146,595

89,000

5.000%, 

2/15/2029

a

69,331

Centene

Corporation

55,000

4.250%, 

12/15/2027

55,206

75,000

4.625%, 

12/15/2029

75,607

90,000

3.000%, 

10/15/2030

82,662

Central

Garden

&

Pet

Company

50,000

4.125%, 

10/15/2030

45,125

Community

Health

Systems,

Inc.

25,000

5.625%, 

3/15/2027

a

25,461

55,000

6.000%, 

1/15/2029

a

55,575

100,000

6.875%, 

4/15/2029

a

98,250

Coty,

Inc.

58,000

5.000%, 

4/15/2026

a

56,478

DaVita,

Inc.

95,000

4.625%, 

6/1/2030

a

88,711

Edgewell

Personal

Care

Company

30,000

5.500%, 

6/1/2028

a

29,850

Embecta

Corporation

18,000

6.750%, 

2/15/2030

a

18,045

Encompass

Health

Corporation

95,000

4.500%, 

2/1/2028

93,100

Endo

Finance,

LLC

20,000

9.500%, 

7/31/2027

a

17,550

Energizer

Holdings,

Inc.

10,000

4.750%, 

6/15/2028

a

9,083

35,000

4.375%, 

3/31/2029

a

30,642

HCA,

Inc.

251,000

5.375%, 

2/1/2025

261,166

HFC

Prestige

Products,

Inc.

53,000

4.750%, 

1/15/2029

a

49,455

HLF

Financing

SARL,

LLC

110,000

4.875%, 

6/1/2029

a

96,489

Ionis

Pharmaceuticals,

Inc.,

Convertible

4,000

0.125%, 

12/15/2024

3,586

Jazz

Investments

I,

Ltd.,

Convertible

35,000

2.000%, 

6/15/2026

42,435

JBS

USA,

LLC

104,000

6.500%, 

4/15/2029

a

110,240

Kraft

Foods

Group,

Inc.

14,000

5.000%, 

6/4/2042

14,953

Kraft

Heinz

Foods

Company

168,000

3.750%, 

4/1/2030

167,279

Mattel,

Inc.

80,000

3.375%, 

4/1/2026

a

78,327

Molina

Healthcare,

Inc.

85,000

4.375%, 

6/15/2028

a

84,118

Mozart

Debt

Merger

Sub,

Inc.

57,000

3.875%, 

4/1/2029

a

52,725

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Consumer

Non-Cyclical

(4.7%)

-

continued

$

93,000

5.250%, 

10/1/2029

a

$

86,459

Ortho-Clinical

Diagnostics,

Inc.

30,000

7.250%, 

2/1/2028

a

30,900

Owens

&

Minor,

Inc.

39,000

6.625%, 

4/1/2030

a

40,131

Par

Pharmaceutical,

Inc.

80,000

7.500%, 

4/1/2027

a

74,652

Pilgrim's

Pride

Corporation

35,000

3.500%, 

3/1/2032

a

30,554

Post

Holdings,

Inc.

17,000

5.500%, 

12/15/2029

a

16,357

39,000

4.500%, 

9/15/2031

a

34,554

QBE

Insurance

Group,

Ltd.

40,000

5.875%, 

5/12/2025

a,d,e

40,950

Scotts

Miracle-Gro

Company

50,000

4.500%, 

10/15/2029

46,875

SEG

Holding,

LLC

95,000

5.625%, 

10/15/2028

a

95,000

Simmons

Foods,

Inc.

92,000

4.625%, 

3/1/2029

a

86,250

Spectrum

Brands,

Inc.

35,000

5.000%, 

10/1/2029

a

32,925

10,000

5.500%, 

7/15/2030

a

9,600

Syneos

Health,

Inc.

85,000

3.625%, 

1/15/2029

a

78,519

Teleflex,

Inc.

88,000

4.250%, 

6/1/2028

a

85,690

Tenet

Healthcare

Corporation

10,000

4.625%, 

7/15/2024

10,043

125,000

5.125%, 

11/1/2027

a

125,588

68,000

6.125%, 

10/1/2028

a

69,105

Teva

Pharmaceutical

Finance

Netherlands

III

BV

47,000

3.150%, 

10/1/2026

42,553

TreeHouse

Foods,

Inc.

21,000

4.000%, 

9/1/2028

17,781

United

Natural

Foods,

Inc.

21,000

6.750%, 

10/15/2028

a

21,525

Valeant

Pharmaceuticals

International,

Inc.

35,000

8.500%, 

1/31/2027

a

34,904

Winnebago

Industries,

Inc.,

Convertible

15,000

1.500%, 

4/1/2025

16,358

Total

3,136,758

Energy

(5.4%)

Antero

Resources

Corporation

57,000

5.375%, 

3/1/2030

a

58,211

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

57,000

6.250%, 

4/1/2028

a

56,179

BP

Capital

Markets

plc

280,000

4.875%, 

3/22/2030

d,e

280,700

Buckeye

Partners,

LP

40,000

3.950%, 

12/1/2026

39,090

Callon

Petroleum

Company

36,000

8.250%, 

7/15/2025

36,360

Cheniere

Energy

Partners,

LP

35,000

4.500%, 

10/1/2029

35,175

15,000

3.250%, 

1/31/2032

a

13,639

Cheniere

Energy,

Inc.

20,000

4.625%, 

10/15/2028

20,067

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Energy

(5.4%)

-

continued

Chesapeake

Energy

Corporation

$

37,000

6.750%, 

4/15/2029

a

$

39,188

CNX

Resources

Corporation

37,000

6.000%, 

1/15/2029

a

37,370

CNX

Resources

Corporation,

Convertible

24,000

2.250%, 

5/1/2026

41,556

Comstock

Resources,

Inc.

17,000

6.750%, 

3/1/2029

a

17,537

25,000

5.875%, 

1/15/2030

a

24,632

CQP

Holdco,

LP

34,000

5.500%, 

6/15/2031

a

33,402

DT

Midstream,

Inc.

75,000

4.125%, 

6/15/2029

a

71,910

10,000

4.375%, 

6/15/2031

a

9,575

Enbridge,

Inc.

137,000

6.250%, 

3/1/2078

d

141,820

48,000

5.750%, 

7/15/2080

d

49,680

Endeavor

Energy

Resources,

LP

30,000

5.750%, 

1/30/2028

a

31,012

Energy

Transfer,

LP

115,000

6.750%, 

5/15/2025

d,e

111,837

EnLink

Midstream

Partners,

LP

50,000

4.850%, 

7/15/2026

50,000

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

d

67,099

EQT

Corporation

10,000

3.125%, 

5/15/2026

a

9,713

76,000

3.900%, 

10/1/2027

75,780

EQT

Corporation,

Convertible

23,000

1.750%, 

5/1/2026

54,510

Ferrellgas,

LP

32,000

5.375%, 

4/1/2026

a

30,216

Genesis

Energy,

LP

10,000

6.500%, 

10/1/2025

9,863

20,000

8.000%, 

1/15/2027

20,574

Harvest

Midstream,

LP

81,000

7.500%, 

9/1/2028

a

82,732

Hess

Midstream

Operations,

LP

35,000

5.625%, 

2/15/2026

a

35,908

Hilcorp

Energy

I,

LP

70,000

5.750%, 

2/1/2029

a

70,042

ITT

Holdings,

LLC

47,000

6.500%, 

8/1/2029

a

43,415

Laredo

Petroleum,

Inc.

102,000

7.750%, 

7/31/2029

a

102,642

MPLX,

LP

107,000

6.875%, 

2/15/2023

d,e

104,860

Murphy

Oil

Corporation

42,000

5.875%, 

12/1/2027

42,735

Nabors

Industries,

Ltd.

80,000

7.250%, 

1/15/2026

a

80,000

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

70,000

7.500%, 

2/1/2026

a

68,858

NGL

Energy

Partners,

LP

20,000

7.500%, 

11/1/2023

19,150

NuStar

Logistics,

LP

45,000

5.750%, 

10/1/2025

45,844

Oasis

Petroleum,

Inc.

35,000

6.375%, 

6/1/2026

a

35,875

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Energy

(5.4%)

-

continued

Occidental

Petroleum

Corporation

$

60,000

8.500%, 

7/15/2027

$

71,023

20,000

6.450%, 

9/15/2036

23,494

PBF

Holding

Company,

LLC

20,000

9.250%, 

5/15/2025

a

20,604

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

16,622

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

d,e

50,880

Precision

Drilling

Corporation

42,000

6.875%, 

1/15/2029

a

42,630

Range

Resources

Corporation

55,000

4.750%, 

2/15/2030

a

54,625

SM

Energy

Company

44,000

6.625%, 

1/15/2027

45,107

15,000

6.500%, 

7/15/2028

15,479

Southwestern

Energy

Company

20,000

5.375%, 

2/1/2029

20,250

45,000

5.375%, 

3/15/2030

45,729

21,000

4.750%, 

2/1/2032

20,974

Summit

Midstream

Holdings,

LLC

39,000

8.500%, 

10/15/2026

a

37,188

Sunoco,

LP

40,000

6.000%, 

4/15/2027

40,750

5,000

5.875%, 

3/15/2028

5,050

29,000

4.500%, 

4/30/2030

a

26,717

Tallgrass

Energy

Finance

Corporation

82,000

5.500%, 

1/15/2028

a

79,335

Teine

Energy,

Ltd.

25,000

6.875%, 

4/15/2029

a

25,375

TransCanada

Trust

125,000

5.600%, 

3/7/2082

d

126,371

115,000

5.625%, 

5/20/2075

d

115,035

160,000

5.300%, 

3/15/2077

d

157,600

Transocean

Proteus,

Ltd.

10,000

6.250%, 

12/1/2024

a

9,925

Transocean,

Inc.

37,000

11.500%, 

1/30/2027

a

38,203

USA

Compression

Partners,

LP

50,000

6.875%, 

4/1/2026

50,450

Venture

Global

Calcasieu

Pass,

LLC

78,000

3.875%, 

8/15/2029

a

75,826

20,000

4.125%, 

8/15/2031

a

19,623

W&T

Offshore,

Inc.

16,000

9.750%, 

11/1/2023

a

15,920

Weatherford

International,

Ltd.

44,000

8.625%, 

4/30/2030

a

44,675

Western

Midstream

Operating,

LP

96,000

3.950%, 

6/1/2025

96,585

10,000

5.500%, 

8/15/2048

9,875

Total

3,600,676

Financials

(18.1%)

Air

Lease

Corporation

174,000

4.650%, 

6/15/2026

d,e

156,165

Aircastle,

Ltd.

115,000

5.250%, 

6/15/2026

a,d,e

105,225

Alliant

Holdings

Intermediate,

LLC

22,000

6.750%, 

10/15/2027

a

21,735

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Financials

(18.1%)

-

continued

Ally

Financial,

Inc.

$

50,000

5.750%, 

11/20/2025

$

52,580

253,000

4.700%, 

5/15/2026

d,e

238,151

95,000

4.700%, 

5/15/2028

d,e

86,450

Altice

Financing

SA

15,000

5.750%, 

8/15/2029

a

13,636

American

Express

Company

85,000

3.550%, 

9/15/2026

d,e

77,460

American

Finance

Trust,

Inc.

32,000

4.500%, 

9/30/2028

a

28,804

AmWINS

Group,

Inc.

25,000

4.875%, 

6/30/2029

a

24,000

Ares

Capital

Corporation,

Convertible

12,000

4.625%, 

3/1/2024

13,549

BAC

Capital

Trust

XIV

74,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/18/2022

d,e

63,809

Banco

Santander

SA

115,000

4.750%, 

11/12/2026

d,e

106,030

Bank

of

America

Corporation

284,000

6.250%, 

9/5/2024

d,e

293,571

82,000

6.100%, 

3/17/2025

d,e

85,531

40,000

6.300%, 

3/10/2026

d,e

42,538

200,000

4.375%, 

1/27/2027

d,e

187,960

184,000

5.875%, 

3/15/2028

d,e

185,803

Bank

of

New

York

Mellon

Corporation

150,000

4.700%, 

9/20/2025

d,e

153,600

Bank

of

Nova

Scotia

212,000

4.900%, 

6/4/2025

d,e

212,000

Barclays

plc

100,000

8.000%, 

6/15/2024

d,e

105,650

75,000

4.375%, 

3/15/2028

d,e

66,056

BNP

Paribas

SA

105,000

6.625%, 

3/25/2024

a,d,e

108,465

CANPACK

SA

90,000

3.125%, 

11/1/2025

a

82,575

Capital

One

Financial

Corporation

36,000

3.950%, 

9/1/2026

d,e

33,484

Cascades

USA,

Inc.

30,000

5.125%, 

1/15/2026

a

29,906

Charles

Schwab

Corporation

176,000

5.375%, 

6/1/2025

d,e

181,280

128,000

4.000%, 

6/1/2026

d,e

122,560

160,000

5.000%, 

6/1/2027

d,e

159,408

125,000

4.000%, 

12/1/2030

d,e

112,265

Chobani,

LLC

31,000

7.500%, 

4/15/2025

a

29,971

56,000

4.625%, 

11/15/2028

a

51,660

Citigroup,

Inc.

82,000

5.950%, 

1/30/2023

d,e

82,869

68,000

5.000%, 

9/12/2024

d,e

67,320

144,000

5.950%, 

5/15/2025

d,e

146,779

145,000

4.000%, 

12/10/2025

d,e

139,200

225,000

3.875%, 

2/18/2026

d,e

212,062

107,000

4.150%, 

11/15/2026

d,e

100,246

Citizens

Financial

Group,

Inc.

80,000

4.000%, 

10/6/2026

d,e

73,400

Coinbase

Global,

Inc.

22,000

3.625%, 

10/1/2031

a

18,755

Coinbase

Global,

Inc.,

Convertible

48,000

0.500%, 

6/1/2026

a

44,688

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Financials

(18.1%)

-

continued

Comerica,

Inc.

$

20,000

5.625%, 

7/1/2025

d,e

$

20,750

Credit

Acceptance

Corporation

52,000

5.125%, 

12/31/2024

a

52,187

Credit

Agricole

SA

48,000

6.875%, 

9/23/2024

a,d,e

49,800

40,000

8.125%, 

12/23/2025

a,d,e

44,477

200,000

4.750%, 

3/23/2029

a,d,e

181,486

Credit

Suisse

Group

AG

56,000

7.500%, 

12/11/2023

a,d,e

57,890

40,000

7.250%, 

9/12/2025

a,d,e

40,450

Dai-ichi

Life

Insurance

Company,

Ltd.

230,000

5.100%, 

10/28/2024

a,b,d,e

237,158

Deutsche

Bank

AG

225,000

6.000%, 

10/30/2025

d,e

219,375

Drawbridge

Special

Opportunities

Fund,

LP

95,000

3.875%, 

2/15/2026

a

91,947

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

8,900

Fifth

Third

Bancorp

91,000

4.500%, 

9/30/2025

d,e

89,407

Fortress

Transportation

and

Infrastructure

Investors,

LLC

20,000

6.500%, 

10/1/2025

a

19,850

31,000

9.750%, 

8/1/2027

a

32,388

20,000

5.500%, 

5/1/2028

a

18,183

FTI

Consulting,

Inc.,

Convertible

18,000

2.000%, 

8/15/2023

28,582

Genworth

Mortgage

Holdings,

Inc.

28,000

6.500%, 

8/15/2025

a

28,886

Global

Net

Lease,

Inc.

80,000

3.750%, 

12/15/2027

a

73,598

Goldman

Sachs

Group,

Inc.

215,000

5.500%, 

8/10/2024

d,e

219,365

115,000

4.400%, 

2/10/2025

d,e

109,250

130,000

3.650%, 

8/10/2026

d,e

118,950

105,000

4.125%, 

11/10/2026

d,e

98,464

Hartford

Financial

Services

Group,

Inc.

100,000

2.631%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,d

88,300

HSBC

Holdings

plc

55,000

6.375%, 

3/30/2025

d,e

56,907

66,000

6.500%, 

3/23/2028

d,e

67,155

85,000

4.600%, 

12/17/2030

d,e

75,862

115,000

6.500%, 

9/15/2037

140,031

HUB

International,

Ltd.

20,000

7.000%, 

5/1/2026

a

20,231

28,000

5.625%, 

12/1/2029

a

26,740

Huntington

Bancshares,

Inc.

104,000

4.450%, 

10/15/2027

d,e

102,960

Icahn

Enterprises,

LP

78,000

4.750%, 

9/15/2024

78,355

30,000

6.375%, 

12/15/2025

30,225

72,000

5.250%, 

5/15/2027

70,663

Iron

Mountain,

Inc.

65,000

4.875%, 

9/15/2027

a

64,269

iStar,

Inc.

80,000

4.250%, 

8/1/2025

78,700

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Financials

(18.1%)

-

continued

iStar,

Inc.,

Convertible

$

14,000

3.125%, 

9/15/2022

$

23,772

J.P.

Morgan

Chase

&

Company

140,000

3.534%, 

(LIBOR

3M

+

3.320%),

7/1/2022

d,e

139,475

105,000

5.150%, 

5/1/2023

d,e

105,525

40,000

6.000%, 

8/1/2023

d,e

40,500

40,000

6.750%, 

2/1/2024

d,e

41,742

368,000

5.000%, 

8/1/2024

d,e

366,776

100,000

4.600%, 

2/1/2025

d,e

96,375

85,000

3.650%, 

6/1/2026

d,e

79,475

100,000

1.506%, 

(LIBOR

3M

+

1.000%),

5/15/2047

d

86,000

Jefferies

Finance,

LLC

57,000

5.000%, 

8/15/2028

a

54,576

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

5,000

6.125%, 

5/15/2023

5,175

Lincoln

National

Corporation

100,000

2.826%, 

(LIBOR

3M

+

2.358%),

5/17/2022

d

82,530

Lloyds

Banking

Group

plc

40,000

7.500%, 

6/27/2024

d,e

41,999

LPL

Holdings,

Inc.

30,000

4.000%, 

3/15/2029

a

28,469

M&T

Bank

Corporation

100,000

3.500%, 

9/1/2026

d,e

89,873

MetLife,

Inc.

140,000

3.850%, 

9/15/2025

d,e

138,068

152,000

5.875%, 

3/15/2028

d,e

152,169

MGM

Growth

Properties

Operating

Partnership,

LP

17,000

4.625%, 

6/15/2025

a

17,127

55,000

4.500%, 

9/1/2026

55,275

MPT

Operating

Partnership,

LP

40,000

4.625%, 

8/1/2029

39,600

Nationstar

Mortgage

Holdings,

Inc.

37,000

6.000%, 

1/15/2027

a

37,651

NatWest

Group

plc

95,000

4.600%, 

6/28/2031

d,e

83,600

Navient

Corporation

37,000

5.500%, 

1/25/2023

37,463

24,000

6.750%, 

6/25/2025

24,656

10,000

5.000%, 

3/15/2027

9,525

Nippon

Life

Insurance

Company

160,000

2.900%, 

9/16/2051

a,d

144,843

172,000

5.100%, 

10/16/2044

a,d

176,945

172,000

3.400%, 

1/23/2050

a,d

162,970

OneMain

Finance

Corporation

80,000

6.875%, 

3/15/2025

84,122

35,000

7.125%, 

3/15/2026

37,411

15,000

3.500%, 

1/15/2027

13,875

20,000

6.625%, 

1/15/2028

20,950

Park

Intermediate

Holdings,

LLC

15,000

4.875%, 

5/15/2029

a

14,062

Pebblebrook

Hotel

Trust,

Convertible

17,000

1.750%, 

12/15/2026

19,490

PennyMac

Financial

Services,

Inc.

35,000

4.250%, 

2/15/2029

a

30,030

Playtika

Holding

Corporation

42,000

4.250%, 

3/15/2029

a

38,745

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Financials

(18.1%)

-

continued

PNC

Financial

Services

Group,

Inc.

$

95,000

3.400%, 

9/15/2026

d,e

$

85,547

PRA

Group,

Inc.

27,000

7.375%, 

9/1/2025

a

28,137

Provident

Financing

Trust

I

25,000

7.405%, 

3/15/2038

29,312

Prudential

Financial,

Inc.

250,000

5.125%, 

3/1/2052

d

252,725

138,000

5.625%, 

6/15/2043

d

138,863

126,000

5.200%, 

3/15/2044

d

125,689

20,000

3.700%, 

10/1/2050

d

18,328

Radian

Group,

Inc.

37,000

4.875%, 

3/15/2027

37,185

Regions

Financial

Corporation

80,000

5.750%, 

6/15/2025

d,e

83,300

Rocket

Mortgage

Co-Issuer,

Inc.

30,000

3.625%, 

3/1/2029

a

27,416

Service

Properties

Trust

46,000

4.650%, 

3/15/2024

44,277

30,000

4.750%, 

10/1/2026

27,450

9,000

4.950%, 

2/15/2027

8,317

20,000

5.500%, 

12/15/2027

19,290

Societe

Generale

SA

40,000

8.000%, 

9/29/2025

a,d,e

43,206

Standard

Chartered

plc

105,000

6.000%, 

7/26/2025

a,d,e

108,281

Starwood

Property

Trust,

Inc.,

Convertible

11,000

4.375%, 

4/1/2023

11,234

Sumitomo

Life

Insurance

Company

175,000

3.375%, 

4/15/2081

a,d

168,210

Summit

Hotel

Properties,

Inc.,

Convertible

8,000

1.500%, 

2/15/2026

8,368

SVB

Financial

Group

130,000

4.000%, 

5/15/2026

d,e

120,250

160,000

4.250%, 

11/15/2026

d,e

148,000

Truist

Financial

Corporation

160,000

4.950%, 

9/1/2025

d,e

163,840

90,000

5.100%, 

3/1/2030

d,e

91,260

U.S.

Bancorp

120,000

3.700%, 

1/15/2027

d,e

108,600

UBS

Group

AG

200,000

4.875%, 

2/12/2027

a,d,e

192,940

United

Wholesale

Mortgage,

LLC

40,000

5.500%, 

4/15/2029

a

35,641

USB

Realty

Corporation

133,000

1.386%, 

(LIBOR

3M

+

1.147%),

1/15/2027

a,d,e

110,723

VICI

Properties,

LP

60,000

4.250%, 

12/1/2026

a

59,748

10,000

3.750%, 

2/15/2027

a

9,725

35,000

4.625%, 

12/1/2029

a

34,913

Wells

Fargo

&

Company

212,000

3.900%, 

3/15/2026

d,e

203,213

30,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

d

29,108

Total

12,052,872

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Technology

(2.2%)

Akamai

Technologies,

Inc.,

Convertible

$

21,000

0.125%, 

5/1/2025

$

27,594

14,000

0.375%, 

9/1/2027

16,093

Black

Knight

InfoServ,

LLC

46,000

3.625%, 

9/1/2028

a

43,594

Block,

Inc.,

Convertible

4,000

0.500%, 

5/15/2023

7,250

CommScope

Technologies

Finance,

LLC

30,000

6.000%, 

6/15/2025

a

28,413

CommScope,

Inc.

70,000

7.125%, 

7/1/2028

a

63,236

Gartner,

Inc.

30,000

3.625%, 

6/15/2029

a

28,125

85,000

3.750%, 

10/1/2030

a

79,794

InterDigital,

Inc.,

Convertible

5,000

2.000%, 

6/1/2024

5,119

Iron

Mountain,

Inc.

15,000

5.000%, 

7/15/2028

a

14,623

37,000

4.875%, 

9/15/2029

a

35,219

60,000

5.250%, 

7/15/2030

a

58,800

48,000

4.500%, 

2/15/2031

a

44,328

Lumentum

Holdings,

Inc.,

Convertible

17,000

0.250%, 

3/15/2024

28,092

Microchip

Technology,

Inc.,

Convertible

13,000

1.625%, 

2/15/2027

27,877

Minerva

Merger

Sub,

Inc.

50,000

6.500%, 

2/15/2030

a

48,506

MSCI,

Inc.

40,000

4.000%, 

11/15/2029

a

38,847

NCR

Corporation

119,000

6.125%, 

9/1/2029

a

119,298

Nielsen

Finance,

LLC

10,000

4.500%, 

7/15/2029

a

9,975

NortonLifeLock,

Inc.,

Convertible

22,000

2.000%, 

8/15/2022

28,985

Open

Text

Corporation

85,000

4.125%, 

2/15/2030

a

80,597

Progress

Software

Corporation,

Convertible

3,000

1.000%, 

4/15/2026

a

2,982

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

9,888

35,000

4.000%, 

2/15/2028

a

34,099

Qorvo,

Inc.

35,000

3.375%, 

4/1/2031

a

31,827

Rackspace

Technology

Global,

Inc.

65,000

5.375%, 

12/1/2028

a

56,397

Sabre

GLBL,

Inc.,

Convertible

5,000

4.000%, 

4/15/2025

8,203

Seagate

HDD

Cayman

69,000

3.125%, 

7/15/2029

61,928

107,000

3.375%, 

7/15/2031

95,135

Sensata

Technologies,

Inc.

100,000

3.750%, 

2/15/2031

a

92,500

Shift4

Payments,

LLC

10,000

4.625%, 

11/1/2026

a

9,725

SS&C

Technologies,

Inc.

124,000

5.500%, 

9/30/2027

a

124,932

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

Technology

(2.2%)

-

continued

Switch,

Ltd.

$

45,000

3.750%, 

9/15/2028

a

$

43,639

Teradyne,

Inc.,

Convertible

2,000

1.250%, 

12/15/2023

7,431

Verint

Systems,

Inc.,

Convertible

7,000

0.250%, 

4/15/2026

a

7,299

Viavi

Solutions,

Inc.

32,000

3.750%, 

10/1/2029

a

30,030

Viavi

Solutions,

Inc.,

Convertible

2,000

1.000%, 

3/1/2024

2,594

Vishay

Intertechnology,

Inc.,

Convertible

14,000

2.250%, 

6/15/2025

13,948

Ziff

Davis,

Inc.,

Convertible

30,000

1.750%, 

11/1/2026

a

33,825

Total

1,500,747

Transportation

(1.2%)

AerCap

Holdings

NV

60,000

5.875%, 

10/10/2079

d

57,600

Air

Canada

10,000

3.875%, 

8/15/2026

a

9,437

Air

Transport

Services

Group,

Inc.,

Convertible

10,000

1.125%, 

10/15/2024

11,850

American

Airlines,

Inc.

92,000

11.750%, 

7/15/2025

a

107,409

128,000

5.500%, 

4/20/2026

a

128,960

Avis

Budget

Car

Rental,

LLC

40,000

5.375%, 

3/1/2029

a,b

39,409

Delta

Air

Lines,

Inc.

23,000

7.000%, 

5/1/2025

a

24,636

9,000

7.375%, 

1/15/2026

9,774

Greenbrier

Companies,

Inc.,

Convertible

9,000

2.875%, 

4/15/2028

a

10,392

Hawaiian

Brand

Intellectual

Property,

Ltd.

20,000

5.750%, 

1/20/2026

a

20,011

Hertz

Corporation

28,000

4.625%, 

12/1/2026

a

26,147

33,000

5.000%, 

12/1/2029

a

29,865

JetBlue

Airways

Corporation,

Convertible

20,000

0.500%, 

4/1/2026

a

18,609

Meritor,

Inc.,

Convertible

23,000

3.250%, 

10/15/2037

25,199

NCL

Corporation,

Ltd.

68,000

3.625%, 

12/15/2024

a

64,090

Southwest

Airlines

Company,

Convertible

24,000

1.250%, 

5/1/2025

32,568

United

Airlines,

Inc.

83,000

4.375%, 

4/15/2026

a

81,645

35,000

4.625%, 

4/15/2029

a

33,283

VistaJet

Malta

Finance

plc

45,000

6.375%, 

2/1/2030

a

42,339

XPO

Logistics,

Inc.

10,000

6.250%, 

5/1/2025

a

10,336

Total

783,559

Principal

Amount

Long-Term

Fixed

Income

(60.6%)

Value

U.S.

Government

&

Agencies

(9.0%)

U.S.

Treasury

Bonds

$

2,740,000

1.375%, 

11/15/2031

$

2,513,950

U.S.

Treasury

Notes

3,730,000

1.250%, 

12/31/2026

3,524,121

Total

6,038,071

Utilities

(3.3%)

Algonquin

Power

&

Utilities

Corporation

140,000

4.750%, 

1/18/2082

d

130,536

American

Electric

Power

Company,

Inc.

200,000

3.875%, 

2/15/2062

d

184,769

Calpine

Corporation

95,000

4.500%, 

2/15/2028

a

92,671

Dominion

Energy,

Inc.

111,000

4.650%, 

12/15/2024

d,e

109,890

120,000

4.350%, 

1/15/2027

d,e

116,047

Duke

Energy

Corporation

102,000

3.250%, 

1/15/2082

d

90,409

51,000

4.875%, 

9/16/2024

d,e

51,542

Edison

International

170,000

5.000%, 

12/15/2026

d,e

159,545

Energy

Transfer,

LP

199,000

6.500%, 

11/15/2026

d,e

195,577

NextEra

Energy

Capital

Holdings,

Inc.

145,000

3.800%, 

3/15/2082

d

133,529

NextEra

Energy

Operating

Partners,

LP

95,000

3.875%, 

10/15/2026

a

93,931

NextEra

Energy

Partners,

LP,

Convertible

33,000

Zero

Coupon, 

11/15/2025

a

37,335

NiSource,

Inc.

77,000

5.650%, 

6/15/2023

d,e

75,460

NRG

Energy,

Inc.

110,000

3.375%, 

2/15/2029

a

97,780

15,000

5.250%, 

6/15/2029

a

14,659

NRG

Energy,

Inc.,

Convertible

16,000

2.750%, 

6/1/2048

17,536

PG&E

Corporation

40,000

5.000%, 

7/1/2028

38,664

Sempra

Energy

95,000

4.125%, 

4/1/2052

d

88,682

40,000

4.875%, 

10/15/2025

d,e

40,200

Southern

Company

120,000

4.000%, 

1/15/2051

d

116,100

64,000

3.750%, 

9/15/2051

d

59,011

Suburban

Propane

Partners,

LP

40,000

5.875%, 

3/1/2027

40,550

20,000

5.000%, 

6/1/2031

a

18,750

TerraForm

Power

Operating,

LLC

95,000

5.000%, 

1/31/2028

a

94,596

Vistra

Operations

Company,

LLC

75,000

5.000%, 

7/31/2027

a

73,786

Total

2,171,555

Total

Long-Term

Fixed

Income

(cost

$42,116,578)

40,461,611

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Shares

Registered

Investment

Companies

(

26.8%

)

Value

Unaffiliated  (18.3%)

71,700

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

$

242,346

27,756

AllianceBernstein

Global

High

Income

Fund,

Inc.

310,312

8,831

Allspring

Global

Dividend

Opportunities

Fund

46,804

36,673

Allspring

Income

Opportunities

Fund

289,717

18,287

Barings

Global

Short

Duration

High

Yield

Fund

283,449

17,947

BlackRock

Core

Bond

Trust

233,311

22,354

BlackRock

Corporate

High

Yield

Fund,

Inc.

240,753

20,411

BlackRock

Credit

Allocation

Income

Trust

256,362

1,800

BlackRock

Enhanced

Equity

Dividend

Trust

17,820

18,401

BlackRock

Enhanced

Global

Dividend

Trust

208,115

5,700

BlackRock

Enhanced

International

Dividend

Trust

32,775

3,150

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

41,013

13,400

BlackRock

Income

Trust,

Inc.

68,742

18,018

BlackRock

Multi-Sector

Income

Trust

296,937

11,350

Blackstone

Strategic

Credit

Fund

b

148,118

60,189

BNY

Mellon

High

Yield

Strategies

Fund

167,325

3,018

Brookfield

Real

Assets

Income

Fund,

Inc.

62,593

15,232

Delaware

Ivy

High

Income

Opportunities

Fund

192,989

26,960

Eaton

Vance

Limited

Duration

Income

Fund

315,432

3,399

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

33,004

22,136

First

Trust

High

Income

Long/Short

Fund

297,951

12,566

First

Trust

Senior

Floating

Rate

Income

Fund

II

157,955

11,960

Invesco

Dynamic

Credit

Opportunities

Fund

f

139,187

4,500

Invesco

Senior

Loan

ETF

97,965

3,500

Invesco

Variable

Rate

Preferred

ETF

85,540

68,580

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

b

2,497,684

15,923

New

America

High

Income

Fund,

Inc.

129,136

50,362

Nuveen

Credit

Strategies

Income

Fund

311,237

17,707

Nuveen

Global

High

Income

Fund

252,148

7,700

Nuveen

Preferred

Income

Opportunities

Fund

66,066

8,600

Nuveen

Quality

Preferred

Income

Fund

II

72,240

15,804

Nuveen

Short

Duration

Credit

Opportunities

Fund

224,891

25,171

PGIM

Global

High

Yield

Fund,

Inc.

336,536

22,455

PGIM

High

Yield

Bond

Fund,

Inc.

322,229

8,412

Pimco

Dynamic

Income

Fund

205,000

3,644

Pioneer

High

Income

Fund,

Inc.

29,589

12,350

SPDR

Bloomberg

High

Yield

Bond

ETF

b

1,265,875

Shares

Registered

Investment

Companies

(26.8%)

Value

Unaffiliated  (18.3%)-

continued

33,685

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

b

$

883,894

21,037

Templeton

Emerging

Markets

Income

Fund

144,103

4,023

Tri-Continental

Corporation

124,069

3,700

Vanguard

Short-Term

Corporate

Bond

ETF

288,933

16,300

Virtus

AllianzGI

Convertible

&

Income

Fund

81,989

2,525

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

68,529

12,847

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

184,869

9,333

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

75,877

26,668

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

156,275

45,589

Western

Asset

High

Income

Opportunity

Fund,

Inc.

203,783

Total

12,191,467

Affiliated  (8.5%)

656,460

Thrivent

Core

Emerging

Markets

Debt

Fund

5,678,383

Total

5,678,383

Total

Registered

Investment

Companies

(cost

$19,168,307)

17,869,850

Shares

Collateral

Held

for

Securities

Loaned

(

7.4%

)

Value

4,934,201

Thrivent

Cash

Management

Trust

4,934,201

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,934,201)

4,934,201

Shares

Preferred

Stock

(

5.8%

)

Value

Communications

Services

(0.6%)

10,950

AT&T,

Inc.,

4.750%

e

239,586

212

Paramount

Global,

Convertible,

5.750%

11,777

5,000

Telephone

and

Data

Systems,

Inc.,

6.000%

e

115,550

Total

366,913

Consumer

Discretionary

(0.2%)

4,500

Ford

Motor

Company,

6.000%

114,525

Total

114,525

Consumer

Staples

(0.1%)

2,000

CHS,

Inc.,

6.750%

d,e

52,580

Total

52,580

Energy

(0.2%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

e

101,136

525

Energy

Transfer,

LP,

7.600%

d,e

12,999

1,415

NuStar

Logistics,

LP,

6.975%

d

35,389

Total

149,524

Financials

(3.6%)

3,750

Aegon

Funding

Corporation

II,

5.100%

91,087

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Shares

Preferred

Stock

(5.8%)

Value

Financials

(3.6%)

-

continued

7,000

Allstate

Corporation,

5.100%

e

$

173,880

4,200

American

International

Group,

Inc.

5.850%

e

109,032

6,500

Bank

of

America

Corporation,

4.250%

e

140,335

1,000

Bank

of

America

Corporation,

5.000%

e

24,180

1,089

Bank

of

America

Corporation,

5.375%

e

27,530

11

Bank

of

America

Corporation,

Convertible,

7.250%

e

14,437

4,250

Capital

One

Financial

Corporation,

5.000%

e

98,048

2,000

Citigroup

Capital

XIII,

6.669%

d

54,800

6,700

Equitable

Holdings,

Inc.,

5.250%

e

158,053

65

First

Horizon

Bank,

3.750%

a,d,e

56,550

2,000

First

Horizon

Corporation,

6.500%

e

52,710

6,500

First

Republic

Bank,

4.500%

e

143,520

5,700

J.P.

Morgan

Chase

&

Company,

4.200%

e

120,156

5,450

J.P.

Morgan

Chase

&

Company,

4.750%

e

125,078

1,700

J.P.

Morgan

Chase

&

Company,

5.750%

e

43,673

4,800

Morgan

Stanley,

5.850%

d,e

125,520

4,200

Morgan

Stanley,

7.125%

d,e

112,014

3,250

Regions

Financial

Corporation,

5.700%

d,e

84,728

250

Synovus

Financial

Corporation,

5.875%

d,e

6,550

4,100

Truist

Financial

Corporation,

4.750%

e

93,849

11,500

Wells

Fargo

&

Company,

4.250%

e

237,935

5,000

Wells

Fargo

&

Company,

4.750%

e

110,850

146

Wells

Fargo

&

Company,

Convertible,

7.500%

e

193,450

Total

2,397,965

Health

Care

(0.1%)

302

Becton,

Dickinson

and

Company,

Convertible,

6.000%

15,952

237

Boston

Scientific

Corporation,

Convertible,

5.500%

27,596

5

Danaher

Corporation,

Convertible,

5.000%

7,896

Total

51,444

Industrials

(<0.1%)

141

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

12,395

Total

12,395

Real

Estate

(0.3%)

4,500

Public

Storage,

3.950%

e

91,575

4,775

Public

Storage,

4.125%

e

103,904

800

Public

Storage,

4.625%

e

18,624

200

Public

Storage,

4.700%

e

4,662

Total

218,765

Utilities

(0.7%)

195

AES

Corporation,

Convertible,

6.875%

19,291

106

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

5,922

Shares

Preferred

Stock

(5.8%)

Value

Utilities

(0.7%)

-

continued

9,775

CMS

Energy

Corporation,

4.200%

e

$

205,079

473

NextEra

Energy,

Inc.,

Convertible,

4.872%

29,227

144

NextEra

Energy,

Inc.,

Convertible,

5.279%

7,510

37

NiSource,

Inc.,

Convertible,

7.750%

4,402

6,950

Southern

Company,

4.950%

167,704

672

Southern

Company,

Convertible,

6.750%

36,698

Total

475,833

Total

Preferred

Stock

(cost

$4,234,728)

3,839,944

Shares

Common

Stock

(

1.9%

)

Value

Communications

Services

(0.1%)

60

Charter

Communications,

Inc.

g

32,731

56

Paramount

Global

2,117

424

Twitter,

Inc.

g

16,405

31

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f,g

512

Total

51,765

Consumer

Discretionary

(0.1%)

206

Bloomin'

Brands,

Inc.

4,520

10

Booking

Holdings,

Inc.

g

23,485

93

Dick's

Sporting

Goods,

Inc.

9,302

32

Expedia

Group,

Inc.

g

6,261

130

Under

Armour,

Inc.,

Class

C

g

2,023

20

Vail

Resorts,

Inc.

5,205

Total

50,796

Energy

(0.1%)

84

CNX

Resources

Corporation

g

1,740

377

EQT

Corporation

12,973

253

Pioneer

Natural

Resources

Company

63,258

Total

77,971

Financials

(0.6%)

1,878

AG

Mortgage

Investment

Trust,

Inc.

17,465

6,458

Annaly

Capital

Management,

Inc.

45,464

1,700

Apollo

Commercial

Real

Estate

Finance,

Inc.

23,681

204

Ares

Capital

Corporation

4,274

88

Bank

of

America

Corporation

3,627

5,200

BlackRock

TCP

Capital

Corporation

74,360

266

Blackstone

Mortgage

Trust,

Inc.

8,456

2,800

Chimera

Investment

Corporation

33,712

1,384

FS

KKR

Capital

Corporation

31,583

4,239

Golub

Capital

BDC,

Inc.

64,475

2,611

Granite

Point

Mortgage

Trust,

Inc.

29,034

50

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

2,372

538

KKR

&

Company,

Inc.

31,457

1,192

Sixth

Street

Specialty

Lending,

Inc.

27,762

5,247

Two

Harbors

Investment

Corporation

29,016

77

Wells

Fargo

&

Company

3,732

Total

430,470

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Shares

Common

Stock

(1.9%)

Value

Health

Care

(0.2%)

137

Anthem,

Inc.

$

67,297

30

Becton,

Dickinson

and

Company

7,980

71

Boston

Scientific

Corporation

g

3,145

200

Danaher

Corporation

58,666

12

Illumina,

Inc.

g

4,193

482

Ionis

Pharmaceuticals,

Inc.

g

17,853

28

Jazz

Pharmaceuticals,

Inc.

g

4,359

Total

163,493

Industrials

(0.1%)

199

Aerojet

Rocketdyne

Holdings,

Inc.

g

7,831

176

Chart

Industries,

Inc.

g

30,231

159

Greenbrier

Companies,

Inc.

8,190

137

JetBlue

Airways

Corporation

g

2,048

214

Kaman

Corporation

9,305

101

Patrick

Industries,

Inc.

6,090

157

Southwest

Airlines

Company

g

7,191

Total

70,886

Information

Technology

(0.4%)

31

Akamai

Technologies,

Inc.

g

3,701

192

Block,

Inc.

g

26,035

130

Broadcom,

Inc.

81,858

234

II-VI,

Inc.

g

16,963

200

Lumentum

Holdings,

Inc.

g

19,520

80

Microchip

Technology,

Inc.

6,011

149

NortonLifeLock,

Inc.

3,951

859

ON

Semiconductor

Corporation

g

53,782

1,393

Sabre

Corporation

g

15,922

12

ServiceNow,

Inc.

g

6,683

188

SunPower

Corporation

g

4,038

7

Teradyne,

Inc.

828

80

Western

Digital

Corporation

g

3,972

Total

243,264

Real

Estate

(0.2%)

3,044

AGNC

Investment

Corporation

39,876

185

iStar,

Inc.

4,331

728

LXP

Industrial

Trust

11,429

105

MGIC

Investment

Corporation

1,423

5,544

New

Residential

Investment

Corporation

60,873

339

Pebblebrook

Hotel

Trust

8,299

Total

126,231

Utilities

(0.1%)

131

American

Electric

Power

Company,

Inc.

13,070

266

Dominion

Energy,

Inc.

22,602

178

DTE

Energy

Company

23,533

51

NextEra

Energy

Partners,

LP

4,251

86

NextEra

Energy,

Inc.

7,285

202

NiSource,

Inc.

6,424

71

Southern

Company

5,148

Total

82,313

Total

Common

Stock

(cost

$1,239,107)

1,297,189

Shares

Short-Term

Investments

(

4.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

273,781

0.660%

$

2,737,807

Total

Short-Term

Investments

(cost

$2,737,753)

2,737,807

Total

Investments

(cost

$74,430,674)

106.6%

$71,140,602

Other

Assets

and

Liabilities,

Net

(6.6%)

(4,417,215)

Total

Net

Assets

100.0%

$66,723,387

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,

2022,

the

value

of

these

investments

was

$17,076,660

or

25.6%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

g

Non-income

producing

security.

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

431,997

Common

Stock

4,381,770

Total

lending

$4,813,767

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,934,201

Net

amounts

due

to

counterparty

$120,434

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Multidimensional

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

1,271,684

–

1,271,684

–

Capital

Goods

2,348,669

–

2,348,669

–

Collateralized

Mortgage

Obligations

64,166

–

64,166

–

Communications

Services

3,207,044

–

3,207,044

–

Consumer

Cyclical

4,285,810

–

4,285,810

–

Consumer

Non-Cyclical

3,136,758

–

3,136,758

–

Energy

3,600,676

–

3,600,676

–

Financials

12,052,872

–

12,052,872

–

Technology

1,500,747

–

1,500,747

–

Transportation

783,559

–

783,559

–

U.S.

Government

&

Agencies

6,038,071

–

6,038,071

–

Utilities

2,171,555

–

2,171,555

–

Registered

Investment

Companies

Unaffiliated

12,191,467

12,052,280

–

139,187

Preferred

Stock

Communications

Services

366,913

366,913

–

–

Consumer

Discretionary

114,525

114,525

–

–

Consumer

Staples

52,580

52,580

–

–

Energy

149,524

149,524

–

–

Financials

2,397,965

2,341,415

56,550

–

Health

Care

51,444

51,444

–

–

Industrials

12,395

12,395

–

–

Real

Estate

218,765

218,765

–

–

Utilities

475,833

475,833

–

–

Common

Stock

Communications

Services

51,765

51,253

–

512

Consumer

Discretionary

50,796

50,796

–

–

Energy

77,971

77,971

–

–

Financials

430,470

430,470

–

–

Health

Care

163,493

163,493

–

–

Industrials

70,886

70,886

–

–

Information

Technology

243,264

243,264

–

–

Real

Estate

126,231

126,231

–

–

Utilities

82,313

82,313

–

–

Subtotal

Investments

in

Securities

$57,790,211

$17,132,351

$40,518,161

$139,699

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

5,678,383

Affiliated

Short-Term

Investments

2,737,807

Collateral

Held

for

Securities

Loaned

4,934,201

Subtotal

Other

Investments

$13,350,391

Total

Investments

at

Value

$71,140,602

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Multidimensional

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$5,153

$1,097

$–

$5,678

656

8.5%

Total

Affiliated

Registered

Investment

Companies

5,153

5,678

8.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

2,275

22,063

21,600

2,738

274

4.1

Total

Affiliated

Short-Term

Investments

2,275

2,738

4.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,343

23,585

21,994

4,934

4,934

7.4

Total

Collateral

Held

for

Securities

Loaned

3,343

4,934

7.4

Total

Value

$10,771

$13,350

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(572)

$

–

$72

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$75

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

Value

$–

$(572)

$

–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Bank

Loans

(

12.6%

)

a

Value

Basic

Materials

(0.8%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

535,000

6.000%, 

(LIBOR

3M

+

5.250%),

11/1/2028

b,c

$

528,981

Innophos

Holdings,

Inc.,

Term

Loan

303,800

4.207%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b

301,901

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

539,408

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

527,612

Venator

Finance

SARL,

Term

Loan

380,026

3.457%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

361,025

Total

1,719,519

Capital

Goods

(2.3%)

BW

Holding,

Inc.,

Delayed

Draw

57,000

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,d,e

56,003

BW

Holding,

Inc.,

Term

Loan

214,463

4.500%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

210,709

Flex

Acquisition

Company,

Inc.,

Term

Loan

601,271

3.214%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

599,810

39,502

4.000%, 

(LIBOR

3M

+

3.500%),

3/2/2028

b

39,400

Foley

Products

Company,

LLC,

Term

Loan

266,000

5.250%, 

(SOFRRATE

+

4.750%),

2/16/2029

b,c

263,340

Grinding

Media,

Inc.,

Term

Loan

532,325

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b

526,336

Groupe

Solmax,

Inc.,

Term

Loan

313,421

5.500%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

307,544

HRNI

Holdings,

LLC,

Term

Loan

199,875

5.000%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

198,042

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

163,590

5.008%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

161,853

LABL,

Inc.,

Term

Loan

102,244

5.500%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

100,729

LRS

Holdings,

LLC,

Term

Loan

205,485

4.750%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

203,944

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

166,582

5.506%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

163,251

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

427,815

3.481%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

421,218

Natgasoline,

LLC,

Term

Loan

362,812

4.000%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

358,277

Principal

Amount

Bank

Loans

(12.6%)

a

Value

Capital

Goods

(2.3%)

-

continued

Novae,

LLC,

Delayed

Draw

$

89,000

0.000%, 

(SOFRRATE

+

5.000%),

12/22/2028

b,d,e

$

88,221

Novae,

LLC,

Term

Loan

311,500

5.750%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

308,774

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

207,375

3.707%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

201,716

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

240,000

0.000%, 

(TSFR1M

+

4.250%),

3/24/2029

b,c,d,e

236,400

TricorBraun

Holdings,

Inc.,

Term

Loan

595,680

3.750%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

579,877

Venga

Finance

SARL,

Term

Loan

206,000

0.000%, 

(LIBOR

1M

+

4.750%),

11/5/2028

b,d,e

199,756

Total

5,225,200

Communications

Services

(2.0%)

Allen

Media,

LLC,

Term

Loan

213,912

5.500%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

211,826

Altice

France

SA,

Term

Loan

252,412

3.049%, 

(LIBOR

3M

+

2.750%),

7/31/2025

b

246,102

CCI

Buyer,

Inc.,

Term

Loan

123,750

4.750%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b

121,868

CommScope,

Inc.,

Term

Loan

770,250

3.707%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

748,745

DIRECTV

Financing,

LLC,

Term

Loan

573,000

5.750%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

571,734

iHeartCommunications,

Inc.,

Term

Loan

320,155

3.457%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

317,796

Metronet

Systems

Holdings,

LLC,

Term

Loan

259,158

4.500%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

255,998

NEP

Group,

Inc.,

Term

Loan

604,749

3.699%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

592,956

ORBCOMM,

Inc.,

Term

Loan

134,325

5.000%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

132,870

Sharp

Midco,

LLC,

Term

Loan

71,000

5.006%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b,c

70,468

Terrier

Media

Buyer,

Inc.,

Term

Loan

627,063

3.957%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

616,772

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Bank

Loans

(12.6%)

a

Value

Communications

Services

(2.0%)

-

continued

Xplornet

Communications,

Inc.,

Term

Loan

$

283,575

4.500%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

$

277,844

245,000

7.500%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

242,550

Zacapa

SARL,

Term

Loan

92,000

4.766%, 

(SOFRRATE

+

4.250%),

2/10/2029

b

91,287

Total

4,498,816

Consumer

Cyclical

(1.3%)

AI

Aqua

Merger

Sub,

Inc.,

Delayed

Draw

11,875

0.000%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b,d,e

11,753

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

95,000

4.500%, 

(LIBOR

1M

+

4.000%),

7/30/2028

b

94,021

American

Trailer

World

Corporation,

Term

Loan

279,296

4.500%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

267,426

CP

Atlas

Buyer,

Inc.,

Term

Loan

391,102

4.250%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

379,431

Great

Canadian

Gaming

Corporation,

Term

Loan

89,775

4.934%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

89,186

Michaels

Companies,

Inc.,

Term

Loan

540,912

5.256%, 

(LIBOR

3M

+

4.250%),

4/15/2028

b

506,278

Secure

Acquisition,

Inc.,

Delayed

Draw

27,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

26,528

Secure

Acquisition,

Inc.,

Term

Loan

185,000

5.500%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

181,762

Staples,

Inc.,

Term

Loan

166,848

4.817%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

161,759

298,974

5.317%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

281,938

Tenneco,

Inc.,

Term

Loan

570,985

3.457%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

563,031

Voyage

Digital

NZ/US,

Term

Loan

266,000

0.000%, 

(SOFRRATE

+

4.500%),

3/3/2029

b,c,d,e

260,680

Total

2,823,793

Consumer

Non-Cyclical

(2.3%)

Alltech,

Inc.,

Term

Loan

217,905

4.500%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b,c

214,092

Bausch

Health

Companies,

Inc.,

Term

Loan

416,000

0.000%, 

(SOFRRATE

+

5.250%),

1/27/2027

b,d,e

411,320

Principal

Amount

Bank

Loans

(12.6%)

a

Value

Consumer

Non-Cyclical

(2.3%)

-

continued

Blue

Ribbon,

LLC,

Term

Loan

$

146,250

6.750%, 

(LIBOR

3M

+

6.000%),

5/7/2028

b

$

143,179

Chobani,

LLC,

Term

Loan

246,250

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

241,633

City

Brewing

Company,

LLC,

Term

Loan

340,594

4.250%, 

(LIBOR

3M

+

3.500%),

4/5/2028

b

309,941

CNT

Holdings

I

Corporation,

Term

Loan

316,800

4.250%, 

(LIBOR

3M

+

3.500%),

11/8/2027

b

314,753

90,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b

89,700

Del

Monte

Foods,

Inc.,

Term

Loan

100,000

0.000%, 

(SOFRRATE

+

4.250%),

2/15/2029

b,d,e

98,375

Endo

Luxembourg

Finance

Company

I

SARL,

Term

Loan

242,550

5.750%, 

(LIBOR

1M

+

5.000%),

3/25/2028

b

226,658

Gainwell

Acquisition

Corporation,

Term

Loan

524,687

5.006%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b,c

523,375

Global

Medical

Response,

Inc.,

Term

Loan

162,783

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

161,504

1,238,728

5.250%, 

(LIBOR

3M

+

4.250%),

10/2/2025

b

1,228,273

Herens

US

Holdco

Corporation,

Term

Loan

238,203

5.006%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

231,950

Mamba

Purchaser,

Inc.,

Term

Loan

50,000

7.000%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

49,687

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

203,970

4.756%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

202,652

PetSmart,

LLC,

Term

Loan

756,200

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

753,047

Total

5,200,139

Energy

(0.2%)

GIP

II

Blue

Holding

LP,

Term

Loan

394,013

5.506%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

392,042

Total

392,042

Financials

(0.8%)

Asurion,

LLC,

Term

Loan

207,375

3.707%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

202,622

673,200

3.707%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

658,686

415,000

5.707%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

406,285

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Bank

Loans

(12.6%)

a

Value

Financials

(0.8%)

-

continued

Digicel

International

Finance,

Ltd.,

Term

Loan

$

396,892

3.500%, 

(LIBOR

3M

+

3.250%),

5/27/2024

b

$

377,047

Rinchem

Company,

Inc.,

Term

Loan

67,000

0.000%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c,d,e

66,665

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

100,000

7.500%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

98,000

Total

1,809,305

Technology

(1.7%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

462,086

3.799%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

453,769

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

420,719

5.500%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b

417,913

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

451,588

4.500%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

447,636

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

310,946

3.957%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

300,259

Rackspace

Technology

Global,

Inc.,

Term

Loan

915,750

3.500%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

897,105

Redstone

Holdco

2

LP,

Term

Loan

270,572

5.500%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

263,808

155,053

8.500%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

141,098

Zayo

Group

Holdings,

Inc.,

Term

Loan

877,428

3.457%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

853,079

Total

3,774,667

Transportation

(0.9%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

870,000

5.500%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

880,057

Hertz

Corporation,

Term

Loan

74,437

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

73,765

14,135

3.750%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

14,007

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

347,144

SkyMiles

IP,

Ltd.,

Term

Loan

420,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

433,058

Principal

Amount

Bank

Loans

(12.6%)

a

Value

Transportation

(0.9%)

-

continued

United

Airlines,

Inc.,

Term

Loan

$

282,150

4.500%, 

(LIBOR

3M

+

3.750%),

4/21/2028

b

$

278,389

Total

2,026,420

Utilities

(0.3%)

EnergySolutions,

LLC,

Term

Loan

269,757

4.756%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

263,687

Osmose

Utilities

Services,

Inc.,

Term

Loan

59,700

3.750%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

58,879

PG&E

Corporation,

Term

Loan

258,878

3.500%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

255,319

Total

577,885

Total

Bank

Loans

(cost

$28,354,577)

28,047,786

Principal

Amount

Long-Term

Fixed

Income

(

67.6%

)

Value

Asset-Backed

Securities

(7.1%)

510

Asset

Backed

Trust

200,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

187,828

316,241

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

302,459

275,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

259,247

522

Funding

CLO,

Ltd.

375,000

2.654%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,f

367,612

Anchorage

Capital

CLO

16,

Ltd.

450,000

2.522%, 

(LIBOR

3M

+

2.400%),

1/19/2035,

Ser.

2020-16A,

Class

CR

b,f

444,744

Anchorage

Capital

CLO

21,

Ltd.

400,000

2.537%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

395,492

Ares

XL

CLO,

Ltd.

325,000

3.041%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

316,442

Babson

CLO,

Ltd.

500,000

3.154%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

485,841

Bardot

CLO,

Ltd.

475,000

2.159%, 

(LIBOR

3M

+

1.900%),

10/22/2032,

Ser.

2019-2A,

Class

CR

b,f

471,077

Barings

CLO,

Ltd.

350,000

3.404%, 

(LIBOR

3M

+

3.150%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

347,923

Benefit

Street

Partners

CLO

II,

Ltd.

300,000

2.141%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,f

293,114

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Asset-Backed

Securities

(7.1%)

-

continued

Benefit

Street

Partners

CLO,

Ltd.

$

400,000

2.391%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

b,f

$

396,838

College

Ave

Student

Loans,

LLC

105,425

2.107%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,f

106,494

Colony

American

Finance,

Ltd.

300,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

283,845

Conn's

Receivables

Funding

6,886

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

f

6,879

Dewolf

Park

CLO,

Ltd.

350,000

3.091%, 

(LIBOR

3M

+

2.850%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

342,825

Dryden

36

Senior

Loan

Fund

275,000

2.291%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,f

271,727

Education

Funding

Trust

317,617

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

f

308,934

Foundation

Finance

Trust

19,653

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

f

19,727

Galaxy

XIX

CLO,

Ltd.

475,000

2.109%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,f

463,790

Goldentree

Loan

Management

US

CLO

8,

Ltd.

450,000

2.254%, 

(LIBOR

3M

+

2.000%),

10/20/2034,

Ser.

2020-8A,

Class

CR

b,f

444,397

Harley

Marine

Financing,

LLC

241,855

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

239,951

LHOME

Mortgage

Trust

500,000

2.363%, 

9/25/2026,

Ser.

2021-RTL3,

Class

A1

f,g

477,646

Longfellow

Place

CLO,

Ltd.

400,000

2.541%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

395,955

Madison

Park

Funding

XVIII,

Ltd.

450,000

2.155%, 

(LIBOR

3M

+

1.900%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

b,f

443,741

Madison

Park

Funding

XXI,

Ltd.

400,000

2.441%, 

(LIBOR

3M

+

2.200%),

10/15/2032,

Ser.

2016-21A,

Class

BRR

b,f

392,709

Mountain

View

CLO,

Ltd.

425,000

2.591%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,f

416,137

Neuberger

Berman

CLO,

Ltd.

425,000

3.241%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

415,033

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Asset-Backed

Securities

(7.1%)

-

continued

OCP

CLO,

Ltd.

$

450,000

2.241%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,f

$

441,165

OHA

Credit

Funding

1,

Ltd.

360,000

1.704%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,f

357,880

OZLM

IX,

Ltd.

550,000

1.804%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,f

545,823

Palmer

Square

Loan

Funding,

Ltd.

250,000

2.504%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,f

250,073

Preston

Ridge

Partners

Mortgage

Trust,

LLC

350,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

f,g

323,247

ROC

Securities

Trust

Series

200,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

191,915

Saxon

Asset

Securities

Trust

120,405

3.308%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

111,282

Sculptor

CLO,

Ltd.

425,000

2.500%, 

(LIBOR

3M

+

2.400%),

1/20/2035,

Ser.

28A,

Class

C

b,f

417,588

Shackleton

CLO,

Ltd.

250,000

2.324%, 

(LIBOR

3M

+

2.200%),

10/20/2034,

Ser.

2021-16A,

Class

C

b,f

247,679

Sound

Point

CLO

XV,

Ltd.

500,000

2.309%, 

(LIBOR

3M

+

2.050%),

1/23/2029,

Ser.

2017-1A,

Class

CR

b,f

490,993

Sound

Point

CLO

XXI,

Ltd.

700,000

1.717%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,f

694,016

Sound

Point

CLO,

Ltd.

450,000

2.504%, 

(LIBOR

3M

+

2.250%),

1/20/2032,

Ser.

2019-1A,

Class

CR

b,f

438,029

Stratus

CLO,

Ltd.

450,000

2.591%, 

(LIBOR

3M

+

2.500%),

12/29/2029,

Ser.

2021-1A,

Class

D

b,f

437,882

TCI-Flatiron

CLO,

Ltd.

450,000

2.270%, 

(TSFR3M

+

2.100%),

1/17/2032,

Ser.

2016-1A,

Class

CR3

b,f

445,753

THL

Credit

Wind

River

CLO,

Ltd.

325,000

3.089%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,f

323,450

VCAT

Asset

Securitization,

LLC

100,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

95,999

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Asset-Backed

Securities

(7.1%)

-

continued

Whitebox

CLO

III,

Ltd.

$

450,000

2.321%, 

(LIBOR

3M

+

2.200%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

$

435,883

Wind

River

CLO,

Ltd.

200,000

2.254%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

197,136

Total

15,744,200

Basic

Materials

(1.8%)

Alcoa

Nederland

Holding

BV

200,000

5.500%, 

12/15/2027

f

207,016

Anglo

American

Capital

plc

63,000

3.875%, 

3/16/2029

f

63,029

Chemours

Company

169,000

5.750%, 

11/15/2028

f

164,204

Cleveland-Cliffs,

Inc.

122,000

5.875%, 

6/1/2027

125,138

110,000

4.625%, 

3/1/2029

f

108,492

60,000

4.875%, 

3/1/2031

f

59,325

Consolidated

Energy

Finance

SA

229,000

5.625%, 

10/15/2028

f

211,825

Ecolab,

Inc.

58,000

2.125%, 

2/1/2032

53,042

First

Quantum

Minerals,

Ltd.

268,000

6.875%, 

10/15/2027

f

280,730

Freeport-McMoRan,

Inc.

167,000

4.125%, 

3/1/2028

166,828

95,000

4.250%, 

3/1/2030

95,634

133,000

4.625%, 

8/1/2030

135,993

Glencore

Funding,

LLC

63,000

4.000%, 

3/27/2027

f

63,193

Hecla

Mining

Company

45,000

7.250%, 

2/15/2028

47,145

Hudbay

Minerals,

Inc.

135,000

4.500%, 

4/1/2026

f

131,175

Ingevity

Corporation

227,000

3.875%, 

11/1/2028

f

205,169

LYB

International

Finance

III,

LLC

58,000

1.250%, 

10/1/2025

53,684

Mercer

International,

Inc.

135,000

5.125%, 

2/1/2029

130,275

Mosaic

Company

19,000

3.250%, 

11/15/2022

19,128

63,000

4.050%, 

11/15/2027

64,533

Novelis

Corporation

75,000

3.250%, 

11/15/2026

f

71,646

40,000

4.750%, 

1/30/2030

f

38,835

50,000

3.875%, 

8/15/2031

f

45,733

Nutrien,

Ltd.

84,000

4.000%, 

12/15/2026

86,537

OCI

NV

98,000

4.625%, 

10/15/2025

f

98,735

Olin

Corporation

250,000

5.125%, 

9/15/2027

249,196

SCIL

USA

Holdings,

LLC

168,000

5.375%, 

11/1/2026

f

154,560

SPCM

SA

134,000

3.375%, 

3/15/2030

f

117,639

SunCoke

Energy,

Inc.

154,000

4.875%, 

6/30/2029

f

145,187

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Basic

Materials

(1.8%)

-

continued

Syngenta

Finance

NV

$

83,000

5.182%, 

4/24/2028

f

$

85,705

Taseko

Mines,

Ltd.

110,000

7.000%, 

2/15/2026

f

113,273

Unifrax

Escrow

Issuer

Corporation

119,000

5.250%, 

9/30/2028

f

110,543

United

States

Steel

Corporation

224,000

6.875%, 

3/1/2029

h

232,960

Westlake

Corporation

42,000

3.600%, 

8/15/2026

42,513

Total

3,978,620

Capital

Goods

(3.2%)

AECOM

285,000

5.125%, 

3/15/2027

291,478

Amsted

Industries,

Inc.

120,000

5.625%, 

7/1/2027

f

120,300

Ardagh

Packaging

Finance

plc

200,000

5.250%, 

8/15/2027

f

184,875

Boeing

Company

41,000

1.950%, 

2/1/2024

40,086

94,000

4.875%, 

5/1/2025

96,977

61,000

2.196%, 

2/4/2026

57,670

63,000

3.250%, 

3/1/2028

60,503

93,000

5.150%, 

5/1/2030

99,181

Bombardier,

Inc.

62,000

7.125%, 

6/15/2026

f

60,760

135,000

7.875%, 

4/15/2027

f

132,180

110,000

6.000%, 

2/15/2028

f

103,096

Brand

Industrial

Services,

Inc.

82,000

8.500%, 

7/15/2025

f

76,267

Builders

FirstSource,

Inc.

80,000

5.000%, 

3/1/2030

f

78,690

Carrier

Global

Corporation

85,000

2.722%, 

2/15/2030

79,890

Caterpillar

Financial

Services

Corporation

41,000

1.450%, 

5/15/2025

39,325

Clydesdale

Acquisition

Holdings,

Inc.

21,000

6.625%, 

4/15/2029

e,f

21,236

41,000

8.750%, 

4/15/2030

e,f

38,591

CNH

Industrial

Capital,

LLC

25,000

1.950%, 

7/2/2023

24,742

Coinbase

Global,

Inc.

70,000

3.375%, 

10/1/2028

f

61,840

Cornerstone

Building

Brands,

Inc.

185,000

6.125%, 

1/15/2029

f

171,689

Covanta

Holding

Corporation

90,000

5.000%, 

9/1/2030

85,275

Covert

Mergeco,

Inc.

57,000

4.875%, 

12/1/2029

f

54,418

CP

Atlas

Buyer,

Inc.

125,000

7.000%, 

12/1/2028

f

106,580

Crown

Cork

&

Seal

Company,

Inc.

123,000

7.375%, 

12/15/2026

138,799

General

Electric

Company

133,000

4.156%, 

(LIBOR

3M

+

3.330%),

6/15/2022

b,i

127,514

GFL

Environmental,

Inc.

103,000

4.000%, 

8/1/2028

f

94,760

190,000

3.500%, 

9/1/2028

f

178,381

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Capital

Goods

(3.2%)

-

continued

H&E

Equipment

Services,

Inc.

$

230,000

3.875%, 

12/15/2028

f

$

215,625

Howard

Midstream

Energy

Partners,

LLC

152,000

6.750%, 

1/15/2027

f

148,960

Howmet

Aerospace,

Inc.

78,000

6.875%, 

5/1/2025

84,700

126,000

3.000%, 

1/15/2029

115,054

Huntington

Ingalls

Industries,

Inc.

63,000

4.200%, 

5/1/2030

65,523

JELD-WEN,

Inc.

90,000

4.625%, 

12/15/2025

f

86,625

70,000

4.875%, 

12/15/2027

f

67,025

KBR,

Inc.,

Convertible

71,000

2.500%, 

11/1/2023

154,070

Mauser

Packaging

Solutions

Holding

Company

95,000

5.500%, 

4/15/2024

f

94,623

172,000

7.250%, 

4/15/2025

f

170,471

Meritage

Homes

Corporation

63,000

3.875%, 

4/15/2029

f

60,007

Meritor,

Inc.

75,000

4.500%, 

12/15/2028

f

75,191

MIWD

Holdco

II,

LLC

160,000

5.500%, 

2/1/2030

f

149,400

Nesco

Holdings

II,

Inc.

75,000

5.500%, 

4/15/2029

f

73,687

New

Enterprise

Stone

and

Lime

Company,

Inc.

176,000

5.250%, 

7/15/2028

f

169,203

OI

European

Group

BV

179,000

4.750%, 

2/15/2030

f

166,327

Otis

Worldwide

Corporation

71,000

2.056%, 

4/5/2025

69,119

Owens-Brockway

Glass

Container,

Inc.

125,000

5.875%, 

8/15/2023

f,h

127,704

Pactiv

Evergreen

Group

100,000

4.375%, 

10/15/2028

f

91,881

Parker-Hannifin

Corporation

42,000

2.700%, 

6/14/2024

41,667

Patrick

Industries,

Inc.,

Convertible

53,000

1.000%, 

2/1/2023

52,655

PGT

Innovations,

Inc.

136,000

4.375%, 

10/1/2029

f

126,820

Raytheon

Technologies

Corporation

99,000

4.125%, 

11/16/2028

103,485

Republic

Services,

Inc.

42,000

3.950%, 

5/15/2028

43,173

Siemens

Financieringsmaatschappij

NV

63,000

1.700%, 

3/11/2028

f

58,081

SRM

Escrow

Issuer,

LLC

245,000

6.000%, 

11/1/2028

f

241,634

Standard

Industries,

Inc.

235,000

4.375%, 

7/15/2030

f

215,249

Sunpower

Corporation,

Convertible

18,000

4.000%, 

1/15/2023

20,385

Textron,

Inc.

63,000

3.650%, 

3/15/2027

63,117

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Capital

Goods

(3.2%)

-

continued

Titan

Acquisition,

Ltd.

$

45,000

7.750%, 

4/15/2026

f

$

44,715

TransDigm,

Inc.

145,000

6.250%, 

3/15/2026

f

148,863

418,000

5.500%, 

11/15/2027

414,865

United

Rentals

North

America,

Inc.

177,000

4.875%, 

1/15/2028

179,796

100,000

4.000%, 

7/15/2030

95,633

Vertiv

Group

Corporation

53,000

4.125%, 

11/15/2028

f

48,369

Victors

Merger

Corporation

81,000

6.375%, 

5/15/2029

f

66,306

Waste

Connections,

Inc.

23,000

3.200%, 

6/1/2032

22,442

Waste

Pro

USA,

Inc.

55,000

5.500%, 

2/15/2026

f

51,979

WESCO

Distribution,

Inc.

190,000

7.250%, 

6/15/2028

f

201,806

Total

7,051,338

Collateralized

Mortgage

Obligations

(6.0%)

Arroyo

Mortgage

Trust

500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

f,g

479,984

Banc

of

America

Alternative

Loan

Trust

106,609

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

102,234

Banc

of

America

Mortgage

Securities

Trust

129,876

2.246%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

128,394

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

96,063

1.639%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

89,193

30,036

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

30,439

Business

Jet

Securities,

LLC

116,260

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

f

111,967

ChaseFlex

Trust

168,992

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

148,341

CHL

Mortgage

Pass-Through

Trust

91,602

2.426%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

93,995

74,490

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

48,027

CHNGE

Mortgage

Trust

299,236

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

295,187

CIM

Trust

96,513

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,f

97,263

Citigroup

Mortgage

Loan

Trust,

Inc.

361,242

2.907%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

354,836

Countrywide

Alternative

Loan

Trust

95,502

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

90,088

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Collateralized

Mortgage

Obligations

(6.0%)

-

continued

$

145,971

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

$

125,650

55,527

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

48,896

36,592

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

33,704

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

82,556

2.485%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

77,592

Credit

Suisse

Mortgage

Trust

244,818

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

235,286

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

130,187

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

126,924

Eagle

Re,

Ltd.

451,174

2.257%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,f

448,356

Federal

Home

Loan

Mortgage

Corporation

438,377

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

47,778

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,670,489

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

342,737

348,980

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

15,801

294,275

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

15,088

384,691

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

42,724

509,369

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

33,910

Federal

National

Mortgage

Association

-

REMIC

245,824

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

11,471

406,264

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

16,854

585,370

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

23,073

924,600

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

51,378

532,808

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

23,910

235,776

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

10,912

691,207

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

31,277

992,376

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

43,939

447,296

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

22,213

495,404

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

24,152

362,611

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

35,479

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Collateralized

Mortgage

Obligations

(6.0%)

-

continued

First

Horizon

Alternative

Mortgage

Securities

Trust

$

41,920

2.412%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

$

40,484

Flagstar

Mortgage

Trust

278,144

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

268,332

FWD

Securitization

Trust

143,681

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,f

143,243

Genworth

Mortgage

Insurance

Corporation

350,000

1.999%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

348,040

GMAC

Mortgage

Corporation

Loan

Trust

45,059

3.175%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

43,703

29,833

0.957%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

20,526

4,510

3.099%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

4,209

GSAA

Home

Equity

Trust

76,740

4.519%, 

8/25/2034,

Ser.

2004-10,

Class

M2

g

76,269

Home

Equity

Asset

Trust

266,211

1.777%, 

(LIBOR

1M

+

1.320%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

264,054

IndyMac

IMJA

Mortgage

Loan

Trust

85,758

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

49,190

IndyMac

INDA

Mortgage

Loan

Trust

596,002

2.891%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

542,070

J.P.

Morgan

Mortgage

Trust

241,413

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

221,454

43,889

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

46,044

43,306

2.536%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

43,060

Legacy

Mortgage

Asset

Trust

326,264

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

f,g

322,208

Long

Beach

Mortgage

Loan

Trust

303,964

1.957%, 

(LIBOR

1M

+

1.500%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

305,751

MASTR

Alternative

Loans

Trust

60,191

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

57,552

Merrill

Lynch

Alternative

Note

Asset

Trust

79,942

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

45,385

New

York

Mortgage

Trust

106,929

2.944%, 

10/25/2060,

Ser.

2020-SP2,

Class

A1

b,f

104,683

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Collateralized

Mortgage

Obligations

(6.0%)

-

continued

Oaktown

Re

III,

Ltd.

$

35,286

1.857%, 

(LIBOR

1M

+

1.400%),

7/25/2029,

Ser.

2019-1A,

Class

M1A

b,f

$

35,285

Oaktown

Re

VII,

Ltd.

200,000

1.699%, 

(SOFR30A

+

1.600%),

4/25/2034,

Ser.

2021-2,

Class

M1A

b,f

197,600

Palmer

Square

Loan

Funding,

Ltd.

200,000

1.880%, 

(LIBOR

3M

+

1.400%),

5/20/2029,

Ser.

2021-2A,

Class

B

b,f

198,794

300,000

2.004%, 

(LIBOR

3M

+

1.750%),

7/20/2029,

Ser.

2021-3A,

Class

B

b,f

295,899

Pretium

Mortgage

Credit

Partners,

LLC

225,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

217,341

225,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

213,743

250,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

231,709

Renaissance

Home

Equity

Loan

Trust

217,750

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

g

105,897

Residential

Accredit

Loans,

Inc.

Trust

154,688

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

145,711

63,706

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

59,258

72,091

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

68,909

Residential

Asset

Securitization

Trust

333,401

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

335,036

Starwood

Mortgage

Residential

Trust

400,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,f

400,244

Toorak

Mortgage

Corporation,

Ltd.

434,186

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

f,g

430,696

Vericrest

Opportunity

Loan

Transferee

350,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

336,424

400,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

385,686

450,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

428,510

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

188,488

325,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

309,751

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

240,649

Verus

Securitization

Trust

461,432

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

b,f

435,548

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Collateralized

Mortgage

Obligations

(6.0%)

-

continued

$

284,894

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

$

271,844

Wachovia

Asset

Securitization,

Inc.

91,360

0.597%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,f,k

89,250

Washington

Mutual

Mortgage

Pass-Through

Certificates

103,814

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

99,718

ZH

Trust

385,000

3.262%, 

2/18/2027,

Ser.

2021-1,

Class

B

f

369,930

425,000

3.506%, 

10/17/2027,

Ser.

2021-2,

Class

B

f

405,492

Total

13,402,721

Commercial

Mortgage-Backed

Securities

(1.1%)

BANK

2021-BNK36

200,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

186,991

BANK

2021-BNK37

375,000

2.618%, 

11/15/2064,

Ser.

2021-BN37,

Class

A5

b

352,850

BANK

2022-BNK39

3,999,230

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,j

138,247

325,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

313,546

BANK

2022-BNK40

250,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

251,729

Barclays

Commercial

Mortgage

Securities,

LLC

250,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b,e

256,010

BBCMS

Mortgage

Trust

1,648,435

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

85,852

450,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

436,639

200,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

189,152

BFLD

Trust

325,000

2.097%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

320,933

Total

2,531,949

Communications

Services

(4.3%)

Altice

France

SA

45,000

8.125%, 

2/1/2027

f

46,401

110,000

5.125%, 

7/15/2029

f

98,587

119,000

5.500%, 

10/15/2029

f

106,776

American

Tower

Corporation

49,000

3.375%, 

5/15/2024

49,147

84,000

4.400%, 

2/15/2026

86,216

41,000

1.450%, 

9/15/2026

37,408

63,000

3.800%, 

8/15/2029

62,693

AT&T,

Inc.

86,000

4.450%, 

4/1/2024

88,507

123,000

4.300%, 

2/15/2030

129,959

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Communications

Services

(4.3%)

-

continued

Cable

One,

Inc.,

Convertible

$

74,000

1.125%, 

3/15/2028

$

66,156

CCO

Holdings,

LLC

77,000

5.500%, 

5/1/2026

f

78,081

190,000

5.125%, 

5/1/2027

f

190,280

269,000

4.750%, 

3/1/2030

f

258,305

290,000

4.750%, 

2/1/2032

f

270,060

133,000

4.250%, 

1/15/2034

f

115,510

Cengage

Learning,

Inc.

148,000

9.500%, 

6/15/2024

f

147,630

Charter

Communications

Operating,

LLC

60,000

4.500%, 

2/1/2024

61,370

59,000

4.908%, 

7/23/2025

61,184

63,000

5.050%, 

3/30/2029

66,706

Clear

Channel

Worldwide

Holdings,

Inc.

160,000

7.750%, 

4/15/2028

f

160,837

Comcast

Corporation

50,000

2.350%, 

1/15/2027

48,618

105,000

3.400%, 

4/1/2030

106,370

Consolidated

Communications,

Inc.

128,000

5.000%, 

10/1/2028

f

110,156

Crown

Castle

International

Corporation

71,000

2.900%, 

3/15/2027

68,640

CSC

Holdings,

LLC

149,000

5.375%, 

2/1/2028

f

144,613

229,000

4.125%, 

12/1/2030

f

200,802

Cumulus

Media

New

Holdings,

Inc.

130,000

6.750%, 

7/1/2026

f,h

130,031

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

f

33,847

DIRECTV

Holdings,

LLC

183,000

5.875%, 

8/15/2027

f

180,026

Discovery

Communications,

LLC

40,000

2.950%, 

3/20/2023

40,089

DISH

DBS

Corporation

65,000

5.250%, 

12/1/2026

f

61,912

53,000

7.375%, 

7/1/2028

50,217

92,000

5.750%, 

12/1/2028

f

87,055

Entercom

Media

Corporation

200,000

6.500%, 

5/1/2027

f

187,652

Fox

Corporation

42,000

4.709%, 

1/25/2029

44,839

Frontier

Communications

Holdings,

LLC

157,000

5.875%, 

10/15/2027

f

155,948

GCI,

LLC

185,000

4.750%, 

10/15/2028

f

180,608

Gray

Escrow

II,

Inc.

275,000

5.375%, 

11/15/2031

f

262,959

Gray

Television,

Inc.

115,000

4.750%, 

10/15/2030

f

106,806

Hughes

Satellite

Systems

Corporation

60,000

6.625%, 

8/1/2026

62,196

iHeartCommunications,

Inc.

140,000

4.750%, 

1/15/2028

f

133,700

Iliad

Holding

SASU

70,000

6.500%, 

10/15/2026

f

70,189

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Communications

Services

(4.3%)

-

continued

LCPR

Senior

Secured

Financing

DAC

$

103,000

6.750%, 

10/15/2027

f

$

105,812

Level

3

Financing,

Inc.

181,000

4.625%, 

9/15/2027

f

170,381

230,000

4.250%, 

7/1/2028

f

211,142

Lions

Gate

Capital

Holdings,

LLC

58,000

5.500%, 

4/15/2029

f

55,897

Magallanes,

Inc.

47,000

3.638%, 

3/15/2025

f

47,286

68,000

4.054%, 

3/15/2029

f

68,337

46,000

4.279%, 

3/15/2032

f

46,205

NBN

Company,

Ltd.

74,000

2.625%, 

5/5/2031

f

67,474

Netflix,

Inc.

46,000

5.875%, 

2/15/2025

49,050

82,000

5.875%, 

11/15/2028

90,389

Nexstar

Escrow

Corporation

222,000

5.625%, 

7/15/2027

f

224,708

NTT

Finance

Corporation

51,000

1.162%, 

4/3/2026

f

47,022

Omnicom

Group,

Inc.

63,000

4.200%, 

6/1/2030

65,771

Paramount

Global

85,000

6.375%, 

3/30/2062

b

85,808

92,000

4.750%, 

5/15/2025

95,580

Radiate

Holdco,

LLC

65,000

6.500%, 

9/15/2028

f

61,466

Rogers

Communications,

Inc.

70,000

5.250%, 

3/15/2082

b,f

68,570

S&P

Global,

Inc.

46,000

2.900%, 

3/1/2032

f

44,595

Scripps

Escrow

II,

Inc.

55,000

5.375%, 

1/15/2031

f

52,662

Scripps

Escrow,

Inc.

100,000

5.875%, 

7/15/2027

f

100,076

Sinclair

Television

Group,

Inc.

246,000

5.500%, 

3/1/2030

f

212,903

Sirius

XM

Radio,

Inc.

145,000

5.000%, 

8/1/2027

f

144,637

165,000

4.000%, 

7/15/2028

f

156,750

30,000

4.125%, 

7/1/2030

f

28,085

Sprint

Capital

Corporation

251,000

6.875%, 

11/15/2028

290,831

200,000

8.750%, 

3/15/2032

269,400

Sprint

Corporation

444,000

7.625%, 

2/15/2025

483,960

TEGNA,

Inc.

145,000

4.625%, 

3/15/2028

144,234

Telesat

Canada

70,000

4.875%, 

6/1/2027

f

50,999

25,000

6.500%, 

10/15/2027

f

12,238

Terrier

Media

Buyer,

Inc.

135,000

8.875%, 

12/15/2027

f

137,362

T-Mobile

USA,

Inc.

50,000

3.500%, 

4/15/2025

50,331

84,000

3.875%, 

4/15/2030

84,322

20,000

2.875%, 

2/15/2031

18,019

United

States

Cellular

Corporation

125,000

6.700%, 

12/15/2033

137,422

Uniti

Fiber

Holdings,

Inc.,

Convertible

21,000

4.000%, 

6/15/2024

f

28,082

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Communications

Services

(4.3%)

-

continued

Uniti

Group,

LP

$

35,000

4.750%, 

4/15/2028

f

$

33,032

VeriSign,

Inc.

85,000

4.750%, 

7/15/2027

86,841

Verizon

Communications,

Inc.

84,000

2.100%, 

3/22/2028

78,294

63,000

3.150%, 

3/22/2030

61,959

42,000

2.550%, 

3/21/2031

39,020

94,000

2.355%, 

3/15/2032

f

84,902

Viasat,

Inc.

35,000

6.500%, 

7/15/2028

f

33,600

Vodafone

Group

plc

48,000

7.000%, 

4/4/2079

b

53,003

VTR

Finance

NV

80,000

6.375%, 

7/15/2028

f

77,501

VZ

Secured

Financing

BV

207,000

5.000%, 

1/15/2032

f

193,545

Walt

Disney

Company

42,000

3.800%, 

3/22/2030

43,649

Zayo

Group

Holdings,

Inc.

82,000

4.000%, 

3/1/2027

f

75,459

Total

9,517,697

Consumer

Cyclical

(6.2%)

1011778

B.C.,

ULC

205,000

4.375%, 

1/15/2028

f

196,800

Allen

Media,

LLC

123,000

10.500%, 

2/15/2028

f

121,189

Allied

Universal

Holdco,

LLC

60,000

6.625%, 

7/15/2026

f

60,710

190,000

4.625%, 

6/1/2028

f

179,531

109,000

6.000%, 

6/1/2029

f

96,156

Allison

Transmission,

Inc.

27,000

4.750%, 

10/1/2027

f

26,561

190,000

3.750%, 

1/30/2031

f

172,358

Amazon.com,

Inc.

84,000

1.650%, 

5/12/2028

78,119

42,000

1.500%, 

6/3/2030

37,582

American

Axle

&

Manufacturing,

Inc.

249,000

6.500%, 

4/1/2027

246,204

Arko

Corporation

88,000

5.125%, 

11/15/2029

f

80,080

Ashton

Woods

USA,

LLC

80,000

4.625%, 

8/1/2029

f

70,546

BellRing

Brands,

Inc.

166,000

7.000%, 

3/15/2030

f

169,527

Best

Buy

Company,

Inc.

42,000

1.950%, 

10/1/2030

36,769

Bloomin'

Brands,

Inc.,

Convertible

17,000

5.000%, 

5/1/2025

34,263

Boyd

Gaming

Corporation

105,000

4.750%, 

6/15/2031

f

101,194

Boyne

USA,

Inc.

80,000

4.750%, 

5/15/2029

f

76,800

Brookfield

Property

REIT,

Inc.

83,000

5.750%, 

5/15/2026

f

82,247

Brookfield

Residential

Properties,

Inc.

225,000

6.250%, 

9/15/2027

f

220,290

125,000

5.000%, 

6/15/2029

f

113,501

Burlington

Stores,

Inc.,

Convertible

66,000

2.250%, 

4/15/2025

75,364

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Cyclical

(6.2%)

-

continued

Caesars

Entertainment,

Inc.

$

195,000

6.250%, 

7/1/2025

f

$

201,326

55,000

8.125%, 

7/1/2027

f

58,930

136,000

4.625%, 

10/15/2029

f

127,160

Carnival

Corporation

19,000

10.500%, 

2/1/2026

f

21,126

298,000

7.625%, 

3/1/2026

f

299,946

195,000

5.750%, 

3/1/2027

f

185,965

88,000

6.000%, 

5/1/2029

f

82,926

Cedar

Fair,

LP

65,000

5.375%, 

4/15/2027

64,350

250,000

5.250%, 

7/15/2029

246,255

Churchill

Downs,

Inc.

75,000

4.750%, 

1/15/2028

f

72,750

Cinemark

USA,

Inc.

168,000

5.875%, 

3/15/2026

f,h

162,960

Clarios

Global,

LP

55,000

8.500%, 

5/15/2027

f

57,063

Cushman

&

Wakefield

US

Borrower,

LLC

76,000

6.750%, 

5/15/2028

f

79,420

D.R.

Horton,

Inc.

21,000

2.600%, 

10/15/2025

20,375

Daimler

Finance

North

America,

LLC

63,000

1.450%, 

3/2/2026

f

58,629

Dana,

Inc.

155,000

5.625%, 

6/15/2028

156,627

Darden

Restaurants,

Inc.

84,000

3.850%, 

5/1/2027

85,171

Dick's

Sporting

Goods,

Inc.,

Convertible

16,000

3.250%, 

4/15/2025

49,790

Empire

Communities

Corporation

145,000

7.000%, 

12/15/2025

f

143,260

Expedia

Group,

Inc.

72,000

4.625%, 

8/1/2027

74,790

73,000

3.250%, 

2/15/2030

69,487

Expedia

Group,

Inc.,

Convertible

14,000

Zero

Coupon, 

2/15/2026

h

17,028

Ford

Motor

Company

81,000

3.250%, 

2/12/2032

72,344

Ford

Motor

Company,

Convertible

116,000

Zero

Coupon, 

3/15/2026

137,112

Ford

Motor

Credit

Company,

LLC

240,000

4.063%, 

11/1/2024

239,278

200,000

2.300%, 

2/10/2025

189,843

220,000

4.134%, 

8/4/2025

219,752

384,000

2.700%, 

8/10/2026

357,124

80,000

2.900%, 

2/10/2029

71,258

Forestar

Group,

Inc.

97,000

3.850%, 

5/15/2026

f

90,452

Gap,

Inc.

41,000

3.625%, 

10/1/2029

f

36,531

General

Motors

Company

31,000

5.400%, 

10/2/2023

32,075

41,000

6.125%, 

10/1/2025

44,014

63,000

6.800%, 

10/1/2027

71,111

General

Motors

Financial

Company,

Inc.

80,000

3.950%, 

4/13/2024

81,241

38,000

1.200%, 

10/15/2024

36,073

81,000

2.900%, 

2/26/2025

79,118

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Cyclical

(6.2%)

-

continued

$

41,000

2.750%, 

6/20/2025

$

39,822

44,000

5.700%, 

9/30/2030

b,i

46,099

41,000

2.700%, 

6/10/2031

36,101

GLP

Capital,

LP

42,000

3.250%, 

1/15/2032

38,107

Goodyear

Tire

&

Rubber

Company

70,000

5.000%, 

7/15/2029

f

65,209

55,000

5.250%, 

7/15/2031

f

50,858

Guitar

Center

Escrow

Issuer

II,

Inc.

41,000

8.500%, 

1/15/2026

f

41,833

Hanesbrands,

Inc.

118,000

4.875%, 

5/15/2026

f

118,676

Herc

Holdings,

Inc.

130,000

5.500%, 

7/15/2027

f

131,820

Hilton

Domestic

Operating

Company,

Inc.

262,000

4.875%, 

1/15/2030

261,409

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

175,000

5.000%, 

6/1/2029

f

167,002

Home

Depot,

Inc.

68,000

3.250%, 

4/15/2032

68,027

Hyundai

Capital

America

34,000

1.800%, 

10/15/2025

f

31,755

63,000

3.000%, 

2/10/2027

f

60,168

40,000

2.100%, 

9/15/2028

f

35,251

International

Game

Technology

plc

182,000

5.250%, 

1/15/2029

f

181,545

Jacobs

Entertainment,

Inc.

83,000

6.750%, 

2/15/2029

f

83,413

KB

Home

100,000

4.800%, 

11/15/2029

96,526

Kohl's

Corporation

63,000

3.375%, 

5/1/2031

60,800

L

Brands,

Inc.

252,000

6.625%, 

10/1/2030

f

264,600

30,000

6.875%, 

11/1/2035

30,900

Lennar

Corporation

39,000

4.875%, 

12/15/2023

40,060

20,000

5.875%, 

11/15/2024

21,071

41,000

4.750%, 

5/30/2025

42,460

Lowe's

Companies,

Inc.

62,000

4.000%, 

4/15/2025

63,659

83,000

4.500%, 

4/15/2030

88,817

Macy's

Retail

Holdings,

LLC

120,000

5.875%, 

4/1/2029

f

119,700

68,000

6.125%, 

3/15/2032

f

67,150

Magic

MergerCo,

Inc.

100,000

5.250%, 

5/1/2028

f

91,810

Marriott

International,

Inc.

96,000

3.750%, 

10/1/2025

95,787

62,000

4.625%, 

6/15/2030

64,213

Mastercard,

Inc.

46,000

2.000%, 

11/18/2031

41,936

Mattamy

Group

Corporation

244,000

5.250%, 

12/15/2027

f

240,850

McDonald's

Corporation

126,000

3.800%, 

4/1/2028

129,640

MGM

Resorts

International

95,000

6.000%, 

3/15/2023

97,157

205,000

5.750%, 

6/15/2025

210,129

NCL

Corporation,

Ltd.

62,000

5.875%, 

2/15/2027

f

61,070

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Cyclical

(6.2%)

-

continued

Nissan

Motor

Company,

Ltd.

$

70,000

3.043%, 

9/15/2023

f

$

69,844

O'Reilly

Automotive,

Inc.

63,000

3.900%, 

6/1/2029

63,943

Penn

National

Gaming,

Inc.

170,000

4.125%, 

7/1/2029

f

152,184

PetSmart,

Inc.

195,000

4.750%, 

2/15/2028

f

188,449

117,000

7.750%, 

2/15/2029

f

120,803

Prime

Security

Services

Borrower,

LLC

359,000

5.750%, 

4/15/2026

f

366,243

Procter

&

Gamble

Company

42,000

1.200%, 

10/29/2030

36,578

Real

Hero

Merger

Sub

2,

Inc.

105,000

6.250%, 

2/1/2029

f

95,669

Realogy

Group,

LLC

165,000

5.750%, 

1/15/2029

f

155,513

Rite

Aid

Corporation

73,000

7.500%, 

7/1/2025

f

68,085

Ross

Stores,

Inc.

42,000

1.875%, 

4/15/2031

36,515

Royal

Caribbean

Cruises,

Ltd.

229,000

9.125%, 

6/15/2023

f

238,446

199,000

4.250%, 

7/1/2026

f

185,108

44,000

5.375%, 

7/15/2027

f

42,274

75,000

5.500%, 

4/1/2028

f

71,498

Scientific

Games

International,

Inc.

217,000

7.250%, 

11/15/2029

f

227,308

SeaWorld

Parks

and

Entertainment,

Inc.

61,000

5.250%, 

8/15/2029

f

58,178

Service

Properties

Trust

139,000

7.500%, 

9/15/2025

145,818

Six

Flags

Theme

Parks,

Inc.

75,000

7.000%, 

7/1/2025

f

78,281

Staples,

Inc.

118,000

7.500%, 

4/15/2026

f

114,590

124,000

10.750%, 

4/15/2027

f

110,360

Station

Casinos,

LLC

107,000

4.625%, 

12/1/2031

f

97,873

Tapestry,

Inc.

45,000

3.050%, 

3/15/2032

40,895

Target

Corporation

42,000

2.350%, 

2/15/2030

40,122

Tenneco,

Inc.

160,000

5.000%, 

7/15/2026

h

157,400

Toll

Brothers

Finance

Corporation

62,000

4.350%, 

2/15/2028

62,290

Toyota

Motor

Credit

Corporation

63,000

1.900%, 

4/6/2028

58,473

Travel

+

Leisure

Company

125,000

6.625%, 

7/31/2026

f

130,313

TripAdvisor,

Inc.,

Convertible

17,000

0.250%, 

4/1/2026

f

14,348

Uber

Technologies,

Inc.

135,000

6.250%, 

1/15/2028

f,h

139,582

Vail

Resorts,

Inc.,

Convertible

28,000

Zero

Coupon, 

1/1/2026

27,118

Volkswagen

Group

of

America

Finance,

LLC

99,000

4.250%, 

11/13/2023

f

100,844

21,000

3.350%, 

5/13/2025

f

20,934

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Cyclical

(6.2%)

-

continued

Wabash

National

Corporation

$

141,000

4.500%, 

10/15/2028

f

$

126,900

Wyndham

Hotels

&

Resorts,

Inc.

60,000

4.375%, 

8/15/2028

f

57,750

Yum!

Brands,

Inc.

192,000

4.750%, 

1/15/2030

f

188,280

ZF

North

America

Capital,

Inc.

95,000

4.750%, 

4/29/2025

f

95,332

Total

13,738,022

Consumer

Non-Cyclical

(5.1%)

AbbVie,

Inc.

38,000

2.900%, 

11/6/2022

38,245

34,000

2.800%, 

3/15/2023

34,117

168,000

3.600%, 

5/14/2025

170,206

93,000

3.200%, 

11/21/2029

91,894

Agilent

Technologies,

Inc.

56,000

2.300%, 

3/12/2031

50,589

Albertson's

Companies,

Inc.

188,000

3.500%, 

3/15/2029

f

169,664

Altria

Group,

Inc.

52,000

4.400%, 

2/14/2026

53,788

42,000

4.800%, 

2/14/2029

44,029

Anheuser-Busch

InBev

Worldwide,

Inc.

90,000

4.000%, 

4/13/2028

93,255

84,000

4.750%, 

1/23/2029

91,071

Anthem,

Inc.

63,000

2.550%, 

3/15/2031

58,850

AstraZeneca

Finance,

LLC

98,000

1.750%, 

5/28/2028

90,300

AstraZeneca

plc

85,000

0.700%, 

4/8/2026

77,674

BAT

Capital

Corporation

59,000

3.222%, 

8/15/2024

58,978

BAT

International

Finance

plc

41,000

1.668%, 

3/25/2026

37,622

Bausch

Health

Companies,

Inc.

681,000

5.000%, 

1/30/2028

f

560,851

271,000

5.000%, 

2/15/2029

f

211,110

Baxter

International,

Inc.

45,000

2.539%, 

2/1/2032

f

41,091

Becton,

Dickinson

and

Company

63,000

2.823%, 

5/20/2030

59,941

Bio-Rad

Laboratories,

Inc.

70,000

3.300%, 

3/15/2027

68,873

Boston

Scientific

Corporation

33,000

3.450%, 

3/1/2024

33,389

Bristol-Myers

Squibb

Company

69,000

2.950%, 

3/15/2032

67,498

Bunge,

Ltd.

Finance

Corporation

97,000

2.750%, 

5/14/2031

89,234

Cargill,

Inc.

42,000

2.125%, 

11/10/2031

f

37,952

Centene

Corporation

285,000

4.250%, 

12/15/2027

286,069

105,000

4.625%, 

12/15/2029

105,849

284,000

3.000%, 

10/15/2030

260,845

Central

Garden

&

Pet

Company

145,000

4.125%, 

10/15/2030

130,863

Community

Health

Systems,

Inc.

160,000

5.625%, 

3/15/2027

f

162,950

75,000

6.000%, 

1/15/2029

f

75,783

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Non-Cyclical

(5.1%)

-

continued

$

205,000

6.875%, 

4/15/2029

f

$

201,413

Conagra

Brands,

Inc.

38,000

4.300%, 

5/1/2024

39,046

Constellation

Brands,

Inc.

84,000

3.150%, 

8/1/2029

81,112

Coty,

Inc.

110,000

5.000%, 

4/15/2026

f,h

107,113

CVS

Health

Corporation

33,000

4.100%, 

3/25/2025

33,819

33,000

4.300%, 

3/25/2028

34,521

DaVita,

Inc.

255,000

4.625%, 

6/1/2030

f

238,119

Diageo

Capital

plc

50,000

1.375%, 

9/29/2025

47,350

Edgewell

Personal

Care

Company

80,000

5.500%, 

6/1/2028

f

79,600

Embecta

Corporation

48,000

6.750%, 

2/15/2030

f

48,120

Encompass

Health

Corporation

235,000

4.500%, 

2/1/2028

230,300

Endo

Finance,

LLC

65,000

9.500%, 

7/31/2027

f

57,038

Energizer

Holdings,

Inc.

25,000

4.750%, 

6/15/2028

f

22,707

130,000

4.375%, 

3/31/2029

f

113,813

Estee

Lauder

Companies,

Inc.

42,000

1.950%, 

3/15/2031

38,101

General

Mills,

Inc.

42,000

4.200%, 

4/17/2028

43,854

Gilead

Sciences,

Inc.

63,000

2.950%, 

3/1/2027

62,379

HCA,

Inc.

502,000

5.375%, 

2/1/2025

522,331

88,000

5.875%, 

2/1/2029

96,202

HFC

Prestige

Products,

Inc.

174,000

4.750%, 

1/15/2029

f

162,362

HLF

Financing

SARL,

LLC

291,000

4.875%, 

6/1/2029

f

255,256

Humana,

Inc.

42,000

2.150%, 

2/3/2032

36,799

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

f

33,683

Jazz

Investments

I,

Ltd.,

Convertible

89,000

2.000%, 

6/15/2026

107,905

JBS

Finance

Luxembourg

SARL

76,000

2.500%, 

1/15/2027

f

70,586

49,000

3.625%, 

1/15/2032

f

44,835

JBS

USA,

LLC

147,000

6.500%, 

4/15/2029

f

155,820

80,000

5.500%, 

1/15/2030

f

81,782

Kraft

Foods

Group,

Inc.

104,000

5.000%, 

6/4/2042

111,082

Kraft

Heinz

Foods

Company

113,000

3.875%, 

5/15/2027

114,864

392,000

3.750%, 

4/1/2030

390,318

Kroger

Company

42,000

4.500%, 

1/15/2029

44,718

Mattel,

Inc.

297,000

3.375%, 

4/1/2026

f

290,788

McKesson

Corporation

41,000

0.900%, 

12/3/2025

37,645

62,000

1.300%, 

8/15/2026

56,920

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Non-Cyclical

(5.1%)

-

continued

Molina

Healthcare,

Inc.

$

160,000

4.375%, 

6/15/2028

f

$

158,339

Mozart

Debt

Merger

Sub,

Inc.

183,000

3.875%, 

4/1/2029

f

169,275

222,000

5.250%, 

10/1/2029

f

206,387

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

34,553

Newell

Brands,

Inc.

111,000

4.700%, 

4/1/2026

g

111,694

Ortho-Clinical

Diagnostics,

Inc.

135,000

7.250%, 

2/1/2028

f

139,050

Owens

&

Minor,

Inc.

103,000

6.625%, 

4/1/2030

f

105,988

Par

Pharmaceutical,

Inc.

140,000

7.500%, 

4/1/2027

f

130,641

PepsiCo,

Inc.

90,000

1.950%, 

10/21/2031

82,148

Philip

Morris

International,

Inc.

90,000

1.500%, 

5/1/2025

85,787

Pilgrim's

Pride

Corporation

120,000

3.500%, 

3/1/2032

f

104,758

Post

Holdings,

Inc.

56,000

5.500%, 

12/15/2029

f

53,882

119,000

4.500%, 

9/15/2031

f

105,433

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

b,f,i

45,045

Roche

Holdings,

Inc.

68,000

2.076%, 

12/13/2031

f

62,572

Royalty

Pharma

plc

97,000

1.200%, 

9/2/2025

89,227

Scotts

Miracle-Gro

Company

150,000

4.500%, 

10/15/2029

140,625

SEG

Holding,

LLC

195,000

5.625%, 

10/15/2028

f

195,000

Simmons

Foods,

Inc.

248,000

4.625%, 

3/1/2029

f

232,500

Spectrum

Brands,

Inc.

95,000

5.000%, 

10/1/2029

f

89,368

60,000

5.500%, 

7/15/2030

f

57,600

Stryker

Corporation

85,000

3.650%, 

3/7/2028

86,424

Syneos

Health,

Inc.

145,000

3.625%, 

1/15/2029

f

133,944

Sysco

Corporation

42,000

5.950%, 

4/1/2030

48,719

Takeda

Pharmaceutical

Company,

Ltd.

93,000

2.050%, 

3/31/2030

83,945

Tenet

Healthcare

Corporation

45,000

4.625%, 

7/15/2024

45,194

435,000

5.125%, 

11/1/2027

f

437,047

55,000

6.125%, 

10/1/2028

f

55,894

Teva

Pharmaceutical

Finance

Netherlands

III

BV

142,000

3.150%, 

10/1/2026

128,565

Thermo

Fisher

Scientific,

Inc.

41,000

1.750%, 

10/15/2028

37,457

TreeHouse

Foods,

Inc.

61,000

4.000%, 

9/1/2028

51,650

United

Natural

Foods,

Inc.

87,000

6.750%, 

10/15/2028

f

89,175

UnitedHealth

Group,

Inc.

105,000

3.850%, 

6/15/2028

109,277

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Consumer

Non-Cyclical

(5.1%)

-

continued

Universal

Health

Services,

Inc.

$

62,000

1.650%, 

9/1/2026

f

$

56,873

21,000

2.650%, 

1/15/2032

f

18,873

Winnebago

Industries,

Inc.,

Convertible

41,000

1.500%, 

4/1/2025

44,711

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

52,359

110,000

3.900%, 

8/20/2028

112,909

Total

11,437,769

Energy

(4.4%)

Antero

Resources

Corporation

184,000

5.375%, 

3/1/2030

f

187,910

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

167,000

6.250%, 

4/1/2028

f

164,594

BP

Capital

Markets

America,

Inc.

134,000

4.234%, 

11/6/2028

140,718

BP

Capital

Markets

plc

74,000

4.875%, 

3/22/2030

b,i

74,185

Buckeye

Partners,

LP

130,000

3.950%, 

12/1/2026

127,041

Callon

Petroleum

Company

117,000

8.250%, 

7/15/2025

118,170

Canadian

Natural

Resources,

Ltd.

105,000

2.050%, 

7/15/2025

100,680

Cenovus

Energy,

Inc.

134,000

5.375%, 

7/15/2025

141,300

Cheniere

Corpus

Christi

Holdings,

LLC

86,000

5.875%, 

3/31/2025

90,767

Cheniere

Energy

Partners,

LP

102,000

4.500%, 

10/1/2029

102,510

91,000

3.250%, 

1/31/2032

f

82,745

Cheniere

Energy,

Inc.

139,000

4.625%, 

10/15/2028

139,466

Chesapeake

Energy

Corporation

97,000

6.750%, 

4/15/2029

f

102,736

CNX

Resources

Corporation

97,000

6.000%, 

1/15/2029

f

97,970

CNX

Resources

Corporation,

Convertible

69,000

2.250%, 

5/1/2026

119,473

Comstock

Resources,

Inc.

62,000

6.750%, 

3/1/2029

f

63,958

95,000

5.875%, 

1/15/2030

f

93,603

Continental

Resources,

Inc.

63,000

4.375%, 

1/15/2028

63,869

40,000

5.750%, 

1/15/2031

f

43,752

Coterra

Energy,

Inc.

84,000

4.375%, 

6/1/2024

f

85,688

CQP

Holdco,

LP

113,000

5.500%, 

6/15/2031

f

111,011

Devon

Energy

Corporation

83,000

4.500%, 

1/15/2030

85,651

Diamondback

Energy,

Inc.

21,000

3.125%, 

3/24/2031

20,056

DT

Midstream,

Inc.

190,000

4.125%, 

6/15/2029

f

182,173

35,000

4.375%, 

6/15/2031

f

33,512

Enbridge,

Inc.

78,000

2.150%, 

2/16/2024

76,991

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Energy

(4.4%)

-

continued

$

42,000

3.700%, 

7/15/2027

$

42,548

139,000

6.250%, 

3/1/2078

b

143,890

Endeavor

Energy

Resources,

LP

90,000

5.750%, 

1/30/2028

f

93,037

Energy

Transfer,

LP

42,000

4.200%, 

9/15/2023

42,553

116,000

5.875%, 

1/15/2024

120,850

50,000

6.750%, 

5/15/2025

b,i

48,625

63,000

3.750%, 

5/15/2030

61,977

EnLink

Midstream

Partners,

LP

205,000

4.850%, 

7/15/2026

205,000

Enterprise

Products

Operating,

LLC

42,000

4.150%, 

10/16/2028

43,675

105,000

4.875%, 

8/16/2077

b

93,939

EQT

Corporation

35,000

3.125%, 

5/15/2026

f

33,994

129,000

3.900%, 

10/1/2027

128,627

EQT

Corporation,

Convertible

38,000

1.750%, 

5/1/2026

90,060

Equinor

ASA

43,000

2.875%, 

4/6/2025

43,004

Exxon

Mobil

Corporation

85,000

2.992%, 

3/19/2025

85,380

Ferrellgas,

LP

102,000

5.375%, 

4/1/2026

f

96,315

Genesis

Energy,

LP

55,000

6.500%, 

10/1/2025

54,246

35,000

8.000%, 

1/15/2027

36,005

Halliburton

Company

42,000

2.920%, 

3/1/2030

40,602

Harvest

Midstream,

LP

236,000

7.500%, 

9/1/2028

f

241,046

Hess

Corporation

27,000

3.500%, 

7/15/2024

27,167

Hess

Midstream

Operations,

LP

120,000

5.625%, 

2/15/2026

f

123,114

Hilcorp

Energy

I,

LP

115,000

5.750%, 

2/1/2029

f

115,069

ITT

Holdings,

LLC

132,000

6.500%, 

8/1/2029

f

121,931

Kinder

Morgan

Energy

Partners,

LP

64,000

3.450%, 

2/15/2023

64,448

Laredo

Petroleum,

Inc.

222,000

7.750%, 

7/31/2029

f

223,396

Marathon

Oil

Corporation

42,000

4.400%, 

7/15/2027

43,297

Marathon

Petroleum

Corporation

117,000

4.700%, 

5/1/2025

121,583

MPLX,

LP

70,000

6.875%, 

2/15/2023

b,i

68,600

105,000

1.750%, 

3/1/2026

98,388

Murphy

Oil

Corporation

107,000

5.875%, 

12/1/2027

108,872

Nabors

Industries,

Ltd.

160,000

7.250%, 

1/15/2026

f

160,000

National

Fuel

Gas

Company

92,000

5.500%, 

1/15/2026

97,410

NGL

Energy

Operating,

LLC

/

NGL

Energy

Finance

Corporation

110,000

7.500%, 

2/1/2026

f

108,206

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Energy

(4.4%)

-

continued

NGL

Energy

Partners,

LP

$

53,000

7.500%, 

11/1/2023

$

50,748

NuStar

Logistics,

LP

150,000

5.750%, 

10/1/2025

152,813

Oasis

Petroleum,

Inc.

90,000

6.375%, 

6/1/2026

f

92,250

Occidental

Petroleum

Corporation

40,000

8.500%, 

7/15/2027

47,349

80,000

6.450%, 

9/15/2036

93,975

ONEOK,

Inc.

63,000

2.200%, 

9/15/2025

60,328

Ovintiv

Exploration,

Inc.

87,000

5.625%, 

7/1/2024

91,469

42,000

5.375%, 

1/1/2026

44,518

PBF

Holding

Company,

LLC

65,000

9.250%, 

5/15/2025

f

66,964

Pioneer

Natural

Resources

Company

63,000

1.900%, 

8/15/2030

55,847

Pioneer

Natural

Resources

Company,

Convertible

39,000

0.250%, 

5/15/2025

92,606

Plains

All

American

Pipeline,

LP

2,000

6.125%, 

11/15/2022

b,i

1,696

103,000

4.650%, 

10/15/2025

105,824

Precision

Drilling

Corporation

117,000

6.875%, 

1/15/2029

f

118,755

Range

Resources

Corporation

176,000

4.750%, 

2/15/2030

f,h

174,800

Sabine

Pass

Liquefaction,

LLC

63,000

4.200%, 

3/15/2028

64,694

Schlumberger

Finance

Canada,

Ltd.

41,000

1.400%, 

9/17/2025

38,897

Schlumberger

Holdings

Corporation

27,000

4.300%, 

5/1/2029

f

27,830

SM

Energy

Company

135,000

6.625%, 

1/15/2027

h

138,397

55,000

6.500%, 

7/15/2028

56,756

Southwestern

Energy

Company

70,000

5.375%, 

2/1/2029

70,875

133,000

5.375%, 

3/15/2030

135,156

71,000

4.750%, 

2/1/2032

70,911

Summit

Midstream

Holdings,

LLC

123,000

8.500%, 

10/15/2026

f

117,284

Suncor

Energy,

Inc.

41,000

3.100%, 

5/15/2025

40,724

Sunoco,

LP

145,000

5.875%, 

3/15/2028

146,450

95,000

4.500%, 

4/30/2030

f

87,522

Tallgrass

Energy

Finance

Corporation

232,000

5.500%, 

1/15/2028

f

224,460

Targa

Resources

Partners,

LP

115,000

4.875%, 

2/1/2031

116,150

Teine

Energy,

Ltd.

95,000

6.875%, 

4/15/2029

f

96,425

TransCanada

Trust

25,000

5.600%, 

3/7/2082

b

25,274

Transocean

Proteus,

Ltd.

37,500

6.250%, 

12/1/2024

f

37,219

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Energy

(4.4%)

-

continued

Transocean,

Inc.

$

97,000

11.500%, 

1/30/2027

f

$

100,153

USA

Compression

Partners,

LP

139,000

6.875%, 

4/1/2026

140,251

Valero

Energy

Corporation

90,000

2.800%, 

12/1/2031

83,066

Venture

Global

Calcasieu

Pass,

LLC

184,000

3.875%, 

8/15/2029

f

178,872

70,000

4.125%, 

8/15/2031

f

68,681

W&T

Offshore,

Inc.

52,000

9.750%, 

11/1/2023

f

51,740

Weatherford

International,

Ltd.

141,000

8.625%, 

4/30/2030

f

143,164

Western

Gas

Partners,

LP

39,000

4.000%, 

7/1/2022

39,000

Western

Midstream

Operating,

LP

204,000

3.950%, 

6/1/2025

205,242

65,000

5.500%, 

8/15/2048

64,188

Williams

Companies,

Inc.

42,000

2.600%, 

3/15/2031

38,674

Total

9,735,380

Financials

(11.0%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

70,000

3.150%, 

2/15/2024

68,871

63,000

6.500%, 

7/15/2025

66,713

108,000

3.000%, 

10/29/2028

99,596

Air

Lease

Corporation

108,000

4.650%, 

6/15/2026

b,i

96,930

Aircastle,

Ltd.

81,000

5.250%, 

6/15/2026

b,f,i

74,115

51,000

2.850%, 

1/26/2028

f

45,814

Alliant

Holdings

Intermediate,

LLC

70,000

6.750%, 

10/15/2027

f

69,156

Ally

Financial,

Inc.

227,000

5.750%, 

11/20/2025

238,714

96,000

4.700%, 

5/15/2026

b,i

90,366

53,000

4.700%, 

5/15/2028

b,i

48,230

42,000

8.000%, 

11/1/2031

52,682

Altice

Financing

SA

60,000

5.750%, 

8/15/2029

f

54,545

American

Express

Company

36,000

3.400%, 

2/22/2024

36,490

77,000

2.250%, 

3/4/2025

75,614

50,000

3.550%, 

9/15/2026

b,i

45,565

69,000

2.550%, 

3/4/2027

67,090

American

Finance

Trust,

Inc.

106,000

4.500%, 

9/30/2028

f

95,413

American

Homes

4

Rent,

LP

50,000

2.375%, 

7/15/2031

44,140

American

International

Group,

Inc.

84,000

4.200%, 

4/1/2028

87,181

AmWINS

Group,

Inc.

80,000

4.875%, 

6/30/2029

f

76,802

Ares

Capital

Corporation

21,000

4.250%, 

3/1/2025

20,989

118,000

3.875%, 

1/15/2026

115,755

Ares

Capital

Corporation,

Convertible

41,000

4.625%, 

3/1/2024

46,293

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

Australia

and

New

Zealand

Banking

Group,

Ltd.

$

96,000

2.950%, 

7/22/2030

b,f

$

92,432

Aviation

Capital

Group,

LLC

73,000

5.500%, 

12/15/2024

f

75,135

41,000

4.875%, 

10/1/2025

f

41,587

Avolon

Holdings

Funding,

Ltd.

96,000

4.250%, 

4/15/2026

f

94,671

BAC

Capital

Trust

XIV

42,000

4.000%, 

(LIBOR

3M

+

0.400%),

4/18/2022

b,i

36,216

Banco

Santander

Mexico

SA

26,000

5.375%, 

4/17/2025

f

27,132

Banco

Santander

SA

55,000

4.750%, 

11/12/2026

b,i

50,710

Bank

of

America

Corporation

73,000

3.004%, 

12/20/2023

b

73,184

117,000

3.550%, 

3/5/2024

b

117,668

78,000

3.864%, 

7/23/2024

b

78,882

87,000

4.200%, 

8/26/2024

89,114

213,000

6.250%, 

9/5/2024

b,i

220,178

36,000

3.458%, 

3/15/2025

b

36,217

44,000

6.100%, 

3/17/2025

b,i

45,894

102,000

1.319%, 

6/19/2026

b

95,591

111,000

1.197%, 

10/24/2026

b

102,584

85,000

4.375%, 

1/27/2027

b,i

79,883

61,000

1.734%, 

7/22/2027

b

56,650

86,000

5.875%, 

3/15/2028

b,i

86,843

126,000

3.593%, 

7/21/2028

b

126,219

168,000

3.974%, 

2/7/2030

b

170,712

84,000

2.687%, 

4/22/2032

b

77,249

62,000

2.572%, 

10/20/2032

b

56,337

92,000

2.972%, 

2/4/2033

b

86,203

45,000

3.846%, 

3/8/2037

b

43,093

Bank

of

Montreal

46,000

3.088%, 

1/10/2037

b

41,799

Bank

of

New

York

Mellon

Corporation

22,000

4.700%, 

9/20/2025

b,i

22,528

63,000

3.400%, 

1/29/2028

63,877

Bank

of

Nova

Scotia

116,000

4.900%, 

6/4/2025

b,i

116,000

41,000

1.050%, 

3/2/2026

37,611

Barclays

plc

99,000

4.338%, 

5/16/2024

b

100,513

46,000

8.000%, 

6/15/2024

b,i

48,599

41,000

4.375%, 

9/11/2024

41,537

49,000

2.852%, 

5/7/2026

b

47,592

64,000

4.972%, 

5/16/2029

b

66,950

Berkshire

Hathaway

Finance

Corporation

46,000

2.875%, 

3/15/2032

44,602

Blackstone

Private

Credit

Fund

67,000

4.000%, 

1/15/2029

f

62,030

BNP

Paribas

SA

55,000

6.625%, 

3/25/2024

b,f,i

56,815

58,000

2.819%, 

11/19/2025

b,f

56,629

66,000

3.132%, 

1/20/2033

b,f

61,081

Boston

Properties,

LP

42,000

2.550%, 

4/1/2032

37,878

BPCE

SA

40,000

2.375%, 

1/14/2025

f

38,532

Brixmor

Operating

Partnership,

LP

83,000

2.250%, 

4/1/2028

75,799

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

Canadian

Imperial

Bank

of

Commerce

$

46,000

3.600%, 

4/7/2032

e

$

45,782

CANPACK

SA

230,000

3.125%, 

11/1/2025

f

211,025

Capital

One

Bank

USA

NA

51,000

3.375%, 

2/15/2023

51,384

60,000

2.280%, 

1/28/2026

b

58,215

Capital

One

Financial

Corporation

24,000

3.950%, 

9/1/2026

b,i

22,322

69,000

3.273%, 

3/1/2030

b

66,623

Cascades

USA,

Inc.

85,000

5.125%, 

1/15/2026

f

84,735

Charles

Schwab

Corporation

96,000

5.375%, 

6/1/2025

b,i

98,880

96,000

4.000%, 

6/1/2026

b,i

91,920

25,000

5.000%, 

6/1/2027

b,i

24,908

63,000

2.000%, 

3/20/2028

58,965

105,000

4.000%, 

12/1/2030

b,i

94,303

45,000

2.900%, 

3/3/2032

43,326

Chobani,

LLC

84,000

7.500%, 

4/15/2025

f

81,211

150,000

4.625%, 

11/15/2028

f

138,375

Citigroup,

Inc.

88,000

5.950%, 

1/30/2023

b,i

88,933

84,000

5.000%, 

9/12/2024

b,i

83,160

105,000

3.352%, 

4/24/2025

b

105,250

42,000

5.950%, 

5/15/2025

b,i

42,811

100,000

5.500%, 

9/13/2025

106,774

44,000

4.000%, 

12/10/2025

b,i

42,240

140,000

3.875%, 

2/18/2026

b,i

131,950

45,000

4.150%, 

11/15/2026

b,i

42,159

148,000

1.122%, 

1/28/2027

b

135,774

83,000

1.462%, 

6/9/2027

b

76,226

98,000

3.070%, 

2/24/2028

b

95,448

168,000

4.075%, 

4/23/2029

b

171,222

Citizens

Financial

Group,

Inc.

48,000

4.000%, 

10/6/2026

b,i

44,040

CNA

Financial

Corporation

36,000

3.950%, 

5/15/2024

36,559

Coinbase

Global,

Inc.

70,000

3.625%, 

10/1/2031

f

59,675

Coinbase

Global,

Inc.,

Convertible

142,000

0.500%, 

6/1/2026

f

132,202

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,i

22,825

Commerzbank

AG

89,000

8.125%, 

9/19/2023

f

94,006

Commonwealth

Bank

of

Australia

51,000

2.688%, 

3/11/2031

f

45,367

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

b,f

38,267

Corebridge

Financial,

Inc.

46,000

3.850%, 

4/5/2029

f

45,958

24,000

3.900%, 

4/5/2032

f

23,964

Corporate

Office

Properties,

LP

82,000

2.250%, 

3/15/2026

78,129

Credit

Acceptance

Corporation

184,000

5.125%, 

12/31/2024

f

184,661

Credit

Agricole

SA

44,000

8.125%, 

12/23/2025

b,f,i

48,924

42,000

3.250%, 

1/14/2030

f

39,836

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

Credit

Suisse

Group

AG

$

59,000

6.500%, 

8/8/2023

f

$

60,475

54,000

7.500%, 

12/11/2023

b,f,i

55,822

39,000

2.593%, 

9/11/2025

b,f

37,674

24,000

7.250%, 

9/12/2025

b,f,i

24,270

43,000

3.869%, 

1/12/2029

b,f

41,961

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

54,000

3.800%, 

9/15/2022

54,556

Dai-ichi

Life

Insurance

Company,

Ltd.

110,000

5.100%, 

10/28/2024

b,f,h,i

113,423

Deutsche

Bank

AG

200,000

6.000%, 

10/30/2025

b,i

195,000

143,000

2.129%, 

11/24/2026

b

132,560

90,000

2.311%, 

11/16/2027

b

82,477

68,000

3.742%, 

1/7/2033

b

60,098

Discover

Bank

84,000

4.682%, 

8/9/2028

b

85,180

Drawbridge

Special

Opportunities

Fund,

LP

170,000

3.875%, 

2/15/2026

f

164,537

EPR

Properties

62,000

3.600%, 

11/15/2031

56,209

Fidelity

National

Financial,

Inc.

62,000

5.500%, 

9/1/2022

62,887

Fifth

Third

Bancorp

40,000

4.500%, 

9/30/2025

b,i

39,300

Fifth

Third

Bank

NA

42,000

3.850%, 

3/15/2026

42,638

First

Horizon

Bank

62,000

5.750%, 

5/1/2030

70,095

First

Horizon

National

Corporation

49,000

3.550%, 

5/26/2023

49,286

First-Citizens

Bank

&

Trust

Company

95,000

6.125%, 

3/9/2028

105,093

Five

Corners

Funding

Trust

100,000

4.419%, 

11/15/2023

f

102,204

FNB

Corporation

81,000

2.200%, 

2/24/2023

80,516

Fortress

Transportation

and

Infrastructure

Investors,

LLC

75,000

6.500%, 

10/1/2025

f

74,437

51,000

9.750%, 

8/1/2027

f

53,283

130,000

5.500%, 

5/1/2028

f

118,189

FS

KKR

Capital

Corporation

41,000

3.400%, 

1/15/2026

39,695

42,000

2.625%, 

1/15/2027

38,463

FTI

Consulting,

Inc.,

Convertible

27,000

2.000%, 

8/15/2023

42,874

Genworth

Mortgage

Holdings,

Inc.

78,000

6.500%, 

8/15/2025

f

80,469

Global

Net

Lease,

Inc.

180,000

3.750%, 

12/15/2027

f

165,596

Goldman

Sachs

Group,

Inc.

82,000

0.627%, 

11/17/2023

b

80,958

68,000

3.625%, 

2/20/2024

68,865

111,000

5.500%, 

8/10/2024

b,h,i

113,253

72,000

4.400%, 

2/10/2025

b,i

68,400

44,000

3.500%, 

4/1/2025

44,328

61,000

4.250%, 

10/21/2025

62,479

62,000

0.855%, 

2/12/2026

b

57,761

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

$

75,000

3.650%, 

8/10/2026

b,i

$

68,625

45,000

4.125%, 

11/10/2026

b,i

42,199

135,000

1.948%, 

10/21/2027

b

125,462

45,000

2.640%, 

2/24/2028

b

43,026

50,000

3.615%, 

3/15/2028

b

49,930

84,000

3.814%, 

4/23/2029

b

84,609

42,000

3.800%, 

3/15/2030

42,279

42,000

2.615%, 

4/22/2032

b

38,172

42,000

2.383%, 

7/21/2032

b

37,200

Hartford

Financial

Services

Group,

Inc.

42,000

2.800%, 

8/19/2029

39,949

64,000

2.631%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,f

56,512

HSBC

Holdings

plc

49,000

3.803%, 

3/11/2025

b

49,231

24,000

6.375%, 

3/30/2025

b,i

24,832

49,000

2.633%, 

11/7/2025

b

47,795

37,000

1.645%, 

4/18/2026

b

34,816

49,000

1.589%, 

5/24/2027

b

44,723

106,000

2.251%, 

11/22/2027

b

98,764

42,000

6.500%, 

3/23/2028

b,i

42,735

118,000

4.583%, 

6/19/2029

b

121,410

111,000

4.600%, 

12/17/2030

b,i

99,067

50,000

2.804%, 

5/24/2032

b

45,432

72,000

6.500%, 

9/15/2037

87,672

HUB

International,

Ltd.

56,000

7.000%, 

5/1/2026

f

56,647

92,000

5.625%, 

12/1/2029

f

87,860

Huntington

Bancshares,

Inc.

66,000

4.450%, 

10/15/2027

b,i

65,340

Icahn

Enterprises,

LP

168,000

4.750%, 

9/15/2024

168,764

115,000

6.375%, 

12/15/2025

115,862

202,000

5.250%, 

5/15/2027

198,248

ING

Groep

NV

84,000

1.726%, 

4/1/2027

b

77,477

Invitation

Homes

Operating

Partnership,

LP

72,000

2.000%, 

8/15/2031

61,486

Iron

Mountain,

Inc.

165,000

4.875%, 

9/15/2027

f

163,144

iStar,

Inc.

140,000

4.250%, 

8/1/2025

137,725

iStar,

Inc.,

Convertible

42,000

3.125%, 

9/15/2022

71,316

J.P.

Morgan

Chase

&

Company

48,000

5.150%, 

5/1/2023

b,i

48,240

44,000

6.000%, 

8/1/2023

b,i

44,550

44,000

6.750%, 

2/1/2024

b,i

45,917

49,000

1.514%, 

6/1/2024

b

48,337

234,000

5.000%, 

8/1/2024

b,i

233,222

87,000

3.875%, 

9/10/2024

88,867

176,000

4.023%, 

12/5/2024

b

178,817

66,000

4.600%, 

2/1/2025

b,i

63,608

44,000

2.083%, 

4/22/2026

b

42,460

50,000

3.650%, 

6/1/2026

b,i

46,750

129,000

1.045%, 

11/19/2026

b

119,102

84,000

1.578%, 

4/22/2027

b

78,236

105,000

2.947%, 

2/24/2028

b

102,467

126,000

4.005%, 

4/23/2029

b

128,822

41,000

2.069%, 

6/1/2029

b

37,784

168,000

4.493%, 

3/24/2031

b

178,070

45,000

2.963%, 

1/25/2033

b

42,424

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

Jefferies

Finance,

LLC

$

162,000

5.000%, 

8/15/2028

f

$

155,112

KeyBank

NA

63,000

3.900%, 

4/13/2029

63,946

Kilroy

Realty,

LP

83,000

4.375%, 

10/1/2025

85,212

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

14,000

6.125%, 

5/15/2023

14,490

Life

Storage,

LP

41,000

2.400%, 

10/15/2031

36,132

Lincoln

National

Corporation

40,000

2.826%, 

(LIBOR

3M

+

2.358%),

5/17/2022

b

33,012

42,000

3.800%, 

3/1/2028

42,473

Lloyds

Banking

Group

plc

75,000

3.900%, 

3/12/2024

76,145

46,000

7.500%, 

6/27/2024

b,i

48,299

84,000

1.627%, 

5/11/2027

b

77,024

69,000

3.369%, 

12/14/2046

b

57,728

LPL

Holdings,

Inc.

90,000

4.000%, 

3/15/2029

f

85,408

M&T

Bank

Corporation

55,000

3.500%, 

9/1/2026

b,i

49,430

Macquarie

Group,

Ltd.

83,000

1.629%, 

9/23/2027

b,f

74,907

Marsh

&

McLennan

Companies,

Inc.

45,000

2.375%, 

12/15/2031

41,202

MetLife,

Inc.

54,000

3.850%, 

9/15/2025

b,i

53,255

99,000

5.875%, 

3/15/2028

b,i

99,110

MGM

Growth

Properties

Operating

Partnership,

LP

137,000

4.625%, 

6/15/2025

f

138,028

45,000

4.500%, 

9/1/2026

45,225

132,000

5.750%, 

2/1/2027

139,425

Mid-America

Apartments,

LP

84,000

4.200%, 

6/15/2028

86,729

Mitsubishi

UFJ

Financial

Group,

Inc.

63,000

3.455%, 

3/2/2023

63,659

36,000

3.407%, 

3/7/2024

36,369

49,000

1.412%, 

7/17/2025

45,905

81,000

1.538%, 

7/20/2027

b

74,347

63,000

3.741%, 

3/7/2029

63,582

Mizuho

Financial

Group,

Inc.

61,000

1.554%, 

7/9/2027

b

55,991

84,000

2.564%, 

9/13/2031

73,416

Morgan

Stanley

81,000

4.100%, 

5/22/2023

82,452

41,000

0.560%, 

11/10/2023

b

40,523

36,000

2.720%, 

7/22/2025

b

35,639

82,000

1.164%, 

10/21/2025

b

77,895

29,000

5.000%, 

11/24/2025

30,569

115,000

2.630%, 

2/18/2026

b

112,808

89,000

2.188%, 

4/28/2026

b

85,971

61,000

0.985%, 

12/10/2026

b

55,944

84,000

1.593%, 

5/4/2027

b

78,043

82,000

1.512%, 

7/20/2027

b

75,375

126,000

3.622%, 

4/1/2031

b

125,345

45,000

2.943%, 

1/21/2033

b

42,198

MPT

Operating

Partnership,

LP

70,000

5.250%, 

8/1/2026

71,642

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

$

80,000

4.625%, 

8/1/2029

$

79,200

National

Retail

Properties,

Inc.

42,000

2.500%, 

4/15/2030

38,630

Nationstar

Mortgage

Holdings,

Inc.

104,000

6.000%, 

1/15/2027

f

105,830

NatWest

Group

plc

34,000

6.125%, 

12/15/2022

34,813

30,000

6.100%, 

6/10/2023

30,947

58,000

4.269%, 

3/22/2025

b

58,673

42,000

4.892%, 

5/18/2029

b

43,658

63,000

3.754%, 

11/1/2029

b

62,501

50,000

4.600%, 

6/28/2031

b,i

44,000

Navient

Corporation

97,000

5.500%, 

1/25/2023

98,213

44,000

6.750%, 

6/25/2025

45,202

40,000

5.000%, 

3/15/2027

38,100

Nippon

Life

Insurance

Company

125,000

2.900%, 

9/16/2051

b,f

113,158

123,000

5.100%, 

10/16/2044

b,f

126,536

73,000

3.400%, 

1/23/2050

b,f

69,168

Nomura

Holdings,

Inc.

62,000

2.172%, 

7/14/2028

55,639

Omega

Healthcare

Investors,

Inc.

43,000

4.750%, 

1/15/2028

43,731

42,000

3.375%, 

2/1/2031

38,476

OneMain

Finance

Corporation

130,000

6.875%, 

3/15/2025

136,698

110,000

7.125%, 

3/15/2026

117,578

55,000

3.500%, 

1/15/2027

50,875

130,000

6.625%, 

1/15/2028

136,175

Owl

Rock

Capital

Corporation

41,000

4.250%, 

1/15/2026

39,956

OWL

Rock

Core

Income

Corporation

68,000

4.700%, 

2/8/2027

f

65,401

Owl

Rock

Technology

Finance

Corporation

20,000

4.750%, 

12/15/2025

f

19,740

63,000

3.750%, 

6/17/2026

f

60,223

Park

Intermediate

Holdings,

LLC

45,000

4.875%, 

5/15/2029

f

42,185

PayPal

Holdings,

Inc.

42,000

2.850%, 

10/1/2029

41,113

Pebblebrook

Hotel

Trust,

Convertible

49,000

1.750%, 

12/15/2026

56,179

PennyMac

Financial

Services,

Inc.

110,000

4.250%, 

2/15/2029

f

94,380

Pine

Street

Trust

I

42,000

4.572%, 

2/15/2029

f

43,692

Playtika

Holding

Corporation

129,000

4.250%, 

3/15/2029

f

119,003

PNC

Bank

NA

42,000

2.700%, 

10/22/2029

40,325

PNC

Financial

Services

Group,

Inc.

50,000

3.400%, 

9/15/2026

b,i

45,025

PRA

Group,

Inc.

77,000

7.375%, 

9/1/2025

f

80,243

Principal

Life

Global

Funding

II

62,000

1.250%, 

8/16/2026

f

56,699

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

Provident

Financing

Trust

I

$

22,000

7.405%, 

3/15/2038

$

25,795

Prudential

Financial,

Inc.

45,000

5.125%, 

3/1/2052

b

45,491

95,000

5.625%, 

6/15/2043

b

95,594

129,000

5.200%, 

3/15/2044

b

128,681

22,000

3.700%, 

10/1/2050

b

20,161

Radian

Group,

Inc.

97,000

4.875%, 

3/15/2027

97,485

Realty

Income

Corporation

41,000

4.875%, 

6/1/2026

43,250

63,000

3.950%, 

8/15/2027

64,717

Regions

Financial

Corporation

44,000

5.750%, 

6/15/2025

b,i

45,815

Reinsurance

Group

of

America,

Inc.

57,000

4.700%, 

9/15/2023

58,335

Rocket

Mortgage

Co-Issuer,

Inc.

95,000

3.625%, 

3/1/2029

f

86,816

Royal

Bank

of

Canada

82,000

0.750%, 

10/7/2024

77,784

Santander

Holdings

USA,

Inc.

84,000

3.450%, 

6/2/2025

83,393

47,000

2.490%, 

1/6/2028

b

43,851

Santander

UK

Group

Holdings

plc

81,000

1.673%, 

6/14/2027

b

73,696

63,000

3.823%, 

11/3/2028

b

61,949

Service

Properties

Trust

117,000

4.650%, 

3/15/2024

112,617

50,000

4.750%, 

10/1/2026

45,750

56,000

4.950%, 

2/15/2027

51,750

80,000

5.500%, 

12/15/2027

77,160

Simon

Property

Group,

LP

67,000

2.000%, 

9/13/2024

65,762

82,000

2.650%, 

7/15/2030

77,331

Societe

Generale

SA

48,000

2.625%, 

10/16/2024

f

46,675

44,000

8.000%, 

9/29/2025

b,f,i

47,527

49,000

1.488%, 

12/14/2026

b,f

44,297

Spirit

Realty,

LP

93,000

2.100%, 

3/15/2028

84,199

Standard

Chartered

plc

62,000

1.319%, 

10/14/2023

b,f

61,416

49,000

0.991%, 

1/12/2025

b,f

46,809

60,000

6.000%, 

7/26/2025

b,f,i

61,875

66,000

2.608%, 

1/12/2028

b,f

61,703

Starwood

Property

Trust,

Inc.,

Convertible

23,000

4.375%, 

4/1/2023

23,489

State

Street

Corporation

41,000

2.354%, 

11/1/2025

b

40,412

Sumitomo

Life

Insurance

Company

125,000

3.375%, 

4/15/2081

b,f

120,150

Sumitomo

Mitsui

Financial

Group,

Inc.

48,000

2.448%, 

9/27/2024

47,153

66,000

2.174%, 

1/14/2027

62,376

63,000

3.544%, 

1/17/2028

62,504

63,000

2.142%, 

9/23/2030

55,236

Sumitomo

Mitsui

Trust

Bank,

Ltd.

41,000

1.050%, 

9/12/2025

f

37,996

SVB

Financial

Group

100,000

4.000%, 

5/15/2026

b,i

92,500

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Financials

(11.0%)

-

continued

$

54,000

4.250%, 

11/15/2026

b,i

$

49,950

Synchrony

Financial

42,000

4.250%, 

8/15/2024

42,586

84,000

3.700%, 

8/4/2026

83,507

Truist

Bank

42,000

2.250%, 

3/11/2030

38,497

Truist

Financial

Corporation

109,000

4.950%, 

9/1/2025

b,i

111,616

42,000

1.887%, 

6/7/2029

b

38,175

45,000

5.100%, 

3/1/2030

b,i

45,630

U.S.

Bancorp

60,000

3.700%, 

1/15/2027

b,i

54,300

UBS

Group

AG

49,000

1.364%, 

1/30/2027

b,f

45,016

UDR,

Inc.

94,000

3.000%, 

8/15/2031

89,205

United

Wholesale

Mortgage,

LLC

130,000

5.500%, 

4/15/2029

f

115,833

USB

Realty

Corporation

109,000

1.386%, 

(LIBOR

3M

+

1.147%),

1/15/2027

b,f,i

90,743

Ventas

Realty,

LP

34,000

3.750%, 

5/1/2024

34,375

VICI

Properties,

LP

70,000

4.250%, 

12/1/2026

f

69,706

30,000

3.750%, 

2/15/2027

f

29,175

115,000

4.625%, 

12/1/2029

f

114,713

Wells

Fargo

&

Company

69,000

4.125%, 

8/15/2023

70,537

80,000

2.406%, 

10/30/2025

b

78,314

65,000

3.900%, 

3/15/2026

b,i

62,306

106,000

2.188%, 

4/30/2026

b

102,252

50,000

0.741%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

48,513

46,000

3.526%, 

3/24/2028

b

45,908

99,000

3.584%, 

5/22/2028

b

98,839

99,000

4.478%, 

4/4/2031

b

104,831

Welltower,

Inc.

41,000

2.050%, 

1/15/2029

37,310

63,000

2.800%, 

6/1/2031

58,712

Westpac

Banking

Corporation

63,000

4.110%, 

7/24/2034

b

62,097

Willis

North

America,

Inc.

84,000

4.500%, 

9/15/2028

86,313

Total

24,457,836

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

49,000

2.150%, 

5/13/2025

f

47,425

Total

47,425

Mortgage-Backed

Securities

(11.6%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

775,000

2.000%, 

4/1/2037

e

752,689

1,275,000

2.000%, 

5/1/2037

e

1,235,530

2,550,000

2.500%, 

5/1/2037

e

2,513,067

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,182,925

2.000%, 

3/1/2051

1,101,292

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Mortgage-Backed

Securities

(11.6%)

-

continued

$

3,800,000

2.000%, 

4/1/2052

e

$

3,527,320

1,775,000

2.500%, 

4/1/2052

e

1,693,461

100,000

2.000%, 

5/1/2052

e

92,641

4,725,000

2.500%, 

5/1/2052

e

4,498,601

6,175,000

3.000%, 

5/1/2049

e

6,025,795

4,525,000

3.500%, 

5/1/2049

e

4,517,171

Total

25,957,567

Technology

(2.6%)

Akamai

Technologies,

Inc.,

Convertible

39,000

0.125%, 

5/1/2025

51,246

49,000

0.375%, 

9/1/2027

56,325

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

18,445

Apple,

Inc.

125,000

2.200%, 

9/11/2029

119,132

90,000

1.650%, 

2/8/2031

80,995

Baidu,

Inc.

52,000

3.075%, 

4/7/2025

51,162

Black

Knight

InfoServ,

LLC

152,000

3.625%, 

9/1/2028

f

144,050

Block,

Inc.,

Convertible

9,000

0.500%, 

5/15/2023

16,313

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

84,000

3.125%, 

1/15/2025

83,541

63,000

3.875%, 

1/15/2027

63,421

Broadcom,

Inc.

46,000

4.000%, 

4/15/2029

c,e,f

45,977

84,000

5.000%, 

4/15/2030

89,291

CommScope

Technologies

Finance,

LLC

123,000

6.000%, 

6/15/2025

f

116,495

CommScope,

Inc.

80,000

7.125%, 

7/1/2028

f

72,270

Dell

International,

LLC

24,000

5.450%, 

6/15/2023

24,723

63,000

5.850%, 

7/15/2025

67,242

32,000

5.300%, 

10/1/2029

34,856

Fiserv,

Inc.

68,000

2.750%, 

7/1/2024

67,791

99,000

4.200%, 

10/1/2028

102,051

Gartner,

Inc.

190,000

3.625%, 

6/15/2029

f

178,125

115,000

3.750%, 

10/1/2030

f

107,956

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

16,634

42,000

3.200%, 

8/15/2029

39,901

Hewlett

Packard

Enterprise

Company

35,000

2.250%, 

4/1/2023

34,967

InterDigital,

Inc.,

Convertible

13,000

2.000%, 

6/1/2024

13,309

Intuit,

Inc.

41,000

0.950%, 

7/15/2025

38,425

Iron

Mountain,

Inc.

120,000

5.000%, 

7/15/2028

f

116,984

119,000

4.875%, 

9/15/2029

f

113,273

170,000

4.500%, 

2/15/2031

f

156,997

Jabil,

Inc.

42,000

1.700%, 

4/15/2026

38,880

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Technology

(2.6%)

-

continued

Lumentum

Holdings,

Inc.,

Convertible

$

83,000

0.250%, 

3/15/2024

$

137,158

Marvell

Technology,

Inc.

42,000

4.200%, 

6/22/2023

42,675

42,000

2.950%, 

4/15/2031

38,822

Micron

Technology,

Inc.

78,000

4.975%, 

2/6/2026

81,695

Minerva

Merger

Sub,

Inc.

145,000

6.500%, 

2/15/2030

f

140,668

MSCI,

Inc.

120,000

4.000%, 

11/15/2029

f

116,542

NCR

Corporation

292,000

6.125%, 

9/1/2029

f

292,730

Nielsen

Finance,

LLC

20,000

4.500%, 

7/15/2029

f

19,950

NortonLifeLock,

Inc.,

Convertible

62,000

2.000%, 

8/15/2022

81,685

NVIDIA

Corporation

21,000

2.850%, 

4/1/2030

20,661

NXP

BV/NXP

Funding,

LLC

44,000

4.875%, 

3/1/2024

f

45,212

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

21,000

2.700%, 

5/1/2025

f

20,354

42,000

4.300%, 

6/18/2029

f

43,357

Open

Text

Corporation

175,000

4.125%, 

2/15/2030

f

165,934

Oracle

Corporation

105,000

2.500%, 

4/1/2025

102,554

105,000

2.950%, 

4/1/2030

96,869

Panasonic

Corporation

52,000

2.536%, 

7/19/2022

f

52,070

Progress

Software

Corporation,

Convertible

9,000

1.000%, 

4/15/2026

f

8,946

PTC,

Inc.

65,000

3.625%, 

2/15/2025

f

64,269

85,000

4.000%, 

2/15/2028

f

82,813

Qorvo,

Inc.

125,000

3.375%, 

4/1/2031

f

113,669

Rackspace

Technology

Global,

Inc.

125,000

5.375%, 

12/1/2028

f

108,456

Sabre

GLBL,

Inc.,

Convertible

16,000

4.000%, 

4/15/2025

26,248

Salesforce.com,

Inc.

41,000

1.950%, 

7/15/2031

37,509

Seagate

HDD

Cayman

220,000

3.125%, 

7/15/2029

197,450

187,000

3.375%, 

7/15/2031

166,265

Sensata

Technologies,

Inc.

245,000

3.750%, 

2/15/2031

f

226,625

Shift4

Payments,

LLC

40,000

4.625%, 

11/1/2026

f

38,900

SS&C

Technologies,

Inc.

317,000

5.500%, 

9/30/2027

f

319,382

Switch,

Ltd.

210,000

3.750%, 

9/15/2028

f

203,646

Tencent

Holdings,

Ltd.

50,000

2.880%, 

4/22/2031

f,h

45,670

Verint

Systems,

Inc.,

Convertible

18,000

0.250%, 

4/15/2026

f

18,770

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Technology

(2.6%)

-

continued

Viavi

Solutions,

Inc.

$

106,000

3.750%, 

10/1/2029

f

$

99,473

Viavi

Solutions,

Inc.,

Convertible

8,000

1.000%, 

3/1/2024

10,375

Vishay

Intertechnology,

Inc.,

Convertible

37,000

2.250%, 

6/15/2025

36,863

VMware,

Inc.

82,000

1.400%, 

8/15/2026

75,280

61,000

2.200%, 

8/15/2031

53,706

Ziff

Davis,

Inc.,

Convertible

115,000

1.750%, 

11/1/2026

f

129,663

Total

5,723,691

Transportation

(1.4%)

AerCap

Holdings

NV

50,000

5.875%, 

10/10/2079

b

48,000

Air

Canada

30,000

3.875%, 

8/15/2026

f

28,312

Air

Canada

Pass

Through

Trust

7,633

3.875%, 

3/15/2023

f

7,546

Air

Lease

Corporation

40,000

2.300%, 

2/1/2025

38,475

11,000

3.375%, 

7/1/2025

10,841

52,000

3.125%, 

12/1/2030

48,075

Air

Transport

Services

Group,

Inc.,

Convertible

20,000

1.125%, 

10/15/2024

23,701

American

Airlines,

Inc.

268,000

11.750%, 

7/15/2025

f

312,887

309,000

5.500%, 

4/20/2026

f

311,317

Aon

Corporation/Aon

Global

Holdings

plc

44,000

2.600%, 

12/2/2031

40,522

Avis

Budget

Car

Rental,

LLC

95,000

5.375%, 

3/1/2029

f,h

93,596

Canadian

Pacific

Railway

Company

89,000

1.750%, 

12/2/2026

83,835

45,000

2.450%, 

12/2/2031

41,794

CSX

Corporation

42,000

4.250%, 

3/15/2029

44,540

Delta

Air

Lines,

Inc.

62,000

7.000%, 

5/1/2025

f

66,409

95,073

4.500%, 

10/20/2025

f

95,625

26,000

7.375%, 

1/15/2026

28,236

91,000

4.375%, 

4/19/2028

87,276

Greenbrier

Companies,

Inc.,

Convertible

67,000

2.875%, 

4/15/2028

f

77,364

Hawaiian

Brand

Intellectual

Property,

Ltd.

29,000

5.750%, 

1/20/2026

f

29,017

Hertz

Corporation

92,000

4.625%, 

12/1/2026

f

85,912

110,000

5.000%, 

12/1/2029

f

99,550

J.B.

Hunt

Transport

Services,

Inc.

35,000

3.300%, 

8/15/2022

35,133

JetBlue

Airways

Corporation,

Convertible

45,000

0.500%, 

4/1/2026

f

41,870

Meritor,

Inc.,

Convertible

61,000

3.250%, 

10/15/2037

66,832

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Transportation

(1.4%)

-

continued

Mileage

Plus

Holdings,

LLC

$

126,000

6.500%, 

6/20/2027

f

$

131,355

NCL

Corporation,

Ltd.

190,000

3.625%, 

12/15/2024

f

179,075

Penske

Truck

Leasing

Company,

LP

41,000

1.200%, 

11/15/2025

f

37,630

42,000

1.700%, 

6/15/2026

f

38,971

Ryder

System,

Inc.

51,000

2.850%, 

3/1/2027

49,453

Southwest

Airlines

Company

42,000

5.125%, 

6/15/2027

44,899

50,000

2.625%, 

2/10/2030

45,604

Southwest

Airlines

Company,

Convertible

63,000

1.250%, 

5/1/2025

85,491

Union

Pacific

Corporation

55,000

3.750%, 

7/15/2025

56,362

42,000

2.150%, 

2/5/2027

40,345

United

Airlines

Pass

Through

Trust

35,000

3.700%, 

12/1/2022

35,228

United

Airlines,

Inc.

186,000

4.375%, 

4/15/2026

f

182,964

96,000

4.625%, 

4/15/2029

f

91,291

VistaJet

Malta

Finance

plc

127,000

6.375%, 

2/1/2030

f

119,490

XPO

Logistics,

Inc.

80,000

6.250%, 

5/1/2025

f

82,686

Total

3,067,509

Utilities

(1.8%)

AES

Corporation

81,000

3.950%, 

7/15/2030

f

80,243

Algonquin

Power

&

Utilities

Corporation

65,000

4.750%, 

1/18/2082

b

60,606

Ameren

Corporation

52,000

1.750%, 

3/15/2028

47,540

American

Electric

Power

Company,

Inc.

125,000

3.875%, 

2/15/2062

b

115,480

67,000

2.031%, 

3/15/2024

65,840

42,000

2.300%, 

3/1/2030

38,262

Berkshire

Hathaway

Energy

Company

59,000

4.050%, 

4/15/2025

60,817

Calpine

Corporation

200,000

4.500%, 

2/15/2028

f

195,096

CenterPoint

Energy,

Inc.

34,000

2.500%, 

9/1/2024

33,413

62,000

1.450%, 

6/1/2026

57,461

63,000

2.650%, 

6/1/2031

58,112

Dominion

Energy,

Inc.

34,000

3.071%, 

8/15/2024

33,930

89,000

4.650%, 

12/15/2024

b,i

88,110

70,000

4.350%, 

1/15/2027

b,i

67,694

52,000

3.375%, 

4/1/2030

51,299

Duke

Energy

Corporation

50,000

3.250%, 

1/15/2082

b

44,318

24,000

4.875%, 

9/16/2024

b,i

24,255

98,000

3.150%, 

8/15/2027

96,930

52,000

2.450%, 

6/1/2030

47,911

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Utilities

(1.8%)

-

continued

Edison

International

$

58,000

4.950%, 

4/15/2025

$

59,339

145,000

5.000%, 

12/15/2026

b,i

136,083

Enel

Finance

International

NV

81,000

1.375%, 

7/12/2026

f

74,350

Energy

Transfer,

LP

48,000

6.500%, 

11/15/2026

b,i

47,174

Entergy

Corporation

41,000

0.900%, 

9/15/2025

37,598

42,000

1.900%, 

6/15/2028

37,977

Evergy,

Inc.

35,000

2.450%, 

9/15/2024

34,342

Exelon

Corporation

42,000

4.050%, 

4/15/2030

43,354

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

f

95,861

FirstEnergy

Corporation

59,000

3.350%, 

7/15/2022

58,926

Jersey

Central

Power

&

Light

Company

21,000

2.750%, 

3/1/2032

f

19,555

NextEra

Energy

Capital

Holdings,

Inc.

65,000

3.800%, 

3/15/2082

b

59,858

42,000

2.250%, 

6/1/2030

38,445

NextEra

Energy

Operating

Partners,

LP

195,000

3.875%, 

10/15/2026

f

192,806

NextEra

Energy

Partners,

LP,

Convertible

112,000

Zero

Coupon, 

11/15/2025

f

126,713

NiSource,

Inc.

48,000

5.650%, 

6/15/2023

b,i

47,040

42,000

2.950%, 

9/1/2029

40,024

NRG

Energy,

Inc.

53,000

2.000%, 

12/2/2025

f

49,835

270,000

3.375%, 

2/15/2029

f

240,006

60,000

5.250%, 

6/15/2029

f

58,634

NRG

Energy,

Inc.,

Convertible

45,000

2.750%, 

6/1/2048

49,319

PG&E

Corporation

130,000

5.000%, 

7/1/2028

125,658

Public

Service

Enterprise

Group,

Inc.

42,000

1.600%, 

8/15/2030

35,922

Sempra

Energy

65,000

4.125%, 

4/1/2052

b

60,677

44,000

4.875%, 

10/15/2025

b,i

44,220

63,000

3.400%, 

2/1/2028

62,789

Southern

Company

125,000

4.000%, 

1/15/2051

b

120,938

92,000

3.750%, 

9/15/2051

b

84,829

Suburban

Propane

Partners,

LP

155,000

5.875%, 

3/1/2027

157,131

85,000

5.000%, 

6/1/2031

f

79,688

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

f

234,001

TransCanada

Trust

90,000

5.875%, 

8/15/2076

b

90,970

Vistra

Operations

Company,

LLC

160,000

5.000%, 

7/31/2027

f

157,410

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Principal

Amount

Long-Term

Fixed

Income

(67.6%)

Value

Utilities

(1.8%)

-

continued

Xcel

Energy,

Inc.

$

51,000

4.000%, 

6/15/2028

$

51,763

Total

4,120,552

Total

Long-Term

Fixed

Income

(cost

$155,990,473)

150,512,276

Shares

Registered

Investment

Companies

(

15.4%

)

Value

Unaffiliated  (3.1%)

27,984

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

94,586

10,675

AllianceBernstein

Global

High

Income

Fund,

Inc.

119,346

15,014

Allspring

Income

Opportunities

Fund

118,611

7,181

BlackRock

Core

Bond

Trust

93,353

8,529

BlackRock

Corporate

High

Yield

Fund,

Inc.

91,857

9,005

BlackRock

Credit

Allocation

Income

Trust

113,103

600

BlackRock

Enhanced

Equity

Dividend

Trust

5,940

8,249

BlackRock

Enhanced

Global

Dividend

Trust

93,296

1,950

BlackRock

Enhanced

International

Dividend

Trust

11,213

1,000

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

13,020

4,600

BlackRock

Income

Trust,

Inc.

23,598

6,666

BlackRock

Multi-Sector

Income

Trust

109,856

3,771

Blackstone

Strategic

Credit

Fund

h

49,212

1,050

Brookfield

Real

Assets

Income

Fund,

Inc.

21,777

10,114

Eaton

Vance

Limited

Duration

Income

Fund

118,334

2,502

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

24,294

6,887

First

Trust

High

Income

Long/Short

Fund

92,699

4,383

Invesco

Dynamic

Credit

Opportunities

Fund

c

51,006

861

Invesco

Senior

Loan

ETF

18,744

12,500

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

h

455,250

20,025

Nuveen

Credit

Strategies

Income

Fund

123,754

2,550

Nuveen

Preferred

Income

Opportunities

Fund

21,879

3,000

Nuveen

Quality

Preferred

Income

Fund

II

25,200

9,550

PGIM

Global

High

Yield

Fund,

Inc.

127,683

8,521

PGIM

High

Yield

Bond

Fund,

Inc.

122,276

2,802

Pimco

Dynamic

Income

Fund

68,285

16,174

SPDR

Bloomberg

High

Yield

Bond

ETF

h

1,657,835

80,201

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

2,104,474

1,662

Tri-Continental

Corporation

51,256

1,045

Vanguard

Intermediate-Term

Corporate

Bond

ETF

89,912

5,085

Vanguard

Short-Term

Corporate

Bond

ETF

h

397,088

Shares

Registered

Investment

Companies

(15.4%)

Value

Unaffiliated  (3.1%)-

continued

5,300

Virtus

AllianzGI

Convertible

&

Income

Fund

$

26,659

850

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

23,069

5,605

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

80,656

8,264

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

48,427

19,193

Western

Asset

High

Income

Opportunity

Fund,

Inc.

85,793

Total

6,773,341

Affiliated  (12.3%)

3,159,186

Thrivent

Core

Emerging

Markets

Debt

Fund

27,326,962

Total

27,326,962

Total

Registered

Investment

Companies

(cost

$37,535,582)

34,100,303

Shares

Collateral

Held

for

Securities

Loaned

(

2.2%

)

Value

4,907,849

Thrivent

Cash

Management

Trust

4,907,849

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,907,849)

4,907,849

Shares

Preferred

Stock

(

1.2%

)

Value

Communications

Services

(0.1%)

6,550

AT&T,

Inc.,

4.750%

i

143,314

607

Paramount

Global,

Convertible,

5.750%

33,719

3,500

Telephone

and

Data

Systems,

Inc.,

6.000%

i

80,885

Total

257,918

Consumer

Staples

(<0.1%)

850

CHS,

Inc.,

7.100%

b,i

22,525

Total

22,525

Energy

(0.1%)

6,153

Crestwood

Equity

Partners,

LP,

9.250%

i

59,069

825

Energy

Transfer,

LP,

7.600%

b,i

20,427

1,736

NuStar

Logistics,

LP,

6.975%

b

43,417

Total

122,913

Financials

(0.7%)

1,750

Aegon

Funding

Corporation

II,

5.100%

42,507

3,700

Allstate

Corporation,

5.100%

i

91,908

1,000

American

International

Group,

Inc.

5.850%

i

25,960

2,700

Bank

of

America

Corporation,

4.250%

h,i

58,293

2,200

Bank

of

America

Corporation,

5.000%

i

53,196

1,000

Bank

of

America

Corporation,

5.375%

i

25,280

3,050

Capital

One

Financial

Corporation,

5.000%

i

70,363

1,445

Cobank

ACB,

6.250%

b,i

146,133

4,275

Equitable

Holdings,

Inc.,

5.250%

i

100,847

70

First

Horizon

Bank,

3.750%

b,f,i

60,900

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Shares

Preferred

Stock

(1.2%)

Value

Financials

(0.7%)

-

continued

1,150

First

Horizon

Corporation,

6.500%

i

$

30,308

4,000

First

Republic

Bank,

4.500%

i

88,320

3,700

J.P.

Morgan

Chase

&

Company,

4.200%

i

77,996

4,050

J.P.

Morgan

Chase

&

Company,

4.750%

i

92,948

1,750

J.P.

Morgan

Chase

&

Company,

5.750%

i

44,958

3,080

Morgan

Stanley,

5.850%

b,i

80,542

3,700

Morgan

Stanley,

7.125%

b,i

98,679

800

Regions

Financial

Corporation,

5.700%

b,i

20,856

425

Synovus

Financial

Corporation,

5.875%

b,i

11,135

2,650

Truist

Financial

Corporation,

4.750%

i

60,659

3,500

Wells

Fargo

&

Company,

4.250%

i

72,415

148

Wells

Fargo

&

Company,

Convertible,

7.500%

i

196,100

Total

1,550,303

Health

Care

(<0.1%)

848

Becton,

Dickinson

and

Company,

Convertible,

6.000%

44,791

545

Boston

Scientific

Corporation,

Convertible,

5.500%

63,460

Total

108,251

Industrials

(<0.1%)

385

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

33,846

Total

33,846

Real

Estate

(0.1%)

2,000

Public

Storage,

3.950%

i

40,700

3,200

Public

Storage,

4.125%

i

69,632

668

Public

Storage,

4.625%

i

15,551

175

Public

Storage,

4.700%

i

4,079

Total

129,962

Utilities

(0.2%)

879

AES

Corporation,

Convertible,

6.875%

86,959

455

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

25,421

5,025

CMS

Energy

Corporation,

4.200%

i

105,425

1,596

NextEra

Energy,

Inc.,

Convertible,

4.872%

98,617

759

NextEra

Energy,

Inc.,

Convertible,

5.279%

39,582

89

NiSource,

Inc.,

Convertible,

7.750%

10,589

3,525

Southern

Company,

4.950%

85,058

1,748

Southern

Company,

Convertible,

6.750%

95,458

Total

547,109

Total

Preferred

Stock

(cost

$2,955,669)

2,772,827

Shares

Common

Stock

(

1.1%

)

Value

Communications

Services

(0.1%)

174

Charter

Communications,

Inc.

l

94,921

133

Paramount

Global

5,029

Shares

Common

Stock

(1.1%)

Value

Communications

Services

(0.1%)

-

continued

1,192

Twitter,

Inc.

l

$

46,118

306

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

c,l

5,049

Total

151,117

Consumer

Discretionary

(0.1%)

854

Bloomin'

Brands,

Inc.

18,737

27

Booking

Holdings,

Inc.

l

63,408

409

Dick's

Sporting

Goods,

Inc.

40,908

191

Expedia

Group,

Inc.

l

37,373

1,385

Ford

Motor

Company

23,421

452

Under

Armour,

Inc.,

Class

C

l

7,033

56

Vail

Resorts,

Inc.

14,575

Total

205,455

Energy

(0.1%)

372

CNX

Resources

Corporation

l

7,708

1,425

EQT

Corporation

49,034

498

Pioneer

Natural

Resources

Company

124,515

Total

181,257

Financials

(0.1%)

15

Ares

Capital

Corporation

314

308

Bank

of

America

Corporation

12,696

2,000

BlackRock

TCP

Capital

Corporation

28,600

716

Blackstone

Mortgage

Trust,

Inc.

22,762

1,009

FS

KKR

Capital

Corporation

23,025

1,705

Golub

Capital

BDC,

Inc.

25,933

290

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

13,755

1,446

KKR

&

Company,

Inc.

84,548

602

Sixth

Street

Specialty

Lending,

Inc.

14,020

365

Wells

Fargo

&

Company

17,688

Total

243,341

Health

Care

(0.2%)

342

Anthem,

Inc.

167,997

80

Becton,

Dickinson

and

Company

21,280

448

Boston

Scientific

Corporation

l

19,842

592

Danaher

Corporation

173,651

34

Illumina,

Inc.

l

11,879

1,316

Ionis

Pharmaceuticals,

Inc.

l

48,745

92

Jazz

Pharmaceuticals,

Inc.

l

14,322

Total

457,716

Industrials

(0.1%)

524

Aerojet

Rocketdyne

Holdings,

Inc.

l

20,619

709

Chart

Industries,

Inc.

l

121,785

186

FTI

Consulting,

Inc.

l

29,243

898

JetBlue

Airways

Corporation

l

13,425

655

Kaman

Corporation

28,479

102

Patrick

Industries,

Inc.

6,151

555

Southwest

Airlines

Company

l

25,419

Total

245,121

Information

Technology

(0.3%)

119

Akamai

Technologies,

Inc.

l

14,208

526

Block,

Inc.

l

71,326

358

Broadcom,

Inc.

225,426

637

II-VI,

Inc.

h,l

46,176

194

InterDigital,

Inc.

12,377

42

Lumentum

Holdings,

Inc.

l

4,099

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

Shares

Common

Stock

(1.1%)

Value

Information

Technology

(0.3%)

-

continued

1,485

Microchip

Technology,

Inc.

$

111,583

414

NortonLifeLock,

Inc.

10,979

2,303

ON

Semiconductor

Corporation

l

144,191

3,191

Sabre

Corporation

l

36,473

35

ServiceNow,

Inc.

l

19,491

450

SunPower

Corporation

l

9,666

95

Teradyne,

Inc.

11,232

216

Western

Digital

Corporation

l

10,724

Total

727,951

Real

Estate

(<0.1%)

422

iStar,

Inc.

9,879

1,756

LXP

Industrial

Trust

27,569

296

MGIC

Investment

Corporation

4,011

885

Pebblebrook

Hotel

Trust

21,665

Total

63,124

Utilities

(0.1%)

254

American

Electric

Power

Company,

Inc.

25,341

696

Dominion

Energy,

Inc.

59,139

470

DTE

Energy

Company

62,139

535

NiSource,

Inc.

17,013

223

Southern

Company

16,170

Total

179,802

Total

Common

Stock

(cost

$2,292,318)

2,454,884

Shares

or

Principal

Amount

Short-Term

Investments

(

14.0%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.060%,

4/22/2022

m,n

99,990

100,000

0.190%,

4/27/2022

m,n

99,988

100,000

0.370%,

5/13/2022

m,n

99,951

Thrivent

Core

Short-Term

Reserve

Fund

2,983,504

0.660%

29,835,041

U.S.

Treasury

Bills

1,000,000

0.295%,

5/5/2022

m,o

999,861

Total

Short-Term

Investments

(cost

$31,130,450)

31,134,831

Total

Investments

(cost

$263,166,918)

114.1%

$253,930,756

Other

Assets

and

Liabilities,

Net

(14.1%)

(31,283,513)

Total

Net

Assets

100.0%

$222,647,243

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,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

March

31,

2022,

the

value

of

these

investments

was

$69,799,433

or

31.3%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

March

31,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

At

March

31,

2022,

$264,963

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

Opportunity

Income

Plus

Portfolio

as

of

March

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,273,085

Common

Stock

3,506,449

Total

lending

$4,779,534

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,907,849

Net

amounts

due

to

counterparty

$128,315

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Opportunity

Income

Plus

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,719,519

–

829,513

890,006

Capital

Goods

5,225,200

–

4,163,239

1,061,961

Communications

Services

4,498,816

–

4,185,798

313,018

Consumer

Cyclical

2,823,793

–

2,354,823

468,970

Consumer

Non-Cyclical

5,200,139

–

4,462,672

737,467

Energy

392,042

–

392,042

–

Financials

1,809,305

–

1,644,640

164,665

Technology

3,774,667

–

3,774,667

–

Transportation

2,026,420

–

2,026,420

–

Utilities

577,885

–

577,885

–

Long-Term

Fixed

Income

Asset-Backed

Securities

15,744,200

–

15,744,200

–

Basic

Materials

3,978,620

–

3,978,620

–

Capital

Goods

7,051,338

–

7,051,338

–

Collateralized

Mortgage

Obligations

13,402,721

–

13,402,721

–

Commercial

Mortgage-Backed

Securities

2,531,949

–

2,531,949

–

Communications

Services

9,517,697

–

9,517,697

–

Consumer

Cyclical

13,738,022

–

13,738,022

–

Consumer

Non-Cyclical

11,437,769

–

11,437,769

–

Energy

9,735,380

–

9,735,380

–

Financials

24,457,836

–

24,457,836

–

Foreign

Government

47,425

–

47,425

–

Mortgage-Backed

Securities

25,957,567

–

25,957,567

–

Technology

5,723,691

–

5,677,714

45,977

Transportation

3,067,509

–

3,067,509

–

Utilities

4,120,552

–

4,120,552

–

Registered

Investment

Companies

Unaffiliated

6,773,341

6,722,335

–

51,006

Preferred

Stock

Communications

Services

257,918

257,918

–

–

Consumer

Staples

22,525

22,525

–

–

Energy

122,913

122,913

–

–

Financials

1,550,303

1,489,403

60,900

–

Health

Care

108,251

108,251

–

–

Industrials

33,846

33,846

–

–

Real

Estate

129,962

129,962

–

–

Utilities

547,109

547,109

–

–

Common

Stock

Communications

Services

151,117

146,068

–

5,049

Consumer

Discretionary

205,455

205,455

–

–

Energy

181,257

181,257

–

–

Financials

243,341

243,341

–

–

Health

Care

457,716

457,716

–

–

Industrials

245,121

245,121

–

–

Information

Technology

727,951

727,951

–

–

Real

Estate

63,124

63,124

–

–

Utilities

179,802

179,802

–

–

Short-Term

Investments

1,299,790

–

1,299,790

–

Subtotal

Investments

in

Securities

$191,860,904

$11,884,097

$176,238,688

$3,738,119

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

27,326,962

Affiliated

Short-Term

Investments

29,835,041

Collateral

Held

for

Securities

Loaned

4,907,849

Subtotal

Other

Investments

$62,069,852

Total

Investments

at

Value

$253,930,756

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

798,409

798,409

–

–

Total

Asset

Derivatives

$798,409

$798,409

$–

$–

Liability

Derivatives

Futures

Contracts

157,511

157,511

–

–

Total

Liability

Derivatives

$157,511

$157,511

$–

$–

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$299,929

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

Ultra

Long

Term

U.S.

Treasury

Bond

22

June

2022

$

4,054,261

(

$

157,511)

Total

Futures

Long

Contracts

$

4,054,261

(

$

157,511)

CBOT

10-Yr.

U.S.

Treasury

Note

(33)

June

2022

(

$

4,170,785)

$

115,910

CBOT

2-Yr.

U.S.

Treasury

Note

(136)

June

2022

(

29,176,895)

355,519

CBOT

5-Yr.

U.S.

Treasury

Note

(80)

June

2022

(

9,402,290)

227,290

CBOT

U.S.

Long

Bond

(16)

June

2022

(

2,474,081)

73,081

Ultra

10-Yr.

U.S.

Treasury

Note

(6)

June

2022

(

839,421)

26,609

Total

Futures

Short

Contracts

(

$

46,063,472)

$798,409

Total

Futures

Contracts

(

$

42,009,211)

$640,898

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Opportunity

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$30,605

$361

$600

$27,327

3,159

12.3%

Total

Affiliated

Registered

Investment

Companies

30,605

27,327

12.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

34,985

23,991

29,141

29,835

2,984

13.4

Total

Affiliated

Short-Term

Investments

34,985

29,835

13.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

6,114

25,522

26,728

4,908

4,908

2.2

Total

Collateral

Held

for

Securities

Loaned

6,114

4,908

2.2

Total

Value

$71,704

$62,070

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(89)

$(2,950)

$

–

$362

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

–

–

–

26

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$388

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

Value

$(89)

$(2,950)

$

–

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

Shares

Common

Stock

(

90.6%

)

Value

Bermuda

(0.6%)

2,916

Credicorp

,

Ltd

$

501,173

Total

501,173

Brazil

(5.3%)

361,711

B3

SA

-

Brasil

Bolsa

Balcao

1,192,015

372,156

Banco

Bradesco

SA

ADR

1,726,804

201,785

Rumo

SA

a

787,466

89,020

WEG

SA

652,545

Total

4,358,830

Cayman

Islands

(14.8%)

223,200

Alibaba

Group

Holding,

Ltd.

a

3,045,946

394,200

Budweiser

Brewing

Company

APAC,

Ltd.

b

1,040,942

182,000

China

Resources

Land,

Ltd.

842,686

55,900

GDS

Holdings,

Ltd.

a

270,617

16,609

JD.com,

Inc.

a

471,943

87,500

Li

Ning

Company,

Ltd.

742,994

255,600

Sands

China,

Ltd.

a

608,067

4,973

Sea,

Ltd.

ADR

a

595,716

61,100

Tencent

Holdings,

Ltd.

2,816,364

116,000

WuXi

Biologics

(Cayman),

Inc.

a,b

921,110

136,500

Zhongsheng

Group

Holdings,

Ltd.

959,764

Total

12,316,149

Chile

(0.4%)

16,612

Banco

Santander

Chile

SA

ADR

375,265

Total

375,265

China

(14.2%)

40,399

China

International

Travel

Service

Corporation,

Ltd.

1,039,165

267,500

China

Merchants

Bank

Company,

Ltd.,

Class

H

2,082,334

63,560

Foshan

Haitian

Flavouring

and

Food

Company,

Ltd.

872,938

19,800

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

A

333,907

9,900

Hangzhou

Tigermed

Consulting

Company,

Ltd.,

Class

H

b

119,400

2,495

Kweichow

Moutai

Company,

Ltd.

672,157

129,980

LONGi

Green

Energy

Technology

Company,

Ltd.

1,465,444

85,525

Midea

Group

Company,

Ltd.

762,820

280,740

NARI

Technology

Company,

Ltd.

1,383,439

71,600

Shenzhou

International

Group

Holdings,

Ltd.

945,265

67,420

Sungrow

Power

Supply

Company,

Ltd.

1,130,785

121,300

Yonyou

Network

Technology

Company,

Ltd.

436,099

14,899

Yunnan

Energy

New

Material

Company,

Ltd.

513,930

Total

11,757,683

Hong

Kong

(3.3%)

147,800

AIA

Group,

Ltd.

1,543,311

25,530

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,196,676

Total

2,739,987

India

(13.4%)

41,564

Hindustan

Unilever,

Ltd.

1,118,249

Shares

Common

Stock

(90.6%)

Value

India

(13.4%)

-

continued

86,633

Housing

Development

Finance

Corporation

$

2,708,848

69,587

Kotak

Mahindra

Bank,

Ltd.

1,598,180

8,611

Maruti

Suzuki

India,

Ltd.

854,530

342,231

Power

Grid

Corporation

of

India,

Ltd.

975,678

101,213

SBI

Life

Insurance

Company,

Ltd.

b

1,491,177

30,304

Tata

Consultancy

Services,

Ltd.

1,489,302

10,261

Ultra

Tech

Cement,

Ltd.

889,314

Total

11,125,278

Indonesia

(3.4%)

3,032,700

Bank

Central

Asia

Tbk

PT

1,683,954

3,439,296

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,110,840

Total

2,794,794

Luxembourg

(1.5%)

70,452

Allegro.eu

SA

a,b

590,106

2,547

Globant

SA

a

667,492

Total

1,257,598

Mexico

(7.7%)

18,614

Fomento

Economico

Mexicano

SAB

de

CV

ADR

1,542,170

32,560

Grupo

Aeroportuario

del

Sureste

,

SAB

de

CV

723,212

249,950

Grupo

Financiero

Banorte

SAB

de

CV

ADR

1,882,730

371,786

Grupo

Mexico,

SAB

de

CV

2,219,688

Total

6,367,800

Netherlands

(3.9%)

2,121

ASM

International

NV

772,328

1,354

ASML

Holding

NV

904,777

28,908

Prosus

NV

1,558,954

Total

3,236,059

Philippines

(0.6%)

260,636

Bank

of

the

Philippine

Islands

501,678

Total

501,678

Russian

Federation

(<0.1%)

22,154

Lukoil

ADR

c

2

78,093

NovaTek

PJSC

c

0

68,332

Sberbank

of

Russia

PJSC

c

0

Total

2

South

Africa

(2.8%)

14,480

Anglo

American

Platinum,

Ltd.

1,988,326

33,077

Vodacom

Group

362,177

Total

2,350,503

South

Korea

(3.2%)

3,144

LG

Chem

,

Ltd.

1,373,823

18,575

Samsung

Engineering

Company,

Ltd.

a

398,676

1,760

Samsung

SDI

Company,

Ltd.

856,574

Total

2,629,073

Taiwan

(11.5%)

104,000

Delta

Electronics,

Inc.

964,260

271,000

Hon

Hai

Precision

Industry

Company,

Ltd.

995,066

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Shares

Common

Stock

(90.6%)

Value

Taiwan

(11.5%)

-

continued

370,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

$

7,600,239

Total

9,559,565

Thailand

(1.9%)

173,600

Kasikornbank

Public

Company,

Ltd.

838,977

173,700

PTT

Exploration

&

Production

pcl

748,410

Total

1,587,387

United

Kingdom

(1.5%)

60,906

Mondi

plc

1,210,223

Total

1,210,223

United

States

(0.6%)

440

Mercadolibre

,

Inc.

a

523,371

Total

523,371

Total

Common

Stock

(cost

$62,808,030)

75,192,418

Shares

Preferred

Stock

(

7.8%

)

South

Korea

(7.8%)

125,088

Samsung

Electronics

Company,

Ltd.

6,481,491

Total

6,481,491

Total

Preferred

Stock

(cost

$1,635,056)

6,481,491

Shares

Short-Term

Investments

(

1.8%

)

Thrivent

Core

Short-Term

Reserve

Fund

149,383

0.660%

1,493,834

Total

Short-Term

Investments

(cost

$1,493,834)

1,493,834

Total

Investments

(cost

$65,936,920)

100.2%

$83,167,743

Other

Assets

and

Liabilities,

Net

(0.2%)

(190,351)

Total

Net

Assets

100.0%

$82,977,392

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,

2022,

the

value

of

these

investments

was

$4,162,735

or

5.0%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Partner

Emerging

Markets

Equity

Portfolio as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Located

on

the

Statement

of

Operations,

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

^

Located

on

the

Statement

of

Operations,

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

The

reporting

entity's

Energy

and

Financials

Level

3

securities'

fair

value

is

calculated

by

a

vendor

using

the

established

policies

and

procedures

of

the

reporting

entity.

Inputs

used

in

valuation

include

the

liquidity spread

of

the

issuer.

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

A

significant

increase

or

decrease

in

the

inputs

in

isolation

would

have

resulted

in

a

significantly

lower

or

higher

fair

value

measurement.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Partner

Emerging

Markets

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

3,449,158

–

3,449,158

–

Consumer

Discretionary

10,543,971

523,371

10,020,600

–

Consumer

Staples

5,246,456

1,542,170

3,704,286

–

Energy^

748,412

–

748,410

2

Financials^

21,992,916

2,603,242

19,389,674

0

Health

Care

1,374,417

–

1,374,417

–

Industrials

5,499,630

–

5,499,630

–

Information

Technology

14,317,593

1,263,208

13,054,385

–

Materials

8,195,304

–

8,195,304

–

Utilities

3,824,561

–

3,824,561

–

Preferred

Stock

Information

Technology

6,481,491

–

6,481,491

–

Subtotal

Investments

in

Securities

$81,673,909

$5,931,991

$75,741,916

$2

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,493,834

Subtotal

Other

Investments

$1,493,834

Total

Investments

at

Value

$83,167,743

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.

Investments

in

Securities 

Beginning

Val

ue

12/31/2021

Realized

Gain/

(Loss)^ 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

3/31/2022

Common

Stock

 Energy

$-

$-  

($3,767,560)

$102,173

$- 

$3,665,389 

$- 

$2

    Financials

- 

(358,341)

($301,232)

(473,293)

1,132,866

-

-

Total 

$-

($358,341)  

($4,068,792) 

$102,173

($473,293) 

$4,798,255

($1,339,779)

$2

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(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

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$503

$6,277

$5,286

$1,494

149

1.8%

Total

Affiliated

Short-Term

Investments

503

1,494

1.8

Total

Value

$503

$1,494

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Total

Value

$–

$–

$

–

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Shares

Common

Stock

(

95.4%

)

Value

Biotechnology

(18.1%)

4,270

10X

Genomics,

Inc.

a

$

324,819

60,253

AbbVie,

Inc.

9,767,614

21,110

Acumen

Pharmaceuticals,

Inc.

a

82,540

5,297

Agios

Pharmaceuticals,

Inc.

a

154,196

7,805

Alnylam

Pharmaceuticals,

Inc.

a

1,274,478

13,777

Ambrx

Biopharma,

Inc.

ADR

a

56,761

31,575

Amgen,

Inc.

7,635,466

4,350

Arcus

Biosciences,

Inc.

a

137,286

22,375

Arcutis

Biotherapeutics,

Inc.

a

430,943

2,669

Argenx

SE

ADR

a

841,562

18,521

Biogen,

Inc.

a

3,900,523

16,378

BioMarin

Pharmaceutical,

Inc.

a

1,262,744

4,152

Blueprint

Medicines

Corporation

a

265,230

8,933

Cerevel

Therapeutics

Holdings

a

312,744

5,723

Connect

Biopharma

Holdings,

Ltd.

ADR

a

17,283

13,043

Decibel

Therapeutics,

Inc.

a

39,651

7,165

Design

Therapeutics,

Inc.

a

115,715

1,605

Enanta

Pharmaceuticals,

Inc.

a

114,244

7,473

Exact

Sciences

Corporation

a

522,512

1,754

Genmab

AS

a

633,463

8,464

Genmab

AS

ADR

a

306,228

42,068

Gilead

Sciences,

Inc.

2,500,943

12,988

Global

Blood

Therapeutics,

Inc.

a

449,904

5,968

Guardant

Health,

Inc.

a

395,320

12,538

Imago

BioSciences,

Inc.

a

241,607

7,361

Immuneering

Corporation

a

47,626

5,022

Immunocore

Holdings

plc

ADR

a

150,158

13,507

Incyte

Corporation

a

1,072,726

2,830

Krystal

Biotech,

Inc.

a

188,308

31,362

Mersana

Therapeutics,

Inc.

a

125,134

4,429

Mirati

Therapeutics,

Inc.

a

364,152

14,002

Moderna,

Inc.

a

2,411,985

14,609

Monte

Rosa

Therapeutics,

Inc.

a

204,818

8,560

Nautilus

Biotechnology,

Inc.

a

37,150

11,336

Neurocrine

Biosciences,

Inc.

a

1,062,750

2,146

Nuvation

Bio,

Inc.,

Warrants

(Expires

07/07/2027)

a

1,631

8,830

PMV

Pharmaceuticals,

Inc.

a

183,841

14,300

POINT

Biopharma

Global,

Inc.

a

113,971

11,575

Prothena

Corporation

plc

a

423,298

2,440

PTC

Therapeutics,

Inc.

a

91,036

6,142

Regeneron

Pharmaceuticals,

Inc.

a

4,289,696

5,375

Revolution

Medicines,

Inc.

a

137,116

10,468

Sarepta

Therapeutics,

Inc.

a

817,760

33,896

Seagen,

Inc.

a

4,882,719

5,285

Sierra

Oncology,

Inc.

a

169,384

12,324

Talaris

Therapeutics,

Inc.

a

121,268

12,792

Tenaya

Therapeutics,

Inc.

a

150,690

15,222

TScan

Therapeutics,

Inc.

a

42,622

20,371

Vertex

Pharmaceuticals,

Inc.

a

5,316,220

Total

54,189,835

Financials

(0.3%)

47,585

Health

Assurance

Acquisition

Corporation

a

468,712

11,896

Health

Assurance

Acquisition

Corporation,

Warrants

(Expires

11/12/2025)

a

6,067

7,296

Health

Sciences

Acquisitions

Corporation

2

a

72,303

6,199

Helix

Acquisition

Corporation

a

68,809

22,420

MedTech

Acquisition

Corporation

a

219,716

Total

835,607

Shares

Common

Stock

(95.4%)

Value

Health

Care

Distributors

(2.6%)

25,400

AmerisourceBergen

Corporation

$

3,929,634

21,686

Henry

Schein,

Inc.

a

1,890,802

6,722

McKesson

Corporation

2,057,806

Total

7,878,242

Health

Care

Equipment

(22.4%)

87,504

Abbott

Laboratories

10,356,973

7,266

ABIOMED,

Inc.

a

2,406,790

61,608

Avantor,

Inc.

a

2,083,583

32,770

Baxter

International,

Inc.

2,540,986

141,653

Boston

Scientific

Corporation

a

6,273,811

31,225

Danaher

Corporation

9,159,229

4,785

DexCom,

Inc.

a

2,448,006

36,467

Edwards

Lifesciences

Corporation

a

4,292,895

2,785

IDEXX

Laboratories,

Inc.

a

1,523,562

1,843

Insulet

Corporation

a

490,957

16,891

Intuitive

Surgical,

Inc.

a

5,095,677

7,792

Masimo

Corporation

a

1,134,048

43,116

Medtronic

plc

4,783,720

20,254

Nevro

Corporation

a

1,464,972

5,400

Novocure,

Ltd.

a

447,390

3,225

Omnicell,

Inc.

a

417,605

10,426

Rapid

Micro

Biosystems,

Inc.

a

70,792

9,482

ResMed,

Inc.

2,299,480

19,685

Stryker

Corporation

5,262,785

5,250

Tandem

Diabetes

Care,

Inc.

a

610,522

6,172

Teleflex,

Inc.

2,190,011

15,070

Zimmer

Biomet

Holdings,

Inc.

1,927,453

2,507

ZimVie,

Inc.

a

57,260

Total

67,338,507

Health

Care

Facilities

(2.0%)

10,833

Agilon

Health,

Inc.

a

274,617

21,355

Encompass

Health

Corporation

1,518,554

17,150

HCA

Healthcare,

Inc.

4,298,133

Total

6,091,304

Health

Care

Services

(6.0%)

38,829

Agiliti,

Inc.

a

819,292

10,333

Amedisys,

Inc.

a

1,780,273

11,207

CareMax,

Inc.

a

83,716

2,241

CareMax,

Inc.,

Warrants

(Expires

07/16/2025)

a

3,361

36,657

Cigna

Holding

Company

8,783,384

10,781

LHC

Group,

Inc.

a

1,817,677

28,220

Quest

Diagnostics,

Inc.

3,862,189

11,984

Teladoc

Health,

Inc.

a

864,406

Total

18,014,298

Health

Care

Supplies

(1.6%)

24,981

Alcon,

Inc.

1,981,742

2,710

Align

Technology,

Inc.

a

1,181,560

2,325

Cooper

Companies,

Inc.

970,897

1,345

West

Pharmaceutical

Services,

Inc.

552,405

Total

4,686,604

Life

Sciences

Tools

&

Services

(6.6%)

10,810

Agilent

Technologies,

Inc.

1,430,487

6,440

ICON

plc

a

1,566,337

5,229

Illumina,

Inc.

a

1,827,013

10,798

IQVIA

Holding,

Inc.

a

2,496,606

15,485

IsoPlexis

Corporation

a

53,113

11,835

Qiagen

NV

a

579,915

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

a

Shares

Common

Stock

(95.4%)

Value

Life

Sciences

Tools

&

Services

(6.6%)

-

continued

19,969

Thermo

Fisher

Scientific,

Inc.

$

11,794,690

Total

19,748,161

Managed

Health

Care

(13.3%)

17,789

Anthem,

Inc.

8,738,312

33,951

Centene

Corporation

a

2,858,335

55,313

UnitedHealth

Group,

Inc.

28,207,971

Total

39,804,618

Pharmaceuticals

(22.5%)

35,110

AstraZeneca

plc

4,656,030

11,770

AstraZeneca

plc

ADR

780,822

50,839

Bristol-Myers

Squibb

Company

3,712,772

52,700

Daiichi

Sankyo

Company,

Ltd.

1,150,810

42,045

Eli

Lilly

and

Company

12,040,427

6,233

Forma

Therapeutics

Holdings,

Inc.

a

57,967

494,505

Hansoh

Pharmaceutical

Group

Company,

Ltd.

b

822,236

10,499

Horizon

Therapeutics

plc

a

1,104,600

73,825

Johnson

&

Johnson

13,084,005

89,116

Merck

&

Company,

Inc.

7,311,968

219,703

Pfizer,

Inc.

11,374,024

2,723

Roche

Holding

AG,

Participation

Certificates

1,077,387

32,894

Sanofi

3,363,089

29,577

Sanofi

ADR

1,518,483

29,321

Zoetis,

Inc.

5,529,647

Total

67,584,267

Total

Common

Stock

(cost

$209,075,995)

286,171,443

Shares

Short-Term

Investments

(

4.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,386,353

0.660%

13,863,526

Total

Short-Term

Investments

(cost

$13,861,021)

13,863,526

Total

Investments

(cost

$222,937,016)

100.0%

$300,034,969

Other

Assets

and

Liabilities,

Net

<0.1%

55,781

Total

Net

Assets

100.0%

$300,090,750

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,

2022,

the

value

of

these

investments

was

$822,236

or

0.3%

of

total

net

assets.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Currency:

USD

-

United

States

Dollar

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Partner

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

54,189,835

53,556,372

633,463

–

Financials

835,607

835,607

–

–

Health

Care

Distributors

7,878,242

7,878,242

–

–

Health

Care

Equipment

67,338,507

67,338,507

–

–

Health

Care

Facilities

6,091,304

6,091,304

–

–

Health

Care

Services

18,014,298

18,014,298

–

–

Health

Care

Supplies

4,686,604

4,686,604

–

–

Life

Sciences

Tools

&

Services

19,748,161

19,748,161

–

–

Managed

Health

Care

39,804,618

39,804,618

–

–

Pharmaceuticals

67,584,267

56,514,715

11,069,552

–

Subtotal

Investments

in

Securities

$286,171,443

$274,468,428

$11,703,015

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

13,863,526

Subtotal

Other

Investments

$13,863,526

Total

Investments

at

Value

$300,034,969

*

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

Foreign

Currency

Forward

Contracts

44,091

–

44,091

–

Total

Liability

Derivatives

$44,091

$–

$44,091

$–

The

following

table

presents

Partner

Healthcare

Portfolio's

foreign

currency

forward

contracts

held

as

of

March

31,

2022.  

Foreign

Currency

Forward

Contracts

Counterparty

Currency

to

Deliver

Contracts

to  

Deliver

Currency

to  

Receive

In

Exchange

for

Settlement

Date

Unrealized

Appreciation/

(Depreciation)

Deutsche

Bank

British

Pound

1,458,900

USD

$

1,915,522

6/16/2022

(

$

3,050)

J.P.

Morgan

Euro

2,317,200

USD

2,570,876

6/16/2022

(

40,171)

Citibank

Global

Markets,

Inc.

Swiss

Franc

467,100

USD

507,352

6/16/2022

(

870)

Total

($44,091)

Net

Unrealized

Appreciation/(Depreciation)

on

Foreign

Currency

Forward

Contracts

($44,091)

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Partner

Healthcare

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$12,050

$19,721

$17,907

$13,864

1,386

4.6%

Total

Affiliated

Short-Term

Investments

12,050

13,864

4.6

Total

Value

$12,050

$13,864

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$10

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$10

Total

Value

$–

$–

$

–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Shares

Common

Stock

(

98.0%

)

Value

Consumer

Discrectionary

(0.2%)

6,500

Caesars

Entertainment,

Inc.

a

$

502,840

Total

502,840

Diversified

REITs

(4.8%)

7,554

American

Assets

Trust,

Inc.

286,221

40,367

Cousins

Properties,

Inc.

1,626,386

88,770

Duke

Realty

Corporation

5,153,986

29,800

LXP

Industrial

Trust

467,860

23,174

Spirit

Realty

Capital,

Inc.

1,066,468

26,597

Store

Capital

Corporation

777,430

12,958

WP

Carey,

Inc.

1,047,525

Total

10,425,876

Health

Care

REITs

(8.4%)

13,762

Healthcare

Realty

Trust,

Inc.

378,180

53,525

Healthcare

Trust

of

America,

Inc.

1,677,474

97,500

Healthpeak

Properties,

Inc.

3,347,175

63,306

Medical

Properties

Trust,

Inc.

1,338,289

16,714

Omega

Healthcare

Investors,

Inc.

520,808

60,098

Ventas,

Inc.

3,711,652

73,770

Welltower,

Inc.

7,092,248

Total

18,065,826

Hotel

&

Resort

REITs

(4.3%)

62,212

Apple

Hospitality

REIT,

Inc.

1,117,950

121,951

Host

Hotels

&

Resorts,

Inc.

2,369,508

1,900

Marriott

International,

Inc.

a

333,925

52,858

MGM

Growth

Properties,

LLC

2,045,605

36,835

Park

Hotels

&

Resorts,

Inc.

719,388

29,785

Pebblebrook

Hotel

Trust

729,137

39,554

RLJ

Lodging

Trust

556,920

9,256

Ryman

Hospitality

Properties

a

858,679

34,757

Sunstone

Hotel

Investors,

Inc.

a

409,437

10,300

Xenia

Hotels

&

Resorts,

Inc.

a

198,687

Total

9,339,236

Industrial

REITs

(14.4%)

29,392

Americold

Realty

Trust

819,449

4,751

EastGroup

Properties,

Inc.

965,783

35,396

First

Industrial

Realty

Trust,

Inc.

2,191,367

103,681

Prologis,

Inc.

16,742,408

55,814

Rexford

Industrial

Realty,

Inc.

4,163,166

12,088

SBA

Communications

Corporation

4,159,481

22,911

STAG

Industrial,

Inc.

947,370

13,745

Terreno

Realty

Corporation

1,017,817

Total

31,006,841

Information

Technology

(0.4%)

25,944

Switch,

Inc.

799,594

Total

799,594

Office

REITs

(6.4%)

25,667

Alexandria

Real

Estate

Equities,

Inc.

5,165,484

17,483

Boston

Properties,

Inc.

2,251,810

13,746

Corporate

Office

Properties

Trust

392,311

22,790

Douglas

Emmett,

Inc.

761,642

25,312

Highwoods

Properties,

Inc.

1,157,771

20,272

Hudson

Pacific

Properties,

Inc.

562,548

17,026

JBG

SMITH

Properties

497,500

21,691

Kilroy

Realty

Corporation

1,657,626

10,911

SL

Green

Realty

Corporation

885,755

Shares

Common

Stock

(98.0%)

Value

Office

REITs

(6.4%)

-

continued

10,454

Vornado

Realty

Trust

$

473,775

Total

13,806,222

Real

Estate

Operating

Companies

(0.5%)

37,337

Essential

Properties

Realty

Trust,

Inc.

944,626

Total

944,626

Real

Estate

Services

(0.8%)

11,500

CBRE

Group,

Inc.

a

1,052,480

2,981

Jones

Lang

LaSalle,

Inc.

a

713,830

Total

1,766,310

Residential

REITs

(21.6%)

23,677

American

Campus

Communities,

Inc.

1,325,202

100,325

American

Homes

4

Rent

4,016,010

28,612

Apartment

Income

REIT

Corporation

1,529,597

25,179

AvalonBay

Communities,

Inc.

6,253,708

23,531

Camden

Property

Trust

3,910,852

43,703

Equity

Lifestyle

Properties,

Inc.

3,342,405

42,566

Equity

Residential

3,827,535

12,885

Essex

Property

Trust,

Inc.

4,451,510

26,374

Independence

Realty

Trust,

Inc.

697,329

117,746

Invitation

Homes,

Inc.

4,731,034

16,908

Mid-America

Apartment

Communities,

Inc.

3,541,381

26,701

Sun

Communities,

Inc.

4,680,418

74,524

UDR,

Inc.

4,275,442

Total

46,582,423

Retail

REITs

(11.1%)

20,997

Agree

Realty

Corporation

1,393,361

83,271

Brixmor

Property

Group,

Inc.

2,149,225

10,556

Federal

Realty

Investment

Trust

1,288,571

112,697

Kimco

Realty

Corporation

2,783,616

38,008

Kite

Realty

Group

Trust

865,442

6,800

Macerich

Company

106,352

22,371

National

Retail

Properties,

Inc.

1,005,353

23,413

NetSTREIT

Corporation

525,388

19,221

Phillips

Edison

and

Company,

Inc.

661,010

42,100

Realty

Income

Corporation

2,917,530

34,507

Regency

Centers

Corporation

2,461,729

26,028

Retail

Opportunity

Investments

Corporation

504,683

47,540

Simon

Property

Group,

Inc.

6,254,362

37,885

SITE

Centers

Corporation

633,058

21,449

Urban

Edge

Properties

409,676

Total

23,959,356

Specialized

REITs

(25.1%)

31,213

American

Tower

Corporation

7,841,330

28,243

Crown

Castle

International

Corporation

5,213,658

50,886

CubeSmart

2,647,599

25,918

Digital

Realty

Trust,

Inc.

3,675,172

12,918

Equinix,

Inc.

9,580,247

26,582

Extra

Space

Storage,

Inc.

5,465,259

13,073

Four

Corners

Property

Trust,

Inc.

353,494

41,542

Gaming

and

Leisure

Properties,

Inc.

1,949,566

13,700

Iron

Mountain,

Inc.

759,117

25,509

Life

Storage,

Inc.

3,582,229

13,665

National

Storage

Affiliates

Trust

857,615

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Shares

Common

Stock

(98.0%)

Value

Specialized

REITs

(25.1%)

-

continued

3,692

PotlatchDeltic

Corporation

$

194,679

18,304

Public

Storage,

Inc.

7,143,685

104,145

VICI

Properties,

Inc.

2,963,967

51,789

Weyerhaeuser

Company

1,962,803

Total

54,190,420

Total

Common

Stock

(cost

$124,257,929)

211,389,570

Shares

Registered

Investment

Companies

(

0.8%

)

Value

Unaffiliated  (0.8%)

3,900

iShares

Dow

Jones

U.S.

Real

Estate

Index

Fund

ETF

422,058

12,566

Vanguard

Real

Estate

ETF

1,361,777

Total

1,783,835

Total

Registered

Investment

Companies

(cost

$1,733,975)

1,783,835

Shares

Short-Term

Investments

(

1.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

269,029

0.660%

2,690,288

Total

Short-Term

Investments

(cost

$2,690,288)

2,690,288

Total

Investments

(cost

$128,682,192)

100.0%

$215,863,693

Other

Assets

and

Liabilities,

Net

(<0.1%)

(91,524)

Total

Net

Assets

100.0%

$215,772,169

a

Non-income

producing

security.

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discrectionary

502,840

502,840

–

–

Diversified

REITs

10,425,876

10,425,876

–

–

Health

Care

REITs

18,065,826

18,065,826

–

–

Hotel

&

Resort

REITs

9,339,236

9,339,236

–

–

Industrial

REITs

31,006,841

31,006,841

–

–

Information

Technology

799,594

799,594

–

–

Office

REITs

13,806,222

13,806,222

–

–

Real

Estate

Operating

Companies

944,626

944,626

–

–

Real

Estate

Services

1,766,310

1,766,310

–

–

Residential

REITs

46,582,423

46,582,423

–

–

Retail

REITs

23,959,356

23,959,356

–

–

Specialized

REITs

54,190,420

54,190,420

–

–

Registered

Investment

Companies

Unaffiliated

1,783,835

1,783,835

–

–

Subtotal

Investments

in

Securities

$213,173,405

$213,173,405

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,690,288

Subtotal

Other

Investments

$2,690,288

Total

Investments

at

Value

$215,863,693

*

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Real

Estate

Securities

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$1,869

$7,083

$6,262

$2,690

269

1.2%

Total

Affiliated

Short-Term

Investments

1,869

2,690

1.2

Total

Value

$1,869

$2,690

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$0

Total

Value

$–

$–

$

–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock

(

97.7%

)

Value

Communications

Services

(0.7%)

27,351

Upwork,

Inc.

a

$

635,637

Total

635,637

Consumer

Discretionary

(13.1%)

17,335

Bally's

Corporation

a

532,878

7,105

Choice

Hotels

International,

Inc.

1,007,205

31,556

Cooper-Standard

Holdings,

Inc.

a

276,746

62,869

Duluth

Holdings,

Inc.

a

768,888

114,524

Everi

Holdings,

Inc.

a

2,405,004

5,398

Five

Below,

Inc.

a

854,881

3,082

Lithia

Motors,

Inc.

924,970

22,633

Magnite,

Inc.

a

298,982

11,201

Papa

John's

International,

Inc.

1,179,241

11,014

Planet

Fitness,

Inc.

a

930,463

24,966

Skyline

Champion

Corporation

a

1,370,134

54,994

ThredUp,

Inc.

a

423,454

6,498

Wingstop,

Inc.

762,540

9,380

Xometry,

Inc.

a,b

344,715

Total

12,080,101

Consumer

Staples

(2.8%)

58,118

e.l.f.

Beauty,

Inc.

a

1,501,188

32,889

Turning

Point

Brands,

Inc.

1,118,555

Total

2,619,743

Energy

(0.6%)

4,968

Matador

Resources

Company

263,205

15,244

Nine

Energy

Service,

Inc.

a

57,013

13,879

Talos

Energy,

Inc.

a

219,149

Total

539,367

Financials

(6.6%)

13,868

Ameris

Bancorp

608,528

13,071

BRP

Group,

Inc.

a

350,695

18,542

Hamilton

Lane,

Inc.

1,433,111

7,828

Kinsale

Capital

Group,

Inc.

1,784,940

15,486

Seacoast

Banking

Corporation

of

Florida

542,320

16,394

Western

Alliance

Bancorp

1,357,751

Total

6,077,345

Health

Care

(19.1%)

17,714

Adaptive

Biotechnologies

Corporation

a

245,870

26,781

Agilon

Health,

Inc.

a

678,898

2,306

Argenx

SE

ADR

a

727,105

4,312

Ascendis

Pharma

AS

ADR

a

506,056

29,130

Axonics,

Inc.

a

1,823,538

11,480

BioLife

Solutions,

Inc.

a

260,940

3,146

Global

Blood

Therapeutics,

Inc.

a

108,978

5,957

Guardant

Health,

Inc.

a

394,592

14,560

Halozyme

Therapeutics,

Inc.

a

580,653

17,251

Immunocore

Holdings

plc

ADR

a

515,805

10,648

Inari

Medical,

Inc.

a

965,135

10,187

Inotiv,

Inc.

a

266,696

6,570

Inspire

Medical

Systems,

Inc.

a

1,686,453

42,488

Lantheus

Holdings,

Inc.

a

2,350,011

8,208

Natera,

Inc.

a

333,901

8,110

Omnicell,

Inc.

a

1,050,164

24,599

Phreesia,

Inc.

a

648,430

29,589

Progyny,

Inc.

a

1,520,875

7,239

Repligen

Corporation

a

1,361,584

3,719

Sarepta

Therapeutics,

Inc.

a

290,528

23,591

Silk

Road

Medical,

Inc.

a

974,072

Shares

Common

Stock

(97.7%)

Value

Health

Care

(19.1%)

-

continued

11,200

Travere

Therapeutics,

Inc.

a

$

288,624

18,554

Vor

BioPharma,

Inc.

a

112,066

Total

17,690,974

Industrials

(26.5%)

24,162

Altra

Industrial

Motion

Corporation

940,627

13,603

ASGN,

Inc.

a

1,587,606

12,555

Chart

Industries,

Inc.

a

2,156,572

23,653

Driven

Brands

Holdings,

Inc.

a

621,601

71,280

First

Advantage

Corporation

a

1,439,143

9,584

Forward

Air

Corporation

937,123

9,585

Lincoln

Electric

Holdings,

Inc.

1,320,909

9,915

Mercury

Systems,

Inc.

a

639,022

12,356

Middleby

Corporation

a

2,025,643

55,291

Ranpak

Holdings

Corporation

a

1,129,595

7,207

RBC

Bearings,

Inc.

a

1,397,293

13,934

Regal

Rexnord

Corporation

2,073,101

27,053

Rush

Enterprises,

Inc.

1,377,268

3,180

Saia,

Inc.

a

775,348

60,344

Summit

Materials,

Inc.

a

1,874,285

58,136

Sun

Country

Airlines

Holdings,

Inc.

a

1,522,000

11,492

Vicor

Corporation

a

810,761

46,442

WillScot

Mobile

Mini

Holdings

Corporation

a

1,817,275

Total

24,445,172

Information

Technology

(22.2%)

36,143

Alignment

Healthcare,

Inc.

a

405,886

19,575

Allegro

MicroSystems,

Inc.

a

555,930

1,442

Anaplan,

Inc.

a

93,802

14,942

Avalara,

Inc.

a

1,486,878

4,364

BigCommerce

Holdings,

Inc.

a

95,615

26,412

Calix,

Inc.

a

1,133,339

19,287

Cognex

Corporation

1,487,992

10,410

Descartes

Systems

Group,

Inc.

a

762,637

7,596

Dolby

Laboratories,

Inc.

594,159

5,048

Endava

plc

ADR

a

671,536

12,399

Five9,

Inc.

a

1,368,850

25,170

Lattice

Semiconductor

Corporation

a

1,534,112

15,220

LivePerson,

Inc.

a

371,672

24,162

LiveRamp

Holding,

Inc.

a

903,417

2,859

MKS

Instruments,

Inc.

428,850

2,030

Monolithic

Power

Systems,

Inc.

985,930

5,590

Nova,

Ltd.

a

608,639

25,691

Paymentus

Holdings,

Inc.

a,b

541,566

61,967

Sierra

Wireless,

Inc.

a

1,117,885

3,306

SiTime

Corporation

a

819,293

28,641

Sprout

Social,

Inc.

a

2,294,717

2,214

Universal

Display

Corporation

369,627

16,302

Workiva,

Inc.

a

1,923,636

Total

20,555,968

Materials

(1.9%)

15,389

Compass

Minerals

International,

Inc.

966,275

4,428

Quaker

Chemical

Corporation

765,203

Total

1,731,478

Real

Estate

(4.2%)

41,845

Cushman

and

Wakefield

plc

a

858,241

5,021

FirstService

Corporation

727,442

6,929

NexPoint

Residential

Trust,

Inc.

625,758

29,222

Pebblebrook

Hotel

Trust

715,355

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

Shares

Common

Stock

(97.7%)

Value

Real

Estate

(4.2%)

-

continued

13,176

Rexford

Industrial

Realty,

Inc.

$

982,798

Total

3,909,594

Total

Common

Stock

(cost

$78,629,082)

90,285,379

Shares

Registered

Investment

Companies

(

1.1%

)

Value

Unaffiliated  (1.1%)

5,853

SPDR

S&P

Biotech

ETF

a

526,067

3,834

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

515,865

Total

1,041,932

Total

Registered

Investment

Companies

(cost

$1,027,895)

1,041,932

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

Value

1,004,850

Thrivent

Cash

Management

Trust

1,004,850

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,004,850)

1,004,850

Shares

Short-Term

Investments

(

1.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

112,645

0.660%

1,126,449

Total

Short-Term

Investments

(cost

$1,126,449)

1,126,449

Total

Investments

(cost

$81,788,276)

101.1%

$93,458,610

Other

Assets

and

Liabilities,

Net

(1.1%)

(993,317)

Total

Net

Assets

100.0%

$92,465,293

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

972,167

Total

lending

$972,167

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,004,850

Net

amounts

due

to

counterparty

$32,683

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

635,637

635,637

–

–

Consumer

Discretionary

12,080,101

12,080,101

–

–

Consumer

Staples

2,619,743

2,619,743

–

–

Energy

539,367

539,367

–

–

Financials

6,077,345

6,077,345

–

–

Health

Care

17,690,974

17,690,974

–

–

Industrials

24,445,172

24,445,172

–

–

Information

Technology

20,555,968

20,555,968

–

–

Materials

1,731,478

1,731,478

–

–

Real

Estate

3,909,594

3,909,594

–

–

Registered

Investment

Companies

Unaffiliated

1,041,932

1,041,932

–

–

Subtotal

Investments

in

Securities

$91,327,311

$91,327,311

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,126,449

Collateral

Held

for

Securities

Loaned

1,004,850

Subtotal

Other

Investments

$2,131,299

Total

Investments

at

Value

$93,458,610

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$1,224

$5,994

$6,092

$1,126

113

1.2%

Total

Affiliated

Short-Term

Investments

1,224

1,126

1.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,249

5,876

6,120

1,005

1,005

1.1

Total

Collateral

Held

for

Securities

Loaned

1,249

1,005

1.1

Total

Value

$2,473

$2,131

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$0

$0

$

–

$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

$0

$0

$

–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

Shares

Common

Stock

(

97.7%

)

Value

Communications

Services

(2.1%)

23,795

AMC

Networks,

Inc.

a,b

$

966,791

8,889

ATN

International,

Inc.

354,493

52,879

Cars.com,

Inc.

b

763,044

31,885

Cerence,

Inc.

b

1,151,048

86,672

Cinemark

Holdings,

Inc.

b

1,497,692

34,541

Cogent

Communications

Holdings

2,291,795

58,400

Consolidated

Communications

Holdings,

Inc.

b

344,560

46,548

E.W.

Scripps

Company

b

967,733

115,866

Gannett

Company,

Inc.

b

522,556

40,857

QuinStreet,

Inc.

b

473,941

24,681

Scholastic

Corporation

994,151

40,675

Shenandoah

Telecommunications

Company

959,117

80,424

Telephone

&

Data

Systems,

Inc.

1,518,405

13,825

Thryv

Holdings,

Inc.

b

388,759

205,533

Vonage

Holdings

Corporation

b

4,170,265

Total

17,364,350

Consumer

Discretionary

(11.3%)

25,629

Aaron's

Company,

Inc.

514,630

45,990

Abercrombie

&

Fitch

Company

b

1,471,220

71,117

Academy

Sports

and

Outdoors,

Inc.

2,802,010

40,547

Adtalem

Global

Education,

Inc.

b

1,204,651

92,854

American

Axle

&

Manufacturing

Holdings,

Inc.

b

720,547

15,231

American

Public

Education,

Inc.

b

323,506

4,928

America's

Car-Mart,

Inc.

b

397,000

18,834

Asbury

Automotive

Group,

Inc.

b

3,017,207

29,628

Barnes

&

Noble

Education,

Inc.

b

106,068

78,426

Bed

Bath

&

Beyond,

Inc.

a,b

1,766,938

24,862

Big

Lots,

Inc.

860,225

18,971

BJ's

Restaurants,

Inc.

b

536,879

66,116

Bloomin'

Brands,

Inc.

1,450,585

24,154

Boot

Barn

Holdings,

Inc.

b

2,289,558

36,307

Brinker

International,

Inc.

b

1,385,475

23,911

Buckle,

Inc.

790,019

31,008

Caleres,

Inc.

599,385

15,504

Cato

Corporation

227,289

6,937

Cavco

Industries,

Inc.

b

1,670,776

24,189

Century

Communities,

Inc.

1,295,805

39,497

Cheesecake

Factory,

Inc.

b

1,571,586

99,758

Chico's

FAS,

Inc.

b

478,838

11,107

Children's

Place,

Inc.

b

547,575

16,120

Chuy's

Holdings,

Inc.

b

435,240

15,619

Conn's,

Inc.

b

240,689

31,536

Dave

&

Buster's

Entertainment,

Inc.

b

1,548,418

50,215

Designer

Brands,

Inc.

b

678,405

14,016

Dine

Brands

Global,

Inc.

1,092,547

23,170

Dorman

Products,

Inc.

b

2,201,845

15,775

El

Pollo

Loco

Holdings,

Inc.

b

183,305

17,919

Ethan

Allen

Interiors,

Inc.

467,148

13,949

Fiesta

Restaurant

Group,

Inc.

b

104,269

38,630

Fossil,

Inc.

b

372,393

11,178

Genesco,

Inc.

b

711,033

27,051

Gentherm,

Inc.

b

1,975,805

35,584

G-III

Apparel

Group,

Ltd.

b

962,547

16,558

Golden

Entertainment,

Inc.

b

961,523

14,002

Group

1

Automotive,

Inc.

2,349,956

31,737

Guess

?,

Inc.

a

693,453

12,112

Haverty

Furniture

Companies,

Inc.

a

332,111

10,475

Hibbet,

Inc.

464,462

19,105

Installed

Building

Products,

Inc.

1,614,181

Shares

Common

Stock

(97.7%)

Value

Consumer

Discretionary

(11.3%)

-

continued

21,946

iRobot

Corporation

a,b

$

1,391,376

17,179

Jack

in

the

Box,

Inc.

1,604,690

38,728

Kontoor

Brands,

Inc.

1,601,403

35,743

La-Z-Boy,

Inc.

942,543

20,574

LCI

Industries

2,135,787

17,389

LGI

Homes,

Inc.

b

1,698,558

21,714

Liquidity

Services,

Inc.

b

371,744

23,680

LL

Flooring

Holdings,

Inc.

b

331,994

46,023

M.D.C.

Holdings,

Inc.

1,741,510

23,690

M/I

Homes,

Inc.

b

1,050,652

17,796

Marcus

Corporation

a,b

314,989

17,844

MarineMax,

Inc.

b

718,399

30,374

Meritage

Homes

Corporation

b

2,406,532

10,677

Monarch

Casino

&

Resort,

Inc.

b

931,355

27,309

Monro,

Inc.

1,210,881

15,634

Motorcar

Parts

of

America,

Inc.

b

278,754

13,332

Movado

Group,

Inc.

520,615

37,366

ODP

Corporation

b

1,712,484

12,925

Oxford

Industries,

Inc.

1,169,713

57,071

Perdoceo

Education

Corporation

b

655,175

17,078

PetMed

Express,

Inc.

a

440,612

12,794

Red

Robin

Gourmet

Burgers,

Inc.

b

215,707

49,236

Rent-A-Center,

Inc.

1,240,255

25,833

Ruth's

Hospitality

Group,

Inc.

591,059

89,610

Sally

Beauty

Holdings,

Inc.

b

1,400,604

31,863

Shake

Shack,

Inc.

b

2,163,498

14,216

Shoe

Carnival,

Inc.

414,539

18,942

Shutterstock,

Inc.

1,763,121

42,839

Signet

Jewelers,

Ltd.

3,114,395

18,436

Sleep

Number

Corporation

b

934,890

16,892

Sonic

Automotive,

Inc.

718,079

15,581

Standard

Motor

Products,

Inc.

672,164

62,284

Steven

Madden,

Ltd.

2,406,654

18,424

Strategic

Education,

Inc.

1,222,985

14,325

Sturm,

Ruger

&

Company,

Inc.

997,307

21,712

TechTarget,

Inc.

b

1,764,751

39,792

Tupperware

Brands

Corporation

b

773,954

11,295

Unifi,

Inc.

b

204,440

10,666

Universal

Electronics,

Inc.

b

333,206

20,594

Vera

Bradley,

Inc.

b

157,956

45,799

Vista

Outdoor,

Inc.

b

1,634,566

27,145

Winnebago

Industries,

Inc.

1,466,644

67,054

Wolverine

World

Wide,

Inc.

1,512,738

43,322

WW

International,

Inc.

b

443,184

13,487

XPEL,

Inc.

b

709,551

15,900

Zumiez,

Inc.

b

607,539

Total

94,110,654

Consumer

Staples

(4.6%)

24,771

Andersons,

Inc.

1,244,990

52,831

B&G

Foods,

Inc.

1,425,380

14,391

Calavo

Growers,

Inc.

524,552

30,486

Cal-Maine

Foods,

Inc.

1,683,437

31,097

Celsius

Holdings,

Inc.

b

1,715,932

7,936

Central

Garden

&

Pet

Company

b

348,867

32,274

Central

Garden

&

Pet

Company,

Class

A

b

1,316,134

26,523

Chefs'

Warehouse,

Inc.

b

864,650

3,779

Coca-Cola

Consolidated,

Inc.

1,877,596

39,036

e.l.f.

Beauty,

Inc.

b

1,008,300

44,021

Edgewell

Personal

Care

Company

1,614,250

27,094

Fresh

Del

Monte

Produce,

Inc.

702,006

112,649

Hostess

Brands,

Inc.

b

2,471,519

14,467

Inter

Parfums,

Inc.

1,273,819

12,134

J

&

J

Snack

Foods

Corporation

1,881,983

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

(97.7%)

Value

Consumer

Staples

(4.6%)

-

continued

7,268

John

B.

Sanfilippo

&

Son,

Inc.

$

606,442

9,456

Medifast,

Inc.

1,614,896

10,192

MGP

Ingredients,

Inc.

872,333

18,993

National

Beverage

Corporation

826,196

19,597

PriceSmart,

Inc.

1,545,615

4,935

Seneca

Foods

Corporation

b

254,350

68,868

Simply

Good

Foods

Company

b

2,613,541

29,261

SpartanNash

Company

965,320

14,089

Tootsie

Roll

Industries,

Inc.

492,551

422

Tootsie

Roll

Industries,

Inc.,

Bonus

Shares

b,c

14,606

45,412

TreeHouse

Foods,

Inc.

b

1,464,991

47,285

United

Natural

Foods,

Inc.

b

1,955,235

20,033

Universal

Corporation

1,163,316

9,506

USANA

Health

Sciences,

Inc.

b

755,252

106,534

Vector

Group,

Ltd.

1,282,669

11,142

WD-40

Company

2,041,549

Total

38,422,277

Energy

(6.0%)

109,105

Archrock,

Inc.

1,007,039

18,868

Bristow

Group,

Inc.

b

699,625

38,465

Callon

Petroleum

Company

b

2,272,512

58,674

Civitas

Resources,

Inc.

3,503,425

25,824

CONSOL

Energy,

Inc.

b

971,757

37,673

Core

Laboratories

NV

1,191,597

22,547

Dorian

LPG,

Ltd.

326,706

28,807

Dril-Quip,

Inc.

b

1,075,941

43,631

Green

Plains,

Inc.

b

1,352,997

115,465

Helix

Energy

Solutions

Group,

Inc.

b

551,923

85,889

Helmerich

&

Payne,

Inc.

3,674,331

11,674

Laredo

Petroleum

Holdings,

Inc.

b

923,880

89,789

Matador

Resources

Company

4,757,021

6,306

Nabors

Industries,

Ltd.

b

963,052

81,244

Oceaneering

International,

Inc.

b

1,231,659

49,965

Oil

States

International,

Inc.

b

347,257

37,240

Par

Pacific

Holdings,

Inc.

b

484,865

175,117

Patterson-UTI

Energy,

Inc.

2,710,811

77,332

PBF

Energy,

Inc.

b

1,884,581

69,004

ProPetro

Holding

Corporation

b

961,226

17,167

Ranger

Oil

Corporation,

Class

A

b

592,777

40,924

Renewable

Energy

Group,

Inc.

b

2,482,041

4,241

REX

American

Resources

Corporation

b

422,404

57,224

RPC,

Inc.

b

610,580

98,889

SM

Energy

Company

3,851,727

907,141

Southwestern

Energy

Company

b

6,504,201

33,329

Talos

Energy,

Inc.

b

526,265

60,706

U.S.

Silica

Holdings,

Inc.

b

1,132,774

41,852

Warrior

Met

Coal,

Inc.

1,553,128

51,425

World

Fuel

Services

Corporation

1,390,532

Total

49,958,634

Financials

(17.7%)

15,397

Allegiance

Bancshares,

Inc.

687,938

37,695

Ambac

Financial

Group,

Inc.

b

392,028

67,088

American

Equity

Investment

Life

Holding

Company

2,677,482

53,854

Ameris

Bancorp

2,363,113

15,764

AMERISAFE,

Inc.

782,998

107,546

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,498,116

73,013

ARMOUR

Residential

REIT,

Inc.

613,309

56,827

Assured

Guaranty,

Ltd.

3,617,607

43,595

Axos

Financial,

Inc.

b

2,022,372

Shares

Common

Stock

(97.7%)

Value

Financials

(17.7%)

-

continued

13,100

B.

Riley

Financial,

Inc.

$

916,476

44,044

Banc

of

California,

Inc.

852,692

15,394

BancFirst

Corporation

1,280,935

46,704

Bancorp,

Inc.

b

1,323,124

69,724

BankUnited,

Inc.

3,065,067

27,884

Banner

Corporation

1,632,051

39,619

Berkshire

Hills

Bancorp,

Inc.

1,147,762

39,661

Blucora,

Inc.

b

775,373

28,512

BrightSphere

Investment

Group

691,416

63,184

Brookline

Bancorp,

Inc.

999,571

105,120

Capitol

Federal

Financial,

Inc.

1,143,706

22,561

Central

Pacific

Financial

Corporation

629,452

12,307

City

Holding

Company

968,561

63,279

Columbia

Banking

System,

Inc.

2,042,013

43,861

Community

Bank

System,

Inc.

3,076,849

24,650

Customers

Bancorp,

Inc.

b

1,285,251

110,289

CVB

Financial

Corporation

2,559,808

26,620

Dime

Community

Bancshares,

Inc.

920,253

23,744

Donnelley

Financial

Solutions,

Inc.

b

789,725

26,007

Eagle

Bancorp,

Inc.

1,482,659

19,334

eHealth,

Inc.

b

239,935

44,413

Ellington

Financial,

Inc.

788,331

22,765

Employers

Holdings,

Inc.

933,820

20,189

Encore

Capital

Group,

Inc.

b

1,266,456

27,796

Enova

International,

Inc.

b

1,055,414

43,600

EZCORP,

Inc.

b

263,344

29,031

FB

Financial

Corporation

1,289,557

164,302

First

Bancorp

2,155,642

28,135

First

Bancorp/Southern

Pines

NC

1,175,199

76,713

First

Commonwealth

Financial

Corporation

1,162,969

76,644

First

Financial

Bancorp

1,766,644

103,796

First

Hawaiian,

Inc.

2,894,870

43,307

Flagstar

Bancorp,

Inc.

1,836,217

413,061

Genworth

Financial,

Inc.

b

1,561,371

43,788

Granite

Point

Mortgage

Trust,

Inc.

486,923

44,516

Green

Dot

Corporation

b

1,223,300

10,941

Greenhill

&

Company,

Inc.

169,257

24,754

Hanmi

Financial

Corporation

609,196

6,509

HCI

Group,

Inc.

443,784

28,579

Heritage

Financial

Corporation

716,190

49,498

Hilltop

Holdings,

Inc.

1,455,241

16,351

HomeStreet,

Inc.

774,710

97,694

Hope

Bancorp,

Inc.

1,570,920

33,697

Horace

Mann

Educators

Corporation

1,409,545

38,506

Independent

Bank

Corporation

3,145,555

29,934

Independent

Bank

Group,

Inc.

2,130,103

253,780

Invesco

Mortgage

Capital,

Inc.

578,618

183,718

Investors

Bancorp,

Inc.

2,742,910

30,358

James

River

Group

Holdings,

Ltd.

751,057

36,471

KKR

Real

Estate

Finance

Trust,

Inc.

751,667

20,597

Lakeland

Financial

Corporation

1,503,581

9,336

LendingTree,

Inc.

b

1,117,239

24,300

Meta

Financial

Group,

Inc.

1,334,556

61,156

Mr.

Cooper

Group,

Inc.

b

2,792,995

24,389

National

Bank

Holdings

Corporation

982,389

35,290

NBT

Bancorp,

Inc.

1,275,028

308,767

New

York

Mortgage

Trust,

Inc.

1,127,000

69,804

NMI

Holdings,

Inc.

b

1,439,358

35,294

Northfield

Bancorp,

Inc.

506,822

103,072

Northwest

Bancshares,

Inc.

1,392,503

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

Shares

Common

Stock

(97.7%)

Value

Financials

(17.7%)

-

continued

40,407

OFG

Bancorp

$

1,076,442

76,840

Pacific

Premier

Bancorp,

Inc.

2,716,294

19,655

Palomar

Holdings,

Inc.

b

1,257,723

11,752

Park

National

Corporation

1,543,978

77,253

PennyMac

Mortgage

Investment

Trust

1,304,803

11,478

Piper

Sandler

Companies

1,506,487

35,504

PRA

Group,

Inc.

b

1,600,520

10,994

Preferred

Bank

814,545

43,947

ProAssurance

Corporation

1,181,295

62,155

Provident

Financial

Services,

Inc.

1,454,427

54,727

Ready

Capital

Corporation

824,189

93,354

Redwood

Trust,

Inc.

983,018

45,390

Renasant

Corporation

1,518,295

32,035

S&T

Bancorp,

Inc.

947,595

11,587

Safety

Insurance

Group,

Inc.

1,052,679

47,627

Seacoast

Banking

Corporation

of

Florida

1,667,898

101,440

SelectQuote,

Inc.

b

283,018

39,730

ServisFirst

Bancshares,

Inc.

3,785,872

91,758

Simmons

First

National

Corporation

2,405,895

70,005

SiriusPoint,

Ltd.

b

523,637

26,337

Southside

Bancshares,

Inc.

1,075,340

21,891

Stewart

Information

Services

Corporation

1,326,813

13,931

StoneX

Group,

Inc.

b

1,034,098

9,666

Tompkins

Financial

Corporation

756,558

19,252

Triumph

Bancorp,

Inc.

b

1,810,073

27,933

Trupanion,

Inc.

b

2,489,389

15,646

TrustCo

Bank

Corporation

NY

499,577

50,187

Trustmark

Corporation

1,525,183

279,964

Two

Harbors

Investment

Corporation

1,548,201

85,310

United

Community

Banks,

Inc.

2,968,788

17,585

United

Fire

Group,

Inc.

546,366

22,836

Universal

Insurance

Holdings,

Inc.

308,058

40,192

Veritex

Holdings,

Inc.

1,534,129

5,807

Virtus

Investment

Partners,

Inc.

1,393,622

23,995

Walker

&

Dunlop,

Inc.

3,105,433

21,871

Westamerica

Bancorporation

1,323,195

88,596

WisdomTree

Investments,

Inc.

520,059

3,357

World

Acceptance

Corporation

b

644,007

53,305

WSFS

Financial

Corporation

2,485,079

Total

148,400,501

Health

Care

(11.4%)

12,966

Addus

HomeCare

Corporation

b

1,209,598

99,783

Allscripts

Healthcare

Solutions,

Inc.

b

2,247,113

38,485

AMN

Healthcare

Services,

Inc.

b

4,015,140

29,994

Amphastar

Pharmaceuticals,

Inc.

b

1,076,785

31,519

AngioDynamics,

Inc.

b

678,919

10,358

ANI

Pharmaceuticals,

Inc.

b

291,163

11,753

Anika

Therapeutics,

Inc.

b

295,118

30,750

Apollo

Medical

Holdings,

Inc.

a,b

1,490,452

32,018

Artivion,

Inc.

b

684,545

39,228

Avanos

Medical,

Inc.

b

1,314,138

50,131

Avid

Bioservices,

Inc.

b

1,021,168

24,411

BioLife

Solutions,

Inc.

b

554,862

34,085

Cara

Therapeutics,

Inc.

b

414,133

33,034

Cardiovascular

Systems,

Inc.

b

746,568

51,882

Coherus

Biosciences,

Inc.

b

669,797

28,142

Collegium

Pharmaceutical,

Inc.

b

572,971

101,093

Community

Health

Systems,

Inc.

b

1,199,974

Shares

Common

Stock

(97.7%)

Value

Health

Care

(11.4%)

-

continued

11,925

Computer

Programs

and

Systems,

Inc.

b

$

410,816

23,809

CONMED

Corporation

3,536,827

77,614

Corcept

Therapeutics,

Inc.

b

1,747,867

7,645

CorVel

Corporation

b

1,287,724

84,124

Covetrus,

Inc.

b

1,412,442

28,772

Cross

Country

Healthcare,

Inc.

b

623,489

13,303

Cutera,

Inc.

b

917,907

68,287

Cytokinetics,

Inc.

b

2,513,644

9,251

Eagle

Pharmaceuticals,

Inc.

b

457,832

38,979

Emergent

Biosolutions,

Inc.

b

1,600,478

14,858

Enanta

Pharmaceuticals,

Inc.

b

1,057,592

190,226

Endo

International

plc

b

439,422

42,602

Ensign

Group,

Inc.

3,834,606

15,785

Fulgent

Genetics,

Inc.

a,b

985,142

38,172

Glaukos

Corporation

b

2,207,105

29,936

Hanger,

Inc.

b

548,727

18,564

Harmony

Biosciences

Holdings,

Inc.

a,b

903,139

20,555

HealthStream,

Inc.

b

409,456

8,720

Heska

Corporation

b

1,205,802

50,914

Innoviva,

Inc.

b

985,186

16,649

Inogen,

Inc.

b

539,761

26,880

Integer

Holdings

Corporation

b

2,165,722

16,368

iTeos

Therapeutics,

Inc.

b

526,722

11,733

Joint

Corporation

b

415,231

55,105

Lantheus

Holdings,

Inc.

b

3,047,858

15,644

LeMaitre

Vascular,

Inc.

726,977

13,605

Ligand

Pharmaceuticals,

Inc.

b

1,530,426

69,392

MEDNAX,

Inc.

b

1,629,324

35,446

Meridian

Bioscience,

Inc.

b

920,178

41,365

Merit

Medical

Systems,

Inc.

b

2,751,600

4,271

Mesa

Laboratories,

Inc.

1,088,592

10,029

ModivCare,

Inc.

b

1,157,246

65,008

Myriad

Genetics,

Inc.

b

1,638,202

27,802

Natus

Medical,

Inc.

b

730,637

150,243

Nektar

Therapeutics

b

809,810

100,230

NeoGenomics,

Inc.

b

1,217,795

45,724

NextGen

Healthcare,

Inc.

b

956,089

35,773

Omnicell,

Inc.

b

4,632,246

14,466

OptimizeRx

Corporation

b

545,513

58,644

OraSure

Technologies,

Inc.

b

397,606

51,316

Organogenesis

Holdings,

Inc.

b

391,028

16,074

Orthofix

Medical,

Inc.

b

525,620

61,427

Owens

&

Minor,

Inc.

2,704,017

36,262

Pacira

Pharmaceuticals,

Inc.

b

2,767,516

22,023

Pennant

Group,

Inc.

b

410,288

16,557

Phibro

Animal

Health

Corporation

330,312

40,866

Prestige

Consumer

Healthcare,

Inc.

b

2,163,446

37,952

RadNet,

Inc.

b

848,986

30,639

REGENXBIO,

Inc.

b

1,016,908

86,271

Select

Medical

Holdings

Corporation

2,069,641

43,293

Supernus

Pharmaceuticals,

Inc.

b

1,399,230

11,377

Surmodics,

Inc.

b

515,719

16,137

Tactile

Systems

Technology,

Inc.

b

325,322

36,046

Tivity

Health,

Inc.

b

1,159,600

10,507

U.S.

Physical

Therapy,

Inc.

1,044,921

29,345

uniQure

NV

b

530,264

45,354

Vanda

Pharmaceuticals,

Inc.

b

512,954

32,237

Varex

Imaging

Corporation

b

686,326

38,111

Vericel

Corporation

a,b

1,456,602

47,609

Xencor,

Inc.

b

1,270,208

16,998

ZimVie,

Inc.

b

388,234

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

Shares

Common

Stock

(97.7%)

Value

Health

Care

(11.4%)

-

continued

18,433

Zynex,

Inc.

a

$

114,838

Total

95,627,162

Industrials

(15.4%)

33,717

AAON,

Inc.

1,879,048

27,142

AAR

Corporation

b

1,314,487

54,802

ABM

Industries,

Inc.

2,523,084

60,946

Aerojet

Rocketdyne

Holdings,

Inc.

b

2,398,225

18,786

AeroVironment,

Inc.

b

1,768,514

8,057

Alamo

Group,

Inc.

1,158,516

26,360

Albany

International

Corporation

2,222,675

12,369

Allegiant

Travel

Company

b

2,008,602

13,489

American

Woodmark

Corporation

b

660,287

20,242

Apogee

Enterprises,

Inc.

960,685

31,307

Applied

Industrial

Technologies,

Inc.

3,213,977

20,244

ArcBest

Corporation

1,629,642

86,688

Arconic

Corporation

b

2,220,947

39,344

Arcosa,

Inc.

2,252,444

18,532

Astec

Industries,

Inc.

796,876

21,977

Atlas

Air

Worldwide

Holdings,

Inc.

b

1,898,154

20,102

AZZ,

Inc.

969,720

37,917

Barnes

Group,

Inc.

1,523,884

39,314

Brady

Corporation

1,819,059

16,492

CIRCOR

International,

Inc.

b

439,017

29,340

Comfort

Systems

USA,

Inc.

2,611,553

34,684

Deluxe

Corporation

1,048,844

14,044

DXP

Enterprises,

Inc.

b

380,452

16,490

Encore

Wire

Corporation

1,881,014

49,104

Enerpac

Tool

Group

Corporation

1,074,887

16,774

EnPro

Industries,

Inc.

1,639,323

21,160

ESCO

Technologies,

Inc.

1,479,507

42,423

Exponent,

Inc.

4,583,805

49,717

Federal

Signal

Corporation

1,677,949

9,052

Forrester

Research,

Inc.

b

510,714

21,946

Forward

Air

Corporation

2,145,880

31,751

Franklin

Electric

Company,

Inc.

2,636,603

26,604

Gibraltar

Industries,

Inc.

b

1,142,642

35,051

GMS,

Inc.

b

1,744,488

37,307

Granite

Construction,

Inc.

1,223,670

26,495

Greenbrier

Companies,

Inc.

1,364,757

38,502

Griffon

Corporation

771,195

64,478

Harsco

Corporation

b

789,211

41,691

Hawaiian

Holdings,

Inc.

b

821,313

60,680

Healthcare

Services

Group,

Inc.

1,126,828

37,907

Heartland

Express,

Inc.

533,352

15,949

Heidrick

&

Struggles

International,

Inc.

631,261

59,276

Hillenbrand,

Inc.

2,618,221

35,460

HNI

Corporation

1,313,793

27,604

Hub

Group,

Inc.

b

2,131,305

15,804

Insteel

Industries,

Inc.

584,590

48,075

Interface,

Inc.

652,378

25,862

John

Bean

Technologies

Corporation

3,063,871

22,672

Kaman

Corporation

985,779

98,628

KAR

Auction

Services,

Inc.

b

1,780,235

29,332

Kelly

Services,

Inc.

636,211

44,297

Korn

Ferry

2,876,647

8,932

Lindsay

Corporation

1,402,413

48,669

Marten

Transport,

Ltd.

864,361

34,217

Matson,

Inc.

4,127,255

25,684

Matthews

International

Corporation

831,134

57,616

Meritor,

Inc.

b

2,049,401

23,650

Moog,

Inc.

2,076,470

Shares

Common

Stock

(97.7%)

Value

Industrials

(15.4%)

-

continued

46,701

Mueller

Industries,

Inc.

$

2,529,793

13,733

MYR

Group,

Inc.

b

1,291,451

4,126

National

Presto

Industries,

Inc.

317,496

90,003

NOW,

Inc.

b

992,733

9,654

NV5

Global,

Inc.

b

1,286,878

18,295

Patrick

Industries,

Inc.

1,103,189

48,542

PGT

Innovations,

Inc.

b

872,785

134,730

Pitney

Bowes,

Inc.

700,596

7,374

Powell

Industries,

Inc.

143,203

22,460

Proto

Labs,

Inc.

b

1,188,134

27,181

Quanex

Building

Products

Corporation

570,529

117,541

Resideo

Technologies,

Inc.

b

2,801,002

24,891

Resources

Connection,

Inc.

426,632

41,013

SkyWest,

Inc.

b

1,183,225

36,970

SPX

Corporation

b

1,826,688

34,168

SPX

FLOW,

Inc.

2,945,965

9,960

Standex

International

Corporation

995,203

15,090

Tennant

Company

1,189,092

41,641

Titan

International,

Inc.

b

613,372

52,600

Triumph

Group,

Inc.

b

1,329,728

28,884

TrueBlue,

Inc.

b

834,459

50,381

UFP

Industries,

Inc.

3,887,398

12,380

UniFirst

Corporation

2,281,386

25,456

US

Ecology,

Inc.

b

1,218,833

11,286

Veritiv

Corporation

b

1,507,697

16,713

Viad

Corporation

b

595,651

39,852

Wabash

National

Corporation

591,404

Total

128,695,677

Information

Technology

(13.2%)

103,981

3D

Systems

Corporation

b

1,734,403

96,330

8x8,

Inc.

b

1,212,795

39,970

ADTRAN,

Inc.

737,447

30,666

Advanced

Energy

Industries,

Inc.

2,639,729

15,894

Agilysys,

Inc.

b

633,853

37,492

Alarm.com

Holdings,

Inc.

b

2,491,718

68,626

Arlo

Technologies,

Inc.

b

608,026

27,118

Axcelis

Technologies,

Inc.

b

2,048,223

23,812

Badger

Meter,

Inc.

2,374,295

28,675

Benchmark

Electronics,

Inc.

718,022

31,486

Bottomline

Technologies

(de),

Inc.

b

1,784,627

29,229

CalAmp

Corporation

b

213,664

18,703

CEVA,

Inc.

b

760,277

39,636

Cohu,

Inc.

b

1,173,226

21,448

Comtech

Telecommunications

Corporation

336,519

12,962

Consensus

Cloud

Solutions,

Inc.

b

779,405

26,881

Corsair

Gaming,

Inc.

b

568,802

26,453

CSG

Systems

International,

Inc.

1,681,617

26,234

CTS

Corporation

927,110

59,322

Diebold

Nixdorf,

Inc.

b

399,237

28,488

Digi

International,

Inc.

b

613,062

36,648

Diodes,

Inc.

b

3,188,010

19,396

Ebix,

Inc.

642,977

21,888

ePlus,

Inc.

b

1,227,041

48,629

EVERTEC,

Inc.

1,990,385

27,111

ExlService

Holdings,

Inc.

b

3,884,193

105,189

Extreme

Networks,

Inc.

b

1,284,358

30,117

Fabrinet

b

3,166,200

14,819

FARO

Technologies,

Inc.

b

769,403

63,666

FormFactor,

Inc.

b

2,675,882

83,816

Harmonic,

Inc.

b

778,651

23,128

Ichor

Holdings,

Ltd.

b

823,819

28,400

Insight

Enterprises,

Inc.

b

3,047,888

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

346

Shares

Common

Stock

(97.7%)

Value

Information

Technology

(13.2%)

-

continued

24,974

InterDigital,

Inc.

$

1,593,341

36,855

Itron,

Inc.

b

1,941,521

74,743

Knowles

Corporation

b

1,609,217

50,717

Kulicke

and

Soffa

Industries,

Inc.

2,841,166

54,920

LivePerson,

Inc.

b

1,341,146

16,211

Loyalty

Ventures,

Inc.

b

267,968

22,438

ManTech

International

Corporation

1,933,931

57,508

MaxLinear,

Inc.

b

3,355,592

30,340

Methode

Electronics,

Inc.

1,312,205

23,824

NETGEAR,

Inc.

b

587,976

60,103

NetScout

Systems,

Inc.

b

1,928,104

27,980

OneSpan,

Inc.

b

404,031

40,116

Onto

Innovation,

Inc.

b

3,485,679

13,385

OSI

Systems,

Inc.

b

1,139,331

15,822

Park

Aerospace

Corporation

206,477

8,961

PC

Connection,

Inc.

469,467

24,321

PDF

Solutions,

Inc.

b

677,826

26,814

Perficient,

Inc.

b

2,951,953

50,178

Photronics,

Inc.

b

851,521

34,825

Plantronics,

Inc.

b

1,372,105

22,873

Plexus

Corporation

b

1,871,240

35,967

Progress

Software

Corporation

1,693,686

89,031

Rambus,

Inc.

b

2,839,199

15,248

Rogers

Corporation

b

4,142,882

51,739

Sanmina

Corporation

b

2,091,290

20,844

ScanSource,

Inc.

b

725,163

12,811

Simulations

Plus,

Inc.

653,105

38,192

SMART

Global

Holdings,

Inc.

b

986,499

103,882

Sonos,

Inc.

b

2,931,550

29,277

SPS

Commerce,

Inc.

b

3,841,142

14,918

TTEC

Holdings,

Inc.

1,231,033

84,956

TTM

Technologies,

Inc.

b

1,259,048

36,552

Ultra

Clean

Holdings,

Inc.

b

1,549,439

54,667

Unisys

Corporation

b

1,181,354

41,114

Veeco

Instruments,

Inc.

b

1,117,890

187,247

Viavi

Solutions,

Inc.

b

3,010,932

85,095

Xperi

Holding

Corporation

1,473,845

Total

110,784,718

Materials

(5.2%)

22,902

AdvanSix,

Inc.

1,170,063

103,589

Allegheny

Technologies,

Inc.

a,b

2,780,329

21,909

American

Vanguard

Corporation

445,191

26,361

Balchem

Corporation

3,603,549

32,018

Boise

Cascade

Company

2,224,290

39,295

Carpenter

Technology

Corporation

1,649,604

41,088

Century

Aluminum

Company

b

1,081,025

13,586

Clearwater

Paper

Corporation

b

380,816

27,731

Compass

Minerals

International,

Inc.

1,741,229

15,692

DMC

Global,

Inc.

b

478,606

67,358

Ferro

Corporation

b

1,464,363

21,020

FutureFuel

Corporation

204,525

43,938

GCP

Applied

Technologies,

Inc.

b

1,380,532

36,247

Glatfelter

Corporation

448,738

43,006

H.B.

Fuller

Company

2,841,406

15,299

Hawkins,

Inc.

702,224

10,139

Haynes

International,

Inc.

431,921

20,064

Innospec,

Inc.

1,856,923

12,914

Kaiser

Aluminum

Corporation

1,215,982

17,345

Koppers

Holdings,

Inc.

477,334

131,534

Livent

Corporation

b

3,429,091

16,639

Materion

Corporation

1,426,628

32,793

Mercer

International,

Inc.

457,462

29,501

Myers

Industries,

Inc.

637,222

Shares

Common

Stock

(97.7%)

Value

Materials

(5.2%)

-

continued

13,643

Neenah,

Inc.

$

541,081

126,688

O-I

Glass,

Inc.

b

1,669,748

7,575

Olympic

Steel,

Inc.

291,335

10,925

Quaker

Chemical

Corporation

1,887,949

51,887

Rayonier

Advanced

Materials,

Inc.

b

340,898

25,609

Schweitzer-Mauduit

International,

Inc.

704,248

17,336

Stepan

Company

1,712,970

67,643

SunCoke

Energy,

Inc.

602,699

28,724

Sylvamo

Corporation

b

955,935

33,479

TimkenSteel

Corporation

b

732,521

20,876

Tredegar

Corporation

250,303

31,616

Trinseo

plc

1,515,039

Total

43,733,779

Real

Estate

(8.8%)

72,008

Acadia

Realty

Trust

1,560,413

58,031

Agree

Realty

Corporation

3,850,937

59,045

Alexander

&

Baldwin,

Inc.

1,369,253

42,866

American

Assets

Trust,

Inc.

1,624,193

54,807

Armada

Hoffler

Properties,

Inc.

800,182

139,309

Brandywine

Realty

Trust

1,969,829

78,992

CareTrust

REIT,

Inc.

1,524,546

12,213

Centerspace

1,198,339

39,701

Chatham

Lodging

Trust

b

547,477

19,118

Community

Healthcare

Trust,

Inc.

806,971

97,921

CoreCivic,

Inc.

b

1,093,778

171,460

DiamondRock

Hospitality

Company

b

1,731,746

194,560

Diversified

Healthcare

Trust

622,592

53,780

Douglas

Elliman,

Inc.

392,594

70,123

Easterly

Government

Properties,

Inc.

1,482,400

98,970

Essential

Properties

Realty

Trust,

Inc.

2,503,941

62,971

Four

Corners

Property

Trust,

Inc.

1,702,736

35,779

Franklin

BSP

Realty

Trust,

Inc.

500,190

77,394

Franklin

Street

Properties

Corporation

456,625

99,753

GEO

Group,

Inc.

b

659,367

32,114

Getty

Realty

Corporation

919,103

84,341

Global

Net

Lease,

Inc.

1,326,684

26,887

Hersha

Hospitality

Trust

b

244,134

179,649

Independence

Realty

Trust,

Inc.

4,749,919

53,245

Industrial

Logistics

Properties

Trust

1,207,064

20,861

Innovative

Industrial

Properties,

Inc.

4,284,849

56,559

iStar,

Inc.

1,324,046

32,053

LTC

Properties,

Inc.

1,233,079

230,234

LXP

Industrial

Trust

3,614,674

20,344

Marcus

and

Millichap,

Inc.

1,071,722

18,501

NexPoint

Residential

Trust,

Inc.

1,670,825

39,422

Office

Properties

Income

Trust

1,014,328

46,098

Orion

Office

REIT,

Inc.

645,372

15,379

RE/MAX

Holdings,

Inc.

426,460

94,911

Realogy

Holdings

Corporation

b

1,488,204

98,848

Retail

Opportunity

Investments

Corporation

1,916,663

68,618

RPT

Realty

944,870

11,511

Safehold,

Inc.

638,285

10,611

Saul

Centers,

Inc.

559,200

134,397

Service

Properties

Trust

1,186,725

146,155

SITE

Centers

Corporation

2,442,250

26,844

St.

Joe

Company

1,590,239

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

347

/

Shares

Common

Stock

(97.7%)

Value

Real

Estate

(8.8%)

-

continued

86,659

Summit

Hotel

Properties,

Inc.

b

$

863,124

84,651

Tanger

Factory

Outlet

Centers,

Inc.

1,455,151

192,179

Uniti

Group,

Inc.

2,644,383

10,436

Universal

Health

Realty

Income

Trust

609,149

89,637

Urban

Edge

Properties

1,712,067

24,553

Urstadt

Biddle

Properties,

Inc.

461,842

65,152

Veris

Residential,

Inc.

b

1,132,993

68,900

Washington

REIT

1,756,950

37,583

Whitestone

REIT

497,975

92,975

Xenia

Hotels

&

Resorts,

Inc.

b

1,793,488

Total

73,823,926

Utilities

(2.0%)

30,069

American

States

Water

Company

2,676,742

57,610

Avista

Corporation

2,601,091

42,827

California

Water

Service

Group

2,538,785

14,331

Chesapeake

Utilities

Corporation

1,974,239

14,244

Middlesex

Water

Company

1,498,041

25,016

Northwest

Natural

Holding

Company

1,293,828

91,541

South

Jersey

Industries,

Inc.

3,162,742

13,008

Unitil

Corporation

648,839

Total

16,394,307

Total

Common

Stock

(cost

$588,708,857)

817,315,985

Shares

Registered

Investment

Companies

(

2.2%

)

Value

Unaffiliated  (2.2%)

173,964

iShares

Core

S&P

Small-Cap

ETF

18,767,236

Total

18,767,236

Total

Registered

Investment

Companies

(cost

$15,579,733)

18,767,236

Shares

Collateral

Held

for

Securities

Loaned

(

1.4%

)

Value

11,358,813

Thrivent

Cash

Management

Trust

11,358,813

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,358,813)

11,358,813

Shares

or

Principal

Amount

Short-Term

Investments

(

0.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.315%,

5/24/2022

d,e

99,938

Thrivent

Core

Short-Term

Reserve

Fund

106,095

0.660%

1,060,951

Total

Short-Term

Investments

(cost

$1,160,904)

1,160,889

Total

Investments

(cost

$616,808,307)

101.4%

$848,602,923

Other

Assets

and

Liabilities,

Net

(1.4%)

(11,646,921)

Total

Net

Assets

100.0%

$836,956,002

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.

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

10,840,341

Total

lending

$10,840,341

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,358,813

Net

amounts

due

to

counterparty

$518,472

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

348

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Small

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

17,364,350

17,364,350

–

–

Consumer

Discretionary

94,110,654

94,110,654

–

–

Consumer

Staples

38,422,277

38,407,671

–

14,606

Energy

49,958,634

49,958,634

–

–

Financials

148,400,501

148,400,501

–

–

Health

Care

95,627,162

95,627,162

–

–

Industrials

128,695,677

128,695,677

–

–

Information

Technology

110,784,718

110,784,718

–

–

Materials

43,733,779

43,733,779

–

–

Real

Estate

73,823,926

73,823,926

–

–

Utilities

16,394,307

16,394,307

–

–

Registered

Investment

Companies

Unaffiliated

18,767,236

18,767,236

–

–

Short-Term

Investments

99,938

–

99,938

–

Subtotal

Investments

in

Securities

$836,183,159

$836,068,615

$99,938

$14,606

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,060,951

Collateral

Held

for

Securities

Loaned

11,358,813

Subtotal

Other

Investments

$12,419,764

Total

Investments

at

Value

$848,602,923

*

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

29,733

29,733

–

–

Total

Asset

Derivatives

$29,733

$29,733

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

March

31,

2022.

Investments

and/or

cash

totaling

$99,938

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

2022

$

1,003,467

$

29,733

Total

Futures

Long

Contracts

$

1,003,467

$

29,733

Total

Futures

Contracts

$

1,003,467

$29,733

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

349

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$134

$8,462

$7,535

$1,061

106

0.1%

Total

Affiliated

Short-Term

Investments

134

1,061

0.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

10,321

25,435

24,397

11,359

11,359

1.4

Total

Collateral

Held

for

Securities

Loaned

10,321

11,359

1.4

Total

Value

$10,455

$12,420

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$

0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$

0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$–

$–

$

–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

350

Shares

Common

Stock

(

97.8%

)

Value

Communications

Services

(0.9%)

698,219

QuinStreet,

Inc.

a

$

8,099,340

Total

8,099,340

Consumer

Discretionary

(10.9%)

233,912

Cedar

Fair,

LP

a

12,818,378

127,534

Cimpress

plc

a

8,109,887

431,784

Clarus

Corporation

9,836,040

790,218

Cooper-Standard

Holdings,

Inc.

a

6,930,212

727,942

Everi

Holdings,

Inc.

a

15,286,782

72,052

Grand

Canyon

Education,

Inc.

a

6,996,970

309,900

Leggett

&

Platt,

Inc.

10,784,520

224,814

Miller

Industries,

Inc.

6,330,762

132,088

Sleep

Number

Corporation

a

6,698,182

302,561

Stoneridge,

Inc.

a

6,281,166

612,142

ThredUp,

Inc.

a

4,713,493

217,151

Zumiez,

Inc.

a

8,297,340

Total

103,083,732

Consumer

Staples

(3.1%)

82,986

John

B.

Sanfilippo

&

Son,

Inc.

6,924,352

906,763

Primo

Water

Corporation

12,921,373

285,751

Turning

Point

Brands,

Inc.

9,718,391

Total

29,564,116

Energy

(2.9%)

260,793

Devon

Energy

Corporation

15,420,690

268,843

Helmerich

&

Payne,

Inc.

11,501,104

Total

26,921,794

Financials

(18.6%)

399,866

Air

Lease

Corporation

17,854,017

244,597

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

8,776,140

568,588

Bridgewater

Bancshares,

Inc.

a

9,484,048

461,539

Byline

Bancorp,

Inc.

12,313,860

515,006

Columbia

Banking

System,

Inc.

16,619,244

251,969

Enterprise

Financial

Services

Corporation

11,920,653

139,070

Glacier

Bancorp,

Inc.

6,992,440

405,354

Heartland

Financial

USA,

Inc.

19,388,082

85,161

Houlihan

Lokey,

Inc.

7,477,136

59,843

Primerica,

Inc.

8,187,719

328,712

Seacoast

Banking

Corporation

of

Florida

11,511,494

82,530

Selective

Insurance

Group,

Inc.

7,374,881

242,918

Synovus

Financial

Corporation

11,902,982

175,526

Triumph

Bancorp,

Inc.

a

16,502,955

103,070

Western

Alliance

Bancorp

8,536,257

Total

174,841,908

Health

Care

(9.6%)

353,433

Halozyme

Therapeutics,

Inc.

a

14,094,908

452,681

Ionis

Pharmaceuticals,

Inc.

a

16,767,304

486,769

Lantheus

Holdings,

Inc.

a

26,923,193

210,076

Progyny,

Inc.

a

10,797,907

201,745

Syneos

Health,

Inc.

a

16,331,258

1,071,542

Viemed

Healthcare,

Inc.

a

5,336,279

Total

90,250,849

Industrials

(19.4%)

121,157

ASGN,

Inc.

a

14,140,233

618,246

Badger

Infrastructure

Solutions,

Ltd.

15,558,148

194,500

Crane

Company

21,060,460

114,613

Curtiss-Wright

Corporation

17,210,288

Shares

Common

Stock

(97.8%)

Value

Industrials

(19.4%)

-

continued

144,132

Forward

Air

Corporation

$

14,093,227

97,298

Greenbrier

Companies,

Inc.

5,011,820

102,437

Helios

Technologies,

Inc.

8,220,569

102,356

Lincoln

Electric

Holdings,

Inc.

14,105,680

170,374

ManpowerGroup,

Inc.

16,001,526

131,695

Meritor,

Inc.

a

4,684,391

67,572

Middleby

Corporation

a

11,077,754

453,059

NAPCO

Security

Technologies,

Inc.

a

9,296,771

348,234

Sun

Country

Airlines

Holdings,

Inc.

a

9,116,766

138,877

Tennant

Company

10,943,508

93,532

WESCO

International,

Inc.

a

12,172,255

Total

182,693,396

Information

Technology

(15.3%)

78,756

Advanced

Energy

Industries,

Inc.

6,779,317

233,969

Agilysys,

Inc.

a

9,330,684

66,802

Axcelis

Technologies,

Inc.

a

5,045,555

148,175

BigCommerce

Holdings,

Inc.

a

3,246,514

142,168

Ciena

Corporation

a

8,619,646

166,203

Computer

Services,

Inc.

8,227,049

95,738

Dolby

Laboratories,

Inc.

7,488,626

794,171

Gilat

Satellite

Networks,

Ltd.

a,b

6,996,647

468,186

Knowles

Corporation

a

10,080,045

36,530

Littelfuse,

Inc.

9,110,947

256,972

National

Instruments

Corporation

10,430,493

320,660

Sonos,

Inc.

a

9,049,025

151,545

TTEC

Holdings,

Inc.

12,505,493

1,589,088

TTM

Technologies,

Inc.

a

23,550,284

114,246

Workiva,

Inc.

a

13,481,028

Total

143,941,353

Materials

(8.7%)

165,633

Ashland

Global

Holdings,

Inc.

16,299,944

351,242

Carpenter

Technology

Corporation

14,745,139

224,733

Ingevity

Corporation

a

14,398,643

1,363,038

Ivanhoe

Mines,

Ltd.

a

12,712,893

192,000

UFP

Technologies,

Inc.

a

12,704,640

93,342

United

States

Lime

&

Minerals,

Inc.

10,831,406

Total

81,692,665

Real

Estate

(6.3%)

143,868

Agree

Realty

Corporation

9,547,081

184,172

American

Campus

Communities,

Inc.

10,308,107

111,517

Healthcare

Realty

Trust,

Inc.

3,064,487

473,411

Independence

Realty

Trust,

Inc.

12,516,987

135,872

National

Storage

Affiliates

Trust

8,527,327

418,276

Pebblebrook

Hotel

Trust

10,239,396

135,545

Rayonier,

Inc.

REIT

5,573,610

Total

59,776,995

Utilities

(2.1%)

74,174

NorthWestern

Corporation

4,486,785

153,540

Portland

General

Electric

Company

8,467,731

102,173

Spire,

Inc.

7,331,935

Total

20,286,451

Total

Common

Stock

(cost

$734,990,026)

921,152,599

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

351

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

37,925

Thrivent

Cash

Management

Trust

$

37,925

Total

Collateral

Held

for

Securities

Loaned

(cost

$37,925)

37,925

Shares

Short-Term

Investments

(

2.0%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,890,331

0.660%

18,903,310

Total

Short-Term

Investments

(cost

$18,902,053)

18,903,310

Total

Investments

(cost

$753,930,004)

99.8%

$940,093,834

Other

Assets

and

Liabilities,

Net

0.2%

1,486,302

Total

Net

Assets

100.0%

$941,580,136

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,

2022:

Securities

Lending

Transactions

Common

Stock

$

36,121

Total

lending

$36,121

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$37,925

Net

amounts

due

to

counterparty

$1,804

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,

2022

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

352

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2022,

in

valuing

Small

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

8,099,340

8,099,340

–

–

Consumer

Discretionary

103,083,732

103,083,732

–

–

Consumer

Staples

29,564,116

29,564,116

–

–

Energy

26,921,794

26,921,794

–

–

Financials

174,841,908

174,841,908

–

–

Health

Care

90,250,849

90,250,849

–

–

Industrials

182,693,396

167,135,248

15,558,148

–

Information

Technology

143,941,353

143,941,353

–

–

Materials

81,692,665

68,979,772

12,712,893

–

Real

Estate

59,776,995

59,776,995

–

–

Utilities

20,286,451

20,286,451

–

–

Subtotal

Investments

in

Securities

$921,152,599

$892,881,558

$28,271,041

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

18,903,310

Collateral

Held

for

Securities

Loaned

37,925

Subtotal

Other

Investments

$18,941,235

Total

Investments

at

Value

$940,093,834

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Portfolio's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Portfolio.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2021

Gross

Purchases

Gross

Sales

Value

3/31/2022

Shares

Held

at

3/31/2022

%

of

Net

Assets

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$12,391

$63,493

$56,981

$18,903

1,890

2.0%

Total

Affiliated

Short-Term

Investments

12,391

18,903

2.0

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

31

26

19

38

38

<0.1

Total

Collateral

Held

for

Securities

Loaned

31

38

<0.1

Total

Value

$12,422

$18,941

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

3/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.660%

$–

$–

$

–

$9

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$–

$–

$

–

Notes

to

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

353

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

(the

“Committee”)

that

is

responsible

for

overseeing

the

Portfolios’

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Portfolios. 

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments. 

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities. 

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”),

the

various

inputs

used

to

determine

the

fair

value

of

the

Portfolios’

investments

are

summarized

in

three

broad

levels.

Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international securities,

swaps

and

forward

contracts.

Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale are

not

categorized

within

the

fair

value

hierarchy. 

Valuation

of

International

Securities 

—

The

Portfolios

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close

of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

of

each

Portfolio

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Portfolios

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Portfolios

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

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,

2022

(unaudited)

354

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,

2022

(unaudited)

355

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,

2022,

Aggressive

Allocation,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

options

on

mortgage

backed

securities

to

generate

income

and/or

manage duration

of

the

Portfolio. 

Futures

Contracts

—

All

Portfolios, with

the

exception

of

the

Money

Market

Portfolio, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Portfolios

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period

ended

March

31,

2022,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond,

High

Yield, Income, Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and Opportunity

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Portfolio

versus its

benchmark.

During

the period

ended

March

31,

2022,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Global

Stock, International

Allocation,

International

Index,

Large

Cap Index,

Low

Volatility

Equity,

Mid

Cap

Index,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation,

and

Small

Cap

Index used

equity

futures

to

manage

exposure

to

the

equities

market.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Portfolios,

with

the

exception

of

the Money

Market

Portfolio,

may

enter

into

foreign

currency

forward

contracts.

Additionally,

the

Portfolios

may

enter

into

such

contracts

to mitigate

currency

and

counterparty

exposure

to

other

foreign-currency-

denominated

investments.

These

contracts

are

recorded

at

value

and

the realized-

and

change

in unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these

forward

contracts,

the

Portfolios

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-counter

and a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the period

ended March

31,

2022,

Partner

Healthcare

used

foreign

currency

forward

transactions

in

order

to

hedge

unwanted

currency

exposure.

Swap

Agreements

—

All

Portfolios,

with

the

exception

of

the

Money

Market

Portfolio,

may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Portfolio

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Portfolio

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Portfolio

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished

by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

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

Notes

to

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

356

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Portfolio’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of transactions,

the

Portfolio

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Portfolio.

This

risk

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty. 

Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Portfolios

may

be

either

the

protection seller

or

the

protection

buyer.

Certain

Portfolios

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Portfolios

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Portfolios

buy

default

protection

in

order

to reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Portfolio

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.   

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the period

ended

March

31,

2022, High

Yield,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used

CDX

indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

For

financial

reporting

purposes,

the

Portfolios

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Securities

Lending

—

The

Fund

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA

doing

business

as Goldman

Sachs

Agency

Lending

("GSAL"). The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Portfolios.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value of

U.S.

securities

and

105%

of

the

market

value

of

non-U.S.

securities. 

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled on

the

next

business

day. 

The

Fund

has

the ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell the

loaned

securities.  All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Portfolios receive

dividends

and

interest that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent Cash

Management Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in affiliated

income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Portfolio

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Portfolio

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Portfolio

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event

a

Portfolio

is delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

March

31,

2022,

the

value

of

securities

on

loan

is

as

follows: 

Portfolio

Securities

on

Loan

Aggressive

Allocation

$

6,709,543

All

Cap

524,560

Balanced

Income

Plus

5,089,675

Diversified

Income

Plus

16,

339,898

Notes

to

Schedule

of

Investments

as

of

March

31,

2022

(unaudited)

357

    Additional

information

for

the

Portfolio's

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Portfolio's

most

recent

annual

or

semiannual

shareholder

report.

Portfolio

Securities

on

Loan

ESG

Index

44,696

Global

Stock

7,

433,771

Government

Bond

2,792,510

High

Yield

31,126,336

Income

21,645,663

International

Allocation

5,284,801

International

Index

126,311

Large

Cap

Index

1,005,035

Large

Cap

Value

16,404,836

Limited

Maturity

Bond

1,760,431

Mid

Cap

Growth

297,468

Mid

Cap

Index

8,

788,904

Mid

Cap

Stock

8,877,284

Mid

Cap

Value

543,428

Moderate

Allocation

36,183,477

Moderately

Aggressive

Allocation

19,142,848

Moderately

Conservative

Allocation

26,943,997

Multidimensional

Income

4,813,767

Opportunity

Income

Plus

4,779,534

Small

Cap

Growth

972,167

Small

Cap

Index

10,840,341

Small

Cap

Stock

36,121